Q4 2019 Earnings Call
Well at the end fiscal year 20, Nike Inc. earnings Conference call. At this time, all participants are either listen only mode. After managements prepared remarks, there will be a question answer session. This conference call is being recorded you have any objections you may disconnect at this time.
I would now like to turn the conference over to your hosts for today's call Chung use Io hit me. So it's all your job. Please go hit your Jeff.
Thank you all her and thanks, everyone for joining us on the call today Army search and Bill and the all our near term phone call again feel all inter while being CFO and Mr. leaching did game development officer.
For todays agenda management will discuss highlights for the fourth quarter and fiscal year 17, 19. This will be followed by a question answer session.
Before we continue please allow me to read your child Safe Harbor statement.
Adamant that aren't enough historical facts, including statements about the company's beliefs and expectations.
Our forward looking statement.
These statements are based on our current than asking me and projections.
And therefore, you should not place undue reliance on them.
Forward looking statements involve inherent risks and uncertainties. We caution you that we're a number of important factors could cause actual results to differ materially from those content any forward looking statements for more information about the potential risks and uncertainties. Please refer to the company filing.
With the FCC, including his most recent annual report on form 10, yes.
Ill now turn to covert our CEO Mr. timberlands.
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Intently 19, we took a number of steps to enhance our compatibility to create new high quality again, focusing our go over there are developing top games, we prioritize R&D for mobile game development, including reorganization of roles and responsibilities fill in.
Through the R&D process and front strengthen teamwork. We also worked hard on our existing portfolio by introducing new game content and implementing a verity of operational model as a result of these matters our results for satisfactory in terms of player engagement.
They are in retention and revenue for the year for the full year country 19, our total revenue was $455 million non-GAAP net income was a $179 million.
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For the fourth quarter of 79, King our total revenue was $135 million I think performed well with revenue reaching $132 million.
Our non-GAAP net income for the fourth quarter was $63 million inline with our updated guidance.
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For PC game, the new expense impact foretell Bdcs a launch the during the fourth quarter fulfillment, while the nuclear introducing in APAC at a high acceptance rate with players.
Jason The October we rolled out our first on science hardening will event for player.
We are happy to see that metric for player engagement and the willingness to pay or both very stable in the fourth quarter there'll be DTC revenue rose slightly on a sequential basis, which was better than we expected.
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And our first quarter of Twentytwenty, we will launch a new expansion pack introducing allied events, especially designed for the Spring Festival and Lantern Festival. Meanwhile, we will also launched Twentytwenty first promotional event, which ranks and reward our highest paying users.
In order to fit stabilized payer attention during the holidays, we expect a rising Shelby PC revenue in the first quarter can differently on a sequential basis.
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Revenue in the fourth quarter of a 119 from legacy TRP mobile increased significantly on a sequential basis better than we expected. This was mainly thanks to new content that we introduced.
And promotional events that we launched during the fourth quarter after reaching our Chief claims development Officer will give you an update later on related programs with game.
Some digital essentially in the until now and so you'll continue to solo Goshen until we went dean.
The annual new approval to tell the you'd see passing some bunch of other means.
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Hey, I'll be the order, which was launched during our third quarter Panty 19 saw relatively stable revenue in the fourth quarter. However, because of its relatively narrow content and high cost of promotion. It has not yet generates a the material profit for the company.
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Looking ahead, we will continue to execute our core strategy of top games and our strategic focus will continue to be animal RPG mobile games.
We will also seek to make breakthrough in developing casual games and our strategy game.
We intend to put more effort into the international market for games.
We believe our patients and hard work well in the yen the productive.
And we look forward to bring more quality game products and better game experience to payers around the world as well as in China.
Sham in single Cisos using Pembaruan, we've seen concerns just knowledge at Union Bank Tils ordinances into class.
With that let me turn the call over to monitor we changed our TTM revenue development Officer give you an update on related program of leverage LPD mobile should hear those but you do woman lucido weighted can also growth as well as you know some ballpark ramp up.
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During the fourth quarter Plenti lighting as scheduled we introduced casual game play for elaborate a choppy mobile.
Featuring adamant strong from day to day line.
Listen we made a preliminary adjustment of the scale system of all plan and introducing new pvt gameplay, which shows more fairly to lower pains here.
The combination of one new client and some promotional event launch the during the quarter has led to improvements in payer engagement and a willingness to pay.
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During the first quarter of a twentytwenty, we will launch a new expansion pack with another new plan as well as targeted holiday events for stabilized player engagement.
It is our long term operational strategies, we will review in came from optional event during the first quarter Twentytwenty.
We expect celebrity LPV mobiles revenue in a first quarter on Cdtwenty for drop on a sequential basis, particularly stated earlier in the fourth quarter of attendee 19 perform the while Q2 heavier in came promotion.
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Now, let me turn the call worth our CFO mr., while helping to discuss the financial highlights.
To do it soon.
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And then duly actually two entities SAP will Monday Qualm have off season, we're pleased with how the each about how we achieved these are people interested to pay clobetasol.
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Before I walk you through our financial highlights for the fourth quarter.
Larger remanco that as for the company cinema advertising business. These operations during the third quarter attendee 19.
Its results of operation half being excluded from the combination results from continuing operations in the Accountemps consolidated statement of operations and are presented in separate line item as discontinued operation retrospective adjustments to the historical statement.
Having made in order to provide a consistent basis of a comparison unless indicated otherwise results presented here are related to continuing operations only and exclude results from the cinema advertising business.
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Now, let me walk you through our financial highlights for the fourth quarter.
Our union these digital so im totally to in some demand to be some downtime in the central when beaten down patent Entre you conclude consumed on large equally to.
Total revenue was $135 million, an increase of 35% year over year, and 72% quarter over quarter inline with our updated guidance.
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Online game revenue was 100 and the $32 million.
An increase of 40% year over year, and 72% quarter over quarter.
With our updated guidance.
The year over year end quarter over quarter increase that was mainly due to the contribution of GLP the owner as well as with the improved performance of some other companies older games, including Calgary, DTC and legacy choppy mobile.
On 8 billion beef was utilized sandbox overall rate summer EMEA only sudden benefiting from some downtime nurthen KONI shutdown to accurately diagnose attend the incumbent vendor cobank ongoing overshadows Lemon Gentrup, let me them down to offer the youngest Argentina openpower yield from India.
Our advertising revenue was $3 million, a decrease of 17% year over year, and an increase of 23% quarter over quarter.
Year over year decrease for the mainly due to fewer PC and mobile games being marketed under 1103 website, so quarter over quarter increase was mainly due to more web game theme marketed under 1001 0.73 Dotcom OSAT.
