Q3 2019 Earnings Call
Ladies and gentlemen, thank you for standing by and welcome to why why Inc.
Third quarter 2019 earnings call.
At this time, all participants I don't know listen on the might.
After the management's prepared remarks, we will have a question answer session.
Please note this event is being recorded.
I'd now like to hand, the conference over to your host today Mr. Matthew So I had director of why why thank you. Sir. Please go ahead.
Thank you operator, good morning, good evening, everyone welcome to while our third quarter 2019 earnings conference call joining us today Mr. Davis shooting the chairman and CEO of why we surfing gene that will fly Y and the meeting the COO flight wise.
For todays call management will first provide a review of so called her and then we will conduct today session. This third quarter of 29 to your financial results and a webcast of this conference call I'll readable I'd IR adult wise I'll call. A replay of this call will also be available on our website in a few hours.
Before we continue I refer you to our Safe Harbor statement in our earnings press release, which apply to these call as we will make forward looking statements.
Finally, please note that unless otherwise stated all figures mentioned during this conference call I interviewed maybe.
I will now turn the call over to our chairman and CEO Mr. Davies seating.
Please go ahead Sir.
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Thank you Matthew Hello, everyone welcome to our earnings call today.
Our third quarter 2019 results are characterized with continued success boost globalization and AI technology driven strategies. Our total revenues increased by 60, 67.8% year over year to RMB 6.8 billion, demonstrating our solid progress in three key areas first.
Validation efforts, resulting in significant growth in both users and revenues second technology advancement, leading to increased in our user loyalty and operation efficiency.
Third quarter innovation revitalizing domestic business.
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On the acquisition front, we achieved significant progress expanding the market reach of all four key products, which are likely IMO people light and household.
Notably likewise, our leading short form video platform with global footprint hit a milestone of 100 million monthly active users in the third quarter of 2019, representing a year over year growth rate of 413.4%.
Such rapid growth in user base is a result of our relentless twice for content localization innovative features and AD technology enhancement.
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First let me share more details on Nike shop on video has become the mainstream content format of choice, which and everything Z users around the world increasingly increasing their social values and lifestyles.
As the second largest short form video platform globally outside of China like he is well positioned to capitalize on a growing market demand.
To extend like his global footprint during the third quarter, we continue to explore the best venues to localize short form video content for diverse cultures backgrounds and values for example, in Russia likely hosted and offline event called like he party Moscow in August .
This event Mark likely second anniversary as an international short form video brand.
The onstage performers dazzles more than 10000 audience in the capital city of Russia.
Our success in organizing such local events in Russia.
Straight line is unique capability, establishing cultural connections among young users inspiring their creativity and self expression and boosting the enthusiasm tools original content production.
All of which in turn help us expand our brand inference as well as strengthened our leadership in more global markets.
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In addition to content localization likely also sought to attract and be paying users through continuous introduction of new features and functions, including data visualization tools collaborative travel Vbloc project am base image processing total series and face swapping features these.
New features significantly lowered the shop on video production entry barrier to users.
Became smack smashed tax case upon launching and attractive millions of users worldwide to create and share videos with their friends.
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Besides extending his home market reach like he was also successful in distributing is content in our instant messaging platform I'm more.
Hi, fronting access to like is short form video feeds to animal users in over 45 countries and regions. We were able to increase our embedded short form video monthly active users to 50.2 million during the third quarter of 2019.
This is also a good example, demonstrating the great synergies across multiple products.
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Now, let me share more colors about our progress with minimal. In addition to video content and was also injecting additional innovative social features to enhance user stickiness and promote social interactions as a result in the third quarter animals communication services will utilize over 400 million times per day on average.
While issues as average daily usage exceeded 38 minutes.
As I most user stickiness continue to grow we were able to unlock it's monetization potential through advertisement.
As a result animals advertising revenues increased by 25% sequentially. During the third quarter of 2019 to further establish IMO as a world class video base instant messaging platform. We plan to continue cultivating across platform operational model diversifying content and services and refining monetization tactics.
Through both live streaming tipping and video and high end related advertisements.
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Besides short form video and instant messaging, our international Lightning platform Eagle life also achieved solid progress both operational and financially.
During the quarter equalize monthly active users reached a record breaking level of 21.9 million, representing a 9.7% year over year increase.
