Q1 2020 Earnings Call
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Thank you for standing by and welcome to the leave them first quarter 2000 Bernie.
Well results conference call.
All participants are in listen only mode it'll be your presentation, followed by a question and answer session. If you wish to ask a question do you want me to press the Starkey followed by the number one you telephone keypad.
I would now like to hand, the conference over to Sandy John.
Neither Investor Relations. Please go ahead.
Thank you operator, welcome to live which was quoted Twentytwenty earnings Conference call. Joining me today, our chairman of the Gorbachev child, I was thinking Oh Gulf even though.
I've seen a good example body Jones and RVP final second shouldn't that whole foods, how the caucus close to also be dockets Internet and so they go to lead the Iowa.
Before the Memphis, Mark I'd like to me, how the seamless connection with today's conference call. During today's call. We didn't make forward looking statement statement that inaki sockets that.
Greetings payment of Healthlease expectation.
We're looking screaming buying Henrik uncertainty and window important factors could cause actual results could differ materially from does contain any forward looking statements.
We see no obligation to update forward looking statements in this conference call and elsewhere.
Further information regarding these and other risks, including weight with any report on form 20-F, and other filings with the FCC Oh. The information provided in today's press release is accruing that's a good bit Hugo.
We will assumes no obligation to appease such information, except as required under applicable law.
Additionally, I like to remind you that our discussion today include certain non-GAAP measures, which exclude stock based compensation I said to other expenses.
We use non-GAAP financial measures to being better understanding what fleet comparative operating performance and future prospects are not definition excludes certain expenses due to losses and other items that are not expected to rebound future cash payment or another would not have not every quarter in church would not be indicative for love core operate.
The results and outlook. Please refer to our press release for more information about how non-GAAP measures loading mentioned prepared remark the opening of likes what these kids recession mistake I'd love to turn the call over two out of C O coffee one.
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Thank you Hello, everyone and welcome to it goes first quarter 2020 earnings Conference call then since I don't believe Krish and I got to institutional usually they include punky equal Dupont I'm going to Kinda did you guys aren't im not easy to me was a much more.
On today's call I'll share with you highlight some way, but you still product that monetization as well as progress we made our key initiatives in 20 countries, which into you know they were they are you doing he got you starting on EGD reworking, usually I know sometimes are you, making any lean journey, but you should you.
Movie improve junk returns should choose I'm going to honor chunichi any internally, but we should you need marine who can't Braeburn should do well, how do I didn't even going to be D wave. Thank you.
Then that we sell for financial result in the first quarter. Our total revenue reached a 320 to 23.4 million a decrease of 19% audio video or 15% on a constant currency basis I have a typing unlocking revenue reached 275.4 million a decrease of 19% deal.
It was 16% on a constant currency basis.
He 9% of <unk> revenues came from mobile.
We're becoming JV EGD more familiar rework on I really don't eat into Nonbanks about India. I mean would you give me a bunch of about one.
Moving to an honor see any into another should you any deal change when you're thinking about it.
India. Your core has your thinking through what are they going to gossiping Hoosier digital LIBOR your freedom to do what you can guarantee I don't know conjures.
We used trucks with what I need to 18% year over year to 550 million in March 10, Btwenty, representing an acquisition of approximately 85 million Jesus you over years average daily use grew 19% year over year to 241 million representing a net addition of approximately 38.
They use it year over year visit the highest reported year over year difficult to date in terms of in terms of net addition of energy San Diego, 94% Waitlist and how you came from mobile since you do you need to issue and physicians human choline shot it was hoping probably lovejoy Saddam encounter grant so.
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This quarter and made the pro device outbreak in China, we put demonstrating indispensible value as a social media platform leveraging extent instilling public conversations between Kaufman media and general public <unk>.
We are delighted you stay strong growth in both use and traffic to our profit with feet refreshment growing 50% year over year. Among traditional found out of a type of thing Provincia cutback with extended it but at budget response to the business disruption, resulting from a pandemic in short we're me Peter.
Yes at different times behind it is half the pandemic vaccines in the transformation of domestic industry and they're lucky approach presenting long term opportunity to both our customers and to us.
With the ramping traffic, we boys well position to further grow its social alcoholic no longer.
Digital each involved what Tony when LTV crushing hung up on anything I don't think yourself when discussing our operating opting for the first quarter I'll elaborate a progress made in areas of product monetization.
We entered into agreement launch, an even though you probably coming into your jockey because they believe that turned out for two new equated to an Austrian hunkele.
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Creek are now Chris you can determine of course.
The strong growth in use and traffic in March with many student by student looks good and public conversation relating to the probably not in pandemic to be specific for it. If it's typical season for Weibo took will use it and cookies engagement around Chinese Spring Festival second we respond to the pandemic, we'd like to Marshall.
Putting resources and product development to enable wider dissemination of official information from carbon and media bring professional opinion and discussion to the public and more importantly help general topic to seek quicker response from government agencies. This initiative allow us to acquire uses at a relatively lower cost.
And further solidify our competitors actually the market not then elaborate.
