Good day, and thank you for standing by. Welcome to TAL Education Group fourth fiscal quarter and fiscal year 2021 earnings conference call. I'd now like to hand the conference over to Ms. Echo Yan, IR Director of TAL Education Group. Thank you. Please go ahead, ma'am. Thanks, operator. Thank you all for joining us today for TAL Education Group's fourth fiscal quarter and fiscal year 2021 earnings conference call. The earnings release was distributed earlier today, and you may find a copy on the company IR website or through the newswire. During this call, you will hear from Mr. Rong Luo, Chief Financial Officer, Linda He, Vice President of Finance, and myself, IR of TAL. Following the prepared remarks, Mr. Luo and Ms. He will be available to answer your questions. Before we continue, please note that the discussions today 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 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 public filings with the SEC. For more information about these risks and uncertainties, please refer to our filings with the SEC. Our earnings release in this call includes 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 now to turn the call over to Mr. Rong Luo. Rong, please. Thank you, Echo. Good evening and good morning to you all. Thank you for joining us today on this earnings call. In the recent couple of months, China's public health situation and economy show further progress. Internationally, the concerted efforts and vaccination programs are hopeful signs that the worst of the pandemic could be behind us all. Meanwhile, at TAL, our tutoring business, both online and offline, as well as our capacity expansion in all cities, developed as planned for the first quarter of fiscal year 2021. Let me give you a quick overview of the key metrics. Net revenue growth in the fourth quarter was up by 58.9% year-over-year in US dollar terms to $1,362.7 million, and 47.7% in RMB terms. Total normal price long-term courses student enrollments increased by 44% year-over-year, mostly driven by online, as well as Xueersi Peiyou Small Class enrollments. GAAP loss from operations was $297.2 million compared to $41.3 million in the first quarter last fiscal year. Non-GAAP operating loss was $216.9 million compared to $8.4 million in the same year-ago period. In the full year of fiscal 2021, net revenue growth was 37.3% in USD terms, which is 34.1% in CNY terms. I will now turn the call over to Linda He, our Vice President of Finance. She will give you an update on our operational progress in the fourth quarter. Next, Echo Yan, our IR Director, will reveal the fourth quarter and the fiscal year financials. After that, I will update you on our business strategy and discuss our business outlook. Linda, please. Thanks, Rong. I will reveal the various revenue streams of our tutoring business for the fourth quarter of fiscal year 2021. Let me start with small class and other business, which consists of Xueersi Peiyou Small Class, First Leap, Mobby, and some other education programs and services. These accounted for 61% of total net revenue, compared to 68% in the same year-ago period. The revenue growth rate was 43% in US dollar terms and 33% in RMB terms. Xueersi Peiyou Small Class, which remains our stable core business, represented 53% of total net revenue in the fourth quarter, compared to 59% in the same year-ago period. The lower revenue contribution from Xueersi Peiyou was mostly due to the faster growth of Xueersi.com online courses which accounted for 32% of total revenue in the quarter, compared to 24% in the same period last year. Fourth quarter net revenue from Xueersi Peiyou Small Class was up by 43% in $ terms and 33% in CNY terms, while our normal price long-term course enrollments increased by 21% year-over-year. All in all, the improving overall situation in China supported the continued recovery of our Peiyou business in the course of fiscal year 2021. Our key operational metrics of Peiyou, such as retention rate, fulfillment rate, and drop-off rate, remained very stable throughout the year, even in these unprecedented circumstances. In the fourth quarter, normal price long-term Xueersi Peiyou Small Class ASP increased by 22% in $ terms and increased by 13% in CNY terms year-over-year. The increase was mainly due to the pricing gap refund we offered in February 2020, when we had to migrate Peiyou offline small-class students to online small-class. Xueersi Peiyou Small Class performed well in the various tiers of cities. Revenue from the top five cities, which are Beijing, Shanghai, Guangzhou, Shenzhen, and Nanjing, increased by 44% year-over-year in US dollar terms and accounted for 55% of Xueersi Peiyou Small Class business. Revenue generated from cities other than the top five grew by 41% in US dollar terms. The other cities accounted for 45% of the Xueersi Peiyou Small Class business. Next, I'd like to discuss our Zhikang One-on-One business. In the fourth quarter, this business sector achieved year-over-year revenue