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Now let me provide some more details about other financials from now on most of the Peakers hiscox will be on a non cat business.
As a reminder, if have final reconciliation of these non-GAAP measures in our published or an increase.
Molly Vapam its usual hardly anybody for due to labor environment are eagerly anticipated away by mid season.
Gross margin was 75% compared with 83% in the fourth quarter, Sandy 18, and 78% and a third quarter of handy 19.
Baliotti Molly labor materials are evaluated the due to impact our tools are eagerly anticipated away from this feedback.
Gross margin of the online games business for 75% compared with 85% in the fourth quarter of Santi 18, and 78% and third quarter of 2019.
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Operating profit was $13 million compared with our operating profit of $21 million in a fourth quarter can be a team and $35 million third quarter, 119, which will be kind of going for the preceding year until you and radio sentiment owning them.
Finally, CCTV rent way down 10, some elements are doing and defend it would really really fundamental element.
Net income from continuing operations attributable to China. The common limited was $63 million compared with net income of 23 million.
Dollars during the fourth quarter authentic 18, and net income of $34 million during the third quarter Panty 19.
Quickly kind of going for the CEO mentioned me Watson book income combating so easily email and.
And finally be facilities OE may lead and supplement our Ito indefensible, Chile, So eventually and we also made.
Fully diluted net income from continuing operations attributable to Charla come limited.
Was the 1.1 $1 compared with net income of 44 cents in the fourth quarter Pendy 18, and net income of 64 cents in our third quarter of Sandy 19.
Permian jumped chicagoan sort of the confidence of course angelotti costs.
Moving onto the balance sheet and the cash flow statement.
This is our union started essentially units Toyota facilities. Indeed Sunday Aneel, you may ramp associated Rd, Bionic sight, essentially you that infinity view of a million see made and continue to end up to actually our lead on the NDRC too high value. Within these are you made and the collated equally.
As of December 31, 29 team, we have net cash of 300 and.
$306 million compared with $671 million as of December 30, Onest trendy 18. The decrease was mainly due to the distribution our special cash dividend of about 500, and a $3 million in the second quarter of sent in 19.
Tony and this was due to the you into new rates in the auto was Hormel EMEA.
For the fourth quarter, we have nine operating cash inflow of $32 million.
Some into an article is our Union Chen end up how we see.
Now, let me walk you through our hunting 19 full year financial from very briefly.
So in total may for them, we made and so our evaluate some downtime this year.
Total revenue was 455 million dollar representing an increase of 10% year over year, Molly Wade banded Susan Hardy Banyan Maliphant environment.
Gross margin was 79%, which compares with 83% intently 18, you really rent may EDA and mutual M- Honey Banja radians amalgamated operating profit was $169 million compared with $138 million into 18.
Gleefully hung on to the Treaty year was 11, leading CTO EMEA Harley Banyan, we eat in our timing.
Net income from continuing operations attributable to China, Unicom limited was $179 million compared with $173 million into 18.
Gleefully kind of go for the CEO make will make works and knocking them combos employee please send an email.
Our manually RDR domain.
Fully diluted net income from continuing operations attributable to China calm limited for Mds or 3.3, $1 compared with 2.29 Dollarssix hundred 18.
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And it went ahead and we expect CCBU Soto 30, the heart failure entity Anthony Me antigen, let me turn BBAMS jokes about not.
Total revenue to be between $123 million and $133 million that implies a sequential decrease of 9% to 2%.
Volatility total 30, Denhart emails and treat Anthony me antigen, let me turn the permanent joked about Lee with into the revenue online game revenues to be between $120 million and a $130 million. This implies a sequential decrease of 9% to 1%.
Let me whats going quite let me quickly touching upon the stimulant Centennial Bank Ansys presents the Permian TDX non-GAAP net income attributable the child overcome limited to be between $39 million and $44 million.
Semi equipment in quite some zohr. Please when you kind of onto the may booming work and bookings come about employee cybersecurity domain sensitive balance than today.
Non-GAAP fully diluted net income attributable to channel Dotcom limited prady at somewhere between 59 cents and 78 cents.
So it was actually sunocos entity equals entity only some alameda.
Share based compensation expense to be around for a million dollars, assuming no new brands of ship share based awards.
Hi, Armenian easy to confer to Dahi cooks loomed up maybe entail mwh see them in our eco GMP fuzzy to see the mandate Mb equity, which didn't invent.
Our guidance, we have adopted a presume exchange rate of seven or may be to one dollar as compared with the actual exchange rate of about 7.03 Remondi to one dollar for the fourth quarter of 2019, Conversely, the young woman dump opens up into the hardly the telephone deal with high when steel.
Currency like last quarter, we won't take questions regarding the going private proposal in a few annotation for this call from this ongoing dialogue suited Ida to transform accretive and I wonder.
This concludes our prepared remarks. Thank you operator before we begin this time would have a quick reminder, to the analysts to redeem achieved for those who gets paid Chinese. Please kindly ask questions in Chinese first then followed by an English translation. Thank you operator, we would like to open the call to questions now.
Threes and German will now begin the question at non so essentially if you wish to answer questions. Please press star one on your telephone and referring to be unknowns. If you wish to conceal request. Please press the pound or hash key.
Sure.
Your first question comes from Thomas Chong from Jefferies. Please ask your question.
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Like you said was up warm and see I'll give a swag minutes choose our biological.
Our friends management for taking my questions and wish.
One thing could save and how.
A question about global mobile risk can management share about.
Our user and our time span in PC and mobile.
In the past two months.
In particular.
We also here that internet cafes being shutdown because of the library. This want to see about the impact of wireless to our PC and mobile games.
And my second question is about the overseas.
I mean strategy.
Talk about our investments in more resources in overseas expansion, just want to kind of sense about which country.
I'll be more interest penetrated into and what kind of eight and Dr. Mark we expected.
To invest more resources. Thank you.
Okay easing the Toyota Yeah with the hinge on how your holiday meals, citing then.
The Corona light virus.
It has some impact for us there is positive ones than they are also active one.
How they remain ISO new installations that Johnny CHS or you'll see those areas also uses for users India, So with that I sold as India.
For good ones because people are more staying at home or working from home. So we saw some metrics like time banning game and also active user number our increase in the first quarter.
CTG to dine with us only use autism.
So in a fourth quarter, we believe that PC game revenue will be our.
Does apply the immune to see regionally in womens instead of focusing incisions food. So we also its neova consumer statistical food you include NAIC OK Google.
By government regulations that have we only allowed to half 50% of employees to work from the company. So we still have brands a lot of employee to work from home.