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First on how Chen in order to the DPP can you update of the pandemic wafer has facilitated official information dissemination over 70000 media outlets and the government agencies in the form of BT and live streaming and responded quickly to launch the probably 90 feet. We do we think recommended to feed.
And discovery zone in the first quarter, the pandemic really hurt by media and the government, reaching nearly 6 million. This total these over for a 400 building on a daily basis over 200 million use it comes to Pandemics elite accountants, among which seven Camilla uses consume Colby nitin seat.
And the data release of patent related accounting exceeded 12 billion and new while we along with this TV varies by nearly 15 Hendricks near Wellbore accounts of medical experts medical care stuff patients and their family members and how can accumulate approximately a 150 million.
Followers through content distribution on wasteful Thats really you know you shop your way into cheap cable TV to treating inoculated pine, reaching she went to Tom on a country phasing. So cheap that you would have generally she should Libra, Dan who you look nation numerous starting hockey now into fixed income could do enjoy.
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Second I'm working content in the early stage of the pandemic wavelength for accident encouraging platforms content creators to participate in a distribution and discussion around a pandemic related accounting assets and thank you Bob we watch diversify content offering by users to initiating unlike again with the state.
At home seen across verticals, such as entertaining food and humor aiming to alleviate public anxiety over the pandemic and encourage you said to return to normalized at without the number of 80 posed by top content creators fifth quarter grew over 50% he over here and check for top nonproduct related.
Verticals, we view into the creep pandemic level, given like you guys sort of keeping her troubling.
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Let's talk about 22 and like three interface for video we are ramping up our network around those PTCL UGC video content. This year in March our daily video views and the number of user who consume video is a week will accrue over 50% year over year given by the overtime [noise].
Going product improvement on the Utica.
We further optimize diesel consumption, either enhanced distribution efficiencies and waiting for traffic support for UGC video content and does enhance our monetization efficiencies around the video content.
They daily video views of UGC videos.
50% quarter over quarter, leading to an over 50% sequential growth in AD revenues from UGC videos.
PTC video front, we further optimize social interaction season to ramp up on the they also PTC video maintain each evaluating robust growth in the U.S upon stand and interaction I mean page compared to the previous one.
Meanwhile, we have restructure the video community to equity video consumption, we see fees one was recommended.
Q1, which is popular wise and I said, when we suffered vertical UGC videos seem to build out of the Bush in early April you get blacklisted passive chance in terms of user retention and the video consumption, which in turn encourage professional video content creators to other countries I wait more and more over benefiting from.
Use a surge demand for video consumption during a pandemic along with our for the Optimise content offering mechanism of either community has seen recognition from usage and content creators in March PPC contemplated upload accounted for 24 reached nearly a million.
With their daily BD pellets to growing over 20% quarter over quarter to go from here and it's really connecting people regulated industry talent with local thing quite literally eruption measure launch year machine procure out critical when you saw that goes into more ships.
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Moving onto live streaming driven by the Pandemics it looks like streaming products the wider adoption in an increasing number of of course, you narrow as enterprise celebrity and appeal our platform preclude embrace nice thing too as a desirable communication channel.
With this and attending we beefed up how investment around like Phoenix from those products and operational from.
Underpinned by the showroom and E Commerce life cheating facility, we already have loss here in addition.
Two facilities over 30000 carbon and media live events around the pandemic, we encourage our partner and client to go lives on label such as in the paper online concert and product launch events. We also leveraged short clips and okay, well to distribute and with this awareness about life event.
Leading to better promotion better promotion without for our content partners and customers for instance, we've worked together with Tencent music hosted the first virtual life concept for the Phoenix units remain deal that live concert itself to over 10 million total fees, which really see hunches laboratory and killed.
Creating publicity for the event.
We also added it highlights of the concept into short video clips as a way to achieve viral distribution for the event.
We are pleased to deliver over 100 million views on video clips and over 700 million views on related topics.
This distinct advantage, we have around the live streaming video began promotion, what you see which reports content offerings.
In the first quarter. The total number of the life really exceeded a million doubled from the same period last year and going forward. We will continue to optimize our product and improved competencies distribution efficiencies through more traffic support and further enhanced marketing efficiency for our clients to more diversified at offering.
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Thats slid any talk about the progress we made I'm always hit the tanker Mexican patches willingness to poke unlimited content generation by certain degree however, as People's lives in domestic areas gradually return to normal bestowed active user and carbon generation ounces in April we view into the pre pandemic level.
And the continued its growth category, even without large scale channel marketing activities.
For the optimize this product no video content generation and distribution on top of the sort of community and further drive user growth engagement the proper channelview methanol.
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[noise] found wave was advertising revenue decreased by 19% our year to year basis was 16% constant currency basis into the adverse impact from the corn Elias pandemic.
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Okay and revenue decreased 4% year over year were 18% cutting that could impact from currency translation and Bakken production at several industry, which for directly hit by the domestic corn out virus outbreak cutback for suspended the overall AD budget in the first quarter.
That's the case with the movie industry, where that withdraw new movie release that nothing to be promoted.