As people live securities foothold in emerging markets. It is able to further expand into developed markets and class more opportunities. As a result is revenue contribution from developed markets such as Europe , Americas, Japan, and other regions increased further to 26% in the third quarter on 20.
21% in the second quarter of 2019.
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All of our aforementioned business success is built on the condition of our technology advancement.
During the third quarter, we continue to incorporate AI based recommendation technologies into our platform.
Through our proprietary multi cocky intelligent recommendation model and real time exploration discovery model, we are able to characterize manage and distribute global short form video and lighting in content more efficiently.
Our multi tasking intelligent recommendation model analyzes comprehensive user behaviors, such as viewing commenting in hacking et cetera to improve the relevancy and accuracy of our overall recommendations.
The real time exploration discovery model compounds and analyze a massive amount of content generated by users each day to timely discovery short form video clips of top quality that could potentially become smash kits.
As a result, the number of high quality reduced discovered by machines in September has more than doubled compared with June .
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In addition to enhancing our recommendation capability. We're also leveraging software algorithms to improve our operational efficiency.
For example, beagles in quota system, a technology, we developed in house recently could automatically adapt and improve the licensing video quality by over 10% without putting any extra strain on network of bandwidth.
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There may use increased to 42.3 million, representing a 92.4% year over year increase.
Leveraging its past success in Indonesia, toggle was able to further penetrate into other markets such as India.
In addition, toggle has paid a very clear path to monetization through with user who based interaction model in his previously developed markets.
We expect our go to make profits in his previously developed markets in the fourth quarter.
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The synergies across our multiple products and markets.
Vision of our domestic.
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With that I'll turn the call to being our CFO .
There were consistent.
Yeah.
A superior shareholder.
Synergies.
Our multiple products and markets.
I will talk about the financial.
Proposition through.
It's a very robust financial and operating.
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Results during the third quarter of two up 19.
And with that.
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I'll turn the call to being our CFO .
Increased by 67.8% year over year.
Okay.
To RMB 6.8 billion.
By CFO I will talk about the financial result.
Our previous guidance range.
We continue delivered robust financial and operating results during the third quarter of two up 90.
The third quarter increased by 66.2%.
Year over year.
8% year over year.
For 7 billion.
There is 6.8.
Driven by the continued.
Beating the high end.
Licensing revenue.
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Patients.
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66.2%.
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Mainly driven by the continued.
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In licensing revenues.
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In other revenues in the third quarter.
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3%.
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Revenues for the third quarter.
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Recently.
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Last week.
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From RMB 249.5 million.
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Gross margin was 31.5.
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Prior year period.
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In gross margin was caused by increases in both revenue sharing fees.
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Overall gross margins.
Gross margin was 31.5.
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Gross.
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And increases in both revenue sharing fees and content costs.
Operating expenses for the third quarter.
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Which reached RMB 1.08 billion.
The expenses.
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Police in sales and marketing expenses.
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Operating income for the third quarter.
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Yeah.
Fixed.
The 160.3 million.
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14.1 million.
Operating margin for the third quarter.
Mainly due to the.
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10.9% in the prior period.
The GAAP operating income.
The decrease in gross margin.
And the 100.
End of depreciation and amortization.
The two legal consolidation.
Yes.
And other overseas expansion initiatives.
The margin for the third quarter.
Yes.
For 2.3.
Operating income.
At 14.9.
Based compensation expenses.
Primarily due to the.
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These margin.
Amortization of intangible assets from business.
Today to Pico consolidation.
Slide 11.4 million.
Yes.
In the third quarter.
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Net income.
In the prior.
Through share based compensation expenses.
This impairment of goodwill and investments.
Yeah.
Amortization of intangible assets from business.
The period.
And was RMB six on 11.4 million.
Net income attributable to controlling interest of why why.
70.
The third quarter of 2019.
If the prior.
The 109.9 billion.
In.
To RMB 650.7 million in the prior.
At 18.9.
non-GAAP net income attributable to the control inches of why why.
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For the third quarter of 2019.
87 million.
In the prior.
9 million compared to RMB.
Net margin in the third quarter of 2019.
This period.
8.3%.
non-GAAP net income.
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No.
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The two RMB 787 million.
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non-GAAP net.
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In 2019.
On the period.
The 0.3%.
non-GAAP diluted net income per Hds was RMB 6.42.
So on B 12.07.
In the third quarter of 2019 was RMB 1.11.
Fourth quarter of 2019.
1.0.
Our net revenues.
Yeah.
