TAL Education Group (TAL) 2025 Q4 法說會逐字稿

Ladies and gentlemen, good day and thank you for standing by. Welcome to TAL Education Group's fourth quarter and fiscal year 2025 earnings conference call. (Operator Instructions)

女士們、先生們，大家好，感謝你們的支持。歡迎參加好未來教育集團2025財年第四季及全年財報電話會議。（操作員指示）

Please be informed that today's conference is being recorded. I would now like to hand the conference over to Mr. Fang Liu, Investor Relations Director.

請注意，今天的會議正在錄製。現在我想將會議交給投資人關係總監劉芳先生。

Thank you. Please go ahead.

謝謝。請繼續。

Thank you all for joining us today for TAL Education Group's fourth quarter and fiscal year 2025 earnings conference call. The earnings release was distributed earlier today, and you may find a copy on the company's IR website or through the news wires.

感謝大家今天參加好未來教育集團第四季和2025財年財報電話會議。該收益報告已於今天早些時候發布，您可以在公司的 IR 網站或透過新聞通訊社找到一份副本。

During this call, you will hear from Mr. Alex Peng, President and Chief Financial Officer; and Mr. Jackson Ding, Deputy Chief Financial Officer. Following the prepared remarks, Ms. Peng and Mr. Ding will be available to answer your questions.

在本次電話會議中，您將聽到總裁兼財務長 Alex Peng 先生的演講；以及副財務長 Jackson Ding 先生。在準備好的發言結束後，彭女士和丁先生將回答大家的提問。

Before we continue, please note that today's discussions will contain forward-looking statements made under the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995, following forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations.

在我們繼續之前，請注意，今天的討論將包含根據美國 1995 年私人證券訴訟改革法案的安全港條款做出的前瞻性陳述，以下前瞻性陳述受風險和不確定性的影響，可能導致實際結果與我們當前的預期存在重大差異。

Potential risks and uncertainties include but are not limited to those outlined in our public filings with the SEC. For more information about these risks and uncertainties, please refer to our filings with the SEC.

潛在風險和不確定性包括但不限於我們向美國證券交易委員會提交的公開文件中概述的風險和不確定性。有關這些風險和不確定性的更多信息，請參閱我們向美國證券交易委員會提交的文件。

Also, our earnings release and this call include discussions of certain non-GAAP financial measures. Please refer to our earnings release, which contains a reconciliation of non-GAAP measures to the most directly comparable GAAP measures.

此外，我們的收益報告和本次電話會議還包括對某些非公認會計準則財務指標的討論。請參閱我們的收益報告，其中包含非 GAAP 指標與最直接可比較的 GAAP 指標的對帳。

I would like to turn the call over to Mr. Alex Peng. Alex, please go ahead.

我想將電話轉給 Alex Peng 先生。亞歷克斯，請繼續。

Thank you, Fang. I'd also like to thank all of you for participating in today's conference call. So I'll begin with an overview of our business progress for the fourth quarter and full fiscal year 2025.

謝謝你，方。我還要感謝大家參加今天的電話會議。因此，我將首先概述我們 2025 年第四季和全年的業務進展。

Next, Jackson will review our operational advancements and financial results. To conclude, I'll also provide a brief update on our strategic priorities and I'll look moving forward.

接下來，傑克森將回顧我們的營運進度和財務表現。最後，我也會簡要介紹我們的策略重點，並展望未來。

So, with that, let's get started with our core business performance this fiscal year. To begin with, our learning services delivered steady growth in fiscal year 2025, really empowering learners through both offline and online enrichment programs. An uptick in user demand and our relentless focus on high-quality learning experiences were really the key drivers of this progress.

那麼，讓我們開始了解本財年的核心業務表現。首先，我們的學習服務在 2025 財年實現了穩定成長，透過線下和線上充實計畫真正增強了學習者的能力。使用者需求的增加和我們對高品質學習體驗的不懈關注才是推動這一進步的關鍵因素。

During the past quarter, we strategically added new enrichment learning centers in existing cities, providing local communities with more accessible and convenient learning opportunities. Our online enrichment learning business also remain healthy, consistently providing engaging learning experiences through technology-driven learning products.

在過去的一個季度中，我們策略性地在現有城市增加了新的充實學習中心，為當地社區提供更便利的學習機會。我們的線上充實學習業務也保持健康，透過科技驅動的學習產品持續提供引人入勝的學習體驗。

Over the past year, we conducted in-depth analysis of user preferences and tailored the development of new products to better meet their needs. We also continue to refine existing offerings based on user feedback. And we enhance teaching effectiveness by integrating smart interactive features to boost user engagement.

一年來，我們深入分析使用者喜好，客製化開發新產品，更能滿足用戶需求。我們也根據用戶回饋不斷改進現有產品。我們透過整合智慧互動功能來提高用戶參與度，從而提高教學效率。

Then for learning devices, we expanded our product offerings to reach a broader user base, making it easier for users to find the right learning solutions for their needs. We also integrated more smart features, and learning resources to better support users on their self-learning journeys through monthly feature updates and content refresh.

然後對於學習設備，我們擴展了產品範圍以覆蓋更廣泛的用戶群，使用戶更容易找到適合他們需求的學習解決方案。我們還整合了更多智慧功能和學習資源，透過每月的功能更新和內容刷新更好地支援用戶的自學之旅。

We provide the users with an increasingly intelligent and practical study companion, making at home self-learning more engaging and efficient. So with this operational momentum as a backdrop, let's turn to our financial highlights for the quarter and the full year.

我們提供使用者越來越聰明、越來越實用的學習伴侶，讓居家自學更有魅力、更有效率。因此，以這種營運動能為背景，讓我們來看看本季和全年的財務亮點。

In the fourth quarter, we recorded net revenues of $610.2 million or RMB4.44 billion reflecting year-over-year growth of 42.1% and 44.3%, respectively. On a non-GAAP basis, loss from operations was $1.7 million, while net income attributable total reached $7 million.

第四季度，我們的淨營收為 6.102 億美元或人民幣 44.4 億元，分別年增 42.1% 和 44.3%。以非公認會計準則計算，營業虧損為 170 萬美元，而淨收入總額達到 700 萬美元。

For the full fiscal year, net revenues total $2.3 billion or RMB16.2 billion, up 51.0% and 52.2% year over year, respectively. Non-GAAP income from operations amounted to $61.8 million, with non-GAAP net income attributable to TAL at $149.5 million.

全年淨營收達23億美元或162億元人民幣，較去年同期分別成長51.0%及52.2%。非公認會計準則營業收入為 6,180 萬美元，非公認會計準則歸屬於 TAL 的淨收入為 1.495 億美元。

Before Jackson takes us through the detailed operational and financial review, I'd like to share a brief update from the board.

