Q4 2021 Lexinfintech Holdings Ltd Earnings Call
Good day, and thank you for standing by.
Welcome to not seeing Fintech fourth quarter and full year 2021 earnings conference call.
At this time all participants are in a listen only mode. After the speaker's presentation. There will be a question and answer session to ask a question. During the session you will need to press star one on your telephone. Please be advised that today's conference is being recorded if you have any further assistance. Please press zero zero I would now.
Like to hand, the comprehensive approach to your first speaker today, Ms. Patricia Chang head of capital market. Please go ahead.
Thank you.
Good morning, welcome to <unk> fourth quarter, and full year 2021 earnings call.
I'm joined today by C J.
So with Samsung and <unk>.
A quick reminder, before we begin during the call we will discuss the outlook.
Forward looking statements that we make on the call are based on assumptions as of today.
Actual results may differ materially and we undertake no obligation to update any forward looking statements.
Unless otherwise stated all numbers mentioned.
B.
I will now turn the call over to Jay Keith will talk will be in Chinese and English translation with follow Jay Tobin.
Okay.
<unk> claim.
Publicly.
Yeah.
Thank you Lisa women the web decline further.
If you look listen to center.
Okay.
Well, one 2 million.
But the team was Hudson So union today.
<unk> can you tell us.
And that will be also go through something like that.
The unions all with me I saw that you intend to.
In my view in terms of the user.
But it also goes to the world.
So we can adopt the buddle Susana change.
Yeah.
What do you see that NIM will go.
Good morning, it's my pleasure to share with you my thoughts about the macro environment industry development in our business.
Okay.
The macro environment will likely remain volatile in the short term.
You can see from the two sessions Chinese GDP target of five 5% a record low for the past three decades.
The price in the pump fear because of geopolitical tensions trading U S listed Chinese companies have been very volatile with market sentiment, but we didnt moving away from company fundamentals.
It wasn't until the until you.
He has held the building.
Congestion.
You will see that region to other Cynthia that you took.
So yesterday.
The other stuff.
Good day ladies.
So.
You will see us also doing quite well.
Tell me what.
Hello.
Yes, it does.
Jim.
And what do you think about.
Yes.
Yes.
Well most of it you can do it.
Well John This highway Coppola.
Oh, sorry, this cohort at <unk>.
So well nursing gotcha.
She is in switching the tranches.
So I think that bodes emotion, social good and you can see that.
Okay.
There have been major changes on the regulatory front.
The.
On loan pricing at 24%.
Restriction on the geographic operations of regional banks and also more scrutiny on internet platforms.
The personal information protection.
So far we have been very actively responding to these changes and mitigating measures include reducing our exposure or known tell customers and focus on our existing customers.
Also to broaden the relationship with financial institutions are targeting more nationwide funding and to enhance our ability liability matching and also to roll out new risk model to strengthen the compliance.
In response to your personal information protection.
Sometimes it does so because you know the future.
Gotcha.
Yes.
So it's all go Toso you saw the subject for the future.
Awesome.
So until late <unk>.
You don't have otherwise.
Was hoping you seemed evidential.
I love them.
Thanks, Tony.
I mean.
The agenda.
Oh great.
In the mid to long term the demand for consumer finance remains solid and the growth fundamentals remain attractive with a strong potential coming from the tier two or below at Sydney.
The cohort I'm, making up 65% of the casino.
Christina.
Population and the market, reaching <unk> six trillion RMB. We also expect strong growth in the next step.
Condition.
It sounds like Mitchell.
Mitchell and Dr Simonson, Doug Shelby.
Yes.
<unk> single use of the kitchen.
Well, Mr. Zhang who will go more to something Jim will talk you through the whole gautam, but since our whole doesn't limit then that's awesome women don't yet for June .
Under the Volcker.
Well Moshe cohort of food sundries and function Sonoco Virginians, Joey suddenly women's and the whaler Silicon Valley that you got you got you.
Yes.
Adult woman.
And the neat thing and good day.
But the phone call.
And then it hit the knee.
Q2.
So totally seamless.
