Q4 2020 LIZHI INC. Earnings Call

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Hello, Ladies and gentlemen, thank you for standing by for teachers, Inc, fourth quarter and fiscal year 2020 earnings Conference call.

At this time all participants are in a listen only mode. After management's remarks, there will be a question and answer session.

Today's conference call is being recorded.

I'll now turn the call over to your host Africom head of capital markets for the company. Please go ahead.

Hello, everyone and welcome to the fourth.

Fourth quarter and it's based on Yeah, Let me take your earnings conference call, where it is on.

Our financial and operating results it looks like there was an.

Earlier today and they are available on line, but he spends on today's call will include a founder and CEO of at least the micro line and I think that's all good and Samsung.

And that's another we begin with prepared remarks on the call will conclude with a Q&A session average.

Reminder, this conference has been moving hard day. In addition on highlights presentation and a webcast a replay of this conference call will be available on the IR section off on.

All of that type of cash stock reaches all kept on it.

While we continue please note that today's discussion will contain forward looking statements made on on the Safe Harbor Felicia.

Private Security Litigation Reform Act of 1995.

Payments technically contemporary patches make real exact target asking me income, but it Patel.

Potential continue on as a female second.

Forward looking statements.

And I've heard from Keith the accuracy of the statements made on taxes or by the number of visits.

Uncertainty that could cause actual results to differ materially from those projected or anticipated.

Risk factors on beyond our control.

The company is a fit but a laggard roughly it down with it and on the right.

On the pay down debt obligations five babies to forward looking information.

After average required to under the I'll pick up on law. Please note that leaches on its got to be in this conference call includes discussions on.

I'm hockey's GAAP financial metrics as well as a positive non-GAAP financial measure Egypt, perhaps from eating from Tampa to because of the Asia I'm honestly not GAAP method to honestly GAAP measure.

I don't have the balance of the call over to our concert.

Based on my whole life. Please go ahead.

But.

That's it I cannot give you on that.

Dr Cui.

Okay.

Through the course of Union line.

Good day.

It goes on into sales.

So we've seen a gun to.

Hello, everyone. Thank you for joining us for day Crystal ball on behalf on me.

I'd like to express my sincere appreciation to all of our shareholders and stakeholders for their support over the calendar year.

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So you said they are all well familiar if you you can switch your Sunday on Clark here.

Thank God all of them on your young people, who could seem to one standard sometimes people.

Premium income growth, thanks, I'm going to say about sort of the same.

Despite unprecedented challenges.

Order levels up on uncertainty across the globe and what's happening at San Vicente was a landmark year for these two at the time that he was successfully listed on the NASDAQ global market.

Patients with Samsung on leading position in the operating let's say by building up a fantastic all of those that could be posted on consisting of audio based on social never forecast a content portfolio and audio communities.

Yeah.

Since it looks like you used.

On a pool clicking on it seems that well.

Well many of you on board shrinking the day, she should have caught up.

It's what you do well Linda you don't bump from Julia for you on closer to 22.

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With him about since day one.

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And then B sugar I E.

So your thought about household out momentum she can go to the U T that somebody from Kim.

And to do well in line to shoot so you cannot save me go on to them quite cheap to invest time in the evening.

Interest in turnkey, we made a breakthrough copper asset in the global online audio market and argue that they continue to spend in the fourth quarter on an average mobile and they use increase of 13% year over year to a new high of $58 4 million in terms of commercialization our fourth quarter revenue.

And 16% sequentially to RMB 460 minutes is free.

Beating the top end on guidance and maybe this quarter once again posted a positive knockdown from desktop.

She said I went down to two friends on job well, then you will find minutes from us.

Could this be useful.

Delaware law.

Neil you do sort of shoot she central Midlands, and Doug you can sometimes people being due to him in the country.

I would now like to share more information on our business operating well.

So in on how you play that through a comprehensive audio basically ecosystem that gives a great social another compound on for me.

To support our long term feedback from it.

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Since I teed up for you Jim.

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Yes, Jimmy.

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Jonathan.

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While I'm on it sounds King you couldn't do that 10 jobs, so Dallas and weighted could you tell me, what you'll see us as a function.

Samsung.

All right well, then down sushi to close on PFS County.

From four times at the same time.

So you will cause that internet sales too.

Momentum on TRP it some way women using cutting flood event you could tell me on the sizzle.

Yes.

So just finally made the cause.

To the same day sales agencies.

First of all with the rising popularity also based on social networking around the world. We have made great progress in broadening our global footprint.

In the summer of 'twenty turnkey, we began to explore other market opportunities.

Speaking countries on that contributes to our cash.

So the U S market in October 2019.

It's not moving.

The U S market he I'll start with the top volume that social networking apps.

Yes.

I have over 200 countries ranking among the top 10, social networking apps 70 countries at peak times.

Yeah. It was able to provide free teams on matching and real time on that audio to attract user who or social networking with power on Max on sequences on AI technology.

Yes on accuracy, Max needing free surplus stock, we will do this together and allowing them to have real time cell phone interactions.

On various topics and Atlanta.

I would never do that what would need to meet friends with cemetery and from can check on the line and share their daily life, we have a clear and unique product proposition for <unk>.

Keeps pace with brands and advertising from kind of ship them from time to be Frank and having fun.

In fact, the latest convention from other audio products.

So Pedro.

That auto production per line in terms of privacy protection real time interaction and largest net of acceptability well beneath that more social network can't seem to maybe shifting from offline to online audio in the future. We will continue to take that.

Yeah, well received product features and further penetrate global market.

With that he has become a critical pillar of our auto portfolio.

That's across the globe.

With each other for volume.

San Diego from into you'll see she said she could think momentum sushi with what they're doing.

For the 12 months or the two do you think off on food.

Of course on woman.

Good morning.

He said people see the E&P Williams, who were good on him on toss out on Cingal.

Tuesday.

Early on it inside of a subsidy.

Other income even sooner than they skus out on.

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So what when this happens you do see your booth DUC count on your meeting.

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To your meeting goes on to adopt from ability group.

Richard I'm going to go to definitely go to the new heat up enough, where you do on assisting them and put them on the.

Physician fee.

In terms of content or the only Ohio, you're making your day.

We continue.

I'll come down operating and much like you to this place.

Great.

During the fourth quarter of 2000 centers the number from new ideas come from affiliates on capital reached a new website on for about 20 minutes as of December 31st that tend to.

The cumulative number of audio content with $254 million, representing a 43% yield more free.

In addition, we still expect our Apple now called nation deliberately spanning a wide area of what's going on.

Second access or actually the net benefit from the wife Michelle.

On the ryker log on to increase high quality income.

On the operating.

Moving to patients who for example, so on appeal to a broad 10 day.

But I've got really catching on women's I think the book could agree to put you on.

Same thing in a year from Pittsburgh quite intense in the targets.

So you lay that neoprene time, please you're welcome.

Well my sales team both with early on.

That's on the field.

How does with her team.

We will send you a stupid just to be impacted on.

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In Chile, the allow me once it is simple.

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It was this year so there's income on top dollar.

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Therefore, good a union neither stock flow.

Todd you spoke of the IP.

Quite a few can enjoy on father Gulf into the book of the knee.

Well, let's move on from what is the book two simple bookers.

Lucas impact also on non core the clinical findings on me.

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Yeah.

To a woman actually is on a good thing why couldn't you see.

It's the book are you on core then goes on to about getting value to the good thing from our brokers who can see yet.

So I wouldn't say these simple close on them.

In my book.

So a balance of which he is he golf commencing in two days on single function.

Thanks, Dean and I hear it.

Well number one again in Hollywood.

The top on my Cook I kind of thought at all.

She is on that.

So the hallmark of the PMI broker.

Moving to hooked on it though the bushes looking backwards all goes on passwords, they've got to make it so that at a certain period.

So both day to actually move the premium forecast for sales, we had to build out a brand new vertical come from staff on keeps it.

On January 10, because one who believes that the forecast are unique as a company and contact with your auto book on pay for a lot of stuff on Hawkeye lapsing.

Basketball attacks on major podcast featuring premium to regular contact from the beach at massive content library sales over the years. Yeah, you should obviously COVID-19 work I've read from high quality forecast to pass on.

The Alco collateral that was needed to be net.

So offer inclusive podcast and motivate celebrities from all walks of life to coach weighted class teachers forecast I think on.

We hope that somebody just forecast, we will be able to deal with a larger forecasting ecosystem and appeal to a broader audience day.

Such a white collar on the more young middle age of the news at Pollo I actually want to personalize their documentation in Haiti.

Egypt has to use it I E.

So we went on with computers on anything unique.

Pop out the need to meet with simple.

Additionally, we have introduced the blended forecast on me two capacity at the new way of how can the company increased brand awareness for income in February this year, we kind of top line, a leading pop culture in the.

Companies in China to create a class of branding.

With cash to cooperate with more company on brands in the future to explore the market opportunities brought by the who need it.

But to some operating day total in total income in the U.

Because you don't put chicken going to yield to the income to yet so we don't put that burden on potash sometimes in some of the.

In consulting is huge.

Well money, it's easier for them so that you can switch.

Consider two will cause that linking hunting towards icons on the nucor team on.

Something realized her day hunting jumped on late and can you go on to the human touch.

Which Adam will mean I'm going to go on there it seemed daunting tenants such as getting a price otherwise it on.

On the powerful on shelf when she saw from.

Hope you're happy with them.

The life on my side.

Always.

With your phone line.

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In Kentucky.

So there are things on the go forward and I'm Gonna day switching that goes on so how are you thinking yes.

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Well, then something well informed to the name corneal toxicity in India.

Yes.

Useful.

And I'm quoting you put some talent pool close this out that she was on use of them.

Relative to the acuity force made to them advantages of audio products across multiple tobacco.

Superior on your expenses.

Let me address these they just never we are forging ahead.

Hurricane program, making calls on the market with our compelling call other products.

Back to reach a broader user base, we believe that they didn't talk nano become on important.

For other products from the future Indeed spirit established collaboration with multiple leading automobile companies in China, including from the water GAC and he likely.

He also lots of interest the auto product on each analyst forecasts on smartphones.

Solution, enabling more users to our personal lines operating expenses wildfires on me.