growth of 28% in US dollar terms and 19% in CNY terms. Zhikang One-on-One accounted for approximately 6% of total revenue in the fourth quarter of fiscal year 2021, compared to 8% in the same year-ago period. In the fourth quarter, normal price long-term Zhikang One-On-One courses ASP increased by 17% in $ terms and 8% in CNY terms year-over-year. The increase was mainly due to some slight discounts we offered in February last year, when we had to move Zhikang offline students to online after the COVID-19 outbreak, as well as the regular increase of tuition fees in several cities during the period. Now, let me update you on our current capacity expansion strategy. We continued the expansion drive in the fourth quarter as planned for this fiscal year. We added eight new cities in the fourth quarter, bringing the total to 110 cities, of which 40 were newly added during fiscal year 2021. These eight new cities are Ma'anshan, Cangzhou, Weihai, Liaocheng, Yuzhou, Yibin, Nanchong, and Zhaoqing. Similarly, we expanded our learning center network in the fourth quarter based on a healthy and sustainable approach, and by following government guidelines and market demand. In Q4, we added 108 new learning centers on a net basis to a total of 1,098 learning centers. We opened 119 new Peiyou Small Class learning centers and closed nine, adding a net of 110 Peiyou Small Class learning centers. We closed five Mobby and First Leap centers, and we opened four one-on-one centers and closed one one-on-one center, adding a net of three one-on-one centers. During the quarter, we added 677 Peiyou Small Class classrooms. In all, by the end of February 2021, we had 1,098 learning centers in 110 cities, of which 109 cities in China and one JR-C Peiyou learning center in the United States. Among these learning centers, 879 were Peiyou Small Class and international education centers. 82 were the merged First Leap and Mobby small class, and 137 were Zhikang one-on-one. Looking into Q1 of FY 2022, we have conditionally rented some Peiyou Small Class learning centers and expect to add a few more and close down some learning centers based on standard operations. We will closely follow up with government guidelines as always and stay alert for COVID-19 developments. Turning now to our online business. Gross fiscal quarter revenue from tal.com grew by 116% in U.S. dollar terms year-over-year, and 100% in CNY terms, while normal price long-term course enrollments grew by 71% year-over-year to over 3.5 million. In the fourth quarter, tal.com contributed 32% of total revenue and 63% of the total normal price long-term enrollments, compared to 24% of total revenue and 44% of total normal price long-term course enrollments in the same year-ago period respectively. The growth in online business was supported by increasing demand for online education, as well as sales and marketing efforts, and retention of the previous quarters. In addition, in Q4, normal price long-term online course ASP increased by 9% in USD terms and increased by 1% in CNY terms year-over-year. With that, I will now turn the call over to Echo Yan for the financial update. Echo, please. Thanks, Linda. Let me now go through some key financial points for the fourth quarter, and then briefly review the FY 2021 financials. Gross profit increased by 72.9%- $781.2 million from $451.8 million in the same year-ago period. Gross margin for the fourth quarter increased to 57.3% as compared to 52.7% for the same period of last year. Selling and marketing expenses increased by 171.6% to $650.5 million from $243.2 million in the fourth quarter of FY 2020. Non-GAAP selling and marketing expenses, which excluded share-based compensation expenses, increased by 168.4%- $635.5 million from $236.8 million in the same year-ago period. The year-over-year increase of selling and marketing expenses in the fourth quarter of fiscal year 2021 was primarily a result of more marketing promotion activities to strengthen our customer base and brand, as well as higher compensation to sales and marketing staff to support more programs and service offerings. Other income was $7.9 million for the fourth quarter of fiscal year 2021 compared to other expense of $4.7 million in the fourth quarter of fiscal year 2020. Other income in the fourth quarter of fiscal year 2021 was primarily due to the value-added tax and social security expense exemption offered by the government during the COVID-19 impacted period, and partially offset by impairment loss of non-current assets. Income tax benefit was $80.5 million in the fourth quarter of fiscal year 2021 compared to $63.6 million of income tax expense in the fourth quarter of fiscal year 2020. Net loss attributable to TAL was $169 million in the fourth quarter of fiscal year 2021, compared to net loss attributable to TAL of $90.1 million in the fourth quarter of fiscal year 2020. Non-GAAP net loss attributable to TAL, which excluded share-based compensation expenses, was $88.7 million, compared to Non-GAAP