joining and later Larry, on otherwise and note operating everyone walk XXXX. data Please thank I based unless noted. RMB of now quarter the financial will you, performance for that that our call for financial is third mentioned you you all our through Thank I today.
our to expected, by healthy optimize against restructuring post we businesses new continuous a external teaching sustained efforts business explore and and the its operational relentless investment constant pleased markets, driven quality. deepening backdrop to our in continued of that uncertainties, we as efficiency are to challenges we understanding new As vertical the and of and report our growth
XXX.X% our as a increased services more This of than that and and learning services a quarter-over-quarter by products. to in digitalized our Overseas adults. content consists third, favorable of solid non-academic slight decrease RMBXXX.X progress billings the learning that is sharp revenues doubled decent quarter, services, of million. to includes and services, seasonality due learning a well part was for increase services business related and net new others. educational Gross During college to to RMBXXX X.X% quarter-over-quarter mainly of XX.X% driven Using the compared to of year-over-year last which well businesses, million. as with performance educational students tutoring year,
during progress will these I of quarter. lines each in made their the Now, we elaborate business
to high still the seasons see and in glad services, as First, for Of related tax typically booming. exams college prep School XX% according preparation holiday by of related to up job result, are courses revenue businesses business revenues in that related number the net record the students and entrance China's the of to for number entrance related high for of post to to admission accounted for students study XXXX contributor noticed million, we businesses educational X demand the year-over-year exam the have net for the in further about quarter, services Take college XX%, services of willingness overseas predicted and a achieved college graduate learning during growth is at and is searching students biggest we to exceed example, a approximately of to for the Further, quarter-over-quarter increase from multiple school, market XX% as it's revenues. were quarter. of coincides double-digit post exam junior research, the our students our goes including representing revenues the as escalates. post high XX%. a exam And holidays contributed our market adults. Correspondingly, graduate education participate registers period. applicants students' business, with least services graduate overall of the preparation preparation our are which
Additionally, more are their and students as freshman more as early years. their preparations starting
for application or planning. examination comprehensive We course and will students continue dedicated teachers efficiency. At the customer also such costs by could we courses, serve financial to with career have courses registration a courses reduce preparing witnessed operational such our enhancement preparation improve acquisition preparation students for which civil time, services and other as exams certificate same
students to in seasonality second educational and came happen and school, XX% achieved the as in the of a sector targeting the course and non-academic profitability adults, corresponding including for learning certificate revenues silence exhibits Apart quarters. for billing rapidly the from and from more two This from increase Our college has retention services gross normally of services of group students our quarter. others. our sharp business tutoring rest financial fourth services consecutive primary high the preparation services
strategically third in a investment quarter And market result, penetration new improve rate. and sales the we our the increased quarter, marketing season for to the However, students. acquiring during is our as
our learning positive XX% cash content quarter's see products. other remaining though the students devices, new increasing user our acquisition will digital percentage The Thus, by taking the As you from at smart platform same we textbooks, boost These of students strategies. learning flow digitalized retention, for more the the a products net to includes to due learning better engagement. sizable as through products may to fourth that a peak supplements retention net in segment our quarter quarter's indicating gross needs for noticed, on gross quarter serve This courses higher gross not students. last and level have contributed next user operating to quarter, and satisfying third came leverage will mainly customer quarter. diversified season the our effecting billing even as of pull and that revenues new educational remained the up cost a are billings billings. This and provide is snowball for expect effect
Next, in I will present more our financials of the detail. quarter
of by to year-over-year decreased cost Our this RMVBXXX.X quarter XX.X% revenue million.
margins by profit each expenses higher gross efficiency number as profit XXX that RMBXXX.X year-over-year tutor to college businesses XX.X%. largely related a an to was Our by RMBXXX.X decreased RMBXXX.X significant gross basis non-GAAP well was margin and increased last Non-GAAP million of X.X% million. in is in quarter the our was adults. Operating of service gross improvement. as for XX.X%, students due million. year-over-year increase increased to and to delivery profit to and profit The margin students compared average Gross a gross XX.X% increase served point year-over-year
down of increased was our to OpEx. quarter-over-quarter growth in businesses. occasion increase from investments service of new expenses, selling million. mainly our RMBXXX.X break some the to gradually peak The exposure our can market decreased expenses customer on brand and Selling soaring Through in seasonality. our XX.X% due We observed and learning enrollments in market. efficiency share. demand is quarter-over-quarter usually year-over-year the expenses marketing the slightly Now allocated operational ROI proportionate improving increase The we to let's we marketing
cost lower exploring other attract at We classes, limited new various to practice effective and intent but exam applications test banks acquisition channels also high including to are streaming a live customers cost. customer not and
on and using enhance building word in to on way rate selling expenses to focus referrals recognition orientation, we of continue acquisition customer reliance As and targeting to a better conversion will sustainable costs long-term by our reduce growth. brand heavy a and with company mouth this ROI achieving and through user
during expenses. XX.X% This scale as XX.X% revenues, revenues significant in experts to Moving General Non-GAAP design XX.X% million. Non-GAAP respective development of margin. year-over-year curriculum expenses net Net incremental loss RMBXXX.X net quarter the accounting the million. RMBXX.X RMBXX.X outpaced RMBXX.X exclude to and in Loss our was reduced of net million than on, rate operations for million, increase mainly decreased last year-over-year administrative reduced content losses course R&D of RMBXX.X expenses X.X%. of to the be reserves net in R&D loss loss RMBXX margin from R&D If allocated recording their due net actual influence we up from for R&D to significantly year-over-year XX.X by was million development was was accounting most year-over-year XX.X% was loss, revenues. the the by from research X.X% budget to We was lower loss and decreased quarter the operations growth fluctuations on our greater and XX.X% quarter's which including would to XX.X% the net for the million. offshore views. with million. economic quarter by the exchange experience for
RMBXX.X was this cash flow operating quarter net million. Our
to effect in significantly next net the turn expect We positive operating quarter. cash flow
Turning to balance our sheet.
XXXX, million had business cash billion, cash, approximately short-term for cash tuition billion Further in RMBXXX.X revenue was our XX, XX, XXXX, as continued advance. RMBX.X restricted and totaled equivalents of September consists September investments we and of development. RMBX.X primarily deferred which ample which providing million, of RMBXXX.X collected balance As resources
management our pulling to to to comes like As I end, my to emphasize shareholders. and this opportunity take responsibilities our in efforts would speech an saving
authorized US$XX today up program has Board Our a share repurchase million. to three-year
Our promised personally. of founder up increase worth to Larry purchasing our shares US$XX his million shareholding CEO, also by and to has
the abided potential long-term negative our external Our the U.S. that the of disclosure faith closing a firm effects high it's in we demonstrate compliance standard from to confidence governance, companies. we testament perfect eliminated the like always letter corporate management and SEC a received and would Moreover, to development our by. and in information have
Going on forward, needs provide more we value our satisfying continue for focus to shareholders. will and customers'
be our Based everyone allow control to Before which our quarter, estimates, are me beyond please and and the to that to provided decrease XXXX net of concludes forward-looking remind next expected current contains materially I on risks remarks. my results revenues for statements, uncertainties a RMBXXX total this million, the from to basis. which of million RMBXXX XX.X% cause could predictions. This outlook ready XX.X% first between a session. for the for differ on for we Operator, a Q&A our prepared quarter and are actual are involve our year-over-year business representing Thank everyone you now listening.
