Now, I would like to spend some time to talk about the quarter's performance across our remaining business line and new initiatives to you in detail. Our key remaining business have painted a promising upward trajectory, while the new initiatives secure positive momentum. Breaking down, the overseas test prep business recorded the revenue increase of about 53% in dollar terms or 59% in RMB terms year-over-year for the third fiscal quarter of 2024. The overseas study consulting business recorded a revenue increase of about 26% in dollar terms or 31% in RMB terms year-over-year for this quarter. The adults and university students business recorded the revenue increase of 53% in dollar terms or 60% increase in RMB terms year-over-year for this quarter.

Our multipronged new initiatives, which mostly revolve around facilitating students or around development have continued to deliver continued growth and meaningful profits to the company. Firstly, the non-academic tutoring courses, which we have offered in around 60 existing cities focuses on cultivating students innovative ability and comprehensive quality. The markets we have tapped into have recorded elevated penetration, especially in higher tier cities with a total of approximately 355,000 student enrollments recorded in this quarter. The top 10 cities in China contribute over 60% of this business. Secondly, the intelligence learning system and device business, a service designed to provide a tailored digital learning experience for students to enhance learning efficiency has been adopted in around 60 existing cities.

We have observed enhanced customer retention rate and scalability of this new initiative business. With approximately 188,000 active paid users recorded in this quarter, the revenue contribution of this initiative from the top 10 cities in China is over 55%. Our smart education business, educational material and digitalized smart study solutions have continued to contribute material results to the overall advancements of the company. In summary, our new educational business initiatives reported a revenue increase of 73% in dollar terms or 80% increase in RMB terms year-over-year for this quarter. In addition, as mentioned in the past quarters, we inaugurated a newly integrated tourism-related business line as one of our creative venture, tailored with diverse offerings of cultural trips, study tours in China and overseas as well camp education.

New Oriental's cultural tourism business shared the spirit to provide premium quality travel experience that are infused with joy from cultural exchange, knowledge sharing and personal fulfillment. Within the new business line, our study tour and research camp business for students of K-12 and university age achieved inspiring growth in this quarter. We have conducted study tours and research camp in over 50 cities across the country with the top 10 cities in China offering over 55% of revenue share of this business. We also pilot a number of top notch tourism offerings to expand our reach to old age group, including the middle aged and elderly individuals across 25 featured provinces. As we're still at the preliminary stage of the planning, testifying and evaluating the availability of this business in selected regions, we will keep you posted should there be timely updates.

With regards to our OMO system, Online Merge Offline system, we have persisted in revamping our platform and leveraged our educational infrastructure and technology edge on remaining key business and new initiative with the vision to provide advanced, diversified education service to customers of all ages. During this reporting period, a total of $25.5 million has been invested in our OMO teaching platform, which equips us with flexibility to maintain unrivaled service to students. With regards to the East Buy, East Buy attains sustainable growth momentum in this quarter thanks to a rapid development of its private label products. As part of the ongoing expansion strategy for an early venture like East Buy, we have devoted substantial investments to support the growth of the company, including the optimization of the East Buy's multi-platform strategies, supply chains, product offerings as well as quality control to safeguard on product quality and regions.

We're glad to see the East Buy has further enlarged its customer base following the latest establishment of time with Yuhui channel [indiscernible]. In addition, further enhancements in East Buy have been made through our comprehensive organizational structure, strategy hands for professional talents and upgrades, all of which strengthened East Buy's private label products and live streaming in e-commerce. The resources we committed into East Buy have thankfully nourished improved user management and loyalty, and we will look forward to leverage this input to propel further growth of the platform that promise premium offerings and sustainable growth for our customers. With regards to the Company's latest financial position, I'm confident to share with you that the Company is in a healthy financial state with cash and cash equivalent, term deposit and short-term investment totaling approximately $4.8 billion.

On July 26, 2022, the Company's Board of Directors authorized a share repurchase of up to $400 million of the Company ADS or common shares during the period from July 28, 2022 through May 31, 2023. The Company's Board of Directors further authorized the company to extend its share repurchase program launched in July 2022 by 12 months through May 31, 2024. As of yesterday, April 23, 2024, the company repurchased an aggregate of approximately 6 million ADS for approximately $195.3 million from the open market under the share repurchase program. Now I will turn the call over to Sisi to share with you about the key financials. Sisi, please go ahead.

