Q4 2022 Autohome Inc Earnings Call

The conference will begin shortly to raise and lower Johan during Q&A, you can dial star one one.

[music].

Ladies and gentlemen, thank you for standing by for auto homes fourth quarter and full year 2022 earnings conference call. At this time, all participants are in a listen only mode.

<unk> 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 at your homes IR Director. Mr. Song. Please go ahead.

Thank you operator, Hello, everyone. Good evening welcome to <unk> fourth quarter and full year 2022 earnings conference call.

Earlier today auto home distributed its earnings press release, and you may find a copy on the company's website at www Ultra Com Dot com.

On today's call, we have chairman and Chief Executive Officer meet strong loan and the Chief Financial Officer.

Correct, yes.

Yes.

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

Before we continue please note that the discussion today will contain forward looking statements made under the safe Harbor provision of the U S. Private Securities Litigation 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 <unk>.

These include but are not limited to.

Outlined in our public filings with the U S Securities and Exchange Commission and the stock exchange of Hong Kong Limited.

Auto home doesn't undertake any obligation to update any forward looking statements.

As required under applicable law.

Please also note that auto homes earnings press release, and this conference call.

Good discussions of certain unaudited non-GAAP financial measures.

Please refer to our press release, which contains a reconciliation of the non-GAAP measures to the most directly comparable GAAP measures.

Available on ultra homes website.

As a reminder, this conference call is being recorded.

A live and archived webcast of the earnings conference call will also be available.

Holmes IR web site.

Now I'll turn the call over to auto home Chairman and CEO Mrs.

For opening remarks. Please go ahead Ms low.

Hi, Joe was achieved with Jonathan Sudan Gen CEO Micha. Thank you.

We didn't get the DMR we.

Thank you.

Hello, everyone, our data Shandong chairman and CEO of auto home. Thank you for joining us today earnings call.

Thank you Serge.

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In the fourth quarter auto homes business witnessed accelerated pace of recovery with total revenues up by 12% year over year, notably media services.

Robust revenue growth at six 4% year over year, while boosting our topline growth. We're also maintained good profit profitability and high profit margin level, our adjusted net income for the fourth quarter by 43% year over year with adjusted net margin reaching $35.

3% closing out 2022 on a high note.

Against the backdrop of the pandemic and other uncertainties throughout that year auto home successfully overcame adversity and the bounce back.

Once again, demonstrating the relevance and the vitality of our business build our locks and the engaged user base solid business fundamentals and industry, leading innovation capabilities out of home is well positioned to navigate market cycles and achieve healthy long term development as we continue.

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John you towards P&I.

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Total citizen or shipped to yet.

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Looking back at 2022, we achieved significant progress in two key areas content ecosystem construction and exploration of new units on.

On the content front, we successfully leveraged our big IP brands to promote our video base strategy and formed partnerships and organized cross promotional activities with multiple internet platform to explore new automotive lifestyle experiences in terms of new initiatives.

Slow reason, we made huge strides exploring the industrial battery screen and promoting in depth development across our business supported by our continued new achievement.

Used cars data product and other field.

Driven by our relentless effort to areas, we continue to expand new business boundaries establish new standards and foster new types of business with our multiple dimension of business roadmap and expensive development concepts. They built a brand new ecosystem.

In the automotive industry propelling also home to new Heights.

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So this year who knows.

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So Jeff to Hong Kong.

Heading into 2023 with improvement in the macro environment.

Proration of industry order and the local governments policies, so stabilized growth and boost consumption.

The industry expected to maintain a steady upward trend.

We can from the industry recovery auto home will continue to empower our business partners and promote industry wide digital transformation, while also increasing shareholder returns and achieving a week into Asia for all parties.

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In the year of just how we should bump.

With that I will now turn the call over to our Chief Financial Officer, and correct. Some year for a closer look at our fourth quarter and full year operating and financial results.

Yes.

And therefore.

Chuck you got it.

Yes.

Thank you <unk> Hello, everyone I'm question Jan.

Financial Officer Auto home.

Through local contacts at all.

While median lesion removal.

You talked about letting IP.

Okay.

So everybody that goes yes, Doug Cheatham shifting legal Shanghai.

Don just mentioned.

And Apple.

Content creation and build core IP to establish auto home IP matrix.

Wrapping a useful and fun video based content ecosystem.

Q2 will see crusher.

Our ego, yeah in Q3 female bronchi IP protocol.

Yeah.

Sure, Matt sure Keith huge adoption.

So we see it for sure.

Bob Hi, this injunction getting sure.

And we can show up both on the Arctic.

Aqua troche push it.

Keith.

What are your internal IP kevlar both on their own.

But the yen for ICT equally or more.

Yes.

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When we go we will go to social housing in general the ARPA EC <unk> According to our plan.

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For example, we can turn into action our flagship.

Vehicle testing IC project has consistently produced youth content since its launch in 2019 with test results that Britney users, including and the buying cost in 2022 winter inspection covered 58 newly launched popular electric vehicles and has accumulated.

At nearly 300 meeting deal across the entire network to date.

Auto home for original IP, including Super Test Annex our journal have accumulated nearly 800 million deal and that's worldwide, leading the market in terms of the overall size of our original IP matrix.

In addition, we held more than 550 online auto show.

Lithia, providing users a seamless experience for flexing and choosing cars anytime and anywhere.

Also introduced interesting elements, such as magic words matched human and virtual assets to our content creation portfolio to encourage greater participation in a deeper engagement from younger users effectively enhancing our user stickiness.

So that from a how you go to the people.

Are they even 80 chemo yet the total.

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Furthermore, we have reached strategic cooperation with multiple partners such as <unk>, while it cloud and institute of Technology and information.

Thanks.

FICO greater business synergies. We are also currently organized a broad array of activities with online platform such as smartphone work safety auto and net is cloud music.

New automotive lifestyle experiences.

Eight impacted have substantially increased user traffic.

Ecosystem and expanded our user base. According to quest mobile also from mobile to you in December 2022 increased by 16, 1% year over year and reached a record high of 54 point.

$39 million further reinforcing our leadership position in the.

Industry.

In Australia from here, even got hiring R&D interest remaining.

Jeff would you do.

Is your posture, but being done now.

For example, a simple turnkey solution.

Cookie Qdoba company cope with that Jeff.

But truly ddos cohort.

Thanks, Joe.

Well, Josh on the absolute absurdity.

Three boxes that you've got the new guy so clearly by Jason, but I think both.

Santiago.

Our EBIT.

Regarding our dealership business. Despite the challenges the auto market States in 2022 auto home continues to make sense that the upward growth momentum in the fourth quarter, notably with the continuous upgrading a very at least generation tools and services.

Dealer membership products.

We continue to reduce our customers' decision making.

<unk> costs through advanced technology.

Our dealer customers to reduce overall costs and increase efficiency as a result in the fourth quarter, our 7000 dealer purchased our premium budget and nearly 8000 dealers.

Our tech vision for a combined total of over 21000 dealer puts us at a high and budgets of our lead subscription packages.

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In terms of exploration of new initiatives, we accelerated the development of our second growth curve, achieving major breakthroughs in new types of business, new models, and new products by increasing resources allocation and investments in key areas.

Let me walk you through in great detail.

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Three 2 million.

Keystone, which is a little unique.

Yes, Jonathan.

So Dr. Ian Yes, hopefully.

Thank you Tom.

Yes.

Why is that changing so much.

Faisel, we said, it's about $3 trillion.

Okay.

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It is a margin.

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Hi, Keith.

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Sure.

Yes.

In the hook yet.

First let's look at our new energy vehicle business.

The continuous.

Increase in EV penetration rate auto home adaptive proactively and last the market transformation in September 2022, we officially unveiled our offline experience store pioneering a unique multi brand retail model court analytics space.

Retail model connects online activities with offline transaction, providing users with a one stop lacking and purchasing experience. While also gaining recognition from Oems as of now we have cooperated with 26 brand, becoming Oems new partner in the new REIT.

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The home will continue to explore the integration of multiple types of businesses.

The penetration rate of offline stores in various cities and that lead the transformation of the car purchasing experience.

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Yes.

Our data product from auto how much is the zero to one breakthrough in 2022, providing Oems with five series update a tooth to meet their needs spanning from users private domain operations to the digitalization of backend services at present, we have established.

Cooperation with more than half of the automakers in China auto market built.

Building on our auto home digital capabilities, our data products provided our dealer customers with food chain digital marketing products and services, helping dealers with increased profit and efficiency.

