Q3 2022 Yalla Group Ltd Earnings Call
Good morning, and good evening, ladies and gentlemen, thank you for standing by for Rialto Group Limited third quarter 2022 earnings Conference call.
At this time, all participants are in listen only mode.
After management's prepared remarks, there'll be a question and answer session.
Today's conference is being recorded.
Now I'll turn the call over to your speaker host today, It's Gary Gould IR director of the company. Please go ahead ma'am.
Hello, everyone and welcome to <unk> third quarter earnings Conference call. We released our earnings earlier today and the release is now available on our IR website as well as on your file services before we continue. Please note that the discussion today will contain forward looking statements made under the safe Harbor.
Vision. After you ask private Securities Litigation Reform Act of 1995.
Forward looking statements embarking to you havent risks and uncertainties.
Our future results may be materially different from the views expressed today.
Further information regarding these and other risks and uncertainties.
In our earnings release, and our annual report filed with the SEC does not assume any obligation to update any forward looking statements, except as required by law.
Also note that your last earnings press release, and this conference call include a discussion of unaudited GAAP financial measures.
non-GAAP financial measures <unk> press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited most directly comparable GAAP measure.
Today, you will hear from Mr. Tao Yang, our chairman and Chief Executive Officer, who will provide an overview of our latest achievements and growth strategies.
Followed by Mr. Jeff <unk>, our Chief operating Officer will briefly review our recent business development. This is Kevin Hu, Our Chief Financial Officer, then provide additional details on the company's financial results and discuss our financial outlook.
Management's prepared remarks, and open up the call to questions. Mr. Saturday is my view, the Companys President and available for today's call due to a personal emergency.
I'd now like to turn the call over to our Chairman and Chief Executive Officer, Mr. Tom Yeah. Please go ahead Sir.
Thank you Terry and thank you everyone for joining our third quarter.
Two earnings conference call.
We are pleased to have delivered another strong quarter with.
Record revenue of $80 1 million USD.
In the higher end of our guidance by 6.8%.
Also represent.
Dr <unk>.
<unk> record breaking revenue for the company.
And it goes our unique capabilities and driving business grow at a solid pace, while continuing to develop.
Weighted product ecosystem.
Scott you talked about could be done.
And they are paying.
We'll continue to.
To refine our operational prove that.
Optimize user acquisition and further drive our product monetization.
Together these actions.
Effectively improved our user appearance, thereby.
Yes, and yes.
With user engagement and users submitting this to pay on our platform.
Also our.
Impressive quarterly results all the time.
Demand to our core strategy as well as our operational improvements.
As we further deepen our exports.
And Putin.
Our product portfolio in EMEA, we are confident in our future growth potential.
Not all of them.
Typically is there a look at our new product offering.
Leveraging our extensive industry, leading experience in social and entertainment.
Entertainment and media.
We established yellow game to the mid corps and hardcore game distribution business.
Company to our casual game portfolio.
In this quarter.
Gabe has taken a crucial step.
We are excited to share with you.
After several months of collaborations with the gaming duty lead activity.
We have launched the beta version of our Taco mobile game merge Kingdom.
Mena.
Country.
We are seeing begin to gather user feedback.
Could lead to.
Tune the product through the bedroom stage paving the way.
Promotion.
We will share more details and metrics with you on our next call.
The second hardcore game that we plan to distribute in the region.
The RPG game.
<unk> is on track.
It will be launched by the end of this year.
Moreover.
Becoming the next pulmonary emerging market and continues to attract attention from more and more gaming duties.
We remain open.
Open to discovery gaming content and potential collaborators.
We can jointly ordinary slowed in middle market, we look forward to sharing more updates with our investors in the near future.
We are also very excited with.
We recently launched the yellow Jack Washington, One three which.
We had already developed into our instant messaging product with a locally.
Localized and customized function.
It's difficult here.
Is it more engaging.
Functions into the product.
And as we shared with me.
Housing, yes, Chad by leveraging our unified logging system.
Okay.
Past two quarters.
We have operated.
Our platform and hosted campaign to encourage users to log in together and yet youre.
Are you seeing there yellow channel counts.
And to motivate more yellow group users to register for yellow check accounts.
In addition.
This quarter, we launched.
Mini programs within the.
Chat app.
Yes.
The number one cable will talk in a cross media, yes, we do.
