Q2 2021 Ruhnn Holding Ltd Earnings Call
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Thank you for standing.
The good screenings conference call for the second.
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Good for certainly from senior director of for one.
Lisa.
Thank you think outbreaks of Hello, everyone and welcome to <unk> earnings Conference call for the second.
In the <unk> typically our 2020, one and the September thirtyth plenty of time to either.
For the reminder, they come from that being reported the.
The company of financial and operating results, what you feel the prosody of orders a day and all available online you can download or any of the price would be on the file for the company of email distribution of the fiber that can be our section of the company's website at <unk> dot.
The dot com.
Me later, our founder director of the CEO and the Jack.
The wall art CFO will begin with some prepared remarks volume.
Following the prepared remarks me for our founder Chairman of the Board of Directors will also drop for the <unk> session.
Before we continue please know that the basic gosh, we will contain forward looking statements made out of the safe Harbor provision of the U.S. Private Securities Litigation Reform Act of 1995.
Forward looking statements the evolve you haven't Twitter for them too.
The companys actual results may be materially different from the views expressed today.
One of the information regarding the based on the other Rick I'm confident the including the southern filings of the company with the U.S. enjoy the trains Commission.
Including the annual report from the twins yet the.
The company doesn't assume any obligation to update any forward looking statements, except as required by law.
Please also note that the company of property and they've come from core include the discussions of what did you got the financial information, that's what all the <unk> non-GAAP financial measures.
The company. The press release contains a reconciliation of the audit the non-GAAP measures to the older. The most directly comparable GAAP measures.
I'll now turn the call for two hands founded the rest of the C. O <unk>. They sent me since the goal of half.
Thank you for 30.
Right and the in Q4 of our earnings conference call for the second quarter of fiscal year took the can do you want.
The the second quarter of fiscal year two of your 21, holding the theme of the transition our services segment on the I phone model maintain the strong growth momentum the from the previous quarter.
A few of the by significant the Oh.
Okay, Nick growth and the demonstrating the Saudi the profitability.
The <unk> revenue increased 84% year over year continued its rapid and that kind of between the growth for the fixed because that's what you call true.
After April took the 19th.
All of that for model continues to be.
Important the goal.
As for the refi, it's the revenue the effect in the fiscal call true.
Contributed approximately 48% of the total revenue.
Operating the contribution from the purely the about the year and the higher than what the one person for the previous the fiscal quarter.
Income from operations the for the.
The segment reached RMB true media.
The operating margin of about 10% okay.
Looking ahead to the second half of fiscal year two of the country. What we are focused on the system has compared to two of the what did you mean.
The the recipe that the workmanship all the profit model, but they can always thought the is being deployed towards the pencil.
Continued the go out of our growth strategy.
The other way and diversification of our pennies on the finally improvements in operating efficiency.
Of the profitability.
We are worried competence that we can because that's the that's compared to people the.
During the second the people culture, we've come from.
And the ex Hendi I walk you airport and off the pember, So Pete uncertainty.
The total number of of two hours the standby on Lontra other women grew 23% year over year to 180.
The average keeps the number of fast the grew 56% year over year to over 295 of media.
At the end of Q, Eric hoping for that that was the father across from me just pushing the good platforms in China.
Yeah, the Shelton true parcels that we kind of we for me.
The the number of kind of true Oh, we Boris Yeltsin true BD of the go eat all reaching or exceeding 100.
Based on the service revenue again, the Ritchie the things September stuff. He took the my team.
From a top tier two EPS increased from five to eight establish the <unk> from 21 for 24 and the emerging two hours from 12 to 21.
Well, because the revenue and during the week of the buy out of its top tier two hours of come to the fall on the 228% how the total service revenue and the dad wasn't know why the single error contributing over 10%.
Greetings minimum concentration risk and a much more balanced the contribution from different the tiers of the hours.
The total number of was published and the emerging two hours increase the by 73% year over year to 45.
True beauty <unk>, 47% of the total service revenue the card of the fiscal quarter.
We were pleased to see that of UQM metrics hasn't become healthier and more then.
The leading platform that you already got screening channel.