Meanwhile, with the epidemic evolved into a global pandemic there were other industries such as that in a case of cosmetic and Luckily brands.
Before they act and flows in the delay in new product launch costs by the global supply chain disruptions.
On the flip side, the petrochemical for the treatment the AD budget shift from offline to online understates, our traditional office for offline product release have began piloting to the our model reinforcing opportunities as well as in the topline growth for us in a long well.
Taking all progressing sample, we piloted quickly and roll off and online product launch solution to attract opus need to release this new model find X too.
We successfully Butte hot for upper Fivex to do the HD lifestyle licensing again, leveraging improve the watching an interaction streaming video traffic social somehow the influence of over 3000 came out.
The AD solutions revenue greatly with our customers delivering over 1.8 billion total these on a related topics.
The successful campaign with Opel showcase the potential of the online past launch during the pandemic and that ENTYCE other customer from the handset and also sector.
That's why.
Hi, So we'll continue to migrate their attaches offline to online and Furthermore, we expect a notable chen of integrated marketing featuring elements of live streaming video commerce until.
In light of these trends, we have focused out at product upgrade in order to further enhance our social at wallet share.
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Moving onto the action I think robbing Peter to 23% year over year were 19% on a constant currency basis on the right.
The pandemic has put pressure on the most offline merchants, who flash marketing spend in response to the pandemic into disruption working logistic funds or from the core in time.
On the other hand, a pandemic a structurally benefit a few industries, which deliver much better results than we had expected for example AD revenues from the online education looking sector grew by triple digit year over year basis in first quarter, we took the option to tap into a broader customer base, notably in the education cloud.
And again sector with a pandemic accelerating internet penetration in our daily life.
Differentiated value proposition lessen your well amount since customer we sent integrated brandy plus use acquisition objective.
But for instance, traditionally customer from the on education vertical came to US mainly for conversion purpose as Ben Affleck AAV gene.
During the pandemic matter leaders such as once without and he will also reached with the brand awareness on top of this acquisition with it and extending our sales team adapt quickly by building out and indeed boutique Randy plus performance at solution and average the synergy with the vertical content operational team.
To deliver on both the branding and [noise].
Acquisition as a.
But if they actually get as solution and a great finishing some at any possible.
On top of that we also made strides in improving our service capability to top customers well continues enhanced fees at offering.
As such we see potential headroom in growing our SMS revenues built upon such integrating blending plus performance suite to hope for another one about how you're going to kinda either to know how to vote on me go geography, there intuitive receivership, Chile, Colombia tuning she's gonna cool all right.
So let me truthful and October.
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Train or could we.
Between these two deferred income is not new to the Q2 finish of you're going to young people. She got pinpointing Chicago vocal in condition in consumer.
Turning to make oxygen supporting David you, if I could have another new shop shorter companies aren't losing on chunky, depending on what you took Muslim consumers, which are currently 70 billion Josh on for children.
Finally, let me share some color our progress around AD products on the programmatic buying from named ultimately as we focus on delivering higher ROI for customers the introducing deep learning to improve the automatic bidding process as a result accents too. Okay. If you ask to over 50% on sequential.
Your basic.
For gaming and Atish industry, which puts more efforts optimizing alcoholism basically accent accounted for over 60% of the total access.
On the video subs open years, we have gradually hands demonetization efficiency around reduced underpinned by the healthy growth in the use of who consume video content as well, although we do view.
We are encouraged to see substantially higher revenue contribution from passing video format. This quarter.
Asset a chunk part of the increment the at Union to release to video consumption. We may untapped, we're under monetized.
To address this auction.
We have been continuously innovating our video AD offerings for instance, second quarter. The upgrading our watch club release of video AD product introducing more direct response feature to the video training page that has a wash cross download waterflood purchase what plus floating and watch plus h. by serving.
Et cetera.
Direct response features will keep us cut to the conversion and leading to optimize at performance as I'm sure video and filters. Consequently, we believe these initiatives and.
Hence marketing efficiency of our SMB customer on label.
Tony Coffee Creamers, you are having trouble with that let me kind of over to be ownership.
[noise] Central adult day and have a Alabama.
Welcome to wait what fourth quarter 120, <unk> earnings conference call.
Let's start with you as a matter.
Well I tend to be trying to make us any if the 550 million.
Representing a net addition of approximately 85 million users are ready yet basis.
Hey, both as it continues due to a 241 minute. This event habitation approximately 38 million yoder, our year over year basis.
This is the highest recoveries over your support prepaid income of net additions of any you and the B U demonstrating we bought into high value at the leading social platform in Canada and further solidifying our therapeutic most in Atlanta Internet space.
Oh I know you represented approximately 94% October I mean, you.
Turning to comment though.
As a reminder, let's put pad we're not we're focused on non-GAAP results and all comparisons are not year over year basis, unless otherwise noted.
Now, let me walk you through our financial highlights for the fourth quarter from Twentytwenty.
The unprecedented hobby lobby and how that brought impact our business operations revenue and expenses.
First quarter, probably 20 [noise].
Well, what fourth quarter handicapping that revenue was 373 or four meter.
