Q3 2023 MINISO Group Holding Limited Earnings Call
Filing.
Ladies and gentlemen...
Thank you for standing by and welcome to Minnesota's Earning Conference call for the third quarter of fiscal year 2023 that ended March 31, 2023. At this time, all participants are in a listen-only mode. After the management prepares remarks, we will conduct a question and answer session.
Please note this event is still being recorded.
We have announced our quarterly final results early today. And earnings release is now available on our investors' relationship website at ir.minisoc.com. Joining us today are our founder and CEO , Mr. Jack Yeh, and our CFO , Mr. Ethan Zhang.
Before we continue, I would like to refer you to the State Harvard statement in our earnings press release, which also applies to this course, as we will be making forward-looking statements. Please also note that we will discuss non-IFAS financial measures today.
which we have explained and reconciled to the most comparable measures reported under the International Financial Reporting Standards in a company's earnings release and filings with US SEC and Hong Kong Stock Exchange.
In addition, we have prepared a PowerPoint presentation for today's call, which contains financial and operational information for this quarter. If you are using Zoom meetings, you should be seeing it right now.
You can also revisit it on our IR website later.
Now I'd like to hand the conference over to Mr. Ye. And Mr. Zhang will translate for Mr. Ye. Please go ahead, sir.
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Hello everyone and welcome to our earnings conference call. We delivered a strong start to calendar year 2023 with the best March quarter performance in our history, shaking over three years of uncertainty caused by the pandemic.
driven by the strong recovery of our offline operations in China and the continued development of our overseas business.
Our revenue for the March quarter increased by 26% year over year and reached RMB2.95 billion. I'm also pleased to see that our margin profile continue to beat expectations.
Gross profit margin of all business segments saw healthy year-over-year improvement, bringing the overall gross profit margin to 39.3%.
which is 9 percentage points higher than the same period last year.
Adjusting net profit exceeded renminbi $418 million, an increase of 336% every year. Adjusting net profit margin expanded 16.4%, a 12% increase compared to the same period last year.
Both speakers set new records for Minso.
Thank you very much.
Thank you for your attention.
I'll now walk you through business updates for our three major segments, China is overseas and top toy.
I will start with the means of brand China business.
which recorded RMB2 billion in revenue for the month quarter, a year-over-year increase of 19%. Within Minsu China business, revenue from offline stores totaled 1.83 billion, a year-over-year increase of 12%.
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As we shared during last earnings conference call, January was the best month in terms of domestic offline sales in minnesota history. In February and March, as the pent-up demand from the pandemic gradually dissipated and the Chinese New Year holiday ended.
the pace of recovery in retail industry moderated to a certain extent. That said, our performance continued to outperform the industry, according to data from the National Bureau of Statistics.
Retail sales consumer goods in China increased by 4.9% year-over-year in the March quarter, while Minister of China's offline business recorded over 25% year-over-year.
Our personal GMV in the multi-quarter has essentially returned to the same level of the period in 2021, reaching around 85% of the pre-COVID level in 2019.
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sustain the strong performance and even marginal improvement in store level performance. Total offline GMV increased by 80% year-over-year higher than the 16% of sale growth in retail sales of consumer goods reported by the National Bureau of Statistics just today.
while personal sales increased by 50% every year, reaching 85% of pre-COVID level in 2019, representing a substantial sequential improvement from the previous two months of February and March.
During the Labor Day holiday, total offline GNV increased by 75% every year, personal GNV increased by 45% every year, and to a comparable level of 2019.
Thank you for your attention.
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We opened 58 new scores on a net basis during the March quarter, double the figure from the same period last year.
More than 53% of new stores were in tier 1 and tier 2 cities. In addition, store closure rate was 0.6%, a record low.
The strong performance further bolstered the confidence of our retail partners and we are quite confident now that we will meet and exceed our strong store opening target of 250 to 350 in calendar year 2023.
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We are firmly committed to pursuing high quality growth as we stressed in our previous quarters. In addition to maintaining a steady pace of store openings, we continue to improve store performance with better merchandise and operations in 2023.
I think that the last point remains as a result of the
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From a merchandise perspective, we adhere to our IP strategy as a core and focus our efforts in strategic categories. This paid off in the past quarter as our merchandise gross margin increased by nearly 7 percentage points from a year ago.
Let me first address our IT strategy.
