TAL Education Group

Ladies and gentlemen, good day and thank you for standing by. Welcome to Tele-Education Group's fourth quarter and fiscal year 2024 earnings conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. Please be informed that today's conference is being recorded. And I'd like to hand the conference over to Mr. Jackson Ding, Investor Relations Director. Thank you. Please go ahead, sir.

Thank you, operator. And thank you all for joining us today with TAL Education Group's fourth quarter fiscal year 2024 earnings conference call. The earnings release was distributed earlier today, and you may find a copy on the company's IR website or through the news wires. During this call, You will hear from Mr. Alex Peng, President and Chief Financial Officer, and myself, Investor Relations Director. Following the prepared remarks, Mr. Peng and I will be available to answer your questions. Before we continue, please note that today's discussions will contain forward-looking statements made under the Safe Harbor provisions of the U.S. Private Security Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. Potential risks and uncertainties include, but are not limited to, those outlined in our public findings with the SEC. For more information about these risks and uncertainties, please refer to our findings with the SEC. Also, our earnings release and this call include discussions of certain non-GAAP financial measures. Please refer to our earnings release, which contains a reconciliation of the non-GAAP measures to the most directly comparable GAAP measures. I would like to turn the call over now to Mr. Alex Poon. Alex, please go ahead.

Thank you, Jackson. I'd also like to thank all of you for participating in today's conference call. In this call, we'll discuss our financial performance and business progress for the fourth quarter and review some of the key results from the full fiscal year 2024. Following that, I'll briefly update you on our business strategy outlook. Throughout the fiscal quarter, we continue to manage our learning services programs to serve users who seek engaging and effective learning experiences. Our pay you small class and Sharesit.com enrichment learning programs continue to receive positive feedback from users for the quality of their products and services. Our efforts to offer quality learning experience, along with our Learning Center network expansion and increased enrollment led to continued growth in our learning services business. For learning devices, we extended our products and services to a broader user base, enabling more users to find the suitable learning solutions for their needs. We aim to help users with their self-learning journey by leveraging the smart features and abundant resources integrated into our learning devices. With this objective in mind, we launched two new versions of learning devices in this fiscal quarter with enhanced hardware and software capabilities, XPAT 2 Pro and XPAT 2 Pro Max. Both have gained early market traction and received solid user engagement feedback since their launch. Going forward, we remain committed to developing both our product capabilities and our go-to-market capabilities. To that end, We continue to pursue new technologies and refine our existing research and development endeavors. In a recent national collaborative initiative dedicated to comprehensively assessing large language models' mathematical abilities, our MassGBT large language model recently ranked number one in national rankings. From basic arithmetic to advanced theories of mathematics, the MathGBT-LLM delivers responses to aid students' learning experience. In terms of our financial performance, we recorded net revenues of $429.6 million, or $3.08 billion for the quarter. representing an increase of 59.7% and 66.9% year-over-year in U.S. dollar and RMB terms. With respect to profitability, our non-GAAP income from operations and non-GAAP net income attributable to TAL for the quarter were $9.4 million and $48.0 USD. million U.S. dollars respectively. For the full fiscal year of 2024, we reported net revenues of 1.5 billion U.S. dollars or 10.7 billion RMB, representing 46.2% and 53.7% year-over-year growth in U.S. dollar and RMB terms respectively. Our non-GAAP income from operations and non-GAAP net income attributable to TAO for the quarter were $19.7 million and 85.3 million US dollars respectively. We also reported positive non-GAAP net profit during the whole year, which was 84.8 million US dollars. With that, I will now hand over the call back to Jackson. He'll provide an update on the operational advancements within our core business lines and discuss our financial performance for the fourth fiscal quarter. Jackson, back to you.