Meanwhile, we enable the shared economy, we can do that.

Cash and mobile App, so that users can seamlessly from integrating different devices.

<unk> Bachelor who they go with it.

We believe that we've come to a hospital operating to get there.

Cumulatively in the past and the use of free leading technology can further enhance our competitive advantages in the parts aftermarket.

So it's a system type on them in well when you decide to do that T cell therapies as I remember you being so cheap low quality.

Cause visits and closer to you again.

Cash on yogurt.

On the landscape of a quote on.

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Nimble with your Butler, adding island ECM.

You see on quite simple to do for the.

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I am too.

It depends on things.

Our union the coupon on it.

So quarter on quarter cool yeah on either.

I will now sits at one P. M has on our book on on how good are your balance.

Survive well many of whom locally so its reports on a P value for the Chinese do.

Regarding India more than Savannah, differing Andrew same day C. Sam on the bulk of what's in order to potentially backfill.

Yes.

Okay.

For sensor island Honda in simple.

Women tune solutions.

So those two things.

You can see myself on mute.

So you see some kind of you sell the union, but that's what we are seeing.

She said you said.

This is due to good teams on.

So that's how we'll assess their needs.

Sundar.

So well monitor highest XI approval recently on patent suit on foods.

What's assembly line.

So as you watch it on.

So the.

Also lay on top of that comes on.

Well, that's a chance with the recent CCAR I didn't mean to.

Yeah.

So by use of the book.

Due to the Volcker rule.

Your line well many of zone tissues from pool, Amanda So it should have some track record revenue.

With people when you Cook Thomas for you the EPS.

There's food demand. So you would go to you you can count on me on for example, I'll tell you put on interest rates.

Turning to our two mini ecosystem.

<unk> operates at the vibrancy of our audio calamity on the cash.

<unk> increased use of intellectual and connections, allowing hospitals to a profit.

For example, at the end uptime percentage with husky on that event.

Basketball is one thing.

For sure they got on shipments.

On <unk> 'twenty 'twenty, one audio line.

That exposure on Weibo.

Sure.

Hum and related forecast were paid over 1 million tons, while cap on it.

In addition, with husky on that our community bank sales.

David.

And it would be too late that are held at the end of 2021.

130000, quadcopter and luxury vehicles on showcase the approximate 150000 and 370000 vaccine audio with Apple.

He also selecting and walking exceptional content weighted during the back half.

The manufacturing operation.

Many of the ecosystem user engagement on the platform continue to flow through in the fourth quarter with the average monthly interactions, reaching a new high of $3 three FID on time scaling up your balance.

Furthermore, we continue the Covid shock.

Supporting programs such as Appomattox.

On the sovereign and the cultural outstanding content from here and help them as well.

The average down version two points on a lot philosophy.

Several contracts high quality customers to our platform.

Moving forward, we deal with NASDAQ.

Reaching out on the ecosystem to provide users with a wideband audio community on satisfy users' needs for audio creation confidentiality communications on the move.

Got it.

So I answer on that.

I'm, sorry, I think on even the answer with other tenancies Little man sitting on about where you can yet give everyone a little under five day thing.

Yes.

Some of our union relative.

On the implication of women.

Besides you and your family and they still booking from the local shrinking.

And then John C suites from Goldman the income 17, so do you.

Good day.

Tom's outcomes on the name and favorably but.

What does he sits on that pending to matching thing doesn't seem can kill them and what are the some user doesn't.

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Well then on group I want to touch on in Hungary.

So you thought the patent.

So you see some of those sales hunting Suzanne woman against him tell me exist on 1000 right.

Linda trenches, but seeing some time.

In summary will be on sheet business have you tend to have provided.

And that number is.

On a later part of the foundation for our future growth in 'twenty one.

On committed to creating more connections among people around the world and offering them more companionship.

Audio from Abbvie.

And to further increase on a granular abandoned and reach a wider audience day, all over the loans I am confident enough.

When it comes back I believe that with our unique audio based on social networks ecosystem reach audio content offering and highly engaged audience from energy, we are well positioned to capture the huge potential in that market.

Firstly on.

Our vision is to continue on with the auto centric innovation and make me a leading audio platform globally.

Especially at that time.

So on that that is CFO telephony revenue.

So it's I would say yes.

Cash out along with that I will now turn the call over to our acting CFO Ms from home will be a destock on our financial results in more detail.

Okay. Thank you Michael F on it every day one.

First of all very pleased with a better day expect top line performance in the first quarter, which underscores our continued growth trajectory.

We grew our top line our profitability also improved with a year over year decrease in gross margin of lifestyle activity basis points and positive non-GAAP net income.

In the fourth quarter, our total net revenue increased by 15% on before.

Hunter at any 0.3 minutes from the same period of 2019.

Currently which generates revenue primarily from our audio entertainment business, which country ability on before Hunter at $40 7 million to net revenue in the fourth quarter opportunities on heat, Andrew representing year over year growth of 60%.

The increase was mainly due to the increase in the per capita spending on our interactive audio social entertainment products. During the period, primarily driven by our 2020 and it was Scott killed in the fourth quarter on turnkey.

Additionally, podcast advertising and other revenue grew by 12% year over year.

$5 5 million in the fourth quarter of 2020, the increase was mainly attributable to the increase in the number of advertisers.

Cost of revenue was RMB $301 3 million in the fourth quarter of 2020 compared to RMB 301, 8 million in the fourth quarter uptick and I think the year over year increase was mainly due to the increase of salary and welfare benefits pay Manhattan on costs and bandwidth costs as a company's business group.

Yes.

Well as the recognition of share based compensation expenses.

After the company's initial public offering.

This was partially offset by a decrease in the non mature piece because the incentive program for content creators. We lost in the so called up COVID-19 has been just got done since February 2020.

Gross profit was on the Weyerhaeuser and that can be done in the fourth quarter and he says he referred to the interest of 85% from RMB $64 4 million is a free.

First quarter of 2019 and interest of 31% from RMB 91, 6 million third quarter 2020.

Non-GAAP gross profit was <unk>, two 6 million in the fourth quarter of 2020.

The net interest of 90% year over year and increased from 73% quarter over quarter.

Gross margin increased by 300 basis points from the third quarter of 2020, reaching 28% in the fourth quarter of 2020.

Non-GAAP gross margin was 29% in the fourth quarter of 2019 compared to 25% interest quarter offsetting that at.

Operating expenses increased by 30% year over year, and 25% quarter over quarter to RMB 125 formulas in the fourth quarter of 2013.

Research and development expenses were RMB 56 formula in the fourth quarter of 2020, representing on year over year interest of 8%.

Kris was mainly due to our increase in number of research and development of employees.

And the share based compensation expenses recognized upon after our IPO in general interest.

Selling and marketing expenses were RMB $48 7 million in the fourth quarter of 2017, representing an increase of six 9% from RMB $28 8 million in the fourth quarter after the United team.

The increase was primarily due to the increased promotion and marketing expenses.

<unk> operating and promotional activities for our product and brand name in fourth quarter of 2020.

General and administrative expenses were RMB 23 million in the fourth quarter of 2020 compared to RMB $15. One day in the fourth quarter often in 19.

Increase was mainly due to the increased expenses in salary and welfare benefits professional services and a recognition of share based compensation expenses. Upon after all I P O.

Operating loss was RMB two formula in the fourth quarter of 2020 now are down by 80% year over year. After if you say percentage quarter over quarter.

Non-GAAP operating income was $4 90 day in the fourth quarter of 2020 compared to non-GAAP op and lot of RMB started $1 7 billion and RMB 290 line in the fourth quarter of 2019 and caught up in 2020, respectively.

Net loss was RMB five 8 million in the fourth quarter of 2020, now dropped by 80% year over here at 4% quarter over quarter.

Non-GAAP net income was amplified formula come back to non-GAAP net loss of RMB, two 9 million in the fourth quarter of COVID-19, and non-GAAP net income is down four 6 million in the fourth so caught up to the 20, respectively.

Basic and diluted net loss per ads.

And these are up on the west strength in the fourth quarter of 2020 compared to $23. Two in line in the fourth quarter of 2019 and RMP. The airplanes last week, so caught up 2020, respectively.

Non-GAAP basic and diluted net income per ads.

And is there a 0.12 compared to non-GAAP basic and diluted net loss of RMB two to three per ADR in the fourth quarter of 2019, and non-GAAP basic and diluted net income.

RFP there are still one in the third quarter 'twenty 'twenty.

The difference between GAAP and non-GAAP EPS is mainly due to adjustments to the accretion operators show redemption menus and share based compensation.

As of December 31, 2020, we had cash on cash equivalents restricted cash SPP on a short term investment on R&D.

$392 2 million.

Overall, we achieved solid results in the fourth quarter, and we continue to be confident about growth potential on the audio industry.

Could you check your wilder underway, but instead are to deliver long term value to our shareholders.

Now this concludes our prepared remarks today, and we will now I'll turn the call to your questions. Operator. Please go ahead.

Thank you ladies and gentlemen, we will now begin the question and answer session.

If you wish to ask a question now please press star one on your telephone and wait for your name to be announced if you wish to cancel your request. Please press the pound on hash key.

Key.

For the benefit of all participants on today's call.

If you wish to ask a question to management in Chinese. Please immediately repeat your question in English.

For the sake of clarity and odor. Please ask one question at a time management will respond and then feel free to follow up with your question.

Once again, ladies and gentlemen, if you wish to ask a question. Please press star one now.

Your first question comes from the line of Vicky Wei from Citi. Please ask your question.

I'm going to hold on Tomahawk and this is all of this new line Susan.

Susan.

Good day due to that goes on before the E&P, although one can shoot I'm on my son from sometimes that leads you on it.

Yeah.

Some of them from India now holds a broker.

On the semi a lot of times on familiar knows how much EBITDA.

She said I didn't if I use that put you from a management. Thanks for taking my questions and congratulation on the strong results.

Management license from.

About the championship from cause something to income in 'twenty, one and also some update about that podcast monetization program. Thank you.

So at the retail level.

Sandy on the wind.

This is a union the 10 day, it's only seen as Jose torrential find from there.

People would put our money to incubate, forcing the sometimes people.