Users now have access to their a game.
And get.
In the building.
When using gel alluded many program Chad.
We believe this is a crucial step to build deferred excuse me here and at the same time increase.
User stickiness to our apps.
Next.
Take care.
Look at our Oaxaca.
That will show meta was designed for the EMEA region.
In Q3, we rolled out a number of new functions to in house.
Communication and entertainment features.
We continue to launch new show <unk> and Qualcomm.
Including the difficult in this quarter Mitch.
<unk> and play the low T J on stage.
Good.
Beyond what's chatting with <unk> users can now also play music and <unk>.
Creating a virtual theater.
Space for sharing their favorite attainment well.
We're coming out with their friends.
In addition to further build out their products communication, our team began to rollout mini games they love.
Encouraging user engagement and boosting user interaction.
We will continue to monitor the latest Chen.
And upgrade.
Accordingly.
To keep providing our users with one or two functions that are tailored to local culture and yet.
Before I wrap up.
To share with you that our method.
Mr <unk>.
Being named one of the meetings <unk> most is bearing business leaders of <unk>.
Hi.
Prestigious magazine rubbing business.
Switching to EMEA needs to regions talk results.
Informed news features and commentary.
It includes.
Includes interviews with some of the world's leading business people and Lo whom features.
Im a ground middle east congratulations.
In conclusion, I'm happy with our ongoing solid results this quarter.
Over the past six years, we have Shaun.
Thank you Tal and commitment two minute its people and its culture.
We strive to explore new products to meet <unk> needs and remain dedicated to.
Victoza is Mike inflammation.
Throughout the region.
We will continue to expand our services and stretch the boundaries of our business well weather.
Deepening senior leaders of our different products and services to drive brand loyalty at module series and improve our platform brand influence.
Yes.
Our vision is to build the most popular destination for online social networking and entertainment activities in Mena and.
And we remain steadfast in that.
Pursuit of this goal.
Now I will turn this call over to our CFO , Mr. Jeff shoot for.
For a closer look at our recent developments.
Hello, everyone. Thanks for joining us today first of all I am pleased to tell you that yellow was recently invited to attend.
Future investments initiated <unk> titled inverted and humanity, enabling a new global orders posted by the future investments initiatives Institute.
<unk> brought together the world's foremost CEO policymakers investors and entrepreneurs to discuss and shape the future of international investments in the global economy.
<unk> was the only need to participate as the featured speaker on the prompt you to Unicorn empowering youth entrepreneurship panel.
Well, we discussed the intersection of innovation Entrepreneurship youth and talent and shared Steve.
Story with the local and international investment community.
The other group is proud to contribute to such events throughout minute, helping to promote our register talents potential and the unique local perspective toward broader audience, demonstrating our commitment to promoting a healthy and a well managed capex environment that facilitates the development.
<unk> of local digital economy.
Yes.
Now, let's turn to our operations as well as our product performance at this quarter. Our teams ongoing efforts to refine our content offerings and use operations further bolstered user engagements as well as our PE ratios and advanced our monetization capability as.
As a result, we're pleased to report another robust quarter with Delek with total revenue of $81 million, beating the high end of the Companys guidance.
In addition, our monthly active users increased 19, 1% year over year, which is $30 9 million illiquid paying users also increased to $11 5 million.
Now a closer look at our casual game, California, Europe achieved ranked in the top five in terms of revenue in the board game category in 10 countries, including Colombia, Mexico, Chile and Spain.
During Q3.
We hosted a number of targeted events to encourage user activity on the platform.
For example, <unk> <unk>.
<unk>, which was inspired by the traditional Spanish festival, not mattina attracted participation by more than 60% of our daily active users and improve the diamond consumption on the platform by more than 20%.
We continue to find innovative ways to build the product products due to the community and strengthening its monetization capability.
But one of them okay.
And once we use operation for several months, we decided to add an expanded modulate with sexual function into the app.
Function has been proven effective in boosting our product monetization capability.
Beyond that we also decided to increase our sales and marketing spend on these products and to invest more to acquire our users.
As a result, we have witnessed a decent improvement in both Q1 and one okay.
The number of paying users and paying ratio, whereas total revenues improved by more than 100% compared with that of the previous quarter.
Although one okay yellow account for only a limited part of the group's revenue we still see this as an encouraging improvement in product dependent.