So you will managing the until Solexel elements, such as a team has done a good Leo just squeeze thats adoption sensing we took a regional using cell sulaiman.
To that often answer which is are we sort of himself.
Take celebrity LPV mobile for example.
Path typically we had.
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Like banks impact per month or.
More than one month, but now we have some delayed expansion packs new expansion packs update.
Josh PCG do well minutes ago to Hell hold on sort of Zahar NARTD to ammonia, which also jinsong suzano don't see TD due till ingenium isos, and so we'll use or shutdown.
That we mentioned the down in the fourth quarter, we had heavier promotions anima first quarter Twentytwenty will reduce the that promotional events. So we believe for OLED at the top in mobile revenue will be will go down in the first quarter.
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Matching and I will encourage is unwilling shutdown assumption that Hulu.
This year, we plan to launch more tainting, South Korea market.
Those are genuinely sensors omis is huh.
Later this year, we will pass orders in European and American markets.
Sure Yes.
Thank you come up.
Thank you.
Your next question comes from a deep Yong from Bank of America. Please ask your question.
Let me point right now.
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No no surely portion of how much.
Thank you Emil share the shop. So my question is about new entrant, we have seen.
Some leading shelby deal patterns entering into permanent so just wondering if there has been any impact on the retention rate as far as to compensation for the Katy non stop I think of teaching.
Sure.
Constantly being Diane Dyer hedges general you'll see how year patricelli consider any chance to can Jimmy that will simply will between us and client.
Yes, we called out some short form video company entering to the other gaming industry, but it depends on different gaming company.
So Jim.
The answer eliminations.
So we are the finally advantage ounces solution you will see Chengdu, we'll see.
Now this content company the strategic focus will be more on super casual game.
So you can't answer the share.
Kevin.
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Door Cheadle, you'll see you'll go the entire Cleo so now the engine.
So from the very beginning I believe that it will impact more over to though.
Casual game developer rather than.
The hardcore animal there.
Sounds like on the time of the income without any tonio eases the judge our utility for them in London Cedar Susan.
Yes.
We have been working on multi animal RPG hardcore RPG game. So we don't think there will be obvious impact to us.
So intention icon shushing tissues on 17 year fleets, we can singled out soon do you see the Susan.
From longer term perspective, we believe that the new and enter it will also go for animal RPG market.
Does it will materially can answer is only in China, but had timely.
To do you will see surgeon, Tom Lincoln BIOGUARD, Todd, maybe loses hygiene and discounts usability doesn't certainly Douglas within results incumbents on the trigger a user.
But we also believe that a long impact up too much because we have reached experience in this area and also the mm RPG market is taking now eight and it allows many players to compete.
Sure, Yes, Jason.
Thank you.
Your next question comes from Nielsen Chung from Citigroup. Please ask your question.
Setting.
He's in fiscal two.
With that and France, you can kind of.
Stephen when do you think when you've seen in the senior.
To the ability for anything similar but since the inception.
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Okay. Thanks Kim.
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Let me translate my questions into English, but first question. It's about the new games can management provide an update on the timing of the major new came largely from 2020 and my second question is about.
Mobile PC game mix can management share the fleet of connecting revenue reported gross billings basics. Thank you very much.
Well continue to yield cyclone mm RTT say, Emma not say jinyan, the India for the millions who cannot lose you present Jim.
We have several I'm, obviously under development and we plan to launch them.
Second half this year or next first half next year.
No no 10 transactions insurances.
I'll tell you would assume the buildings easily or.
The FERC.
Animal will be.
M.D. mobile.
How this will be higher will be felt either.
Well the congenital my best as you the two services.
The testing results show, great potential to improve towards where theres still improving again quality right now.
Sorry genius ideology too easily Sanjay clown Susan ratios on client.
In the second quarter or mid year, we plan to launch a table game called Tetris.
No highly clan. So some of those answers Centanni study data sheet transitioned Amy chewed up our holiday games on the league residing a decent utilization.
We have another life and gain car dynasty warriors and due to the programmable license approval. We are applying that so we plan to launching a third quarter.
So I hung losses on generically.
The 100 cindat each year billions on vessel on loans to change on businesses generally Angela each Italian clients.
You will see now cancer hundreds of issuing a whole hundreds of level.
For overseas market, we had a straight pocket for two and other to title to be launched in South Korea market, but due to the Panera Corona viral situation really depends where waiting for the right.
Timing.
The other one ti so each and then DCG do shown signs of that being sold ISO 20 also uses which services services about.
In terms of our revenue the split is their mobile game account for 48% and PC game account for 52%.
So those are the job too.
Tony will diesel uses answer there will be uses.
In terms of cash receipts.
PC game account for 36% and mobile game account for 64%.
Sure Jeff.
Second applications.
Your next question comes from Alex Poon from Morgan Stanley. Please ask your question.
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And what kind of rolling only now are you need to hold the Houston effect yet.
I will translate my question Oh I'm sorry. My first question is regarding organic growth legacy TBB has seen very strong growth in 2019, Candice double digit growth rates be maintained in coming years and second question, it's about cost control.
In the last two three years Opex ratio has been coming down and operating margin has reached 37% stake in Q4.
How should we see the coming years. Thank you.
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To follow through July come into the low you see the.
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Thanks.
Alright speaking, we believe for the stable performance from older games. There are several aspects are easily seen we've done it sounds to Sundance and he says on the Houston.
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You are they going to so you can then.
Sunday to Yahoo.
So truly an order so we aim founder.
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Either way MMR easy path couldn't borders.
In that can go to Leslie eager to adoption of will sometimes when they either.
First of all we still believe the new PMR for PC game or.
Older game.
Decline declining and secondly, we believe that four players with more than five years, a gain experience is increasing and.
Thirdly, the new competent her for new gain new quality games in a market.
Is the Alaska than before.
Food Swizzle War total woman no place Eli condensate on some down time, guys to Karim alluded to the table, which is often be easily put on the systems on international and top line.
Got it causes the whole, which is absolutely you can then was listeners on.
Lumos ones, who tell a huge or they don't come in and handling apart from high kenobi adults.
Tampas outside that with all the shutdown.
So from our.
Point of view, we believe this quarter over quarter increase was not sustainable and in the future. If there will be new quality games launching into the market. We believe will.
Okay some of the failure.
Yes.
Well I pointed out they are when he will trial be quite common quantify metro sandoz or to the onea will need to that become unicom number not time, thank you and bottom illness or hybrid TV, the cold, let's say five millimeters from meal.
Generally and we look at home the benefit that you see a wholesale dispatchable Mesa pharmacy diseases that lead a low possibly the that 70 homes.