在傑克森向我們介紹詳細的營運和財務審查之前，我想先分享一下董事會的簡短更新。

We are delighted to welcome Mr. Yi Wang as TAL's new independent director and Chairman of the Compensation Committee. Mr. Wang brings extensive experience across both the business and education sectors. And we are confident that his insights will further strengthen Tao's strategic direction, governance, and operational excellence.

我們非常高興地歡迎王毅先生擔任好未來新任獨立董事兼薪酬委員會主席。王先生在商業和教育領域擁有豐富的經驗。我們相信，他的見解將進一步加強陶氏的策略方向、治理和卓越營運。

We also want to express our deep appreciation to Doctor Weiru Chen for his outstanding service and invaluable contributions over the past decade. We look forward to continuing our collaboration with Doctor Chen in his new advisory role.

我們也要向陳威如博士過去十年來的傑出服務和寶貴貢獻表示深深的感謝。我們期待與陳博士在其新的顧問職位上繼續合作。

So with that high-level overview complete, I'll now pass the call to Jackson to delve deeper into our operational execution and detailed financial performance. Jackson?

因此，在完成高層概述後，我現在將電話轉給傑克遜，讓他更深入地探討我們的營運執行情況和詳細的財務表現。傑克森？

Thank you, Alex. Before diving into the details, I'd like to know that all quarterly financial figures discussed today are unaudited.

謝謝你，亞歷克斯。在深入了解細節之前，我想知道今天討論的所有季度財務數據都是未經審計的。

I'll start with our learning services and others business, which includes a broad range of learning programs for our customers. Learning services sustained its revenue growth momentum in the fourth quarter of fiscal year 2025, fueled by advancements across multiple product lines.

我將從我們的學習服務和其他業務開始，其中包括為客戶提供廣泛的學習計劃。在多條產品線的推動下，學習服務在 2025 財年第四季維持了營收成長動能。

Over the past few quarters, revenue from Speiyou small class enrichment programs has achieved year-over-year growth. We have consistently provided high-quality services, earning positive feedback from both the learners and their parents.

過去幾個季度，思貝優小班輔導計畫的收入實現了同比增長。我們始終如一地提供高品質的服務，贏得了學員和家長的正面回饋。

While we have expanded our learning center footprint, we've maintained a disciplined approach. We're carefully evaluating market demand, user feedback, and operational efficiency to balance growth with quality.

雖然我們擴大了學習中心的規模，但我們仍然保持嚴謹的態度。我們正在仔細評估市場需求、用戶回饋和營運效率，以平衡成長和品質。

This approach has been further validated by key operational metrics and has directly contributed to year-over-year enrollment growth. Notably, the retention rate for Speiyou small class reached 80% this fiscal quarter.

這種方法已透過關鍵營運指標得到進一步驗證，並直接促進了入學人數的逐年增長。值得一提的是，本財季思貝優小班課程的留存率達到了80%。

In our online enrichment learning business, ongoing innovation has helped us navigate the ever-evolving market landscape and our users' dynamic needs. Guided by user feedback and market insights, we're continually investing in strengthening our online product capabilities and refining our operational and marketing strategies.

在我們的線上充實學習業務中，持續的創新幫助我們應對不斷變化的市場格局和用戶的動態需求。在用戶回饋和市場洞察的指導下，我們不斷投資加強我們的線上產品能力並完善我們的營運和行銷策略。

Through new products and interactive formats, we deliver tangible value to learners, enhancing both learning outcomes and user experiences. Recent initiatives include interactive learning modules and AI-powered assistants.

透過新產品和互動形式，我們為學習者提供實際的價值，提高學習成果和使用者體驗。最近的舉措包括互動式學習模組和人工智慧助理。

Additionally, by building diverse customer touch points across multiple channels, we're expanding our market reach among current and potential users and gaining deeper insights into their needs. This has enabled us to scale our operations while laying the foundation for sustained long-term competitiveness.

此外，透過在多個管道建立多樣化的客戶接觸點，我們正在擴大現有和潛在用戶的市場覆蓋範圍，並更深入地了解他們的需求。這使我們能夠擴大業務規模，同時為長期持續的競爭力奠定基礎。

Next, Let's turn to our content solutions business. Our learning devices business grew year over year in the fourth fiscal quarter, fueled by our enhanced product development and go-to-market capabilities.

接下來，讓我們談談我們的內容解決方案業務。由於我們增強的產品開發和市場推廣能力，我們的學習設備業務在第四財季同比增長。

We have expanded our learning devices product, portfolio to appeal to a wider audience in the past year. We also further upgraded our hardware and software, enriching our content library, refining the reading experience and integrating practical AI features to create more immersive, self-directed learning.

在過去的一年裡，我們擴大了學習設備產品組合，以吸引更廣泛的受眾。我們還進一步升級了硬體和軟體，豐富了內容庫，改善了閱讀體驗，並整合了實用的人工智慧功能，以創造更沉浸式、自主的學習。

This February, we further enriched our content across our entire range of learning devices by providing fresh and classic materials with progressively challenging exercises, we keep students engaged while developing their ability to question, analyze, and problem solve.

今年 2 月，我們透過提供新鮮和經典的材料以及逐漸增加挑戰性的練習，進一步豐富了我們整個學習設備系列的內容，我們讓學生保持參與，同時培養他們提問、分析和解決問題的能力。

Our unique ladder approach, which guides children step by step with tailored hints, helps them build confidence as they master new skills. To strengthen foundational literacy, we launched a seamless graded reading system covering early education through high school with age-appropriate tools like phonetic aids for young learners and interdisciplinary content for older students.

我們獨特的階梯式教學法透過量身訂製的提示逐步指導孩子，幫助他們在掌握新技能的同時建立信心。為了加強基礎讀寫能力，我們推出了一個無縫分級閱讀系統，涵蓋從早期教育到高中的各個階段，並提供適合年齡的工具，例如為年輕學習者提供語音輔助工具，為年齡較大的學生提供跨學科內容。

Through partnerships with over 20 publishers, we have expanded our library to include thousands of titles. Thanks to our enhanced product capabilities, our learning devices have sustained solid user engagement while reaching a broader audience.

透過與 20 多家出版商合作，我們的圖書館已擴大到包含數千種書籍。由於我們產品功能的增強，我們的學習設備在覆蓋更廣泛的受眾的同時，也保持了穩固的用戶參與度。

Notably, as our active user base continues to grow, the weekly active rate has remained stable at around 80% with an average daily time spent of approximately an hour per device throughout the quarter.

值得注意的是，隨著我們的活躍用戶群不斷增長，整個季度的每週活躍率一直保持穩定在 80% 左右，每台設備的平均每日使用時間約為一小時。

Next, please let me now review our financial performance for the quarter. The company reported net revenues of $610.2 million or RMB4.44 billion, representing a year-over-year growth of 42.1% in US dollar terms and 44.3% in RMB terms. These increases were attributable to the growth in both our learning services business and our content solutions business.