Current stage.
Our yellow pollute during the quarter, we continued to upgrade the product and have launched several new game mode for fueling players diverse needs and preferences as well as increasing as gamification.
Yellow bellied target's important market in China, and we will continue to tailor the specification of its product design, where cladding user feedback.
With respect similar monetization overall, we're continuing to explore innovative methods and channels across our portfolio.
Let's look at the <unk>.
One of our flagship product as an example, the Honolulu generally demonstrated great monetization potential.
So it's a widespread popularity and sports appeal.
This quarter, we will boost search is monitored monetization, even further via joint marketing efforts with our China with our channel partner for the distribution of gift cards.
<unk> has launched a successful promotion campaign, where you'll alluding amina, enabling us to reach more potential paying users as a result, the channel sales of yellow Ludo gift cards grew by more than 30% compare with the sales before the campaign.
And truthfully the majority of the sales came from first time purchasers of yellow Ludo gift cards and earliest certain unfulfilled.
Accounts, recharge and lead and presenting an opportunity for us to creatively attract new users, while improving monetization across our gaming portfolio.
We are encouraged by this progress and we will further expand our payment methods to continuously improve our user experience, while creating more revenue streams for our company.
Before we move onto financials I would like to mention that we at yellow group, we're extremely honored and privileged to be the Gulf sponsor of CD talk new Influencer marketing industry, Florida, which brought together more than 500, social media Influencers for a variety of countries in the our board in October in Jordan.
Yellow is user generated content platform, we have deep relationships in Arab influencers community, providing a mutually beneficial conduit for sharing ideas.
<unk> and the experience.
These connections empowered to keep up with current trends identifying new opportunities and remain part of the compensation online.
Largest online social networking and entertainment platform. We are also a valuable partner to influencers in promoting the development of the digital economy emission we all share.
As we reiterate every quarter yellow assets to become the number one online social networking and entertainment platform in the Mena region.
We have always been committed to providing the people of Mena with better access to a digital life and then we consistently enrich our product and service offerings and strengthen our partnerships with local channels important medicine communities throughout the Arab world.
We are well positioned to capitalize on potential growth opportunities in the Mena region and look forward to delivering value to all of our stakeholders as we strive to achieve our mission.
With that I will now turn the call over to our CFO , Karen will discuss all key financial and operational results.
Thank you, Jeff Hello, everyone. Thank you for joining us.
<unk> delivered another outstanding set of financial results in the third quarter of <unk> with group revenues reached a record 80 point to one meaning U S dollars up 12, 3% year over year. Thanks to our New House Communications and Entertainment features we also saw robust growth in paying you.
Driving our groups paying ratio to 37, 4%. Furthermore, we maintained healthy profitability with GAAP net margin of 13, 5% and excluding share based compensation, our non-GAAP net margin of 36, 7%.
All the while investing vacation across our portfolio and the strategic digitally boasting our marketing spend.
Going forward, we will continue to expand and integrate our yellow ecosystem optimizing.
Operational efficiency and explore new monetization avenues to propel our long term growth and support sustainable returns to shareholders.
No I look I would like to walk you through our detailed financial risk for third quarter of 2022.
Our revenues were 80 point to $1 million in the third quarter of <unk>.
<unk>, 3% increase from $71 $3 million in the same period last year.
The increase was primarily driven by the broadening of yellow groups, the user base and E Hoffman to yellow groups monetization capabilities.
Our average <unk> increased by 19, 1% from $25 9 million in the third quarter of 2021 to $30 9 million in the third quarter of 2022.
Now, let's look at our costs and expenses our cost of revenues was $29 6 million in U S dollars in the third quarter of 2022.
26, 3% increase from $23 4 million in U S dollars in the same period last year.
Due to an increase in <unk>.
Our technical service fees, resulting from the expansion of our product portfolio and the increase in salaries and benefits, resulting from the expansion of our operation and the maintenance team.
Cost of revenues as a percentage of our total revenues increased from 32, 8% in the third quarter of 2021 to 36, 9% in the third quarter of 2022.
Our selling and marketing expenses, what Charles meaning U S dollars in the third quarter of 2022.
A 9% increase from $11 million in the same period last year.
Finally due to advertising.
Advertising and marketing promotion expenses led by our continued user acquisition efforts and expanding product portfolio selling.
Selling and marketing expenses as percentage of our total revenues.
