As a reminder, this conference is being recorded. They want to improve. #TradeTalks: What really matters to the market and economy for the remainder of November? Interest income and realized gains from investments this quarter from cash, cash equivalents, short-term and long-term investments increased by 264% to CNY 18 million from CNY 5 million in the third quarter of 2019. And how long do you think this kind of competition will last? The increase in first-time users was primarily driven by our effective investments in sales and marketing efforts. Because of the pandemic, both college and high school entrance exams were delayed and the timing of the summer holidays in different provinces and cities varied. Hello, everyone, and thank you for joining us today. And as Larry just mentioned, we believe investors or the markets, they always like companies has the highest operating efficiency. And if possible, to follow-up, how does that unit economics changes the student acquired during summer and those that we acquire now, given changes in customer acquisition good? Net operating cash outflow for the third quarter of 2020 was CNY 608 million. It defines LIBOR depth. So that's actually an apple-to-apple comparison. So just want to understand GSX' plan and strategy in response to the competition? So that all shows our strategy on our primary school sector worked very well. We are now OK to take questions. Please go ahead. 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. We are looking forward to generating more value for our shareholders and sharing the future of online education with you. I want to ask for this quarter's gross margin, I think we have two-to-four-point decline, which seems to be quarter-on-quarter, what I mean, so it seems to be a bit softer compared to Q2 and the last year trends. Thanks. You … Thank you for taking my question. One is for the -- your elementally mid school and high school, what is enrollment composition as well as the revenue composition? You must click the activation link in order to complete your subscription. And actually, the pace of the summer curriculum is a little bit less because the different provinces open summer semesters at different times. Thank you. But from our experience and point of view, the longer the students stay with us, the higher the retention rate it is. And when we mentioned online education, another key word -- a key word is online. And we believe that the peer competition might reach a turning point by the year 2022. So this is a market, we need to put a lot of energy, and the best strategy is always to serve parents and students to their best satisfaction. 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. Gross billings contributed by K-12 courses rose by 141% year over year to CNY 1,800 million. So we may become -- like when our student base become very large, so the seasonality will show a distinction. Now I will walk you through our operating and financial results and provide guidance for the next quarter. tel. And those can be figured out in how we recruit talent, how we encourage people and how we kick out people. 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