As scheduled, we launched a highly anticipated series of Pokemon IAP products in March quarter. We collaborated with Kogman to design multiple high quality products featuring four classic characters.
This product generated a great response from consumers and sold out soon after their release.
As we emphasized last quarter, we are going to surprise and delight our consumers with an exciting series of IP collaborations in 2023. In upcoming quarters, we will be unveiling collaborations with Blockbuster IP.
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Second, we remain focused on strategic categories, which we define as categories with emotional resonance, global peer and high growth potential.
Take perfume as an example. We believe this category exemplifies MiniSource's value proposition of better life and has strong emotional resonance for its consumers.
In China, we have identified perfumes as our most important strategic category. In the March quarter, sales of perfumed products increased by 60% year-over-year. Sales contribution increased by 1% point. Furthermore, sales of 70% of perfume-related FQs increased by 1% in the March quarter.
met our internal standards of best sellers, indicating a significant increase in the success rate of product development.
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Accessory is another strategic category we devoted a lot of resources to this year and we believe it has a strong global peer. We had a solid foundation in this sector and we continue to strengthen it by setting up a new warehouse in Zhejiangyu.
and strengthen our designer team and we hope to force this category into a signature category in overseas markets by high frequency product launch and more efficient logistics.
The preliminary results have been very promising with its sales increasing by over 80% every year and sales contribution increased by 2% in points.
Thank you for your attention.
Let's move on to our overseas business.
which continue to maintain strong momentum in mud quarter in the following aspects.
First, revenue from overseas markets was maybe 800 million, an increase of 55% year-to-year.
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Secondly, GNV in overseas markets increased by 45% year-to-year, with both the direct-operated and distributed models achieving a similar GNV growth rate of around 45%. Primarily driven by a 30% growth in personal GNV.
and about 30% in both Europe and Asian countries excluding China.
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I hope you all have a great day. Thank you for your time and have a good day. I hope you all have a great day. Thank you for your time and have a great day.
Thirdly, I want to stress that Presto JAMB increased by about 30% every year in March quarter, recovering to around 80% of what it was in the same period of 2019.
North America increased by 9% every year and was 50% higher than in the same period of 2019. As we continue to see impressive growth in this region, the US market has been our largest overseas market in terms of revenue contribution.
for two consecutive quarters, while Canada is also among our top 10 markets.
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In North America, we continue to enjoy tailwinds from merchandise.
brand and operations.
That said, as a company which operates globally, we inevitably face geopolitical challenges. However, I am pleased to see that our business in North America is increasingly integrated into local communities, providing value for many products to local consumers under such a high inflation environment.
and contributing to local employment and tax revenue.
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I believe that only through sufficient globalization can complacend our position effectively mitigate country-specific risk.
I'm pleased to see that in March quarter, personal GMB recovery was also quite positive in a range of our overseas markets. For example, Latin American market saw year-over-year growth of over 40%, including a 60% growth in Mexico.
Asian market recorded a UvU growth of 15%, including a 90% growth in Singapore and 50% for both the Philippines and Thailand.
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Finally, let me provide an update on Top Toy. Revenue was 140 million at 24% EU increase. As of quarter end, there were 116 Top Toy offline.
I feel that, as has been said in the past, Thank you for your attention.
In the March quarter, our exclusive products made greater sales contributions and helped increase top toys growth profit margin by more than 2% points each year.
China Bricks, the most important strategic category for Top Toy, continued to play a key role in driving sales and accounted for more than 25% of Top Toy's total sales during the period. The strong performance of China Bricks was the key driver for the increase in Top Toy's gross profit margin during the quarter.
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Our designer talent pool continued to enlarge and mature, turning out a string of highly popular products in toy bricks category including co-branding products with Sanrio's Kurami, Rapid Breaking the Future, Dawn Astronaut L'Ouvert No. 7,
Camille, Neil Briggs and others, we are particularly excited about Dawn Astronauts, the latest IP product of Toptoil's cooperation with China Aerospace.
This self-developed series is designed to educate young consumers about space and cultivate pride in China's strong national aerospace industry. We are as firm as two years ago in the long-term prospects of the art toy market, especially in China bricks, which is Top Toy's number one strategic category.
We are long-termists on top toy business and will work very hard in product innovation as its key focus. We aim to grow this business further and establish it into an influential brand in this industry.
