Q2 2022 Yalla Group Ltd Earnings Call
Good morning, and good evening, ladies and gentlemen, thank you for standing by for Yodlee Group Limited second quarter 2020 earnings Conference call.
At this time all participants are in a listen only mode.
After managements prepared remarks, there will be a question and answer session.
Today's conference call is being recorded.
Now I will hand, the conference are that you'll speak your host today Ms. Carrie Gal IR director of the company. Please go ahead ma'am.
Hello, everyone and welcome to yellow second quarter 'twenty to 'twenty two earnings conference call.
Released our earnings earlier today and the release is now available on our IR website as well as newswire services before we continue. Please note that the discussion today will contain forward looking statements made under the safe Harbor provision of the U S. Private Securities Litigation Act Reform Act of 1995.
We're looking statements involve inherent risks and uncertainties as such our future result may be materially different from the views expressed today further information regarding these and other risks and uncertainties is included in our earnings release and our annual report filed with the F E C.
How long does not assume any obligation to update any forward looking statements, except as required by law. Please.
Please also note that yeah last earnings press release, and this conference call.
A discussion of unaudited GAAP financial information as well as unaudited non-GAAP financial measures. Yeah last press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited most directly comparable GAAP measures.
Today, you will hear from Mr. Pal Young our chairman and Chief Executive Officer, who will provide an overview of our recent achievements and growth strategies. He will be followed by Mr. Saturday. If my you the company's President who will briefly review our recent developments, Mrs Karen who our chief financial officer with them.
Provides additional details on the company's financial results and discuss our financial outlook.
During managements prepared remarks, well open up the call to questions, our Chief operating officer, Mr. Jeff <unk>, who joined the call for our Q&A session.
That's that I would now like to turn the call over to our chairman and Chief Executive Officer, Mr. Tao Yang. Please go ahead Sir.
Yeah.
Yeah.
This is the conference operator, we have temporarily lost connection with the Speaker line. Please continue to hold and the conference will resume shortly.
[music].
Thank you everyone for joining our second quarter 2020 earnings conference call.
We are pleased to have delivered another strong quarter with revenue of $76 1 million USD.
Leading the higher end of our guidance by eight 7%.
This represented a second consecutive quarter of record high revenue for the company.
Despite the Lambda and holiday.
Such a robust quarterly results.
Our testament to our operational success and refining our processes and closing the communication of our flagship applications and optimizing user acquisition.
Together these actions.
Holistically.
Elevated our user experience further boosting yellows and yet allude us user engagement.
Users' willingness to pay all of our platforms.
In short of our KOL strategy and operational improvements.
<unk>.
And there are positive impacts this quarter.
We recently celebrated the sixth anniversary of yellow.
Our group's first product for their pioneering application.
Tamara preserve.
At nurture.
<unk> unique social traditions in the digital era.
Karl has flown by as we have deepened our commitment to peanuts.
Its people and.
It's called sure cause leading new products to meet many of our users and will release facilitating.
<unk> digitalization throughout in this region over the past half decade.
The tech industry leader Nina.
We will continue to.
Our services.
And as Josh the boundaries of our business, while further deepening synergies among all our different products and services to create <unk>.
And loyalty of our users.
Now, let's take a closer look at our newer product update joining although we're industry leading experience in social Entertainment Arena.
<unk> is now exploring the medical and Hartzell game distributions to come to you Matt.
Our casual games postpone we.
Have already budgeted to gaming studios Giuliano again limited.
King with them on our mid quarter call mobile games that we have distributors in Mena.
We're also open to additional good gaming content and potential collaborators, which room weaker quarter.
The Mena market beyond that.
The important part of our group strategy.
We are actively looking for opportunities to build Ngls ecosystem flexibly and efficiently.
Look forward to sharing more updates on potential opportunities with our investors.
Sure.
We're also very excited to share that we recently launched the yellow chart, we're showing up with one with a number of important new features.
I'd like to highlight the autonomous feature.
Innovation tailored to Arabic user distributions had questions since trading plays a significant Joe.
Users daily lives, we created the other feature to enable users to receive reminders for daily prayers.
Those with mortgage products.
Oh, an integral integrated part of users' daily lives.
Thus, we believe targeted hyper localization of product.
Necessity.
The Hudson feature demonstrates our team's close attention attentiveness and insights into immuno users' needs as well as our dedication.
To bring our users a truly customized experience.
