Q2 2022 Autohome Inc Earnings Call
Ladies and gentlemen.
Thank you for staying by Auto Home 2nd Quaternary in from 2022 earning conference call.
At this time, all participants are in mission only mode.
A question and answer will follow the formal presentations.
As a reminder, this conference call is being recorded. If you have any objection, you may disconnect at this time.
It is now my pleasure to introduce your host, Zhaolin Song, Auto Homes IR Director. Mrs. Song, please go ahead.
Thank you operator. Hello everyone, I'm starting soon.
Welcome to AutoHome's second quarter and interim 2022 earnings conference call. Earlier today, AutoHome distributed its earnings thresholds and you may find a copy on the company's website at www.autoHome.cn.
On today's call, we have Chairman and Chief Executive Officer, Ms. Chuan Long, and Chief Financial Officer, Ms. Cora Yanseng.
After the preparing marks, our management will be able to answer all your questions. People will begin. Please know that this discussion today will contain for the looking statements made another safe harbor provisions of the US Security Security's Education Reform Act of 1995.
Overlooking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations.
Potential risks and uncertainties include, but not limited to, those outlined in your public filings with the Securities and Exchange Commission.
Although some doesn't undertake any obligation to update any overloading statements except as required an applicable law
The earliest press release in this call also includes discussions of certain and audited non- GAAP financial matters. Our press release contains a reconciliation of the non-GAP matters to the most directly comparable GAP matters and is available on auto homes on our website.
As a reminder, this conference is being recorded. In addition, a live and art-yped webcast of this earnings conference call will also be available on AutoHomes and Website. I'll now turn the call over to AutoHomes Chairman CEO , Miss Long. For opening remarks, please go ahead, Mr. Long. Chairman Long, please go ahead.
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Thank you, Sturring. Hello, everyone. I'm Vizze, a Chinese-speaking CEO of Auto Home. Thank you for joining us today for our second quarter, 2022, Earnings Conference Call.
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We are pleased to report a strong operational performance in the second quarter of 2022. Our total revenues for the second quarter were RMB 1.73 billion and adjusted net income attributable to auto home was RMB 472 million with adjusted net margin of 27.2%. The challenging microenvironment and particularly the pandemic outbreak.
in multiple cities in China in Q2, has impacted the supply chain and sales in the automotive industry. in the automotive industry.
Although the market began to recover in June , with passenger vehicle sales nationwide increasing by 22% year over year, the overall passenger vehicle sales volume is about 10% in the second quarter.
Against the backdrop of micro-hydroins, our studies overall performance clearly demonstrates the strong growth momentum, and we achieve substantial sequential growth in our trading results in the second quarter and continue to maintain good profitability as well as a high profit margin level, a testament to our ability to navigate evolving market cycles.
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COVID-19 resurgence repeatedly affected the Chinese auto market during the quarter. Despite this, the automotive industry remains a key pillar of the national economy with cars updating its density in people's lives. The industry typically has a long-life cycle and there is tremendous potential as China's automotive consumption continues to operate.
Auto home has also constantly adjusted its business model, expanded its business boundaries, and launched more new products and services during the pandemic to address customer's pain points as meets their demands. Solvitcing is a key in line with doubled services, again herbs, including maintenance and remand can be ??? zoning. With Mali's test-free is undoubtedly needed at its best. However, lotus luchstock might not be reproduced due to the loss of motorcraft or much of the cost from the fuel in their tools and gearboxi. Inward bump problems are extremely practical when we shifts the light in the contract transmission and tasks from year or especially to year. The connection between trans money model and source costs ???ved to image higher interest and add worse starting standard surf investment Insure sales, in?? Kinese bank mark which enables you from avoiding an interest to your media
We have continued to empower customers, keeping those commercial contact with them and have gained their trust and appreciation. Both that file steady operations and a solid business fundamentals, AutoHome also formed a wider market in the first half of this year. In the second half, as China's automotive market quickly rebounds, aided by the implementation of various variable policies, AutoHome will continue to enhance its performance.
and deliver satisfactory results to the market.
Reset will now turn the core over to our CFO crack soon for a closer look at our second quarter of freaking on the financial results.
Thank you, Mr. Long. Hello, everyone. We are going to review the whole business experience. Thank you, Mr. Long. I'd like to give an overview of our second quarter highlights.
