The disciplined expense control led to a year-over-year decrease of 10% 0.5 percentage points in sales and marketing expenses as a percentage of net revenues in the fourth quarter. However, such decrease did not result in a decline in new student enrollment, which speaks to the effectiveness of our student acquisition and expense management strategies.

Mar 24, 2023 / CFO / receipt, needs a key / Selena Lu Lu, CFO | earnings call 2023-03-24 | transcript 6ac41d38-894b-4708-89ae-86ae8ebf9b9e | chars 6127-6481 | segment 6