接下來，請容許我回顧本季的財務表現。該公司公佈淨營收為 6.102 億美元，即 44.4 億元人民幣，以美元計算年增 42.1%，以人民幣計算年增 44.3%。這些成長歸因於我們的學習服務業務和內容解決方案業務的成長。

Now, looking at costs. Cost of revenues rose 44.7% year over year to $292.6 million from $202.2 million. When excluding share-based compensation expenses, non-GAAP cost of revenues moved 46.1% higher to $291.7 million compared to $199.6 million in the same quarter last year.

現在來看看成本。營收成本年增 44.7%，從 2.022 億美元增至 2.926 億美元。剔除股權激勵費用後，非公認會計準則營收成本較去年同期的 1.996 億美元上漲 46.1%，達到 2.917 億美元。

Gross profit stood at $317.6 million, which was 39.7% above the prior year period. Gross margin was at 52.0% compared to 52.9% from the same period last year.

毛利為 3.176 億美元，比去年同期成長 39.7%。毛利率為52.0%，去年同期為52.9%。

Turning to operating expenses, selling and marketing expenses for the quarter were $218.0 million, up 73.1% from the prior year. The non-GAAP equivalent of these expenses increased 77.9% to $214.3 million.

談到營運費用，本季銷售和行銷費用為 2.18 億美元，比上年增長 73.1%。這些費用的非公認會計準則等值增加了 77.9%，達到 2.143 億美元。

As a percentage of net revenues, non-GAAP selling and marketing expenses accounted for 35.1% versus 28.0% in the prior year period. With the change mainly resulting from increased selling and marketing activities through some online channels.

非公認會計準則銷售和行銷費用佔淨收入的 35.1%，去年同期為 28.0%。這種變化主要源自於透過一些線上管道增加的銷售和行銷活動。

General and administrative expenses increased 0.8% to $118.2 million compared to the same period last year. The non-GAAP measure showed a 3.5% rise to $108.5 million.

一般及行政開支較去年同期增加0.8%至1.182億美元。非公認會計準則衡量指標顯示，其營收成長 3.5%，達到 1.085 億美元。

However, as a percentage of net revenues, non-GAAP general administrative expenses decreased from 24.4% to 17.8%. Total share-based compensation expenses declined 30.1% to $14.3 million from $20.5 million in the comparable period.

然而，非公認會計準則一般管理費用佔淨收入的百分比從 24.4% 下降到 17.8%。股權激勵費用總額從同期的 2,050 萬美元下降 30.1% 至 1,430 萬美元。

Loss from operations was $16.0 million for the quarter. This compares to a loss from operations of $11.1 million in the same period last year. On a non-GAAP basis, the last from operations was $1.7 million compared to non-GAAP income from operations of $9.4 million in the same period of last year.

本季營業虧損為 1,600 萬美元。相較之下，去年同期的營業虧損為 1,110 萬美元。以非公認會計準則計算，上一季營業利潤為 170 萬美元，而去年同期的非公認會計準則營業利潤為 940 萬美元。

Net loss attributable to TAL was $7.3 million for the quarter, while in the same period last year, there was net income attributable to TAL of $27.5 million. Non-GAAP net income attributable to TAL was $7.0 million versus $48.0 million in the same period last year.

本季歸屬於好未來集團的淨虧損為730萬美元，而去年同期歸屬於好未來集團的淨利為2,750萬美元。非公認會計準則TAL 淨利為 700 萬美元，去年同期為 4,800 萬美元。

Regarding our cash position as of February 28, 2025, we held $1.77 million, excuse me, we held $1.77 billion in cash and cash equivalents. Along with $1.85 billion in short-term investments and $220.5 million in restricted cash.

關於我們截至 2025 年 2 月 28 日的現金狀況，我們持有 177 萬美元，對不起，我們持有 17.7 億美元的現金和現金等價物。以及 18.5 億美元的短期投資和 2.205 億美元的受限現金。

Our deferred revenue balance was $671.2 million a quarter end. In terms of cash flow, net cash used in operating activities was $226.3 million during the quarter. For the full fiscal year 2025, net revenues were $2.3 billion or RMB16.2 billion.

本季末我們的遞延收入餘額為 6.712 億美元。現金流方面，本季經營活動所用淨現金為 2.263 億美元。2025財年全年淨收入為23億美元或人民幣162億元。

Reflecting year-over-year increase of 51.0% in US dollar terms and 52.2% in RMB terms, gross profit was $1.2 billion US dollars, 48.9% higher than the previous year.

毛利達12億美元，以美元計算年增51.0%，以人民幣計算較去年同期成長52.2%，較上年成長48.9%。

Last firm operations was $3.2 million in the fiscal year 2025 compared to law firm operations of $69.2 million in fiscal 2024 on a non-GAAP basis. Income from operations was $61.8 million versus $19.7 million in the prior fiscal year.

上一財年公司營運費用為 320 萬美元，而 2024 財年律師事務所營運費用（非 GAAP 基礎）為 6,920 萬美元。營業收入為 6,180 萬美元，而上一財年為 1,970 萬美元。

On the bottom line, net income attributable to TAL came to $84.6 million compared to a net loss attributable to TAL of $3.6 million in fiscal 2024. Non-GAAP net income attributable to TAL was $149.5 million while previous fiscal year showed $85.3 million.

整體而言，TAL 淨收入達到 8,460 萬美元，而 2024 財年 TAL 淨虧損為 360 萬美元。TAL 的非公認會計準則淨收入為 1.495 億美元，而上一財年的淨收入為 8,530 萬美元。

Finally, I'd like to briefly address our share repurchase program. In April 2025, the company's Board of Directors approved a twelve-month extension of its shared repurchase program, originally launched in April 2021. Under the extended program, the company may spend up to approximately $490.7 million to repurchase its common shares through April 30, 2026.

最後，我想簡單介紹一下我們的股票回購計畫。2025 年 4 月，公司董事會批准將最初於 2021 年 4 月啟動的股票回購計畫延長 12 個月。根據延長的計劃，該公司可能在 2026 年 4 月 30 日之前花費最多約 4.907 億美元回購其普通股。

In fiscal 2025, the company had repurchased 0.5 million common shares for a total consideration of approximately $13.1 million under the program. That concludes my review of business performance and financial updates. Alex, I'll now hand the call back to you for our outlook.

2025財年，該公司根據該計畫回購了50萬股普通股，總對價約為1,310萬美元。這就是我對業務表現和財務更新的回顧。亞歷克斯，我現在將電話轉回給你，以了解我們的展望。

Thanks, Jackson. Overall, we believe fiscal year 2025 laid a solid foundation for our future developments. Now, I'd like to share insights into the company's strategy and outlook for fiscal year 2026.