It's just one of many local allowed to future development, we will rollout additional updates.
In future iterations based on our team's deep understanding of our users and this unique market.
Okay.
As we shared last quarter, we're building yellow charter with a unified logging system, which will allow users to log into any kodak smoothing of the yellow groups using <unk>.
Electrical couch again, upgrading yellow large task order to be compatible with the system on the recently commenced a yellow kudos upgrade as well.
We expect these enhancements tumultuous more users to register for Yellow channel Com.
In addition, we have setup convenience mix within empowering.
Empowering users to explore chat functions with a single click.
We see those are the important stat to boot product synergies and increase user loyalty and stickiness to yellow groups products.
As we reported last quarter.
Asia represents a significant milestone in your yellow groups might otherwise application explorations.
First ever social meta was designed for them.
Jay.
During the second quarter, our team operated products system and the foundation of the App to better prepare the products or future opportunities.
<unk> merging with new technologies related to that you might have.
Enabling more UGC interactions supporting a larger lessor community.
At <unk>, we are focused on analyzing the potential applications and services.
Current available technologies can support we're also closely monitoring industry check we firmly believe.
In the tremendous potential.
The future of Edwards.
It will take time for both hardware and software to develop.
Rich mature maturity.
<unk> launched about a race.
Participating in the initial development phase of the metal, which we're building our capabilities and positioning ourselves to capture the back hours boundless future possibilities.
Before I conclude I have.
One more important updates to share.
It is my honor to welcome Mr. Mohamed <unk>.
To the board as an independent director.
Member of our nominating and corporate governance Committee.
Mr Oldani.
Is a renowned telecommunications excellent with our extensive regulatory background.
The founder and director General.
The UAE telecommunications and digital governmental regulatory authority.
The <unk>.
I believe Mr <unk>.
Will bring unique and valuable perspective to yellow.
We're excited to have soon to have him join our board.
In conclusion.
I am pleased that this quarter represented the other soldiers Josh towards our vision of building the most popular destination for online social networking and entertainment activities in EMEA.
We hope to realizing this vision, we gave over 10 years.
Or was dedication to the Mena region, and our inherent to yes.
Over there, we should know wireless multi cultural understanding user first simple and target.
Has driven our past achievements and we will continue to guide our future.
Hum.
Douglas.
So looking at heart.
And we will continue to closely observe made us local cultural Charles on the call.
<unk> recently expand yes ecosystem with diverse products and services tailored to local users involving needs.
Now I will turn the call over to our president Mr. Southeast by yield will occur.
Luke, but our recent development.
Hello, everyone. Thanks for joining us today.
Let's take a look at our operation as well as our products' first quarter months.
As Tom mentioned in his remarks, a lot of experience operation team.
Client, our content and user operations and.
Bob Pickler during the quarter, the enhanced gamification, India lab, which bolstered our paying ratio.
And average revenue per user stimulated greater user engagement in our community.
Does that advance our monetization capabilities.
We are pleased to report a solid quarter with the group's total revenue 76 $1 million, beating the high end of the company's guidance. In addition, our monthly active users increased $55 six batsmen.
For the year, reaching $29 9 million <unk>.
<unk> users also increased to $10 6 million.
Our casual game portfolio, including <unk> 101, okay.
<unk> also performed well during the second quarter you look back just ranked in the top three in terms of revenue in the board game category in six countries, including Colombia, The Dominican Republic, and Spain. Thanks to then youll be IV and gifting feature.
Our user retention.
Daily time spend continue to improve.
Also hosted events to celebrate local holidays, such as Easter date, attracting participation by more than 70% of our daily active users.
During quarter two.
<unk> one of the most downloaded app in the board game category in Turkey, and rank among the top five in terms of revenue and the board game category on both Google play.
Furthermore, yoga retention engagement and willingness to be on the platform all improved.
With income then youll be IV subscription and better paths, we rolled out this quarter.
We also received excellent feedback from yellow pollute, we have observed steady user retention improvement as we continue refining the game's experience for new users. The event. We hosted two celebrates amadon also helped boost user engagement on the platform. We will continue to tailor the details of <unk> products.
Design why collecting user feedback Nick.
Nick It's my privilege to update you on the progress of our participation in the fuel program a transformational initiatives launched in January 2022.
Your government under the directives of share from Hanmi had been the lawsuit IMAX ghoul, but it'll go by.
As we reported previously you all know was invited to join the program last year and is proud to be the only U turn.