Once again demonstrated the deep the traction among high quality to the hours and the strong through every completion and the professional copy of fishing capabilities.
[noise] both of the new Ritu in South Korea, and the E. Commerce lot of screaming industries have experienced exposed the growth Im 2020 few of the by the department of the economy.
Basing the increasing demand for high quality credit hours.
Hi, I'm kind of being highly the investing you used the particular area and the accumulated the huge amounts of the industry know how and the capabilities.
The study that restructuring our business as early as true.
The <unk>.
For reaching our extensive experience in Q, Erick incubation as well as I B T to decide for evolving markets change early.
And.
The city.
Duties from product views on the the Fuso small do Twoq, you average surveys and advertising, providing the tools to the price emerging from the brands.
So were the Bailey from although transition and the upgrade from operating cash or been these two beauty of the whole ecosystem. The best Mohan It machine you flexible and the dynamic in the small those although to respond the to evolve the market demand and the industry changes.
Writing all of these we've all been of folks is to the T cell leaping to the path for mother's day and all the lumpiness of structure, it's becoming more asset the lots of the be like true supply chain.
As to bats, the improved problem, Marty and I couldn't be capabilities.
In addition, the pet from although it's all for vector they seem the has the market the incident and attract the mall high quality of that I barbecue hours.
Which had sort of expanding our product categories.
Cash and I with the rates capabilities in different the category.
And growth our leverage.
Equal shaping these other I'm working at the.
Opened up breach and the flex the boat monetization channel for our Qs two that is part of the assets that I felt as though.
At the present.
Our pet for model, we provide at the Cardium instead of the.
From a flow screaming and the fuel services through online share of installed and the John installed the for the for the party brands and the merchants have.
The fee income the continued to expand our product coverage of categories.
For Keytruda equaling the flow screening and out of of having a subjective.
You can see the the as the main drivers to support our sustained growth this fiscal year.
For us.
He called for a lot of streaming has become and causing the growth engine for our pet for model and it's in the strong reputation in the industry.
Has happened we have established the unique pretty soon in the area.
It hasn't materially the strong growth momentum from the trickiest fits culturally generating 26% of the total subs revenue from part two persons either impure with the open up to the fiscal year.
Leveraging all the high quality on the for that worked for the QM metrics, we strive to all sorts of the poppy brands and the marching a strategy that the composite combined both quality and efficiency in sort of.
The end products the of Florida.
Well the establishing a go for the brand image and the lessons impact of from the lower price the promotions fuel economy of streaming.
Recently, we are working with the administration for much of the regulation I would sort of Jim probably is too low.
Don't screw allows premier in China to promote the strictest the vaccine of quality products and operations on the relative to the industry standard.
In addition, the product categories weak how about the for E. Comm flow streaming has extended the that you have for the though yeah majestic kind of.
I think the skincare products kinda parros bids.
In the food and the beverage homecare, FMCG and especially the vote.
The electric the product now being added to the roster.
And the in the bershad pure without some of the Q Erick habits the broad.
For the outstanding performance ecommerce streaming on pencil such as top off price, so though each of them.
And that's in the near field.
Among them the revenue agenda Richie the through kind of thought has exceeded 20% all the total.
From Slobs streaming of revenue.
I'm in for treating the flexibility and that would drive T mobile monetization kind of <unk>.
We look forward the two growing the is even bulk of our seen in the future.
Besides.
Turning to our other what kind of in some of these.
It's the contributed approximately 51% of the total service revenue.
Of the Pembro stuff you 20, Turkey, we had the part of the out of the though towards the our one stop in the 400 attendees three brands Inc.
The other but having said that these reps.
Representing 68 for since growth.
845 brands as of September 30, 60, 90 and the.
From 2% growth from what Sabra and what happens with the 86 brands each of.
The last fiscal culture.
Most of the lift today.
The the touring Brent accounted for over 50% of the total number of bands. We served in the part of the fits culture.
Oh the source of revenue it's for the the centralized the the top five brands of continuing for only about them.
17% of the total other about how the revenue.
For the the scouting out from.
The central concentration risk.
Oh, and the timing of somebody's, how allow car with almost all major social media platform.