謝謝，傑克遜。整體而言，我們相信2025財年為我們未來的發展奠定了堅實的基礎。現在，我想分享一下公司2026財年的策略和展望。

So first, we remain committed to sustainable growth in our core business lives. We will continue to uphold the high-quality standards for both our offline and online enrichment learning products and services to deliver quality programs to an even broader user base. We anticipate that our learning services will continue to be our largest revenue stream in the new fiscal year.

首先，我們將繼續致力於核心業務的可持續成長。我們將繼續堅持離線和線上豐富學習產品和服務的高品質標準，為更廣泛的用戶群提供優質的課程。我們預計，我們的學習服務將繼續成為我們新財年最大的收入來源。

Beyond learning services, we're also focused on expanding our learning content solutions. We will continue scaling this business thoughtfully, refining our content and device features and leveraging technological advancements, particularly AI-driven features, to enhance learning outcomes.

除了學習服務之外，我們還致力於擴展我們的學習內容解決方案。我們將繼續深思熟慮地擴展這項業務，改進我們的內容和設備功能，並利用技術進步，特別是人工智慧驅動的功能，以提高學習成果。

As our business continues to evolve and grow, we're actively exploring new fields and emerging sectors to extend our core business lines reach. Along the way, we're also steadily strengthening our channel capabilities, building brand recognition, and deepening our engagement with the new generation of parents and learners.

隨著我們業務的不斷發展和壯大，我們正在積極探索新領域和新興產業，以擴展我們的核心業務範圍。在過程中，我們也穩步加強通路能力，打造品牌知名度，並深化與新一代家長和學習者的互動。

Through these efforts, we're consistently cleaning valuable insights from outstanding companies across various industries, we will continue to refine our growth strategies accordingly in the upcoming fiscal year.

透過這些努力，我們不斷從各行業的優秀公司中汲取寶貴的見解，我們將在即將到來的財政年度繼續相應地完善我們的成長策略。

Secondly, we're committed to ongoing innovation at the intersection of learning and technology. By integrating cutting-edge AI with pedagogical expertise, we seek to meaningfully improve both learning and teaching experiences.

其次，我們致力於在學習和科技的交叉領域中不斷創新。透過將尖端人工智慧與教學專業知識結合，我們力求大幅改善學習和教學體驗。

Looking ahead, we'll continue to enhance our products and services to meet the evolving demands of digital learning, redefining intelligent learning solutions for the AI era. Throughout history, every major technological breakthrough from television to computers and the internet, has found its way into education.

展望未來，我們將持續提升我們的產品和服務，以滿足不斷變化的數位學習需求，重新定義人工智慧時代的智慧學習解決方案。縱觀歷史，從電視到電腦和互聯網，每項重大技術突破都已應用於教育領域。

Today, we are discovering and shaping how AI can transform learning and integrating these advancements into our products and services. We also remain open to collaboration and knowledge sharing, ensuring that our insights into smart learning contribute meaningful value to the education community.

今天，我們正在探索和塑造人工智慧如何改變學習，並將這些進步融入我們的產品和服務中。我們也始終對合作和知識共享持開放態度，確保我們對智慧學習的見解能為教育界帶來有意義的價值。

Finally, we will focus on refining operation details to boost overall efficiency and profitability. While we expect to benefit from economies of scale as our revenue grows, efficient management will be increasingly critical as our operations expand and become more complex.

最後，我們將專注於改善營運細節，以提高整體效率和獲利能力。雖然我們期望隨著收入的成長而受益於規模經濟，但隨著業務的擴大和變得更加複雜，高效的管理將變得越來越重要。

We'll closely monitor efficiency metrics across all business lines and make timely adjustments to optimize every aspect of our operations, including content creation, product R&D, sales, marketing, and beyond.

我們將密切監控所有業務線的效率指標，並及時調整以優化我們營運的各個方面，包括內容創作、產品研發、銷售、行銷等。

So that concludes my prepared remarks. Operator, I think we are ready to open the call for questions.

我的準備好的發言到此結束。接線員，我想我們已經準備好開始問答環節了。

(Operator Instructions)

（操作員指示）

Eddie Wong, Morgan Stanley.

摩根士丹利的 Eddie Wong。

Thank you, Alex, Jackson, Fang, for taking my question. My question is regarding the Speiyou enrichment learning business.

感謝 Alex、Jackson、Fang 回答我的問題。我的問題是關於 Speiyou 充實學習業務的。

Could management provide an update on the progress of the fourth quarter Speiyou enrichment learning business. And how should we view the growth strategy and the expansion pa for Speiyou in the next fiscal year? Thank you.

管理階層能否提供第四季 Speiyou 充實學習業務的進度？又該如何看待思貝優下一財年的成長策略和擴張計畫？謝謝。

Thanks, Eddie. This is Alex. Let me take that one. Really, as we've seen in recent quarters, Speiyou continues to deliver a steady year-over-year growth.

謝謝，埃迪。這是亞歷克斯。讓我來拿那個。事實上，正如我們在最近幾季所看到的，Speiyou 繼續保持著穩定的同比增長。

I think we've already covered the key highlights in our prepared remarks. So let me instead focus more on our path forward, okay? So looking ahead to the next fiscal year, really, as long as our key growth drivers, which is market demand, product capability, our ability to recruit and train our instructors, as long as these key growth drivers hold up, we really expect to maintain this positive momentum for Speiyou.

我想我們已經在準備好的發言中涵蓋了主要要點。所以讓我更專注於我們前進的道路，好嗎？因此，展望下一個財年，只要我們的關鍵成長動力（即市場需求、產品能力、招募和培訓教練的能力）能夠維持，我們確實希望 Speiyou 能夠保持這種積極勢頭。

But I also want to just add, technology will play an increasingly important role in our strategy, right? So, you may have noticed, we are expanding the rollout of our dual, small and large screen solutions. It really brings smart classroom experiences to more students. I think, literally, it's reimagining the classroom learning experience.

但我還想補充一點，科技將在我們的策略中發揮越來越重要的作用，對嗎？因此，您可能已經注意到，我們正在擴大雙螢幕、小螢幕和大螢幕解決方案的推廣。它確實為更多的學生帶來了智慧課堂體驗。我認為，從字面上看，這是對課堂學習經驗的重新構想。

And at the same time, we're continuing to innovate our products and refine our product market set, to create solutions that are both students -- loved by students, and trusted by parents. We're firm, really in our belief that sustainable growth in this market comes from developing and continuously developing these high-quality products with strong performance metrics that really truly meet user needs.

同時，我們不斷創新產品，完善產品市場，創造出既受學生喜愛又受家長信賴的解決方案。我們堅信，這個市場的永續成長來自於開發和持續開發這些具有強大效能指標、真正滿足用戶需求的高品質產品。

And it's not just user needs in a broad sense, but localized user needs. And this will remain central to our product development philosophy and strategy.