The between RMB 7.32 billion.
The 7.52.
So for two.
Representing a year over year.
Those.
57.7% to 62%.
Looking forward to the fourth quarter of 2019.
Correct.
We expect our net revenues.
When.
In Spain.
The three 2 billion.
To change.
To be 7.5.
That concludes our prepared remarks.
Our year over year.
I would now like to open up the call two questions.
Cooper.
Certainly.
This forecast.
Ladies and gentlemen.
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I'll begin the question and.
For the market and operational conditions.
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We would now like to open up the call two.
Yeah.
Please.
Please state your question in Chinese Sir.
Ladies and gentlemen.
Your question.
Begin.
English.
Thanks.
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On the due diligence we.
Hi, how are you actually has been embedded.
The second concern.
Of the AI related technologies there.
So.
Yeah.
Batteries on why the communist.
The first one is a relatively traditional where we call the.
Sometimes because if you look has.
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Half of the AI related technologies there.
Multi market data content.
Hi into the into the.
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Yes.
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Thank you Bob our personalized recommendation.
It's Paul as well as we added.
Commence a more hardest hit a.
Into the into the user.
That part of the technology will continue to develop.
Thanks.
We'll have more competitions.
Down the hall.
Especially.
So all the peers will compete each other.
As we added.
Hello.
And perhaps of the.
Yeah.
NTD.
Two.
At her.
The technology will continue the route.
In terms or how to have a deep understanding.
So, especially you know.
Let's see.
All the peers will compete each other.
Hello.
All week Hall.
For one over the past with any of the.
Our can deliver the better content.
Importantly is.
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And how.
Yeah.
Evolution.
Turning over those kind of content and we fully video we were one over the past within.
Yes.
As well.
So far we do call have will becomes a major.
Yes.
Hi.
Also world bags to further develop.
Haitian as well as the information.
Evolution.
The future.
Andrew.
Although the different types of information on the acknowledge we'll reserve.
This call have will become the meter.
A surge.
In the softball wheel.
So the people education as well as the informational.
It will be a totally different award.
So the television the all the other young people.
Information on the of knowledge.
You as a major away.
Produced as well as.
Search.
Got it okay.
All wheel.
Steel.
So we're pretty video assets.
Yeah.
It will be at home they differ.
So the television the all the other young people they will meet or using solve all we do as a major away.
Okay.
Got access of the information.
So I forgot advocated and whereas.
What I want to.
Other future.
Kind of thing.
Go without winds up big alive, this or would they be anything if you can cancel head count there might be down Arsenal approach.
We are both ophthalmology Eagle life, both on slide two women to harder.
Hi, Peter like IMO.
What I want to.
Good.
Right.
Oh ruble and sums.
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Product would come down because otherwise the funnel.
Born out.
Women Duncan.
Yes.
Your life.
Well, I think thats, either sold or them down to the juice.
Ruble and.
I would translate myself.
No.
Yes.
So the.
Question.
Related to peak or live revenue, which grows very strongly this quarter up by 25% quarter over quarter.
And how much of that actually come from the go lives and how much comes from other products like like in IMO.
I would translate.
Right versus the high.
Right.
More from developed country or developing country.
Do we think about the revenue.
Wrongly.
Thank you actually have.
With.
Type of.
You know future.
Rick.
Your life and how much comes from other.
Thank you. This has been let me address those questions. So.
Yup.
For people live and.
I will end like is monetization.
The revenue.
See superior revenues come.
Coming from people like.
FICO.
We mentioned they have some revenue from advertisement, which increased by 25% quarter by quarter, but on an absolute dollar terms do.
For people live and.
I will end like is monetization.
Body superior revenues.
Due to explore monetization both from advertisement and.
Some revenue from.
Hi, Paul.
And by 25%.
We are picture that majority of revenue.
Dollar terms do.
Leasing.
Than people isolation in.
The first quarter second question in terms of the country.
So Nike.
Thing.
Continue to explore monetization both from advertisement in Lycoming.
In the core that 26% of revenues coming from.
To give you a picture that majority of revenue.
Europe .
Your flagship.
We are in Japan et cetera.
That's the first quarter second question in terms of the country.
So obviously develop will will contribute more and more.
On the road.
Of the revenue.
In the core that 26% of revenue is coming from.
There will have will including.
That has.
Europe .
Frankly.
Korea, and Japan et cetera, compared with 21% last.
