Q3 2022 Autohome Inc Earnings Call

The conference will begin shortly to raise your hand during Q&A you can dial star one one.

[music].

Okay.

Ladies and gentlemen, thank you for standing by for auto homes third quarter 2022 earnings Conference call.

At this time all participants are in a listen only mode. A question and answer session will follow the formal presentation.

As a reminder, this conference call is being recorded.

If you have any objections you may disconnect at this time.

It is now my pleasure to introduce your host Sterling So auto homes IR director. Mr. Song. Please go ahead.

Thank you operator, Hello, everyone I'm studying.

Welcome to both of them.

Thank you for Q2 earnings conference call earlier today all of them.

The press release, and then you may find a copy on the Companys website.

Www Dot dot.

Dot com.

On today's call, we have chairman and Chief Executive Officer, and Chief Financial Officer.

Right.

After the prepared remarks, our management team will be available to answer your questions.

Before we continue to note that the discussion today will contain forward looking statements made under the safe Harbor provisions of the US Private Securities Litigation Reform Act of 90 95.

Forward looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations.

Potential risks and uncertainties.

But not limited to those offline public filings with the U S Securities Exchange Commission and the stock exchange of Hong Kong.

Although home doesn't undertake any obligation to update any forward looking statements, except as required under applicable law.

Please also note that auto homes earnings press release, and this conference call include discussions of certain unaudited non-GAAP financial measures. Please.

Please refer to our press release.

Which contains a reconciliation of the non-GAAP measure to the most directly comparable GAAP measures and is available on all of them.

Thanks Todd.

Again as a reminder, this conference is being recorded.

In addition, a live and archived webcast of this earnings conference call will also be available on wholesale homes IR website.

Now I will turn the call over to auto home Chairman and CEO .

No.

For opening remarks. Please go ahead Mr. Lawrence.

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Sure.

Sure.

Thanks Lisa.

Jonathan This is Jeff in your home and travel.

Hi, Jonathan Johnson job Amit.

Do you start to the year GTO offering thank.

Thank you everyone.

Good morning, and Hello, everyone. This is Ron <unk>, our chairman and CEO of <unk> as a whole. Thank you for joining US today, our third quarter 2022 earnings conference call.

I will now turn Ghansham Michele Buck Chief This is John .

San Diego, Yes.

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Patterns of Citi.

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On the appointment.

Jean Charles Lake Geneva, New way.

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Some of which would have on initiatives, such as Shanghai and Tianjin.

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Sure Sam.

We shipped to a show network.

Joe.

It won't be at Samsung.

We are pleased to report up to our operational performance in the third quarter building on our vigorous recovery momentum from the first half of 2022, our total revenues for the third quarter were RMB 184, 3 billion up four 5% year over year and immediate service rep.

<unk> six by 28% year over year.

Adjusted net income attributable to auto home was RMB $590 million returning to positive growth with a year over year increase of 1% adjusted.

Adjusted net margin was 32%.

Since the beginning of this year China's Central government has introduced a series of economic stimulus policies, probably than the auto industry effort to Andy's relevance consumption potential.

Also the abolishment of new class a collection of its friction has helped to release the bottleneck hindering the growth in the used car industry.

This policy change in a long time in fact this measures to contain the breadth of the COVID-19 pandemic kind of passenger vehicles sales recovered gradually in the third quarter with a total of $5 69 million units or 23% year over year growth.

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Despite the impacts of the pandemic the auto industry remains a key pillar of the National economy Auto is a daily necessity in People's lives and given automotive typically long lifecycle as well as prolonged support from the government the auto industry still presented tremendous growth potential.

Initial as China's auto consumption level and the demand for upgrades continue to increase.

To address challenges headphone auto home, whether the customer listened to their demands and actively been dropping our business model to provide effective solutions to address their pain points.

After a brief business adjustments in the past quarter, we bottomed out and achieved a V shaped rebound in the third quarter. We have now returned to a thriving year over year growth trends and are maintaining good.

Okay.

And we delivered solid results to the market.

Susan.

<unk>.

Josh.

Six months of the year with.

With Allergan.

With that I will now turn the call over to our Chief Financial Officer.

Well globally at our third quarter operating and financial results.

Hey, Kevin.

Hi, Jeff.

Okay.

So $1 billion.

So Darren.

It's Scott.

Yes.

Paul.

Thank you.

Hello, everyone I am correct.

Okay sure.

I'd like to give you an overview of our traditional business.

Yes, absolutely trial cohort.

Volume 70 little diamonds.

Got it.

Yes.

On the call so maybe.

Yes. This is Jonathan <unk>.

Okay.

Hi, Jason.

Got it.

For the third quarter, our media service revenue reached RMB $556 million returning to publicly.

Growth for the FERC timed up over a year continuum of government this will fluctuate.

Saturate, Oklahoma legal position on a stable market.

<unk> media vertical sector, our absolute performance.

Attributable to two factors.

Yeah.

Thank you Bob.

Hey, Tom.

Thank you Suzy desktop.

Until five years.

Thank you Sir.

You bet. Thank you Doug.

Bob will copel.

Telco.

Our entire political goodwill.

By nature.

Hi, Bonnie.

Hello, ladies.

Please go ahead.

Got it yes.

Yes.

Okay.

Thank you.

Yes Julien.

Okay.

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Okay. That's helpful.

Okay.

Yes.

Okay.

We are in.

Great.

And proactively pursued innovation.

To upgrade our traditional business.

To overcome the pandemic impact, we applied <unk> and other advanced technologies to our hard working team and help online auto show a customer.

Potential buyers more effectively is also generated additional.

While auto home platform.

The first nine months of this year.

305 online also so hovering over 500 million people nationwide and upper end user Assembly.

Looking at tubing.

And Andy Wap normalizing on a <unk>. So is that can be ordered users' perception meaningful.

On the hardware to navigate the top.

Our online <unk> have received high grades from both user and our OEM customer, resulting made great improvement in our media.

Yeah, you don't clear Chunghwa Brazilian chip.

We will seek alpha <unk> TCR train AIP buyer about how did you said year to date basis with antibody continues to Jeff Keyes will go.

You don't know for the year.

Yes.

First of all.

Got it.

Lisa Paul walk fully Turkey.

Okay.

Dr. Titov on yes super classes each IC.

Total Chinese bottleneck.

Okay, So I should be more momentum.

Absolutely.

You guys.

Secondly, we've concentrated our abilities on qualifying our competitive advantages and enhancing our industry PRASM for example, <unk>.

What a super <unk>.

Popular IP <unk> media sector and have helped the ultra show annually.

And secondly, this year, we not only devoted more resources to the show, but also collaborated with kind of a sense of how do we did CCTV media platform to more effectively promote Oems brands.

Accelerating the pace of digital transformation across the industry.

<unk> eight <unk> generated over $16 4 billion exposure across the entire network and over $1 billion short video deals exemplify the unprecedented level of auto home brand into the auto media industry.

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Nickel prices axis.

And in EMEA.

Joe go ahead Doug.

<unk> two <unk>.

Awesome.

Thank you Tony.

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The extra detail on locals.

Yes.

Got it.

Got.

IP.

Kevin Thank you John .

Sure.

The guidance that you laid out.

Got it.

Thank you Bill.

Something that TJ is pseudo ARPA yourself you hosted you mentioned that should be thought about looking at something that he is still going into your system to the bundle.

The increase.

Have you had with our continued advancement in content creation as well.

Our $1 billion effort to build our core IP OUI.

We have constructed a useful and fun video based content ecosystem with instant Jaco steel across the basin, we signed a contract for the industry work hydro realistic Matthew Matt.

Thus far <unk> has garnered over 100 million view across the entire network.

Secondly, we feel that the responses among our users.

Additionally.