Well as I say on the southern unions here at young again going into the on that.

Goodbye.

Right.

Sure.

And then it goes on central to your own Kool aid Xenical woman, who was looking back.

A woman named him some time.

Okay. It sounds balance without somebody other kind of both on a pankaj.

So Don I O our income.

Neil.

Your line until you have that you can say.

On the Suncorp.

Okay I'll take the first question I'll translate for Michael So I'll check into the polka seems like it really was is mainly about the globalization and further expand our audience centric ecosystem, we are committed to enabling people to have more companionship.

She was on my audio connection and we hope that we can make our services and grant affected by global users in 2021, our automotive because it's on many comprising three Pos which is audio based on social network audio content portfolio and audio communities.

They'll come in 2010.

With all this issue well Linda hinge on kind of timing PR shoot SME growth rates were going on.

Although you'll see on.

So that is.

Is the deposits are Nick a 10 day, what else would you all haven't bottomed out yet.

A woman conducting kind of on them and that's what I mean to the water and tea.

So you're kind of saying.

And you'll see from somebody on your free time, you're moving.

In terms of audio based on a cellphone NAV as mentioned on earlier I'll call back here on the globalization strategy has gotten wider popularity since its launch from the U S market last year and they have been keeping a good ramping back up among the top shop, social networking apps until now.

I'm actually very pleased that our overseas product have been meaningful results globally, which further reflects the tomahawk audio in the global market.

She does so your client series on counting the citadel country.

And that momentum.

Tissue towards on demand.

So we are off on it.

So on and go with Duncan door, you can see on the charter so day out hunting sales up.

So on when you plan to sit on one time fee.

And you'll probably need to put out there we're going on.

Yes.

Peter pool accounting Laguna on so they don't put a bunch of good harvest as it go.

T I think everything that's on.

No not at all.

I'll counter when Linda you flow it comes on line.

You can view on.

Yeah, it's a social product based on fibre channel.

This year, we will continue to expand the diversified and yes. It is nevertheless, a PR.

Terminal off line for something which audio to its ballpark two online. So in the meantime, we will continue improving our product to expand user base across the globe, while adopting innovative features to ebay user relationship on Ti and can create a long term and stable.

It calls for new user growth.

Thankfully well eventually I should say anything new from a woman downhole the simple could take their seats.

Do you think it could be a way to moving to walk where you send me on takata births or two.

So without a new senior.

We'll put our money free medicine now see you put on it anyway.

Well Miss you on my line on what day. Some go to simple you could come from so the.

Bulk of its impact on two broker.

The bottom two rows.

On the.

Most of the two console.

So the only thing I broke on on three bundle because.

She is so competitive Hudson.

For the audio content site in China really on 2000.

New products need to forecast to focus on premium podcast, that's on time and Craig It proves its content offering.

Cooperation with some of the Netherlands.

And to further increase the total of our brands and on track to users of different agents.

We hope that from the future we can feel the more mature podcasting coffee sales in China.

We can help forecasted to generate income from the diversified business model and enable more companies and brands.

VITAS with blended forecast.

So it's you know you know more money on it.

<unk> T cell therapy.

Covid, especially if we were to pool.

We will flow towards homes or finished on pudong Laguna what he says.

I was in Atlanta scene.

Moving into the channel with the signing of a century.

So in terms of line senses to volume can put on a payback or income.

Well many of them tissue food on me on Congress.

It doesn't tell you did you want to tender in Laguna.

T, which without off we'll worry about gulfport on associate a survey.

Since announcing the since you missed some types of them.

In the new year, we will continue to increase the vitality of the communities.

We have in our functions and content creation sharing and interactions and as well as innovation.

Innovative promotional campaign, we hope to chew on more young people to find that momentum.

Where they can showcase their talents, who were audio content creation and again more companionship and definition to audience interaction with you also continues in our come from creatures.

We have the highest volume can you get the content offerings, while further establishing of what fuel from anything ecosystem.

<unk> revenue and highly interactive and collegial atmosphere.

China momentum how quickly that should put us below the line up for sure.

Two of them to travel you can.

I think Joseph.

What's your take on what again.

I can quantify that.

So then I just want to say non union.

On a moment on 71.

So kind of standard when.

So the only so to send a bunch on.

Tissue to switching from kind of other.

Besides the three points I mentioned, we will continue to actively explore collaborations multiple coming up.

So we're taking full advantage of it so from other products, we are advocating to enhance user experiences on mobile.

On a broader user base.

On the interest of any one.

Samsung our globalization strategy and it continues to develop the author ecosystem from free perspective, including social networking content and community and.

This concludes our muscles and sit on it for their first prescription.

Yeah.

Okay. Let me take the second question about our progress on pork.

Perhaps monetization.

In fact, I believe podcast has a broad audience space a lot on.

On a path also in China and will have low to standard users' willingness to pay for high quality audio content.

Gradually increasing.

Currently already actually have multiple monetization models around audio content.

Such as from base the membership program.

Paid audio content and advertising.

Besides according to the statistics regarding the audio content on it.

Our with profit or battery to purchase three of polka content is actually relatively adient label.

Which also makes us believe that the commercialization prospectus of forecast content upper amazing.

As mentioned before to expand our new user base with luxury brand name a brand new product named leads the forecast. This January as extension of our current content offering.

So how to use lead the podcast to attract more users from different age groups and background, including white collar workers as well as Yamana Alamito AC 30 in the first and second tier cities.

So I have to breakdown the parallels amante, a free user groups and large podcast ecosystem.

But at this stage I'll argue about my focus on Liza podcast is money to a more diversified and higher quality content.

Growth.

<unk> improved the penetration rate amongst us happy users and expand our brand influence in it.

Future forecast, we have volume, they're upstream to explore monetization opportunities.

Including subscription based content offering and advertising.

Overall at this stage.

<unk> accounted for all of your relatively small proportion of our total revenue.

So we felt that in this quarter the operating the audio content capture and increased by about 40%.

Comparatively from last quarter, and we also believe that forecast has great potential in the monetization in the future. Thank you.

Specific.

Thank you. Thank you.

Thank you. Our next question comes from Vincent Yu from Needham and company. Please ask your question.

Thank you very much for the management to taking my question I have three questions. The first question is about the Super duty.

Okay.

So on leachate has bought the simple.

Richie is exclusive.

Income from Quito, Caliche, podcasts, Acacia with our future strategy.

New sales content and is there any data points you can share with us on the new podcast App.

My second question is about.

How big is the user overlap is there between leaches main app and the beaches podcast that.

Podcast that and what is our strategy regarding acquiring new users for the podcast that Mike.

My third question is for the life streaming from the live streaming business is the management fee increased competition from other audio platforms during the quarter.

Any comment on the competitive landscape or what sort of thing you said about two weeks and months you pick a point in the future with you know it just sounded like you can be assured that easily woman Shiga, Egypt Buchu ultimately he gets a week from kind of bagel on virtually no interest.

Simple debt with the free jumps out related to each other.

Thank you Sundar.

A P Tucson fuel from us.

Critical months zone.

The older ships for each of the two Africa could average again, you'll work out that you did a woman we book or two that would you be shooting from the charities you simple defending.

Depending on shipment tissue planes, but so you can come from people when they ship will come about U G E.

You can compare the two rigs that you might be if you didn't could you imagine will come on.

Thank you.

Okay.

Oh.

See you in detail.

Is the bulk of the.

So tell me I'm going to be on.

So is there a woman to book a day, New York City I'm, sorry on the product.

Without it you said that you said that food food.

Power Court on the tenure so without the need on iOS.

On the Tango two data.

But on sit on the function.

The Mercedes simple crews on them.

Got it goes on.

<unk> got such a book of time deposits.

So that we're managing.

Do you suppose assuming seem that so chemicals on the UK I'm, assuming they're still out on.

On music Dot com on tenure.

Without the legal that's all.

Can you comment on many of the day of approval is a TBD on that.

Good day simply them getting price.

Got it.

John you both on use of the bulk of the knee on the books on.

This is Joe.

Put on the books book goes on to the tune of booklet Sandoz on Saturday.

On the AP something in two shots on a book of their need them do is sort of an unusual problem.

So on the book.

So the first question is about the exclusive content.

It's a power contract that that growth and the format across our corporate services sector, including but not limited to line and exclusive content and exclusive content creators and it could take what has to pay.

So with a focus on inclusive quadcopter, which is podcast creators need to forecast has finally inclusive qualcast cooperation on tax.

Not only are we done celebrity, but also as an industry leader.

And what they might scale out there.

On the other hand, we also selected a high quality of your forecast from the Mexican UGC content like on the opportunity to act on this interim analysis is okay for content only needs as well.

And to me that way.

Good contemplated.

Published on a premium on capital need to ask them.

We can also synchronized podcast content to beach and forecast.

You might want to reward.

3 million tons a day.

From an in Switzerland, I assume thats on the LIFO pool without on them.

Well not that allow us on those are the only thing with hundreds of Trinity.

Please go on just into the pool.

Well, it's only on part of why don't you hop.

Two.

Tourists coming to terms on.

Nobody's hundreds of people moving on the system.

So I put it under their own freedom hooked on pop because some others to see that on to use sort of sometime later on.

As a day, sometimes I'm going to see sort of ends up for the year.

Do you see Newports just seen it yet.

Without the condos on I fulfillment.

Fulfillment.

With that let me answer that.

In addition, we have the exclusive content creation have been released.

Our exclusive content from Poland.

Correct.

For the time from pre Covid.

We have sales are crazy attempted to provide <unk> services for granted and that piece of their concentration with diversified activity.

We also offer the Capex support.

Our content growth here and help outstanding needs to long tail content.

Low rapidly on the pack on through our AI powered content recommendation and distribution system, which enables us to further exclusive contemplate at this time I believe that I mean, we.

Reach our content portfolio.

So it was that I was on a two is simple.

Which I actually thought on that.

Let's see what they say.

Existing tissue the Utah.

Challenging field low point, maybe on your pumps as a solution.

Sue on them.

What's your opinion on cars.

Doug I think you have control of the C.

So true.

In general on the need your podcast has been launched before on a short time and you feel you're on the early stage of development currently.