For full year 'twenty due to both the average revenue update a product per dealer store and the average number of update the product adopted by each dealer stock increased by more than 20% year over year.

Our portfolio.

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You guys had earlier with us.

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In Hong Kong, Beijing and social.

That's all.

So $10 million for the children are so clearly.

You tie your profitability.

Moving to our used car business, we accelerated our integration of resources from auto home Qunar group at the Timken hydro or TTP.

And the drastically promoting our one stop food tray transaction service platform for used cars and achieving solid progress on both the buyer and in the dealer ads for buyers, we provided them with vehicle can be some price inquiry choose throughout our history.

That's correct effectively solving the approaches being concerns.

The dealer and.

We help them improve operating efficiency by building our used car digital cloud based platform.

We have further enhanced TTP efficiently through refined operation and upgraded is operating condition in 2022 through auto homes matching and auction services our platform accounted for about 21, 5% of all used car transaction in China with 5%.

Points year over year growth.

Moving forward, we will continue to expand our footprint across the entire industrial chain and create data product for us.

While our in depth strategic cooperation with it.

Differentiating ourselves and building our competitive edge in the used car field.

Given where our a game Chilean mainly with Alejandro finding pockets of opportunities.

Our goals with that good question Sheila.

But for your information about efficacy Chilean solar leasing side right.

Sure.

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Some of our key two or $3 million.

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To summarize despite the contact microenvironment and various uncertainties in 2022, we're pleased to have made great progress in all business segments. We remain maintained upward growth momentum our business recovery for two consecutive quarters and illustrated a perfect.

V shaped rebound outperforming the overall market and achieving stellar results.

The leader in Chinas auto vertical media industry auto home will continue to strengthen its competitive advantages by solid by various traditional business faces and making it existing market share and customer base.

Meanwhile, we are also continuing to cultivate our innovative business segment to build a one stop full chain auto ecosystem platform, providing our users with services across the full lifecycle of ultimate ownership. We're confident we can vigorously promote the digital.

Upgrades and transformation of the <unk>.

Automotive industry.

A lasting value for all our users customers and shareholders with outstanding performance that transcends market cycles.

While I talked about that yet.

Oregon is still good.

Key trends.

I think telecom, Indonesia movie, so it won't be done.

Our next let me walk you through the key financials for the fourth quarter and full year 2022. Please note that as with prior calls our reference RMB only in my discussion today.

Otherwise stated.

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Peter Ikea, basically who totally looking at EUR $20 billion balance.

Balance sheet.

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Revenues for the fourth quarter, $1 85 billion up 11, 8% year over year, plus detailed breakdown media services revenue came in at $610 million, an increase of 63, 7% year over year lift translation services revenue increase.

One, 1% year over year to $787 million and online marketplace and others revenue.

496 million.

Some of them here.

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This was due to a multitude of eight passenger capacity.

And from Keybanc.

Moving onto our pop up revenue in the fourth quarter was $371 million compared to $262 million. In Q4 2021. The increase was primarily attributable to our continuous investment in content gross margin in the fourth quarter.

84% compared to.

84, 5% in Q4 2021.

Yes, I'm here.

This was due to shelter.

The annual year over year.

And in Chile.

When we got down throughout the year.

So.

Based on the guidance.

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Why do you feel that you get.

Our union on Chile.

Yes.

Turning to operating expenses sales and marketing expenses in the fourth quarter were $673 million compared to $800 3 million in Q4, 'twenty or 'twenty one.

The decrease was primarily attributable to the decline in marketing and promotional.

Product and development tons is what $313 million compared to $395 million in Q4, 2021, finally general and administrative countries $103 million compared to $128 million in Q4, 'twenty or 'twenty one.

Neutralized.

If the Jabil clearly Remy will get ethane you guys are unique in Chile Cte.

Diesel is.

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Our union and QA.

Yes.

Overall, we delivered operating profit of.

$513 million in the fourth quarter.

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Periods of 'twenty one.

Adjusted net income attributable to auto home was 669 million in the fourth quarter compared to 400 and.

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Yes, Daniel.

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Our union and keep them daily.

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non-GAAP basic and diluted earnings per share in the quarter, what one one.

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Taco Bell <unk> 93 in the corresponding period of 2021, non-GAAP basic and diluted earnings per ads in the fourth quarter.

There were $5.

Two on the forefront 41, respectively compared to $3 71, and the three seven pocket.

And in periods of 'twenty one.

Breaking out the gate.

In China yet.

Social where youll Julia.

Macy's for total way should Youll get.

Yes.

All right. Thanks again.

What I can tell you absolutely should yoga ours yet.

Turning briefly TCR together in Targa T&D Remy R E T.

Let me now turn to a short summary of our 2022 full year results total revenues were $6.

94 billion of that media services revenue or $1 $96 billion lift in the recent services revenues were $3 6 billion and online marketplaces and other revenues were $1 92 billion. In addition, we delivered adjusted net income attributable.

Two auto home.

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Or are they already in Charlotte a year.

Since you've got hit.

Okay.

I'll keep it quick.

Thank you bye bye.

By year.

The Orange light duty automotive changing.

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As of December 31, 2022, our balance sheet remained very strong with cash.

Evelyn and short term investments of 22 eight.

<unk> 8 billion, which generated net operating cash flow of up to $1 57 billion in 2022.

Finally, our union sheepish about it can you parse it out.

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The loss ratio change young Guy could help we're going to see how the T J <unk> Charlie.

Daniel sheer strategic.

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Okay.

On November 18, 2021, our board of directors authorized a share repurchase program and the reach we were committed to repurchase up to $200.

Mainly a U S dollar of auto home.

So a period not to exceed 12 months after our November the third 2022, our board of directors authorized.

Expansion of the share repurchase program for another kauffmann expiring on November 17, 2023 as of February 10, 2023, we have repurchased approximately three points to 69 million for a total cost of approximately 100.

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We're talking to shampoo also Tom Shaw.

The orange.

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Hey, Doug.

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It's really about product.

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Im also pleased to announce that our board approved an amendment to change the annual cash dividend to a fixed amount of at least RMB 500 million between 2022, and 26 augmenting our ongoing increases in <unk> how.

How the return even further to repay our investors for their long term support our board has also approved a dividend of approximately <unk>.

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Dollar for Etfs or zero point 14, five dollar per ordinary share for physical year 2022.

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Although homes long term stable operation sufficient cash reserves and how the cash flow as well as our active stock repurchase program.

Dividend payout demonstrate our keeping the nation to improve our capital allocation efficiency.

Our long standing dedication to argue fastest interest.

As we step into 2023, we will continue to develop new initiatives targeting long term healthy growth, while remaining committed to delivering shareholder value.

You saw for both of the titles with your original kind of minimum cash at with R&D.

We are ready to take oil Hudson operator.

We open the line for the Q&A session.

Thank you we will now begin the question and answer session.

I ask a question. Please press star one one on your telephone and light fair name to be announced to withdraw your question. Please press star one one again.

Okay.

Okay.

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

Well it sounds funny, it's on the table.

Sure.

Finally, an associated.

Yes.

What are you drunk.

Well the thing is the anti <unk>.

Thanks for taking my questions and congratulations on a solid thats, what we saw.

A couple of questions. My first question is about the outlook for the auto industry, but.

And on the call is about our cash flow statement.

Michael allocation. Thank you.

Sure.

Alright, thank Jan <unk> tumors.

What I worry about it wasn't long term will not waiver.

Following on from the truth.

Somewhat.

I was on mute you wouldn't does it go granular.

What's going <unk>, so you've got in Arizona.

Women a year, but not trigger Chung won suk just high as shareholders as soon as you go through some.

Some of whom you are in that Shimon icon.

John as it can be.

China somewhat one beaver, yes, so that's a good thought.

So wish I know Michelle Poole took a.

Well, John John John and Daniel.

Yes.

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So is that you've been getting.

So you weigh a woman with Jonathan <unk> nine yards local machine maintenance.

But also achieving MGMT.

So I just wanted to say our thoughts are not women to the sort of the.

<unk> Shum one of our in the sort of key Shambala trillion, that's a good piece of it.

Well. Thank you for the question my long term goal.

To answer your question by quoting.

Why are you asking this question as you know.

In terms of generally.

I have noticed that some of the data of the production in the Marcellus has already been released.

We completed the production and the sales with the same period of last year. The number has been dropping significantly.