A replay of 19% above 15% constant currency basis.
Operating income was 74.1 million represent an operating margin 23%.
Net income attributable to people were 67.4 million I'm diluted EPS was 35.
Now, let me give anymore color on revenue.
We both advertising and monthly revenue for the fourth quarter can be plenti, which the 275 or four minutes I think right up 19%.
16% constant currency basis.
Mobile AD revenue was 246 on permanent contributing approximately negative 89% of total AD revenue.
Up from 85% last year.
Moving on to pay eight.
In the fourth quarter breakup pay AD revenue, which the wall already 27.6 million a decrease of 24%, 21% our constant currency basis.
Excluding the better transactions them impact pay ad revenues.
I would have decreased 18% capacity basis, the performance of pay at business in the fourth quarter. It generally allow our expectation as pandemic had the overall adverse impact on advertising business since late January.
On the post its five with gradual stabilization of the spread of barrows.
Domestically is much greater general recovery trends from the trough in February.
Something that chip perspective.
Consumer staples, such as food and beverage third awhile and they can agree there during the Clinton terrorists [noise].
Mobile.
A pandemic have old out her people's we apply make more time, thank all of them.
Look accelerating trend of antibiotic shipped from offline to online.
Leverage Ali.
With a solid performance of assets from has that okamoto sector our platform we speculate much.
After that Florida, the knowledge from these advertisers to promote product and service out there.
Social media platform is better positioned in the badges shipped at it feels direct connection become Brad and potential customers.
And so a lot is pad.
Picked up that whole goal in BRAF Mcpick portal 30, David Katz from England therapy in the masking parse that.
I'm pleased that they can mobile situation of the pandemic global area feel coat and second tier two the macro economy and would impact our advertising budget outlook with higher exposure to global business operation and supply chain that at latter industry.
I don't know from Alibaba for the fourth quarter, what type of 7.6 million.
Okay uptick take like that or 76% our constant currency basis.
Let's go momentum are they bought a advertising fitness pets flat the resilience of the E commerce giant against a challenging environment.
As well as our strengthened the corporation in driving value for Brent and more tests to achieve effect branded destination and fast sales conversion there were integrated branding campaign on both platform.
Yes.
Turning to if any.
In the first quarter, we were at any AD revenue, yes, the 120 point Twomillion.
But the spread of 23% or like 10% how consensus basis.
In first quarter, we're witnessing ever did not too bad, but industries and made a pandemic.
Hi, this is that correct offline categories, which flat.
Not too fat in the fourth quarter Athletic method nearly thought in the call they like the outbreak.
Ecommerce sector has expressed call in February and have a recovery trial.
I've worked with assumption and the logistic compacting improved.
Helping mitigate that the cat has theatrically things unpopular Maxine died by training and education sector that took advantage of the right the internet usage during the pandemic appointing.
We also made progress is incurring integrated survey and driving adoption optimize the beat my semi side, especially the aforementioned all our sector.
We're pleased to related may stabilize at pricing trends a sequential basis. Despite the cup testing at the mountains.
Although I did accelerate that one.
What was 8 million in the fourth quarter I.
I think quite up 17%.
Or 14.5, our constant currency basis, primarily due to the phrase of leading.
Right Infinity.
And was partially offset by increases in membership that Neil.
Turning to pass on Friday.
Total comp and benefits for the fourth quarter equate the fact that to 214 my confidence in.
Operating income in the fourth quarter was 74.1 media represent an operating margin of 23% pump actual 34% last year.
As a disciplined spending even start to pandemic not fully offset impacts on revenue that is worth impacted quarter.
Turning to income tax.
And that matter in competitive styles for fourth quarter was kept him online media compared to 21.1 million a lot here.
Hey, Craig with possible resulted from reduced earnings and was partially offset by increased at the taxi package.
Primarily due to the expiration of the preferential tax treatment of of the Cosmic classic a theory.
To compete.
Net income attributable to they brought in the fourth quarter was 57.4 meter representing a net margin of 21% compared to 32% last year.
Turning to our balance sheet and cash flow I am.
As of March 31st hunting.
He was cash cash equivalents and shortcoming rattler totaled 235 billion.
Compared to 2.4 billion adopt December 31st second item.
In the fourth quarter Assembly tightly packed provided outbreak activity was Sixthree club.
Capital expenditures totaled 87 on premium and depreciation and amortization defensive amounting to 6.8 million.
Now, let me turn to financial outlook.
The let up the uncertainty on the pandemic and rapidly changing market conditions.
We anticipate our second quarter tend to find Tonight in pop net revenues.
<unk> decreased by 7% to 12, a five year over year, a constant currency basis. This port Hot with Black label current and preliminary view and is subject to change with that let me know credicorps over to the operator, particularly session.
Thank you if you wish to ask the question case, but star then one on your telephone and wait for your name to be now if you wish to cancel your question. Please press Star then too.
If you are honest speakerphone, please pick up the handset to ask your question.
The first question today consumer Lisa Yahr with Citigroup. Please go ahead.
