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We have achieved another robust quarter with net revenues hitting an all-time high of CNY 1.97 billion, which is 3.5 times that of the same quarter of last year. So that's whether the new students can generate a positive UE because you may get the news from a lot of companies that say maybe the new students, the retention rate is slightly lower than the existing students. We have always tried to hire the best instructors and the best tutors in the industry so that our students receive the highest quality instruction. Investor Relations Intelligence ; Optimize Governance Practices. The outflow was primarily due to higher marketing expenses paid to improve our market share and brand awareness, an increase in compensation for fast-growing staff and an increase serve and expenses to support our rapid growth of students and daily operation activities. For the third quarter of 2020, we continued to deliver solid results. This summer, we have achieved the highest operating efficiency in the sector, and we believe we will continue to be so on a full year basis in 2020. So from this point of view, our cash accumulation has been very abundant. The Ascent is The Motley Fool's new personal finance brand devoted to helping you live a richer life. As of September 30, 2020, we have cash and cash equivalents, short-term investments and long-term investments of CNY 2,100 million in aggregate compared with a total of CNY 2,700 million of cash and cash equivalents, short-term investments and long-term investments as of December 31, 2019. That's mainly because when we grow really fast, we paid installed payments to our Zhengzhou property purchase. I have two. That's also because of the seasonality I mentioned. Expenses for branding activities were approximately CNY 58 million and the remaining expenses cover labor, servers, bandwidth etc. Compared with the previous periods, your ROI is declining. [Operator instructions] Please note, this event is being recorded on November 20, 2020. Gross billings contributed by foreign language, professional and interested courses were up by 135% year-over-year to CNY 300 million. And in terms of a lot of companies, both from public sector and private sector, has some financing activities. But we do foresee the gross margin will get recovered in Q4. And also, what would we think about the trend going forward? OK. When we talk about LTV, there are three important elements: firstly, customer acquisition cost, which means the cost we spend to bring one traffic to regular press records enrollment. And so we have emphasized a lot of times that the online education has a really long service trend, and we need to do better. However, in the third quarter, it still incurs day-to-day costs such as infrastructures, networks, fixed labor costs and also like to provide a better learning experience and service to our students, especially for the promotional classes students. Thanks. So for us, we remain focused on improving our own organizational capabilities. The next question comes from Mengqi Zheng of Haitong International. If you have any further questions, please don't hesitate to contact us or the company directly. GSX Techedu Inc. (NYSE:GSX)Q3 2020 Earnings CallNov 20, 2020, 8:00 a.m. For example, with services to each customers become more intensified, that will become more intense, and will the product portfolio become more diversified? Thank you. Two questions, it's pretty basic. We believe this integration further demonstrates our dedication to our focused strategy, opens a new [inaudible] of operational efficiency enhancement and better positions us to capture the enormous opportunities ahead during our coming era of fast consolidation for the online education industry.

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