Q1 2021 iClick Interactive Asia Group Ltd Earnings Call
[music].
Hello, ladies and gentlemen, thank you.
We're standing by for I, click and interact with the Asia Group.
Ltd, first quarter, 'twenty, and 'twenty, 1 and financial results Conference call.
At this time, all participants are in listen only mode.
After management's prepared remarks, there'll be a question and answer session.
Today's conference is being recorded.
I'll now like to turn the call over to your host Ms. Lisa Li Investor Relations.
Lisa Please go ahead.
Hello, everyone and welcome to <unk> first quarter 2021 financial results Conference call.
Company's results were issued earlier today and are posted online you can download the earnings cash relief and sign up for our distribution list by visiting the IR section of our website at IR Dot I hyphen C. L E K dot com.
Chen Tong T J, Chief Executive Officer, and co founder of I Click will first provide a high level review of the first quarter 2021, green belts and share his thoughts on our execution and strategy ahead chief.
Chief Financial Officer, Karen and Steve will follow and give us additional insights on the financial results for the first quarter and provide guidance for second quarter and full year of 2021.
He will land and turn the call back to TJ for closing remarks, before the cold and open for Q&A before.
Before we continue please note that today's discussion will contain forward looking statements made under the safe Harbor provisions of the U S. Private Securities Litigation Reform Act of 1995.
Forward looking statements involve inherent risks and uncertainties.
As such the company's results may be materially different from the views expressed today.
Information regarding these and other risks and uncertainties is included in the company's 20-F as filed with the U S Securities and Exchange Commission.
The company does not assume any obligation to update any forward looking statements, except as required under applicable law.
Please also know that I could cause earnings press release and this conference call include discussions of unaudited GAAP financial information as well as unaudited non-GAAP financial measures I think press release contains a reconciliation of the unaudited non-GAAP measure.
As to the most directly comparable unaudited GAAP measures I will now turn the call over to our Chief Executive Officer, and cofounder Chin Tung T. J. Please go ahead.
Thank you Lisa and.
And the welcome to the call everyone.
Despite ongoing COVID-19 impact physical can do you can do 1 beginning with a strong performance as we reported record first quarter revenue gross profit adjusted EBITDA.
<unk> net income.
We are encouraged.
Revenue in our KOL marketing solutions segment reached record first quarter levels of.
54, 8 million up 20.
And 2.3% year over year benefiting from continuing and spending and recovery. Despite some.
Lingering effects of the coronavirus pandemic.
Likewise, the momentum in our enterprise solutions segment also remains quite strong.
As cheese sauce based revenue reached 11.7 million in the first quarter up 166% year over year and the reached another quarterly record for the sixth consecutive quarter.
Revenue from our higher margin Enterprise solutions segment accounted for approximately 18% of total revenue much higher than searching percentage in the fourth quarter of 2020 and.
And the 11% for all of fiscal 2020.
These financial accomplishments.
And indicators that we have the proper data driven solutions and the business strategy to help our clients benefit from the digital transformation opportunity 2 entities in China.
Not to mention the significant operating leverage inherent in our structure as we continue to increase revenue.
We firmly believe we are in the right spot at the right time.
Digital evolution in China continues to unfold.
As I mentioned again, our previous coal can do 21, there'll be a year of.
<unk> in more new initiatives, particularly those that further develop and.
<unk> revenue, our SaaS based enterprise solutions segment.
On the M&A opportunities.
In addition to extending our efforts to continue gaining market share among the key accounts and clients.
And have also started to tap into the mid tier cantel to leverage our experience and the product offerings from the past 2 years.
We remain on track to hit these objectives and.
And I'm happy to share with you more details on our strategy and execute.
Fusion.
As a reminder, at the beginning of this year.
We announced a strategic partnership with Biogen, and which we will provide front and the solutions, including mini programs and mini programs and stole establishment.
SaaS based tools and the data data analytics platforms.
Paul Group will handle operation services and the.
Back and infrastructure services to jointly target pay accounts customers in China.
The integration progress has been moving smoothly.
We use both teams you have and frequent communication.
From currently both parties are introducing their respective clients to each other to help promote cross selling opportunities.
We are currently integrating all of the technology coal resources on the working or develop comprehensive solutions to fulfill demand from clients.
We are also working on several pilot case clients and well share more details with you once they are ready.
