Q1 2021 SK Telecom Co Ltd Earnings Call
Good afternoon. First of all, thank you all for joining this conference call and now we will begin the conference call by the fiscal year 2021 first quarter earnings results. By asking about this conference will start with the presentation, followed by a divisional Q&A session. If you have a question, please, press one. And for now, we shall commence the presentation by SK Telecom.
Annual Rica escaped, I am good afternoon planning at home. Today's conference call will consist of the presentation on the earnings results for q1 of 2021 and the future management plans and strategic Direction by poon CFO, Eddie Murphy Corporate Center one. And he'll head of Corporate Center II followed by a Q&A session.
Communicate your pie. So today at 6 and strategic plans for will be provided by phum Union. Head of Corporate Center one and hung in her head of Corporate Center II. We'll discuss that of the new businesses can tell me about their own components, couldn't keep em.
Today's conference call will provide consecutive interpretation and we have with us Executives from relevant business division to help deepen your understanding before we begin. We want to remind you that we are all forward-looking statements are subject to change depending on the macroeconomic and Market situations. And let me now present our CFO.
SK off.
Good afternoon. This is poon CFO of SK Telecom. First of all, let me express my appreciation to investors and analysts for their continued support. Can you move on?
On April, 14th, SK. Telecom announced that it was reviewing a plan for a spin off, which would result in a telecom company. And a holding company with semiconductor and new ICT Acid Bath. When I don't, we could you get you to take one? And I'm telling you moved on to millions of God, you have to go back to Chicago. You don't need them. You, you want to increase the wage structures for a telecom business and new, ICT, businesses respectively, thereby accelerating their growth to fulfill the purpose of the spin of the completed, the cancellation of Treasury shares worth two point. Six Trillion one in market value, which account for 10.8% of the total issued stocks, but Sunday through Thursday.
Shoji own spin-off was designed to prioritize shareholder value and we believe that we have gained a good understanding of the investors and the market, we will carry out the plan with a strong conviction and make sure that all the necessary decisions are finalized. Within the first half of the year off the Consolidated earnings highlights for q1 of twenty Twenty-One, you turn off the key off.
Punky song by Consolidated revenue for to one of 20 21 recorded for trillion. 780.5 billion, all business divisions, enjoy growth year-on-year, and media and safety, and Care posted a double-digit growth marketing, a 7.4% year-on-year increase. But the figure declined 1.2%, you want to do to the base effect of hire seasonal sales in Q4.
Turn off Safety package, increase by 29% year-on-year and 17.4%, you on to to post 388.8 billion one, mno and media. Let the operating income Improvement by achieving both Revenue growth and cost efficiency s&c and commerce, also contributed to earnings with their yoy growth. In operating income would censor, sung, Jung Yong, hwa wage
Tim, you guys me.
That income recorded $572 billion one posting an 86.9% growth area near and a 54.2% growth q and two. Thanks to equity method in, and sales profit of s k y Burns can look at all, you can you let me know discuss major strategic direction for each business wage, she took all the chores and generally close to me.
No, I'm Consolidated, mno Revenue 421 increased by 1.9% year-on-year and 1.4%. You want to to post 2 trillion, nine hundred eighty seven billion, one month celebrating the second anniversary of 5G. On April 3rd, we saw the number of 5G subscribers, reach 6.74 million, as of the end of q1 and record. The biggest quarterly off ads, thereby leading mno Revenue growth vehicle off, how much you put down as the market stabilization Trend. Continued showing the minimum wage
5G home 5G price plans to strengthen the 5G price options. They include three online. Only on Tech plans that offer more benefits and lower prices and two additional 5, g m lens at 16001. And 79001, we will continue to promote the transition to 5G Services based on a variety of price plans that cater to diverse customer needs. And then it was Hobbies had to get you in a rental office marketing for deadline.
Open. See, none that I shipped and launching diverse subscription services for daily lives, including education, rental and FMB in the second half of the year. We plan to introduce an integrated subscription Services back on a new subscription marketing platform where customers can enjoy optimal subscription life and reasonable prices. We're developing Flagship products that will raise customers expectations for scription services. We will do our best to ensure high quality of these Services. Six people don't have their own birth.