We are also working on the product automation optimization and I believe that in the future. There are there will be like you said, it's kind of contactless we on appeal.

And we will share more data on the progress with new leadership.

Good day Lynn Peterson.

Uh huh.

Uh Huh, it's the book gross and as I have to.

Who is from go through with them.

Uh huh.

With that I just went out just.

That is absolutely.

Absolutely do the Bill Cook, so damn good.

So on the house coming on.

Since you don't have switching on at least the bulk of the time and you'll see them go use of the New York City, one lead flow.

I know with the new Sydney and Melbourne Central either.

Tony.

On the heels, which really view it as a whole could you Sue Wuhan Chengdu Chile.

So we asked what was the EBITDA.

Yes.

The second half sales about the news overnight.

From the user count on me to Hap and Lisa podcasts have been connected from there.

Early stage low cost high quality content on these pop back in the queue.

The ratio from the original content portfolio from each app trying on the topic from leach out existing user base to be interest forecast and it's also one of our key made to acquire new users at the early sales.

Let me just a moment.

Is simple clear for.

Uh huh.

So it's really simple could appeal it releases, a b C or sit on tonnage.

It really does that.

You'll have five zone, because those are the Chardonnay Simi and percentage has considered it didn't seem to it.

At least the broken on were going on with when I sort of put on Youll put the trends on to that at all.

On <unk>.

She never Julien.

So your momentum for use of the real critical it's simply a similar profile how you say it could either on both of them on a few senior board truths hold off from.

From Toyota Honda and <unk>.

Okay.

So why do we have logs, but they need to podcasts.

And I believe that our positioning of the need to forecast them different from me Jack need to have to use as portrayed on most of these young people who bought on such a young people and then third on the low tier cities.

That needs a podcast.

To expand user base by reaching younger and needle moving.

Okay. Thank you.

Covid nation with targeted marketing from Penn and integration into multiple devices such as in part based on our high quality broadcast content can be on SaaS go to more of that work.

Our new Iowa Monte.

Hello, Giulia, all et cetera.

Without it.

It depends on how many you sound really hits a bulker soon I can go to assume that you're moving forward.

Our two new even the juggled on kind of a woman calculates to the TSA Yokelish P M. If I'm in new.

The use of Omidria sales book or trend on true put out from now Sheena you don't get the bulk of the IHOP it.

Touch on your momentum simple going to other broker sometime soon.

Moving to properly what could those hunting soon assuming they use it.

Because I'm really good trends in them.

Yeah.

But he tier twos on board, so that's where that all come from.

Finally, you'll put it.

On the other hand, we have signed an exclusive contract with lots of news from Citigroup and Kols on to attack Teases me to forecast with Gary.

Are there any thoughts there.

Good day.

From the perspective cause basketballs consolidation I believe our expenses from cumulatively in the past allow us to have a first time advantages user conversion.

We have also talked to the large number of forecast a fan on increasing the new athlete culture in the pockets of space in the long term, we are committed to building a larger forecasting ecosystem.

Leaving the school takes it on the vintages.

I think the ability motifs marvelous.

Hope to promote forecast at the brand new content media and to reach a broader user base.

Depending on when you go sequentially as the volume where their symptoms.

So no one kind of addressing cytology mineral interest.

Do you need on endorsing the silicon went up.

Put on lithium do choose to do with the Gpus on the ship.

On a serious thing.

So he does it.

And you can.

Since I believe it is Houston.

China on icon.

It really picked up on kind of how should.

You'll see on some other sits on the sometimes much on me.

The third question is about the competition in the live streaming business for non res feed that into audio on that audience base on a more market players have entered into the audio entertainment sector from different angles, along with our new clean and the online penetration rate.

I believe the auto and depend on sales has great markets with growth potential in the non tech.

Hum.

So it seems on Hudson Chilean peso momentum concept on them in the U D C. Like England says hey, there's some cash flow trends it would've Moshe I assume that's on a true better.

No not on pieces to do to go from Intelsat Com.

Woman on P&I for children on town that you'd only use it.

I'd say, even somebody a momentous day to do the Sioux City on the top of the kitchen household on the timken.

Sales have you quantified EBIT.

Chi.

So it's that's really informed me on momentum were talking on the lineup on senior board switching that can have a boyfriend.

On a matter of fact, when I say it is that you do with temperature.

Did you you don't even you saw the team brought a normalized net okay.

And from time to put on.

Fuel really is a woman's day.

First one on cocoa to pin down on that simple.

It should be all day function.

Tissues suitable a concert on the deal.

Your thoughts on that so what I'm glad to see net dot on the non pool shouting the tango put on.

Although the competition is in the index.

There's a big difference between a UGC audio from 19 ecosystem that we have been cultivated for a long time and the pure line.

Singing model.

Based on outperformance.

Back in the fourth quarter I'll tap on still have strong competitive advantages in terms on the revenue we are cheap.

The actual increase in our fourth quarter revenue.

Exceeding the top end of the management's guidance.

In terms of community operations with further postpaid user engagement on the cap on.

On a lot of innovative promotional campaigns and our newly launched a diversified operation activities in the first quarter.

Actually attracted more users to the platform to produce paper and an interest.

For example in the fourth quarter, we announced the talk show style like the base program, which is quite popular currency and leading to a consistent production on high quality content by connecting them with Covid and automate the day attacking a large number of users to join our platform.

And then to that.

Meanwhile, on the money is more Vicki and that's all.

Jay.

Somehow they didn't do it it takes one or two times with either its ability on well.

No wonder on the simple and sounds like little faster see nucor teams on smoking the Tango zone.

Well not from going into Sunday on the don't seem to have done on sandal tons was a tiny usable.

This is what we're putting pieces on that going forward.

Can you talk on your thoughts on the civil money and who work on it.

As you know on seeing the pay.

Pay on I'll come below the knee on the tundra senior with some time on that day.

Existing immunity.

In addition, we also offer a lot.

A lot of deliberate steps, we have launched a number of things on that show surrounding the attendees talking through a more interactive features such as a life changing.

Good day to more users to interact with US that we have also attracted considerable amounts of content creators to driving our <unk> session.

Our average them like they need choice that on.

These activities not only increased user engagement and activity, but also attacking and acculturated more content closer and further enhancing our competitiveness in the audio entertainment sector.

So are you on Wednesday.

One of the three on the foods the woman day.

And that's on the tons on the grid I'm on.

Sure.

So you should assume that there's there's hundreds of putting a tissue food courts on woman UTC. The nuances I saw in your Roes on your question a little flow talking about colonial.

So the momentum in Pizza, Judy said H P.

So are you about the golf with Gulf with on Assembly will go on.

C and converting them from time to put on pause on some of the Tennessee plant comes.

So on my day to day food to them and the people that use it.

So I'm just gonna tell me I'm, so choose Google from in Q4 from on whether you can from Texas.

Can you put it on low and then.

Some of you that seems to me.

Due to our very low cost pressures, we continue to increase the number of creators on our platform. So this crisis not only reached our UGC content library.

Also perhaps be more creative and interactive contacts on the audio entertainment side.

He has to stand on highly dynamic and interactive atmosphere of our audio from India on each app and have created a positive flywheel, where more and more users on taxes.

Okay.

While we have been reaching reaching our audio product portfolio broadens, our audio ecosystem from multiple aspects, including the social networking contacts and the community we want to further enhance our overall competitiveness.

So your assertion on a single for that thank you.

This concludes your other apps.

Thank you.

Thank you. Our next question comes from Ivy Liu from Credit Suisse. Please ask your question.

Hi, Glenn it's a wash on housekeeping on that day.

One on what's your name on them.

Sure.

When you came in on.

Sure.

On slide you can sort of income.

He comes from that come from presenting she was actually quite who have been laid them out.

I'll quickly translate myself could management share some updated view regarding the competition in lung audio content space and how these unique now position. Thank you.

Thank you.

So really from hospital systems.

So you can Uh huh.

Uh huh.

Laguna on switching Beatrice.

It did.

Soon the kingdom.

Sure.

Well you're right.

So on your opinion to ask about color.

Central while maturity.

Not to the same size.

This is Tony again.

On the.

Did the launch I'd say boots on.

Well, maybe it comes on.

Your.

Launch out to help with you to function as a pool.

Who will close a bunch on.

Line, especially with some sort of day later on.

So, let's see if I'm answering answer where the other banks and it seems in line.

You don't go to be honest with you.

Neil.

Can we kind of tune from international on a Sunday. So it's good sales either so.

Now you got on new function like the legal language.

Now.

This.

Good question.

Decisions on non audio content space. So we are seeing that bear on new competitors entering into the long form audio.

Generally speaking the long form audio sector, mainly includes audio books and radios on us in fact in the auto market.

Increasing number of muscle can answer that.

No from auto sector, we have also seen that matches the.

The companies are keeping the E&P sector, many really nothing big IP bouncing from products such as the auto book.

The sector that was in line primarily.

Two coffee line competition.

Users can follow the content on their loyalty to the best take a pass on is relatively low.

Without these pack on highly rely on day, we're thoughtful of copyrighted content.

Oh, well minutes, she always seem to find simple Yosef <unk> from him on.

Tell me if I'm in.

We will use it.

<unk> footballer food water and water usage at the New York.

They own from school C C said Wow.

On.

Well your line function of courses.

Hey on the Yocum Gartner put him on the team.

Uh huh.

Again on <unk>.

A woman or switches from senior senior people switching on even 200 at the sushi items.

Our position has enabled us to have a competitive advantage yet.

On the call, but differentiated.

Scott on the long form audio side.

As we have an incubator method income.

And accurately.

Our content offerings.

Capex novel and bandwidth on the beach App it doesn't rely on the popularity of investments.

<unk> fab in Beijing content users more interactive and cases and he's a fabulous volume connection between Utah. Our community have also for the field and continuous growth.

On content creation.

Can you comment on momentum board, you'll just see news to the attention.

Tom says well you can tell him that he's here.

Okay. That's all.

So without a book.

T neighborhood decision on their own Charlestown is highly hall.

On women at Samsung Google says on the tenure of the alcohol.

Can you or central system from food.

Yeah.

Book.

A little tied to weather.

On trend as we go to Lindsay.

Joe from surface on the choose from you the truth.