We continue to see significant synergies not only from day, 1 stop solutions. That's key accounts customers desire, but also from exploring a number of pockets industry very very close to rapidly penetrates paving our syndrome market.
Presence on the track record.
Yeah.
In addition to the extensive cross selling opportunities we are C and from the 1 stop solutions developed with potent.
We have also witnessed a higher conversion rate from over 6 hours and the clients in our marketing solutions segment and a more willingness from zone to adopt enterprise solutions.
We used our data driven products.
Can't address all the issues and the.
Challenges, we will likely face when it well and exploring the unpaid.
And paid opportunities from private Tom and traffic all smart grid Hill, leveraging leading technology called capabilities on the key accounts customer service experiences from Bose I kick on the Bolton.
As we continue aggressively gaining higher market share among the key account customers.
We view the meat and plant health segment as being a huge untapped market based on the number of <unk> in this segment.
Even this opportunity we have developed under launched a serious oh.
Curious of standard SaaS product <unk>.
Clothing, I S T O I and with different solutions targeting the unique needs of clients across some key industry verticals.
We first introduced to such solutions to the market in the first quarter.
On the initial feedback from many mid tier clients has been quite positive.
As a result, we expect to start to see and some financial contribution from this new mid tier clients beginning in the second quarter of 'twenty 'twenty 1 and.
Greg and the ramping at a faster pace in the second half of the year.
In addition to fulfilling demand of domestic clients. We have also launched another standard soft space the product called ice smart growth.
This is Michael was specifically designed to fulfill the strong cross border e-commerce demand from foreign brands that are aggressively tapping into the enormous smart retail market in China.
And in part to capture the lost revenue due to travel restrictions, resulting from the pandemic.
And Michael helps those spreads build and operate.
Oh, private Tom and traffic marketplace based on the wechat ecosystem and that.
<unk> eliminates the need for our clients to develop and maintain the necessary e-commerce infrastructure themselves.
On the M&A front.
We are always looking for opportunities to scale, our product offerings, both wider and deeper.
And our M&A targets well have 3 key characteristics.
First.
We will offer cross channel SaaS products, all technology coal capabilities.
That will allow us to more easily manage omni channel platforms, including but not limited to reach it on behalf of our clients.
Secondly.
The products will enhance our parents offerings, including data analytics capabilities will offer more functionality molecules beyond our current key focus on customer relations management.
And said they will already have a strong base of clients and certain industry verticals that we can cross sell our current data solutions into.
Our acquisition of Poly is a terrific example of how we carefully target candidate and integrate it into our suite of digital solutions offerings.
He has enhanced our marketing automation and.
And the broad expertise and wechat based soft solutions that has helped us accelerate.
Most of enterprise solutions.
We have been exploring and assessing the M&A opportunities carefully on the rail ship future developments with you as any of them become mature.
This concludes my opening remarks, and I would now like to tens of coal over to our CFO parents and meet to.
And to discuss the first quarter financials there is.
Thank you T J and Hello, everyone I'm happy to share with you our strong financial performance in the first quarter of 'twenty 'twenty, 1 and it's.
Finally, the ongoing DFAST after corona virus from Fannie and and as spending market that has yet to fully recover the free.
First quarter financials that many sits and no records, including record first quarter revenues gross profit adjusted EBITDA and adjusted net income.
First quarter total revenue increased from 36% year over year to 16, 6.6 million.
This growth frustrated and by growth and both our marketing solutions and enterprise units and service.
Marketing and commissions, Inc, first quarter and revenue record of 50.
T H.
And 8 minutes.
21% year over year.
Driven by growing market demand from performance marketing campaigns.
Enterprise solutions revenue and the first quarter was $11.7 million.
166% year over year, and a new quantity wet cough.
And a con call it 10%.
Of our total revenue.
So and new height.
Gross profit grew by 47% year over year in the first quarter, 2 and 19.5 million.
And I married due to continued growth and marketing solutions and rising contribution from higher margin enterprise solutions.
Cash cash equivalents time deposits and restricted cash.
As of March French and first tens and tens and 1 was 102 million.
Compared to $94.5 million and.
As of December 1st and first turnkey training.
Our balance sheet remains strong to accommodate both our organic growth and M&A opportunities.
We have been PE exits and many in ABS repurchase program.
On December 31st 2021, and.
And as of March 31st 2021.
Okay.
Per changed share.
And makes me $1.1 million.