net loss attributable to TAL of $57.2 million in the same year-ago period. From the balance sheet as of February 28th, 2021, the company had $3,243 million of cash and cash equivalents and $2,694.5 million of short-term investments, compared to $1,873.9 million of cash and cash equivalents and $345.4 million of short-term investments as of February 29th, 2020. As of February 28th, 2021, the company's deferred revenue balance was $1,417.5 million compared to $781 million as of February 29th, 2020, representing a year-over-year increase of 81.5%, which was mainly contributed by the tuition collected in advance of part of the spring semester of Jiu Zhou Peiyou Small Class and online courses through www.jiuzhou.com, as well as deferred revenue related to other businesses. Turning now to the full fiscal year 2021, let me briefly review some key financials as follows. Fiscal year revenue grew by 37.3%- $4,495.8 million. Gross profit grew by 35.6%- $2,447.2 million from $1,804.7 million in the fiscal year 2020. Gross margin for the fiscal year 2021 decreased by 70 basis points to 54.4% as compared to 55.1% for the same period of last year. Loss from operations was $438.2 million in the fiscal year 2021 compared to income from operations of $137.4 million in the prior year. Non-GAAP loss from operations, which excluded share-based compensation expenses, was $233.3 million for the fiscal year 2021 compared to Non-GAAP income from operations of $255.4 million in the fiscal year 2020. Net loss attributable to TAL was $116 million in the fiscal year 2021 compared to net loss attributable to TAL of $110.2 million in the fiscal year 2020. Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was $98 million compared to Non-GAAP net income attributable to TAL of $7.7 million in the fiscal year 2020. Now, I will hand the call back to Rong Luo to briefly update you on our strategy execution and provide the business outlook for the next quarter. Rong. Thank you, Echo. Fiscal year 2021 was an unprecedented year due to the outbreak of COVID-19. During the year, we timely respond to any government instructions related to public health and did whatever necessary to protect the safety of our students and employees and contribute to our country's great efforts to fight against this pandemic. Despite all the challenges we have faced, we realized 37.3% revenue growth for the fiscal year 2021, which was in line with our long-term growth rate expectations. We stay on course of our development strategy as an education service provider, regardless of the pandemic and the intense competition. Looking ahead, we will continuously follow up with the government guidelines for the industry and conduct our class teachings in line with national public health regulations, as well as keep investing in the quality of our products, services, teachers training, and technologies, supported by sustainable marketing efforts. Thus, our ever more diversified tutoring offerings will be able to better meet customers' changing demand and ability to pay. Let me turn finally to our business outlook. Based on our current estimates, total net revenue for the first quarter of fiscal year 2022 is expected to be between $1,302.2 million and $1,320.5 million, representing an increase of 43%-45% on a year-over-year basis. That concludes my prepared remarks. Operator, we are now ready to take questions. Thank you. We will now begin the question and answer session. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to withdraw your request, please press the pound or hash key. Please stand by while we compile the question and answer roster. Once again, that's star one for questions. Your first question comes from Lucy Yu from Bank of America Securities. Please ask your question. Thank you, Rong Luo, for taking my question. My question is about localization, which has been a hot topic lately. We also noticed that one of our competitors today also reviewed their plan in localization of their courses, products, et cetera. Given that our Peiyou Online site is getting meaningful and already over 10% of our revenue, so how should we think about our competitive edge in localization, and the future competition dynamic in this localized online class industry going forward? That's question number one. Number two, related to that, is could you please share with us the progressing status of synergy or cooperation among our different business lines, especially between Xueersi.com and Peiyou Online. Do we have any targets, say how much traffic we can divert or share between these two platforms? Thank you. Thank you so much, Lucy. I think the first question about localized, no matter it's localized online class or localized offline class, I think, which remind me, I think last year, second quarter, we talked about that. That's why we developed our Peiyou localized online class, Peiyou. Because when we read through all the learning process for China students, we need to consider a lot of different factors. The more tailor-made