Three quarters of 10 billion beat to our original IP theory, including the travel journal other have.

Accumulated over 200.

Kevin.

Build on Oklahoma platform and over $372 million on the <unk>.

Higher network, demonstrating our growing input.

In the future, Oklahoma will introduce additional features.

And other interesting element to our portfolio to further upgrade the quality of our video base.

And the ecosystem encouraging greater participation and the different engagement, especially among young users.

Do you sell through.

O'neill from MB.

She's asking Buffalo chunky, but it seems as though.

Julia kidney stones.

Yeah.

We can do about it.

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The issue, we actually again, Keith will do that.

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Yes.

It.

If you have all of our boxes.

Yes, we can.

Indeed.

This theory as an effort to strengthen our mutual confidence bolstered our ability to do this.

Long term that is heavy growth accordingly.

Although home aggregated average daily active users achieved.

Consecutive month of accelerating growth in September during my seven corporate then year over year to put 950 million. Furthermore, our mobile EBITDA was <unk> 80.

$83 million greatly.

Industry level, and affirming our industry leading position.

Yes.

Thank you too so some gasoline Linda Hudson.

Okay.

<unk> Avenue.

Yes.

One of the key fulfillment or so roughly.

Operator.

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Got that.

Yes.

So we can earn back.

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How many diesel.

Sure.

Yes, Lisa.

The profile of that simple.

Again to the Coca.

Yes.

While the MPC setup.

Hello.

Kevin.

Got it.

Now, let's look at our needs and our recent business where revenue.

Celebrated growth plan in the third quarter with year over year growth of over 5% the pattern the growth rate for the fourth quarter of 2022.

The quarter over quarter growth rate was over 7% in terms of the number of our customers in the third quarter or certain thousand dealer purchased our premiums and.

And over 7000 quicker the textbook.

Combined total of over 101000 dealer put at the high end of our.

With competitive.

This represents an increase of over 1200 feet of five or six 5% growth compared to the second quarter.

The steady increases in both revenue and the number of customer once again.

Our ability to empower our clients.

Moving forward building on.

Excellent productivity will continue and our product pipeline and meaningfully RMB input I believe been stellar.

Elliptically.

Customers need.

Product and services.

Yes.

Alright.

And keeping balance nearby doubtful thinking yes go down together.

I would like to just add that <unk> laid out both.

Both on the accumulative yet.

Thank you for the opportunity.

Both of them.

EMEA grew $2.

Just the coupon.

Turning to our new initiative, we continue to execute our development plan and accelerate the realization of our second growth curve why don't we look at our AEP season, representing the directional future our happy hour.

Growth potential our beautiful product business empowering our customers, we have made significant progress and achieved substantial advancement.

And the accumulated in Q2.

Rudolph regarding Keystone.

Yes.

So Dr. Lee.

10 Joseph.

Thank you Linda.

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Overall bookings right.

Thank you Qi.

We'll go to India, So Yahoo.

He went on Chicago.

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So Brian Jason.

Yes.

Yes.

Yes, yes, yes.

Yes, yes, yes.

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It was it down.

Sometimes the only antibody.

Tom will talk business with Piper Jaffray.

And so that's simple.

Welcome to Banco <unk>.

Jonathan.

For example, assuming that T cells can provide.

Thank you.

First let's look at <unk>.

The continued evolution of the ABB market structure and a unique way.

<unk> consistently overcome adaptive proactively in our lap the market transformation by pioneering a unique multi brand retail model and this space.

Operating <unk> holographic <unk>, followed by test driving therapy across a broad kind of knew that you'd be brand makers in the model.

They provide a one stop very relaxing had flooding and the processing part we've completely worked that traditional hand continue quicker.

<unk> has been.

And stop using pinpoint.

And at this stage has not only help US stay ahead of the market also.

Attention from other EV automaker will look we look at auto home and a whole new life.

We unveiled our offline.

Shanghai, attracting great attention across the industry.

Future overhaul aggregate base oil increase its presence in top tier cities and that has been towards lower tier cities covering more AEP brand and model by building ecosystems that benefits all parties.

We will continue to contribute to the fast growing and the tire.

In the Pacific.

Goodbye.

John Bailey.

Chandler I'm kind of looking.

Well clearly can you actually use the Permian sand pessimism.

So yes Danielle.

Dorothy Chiesa Nissan could be timing.

Williston chip Keystone accumulate.

Okay.

Yes, mostly.

Notably during the quarter, we signed a strategic partnership with the Beijing Institute of Technology Senior inform maintenance company going forward with two parties, we opened up that operation in Ferrier area that had a unique data application.

Cooperation will empower Oklahoma valuable data quarter.

To develop more digital products and services supporting Nev's, Phil and our marketing improved reservation as Kenny them for use in EV and broaden our business growth Cross pack.

<unk> Dot com <unk> and had a total won't be pinned up acquisition activity.

Dupont consultant buildup this is Paul.

Yes.

Yes.

In Q3 revenues generated from <unk> brand continued to grow vigorously and increased by 100.

And 47% year over year once again outperforming the industry build growth overall.

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EMEA <unk> Bob.

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<unk> and Dupont.

Clinical leader instantly at Johnson <unk> Johnson.

Yes, Sir.

Daniel Implementable while machine.

Finally, an essential feature seasonal ebay Peking chicken.

Cost out and get additional fees.

How many total mobile.

Okay.

But I don't know book.

Hello.

Yes, Mike Hogan, Mike Hood.

While the <unk> yogurt.

So again I might feel like you guys had some good assortment from Yale.

Yes, okay.

So just hoping to Athena.

Yes.

So you got a home for our hotel.

Mature, but silicon people who've looked at the hotel book without a doubt our perpetual.

Wed like to do so.

Thanks, John for CE.

Yes, Sean.

As Jonathan also equivalent.

Jonathan this hold up with a question.

So the question is political.

Yes.

The used car market with this year's positive changes in governmental policies tonnage undoubtedly the market growing and high potential new car market.

The mobile update opportunity, we continue to consolidate resources across CCT can undo and Oklahoma to gain a competitive edge in the propel development of our one stop used car transaction backlog for U S dollar, our cooking product, which target user look into fleet.

They are used comp and purchase new one has proven attractive for OEM seeking ways to reach potential new car buyer, we have already established collaborations with two brands and received positive feedback.

<unk> a buyer we provide a standardized one subsidiary was between <unk> and ILUVIEN car realizing the industry work.

Grayson of one of our core.

<unk> plus has driving services and deliver a smooth and.

In addition, we continue to make progress with our 35, new competencies and have rapidly increased the number of 35, new customers on our platform, creating more need and the transaction opportunities, but both dealer and the buyer.

Going forward, although we will accelerate implementation abusing basin, who established a full ecosystem covering husky and advancing player augmenting our competitive advantages while contribution to overall industry development.

Is there anything in Kingdom Petros.

Hey, don't tell you even through the book.

Keith.

<unk> sure.

Yes.

<unk> signed up.

Great keep up with city, Utah.

We continue to deepen.

TTP in the quarter.

Our matching and auction services our platform accounted for around 21% of all used car transaction in China.

Water is three percentage points year over year growth and weak tax is operating condition will continue to improve.

Forward.

That transaction will be funded.

Is that because he knows how to defend the tissue box Hill.

Yes.

These also when we think about Gaba independent cohorts.

So a total of two months of timber.

So I'll give you a detailed baidu <unk> Mr. Neil <unk>.

Thanks, Doug momentum into lithium diesel HD Houston, yet by producers.

Yes.

<unk>.

Hey, Jonathan.

Hopefully that's clear thank.

<unk> scheduled to go operate in a band MTBE.

Thank you Susan.

Okay sure.

We'll keep looking at that.

Nonetheless.

<unk> also gone up again, it's applicable.