I think that is consistent with what we discussed.
For more.
So the analysts and investors before.
Meanwhile, Middle East and South East Asia markets do.
Eagle.
Screen monetization.
Revenue growth and obviously additional labor will be coming from for the synergies.
For the future forecast I think that is consistent with what we discuss with all the analysts and investors before.
So I wouldn't go to detail, but we are confident that eagle.
I will continue to maintain that revenue growth and obviously additional level will be coming from for the synergies.
Additionally that Q1.
Yes.
Oh, well today now your language.
Eagle International Glenn unlikely that goes that you, it's still likely the and May you look when they really in Calgary.
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Nike.
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Yes.
Just wondering what's the highest appendage conveyed in your top five cities for Nike on top of.
The mobile Internet user population.
What do you see us a tipping 0.4.
You mean.
Bruce if.
Growth.
In this region for Nike.
Hopefully.
Good question is full ad.
Okay.
Hey date.
So David just wondering what will be there. We saw also time and location for the next year.
Thank you.
The exclusive.
Yes.
Thank you and finally I will just first question and then sitting there which was the second one so in terms of the likely I mean, you at the right we achieved over only million I may.
Either way we saw also time.
Post as we said before is our our India.
An initial Russia.
No not only our I'll address.
Developed and emerging markets.
The which was a settlement.
You asked about the penetration rate what I can tell you if you look at the industry.
And they use.
All the shop on video.
In contrast, those.
So we said before is our India.
Say relatively low.
And some of the other developed and emerging markets.
10% penetration in terms of mobile.
Penetration rate would like.
So from that perspective.
I think massive opportunities and potential across all those emerging market develop as David mentioned in the last question that.
We truly believe cellphone video.
Just starting to take.
In less than 10%.
Sided in terms of the penetration future.
Also on that.
We are seeing massive opportunities and.
Well I think a genius.
Local as David mentioned.
What are too.
Genuinely better the June of 201 to that actually is on.
Yes.
Oh.
So we're excited and in terms of the penetration future.
So encouraging now.
There is how do you got from going so that being a little higher seasonal need solution you got tourism.
Yes.
Yes.
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Giovanna Dr. Jean.
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For two partially eagle attributed to encouraging.
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Thanks, Jim we took away the initial BB the Eagle time.
Delusional.
Yes.
Fair enough.
Bigger leases energy will be Intel Americans are Chinese.
Anymore.
There's a bunch of utilization.
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Thanks.
John if I'm not sure if and when I will emerge yield Hyundai tool.
Ultimately if I mean, you return we should be lesion.
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Format.
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No.
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Let me address your second question, so we shouldn't be too.
The next year or even the longer.
You know because.
Yeah.
Of diversity and passionately Homer.
Well as a major energy.
Yeah.
Efficient will be.
The agenda.
So arena.
Because based on our understanding is definitely the shortfall we do its.
So we do.
Further improve our comprehensive.
It's for the whole.
So as a major energy.
Season, why we took so shall we do.
You do arena.
One of the key strategies for the for the Corporation.
Or understanding that means a shortfall we.
International development in terms of cellphone.
So from so far we too.
It's a company.
Yes.
So that's also the meter reason why we.
Future.
Of our we do.
In China, which means every person.
We'll be use of the shortfall, we do apps.
Sure.
So the.
For development in terms of cellphone.
So far.
Similar.
Overall, we too.
Media, even social network.
So we will be in the future.
And as they try and actually already happening in.
Every person.
I'm afraid I actually.
Video.
The world.
So.
It's still a lot out a lot of people.
It was will be very similar.
Of the future of the shelf hot wheels.
Social.
So based on our understanding is which we believe this is our historical opportunities for the company.
A key.
I'm afraid I actually.
While two years several will continue to web I wish off all we do apps.
People.
They are tax those massive market.
All way.
So.
Part of after we have.
This is our historical.
I'm going to have the shortfall, we do content.
Yes.
As was.
While two years Daimler will continue to have our softball.
Space and training our.
Such massive market.
Since.
The first.
Fewer.
Our second part of after we have.
So far we do actually has been used all most also.
As was.
In the market.
Yes.
And if we look at us.
It is.
For the nature of the solve hall, we actually already class similar as the Rads your world.
Technology actually has been so far we do.
Has been used all most also AI.
We also represents the understanding of the rest of world.
The.
Over the air capabilities.
So while we do it's actually already class similar.
