Morning, and thank you for standing by for Bright Scholar's FY 2021 second fiscal quarter earnings conference call. At this time, all participants are in listen-only mode. After management's prepared remarks, there will be a question- and- answer session. Today's conference is being recorded. I would now like to turn the meeting over to your host for today's conference, Ms. Ruby Yim, Investor Relations Counsel. Thank you, operator. Good morning and good evening. Welcome to Bright Scholar second fiscal quarter ends February 28, 2021 earnings call. Joining me today are Mr. Jerry He, our Executive Vice Chairman, Mr. Andy Chen and Ms. Wanmei Li, our Co-CEOs, and Ms. Dora Li, our Chief Financial Officer. As a reminder, today's conference call is being broadcast live via webcast. In addition, a replay will be available on our website following the call. By now, you should have received a copy of our press release that was distributed on April the 21st, 2021 after market close Eastern Time. If you have not, it is available on the IR section of our website. Before we get started, let me remind you that today's call may contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended and as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the company's business plans and developments, which can be identified by terminology such as may, will, expect, anticipate, aim, estimate, intend, plan, believe, potential, continue, is likely to, or other similar expressions. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all which are difficult to predict, and many of which are beyond the company's control, which may cause the company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding this and other risks, uncertainties or factors is included in the company's filings with the U.S. Securities and Exchange Commission. The company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under the law. During this call, we'll be referring to GAAP and non-GAAP financial measures. We use certain non-GAAP measures as supplemental measures to review and assess our operating performance. These non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for net income attributable to company or other consolidated statements of comprehensive income data prepared in accordance with U.S. GAAP. Please note, all the numbers in our management remarks are in RMB, and all comparisons refer to year-over-year comparisons unless otherwise stated. For those who are new to our company, we have included in our earnings presentation a brief corporate introduction in Section 1 from slides 5- 11, of which you can download from our IR web page. With that, I'll turn the call over to our Executive Vice Chairman, Jerry He. Jerry? Thanks, Ruby. Good morning and good evening. Thank you for joining us, our second fiscal quarter 2021 conference call. We appreciate you continued interest in following Bright Scholar. On today's call, and on behalf of the senior management team, the prepared remarks will cover our second fiscal quarter performance and the key trends in our business. Dora will then provide details on our respective business and the financial performance. I will have a brief conclusion before we open the call for questions. Let me begin by saying that we are pleased that our performance in the first half of fiscal year 2021 continued to demonstrate our strength, resilience, and the capacity to evolve, adapt and progress amid the threats from ongoing pandemic and the emerging variants. Through the years, we have built our networks, strategy, operation, and the culture around staying focused on students' needs and t his principle has guided us through the years of steady growth and more so, a testament of our strength and resilience in times of pandemic crisis. We have all the building blocks in place to be a global premier education service provider, and have taken this challenging time to build what we believe is a more effective organization for the future. Through optimization to maximize the return for existing assets, integrate to capture synergies from global network, and the enhancement of a competitive global cost structure, we are continuing our investment in strategic areas. These actions, which we believe are going to lead our outstanding performance post-COVID-19, and are critical to our long-term success. Let's return to our earnings and start with slide 13 of Section 2 for the highlights of our second fiscal quarter and the first half, with detailed breakdown by respective business in slide 14- 15. In the quarter, ongoing COVID-19 pandemic continued to have adverse impact our overseas business. Total revenues for the quarter was RMB 809 million, down by 7.8%, with gross profit and operating income down by 46.5% and 152.9% respectively. All of the domestically related businesses recorded a strong recovery, while the pandemic adversely impacted our Overseas Schools. Let's look more closely at our respective businesses. Please refer to slide 16 for the performance of our Domestic K-12 business. Our Domestic K-12 business continues to show further recovery trajectory across all segments in second fiscal quarter. Revenue up 12% in the quarter, and 11.3% the first half. The strong recovery was attributed to the substantial increase