Larry, and you, joining Thank today. for our thank you call everyone
first now walk figures quarter and XXXX. that noted. will financial all financial for of RMB, performance operating our today I the Please discussed otherwise are quoted note you through unless in
our is of the sequential see We million. financial quarter-over-quarter to revenues by that net performance. It quarter solid encouraging third of consecutive RMBXXX.X to quarter reported another recorded growth, increasing XX.X%
billings considerable XX.X% gross by million. RMBXXX year-over-year a to Additionally, increased
noteworthy both is that, during the we an more metrics key quarterly Even quarter, basis. on and our considerably annual enhanced profit
RMBXXX.X business in to quarterly restructuring since to income the rose accompanying points led year-over-year income sharply grew net income net XXXX. income to XX.X%. XXX.X% in margin Specifically, year-over-year non-GAAP to an increase of highest net net our margin in million, percentage RMBXXX.X margin which net XX.X%, X.X million, Non-GAAP by income representing
efficiency. our of testament operational cost profitability sustainable cohesive customer model, The and also outstandingly effectiveness enhance acquisition refine underlines is substantial strategy a organization, optimize improvement business continuous endeavor and in to and to sound and growth the our operations,
which Breaking a than learning remain our services down, more XX% business. key tutoring traditional total for priority came revenues services, from of non-academic and other
For tutoring services and the education an non-academic booming emerging demand vertical industry, market growth high represent potential. with
school-age by logical focused sharpening reasoning abilities. systematic their education holistic critical for services tutoring kids and learning, [own] non-academic offering Our thinking and on (ph)
further gross priority we this and resources, a our retention product competitive growth billings. addition promote profitable, expectations the During non-academic present, top product extensive learning segment and analysis business. by develop technology to exceed to of to year-over-year on and to through enrollments in we the formats aim our traditional achieved products the our services in-depth diversify market business will this cater a to and quarter, customer tutoring our in being conducting needs, triple-digit refine At growth innovation. is our and substantial customer which delivery for line improve our leveraging Leaning that to services, driving in strength
operating The higher other accounted a services which through of cost customer notably spectrum improved a in building educational proprietary systematic reliance and of crucial is Efficiency more content-driven education the more cash up services nearly referral. for acquisition been quarter's net of total through our products retention, comprehensive component student the on and channels. has students segment learning also registration and process during first flow positive for generated adults, of revenues. This XX% quarter college
the through business three Our particularly demonstrates following measures. seasonality, salient
in acquisition education holiday industry, quarterly compared to quarter To leading second is quarters. school the a First, align the for measure. the in in first billings, gross main concurrent of we fourth we are and period, student the our XX months. season, quarter fourth are customer of to This retention during billing this the within third to revenues the highest enrollments gross services following for normally a increase and our attained level peak the particularly with XX.X% notably recognized when Gross in the terms indicator the gross year-over-year typically customer which, revenue as billings learning as six which during schedule, summer billings. climb designate the is higher leading of total to true year efforts our
fourth it is quarter first preceding season the in generally retention. in billings gross student as lower a quarter the than Consecutively, non-peak are for
in quarter the Additionally, existing to last of our period base in This services net compared mainly of as traditional result of you same year. a of may was likely due year. last our declined that revenues regulatory to in first the quarter revenues adjustments the notice higher the
ongoing our traditional we in current a an year-over-year growth next gross billings rate and growth to up revenues we business, Along management's profitability. as growth a meaningful recovery in higher gross see much as to net in in quarter According well year-over-year a with to next expectations, billings expect quarter. XX.X% foresee revenues, and steady of year-over-year
our bottom-line, margins improved during profit quarter. on we basis and meaningfully our year-over-year to the Turning both quarter-over-quarter
period. marketing first holiday to the relative usually rest higher and year during the margins the are the quarters Our fourth reduced the during due summer to expenses of
quarter demand selling is Chinese our expenses the lower profitability. holiday, is normally for customer it fact giving acquisition in and are weak a improved low first the season the New example, Year to given For that rise during that
we Moreover, gross first due to quarter. the margins usually scheduling, an also during student and ratio witnessed to course tight tutor a increase higher in