So true of comparing with the previous months.

I think you know what two reasons. The first reason is because the long holidays. The Chinese Spring Festival was on generally the second reason is because the favorable policy and the subsidy.

Sure Andrew.

And give me the policy has been fading away at the end of last year.

Okay.

Angela.

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Sean waiver so.

Mitchell.

Having said that I feel on Tuesday, I am optimistic about 2023.

Hey, Jason was due to the following reasons.

Actually if you look at the auto industry. It has been a pillar industry in China and also the government attach great importance to this industry.

The 2023.

In January we see councils can you come at the meeting.

Matt.

To address the conflict about supplying.

The demand of the consumers and to try to push forward to consumption and.

All of the consumption as one of the pillar to boost the economy.

Me too.

And then a lot of consumption policy.

To be implemented to booster the auto consumption.

We also need to boost the marketing and the expenditure for the all kinds of consumption the retail business and also try to boost the retail business to recover.

No.

These policies has the release due to the general <unk> and.

Standing committee of the state concept.

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You should see some chop Africa will get us to leap forward as well.

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Sure John .

Is that achievable.

T J.

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Shanghai Kwangju.

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But yes.

That will be a great GBM.

GBM is higher than our machines.

Shanghai.

Okay.

But if you can do that.

And also on Tuesday, although the national subsidy has been taken away temporarily.

Conventional level the government local government launched a lot of new initiatives to boost consumption for example, in Shanghai, and Hunan Province, and continued to trade in subsidy for the <unk> card <unk>.

She province.

College, some seating to boost.

On the subsidy and also too deep into the trade and potential to push through the consumption.

Also with the abandoned after the other.

The current policy.

We believe that to the auto show will also recover.

And a lot of the new car models gradually been launched into the market.

This way, we believe the auto consumption market would it be pushed forward.

Similarly.

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Bob Evans.

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Advertising.

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Honestly, a strong amount of.

Recharging.

I don't know where it will go to Sean <unk>.

Jason digital somewhat.

K to Chin.

Q2 should be probably a year or so.

So phase I of option.

And also if you look at the auto market the sales structure.

Do you see that.

Z sales has been increasing in a continuous way.

Paul even me from National subsidy has faded away.

Now a lot of our new policies to boosted the ink consumption. When you believe you'll be market would it be policy driven transforming into a marketing driven market. In this way, we believe that may be in that.

Near term or short term maybe.

Maybe it slowed down.

Yes.

We believe the year round.

With continued to be around 40%.

We do believe that there are more divergence in the market.

Top players.

Although such divergent.

And that would help with the top players to expand to spend more on branding.

Sure and I appreciate your answer.

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Remind us the size of the population.

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Sure.

Also I want to take this opportunity to comment on the used car market. We believe <unk> hundred 23 would be the first year.

Fully implementation of the used car new policies, we believe that they used to come market, whether it be personal transaction driven transforming into corporate lending business and the user come market will also experience the transformation from the agent based model to the dealership based on.

Model.

What do you believe that 2020, we market I'll say used to call. The overall growth can be 8%.

I also believe the government is trying to encourage the scalability of the used car business and then trying to make about trading in a more standardized compliance way all of them.

This would further boost the healthy development of the used car market.

Tom Romeo challenging.

It is a good harbinger of Shanghai.

Got it.

Majunga achieved with the <unk> chunk of oney.

Hello, everyone.

Suddenly in the corner.

Sorry about that.

Thomas <unk>.

Oh first speaking, we believe with the implementation of all of the supporting policy, we believe there's more to boost the consumption needs.

By July the consumption demand. So that's why I'm quite confident about the 2023 domestic auto market.

You shouldn't give assumed chimbonda, which actions C&I John Gamble.

Now talking about the allocation of the cash I would like to invite Mr. Zheng Yan take this question.

Yes.

And in the industrial base in <unk>.

Our.

Our <unk> <unk> and <unk>.

So we'll see how it goes to predominantly video a vehicle.

And also here so it's really a pizza.

It sounds like you've got Peter our conduct of carefully looking about politics, it's either one I guess you don't know what does consider you guys on the app download handle Sheila the Trina.

A couple of <unk>.

Thank you to 100 million.

Yeah.

Lisa.

I guess with the tissue they will mature.

<unk> and core IC.

Hey, Lucas.

<unk>, Yeah, we talked about <unk> is that it is essential in the roof I'll call it sounds great.

EMEA EMEA border shipping, Ohio, Ohio, but well see.

Okay.

Eagle Felicia EMEA.

EMEA basis, he set up for.

That won't move forward with us.

I think the credits being cognizant.

So they fit all halfway cut.

<unk> here deal with Globalfoundries is the other M&A out there for us.

But with you.

Well. Thank you for the question talking about the cash we have abundant reza.

Our reservoir off the cash and our cash flow has been very healthy and we also attach great importance to the shareholders engine. When we have the net inflow of $2 1 billion of the cash last year.

Two our Vod meeting last quarter, we will extend.

Where that back.

And in this quarter, we're already into this actually the dividend payout ratio about 16% compared with the last year, so actually that dividend payout would it be.

100 million RMB and each will continue to grow in future. So that is the way, we're trying to actually give back to our shareholders.

Now talking about the business side, we have a lot of new initiatives, we have new investment into the content. The video based livestream embeds the matter of the space and AI based products and according to our new business. The data product has been scribing.

We're also looking into some other opportunities to explore the M&A deals and make our business more global presence.

Thank you for the question.

Okay.

Thank you our next.

Our next question comes from the line of <unk> <unk> from HSBC.

Please ask your question Richie.

Secondly, just a whole lot to Q1.

Youre not going <unk>.

Sand UN <unk> NGO shop will be all.

I <unk> quite clear.

The uncle, what you said.

So again, we will come in with my early on Saturday at the <unk> the <unk>, the quite chunky chunky <unk> Detroit.

I would translate myself. Thank you management for taking my questions I have two questions first of all in 2023 for data product what will be our kpis and what types of new launches can we expect second of all is going to this year for the used car business, what will be all kpis and focus and how.

Should we think about the long term adjusted net margin for this business.

You.

To hit.

So I assume you have healthy decline women.

While material positive until they don't know what <unk> done with those self developed mucusy through enablement.

Turning to the page in our supplement.

Yes.

Hum chisel.

It does.

Chelsea.

<unk> T cell numbers shown two question Bruce.

Sure, Yes, Felicia shoot.

If I may on the tissue the.

Coppola from that book.

Controllers and woke up.

So all of that.

This was a 100 countries.

No I'm talking about the Digitalized products. Our major purpose is trying to help our clients to lower their costs and enhance efficiency now many oems or for the dealer. So we are trying to help them improve the efficiency and we want to continuously to lung.

A lot of new models and also on the other hand, we are trying to enhance the coverage of more clients and we.

Wanted to empower customers with our new modules.

Just curious how can they get presented in artesia usual Wilmington beta humility.

Yes, Ross showed up here.

Okay.

Okay, Schlumberger enhancing it'll get Stephane.

Now talking about the future direction of the new business, we are working with the <unk>.

The battery on MTBE auto and some of the used car business. We all have a lot of innovative initiatives.

I'll kind of answer.

Two W.

Hosting the high should jump out of the auto shows.

Julia Lauder.

Hi.

Now talking about the used car business.

Our major purpose is trying to establish a one stop full chain transaction and a service platform.

Yes, no I'm sorry.

And we will probably be the Arthur So I'll tell you that it's done collusion.

Jay Pharma still cautious yes that also took a grocery cart Luna just homing in.

Okay.

Sure.

I guess would be 'twenty theme.

T mobile.

Tell me about the used car locus, Firstly, we're trying to trade close the loop for that transaction.

Actually for it and will cover all the flow through than a chain of the used car transaction.

We believe <unk> would it be the pain in the years to come market and are we also going to launch the used SaaS service and some other data products.

Our immune to that pool of tissue, the kiswahili, you'll talked that out <unk>.

Firstly I still believe that.

Thank you.

All the people.

So <unk> got so that's opportunity.

The dual pump purchase would yield you debate these hemodialysis DSO.

It should be it's harder I'm actually just answered so you've got desktop attending the AGA therapy awhile since I've got you and the government.

In 2022, other phone had finalized our operating and in this way we have to the coordination of the resources and also have a better management.

Not only on the <unk> side, but also on the <unk> side.