or maybe more localized sometimes lead to a better result. For example, in China, we have over 30 provinces, and different provinces have their different version of the Gaokao exams. If we go down to the Zhongkao exams, the versions will be even more. If we want the students to spend less time but get a much better result, we need to make sure what we teach can meet their needs, which means we need to provide them with localized content. The localized content including different versions, different level of difficulty, and different sequence. You probably know that in primary school and in the middle school, China has multiple version of textbooks. Even the same version of textbooks, we have different provinces and different cities. Even within one city, different districts, maybe among different schools, they have different sequence. Some schools use the textbooks to learn certain knowledge first, followed by the other, while this sequence in other schools may be different. Even same school, same textbooks, and same sequence, and the level of difficulty will be also different. We are facing a market, very dynamic, and we need to be very careful. When we teach one student, we would try to teach the best content fit their needs, instead of only one version for all. In this specific, we need to know the localized content will be very helpful for that. No matter that's an online class or that's an offline class. In the second place, we also figure out, I think starting from last year, the local teacher, even in the online part, typically can teach the local students better. The local teacher, for example, the teachers in Beijing or Shanghai, they teach in this city. They know a lot about what happened in this city. They know what is the level of difficulty of the exams in different cities. If we ask the local teachers to teach local students, the outcome will be better than only one teacher teach the students all over the country. Besides, we also need to be very careful because education is very different from e-commerce, where they require a significant level of services. Whatever services we provide to them should also be very tailor-made and very localized. For example, the students in Beijing, what they care is what's happening in Beijing. What's happening in other cities may be carried less to their attentions. Going more localized and provide more individual kind of solutions to the students. In the long run, when the technology is good enough, possibly, there is some chance to have a so-called self-adaptive learning platform. At that time, everyone can be teached individually and differently. Today, we are seeing, at least compared to a purely online prior, the one version to all, the localized offers will be more powerful than the previous versions. We are happy to see more and more companies, they care the students' needs, and they are working on providing the localized offer to them. We believe that's the right direction to go. We need to know the students more, and we need to teach them the most appropriate content to them. The ideal cases will be they spend less of their time, but they learn more. On the other side, as sometimes going localized or maybe going closer to the student's needs. Sometimes it's easy to say, but hard to execute. We, as a company, think as our counterpart in this industry for over 10 years. We are building a lot of learning centers, and we have different teams working in different cities. The local team will hire us to get information from the local geography and do some localized R&D. Which is the fundamental for providing the localized offers. Besides, which is quite different from a purely online part, and it takes more time, it takes more patience, and it takes a significant amount of the investment for the new team, for the new channels, and for the new way to attract students, and et cetera. Which means, if we say the purely online part is like air force, then if you want to go in more localized, which means you need to do more kind of the tedious and even hard work. Everyone need to get prepared for that, especially China, we have a huge geography. We need to carry students equally for every city. All in all, we're happy to see more and more companies are going more localized and try to teach the students, use the more efficient way. That's the right thing to do. On the other side, we need to be patient, and we need to spend enough time or energies on technology, on content, on the teacher training and et cetera, to make sure that works. That's our view on how to be localized. The second question you're asking, the synergy between Xueersi Online School and the Peiyou Small Class business. You're asking how much traffic they can share. I think, it's not a traffic business. When we consider the synergy between Xueersi Online School and Xueersi Peiyou Small Class, in the first place, they are sharing the same brand. They're under the same brand. In the second place, they share the content and the technology