Over the years actually we've been optimizing our cost structure of supporting departments without being investing continuously in R&D protest and we have been working hard to control costs on the others at that.
Yeah, I have a bomb in our society and now we'll need to goodwill by simple you leave it goes into the goodwill, Colombia, Chile, Ecuador Monday, the nearly the conference.
Secondly, actually we are shutting down some.
Subsidiaries with the losses over the past year.
Now, let me take away lighter because the earlier to determine whether this would have young.
James RC message today, you may now towards your goal Utac more tenants in contact play we will come then be dollars who's our chief economist that tend to hold the outdoor somebody Atlanta hosted UC, hoping we'll go thanks, a lot since I'm going to show you own who will be our border so easy to come even the dealer due under the 200 weather subsidiary will address.
General and essential to be somatic abound.
As the difficult to predict the future cost trend because one is the use of our revenue structure for PC game. It's cost is quite stable fixed and for tend to be launching that future. It depends on the proportion of PC game and the mobile game.
Is it.
Thank you.
Your next question comes from Reburial Cool from Credit Suisse. Please ask your question.
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One clarifying probably that went to Oh I have a little a follow up question R&D or in fact cafe closure all are due to be our current on virus outbreak. So could imagine trying to explain our remind ourselves a intevac affair contribution or revenue contribution I never broken contribution for the P.C.R.J.
I'm, Robert Autographing, our secondly, or <unk> or regarding the T. I'll be back a few times.
Regarding the T. I'll be mobile I could imagine trying to explain to I see or the current plan for the major uptick for this year. Thank you.
Oh, it's really keen whatever it other than either of our Michael who treat you probably want is on I'd down the line seafood woman slower so without approval, we'll miss one into another team he's facilitating who cannot be based on that.
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Okay Fair play it fourth related gains in their cafe.
That's the pull through you ways are these regions, but not.
Namely Jesus PC of loosely can go to actually Diversely, there could be a cold cough cold on make appraisal. So it's also going that route choosing what do you feel as well in fact actually wisely. So it's only my bound by two candidates announcements and ounces and I'm happy to either one.
So currently personal computer is not very difficult to attend in China. So we believe mode.
Our players play at home sellers typical to calculate the.
As Lou I mean, why we highlighted on the high season, a woman. So what are you still feel for anyway in evaluating that than down.
What we saw is the active payors number on the active players.
Increase during the Corona virus impact.
Yeah I'll go into use all will lose genzyme such amount so part of it sounds easy to get all that I think Luca.
From a woman who choose for she is little woman. So you've seen them, but can also nice you sort of our publicity around to that.
Yes.
Okay.
From our advertising mobile typically we launched expansion pack within one to two months and now we are working hard to minimize the impact caused by Corona virus.
So is let's move on T. lines, you kind of I think things on the operating some though family a common for you.
The current assessment will be ER.
Taking base by half a month delay.
That's a two you find you likely camouflage say to you we want them by line.
So good that okay, and how that plays from those who dealing with them quite reasonable soundly likely down high some yacov.
From PC game, because we are not launching many expansion pack brick more frequently so it's controllable.
Good thank you.
Thank you.
Once again, if you wish to answer questions. Please press star one.
And before I need to Vietnam.
Sure.
Yes.
Okay.
Yes, there are no further questions. We will now begin closing comments. Please go ahead you Joe.
Once again I would like to thank you for joining todays call. It will have another follow up question. Please don't hesitate to contact.
Thank you.
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Ladies and gentlemen, thank you for Fenty by angry evening welcome to chime useful.
29, <unk> earnings conference call at this time all parties things.
After the management the fact Remoxy <unk>.
<unk> balances action.
This conference call is being recorded.
That shows you may disconnect at this time.
I would like to turn the conference.
It was for today's call <unk>, if that's all.
Please go ahead Jeff.
Thank you all her to but well have a lot of forgone enough on the call today Army search and no one the all our knits are once again, theyll inter while being CFO and Mr. leaching 15 development officer.
For todays agenda, Matt Matt will discuss highlights for the fourth quarter fiscal year savvy 19.
It will be followed by a question answer session.
Before we continue please allow me to read your child's Safe Harbor statement.
Then men that are not it's Oracle SAP.
In closing statement about the confident but indeed.
That patient.
Our forward looking statement.
These statements are based on our current that asking me and projections.
And therefore, you should not played out your reliance on them.
Forward looking statements involve inherent risks and uncertainties.
We caution you that we're a number of important factors could cause actual results could differ materially in from the content and any forward looking statement.
For more information about the potential risk and also can you. Please refer to the company fighting with the FCC, including his most recent annual report on form 10, yeah.
I will now kind of coal, where our CEO mr. Kendall and.
Hey, good job.
Diode each on there. So I saw you held off on that.
Probably always all sorts of Hollywood, she's a little bit Isle.
Well done little hook hiking valuation.
No doubt woman lessons of our goal.
I'll tell you a high end up either again so.
Seaborne T cell as high yield so sounds rutile she doesn't meet.
Well that all Oceania.
Well done it's how you'll see news on three turns Cushing.
Sure well Honda in cancer.
That one Gopal Yeah, Hello, John you do so if I'm in go to that I think the mosquitoes and <unk>.
Oh in Asia and Australia.
Consistent with total waste again, where we may again.
Can you really Egan Chito Elaine.
In closing I think we took a number up that to enhance our compatibility to create new high quality game.
Focusing on our go over there up developing pumping we prioritize R&D for mobile game development.
So the re organization on roles and responsibilities to improve the R&D process conference progress and teamwork. We also worked hard on our existing game portfolio by introducing new game content and implementing a verity of operational model as a result of these matters.
Our results for satisfactory in terms of player engagement very retention and revenue for the year for the full year on the uniting our total revenue was 455 million dollar.
Non-GAAP net income was hunger and $79 million.
Oh, no we don't yet this is you do.
Courses on solely either Sallie Mae there.
So you don't you'll hear we also now.
So with that I'll, yes, sorry leave them.
This is a diesel goes the junior nearly you'll see some that won the.
Yes closer to tell the whole does it all seen sites.
For the fourth quarter of 79, King our total revenue was $135 million highlighting performed well with revenue reaching $132 million.
Our non-GAAP net income for the fourth quarter was 63 million dollar.
And with our updated guidance.
So I thought it was on man.
He said you do Philadelphia, Washington that so now if you sell going out.
One job they seem unpacked yourself to jump out.
Let's see LNG bundle, so soon Johnny allowance as Jim Your fleet.
She's the one Jack will hopefully, yes, so based on one thing.