Moving weibos self insured BBB and the Doe eat.
In particular, the revenue generating the smoothed self into accounts for nearly 20% Oh total other what type of service revenue range that steady pace of growth.
Moving forward, we will continue enhancing our <unk> compared to two I'd want to achieve the ring the other what's happening beneath and empowering mall brands, both domestically and globally.
As far as steal somebody sees all our share installed on Pall mall and the John the stores contributed approximately 20% of the total Savi, It's Brad revenue in the second phase of culture.
Moving to I won't be keep dawn, we launched this program in this July to act as a significant to the supplement to I'll call it could be the true arrows.
As of now we have the lontra agreements with non QM interest who have a larger number of followers and the strong if lindsay part of our major social media platforms.
All the extensive experience in the Q Every commission index.
Knowledge out faster practice across the industry.
The diverse the monetization channel consisting of when you come from of streaming the but having campaigns and all my share of restart the aim to have a true arrows produce enriched the professional content in combination based out of his team the personality of the unique produced the is the market.
So as to enable them to be a long term for snow bad.
The part of the up from all the time of keep the has already allowed to be the other expectations.
For the <unk>, we have also activity being working all bevy of new being this initiative and the have stepped up our efforts to the write up of the deep of treatment technologies.
We have the suite of CBS of technologies and the product.
Such as.
Yeah, and even though this is actually in 15.
Ah cheap on the sort of talk is that true.
For the keeping eye with the up to becoming the cooperation platform for emerging from fashion brands and the best of tender in China from you would true industry.
Yeah enabled us to batching system for the apparel products have the upcoming.
Terminating the number of approximately where hands of it sort of property merchandise and the brand. This is the inception.
Oh September 30, 2020, we had that had the most of the team with more than 40 engineers.
The the half about cutting edge technologies of acute our technology platform actually growth has.
Big lots of the entire matching process between for the pocket brands and the machine is appropriate for the Q hours.
So as to meet the growing demand for probably E commerce industry in the mall it fishing and the convenience for me.
As for our Rocky with the community to the multi platform as one of tall.
The opinion consumer opinions and increasing the impossibility, many consumer purchasing behavior and the decision making process.
The test and as the standard review products and the share their opinions and the comments on social media platform meetings.
Meetings for the party brands and the marching to the broader population.
Ultimately the creating a much more profound impact among consumers.
So far or what kind of talking to the Qs. These have registered the obviously with the community platform.
The the number is expected to double by the next year.
In China, I'm seeing industry will have its about all of the few cross social media platform.
Which is capable of operating images for other videos and a lot of streaming the.
The capability of the into beating you hours and the empowering for the pockets of ours, we provide a west of solution for brands.
From what had been to the field services at the.
Across all major so for me the platform from the board to be diabetes, so should the u.
On the question.
In the.
Even though the traffic of documentation.
Each of which he the marketing strategy has come true.
She lives premium ads.
Simple.
You're in preview to the money to the persisting for allows premium yeah.
Our recommendation and the the affection execution during the downstream.
Then the to the from of course European launch you in fact, even after that was true has completed.
The whole entire processes enriching all monetization kind of.
All of it that was the fraud and the cross platform capabilities.
The significant the growth both in the.
Number of than the cooperates fees and all of our service revenue.
Improving matching it for him feel about reducing the transaction costs.
Finally, I want to shift the.
Just briefly and discuss our share repurchase the program.
By the end of the one brltwenty any penalty.
The proximity to point to three for immediate yes, well the purchased for ER for.
<unk> aggregate consideration of approximately.
6.8 for me the U.S. dollars.
It's packs of to continue to implement our share repurchase program. The objected to the restrictions relating to volume price and the timing on the applicable law.
With that I'll now turn the call over to Mr. ticket Wong CFO of of the company, who will provide an update the other fund measure of performance for the second what's your office for me. It took the trend you want.
[noise] [noise] [noise] sent to me for Sun and ahead of low everyone in the second quarter fiscal year 2021, Weve for the glue our pet for model Weve somebody at this revenue growing.
80 for price gains year over year, demonstrating a whale executed of culture.
