We will keep you guys posted as to what kind of impact to our business is coming from this kind of challenge. Looking to next year, we believe online still will grow much faster than off-line, and the enrollment growth may grow faster than revenue growth. ", Marie Nováková+420 732 664 815marie.novakova@aimtecglobal.com, Project Manager Innovation and Industry 4.0 in Logistics. TAL Education Group (NYSE:TAL)Q3 2020 Earnings CallJan 21, 2020, 8:00 a.m. Get 14 Days Free Sign Up Sign In Sign In Learn Net income attributable to TAL was US$15.0 million, compared to net loss attributable to TAL of US$23.5 million in the same period of the prior year. "We will strictly adhere to all relevant government policies and regulations regarding national public health and remain fully committed to the protection of our students and employees. Please go ahead. And this is a very healthy growth, especially in enrollment perspective. So as we move ahead, we remain cautious that education products and services require quality and care to lead to lasting customer satisfaction. And looking to next year, I think we probably -- with all of these learning centers we're adding this year Q2, Q3 and Q4, Q2, 20-plus learning centers; Q3, 36-plus new learning centers; and while Q4, 76, even more. The first question is on the off-line Peiyou growth acceleration. And so when we look into Q4, what we want to say is all the numbers we shared is based on the situations and the information we got today, which is subject to change. General and administrative expenses increased by 32.6% to US$484.9 million from US$365.6 million in the first six months of fiscal year 2020. Non-GAAP operating costs and expenses, which excluded share-based compensation expenses, were US$1,965.0 million, a 37.4% increase from US$1,430.2 million in the first six months of fiscal year 2020. So we are quite confident about our Peiyou small class top-line revenue growth in the coming year. And for the -- especially for the Peiyou off-line and the online revenue growth next quarter, what we can say is actually Peiyou continued to grow quite healthily. And on the other side is Tom, Mr. Zhang, our CEO and the former Chairman, will continue to be our CEO in the company. But of course, we need some time for preparations because we have that -- because you know the new cities we enter, all of them are traditional models. So just wondering, what's the sort of the growth strategy that we are seeing in the more mature cities in the coming fiscal year? So the whole, actually, team is also working very hard to make necessary preparations for them. Please go ahead. What do we do with them? These are comparing rates, well, when? So how should we see the capacity expansion pace and your Peiyou revenue growth for the upcoming few quarters? And the current guidance can only reflect our understanding and our information we receive from Wuhan by the end of the day, which is very minimal to the overall revenue. Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was USD 58.3 million, compared to some USD 145.8 million in the same period in the prior year. If one of them fails, the overall ROI doesn't work, we will stop investments. Total student enrollments of normal priced long-term course increased by 65.0% year-over-year to approximately 5,632,210 from approximately 3,413,120 in the same period of the prior year. The increase of selling and marketing expenses in the first six months of fiscal year 2021 was primarily a result of more marketing promotion activities to expand our customer base and brand enhancement, as well as a rise in the compensation to sales and marketing staff to support a greater number of programs and service offerings compared to the same period in the prior year. In all, by the end of November, we had 794 learning centers in 70 cities, 69 China cities and one Xueersi Peiyou learning center in one U.S. city; of which 775 were Peiyou small class and international education centers, 98 were newly merged Mobby and Firstleap small class and 121 were Zhikang one-on-one. [Operator instructions] Please be advised that today's conference is being recorded. Impairment loss on long-term investments was mainly due to declines in the value of long-term investments in several investees. Net income attributable to TAL was US$15.0 million in the second quarter of fiscal year 2021, compared to net loss attributable to TAL of US$23.5 million in the second quarter of fiscal year 2020. Ivana Klubalová is Head of Logistics at Hella Innenleuchten - Systeme Bratislava, s.r.o. Non-GAAP loss from operations was US$11.8 million, compared to Non-GAAP income from operations of US$89.7 million in the same period of the prior year. This quarter's results reflect the progress in our efforts to build a healthy and sustainable business model based on our product development, technology, customer satisfaction and operational efficiencies. I think the Q4 guidance because, at the end of the day, we receive a lot of information, both off-line and online, especially some information from Wuhan, so current guidance, what I can say is we have reflected our -- the best estimation we have. As for Q4 until now, we have rented approximately 76 Peiyou small class learning centers, and we expect to add a few more and close down some learning centers based on standard operations. Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$52.3 million, compared to non-GAAP net income attributable to TAL of US$5.3 million in the same period of the prior year. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties.

Everyone agreed that people are the answer to TAL 2020’s key question – “who is the driver in digitalisation?” And can we also talk a little bit about Peiyou versus xueersi.com and other segment growth baked in for fourth quarter guidance? [Operator instructions] We have the first question from the line of Yuzhong Gao from CICC. These accounted for 76% of total net revenue, compared to 79% in the third quarter last year. "TAL's financial results of the second fiscal quarter reflected a combination of the continued strong growth momentum of our online courses and the lingering pressure on our offline business in this period. By the end of Q3 2020, mainly in the lower-tier cities or geography areas, we have cooperated with a growing number of public schools with our smart education solutions. But it generally takes a few quarters to finish the renovations, ask for the license, and then we will put them into use, which typically will take around two to three quarters. Next, Echo Yan, our IR director, will review the third-quarter financials. I will turn the call over to Linda Huo, our vice president of finance. In 1991, it became a part of the Volkswagen concern.

And when we -- in the past few years, we developed or making more perfect the off-line traditional models. For every stage of the business, we will continue to promote the brand awareness of xueersi.com. Alongside any expansion effort, we invest in new technology and online business to improve overall operational efficiency and abide by the standards and regulations. Thank you for joining us today on this earnings call. A telephone replay of the conference call will be available through 8:59 a.m. on October 30, 2020, U.S. Eastern time (8:59 p.m. Beijing time on October 30, 2020). So clearly, I think we -- about -- when we talk about Q4 guidance, we need to be more cautious about what will be happening in the coming months.

We have -- we don't have more information to share because this changes every day, but we'll keep you guys updated if we have some new information coming out. In evaluating its business, TAL considers and uses the following measures defined as non-GAAP financial measures by the SEC as supplemental metrics to review and assess its operating performance: non-GAAP operating costs and expenses, non-GAAP cost of revenues, non-GAAP selling and marketing expenses, non-GAAP general and administrative expenses, non-GAAP income from operations, non-GAAP net income attributable to TAL, non-GAAP basic and non-GAAP diluted net income per ADS. Potential risks and uncertainties include but are not limited to those outlined in the public filings with the SEC. TAL believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based expenses that may not be indicative of its operating performance from a cash perspective. Moving now to our online business. Now he is ready to share his experience with you at TAL. Basic and diluted net income per American Depositary Share ("ADS") were both US$0.02. And these estimates reflect our current expectation, which is subject to change. Gross profit grew by 19.9% to US$1,062.4 million from US$885.7 million in the first six months of fiscal year 2020. And this, we have -- we are considering our guidance. Net income attributable to TAL was USD 28.2 million in the third quarter of fiscal year 2020, compared to net income attributable to TAL of USD 123.8 million in the third quarter of fiscal year 2019. So this number is almost equal to the first three quarters numbers. And going to the fall and winter, actually, the level of competition is actually less than the summer.

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