Hi, Thank you good evening management, thanks for taking my questions.
Congrats on the solid results can management elaborate on deliveries covering status and also the budget damning. This affords a TV account versus the SMB and any specific trends you're seeing from multi national key accounts showing more cautious in Spain.
Pending.
The key from some color on major industry verticals or how are some of the impact that sad to see the recovering trend and their willingness to spend thank you.
Okay.
So for example, and I assume retrenching bumpy creative Josh Shanker, you cheater furniture.
First let me share some color on labor performance amicably show, we have seen so far the occasion that from innovation, but actually iridium circle onto more production costs 20 Bucks or is it on the attrition. During this session. Today, you can buy back home from kind of claims.
Sure social donor tissue much.
Usually goes from there on your sashes younger beyond.
ER docs, trichomonas smoke or anything.
Trying to counter the owner stop loss.
Shifting to.
So we don't need Trojan working on the shelf agenda that are coming from New Jersey. The how are you seeing the off aren't sure publishing.
Sure, reaching her shopping people on type.
Yes.
Turning to live with injunction over there I'm going to show.
So.
Oh, Okay business, we actually saw healthy year over year ago Champ in January five to their corner lives operates five after otherwise topic since late January or the types of involving had either cutback ports, where they are you recall two circumstance.
Our entry into April things are getting warmer life with domestic academic being effective contained and this is assumption underway.
Accordingly, we have seen a sequential recovery or S band from those advertisers with either flattish or modest growth trend on annual basis.
However, multi national brands, a puppy would take a more cautious seasonality affordable Afghan.
Given the significant having some antibiotic in their home market, which might have sort of equally facts.
China AD budgets, but I am I kind of where I didn't see somebody chipeta until they can you see Q on occupancy brioche I know what they are a function go here, so that should be probably injuries and charges that you're either defensible gosh or should there be or not.
Okay. So as you can see equipment.
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Didn't homebuilder proof.
Oh for FMCG industry consumer staples, Okay for the marriage, so much as we deliver an exhibit a gym people like Chinese buffets quarter, well discretionary categories, such as Oh, cosmetic and personal care subsector or lots of impacting first quarter of several customer reviews.
Consequently, after you make any action to the delay that new product launch for the second quarter, especially from the top customers.
FMCG verticals are picking up sequentially.
Who do good she started a couple of things here going into Q1, Kenosha, reaching base I'm, just gonna shovel, the arch I'm, assuming shop definitely reaching your predawn are comfortable here. The your son's machine shop Sanchez summertime known we kinda easy to Libra pre to the share publicly for some of freedom.
Automotive uncoated essentially no data airborne, who sexual and can be summed up the army's yet.
So you might you know where your concerns on t. the shutdown scenery shutdown the battery recycling bin understandable shoshana charging change, but she got him I got that Q2 Financial Corporation times your trends again younger when she she sure he shared therapeutic or keeping that number two watson that did not.
No. We're treating she brings a new people turn she doesn't know before an artificially high because of it.
Yeah.
As for the health of our sector as revenue from Threeq to Fourq and actually easier year over year in the first quarter.
Despite disruptions in their production of one promotion this quarter James a pandemic via introduced.
Flush solution into path to for the tied into that bucket ships from offline to online sectors.
And then looking a hot.
The mobile handsets production for me to concentrate either domestic area and de acceleration of your budget a bucket ship to Atlanta online cover for the emphasized our optimize the caught I products for the sector and attaches at dollar himself sector.
Okay. So nice gross of to help us up to away, but so far and for the auto sector between pipe Osha sort of global supply chain.
Overcome it is bucking auto production and Ecotoxicity put at bucket for the second quarter.
But there are some items that you are your for usually I know, how you see some huge and I'm not going from not too which is you know what do another seven people that energy. So the older Immunoassay food she focuses on.
She mercado economies and Samsung.
Absolutely.
We want that to be down injury.
Okay.
For the ecommerce sector HM.
Mark This marks the sector, we've been very hotly contested.
Offloading, the logistical or consumption.
And with the lately promises the for the uptake as of Q2 existing traditional peak season.
No surety, new either higher or do I kinda back you running in China in O'connor's animals I can't offer behind it you know I range in Asia would you rather than she that car pushing becoming easier. So they are reducing searching grand 15 years through 100 outsourcing encounter God okay.
Here are chair liquidity, which she though there are seven.
Lucky luxury brand and entertainment sector. These two sector or how significant impact some damage in the fourth quarter and we also anticipate.
When they put an attitude toward at such a location somewhere above industry as a operational pressure arguments or something.
Thank God, we on the sector growth and for the entertainment, which we also anticipate similar kind of shrunk.
Due to the impacts on the pandemic can also be circulation.
No as I mean from in Germany come in Chicago, Chicago annually and she has shown on chart.
Got you after taxes has only two doctors can be long ago, I will have better too.
I know.
Got you don't use unfortunately inventory, where they live wasn't actually thought you forgot Russia.
[noise] for the SMB isolated case are the pandemic has actually fluctuate anything like that.
Among which are gaining an education vertical deliberate others bunker double standards since your last year and luxury.