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During the second quarter, we continued to augment our traffic entrances by building our online chat alive.
covering more users across various scenarios to accelerate traffic growth. According to PressMobile, AutoSOM's aggregated average daily users grew by 8.1% year over year, to 47.63 million in June . User conversation wise, the proportion of our high-value users utilizing smartphones worth our R&B 5000 is 37%. The percentage of all our competitors, which demonstrates the value of our user traffic.
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Furthermore, we continue to advertise our content ecosystem and execute our review-based strategy. To this end, we launched regular cloud auto shows and our brand new AEB car model database to expand our product service and offerings, providing wider range of choices and the battery experience for customers. And the battery experience for customers.
During the first half year, it's response to the pandemic's research. We proactively hosted more than 300 national and local online auto shows, covering over 70 million people throughout China. This warning could have caused around 70 million people throughout China.
Meanwhile, we also initiated our cities to store campaign for new promotional model empowering users to safely review and buy cards during the pandemic while also helping dealers, clients, increase sales and upgrade. While also helping dealers, clients, increase sales and upgrade.
the experience they offer users.
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The more consistent the food, with respect to new business, our digital products have rapidly penetrated the market since they are launched covering over the half of all mainstream automakers in China. The half of all mainstream automakers in China.
Furthermore, we achieved double digits year-over-year growth in all of our dealer digital products, key indicators. Our AEP business also continued to improve with revenue growth rates accelerating and a sales output for the average market level. The ecosystem synergies we are building between auto homes and ping-on groups are progressing according to the plan. And we continued to leverage our unique advantages to bring better services and experiences to auto homes users.
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Moving on to content development, by leveraging our big IP brands, we steadily advanced our strategy of promoting a video-based content transformation. For example, we augmented the content on our show Supertest with cross-over luxury automobile content to its motorcycle reviews, enabling us to achieve a breakthrough in our efforts to expand our IP content from passenger vehicles only to other transportation methods. For more information, visit our website www.supertest.com
In the first half of this year, our four original IP series accumulated over 148 million views on AutoHome's platform and over 207 million on the entire network. We also launched our brand new NEB car model database in June . Meanwhile, we'll continue to upgrade our NEB platform, greatly shortening our path to reach users and helping users make better decisions with more refined content categories.
and search tools as well as real data on NEB's driving range, energy consumption, charging efficiency and other NEB specific statistics.
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Autohome attaches great importance to developing the company's brand and is committed to the sustained building and upgrading of the brand in the long term. This year, driven by the targeted needs of our users for car search, purchase and use, as well as the overall condition of the automobile market, we've signed Eileen Gu, the 2022 Beijing Winter Olympics Champion, as our brand ambassador.
will use her digital image widely in our online auto shows and user interactions through cutting-edge technologies such as VR, along with an excellent representative at China's younger generation.
With her as our brand ambassador, we believe Autohome will attract more younger and female users going forward.
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Now turning to our traditional business segment, given the pandemic and the market-wide changes, we promptly launched a new operational model while proactively helping our clients to overcome their difficulties. In response to the cancellation of local offline auto shows and events, travel inconveniences and disruptions to automaker sales activities and offline store operations, our homes reacted by launching regular online auto shows and safety-to-store services.
The former enabled users to search and select cars anywhere at any time and allowed automakers to release localized promotional messages through our platform. The latter offered ride vouchers to help users to get to full-time stores, solving their last mile problem during the car buying process. For our Zee generation business, our dealers' membership products include various tools and services.
to help dealers connect with potential customers. In the second quarter, over 12,000 clients purchased our premium version and over 6,000 clients purchased our tech version, with the number of clients purchasing high-end versions remaining high.
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On a data product strand, we rely on our data and tag as our best rock and continue to push forward on innovation to enhance our core competitiveness.
We expanded our product lineups with digital products and VRTAR search products. Health and dealers achieved touchless operation and conducts sales safely during the pandemic. In the second quarter, revenue generated by dealers digital products searched by over 40% year over year with more than 18,000 clients. During the first half of 2022, number of products purchased per store and average revenue per store.
Since we launched our first digital and technology product in late 2021, we have continuously upgraded them and have now collaborated with over 30 automakers, representing an enormous step forward in our efforts to extend our business beyond the vertical media industry.
We believe our digital business will continue to grow and generate future revenues as well as help us achieve our second growth curve. We believe our digital business will continue to grow and generate future revenues as well as help us achieve our second growth curve.