Finally on if you're on top.

She is a day to day.

Let's hit on some Sunday nights on Brooklyn fit on.

Well my sales team, a broker to Ohio and thought the thought on that.

On the other hand, we have further differentiated our content offering based on our mapping.

Fuel content portfolio and.

You could forecast confused even cocreation with them.

Industry leaders.

And then separately.

King.

We believe that the market will have a bright future. Unlike the other books are paid for non ex cap on forecast.

The other half the copyright.

Starting with line on the corporate line and forecast on that.

It seems interesting from focus more on aten opinions compression needs.

In fact, the forecast the market cap on magazine relatively more mature flow lifestyle, United States and other overseas market moving east that you all have quick last one for cash flow on China.

You might want to take on kinds of what could be the UV.

Some kind of thoughts on that.

I'm trying to tease out to Australia with a.

I would tell you that goes from product will create a day, it's always hunting.

I'd say, it's like a suture with them they had some tough.

So stay tuned on that's one day survey or something in that country day to day.

This is hungry man.

Cause the CTO to day sometime momentum.

Momentum on those switches.

That's what you want them to go down.

On the name.

From Sergei on Dol.

Let's move on to somebody and see what you put on new cool.

Yeah on Houston.

I do appreciate the epic.

Hawkeye on most of our tobacco or someone else has mentioned earlier along with the rapid development of <unk> and I don't see what cash pending.

Pending using multiple scenarios, such as smart wearable devices smartphones tobacco any income from that road.

NAV for forecast is actually growing.

Two a cooperation with many leading automobile company, we hope to make their distinctive forecast that content.

Therefore on working like this and some analysis and further expand on this.

Thanks.

Hello, Thank you.

This concludes our answer for that question. Thank you.

Thank you and that's all the time, we have for questions today, I'll turn the call back to the company for closing remarks.

Thank you once again for joining US today. If you have further questions. Please feel free to contact from teachers Investor Relations.

Contact information provided on our website.

I ask the Arlington thought at that all the Piacente group Investor Relations. Thank you.

Thank you. This concludes the conference call you May now disconnect. Your line. Thank you.

Okay.

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Okay.

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Yeah.

Yes.

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[music].

[music].

[music].

Hello, Ladies and gentlemen, thank you for standing by for features Inc. Fourth quarter and fiscal year 2020 earnings conference.

Cole.

At this time all participants are in a listen only mode. After management's remarks, there will be a question and answer session.

Today's conference call is being recorded on.

Now I'll turn the call over to your host Africom head of capital markets for the company. Please go ahead.

Thank you very much and Hello, everyone and welcome to the fourth quarter and it's based on 70.

So did you say your earnings conference call.

Based on financial and operating results.

Right.

Yesterday.

Reasonable line, but he spends on today's call will include a founder and CEO of at least the local line on our assay.

On the telephone.

I will begin with prepared remarks on the call will conclude with a Q&A session average.

This conference is being recorded in addition on that.

Question on the webcast a replay of this conference call will be available on the IR staff.

Of all the last time I asked on agent all had that before we continue. Please note that this gets back to Nielsen cash forward looking statements made on 90 day Heartless Felicia on the U S. Private Security Litigation Reform Act of Narcolepsy.

These statements technically contemporary late we all expect target actually in cash.

The cash will continue on this team.

Exactly.

Forward looking statements will level.

I've heard from either the accuracy of the adult day health Lady with taxes.

On offer.

He doesn't cause actual results to differ materially from those projected or anticipated net.

Risk factors beyond all of them from.

The economy is healthy.

Roughly half of it on there.

Right.

I'll just take any obligation to update these forward looking information, except as required under the uptick.

Please note that interest other subsidy on this conference call on nuclear feedstocks.

<unk> GAAP financial metrics as well.

Non-GAAP financial measures.

Just perhaps was eating some cash out of the company Asia.

Non-GAAP net there too.

Yes.

We have now through the rest of our bunker.

So based on muscle. Please go ahead.

Hello.

Okay.

Moving on that.

Please.

Yeah, Hi.

Hi, Bill.

The of course, the Union line.

Claude.

It doesn't seem like on Q Hello, everyone. Thank you for joining us for day first of all on behalf on me I would like to express my sincere appreciation to all of our shareholders and stakeholders for their support over the past few years.

Is that going to the Union zone.

Student loans.

Cancel Lee on it so does that help with trading day.

So let me Tonight.

Oh, yes, the geology from Bayer.

Thank you Deanna momentum on the rollout.

This will include both on used.

Also in April.

We encourage you signed up on quite theoretical level on your young people later on.

While the standard some practical from.

Hello, and thanks, I am sorry that was on about <unk>.

Despite average turnkey.

Challenges and he taught to low levels.

Across the flow in the past thank.

<unk> was a landmark year for the for the company was successfully either on the NASDAQ global market location.

On our leading position in the operating let's see but they open up on Cray has it all goes back with ecosystem consistent, albeit based on a social network broadcast with Latam portfolio and audio communities.

One day sales.

So your interest helps develop who are working on things that.

Are you on board shrinking their day.

You should have caught up.

Interest you do well and get on the brand continue on course.

Can we get them done.

Since that.

Well, Jim I'll pass throughs.

So it's on your thought on man woman pieces to go to so low I'm just not up on this volume.

Not all of them would be should be I E.

So you talked about household out woman she's Yankee.

She's a family content.

That's a two to four months.

So you cannot really make all closed on quite free so it does not.

In the UK.

In terms of chunky, we made great progress on the global line auto market and argue that they've continued strength in the fourth quarter.

Mobile on the news or creates a certain percentage year over year revenue.

And $58 4 million in terms of commercialization, our fourth quarter revenue.

10% sequentially to RMB 450 million exceeding the top end on phosphate.

I mean this quarter, we once again posted a profit with non-GAAP of desktop.

Here's how I went down to two.

Well, then you will find religion.

Could this is Glenn you were very low.

We wish the Dell on law.

Oh you do.

Q3, simple red lines that you came from how people.

As a woman housekeeper.

I would now like to share more information from all of this.

It's operating but equally on how it plays out through our comprehensive audio based on ecosystem that integrates social never Comcast on community to support our long term development.

So Dan.

So he does.

And you'll find it.

Equal lets say towards accent Joseph.

Yes.

Cool pushing this income.

I mean is that yes, well when times a day without HIFU in pieces.

These day down the PR, because youll be towards the top.

Yeah, I didn't mean gross loans into a corner on quite singular make law, so delta on what the Chancellor.

So as I T I D on Port Eugene.

Yeah.

All day shifts at all the other Delta on Bob Bobowler cash Jimmy.

Yeah.

HIFU prepay jobs, leaving the Fosterville mine cooler.

The other three children.

While non callable.

Net Stifel.

I was wondering it seems on its.

Hey, Jonathan.

Yeah.

Yeah.

So you won't create geopolitical net to give us how many of your interest for the quarter.

Bill will create benefits agonized on.

Yes, as long haul ULA delta that stand out here.

First on Btu, So what is it.

Well then thank you.

Yeah.

The weighted.

Hopefully you'll UQM.

So without Paypal.

Are you going to you'll chew the Sudan.

So that means that <unk> had to empty.

P. J you being day pumping Ingo you can slip bulk pool since the hold on.

Political uses while.

While many sales being yoga.

So dosing weighted till you from what you see user bounces.

Yes.

Right well net down.

You should have closed that PFS zone County.

Both were counting the impact.

You will recall that essentials to adopt.

Well then came on on the TRP in some way will then using time into early man. He could tell me on the sizzle.

Sure.

Meda.

Good day, you'll recall cooler sales.

Yes.

First of all with the rising popularity of live based on social networks around the world. We have made great progress will broaden our global footprint in the summer we began to explore other market opportunities.

Speaking on.

Cash interest <unk> <unk> market.

Thank you Jackie sharply at a large U S market.

So on to the top quality less social networking apps.

Partially yes.

We have over 200 countries ranking among the top cash social networking apps, well 70 countries at peak times.

I was able to provide placing us on matching on a real time audio to attract users for social networking.

With powerful Maxim C benches on AI technology.

Operating match students need increase happens fast moving.

I know, there's some data and allowing them to have real time sales on interaction based on various topics on the smaller.

He has enabled me to what could even be strength with cemetery as again check at lunch and share their daily life, we have a clear and unique product proposition for Nicky.

Thank you David.

On the advertising from Canada banking type of expression and having Bob switching definitely differentiated from other audio products due to superior strength is that audio products from <unk> in terms of privacy protection real time interaction on multi scenario.

We believe that more social networking apps thinking may be shifting from offline to online to audio.

On the future, we will continue to expand the usage scenarios.

Who received product features and further penetrate global market because.

With that he has become a critical pillar of our on.

Do you feel about the auto loans.

But across the globe, who connect with each other for a while.

So deal flow through you'll see two searches.

Well then tissue it from what telcos, you'll pull of Tom's on the did you think of whole foods.

Of course on woman.

Good morning.

Hi, This is <unk> so a good handle on.

On Tortola Cingal.

This is the island on India side, Yes, absolutely.

Either you can even sooner.

I don't see us.

Tony if there's a balance.

So what do you do with being able to adapt on up.

That's all.

Finally on Guyana, just yet.

Oh, gosh, Julian meeting causal to adopt from the living room.

You won't go go go for that volume to the new heat up in California, two posters being presented.

A physician.

In terms of content or Vod, Ohio unique mutation per minute.

Can you repeat moving.

I'll comment on operator by modulating diseases, great compound during the fourth quarter operating centers. The number of New audio conference affiliate Tal Capex reached a new record high Alpha about $20 million as of December 31st on <unk>, the cumulative number of audio content.

254 million, representing a 43% yield will free.

In addition, we further our Apple who are called nation deliberately spanning a wide area of Diana <unk>.

Access or actually the numbers from the likes of shell.

On the ryker log on to increased high quality.

Net income you're offering.

Thanks, guys.

Okay.

From an appeal to a broad 10 day.

Well it does have a woman thinking brokers put yours or mine thanking you.

In a year from Chris related claims trends in the delay.

Chile Neoprene time leasable co.

Well, Matt Duncan will continue on from that until Uh huh.