而且這不僅是廣義的用戶需求，而是在地化的用戶需求。這仍將是我們產品開發理念和策略的核心。

I know many of you are interested in expansion. Regarding expansion, we're maintaining the same prudent approach that has served us well this past year. Each decision to open a new learning center, really carefully balances multiple factors, the local market demand.

我知道你們中的許多人都對擴張感興趣。關於擴張，我們將繼續採取同樣審慎的做法，這種做法在過去的一年裡對我們起到了很好的作用。每次決定開設新的學習中心，確實要仔細平衡多種因素，包括當地市場的需求。

When I say local, it's truly local to a city, to a district, to a community. The customer adoption, operational capacity, and the efficiency target, so I think this disciplined methodology will continue to guide our business to fiscal year '26.

當我說本地時，它真正指的是某個城市、某個地區、某個社區的本地。客戶採用、營運能力和效率目標，所以我認為這種嚴謹的方法將繼續引導我們的業務到26財年。

Really, if I take a step back, I would say we remain optimistic about industry's growth potential. In this new sector, I think I've talked about before, we feel -- we truly feel the enrichment learning. It's hitting that the need was this new generation of parents and learners, and we're optimistic about our ability to deliver high-quality products to meet that future need.

真的，如果我退一步來看，我會說我們仍然對產業的成長潛力持樂觀態度。在這個新領域，我想我之前已經談過了，我們感覺——我們真正感受到了豐富的學習。新一代家長和學習者的需求令人矚目，我們對自己提供高品質產品以滿足未來需求的能力充滿信心。

Really, as we are operating from a significantly higher baseline, right, than a few years ago. We expect payer enrichments year-on-year growth rate to probably gradually taper off moving forward. But our focus really remains on what I just said, before the sustainable, healthy growth rather than pursuing hyper growth for growth's sake. So Eddie, I hope that answered your question.

確實，因為我們的營運基線比幾年前高得多。我們預期付款人充實度年增率可能會逐漸下降。但我們的重點仍然在我剛才所說的可持續、健康的成長上，而不是為了成長而追求超速成長。所以 Eddie，我希望這回答了你的問題。

Timothy Chow, Goldman Sachs.

高盛的 Timothy Chow。

Great. Thank you, management for taking my question. My question is this, regarding the learning devices or the learning solution segment. Just wondering if management can give us some color on the profitability profile of this segment in the fourth quarter and also in the fiscal year last year? A

偉大的。謝謝管理層回答我的問題。我的問題是關於學習設備或學習解決方案部分。只是想知道管理層是否可以向我們介紹一下該部門在第四季度以及去年財年的盈利狀況？一個

And when you look into fiscal year ‘26, I'm just wondering if there's any updates on your strategy on this specific segments? And what are the new plans or measures that you are going to take to further improve the probability of the learning solution segment? Thank you.

當您回顧 26 財年時，我想知道您對這個特定領域的策略是否有任何更新？您準備採取哪些新的計劃或措施來進一步提高學習解決方案部分的可能性？謝謝。

Thanks, Timothy. This is Alex. Let me take this one as well. Look, our learning device business, reported and adjusted operating loss in RPML, in the fiscal fourth quarter and fiscal full year of 2025.

謝謝，蒂莫西。這是亞歷克斯。讓我也拿下這個。你看，我們的學習設備業務在 2025 財年第四季和全年報告並調整了 RPML 的營運虧損。

It's a new product group that launched about two years ago, and we believe this business still has room to really expand access to high-quality learning experience that at home, self-learning experience we just talked about, really in that among a much wider range of customers.

這是大約兩年前推出的新產品組，我們相信這項業務仍然有空間真正擴大獲得高品質學習體驗的管道，就像我們剛才談到的在家自學體驗一樣，真正讓更廣泛的客戶群獲得這種體驗。

At this stage, our priority really remains building long-term competitiveness and capabilities. So if I move to our strategy for fiscal 2026, our efforts were focused on the following few areas, right? So I would say first, enhancing the device functionality we roll out.

現階段，我們的首要任務仍是建立長期競爭力與能力。因此，如果我轉向我們的2026財年策略，我們的努力主要集中在以下幾個領域，對嗎？因此我想先說的是，增強我們推出的設備功能。

Artificial intelligence and power functionality upgrades, continuously, we continuously expand our content library. We believe these are the core values we deliver to our learners, right? And I think that's been a track record in the past two years of regular and continuous updates to functionalities and to the content library.

人工智慧和強大功能的不斷升級，我們不斷擴展我們的內容庫。我們相信這些是我們傳遞給學習者的核心價值，對嗎？我認為這是過去兩年來對功能和內容庫進行定期和持續更新的記錄。

Secondly, I think we're going to expand our portfolio. Our effort in expanding the portfolio, really would improve product market fit and expand access. As I said, we're very convinced that there is ample room to expand access, and thereby, expand the access to high-quality learning experiences, high-quality content. So our expanding portfolio will aim to do that.

其次，我認為我們將擴大我們的投資組合。我們擴大產品組合的努力確實會改善產品市場契合度並擴大通路。正如我所說，我們非常確信，有足夠的空間來擴大訪問範圍，從而擴大獲得高品質學習體驗和高品質內容的管道。因此，我們不斷擴大的投資組合將致力於實現這一目標。

Number 3 is go-to market. I think, we've been enhancing our distribution and marketing to reach more users while deepening engagement with existing customers. Both are very crucial, and you probably have seen, we -- and we've discussed this in previous calls.

第三是進入市場。我認為，我們一直在加強分銷和行銷，以接觸更多用戶，同時加深與現有客戶的互動。兩者都非常重要，您可能已經看到，我們——並且我們在之前的電話會議中討論過這個問題。

When we look at the go-to market, we look across different channel formats. And you probably have noticed that there are more offline channel and points of sales available. So these are -- a continuous effort to, I think both expand the channel capacity, but also really to deepen channel capabilities.

當我們觀察市場時，我們會觀察不同的通路形式。您可能已經注意到，有更多的離線通路和銷售點可用。所以，我認為這些都是持續的努力，既要擴大通路能力，也要真正深化通路能力。

And with these, both user growth and user engagement are really priorities, as we scale the learning device business. I would also say operational efficiency.

隨著我們擴大學習設備業務，用戶成長和用戶參與度都成為優先事項。我還要說一下營運效率。

Look at revenue scales, will leverage economies of scale, or refine cost structures and optimize operations to drive healthy and efficient business growth. I think, while I said it's new for just two years, I think we've gained experience across all these dimensions to really drive further operational efficiency gains.