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I hope you enjoyed the video. Please subscribe to my channel. Thank you.
Thank you for your attention.
Thank you for your attention and have a good day! 2023 marks Minnesota's 10th anniversary as well as the first year of our journey to become a Superbrand.
Unmade attendees will celebrate the grand opening of Minsoul's global flagship store in New York City, marking another milestone in our history as Minsoul will become the first Chinese consumer brand to open a flagship store in Times Square, the global crossroads.
We remain committed to executing our roadmap to transfer Miniswap into a great Chinese brand, a consumer brand. We'll firmly anchor our focus on the three transformations and continue to serve every consumer with the happiness philosophy.
Thank you all very much. That concludes my prepared remarks. I now send a call to Yiseng for a review of our financial performance in March quarter.
Thank you, Mr. Ye. Hello everyone, thank you again for joining us today. I will walk you through our financial results for the March quarter. Please note that all numbers are in MMB unless otherwise stated.
I will also refer to some non-IFRS measures which have excluded share-based compensation expenses. Revenue in the March quarter was $2.95 billion, an increase of 26% EUVU, driven primarily by an 80% EUVU increase in revenue from China.
and a 55% EU increase in revenue from overseas markets.
Revenue from China was 2.15 billion including 2 billion from Minnesota brand and 152 million from our business including Top Toy.
Revenue from Minnesota brand increased by about 19% every year, driven by a year-to-year increase of 25% in revenue from offline store, but a year-to-year decrease of 23% in other small channels.
The 25% EOU increase in offline revenue was primarily due to a 19% EOU increase in personal revenue and 5% increase in store number.
On a single-store basis, average number of orders and the average order value goes increased by 8% year-over-year. So we were seeing quite healthy performance improvement across all of our operating metrics, including traffic, ASP, and store numbers in March quarter.
Revenue from overseas markets was around 800 million, increasing by 55% year-over-year. This growth was primarily driven by 38% year-over-year growth in average revenue per min store in overseas markets and 12% year-over-year increase in average store count.
Revenue from distributed model was $430 million, an increase of 47% year-to-year. Revenue from directly operated model was $370 million, an increase of 64% year-to-year. And accounted for more than 46% of total overseas revenue.
as compared to 44% last year.
Gross profit was RMB 1162 million representing a 64% EU increase.
Worst margin was 39.3% compared to 30.2% in the same period of last year. The EOE increase was primarily due to three reasons as we have explained in earnings release. I want to make some supplementary notes here.
First, we have seen positive growth in GP margin in all of our business segments. As Mr. Yeh shared earlier, merchandise growth margin in China increased by nearly 7% from a year ago. That translates into a higher increase in our accounting growth GP margin.
say 10%, considering our revenue share percentage with retail partner is fixed.
10% considering our revenue share percentage with retail partner is fixed. For e-commerce.
Its GP margin improved significantly thanks to its operational optimization. Meanwhile, we took a series of measures to optimize top-choice product mix and store operations, which helped increase its accounting growth profit margin by nearly 9% points per year.
Let me remind you here, Top Toys business model is now progressing towards the profit model we have planned two years ago.
Second, when we look at the shift in our revenue mix, I think there are two major shifts here. The first one is the increased contribution from overseas market as a whole.
The second is the increased revenue contribution from our directly operating model from 44% to 46%, which has the highest GP margin among our business segments. Selling and distribution expense.
were 432 million representing a year-over-year increase of 23%. This increase was mainly attributable to increased licensing expense in relation to our IP products, increased personnel-related expense and logistic expense in relation to the growth of our business.
and to a lesser extent, increased promotion and advertising expense, primarily in connection with our strategic brand upgrade of Miniso brand in China.
G&A expenses were maybe 151 million, representing a decrease of 21% year-over-year. The decrease was primarily due to decreased personnel-related expense in relating to
cost control measures among our corporate crew and decreased depreciation and amortization expense due to the capitalization of our depreciation of land use right in construction cost of headquarters building.
Other net income was 3 million compared to 0.5 million in the same period of 2022. Other net income mainly consists of net foreign exchange loss, investment income from wealth management products and others.
The EU increase was mainly attributable to an increased investment income and a decrease in other losses.
