Nancy Ying Sun: [Foreign Language] Well, actually, we’ve seen an increase in our price per hour as well as the transaction value per course. So basically, we haven’t changed our pricing. But because our students are choosing to take our courses for longer hours or they are choosing more courses from us, we have maintained our pricing on – including the transaction value of our courses on the group level. And in [technical difficulty] the government’s regulatory policies on double reduction and also on non-academic subjects in our pricing. I hope I’ve answered your question. Thank you.
Operator: Thank you. Your next question comes from William Gregozeski with Greenridge Global. Please go ahead.
William Gregozeski: Hi. For the Q2 guidance of 15% to 20% down, you said 4% was from the college carve out. Can you break out what’s expected from the STEAM and the professional for that remainder?
Ping Wei: [Foreign Language] The kids side actually will be comparable to last year. So on the Q2 revenue side, it will be actually either slightly increasing from year ago period, both on cash and non-GAAP side. So basically the decrease of 15% to 20% reflects the last cash collected during the December, January like the peak of COVID period, the lingering impact that is the main reason. Second reason is actually the – there’s still a bit of headwind in China’s general economic conditions as well as the employment market. As such, our adult side is the key – is the main reason for the decrease in number. So basically 4% from a carve out probably 5 to – yes about 5% to 10%, 5% I will say more likely from the lingering impact of last quarter and then the remaining as adults, economic how we relate it.
William Gregozeski: Okay. And last question is given the current environment and your cost efficiency initiatives, do you guys expect the term profitable this year?
Ping Wei: We were profitable last year and we will still be profitable this year. Sorry, I [technical difficulty]. So, we will still be profitable this year. For Q1, as you see, we — even though our loss was about RMB49 million, our operating cash side is much smaller number. For Q2, I [technical difficulty] probably operating sort of – a small sort of operating cash outflow number. But on the GAAP side, we are already looking at around breaking even at the net margin level for Q2. And the second half of this year will all be profitable, based on the current outlook, without giving guidance, okay.
William Gregozeski: All right. Great. Thank you.
Ping Wei: Thank you, Bill.
Operator: Your next question comes from [Giovanni Di Giulio], who is a Private Investor. Please go ahead.
Unidentified Analyst: Good morning, everyone. Just two quick questions. First one is on the buyback. Please correct me if I’m wrong, but did you repurchase about 2 million shares in the first quarter? And if you do give an update on what the remaining amount in the buyback authorization?
Ping Wei: [Foreign Language] Thanks for the question. First of all the 2 million you referred probably was the prior share repurchase program, We used that back to 2 million, the Board of Directors actually authorized another US$3 million of buyback companies actively executing owner program. you know, we basically gave notice question to the broker we mandated on the buyback program to do the repurchase. So, we basically – in general do not provide monthly or quarterly update on the exact amount of cash used in the quarter, but we still have decent room to continue the buyback program.
Unidentified Analyst: Thank you. Thank you very much. And second question on the college division carve out. Are you going to receive cash consideration or how are you structuring this transaction? And what are you going to do with the proceeds from this transaction and also the proceeds from the building that you’re selling is about 15 million right?