看收入規模，將發揮規模經濟效益，或完善成本結構、優化運營，推動業務健康、高效成長。我認為，雖然我說這只是兩年的新事物，但我認為我們已經在所有這些方面積累了經驗，可以真正推動進一步的營運效率提高。

So, in summary, we view this as a multi-year capability building, where every initiative was really designed to build sustainable competitiveness and pave the way for both future growth and profitability. So Timothy, I hope that answered your question.

總而言之，我們認為這是一項多年的能力建設，其中每項舉措都是為了建立可持續的競爭力，為未來的成長和盈利鋪平道路。所以蒂莫西，我希望這回答了你的問題。

Sophie Chung, CICC.

Sophie Chung，中金公司。

Thanks for taking my question. So could you please break down the top line gross by business line for the past quarter, to help us better understand the respective drivers? And also, could you elaborate on what led to the year-over-year decline in operating profit? And what were the key reasons behind the growth in sales and marketing spend? Thank you.

感謝您回答我的問題。那麼，您能否按業務線細分上個季度的營業總額，以幫助我們更了解各自的驅動因素？另外，您能詳細說明一下導致營業利潤較去年同期下降的原因嗎？銷售和行銷支出成長的主要原因是什麼？謝謝。

Sophie, thanks for the question. This is Jackson. Let me take this one and let me maybe unpack this question a little bit. I think you asked both about top line and bottom line. So let me address topline performance first. Similar to last quarter, our Speiyou small class enrichment programs remain both the largest revenue contributor. And the primary growth driver within our learning services business line.

索菲，謝謝你的提問。這是傑克遜。讓我來回答這個問題，並稍微解釋一下這個問題。我認為您問的是頂線和底線。因此，讓我先來談談整體表現。與上一季類似，我們的 Speiyou 小班輔導課程仍然是最大的收入貢獻者。這是我們學習服務業務線的主要成長動力。

Meanwhile, learning devices continue to be the largest revenue contributors, contributor within content solutions, while also serving as a key growth driver. So let me, maybe add additional color on these two businesses.

同時，學習設備持續成為最大的收入貢獻者、內容解決方案的貢獻者，同時也是關鍵的成長動力。因此，讓我為這兩家企業添加一些額外的內容。

TAL enrichment delivered solid quarter-over-quarter and year-over-year growth, this quarter and this year. While we now operate from a significantly higher baseline than in prior years, which, as Alex talked about, will naturally moderate year-over-year growth rate over time.

本季度和今年，TAL 充實課程均實現了穩健的環比和同比增長。雖然我們現在的營運基數比前幾年高得多，但正如亞歷克斯所說的那樣，隨著時間的推移，這自然會減緩同比增長率。

We expect continued expansion in this business, supported by expanding market demand and our enhanced product capabilities. Learning devices saw a sequential fourth quarter decline, quarter over quarter, reflecting typical seasonality after a peak in Q3, due to e-commerce festivals.

我們預計，在不斷擴大的市場需求和我們增強的產品能力的支持下，該業務將繼續擴張。學習設備在第四季度的銷售量環比下降，這是由於電子商務節日導致第三季度達到高峰之後的典型季節性現象。

However, this business remained healthy year, when we look at year-over-year growth, underscoring the business's momentum. When we look at [4-year] fiscal 2025, both learning services and content solutions delivered year-over-year revenue growth, maintaining a stable business mix relative to fiscal 2024.

然而，當我們看同比成長時，我們發現今年這項業務依然保持健康，凸顯了業務的發展勢頭。展望 2025 財年 [4 年]，學習服務和內容解決方案均實現了同比增長，相對於 2024 財年保持了穩定的業務組合。

Now, Sophie, let me adjust the second part of your question on margin profile. Maybe, let's look at first, general administrative expenses.

現在，蘇菲，讓我調整一下你關於保證金概況的問題的第二部分。也許，我們先來看看一般管理費用。

Non-GAAP GNA expenses have decreased from 24.4% to 17.8% this quarter, demonstrating leverage achieved through a larger revenue base. However, as you touched on, non-GAAP selling and marketing expenses rose to 35.1% of revenue, up 7.1% points year over year. And that's primarily due to increased activities in online channels aimed at market penetrations and product visibility enhancement.

本季非公認會計準則 GNA 費用從 24.4% 下降至 17.8%，顯示透過更大的收入基礎實現了槓桿作用。然而，正如您所提到的，非公認會計準則銷售和行銷費用上升至收入的 35.1%，年增 7.1 個百分點。這主要是由於線上通路活動的增加，旨在滲透市場和提高產品知名度。

That was the main reason for year-over-year decline in our adjusted operating margin. Additionally, we conducted brand building initiatives that it may not yield immediate revenue, but are expected to promote customer awareness and our market positioning.

這是我們調整後的營業利益率較去年同期下降的主要原因。此外，我們所進行的品牌建立計畫可能不會帶來直接的收入，但可望提升客戶知名度和我們的市場定位。

As part of a strategy, we're committed to establishing and strengthening multi-channel communication mechanisms with our users. For digital products such as learning devices and [insurance.com], these efforts are crucial in fostering deep customer engagement, reaching more users, and gaining broader acceptance.

作為策略的一部分，我們致力於建立和加強與用戶的多通路溝通機制。對於學習設備和 [insurance.com] 等數位產品，這些努力對於促進深度客戶參與、接觸更多用戶和獲得更廣泛的認可至關重要。

Looking ahead, we're refining our market approach and diversifying our channels to align with business maturity, product cycles, and market conditions. Through this process, we aim to steadily strengthen our channel capabilities, enhance brand recognition, and deepen connections with the next generation of parents and learners.

展望未來，我們正在改進我們的市場方法並使我們的通路多樣化，以適應業務成熟度、產品週期和市場條件。透過這個過程，我們旨在穩步加強我們的管道能力，提高品牌知名度，並加深與下一代父母和學習者的聯繫。

We believe that by upgrading our channel strategies, diversifying our distribution networks, and driving user engagement will drive long-term business growth. I hope that answers your question.

我們相信，透過升級我們的通路策略、多元化我們的分銷網絡以及推動用戶參與將推動長期業務成長。我希望這能回答你的問題。

Thank you, Jackson. And that's very helpful. So just a quick follow up on the bottom line. So should we expect improvement in profitability going forward? Thank you.

謝謝你，傑克遜。這非常有幫助。因此，只需快速跟進底線即可。那麼我們是否應該期待未來獲利能力的提升？謝謝。

Sophie, thanks. And that's a good question. I would say moving forward, improving overall profitability remains a key priority for us. As our business continues to develop, we expect two primary drivers of profitability.

索菲，謝謝。這是個好問題。我想說，展望未來，提高整體獲利能力仍是我們的首要任務。隨著業務的不斷發展，我們預計獲利能力將有兩個主要驅動力。

First, our expanding revenue base naturally generates our operating leverage which will allow for more efficient allocation of fixed cost. And you can probably see that in some of the financial results we printed, in the last few quarters, right?