Lastly, on a beta product from Ddos data product continue their healthy growth plan in the third quarter with revenue of 30 by 37% year over year and the number of decline.

By 5% quarter over quarter, and 6% year over year to over $19800. During the first nine months of time differently to the average number of beta product adopted by either store and the average revenue.

So the inquiry roughly by 31% and <unk> percent year over year with packet on top of that we successfully capitalized on opportunities brought by the auto industry digital transformation as part of our continued effort to upgrade our product presently although home.

<unk> established in that collaboration with 48 mainstream automakers, which will continue to support and accelerate overcome second growth curve.

Hello, Tom Quinoa, many dealt with other wealth on me.

Thank you.

But Q2, though.

Yes, Sheila <unk>, please and let our hospital.

So the dual teacher model.

<unk> can you talk just absolutely too Doug that pattern.

Tell me that prices would you still have authentic DSO Andrea yes, so you've got to Chinese equipment that impact.

Toyota.

Change in Tokyo.

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<unk> CEO .

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<unk> companies are offering.

China posted a doing yoga kit.

Cool.

So I'm not going to consider.

To summarize despite certain microeconomic environment. We're pleased to have achieved at further we resolved all three of our business background pending a recovery momentum since the first half of 2022 as one of the leaders in kind of auto industry all of them had.

Vocal on two main strategies over the past year.

We are actively advancing our ecosystem approach consolidating with both the <unk> group.

A one stop full train overhaul platform provides comprehensive services for ultra users.

In time, we are deeply invested in the industry's future and committed to leading the industry wide basin by continuously hardware based on our innovative business segment.

<unk> class storm different basins and relative financial performance auto home will foster digital transformation industry, creating lasting value for all our stakeholders with authentic performance not mitigate market cycle.

Hey, Dara.

What I would have thought that yes. So we got to turn into our environment is thank you for that.

Although that didn't hit our <unk> dynamic to begin from.

Now, let me walk you through the key financials for the third quarter 2022. Please note that as with prior calls our reference RMB only in my discussion today, unless otherwise stated.

Thank you to the low ACO modules per year can be summed up in just for them.

Maybe we will sold.

<unk>.

<unk> Dot com.

Totally by the.

When we build out.

Thank you Amy.

Blue racer days last year.

Net revenues for the third quarter.

We're $1 84 billion up four 5% year over year for a detailed breakdown media services revenue came in at $556 million, an increase of 28% year over year lead generation services revenue increased five 3% year over year to $800.

One 9 million and online marketplace and others revenues were $478 million.

Is that the <unk> yet.

Financing <unk> near term the only builder, who are low new open within it.

Is that seasonality right now because you buy hardware E, China and Chile at your bonds today.

Moving onto costs.

Revenue this quarter was $331 million compared to 281 million in Q3 last year.

The increase was primarily attributable to our continued investment in content growth.

Gross margin in the third.

<unk> was 82, 1% compared to 84, 1% in Q3 2021.

<unk> 72 cell phone is upheld the bucket with tenure Tom.

<unk> argument can be summed up to ultimately usage of Primo Primo W. <unk>.

The only thing that Martina Cheung <unk>, CEO , who will be done who also yogi <unk> done well in the buffalo older than that.

<unk> done some.

Consumer EBITDA.

Turning to operating expenses sales and marketing campaigns in the third quarter.

$863 million compared to 700 and tells me that in Q3 and what the increase was primarily attributable to the escalation of marketing on the promotional spending.

And development tented were $387 million compared with $364 million in Q3, 'twenty 'twenty. One the increase was primarily attributable to greater investment in research and development activities for digital product finally general and administrative expenses were one.

$176 million compared to $111 million in Q3, 2021.

Moving.

The Delta 70 to immediately remediate the argument Shannon. Thank you Anthony.

Recently Keytruda together can you talk about any remaining <unk> Chung from Keybanc in Boston.

Overall, we delivered operating profit of $192 million.

Compared to $365 million in the <unk> period of 2021.

Adjusted net income attributable to also compete was 590 million this quarter compared to $583 million in the corresponding period of 2021.

We do keep us humble detail them may continue with Q&A, Yes, <unk>, yes.

And key to media.

It doesn't even chemo combo in Changzhou Nathan made was simple.

Let me keep any of that.

Yeah Jeremy.

And in Q2 late new year.

non-GAAP basic and diluted earnings per share in the third quarter were both RMB 118, compared with both RMB 115 in the corresponding period of 2021 non-GAAP basic and diluted earnings per ADR.

Water were RMB, 473, and $4 72, respectively compared to RMB 461 for both in the corresponding period of <unk>.

Yes, Ali Iron answer that one.

At this time without <unk>.

Candy canes have downloaded by people like ebay <unk> leader.

If we do that the vehicles on the <unk> with the EDA.

Well, let's get you started off with the heat deducted hopped out.

<unk> is it feels strip on Apple's or at least terrific was also helps the device.

November 18th comprehensive one or both of the record authorized a share repurchase program and the remake <unk> up to 200 million dollar of auto home APR for a period not use the self man they're after.

October 31st can be can be too we have rebecca approximately three <unk> 60, <unk> it yet, but the total cost of a pregnancy 106 minutes.

On November 3rd 2022, a report of the Rockford authorized tension off the share repurchase program for another plan.

On November 17th 2023.

Stable longterm operation healthy <unk>, and uncle passed reserve as well as our App.

<unk> <unk> <unk> <unk>, our intention to improve the company <unk> efficiency and a good black hour long standing at.

<unk> two hour, Nebraska interest.

Maintain our efforts to proactively manage market value.

You don't have to go to that I also just legal Samuel and catch up with <unk> with that we are ready to answer your question Heartbreaker.

Thank you.

Ladies and gentlemen to ask a question you would need to press star one on your telephone.

<unk> the question and answer roster.

Oh first question comes from the line of Thomas Cha from Jefferys. Please ask you a question Thomas.

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Thanks to management and for taking my questions Uhm. My first question is about the auto industry Q.

Feel free to Benjamin.

That's how we should think about it.

Two four and Chinese <unk> outlook and my second question is about the Goose comma kit, how does that could you start developing a sofa as well as the market landscape, including a P. G plan, that's what I. That's how we should think about next year Ah strategies. Thank you.

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Related to the industry and I will answer that.

Question.

To the business.

Business hours for example will answer you.

First of all the also industry.

For our national economy, and it has been receiving.

Hockey.

Any policy development.

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First of all I believe that a dark at the moment.

Industry has already passed.

Three days did you need to.

Recovery.

The profitability of car manufacturers to set of data for all of you applying to be T. T. C. A S T a.

China passenger vehicle sales Q1.

Yeah, Yeah decreased the 4.5% <unk>, 9.8% in Q3 on your throat.

The 3.7%.

To the National Statistics zero in the first nine months.

Alright.

Also wholesale.

Manufacturing revenue has a synchronized the growth of 6.7% endeavor.

Process over 370, 891, yeah, I'll need a decrease of 1.9% and that the equally Martin and headed to January to August have narrow side 5.4 percentage points.

We could see that the passenger vehicles fell out of the father period and he's running point might have already.

I have been advised might have advice and it seems to me the monthly Bill and the protection are both very optimistic bleeding the industry for a civilization ended with a couple of weeks and only city follow up policy, it's getting more and more.

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That effectively booster <unk> motivated the foundation for economic recovery. So we believe that the also mobile industry is having a.

Having any more and more.

Environment policy development.

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Secondly, we benefit from the policy.

Alright automobile consumption and we all <unk> regarding the problem.

As well as the <unk>.

Well, we are cautiously optimistic about the expectation.

Q, Paul automobile industry email on that.

Automobile industry is highly valued by the.

Country, and the government and the ZIP via had to witness a serious F favorable policies from all levels of government.