to quarter strive which and of a proportionate allocate investments and improve relatively marketing implies However, with often we the rate the We profitability market to market expected quarter. first we our enhancing acquisition, the demand customer base, that as most are second as second we these maintain are in next to position, essential expense we at and This will extend higher are strengthening for customer third quarter. quarters, meaningful and time seasons lower third the our attract the relative and in we confident margins amount efficiency. effective competitive firmly believe to a sales engage penetration students marketing the potential to same our
remain With cash XXXX, projections flow effective our sizable growth as operating full as regard unchanged. to the well positive generating year of prior achieving net
This marketing Lastly, regarding increase. decreased more has acquire in attained efforts returns. and XX.X% at and motivated selling higher but implies innovative with to which nearly registered expenses gross lower the billings, ROI [indiscernible] mainly our year-over-year, expenses our quality a students a to explore and target our high increase channels cost was XX% quarter that continued through year-over-year in sales customer acquisition efficiency, X.X%
creating work, hard video autonomy businesses. customer engagement reapply some our by our we promising we through business apply know-how with other lines platform progress continuous enhanced First, through made and channels, key of lowered platforms our short customer our the acquisition on have months and content. we self-operated and will across to boosted After over of insights proprietary effectively and cost expanding acquisition which user premium
as such hosting we have seminars. into expanded on-campus Secondly, channels, also offline
conducting effectively. and serve to we more personalized and students Third, localized also are acquire operations
continue will we forward, stakeholders. our our to efficiency customer value growth all and to Going create drive to improve acquisition long-term sustainable for of
in financials our present will I numbers. detailed Now,
develop. and Gross revenues profit was gross continued RMBXXX.X quarter-over-quarter XXX gross Our was points quarter basis million. and XX.X% instructors profit XX.X%, was a our million. increase delivery Gross increase a margin RMBXXX.X XX.X%. Non-GAAP experienced million increase was year-over-year of basis increased higher point margin initiatives to and quarter-over-quarter. X% XXX and new RMBXXX efficiency non-GAAP cost tutors due was margin this to largely in profit representing and in year-over-year more profit gross to as The became course our profit
(ph) quarter RMBXXX.X decreased that expenses million, margins. during and an to resulted operating X.X% increase quarter-over-quarter leverage operating [incurring] in profit X% year-over-year in the Total operating
to quarter. down, it expenses XX.X%, was decreased selling Selling and almost year-over-year lower than X.X% which expenses points was the prior percentage margin RMBXXX X Breaking X.X% quarter-over-quarter in million.
and quarter XX.X% quarter-over-quarter research expenses for accounting net million, development on, quarter-over-quarter expenses X.X% net to Moving XX.X% to RMBXX.X and for XX.X of administrative year-over-year and accounting million, General X.X% revenues. and RMBXX revenues. decreased year-over-year XX.X% of percentage decreased
year-over-year Accordingly, income million. margin to percentage year-over-year XX.X%. quarter margin points RMBXXX.X operating the to was million. XX.X% operations Non-GAAP XXX.X% and from operations Operating non-GAAP for increased RMBXX.X income rose increased to from points sharply percentage XX to X.X year-over-year
to million. Net was year-over-year margin XX.X%, non-GAAP increased XX.X%. significantly to income X.X margin income XXX.X% points net RMBXXX.X and RMBXXX.X Net million. net was percentage income increased Non-GAAP income year-over-year
operating annual bonus lower positive retention due seasons the seasons. are the million, and during third with fact compared than outflow second operations during in net flows generally those gross was Our quarters. quarter the wise, the billings to and in this cash those and mainly first quarter from are fourth peak pay-outs that cash RMBXXX.X non-peak generally Seasonality
We next operating meaningful flow cash at turn scale expect to positive net a quarter.
Turning to our sheet. balance
of XXXX, which RMBX.X cash billion restricted resources March providing business billion had of continued developments. and cash, we investments, for cash As short-term and totaled of billion, RMBX.X RMBX.X approximately ample equivalents XX,
which such consists third-party March received and as cash payment had but Additionally, held of of platforms. our million, from XX, payments we students Alipay, payments of RMBXX.X receivables as by third-party Pay WeChat XXXX, platforms, from
RMBX.X and of the our from balance, equivalents. position and this have into of balance we almost As higher end converted collected the account period its cash release, of of year. the at date million RMBXXX above for platforms cash around we nearly cash of If third-party the earnings mentioned reached all payment the same last than billion, it
balance March which in was received average As of advance. revenue primarily deferred XXXX, XX, tuition of RMBXXX.X consists million,
revenue to Before our next me I provide to Based actual year-over-year on for quarter could predictions. this second risks RMBXXX business cause for current expected remind the are our from and and outlook which are that results representing materially a differ increase be net the of everyone allow uncertainties statements, million, beyond forward-looking that control to to of management's between estimates, total the our please and XX.X% XX.X%. million involve quarter, XXXX contains RMBXXX
prepared Operator, for are my ready session. we everyone remarks. for the QA concludes you This now Thank listening.