首先，我們不斷擴大的收入基礎自然會產生經營槓桿，從而可以更有效地分配固定成本。您可能在我們發布的過去幾季的財務結果中看到了這一點，對嗎？

We continue to unlock our operating leverage as our business grow and general, for example, general administrative expenses as a percentage of revenue has largely come down in the last few quarters.

隨著業務的成長，我們繼續釋放經營槓桿，例如，一般管理費用佔收入的百分比在過去幾季大幅下降。

The second growth driver of our profitability would be, us implementing targeted operational refinements at every stage of our workflow. This includes content creation, product R&D, service delivery, and sales and marketing, right?

我們獲利能力的第二個成長動力是我們在工作流程的每個階段實施有針對性的營運改善。這包括內容創作、產品研發、服務交付以及銷售和行銷，對嗎？

While these efforts will take a bit of time to fully impact of or fully impact our P&L, I would just like to reiterate again that operating efficiency will remain a priority for us in the next fiscal year. I hope that answers your question, Sophie.

雖然這些努力需要一些時間才能完全影響我們的損益表，但我只想再次重申，在下一個財政年度，營運效率仍將是我們的首要任務。我希望這能回答你的問題，蘇菲。

Thank you, Jackson. That's very clear.

謝謝你，傑克遜。這非常清楚。

Felix Liu, UBS.

瑞銀的 Felix Liu。

Good evening, management. Thank you for taking my question. My question is on AI.

晚上好，管理層。感謝您回答我的問題。我的問題是關於人工智慧的。

So what, learning scenarios does management anticipate that AI can be implemented to your business in the near term? What are the impacts that integrating DeepSeek into your business model, will present, particularly in our learning services and the learning devices business? Thank you.

那麼，管理層預計 AI 可以在短期內應用到您的業務中的學習場景是什麼？將 DeepSeek 整合到您的業務模式中會帶來什麼影響，特別是對我們的學習服務和學習設備業務？謝謝。

Thanks, Felix. This is Alex. Let me take this one on. I will actually, take a step back a little bit. We've been talking about the AI and I just want to go back to something that I've discussed maybe a year or even two ago. I think it really has multi-dimensional impact on us and look, we really welcome every single events and AI capabilities from the foundational models.

謝謝，菲利克斯。這是亞歷克斯。讓我來承擔這個任務。我實際上會稍微退一步。我們一直在談論人工智慧，我只是想回顧一下我大概一兩年前討論過的事情。我認為它確實對我們產生了多維度的影響，我們確實歡迎來自基礎模型的每一個事件和人工智慧能力。

I think every single event is welcoming news to us, and let me explain why. So first of all, we think AI has a huge impact on educational content creation. The entire creation process is benefiting tremendously from AI.

我認為每件事對我們來說都是好消息，讓我來解釋一下原因。首先，我們認為人工智慧對教育內容創作有著巨大的影響。整個創作過程都從人工智慧中受益匪淺。

I think number one, it has tremendous implication in terms of efficiency gain, in terms of speed gain, and we're witnessing that every single day in the last two years. I think that, and it also, by the way, has made things that previously seemed impossible to be possible, right?

我認為，首先，它對提高效率和速度有巨大的影響，過去兩年我們每天都在見證這一點。我認為，順便說一句，它也使以前看似不可能的事情成為可能，對嗎？

Leveraging this capability, you can develop multi-language, multi-curriculum, adapted learning quantum material. So I think that's just, something that we didn't think was quite possible. I think we're getting very close to be able to use AI to generate interactive, high-quality content real time.

利用此功能，您可以開發多語言、多課程、適應性學習的量子材料。所以我認為這只是我們認為不太可能發生的事情。我認為我們已經非常接近能夠使用人工智慧即時生成互動式高品質內容。

Again, that wasn't even a cost issue. I think that was just basically not possible before. So these, I think, offer really, raising up the top the ceiling of what's possible while doing it, was a tremendously different cost structure than before, right?

再說一遍，這甚至不是一個成本問題。我認為這在以前基本上是不可能的。所以我認為，這些確實提高了實現目標的上限，而這樣做的成本結構與以前相比有很大不同，對嗎？

So I think that's -- this is the first thing I want to really locked with everybody on the call. I think, look, secondly, with every single advance of AI, we just see more possibilities of leveraging it to enhance our services. We're a very large services provider, our touch space with customers on service, it goes from instruction to customer service to after sales service across the board.

所以我認為這是——這是我在電話會議上真正想與大家確認的第一件事。其次，我認為，隨著人工智慧的每一次進步，我們都看到了利用它來增強我們服務的更多可能性。我們是一家非常大的服務供應商，我們與客戶的接觸空間涵蓋了從指導到客戶服務再到售後服務的全方位服務。

I think in these areas, again, we have the -- it's not even the possibility. I think we're pushing those, every day in terms of both raising the level of customer service while gaining more efficiency.

我認為在這些領域，我們再次意識到——這甚至是不可能的。我認為我們每天都在努力提高客戶服務水準和效率。

So I think that's also, been tremendously helpful. And again, I think we're just expecting more as the capability of AI, it gets even more advanced. I think number three, in terms of research and development, we're really seeing so much more, code generated by AI, that is advancing speed, gaining efficiency.

所以我認為這也非常有幫助。而且，我認為隨著人工智慧的能力變得越來越先進，我們對它還有更高的期望。我認為第三點，在研發方面，我們確實看到了更多，由人工智慧產生的程式碼正在提高速度，提高效率。

We are a large research and development and education technology, and I think AI is really giving us a very different way of developing this. It's faster, it's nimble, it's you get, very fast prototyping, and you get more efficiency not only from using AI to code by itself. But that nimble and fast prototyping is actually removing a lot of friction in the R&D process versus before, right?

我們是一家大型研發和教育科技公司，我認為人工智慧確實為我們提供了一種非常不同的開發方式。它速度更快、更靈活，您可以獲得非常快速的原型設計，而且您不僅可以透過使用 AI 自行編碼來獲得更高的效率。但與以前相比，這種靈活、快速的原型設計實際上消除了研發過程中的許多摩擦，對嗎？

So I just want to log those three. Those are things that we probably didn't discuss in a whole other detail in the last few calls, but I think those are actually very tangible, meaningful. And we expect more benefits and more impact from those.

所以我只想記錄這三個。這些是我們在過去幾次通話中可能沒有詳細討論過的事情，但我認為這些實際上非常切實、有意義。我們期望從中獲得更多利益和影響力。

So if going back to the integration in learning scenarios. Look, I think we're increasingly seeing AI becoming a learning companion. I think the Xiao chat assistant, that really embodies that. That is there, more and more students who are native in this AI age are getting comfortable to get on the spot, help and support, learning support from AI as they learn.