Yes. Thank you.

So it doesn't impact with home.

It seems on go to yoga and that hasn't authentic.

He said these days.

In Chile, the allow me.

You too.

Yes, and Jamie Neale.

So is there anything going on on top dollar.

With a threshold of needles.

Hello, Good a union neither in dog food.

How do you look at IP.

According to accounting going on by the government for the bulk of the Navy.

Well, let's do on cohort is the bulker two simple comes on the focus on time on.

On the wall non core the volume.

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Is the bulk of the year on core NIM go. It's also about getting value also the good people on our book is looking to yet.

So why Goldman day.

It goes on because we're.

<unk>.

Volatile if you go from vessel into these on single function.

So I've been at a higher walnut.

On the two one in Hollywood.

Hello, Mark could talk on local that's all.

So the hallmark or the bulk of it.

Well then you are hooked on the go the wholesales up with Microsoft Google and passwords. They got teammates here so that should help.

Thank you.

To bolster our strategy on the premium forecast of sales we have to build out a brand new vertical cash from backlog on each of our cash when carriers had because what he believes that the forecast are unique as a company median and contactless where all the growth on paper a lot of stock on all costs are less.

On an intriguing basketball attack on speed you forecast from features premium to regular contact from these two massive content library sales over the years, you know edition of interest to be around that range from high quality forecast across on the alcohol collateral.

Okay.

Net to offer exclusive podcasts on multi rate celebrities from all walks of life to Colgate Plax tea driven forecast the ICT revenue.

We hope that to me just forecast, we will be able to build a larger podcasting ecosystem and appeal to a broader audience base.

White collar on a more young middle age and your day holiday at AIG, one personalized recommendation engine.

He has a yogurt I able to lean into our computer volume unique forecast on these needs.

Additionally, we have introduced the blended forecast on me to forecast at the new weighted up helping companies to increase brand awareness for <unk> in February this year, we partnered with <unk>, a leading pop culture and in him on.

On these in China to create a prostaglandin on packed with cash to cooperate with more companies on the grants in the future.

The market opportunity is blocked by the who need it.

Total operating day those on total stores.

Yossi can you on board.

Can we go to the income to yet so we don't put a burden on cause us loans hunting.

In consulting the future well.

While many years easy of course that turns on <unk>.

Contrary to what goes on in hunting towards I can confirm the local printed.

Well that sounds day realized her day counting jumped on late can you. Please on from now the new on time.

Which Alan will mean income going to use going on in tune building tenants such as Geely otherwise.

And then on bulk hold ourself on Chita from T.

<unk> could be argued on them.

Well, Matt Quale.

Huawei, particularly at good value.

Got.

That's a net will come suddenly increase flow through the <unk> tons.

So there are things on the record.

Core non goes down towards and that was on canceled goods through Halloween. Thank you yes.

Well many of whom will occur there was also this one is.

Household loans.

Curious so they've done a wolfgang tier what direct user the golf with you yet.

Well when sales team for the fourth of the knee on Ghanaian constituted the Ying and Yang Ho Hum.

Synergy soon.

And I'm quoting you put some tail on it that focuses on the.

<unk>.

Relative to the acuity book late to them advantages of audio products across most of our backlog providing users with superior audio expenses.

Moving on this need with average usage of collateral. We are forging ahead, moving encouraging progress in a day call day market without compelling call other products.

Back to reach a broader user base, we believe that they won't cost Daniel will become an important uses of cash.

On the audio product in the future using spirit established in collaboration with multiple leading automobile companies in China, including cash flow normal GAC and likely we also lots of interest the audio product of Huawei HMO scorecard on smartphone top cloud service solution.

Enabling more users to our personal line operating expense.

On the wildfire.

Meanwhile, we enable the shared economy, we can use a new path and mobile app. So that users can seamlessly from each of these in different devices.

<unk> battery user experiences, we believe that outreach content Oswald I'll save my guess is accumulated in the past and industry, leading technology can further enhance our competitors on the messages in the podcast market.

So just on kind of hung in well when you decide to do that isn't really a day because I remember is moving to achieve a worthy.

So this is getting closer to you again.

Cash on yogurt agenda on the answer of course.

Zone.

The on site and then nimble virtue Bella, adding island ECM quite simple to do for the downturn leukemia, who was on you will die.

On the Huntsville, you just based on say a union a few buttons.

So all those day repo quarter cool yeah.

I will now once that that wasn't that team has on our book on Eliot Tabular you buy on system.

Well, many of whom locally so it wasn't a P value for the Chinese who are they.

Adding in more or less Savannah.

Andrew Sundance screen, yes.

The same on the bulk of the borders with low tenure.

Yes.

Alcoa has kind of spoken for sensor island Honda in simple well.

Hello.

So those cargoes are picking and choosing that don't meet those.

<unk>.

So it's just somehow to yourself the union digital cleanup thing she says he says.

This was due to gains on who was on Cisco since how we'll assess the damage.

Hello, Mr <unk>.

So well monitor highest because you can work with them to your bottom crude oil.

It puts us on more line excuse me lot beautiful day, you'll show the.

Maybe on Colorado.

Also lay on top of orders from them.

Well that day.

Yes.

So you'll see.

So by the use of the book.

Due to the water.

Well when you're down Q3, it could be useful for Linda So Judas impact reported revenue with people on you Cook Thomas what are the you said food.

So what are you using hands on layoffs.

With only six months.

Turning to operating ecosystem, we have to be working fewer operating the vibrancy of our audio company, he only cash, especially to increase user interaction and the connection of all day.

Total Capex for example at the end of 2017, we hope you all like that caused such a chunky basketball with one seat we made even on the market.

Sure you got on shipments.

1031 audio line.

That if folks are on Weibo reached 200 million patents, and you're making a forecast or paid over 1 million tons of wild tap on in addition, we hope to have that as a community that sales with user engagement on.

Our annual leave your lifestyle on health.

<unk> 2021.

130000, Quadcopter and luxury nickel on showcase for approximately 150000, and 320000 lapsing of order backlog.

Meet you also selecting and walking exceptional content weighted during the balance.

So the effective operation of opt in on.

Many of the ecosystem and user engagement on the pop on continue to flow through in.

In the fourth quarter with average monthly interactions, reaching a low.

We left the high of $3 3 billion times scaling the peer wells.

Furthermore, we continue to see new job.

Supporting programs, such as Apple to further discover and acculturate outstanding contact centers and help them grow.

But I have them version two point lots of Lafayette attacking several hundred high quality for customers.

Our capital.

Going forward, we have less advertising.

Two will leaching out from an Asian ecosystem.

Moving.

He's a wideband audio from energy on.

Satisfy users' needs for audio creation content sharing communications on the interaction.

So I can answer on that.

So I think on them yet.

This little lenses out about ways and yet you're only one part of that.

Yes.

So on the IGN relative.

On a position a woman that I used at least.

And Youll finally, named Joe Hogan golf on the Newco Treaty.

Momentum tissues from warm in the income 19, So do you believe there could be relative.

Tom Cellcom totally and favorably but.

What does he sort of on that pending to matching thing was dancing GTO on some user doesn't cut.

Noteworthy income New York, California day, or you can search.

Well then on go up I want to say anything beyond that.

With other partners.

So you should always on enhancing Suzanne on 100 units being down is this ourselves on rate the tender torrential button so income taxes.

In summary, while we are.

She is intended to capture a lot of it.

Medical expenses on it later on.

Patient cloud future growth income because one we remain committed to creating more connections among people around the world and offering them more companionship overnight audio product.

And to further increase our granular abandoned.

To a wider audience day, all over the world and comprehensive.

In that line comes back.

Or is that with our unique audio based on social networks on ecosystem reached audio content offering and highly engaged audience from energy, we are well positioned to capture the huge potential in that margin.

Exactly.

In addition, we've continued on the auto centric innovation and make it easier on leading audio platform globally.

Hospitals that I mentioned one day.

Simple little Congress element is our title of the year.

Good day, everyone with that I will now turn the call over to our acting CFO moving from home, who will discuss our financial results in more detail.

Thank you Michael F on everyone.

First of all very pleased with our better than expected top line performance in the first quarter, which underscores our continued growth trajectory.

We grew our top line our profitability also improved with a year over year interest in gross margin of lifestyle activity basis volume and positive non-GAAP net income.

Fourth quarter, our total net revenue increased by 15% default Hunter at 23 minutes from the same period of 2019.

Currently we generate our revenue was primarily from our audio entertainment venues, which country ability on the Paul Hunter at $40 7 million to net revenue in the fourth quarter of 2020, Andrew representing year over year growth of 60%.

The increase was mainly due to the increase in the per capita spending on our interactive audio social entertainment products. During the period, primarily driven by our 2020 and it was Scott Hill in the fourth quarter of 2000 turnkey.

Additionally, podcast advertising and other revenue grew by 12% year over year to RMB.

$5 5 million in the fourth quarter of 2020, the increase was mainly attributable to the increasing the number of advertisers.

Cost of revenue was RMB $301 3 million in the fourth quarter of 2020 compared to RMB 301, 8 million in the fourth quarter oxygen IP, but year over year increase was mainly due to the increase of January and we have a benefit in Manhattan on costs and bandwidth costs as a company's business group.

As well as the recognition of share based compensation expenses.

After the Companys initial public offering.

This was partially offset by a decrease in the low mature piece because of incentive programs or content creators who lost in the so called up to 19 had been scoped out its February 2020.

Gross profit was on the 111 billion in the fourth quarter of 2013 reported the net increase of 85 percentage from RMB six $4 4 million in the fourth quarter of 2019 and interest up 31% from RMB $90 6 million subpart opportunity.

Non-GAAP gross profit was on the Weyerhaeuser ought to be $2 6 million in the fourth quarter of 2020, representing an increase of 19% year over year and increased from 33% quarter over quarter.

Gross margin increased by 300 basis points from the third quarter of 2020, reaching 28% in the fourth quarter of 2020 non.

Non-GAAP gross margin was 29% in the fourth quarter of 2019 compared to 25% in the third quarter of 2019.

Operating expenses increased by 30% year over year, and 25% quarter over quarter to RMB 125 formulas in the fourth quarter of 2020.