Sisi Zhao: Okay. Now I'd like to walk you through the other key financial details for this quarter. Operating costs and expenses for the quarter were $1,093.9 million, representing a 59.1% increase year-over-year. Non-GAAP operating cost expenses for the quarter, which excludes share based compensation expenses were $1,066.4 million, representing a 60.1% increase year-over-year. The increase was primarily due to the cost expenses related to substantial growth in East Buy private label products and live streaming e-commerce business. Cost of revenue increased by 74.5% year-over-year to $644.8 million. Selling and marketing expenses increased by 57.1% year-over-year to $161.3 million. G&A expenses for the quarter increased by 33.6% year-over-year to $287.8 million.

Non-GAAP G&A expenses, which exclude share based compensation expenses were $273.6 million, representing a 40.7% increase year-over-year. Total share based compensation expenses, which were allocated to related operating costs and expenses increased by 28.3% to $27.5 million in the third fiscal quarter of 2024. Operating income was $113.4 million, representing a 70.6% increase year-over-year. Non-GAAP income from operations for the quarter was $140.9 million, representing a 60.3% increase year-over-year. Net income attributable to New Oriental for the quarter was $87.2 million, representing a 6.8% increase year-over-year. Basic and diluted net income per ADS attributable to New Oriental were $0.53 and $0.52, respectively. Non-GAAP net income attributable to New Oriental for the quarter was $104.7 million, representing a 9.8% increase year-over-year.

Non-GAAP basic and diluted net income per ADS attributable to New Oriental were $0.63 and $0.63, respectively. Net cash flow generated from operation for the third fiscal quarter of 2024 was approximately $109.4 million and capital expenditure for the quarter were $80.1 million. Turning to the balance sheet. As of February 29, 2024, New Oriental had cash and cash equivalents of $2,013.6 million. In addition, the Company had $1,570.8 million in term deposit and $1,175.3 million in short-term investments. New Oriental's deferred revenue, which represents cash collected upfront from customers and related revenue that will be recognized as the services or goods are delivered at the end of the third quarter of fiscal year 2024 was $1,521.7 million, an increase of 30.8% as compared to $1,163.2 million at the end of the third quarter of last fiscal year.

Now, I'll hand over to Stephen to go through our outlook and guidance.

Stephen Yang: Thank you, Sisi. As we progress into the fourth quarter, which is typically expected as a slower quarter comparing with the third quarter in terms of the revenue growth and profitability due to various seasonality of our key educational businesses, we place confidence in sustaining a healthy growth, building on the collective bricks of our rooted foundation, brand advantage and influential teaching resources. Our strategic focus and investment approach aim at achieving satisfactory operating profits in the rest of the year, coupled with the year-over-year margin expansion for the full year. As always, we will work diligently to adhere to the latest guidance from the Chinese authorities on enhancing the nation's education level to strengthen its leading position, to further strengthen our edge on all business lines and creative endeavors.

With regards to the learning center and classroom space, as part of the continued evolution of our offering across business line, we plan to increase our capacity by around about 30% for this fiscal year, by which a reasonable amount of new learning centers is expected to be opened, while classroom areas of some existing learning centers will be expanded in a few major cities. Most of the new openings will be launched in the city with better top line and bottom line performance in this year. At the same time, we will continue to hire new teachers and staff to match our capacity expansion and support our revenue growth, especially for new education business initiatives and newly integrated tourism related business. We expect total net revenue in the fourth quarter 2024 - March 1st, 2024 to May 31st, 2024, to be in the range of $1,101.5 million to $1,127.3 million, representing year-over-year increase in the range of 28% to 31% in dollar terms.

The projected increase of revenue in our functional currency RMB is expected to be in the range of 34% to 37% for the fourth quarter of this fiscal year 2024. To conclude, New Oriental is determined to persistently expand our existing offerings and fertilize new endeavors, dedicating strategic inputs to sharpen our capability. We will also continue to devote reasonable resources on research and application of new technologies such as AI and ChatGPT into our offerings and strong belief that we could uplift our strength to favor further growth, better margin and operating efficiency. At the same time, we will also continue to seek guidance from and cooperate with government authorities in various provinces and municipalities in China in alignment with these efforts to comply with relevant policies, regulations and measures, as well as to further adjust our business operations as required.

I must say that these expectations and forecasts reflect our considerations of the latest regulatory matter as well as our current and preliminary view, which is subject to change. This is the end of our fiscal year 2024 Q3 summary. At this point, I would like to open the floor for questions. Operator, please open the call for this. Thank you.

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