For the rest of my discussion I will focus on our non-GAAP results.
You can find reconciliations of these non-GAAP sales and the past release, we pulse earlier today, and which can be assessed and our investor Relations website.
Adjusted EBITDA for the first quarter of 2021 was <unk> 6 million.
54% year over year and.
Adjusted net income for the first quarter of trends and 21 was 647000 versus.
515, 15th free thousands in the first quarter of 2020.
And making the sixth consecutive quarter of positive adjusted net income.
While billings in the first quarter of 'twenty 'twenty, 1 was 200 million.
10, and 7% from the period, a year ago, and chicken and by recovery in advertising and Spanish.
Overall, we are pleased with the financial performance and the first quarter and are optimistic that future quarters will continue along a similar growth trajectory.
For further information piece and a detailed recap of other financial matches and the past release, we issued today.
As we have emphasized in our prepaid remarks prepared remarks.
2021 will be a year of investment and full of opportunities for us.
And our enterprise solutions contributions remain a high priority.
And we continue to roll out and number of partners.
And in partnership and M&A opportunities.
So fair to accomplish this goal.
The offline to online digital and transformation and China continues to be a powerful with Halloween for company like ours that can innovate I want this megatrend.
And large available market opportunities in front of us and the potential to GAAP.
And market share.
And I'll just comment on that.
Any investment initiating will pay off over the longer term.
Even if it's linked to some sometimes grab more profitability.
In addition to managing both top line growth.
And bottom line profitability as best we can.
Our key focus in 2021 would be the top line growth for enterprise solutions.
I would now like to come home conclude my remarks, with our low for the second quarter.
And full year, 2020.1.
Please note that our outlook for revenue is based on current market conditions and reflects our carbon gauge of the COVID-19.
These kind of some of these assumptions are subject to change.
We estimate our second quarter, 2020, 1 revenue to be between <unk>.
$702 million and $77 million.
Revenue from enterprise solutions for the second quarter is estimated to be between 12 million and cause and $13 million.
In the meantime.
And our 'twenty 'twenty, 1 revenue guidance.
Is it between $310 billion to 338 million with revenue from enterprise solutions for the year to be between $62 million and $68 million.
With that I'll now turn the call back over to TJ for closing remarks.
Thank you Terence.
We are proud of and that the financial momentum established in 2020 has carried over into 2021 and expect these growth trends to continue.
And are committed to grow in the higher margin enterprise solutions segment at a rapid pace and continue to view marketing solutions segment as a same store basis revenue on the profitability of the company.
The online to offline digital transformation initiatives for many customers are still in the early stages and we.
We are steadfast in our resolve to remain the market leader flow.
Brands looking to capitalize to this digital revolution in China.
Our data driven solutions can help such brand and the customers effectively tap into Chinese consumer behavior.
We still see significant growth opportunities for both marketing solutions and.
Enterprise solutions and continue to expect enterprise solutions to account for our increasingly larger percentage of total revenue.
All cigarette Puget initiatives I discussed earlier are really focused on making this happen.
Both in 2020, 1 and beyond.
I want to thank all our customers that entrust us to help them growth their businesses as the digital Revolution unfolds in China.
And to reiterate my appreciation to all the Clickers, who help us deliver innovative data solutions to our customers.
And I certainly want to thank all our shareholders, who have chosen to seek capital appreciation with us and.
I have been impressed.
Confidence in our management team here and I click.
This concludes our prepared remarks.
Thank you for joining us on today's call. We will now open the call to questions. Operator. Please go ahead.
Thank you.
So the benefit of all participants in today's call. If you wish to ask the question and Chinese immediately report and repeat your question and language.
And please limit your questions.
And 1 each current.
Our first question.
And from Brian It's winger Orion's Global partners. Please go ahead.
Great. Thanks, so much for taking my questions first can you update us on the progress you're making with the Oracle and the hub smart partnerships and <unk>.
When do you think those might be might become more meaningful growth drivers to your business.
Okay.
Our digital and chemo.
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And they don't know tell me when they get what are you guys. All know that sometimes you don't have to.
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Tissue or Michelle and to keep all go well move there and say Gee goldfish and GT they've been on job for the whole bank.
Teaching warm and the G <unk> a day.
Fortunately, we and you see a high rate of cohort Teagle Chico Susie group on the generally you should use your solution.
And no woman and she says.