Okay I have logic capability.
For us will be our camera right. So.
Actually gave us more opportunities.
We do.
Scrap.
So also represents the understanding of the rest of world.
Of the sector.
Capabilities.
Okay.
Reason why we'll keep on.
We have.
Most of our energies focus on the shelf all we do development in the future.
It's more opportunities to grab.
Yes.
Okay.
Future.
Hi, how it doesn't mean comment I think.
Our sector.
Yes.
So thats.
The major reason why we'll keep on.
Most of our energies focus on the shelf our way to development in the field.
Sang from Bank of America.
Hi, gentlemen, today I would actually from.
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Management updated view on the competitive.
Anything.
Could chime in that position and then.
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Lag a.
You say competition maybe.
Hello, Anyways, so Tim.
Oh, one senior management updated view on the competitive.
Thank you.
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Our emergency, though not leveraging the time.
Let me address your.
Don't put on.
Of the shortfall we do.
To the jeans wear to work on chances to fit our harsha.
It's a most of the difficult year for us.
Mineral.
The meter reason behind that is firstly.
Well.
If you look at our shelf all we do have problems.
Let me address your.
Actually it was much shorter the other of the made or peers. We didn't this sector, we only develop legacy.
In the most of the difficult year for us.
Compared with other.
And that is firstly.
In the market like five years.
Of our video platforms.
In terms of.
Sorry.
The recommendation capability, we have a shop our video Pavel.
Our peers Eva has a longer.
Alexia.
Thanks Prs.
Compared with other compared with other.
But.
It's in the market like five years.
The sales marketing spending.
So.
On the full year.
In addition capability, we have the shortfall video path.
Also has more than five times of.
Offer.
Marketing expenses.
Prs.
In the last year, so put all those factors together.
Yes.
2019 is most of the obviously the most of the difficult year.
Okay.
For our shop, all retail platforms environment.
But Meanwhile, you won't we are facing those kind of.
Difficulties.
Slightly in the last year, so put all those factors together.
As a 19 is most of the I will see the most of the difficult year.
This fall.
For how far we don't have onto ballot.
I may use has been reached 150 million.
We are facing those kind of.
China, which is already amazing.
For our the likes is market share continue.
For the shelf always so far we do user.
Here as we mentioned before.
20, BD, especially followed by our.
We have reached 150 million.
Other technology.
China.
Continuing improved.
I definitely looking into 2020 .
Her father fodder for the shelf always.
US will be significant used.
Already.
And it's helpful that I also want to measure ammo right our I'm products.
As well as the other technology.
Currently we only allowed to users.
To watch over the shop our reduced.
Steve.
But in the future, whilst we start to allows and the encarta users.
It's helpful that I also want to measure animal rights our I'm.
Intel average ammo.
Correct.
Strong.
Honestly, we only allow the.
To watch of the shop our.
There.
To further.
It's hard to allows and incurred to the users.
Buys viewership of their shelf all radios with any of the I'm products.
Definitely tell average I almost.
Well this year.
And to consider concede continuously solidify our fundamental capabilities.
Especially.
Capabilities.
Sales with any of the I'm.
As we see.
So all in all this year.
So those kind of.
To consider.
How about us.
Firstly.
12 hour Ido pathway.
Our fundamental capability.
Claim uses or to talk to the can make watching what does it.
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Two more years.
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Future annual Shaunavon.
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The previously you got two more years.
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Partial amendment goeken called charges or terms or down the road value.
Global sourcing from each of those are going for.
Similar to the phone.
Thanks, good quarter to quarter averages of artifact way.
Due to the directs rerisking overseas.
Hello someone who.
In terms of our self all we do have on compared with other peers.
In order to go to slow down the value.
Global company.
In the emerging.
Sound to understand of the demands.
Question related to the director risking.
There is are there so far we do business oriented from the China business.
As for tier.
So very different.
Especially starting from the while we were global company.
Today so.
But we really focus on to understand the of the.
The compliance.
As a deep understanding about the local regulatory.
Is there.
As as well as a local content requirements.
Yeah, So it's a very different.
And that so that to help likely.
Global company so.
Her.
Starting from the West.
Really focus on the the compliance.
These actions.
As a deep understanding about the local regulatory.
As wise that data as the overall data protection.
Okay.
So that is behind that so.
We believe we in terms of the.
Our mature.
The risk globally, we are better than our most our.
Our technical actions in terms, so to better protects the user privacy.