Within 2 comes with me. William process hasn't been any ball, don't get back to me. Moving on to Media SK Broadband, Consolidated Revenue, recorded nine hundred sixty-seven billion. One with a broad murder and IPTV, subscriber growth down by 17.6% year-on-year, but declined by 4.1%. You want to do to the base effect of seasonal sales in Q4. Thanks to revenue growth and operational processes. It's operating income increased by 98.8% year-on-year and 12.6% q&q to record. 75.4 billion one.
Safety safety and Chaos Harbin, ADT caps off the children. Happy and some Channel back home Cloud off. So you don't get the eastern part and touching article turned off.
For safety and Tara business, with the merger of ADT caps and SK infosec. We changed the name of the division from security division to safety and Care Division to expand the scope of business office. After the merger, the Consolidated Revenue, including ADT caps recorded, 350.5 billion, one it increased by 20.3% year-on-year. Thanks to the solid growth of new businesses such as home security, Integrated Security, and Cloud security. But he declined 5.5% coupon to do to the characteristic of safety and care business page, which Revenue tends to peak in the queue. For the new business is enjoyed both top-line growth and bottom-line Improvement. Resulting in the quarterly, operating income of 27.8 billion, 1.4%, you're in your and 14.9% increase.
Almost the table problem that you don't need. Sometimes she talked on the phone, no problem at all. Seven billion one, it increased by 7% year-on-year based on the continued contact list consumption will decrease by 9.3%. Q&q do too concentrated promotions into for including the 11th day event, marketing expenses for 11th Street and St. Stor increase me. Thank you one. But operating income maintain the BP level, thanks to volume growth years old, how young to even be dead
Next, chunk ahead of Corporate Center II will discuss the achievements and strategic direction for the new ICT businesses.
Annual percentage on good afternoon ahead of Corporate Center of allow me to discuss the achievements and plans for the new ICT. Fitnesses top-10 immediate aquanita first is the media business office at the end of q1. It's capable to Ben, do you always hold upon how our entertainment off some typical Pleasant today?
Established by SK broadband.
In January, as a multiple program, provider, media s began regular broadcasting in April, in Partnerships with cacao entertainment and SMC and see 70% of the program, exclusive content unavailable on other TV channels off, its key Broadband was strengthened the value chain in the media business that encompasses content channels and Platforms. Waiblingen in life. What did you say? Comes in your home studio engineer.
Wavve will further, enhance? Competitiveness of original content such as taxi driver. That is enjoying high viewer rating. We recently hired Chief producer Channel well known for drawing signal and stranger as Chief content officer and we're in the process of establishing a Content planning Studio.
Oman. See potential, do you do?
Next is the security division, which is renamed, as safety and Care Division. Someone Sugarman. Yep. Yep. Launched in March, the merged entity of ADT caps and infosec will Leap Forward as curious. Number one, Integrated Security Company. In addition to achieving grow in the existing security domains, we will expand Technology based business models in new security, domains such as Securities for home unmanned stores. And Cloud. I'm checking on WS cloud.
ADT caps it up or you on cloud. Once it's eight W Solutions off, ATT times recently signed an agreement to cooperate with a cloud security business by combining ADT Cloud Security Services, with a Home Solutions, we will promote this and it's together to gain market, share in the financial and public sectors, where there is high demand for transition. Transition to Cloud, the 1,000 x 1,000 junk food,
Oh, so we're in the process of selecting a lead underwriter for IPO of ADT caps and we will do our best to prepare for the ideal.
, And, signora Nexus Commerce business, she doesn't happen. Despite intensifying Market competition. Commerce achieved growth in both revenue and profitability. Iran e r. It's dead and people making Eleventh Street started ordered today, delivered tomorrow service through fulfillment service together with Korea. Post office is also selling popular products, including daily Necessities in Partnerships with major domestic and Global Brands such as immoral and PNG, Korea, birth
So often in collaboration with Amazon, we're making preparations to allow customers to buy Amazon products. On the 11th Street, we plan to announce more details as soon as the service is ready to be launched. Well, it started by doing mobility nun Sayo. In addition to investment from Uber Mobility has received four hundred billion one of investments from Financial investors based on evaluation of one point five million. One team will be on Thursday
Booty-o's launched through joint investment, a team member ability, and Uber, and it's differentiated services are expected to offer customers more choices and provide drivers with more Revenue budget micro I approached in between ones toy, there might some dedication. Finally, let me move on to one store, which is preparing for an IP office and so Corrections one stone and yep, with continued, gmv growth for eleven consecutive quarters. One store received investment from Katy and LG u+ there by solidifying, its position as crazy as representative at Marcus.