Specifically save our lives and good food.

The major consumption like automobiles emailed it to me at the State Council.

Eight one man said.

Let's make an offer we moved up comprehensively a stipulation restriction for you Scott and in September the Ministry of Finance Detestation Administration and M. I T.

Slightly lost at the policy to examine and he's a fraud also purchase.

To encourage the N E V industry growth.

So we see a huge potential colby upgrading in alcohol consumption.

Since the beginning of this year, we have seen a recurrence.

Of the COVID-19 pandemic in multiple locations in China, which brought some challenges and uncertainties.

Economic growth and to some extent.

Broth negative impact a four hour automobile market in China and <unk>.

Because.

Confidence as well as their actions F.

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In a short term perspective, there is.

To some extent uncertainty in the market said, we are embracing F b.

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Quite a discount.

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Thank you. This concludes today's conference call. Thank you for participating you may now disconnect.

The conference will begin shortly.

Raise your hand during <unk>, you can dial star one one [music].

The conference will begin shortly.

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The conference will begin shortly.

Raise your hand, <unk> you can dial 911.

[music] [music].

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[music].

Ladies and gentlemen, thank you for standing by for auto homes third quarter 2022 earnings Conference call.

At this time all participants are in a listen only mode. A question and answer session will follow the formal presentation.

As a reminder, this conference call is being recorded.

If you have any objections you may disconnect at this time.

It is now my pleasure to introduce your host Sterling So auto homes IR director. Mr. Song. Please go ahead.

Thank you operator, Hello, everyone I'm studying.

Welcome to all of the homes.

Our 2022 earnings conference call earlier today <unk> distributed its earnings press release, and you may find a copy on the Companys website at <unk>.

Www Dot <unk> dot.

Dot com.

On today's call, we have chairman and Chief Executive Officer, General and Chief Financial Officer.

Yes.

After the prepared remarks, our management team will be available to answer questions.

Before we continue please note that the discussion today will contain forward looking statements made under the safe Harbor provision of the US Private Securities Litigation Reform Act of 90 95.

Forward looking 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 offline public filings with the U S Securities and Exchange Commission and the stock exchange of Hong Kong.

Although home doesn't undertake any obligation to update any forward looking statements, except as required under applicable law.

Please also note that auto homes earnings press release, and this conference call include discussions of certain unaudited non-GAAP financial measures.

Refer to our press release.

Which contains a reconciliation of the non-GAAP measure to the most directly comparable GAAP measures.

He is available also on our website.

Again as a reminder, this conference is being recorded.

A live and archived webcast of this earnings conference call will also be available on wholesale homes IR website.

Now I will turn the call over to auto home Chairman and CEO .

For opening remarks. Please go ahead Mr <unk>.

Yes.

Sure.

Federal home was achieved of the Jamba those without Jeff Engelman trip.

Hi, Jonathan Johnson <unk> Johnson.

China <unk> offering.

Thank you everyone. Thank you Barry and Hello, everyone. This is our terminal our chairman and CEO of <unk> as a whole. Thank you for joining US today, our third quarter 2022 earnings conference call, while now to indulge me Michele Buck chief of the John .

San Diego, Yes.

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Charter in the region.

Jonathan This is Steve.

Sanjiv will coordinate social media.

Sure, what's able to ship ratio now with one of our newest Joe <unk>.

<unk> Samsung <unk>.

We are pleased to report up to our operational performance in the third quarter build of our vigorous recovery momentum from the first half of 2022, our total revenues for the third quarter were RMB, one 8 billion up four 5% year over year and the media service revenue.

By 28% year over year.

Adjusted net income attributable to auto home was RMB $590 million returning to positive growth with a year over year increase of 1%.

Adjusted net margin was 32% since the beginning of this year Chinas Central government has introduced a series of economic stimulus policies colleagues in the auto industry effort to Andy's relevance consumption potential.

Also the abolishment of yield cost escalation restriction has helped to release the bottleneck hindering growth in the used car industry.

This policy change in Alaska effective measures to contain the breadth of the COVID-19 pandemic kind of passenger vehicle sales recover rapidly in the third quarter with a total of $5 69 million units or 23% year over year growth.

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<unk> hundred <unk> available now horizontal treason, sorry in general George on EMEA, Let me Charles all new new SAPIEN charters have jumped on it given the end of March.

Despite the impact of the pandemic the auto industry remains a key pillar of the national economy.

<unk> is a data set that again people's lives and to give you an automotive typically long lifecycle as well as prolonged support from the government the auto industry still presented tremendous growth potential as China's auto consumption level and a demand for upgrade continued to increase.

To address challenges headphone audiphone relative customer listened to their demand and activity with ramping our business model to provide effective solutions to address their pinpoint.

After a brief business adjustments in the past quarter, we bottomed out and achieved a V shaped rebound in the third quarter. We have now returned to a thriving year over year growth trends and are maintaining good.

Okay.

And we delivered solid results to the market.

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<unk>.

John could you go back to the yield to the balance sheet.

With that I will now turn the call over to our Chief Financial Officer.

Globally at our third quarter operating and financial results.

Yes.

Hi, Donald.

The cold weather.

Two zero.

Yes.

Yes.

Thank you.

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I'd like to give you an overview of our traditional business.

Yes, Doug will detail.

Global with a medium volume 70 little Diamond.

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Third quarter, our media service revenue reached RMB $556 million returning to positive year over year growth for the FERC timed up our year continue with the government.

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Graduate alcohol legal position on a stable market.

Although media vertical sector. Our excellent performance is mainly attributable to two factors.

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We are integrating <unk> and.

And we are actively pursuing a basis to upgrade our traditional business for example to overcome the pandemic impact.

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Other advanced technology to our hard flipping to handheld online auto show, a customer who the potential buyers more effectively with ultra generated additional.

While auto platform.

The first nine months of this year.

305 online also so hovering over 500 million people nationwide and upper end user Assembly.

Looking at tubing anytime and anywhere normalizing on a <unk>. So is that can be ordered users' perception meaningful steward and hardware to navigate the tough environment. Our online <unk> have received high grades from both user and our OEM.

Customer, resulting made great improvement in our media.

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Popular ITV media sector and has helped the auto show annually.

Secondly, yes. This year, we not only devoting more resources to the show, but also collaborated with kind of a sense of how long the CCTV media platform to more effectively promote OEM brands and product.

Accelerating the pace of digital transformation across the industry. This.

<unk> eight <unk> generated over $16 4 billion exposure across the entire network and over $1 billion 4 billion deal because that the volume the unprecedented level of auto home brand influence in the auto media industry.

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So that goes hand in hand, with our continued advancement.

Content creation as well as our ongoing effort to build our core IP.

We have constructed a useful and fun video based content ecosystem with instant Bianco steel content innovation, we signed a contract for the industry for HIFU.

<unk> realistic Matthew Matt.

Thus far <unk> has garnered over 100 million view across the entire network.

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76 million views on auto home platform and over $372 million on the entire network demonstrating our really input.

But in the future, Oklahoma will ease of use additional massport featured led the effort and other interesting element to our portfolio to further upgrade the quality of our big debate content ecosystem.

Greater participation in the presentation.

Amongst young user.

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This theory as an effort to strengthen our user content.

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Long term debt and target growth accordingly.

Mobile, although home aggregated average daily active users achieved.

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$83 million greatly.

Industry level, and affirming our industry leading position.

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Now, let's look at our needs and our recent business where revenue.

Accelerated growth plan in the third quarter with year over year growth of over 5%.

The growth rate for the fourth quarter of 2022, Motorola the quarter over quarter growth rate was over 7% in terms of the number of our customers in the third quarter or certain thousands.

Our premiums.

And over 7000 cricket the tech budget for a combined total of over 8000 dealers.