Turning to profitability, operating profit was RMB 576 million, a yearly increase of more than 300%. Net finance income was RMB 25 million, representing yearly increase of 445%.
mainly due to an increase in interest income from bank deposits. Adjust net profit was $483 million, a UVA increase of 336%, adjusted net margin was 16.4%, compared 4.7% in the same period last year.
Adjust basic and dilute earnings per ADS was randomly 1.52 per quarter, increasing by 322% year-over-year.
Turning to cash position, as of quarter-end, our combined balance cash position was approximately $7 billion, compared to $6.2 billion and $5.8 billion as of December 31, 2022 and June 2, 2022 the total continue to bely Advisors to about $0.6 billion over
30, 2022 respectively. Turn into working capture, turnover of inventories and trade receivables remains stable.
As Mr Yeh commented, we delivered a strong start to this year with the best multi-border performance in our history, shaking all of three years of uncertainty. Looking forward into June border, we expect our sales will continue to grow strongly on our year-over-year pressures.
driven by better store-level performance and store network expansion. Meanwhile, our margin profile will continue to improve on a year-over-year basis. Despite the various challenges raised by external environments, we'll continue to focus on those elements of the business that are under our control.
and remain focused on our long-term strategic goals, delivering on our globalization strategy, fostering the strengths of our product offerings, and optimizing our store network. Thank you. And this concludes our prepared remarks. Operator, we are now ready to take questions.
Now it's Q&A section. The first question comes from the line of Michelle Chang from Goldman Sachs.
Now it's Q&A section. So okay, the first question comes from the line of Michelle Chang from Goldman Sachs. The line is open Michelle.
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margin continue to be driven by brand upgrade strategy? So can management comment the growth margin upside and also the product mix adjustment progress? And related to this question is for the IP products, can management share the IP product contribution right now and also the future target? That's my first question.
And second question is regarding the overseas operation. So can make a comment, different market, the upside and also the improvement progress. For some countries like North America, so what are the key drivers that we can do better? And also for certain regions, especially Asia, where is the pressures coming from and also how...
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Thank you Michel, this is Jack here.
Maybe you still remember we firstly introduced our municipal grant strategic upgrade in last March.
And then we give the market outlook that about 30% of the mean source products will be interest-based. And the other 70% of our products will still be of high value proposition.
In terms of the whole project progress, we estimate that by the end of June quarter this year, our merchandise gross margin will close to 60%.
So if we look at the market order, I would say that we are a little bit ahead of this estimated timetable. After our product is upgraded, you know, different from the past, our gross margin of different product categories.
now varies.
That said, our future growth room or growth margin will come from the change of the product categories.
For example, I just mentioned accessories.
This product category's sales contribution increased by about 2 percentage points in the March quarter.
But on the other side, for accessories, this category, its gross margin increased high single digit compared to the same period last year. So it contributed positive contribution to our increase of GPT margin as a whole.
So this is the first part. And the second part, don't forget that we still have the efficiency improvement project from our whole supply chain. So I currently estimate that we still have some room in reducing or optimizing our in-product cost structure going forward in this year.
So this is the answer to your first question. And to your question about IP product contribution, I would say the market quarter we still see about percentage IP related product contribution. I would say it's flat quarter over quarter and a little bit.
higher than last year and we do not have specific sales target of IP related products. But we will try to keep a very competitive product portfolio in terms of IP products.
And for your questions about the overseas market situation, so we have divided our overseas market into five major markets. That is North America, Latin America, Asian countries, including China, Europe , Middle East and North America. I will address them one by one.
So for most American markets.
Its total GMV increased by more than 100% and the farthest among our overseas markets.
Now we have around 120 scores in North America, accounting for 6%, but its GME contribution is nearly 10%.
And in terms of GMV per spool, this quarter we saw 90% year-over-year growth, and it has also recovered to 150% of the pre-COVID level. If you look at Latin America,
Total GMV increased by 62% year over year and the second fastest in overseas market. Now we have about 22% scores in this area but its GMV contribution is close to 40%.
In this quarter, we saw stores in Latin America, its average sales per store increased by 42% and its sales per store is the highest among its peers. If you look at Asian countries,
In this quarter, total sales, total GMV increased by about 30% and it accounted for about 45% of our total overseas scores, but its GMV contribution is relatively low at about 30%. So if you look at the pre-co-leads and periods, you can see that the GMV is at about 30% and
I would say that GMV contribution from Asian market still have a lot of room to grow in this year or next year. If you look at the personal GMV, this quarter it's increased by about 15%.