side. We try to think as what we build the Peiyou Small Class business. We try to analyze every sub-process of the learning, both online and offline. We try to standardize the operations. For the same operations, which has a lot of similarity among online and offline, we try to integrate them as one. At the end of today, I think these two things, they have some synergies, and they share some of the infrastructures in the back end, in the brand side. In the front end, in the operation side, they still tend to be more independent. That is because today they target different markets. The Xueersi Peiyou Small Class business today will cover 110 cities. That's their main market to go. Xueersi Online School, that's their product for the whole country. They cover more geographies and now even go down to the very low-tier cities. They have different targets. The front operations are quite independent. The back end functions, we try to do more integrations, and we try to drive more synergies. With synergies, it's now simply in the traffic, but more in the infrastructure side. Thank you, Lucy. Thank you, Rong Luo. Thank you. Next question comes from Sheng Zhong from Morgan Stanley. Please ask your question. Hi, good evening. Thank you for taking my question. I also want to follow up on the Peiyou Online. After a look at your Peiyou offline capacity, it's very clear that your classroom per learning center is much less than before, especially this quarter. Will this be a new normal for your new capacity in the future? With that, I think part of the reason should be your offline and online strategy. What's the company's outlook for the Peiyou Online contribution to Peiyou total next year and maybe in the longer term? Any color will be appreciated. Thank you. Thank you, Sheng Zhong. I think, the Peiyou Live and Peiyou today is under one team, and we try to integrate them together, even maybe not only in the big cities, but also go down to the low-tier cities. I suggest you guys look into the Peiyou revenue as a whole, both online and offline. I think that is a more kind of the proper way to look into our business. I show one example. For example, in Beijing and Shanghai. In Beijing and Shanghai, actually, we have a very high percentage of offline students. They're using the Peiyou Live offering now. Sometimes it's difficult to separate what is Peiyou Live, or what is Peiyou online, what is Peiyou offline. The better way to look at that is we combine them two together, and we're going to Peiyou total growth. On the other side is, I think when we look into the Peiyou Live, part of the reason they are quite successful is because they use the very localized way to do that, which is quite different from Xueersi Online School. We're also piloting some of the new formats of class in the Peiyou Online channels, not only the big class, but also we try to pilot some small class in the top cities. Even today, I think the Peiyou Online, Peiyou Live has not covered all the cities. They only cover the top several cities in Peiyou Small Class business. We are confident they have a chance to continue to develop and try to expand and cover more cities in the future. When we look into all of this, I think the way to manage business need to change according to the customer's behavior. I think two years ago, online, offline, even in Peiyou space, are relatively more independent. Coming to today, we have seen the Peiyou students and parents are buying these offers, both online and offline merged together. Our way is very clear. We don't have a special target to say how much Peiyou online we need to deliver or how much Peiyou offline we need to deliver. The only target we have is we need to use the best way to fit parents' and students' needs. We need to provide them more flexibility and more possibility to maximize their return of investment in time and energy. Again, all in all, we wish we can look all of this together, and we believe that Peiyou can leverage both online and offline growth drivers to drive the healthy growth in the coming few years. Thank you, Dong Xin. Thank you. Our next question comes from Felix Liu from UBS. Please ask your question. Hi, good evening, management. Congratulations on the very strong quarter, and thank you for taking my question. My question is on the growth of this quarter and the next quarter, and maybe on the next fiscal year as well. I understand that previously the guidance for Q4 was a little bit weak on the online side because of scheduling. Online, I think Xueersi.com ended up performing very well. Might know what's driving the strong performance? Secondly, on the guidance, could you possibly break that down into business lines, and what do you expect the growth will be like by business line? Given the strong momentum, is there any update to our FY22 growth outlook? Thank you very much. Okay, thank you for your question. I think when you only look into the Q4 numbers, sometimes the people will say the numbers were good. I need to draw attention