Hi, Ann.

Our lead with competitive.

This represents an increase of over 1200 feet of line or six 5% growth compared to the second quarter.

The steady increases in both revenue and the number of customer once again illustrates our ability to empower our clients.

Moving forward, we already have excellent productivity will continue and our product pipeline and meekly RMB input I believe can salary holistically.

Our customers need with upgraded products and our services.

Yes.

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Growth potential our beautiful product.

Empowering our customers, we have made significant progress and achieved substantial advancement.

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Covering more AEP brand and model by building ecosystems that benefits all parties overhaul will continue to contribute to the fast growing and the tire.

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Notably during the quarter, we signed.

Strategic partnership with the Beijing Institute of Technology can you inform maintenance company going forward. The two parties, we opened up given that recent interior carriers that had AED beta application.

Cooperation will empower overhaul valuable data quarter to develop more digital products and services supporting Nev's, Phil and our marketing improved reservation carried them for us.

And broaden our ABB business growth Cross pack.

Okay.

Thank you <unk> and had a total won't be things Outback leaseback facility.

Two buckets of Vogel <unk> <unk>.

Yes.

Yes, all in.

Q3 revenues generated from <unk> brand continue to grow vigorously and increased by 100.

And 47% year over year once again outperforming the industry build growth overall.

Yes.

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I think that bucket.

Yeah, Julien I'll turn to the Volvo <unk> see huge up tick in petrol pump.

Interest Leah Johnson speaking.

Yes, Sir.

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An essential feature.

When you take into account.

India condition with detailed.

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Hello.

Yes, Mike Hogan My total up while the single yoga.

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Yes.

It's almost as output so eventually will.

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Yes.

So you have Apple <unk> trillion.

So mature let's go down people who've looked at the deal book with Us.

Sure.

Yes, John .

Jeff will CE loyalty.

Congrats on wholesale.

Click on that Jonathan Kingdon hold up with a question on here. So the question you spoke about yet.

The used car market.

This year's policy intended governmental policies ton is undoubtedly the worlds fastest growing and highest potential yieldco market to make the mobile update opportunity. We continue to consolidate resources across CPT, Tina Hu and Oklahoma to gain a competitive edge in the propel development of.

Our one stop used car transaction backlog for U S dollar our treatment products, which target user look into.

Yes.

And put the new one has proven attractive for OEM seeking ways to reach potential new car buyers.

We have already established collaborations with two brands and received positive feedback while used car buyers. We provide a standardized one third was 13 <unk> and <unk>.

Realizing the industry.

Grayson of one quarter.

<unk> plus has driving services and deliver a smooth.

Yeah.

In addition, we continue to make progress with our 35, new processing and have rapidly increased the number of 55, new card platform, creating more need and the transaction opportunities, but both used car dealer and the buyer.

Going forward.

We will accelerate the pace.

This is Nathan who established a pool used patent courses.

As we advanced the layer augmenting our competitive advantages while concrete.

Overall industry development.

Is that it is impactful.

Hidden valley, which give us the book.

Sure Keith spoke of the Pemex <unk> Chunghwa.

Sure.

Yes.

<unk>.

Great keep up with city, Utah.

We continue to deepen.

TTP in third quarter, where our matching and auction services our platform accounted for around 21% of all used car transactions in China in the third quarter is three percentage points year over year growth and the weak tax is operated in basin will continue to improve.

Going forward.

When the last time, you guys can be chunky.

Is that little detail could be handed to you Bob.

Yes.

These holes when we think about buybacks independent cohorts.

Total length of timber.

So I'll give you a T cell <unk>.

When we think about that Nashville Army incentive.

<unk>, let's see unusual HD <unk>, yet quite at those levels.

<unk>.

So that maybe got two aesop cohort.

Who will dive into turnkey digital only excludes the opex and the balance TD.

Thank you Susan.

Okay.

Loyalty Turkey.

Hello, Good afternoon, Doug.

<unk> again is applicable.

Lastly, on a beta product from beta products continue their healthy growth plan.

With revenue of 30 by 37% year over year and the number of decline.

<unk>, 5% quarter over quarter, and 6% year over year to over $19800. During the first nine months of time differently to the average number of beta product adopted by either store and the average revenue per dealer.

So the inquiry lastly, by 31% and 30% year over year, respectively.

Above that we successfully capitalized on opportunities brought by the OLED industry digital transformation as part of our continuous effort to upgrade our product presently although home has established in there.

That collaboration with 48 mainstream automakers, which will continue to support and accelerate overcome second growth curve.

Full time.

But many of them dealt with out of the worldwide knee.

Thank you.

Q2 total yes.

Yes, Sheila some menu each receive legal analysis.

So they do what tissue model.

<unk> Tito just absolutely get too Doug that pattern.

Well, let me answer that question with you shouldn't have authentic DSO Andrea yes.

So you've got to Chilean with Triple net impact.

Total one time.

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I mean <unk> only event that may compete distribution continue.

Yes, Keith.

<unk> again this year.

Tools nature of operating in trying to find a protein are doing yoga kit, although I believe.

Welcome to our turnkey Jeff.

To summarize despite certain microeconomic environment, we're pleased to have achieved extraordinary resolve it.

Three of our business background pending a recovery momentum since the first half of 2022 and one of the leader in China's auto industry all of them had vocal on two main strategies over the past year.

We are actively advancing our ecosystem approach consolidating with both the <unk> group to build a one stop full train overhaul platform provides comprehensive services will also use us.

In time, we are.

<unk> invested.

Industry's future and committed to leading in this wide basin by continuously heartbreaking our innovative treatment segment.

Strong business from basin relative financial performance, Although hall will foster digital transformation industry.

Three creating lasting value for all our stakeholders with authentic performance, maybe mitigate market cycle.

What I would have thought that yet so we've got to turn to the ollie's.

Our men S&P goes up.

Although that didn't hit us on a no need in vivo the portfolio dynamic to believe.

Now, let me walk you through the key financials for the third quarter 2022.

That at the prior call I will reference RMB only in my discussion today, unless otherwise stated.

Thank you to the low ACO modules per year wont be summed up in just for them.

Maybe we will sold.

<unk>, yes.

So totally Bobby on Google when we build out.

Hi, Jamie.

A little later than last year.

Net revenue for the third quarter.

We're $1 84 billion up four 5% year over year for a detailed breakdown media services revenue came in at $556 million, an increase of 28% year over year lead generation services revenue increased five 3% year over year to $800.

One 9 million and online marketplaces.

Ladies and other revenues were $478 million.

It's actually the <unk> financing <unk> advisory.

So the only builder who are you will you open the meeting.

Because it.

Is that into your model Lulu Avenue by hiring Jonathan.

Jonathan <unk>.

Moving onto cost revenue third quarter was $331 million compared to 281 million in Q3 last year.

Increase was primarily attributable to our continued investment in content.

Gross margin in the third quarter was 82, 1% compared to 84, 1% in Q3, 2021 yes.

<unk> 72 cell phone is apparel the bucket with any yet.

<unk> will be done without usage on Cingal clinical yes.

And property owners.

John <unk> CEO , <unk>, <unk>, who also yogi <unk> up a little older than that.

If anybody if they only get better yet Tommy <unk> es.

Turning to operating expenses.

Mining tons based in the third quarter.

$863 million compared with 700 and tells me that in Q3.

The increase was primarily attributable to the escalation of marketing and promotional spending.

And development <unk> were $387 million compared with $364 million in Q3, 'twenty 'twenty. One the increase was primarily attributable to greater investment in research and development activities with digital products.

Finally general and administrative.

Mr Tansey were $136 million compared to $111 million in Q3, 2021.

Keto to Dr. <unk>.

To argue from <unk>.

Q3 to Q2 together can you talk about any renovation we entered the year Sean.