Services revenue as the percentage of the total net revenue further increased to 48 plus standard from 41 for US and you know the previous fiscal quarter and 24 Christiana index in quadrant of the last fiscal year.
Moreover, we've we also further narrowed our net loss attributable to higher by 38% year over year. The good performance in our Praful model enables our continued investment in day segment.
And the teams our future growth and the wheel our teammates late the lever a strong profitability.
Now, let's move to detail of the financial performance for the second quarter of fiscal year of 2021.
Total net revenue was RMB 248.5 million a decrease of RMB 24.2, moving on I'm proud of sand the from RMB 272.7 for the same quarter over the last basically year.
Which was mainly due to the decline in product.
The also ramping through the full sales model.
Partially offset by the disconnect became the increase in some of the case ran you through the pedal model.
Somebody case, the ran you through the path from auto what's the RMB 119 point Threemillion increase the of RMB 50 fall on the filing all 80 ballpark in the from RMB 64 point, Amy for the same quarter up for last fiscal year.
The increase was mainly attributable acute for us the increase in the number of kill else serving the company's capital model.
Which increased to 180.
As of September 32020 from why Hanjin of 46 as of.
As of September 32019.
Second the improved the pro forma net of the SAS kill else ex.
As evidenced by the increase in the aggregate number of the top tier establish a emerging kill else to 53 are south of September 32020.
From 31 as of September 32019.
And the finally and the increase in the number of bran that the company cooperative Weve <unk> advertising business.
Two 520 in the second quarter fiscal year 2021 from a 308 for the same quarter over the last fiscal year.
Product sales the Ram used two of the flu sales model was from RMB 129.2 million, a decrease of RMB 78.7 million or 38% from RMB, two hands or the 7.9 million.
For the same closure of for last fiscal year.
The decrease was primarily attributable to the following factor for us.
For us the translation of the base model of Alex.
Some of the last dollar from the boost sales model to the path for model.
As a result of all of which the number off of the compromise on line of specials decreased to 17 as of September 32020 from 23 as of September 32019 low.
While the number of the company's Coelce, serving the flu sales model decreased to three as our September 32020.
For almost seven as of September 32019.
Second I for.
The need be kind of decrease in product sales general rate case, the from the unless daus under the name of the top keil, who suffer from net you have a need for Ti since April 2020.
Cost of revenue was RMB lands or the 47, plus standard me a decrease of RMB 6 million of full price in from on the why handed the 53 Clos and the need for that's important for the last fiscal year, which was mainly you along the way for the decline in total net revenue.
Basically the product sales the rent.
Cost of products sales decrease of by RMB 44.3 million or 35% year over year to RMB 83 plan for me.
Cost of our revenue primarily included the products cost.
The inventory write downs and the chaos somebody speed.
Gross profit was on the land for the point of Amy lead a decrease of RMB 18.2 million of 15 question for arm B Y Hanjin. The 19 me for the same quarter of last fiscal year price.
The memory and for the results of the decline from product sales the revenue.
Gross margin was 41, plus and the compare to 44% the for us in quarter of last fiscal year.
Total operating expenses was RMB why hands or the 34.6 million a decrease of RMB 49 point the phone using a 27% from RMB 180 fall for the same quarter over the last fiscal year.
Total operating expenses accounts for the fall for feed keep bulk of skin and 67% of for total net revenue for the second quarter of fiscal year of 2021 and 2020, respectively.
For female expenses were RMB 16.9 million a decrease of RMB 18 point Threemillion. All 50 shoe press ends from RMB 35.2 million for the same quarter of last fiscal year.
The decrease was largely the long wait the decrease the end product sales the Remy.
The film and expand these accounts for the fall 13 kind of sand and 17 credit fan of product sales the revenue for the second quarter fiscal year of 2021 2020, respectively.
Sales on the mocking the smashing well on the 82.3 million and the increase of on the same endpoints threemillion tampering of sand from RMB 75 million for the same quarter over the last basically year.
Sales and the marketing expanding kind of faced.
Primarily of its biopsies for killer whale incubation cultivation and the training for the company's path from <unk> as the.