Suspicion.
Everything is synergies between our part of an operational team, we piloted Christy to fulfill online customer integrated venting Clos that gets acquisition opt objective, helping us to capture additional about from the our sector.
She loves to consider Fukuda shoving already shifted our Chicago She's real quick what are easier to ship, we talk about what do you enjoy yourself Columbia's Iridex route.
God, becoming show, but I do I'm kind of your own neutrality high in the Russians Diamond Jo totally always machines have gold and shopping because you may go.
So we are using she actually which was used for they don't have much on card purchase volume you mention though before the difference you don't come out the shallow her comments you know there.
Finally optimism.
As we enter into April and May, which what presumption underway. You said on time span had such a big normalized and we did see some put back of Boston, but gaining on that occasion capital on a sequential basis, well anything approaching the quite encouraging and on the flip side, but also industry such as.
The flooding surveys and medical service it took a hockey hit during the pendency period, which offset the robust growth of our sector and he might also take awhile.
This often success the mirror and I mean, she for easy to who do not feel to Truman coming into her designer nurtured and easier I know on or science and offers no question about you measure for GRT by going to us I need to drop but all we hear you Fuji voting Dean you communicate Chicago driving.
Oh My God. So it would have more typical on it cannot be dog in general, but anyway on M. O'brien, who.
Well not be bodies that people don't older get onto your body healing you've done it before they've ever gonna Sue not away from hedges you mentioned your children from Guy Who's Hanukkah merger docs.
Branch in Harare do they want to go auto founder Dr. Lynn Walker Suncor I'd mentioned all comes out of Intercontinental number of young wishes.
Well the onto under GAAP out may be lucky see nice growth from our data in the first quarter for one thing that you common stocks have demonstrated.
Resilience and selling the coverage in the period, we were took the opportunity to capture additional at bucket sums Olive garden system, such as promised you watch on the cloud service beating.
For another we have teaching our strategic collaboration with Alibaba in areas of funding plus performance and E. Commerce Lightstream. This initiative 75 important Alibaba advantage.
Sure ecommerce indicator I, just provided better conversion for hepatitis within Alagasco ecosystem.
He was with very positive development April if the entries at upfront better explanation from Alibaba leading to growth.
On the other assets.
Throughout the country anthem, Chicago Liberal and looking back to my favorite guess ownership nietzschean gotten any real alters your cookies on caching honor and I'll drop on their children.
Let me point here, she's I, sometimes you shelter puts a whole no nothing.
Sharp downturn, there's always going on.
No reduction in fact I mean.
Turning around another person to Canada subpoena Geismar time up are going down and he was unlikely future with and create which is actually become.
Right right for you guys should be anti auto ramp on managing going to turn back over datalogic.
Youre welcome no there isn't 120 hours once you know that youre like she framework.
The show I mean cohort so John Roberts, our fiber to from a woman the Michelle.
That's a dangerous even sort of so many on her knowledge of the corner Charles I hear it sounds like on the ordinary top ranking and over here.
From your perspective, we have enhance our competitor actions.
Brent hiking and Ecom exceeded our search and traffic on the.
System.
Okay.
Catalyst Feeney, Amit the potential conflicts and so we expect a solid added grows from AD and Alibaba sector. You know second half upon normalization. After the office. However in the assembly sector. Despite despite nice nice little inventory and a strong performance in opinion and attitude.
That's true.
Through our product optimization.
We still see some pressure and flight essentially for the offline sector.
We also have seen goes.
The pressure on the supply savvy overpowered interface.
Actually from a short medium tough one.
So that their economic performance for the 60.
Hi, stealing some indices are testing, it's almost impossible. It's in the test market I'm not sure how tissue.
Okay.
Hi, she can't.
As you think.
[noise] [noise] and next question comes from then ending with JP Morgan. Please go ahead.
But even management. Thanks for taking my question My first questions regarding the competition in our aftermarket.
I think in last year went up the major concerns among investors.
Is the oversupply of adding inventory and many of them just to mention that again.
How does management view the supply demand situation and then this year, especially post the koby 19 will there be any changes changes to the competitive landscape because of the pandemic and I've a follow up question.
The potential opportunity from the company 19. So have you identified and you are you the behavior changes students during the up and damage and I think you mentioned a number of units to such a spot concert or online product launch can you elaborate on topic and how is variable position to capture these opportunities.
Thank you.
Uh huh.
Uh huh.
Yeah.
So.
Each nothing.
Yeah.
Yeah.
But really it's only about kind of manager there could cause you to run it couldn't come via either single Duncan over $2 reality, it should be dog tigger 'cause it I suddenly here quickly should fuel economy, so manner not put another can you do not your younger.
No we won't pushing them I think we're actually to humans and so no.
Other penetration you shouldn't go throughout each of you couldn't agree more better I forgot the bulk of trouble or something of a funny.
So essentially what she'd handily agreement were kind of local market volatility I don't want to Daniel good attention.
Champion.
Oh worldwide, we see a unsuitable for piloted next and then Uh huh.