You will see Sogou on these aoki, so you'll ecosystem Chen chief.
For PC game venue expansion pack foretell BPC launched the during the fourth quarter fulfillment awhile, so new clients, reducing in APAC had a high acceptance rate with players.
The October we rolled out our first on site hurting all eventful clear.
We are happy to see that metric for pay or engagement and the willingness to pay or both very stable enough fourth quarter. There will be PC revenue rose slightly on a sequential basis.
A lot better than we expected.
Oh, the El Nino equal.
Well not least on San seem to us it up here.
John really SUNS year Huggins Algea this as either she is on model.
Hello, Sir I want to switching M Pesa shelties on your model.
Yes, she tax years senior lending London looser.
Well, maybe audio anemia easy to get on Bob will tell you. The so lumpy John useful T cells.
In the first quarter of Twentytwenty, we will launch a new expansion pack introducing allied events, especially design for the Spring Festival and Lantern Festival. Meanwhile, we will also launched how different it for promotional event, which ranks and the reward our high paying users.
The other to stabilize payer attention during the holidays.
In fact, a rising Shelby PC revenue in the first quarter of can be lumpy on a sequential basis.
So I saw mills on there.
CDEL GBM and also you sold one lesion booties.
Elsewhere have also the issue.
So we all illegally Olin decency two seasons in the you'll see NATO close was helpful adult.
Well, you've seen them until say without you did some grants the whole local says I'll see you will see come out where we've seen generally dynasils sense either Joseph.
Formal Logan.
Revenue in the fourth quarter of a 29 came from legacy TRP COBOL increased significantly on a sequential basis.
Other than we expected this was mainly thanks to new content that we introduced.
And the promotional event that we launched during the fourth quarter.
So are we changed our chief Games Development Officer will give you an update later on latest Propath with game.
Some little essentially in the till early on so you'll see.
You too so bill Chantilly lending.
Really little total do sell at the.
Passing some bunch of other means.
You will see suddenly take looses allies Gentlelady right.
Yeah, I'll be the order, which was launched in a third quarter Plenti 19 saw relatively stable revenue in the fourth quarter. However, because of its relatively narrow content and high cost of promotion. It has not yet generates say the material profits for the company.
Oh, the nodding yes.
You'll see it honestly goes to the holdings on there.
Women Dyson gold medal occupancy that just with some.
She wants I took the OLED close you'll see I know you see from is not really useful to pool.
Closer well how is that highlight machines on NIM, Jason Campbell utterances.
Chunky 19, so John so hopefully ball.
Well when she that no got weak one not one job you can come golfing since the you'll see Thomson hunker holiday this year.
Looking ahead, we will continue to execute our corp. strategy of pumpkin and our strategic focus will continue beyond animal RPG mobile games.
We will also speak to make breakthrough in developing casual game and a strategy game.
We intend to put more effort into the international market for okay.
I believe our patients and hard work well in the yen the productive.
And we look forward to bring more quality game products.
Okay fair enough for payers around the world as well as in China.
Some in single associations have all black lung cancer. She has always had some gamba sales organization to class.
With that let me turn the call barometer, we changed our teeth into revenue development Officer give you an update on a limited program of Lepage LPD mobile share though.
You will number we see though it can also theres, one or two notable UPOP ramp up.
I would tell them soil mum had a tenant.
Teaching them, how you got a diesel to analyze woken up enough.
That down to you when they present the human Pat.
But.
Then he is on the one that according to hopefully that.
During the fourth quarter of 219.
We introduced casual game, thanks for lack of HIV mobile.
Thank you very adamant strong from day to day line.
Jason we made a preliminary adjustment of the scale because some of our plan and introduced the new Pvp gameplay, which shows more fairly to lower paying payers.
The combination of one new client and some promotional event launched the during the quarter has led to improvements in payer engagement and are willing to pay.
Challenging although it's when you can see nothing that.
The dilution among that includes will yield Sunday units here. It was only I wouldn't be monopoly and.
You will be thesis.
Okay, we're going to capital total got tangible to grossly bunkum gentle does how gaming coded or not but yes, RPC laid out you'll see switch helpful alone.
So why we will use looks at that.
During the first quarter of Twentytwenty, we will launch a new expansion pack with another new plan as well as targeted holiday events, so stabilized player engagement.
It is our long term operational strategies will review the endgame promotional events during the first quarter Twentytwenty.
We expect color that help in mobile its revenue in the first quarter on San Vicente withdraw on a sequential business, particularly since it revenue in the fourth quarter of attendee 19 perform the while fuel to a heavier inking promotion.
17 courses. So you talked a lot of each other than he has already on NBC T 20 years.
Now, let me turn the call work, our CFO mr., while being discussed the financial highlights.
To do assume.
I would say southeast associated with how we use the audience share shots, you think that accurately.
You'll use on some material taxes, concluding Tampa ammonia DTC is how we as you can also have all the seating you don't see tools being done duly actually sold to T. CEP woman. They don't have up to do at result harder.
Sure about how we achieve these are key to literacy to bake, albeit the tool, but it's evolved on comes in the embark on fiveg.
Hi, Tim.
Before I walk you through our financial highlights for the fourth quarter.
Much of that reminds you that as well the company's cinema advertising business. These operations during the third quarter pending 19.
The results of operation.
Being excluded from the combination results from continuing operation and that comes down to consolidated statement of operations.
And are presented in separate line item as discontinued operations retrospective adjustments for the historical statements Happing made in order to provide a consistent basis have a comparison.
Indicated otherwise results president of hit here are related to continuing operations only and exclude results from the cinema advertising business.
Is that what I'd say, though is that you put into how we see the target.
Now, let me walk you through our financial highlights for the fourth quarter.
Our Ito and Andy for digital controller way, you didn't sound EMEA Toby some downtime in the central when people down patent Arca you conclude consumed on lots equally too.
Total revenue was $135 million, an increase of 35% year over year, and 72% quarter over quarter inline with our updated guidance.
Hi, Tony Andy associated with our family also total radiance arguably that can be some downtime. This this it wont be some downtime America you come to consume that did not easily to Colby, let me come down to actively kellogg's and we have actually or the consent dependency to negotiate to talk was all add up Buffalo Taylor.
Daniel hurting them and cultural Youre, signing up low to the production.
Hi, Ben revenue was 100, and the 32 million dollar.
An increase of 40% year over year, and 72% quarter over quarter.
With our updated guidance.
The year over year end quarter over quarter increases was mainly due to the contribution of Glbt all there as well as they improved performance of some other companies older games, including Calvin DTC and the legacy choppy mobile.