<unk> will be in Boston.

Overall, we delivered operating profit of $192 million in third quarter.

<unk> compared to $365 million in the current funding period of 2021.

Adjusted net income attributable to also compete was $590 million in the third quarter compared to $583 million in the corresponding period of 2021.

Is that still keep us humble D. Silva may continue with Q&A, yet you, Bob Yes, Jonathan <unk> yet.

Is that getting chemo combo kinks out of amazing work.

Geneva, Let me Keith and John .

Hi, Sean <unk> relates to the new year.

non-GAAP basic and diluted earnings per share in the third quarter were both RMB 118, compared with both RMB 115 in the corresponding period of 2021 non-GAAP basic and diluted earnings per ADR.

This quarter were RMB, 473, and $4 72, respectively compared to RMB 461, both in the corresponding period of <unk>.

Yes, Ali or an answer yet.

At this time.

Candy canes of Yahoo will keep by people like ebay or about <unk> <unk>.

That would be equivalent to <unk> with the EDA.

As of September 30th simply 22, our balance sheet remained very strong with cash cash equivalents and silicon with investment of <unk> <unk>.

<unk> 34 billion, which generated net operating cash flow of $541 million in the third quarter of 2022.

Qdoba doesn't replace our unions here, so about <unk> Charlotte.

Yes, mainly on EMEA.

Bob gives you already are in Ics as a year when we get legal authority.

On May one.

When somebody India Middle East.

Arm in SC USA.

Both of those the way so again Delta zone will definitely going to keep our <unk> cost driving at CES.

<unk> executed.

Both of these chunky bottom it yet and installation.

Since these are fantastic.

It also appears you started with the reduction of debt also chunky.

Soldier borne out over the lease term fees was also helps supervisors.

On November 18th 121, our board of directors authorized a share repurchase program and we may take up to $200 million.

Auto home AVR for a period not to.

Matt thereafter.

October 30, 492, we have approximately 361 million a debt for a total cost of approximately 106 million U S. Dollar on the lumber Huntington Beach to our board of directors authorized pension off the share repurchase program.

For another 12 months.

Firing on November 17, 10 billion 93, Oklahoma stable long term operation healthy cash flow and ample cash reserves as well as our active stock repurchase program demonstrate our intention to improve the company tax efficiency and that our long standing.

That patient to our investor interest we don't.

Maintain our efforts to proactively manage market value.

Can you tell us at all to that I also do believe Samuel and catch up with Avon.

With that we have.

To answer your questions operator.

Thank you. Thank you.

Ladies and gentlemen to ask a question you will need to press star one one on your telephone please.

These standby, while we compile the question and answer roster.

Our first question comes from the line of Thomas Chong from Jefferies. Please ask your question Thomas.

Let's talk now sits at one <unk>.

<unk> the equipment issue quantity.

G fast <unk> marine guys, and what kind of <unk> to high <unk> NAND.

You guys had a month.

Dr Kogan issue.

Thanks Shannon.

IOC Tom Mitchell.

Okay.

Yes.

Well I.

I think I can what can you review that Tom salmon.

Thanks management for taking my questions. My first question is about the auto industry Q3, you might know men as well as how we should think about Q.

Q4, and 2020 outlook and my second question is about the used car market how does that.

Opening so far as well as the market landscape, including PD pipe as well as how we should think about.

Yes, our strategy. Thank you.

Well that's a good.

Got it.

You wouldn't have.

Steve This is Bryan.

Okay.

So the one gigawatt.

You've laid out.

So quite often.

Yes.

Okay.

Thank you.

Thank you.

<unk> achieved an unusual global GDP.

The orca common chunghwa in terms of the property.

Hello.

Bob.

Okay.

Thank you for your question. The first question is related to the industry and I will answer that second question is related to the.

Business, our CFO <unk> will empty.

First of all.

He also industry is dependent EBIT staple our national economy, and it has been receiving attention from RP is there any policy development.

So general underway.

Yes.

Louise for the quarter.

Euro Fungible and you didn't come about our switches in the immediate need showed was the phase out yet.

No.

<unk> are down too.

And we'll give you some.

Useful.

<unk> shown them each of them.

<unk> is the sharpening your preference to deal with it now.

<unk> Shah.

Julian.

Yes.

Furthermore, we generated compound fungible with obesity.

From a broader.

Shanghai Fuji essentially assumes G&A used with you'll use it.

<unk> achieved this is all you have to use all point towards a big job.

<unk>.

<unk>, yes.

<unk> shutdown capacity he these yoga.

Jeremy we shop Jones.

<unk> sure.

I'm pretty proud of our team who is Shanghai and so from our view.

Well I guess.

Good morning, guys. Thank you to the.

She is very advantageous Johnny I'm on for Patrick.

Almost as good as a consumer.

<unk> yet to be done.

I'm a phase of ammonia are Chinese that ashish.

We are in the high twos, which is around here.

Yes.

Homogeneous quarter Youll Charlotte collegial.

We're not changing quickly.

The more macro excuse me to the final funding subsidiary shop.

First of all I believe that our target at the moment this year for our industry has already passed Q3, a significant recovery.

The profitability of course manufactured two set of data for all of you are applying to the PCA.

China passenger vehicle sales Q1.

EMEA decreased four 5% in Q2.

Lease up nine 8% in Q3 on your growth.

<unk>, 327% according to the National Statistics.

The nine months.

Also mobile.

Manufacturing revenues have a synchronized growth.

Six 7% as well.

Got it.

$370 million, one year on year decreased one 9% and at the peak.

Martin competitive January to August has narrowed by five four percentage points, we could see that the passenger vehicle sale out of the bottom up periods, ending running point might have R&D and Mike Taff arrive might have.

And it seems to me the monthly sales and production are both very optimist that leading the industry for a stabilization and recovery and we see these follow up policy, it's getting more and more.

Thank you Tony and Steve.

C.

Implementation of the theory is that necessary detail.

That effectively booked at the practice management.

Foundation for economic recovery, and we believe that the also mobile industry is having a.

Having a more and more.

If our met park development.

Our ships with a lot of them kind of on a full Youtube Youtube champagne of citizens.

EMEA, we shouldnt get back yes.

So it won't.

Yes.

Goldman who uses it a one timer.

I'm going to use a higher total <unk>.

I'll turn for their contributions and would you say you are not good users within the industry.

Lisa.

<unk> is a spot.

The more we have to pay to kind of who we are.

Chart position.

Joanna type of thing.

Hello <unk>.

New hope on your industry shipping and Cheetah.

<unk> strength.

These are extremely adventure.

Hi.

She is the short way of putting viewing us another chewbacca profitable yet.

<unk> audience Balboa Pier, one <unk> without having given the Colorado contributed <unk>.

So I think it was roughly <unk> <unk>.

No more question I kind of all inclusive.

Then Jim contributing.

I mean, the shovel won't give us all at <unk>, Shanghai Java code number.

So you wont payroll.

John residual prices.

Javier GT Shanghai.

Secondly, we benefit from the policies that encourage automobile consumption and we all of the CN alleviation.

Adding the problem.

I think well exit target. Therefore, we are cautiously optimistic about the expectation for Q4 automobile industry development.

Mobile industry is highly valued by the.

Country and the government and this VA has witnessed a iliad.

<unk> policies.

All of that wholesale Chapman.

Specifically, they are alive and food.

Major assumptions like automobiles in May that via the state Council each one that said.

Let's take number we moved comprehensively stipulation restriction for you Scott.

In September .

Our Ministry of Finance, the taxation administration and IC.

Jointly launched the policy to examine and he's from also purchased tap.

To encourage the industry well.

D a huge potential for the upgrading in our core confection and the fit test.

Since the beginning of the year, we have seen.

Lee Curran.