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For our AEV business, we focus on providing comprehensive branding solutions for automakers, organizing activities and events for car owners, reflecting each manufacturer's brand image to promote their brand's unique car lifestyle. Combining online and offline operating methods, we help automakers to promote their messages, increase user interactions and user thickness, and diversify our income streams.
In the second quarter, revenue generated from A.V. brands greatly increased year-over-year and continued to outperform the sales growth rate of the market. Furthermore, as the penetration rate of A.V. increases, we have also expedited our development in this sector, resuming construction works on our new sales. Resuming construction works on our new sales.
Model stores as the pandemic is, we expect to launch these stores in Beijing and Shanghai within the third quarter exploring an unprecedented auto sales model by using high-tech in a physical store setting. Our goal is to help new EV automakers expand their exposure through our unique cutting-edge sales model and channels. We expect this operation.
to generate revenues for the company within 2022. Thank you for your attention.
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I hope you enjoyed it. If you have any questions, please leave them in the comments. We will answer them in the next video. Please leave them in the comments. Please leave them in the comments.
On the use-car front, we upgraded our full-chain use-car service ecosystem by consolidating resources from AutoHome, TTP and PM group. Leveraging their resources, we built a one-stop cloud-based platform for trusted use-car services, which seamlessly connect users and clients and provide value-added and digital services in addition to lead generation services.
With the support of diversified content of our platform and the PINGAN's offline channel resources, we will continue to be...
expand the platform scale to cover more cost sellers. Furthermore, we continue to deepen business synergies with PTP through consolidation and auction services.
In the second quarter, our platform accounted for around 23% of all used car trading volume in China, an increase of 3 percentage points, quarter over quarter, and 6 percentage points year over year.
We also made head-
building our certified youth car system which has been launched in 47 cities in the country. The number of our certified car sources has grown by leaps and bounds and we expect it will continue to grow steadily in the future.
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In the second quarter, China's State Council removed relocation restrictions for all small-sized, non-operating used cars that meet the national fifth emission standards and refined certain used car management regulations, including vehicle registration, trading registration and filings. This will boost used car sales and accelerate car replacement, leading to a smoother circulation of used cars overall.
The series of new policies will benefit the development of the use card market in China by encouraging more trading activities which will positively impact use card consumption and the use card market.
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To summarize, we are pleased to have made progress in all of our business segments during a challenging quarter. Since June , with the pandemic's loaded easing and the government announcing a series of economic, stimulus policies to boost the economy and promote auto sales, delayed car consumption demand has gradually been released. We anticipate that this factor will propositively affect the auto market and promote its recovery.
Passenger vehicle sales increased by over 22% year over year in June , and multiple sales and manufacturing indicators are exhibiting significant signs of recovery. As most factories suspended production in April and May, market demand in June led to a significantly higher trading volume. The auto industry, as one of the most important pillars in China's economy, is recovering at a steady pace.
with auto homes ads intact, strong business foundations and brilliance.
financial performance, we have been proactively seeking new development opportunities in various sectors. We believe Autohome will continue to lead the development of China's auto industry and propel its steady, long-term growth while creating lasting value for all of our stakeholders with outstanding performance that navigate market cycles.
Next, let me walk you through the key financials for the third quarter of 2022. Please know that as with prior course, our reference on the only image discussion today, allow otherwise stated.
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For a detailed breakdown, media services revenue came in at $531 million, news generation services revenues were $753 million and online marketplace and others revenues were $450 million.
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Moving on to costs, cost of revenue in the second quarter was 279 million compared to 262 million in Q2 2021. The increase was primarily attributable to our continuous investment in content. Growth margin in the second quarter was 83.9% compared to 86.5% in Q2 2021. The increase in cost was mainly applicable to our continuous investment in the second quarter.
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Sales and marketing dependencies in the second quarter were 739 million compared to 562 million in Q2 2021. The increase was primarily attributable to the escalation of marketing and promotional spending.
Products and development expenses were $362 million compared to $335 million in Q2 2021. The increase was primarily attributable to greater investments in research and development activities for digital products. Finally, General and administrative expenses were $177 million compared to $177 million in Q2 2021.
the decrease was primarily attributable to the reduction of expected credit losses.
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Overall, we delivered a present profit of 311 million in a certain quarter compared to 673 million in the corresponding period of 2021. Adjusted net income at the risk of auto home income was 430.32 million in a certain quarter compared to 795 million in the corresponding period of 2021.