Local media, Lynn Smith, it's contentious to go home required Rock, media, and established the content Studio as a joint venture with s24, all of, which are our efforts to secure K, content IPS and develop them in a variety of birth.
I see my Corolla. I will now hand it back to the operator. Thank you mr. Ha for your presentation put a limit and leads to your room. Even even took your investors and analysts we are pleased to have delivered wage earnings that exceeded the market consensus. In this quarter, we announced the spin-off plan and cancel treasury shares to enhance, shareholder value. We also demonstrated that the fundamentals in all our businesses home and strengthened my faith.
I understand that many people want to know more about our dividend policy. After final decisions concerning the spin-off are made at the board in the first half of the year, we will share with you more detail. Including a decision of the quarterly dividend.
We will continue to do our best for successful spin-off. Let me reassure you that all the decisions we make will be to maximize shareholder value life. To me. I'm telling you. We ask for your continued support and interest. Thank you.
Could I meet you on the 21st?
Timothy Smith at home.
Now, the Q&A session will begin, please press one and four. If you have any questions questions will be taken. According to the order, you have pressed the number 1 and 4, please, press one and five, if you would like to cancel your questions,
Tomodachi.
About question will be provided by the Alano, from Korea, investment and securities. Please go ahead.
App engine.
Pretty good sign.
Unity. I would like to ask two questions. The first question is regarding the spin of plan wave and flow were not mentioned in your recent disclosure so I'd like to learn how much businesses and subsidies. Other subsidiaries will be divided between the survival surviving company and the spinoff company after the screen of the second question, is related to your subscription service plan. You mentioned that in the second half of the year, you are going to launch an integrated subscription service. So can you provide us with some updates on your subscription service business plan?
Yeah.
Mr. Oh thank you very much for your questions.
Let me first, answer your question regarding where wave and flow will go after the spin-off? Not long. After the spin of the surviving company with them. Grow as on based in for a company by combining the fixed and wireless telecommunication infrastructure and pursuing growth based on a i centered subscription marketing and data off on a business. She's orders on a lipo platform, Global Tech, proceeding, yoga routine,
And the spinoff company will grow as an ICT investment company that is specialized in making aggressive investments in semiconductor live platforms and Global Tech seating there about making various Investments that will drive value up. We will float on video content.
In your question, you asked about wave and slow. They belong to media and content assets there by falling under the live platform area. So under the spinoff company that they will become Global businesses, that will lead new lifestyles of customers turns off, as for the specific business portfolios of the surviving company and the spinoff company, these will be finalized lines at the board within the first half of the Year, Thursday, 10 till Monday until it gets to me. Let me address your question regarding the subscription services.
Tongues out.
I don't know how long he's in the subscription Market by utilizing our telecommunication Services. We believe that mno is very competitive in providing subscription services. Are you coming soon?
In various areas such as telecommunications, media and e-commerce. We have accumulated a large amount of data and we have the digital infrastructure. They can cover product planning all the way through offering. And we also have marketing competitiveness in both online and offline channels off and capabilities, we believe that we can produce a sizable Revenue. Not only based on SK Telecom customers but also fifty million people and that's pretty much bare with me.
Kearney we have been expanding the scope of subscription products to Media Games, Delivery and education and we're now in the process of developing products and offering based on faith ology in order to offer optimal packages for our customers. Do I have a month? Furthermore, we're going to transform the existing team membership platform into a subscription marketing platform that is provided for entire population in Korea in the second half of the year off Nick.
The subscription Market in Korea was 49 trillion one inside last year and it is expected to grow to one hundred trillion one of Market by 2025. May I kiss you also do need to reconsider our Target for the subscription products and services is having the number of subscribers reach 35 million by 20, 25, and achieved the revenue size of 1.5 trillion one by 25 by expanding Partnerships and business models. I believe that we can take up about twenty percent gain market, share of the subscription Market that we can address, Tommy. Thank you.
Time would you mister Shapiro do something to encourage him in his show?
The next question will be provided by me. No choice from Samsung Securities. Please go ahead. Sunday, we just have them come in to talk to the office building and you take off this afternoon.