Yes.
Women's health team.
Then go to <unk>.
With your lithium cohort shouldn't listen good luck, you guys', Utah.
Hi, this is <unk>.
You bet.
It was a woman so it's again.
So based on that and whether you can tell even tell you whether.
Got you got you guys.
We will continue to innovate in order to strengthen our competitiveness and compliance and also to look for new growth opportunities.
Customer acquisition, we would expect more into offline channel.
The breadth and depth of topline channels online becomes more expensive.
And customer service.
Hence the management of existing customers to drive further growth.
And also we'll be monetizing our core capability.
We will look into generating new revenue from exporting a niche and custom acquisition risk management to financial institutions.
In addition in the platform business will be also developing will be leveraging our insights into consumers prefer to build our e-commerce and <unk> solutions.
Our union to other genes with bill women the type of LIBOR.
I see.
Although not locked out of the young Ku biosensor body Sibolga woman, Yes, you did.
Okay.
So to buy somebody in the US is still looking good.
The elements in his solo unions, you've been shipping total EBA used to see that maybe.
So our union will continue until what are they saying that maybe two week also to need I'd say go into the Geneva.
Also you'll see it you'll see that on the tender offer.
In the US are you a golden Ginger season.
So with that $10.
Next let me give you an overview of our achievements in 2021.
Loan origination volume grew by 21% year over year to RMB, three 8 billion in line with expectations set at the beginning of the year.
While the 24% policy put pressure on our operations in the second half of the year full year revenue was largely stable at $11 4 billion.
Our net profit for the full year reached a record high of $2 three 3 billion RMB.
Starting a quality focus.
We have also brought in some 20 top talent recently.
Illustrating our commitment to drive growth with R&D investments.
So youll have seen that.
We'll then go through the year, where youre at in the <unk>.
That woman that's good helpful with agenda. The ICP is also any closer or Malaysia, causing genes with.
Somebody kill Central hearing you here.
You may begin.
Thank you.
Well, maybe we shall see.
So I'm not sure if you can gather to leucadia and <unk>. So I'm glad that you guys do what wasn't working the way it is.
Sure.
Yeah. Thank you. So you don't you sold all but either way it sounds like you've already done.
Just wonder if you do that.
Go ahead.
With.
You also don't you hit this woman.
Yes.
Without further Ado Don.
Yes.
Women that deal without the need to our seasonal truthfulness, England project, so they're equally yes.
Our corporate finance and they also have you assumed in the telco. Thank you Yosef.
Sure.
If you include <unk>.
Yes Samsung.
So both.
Both of them quicker.
We just want to go with <unk>.
Fulton sanction the cohorts is Hawaii.
Well that will be skeptical actuation interchange process, we continue to focus on the compliance.
Slowdown in the quarterly trend due to our banking partners adjusting to the new regional policy and also the 24% pricing.
In the consumer behavior and also the risk model has to be fine tuned as a result.
All in pricing as a result of that kit.
Revenue and profit.
The six core capability of machine remain intact.
Number one our technology driven risk identification and.
Richmond.
And number two are there.
Data advantage.
As of experience.
And number two number three.
We think from a traffic from proprietary consumption scenarios.
Then before multiple touch points online and offline for customer acquisition.
And beside stable funding relationship with financial institutions, and lastly, more refined customer segmentation.
And these will continue to drive our success in the future.
Yeah.
Yes.
Well I mean that would be but we sell based on that as well, yes, <unk> seen a do it yourself.
I don't think quite affordable.
Yes.
Well most of it you can go to Hawaii Ultra will solicit so yeah, what you said.
Can you put a new product <unk>.
So she is a woman coming up wholesale plenty of ITC will make it quick.
Junk team Youll problem, that's within that yes in pizza.
With what <unk> seen.
Tobin deal ABS, but then so that's without going too.
Right.
So you will start the call.
This year 2020.
Per year in <unk> transformation journey, we will continue to.
Since then our competitive competitiveness and compliance.
Luke will step up how compliant and we will also step up with customer management and also risk management.
Also our funding efficiency.