in enrollment, which exceeded our internal expectation. International schools, bilingual schools, and the kindergartens grew by 7.6%, 81.1%, and then 19.7% respectively for the fiscal quarter. Our consistent industry-leading academic performance reflects the strength of our brand, the key catalyst driving our enrollment growth, as you can see in slide 17. As of April 6th, 2021, 94% of students in 2021 graduating class of our international schools in China, have received offers from Global Top 50 institutions, including 12 offers from Oxbridge, three from the University of Chicago, two from Cornell University, two from Vanderbilt University, two from UC Berkeley, and seven from New York University. Furthermore, our deep collaboration with Country Garden and other partners continue to drive the expansion of our domestic school network and the capacity. As of the release date, we have entered into agreements with Country Garden, other partners, to operate a total of 10 schools and 65 kindergartens, with a total capacity of approximately 40,000 students. On slide 19, our Complementary education Service business returns to profitable growth, driven by significant improvement in income from domestic market in language training, camps, study tours, and others. In the quarter, revenue grew by 14.4%. Our margin have also started to recover, with gross margin increasing from 5.8% to 22%, and the operating margin improved from -19.8% to 3.5%. At the same time, we are continuing to experience the impact of the pandemic in our overseas-related complimentary business, and are adjusting and adapting accordingly. While the operating environment remains challenging, we are happy to see positive developments and trends continued through second quarter, and are most likely to accelerate through the second half of the year, including favorable government policies in education for all-around development for students. Responding to these opportunities, we plan to expand our offerings through investment in global elite dance, broadening the scope of our camp business to offer more extracurricular activities and accelerate collaboration with our global network. The synergy with our overseas network offers tremendous opportunities in overseas counseling, camp, and study tour business. The strategies and the plans to capture these opportunities are already in place. We expect growth will resume and accelerate once the vaccination programs begin to take effect, and subsequent travel restrictions are lifted. Moving on to our Overseas K-12 business performance in slide 20. As anticipated, we experienced significantly lower revenue and a substantial year-over-year decline this quarter due to the pandemic. In addition to fewer students on campus, our schools and the language business were impacted by lockdowns for local students, travel restrictions for overseas students, as well cancellation of study tours and camp events. In this quarter, we continued to focus on continuing the transition of Overseas Schools into the group through centralizing the support functions, streamlining our operations through consolidation of resources, enhancing academic performance, and improving cost structure to partially offset the bottom line impact of the pandemic-related disruptions. These initiatives should provide operating leverage going forward as we rebuild our overseas revenue, and enable us to reemerge stronger and more efficient, leveraging on the competitive advantage of our global network of schools. At the same time, we are encouraged by the positive upward trend in our student academic performance and our other operational progress. As of the release date, our 2021 graduating class have received 145 offers from top 10 universities, with four from Oxbridge. 540 offers for Russell Group. In addition, 179 students in our Boston school are accepted into top 100 U.S. colleges. New student intake for September 2021 term is expected to increase by 44%. With the vaccine program progress in the U.K. and the U.S., schools are either reopened or expect to be opened soon. We expect our Overseas Schools to return profitability and capture more market shares when life returns to normal. Finally, on the performance of our Education Technology business, we are pleased with the progress across multiple fronts as shown in slide 21. Revenue continues to grow up by 35.6% in the quarter, and 48.2% on the six months basis. 3i Global Academy, which offers online international classes and English tutoring, has been well received in China. Once the pandemic recedes, we plan to integrate 3i Global Academy into our global network of schools. In addition, we see enormous opportunities for our offerings in domestic market. Our strategy is to help local governments to promote education equity, and improve teaching efficiency at schools by sharing and offering high-quality educational resources, including online video classes and teaching material through collaboration with top schools in each city across China. Looking ahead to the second half of fiscal 2021, we are increasingly optimistic. We are confident our business will have a strong longer-term recovery. Our major opportunities and priorities over the next few years lie in the following area. First, continue