Junior and let you go Q1 high to each or do you go from.
And generally how long a cohort to go chime and fine juggle ice Michael.
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The woman.
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<unk>, let me share.
And then a woman yeah, Jimmy Choo Fuji go gluten, a day and Julian and Yahoo.
Don't hold me and couldn't daughter and Chicago.
And you go kind of history or are you just again and you don't want me about.
3 to open the door to a cool.
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Charlie you're doing so again, there's a woman she only thing and she goes on and do you highlighted cohort.
Do you do it should fit on your bundle with them.
Sure.
Thank you for your question.
Accretion with Oracle and hot.
Since last time, we are actively promoting the from.
Cooperation with them and we are actively promoting the private domain and solution to overseas customers.
And in Q1, this year with lungs, and specific product targeting flooring brand called ice Moscow and group products.
Product and well have overseas customers going to the Chinese market and.
Became I became part of our pretax ecosystem and.
And the future, we're going to rely on and I smartphone to further our cooperation with these 2 companies and it will take time, because it will take a rather long time too.
August towards from rural customers and <unk>.
Make more customers aware of and the functions of these products, but I believe that from this tool is a very youthful and 1 for our customers.
Yeah.
Great. Thank you.
Thank you and the next question is from Nelson Cheung of Citi. Please go ahead.
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And that's what it exactly.
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She goes Oh opinions and I feel good to come from.
And we'll go.
Uh huh.
And so let me translate myself so thank you management and.
Thanks for taking my question and congratulations on the strength and setup.
Quarterly net so 2 questions there.
The first question regarding your guidance annually.
And I, just wonder whether the incremental revenue from the enterprise solution.
And what would be a driver.
And I think guidance is it due to a group of clients or a high certainty on the bus and Tennessee and.
And my second question is related to the client mix and your enterprise solutions, just wanted to management and if you can provide more color and.
From a mix, okay, and b to Ukraine, and whether youre on track to meet.
The 3000.
And can you kind of a target this year. Thank you.
Thank you Allison this is parents and for your first question about the guidance.
We revised the guidance on the enterprise SaaS solutions, mainly because we see channel demand is stronger than before in the market and secondly, we also believe that some of the case that we run right now with Biogen and some of the standardized products that we're launching to the market properly.
Start to kick in some numbers starting from June so maybe.
Sometimes earlier than our original budgets that low.
And maybe kicking in from the second half. So that's why we are weighted.
And more like the kind of you know.
Showing from Mark had that we have more confidence right now on that numbers.
On the second part of the questions I think I would not know TJ to address the questions.
Uh huh.
Neither Thiago and teachers Sue woman, she and the Giga Gini I'll go to Cushing or minimum, which I know you see it and John you are moving the Regina and could go to Cushing.
And 1 of the year with Asia Panda.
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Adobe and ship Wichita.
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And I know that you can call a like kind of volume in Q1, you Didnt, all Honduras, Google women Tiger.
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Cohort from quickly now, although we don't give any color on the go zone to Thompson.
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And then the time here and you hope you feel you're doing and Shionogi go yeah issues alcohol free.
Yeah sure John and there you go there and it's also the generally the loyalty so eat about Oh well economically.
Kosher and canola.
Shortly from it usually a T shirt.
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Suddenly and yellow, which and the autonomy all would've due to Covid Dream John.
And maybe I'll Sue and good question, though.
Well it seems like there's a war going and you can go to and we all of them quickly and now you're going to go and put the consumer excuse me.
Actually a question about our mid tier customers the progress and the outlook this year.
And she wanted this year, we've already done a lot of work, we've been leveraging distributor to reach out to customers and we've seen very encouraging progress we've already acquired from early adopters who have food.
Standard product from Us and we also provided operational services to them. So the initial feedback has been.
And is very positive as to the revenue recognition well and.
BB and B to your customer base growth and.
And so these customers purchase our products and we work rapidly recognized revenue and.
And therefore, I think Edwards E per financial contribution from mid tier customers chicken pizza.
And in the second quarter. This year. So I think that it is highly likely that we're going to acquire 3000 to 5000 mid tier customers yeah.
Yeah.
Yes very much.
Thank you.
And our next question.
Comes from Thomas Chong of Jefferies. Please go ahead.
Mr. Jiang as your line open or did you meet your line.
And so I appreciate and want anytime and I'll just I'll walk.
The key win what day.