Thank you very much for this opportunity. I would like to ask two questions. The first question is in April, you made a disclosure that you would carry out the spin off. And you mentioned that decisions related to the speed will be made in the first half of this year. Can you share with us the upcoming schedule regarding has been of the second question, is related to the team and Mobility, recently, you received Financial investment. I believe that team ability will start to accelerate its growth trajectory. So, what is the current status of team ability and as for booty, which was launched in collaboration with Wilbur? Can you provide us with some specific growth strategies on this recently launched business?
Yes, I'm going to tell me now. Your name children comes out to me.
Thank you very much for these questions and then I understand.
I'm going to answer your question regarding the schedule for the spin-off and we'll answer questions related to the team Mobility.
Sun, J. I can process it down for notches. I'm going to be
Kearney. We are reviewing the overall process regarding the spin-off and we enter table the scene of plan to the board of directors, within the first half of the year, in consideration of the board resolution process and the overall process for the spin-off and relisting we believe that the relisting can be completed within November after the general shareholders meeting in October. What I did to Santa Anita
CM, when they just
Mobility pins, are you?
I am ahead of Corporate Center to. I'd like to address your question related to the status of business of T Mobility after the the split-off mobility Anan, like to play poem, T-Mobile tow Mobility on demand Mobility as a service young girl launched in December last year and Mobility is carrying out business in the four key areas including the T map. Live platform T map Auto Mobility on demand and Mobility as a service. Even. Yeah, so I'm going to give you a boy.
In the first quarter of the year, we built a foundation 40 Mobility. By receiving 400 billion, one of financial investment from Financial investors and we have launched in collaboration with Uber in order to offer differentiated Services centered around Texas. Even took membership services to shake every meal.
In the second quarter, we plan to introduce a completely new type of subscription membership services in the business area of Team life platform. And we also plan to launch a drive or on demand Service as a pilot for b2c customers, they get sick.
These new services on the four Core Business areas will be launched as scheduled which are expected to provide differentiated customer experience.
Well, I eat booty know. I'd like to discuss the future strategy and wage coming schedules for Sheena how old it is.
On April 1st was officially launched based on the joint investment of uber and Mobility routine and all have an Uber home page.
In the second half of the year. He plans to launch a new service by combining Uber taxi.
See initially services will center around contracted taxi drivers and premium taxi services. But going forward, we plan to offer various mobile services, wage and additional value-added Services based on the taxi platform.
As a result customers will be able to have more options in terms of Taxi rides depending on the brand price plans and services. And at the same time, taxi drivers will benefit from a new Services by increasing their sales through differentiated services and by reducing the time to drive around 2 spot customers.
We're not really able to give you any more details today, but we will be sure to communicate them with the market. When the services are ready, thank you.
Salvador.
The next question would be provided by Logic him from Securities. Please go ahead and turn off the light in the morning Dale. I did the Newman pretty money. Could destroy an Eclectic enjoyment by the coolest monkey in the jungle.
You really cool. Cool. Cool.
Thank you for this opportunity. I would like to ask two questions. The first question is related to your dividend policy. You mentioned that even though you start the quarterly dividend payout, the total amount of dividend payout will not go down. I'd like to know from when your quarterly dividend payout would begin. And what is the overall dividend payout policy for the two companies after the spin-off? The second question is related to the related to your investment plan and business plan for wave. You mentioned that by Twenty, twenty-five years are going to receive a 1 trillion, one of investment and you have various plans for wave, but this is quite different from what you mentioned. Previously, when you're communicating, with us regarding wave, plan off my 2023. So the the amount of investment and the amount of Revenue seems to have declined slightly, but when you're adjusting your target for twenty twenty-five. So can you provide us with some color on?
What is your overall?
Smart plan for wave which you mentioned is going to be around 1 trillion one. And what is your Revenue plan and schedule for wave going forward.
Yeah. Thank you very much for your patience. I'm going to address your question regarding the dividend policy and Mister, huh? From Corporate Center II. Will address your question regarding wavve.
Kunal.
Even after the spin-off, we will continue to maintain the shareholder-friendly management principle Thursday. We will make sure that regardless of the spin of the surviving companies level of dividend payout will be, at least similar to that of last year. I mean, I am I don't know.
