Hello, ladies and gentlemen. Thank you for standing by for the Four Seasons Education’s First Quarter of Fiscal Year 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. After management’s prepared remarks, there will be a question-and-answer session. Today's conference call is being recorded. I will now turn the call over to your host, Ms. Olivia Li, Investor Relations Manager for the company. Please go head, Olivia.

Hello, everyone, and welcome to the first quarter of fiscal year 2021 earnings conference call of Four Seasons Education. 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 e-mail distribution list by visiting the IR section of our website at ir.sijiedu.com. Ms. Yi Zuo, our Chief Executive Officer will start the call by providing an overview of the company’s performance highlights for the quarter and details on the company’s financial results and business outlook before opening the call for your questions. Before we continue, please note that today’s 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 filings 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 applicable law. Please note that Four Seasons Education’s earnings press release and this conference call include discussions of unaudited GAAP financial information as well as unaudited non-GAAP financial measures. Four Seasons Education’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, Ms. Zuo. Please go ahead.

Thank you, Olivia, and hello, everyone. In the first quarter of fiscal two 2021, we have been diligently cultivating our online education offerings to address students learning needs, especially when offline courses were restricted due to COVID-19. In addition, we continue to optimize offline resources for a more strengthened and cohesive online, offline approach to prepare ourselves for market recovery. Due to the prolonged pandemic containment measures and the restrictions on offline courses most of our classes were delivered online during the quarter. These will switch the transition to online right after COVID-19 outbreaks in early 2020. Our live streams and pre-recorded classes have received a very positive feedback from our students. Aside from academic subject and tutoring classes, we have also transitioned our featured interest based classes online to bring students more content that benefits their intellectual development and nurtures their interest to learn. To further strengthen our online capabilities with solid technical support. We made a strategic investment in Fuxi Network, an online education and training service provider, to sustain the long-term growth and development of our online education. Total student enrollments for the quarter decreased by 35% year-over-year, resulting from the impact by the COVID-19 and the related the regulatory uncertainties. Additionally, regular school mandatorily deliver the classes online during the quarter. For the sake of Vision House, after a long time of using digital devices, students tend to have less preference in participating additional after school on courses. Enrollment for summer break learning were also impacted due to timeline uncertainties for reopening offline learning centers. Despite these unfavorable factors, it is encouraging for us to achieve 85% quarter-over-quarter enrollment growth. Even factoring in seasonality, this growth still demonstrate demand recovery from our students, and their interest in our quality courses. With a gradual resumption to normal…

We will now begin the question-and-answer session. [Operator Instructions] First question comes from Joy Wei with 86Research. Please go ahead.

Hi management, thanks for taking my question. My question is regarding your guidance. Your guidance indicated a declining year-on-year. Could management help us understand the reasons behind? How much of the decline is due to the short-term summer vacations? And I have a follow-up. Thank you.

As we mentioned that because you know the uncertainty of the summer break time schedule and the parents determination to involve their kids to the summer program has been impacted. That is one of the reasons. And also in some schools that - the second reason actually you know a lot of us on players issued some sort of cash - right, that you can get maybe for like 40 classes just for RMB1, and we are not doing that. So, the decline is a results of several factors. But in our view we believe it is short-term, because from the summer and our Four enrollments, we have seen that the trend is back. And over the summer, the parents are also somewhat concerned with the COVID-19 outbreak, the control measurement in the offline facilities. That is why we are putting more effort and resources in our online classes. For the four semester, we actually opened up both our online offline classes and try to make the OMO model more smooth. Yes. So that is the reason why to your question why we see a decline in the summer guidance.

Got it. So we are offering OMO models for the four semester. So do you have any expectation for the revenue outlook full-year fiscal 2021, considering that you are rolling out this new model and it might help you better retain and attract new students? Thank you.

I'm not giving out full-year guidance on this call, but you can reach out to our IR and we can talk separately. But as I said, that China - The Education Administration also issued a new policy right [indiscernible], so we are making adjustment in all aspects to make us more competitive in the market and more adaptable to the market. We are also going to issue a new program, which is more tailored to classroom textbook. So, we are doing all kinds of things. And in general we are confident that the full-year outlook is in range with our internal guidance and our middle school business is coming up pretty nicely and we are making more investment in which we also believe will be a strong growth driver for the next quarters to come.

Got it. Thank you very much.

[Operator instructions] As there are no further questions now I would like to turn the call back over to the company for any closing remarks. Olivia, do you have any closing remarks?

Thank you once again for joining us today. If you have further questions, please feel free to contact Four Seasons’ Investor Relations through the contact information provided on our website or the Piacente Group Investor Relations.

This concludes this conference call. You may now disconnect your line. Thank you.