My second question is on ROI. Thank you. That's a great portion that actually came from retention. Since the September of this year, Genshuixue and Gaotu Ketang, these two keto brands have integrated into new Gaotu Ketang. Then that needs some payment on decorations and rentals at the first place. As for organic traffic, I think many players, they are doing similar explorations as for what this product will look like. And only in this way, we may achieve further strategic advancement over the long term. And also, in the summer, because of the entrance exams for both college and high school was a little bit late, that helped some concentration of us when we send learning materials to students. Hope that address your questions. Good evening, and good morning to you all. 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. May I confirm and check if we can still generate trusted unit economics on the newly acquired student [inaudible], excluding the retained and existing student. As a result, the summer vacation in 2020 was shorter than in prior years, which also affected us by reducing one term of our curriculum. 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. And we also had CNY 99 million in capital expenditures during the period. Thanks. So this compares to the second quarter when most paid enrollments come from retention and do not cause too many extra dollars. Thank you for taking my question. We expect the proportion of K-12 revenue will continue to expand as our main source of revenues. Thanks, Mark. Thanks, Operator. Compared with the previous periods, your ROI is declining. That's number one. [Foreign language] The team has a similar business model operations compared to that. [Foreign language] So I want to add about LTV. I would like to turn the conference back over to Sandy Qin for any closing remarks. Throughout this summer, we significantly increased the size of non-graduate grade students also known as retainable students. And when they only do new recruitments, that needs a lot of efforts to convince students one by one. So are you working on any strategies to potentially improving the ROI compared with the previous periods? You just mentioned like you saw news that we kind of like takeover two of other online schools. So far, the integration has exceeded our expectations. See you at the top! This achievement validates our strategy of prioritizing the primary school market and demonstrates the effective and consistent execution of our corporate strategy. Investor Alerts; Investor FAQ ‹ › Overview. Investor Relations Intelligence ; Optimize Governance Practices. And as Larry just mentioned, we believe investors or the markets, they always like companies has the highest operating efficiency. It depends in a specific stage, what method this company use will bring them the best customer traffics. In addition, a live and archived webcast of this conference call will be available on GSX investor relations website at And every player will calculate their retention rate. And the second way to testify in company's organizational capability is the team and the organizations. And those can be figured out in how we recruit talent, how we encourage people and how we kick out people. Thanks, Mengi. So I'll ask in Chinese first and then translate by myself. Specifically, we have enhanced our primary school segment from a few aspects. Thank you. 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. Thank you for taking my question. While it starts to put pressure on our gross profit and net income over the short term, we view all of this spending as an important investment in our long-term future. And we have communications. Because if you look at the whole [indiscernible] that's more systematic. Following the prepared remarks, Larry and Shannon will be available to answer your questions. Please go ahead. We are looking forward to generating more value for our shareholders and sharing the future of online education with you. In the face of increasingly fierce competition, everyone in customer acquisition costs, we remain committed to pursuing effective traffic acquisition through high ROI channels, sticking to efficient sales and marketing spending and to executing an effective growth strategy based on customer lifetime value. So if we look at market data, in the third quarter, just look at online live large class, in terms of revenue, we actually ranked the top among the top four players. So first, financial results is always the most straightforward way to look at the company's operating efficiency. So student enrollment and gross billings for K-12 trial business actually shows distinct seasonality. The average selling price for K-12 paid course enrollment was around 1,600 and compared with around 1,500 in the last quarter and around 1,600 in the same quarter last year. So our cash balance, by the end of 2018, was only around CNY 236 million. So the market for primary school is still the largest in K-12 sector. So from our perspective, we think there are a couple aspects we can testify. Going forward, we will take advantage of our strength in operational efficiency and continue to invest in traffic acquisition. And how long do you think this kind of competition will last? We continued to focus on recruiting, develop our teaching talent. But we do foresee the gross margin will get recovered in Q4. Thanks, Mr. Kim. 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