Well as especially if the incurred of for the comprehensive advertising model.
Marketing and the brand of promotion activities ended the both of Us model.
Following the expansion of kill L. pool from why hands are 46, Simon <unk> sales at.
It's all of the September 32019, two land standard the AG as of September 32020.
<unk> expenses incurred for kill elegant basin contribution and the changing the order of Sue the Paul increase activities for the company's kill it.
The office and advertising basis.
Sales and the marketing expansion of the accounting for 30, Threed Cross the 10 and 28% of the total net revenue for the second quarter of fiscal year of 2021 and 2020, respectively.
End of the increase in the concourse or what's the primarily attributable to the decline in product sales for the rent.
For the product sales segment, the percentage of sales and the marketing expenses as compared to product sales. The revenue was 37% in for the complex.
General and administrative expenses of <unk>.
Were RMB 33.8 million decrease of RMB 34.6, new eat all 51 for us in the from RMB 68 point for me for the same quarter up for last fiscal year.
General and administrative expenses accounted for 14 Cross channel 25%.
Of the total net revenue for the second quarter fiscal year of 2021, and the 2020, respectively.
Ex close excluding noncash share based compensation expense and the litigation costs.
The price the price Encaje, plus the 11 cross and 11 press and the for the cheap for the second quarter of basically all the time 21 and 2020, respectively.
Amortization of fixed ex.
Exclusive of Culberson White Rep.
Represented the amortization of the intangible assets in relation to exclusive of Culberson rights granted the by a top came from.
Net loss attributable to behind was RMB of 31.2 million compared to RMB beat the key points of 1 million for the same quarter of last fiscal year.
Narrow by 38%, but.
Adjusted net loss attributable to the rule on was RMB 20.2 million compared to income of RMB 2.5 million for the same quarter over last fiscal year.
The loss of the intercom culture was primarily achieved the boat shoe the losses incurred byproduct sales segment with the adjusted loss from operations of.
Product sales of RMB 27.6 million.
In terms of balance sheet and the cash flow as of September 32020, the common they had a cash and the cash for the Cleveland range dictate a cash and short term the investment of RMB 700 of 14.5 million compared to RMB eight standard upon the 6 million pesos margin.
31 2020 net.
Net cash used from operating activities was RMB 46, PON for me for the second quarter of fiscal year 2021.
Compare to net cash provided by operating activities of RMB 7.2 million for the same quarter of the last fiscal year.
Net cash used from operating activities wasn't primarily I raised the out of all for us loss from operations from our product sales segment of the RMB 31, the following the the con.
In product sales the Ram you in the current quarter and the.
Second a net increase of RMB 17, Pong 17.4 million EBITDA bonuses to suppliers, primarily searching strategic social media platforms.
Before moving to our outlook I would like to the spend a few minutes to discuss for other our second them performance.
During the current quarter for the.
For the assembly of this segment.
Yes, the revenue of computer Paul 48, plus the end of the total net revenue.
And we achieved the income from operations of challenging which was equal to somebody sees revenue minus related cost of revenue and operating the spastic likes sales and the marketing general and administrative expenses of.
Adjusted net income from operations of the services was RMB from 14.9 moving.
Product sales segment, South, Florida or losses in the calm quarter and adjusted loss from operations of the product sales segment was RMB 27.6 from you.
With respect to our out of.
We are reiterating the batch for the full fiscal year of 2021, we currently expect our net revenue from somebody says revenue.
Through the pedal model to be between RMB, if I hand, the 20 million and RMB 600 can you eat representing the year over year of growth of between 70 to one question and a wide range of the one question.
These for cost reflects our current and the preliminary view on the current based sales situation and the market conditions, which are all subject to change.
We did not from why the outlook for our product sales for the when you for the food basically you are 2021.
The married the cause of the uncertainty in the continuing impact of net Kim I believe for T. of our top killer whale, serving certain on the last daus and as opposed to some other that's.
As I discussed previously.
This concludes our prepared remarks, we will now open the call for Q and a operator. Please go ahead.
Ladies and gentlemen, we will now begin the question and answer session.
The which the asked the question for Star one on your telephone as need for any CBNL items if.