Hi.
Hi, Matt Thank you about half.
Section so all in all we believe we are in terms of the.
Question come.
Right.
Clearly, we are better than our most our peers.
Go ahead.
Intervention buildings, you haven't given.
Matt let Jason.
Thank you.
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The trend of this.
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No.
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Given the fact, we have multiple different.
In.
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How should.
Do you think about.
The IMO like she.
I was hoping alive.
So.
Shifting.
Okay, I'll share a bit up a color on the U.S acquisition costs across.
Boston.
At the moment.
Thank you.
And then.
Also given the fact, we.
Thank you let me address those questions. The first question regarding sales mining says for Beagle.
I.
See that the third quarter the sales by express is relatively lower compared with second quarter.
Okay.
Those were seeing very healthy pattern for.
Our user retention.
And as David mentioned that we.
We start with small base, we are seeing more rapid progress in more conversion markets and develop.
I think is relatively lower compared with second quarter.
Our monitor our user retention as well as the balance of the of the gross.
And as David mentioned that.
Yeah.
The starwood.
In 2020, they didn't mention that our pressure will be.
See more emerging markets and develop.
Yes, less money for sales model it just means.
We monitor our user retention as well as the balance of the.
Any user retention panel continue to.
The market.
Yes.
We accomplished spend more.
David mentioned that our pressure will be.
To be it a bigger acquisitions.
So going to spend.
We're also focused on monetization on on the like as a measure will money has through.
And once we see that pattern.
But.
Anthony user retention kind of continue to.
From.
We accomplished spend more.
The.
Yeah.
I can foresee.
More.
For digital sales.
Echo system.
Can use acquisition.
Also focus on monetization on on the likely as I mentioned, we'll money hassle.
Before I move our key focus right now is.
Leveraged synergies among different.
The quality of the.
I will say that.
Other than.
Good.
Despite the sales might attract more users.
Vehicle sales.
And we'll focus on.
Efficient cost.
Quality enhancement fly more.
Stifel across different.
Key as I said.
So our key focus right now is.
She to country it differs.
Put into different stage of development.
Our into IMO rather than.
And I'll share a single number for like he's use acquisition cost.
And.
Equal I, we've been doing be will allow for quite a long time.
On a four likely as I said it.
Continue to do sales marketing for people like music was not on a big scale.
Stage of development.
So we cannot share a single number for like he's used acquisition cost.
Slide we've been doing the life for quite a long time, so I'd say, so relative stable business.
Final question.
We continue to do sales marketing for people like you said was not on a big.
Jim Mora.
Compared with likely.
So that's.
Uh-huh sharing on July or Matt.
Thank you gentlemen, Oh.
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Social ammonia mill can only hopefully I changed or Jami late January th deep.
Eager to <expletive> fundraising gender John you guys shedding.
First question is about why why light, but like broadcasting business in China. As we are approaching year end. So I just wonder if management can you share any colors as to.
The potential growth rate.
Why why at night.
Potentially could or could achieve next year and also just wondering if there.
The management see any changes in the competition landscape in China as my broadcasting business that is caused by new entrance such as though you know enterprise show. My second question is about the relationship allowance relationship.
Oh, just wondering if there.
The management fee any changes in the competition landscape in China as my broadcasting business.
Oh, yeah, so I just wonder if we.
Hi show My second question is about the relationship allowance relationship.
Before in a post the divestment.
It's also.
About.
Tencent will likely.
Speaking of now.
The hotel for yet so I just wonder if we.
Okay.
Got it make it a competitor to why why in China in overseas markets. While so just wonder if while I can't really has or will assign a lung competition agreement with post.
Gaming.
Entertainment content.
Which.
Okay.
Joel it make it a competitor to.
So why why in China in overseas markets, well, so just wonder if while I can't really has.
We will assign a lung competition agreement with post the divestment.
Q.
Actually if you back out the blends would not have they found I mean in.
Okay.
Our eagle.
Yeah.
Yeah.
Well, what you got country how fortunate.
Yes.
Yeah.
Okay, and what you have got.
You can get it can be MACI out on.
Okay.
Okay.
Now looking at how do.
I'd actually went without having that many many times.
Sure Thank gosh.
So we should teach you didn't know football.
Well you can ship I hope they more hey, shake out I think I should.
Hi.
Okay and habitats.
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Hi, my tissue.
How should I know maybe you could you please.