所以如果回到學習場景中的整合。看，我認為我們越來越多地看到人工智慧成為學習的伙伴。我認為小聊助手就真正體現了這一點。也就是說，越來越多適應人工智慧時代的學生在學習過程中能夠獲得人工智慧的現場幫助和支援以及學習支援。

So currently, DCB3 service is one of the foundational models, for our math GBT or in Chinese to [Gang], right? Beyond its general intelligence capabilities, we've also fine-tuned that on learning contents, enhancing its ability to support really subject specific tasks, and also, let me add this, I think we need to fine tune it and to support those pedagogical scenarios.

所以目前，DCB3 服務是我們數學 GBT 或中文對 [Gang] 的基礎模型之一，對嗎？除了一般的智能能力之外，我們還對學習內容進行了微調，增強了它支持特定學科任務的能力，而且，讓我補充一點，我認為我們需要對其進行微調並支持那些教學場景。

For a model to be able to produce the answer is one thing, for it to be able to actually make the solution more accessible, easier to understand, like by students, these are actually, we believe fundamentally vertical capabilities to an education player.

對於一個模型來說，能夠給出答案是一回事，而對於它來說，能夠真正地讓解決方案更容易獲得、更容易理解，例如對於學生來說，這些實際上，我們相信，對於教育參與者來說，從根本上來說，是垂直能力。

And that's how we look at it, right, that we're going to continue to work and invest on those really, lowering the barrier to accessing these AI capabilities, improving the user interface, making it easier for users to provide their input to the large language model, but also working really hard to make the output from AI, not the raw straight output from these large language models, but make the output really serve a learning purpose and serve it well.

這就是我們的看法，對吧，我們將繼續努力並投資於這些，降低訪問這些人工智能功能的門檻，改進用戶界面，讓用戶更容易地向大型語言模型提供輸入，同時也努力使人工智能的輸出不是這些大型語言模型的原始直接輸出，而是使輸出真正服務於學習目的並很好地服務於學習目的。

And lastly, I would just say, look, we'll also remain committed to contributing to the broader, intelligent learning ecosystem, advancing new educational paradigms, supporting future schools and third-party institutions as we've done in the past.

最後，我想說，我們也將一如既往地致力於為更廣泛的智慧學習生態系統做出貢獻，推動新的教育模式，支持未來的學校和第三方機構。

And we really look forward to, reimagining, the future of learning, and shape a more dynamic forward-thinking education ecosystem as a whole. So Felix, I hope that answered your question.

我們真誠地期待重新構想學習的未來，並塑造一個更具活力、更具前瞻性的教育生態系統。所以 Felix，我希望這回答了你的問題。

Alice Cai, Citi.

花旗銀行的 Alice Cai。

Thanks management for taking my question. How are we considering cash usage? And could you please give us more kind about the future investment strategy and also shareholder returns? Thank you so much.

感謝管理層回答我的問題。我們如何考慮現金的使用？您能否向我們詳細介紹未來的投資策略和股東回報？太感謝了。

Alice, thank you for the question. This is Jackson. Let me take this one. Let me maybe first address our current cash position. As of February 28, 2025, the company holds approximately $3.2 billion in cash, cash equivalents, and short-term investments and restricted cash while excluding deferred revenue.

愛麗絲，謝謝你的提問。這是傑克遜。讓我來拿這個。首先讓我來談談我們目前的現金狀況。截至 2025 年 2 月 28 日，該公司持有約 32 億美元的現金、現金等價物、短期投資和受限現金（不包括遞延收入）。

Given our cash position, we think we're well positioned to fund both growth and returns. When it comes to deploying this capital, very much like how we do a lot of things, we take a thoughtful and balanced approach when evaluating potential uses of cash.

鑑於我們的現金狀況，我們認為我們有能力為成長和回報提供資金。在部署這些資本時，就像我們做很多事情一樣，我們在評估現金的潛在用途時採取深思熟慮和平衡的方法。

We consider multiple factors to strike the right balance between short-term needs and long-term development. Our focus remains on optimizing resource allocation, reinvesting strategically into the business, while also delivering value to shareholders.

我們考慮多種因素，以在短期需求和長期發展之間取得適當的平衡。我們的重點仍是優化資源配置，對業務進行策略性再投資，同時為股東創造價值。

Given our current margin profile, which remains relatively thin, and with a meaningful portion of our operations and businesses still in growth phases, maintaining operational flexibility is one of our key priorities.

鑑於我們目前的利潤率仍然相對較低，並且我們的大部分營運和業務仍處於成長階段，保持營運靈活性是我們的首要任務之一。

As we assess investment opportunities for fiscal 2026, we're particularly interested in areas that enhance our existing products and services, strengthening our core capabilities and support business expansion.

在評估 2026 財年的投資機會時，我們特別感興趣的是能夠增強我們現有產品和服務、加強我們的核心能力並支持業務擴展的領域。

Additionally, as the industry evolves and new technologies emerge, we'll invest in integrating these advancements into our operations. We believe these investments will drive long-term value creation for shareholders.

此外，隨著行業的發展和新技術的出現，我們將投資將這些進步融入我們的營運中。我們相信這些投資將為股東創造長期價值。

Alongside of these investments, we remain equally focused on shareholder returns. As previously mentioned, that the board has extended our share purchase program for an additional year, authorizing purchases of up to $490.7 million.

除了這些投資之外，我們也同樣關注股東回報。如前所述，董事會已將我們的股票購買計劃延長一年，授權購買金額高達 4.907 億美元。

Going forward, we'll prudently evaluate market conditions, our business needs, and other relevant relevant factors before executing for repurchases.

展望未來，我們將在執行回購之前謹慎評估市場狀況、我們的業務需求和其他相關因素。

So to summarize, our philosophy centers around a disciplined, forward-looking approach, one that fosters sustainable development while maintaining the agility needed to navigate this dynamic market. And we'll keep you guys posted, as appropriate.

總而言之，我們的理念圍繞著一種嚴謹的、前瞻性的方法，這種方法既能促進永續發展，又能保持在這個充滿活力的市場中生存所需的靈活性。我們會適時向大家通報最新情況。

I hope that answers your question, Alice.

我希望這能回答你的問題，愛麗絲。

Thank you so much.

太感謝了。

We have now reached the end of the question-and-answer session. Thank you all very much for your questions. I'll now turn the conference back to the management team for closing commands.

問答環節現已結束。非常感謝大家的提問。我現在將會議交還給管理團隊，由他們發出結束命令。

So again, thanks to everybody on the call for joining us today and we'll see you next quarter. Thank you. Bye-bye.

再次感謝今天參加電話會議的所有人，我們下個季度再見。謝謝。再見。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。