14, 9% in the third quarter of 2022 decreasing from <unk>.
15, 4% in the same period last year.
Our general and administrative expenses was $8.6 million in the third quarter of 2022.
16, 9% increase from 7.3 meeting U S dollars in the same period last year, primarily due to an increase in performance based incentive compensation and the increase in professional service fees.
General and administrative expenses as percentage of total revenues increased from 10, 3% in the third quarter of 2021 to 10, 7% in the third quarter of 292.
Our technology and product development expenses were $5 5 million in U S dollars in the third quarter of 2022.
A 42, 2% increase from $3 9 million U S dollars in the same period last year. This was primarily due to an increase in salaries and benefits for our technology and product development staff.
Even by an increase in the headcount of our technology and product development staff to support all of the developer.
Development of new businesses and expansion of our product portfolio.
Technology and product development expenses as a percentage of total revenues increased from five 4% in third quarter I will turn it to any one to six 9% in the third quarter of 2022.
As such our operating income was $24 5 million in U S dollars in third quarter of 2092, compared with 25.7, mainly U S dollars in the same period last year.
Share based compensation non-GAAP operating income in third quarter of 2022 was.
29, 5 million U S dollars.
Our operating tax expense was <unk> 17.
Meaning U S dollars in third quarter of 'twenty, if any to compare that.
Point to 42, meaning U S dollars in the same period last year.
Moving to the bottom line, our net income was $24 four meaning U S dollars in third quarter of 2092, compared with $25 3 million U S dollars in the third quarter in the same period last year.
Excluding share based compensation expenses non-GAAP net income for the third quarter of 2022 was 29.4, meaning U S dollar.
Next I would like to briefly go through our liquidity and capital resources.
As of September 32022.
Cash and cash equivalents.
<unk> hundred 91, 2 million U S dollars.
As compared with cash and cash equivalents of $384 9 million U S dollars as of June 32022.
This improvement demonstrates our ongoing commitment to streamlining and refining yellow group's operations.
On May 21, 2021, we announced the 2021 share repurchase program as of September 32092, we have repurchased two meeting 300 mm 302141 American depositary shares.
Representing two meaning 302141 class a ordinary shares from from the open market with cash for an aggregate amount of approximately 20 <unk>.
7 million U S dollars.
In the fourth quarter of 2022, we expect our revenues to be between $17 million and the 76, meaning U S dollars.
Bob outlook is based on the current market conditions and reflects the company's management's current and preliminary estimates of market.
And operating conditions and customer demand, which are all subject to change.
This concludes our prepared remarks for today operator, we are now ready to take questions.
Thank you well now begin the question and answers Ashford.
Ask the question, maybe first of all I wanted to touch on bone.
Using a speakerphone please pick up your handset before pressing the keys.
Withdraw your question. Please press Star then two.
So this time, we'll pause momentarily to assemble the roster.
First question will be.
Oh God.
Please go ahead.
Hi management can you hear me.
Yes.
Yes.
For taking my question I have two firstly can management provide some details about your business that gave me an unchanged.
We have a monetization play in the last year and the mesh second question is how does management see the margin and Opex moving over the next several quarters.
Hi, Good morning. Thank you very much good morning, I will take the first question.
The second question related to <unk>.
Our new instant message product will attack this.
Our observations.
Cutting logo users' social habits and preferences.
And we have continued to rollout.
Localized and entertaining.
<unk> features to <unk> users.
Knees.
Pam products.
Launched a marketing campaign or a child.
In November and some of you may have already seen dollar charge ranked among the top three on the App store.
Loading download ranking in certain regions. We are excited about the strong performance.
But it's still in the very early stage and we will need more time to tap the market.
We strongly believe that our dedicated I am product with features to compromise.
It.
The next day and really drive to achieve this goal.
In the short run or at least in 2023, we don't expect to start monetization on yellow check.
The brokers for the product in this stage.
<unk>.
Expanding the user community.
Sure.
Patient for our gaming distribution business.
Dave and Doug will account for part of our revenue.
Expectations for next year.
I think we definitely recently launched the <unk> and we will take some time to collect feedback and gave that estimate.
On a scale.
Revenue.
More details with you next quarter.
Thanks, Kevin will take the second question.
Thank you Mr. Yang. Thank you very much following this is Karen.