It's Curious number one, 16 Wireless telecommunications company. As the rollout of 5G is accelerating, we believe that our operating income and the cash flow will be 15 going forward. As such, we will make sure that we have the shareholder return policy, so that earnings growth will lead to increase shareholder returns, including dividend payouts. I'm trying to suck. Can you give me the signal can go to buy? Don't ask me out or even
The annual General shareholders meeting created a basis for quarterly dividend payout. And after discussions at the board of directors, we will carry out this new dividend policy plan so that we can start paying out the quarterly dividend by starting from the end of second-quarter. Wouldn't even give me just a moment.
The timing for the quarterly payout for the first quarter has already passed, but this portion will be combined for the fourth quarter, dividend payout, so that we can maintain the level of dividend payout too young to be at least same or similar to that of last year.
As for the Spanish company which will become a specialized Investment Company, we will make sure that their growth potential of the Investment Portfolio will be recognized and by actively attract investment and pursuing IPOs will. Will they make sure that the corporate value of these businesses will be slightly recognizing the market since I bought a policy of the new company after the spin-off is finalized? And after Thursday, of directors is composed will be able to communicate to the market more details later.
Corporate East to Central High, humidity.
I am telling you half head of Corporate Center to let me first, comment on the subscriber, subscriber Target, and the revenue targets of wave. But 423, wave and then, what time are you off?
As we increase the original content lineup and the popularity of Penthouse season 2 and as a result of the successful advertising with that began, at the end of last year, we was able to enjoy the growth and it's paid T to paid subscribers by reaching two million within the last year and the subscriber growth trend is continuing wave and then she's dead. You don't like opening my mail. Make sure what channel one more.
As we continue to differentiate wave Services, based on content from terrestrial broadcasting stations, and original content, we believe that we can achieve the initial Target of them, having five million paid subscribers and the revenue of $5,500 billion, one by Twenty $23. And we believe that we can achieve this earlier than the original Target.
Label each one. Let me now comment on the way. We want to secure one trillion, one of investment for wave wave
In March wave made an announcement of making an investment in original content, which is worth one trillion one which will be done by 2025.
SKT Telecom you some ginger eternal life.
You Financial sources for these investments will come from a variety of sources, including the rights offering of one hundred billion. One of their ski Telecom as well as external Investments and reinvestment of profits from content business office.
As for raising external Investments. We already received two hundred billion one of financial investment in 2019. And we're now in the process of preparing for the second round of funding, as former second-round. As soon as details are prepared, we're going to communicate them with the market comes home. You. Thank you.
So what is the next question? Will be provided by Shawn Lee from Citigroup. Please go ahead, I'm setting the home office locations dead sometimes.
Thank you for this opportunity. I would like to ask two questions. The first question is related to your security business, ADT caps and infosec who emerged in the first quarter off. So what's the current status and the operation of this merged entity? And what kinds of synergy are you expecting from this merger? The second question, is related to your mno business. What is your five subscriber Target by the end of this year? I understand that your initial Target by the end of this year, was nine million, but there was a very big net ads in the first quarter. So I'm asking this question.
Yeah, it should tell you what about you and your name.
Thank you very much for your questions. See the private life is your question related to the 5G subscriber growth friend and mr. Ha from Corporate Center II will answer your question related to the security business fiber jack off to me.
As we have made continued efforts to offer new 5G products, and improve the service quality of 5G services and as we were improving the 5G ecosystem, with new box, ship, handset launches, we were able to achieve the sites that 5G subscriber number to 6.74 Million. By the end of this quarter compared to last year, there was an add of 1.26 million compared to the end of last year with your mate.
The beginning of the year, we mentioned it, our 5G subscriber. Target for this year, was nine million but considering the current Trend we think that we can achieve even ten million
Home.
The new Terror schemes for 5G and unpacked price, plans that SK Telecom has recently offered to 35. Various customer needs are expected to provide customers with more choices and reasonable prices. Thereby accelerating 5G migration.
lunch at all ADT, caps input tag, happy happy
Let Me Now respond to your question, regarding the Synergy of ADT caps and kske infosec. Do you have goal? Make sure each Anthony
We successfully completed the process of merging ADT caps and infosec in March as a result, we have the merged ADT caps with the revenue size of one point three trillion, one and a couple of $357 billion one.
Young thugga. Boulan, young man took so much among Mera.