8 billion people do that that sandbox overall late summer Atlanta, yet only soundbite initiatives, let me some downtime nurthen KONI sat down to actually start to stem the income Montana Cobank cardiovascular Magento, let me sum down to after that ill get back on our call that yield some gap.
Our advertising revenue was $3 million, a decrease of 17% year over year and an increase of.
And is 3% quarter over quarter.
The year decrease was mainly due to fewer PC and mobile game being marketed on the 1000 last anniversary website, so quarter over quarter increase was mainly due to our web game theme Mark the auto loans totaling 1.73 dotcom site.
Okay that what we see it turns out to kind of household.
Seven Harlan the topic on household you how you understood semi we're going quite.
Claims limited with lean questions over to that bunker directly settlement Fabulous garden had up.
Now let me provide some more details about other financials from now on most of the Peakers hiscox will be on a non cat business. As a reminder, fine a reconciliation of these non-GAAP measure our positive earnings free.
Malia due late by material Hardiebacker due to labor you Baretta Hardie, Tony empty 72 way back in this season.
Gross margin was 75% compared with 83% in the fourth foot R&D 18, and 78% third quarter pending 19.
Baliotti modestly labor and material are evaluating the due to live and partial already doing any Sunday the way back to see the path.
Gross margin of the online games business was 75% compared with 85% in the fourth quarter authentic 18, and 78% third quarter of 29 team.
Ladies and gentlemen.
Absolutely to MRM a downturn.
Hi, Ito and Andy 72, really early Santander.
Operating profit was $13 million compared with operating profit of $21 million fourth quarter, Panty, 18, and $35 million third quarter pending 19.
Please recall that treating you know until you and maybe we'll send somebody that.
Finally, mpcs or to me rent lay down 10, some Alameda county drilling and the 72 Sealy really sentence about on it.
Net income from continuing operations attributable to chime with a common limited was $63 million.
Paired with net income of 23 million.
During the fourth quarter, Plenti 18, and net income of $34 million during the third quarter Panty 19.
Actually kind of going for the CEO mentioned to me Watson talking some combating so either way he may you and.
Hi, everybody sees that utilities OE may lead to estimate.
Tony Indefensible, Chile seems OE ready and able to me.
Fully diluted net income from continuing operations attributable to Charles Com Limited, India was 1.1 $1 compared with net income of 44 cents.
Fourth quarter, Pendy 18, and net income of 64 cents third quarter Sunday night soon.
I'm in jumped to talk on so that's the comp Brad Delco essentially OTI costs.
Moving onto the balance sheet and cash flow statement.
This is on each on yet started essentially units Taleo suits. You said you send an email that started already bionic sight essentially you that you can do you have a node MC made that decision agenda to Australia are easy on the NDRC to highlight yet.
And the collated equally.
As of December 30, Onest 219, we had net cash of 300 and.
Hendra and $6 million compared with $671 million as of December 31 study 18. The decrease was mainly due to the distribution of special cash dividend of about $593 million in the second quarter offsetting 19.
Tony Mpcs Eagle that you into new Racemi order, which hormel EMEA.
For the fourth quarter, we have nine operating cash inflow of $32 million.
Tom in Dallas is always our Eagle in yen Chen end up how we see.
Now let me walk you through our 79 in full year financial from very briefly.
So in total may slow down we made and so our environmental down back this year.
Total revenue was 400.
55 million dollar representing an increase of 10% year over year, Molly Wade magnitude, Israel, Hardie, Bonnie and value if I may bounce on.
Gross margin was 79%, which compares with 83% intently 18.
Really rent Waheed ambulatory he made at Cagny Banja only and somebody that operating profit was $169 million compared with $138 million inside the 18.
Quickly, how youre going to that.
We believe in leading CTO Mam.
Banja our timing.
Net income from continuing operations attributable to China Telecom limited was $179 million compared with 173 million dollar things on the 18.
Gleefully Tioga also that CEO make will make watson bookings on consulting so easily Sundance anemia.
Valiantly RDR domain.
Fully diluted net income from continuing operations attributable to China calm limited for Ats was 3.3 $1 compared with 2.29 Dollarssix hundred 18.
The whole, where you already Harding MDC deal that Saddam equally positive.
Okay scientific evidence we expect.
To sum total is that you didn't have timing you answered EDA Anthony may enter Gen. Let me turn the buttons jokes about not total revenues to be between $123 million and $133 million. This implies a sequential decrease of 9% to 2%.
While he or she saw effect.
Ladies and gents anemia, and Justin let me turn the permanent joked about lead within total revenue online game revenues to be between $120 million and a $130 million that implies a sequential decrease of 9% to 1%.
Let me whats going quite let's quickly kind of both the stimulus that potential biometric sensors presents the by millions projects non-GAAP net income attributable to charter complement that will be between $39 million and $44 million.
They may Brooklyn questions. Please when you kind of also the May will make work and bookings have come about employee.
You'll make venture to clamp into debt.
Non-GAAP fully diluted net income attributable to China Telecom limited prady at somewhere between 69 cents and 78 cents.
So it was actually signed up with entity equals entities, they only some alameda.
Our based compensation expense to be around for a million dollars, assuming no new brands of should share based awards.
Armenian easy to closer to Dagi cooks loomed up maybe I'd say the liquidity related entities are ito and MPC to see the mandate mwh hidden.
Our guidance, we have adopted a presumed exchange rate.
Seven or maybe two or one dollar as compared with the actual exchange rate of about 7.03 of them in the to one dollar for the fourth quarter attendee 19.
Conversely, the young women sample was up and so they are happy that havent been deal with Iweb Fiberlan team like last quarter, we won't take questions regarding that going private proposal in the queue entity session for this call from that this ongoing dialogue ceded adapt to transform accretive under funded this concludes our prepared remarks. Thank you.
Operator before we begin this time of would have a quick reminder to analysts to waiting another tool for those who got paid Chinese. Please kindly ask questions in Chinese first follow the fire English translation. Thank you operator, we would like to open the call the questions now.
Thank you ladies and gentlemen, we'll now begin the question and answer the question. If you wish to ask your question. Please press star one on your telephone and wait for a need to be unknowns. If you wish to conceal requests. Please press the pound hash key.
Sure.
Your first question comes from Thomas Chong from Jefferies. Please ask your question.
Well I somehow.
So that you and yes, I doubt it is that comp.
Without shoot why you each.
Those are tied to welcome the hard woman.
Now, let me see lab.
Hi, Brian can Pcs farmland that sold optical each and the.
Can you.
Yes.
Yes.
Sure, Taiwan omni bands to shoot them at each month.
But kind of celestial should.
Right.
Can see tongue.