About the margin and the Opex moving I think that with the current pace of our development. The non-GAAP net net margin can be maintained at around 35% this year.
Ever since we just launched the marketing campaign for yellow Chad in November and we may need to invest more in sales and marketing during Q4.
We will continue to adjust our campaign strategy for yellow Chad. According to the market feedback. Therefore, the budget for these campaigns is not a fixed number it is subject to change.
<unk>, yes, we focus on the development of our two successful flagship applications and the year of 2022 is a year for.
For our adjustment as we aim to add more applications to our production portfolio.
We have invested more to successfully complete this portfolio expansion.
The goal of our diversifying our future revenue streams and building <unk> into a larger internet platform.
During this process some of our new products like chat and game distribution business.
Im not contributing to our current revenue because we still need to invest in the R&D and sales and marketing.
Given all of that.
As we mentioned last quarter I would say that it's fair to expect our non-GAAP net margin to remain around 30% in last few quarters.
The target remains unchanged and we think this will significantly benefit the company's long term goals.
Thank you Curt Bob Hope I can answer your question.
That's very helpful.
Yeah.
Okay.
Yes.
Okay.
So operator, we're ready for our last question.
Okay.
All right.
Okay.
Okay.
Okay.
Okay.
Yes.
Okay.
Thomas Shen. Please go ahead with your question please.
Hi, Good morning management. Thank you for taking my question.
Two questions. The first one is.
Could management elaborate more on the company with our marketing strategy is going forward also have another question on.
As I mentioned and share more details on the pipeline for next year. Thank you.
Thank you very much Thomas.
Sure.
<unk>. This is Jeff you asked a very good question. So for the for the first question. The marketing strategy is an issue that our team thinks about and discuss constantly firstly I want to highlight again that the dynamic market environment is an important factor when we may adjust our marketing strategies Accordingly anytime for now if you ask my view on that.
<unk> acquisition plan I would say the pace would be pretty similar to this years, we will maintain our disciplined sales and marketing strategy and focus on our <unk> spending.
Question regarding the game pipeline beyond <unk> game and RPG game that we are working on we have also started to explore mid core games. We may look for some good studios to collaborate with while we may also investing some as we did previously with our hardcore games, we are still in an early stage.
So I will share with you more details in future. Thank you for your question again.
Thank you.
Okay.
Okay.
Okay.
Thank you. The next question will be from Edward Wong of Credit Suisse. Please go ahead.
Hi management appreciated for the presentation.
Regulations on the robot quarterly result.
I would like to follow up a question for Paul Yellow chat yellow charter has launched several mini program functions in the past two quarters.
I'll be the positioning of mini programs in the future. Thank you.
Hi, good morning.
Thank you very much.
Sure Good question.
Yes, we are continuing to rollout mini programs to provide our assumptions.
Our users are already.
We see significant potential in mini programs. It is a flexible and efficient way to expand the services that we can provide with our yellow tasked our team rolled out.
Social games.
Okay.
The lonely.
Future and now the dollar Ludo amenity program.
Still in the early.
Early stage, but I think there is a lot more we can do with me program.
Keep you posted on our progress thank you.
Thanks, that's helpful.
Okay.
Thank you. The next question will be from James Jang of CIC. Please go ahead.
Morning.
Thanks for taking my question I have two questions with gripped the wagons that.
The company's revenue in the third quarter of this company's guidance and market expectation.
So just wondering what's the driver.
Driving barga noodle and dominated by paying users.
And my second question relates to yellow pages.
Jeff just a mention in your prepared remarks.
A pleasure.
You want to have built a precious.
So can management share with us currently on reliable and how how will improve extra monetization capabilities. Thank you.
Okay.
Good morning, good morning, Jamie Thank.
Thank you for your two questions.
Our products have been making good progress over the past quarter as we can see.
We are seeing in Q3, the growth was mainly driven by the increase in paying users.
It's hard to determining whether paying users who are pool will determine.
Growth in the future.
<unk> a delta our operational strategy.
Marketing strategy, according to the market situation and the users' feedback.
It varies every quarter.
And we'll project.
We currently only have disclosed.
With that group.
Group level, but in general.
Our user acquisition strategy brokers.
Sure.
ROI of our investments in sales and marketing.
Our group revenue growth rate remains at around 3% quarter over quarter.
And in terms of monetization.
<unk> performance.