Achieved breakthrough for example, we launched an innovative trading business and also used to cost that product and the car history and the car condition data service and we work with.

A lot of our deepened data services in the future on the home is trying to build a one stop solution, while also purchasing and one stop solution for them.

That product that is our strategic target.

<unk> primary English.

Those are tough.

Trillium washer <unk> pencil <unk>.

It's a woman I continental woman in India.

So you just you need them.

The impact panel.

Within home hemo categories meat on Formula one.

Youre thinking.

Arthur you need I think the safety because it gives me more.

Neither fitting.

I'm talking about the used car business model.

No it is underneath below ratio for the whole market.

We achieved a profitable business for the at home used car business. So the TTP and achieve the breakeven on the later half of last year. So this way we are trying to build our used car business the margin would be similar to our dealership business.

Okay.

Okay.

Thank you.

Our next question comes from the line of Brian Gong from Citi. Please ask your question.

I dunno, how essentially according Collins controller, Sheila so I am going to fish portfolio yields in all that we wouldnt see diesel has simply to him.

Sure to be overcome.

Quite a plant.

Danielle <unk> chart. Several songs from concept portfolio Nomothetic opinion can you tell me, where maybe Jensen impacts Union is also low volatile from <unk> contributed to <unk> growth market share gains.

But they are going to shrink.

But I'm glad she thought even shooting in telephone actual.

Sure, we'll take one more.

The hall, just you'll find that transfer nominal intrinsic tonnage how women shoe.

<unk> <unk> transplant.

For your chance for initial tissue.

Thats myself good evening management, thanks for taking my questions.

Relations on the solid results to.

Two questions Firstly regarding GDP, we just mentioned that we expect so youll probably industrial power.

8% year on year growth alternative history.

Please number how shall we expect the pace of growth this year and secondly management just mentioned that you expect some favorable policy towards auto industrial rollout next year. So can management give more specific what kind of policies we are expecting.

Thank you.

They're here.

Sure.

Good.

Okay understood.

Sure.

Scott.

<unk>.

Bye bye.

Patrick.

Yes.

Yes.

Hello.

Well, yes.

So thats.

We have made up DNR have shown up quickly.

You guys don't adopt.

Okay.

When the Colorado Davis.

Sure.

Hi, guys.

All of those things.

That measure everything up Youll continue I, just really why Oklahoma's Jacob.

Sure.

You'll see Bob.

Sure.

So it's a dollar.

<unk> got should mango toggle CAGR from Sudan.

Well thank you for the question.

The Covid pandemic.

They use the card business because the transaction of the year <unk> made a lot of offline face to face communication. So that's right in 2020 to the used car business and domestic market jobs.

Actually 9%.

Now the good news is that with more of them are supporting policy release and with the <unk>.

Reopening up of the Society post the pandemic, we believe that used to come market what experience. They had good growth this year.

And to some market report, which is that the growth can be 8%.

We hope that this 8% is achievable and equal even achieve beyond 8%.

Other home.

Gross would be better than the market.

Yes.

Can you give us some.

Silicon Valley logos in.

I don't know, what Michigan cheese versus Dcs.

All of that yourself.

Sure.

Keith.

I think the sell off.

So you bring up.

When you look like are you seeing equate that to the <unk> Nikko film quality.

Okay.

Let us talk on the phone.

You guys have heard about <unk>.

Hello.

The <unk> deal.

As well as the film products.

But to the coal seam.

Egypt, regardless.

It doesn't seem that way.

Additionally.

Take the auto pillows.

Well I think yes.

Aqua has gone up.

EBIT was that interested in him.

Yes.

Total is just part of that.

With us in Florida.

Got it.

Good.

Yes.

Good evening.

Well, we're going to have the ultra market policy as Mr. Alone had already introduced to you. We believe that the auto market would benefit other policy.

<unk> is a large amount of consumption for the individuals also family and is different from how is the mix of houses.

Movable it's a real estate. So that's why we believe that in.

In March there will be new policies released to further support the market in a market can be quite good.

Three factors I want to mention the first one is.

The policy when trying to stabilize the sales of the new car and secondly, thank you continue to be the strategic focus.

And then thirdly for that you use the car well I believe that it would have a lot of potential to grow if you look at the.

Outbreak.

The breakdown of the used car.

With the new cost out it only accounts for 60% of the cost out.

But in some of the mature the market.

Used car transaction volume.

Times doubled or even tripled.

New car. So in this way we believe they used to come market is a lot of potential.

Yeah.

Okay. Thank you. Thank you all for your questions I'll turn the conference back to the management team for closing comments.

Okay.

Okay.

Got it.

Turning to our June is a good number or EMEA Chiba charter.

No I'm, sorry in the backyard genre with Trinity product.

Hugo.

<unk> heard you.

Hi, <unk>.

Jason.

Thank you everyone. Thank you very much for joining us today. We appreciate your support and look forward to updating you on our next quarter conference call in a few months time.

Meantime, proliferates.

Free to contact Us if you have.

Actually for comment thank you very much. Thank you bye.

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

The conference will begin shortly.

And lower Johan during Q&A, you can dial one one.

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Ladies and gentlemen, thank you for standing by for auto homes fourth quarter and full year 2022 earnings conference call. At this time all participants are in a listen only mode. A question and answer session will follow the following the 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. <unk>. Please go ahead.

Thank you operator, Hello, everyone. Good evening welcome to auto homes fourth quarter and full year 2022 earnings conference call.

Earlier today auto home distributed its earnings press release, and you may find a copy on the company's website at Www Dot Ultra home Dot Com dossier.

On today's call, we have chairman and Chief Executive Officer mid term loan and the Chief Financial Officer.

Yes with that.

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

Before we continue please note that the disc.

Caution today will contain forward looking statements made under the safe Harbor provision of the U S. Private Securities Litigation Reform Act of 1995.

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

Although home doesn't undertake any obligation to update any forward looking statements.

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 refer to our press release, which contains a reconciliation of the non-GAAP measures to the most directly comparable GAAP measures.

Available our ultra homes <unk>.

Again as a reminder, today's conference call is being recorded in addition, a live and archived webcast of the earnings conference call will also be available on auto.

<unk> IR web site.

I'll now turn the call over to auto home Chairman and CEO Mrs.

For opening remarks. Please go ahead Ms low.

Sure Jason.

<unk> was achieved with Jonathan <unk> nutrient.

I.

If you didn't get that.

Thank you Hello, everyone.

Cheng Chairman and CEO of auto home. Thank you for joining us today earnings call.

Thank you Serge this is.

<unk> Charles.

Tom <unk>.

Chisholm may yield so it will be possible.

The Nielsen soup.

So you saw that.

While the tissue pumps as a chunk on the deal.

Two questions each of the Jamba juice talented Jimmy we see here.

Some that obesity.

The Geneva.

Frankly, we would have thought.

Yeah.

Nine months.

Sure.

Sure.

Gymboree, Egypt, the beauty of the usual transfer.

So John <unk> from digital to the U R.

So you said the year would be at CIT.

We changed the <unk>.

Can you give pumped out.

Thompson with Jim Jim how are you.

<unk> as long as you believe she.

Jonathan the pioneer <unk>, Troy and tongue, Joe Papa Chief So we're highly ashamed.

Yeah.

In the fourth quarter auto homes business witnessed accelerated pace of recovery with total revenues up by 12% year over year, notably media services delivered robust revenue growth at six 4% year over year, while boosting our topline growth. We also maintained.

Good profit profitability and high profit margin level.

Our adjusted net income for the fourth quarter by 43% year over year with adjusted net margin reached 35, 3% closing out 2022 on a high note against the backdrop of the pandemic and other uncertainties throughout that year auto home successfully overcame adversity and.

Bounce back strong.

Once again, demonstrating the relevance and the vitality of our business building on our large and engaged user base solid business fundamentals and industry, leading innovation capabilities auto home is well positioned to navigate market cycles and achieve healthy long term development as we continue.

To place trails and become the industry from London.

Great.

Amy.

On me on similar Joseph sorry about that.

Yes Jeanine.

To ensure that our accounting team.

No you go from here.

Tim O'neill.

<unk>. So if you walk around me.

John you go towards P&I.

<unk> quantity of older.

Cultural tourism will ship to yet.

Alright.

So this is some walks our EHR Neil <unk>.

Shifting that ourselves.

<unk>.

Yes, yes.

With that ill pause on yields.

Jimmy Choo Belden.

<unk> Hi E needs you want the yield.