Yes, we each have quite steep.
Q1 that trend led by touching on SEDAR, Yes, you don't want that recently Sabal psychology, that's your whole evolve chose to.
Why that you've gotten there.
You can buy side.
Sure woman.
You said, what's that we'll see I will give us sweeteners true stockpiled difficult.
Our friends management for taking my questions and wish you a widening good safe and how.
My question is about global mobile.
Can management share about.
Our user and all the time span.
We see and mobile.
In the past two months.
In particular.
We also here that internet cafes being shutdown because of the libraries just want to see about the impact.
As to our PC and mobile games.
And my second question is about the overseas.
Gaming strategy.
Welcome.
The last month in more resources in overseas expansion, just wanted to get a sense about which country.
I'll be more interest penetrated into and what kind of eight and dry loss.
Expected.
To invest more resources. Thank you.
Okay, each seeing the Toyota yeah with a huge on how your holiday meal high the NIM.
The current on Vivek viral.
It has some impact for us there a positive ones than they are also netseer what.
How they made an ISO new installations.
Charlie CHS, what you'll see those shares also uses for users India. So let that I sold as and John.
For good ones because people are more staying at home or working from home until we saw some metrics like time banning game and also active user number increase in the fourth quarter.
CTG dual telling you the socially useful to see some.
So you know Poracota, we believe that pubic in revenue will be up.
Does apply the immune to assume each intervening woman instead of local consumption vessel goal. So we also scenario vessels statistical food Yankel Lake OK Google.
By government regulations that have we only allowed to half 30% of employees to work from the company. So we still have our brands a lot of employee to work from home.
So you are managing the until Solexel well much as Jim as you could lead to ultimately Thats, an LTM dosing integration Jane fell sylvan.
So is it alternative agenda, we saw in Asia.
Take celebrity Abili T mobile for example.
Path typically we had.
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Like bunch impact per month for.
More than one month, but now we have some delayed expansion pack new expansion pack update.
Josh on PCG, too well minutes ago to Hell hold on sort of zahar not easy to ammonia plants will suggest zones was another don't see the door challenging msos are suitable for use or shutdown.
We mentioned about Amba fourth quarter, we had heavier promotions Panorama first quarter Twentytwenty will reduce the that promotional events. So we believe for a lack of the topic in mobile revenue will be will go down in the first quarter.
Thanks.
Yes, Olin T cell biology is to say.
Well done.
Hi, I will say.
Generally and Joe has to say Hunkele, you'll find some new such and that general controls. So G.
Hello.
In 20.
18, we started overseas launching business in South Korea, Okay, and we launched Sid basketball with decent record.
Lets senior level local agencies are unwilling south assumption the total.
This year, we plan to large more game thing South Korea.
Market.
Most of that you know opus Hans Ole Miss his huh.
Later this year, we will pass orders being European and American markets.
Sure Yes.
Thank you Paula.
Thank you.
Your next question comes from a deep Yong from Bank of America. Please ask your question.
Let me translate.
Since each income.
I will make some game changing yeah, we ship on shipping hi.
Hi should I eat Tiger, we see sort of telling you NGL share totally sunga holiday that the we saw hi father you shared.
Okay, no surely portion of how much.
Thank you Emil shares that we shop. So my question is upheld new entrant we have seen.
Some leading shelbyville patterns, and what's really going to permanent. So just wondering if there has been any impact on the retention rate as far as compensation costs for the cable determine nonstop. Thank you appreciate you.
Sure Jeff.
Constant impassioned Diakides general you'll see how year topped the park also the Asia.
The can Jimmy that will simply Apatorsen client.
Yes, we called out some for the forum will accompany entering to the other gaming industry, but it depends on different gaming company.
So as you know.
So the mutations.
So we are the bodies on Johnson solution, you will see today you will see.
Now this content company as a strategic focus will be more.
Super casual game.
So you can't answer the share.
So she has also shown you will see the Kimberly will see the goes.
Gee.
He couldn't door.
On the door Cheadle, you'll see you'll go the plaintively youre sort of Asia.
So from the very beginning I believe that and will impact more over to though.
Casual game developer rather than.
The hardcore animal there.
Sounds good I kind of the time of the income without any tonio eases the judge our utility for the MRV Cedar Susan.
Yes.
I have been working on multi animal RPG hardcore RPG game. So we don't think there will be.
The impact to us.
So essentially icon shushing touches on 17 fleets will generate singled out soon do you see the Susan.
From longer term perspective, we believe that the new and enter it will also go for animal RPG market.
So literally countries only shyam patil timely.
So do you will see surgeon, Tom income BIOGUARD, Todd maybe as high as you kinda discounts usability Douglas us only Douglas within results on converts on the Zika.
Yes.
But we also believe that it won't impact up.
So much because we have reach experience in this area and also the animal RPG market is taking now items. It allows many players to compete.
Sure Yes.
Thank you.
Your next question comes from Nielsen Chung from Citigroup. Please ask your question.
Setting.
Condition table.
With that efforts you can kind of.
Figure when do you think when you've seen in a senior.
The ability for anything essentially shutting in time.
Okay from a single agents.
The covenant, which was a pretty intensive.
Thanks, Tim.
But when do you just a debilitating condition franchise.
To that one can so we were 62.
Thanks, Hi, Fi evolution pretend to be needed.
Let me translate my questions into English, but first question, if I thought that nuking.
Commencement prophetic updates on the timing of the major new game launch in 2020, and my second question, it's about that.
Mold RPG game mix can management share the fleet of connecting revenue reported gross billings basis. Thank you for lunch.
Well continue to decline mm RTC say, Emma not say jinyan, the India for the millions who cannot lose you presented share.
We have several I'm, obviously under development and we plan to launch them.
Second half this year or net for cost next year.
Now.
10 transactions insurance, Jennifer touch on the order so the buildings easily or.
The first.
I'm all will be.
DMD mobile.
How this will be higher will be felt either.
Well the congenital my vessels you the two sources.
The testing results show great potential to improve Philip.
Improving the game quality right now.
Genius ideology too easily Sanjay clown Susan she also been Claire.
In the second quarter or mid year, we plan to launch at Hurricane caused petrie's.
No highly client so some of those ounces centanni studied negotiating position dangly cheese about holiday game volatility with decent utilization.
We have another licensed game called dynasty Warriors and due to the problem of license approval. We are applying that so we plan to launching a third quarter.
So I hung losses on senior quickly.
So what should that each year billions of vessel among the change on basis as Gerald Angela EEG polysilicon.
You will see now cost hundreds of each in our whole hundreds of level.
For overseas markets, we had.