to organically grow our Domestic K-12 business by improving utilization and efficiency. Second, rebuild our fee-bearing revenue and return to profitability for overseas business post-COVID. Third, expand the breadth and the depth of our complimentary service offering. Fourth, accelerate the growth and application of our edtech business. We will continue our focus on steady revenue and operating profit growth in K-12 business while building growth momentum in Complementary education and edtech. With these priorities and the containment of the pandemic in sight, we expect our revenue and profitability growth in the next few years will return to pre-COVID level. Our solid balance sheet and market positioning have enabled us to navigate through this challenging period, and at the same time, strengthening our capabilities for greater success in the long term. With this note, I will turn the call over to Dora. Thank you, Jerry He. Let's turn back to our financials. Please be reminded that all numbers are RMB and all comparisons refer to year-over-year comparisons unless otherwise stated. Please also refer to our earnings press release for detailed information of our comparative financial performance on a year-over-year basis. Please turn to slide 24. Top-line results for the quarter was down 7.8% to RMB 809 million for the quarter, and is down 5.8% to RMB 1,860.6 million on a six-month basis, primarily due to the impact of COVID-19 on our Overseas Schools and overseas-related complimentary business. Domestic K-12 schools, that includes international schools, bilingual schools, and kindergarten, show strong recovery. Revenue was up 12% for the quarter and 11.3% on a six-month basis. For international schools, revenue for the quarter up 10.6%, primarily due to 7.6% increase of students enrollment. On a six-month basis, revenue was up 10.9% due to 8.6% increase in student enrollment. Bilingual schools, revenue for the quarter up 17.2% due to 8.1% increase in students enrollment. On a six-month basis, revenue up 15%, mainly attributable to 8% increase in student enrollment. Kindergartens, revenue for the quarter was up 6.7% due to 19.7% increase in students number. On a six-month basis, revenue was up 6.8% due to 18.5% increase in students number. Revenue from Overseas Schools was down 49.3% for the quarter and 48.8% on a six-month basis, primarily due to the impact of pandemic. Revenue from Education Technology was up 35.6% for the quarter and 48.2% on a six-month basis, primarily due to the acquisition of online academic Olympiad training business. Revenue from Complementary education was up 14.4% and 2.6% on a six-month basis. Primarily due to increase and strong recovery in language training, domestic camp and other training business. On slide 25, cost of revenue. Our top priority is to continuously enhance our cost competitiveness. For the second fiscal quarter, total cost of revenue was RMB 645 million, increase of 13% and accounted for 79.7% of total revenue, compared to 65% last year. On a six-month basis, total cost of revenue increased only 4.9% to RMB 1,253.6 million and accounted for 67.4% of revenue, compared to 60.5% last year. Teaching staff cost, the primary cost contributor accounted for 45.8% of total revenue, up from 35.6% for the quarter. On a six-month basis, teaching staff cost was 38.3% of total revenue, up from 32.2%. Our Domestic K-12 school average student-teacher ratio for the first half of fiscal year 2021 was 9.2, compared to 8.9 in the same period last fiscal year. On slide 26, our gross profit and margins. Gross profit was down 46.5% for the quarter and 22.2% on a six-month basis. Gross margin was down 14.7 percentage point to 20.3% for the quarter. On a six-month basis, gross margin was down 6.9 percentage point to 32.6%. The decrease in gross profit and gross margin was mainly due to, first, revenue decrease in overseas segment as a result of COVID-19 pandemic impact. Second, loss from new open school and kindergartens, which are still in their ramp-up stage. Continuing on slide 27, adjusted SG&A expenses was RMB 210.3 million, down 5.3% for the second fiscal quarter and accounted for 25.8% of total revenue, compared to 25.3% in the same quarter last fiscal year. On the six-month basis, adjusted SG&A expenses was RMB 431.6 million, only up 2.3% and accounted for 23.1% of total revenue, compared to 21.4% last fiscal year. The overall expenses reduction in adjusted SG&A was primarily due to the effective cost structure improvement in order this segment to partially offset the bottom line impact. To elaborate more on the adjusted SG&A expenses, please refer to our slide 28. Continuing on slide 29. Adjusted EBITDA for the quarter was RMB 48.3 million, compared to RMB 152.5 million. Adjusted EBITDA margin was 6%, compared to 17.4%. On the six-month basis, adjusted EBITDA was RMB 369 million compared to RMB 505 million and a djusted EBITDA margin was 19.8%, compared to 25.6%. Adjusted net loss quarter was RMB 36 million as compared to adjusted net income of RMB 59.4 million. Adjusted net margin was a - 4.4%, compared to 6.8%. Adjusted net income was RMB 161.2 million, compared to RMB 282.4 million. Adjusted net margin was 8.7%, compared to 14.3%. On slide 30, shows our