The COVID-19 pandemic in multiple locations in China, which brought some challenges and uncertainty.

While economic growth and to some extent, perhaps negative impact for our automobile market in China.

Yes.

Okay.

Yes.

Because steel.

Confidence as well as their actions.

RFP had been impacted by the periodical Pandemics for Magic Arena.

Short term perspective, there is.

To some extent uncertainty in the market that we are embracing sp.

The season sale.

At the end of this year and be OEM.

Yes.

Alcohol enterprises they cited.

Greater discounts.

So I think that is.

Slightly.

<unk>.

And consumption need additive in ECA and upward cycle of our industry.

You wanted to totally changed.

<unk> is one that kind of a shifting.

Sure.

You hear the question.

And when things are the things.

Hi, guys.

How can we draw from that.

So overall no material, we assume that you're exiting one of hugoton only as the pharma side.

To give you Bob.

Joe Albi, our Union there Joe.

You did give us some <unk> back again.

Yes, Joe.

Here's the deal we're assuming that.

Diesel has been moving away.

Well Mohan towards negotiating achieves higher fiber wavelengths.

Going into the army founding isn't if you can give us so.

A few of them.

I mean, it shouldn't even she is and certainly there are sort of mobile let me share that kind of that.

T J Sundance, Virginia.

On the other hand from the perspective of the sector of the market and easy has been growing rapidly because of a very.

Ottawa market due to the favorable policy due to the improvement of the supply side as well as the higher.

Hi.

Hi, Ted.

In September the <unk> domestic.

Retail penetration today.

31, 8% than we've had in a year on year growth competitive lots of talk about the.

Penetration rate was 21, 1% and you can see there is an increase of 11 percentage points.

In the past.

First the nine months this ESP and unique domestic retail penetration rate in 'twenty six.

And the <unk>.

<unk> 21 to 2030.

These five and EV industry development plan is met.

You mentioned that.

<unk> <unk>, five and EV penetration rate.

And you said that now we can see that our goal to be achieved immediate need of that.

Hello can you hear the confusion.

From what shall we assume that a significant.

<unk>.

Just your thoughts on that.

When we came into this with IAG Jonathan since.

Mobile phone launches include our country, often do fiduciary piece of that.

Unless you want to go too fast.

So we have a few months, which helped me a big chunk of them.

No.

To meet the <unk> bottle.

UBS be nice impact.

I am always kind of association of automobile manufacturers.

Q4 <unk>.

That's an automobile and will continue to be stabilized on therapy.

Influence policies that aim to stabilize the economy consumption and.

<unk> is also estimates that the.

Overall auto market this year.

See the stable growth pocket and of course, the auto market still needs a favorable policy center, we hope that the related policy.

<unk> in the next few years, so as to contribute to a stable growth auto sector.

Well John Robbins.

$2 <unk> to August 300 meter nuclear island Supervisors are found.

It should be done.

DSO cohort group.

Yeah, you too bullish.

While attending school to thoughtfully always with a fever.

I'll still be low on lithium underneath a temporary adjustment.

And then the second question I see that you asked.

Interested in our data products as well as the second cost.

Talk about that.

Was it new products since the beginning of this year.

Austin.

In our big.

Our dealer business in terms of the we have a double digit growth in terms of revenue declines.

Quantity.

Uh huh.

Revenue per store revenue as well as the.

Well that collaborate elaborated plot that amount of staff and so yes.

Sure.

We think that piece of our tech capability as well as our products.

That is mostly coming from in.

<unk> seen that coming in at <unk> <unk>.

<unk> total unfunded.

Attendant.

On highway.

Got it.

Right.

We showed at <unk>.

Yeah.

Well thank you.

Solid total about <unk>, <unk>, which is set in yellow.

One thing about the physical product.

And we have already.

Fabulous.

Collaboration partnership with over 50% of our mainstream also brands in Chinese market, specifically 48 brands.

However, there is a slight uptick.

Traction because of the decrease.

Fine.

All of the clients the appointment.

We see a.

Increasing.

Collaboration.

Let me add keeping with us.

Sure.

And so on.

<unk> of $83 million tend to look we've got Antonio puzzle simulating definitely Yahoo.

So you've seen them.

Can you sort of keep up the auto for the quarter.

Someone has to be accompanied by an opinion.

Just to see if you want me.

A final note to the 10 nanometer.

Okay.

Got it.

In terms of assessing new energy recently, we signed as well.

<unk>.

So I take it.

Cooperation agreement with the bank and the speed of technology and information Technology Company limited.

Well the divest our dimension data product any future. Therefore, we eat the cooperation between the two parties. We believe there is a huge potential in terms of.

Thanks, a lot.

Paul Anthony the new Clos as well as possible.

An area that we are.

And then page it ended at.

On a sofa.

I'm sorry, John .

The tissue.

Thank you Anita.

Others, such as our decision to proceed with your.

Financial ecosystem.

And we're talking about the used car.

That's effectively a policy perspective.

These costs are in China, the fastest growing market.

What are you trying to go to Jeff <unk> for peanut shelling Luciano who got cheap financing.

<unk> also the familiar with it is a high annuity that goes with the few data with alpha.

I'm talking about the businessmen.

Also a hallmark PTC as well as an.

Part of the.

Upstream and midstream and downstream up the cost of our momentum which is our unique and then take it.

When competition anomalies in.

What's the selecting by other towns that path in the sector.

But I'm wondering.

<unk> got a continued new types of Utica here, yes. The full year, we will look at <unk>, you will see us all pools are seeking inclusive of absolute Nevada.

Absolutely.

Thank you that's a demo of it.

In terms of fitness Hudson, our 35 at least.

Bomb.

Committed to stop that.

<unk> points in this sector and we are upgrading from a lead generation service.

That is added in physical like this does it.

Yes.

Is it growing is break down the hour.

Yes.

So low the monetization testing.

Well mccarver fell behind the product.

And <unk>, you will have a cohort up while.

<unk> seen the kind of yield yes, so if I tell you that.

Generally speaking we are very confident that can.

Yes, the contractor and we will.

He maintained our light asset model and build a platform of AC Lakehead trading service.

Uh huh.

So just so im going to go up.

Great.

Above all our our answers to questions or comments.

Alright. Thank you. Our next question comes from Brian Gong from Citi. Please ask your question Brian .

Yes.

Starting by alcohol, Chase's digital which you work.

Eagle institution, Tomas fueling Chargers Turbo Chitra Hong Kong godly.

Hope on cost for Tal wanted to essentially to work with you or somebody else.

The whole target once you sort of shot Lynch L notes, which I hope we don't show that.

Sure.

I sure hope, we children to which we can call the bottom but.

I will translate myself, thanks management for taking my question.

<unk> share your view auto as budget and as market ahead in the first quarter last year and next year and also for our <unk> product suite.

Well, we're continuing to roll out more premium warshauer at thank you.

Thank you.

Now I'll move to PDL com.

I think you've got kind of hot new populations and the low biomarker used digital but the Vienna turnkey that Jeremy.

That's helpful.

Yes, a few observations.

It just is something that you can buy that.

So if they don't.

Thank you Ian and <unk>.

Can you talk of Novatel.

<unk> was.

Within commercial auto.

The Union Thats go Diana keeping.

Can you maybe talk to Neil Lucida.

We did a three one mostly true although.

Wondering if you see occasionally getting done with himself up and wash it Ken on the Murcia young adult learning fully begun dosing towards I can sneak one more.

Time to ship.

Jason.

I think we can.

To each other so I don't know.

The <unk> pressure oxidation.

Yeah.

Generally speaking we see it.

We'll close a favorable attitude and and.

And we are actually cautiously optimist.

Vic.

Estimation based on the new car market.

F C.

I was talking about the advertisement budget or new model apart.

Since the auto shows are also exhibition.