The second system, basically, and the TAMO-CHAO-ZEN-MIGU, is about 0.94 yuan. Last year, from 7 to 1.5 yuan, 1.5 yuan and 1.5 yuan, the second system, basically, is about 0.94 yuan.
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None gas basically can dilute earnings per share in the second quarter were both.
0.94 compared to 1.58 and 1.57 respectively in the corresponding period of 2021. Non-gap basic and diluted burnings per ADS in the second quarter were both 3.77 compared to 6.31 and 6.30 respectively in the corresponding period of 2021.
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As of June 30, 2022, our balance sheets remain very strong with cash, cash equivalence and true-term investments of 20.94 billion. We generate a net operating cash flow of 488 million in the second quarter of 2022.
The R&R is a very important technology. R&R is a very important technology. We are very excited about R&R.
On November 18, 2021, our board of directors authorised a share of a repurchased program and which we may repurchase up to the US dollar $200 million of auto homes ADS for a period not to exceed 12 months thereafter. As of July 31, 2022, we have repurchased approximately 1.88 million ADS for a total cost of approximately $54.2 million USD.
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With that, we are ready to take your questions.
Operator, please open the line for the Q&A session.
Thank you management. If you have any questions please press 0-1 on your telephone keypad and you'll enter a queue.
After you announce it, please ask your question.
If you find that your question has been answered before it's your turn to speak.
Please press 02 to cancel questions.
So once again, 01 on your telephone keypad now to answer questions.
Well, first question is, will you learn from Daewa? Let's go ahead.
Hi, thanks management for taking my question and congratulations on a set of results. Could management give us some color on the auto market trend in second half of this year and how the impact from the government stimulus policy and chipset supply situation affects auto supplier willingness to allocate their marketing budget? Thank you. Thank you.
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Let me take this question. I'm the president of Auto Home. My name is Long Chuan. So actually your question covers two parts. The first part is about the auto market. The second is about the chip supply.
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The price is very good. We also saw the data in the box. It is about 35% of the price. It is about 5% of the price. 16.9% This is also the whole Chinese market of the whole Chinese market. This small-sized Chinese market is very obvious.
Why is this a case? Actually, starting from March, we can see that Shanghai and Chantron, they were under very serious lockdown. Sure, the Chantron both are very important, the Karl OEM city. So that's why in April , you can see the Karl Retail Data dropped by 35% out of the whole cell. You may the number dropped by 16.9%
So roughly speaking, in the second quarter, the retail market for the passenger car really declined a lot.
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As you know, the auto consumption accounts for a very important pillar industry for the consumption market in China. It accounts for about 10% out of the national total retail consumption. So that's why the government starting from April adopted a lot of stimulus policies to boost the auto market.
So that's why we can see a lot of large scale consumption policies have been released.
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The boost and release the consumption power in the auto market. And actually in May, the government had caught a lot of tax, especially the purchasing tax for the cost. And we in April , and actually starting from April , we still see a lot of government associated with other agencies. In July , the Ministry of Commerce, starting with 17 departments, have released a place.
consumption boosting policies to further boost the market. As a result, we can see in June , the market consumption had already increased by 22.6%, and in July , the data increased by 17%, which means the auto market retail has really turned around.
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So the sales of the previous car will reach 23 million The total growth will be 7% The new members of the sales volume will reach 5.50 million The total growth will be 56% So as we go to the car, we have always seen The long-term development of the Chinese car industry So the future of the car industry is going to be bigger The space in the front is also wide The rear is the main Our car industry future development is going to be The future of the car industry
We are very confident that the China's auto market has a huge market potential to be further released. Actually, we do see that on the second half of this year, we would expect the consumption market would be very strong for the auto market. On coming to the latest broadcast made by the China Auto Association in 2022.
The total car sales in China can reach 27 million units, which would be 3% up over the same period of last year. And also, the passenger car of the total sales can be expected to reach to 23 million, which is 7% up. For the NGV, it will grow very robustly. The total sales can reach to 5.5 million units and the growth rate can be 56%.
So you can see that we are very optimistic about the future of the Chinese car association and auto industry. We believe the market potential would be huge, and we are very confident that we would enjoy a bright future in the Chinese car auto market. So the second aspect of this problem is the issue of the new product.
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Now, let me take the second part of your question, which is about the chips. Actually, according to the pre-warning made by the Passenger Car Association of China in January , in this year there will be about one million cars which would enjoy the lack of chip supply. Actually, if you look at Toyota, the Toyota from Japan, they already cut production due to the lack of supply of chips.