If you look at Asian markets, you will see that this is a very different. It's a large market with different countries with a lot of population. So the country-specific recovery rate varies, as I just mentioned.
If you look at Singapore, it increased by about 90% every year. The Philippines and Thailand also saw 50% of your growth. But in Asia, we still also have Indonesia, one of our largest overseas markets. And v prop up in glandular
21% in this quarter faster than the average. But if you look at countries like India, it was slower than other peers primarily due to the short of inventory in this quarter. And we are trying to solve this problem now. And we will solve it. If you look at Europe . cent.
GMV increased by 34% in this quarter and European stores accounted for about 10%, but its GMV is also comparable to that level. The personal GMV in Europe recovered to about 85% of pre-COVID.
Middle East and North America, GMV increased by 20% this quarter and this GMV per store increased by single digits in this quarter. We have 7% of stores there and GMV contribution about 10%.
In terms of our store opening target in CanXio23, we at this moment do not want to adjust our target. We want to have some time to observe more and then decide.
Thank you. Thank you. Thank you. Thanks.
Thank you. Thank you.
The next question is from the line of Lucy Yu from Marine Lynch. Lucy, please go ahead.
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store opening is going to exceed our previous expectations. So how many stores have we opened in the second quarter so far, all year today so far? Which part of the China are we seeing accelerating expansion pace? Second question is on the domestic consumption pattern. Have we seen any change in terms of shopping frequency?
of consumer products, ASP, as well as consumer services.
like normal shopping consumer in our stores. And lastly is on the overseas. Although we are not revising our full year guidance at the moment, but we have seen in the first quarter, store opening is still lagging, is slightly lagging behind our expectations. So could we please share.
the reason behind that as well as the second quarter to date for opening in the overseas market. Thank you. Thank you Lucy. This is Ethan. I will answer your question. So for first question, yes you are right and we are highly confident that we will surpass our previous guidance of 250 to 350.
Currently, we estimate that we can open 350 to 450 stores in China market on net basis in calendar year 2023. We will absolutely adjust dynamically according to the recovery of the whole market in China. If you look at the structure, I would say
Tier 1 and Tier 2 will have a lot of opportunities in this year. Maybe you have read from news reports that we have opened a lot of flagship stores in China's top tier cities in recent months. If you look at first quarter, if you look at month quarter,
About 53% of new stores come from Taiwan to two cities. This is a new things that we have never seen during the past three years.
And if you look at our retail partners, yes, they are highly confident. We can tell from our strong pipeline in terms of new stores. And both new and old retail partners have opened stores in this quarter.
and especially in March quarter we see a lot of our old partners, they have opened a lot of new stores because of their store recovered quite well. But by the end of the quarter, by quarter end, on average our retail partners have 3.4 minutes of stores in China.
and that is comparable to historical average.
About your second question about the customer behavior, let me take April as an example. As Mr. Jie just shared, total GNV increased by about 8%. Personal GNV increased by about 50%. I would say this 50% you will increase.
come from high single digit of ASP height and about another 40% or so increase in our orders.
and this has been the trend year to date. In terms of product categories, I would say interest-based related products are among the best sellers.
As you can see in the PPT now, this is some examples of our best sellers in this quarter. Many of them are IP related products.
So we have seen that in this quarter, no matter in China or overseas market, our co-branding IP-related buying blocks or plush toys increased very fast. And maybe we can share more in the next quarter about our overseas buying business.
In terms of customer profile, I'd say there's no change. We still focus on young people and most of our customers are females.
And in terms of your third questions about overseas store expansion plan, yes, we want to wait for a while to see if we have to adjust this plan. But if you look at historical numbers, the majority of annual addition happens in the second half of the year.
about 20. I would not say that this is a very bad case because considering that in April we still had a lot of news growth in overseas markets, I would say we are still on track.
for news to open and see in the overseas market. Thank you. Okay, the next session is from Anne Flaim from Jefferies.