The company selected to participate.
Sure.
<unk>.
To consolidate.
<unk> as a global hub for quarters.
System for incubating innovative projects and ideas.
The group is on us to advance our programs growth alongside more than 40 companies.
Worldwide, including a number of global Giants throughout the program. Our team has contributed its keen insights into maintenance culture and traditions to shed light on two key factors for the success of any product in the region localization and quality assurance.
We believe the outlook at all in the quarter was at school program not only demonstrate the company's commitment to facilitating the development of local digital economy, but also access to the <unk>.
Fact that.
A reliable and trustworthy local partner and representative of the local internet industry, we wish to sincerely.
Thanks.
Government for their ongoing trust and belief in the <unk> group, we value of their support as we remain committed to maintaining our leading position as one of the most prominent and pricing technology companies.
Another important achievement, we would love to share this quarter.
The successful expansion of gift cards, which are now available across the Mena region and worldwide, both online and offline.
Our user accounts III Charles needs, we continue to collaborate with our partner and have launched our ability or III talk China's including self said with skills.
Retail stores mobile wallets banks and digital platform with the worldwide distribution across that mean not Egypt.
For customers unable to use digital payment channels, our offline sales and service skills, such as <unk> co pay.
And retail stores.
<unk> cash plus in Morocco, and beds and Mega stores across the Mena region, a great convenience.
Just amongst with easy access to E payments system can also reload their accounts with gift cards through their mobile banking and wallets.
The expansion of your account recharge, China, not only substantially augment CLO user account recharge option, especially in areas with limited access to credit cards, but also.
<unk> demonstrates our team's capabilities and cultivating a local channel partner ecosystem across different countries in Mena, we spared no efforts to improve our user experience.
Sure that our products and services.
Look the arena local needs and preferences.
To equal one smart our vision is to build the most popular destination for online social networking.
Statement activities.
Within the next thing is over the past six years, we have put down deep roots in Mena.
AG products tailored to local user habits and preferences expanded our partnerships with local channels and collaborated with local communities to help facilitate the development of the digital economy and the ink.
Governments and industry <unk>.
Our group present in mind, we will remain faithful to our core values.
What are you advising our users.
Bracing diversity.
Operating with assembled pragmatic bioengineering and enterprising approach as we work to achieve our goals with that I will.
I'll now turn the call over to our CFO , Kevin who will discuss our key financial and operational results.
Thank you Safi, Hello, everyone and thank you for joining us.
We delivered a strong financial performance in the second quarter of 2022 with group revenues, reaching a record of $76 $1 million up 14.2% year over year accelerating from the first quarter with the implementation of our operational refinements.
We saw robust growth in paying users driving our growth paying ratio to 35, 4%, while we continue to invest in.
Steve Steve spend our yellow ecosystem with a disciplined approach to managing expenses and ROI basis sales and marketing strategy.
<unk> also maintained our healthy profitability level with a non-GAAP net margin of 37, 6%.
Going forward, we will continue making efforts to expand our user base, improving operational efficiency and optimize our resource allocation for quality investments to drive long term growth, while delivering sustainable returns to our partners.
Now I will ask to walk you through our detailed financials for the second quarter of 2022.
Our revenues were 76 point to $1 million in the second quarter of 2092, a 14, 2% increase from 66.6, meaning U S dollars in the same period last year.
The increase was primary driven by the broadening of yellow groups user base any enhancements to yellow groups and monetization capabilities.
Our average <unk> increased by 35, 6%.
$22, one meeting in the second quarter of 2021 to $29 9 million in the second quarter of 2022.
Now, let's look at our cost and expenses.
Our cost of revenues was $29 3 million U S dollars in the second quarter of 2022.
23% increase from $23 8 million in U S dollars in the same period last year.
Primarily due to an increase in technology service fee.
Resulting from the expansion of our product portfolio and the increase in salaries and benefits, resulting from the expansion of our operation and maintenance team.
Cost of revenues as a percentage of total revenues increased from 35, 7% in the second quarter of 2021 to 38, 5% in the second quarter of 2022.
Our selling and marketing expenses were 11 point too many U S stores in the second quarter of 2022.
14.8% increase from $9 8 million in U S dollars in the same period last year.
Primarily due to higher advertising and marketing promotional expenses led by our continued user acquisition efforts and expense expanding product portfolio.