So this would affect the production speed of the car makers.
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Now, let's look at the domestic OYEMs in China. Actually, compared with the second half of 2021, we believe the situation has been eased and it already been improved in terms of the supply of the chips. We do not think we would encounter the massive scale lack of chip supply. So which means we are more optimistic than the beginning of the year's forecast.
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Actually, according to the MIAIT, which they made a speech in early of July , they said they will keep a close eye on monitoring the whole industry and ensure that the chip supply and the raw material supply can be very smooth for the auto industry. They would try their best to protect the smooth of the supply chain management for the whole industry.
So this laid a solid foundation to help the chip supply to be better improved. We believe that for the later half of this year, the new car would gradually launch to the market in a steady way. And especially for the second half of the year, there will be a series of very important auto shows and events will be held. So in this way, this provides more opportunities for the OEMs to showcase their latest models.
We believe that the chip supply would no longer be the bottleneck for the OEM.
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That's all. Thank you.
Thanks.
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Our next question is Li Pingqiao, CICC.
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First, could you please give more color on the data product's growth momentum in the second half of this year? And second, because there will be more offline campaigns in the second half, such as your over 18th festival, how should we expect the sales and marketing expenses in the third and fourth quarter of this year? Thank you. Thank you.
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Well, thank you very much for the question. As for the second question, or first question, which is the data product, that's true. Because in Q1, there was some postponing of the new car launch, and also some of the events has been canceled. So that's why this has delayed and actually created a headwind for our data product revenue.
especially some of the smart new car launch has been postponed. We believe that in the second quarter if the COVID pandemic can be better controlled, the OEMs would quicken their steps in launching the new car models. So that's why for the second half of the year we would affect the data product revenue to increase and climb up. Now the second question which is about the sales and marketing expenditure.
That's true. For the second half of the year, we would have the 818 August 18th Auto Show. We also have the online Auto Show, an online 4S store, et cetera. So we believe that in third quarter, our revenue from advertising, what the revenue would determine positive, so which would be very clear for Q3. For Q4, we have to look at some other factors, but for Q3.
which is very clear that the revenue from the media and the advertising would turn positive.
Next question
operator operator
Next question is Richi Sun, HSPC.
Thank you management for taking my questions. I've got two questions. First of all is we have seen we seen video accounts, wave or ambitably, I get to more auto-ad budgets than before. So how do we feel the competition from these other non-vertical platforms and what is our strategy to tackle that? Second part is can you share the progress made in our traffic and content investments such as short video and live streaming? I would like to thank you all for your attention.
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Thank you for the question. That's true. You mentioned that Webore, BilliBilly also includes TikTok doing. They all have more and more car advertising business. That's very normal because the media has been diversified and that naturally attracted a lot of car advertising. Which is felt in our expectations?
However, I have a few statements to make. Firstly, for Alder Home, we are still the major stakeholders in this vertical auto industry, media industry. Secondly, our business is not only limited to the vertical media, but we also launch diversified business, including the digital product, the lead generation business, etc. So that's why we are more diversified in terms of revenue rather than a single media company.
On the second hand, we had a lot of excess records onthat person model stipulating that compare it to realong oohh Aras in the Nizhana D? Might When asked questions?
with public, companies that need the space. From those things, how do we interact with our speakers when able to interact with such materials? Secondly, because our??ks are the general doesn't matter about sound insulation.?? You <expletive> . Three-year rival family of Samsung and Samsung were the kind of driving film they were focused on. So
into the content. For example, special effects on our core IP, we have four major original IPs, which generated about 200 million view clicks. And we're also in the leading position in a lot of our content. For example, the 3D modeling, we're in the leading position, and we also provided the tools, which would be practical tools for people to purchase a car. For example, we have the car model database, which our traffic would be very different from road media or entertainment.
people to purchase a car.
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For example, in second quarter, if you check the question mobile data released, you can see our user has grown by 8.1% over last year, which is a very significant result.
Okay, next question.
Okay, thank you. Next question, please.
Next question is Brian from City Group.
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and the risk of the civilized policy, what's our expectation on PPP for the second half of this year? Thank you.
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Thank you for the question. Talking about the used car actually or coming to the forecast made in January of 22nd, the year-round used car transaction can be 19 million units, which would be 8% growth rate. I have a staffing front second quarter, especially the lockdown of Shanghai. That has been greatly impacted, the used car transaction.