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So, the job is to go and see. Now, my question is first, you know, is on the what is the mix of the best selling items? What is the definition of the best selling item from Nelliso? And what is the mix, you know, for this quarter versus in the previous quarter? And then the second question is regarding the overseas.
as well as the domestic market. What is the operating margin makes for this quarter? What has been driving these improvements in terms of margins? And also, this leads to another question regarding the selling expense, the SG&A. Moving forward, are we going to increase ourselves normally? Are we going to express ourselves primarily as an economicManufact RAIN Fwise
threshold that when a certain SKU sales contribution in a certain time period surpass that threshold, we call it best sellers. In March quarter, we still see that a lot of our best selling SKUs comes from the strategic product categories as Mr. Ye mentioned. Let me share some numbers.
grows these best-setting SKUs.
So I say these results are quite promising and in terms of your question about segment margin, I would say we now have different extinct business segment including Minister of China and Minister of Overseas.
If you look at the Ministry of China, I would say it's above the company level operational margin, as you can see in our P&L in this quarter, of the four municipal overseas markets as a whole, because we still have the directly operated model in hand and it's ramping up.
we still see that overseas market has fall its OP margin is lower than the copy level. Hopefully we have seen that top toys margin profile increased significantly as Mr. Justice shared its
growth margin increased by 9%, right? And it's, you know, bottom line, it's loss ratio significantly narrowed compared to, you know, last year.
So the third question is about the OPEX trend, right? Yeah. Yeah, if you look at the OPEX historical average, we are highly confident that we can still control OPEX ratio to about within all around 20%, as you can see in this page of our? route. If you would like to see more videos like this? Well, I would love to hear your thoughts on this Participant Horton calculations in section
the whole OPEX ratio within or around 20%. In the future, we still are targeted to control our OPEX ratio around 20% or so.
So thank you. Okay, just to follow up, Ethan, you know, if we have like, you know, overseas market growing a lot faster and then half of it is like hotel order, does it mean that we have more operating leverage for the overseas market versus the domestic market or...
It doesn't really matter. This is still way too busy because during the past two or three quarters, we have seen the most significant operational leverage in China business because we are running our business in a unified market. A lot of...
a cost that you can share, right? But for overseas market, especially for distributor business because we are, you know, have the studios in different markets, different countries. So a lot of costs that we cannot share with. But, you know, I probably agree with you that in the long term that with the increase of the sales,
of this business always is marketed as a whole, we still have some potential in terms of operation leverage. Thank you. Thank you. Thank you. Our next question is from the line of Veronica Song from Credit Suisse.
Thanks to all of you who haveBritened to the home video and students for joining us. Any Former Now, Another Great I hope to see you soon.
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My first question is about Menissus directly operated overseas markets mainly Indonesia, India and USA. So what's the current store UE and profitability? Is there anything you can share? And also what kind of profitability shall we expect in the coming quarters? And my second question is regarding top-type.
So the company has been adjusting its store model in the past quarters. You also mentioned that we've been never in losses as well for Top Toy. So in the coming year, what will be our key focus for this brand? And also what kind of profitability shall we expect in the coming quarters? Thank you. Thank you, Veronica. Yes.
We have some major countries in our direct operational model including the US market, including the Indonesia and India market as we mentioned. Compared to the US market, our business in India and Indonesia is more mature and has been growing since 200-500 years.
has a longer history, right? So for these two markets, we now are running in a very ideal status. If you look at it operational, if you look at it offline, I would say it's very solid, even under...
such a circumstance in which its sales recovery rate is about 60% or even something like that.
For our US market, if you look at its margin profile, I would say it's still too early to make judgment or to share with investors this kind of information. But as I mentioned, it's still too early to make judgment or to share with investors this kind of information.
the US market as a whole increased by more than 100% and its personal sales increased by nearly 6%. And we are very positive about our future growth in this market. And we still need some time to ramp up the store unit.
for it in this year because as Mr. just mentioned, China Breaks is its number one priority in this year. So we want Top Toy to make as much as it can in terms of product innovation and the whole team building and so on.
But that doesn't mean it will still make a loss this year. That's not necessarily the case. If you look at the top toy business, I would say its top-line growth as a new business will still be higher than the company's overall revenue growth in calendar year 2020.
And because of its sales leverage and its exclusive product getting more and more sales, we will reasonably estimate that top toy.
will significantly narrow its loss status in the coming year. Thank you. Thank you once again for joining us today. If you have any further questions, please contact Minnesota's IR team. Our contact information can be found on today's press release.
We will see you next quarter. Have a nice day. Thank you.
Have a nice day. Thank you. Goodbye.