Echo Yan | Director, Investor Relations |
Rong Luo | Chief Financial Officer |
Linda Huo | Vice President, Finance |
Lucy Yu | Bank of America Securities |
Sheng Zhong | Morgan Stanley |
Felix Liu | UBS |
Ds Kim | JPMorgan |
Alex Xie | Credit Suisse |
Good day and thank you for standing by. Welcome to TAL Education Group Fourth Fiscal Quarter and Fiscal Year 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.