Continue to optimize our funding structure and cost.
To broaden our cooperation with financial institutions to introduce more nationwide funding and to expand into new channels like ABS.
Do you know when we're going to tell you.
Hey, Bob.
Okay.
Okay.
So women's opinions and good day.
Yes.
Woman.
Ali our unions.
Sorry, I meant losses in the us so it seems that is without <unk>.
And Ghansham percolates wafer or die.
Okay.
We'll continue to optimize our asset liability structure and hospitalization in our operations and expand into new opportunities.
We expect loan origination volume to increase by about 10% this year.
We're confident that we can complete the execution of the 24 policy and to keep full year full year rate above 3%.
Sure.
We're training and golf.
Central Ukrainian integrating them more guesses here I just wanted to say Jim Women's champion.
You bet.
So it's the same code so that begins at all.
Yes.
You could.
C media ecosystem.
Single dose with OCA will mcdowell equate that with us.
You also said cold cases, we go does it put her retirement.
Although the external headwinds remain we are confident that our full year target will be met.
Nick to strengthening the business fundamentals and achieving strategic transformation is critical to driving shareholder value.
We believe the current share price fell to reflect the value of the company with the authorization of the board.
We have adopted a share repurchase program, which will allow us to repurchase up to $50 million U S. Dollar worth of stock in the coming 12 months.
Thank you Jay.
Sandy will go over the financial results Tony over to you.
Okay. Thank.
Thank you, particularly good morning, everyone.
Before talking about the fourth.
<unk> fourth quarter and 2021 full year results.
I would like to first of all thank you.
For attending our call and your continued interest in the team.
The year 2021 was a year full of challenges.
Companies operating in China.
Policy changes will come from companion regardless of industry.
Amit.
With time, we delivered a solid set of results.
With profit, reaching new high for the full year.
The progress from the pricing policy change with <unk>.
Also encouraging.
Let me start with the update on the 24 policies.
For the fourth quarter.
Average pricing for our loan origination went down to 25, 8% versus 27, 3% in Q3 and over 28% in Q2.
About 69% of laundry loads and in Q4 with price was in 24%.
From Goldman and 3% in Q3.
Our strategy has been to gradually bring down ADR.
224% over 12 months.
The assessment at the midpoint.
Profit callbacks confirm that we're on track to meet the targets.
June 2022.
So jasmine that come with short term pain.
The amount of loan origination achieved in Q4.
Couldnt agree 6 billion RMB.
Presenting a quarter on quarter drop of 22%.
The result was below our earlier expectations.
Risk appetites from Chinese financial institution.
More subdued.
The end of the year.
There was the lower loan quota towards year end.
Even though pattern.
This year two additional factors premium plan.
This is to reduce funding price at above 24% almost across the board.
And constraints.
Classic exposure for regional financial institution.
Like up here.
We also experienced a sequential decline in loan volume.
Lower loan volume and lower loan pricing at the same time.
The lower revenue.
Operating revenue fell 26% to $2 2 billion RMB in Q4 from $2 97 billion RMB in Q3.
The impact on gross profit was smaller.
Gross profit decreased by 19, 5% quarter on quarter to $1 2 billion RMB in the fourth quarter.
Gross margin held up well.
Rising too.
Five 1% in Q4 from 57% in Q3.
This reflects the improvement in quality of new loan.
So top line number has been cheap by external headwinds.
The measures taken safeguard to asset quality have proved effective.
My my colleague David will elaborate on this later.
The other thing we have been working long.
How we manage our organization.
The nature of lending.
We'll always subject to external forces that are outside our control such as interest rate liquidity all these macro trends.
We haven't been beaten up internal management the goods are defense.
Uncertain times.
We continue to invest especially in technology.
Ramping up infrastructure and Knowhow. So we can have a stronger back end.
More efficient operation.
And more equipped to address new opportunity at the fund.
R&D expenses increased 72% year over year, and 25% quarter over quarter to 164 million RMB in Q4.
Total operating expenses fell 16% quarter over quarter to 610 RMB.
610 million RMB.