Selling and marketing expenses as percentage of total revenues were 14, 7% in the second quarter of 2092.
Increasing slightly from 14, 6% in the second quarter, our pone hundred one.
The ratio declined from.
Yes.
17, 3% in the first quarter of 2022, driven by our more disciplined advertising and promotion approach.
Our general and administrative expenses or $6.9 million in the second quarter, all kind of if I need to.
Seven point for me percentage decreased from $11 1 million U S dollars in the same period last year.
Primarily due to lower share based compensation expenses recognized during the second quarter of 2022.
General and administrative expenses as a percentage of total revenues decreased from 16, 7% in the second quarter of 2021 to nine 1%.
Our technology and product developer.
Development expenses or seven 7 million in U S dollars in the second quarter of 2020 to a 144% increase from $3 2 million U S dollars in the same period last year.
This primarily due to an increase in salaries and benefits for our technology and product development staff driven by an increase in the headcount of our technology and product development.
To support the development of new businesses and expansion of our product portfolio.
Technology and product development expenses as a percentage of our total revenues increased from four 8% in the second quarter of 2021% to 10.2% in the second quarter of 2022.
As such our operating income was $29 million in the second quarter of 'twenty or into <unk>.
<unk> with operating income.
$18 8 million in U S dollars in the same period last year.
Excluding share based compensation non-GAAP operating income in the second quarter of 2022 was $29 2 million U S dollars.
Our income tax expense was $7 8 million in U S dollars in the second quarter of 2022.
Compared with <unk> eight meaning U S dollars in the second quarter of last year.
Moving to the bottom line, our net income was $24 million in the second quarter of 2022 compared with net income.
$18 4 million in U S dollars in the same period last year.
Excluding share based compensation expenses non-GAAP net income for the second quarter of 2022.
Was $28 6 million in U S dollars.
Next I.
I would like to briefly go through our liquidity and capital resources.
As of June 32022, we had cash and cash equivalents.
$384 9 million in U S dollars as compared with cash and cash equivalents of 357 5 million in U S dollars as of March 31 2022.
This improvement demonstrates our ongoing commitment to streamlining and refining gala groups operations.
On May 21, 291, we announced the <unk> one share repurchase program as of June 32002, we have repurchased one meaning 903205 American depositary shares representing one meaning.
903205 class a ordinary shares from the open market.
Cash for aggregate amount of approximately $25 4 million in U S dollars.
In the third quarter of <unk>, we expect our revenues to be between 70, meaning U S dollars and the 75 million U S dollars.
The outlook is based on the current market conditions and the reflex.
The company's management's current and preliminary estimates of market and operation Foundation, and customer demand, which are all subject to change.
This concludes our prepared remarks for today operator, we are now.
Now ready to take questions.
Thank you we will now begin the question and answer session to ask a question you May Press Star then one on your touch time fine.
If you are using a speaker phone please pick up your handset before pressing the case.
To withdraw your question. Please press Star then two.
At this time, we will pause momentarily to assemble our roster.
Okay.
Your first question today comes from <unk>, Zhang with Hi, Tom International. Please go ahead.
Thanks, Matt.
My question it sounds like.
<unk> second quarter results excuse me I've got two questions and number one incident cutting the comparative landscape.
Management and other rates more.
Patrick Dennis.
Yes.
And then number two.
Question is regarding your margin trend we saw some savings.
Our G&A opex, but considering that the company will be investing.
How should we see your margin trend going forward. Thanks.
Thank you very much Julien I'll take.
The first question.
The.
Emerging market with great potential Michel opportunities here six years ago.
As a leading company in the region.
Have made certain achievements that were also recognized by the industry.
Following that a number of.
With a strong.
Internet peers have entered the market and also following that.
So they also achieved great success for example, with Tic Toc.
A beagle.
Some some mobile gaming apps.
We think this somehow demonstrate.
<unk> market potential as well as show the energy in this market.
In addition.
Militated by this market potential more and more investors and analyst.
Now studying this market.
And as a result.
Allocating more resources and attention to.
To this meeting.
And that's very important.
Competition is never bad it inspires us to continue studying our users new.
New technologies and industry trends.
And to drive innovation.
As a leading player Oregon was merging.
Are you seeing the competition.
We will take proactive actions continue to strengthen our advantages.
Very confident.
In the over capabilities after all these years.
And the second question about the Mar.
Margin expanding.
In parallel we will be answering it thank you.