Ill cover some of the impacts of the COVID-19, and done that and almost all of them almost none of them.

Warehoused According to schedule all according to the schedule a time or scale. However that has led to new performance.

Also shows for example, virtually and for example, integrating with and that's helped that but generally speaking.

Advertisement OEM is a still linked to a sale.

That is why.

Our attitude is for Q4 as well as for next year is cautiously optimistic.

Operator, well move a tissue to be smooth because these are.

Women that we'll see those data are in yen told US again, they will take on the government.

We'll go to pool solar dot com and once again our financing.

<unk> wave island tissues.

<unk> seen the disposal.

John John as you all know.

<unk> fuels.

Let me now talk soundly, we'd have seen providing a more diverse.

For example, our pie approach any premium question is are.

There is.

Popular among our data.

We will continue to provide new feature.

All of our data.

Boston boost efficiency.

Just wanted to know if.

<unk> laid out.

That is the.

Thanks for your question Brian .

Thank you.

<unk> question comes from Richardson from HSBC. Please ask your question Richie.

Hi, good.

Physical anytime you change a whole lot of Tijuana, Yeah go ahead Pete.

Hey, Joe Shoen.

Gunshot gun Wahid Union get hail always counsel, it's all clean shot in shopping hold the la <unk> <unk>.

On the T V.

So halfway Goldman keyed off tomorrow.

What I'll do I'll go onto your shot one childhood javelin.

Yeah mobile Hyatt wish him much he's had a colon cancer blood.

One bush on how she wants to shop. Thank you management for taking my questions. After you first of all is we noticed that you have signed some collaboration with music.

Music SQL with Huawei can you elaborate on the rationale and also opportunities behind this and what are the odds that collaboration.

Opportunities that we've seen with all the internet companies.

In terms of salt.

<unk>.

Our cost efficiency initiatives, what are the other rooms for us to do more on the top.

Thank you.

Yes.

Now, let's see here.

EMEA probably are quite low so that you won't show up on your capital is one of our key.

Let's deal with the heme Tox.

Local wound.

EBIT chunky approval, although we hope will keep on.

Total EBIT yet.

Can you touch on any given the uneven choppy yet thank.

Thank you for your question.

Can we see.

My question is about our collaboration with.

It means that this is a new initiative that we make in the scenario of a.

So I think our users in area, we try to attract activity uses them.

Acquire new leases and we collaborate with net music to launch a campaign called <unk>.

Openness music season than we've lost some some interactive activity just provide better experiences that's driving it means that and I think of it.

It gives us more room nights nation.

The content consumption could be integrated with the <unk>.

Diving scenario.

Okay.

Excuse me.

We saw a limitation of people below a million turnkey loss, yes.

So at the end of the balloon <unk>.

Yep.

And we also collaborate.

With if not more.

And we need this type of format too.

In fact density to our content product and we also tried to.

He said knit and fleece traffic by Fitch.

Online and offline, which is the virtual and in person interaction activity.

So John you called the <unk>.

It will remain challenging for the project.

<unk>.

And besides we also collaborate with the AME App and Huawei and we've tried to.

Explore isn't it.

Development based on different scenarios, and trying to build and alliance and the new system our traffic.

I believe it's behind us.

There will be one time $2 <unk>.

Got it.

Good job.

I'll lead off Q2.

T shirts are good news.

<unk> ended up.

Somehow to keep these mainline can only come up with water.

For the tunnel impact.

Yes.

Besides that we also have some other collaboration for example, the <unk> technology and information Technology Company limited a week's lesson mention a moment.

So also on that index future.

We'll have more collaboration with not only Internet enterprises, but also traditional enterprise set to do that echo system.

Please sample up also shopping also breakfast as well as also expectation.

On the Johnson <unk> Johnson. So does not include dental has been booked.

Hello, Alberto Nagel.

Yeah.

So does that mean, it will not entirely from Deutsche Bank.

Bob.

David.

<unk>.

Thank you.

Our next facility.

The panel will Mr who was key to the partnership.

Hi, Joe.

Sean.

And the second question is about.

Makes.

Patients need it.

No and.

No.

Internally speaking they are quite to this more measured but at some point in time.

You may leave us.

<unk> has been doing and we will continue.

To take measures such as the performance evaluation and another a magic is the technical management.

Well Youll see us do like <unk>.

Some <unk> you saw that woman unnamed on Goldman until we have until June quarter Women's John good utility for non golf problems when you put up.

Please undertook included some.

Talk with you John Boucher.

So nonetheless.

Should be yes.

Yes.

I was getting at.

An example of how we are.

Our cost efficiency by us.

For example in our content generation.

We knew that.

Kind of a logical method is the efficiency of content generation in terms of our.

Inventory.

And we could even automatically generate.

Explanations in video format.

Yes.

It literally is the Hilton <unk>.

Okay.

There are more patients like that I think the our inkjet business.

Feel free to reach out to me for more.

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Materially please.

Please don't Keytruda together sometimes.

Nothing about the accident on matches our cost efficiency initiative.

We.

Tried to facilitate the building our ecological system.

Well Q1, local club Hull Conoco, Northern keto Youku the Karma.

No I haven't hopefully by year end does not know John Mahatma So eagle cool.

Those done.

Turning to the EBIT, yes.

Let me comment on it.

For example, currently.

Our customer acquisition.

They focus on.

Shopping and purchase.

And in the future.

Dan This is Chuck.

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Driving.

This way we could.

Further in two of our ecosystem and a week with it.

Our cost efficiency initiative.

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Are there any further questions. Thank you.

Next question comes from Sheldon John from the ICC. Please ask your question.

Hey, guys, you're going to ensure that she went to Hong Kong.

I just wanted to know.

Today I'll, let Glenn.

Do you have any keisha.

Thank you.

I know Peter Nelson from Josh I'm going to champion.

Sure they could come out yet.

Sure.

So I'm glad that give us real quick.

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Sure.

Sean just wanted tissue that's been keisha.

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I hope you're all well then keisha Guang Wilmington things I should note that go to that since you only if you don't think how much one path.

No problem.

Okay.

With that I'll leave you without too.

So my first question is regarding the Dana products as you might think that the Coca resurgence may continue to weigh on our Oems budget, how should we think of the OEM and dealers demand entering into Q4 and 2023.

Are there any plans for new product launch.

And my second question is about our cash usage since we have sufficient cash balance do we have any plans to raise our dividend payout ratio or step up our share buybacks.

Yes, so I guess when you kind of hit on <unk>.

So as you go along.

One months weeks will tell you on the call the Q2 fiscal two.

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Because of all this is that.

A couple of the Tivo achievement.

We think our Samson Dore this is Jonathan.

Desktop <unk> dependent.

Thank you for the question. The first question regarding the data product actually I have already spoken about it.

And that was just a recap that quickly. So we will continue to launch new data products, our customer Oems, but we will help them, mainly with their marketing and launching.

And fourth we will help them mainly with comp.

Efficiency initiatives as well as market analysis.

Ladies and gentlemen.

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We do not just vehicles fleet.

Great.

Most of that too.

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And talking about our cash flow, we will continue our buyback plan and.

We have seen that pace.

And that type of manner, and we will applaud.

Pay return to our shareholders in a manner that is best.

Compatible with their best interest.

Although the program.

She is our job when you do the deal all horizontal.

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Hello, Yugo Neil.

We're changing the Honda EMEA financed races in Europe .

Okay. That's the end up with Q&A session and thank you everyone. Thank you for joining us today.

Earnings Conference call appreciates your support and we look forward to updating you on.

In last quarter's conference call in a few months time, but in the meantime feel free to contact us.

You'll have hopefully so.

Thank you operator, thank you.

Thank you. This concludes today's conference call. Thank you for participating you may now disconnect.