Discipline and efficiency.
Remove our goal.
Moving onto the bottom line.
For the fourth quarter.
Net profit was 256 million RMB.
The industry's response to the changing policy environment.
<unk> began in the latter part of Q3.
And therefore, the disruption became more evident.
Our results in Q4.
For the full year, we overcame the slowdown in the second half.
And achieved net profit of $2 3 billion RMB.
292% higher year over year.
And setting a new record for the company.
Well some of the uncertainties surrounding our sector.
Don.
We believe this year things will likely stabilize.
We are in constant dialogue with the regulator.
To better understand your intention.
And how we can coke and continue to move forward.
The business.
He is taking a new dimension as we expand into new areas.
From a <unk> focus.
Who are more interactions with B E business and to Us I E.
Fusion as well.
This approach is what sets Nike apart from competition.
Our customer centric ecosystem.
From lifestyle to finance.
Giving us more points of access into <unk>, which in turn lead to broader and deeper relationships with business and financial institution.
We're going through unprecedented times.
There will be volatility in our operation.
But as Jay outlined earlier.
A quick roadmap and operational priority.
Have been well defined.
With the foundation solidly made and.
The agility of the team to respond.
We are fully confident.
That we can move the business forward.
And continue to deliver quality performance.
I will now hand over to our CFO David Thank you.
Yes.
Thank you Tony.
The year 2021 put our team to the test is one of the most challenging times as we are working with policy tightening and macro slowdown at the same time.
Following the introduction of 24% of the pricing.
Financial institutions have been moving away from serving our medium part of the market.
Especially in Q4, it has people really being a very types of interiors from money supply perspective in the financial system. When it liquidity goes down repayment ability of borrowers goes down as well the 30 day plus delinquency ratio finished the year at $3 nine 9% versus 368% at the end of September .
The 90 day, plus delinquency ratio increased by seven basis points to 192% in the same period.
Our asset quality can be felt across the whole industry.
As we started the process with a higher proportion of customers priced at above 24%, we expect it to experience more volatility is the adjustment process.
We did experienced interruptions, but so far we have managed to keep the asset quality trend in line with or better than peers.
Our results reflect our prudent approach as the strengthening of risk management across the board.
As a front we have revised the acquisition strategy scaling back from relatively low quality online channels and expanding the offline team.
As the addressable market is withdrawn.
We have been continuously refining our risk models in the middle layer portfolio management has been enhanced to strengthen customer segregation and a real time risk monitoring.
We have also stepped up the collection effort for the late bucket of overdue loans.
The pressure on credit quality is going to remain in the near term as we still face the pressure in the policy and the macro environment. Nonetheless signs of an improvement in early day performance indicators have began to emerge.
The restructuring of the asset mix is still ongoing but once we get through the transition. We are confident that the business can enter a new chapter. Thank you.
Thank you Jason.
Operator, we can now open the line for questions.
Hey, Brian much as a reminder to ask a question you will need to press star one on your telephone to withdraw your question. Please press the pound or hash key please standby, while we compile the Q&A roster.
First question comes from the line of Yodlee of CIC. Please go ahead.
Sure.
We don't go into the queue energy.
Thanks, Doug.
Roger.
So when he is our general inflation goes down you're going to see there what's going on there and what else would you let it go almost.
When we sort of always encourage standpoint as you go quarter shortly.
You want to go quickly.
And that did what Hydrosoma made sure that Jacobs, which at that time.
It wasn't without suitable behind a more deep dive somewhat shaw.
We don't think so.
<unk>.
Ill go ahead Q&A, though.
J D on the German commercial getting ready to go.
Even though to continue.
Hi, This is John Richardson goes up a whole genetically dania <unk> already.
You do that it would translate into be able shortfall youre dealing with it.
Although due to the translation to the first one is about the transmission mechanism of data related to the credit reporting.
We started to experiment a cooperation ways, but essentially institutions and to the credit Bureau, and always do in the explore reason stage and when can we expect the implementation of the final cleanup.
And the second one is regarding our ratio metrics haven't noticed that.