Great pocket for two and other two titles will be launched in South Korea market, but due to the current corona viral situation really depends while waiting for the right.
Timing.
Digital anti so each and then this is you do so sorry, thats being sold Isla study also so you'll see the Wizard These services about.
In terms of our revenue the split is mobile game account for 48% and PC game account for 52%.
Its own loosely that's all too.
Tony will easily also sensitive we use a suit.
In terms of cap receive.
PC game account for 36% and mobile game account for 64%.
Just yet.
Thank you and applications.
Your next question comes from Alex Poon from Morgan Stanley. Please ask your question.
And now Glennie, John Fischer, what do you want to trend is you're going to ocean DTN comp.
Eagle Twentys supine you.
We will see the euchre jingying, some sort those scherfig how much accounting.
Go to shouldn't.
See talking CEO leased to the Euchre Shin Kong thing when you shop Aarding Oneone <unk>.
I'll now turn that sounds phenomenon with situates you took a.
Certainly should that Youre done sooner.
So like a city, albeit a hot.
They are going to use your calling your tone buttoned up cancer.
Fortunately.
On the NCCN took a turn failed those guys swung shot took a margins and operating margin near top I. Just wanted to teach oil you got some kind of rolling only now are you can answer hold that Houston effect yet.
I will translate my question.
I'm sorry, My first question is regarding organic growth.
I guess CTO BB has seen very strong growth in 2019, Candice double digit growth rates be maintained in coming years and second question, it's about cost control.
Than in last two three years Opex ratio has been coming down and operating margin has reached 37% in Q4.
How should we see the coming years. Thank you.
Oh left without Eagle achieved.
Two thoughts on telecom Orlando.
Let's see the.
Hello.
So the T cell colon Yahoo.
Comments again.
Thanks.
Alright speaking, we believe for the stable performance from older games there are several aspects.
These are you seeing weight.
So again some pieces on the Susan you want to the agenda.
Yeah, they usually Oakland then.
Sunday to Yahoo.
So slowly and put those all.
Founder.
Even though you want to stop the yup.
No.
I'm going to your calendar Yang.
Pencils down ship on nasal grooming Linda.
Key dialing that those who knows.
My model that Hussein.
Either way.
'cause borders.
In that can go to lately.
Okay.
Thank you.
First of all we still believe the new PMR for PC game or.
Okay.
Decline defining and secondly, we believe that for fair with more than five years, a fan experience is increasing and.
Thirdly, the new competent her for new gain new quality came in a market.
Is less than before.
Route Swizzle War Tulu on no Eli condensate on some down time, guys Curry shoe the say that we choose often leads to put on as you send data in gasoline gallon sold I think.
Gulf causal Soho.
Absolutely you can then was listeners on.
New ones, who tell as soon as it will come in a timely apart from high economic results.
But does not without the shutdown.
So from our.
Point of view, we believe this quarter over quarter increase was not sustainable and in the future as there will be new quality games launching into the market. We believe will.
Attract some of the player.
Yes.
Well I put out the argument you were trial be great humble corner bomb in metro seems or to the onea will need to that become even longer term, but not thoughts I guess I'll millimeter hybrid TV, the cold, let's say sawmills incentives for meal.
Yes, I mean look at home, but that's it. Thanks your host any official movements up or messages that uses that lead flow battery that that 70 homes.
Over the years actually we've been optimizing our cost structure for supporting departments without being that team continue to see the R&D protests and we havent working hard to control costs on the others at that.
Yeah, I have a bomb in lots of the taxi and now we'll need to goodwill partnership will you leave us going through the goodwill, Colombia, Chile, Ecuador Monday, the nearly the council.
Secondly, actually we are shutting down some.
Subsidiary with the losses over the past year.
I hope I, usually go bailout either because the earlier to let me comment was illustrated.
James obviously message today towards your goal you say most analysts and contact.
We will come then be dollars has actually been values that tend to hold the outdoor somebody like hosted UC, hoping we'll go thanks, Andrew what she's I'm going to show you own total would be our border so easy to come even the dealer due under the to handle agenda for today will aggregate control the central to be somatic cell phones.
It's difficult to predict the future cost trend because one is the use of our revenue structure for PC game. It's cost is quite stable fixed and for came to be launching that future.
Hands on the proportion of PC game and the mobile game.
Is it.
Thank you.
Your next question comes from Reburial Group from Credit Suisse. Please ask your question.
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I have a little a follow up question R&D in fact cafe closure due to the our current a virus outbreak so could imagine trying to explain our remind ourselves and tobacco fair contribution or revenue contribution from growth in contribution for the PC.
Game revenue out of growing our secondly.
Regarding the T. I'll be back a few tie out regarding the t. I'll be mobile could imagine that explain to actually or the current plan for the major uptick for this year. Thank you.
Through.
Oh, it's really seen what I would rather than either of our model who treat you probably want is on some of our chief.
Women slower, but without approval well missile and enter another team keen on Houston food can team, who signed up BD phase on that.
From the state how we can collect that.
Okay Fair to say it fourth related campaign that cafe.
That's the pull through your you wait for the coming down, but not surprisingly juices PC of loosely can go to actually diversely, there could be occult cold call downlink appraisal. So it's also going that route choosing what do you see on oil and gas you either the receipt. So it's only my bound by two candidates announcements and ounces in the how did the.
Thanks.
So currently personal computer is not very difficult so.
Upturn in China, So we believe mold.
Our players play at home sellers physical to calculate the.
As Lou I mean, why do you like you've done the high season, where menu. So what are you still feel for anyway.
Now.
What we saw is the active payers number on the active players.
Increase during the Corona virus impact.
Yeah I'll go into use all will lose genzyme such amount so part of it sounds.
But I think Lucia.
Well look we'll choose for she is little woman, so you've seen them, but can also license for Dover.
Answers that you're paying that down yet.
Okay.
From the capital mobile typically we launched expansion pack within one to two months and now we are working hard to minimize the impact caused by Corona virus.
So it's also been feel as you kind of Oxiclean cannot operate some though family a common for you.
The current assessment, who will be.
15 days by half a month delay.
Thanks.
So you buy you likely some of.
We will buy lie.
So good that stood out and how that plays through those who remain quite reasonable soundly likely down high strung yacov.
From PC game, because we are not launching money.
Expansion pack brick more frequently so it's controllable.
Okay.
Thank you.
Thank you.
Yes.
Okay.
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Before I need to Vietnam.
Sure.
Okay.
Thats there are no further questions. We will now begin closing comments. Please go ahead Jeff.
Well again I would like to thank you for joining todays call. It will have another follow up question. Please don't hesitate to contact.
Thank you.