Her card function of 500, yet.

Suddenly you ship.

John chips of the Jamba product creation shingle.

Looking back at 2022, we achieved significant progress in two key areas content ecosystem construction and exploration of new initiative on the content front, we successfully leveraged our big IP brand to promote our video base strategy and formed partnerships and organized.

Cross promotional activities with multiple internet platform to explore new automotive lifestyle experiences in terms of new initiatives exploration, we made huge strides in exploring the industrial battery screen and promoted in depth development across our business supporting.

Our continued new achievement.

Used cars beta product and other fields.

Driven by our relentless efforts in phase two areas, we continue to expand new business boundaries establish new standards and foster new types of business with our multiple dimension of roadmap and expensive development concepts, we've built a brand new ecosystem.

In the automotive industry preparing also home to new Heights.

Mine Retrenching the Union wanted the whole trial, how many associated equation.

You could see advancement with just some questions around auto.

She has a one year, you'll one also withdraw yields and deposit pricing.

Sure. This is John .

So you hired.

So the issue in a hotel.

<unk> been through.

<unk> waiver sushi a full functioning.

Heading into 2023 with the improvement in the macro environment, the restoration of industry order and the local governments policies to stabilize grow and boost consumption. The auto industry expected to maintain a steady upward trend benefiting from the industry recovery auto home, we will continue to empower.

Business partners and promote industry wide digital transformation, while also increasing shareholder returns and achieving a week into Asia for all parties.

The <unk> <unk> favorable in Asia.

Dosages alkalosis surgical trend in the year, which is how we should bump so with that I will now turn the call over to our Chief Financial Officer are correct. Some year for a closer look at our fourth quarter and full year operating and financial results.

Yes.

And therefore, what should feature together so $1 billion.

Thank you Ms. Li Hello, everyone I am correct in yen as our Chief Financial Officer.

Through local contact hit all.

<unk> Legion removal.

You talked about letting IP.

So to the ICT.

And following that goes yes, Doug it should.

Sure.

Don just mentioned.

Ongoing efforts to advance content creation and the field core IP to establish auto home IP matrix constructing a useful and fun video based content ecosystem.

Q2 Q.

Audio again here in Q2 female bulk high IP social gel.

I forget, which actual matcha tea huge adoption.

So we see for sure.

Bob Hi, this injunction.

Getting the margin both on air.

Aqua Troche Tushar.

Keith.

So together with Amgen for IP Kevlar, both on the device.

Okay.

More.

So that will mature in Japan, the Togo.

Yes, I'm sure that you'll come to Jack <unk>.

Yes.

When we go we will go to.

Sure.

Hum.

The pseudo ARPA e-commerce into Europe with according to our plan.

Charlie you said.

For example, we can turn into action our flagship.

Vehicle testing IC project has consistently produced youth content since its launch in 2019 with test results that Britney users, including and the buying cost in 2022 winter inspection covered 58 newly launched popular electric vehicles and has accumulated.

It is nearly 300 meeting deals across the entire network to date auto homes for original IP, including Super Test and our journal have accumulated nearly 800 million deal and that's worldwide, leading the market in terms of the overall size of our original IP.

Yes.

In addition, we held more than 550 online auto show.

This year, providing users a seamless experience for fixing and choosing cars anytime and anywhere.

<unk> introduced interesting elements, such as magic words matched humana and the virtual assets to our content creation portfolio to encourage greater participation in a deeper engagement from younger users effectively enhancing our user stickiness.

So that from a how you go to a peaceful.

<unk> seen him yet the total channel.

Yes.

Silicone <unk> vehicle.

All in all tissue.

So <unk> got it.

So it <unk> yet.

In Korea, <unk> is a level that we will.

<unk> put out quite a bit.

Thank you Chris mobile QQ.

Alrighty.

Yes.

As you know hotel <unk>.

And just looking at all here.

Jim will cover all of them.

Yes.

Furthermore, we have reached strategic cooperation with multiple partners such as <unk>, while it cloud and insecure of technology Seeger information et cetera.

Key political greater business synergies. We are also currently organized.

Array of activities with online platforms, such as smartphone.

The auto and net is cloud music tweak for new automotive lifestyle experiences.

Creative tactics have substantially increased the user traffic in our ecosystem.

Expanding our user base. According to quest mobile Ultra home mobile if you will in December 2022 increased by 16, 1% year over year and reached a record high of 54 point.

$39 million further reinforcing our leadership position in the.

Industry.

In Australia from here.

R&D interest remaining.

Jeff would you go.

<unk> seen that now.

For example, a simple turnkey cocoa, which is tissue.

Could be Qdoba company cope with that.

Julie can you touch on cohort.

Thank you Joe.

Absolutely absolutely.

Box that you might think it could.

Jason bucket.

Oh, yes.

Elijah.

Regarding our dealership business. Despite the challenges the ultra market States in 2022 auto home continues to maintain steady upward growth momentum in the fourth quarter, notably with the continuous upgrading a very at least in the recent twos on the services of our dealer.

Our membership toward Oxy elite touch on Kuwait, we continue to reduce our customers' decision, making and transaction costs.

<unk> technology helps our dealer customers to reduce overall costs and increase efficiency as a result in the fourth quarter or 7000 dealer touches our premium budget and nearly 8000 dealers purchased our tech budget for a combined total of over 21000 dealers.

Puts us at a high and budgets of our lead subscription packages.

I'll turn the T phone, yet while MS Johnson <unk> Johnson.

Yes.

Got a clear until the legal but again that would be the same.

Yes, Hi, Tim Hauck <unk>.

Having found yet so suggest that before.

In terms of exploration of new initiatives, we accelerated the development of our second growth curve, achieving major breakthroughs in new types of business, new models, and new products by increasing resources allocation and investments in key areas.

Walk you through in great detail.

E C.

Three 2 million Q4, selling.

He's the chief.

So Nick Hyatt.

Im curious what your actual <unk>.

India hopefully.

Thank you Tom.

Okay.

Why is that changing so much.

Basel III.

So you're.

Look you don't always see.

Got you.

You don't want you guys just go here.

Yes.

We're going to go.

He is a margin.

<unk>.

So it can be seen in told you the same function.

Are we in Kenya as the timberland.

So <unk> come down back into.

The tricky part <unk>.

Goodbye.

Key to cancel affiliate headwinds as always.

Yes.

Any coach hook yet.

First let's look at our new energy vehicle business facing the continuous increase.

Penetration rate auto home adapted for activity in the market transformation.

<unk> 2022, we officially unveiled our first offline experience store pioneering a unique multi brand retail model court analytics space. This food chain retail model connect online activities with offline transaction, providing users with a one stop laughing and.

I think experience, while also gaining recognition from Oems.

Now we have cooperated with 26 brand, becoming Oems new partner in the new retail deals in 2022 revenue generated from <unk> brand continue to grow vigorously and increased by 153% year over year once again outperformed.

The industry sales growth looking forward all the homes will continue to explore the integration of multiple types of businesses improve the penetration rate of offline stores in various cities and the lead that transformation of the car purchasing experience.

Sure.

Alrighty introduction Cofunding mindful upholding either.

Jonathan Segal vascular solutions.

So what happens with <unk>.

Uh huh.

Yes.

We're making strong grocery shop.

Yes.

He has helped transform this company forward.

Let me.

I'll close with keep Australia.

Hi.

So what are you showing GAAP CD, let Michelle Daniel.

Yes, so tobey.

Josh.

Our data product from all the homework, Steve the zero to one breakthrough in 2022, providing Oems with five series update of <unk> to meet their needs spanning from users private domain operations to the digitalization of backend services at present, we have established.

Cooperation with more than half of the automakers in China's auto market builds.

Building on our auto homes digital capabilities, our data products provided our dealer customers with food chain digital marketing products and services, helping dealers with increased profit and efficiency.

For full year 2015, due to both the average revenue update a product particular store and the average number of update the product adopted by each dealer saw increased by more than 20% year over year.

Our portfolio.

Dr. Peter <unk>.

Youll see that Saudi peaking architecture, you guys hit Chilean with us.

Yes.

Who buys a coke brands each at all that you are seeing that.

Almost all of our troops.

But you also took up to that how should we think you yes.

Culture.

<unk>.

Sure.

Both of these are T cell <unk>, which you don't sell Dean talk because you guys are in.

And Julien pool to gather <unk> cohort the patent life.

<unk>, yes.

Our scale <unk>.

<unk> got quite chunky.