2000.
Joe the how would you.
Okay, Angela I take attributed accounts.
Again, we don't yet.
Canaccord.
Yeah.
Check out I think I should.
So with that.
Hi, tearing up when we're at that.
Now let me could you please.
Yeah.
Okay.
Once again.
You bet I agree.
Okay got it again.
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Okay.
Hi, Michelle you got that once again.
Do you see Davidson County should tell you one injection had either we kinda yoshi.
Yes.
Sure.
Yes, I mean, that's causing Cushing hail and then what kind of Pennsylvania.
Hey, good proxy.
Sure.
I would again.
Okay.
Okay Davidson County.
So the only thing let me address your questions. So firstly.
Sure.
In terms of.
Hello landscape with their shelf always in China.
Equals made upward.
Oh, great give us a cellphone we do products is a very.
Sure.
Let's say.
Product, which is can have an impact with the different perhaps of the.
Services all products.
Most of the competitive landscape with short haul radios in China.
So far way too.
Agreed to the shelf on video card.
Yes.
So it's a very.
The trend for example in terms of.
And have impact.
The different types of.
Services our.
Some of the midstream.
Hi.
Platform, which is already impact of their traditional auvs their music distribution channels.
Well the China part.
Somehow is seen as a shortfall we do have occupy a lot of.
Phil music distribution.
Well as.
Interactive features.
See already become the mainstream.
The impact for the Stringer social network.
And traditional.
Comparison.
Within China.
Things are live streaming business also for our live streaming platform has a very.
Interactive features.
That is why also has some of the impact for the Stringer social.
That is why if you look at this year's why.
Our kinzer Shaw things are live streaming business also for our live streaming platform.
Has a very.
So gross.
Of the user.
Overall, our lives revenue and we expected.
Herein.
You are also have the same.
So this years why.
So while we're still measure is for this year to paying user number.
Patient from the shelf all radios.
They are going to fixing the improved demonstrates a very healthy trying to for the whole.
So all in all in the future.
The.
Those are our lab streaming business in China.
Especially.
Seems to paying user number.
When you focus on the.
Significantly.
To fight.
Okay, so very healthy trying to for the whole path.
Eight the different types of the interactive features.
Hey, we're still very comments into in terms of future while lives de.
Especially.
Since we continue focus on the.
In regards I wish it was we are.
Okay.
First of all we still very favorable look upon we as a potential.
The.
Gain as you can at home.
Finally, we are still very comments into in terms of future while lives the.
Continue to support we are and facility we are onto the point, where 10 cents can exercise the option which is coming.
First of all we still very favorable look upon we.
20.
So.
On the asset the auction, we can obviously consider sell portion of we all share.
As Paul.
Two.
Support we are.
Your second question for the competition.
10 cents can exercise the.
Im nice you need any anything unless you mean.
From March next year to March 2020.
I mean before both in China and overseas.
It considers sale portion of we all share.
Gained market.
Our two.
Two numbers both from the supply side.
For the competition.
We have seen.
And Im nice unit, meaning anything much you.
Coming popular online.
That's a big.
Clean before both in China and overseas.
We'll continue to drive.
Never zero some gain market.
Coming into different and immunizing capital on the demand side.
And demand.
But in China with this huge competition as you.
I am more audience people, becoming popular online.
Let me start.
It's a very early stage.
On the supply will continue to drive.
So I don't think competition within.
Coming into different.
He is a big.
On the demand side.
Great. Thanks.
Panna with this.
Just quick follow up and so how are you going to use cash proceeds to be received from the sale hopefully our shares.
For anything.
Okay, I have a range of options.
Machine is a big.
I am being on the ROI of different alternatives. So I think our strategy right now is to remain flexible obviously, we also pay attention to the shareholder value.
From the sale hopefully our shares.
Ways of generating high ROI projects for ourselves.
About range of options.
So for the color if is it seems on.
The ROI of different alternatives.
Okay.
I think our strategy right now should remain flexible.
Obviously, we also pay attention to the shareholder value.
The closing.
We also trying to find new ways of generating high ROI projects.
Our call we look forward to speaking with everyone next quarter.
Is it himself.
This year I guess.
Okay. Thank you.
Thank you ladies and gentlemen.
This.
Todays.
So.
Oh.
You know much fear.
Uh huh.
Then you may now disconnect.
Thank you operator, thank you for joining our call. We look forward to speaking with everyone next.