Encouraging.
Kodak is now generating not only revenue, but also gross profit.
Yes.
<unk> signed and we are doing more work on boosting the monetization of this product we look forward to sharing more details with you in net closure.
Thank you okay. Thank you.
Thank you.
Thank you. Our next question will be from Shanghai Lee of <unk>. Please go ahead.
Hi, Mcmanus thanks for taking my question and congratulations on another solid quarter.
Have two questions could management share some color or change on the competitive landscape in the Mena region and secondly, we can see the paying ratio continues to improve in recent quarters. So how should we expect the last paying ratio and our approach or change in the future. Thank you.
Okay. Thank you Jim and good morning, as we mentioned last quarter the mill.
As the emerging market with great potential.
Starting with our business here six years ago, and as a leading company in the region. We have achieved certain milestones that have been.
Also recognized by the industry in recent years, many strong internet peers.
<unk> has entered the market such as better.
No.
Mobile gaming.
Sure.
Okay.
It's also a testament to the legal market potential.
It's up to early on.
It's growing business in EMEA more and more investors are now studying with Margaret.
It's very important for the industry Grossberg authority.
And <unk>.
I want to iterate that competition is never bad.
To refine our product design.
With building, new technology and industry trends and to drive innovation.
As a leading player in this meeting with you take proactive steps to two tenants.
Our position and we May update.
And our capability of.
All these years.
Okay.
Thank you John .
Okay. Thank you that's great.
Thank you.
Thank you. The next question will be from young of Haitong International. Please go ahead.
Okay.
Thank you thanks, Matt Mark taking my question two questions number one fiduciary more kind of on the Max.
Zero impact.
Has that impacted your fundamentals going forwards.
Two as I saw something in Florida in June results in Uruguay operation strategy. So could you elaborate more about your view of the matrix trained.
She tried to change.
Third quarter product et cetera.
Thank you.
Okay.
Good morning monitoring.
Oh I'll take those two questions.
A.
Last quarter, we mentioned that.
Michael.
<unk> is improving compared to the previous three year cohort.
And oil price also rising.
After another quarter, we are not seeing big changes.
I think consumers are minimal.
<unk>.
If we look at our product performance, we delivered another quarter of record high revenue.
Yes.
Our momentum is strong so far.
So we are seeing government pay even more attention to political during the development of the digital economy.
Such as global esports walked through.
And that more attention and resources than before.
I believe that's a good sign.
And our.
User metrics and operation strategy in <unk>.
Our product.
And we're a leader.
Our flagship applications.
Our main revenue contributor in their operation and development.
It is important to the company's performance every quarter okay.
Q4 <unk>.
Next year.
We will continue with our operational requirement strategy.
In terms of our user acquisition strategy.
Jeff just mentioned.
This will be similar to that of yellow and yellow leader will play a crucial role.
Is that a good development next year.
Thank you Adrian.
Okay.
Thank you.
Yes.
Okay.
Yes.
Thank you. The next question will be from Zelman Chen from <unk> Securities. Please go ahead.
Okay.
Okay.
Good morning management, Thank you Goodbye.
All months.
I have a question about the traffic ecosystem.
Sure harsh is that.
And the <unk>.
Across the different apps. Thank you.
Alright. Thank.
Thank you for your question so actually the conversion if activity is pursuing all is very encouraging we have seen promising feedback and data also we think thats.
The conversion to positively impact our users long term LCD, where abuse of product ecosystem that provides diverse services to pursue many users virus online social.
They're working and entertainment leader.
When we decided to convert users from one app to another usually these two products represent different sectors in crude provide distinct services.
It is facilitating the improvement of users with total.
TV on the yellow platform. Thank you hope I answer your question well. Thank you.
Thank you.
Okay.
Yes.
Okay.
<unk>.
That concludes our prepared remarks.
Okay.
A question and answer session is now over there are no further questions I'll now turn the call back over to management further closing statements.
Thank you once again for joining US today, we look forward to speaking with you in the next quarter.
Have further questions. Please feel free to contact <unk> Investor relations through the contact information provided on our website or the PSA group Investor Relations.
The conference has now concluded you may now disconnect. Thank you.
Thank you.
Okay.
Okay.
Yes.
Okay.
Okay.
Okay.
Okay.
Sure.
Okay.
Okay.
Okay.
Okay.