Currently one out and I was wondering if you can elaborate more about the underlying rate and <unk> 22, and going forward can we expect to see an improvement on the raise the matrix. Thank you.
So together tjaden pathway quite tiny <unk> JD is going to pick it up to questions.
Although.
Typically those are diesel.
So this is Sean for publicly the sugar, how 'bout publish a waiting to equal adjusted economy Sundance, Utah Since you cheat channel, while meeting Joshua and good <unk>, calling to ensure they understand where should Archie at horseshoe on pension hopefully ultra we didn't go up.
Women can buy hodgkinson compulsion inside of the country and fine tune.
Junior in the shower you more fully insured citizens intelligence into Yugo, Bouchon Sandler <unk> teaching us, sometimes but sure again using your shopping yeah, we choose outlook to each other.
I'm sure as I can see hydrogen from <unk>, Kim with Goldman with holiday, but while there is some of our clients you shared with you in may Okay true frankly to Egypt lots you should have the washer Joshi lose him since he is.
It's all about the functional gait, Dol technological Jason <unk> CFO .
Hopefully that.
<unk> proved out.
Dino is equal if you can talk to you.
MS Shen do you what.
Do you sense that the <unk> team.
Please ask your question.
<unk> got we mentioned Samsung the country.
Sure.
Sure Jim.
Got you to engage with <unk>. So what you want but how should we see that initial ammonia production.
Okay.
Okay. Okay. So does that.
Okay.
Okay.
However.
Thanks.
We get the.
Information for.
<unk>.
Yeah.
Disconnecting from direct.
The transition of data.
Credit Bureau data to finish institutions, we've been in active discussion with <unk>.
Different credit bureaus and finish institutions and we are.
Take compliance at first priority.
Our.
Plan and design of.
This schedule has been passed the test and approved by Biopharm Credit Bureau, and it has been online since.
The end of 2021 now we're in active discussion with at least one of the financial institutions and we expect that before June .
June this year, we will complete.
The cooperation between a credit Bureau, our platform and at least one finish institution at the same time, we're still in discussion with other credit bureaus and financial institutions to push forward. This time.
And the mode of our plan is for those seem to upload all relevant information data to the credit Bureau credit Bureau, well do the data processing and.
Output of the <unk>.
The results to the financial institutions, it's more like a what.
What.
The scheme that works.
Europe and the United States.
Last but not least the <unk> has not given us specific deadline for putting this plan in place. So based on our current schedule. We are very confident that before the end of before joined this year, we'll be able to implement the plan at least.
With one finish institution.
But can the tiara da Vinci tissue.
<unk> had any publicly.
A woman.
Women.
<unk> how are you different kit <unk> issue kind of coming out of a two part test.
Sure.
Senior you won't you shall continue in about <unk>. When we came to the point that you know you can tweak out in the agenda.
So you do Sanjay contractual without the junior and <unk> teams.
Since you acquired <unk>, you can do the future hotel coupon, while mcquay, you've seen quite a bar should be for that portion of the things that we should see quite a good position.
We do have <unk>.
Yes that current adult woman that Q dot should be all youll for assumption that traded in ruble.
That woman.
Q2, <unk> on the tissue <unk> essentially is outside the cure for being so you could do on Q showed up.
Jim Good at Georgetown, Shandong without the Audi <unk> Drummond to you opened up but to the retention.
Retention it seems you'll have.
Yes, yes, actually the Permian two each in good the Jabil country.
On wholesale we work on Houston, the PDL actual.
While many producers that high demand you guys. Your Chico's you Dr. Friedhelm, how should we deal Yoshida.
Okay now.
Hum.
I appreciate you on your pro forma.
I Wonder where you are in yellow is all translation.
Thank you Sir.
Okay. So as I mentioned in the conference call.
The risk performance has fluctuated across the industry and so did we.
But we have noticed that from the beginning of this year.
Especially early stage risk indicators have begun to improve quite significantly.
As Jay mentioned in his part of the conference call.