And each 1 is brand new enterprise solutions.
Management E ovens, and Isabela until share momentum, okay, and that a woman's egg.
<unk> saw the Jacobi and either.
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And.
Fortunately are appealing and sure enough.
There's a crew who see our tools and a person who a couple of quick ones.
And that's right.
Take appealing contract she tried to pull and that's really just like you.
Uh huh.
And its management for taking my questions can management talk about the GP margin trend for the enterprise solutions and spell as the emergence and Tom's Hospital I hope the number of merchants.
Size of the mergers as well as the penetration.
And all the mix.
Of course different industry. Thank you.
Good day.
And you're the 1 to 2 and you alluded to it's always going to Asia.
And so you just acquired a woman and enterprise solution that you called cohorts and she does he goes and John comment.
And Jimmy and the G suite, and we all should Youll Young girls zone, even though there and it should or moving through jogger and you go Okay, Taco, which ends up not that I think will pay that cohort that you could change and be man and woman.
A woman and she is just all all in all linear and linear and Deepak I sit down and by tote holder.
Takahashi.
The junior and Oh, and all Union junior and the desire to do a woman.
So this should also a gel and the Taco.
No more women genius and the tenure.
Can you all non union of tenure and women here, who are do you should do to a woman switches and marketing solution and 19 Sheen and upsell.
Dr <unk>, who can build and are you sure.
And you go a couple from me and as you go through.
And then Jimmy Infineon, and you've Gotta Cree total food sales.
And so somebody with Argo group.
And so this is Glenn and your Taco push on meal or non Condor, the yugo cohorts and ensure that you've got to know and Yahoo, Thiago and I should say Gee the junior although the Covid Vinci.
And then Virginia, and Yahoo, Finance and I'm sure you know about them and the builder and solve the chunky and $3 Google Ah Tony I'll go to go Cushings syndrome.
And I'm Gonna say Gee, the Cookie and Sean will continue and you grew Creek corridor and you know we channel a gallon toyoda cohort.
And then what would you and Colorado Tinder in Asia, London.
And could you share that guys are sort of telling you that simple tissue.
Yeah.
Thank you for your question about customer growth also enterprises and solution, whereas this year, we will focus on 2 directions. The first direction is we will continue to expand key accounts client base by the end of 2000, and frankly, we had a little bit over 2.
<unk> hundred key accounts client and first quarter this year.
And I did another 40 key accounts clients and.
For the whole year in 'twenty, 'twenty, 1 and we're going to.
Now to.
Martin <unk> marketing solution customers as well as further per operating responsibly and in this way we are going to acquire 200, and tier 300, and new key accounts from clients and the second direction is to sell our standard cost.
To meet tier customers.
And this year, our target is to acquire 3 to 5000 of them and based on the progress we've seen and the target will be a real very likely be achieved.
Okay.
Hi, Thomas just with parents and let me add on your gross profit margin questions. Firstly about our key accounts, we are still spending at relatively high margins and the 60% to 65% gross profit margin and on standardized products, we actually believed that it would be.
And back up and it could be at a 75% range and because that is more standardized and most of the R&D expenses have been you know spanned solved before so that's the curve and kind of a profile of the 2 salmon and that we have thank you.
Thank you next question, Joe and trade.
And the ESG Bank. Please go ahead Sir.
Okay.
Mr trying and get your line open.
Yes.
Alright, Thank you, Jonathan and Linda and he says.
And gentlemen, there anything that's going on here and Armenia.
And that goes on.
And do not make it and there soon.
And I think you guys talked with Eaton.
And that kind of box.
And with life easier.
And do they go to that law and a home it sounds like yes. It does appear it's just taking longer.
I'll ask and food.
And I think our Ibs C and that is a normal zone.
Kutlu pocket and Mckinsey.
And I didn't want golf Greens, and Louise just might do and resume really doing that.
And then they go and Cleveland mentally to EBIT.
And so I'll, just make myself congratulation to the nice and there's been a strong quarter. My question relates to our mobile marketing business and advertising industry has been recovered from the pandemic and China and we see in large and budget from advocate that your cost per day clothes, and accessories and revenue growth from the publisher side, what's the management's outlook on the recovery churn and it's.
Impact upon our marketing tools, and beating and revenue in upcoming quarters and also well.
And the launch of the duplications of IMAX marketing idea, but I daresay when it went.