Research and development expenses were RMB 56 formula in the fourth quarter of 2020, representing on year over year interest of 8%.

The increase was mainly due to our increase in the number of research and give up on employees as well as the share based compensation expenses recognized upon after our IPO in general interest <unk>.

Selling and marketing expenses were RMB $48 7 million in the fourth quarter of 2020, representing an increase of six 9% from RMB $28 8 million in the fourth quarter of 2019.

The increase was primarily due to the increased promotion and marketing spending.

Q2, operating and promotional activities for our broad product and brand name in fourth quarter of 2020.

General and administrative expenses were RMB 23 million in the fourth quarter of 2020 compared to RMB $15 1 million in the fourth quarter of standardizing on.

The increase was mainly due to the increased expenses in salary and welfare benefits professional services and a recognition of share based compensation expenses. Upon after all I P O.

Operating loss was RMB two portfolios in the fourth quarter of 2020, now dropped by 80% year over year, except to say percentage quarter over quarter.

Non-GAAP operating income was $4 99 in the fourth quarter of 2020 compared to non-GAAP op, a lot from RMB $31 7 million and RMB 299 in the fourth quarter 2019, and caught up in 2020, respectively.

Net loss was RMB five 8 million in the fourth quarter of 2020, now dropped by 80% year over year at 4% quarter over quarter.

Non-GAAP net income was amplified formula come out two non-GAAP net loss of RMB, two 9 million in the fourth quarter of COVID-19, and non-GAAP net income of RMB four 6 million in the fourth so caught up to neutral interest activity.

Basic and diluted net loss per ads were RMB, they're up on the one three.

Fourth quarter of 2020 compared to $23 two in line in the fourth quarter of 2019.

On the aerospace luxury in third quarter of 2020, respectively.

Non-GAAP basic and diluted net income.

Or are these airports, one two compared to non-GAAP basic and diluted net loss of RMB 223 for <unk> in the fourth quarter of 2019, and non-GAAP basic and diluted net income.

S. RFP there was still one in the third quarter of 2020.

The difference between GAAP and non-GAAP EPS is mainly due to adjustments to the accretion operators show redemption menus and share based compensation.

As of December 31, 2020, we had cash on cash equivalence restricted cash SPP on a short term investment of RMB $392 2 million.

Overall, we achieved solid results in the fourth quarter, and we continue to be confident about growth potential on the auto industry.

2013, while they're underway, but endeavor to deliver long term value to our shareholders now.

Now lets cat loads all of our prepared remarks today, and we will now I'll turn the call to questions. Operator. Please go ahead.

Thank you ladies and gentlemen, we will now begin the question and answer session.

If you wish to ask a question now please press star one on your telephone and wait for your name to be announced if you wish to cancel your request. Please press the pound.

Key for the benefit of all participants on today's call. If you wish you ask your question to management in Chinese. Please immediately repeat your question in English.

For the sake of clarity and odor. Please ask one question at a time management will respond and then feel free to follow up with your question.

Once again, ladies and gentlemen, if you wish to ask a question. Please press star one now.

Your first question comes from the line of Vicky Wei from Citi. Please ask your question.

I'm going to tell on Tomahawk and this is all of this new line Susan.

Susan go to Lisa.

Good day due to that goes on from tour the E&P, although one patient I'm on them.

My phone call sometime in early on.

Okay.

Sandra Zhang day now hold the Volcker rule does xiaomi on why that times are familiar knows how much EBITDA.

Yes.

And if I need him.

From a management thanks for taking my questions and congratulation on the strong results from the management provide some color about the strategic focus on fleet.

In 2021, and also some update about the forecast from one preservation program. Thank you.

So at the retail level.

Saturday at a weighted.

Yes.

This is a 10.

It's on the same as Jose.

And so far from there.

Senior Brute force album on your E&P reversing the sometimes people.

Well as I can.

So on unions here young again.

We will conduct a pre buy.

Yes.

Sure.

And then goes on to answer the Yieldco line Xenical.

Xenical woman, who were looking on.

A woman the GPU from Guy.

Got it yourself balance with us.

We are the standard.

Hi.

Sales of Dell.

Our income Neal Iowa.

Your line Toyota.

Truth is sunquest.

Oh I'll take the peso question I will translate for muscle so offset each of the focus.

One is many about globalization and further expand our audio benefits ecosystem, we are committed to enabling people to have more companionship with each other to adorn my audio connection and we hope that we can make our services and grand accepting of that global users.

In 2020, what are the cost saves on many comprising three Pos which is audio based on social networks audio content portfolio and audio amenities.

During the three year for Delphi me on.

Tim as you well.

Well, Linda so pollo time, even PR ciena SME growth rates with a low enough.

Although youll put.

I see.

Is it about as a standard.

So Joe I hope I answered part about Shanda.

We'll move on conducting on all of them and that's why I mean for the quarter.

Yes.

I'll tell you kind on that.

So it was singing.

And you'll see some interest rate on your revenue.

Yes.

In terms of audio based on a cellphone NAV as mentioned earlier, our product key on the globalization strategy has gotten wider popularity.

Loss from that you have market last year.

<unk> been keeping a good ranking among the top social networking apps until now.

Im very pleased that our overarching product have been meaningful results globally, which further net back the tomahawk audio in the global market.

She has the new clients, we reported hunting.

Doug Hampton female momentum tissue product.

Building on our final accounting still on.

And then Duncan door, you can see on the job.

So there are always hunting sales up.

Consumer money on.

Tissue that one time fee.

And you'll probably need to close on one level down on pool.

Peter It was hunting Laguna so they look with regard to.

Good day.

Because again that balance.

Yes.

Not at all a counter within the Newport comes on line.

You can view on.

Yeah, it's a social product based on that work narrowed from <unk>.

This year, we will continue to expand the diversified and yes. It is nevertheless, a PR.

Terminal offline, social things, which audio includes ballpark two on line. So in the meantime, we will continue improving our product to expand user base across the globe, while adopting them away from feature to EBIT user relationship OTR and create a long term and stable.

The move of user growth.

Thankfully well mostly answered.

But on the woman downtown La the simple could take this in 17.

Are you thinking what could be a way to moving to walk or are you seeing me on takata per door to door with Avondale.

So you can put our born free medicine, now see would only on income.

We'll Miss you on my line on what day soon go to simple you could come from.

So the bulk of the Silicon Valley.

On to broker a fit.

The boardroom Kubota on father Saia.

Most of the two samsoe from city owned by broker to bundle because.

She is looking at a pattern.

For the audio content in China, we will just on new products need to forecast to a focus on premium podcast content and create exclusive content offering with cooperation with almost a negligible.

And to further increase for the total of our brand and on track to users of different ages we.

We hope that in the future we can build a more mature.

What have been hosting sales in China, which we can help forecasted to generate income from a diversified business model and enable more companies and brands.

<unk> branded forecast.

So as you may email on Monday, John from citizens.

Great to hear that especially if we were to pool.

Phone towards home zone Philosophe corridor Laguna.

In Atlanta.

Fee income moving into January was a.

Suddenly the century.

People are saying conga line sensors to a new people don't cause a payback or income.

Well many of them tissue food on me on Congress.

Uhm Toyota.

On Laguna.

Steve will start off we'll worry about Gulfport on associate Assembly.

On the all seem to switching is sometimes you know.

In the new year, we will continue to increase the vitality of the communities by recapping our functions in content creation sharing and interactions and as well as an innovative promotional campaign, we hope to chew on more young people to fund on the minutes, whereas they can showcase their talents who were on.

From a content creation and again more companionship and the revenue.

Initial two audience selection.

We are also continuing our content creators to enhance the highest quality duty free content offerings, while further establishing of what's to come in as an ecosystem with wide revenue.

Highly interactive and collegial atmosphere.

70, China momentum halfway to senior that we put on close on one of those on.

Two of them to travel limiting.

Joseph.

You said you would begin.

With ocwen qualify that.

So on the last one on say on a non union.

Momentum, Jim Jim on the potential kind of standard.

On the El Nino so to central banks.

Bumped up to issue two day.

Moving from her father.

Besides the three points I mentioned, we will continue to actively explore collaborations multiple terminal. So we're taking full advantage of so from other products. We are dedicating to enhance user experiences on the breach of broader user base.

In summary interest of any one lever.

Based on our globalization strategy and are continuing to develop the audio ecosystem from.

Craig perspective, including social networking content and community and this concludes our muscles town center for their personal question.

Yeah.

Okay, Let me take the second question about our progress.

Costs have monetization.

In fact, I believe podcast has a broad audience base.

On the bar volatile in China.

And we'll have low dispatch users' willingness to pay for high quality audio content.

Gradually increasing.

<unk> totally aldi App, we have possible monetization models around audio content.

Attached from base the membership program.

Audio content and advertising a beast.

Besides according to the statistics regarding the audio content on it that would.

With profit or battery purchase III, a polka counter is interrelated adient label.

Which also makes us believe that the commercialization prospectus of forecast culture, a pro basis.

As mentioned before to expand our new user base with luxury brand name.

New product named leads the Polecat January as extension of our current content offering.

We also hope to use lead the podcast to attract more users from different age groups and backdrop, including white collar workers as well as Yahoo. Alamito ACI users in the first and second tier cities also asked to breakdown the various amount of theater user groups and large coal costs because.

System.

At this stage arguable non focused on Liza podcast is planning to export more diversified and higher quality content.

<unk> growth.

Improved the penetration rate above the packing users and expand our brand influence.

In the future forecast, we have volume direction to explore monetization opportunities.

Including subscription based content offering and advertising.

Overall at this stage our poker.

<unk> accounted for all relatively small proportion of our total revenue.

So we thought that in this quarter the op in the audio content capturing increased by about 40%.

Compared with last quarter, and we also believe that forecast has great potential in the monetization in the future. Thank you.

Specifically.

Thank you. Thank you.

Thank you. Our next question comes from Vincent <unk> from Needham and company. Please ask your question.

Thank you very much for the management to taking my question I have three questions. The first question is about the celebrity and the <unk>.

Okay.

So on the true as well.

Richie this exclusive.

He said come from Quito will reach a podcast acacia with our future strategy.

News feed content and is there any data points you can share with us on the Newport cash.

My second question is about.