We continue to increase our online and offline acquisition channels as we continue to refine our customer segregation and risk in our risk strategy and marketing effort and also by enhancing our cooperation with large and high quality.
Financial institutions, we expect that.
This year, we will increase the proportion of our.
High quality customers, especially customers price below at or below 24% and our risk performance will continue to increase at a high speed.
Thank you.
Thank you for the questions as a reminder to ask a question. Please press star one on your telephone.
Next question comes from the line of Ethan Wang from CLSA. Please go ahead.
Okay.
Sure.
One recent win.
Jay it's about a woman.
As I mentioned.
We're fine there.
Sure.
Funding costs.
Hey, Collyn.
I assume that is a function of our lbs. So as I mentioned, you always have 100 times that geothermal energy.
The challenge is that you want.
<unk> of women.
<unk> transitioned diversified across administrative numbers Julien.
Gentlemen, good going through tremendous scripts, maybe bridge that loans are coming down.
The other ones you said one woman so why is that a passenger service.
Capital heavy.
You have two large towards the beach only one woman.
<unk>.
Can you do with launch in Asia.
So nowadays.
Alright agenda about renewed roadhouse, Elisa Tappin service downhole sure Jay mentioned requirement.
So the only company with a record year on women's one corner to recover have anymore. So something on.
<unk>.
Thank you.
Two questions that FERC has gone up 100 cars.
So Jack mentioned in his remarks that we're preparing to have some new methods to secure 100. This year include AVX just wondering.
<unk>.
With that that's our over the cost of the funding cost and what our view.
In terms of trend.
Our funding costs going forward.
And second question is on the platform versus capital heavy business model.
We wanted to get some color.
As a percentage of our platform services in terms of loan origination.
Fourth quarter, and maybe more importantly.
Difference or.
Maybe.
Discrepancies trading platform and come to hedges.
In terms of asset quality front.
From our latest data thank you.
How does proceed Ethan can you go with E J.
Goodwill or something like that.
But I just wondered whether you can handle that.
So we'll see.
For ABS and implement.
Okay.
What do you think that the opinion.
And also if I may a woman and finish it off on the enrollment Sheila because it <unk> seem you've got toy hauler software mines.
Bulk or woman.
To adults in areas like <unk> <unk>.
Almost as an ibs from Adobe's stoppages in Russia. So that was also a senior women with estrogen from Sandler listen again, I'm going to tell you how I see our portfolio controllers from question that you may have had a lot of MBS.
Just to the ABS limited Tuesday in.
In Shanghai Chengdu other than good that you guys will need us again, so it's too.
So the hydrogen quality and when she goes on mainland China has been good that you've got towards entities, such as the Chilean Goldman conduct suitable woman that you're able to glean more so that you can exist well normally to the right.
Well the other high schools as well as <unk> solutions group and deal with auto as it relates again.
Ashish.
Quite a usable so senior women take <unk> you wait until we get to see a woman merchandised can kill you.
<unk> hundred <unk>. So it's all day ship hotel room in that country and 10 quarters ago.
<unk> will maintain quite well against other women condos or anti opinions and good day.
And as it would be helpful. Yes, so well maybe your opinion.
So given timber in Virginia.
If you were to look at Peel.
Hello.
Yes.
Yes.
Sure.
Okay go ahead.
How does just any with Samsung.
We will look into expanding our nationwide funding this year for the ABS issuance.
Looking into both standardized and also non standardized I E.
Click side of that the ABS issuance.
ABS.
The channel itself.
How's that doesn't have any geographical constraints. Unlike the original banks so that slide.
Can into doing ABS.
Last year in fourth quarter, some of the slowdown in our low volume part of it was due to the constraints faced by traditional financial institutions. So there was some mismatch in asset and liability.
Looking into first quarter. This year the situation has much improved and the nationwide funding volume has been going up so looking at the funding cost for this year, we don't expect any much volatility versus last year.
How that kind of application do you go into the ABS and I was actually here from daughter Teed up with home when you go and actually the Chilean choices as John J, Gunn pace or so without that woman.
Followed.
<unk>.
Got you got some quantum of high sulfur needle.