If you mentioned the cancel your glass please press the pound or cash.
For the benefit of all participants.
On today's call if you wish to ask your questions. He the Companys management team Chinese leave immediately repeat your question in English.
[music].
Once again to ask the question its star and the number one on your telephone.
Your first question comes from the line of anyway of Citi. Please ask your question.
But even the management of <unk>.
Taking my question. My question is the Bob and singles Day performance and E Commerce My strength.
So the management provide some kind of the about it does help on the store performance during that same day shopping festival and for our lives to me equal must.
Management and the new Chen in for this year singles day, the say in terms of competition is the behavior as compared to a loss yes. Thank you.
Okay. Thank you vacated the if the Jackie let me take the real question overall talking about the double 11, you band of performance was seeking Milan, Oh, we the our expectation and a.
Total of somebody is the revenue is expected to be over 70 credit standing you year over year increase a while though we have the talking about the.
On the last daus, our own the honest daus and the end or the full service model, we continue to feel pressure on that and if.
Hey for look at the product sales the revenue, we believe it will be or.
Expect interest decreased as compared to prior year.
Talk about the deeper deeper as the all changes in channel in the ecommerce right Jamie the.
How are your EPS compared to prior year or am I want to focus on the live streaming and there our praful model set several ponds to share of.
For us for on a we could the feel you know during the county or kind of humorous all costs from ours.
Volume to live streaming.
Yes, the price for example, the imply your.
You know maybe a much Archie Latino consumers, it's up maybe of their first time. The you know to to utilize the live streaming into block two byproduct of so the might actually come compare the price of the product launch of through the live streaming.
As compared to the other channels the compare the price and even kind of here because of the idea of yes. The you know the product volume from the last Jamie.
Well the much cheaper or so so that's there as you know the I cannot be used to the live streaming and the feel comfortable to buy caught out sort of best suit I screen.
I said kind of the you know the.
Yeah, Yeah, the magic Ocampo policy in the last streaming you know take through high save sample.
Streaming from either of craft losses, I mean in addition to the the major one of the top all platform I, increasing including you know apply show the OEM and shelf of muscle the Isle increasing you know I mean, the of focusing on doing the ecommerce are nice Jamie.
The third I will see the.
Cash grace of the brands.
Expanding it and the from a weenie apparel to cosmetics shoes handbags.
Fast moving consumer product of food elect shape of the classics.
And then you don't mass day brand the anew brand of playing a more and more importantly, the role.
For the I wonder smashing the S.
We feel the brand you know a more rational in dealing wave the live streaming.
You know from prior year. The my thing Okay that the from time to do that they don't really care coffee by you kind of the or the us reaching there both on the stretch day, they ask combining both quality and the efficiency EMEA is the you know the the care about the par amount of sales of volume.
But meanwhile, the also care about to establish a good brand aim age Wow, I mean mitigates the impact form of your lower price promotion during the.
E Commerce live streaming.
Okay, I feel that the sample and I want to share I hope I answered the question. Thank you.
Maybe.
Thank you.
Your next question comes from the line of Korean who of you. Yes. Please ask your question.
Claims on the how Oh gosh.
Got you I guess all of that she was one of them.
You know with Olin's agile.
Let's see the goes Oh, she bought of Angela GAAP I.
Yes for sure the Miss is essentially.
Some of them will be Oh.
Sure.
Oh, Yeah, when do you know the way yeah.
The Japanese huh.
Well the kind that you bought out for sure.
The M.C. antisocial inside of it.
Oh, well edge of the Holly.
Yeah human accounts.
Oh interest with myself and my first question is about on the net.
One of the two quarters how.
How is your targets of any kind of like famous revenue share.
Could you elaborate.
About the assumptions and the key drivers behind that.
The news that industry.
Could you mentioned the give more color on ecommerce last for the industry dynamics like.
The relationship among the empty.
The sasols emergence of well over <unk> of them, while the profit for the long run.
And how should we think about the the change of they'll bargaining powers. Thanks.
The goal I think the was the for me the all equity digested the of antibody.