cash and bank balance. As of February 28, 2021, our cash and cash equivalent and restricted cash totaled RMB 2,098.4 million or $324.2 million as compared to RMB 1,697 million as of November 30, 2020. We also have short-term investment of $2,182 million as of February 28, 2021. Moving to slide 32, our share repurchase program announced in November 2020. The company has bought back 236,973 shares for $1.5 million as of April 19, 2021. Continue to slide 33. We're affirming our revised guidance for the fiscal year ending August 31st, 2021. We expect our total revenue in the range of RMB 3.59 billion and RMB 3.69 billion, representing a growth of 7%-10% based on existing business and without potential acquisitions. We also expected average student enrollment in our domestic and overseas schools to be between approximately 66,000 and 67,000, representing an increase of 8%-10%. We also expect to open 19 kindergartens for fiscal 2021, and beyond fiscal 2021, we have 10 schools and 65 kindergartens contracted for operation. Please refer to the table in slide 35 and 36 for the condensed income statement. Slide 37 shows the reconciliation of SG&A, EBITDA, and the net income on a GAAP to non-GAAP basis. Slide 38 shows our balance sheet and cash flow statement. For the six months ended February 28, 2021, the company's capital expenditure was approximately RMB 91.9 million, up 12.5% compared to last fiscal year. Our s lide 39 shows our average student enrollment and average tuition fee across our network. This concludes my financial update. Now, I will turn back to Jerry for his closing remarks. Jerry? Thank you, Dora. We are very proud of our teams around the world in addressing the challenges amid the ongoing pandemic and the emergence of variants. We worked tirelessly to protect the health and safety of our students, staff, and each other by setting and maintaining strict safety protocols across all our campuses, and kept our students on their academic tracks. We intend to pay careful attention to integration planning and implementation in order to unlock new revenue and cost synergies, and accelerating shared growth initiatives. At the same time, we remain focused on maintaining our organic enrollment momentum and delivering our strategic priorities and various initiatives to enhance our offerings, rebuild and accelerate revenue growth, and expand our operating margins for long-term value creation. This concludes our prepared remarks, and I would like to open the call for questions. Operator, please. We will now begin the question-and-answer session. To ask your question, you may press star then one on your touchtone phone. If you're using a speaker phone please pick up your handset before pressing the keys. To withdraw your question, please press star then two. At thistime we will pause momentarily to see some of our roster. Our first question today will come from Simyu Ruan with Goldman Sachs. Please go ahead. Thank you, management. I've got two quick questions. First one is regard to the Overseas business. One, could you please elaborate more on the progress in terms of the cost control on the Overseas Schools, and also what's behind the relatively low gross profit margin this quarter? The second question is about the M&A. I think you had mentioned previously that the COVID-19 might bring M&A opportunities. Can you share some updates on the M&A and what's your acquisition plan going forward? Thank you. I will take the questions. This is Jerry. In terms of cost control for Overseas business, you can see on one of our slides, if you look at slide 27. If you look at the Overseas SG&A expenses, it came down significantly year-over-year. I think it was- one second. Jerry, I can give some detailed numbers on the cost reduction for the overseas. Overall, our Overseas segment for the first half, combined cost of goods sold and the sales and marketing, there is about RMB 124 million cost reduction versus last year. That's the result of our operating streamline, or our functional team, including sales team, centralized some admin function in the Overseas segment. That's the number we have presented in our first half in Overseas cost reduction. Okay. I thought there was a slide talking about it specifically broken down by segments, and I think it was 27. Anyway, specifically about SG&A, we came down more than half, more than 50%. Talk about the M&A opportunities. Because of the pandemic, many of the assets price came down significantly, but we are still on the stage that looking into it, but have not pulled the trigger yet, because there are travel restrictions and many of these are still in place, that we cannot effectively do due diligence and w e are still looking into some of the deals presented to us. There are not anything we can present at this point in time. Thank you. Thank you. Again, if you'd like to ask a question, it is star, then one. There being no further questions, this will conclude our question- and- answer session. I'd like to turn the conference back over to Jerry He for any closing remarks. Thank you very much for joining this conference call. Please feel free to contact us if you have any further questions. We wish everybody a great day. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.