to dig back to the details of numbers. In Q4, if you remember what we present just now in our screen, our Peiyou enrollment growth is around 20% plus. While the revenue growth is higher, that's because last year, same quarter, Q4 last year, that is the outbreak quarter of the COVID-19. At that time, we moved all of our offline business to online. frank speaking, the move is very rushed because we never know where is the pandemic at that time. To compensate the parents, so we change the pricing from offline to online pricing, which is a significant less than the online price is much lower than offline price. Which drives the last year's Q4 space a little bit higher. I suggest you guys look into my Peiyou enrollment growth, 20%+. That is the right number to look at. Compared to the previous quarters last year, which goes through the very tough time of COVID-19, the Peiyou Small Class business is recovering step by step. We're also seeing the recovery will pretty much on track in the coming quarter, the Q1 for FY 2022. The second part is our online power. I say our online power performed a little bit better than what we expected. Part of the reason is because the online offers can fill the students' needs. We're also seeing a fair amount of the marketing $ to drive the growth. Looking to the Q1, we probably see that the Q1 Xueersi Online Schools enrollment growth will be similar to this year Q4. We're pretty much on track in both online and offline side. There is no big surprise to that. Again, I suggest when you look into the education company's growth, the best way to do that is rolling 12 months. If you're looking to the growth in rolling 12 months way, which can eliminate some of the impact of scheduling or maybe quarter-over-quarter adjustments, which makes more sense to look at our total business. All of these numbers are based on what we see today. I also need to draw attention is, actually, you probably can see that some more policies were ongoing and coming out from the government. We, as a company, will follow the government guidelines, and if the policy is clear, we will definitely comply with the policies to make necessary adjustments. All of the numbers you see today are based on what we have, and which starts to change if the policy has any new updates. Thank you. All right. Thank you very much. Thank you. Our next question comes from DS Kim from JP Morgan. Please ask your question. Hi, good evening, everyone, and congrats on such a massive revenue peak. My first question is actually related to your last point just now, a little bit indirectly. I know it's impossible to predict at this point, but in an unlikely scenario of government limiting advertisements significantly, what do you think will be the sustainable growth rate for Xueersi.com or online tutoring industry as a whole in a less advertisement or no advertisement environment? How do you think we can achieve such a run rate? I.e., could you please possibly break out a new student enrollment or new student contribution currently from online performance ads versus organic versus referral, or any way so that we can have a sense that no advertisement would still be giving us X amount of growth? I have one follow-up. Thank you very much. Thank you. I think right before we see clearly what policy is, it's too early to talk about the potential impact of that policy. I think by looking through our online product, specifically, we talk about advertisements and promotions of an online marketing. I think, frankly speaking, we are now a company where we have promotions, frankly speaking, or maybe advertisements in the past. We are typically an education company. We prefer we teach the students well, and we make people satisfied, and we drive our growth through our high-quality services. That's the typical way we drive up growth. If the policy has some impact on advertisements or online marketing, I think we, as one player in this industry, will do the same thing as what other players do in the whole industry. Today, because we still need to wait for what's the final policy, what's clear requirements right over there. It may be too early to make some judgment call based on something we don't know. On the other side is one thing I need to draw your attention is actually, in the past few quarters, the Xueersi Online School will always have more students coming from the branding channels because we share the brand Xueersi together with Peiyou Small Class. We have a little bit better in the customer awareness across the top 100 cities and even more. We have a chance to attract the students directly to register in my platform and pay my classes, which is some of the advantages we have compared with the other players. On the other side is we need to focus a lot on how to serving the current students. When a student study in my platform, we need to make sure they can receive high-quality services. Their retention rates will be very healthy. We also encourage the students to refer their parents or