The Hong Kong, Beijing, and only at the.

That's all.

So $10 million for the children.

So yes, so clearly you tie your profitability.

Moving to our used car business, we accelerated our integration of resources from Ultra home Qunar group and the kimco pie tool or TTP.

And the drastically promoting our one stop food tray transaction service platform for used cars and achieving solid progress on both the buyer and and the dealer adds.

Buyers, we provided them with vehicle condition on the price and why do we choose through our car history architect cardiac effectively solving the approach of being concerned.

On the dealer end.

We help them improve operating efficiency by building our used car digital cloud based platform.

We have further enhanced TTP efficiently through refined operation and upgraded is operating condition in 'twenty to 'twenty two through auto home matching and auction services. Our platform accounted for about 21, 5% of all used car transaction in China with 5%.

<unk> points year over year growth.

Moving forward, we will continue to expand our footprint across the entire industrial chain.

Eight beta product for us.

While our in depth strategic cooperation with it.

Differentiating ourselves and are building our competitive edge in the used car field.

<unk> gained genuine without a homework ecopetrol kidney.

<unk> also got good question Sheila was equal.

But for your conclusion about Alex's.

Julian so too will our leasing progress.

Sure.

Yes.

Yes.

Sure Keith what remains key.

Doug LTC Berkshire.

Good evening.

Good job plentiful keypad akshay.

<unk>.

A couple of teams closer to what <unk> does tissue or you shouldn't own.

Continue.

Yes sure.

<unk> surpassed.

<unk>.

Children in Tokyo.

What's unique.

<unk> Q2 <unk>.

You try your holiday due to the usual gotcha.

Don.

Ward County.

To summarize despite the contact microenvironment and various uncertainties in 2022, we're pleased to have made great progress in all business segments. We remain maintained upward growth momentum our business recovery for two consecutive quarters and illustrated.

Perfect.

With bonds outperforming the overall market and achieving stellar results.

The leader in Chinas auto vertical media industry.

We will continue to strengthen its competitive advantages by solid by various traditional business faces and.

Making it existing market share and customer base. Meanwhile, we are also continuing to cultivate our innovative business segment to build a one stop full chain auto ecosystem platform, providing our users with services across the full lifecycle of ultimate ownership.

We are confident we can vigorously promote that digital upgrades and transformation of the automotive industry.

A lasting value for all our users customers and shareholders with outstanding performance investments.

Market cycles.

Well I talked about that yet.

Oregon is still good.

Key training on that.

I think <unk> done a great deal.

And next let me walk you through the key financials for the fourth quarter and full year 2022. Please note that as with prior quarters, our reference RMB only in my discussion today, unless otherwise stated.

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Absolutely.

Net revenues for the fourth quarter $1 85 billion up 11, 8% year over year, plus detailed breakdown media services revenue came in at $610 million, an increase of 63, 7% year over year. These translation services revenue.

<unk> increased one 1% year over year to $787 million and online marketplace and others revenues were 496 million.

Yes.

Yeah.

Ali our Ian.

In Chile, our daily argue.

Yes, Tom, but only some drop through Iot enabled.

You just look at or modestly posh.

Yes.

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Moving onto our pop up revenue in the fourth quarter was $371 million compared to $262 million. In Q4 2021. The increase was primarily attributable to our continuous investment in content gross margin in the fourth quarter was 80.

<unk>, 4% compared to.

84, 5% in Q4, 2021.

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Sure.

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<unk> in Chile.

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Please.

Yes.

Based on this idea.

<unk>.

So why do you feel that you get.

Our union in Chile.

Turning to operating expenses sales and marketing expenses in the fourth quarter was $673 million compared to 800, and the 3 million in Q4, 'twenty or 'twenty one.

The decrease was primarily attributable to the decline in marketing and promotional spend.

Product and development candidates were $313 million compared to $395 million in Q4, 2021, finally general and administrative expenses were $103 million compared to $128 million in Q4, 'twenty or 'twenty one.

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Clearly Remy will get ethane you guys are unique in Chile.

Yes.

Diesel recently key searches gather intelligence in the run rate.

E.

Our union in Chile.

Yes.

Overall, we delivered operating profit of $513 million in the fourth quarter compared to 177 minutes in the corresponding periods of 2000 and Francois.

Adjusted net income attributable to auto home was 669 million in the fourth quarter compared to 416.

<unk> 16, not mainly in the corresponding period of 2021.

This is a diesel kibbeh become more intelligent.

Yes, Daniel.

Your ankle.

Argument with TJ, maybe next year.

If you just look diesel keep us become working children may make will make trends working.

You are familiar with yes, sorry, yes.

For us our unions and keep them daily.

But I'm just kidding.

non-GAAP basic and diluted earnings per share in the quarter, what one one.

36, and $1 35, with Pac kit compatible zero 93 in the corresponding period of 2021, non-GAAP basic and diluted earnings per ads in the fourth quarter.

142, and <unk> 41, respectively, compared to $3 71, and the three 7% the packet.

Ending period up 21, Sean.

But I can't help engage out one or two.

Yes.

So the way Youll Julia.

Hello, Macy's for solar way, so you'll get an E Bay.

Cancel totally essentially a new E.

He started you absolutely should youll be ours.

The increase was put together in cargo T&D Remy R E T.

Let me now turn to a short summary of our 2022 full year results total revenues were six points nicely.

<unk> 4 billion of that media services revenues were 196 billion leased in the recent services revenues were $3 6 billion and the online marketplaces and others revenue were $1 92 billion. In addition, we delivered adjusted net income attributable.

Two auto home.

<unk> 17 billion.

Alright. Thanks.

That's a good one.

Since you've got Kathy.

Yes.

Thank you bye bye.

On the Orange light duty automotive changing.

<unk> also we get.

As of December 31, 2022, our balance sheet remained very strong with cash.

Evidence and short term investments of 22.8.

8 billion, we generated net operating cash flow of up to $1 57 billion in 2022.

Our union Sheepish about here.

Can you talk to adopt silicon Pedro <unk>.

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No.

<unk> <unk> <unk> CEO .

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Daniel sheer strategic.

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I noticed your one megawatt simple, but the numbers do you have any.

Okay.

On November 18, 2021, our board of directors authorized a share repurchase program and the reach we were committed to repurchase up to 200.

Mainly a U S dollar.

And yet for a period not to exceed 12 months. After November the third plenty plenty to our board of directors authorized.

Expansion of the share repurchase program for another 12 months expiring on November 17, 2023 as of February 10, 2023, we have repurchase.

Proximately three cost 69 million a debt for a total cost of approximately $111 million.

Welcome to shampoo, who also don't show excuse me, arguing.

Yes, Sir.

Yes.

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B J E T.

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<unk> product <unk>.

Per ton chiller arbitrage.

Hi, Pedro.

They are hanging with us.

Make watsonville, India bombing.

Hum.

India easily.

Im also pleased to announce that our board approved an amendment to change the annual cash dividend to a fixed amount of at least RMB 500 million between 2022 and 26 augmenting our ongoing increases.

The return even further to repay our investors for their long term support our board has also approved a dividend approximately.

<unk> 58.

Dollar Etfs or.

Or zero point 14, five dollar for ordinary share for physical year 2022.

T J E T Bhatia with Sterne Agee.

Great.

Yes.

Can you give a quick help they go especially in.

Since you kind of go through self paced yourself chasing these assets.

You just don't ship on that.

Yes.

Our independent.

Dockyard tissue tweaking, just actually yes chunky in Hudson.

So seeing Turkey, Italy U S don't cover <unk>.

Auto homes long term stable operation sufficient cash reserves and how the cash flow as well as our active stock repurchase program.

Showing dividend payout demonstrate our keeping the nation to improve our capital allocation efficiency.

Our long standing dedication to our <unk> interest.

As we step into 2023, we will continue to be active.

New initiatives targeting long term healthy growth, while remaining committed to delivering shareholder value.

You saw for both of the titles will be original kind of minimum cash up with is that we are ready to take oil Hudson operator.

Please open the line for the Q&A session.

Thank you we will now begin the question and answer session.

A question. Please press star one one on your telephone and wait fair name to be announced to withdraw your question. Please press star one one again.

Okay.

Okay.

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

Well, thanks, everybody, it's Tom here.

Wonderful.

Sure.

Finally, I'd say.

Okay.

Let me answer a couple of quick one sorry, it's all of them.

Thanks.