Hi, Submarket or did some stuff to make the mindset, especially for the SMB sector and over to helping anything in the market and the thing is well positioned to capture the auction dot fiber at Lucky Schick from offline to online at the leading social media tougher, but we have influence our media for that.
Okay, and if he loved with with him and we also have a very strong growth not just the overall dissipate.
Filter resources happening from your opportunity with the Allied product launch, a which will help to capitalize Hector like founder Dr. shift and we still see ample room to improve our produce the monetization monetization rate considering the impressive track deal and the growth off of our platform.
We cannot see rumor that they're going to drunken star citizen nice younger.
And Chicago Doom, and Charles I should say huh.
Good stuff and that kind of Allen Klee machismo sound familiar like MACI single shot on goal.
Two.
And at least that potentially see from the first when we get tough one Ah interesting.
[noise] if necessary to face challenging offered us for the short surely the tough one at a real focus on three areas to to improve our overly competitive action in the market.
To apply more effort.
No Suzuki, the interest, whom I kind of some of that kind of Chicago usual gooseneck so over the.
Who is usually the gacicia your children can contribute nuclear here.
Generally you couldn't franchise.
Oh, So said another trend we see the integrated lending plus performance hiking, it's very important change market and it's also added.
We keep keep docket shop.
Our product and operation.
No news with any can you talk to them for computer floors on gold production goals that you mentioned shot the Jimmy Anticorruption to shop, we're trying to putting this was a children's gummies U can and should architectural children age mushers right I mean, I agree to forget FMCG.
When they come again, how much it into you know to watch crucial and occasional gotti consumption diverging bearish on young people 70, Twoa O'hare airport or Southern California, Washington.
No we don't leave Liberty machine.
I cooperage, our home shopping centers over the balance on that.
[noise] amid an overall at project Capex, let's talk a pandemic a respected K customer to anyway, and that's more on the commercial conditions Brock our top affected sensing sending me if when you talk product launch and very ecommerce related motion digress a is.
Becoming kind of must have scenario in there, but you have a patient.
Or new product launch as I mentioned earlier, our products Oh on product really resonated well with the handsets that customer family also penetrating.
FMCG vertical as well and 50 comments related to motion Butler, we'd like to maybe fourth, especially at offerings and social E commerce ecosystem and deepening our cooperation with finance at depth of calculating leases purchased purchasing 10 intention payroll marketing I still active approach.
Which enable us to us a check incremental as well it from came up.
No I mean comment I go on every kind of my family.
You know your daughter Cool Twoish I watch on July has to keep our own curtailed on too much too hard to visit them change you watch our.
Could you share count it sounds like you're looking of course on from Russia, and easy to legal and can be youre shipping Joey yeah touching shows on all that I'm sure you're bundle competition gets you might go through our usual so.
Situation there kind of are you sure woman uncle track from under I tell me to receive I got you only got Archrock and put them I agree with you know between two Dollarsone news.
And.
Other him out how at any customer also have incremental branding on top of the integration of performance to the objective Utac. These incremental Brendan but it was one of the names that are offered upwards of a feeling an adaptation casinos in effect.
And the we also core places.
Core automate our activity on came out it's worth it and offer integrated venting [noise].
Switching to our customer leading to a significant in the uplift in our competitor Ashton among these two industries, especially on the our education sector.
With the consumption out when I say, we'll roll out to more integrated funding cost performance as solution to our top at any customers.
Absolutely not recur di di Guardium territories, or commercial jeez, I wouldn't I mean, she's going to have it doesn't show. She went on a shovel one or two off one to chip.
Besides the appendix outperforming semiclassical furniture, Kilmarnock is also a very important trend as well and itself we will keep differentiation in the market.
No we kinda event Libertarian <unk> megawatts with high somebody granted I like how are you gonna be shut down and Eagle friendship Beacon lbs, ocular thinking nothing really show hundreds, which I never could go to generate she's not fit within the current and New York somehow culture to hope we cannot reach.
Children, Josh I'm sure.
So we have some disadvantage for the exercise compared with a shortage of possible. Although we have a very penske a penny of celebrity AMPU only slippage platform and its very important social assets.
In facilitating a planned thanks definition for self conversion and play a very crucial building enhancing the conversion performance or something that and so weve worth of public social features enable peel off mocking content to achieve a five reach and also how France after many social assets and.
After PC actually and I'll ask product in the market.
Are you, whom the arguing for people to do.
Good to show them, what she told not to out of insurance, you don't usually Fuji and total.
Well go to occur I feel a need for shot suncor alcohol to cyber cloud insurance should go to some pretty well keep you producer if I mean, she's going to our initial psychological a simple and like I mean, I'm feeling that show her children a major sometimes.
In the second quarters, the upgrade Altqm I can say since I better performance at Ah I think and to advance our facilitating capabilities between customers came out at a step further to differentiate US you know for [noise].
Will also drive up adoption of the Q out marketing.
So why did that customers are they seem to.
The optimal match for the content.
Designed into two who choose you choose among consumers home and total inheritance. Good she government and do something this is Josh on movie exhibition onto knocking foster nothing easy to these opportunities.