The do you feel like the them the GE dual moving cheese will sort of rule. The some of the equates the true the sort of though with a woman of the fully sort of who the buttons assistance for you.
That's the XI and think the moved on the call each other she didn't shuttle volume being.
The you know well emerges we thought the on the mix of local interest as opposed to utilize the same old girl who the.
The on the Jensen booking the father sort of hubs for you. When is the question, though you use the show through the meantime, though Jim for you feel that you're certainly all of the to the true so.
You saw the liquid channel was owns the sole upon the close of can do the the looks a little piece of it.
Thank you for of Harper unfold, the and let me answer acquired from a we anticipate that the the percentage from E. Commerce life couldn't we'll continue in true true inquiries on the in the next one or two quarter other parts of the real you're wrong lots of in the sense of five compared to the total service revenue.
On the order the realized the pagans implants.
Then on the following all the all of that car for so we will continue to feel the Ah you know Alex El Al Cool hours, you're producing basins. The lives of soon the fed all for the mill only relying on a single top fill out of.
And I will continue to emphasize Mopey mechanical platform. You know you know the sense of how 'bout Renaud up other platform. Likewise, so the yellow itself and the oil play out more than one importance for though again you covered a lot of student allow for the wheel for other.
The strength and our BPM and nothing has really you know the.
And then to have the pocket brands on the more kind of have more cooperation of of out of the motor and the real comes into the hands of ive into other categories.
Thank you.
The way that the other one channel Joel the toll hyatt's, mpls or should the liberal than being part of what the Sandra the the assumption the cousins simple with a couple of uses the shelf was for the some of the juggle a bulk.
Okay for the machinery come with big ones I'll say she is the food hook it all holding in the the human gene post the usually Olson door. The of the assumption shows also for that sort of cool.
From the perspective of the whole ecommerce lots of drilling units for you know that the two that some the parking matsons on drugs have to her relatively high call a lot of hiring in house, a lot of premium business a hallmark of platform.
Including but not limited to.
And to the <unk> I love having the.
Technology of some of it.
All right I'll kill out for fear factor on your while much of the I have to you know very locks discount of product sales.
The ruhollah units in the sense of what that for you. It seems the goes subpoena usual Jewish of its only on each of.
The yields I wouldn't take the titanium the DRG two years Schuler, saying Gee the request for quotes on the price.
Yes, the sense of what that is so low its own peanuts or sold all of the P. vs. When she net hold she the buttons of cheap other funds of the want me to conduct the what.
For yields will go so the holder in the sense of BV weight jokes she value of hedge of I'll say UGC exits of what type of yields actually the yields on P.D. The bulls on T., so well the Nimodipine Cleo show for the show.
As for the <unk> you know you come up lots of me of Hudson City upon the.
Pardon the growth engine for our platform model. It has maintained so all the growth momentum from the previous because of a quarter generating 106% of total covered the revenue compared to only only 2% none of them period of lop physical year the though.
While the company the higher proportion of commission for <unk> out of the the other one of has isn't panel.
And the contribution of the purpose of revenue kind of right. The realex anyway for the increase of our growth model. We will be installed way you know life of the effect of a unit.
Okay.
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[noise] [noise] [noise], operator Covey mall.
[noise]. Your next question comes from the line of money, we need to know as I said, we'll U.S. Please ask your question.
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Professionalism personal value drive colored of spectra will also provide a out how else with all net of the training and the require them to follow all relevant laws and the regulation of from the government or other means accretion and help them to abide by the normal social or other.
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Operations and a regulated industry standard.
We are actively of support all the relevant laws on the regulations in the E commerce lot of streaming sector of from the other administration and you know, we'll cooperate with other large players in the sector for healthy and the order of the development of the E Commerce lots.
Jimmy industry.
Thank you.
[noise] operator.
As there are no further questions now I'd like to turn the call back over to the company for closing remarks.
Thank you operator, thank you everyone. Thank you again for joining us today and the if you have and you for the question. Please feel free to contact the company at the Master Relations Department. The were the contact information provided on our website or our IR from TPG Investor Relations. Thank you everyone. Thank you operator.
Thank you bye.
This concludes this conference call.
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