Thanks for taking my questions and congratulations on a solid first half we saw I don't know about.

Two questions. My first question is about the outlook for the auto industry, but and.

The call is about our cash usage.

Allocation. Thank you.

Paul.

Alright, Thank you Andy that's a good one.

That wasn't millimeter wave.

Following on from that.

Tom.

On the tier one does it go.

Okay.

So you've got and I, just wanted to see yoga women's or a year, but not trigger a shotgun.

<unk> tonnage out of the <unk>, some of whom you have in that Shimon icon.

To ensure that they can be.

So the shutdown.

One beaver yes.

The Shanghai.

So wish I know Michelle <unk>.

Well, John John Jardine.

Yes.

Yes.

Let me <unk> you didn't get.

And with regard to Ngls.

So is that you've been doing.

So you are a woman with Jonathan <unk> local machine maintenance.

But also achieving FDA.

Okay.

So I just wanted to say our thoughts are not women to the sort of the.

Egypt, Sean one of the key shift dollars trillion, that's a good piece of it.

Well thank you for the question.

Trent Im.

Got you.

Your question by quoting.

Why are you asking this question as you know in terms of January .

I have noticed that some of the data of the production in the Marcellus has already been released if we continue the production and the sales with the same period of last year. The number has been dropping significantly that's also true of comparing with the previous months.

I think you know what two reasons tied to that so the first reason is because the long holidays. The Chinese Spring Festival was on generally the second reason is because the favorable policy and the subsidy for the combustion kind of underscore the adv.

Our policy has been fading away at the end of last year.

The last one.

From the end of the <unk> <unk>.

So let's move on to the title.

Kevin There was a time limit so.

And the third one.

Yes.

<unk> you can get as we go through.

Nonetheless.

Jonathan.

How should I think of things.

And as a year of <unk>.

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So the huge order book 2000 tons from out of the <unk>.

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Sarah.

Some way Ginger.

Some of them.

The bulk of which are good you can handle horizontal <unk>.

Would you choose.

Strong base to determine.

How much kind of on the way up to jump in.

<unk> Xiaomi.

Quite pleased with those.

G&A right, even if we understood how are you.

So sort of somewhat home sooner.

Sure.

I am indeed, somewhat frenetic, Egypt is a good geo sort of the order pace.

It has somewhat generic user youll see those little wasteful.

Shang waiver so.

Hi.

Well, having said that I still want to say I'm optimistic about 2023.

This was due to the following reasons actually if you look at the auto industry. It has been a pillar industry in China and also the government attach great importance to this industry.

The 2020, we generally state Council standing Committee meeting.

That we need to address the conflict about supplying satisfying the demand of the consumers and to try to push forward to consumption.

Auto consumption one of the pillar to boost to the economy and we also need to.

A lot of our consumption policy to be implemented to booster the auto consumption and we also need to boost the marketing and the expenditure for the all kinds of consumption that retail business and also try to boost the retail business to recover.

These policies has the release due to the general release, maybe standing committee of the State Council.

So I'm not sure.

I would argue the ECA Shang Chuang glenda easier to deal with internally.

So with Kimpton.

A woman can you cut.

So what they.

<unk> shipment.

So the use of those agenda.

<unk>.

Hi.

Thank you Diego shipment even bigger.

Yes, it does.

<unk> engagement.

So New York, how would you have them.

Josh I think are indicators of leap.

So we are going to switch it on the <unk>.

Yes.

<unk>.

Sure John of GSM channel the two of them.

Okay. So theres no way to Hershey visible shouldn't Hershey and they'll do something sooner.

<unk> Shanghai Kwangju.

As you noted in Q2, our <unk> cable and digital Chambre total shuswap strategies of the prices.

That will be great.

<unk>.

Well as chunky yogurt.

Great.

And also how lunch is that although the <unk>.

National level of subsidy has been taken away temporarily.

Provincial level the government local government launched a lot of new initiatives to boost.

Consumption for example, Shanghai Hunan Province.

Continued the trade in subsidy for the <unk> card is turnkey province.

So I'm not sitting to boost.

Effectively on the subsidy and also too deep into the trade and potential to boosted the consumption.

Also with the abandoned after.

The policy and opening up we believe that the auto show will also recover.

And a lot of the new car models gradually been launched into the market.

This way, we believe the auto consumption market would it be pushed forward.

Hello.

Turning to achieve Honolulu, Michelle's original Geo going back kind of.

I assume that you're going through that.

Yes.

Those are the anchor of the P&L.

How much you're going to enter the Shanghai Judah on account.

Okay, Jean Congrats as well.

Sorry, Nigel Travis trailer.

Through the water machine achieved Nevada Cheung too soon so the Trudeau.

I jumped the gun.

Retrieval surgeons.

You Wanna.

<unk> enzyme which is quite powerful.

So it isn't a one winner highest churn yet.

So that hasnt.

I haven't really the source of that.

<unk> also shifted advertising.

Sure.

If we wanted to be a strong partner.

No not really.

I'm not sure I don't know where it will go to shop.

Jason diesel somewhat.

Plato Schindler.

Q2 should be private E auctions.

And also if you look at the auto market the sales.

We do see that.

T cells has been increasing in a continuous way.

Sample even me from National subsidy has faded away now.

Now a lot of our new policy to boosted the ink consumption. When he believes the AG market would it be policy driven transforming into a marketing driven market in this way, we believe that may be in the <unk>.

Near term or short term there may be some slowdown.

No.

Going round, we believe the year round growth would continue to be around 40%.

We do believe that there are more divergence in the market.

Top players would benefit out of such guidance.

And that would help with the top players.

To spend more on branding.

But you shouldn't maintenance of wide wonder why is our social and that just requires an oracle setup.

Goodbye.

No Im sorry.

In the one to one which is our positions.

Sure.

<unk> no more <unk> Nanda pumping issue later.

<unk>.

Sure.

Joey.

I'm going to try and deal with each year.

GE and wages.

So how.

Yes.

So Jean Charlot mortgaging interaction some more <unk> five year Mark.

Tomorrow consider business somehow.

Uhm.

What is the size of the population.

More choice.

Patrick really awesome.

Great.

Great <unk>.

Firstly Yogi Woodson's Yahoo.

Sure.

Got it.

Also I want to take this opportunity to comment on the used car market. We believe <unk> hundred 23 would be the first year.

Implementation of the used car new policies, we believe that they used to come market, whether it be personal transaction driven transforming into corporate lending business and the user come market would also experience the transformation from the agent based model to the dealership base.

Model.

What do you believe that 2020, we market I'll say used to call. The overall growth can be 8%.

We also believe the government is trying to encourage the scalability of the used car business and they are trying to make about trading in a more standardized compliance way all of them.

With a further boost the healthy development of the used car market.

Tom.

Romeo challenge in the <unk>.

He's a good harbinger Shanghai.

Sure.

Now my junk Rajiv will achieve positive conclusion.

Chunk of money.

So we don't want to be.

Sunday and this isn't going to go through the fab.

Thomas Ashish.

Well, if we're speaking we believe with the implementation of all of the supporting policy will it be.

It's more to boost the consumption needs.

By July the consumption demand. So that's why I'm quite confident about the 2020 domestic.

Domestic auto market.

Some of that you shouldn't give assumed chimbonda, which actions premium John .

John .

No I'm talking about the allocation of the cash I would like to invite Mr. <unk> take this question.

Okay.

Yes.

And in the industrial base.

Junior animals.

Wahid.

<unk>.

We'll see how it goes if we don't measure lead video of that in.

So it's really a pizza.

It sounds like you know Peter our industrial carefully looking at by the <unk> because people are not yet you don't know what does consider you guys on the App.

Hello, Hi, Sheila.

Sheila the junior capital.

Michelle.

100 <unk>.

Sure.

Lisa I.

Yes.

So they will go.

I see.

Okay.

No.

Yes, let me as I think is essential in the I don't know includes thoughtful it sounds great.

EMEA EMEA low blood sugar high Arctic, Ohio, but we'll see.

You saw <unk> AI <unk> Eagle Ford shale.

<unk> got up.

That will move with us.

Thank you Christine Cannella.

So first.

Oh sure.

Here deal with Globalfoundries is the other M&A out there across the board.

Okay.

Thank you for the question talking about the cash we have abundant.

Rest of off the cash and our cash flow has been very healthy and we also attach great importance to the shareholder the engines. When we have the net inflow of $2 1 billion of cash last year.

Going to our Vod, meaning not the quota we will extend.