Thank you very much for bringing on today's question.
If we follow our current pace of development, we know that Gee and auto are difficult for us to achieve 35% for the non-GAAP net margin.
But however during the second half of this year, we may launch various marketing campaigns on yellow Chad <unk>.
We may invest more in sales and marketing, we will adjust our strategy based on their market market feedback.
So although we do have a budget for these campaigns it could face some changes.
If you really want a nimble I would see that in fact, we expect our non-GAAP net margin for remain above 30%.
But of course that will benefit the company's long term goals.
For the.
The areas.
Investment strategy, we think that we all we now have our.
Chief strategy Officer, and are we still thinking.
Some opportunities in this region, we think that we may build some ecosystem based on our portfolio we may find some.
In that good investor opportunities to make some changes we think thats the way.
Doing this on this way so we have some updates we will have to share with you. Thank you.
Thanks, that's very clear thank you.
Your next question comes from Edward Wang with Credit Suisse. Please go ahead.
Hi management, thanks for the presentation and congratulations on the robust quarterly results for my question is that it has been a few quarters seems yellow policies, we'll consolidate it.
How many have any new initiatives on globalization. Thank you.
Thank you very much for joining our call <unk>.
Regarding the company's strategy. So I think the one key aspect we lift the Paul This is to is to continue focusing on middle market.
We have built a dedicated and experienced team.
And that May.
The most important market for us from all perspective.
With that said, we also stay tuned to opportunities from all emerging markets. For example, South America as you just mentioned the touches and maybe southeast Asia, which is another popular destinations for the Capex.
Our strategy to augment we will continue monitoring trends and the.
Opportunities in different buckets.
Articles that sooner synergize with our business.
Of course, we will make prudent decisions.
When decided to explore new market.
The answer to your question well.
Thank you Edward.
Thank you.
Your next question comes from Thomas Chen with Nomura. Please go ahead.
Hi, Good morning management. Thank you for taking my question I have a question.
In business.
Management team.
Providing more details on the pipeline for yellow screen business for the remainder of the year.
Over the next year. Thank you.
Hi, Thomas This is Jeff and I will take this question regarding again against pipeline for this year next year. Firstly, the two hardcore games, we have investor day, one gain on one of each game, we have already officially launched in the market by then.
I think by the end of.
By the end of this year, we'll have the better version launched secondly, we're also talking to some gaming studios interested in exploring overseas, especially the middle market and we may collaborate on distribution.
We are starting from mid core games as well and next year, we may have some new initiatives in this area too.
I will keep you posted once we have more concrete plans. Thank you Thomas.
Yeah.
Thank you.
Your next question comes from.
Ken Zhang with CIBC. Please go ahead.
Hey, Good morning management, Thanks for taking my question.
Congratulations John .
I have two questions firstly.
Have achievements on the revenue it is better than the holiday.
So just alone.
Sure more innovation after the Mena markets in terms of GP.
GTS either Amanda holiday and then my second question is the.
Question about getting venues.
Can management talk about its progress in reducing the tool to help thank you.
Hi, good.
Good morning, this is Paul.
Thank you very much for joining our call.
According to our experience.
You're already a significant seasonality factor for this market during the past quarter, we have observed a slowdown in the first several days after the start of Lebanon.
If you check the third party's data, you'll find that money and procurement of products. So the same Chad. However, later as we rolled out our.
Alloy bar to further refine our college user operations with so a solid recovery in user engagement and willingness to pay on our platform.
Yes.
Your account has fallen from third party data.
Negative impact on our revenue as one of the least among our peers.
In fact, our revenue also reached all.
All time high for the second consecutive quarter, despite the impact of Lockdown.
It's not easy.
I believe this demonstrates the successful implementations of berries.
Refinements in our operations.
And the second question about the.
The hardcore game, so I view hand, it over to Mr. Jeff.
Thank you hi, as you're seeing this is Jeff and I will be answering your second question. So we expect the launch of the answers you gave us a better version by the end of Q3 and the launch of the RPG games better ratio.
Before the end of Q4 for heavy games enjoyed it takes a few months is to test and refine the better versions of the products and then we will start the official marketing campaigns for them. So that's our current plan and then we'll keep you posted on our progress. Thank you Jason.
Thank you.
Your next question comes from Ching Holly, Let's CIBC. Please go ahead.
My question is I've mentioned, Sean Thanks sure.
I have some attachments.
First nine questions, possibly.