As you know accounting, Andy Casey document one caller.
If I'm going for when I say easy, but it sounds like England I think the ABS that people are launching that you gave on the slowdown right now women.
Yes.
<unk>. Thank you Todd.
<unk>.
Typically you go yeah, you're gonna associated won against that.
So I don't have them at the argument for women fragrance.
Sure well Amanda to tie this evening with only $3 over him out I think that's the kind of economic with home and what do you guys sit down and Glenn.
Sounds economy Ocean Mcrobbie at Nee and NEP with home Nomura.
And I think that's the kind of data I'm sure Youll provide in Washington.
Yeah.
Let me translate.
Three ABS issuances at last year.
But towards the end.
The market became a bit calmer there was some slowdown towards the end because of that be de reservation of some local governments.
Target this year.
On the policy at the balance sheet.
And on the second question about the difference in asset quality between the profit sharing model and also the <unk>.
Capital Happy model.
In terms of the asset quality.
Profit sharing model is slightly better but the difference is minor.
Yeah.
Thank you.
Thank you for the questions. Once again to ask question. Please press star one and wait for a name to be announced.
Yeah.
Once again to ask question. Please press star one on your telephone.
At this time there are no further questions from the phone line May I hand, the call back to the management for closing remarks.
Thank you.
To conclude the call here. Thank you for your interest that machine.
You can find our contact information on our IR website do you feel free to get in touch if you have any follow up questions.
Well and.
It's just about that.
That does conclude today's conference call. Thank you for your participation you may now disconnect your lines.
[music].
Okay.
[music].
Okay.
Yeah.
Yes.
Yes.
[music].
Okay.
[music].
Yes.
Yes.
[music].
Okay.
Okay.
Hum.
Yes.
Okay.
Okay.
[music].
Yeah.
[music].
Okay.
Okay.
Okay.
Okay.
Yes.
Okay.
[music].
Yes.
Okay.
Sure.
[music].
Sure.
Yes.
[music].
Yes.
Okay.
Yes.
Okay.
[music].
Yes.
Yes.
[music].
Okay.
[music].
Yes.
[music].
Okay.
Okay.
Yes.
[music].
Yes.
Okay.
[music].
Okay.
[music].
Okay.
Okay.
Okay.
[music].
Okay.
[music].
Okay.
Okay.
[music].
Okay.
Yes.
Okay.
Yes.
Yeah.
[music].
Okay.
Okay.
Thanks.
[music].
Yes.
Okay.
Okay.
Thank you.
Okay.
Okay.
Okay.
Okay.
Yes.
Yes.
Okay.
Okay.
Sure.
Okay.
[music].
Yes.
Okay.
Okay.
Yes.
Thank you.
Okay.
Okay.
Okay.
Yes.
Okay.
Okay.
Yes.
Yes.
[music].
Yes.
Okay.
Okay.
Okay.
Okay.
Okay.
[music].
Yes.
Okay.
[music].
Yeah.
[music].
Okay.
Yes.
Okay.
[music].
Thank you.
Yes.
Okay.
Okay.
Okay.
Okay.
Yes.
Okay.
Yes.
[music].
Okay.
Yes.
Okay.
Okay.
Okay.
Okay.
Okay.
Okay.
Okay.
[music].
Okay.
[music].
Sure.
Thanks.
Okay.
[music].
Okay.
Okay.
Yeah.
Yes.
Okay.
Okay.
Okay.
Okay.
Okay.
Yes.
[music].
Okay.
Yes.
[music].
Okay.
Okay.
Yes.
[music].
Okay.
Okay.
[music].
Okay.
Okay.
[music] expansion.
Yes.
Okay.
Okay.
Yes.
Okay.
[music].
Sure.
[music].
Thanks.
Okay.
[music].
Okay.
Okay.
[music].
Yes.
Yes.
[music].
Okay.
[music].
Yes.
Okay.
Sure.
Yes.
[music].
Hmm.
Yes.
Yeah.
Yeah.
[music].
Yeah.
Okay.
Yes.
Okay.
Yeah.