Share buyback.

And in this quarter, we have already improved.

Actually the dividend payout ratio about 16% compared with the last year, so actually the dividend payout would it be 500 million RMB and each will continue to grow in the future. So that is the way, we're trying to actually give back to our shareholders.

Now talking about the business side, we have a lot of new initiatives, we have new investment into the content. The video base the large premium base.

Based on the AI based products and <unk>.

Turning to our new business the data product has been scribing.

And we are also looking into some other opportunities to explore the M&A deals and make our business more global presence.

Thank you for the question.

Okay.

Thank you our next.

Our next question comes from the line of <unk> from HSBC.

Please ask your question Richie.

Secondly, this whole lot Q1.

Youre not going to <unk> counting.

Sandy and she'll just hunting go shop.

<unk> seen the Champaign quite so each one of them.

What you said.

So again, we will come in with my early on Saturday that you're out there with that not so much.

That's quite chunky chunky senior in Detroit.

I would translate myself. Thank you management for taking my questions I have two questions first of all in 2023 for data product what will be our kpis and what types of new launches can we expect second of all is going to this year for the US Congress Thats, what will be all kpis and focus and how.

Should we think about the long term adjusted net margin for this business.

You see.

<unk> here.

I assume you have healthy women.

Well, it's quite a while mid tier participants who laid off what we call <unk>.

We could see through enablement.

We don't have the page in our supplement.

I guess.

The yield.

Hum Chisel, Tom and Doug.

When we got started.

<unk> is on hand, Michele two question Bruce.

Yes.

Shoot.

At the same level.

Pardon me.

T shoot up.

Coppola from that book.

Controllers.

So all of that.

This will go out of Canada.

No I'm talking about the Digitalized products. Our major purpose is trying to help our clients to lower their cost and <unk>.

The efficiency now many Oems or for the dealer. So we are trying to help them to improve.

Fisher fee and we will continuously to launch a lot of new models and also on the other hand, we are trying to enhance the coverage of more clients and we.

Wanted to empower the customers with our new modules.

Is there anything happening there.

Okay that is in Europe .

<unk> momentum beta humility.

Yes.

Here also.

Okay, Schlumberger 10 times, a day, you don't get to Stephane.

Now talking about the future direction of the new business, we are working with the <unk>.

The battery and auto and some of the used car business. We all have a lot of innovative initiatives.

I'll kind of answer.

Yes.

In the high should jump at the auto show that you got.

Lauder Joey.

Hi.

Now talking about the used car business. Our major purpose is trying to establish a one stop full chain transaction.

Our service platform.

Yes, no I thought you would tell you the feedback.

So I'll tell you that certain corrosion.

Quantum is still cautious and that also took a question Linda just Hogan.

One way about the architecture of the.

So I guess would be 'twenty.

Theme will be all.

I'm talking about the used car Stoke is firstly, we're trying to create a closed loop for that transaction.

Absolutely it will.

Cover all of the small business chain of the used car transaction. We believe this would it be the pain in.

In the used car market.

We're also going to launch that used to cost SaaS service and some other data products.

Our immune to that pool of tissue the kiswahili, you'll start that all while closely as it will at least.

Thank you Dr. Donald.

Luke.

Got it.

Opportunity.

Sure.

The yield debating similarly on this will be so.

It should be it's hard to imagine what you've done so you've got desktop attending the AGA therapy awhile since that got it.

Yes.

And 'twenty two other phone had finalized our training and in this way we have to the coordination of the resources and also have a better management.

Not only on the trophy side, but also on the <unk> side.

Achieved breakthrough in that example, we launched an innovative trading business and also used to cost that product and the card history and the car condition data service and we work with.

A lot of deepen data services in the future. Other home is trying to build a one stop solution, while also purchasing and a one stop solution volatile.

That product that is our strategic target.

PJ primarily English.

Those are tough.

Sure.

Yes.

So a woman icon.

In our Mueller.

You just you need them.

The impact panel.

Within home depot catches me on <unk>.

What are you thinking.

Arthur you need I think we're taking a look at Disney World.

Just need up Tracey.

I'm talking about the used car business model.

You know it is under explored ratio for the whole market.

We achieved the profitable business for the at home used car business for the TTP and achieve the breakeven on the later half of last year.

This way we are trying to build on the used car business the margin would be similar to our dealership business.

Okay.

Okay.

Yes.

Thank you.

Our next question comes from the line of Brian Gong from Citi. Please ask your question.

I dunno, how essential cornerstone controlled humans Sham question Fishbone portfolio yields and all that.

She diesel has simply to him on a road show to be overcome.

Quite a plant.

And you also chart.

Songs from concept thoughtful Youll Nomothetic I'm thinking you tell me, where maybe Jason impacting and there's also an emotional impact contributing to growth market share gains.

So if they are going to shrink.

But I'm glad she thought shooting in telephone.

Two ships will take onboard the hall seasonal high in the transfer a nominal interest you touch all women shoe.

<unk> <unk> okay.

For your chance I have initial tissue.

Thats myself good evening management, Thanks for taking my questions. Congratulations on the solid results.

Two questions Firstly regarding GDP, we just mentioned that we expect so you'll see our industrial power.

8% year on year growth alternative history.

Please number how shall we expect price growth this year.

Secondly management just mentioned that you expect.

Some favorable policy towards auto industrial rollout this year.

Commencement of giving more specific what kind of policies we are expecting.

Hi.

Thank you.

Yeah.

Okay.

Got it.

Okay understood. Thank LCR.

Sure Scott.

Yes.

Yes.

The Eagle Ford.

So that's why we ask.

Well.

Got it.

Well, yes.

So that's what.

D R Horton push that you've got to be done.

Gotcha.

While macondo ridiculous.

Sure.

Hi, guys.

All of those things.

That award.

<unk> just.

Just wondering why Oklahoma's Jacob.

Sure.

Youll see I.

Sure.

So its just I don't know you don't want may impact should nuncle cocoa favorable to them.

Well thank you for the question.

How about the Covid pandemic affected they used to call business because the transaction number yes, <unk> made a lot of offline face to face communication.

That's why in 2020 to the used car business.

Mystic market jobs.

Actually 9%.

Now the good news is that with one of the most supportive policy release and with the reopening of the society post the pandemic what he believes that used to come market.

Very good growth this year.

Just a market report which is that.

The growth can be 8%.

We hope that this 8% is achievable and equal even achieve beyond 8%.

The home.

Gross would be better than the market.

Yeah.

Can you give us.

Silicon Halloween.

Thank you.

I don't know, what Michigan cheese versus detail.

All of that yourself.

Okay sure.

I think the Soho hotel chain.

I will give a quick that's fully dealt with it as it needs to be filled.

The resulting.

Let us talk on the phone.

You guys have had with <unk>.

Hello.

E filing deal.

So well still filling process.

Yes.

I mean, it was seamless.

No.

Got it got it.

If I had.

Additionally.

Yes Hello.

Okay.

Well I think.

So I think it's gone up EBIT not that interested in here.

This.

This is harper.

Part of that.

With us into the future.

Got it.

Paul do you want me to.

Good.

How much of anything.

Well, we're going to the auto market policy as Mr alone had already introduced to you we do.

I'll leave that to the auto market would benefit other policy.

Hotel is a large amount of consumption for the individuals also family.

The difference from housing housing not movable, it's our real estate.

That's why we believe that.

In March there will be new policies released to further support the market and market can be quite good.

Sure.

Key factors I want to mention the first one is.

The policy when trying to stabilize the sales of the new car and secondly, and you continue to be the strategic focus of the market and then thirdly for that you use the car when it believes that it would have a lot of potential to grow if you look at the hour.

Great.

The breakdown of the used car.

Comparing with the new cost outs.

Accounts for 60% of the cost out, but some of the mature the market the used car transaction volume.

Two times doubled or even tripled.

New car. So in this way we believe they used to come market is a lot of potential.

Okay. Thank you. Thank you all for your questions I will turn the conference back to the management team for closing comments.

Okay.

Okay.

Got it.

Turning to our June is a good number or EMEA.

Chiba chocolate with no sorry in the backyard genre.

Trading profit.

Google.

EMEA <unk>.

Thank you everyone. Thank you very much for joining us today. We appreciate your support and look forward to updating you on our next quarter conference call in a few months time and in the meantime.

Free to contact Us if you will.

And you sort of attribute what comment. Thank you very much. Thank you Bob.

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