No various activities are underway in or a nest in order to maximize the energy from these two entities based on our infrastructure for security and various capabilities. We expect the annual revenue for 21 to be one point. Six Trillion, one, one, Global Cloud off. We have to take in addition in order to become a global Cloud security provider. We have signed an agreement to pursue strategic cooperation with Amazon, AWS in April, from a customer perspective and products perspective ones who get to me on a l e. E,
ADT caps and Thursday customers, including large Enterprises and ADT caps has b2c customers, including small and medium Enterprises and single single businesses and by completely dead. In the customer segments, we can create cross-selling opportunities. Some function. We are expected to provide customized One-Stop services. That combine a physical security information, security and building management as combined Solutions, it'll draw off.
Chile call the system.
UK or detection of malicious codes. We can do video analysis by utilizing the platform data. And by leveraging on our access control system, we can detect any Intruders, two buildings and assets and such flexible response will become more possible. Sometime you. Thank you, Joanna name? Yeah, yeah. I guess. Yeah.
Sam Anderson.
The next question will be provided by Neil Anderson from HSBC, please go ahead.
Thank you very much and good afternoon. Just have one question please. And it relates to the media business and the sequential Improvement in operating margin in the first quarter. So, for the month, the 3/4 last year it was around 6.7% and it's increased to 7.8% in the first quarter. So my question is, how sustainable is that? What are your margins Target fidget here? Thank you.
Home kind of day it all not bad, you know.
Yeah, it's just to be sure.
Neil Anderson. Thank you very much for your question, escape room.
We believe that there are various factors that have contributed to Improvement in the operating margin of SK Broadband. Off the ones who is your ping, pong function, considered a walk-in Cafe japengo up, you factors include the effect of the T broad merger, that's the first Factor. The second factor is the increase in the subscriber base and increase in the commission income from home shopping broadcasting. The third factor is the continued increase in the IP TV subscriber base wage and the final Factor would be effective, capex, implementation, and cost-efficiency upload all hooked up judging who are you taking off?
Okay, so now.
Going forward, we will continue to make efforts increase a subscriber base and carry out our business in a more efficient manner. So that we can maintain and increase profitability of the media business.
Thank you.
Salvador.
The next question will be provided by Stanley Yang from JP Morgan. Please go ahead and took it for business or Thursday 7 to take to make easy. Set you up for 5 a.m.
English.
Thank you for this opportunity to ask questions. The first question is related to your dividend policy mentioned that detailed decisions regarding the pay. The dividend policy for the spin of company will be dead soon. But can I safely assume that given the dividend payout level of one level of 10001 per share and in a in assuming that there will be a payout from the new spinoff company. Can we anticipate that the total amount of dividend payout from SK, Telecom will increase going forward. The second question is related to your subscription, a business model, there are high expectations for subscription services and I'd like to know if your subscription model would be to push several subscription models and services separately or to follow the model of Amazon where you have one single subscription platform where multiple services are provided. And if you continue to launch these new subscription Services, yep.
Are you going to be linked with your mno Telecom subscribers? Or are they going to be operated separately?
Yeah, at eight people want young children come to me. I'm I'm young Jean company tank.
Thank you very much for your questions. I'm going to respond to your question on the dividend policy and had a subscription service company will answer the second question. I don't know how long your last name.
As for the first question on our dividend policy your understanding is correct. The dividend payout from the mno business. As part of the surviving company will be similar or month than the previous level of dividend payout. And on top of that, we have not yet decided on the dividend policy of the spin of company, but if they start to pay out dividends, it's going to be a plus Alfa acaba Sendero.
And how you mentioned earlier when the board of directors is composed for the spin of company and went discussions on the dividend policy or made. We're going to communicate them with the market.
Company.
I am, I am young teen. I have you heard of the subscription business and let me address your second question or something else. I might be something else.
As you may understand, we have many family businesses under the ICT umbrella. And there are many different services and products that were preparing that will help enhance the likelihood of customers home from tour.
Basically I can say that our model will be similar to Amazon Prime where there will be an integrated subscription Paradigm. In addition to that, we are planning to offer additional services and products for subscription.
So we're planning to charge a monthly subscription fee for the subscription customers. Cool off.
As for your question regarding the connection with mno mno Services. We are currently planning the subscription platform to to reach out to fifty million Korean. And so we're currently not considering any linkage between the subscription services and amenities, Tommy. Thank you.
It's a Chinese our conference call for the first quarter of 2018.
Off off off.
Volte.
Dead. Dead dead.
Volte.