How can the accuracy and attribution and what will be our counter medicine.
And.
Decision, either <unk> or <unk>.
And I think the greater Asia I'll, just go and you take the Guangdong Hong you the.
Comfort zone.
The only sound like kind of what I'm interested from a junior and Yugo go along here and she says to you when you got a bigger holiday Yugo wasteful cruel father.
And she is shown on Macondo and Don you do go and what are your thoughts and the long term.
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People are low.
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Gentlemen, Asia can reuse and wonderful.
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Your vote will you share too and Tricia and the initiation of a beautiful day.
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So we will try and be it should be Joe.
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And you saw him and also the Chico.
Martin and solution to go truly Elisha walk or maybe you should take the.
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P O L Emerson digital 1 solution from.
And 1 being acquired here with the Eagle Ford.
So it's the only from.
A woman.
And our Union women's religion and good.
And so we've been always trying to flow.
Okay and you go.
But you don't see and Honda and you go away from the concept of women's with G box either below again, there you go.
Our attrition.
And then as you go into the people and their team.
And I think it's the same from Albany.
Yeah.
Well. Thank you for your question and I will first take the question about the advertising outlook.
Yes, we've seen the recovery of advertising EBIT this year and many industries have to see.
And their advertising budget getting closer to the normal level.
This is largely due to the fact that from pandemic is under control in both China and the rest of the world.
And his team.
<unk> and hospitality.
And they will see retaliatory recovery and <unk>.
And the other hand from agencies are subject to adverse impact from regulation.
Online education and there are also some 1 time events for example, the RPC I think al Cochran incident has negatively affected the advertising spending of apparel and this team.
If you look at marketing and business also I click you'd see.
That's from.
The revenue contributions from our different industrial clients.
Alan.
And and therefore, our marketing solution business I think has been and joining our household growth and this is in line with our strategy that is to focus on steady and healthy growth and.
In addition, this for marketing solution business.
And to focus more and developing the tail and empty and related business.
In conclusion in 2020, the overall advertising industry will enjoy healthy recovery and our IC mm mm marketing.
Solution business were also growth definitely.
Yeah.
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And you wanted to.
And then the LG G P and muscle gene and me in total idea of aging and phone should lead to long haul chicken was also down.
The lead Columbia, Drillship, and inner cities, they only Hugo shaping so you don't feel like there's a gel and legal fun Oh Gee should pick 1 below the third from good are you willing and do them and English on channel do you sufficient shanda.
What's your how you're already doing for them and I believe it shows that a.
It's a full cohort of course and ongoing and realize your daughter tie them to go.
<unk> phone and she's going to defend and there should be unusually E CDP sugars and highway Cushing, but cohort from Tijuana D von sugar cheeses.
Hopefully, we kick them off on and so yes right.
A couple of them from a deep and sugar tissue, Eli you'll recall, the donlin will go and play.
You're welcome to download them free.
And then take Oh Gee, there's a woman to do the idea for the user and there you will come from Susan.
Okay and to the second part of your question about the apples.
Apple's IBSA policy and.
And as far as I understand this policy has had limited impact on the and.
Marketing solutions business.
And there are several reasons.
And I'll also has limited impact on the advertising industry and business and that's a real reason and fact based.
Gross market share and China is a small and for our marketing solution business, our exposure to Apple is around 10%. So very limited and the second is this policy with newly launched so it may take I'll take some time first to see whether the customer.
While our pouch format, because it will require the upgrading of the cell phone and upgrading of operating systems and operating upgrading of the App free all take time and this is up from hardware perspective.
And also from industry perspective, the advertising or marketing industry is also actively exploring alternatives around these policy.
And and as far as we understand the AD placement via IV F and is that just around 10% and this is very limited and therefore, we think that the idea of a policy of Apple has had limited impact on us and so when I think of serving our customers.
At current stage, we rely very heavily on first party data provided by customers and centered on CDP platform, and which actually will depend on the logins day status of abuses and so this is my answer to your question.
I gotta be able to question. Please press star and the 1 on your Touchtone phone.
Thank you.
And there are no further questions I'd like to turn the call back over to the company for closing remarks. Please go ahead.
Thank you once again for joining us today, if you have any further questions. Please feel free to contact <unk> Investor Relations Department through the contact information provided on our website. Thank you.
This concludes the conference call.
You may now disconnect. Your line. Thank you.
Yeah.
Okay.
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