So that's why the real transaction volume in second quarter is negative growth. In starting from June with the better management of the COVID-19, we can see the used car market is gradually picking up.
Now, tell me about the user card business. Because I've talked to others who visualise in this trough while they sign along. Things are Leah. News Nestle branch of thebing the net indices products
Currently, the used curve transaction volume and the total revenue, is to your accounts for very small portions out of our total revenue. And we believe that for the second half of the year, the used curve business will continue to grow. The growth can be 23% so you will continue to grow, especially on the second half of this year.
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According to the National State Council, they issued a policy which would boost the circulation of the used car market in China. Actually, each of the vendors can only work for a portion of the value chain. Leveraging on all the home, TTP and PingAm, if we combine the three together, we can consolidate all the merit resources, which we can provide a one-stop solution.
for the car users and the car purchases. So in this way, we can better provide value added services and digitalized services for the used car business.
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So we would expect that with implementation of the real supportive policies and the consolidation of the three players. Next year, the user carbonylment would generate a higher portion out of the total revenue. Okay. Next question.
So we would expect that with implementation of the real supportive policies and the consolidation of the three players. Next year, the user carbonylment would generate a higher portion out of the total revenue. Okay. Thank you. Thank you.
Next, crime question, stormers show, please go ahead.
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Congratulations on a very strong Sandhoff result. And for new energy vehicle, we are seeing very fast revenue growth during the second quarter. May I ask about the competitive landscape at the moment? And in the next couple of years, how should we think about the revenue contribution from these segments in the future? Thank you. Thank you.
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Well, thank you for the question. Talking about the competition, as you know, other home had continued to be a market leader in this market. Actually, we are not only limited to media business. If you look at the overall trend, the media providers had always been more diversified. That's a market trend. So that's why other home had already been diversifying our revenue rather than only relying on the media and advertising.
We diversified our revenue by providing LEADS generation business, digitized products, the auto ecosystem and auto lifestyle, or call lifestyle products. So in this way, we are trying to reshape the value chain for the whole industry and digitize the whole value chain. We provide a CRM plus business model which we provide the LEADS generation, the clicks management, the forest store management and the PRM.
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Now, talking about the N-EV market, we are continue in a very strong position, and the N-EV has become a very strong power in the auto market. However, the N-EV sales is a brand new marketing and sales model, which they do not adopt the traditional test model. That's why we are already prepared to mostly stood well for the N-EV.
We are now in the final issue.
Due to time limit, let's allow the last question. Thank you.
Operator, please.
And this, our last question is Stephen Chen. Do you want to stop your interview and read the video? two while you are installing.
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service revenue growth trajectory. As you mentioned, it is expected that PV sales is likely to reach a four-year high level. Any structural reason that the revenue line cannot go back to the previous high levels that we saw in 2019 and 2020. Thank you.
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Thank you for the question. What are the major drivers? Actually, if you look at it Q1, we believe there are some seasonality factors because there was Spring Festival, which is the biggest festival in China and also the COVID pandemic. So that's why the media expenditure has been postponed due to road factors. However, after Q2, Shanghai and the G-Link, the gradually have completed the city lockdown, they gradually reopen, so that's why they click.
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Now, looking into the future, whether we will be as good as what happened between 2019 and 2020, we have to say the current situation is very different from what happened in 2019 and 2020 because we are not only providing a single service, rather we are providing a more comprehensive and more combined services. So because our services to OEMs and dealers all have been improved.
to a comprehensive service. So we may revise some of our accounting in the financial reports and the financial statement. To better reflect our business model change, which we provide combined and comprehensive services, including the ANGV, the color style, the OEMs plus used to car business, which we are not only providing single service, but rather we are providing comprehensive service. Our service has been dependent and broadened.
Operator, this is the end of the training. Please don't hesitate. Thank you for watching the training.
Thank you. This is the annual K&A session. Once I will turn to conference back to the management for closing remarks.
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Thank you everyone for joining us today for the early conference call. We appreciate your support and look forward to updating you on our next quarter conference call in a few months time. In the meantime, please feel free to contact us if you have any further questions or comments. Thank you very much. Thank you. Bye.
Thank you everyone for joining us today for the early conference call. We appreciate your support and look forward to updating you our next quarter conference calling of human time. In the meantime, please feel free to contact us if you have any further questions or comments. Thank you very much. Thank you bye.