How big is that we use the overlap is there between a leeches main app and the beaches podcast step.

Podcast that and they look at our strategy regarding acquiring new users with a podcast that.

My question is for the life streaming from the live streaming business did the management fee increased competition from other albeit based capital during the quarter.

Any comments on the competitive landscape or what sort of thing you talked about your weird times whats your pickup points in particular on particularly with you know just on what you're gonna be issues of easily woman Shiga, Egypt Bulkeley argument you see EBITDA to wait to get together in New York on virtually no simple dealt with.

Free zone that we like to each other they can truly take machines.

Okay.

Thank you Piyush on fusion I shouldn't be critical months zone.

Sure sure it needs to ethical well could average again.

We can do it.

A woman with Fukuoka that which you see on the charity she simple.

Depending on shipment issue.

So you can come from.

Oh, when they ship will come about U G E.

And you can cut that you inject your not the Jean Coutu amusement come on.

Thank you.

Paul.

Susan.

Do you in details.

This is the bulk of the millipede.

The Olympia.

So is there a woman does the bulk of the New York City on boy on the product.

So with that as you said that you should be helpful.

<unk> and <unk>.

Can you put on the needle.

Without a tango two data put on.

Adjusted on a phone.

The Mercedes will focus on.

Got it.

Booker to another without book Katanga, Georgia, since I won't mind meeting.

Assuming some not so good.

Assuming they're still out on me that I comment on China.

The other day on collateral do you from in many of the day, we believe the ATB is on a Honda on their.

Good day Subramaniam cool is in fine shape.

Selling you book on use of the bulk of the New York would not leave the brokers on.

It is a store.

Put on the books Fuklah's homes with Athena booklet Congress in February.

So the AP something in too short on a broker that leaves you with something unusual about on liquidity.

On the book.

Right.

The first question is about the exclusive content. So the softness on all content that by growth and the formats of our reported services exactly including but not limited to Iclusig.

Exclusive content, including content creation and inclusive podcast to play.

With a focus on inclusive quadcopter.

Podcasts are creators need to forecast had finally included Qualcast cooperation on cash.

Not only.

On celebrities, but also we've done neither.

And net payments Kols.

Yeah.

On the other hand, we also selected the high quality of the forecast from the massive UGC content Library. We also need to act on the theme from Madison fees. Okay. Proton has only just from a cap.

In the mean weight loss.

Good day contemplated.

Based on our premium Comcast on each App then we can also synchronize the day Opex contest to moving to forecast.

Newmont was one two.

On those that are both on <unk>.

I assumed with us on the zone.

LIFO pool without them.

With that I'll have hundreds of attunity with hundreds of Trinity.

Could you go on just under the Fool hyper Moratoria on part of why don't you hop.

Two.

Truly come on the Changzhou.

Remember, it's hundreds of people moving on in sensors.

Excellent on the day on freedom impart because of some other <unk> users from Congress.

The day I'm going to sort of ends up for the year.

Do you see new processes yet.

On the without the hundreds of line fulfillment.

With that let me answer that.

In addition, we have the exclusive content creators.

Our reported content portfolio will better support from us.

For the content creators.

We have sales of equation. This downturn to provide means that quarterly growth for granted and that piece of their content creation with diversified at thank you.

We also offer the Capex support.

Our contact day here and help outstanding needs to long tail content creators.

To grow rapidly on the papillon through our AI powered content recommendation and distribution system, which enables us to play there.

Sales contemplated this sign up with us and in which our content portfolio.

So it was the lives on our two is the focus on Hana.

I would say actually the Friday on the 20.

It would be well basically time existing tissue the Utah.

Challenging low coupon the functions of Switzerland.

So on Yahoo.

You have to play it.

Doug I think that can draw the kingdom.

<unk>.

In general we need your podcast has been launched a short time and is in the early stage of development currently.

We are also working on the product automation optimization and I believe that in the future. There are there will be lumpy from time to of contactless will appear.

Second all cash and we will share more data on the progress with you in the future.

Good day Lindsay Tusa.

And is the broker dealer.

Okay.

Uh huh.

Listen I just want to answer.

Absolutely.

Bill Cook, so damn good.

On a setback on.

Come on.

Is that you don't have switching on at least the bulk of the time and you'll see how volume to the naval ships home.

The ATP revenue with the new.

So they are meant to centralize on.

Tony is the EBITDA annually.

In Utah leasehold could you sue events change easily.

So we outgrew the EBITDA.

Yes.

So the second half strength about our new they're all went up.

Currently a user count on each app and podcasts have been connected home on the early stage low cost high quality content on these forecast is curated from the original content portfolio of niche apps drawing on their capex from Leach app existing user base to a need to forecast and it was.

Also one of our teammates to acquire new users at the early sales.

There is demand.

Uh huh.

So it's really simple.

So you'll see on tonnage.

It really is that the.

You'll have some kudos to the south.

And then there are senior centers you have considered if anything this early.

<unk> spoken on we're betting on us.

Total loans for the trends on to that though.

<unk>.

Ciena petroleum nature.

So your woman, who will use of the deal flow.

Goof up how you say per day.

Total non issue senior board to completely on high value <unk>.

So why do we have low but they need to podcasts.

On the memories that our positioning on the beach walk hassles quite different from the Jack NIE to average news. Unfortunately, most of the young people you've brought on.

Non performing loans third low tier cities.

But need your podcasts and to expand the user base by reaching Yamana and needle moving.

Well higher campuses in Covid.

It makes sense with targeted marketing from Penn and integration into multiple devices such as in part based on all.

Our high quality broadcast content can be accessed flow to more diverse views on food.

Our new eye on women get hung on to talk.

Okay, well et cetera.

Without it.

Can you on how many you sound really is the volcker seemed like on go to Singapore.

Two new unit sales.

So that kind of a woman calculation.

Your police department, so you've been elusive on me.

Okay.

On the bulk of Trimble to put out from now Sheena you don't get the bulk of the IHOP.

Touch on your momentum simple to other broker sometime.

Two of them to properly what could those hunting soon assuming that you can use it.

Cmos <unk> transceiver.

Strength in them.

No.

Lithia to tremble towards school at all coming from.

You don't put it.

On the other hand, we have signed an exclusive contract with lots of New York City goes and Kols on tour talking to the two need to forecast with Gary. Thanks for taking the income stream from the perspective cause basketball kind of operation I believe our expenses accumulation.

In the past allow us to have first of all does that ticket user conversion on.

We have also attracted a large number of forecast again our income.

Using the new athletes Tulsa in the pockets of space in the long term, we are committed to building a larger forecasting ecosystem on giving the full places on the vintages.

Our capability motive marvelous.

We hope to promote forecast at the brand new content media and to reach a broader user base.

The time line with the sequential volume where their symptoms.

So then when we kind of effect on NIM.

Each of us.

Do you have to assume the silicon went up soon put on lithium do choose to with the GMP, though the Sudan.

So are you seeing there.

So he does it.

Income.

So on Tony with attrition.

Tyler on icon.

Don't think about line of Uh Huh.

You'll see on some other sits on the somehow much on me.

The third question is about the competition in the live streaming business. So now we see that in the audio on that audio space from more market players have entered into the audio entertainment sector from different angles, along with a new free yeah. The online penetration rate I believe the on.

Okay and on sales.

Gross margin growth potential in the non tech.

Hum.

So it seems on Hudson, the Chilean peso momentum conflict going on in the U D C. The England.

Some cash flow trends it would've Moshe I assure you of that.

On the two better.

No not on pieces to do the government on semi cap.

On a woman on P&I.

She also downtown that you would only use it.

So volume momentum, particularly the solar systems on top of the system, It's household loans.

Uh huh.

Sales have you quantified the receipt.

So it's really from man woman from will Thompson of line of thought.

Senior boards within four years.

No matter of fact, when I say, it's easy to go deeper into the story on how the disease.

It was only a man you saw the similar on daughter Yoga line.

Net up in Pennsylvania.

Pure to relieve the woman day.

Tucson Cocoa sure sure Peter.

Bill on the simple.

The net shipyard incentives on function.

Tissues suitable on constant on the day one.

At the Atlanta, what aggressive Sina dot on the.

Cool floating on the Tango Pudong.

Although the competition in the industry.

I think there is on these different speaking of UGC audio from 19 ecosystem that we have been quoting rates for a long time and the pure.

I'm thinking model.

Based on our performance there isn't it back in the fourth quarter I'll tap on still have strong competitive advantages.

In terms of the revenue we have achieved a substantial increase our free.

Fourth quarter revenue, which exceeded the top end of the management's guidance.

In terms of community operation before their postpaid user engagement on the platform through a lot of innovative promotional campaigns and our newly launched with diversified operating activities.

On the fourth quarter actually attracting more users to the platform to participate in the interest of four.

Example, in the fourth quarter, we announced a talk show style like the base program, which is quite popular currency and leading to a consistent net production of high quality content sites.

Connecting various COVID-19 and ultimately on tracking a large number of users to join our platform and they interact.

Meanwhile, the money as well.

That's all.

The balance out as they deal with you Chris.

So I just want a bolt ons with either Buddhist temple.

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It seems on its looking at on time zone.

Martin going into Sunday, I don't see net tangible.

Those hundreds of bull.

Because it wasn't on putting pieces on that.

Can you talk about what you're doing on the civil money is cool consumer line on seeing the pay.

Pay on a condo on the medium on the tundra senior with Sunpower on a day.

Moving on existing revenue.

You know on Houston, we also cooperated.

Sort of deliberately we have launched a number of things on that show surrounding the Chinese talking.

Through a more interactive features such as a life changing we have engaged.

No the interest.

It's that we have also tested considerable amounts of content creators with drawing our line <unk> session.

Through our Ami that lagged on each of lifestyle on the.

These activities not only increased user engagement and activity, but also attractive and are cultivating more content creators and further enhancing our competitiveness in the order on December sector.

Are you on.

I just wanted to deploy on the Fujitsu on Monday.

Congrats on the tons of the gloom on.

Sure.

So this year the Thunder so this congress putting.

She said food courts on women using super nuances.

In euros on your question, a little flow Tung could o'neil.

So the Orlando new piece of duties that are <unk>.

Bob.