Hello, ladies and gentlemen. Thank you for standing by for 51Talk Online Education Group's first quarter 2026 earnings conference call. At this time, all participants are in listen-only mode. Today's conference call is being recorded. I will now turn the call over to your host, Mr. David Chung, investor relations for the company. Please go ahead, David. Thank you. Hello, everyone, and welcome to the first quarter 2026 earnings conference call of 51Talk. The company's results were issued via Newswire services earlier today and are posted online. You can download the earnings press release and sign up for the company's distribution list by visiting ir.51talk.com. Mr. Jack Huang, our CEO, and Ms. Cindy Tang, our CFO, will begin with some prepared remarks. Following the prepared remarks, there will be a Q&A session. Before we continue, please note that the discussion will contain forward-looking statements made under the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's results may be materially different from the views expressed today. Further information regarding this and other risks and uncertainties is included in the company's Form 20-F and other public filings as filed with the U.S. Securities and Exchange Commission. The company does not assume any obligation to update any forward-looking statements, except as required under the applicable law. Please also note that earnings press release and this conference call include a discussion of unaudited GAAP financial information, as well as unaudited non-GAAP financial measures. 51Talk's press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited most directly comparable GAAP measures. I will now turn the call over to our CEO, Jack Huang. Jack, please go ahead. Thank you, David. Hello, everyone. Thank you very much for joining our conference call today. We delivered a solid set of results this quarter, highlighted by 52% year-over-year gross billings growth, exceeding the high end of our guidance and narrowing sequential operating loss, despite the seasonal softness typical of the first quarter. We remain committed to refining our products and services to be more localized and better tailored to students across each of our markets, with a particular focus on enhancing the user experience. Underlying demand for English learning remains robust across our key markets, and we are optimistic about their growth potential. We have accelerated the development of our platform, our tutor network, and our AI- plus- human learning experience. We expect the next generation of our learning product to begin rolling out later this year, offering our customers a significantly more personalized and engaging experience. Our AI-native approach enables us to deliver this upgrade with greater efficiency. We are confident in our long-term growth trajectory and remain committed to disciplined capital allocation and creating value for our shareholders. With that, I will now turn the call over to Cindy, our CFO. Thank you, Jack. Let me walk you through our first quarter financial details. Net revenues for the first quarter were $31.2 million, a 70.9% increase from the same quarter last year, largely driven by the increase of active students with attended lesson consumption. Gross margin for the first quarter was 73.7%. Gross billings grew by 51.9% from the same quarter last year to $33.3 million. Q1 operating expenses were $24.4 million, an increase of 57.2% compared to the same quarter last year. Specifically, this has been driven by Q1 sales and marketing expenses of $17.9 million, a 59% increase from the same quarter last year, primarily attributable to higher sales personnel costs driven by headcount growth in the sales and marketing team, as well as increased marketing and branding expenses from promotional activities. Q1 product development expenses were $1.9 million, an 84.9% increase from the same quarter last year. Finally, Q1 general and administrative expenses were $4.6 million, a 42% increase from the same quarter last year. Overall, first quarter operating loss narrowed to $1.4 million from $1.5 million in the same quarter last year. While net loss attributable to the company's ordinary shareholders was $2.3 million compared with $1.7 million in the same quarter last year. Q1 GAAP and non-GAAP earnings per ADS were - $0.39 and -$0.3 respectively. The company's total cash equivalents, and time deposits were $35.5 million at the end of the first quarter. Advances from students were $78.9 million at the end of the first quarter. Looking forward to the second quarter of 2026, we currently expect the net gross billings to be between $36 million and $38 million. The above outlook is based on our current market conditions and reflects that company's current and preliminary estimates of the markets and operating conditions and customer demands, which are all subject to change. Operator, please go ahead. We will now begin the question- and- answer session. To ask a question, you may press star then one on your telephone keypad. If you're using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then two. Please ask your questions. You may re-enter the queue if you have further questions. At this time, we will pause momentarily to assemble our roster. The first question comes from Linda Bolton Weiser with Water Tower Research. Please go ahead. Yes. Hi. How are you? I just wanted to ask a little bit more if you could give further details about the next version of your platform that's rolling out later this year. Could you give us specifics about the timing of the rollout and then what some of the enhanced features are? Thank you. Thank you very much for your question. The next- generation product that we are developing right now is a product with foreign tutors and as well as a lot of AI features, and integrated with a lot of gamification functions. Especially, we integrated the new types of technology platform in terms of the gamification. We will integrate more about the user data and with the LLM analysis so that we can better serve our customers in terms of their learning outcomes and in terms of their personalized learning journey. Okay. Thank you. Thank you. As we're nearing the end of our conference call, I'd like to turn the call back over to the company for closing remarks. Mr. David, please go ahead. Thank you once again for joining us today. If you have further questions, please contact 51Talk's investor relations through the contact information provided on our website. Thank you. This concludes the conference call. You may now disconnect your line. Thank you.