Investment strategy.
And then lastly, yes.
Thanks Sanjay.
Environment.
Hey, Jamie.
Thanks.
Okay.
And then second question is on Asia.
Okay.
So that when the microenvironment.
Okay.
I'll remind you with that.
Yes.
Sure. Thank you Charles.
Brendan Hoffman.
Please go ahead.
Thank you.
Hi, Jonathan This is Jeff. Thank you for joining our conference call I will be taking our first question. So investing gaming studios is now the only way we collaborate with the content providers. We're also talking to a number of studios, which we cooperated with us only on the distribution business, we're quite flexible about this.
We can provide cash experience all resources. We are doing is this still investing all of the games, we help distribute it really depends on the needs and negotiation.
As you are probably already aware Richardson.
Increasing amounts of gaming studios has been hoping to explore the mark the immuno market leveraging our experience survey users, which was the right products and continue distributing mid corps and hardcore games to the middle market for the second question I hand over to Mr. <unk>.
Hi, Shane.
Yes.
For your second question I think macro environment.
Compared with the previous three year goals.
<unk> oil prices are also rising I think consumers are becoming more confident and maybe increasingly willing to pay for entertainment.
Confined on social media the shopping center.
Our debt yielding eight holiday prices.
And also that's true.
That's for the macro.
The immediate impact on our products being direct you I bet it would.
<unk> user I think other important factors are our population requirement on our adjustments to more.
Our more efficient user acquisition strategy.
Look at the operation metrics this quarter too.
I'd say the improvement in our bank.
Mainly resulted from our efforts.
Two areas.
Thank you.
Your next question comes from Kai fungi with Citi. Please go ahead.
Okay.
Hi management, Thanks for taking my question congratulation on thoughts on contract.
Question I apologize.
Mike mentioned the growth in the next several quarters.
Okay modulation.
Their engagement thank you.
Hi, guys. Thank you very much for your question. So last quarter. We mentioned that we had suggested our user acquisition strategy. As a result, we were able to reduce our sales and marketing expenses Q on Q for both Q1, and Q2, where else do you delivering robust growth in our top line this quarter our revenue.
Reached an all time high for second consecutive quarter, demonstrating an improvement in our <unk> sales and marketing strategy for the second half of this year. We will continue with this strategy and we expect <unk> growth to remain at the similar pace as Q1 and Q2 of this year.
But of course.
Many users of great potential and we will not always keep all user acquisition at this pace. After our official launch of yellow Chatham Guar, which may boost the synergies among our product as possible.
Improved ROI I'll use acquisition investments and at that time, we may accelerate our user acquisition again and in terms of user engagement. Yes of course will make significant efforts to improve user engagement on our platform as our CEO . Mr. Jan just mentioned operational refinements has played an important role this quarter.
In boosting the growth of our paying users our experienced operations team.
Has rolled out events that included the preparation is more elaborate than ever before and we carry our own refining our content and use it operations to encourage more users to interact on our platform. Thank you.
Thank you very helpful.
Your next question comes from Stephen Chen with Hite.
<unk> Securities. Please go ahead.
Okay.
Hello management. Thank you for accepting my question I understand you're marketing performance Ken.
Can management share how the traffic.
<unk> across the different apps. Thank you.
Alright.
Hi, John Thank you very much for your question.
As you know your structure and two thoughts something we really care about.
And for a very long time.
Doesn't include any ads.
When we launched the yeti ludo weighted into even drive traffic from IATA Shadow, we promoted ludella independently.
But now as we are expanding our product portfolio and building connected ecosystem. It may be a necessity.
As it will help users learn more about the new silicon CLR coli and better utilize our platform.
Although adjusted introduced in my remarks.
We just started the upgrade.
And now we are encouraging gala at noodles users to register yet not yet.
Logging into yellow, Lulu, where theyre yellow column.
They will then be directed to the yellow check dollar page, where one simple blinking yellow and ludo.
This is an important move we're making at this stage.
And we will keep you posted.
Mike any of these types of upgrades.
With our other products. Thank you very much.
Yeah.
Thank you.
There are no further questions now I'd like to turn the call back over to management for closing remarks.
Thank you once again for joining US today, we look forward to speaking with you in the last quarter. If you have any further questions. Please feel free to contact <unk> investor relations through the contact information provided on our website or the PSM Hay group Investor Relations.
Okay.
This concludes this conference call you may now disconnect your line.
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