TAL Education Group (NYSE:TAL) Q3 2023 Earnings Call Transcript

DS Kim: Yes, correct sir. Thank you.

Jackson Ding: Got it. Yes. So that $32 million of other expense obviously is not related to any operating activities and that is a combination of multiple factors including: one, exchange rate fluctuation and two, some of the equities we hold and booked according to fair value. And the second part of your question with regard to restricted cash, again, it’s a combination of multiple factors including: one, some of the payment we collect from learning from for our learning programs are restricted; and two, some of the wealth management product depending on the nature of the underlying instruments are restricted as well.

DS Kim: Thank you so much for the clarification. Yes. Thank you sir, and congrats on the decent and strong restructuring and a greater performance. Thank you again.

Alex Peng: Thanks, DS.

Operator: Thank you. I would now like to hand back to management for closing remarks.

Alex Peng: Great. Again, thank you everybody for joining us today. A Happy Chinese New Year and we’ll see you next quarter. Bye-bye.

Operator: This concludes today’s conference call. Thank you all for participating. You may now disconnect.