their other friends to study in our platform. Again, we still believe the only way to make our classes more competitive is teach the students well, high quality, high retention rate, low drop-off rate, and all of that. We'll work very hard on operations to make sure our efficiency is better than the other one. Going back to the advertisement policy or not, let's stay tuned, and we probably can give you more colors when we see the policies more clearly in the future. Again, this industry always has a lot of policy changes and challenges in the past few years, not today. We are very clearly, we comply with the guidelines, we make necessary adjustments, but again, we focus on students, we focus on parents to let them receive high-quality services. That is the fundamentals for us and never change. Thank you. Thank you. That's really helpful, and I absolutely agree with you, sir. One follow-up question, if I may, is about our expansion. If you look at for the past two years, I couldn't help but notice that we are entering new cities in a pace that we never did before, like nearly 60 cities, we only have one center there. May I ask what's driving the strategy? I'm talking about Peiyou and what's driving the strategy. Is it because we want to set up home base for the Peiyou Live for the nearby cities for like OMO efforts? Are we seeing offline market share opportunity in that specific cities and want to build brand equity there as soon as possible? That's it from me. Thank you so much. Thank you. I think no matter if you are in Beijing or Shanghai or maybe you are in Rizhao or Yibin, the students have the equal demand or equal opportunity to study better and go to the better universities. The demand is always there. The only difference is previously, if you only have the offline ghost drivers, then the classrooms have a lot of teachers and do offline trainings, which is very operation intensive and very difficult to be scalable. When you have the online parts, you can move some of the elements, only some percentage of the workflows to online, which made the model easier to be flexible and more flexibility to be scaled. Which also encourages us to provide the high quality and affordable services to the students, not only in the top cities, but also in the rest of places. Today, we cover around 110 cities. We tend to enter more new cities in the future. We wish we can provide the equal access to the high quality teaching services for our platform, and we wish we can hire and support more students to achieve their goals in the future. Thanks to technology, which give us some possibility to go into more places and teach more students. This is not the end. During the online, much offline process, we still see a lot of points we can improve. We still see a lot of challenges, we need to deal with that. Which will take us the other several years, maybe sort of five years, even longer, to make it happen. Thank you. Thank you. Our final question today comes from Alex Xie from Credit Suisse. Please ask your question. Thank you, management, for taking my questions, and congratulations on the good performance in this quarter. Firstly, I'd like to ask about the ASP in online. I think this is the first time for the online business to achieve significant ASP growth in two years. If you can elaborate on that, I believe you previously mentioned that ASP should go lower to attract students in low-tier cities. Secondly, if you could update us on the status in Beijing, how many of your learning centers have obtained the approvals to reopen, and what are your expectations for the rest of them? Thank you. Thank you. In the first place, let me make it clear of the online ASP. Online ASP lose good 9% growth. That's because of the exchange rates. That's currency issues. That's now our, in CNY terms, our normal price ASP for the [shuos] online school is only around 1% increase. Very stable. We don't see any major changes in the ASP perspective in Q4. Secondly, I think you're asking about Beijing. Beijing, even today, we only have single-digit learning centers get approved to be reopened. The rest of the learning centers still under the government process to gather reopen approvals, which will take some time, and I can't estimate how soon that will be complete. Our view is very clear, as we will comply with government guidelines and follow their requirements to do the offline learning centers. At the same time, we leverage the online platform. We use the online way to teach the students in Beijing. So far, the growth is quite stable, and we also see the retention rates and the dropout rates, and all of that is pretty much on track. We don't see any big differences. Looking forward, when the new policy was out, and we adapted to follow the policy to make necessary adjustments. Based on what we see today, we're pretty much on track. Thank you. Thank you. Got it. All right. Thank you. With that, we conclude our conference for today. Thank you for participating. You may all disconnect.