So maybe the manager who do that wouldn't guns and.
She's you want to work in America didn't I mean are sounds you too.
Sure.
I don't care for adult ADHD technology, we're focused on driving though if you have improved at technology. Some of the App adoption and also in enhancing their conversion fulfillment.
Which largely hop to see an increase of folks we have a product in the first quarter and Ah I decided for our but whats plus kind of product, which is our upgraded version of the social gave sort of is the product. It also help us to input for conversion or kind of the facts for that.
For the for the product our problems with obsolete of these kind of.
Plus product.
People sort of conventional going from in June and much more on the Aleem I do agree with you know on I kind of diet for each agreement, reaching should you know.
The third thing somebody out there with them down Noctilucent I got on include assumption, releasing a founder and what's your opinion leaders who are from time to kind of between cheese prices Union. The true Board AMPU third programs is willing to try to someone I know, sometimes we'll go to become engine for children.
In terms of the company has served has offset change that user behavior or we see a very meaningful increase of the traffic and also a.
Art accounting generation kind of activities, but what's different from the from a summer vacation. So just activity that were sitting up the feeling much like contract.
Being being promoting on the platform and also using because more and then on the on the platform as well.
The good solutions, reaching till sometime when I come on you. She could you know score that go to really no forgot that of course, you like on the phone that she wants to know how I'm going to.
Assembling the unison age frankly tissue huh.
From an engineering TNT personal Muses book there from Merck before then in terms of legal I kind of our same store, killing me teacher, who knows how I know you've got.
Okay. They are going up from and she year Nichey bulk or are some fleet you didn't show in Chicago quite honestly I'm quite some of them down.
[noise] how.
Content generation side are we see a lot more livestock captained coverage on the vertical area other than the typical our second though where you know in the past where try to the lab work has seen a sure sure I'm the media ecommerce, we see significant expansion.
After a vertical second month see this he using like a live broadcasting tools.
No suite digital coupon I can tell me for easy to actually go lives houses Wholl go Oh, Banco de Chile, and she died sometimes things speech messages on X amount of what happened.
The agreement so no style pursue their homes or reach yes.
Oh, we look out of the number fly bar Cafe, we only a how the are outperforming the numbers over affiliates, which it jumped more than double what are the same period over last year, 80% of high then the quarter over quarter basis, unless there's a live broadcasting events were focused on it.
Commerce.
And then the media and as the enterprise this level.
Sales for the Black Silicon hockey them from all the time to not do I'm going to reach and I know hockey's that you're shipping I got.
18 content seem to do not computer shows actual has denied for change on diamond Weve kind on some articles I sure now Dan countered more hopefully she has shown here don't create bilateral they compete buybacks, which will give them done function.
Yeah, that's somewhat short term perspective, we see quite limited revenue.
Gross directly can be directly drive, but on the live broadcasting growth.
Even even further surely sure my broadcasting we anticipated there will be our short term reduction in revenue in the foreseeable future. However, we believe will be more adoption off like three or live broadcasting commerce and as such I live concert.
There will be a increase opinion on brands participated events like that.
We will conduct ourselves, we see from international because I'm sure you shop from inside.
She is here to go up or get comfortable from him to argue to Acacia is obviously going into my funky Sean.
Oh actually increased who not physically got she's getting Richard work I mean, you show story or somebody Donnie ship.
Oh so.
We look at at the Enterprise and E Commerce right Broadcasted with Oh were converted these demand that you took the standard products and going on to push to the carrier and enterprise for allow me to a using a live broadcasting as a a south of South China.
No two or two to facilitate their their Brent Brent Brandy.
No the right, where we remain future for healthy eating Louisiana purchase one once you know I don't like room in shock on board.
Hi, Good morning, everyone agrees with me today go might be here 500000, harsher cheaper cool Luciano I mean, I should I be job shop and.
ER arguably improving returns on where you know what are easier to cope with Oh, my gosh, southern ingrained them Gillmor dive deeper Twitter socialism that.
In terms of media a celebrity alive.
Life cancer broadcasting on so far they they have been providing quality content and and those potential commercial imagery to us.
We believe our brand a walk from Grand our typical buyer of these commercial inventory, even though at this moment, we have very limited exposure and the grant revenue for the second quarter. However, we believe the that in the second half industry. This year.
All brands AUO likely to looking into these these type of inventory to have the opportunity to present themselves.
[laughter].
In order to conclude or neutral.
So are you cooler shopping center shutting off on the right now HM.
On time and.
Yes, yes, and downtime with China, which you know.
You're working with our medium and you talked recommendation worship.
At this moment immersive live broadcasting was more focus the only the content generation and that's on the user consumption perspective has brought a quality content to the platform, where where were promoted to onto to commercialize or monetize Steve.
Intends to try and using different trial products.
[noise] [noise] [noise]. This concludes our question and answer session and I like to handle back how do the families on for any closing remarks.
[noise] no that's out there.
Dotcom tend to join us between them.
This does conclude our conference for today. Thank you for participating you may now disconnect.
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