Q2 2023 Yalla Group Limited Earnings Call
Good morning, and good evening, ladies and gentlemen, thank you for standing by for Yellow Group Limited second quarter 2023 earnings Conference call.
At this time, all participants are in listen only mode.
After todays prepared remarks, there will be a question and answer session.
Today's conference call is being recorded.
Now I will turn the call over to your speaker host today Carrie go IR director of the company. Please go ahead.
Hello, everyone and welcome to the yellow second quarter, that's when people need three earnings conference call. We released our earnings press release earlier today and the release is now available on our IR website as well as only a small outlets.
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 1995.
Forward looking statements involve risks and uncertainties.
Our future results may be materially different from the views expressed today.
Information regarding these and other risks and uncertainties is included in our earnings release and our annual report filed with the S E T.
Yeah that does not assume any obligation to update any forward looking statements, except as required by law.
Please also note that yellow earnings press release, and this Congress call include a discussion of unaudited GAAP financial information as well as unaudited non-GAAP financial measures.
The press release.
So the Asia of the unaudited non-GAAP measures to the unaudited most directly comparable GAAP measures.
But here from Mr. Tao, Li our chairman and Chief Executive Officer, who will provide an overview of our latest achievements and growth strategies. He will be followed by Mr. Stop if my view of the company's President who will briefly review our recent business developments is just Kevin Hu, our chief financial officers with them to provide additional details.
The company's financial results and discuss our financial outlook.
Following the managements prepared remarks, let's open up the call to questions. If that's that I would now like to turn the call over to our chairman and Chief Executive Officer, Mr. Tao Yang. Please go ahead Sir.
Thank you everyone for joining our second quarter 2023 earnings conference call.
<unk> delivered a robot.
This quarter.
In both our top and bottom line.
The impact of the myrmidon or do they.
Although Q2 revenue reached 70.
So I'd point to nearly USD.
Thank you Kevin.
Okay.
This exceeded the upper end of our guidance by five 7%.
Manifesting the popularity of Alberta.
Although our continued effort to drive quality growth.
Although the operating efficiency.
Painful.
In Q2.
Our non-GAAP net margin reached 42, 6%.
Well do it quarterly.
Quarterly performance showcases our dedication.
And the ability to successfully deploy although a portion.
The execution.
Yes.
And my other user acquisition strategies.
All of these.
Holistically.
Calibrating the exterior.
Got it.
Well, they are boosting yellow and yellow leaders.
Needless to say and pay.
Yeah.
As we discussed on our last call 2023.
Yes.
Thanks, Mike.
We are witnessing a rapid digital transformation in immediately.
The momentum we are seeing it in writing.
Revenue recognized in that regional market opportunities maybe.
The.
Significant.
<unk> Internet <unk>.
I'll ask a robot to support from local manner.
Okay.
Well determine to be local industry.
But they are dedicated to filtering collaboration with.
Larry information.
I could be participating in local lenders.
Globally investment too.
<unk> domestic industry and increasing investment in.
Revenue.
Overseas to create future strategic opportunities.
And the largest media based on the Washington, Metalworking and gaming company, Yes.
<unk> is committed to facilitating the change in the middle market.
And we are glad to see more conversations taking place.
As we discussed last quarter.
External collaborations are an important component of our go forward growth.
Strategy.
Happy to share our chairman.
And localization competitive.
More industry peers, who are interested in exploring the immuno market.
Well the goal is to secure mutually.
Beneficial collaborations.
Yes, it's bad business.
And our dynamic market, where we see great.
Potential and working together.
Yes.
I'd like to share some important, albeit yet again, we can do better.
We're happy to report that.
Martina.
[laughter] officially launched a low cost me now.
And it's now available on both the Apple store and Google play.
Martina.
Starting today.
That takes players.
Or any sort of Arab wings themed landscape.
He brings world over in Alabama football.
To launch.
With stunning visuals reach mesquite.
Middle East and music.
The integration of <unk>.
What Chad.
The games real time strategy.
Martina.
The high school game to collaborate with Zillow group.
The game is being promoted on our Homepages Oh, yeah custodian.
Hi Felipe.
And was that that the member to download a game in Saudi Arabia.
Oh after its launch.
We plan to gradually increase or investment in user acquisition in the next couple of months being played the game.
In terms of yeah, that's right yeah.
Yeah.
What's the game H magic.
The team.
I've been looking on the new game in Italy.
Fair enough.
So you can imagine.
Since launch in Turkey.
At the beginning of August we successfully launched the Arbuckle Washington.
The cross Gulf countries.
Again, we're the number one downloaded game in the Bill pay game category.
Got it.
UAE and Saudi Arabia.
We will continue to monitor age of lagging.
<unk> financial performance.
And we look forward to sharing more details with you on our next earnings call.
The establishment of gaming as a important hi P J.
We will keep exploring.
In Mcallen Colgate.
Well the two games, we just know we will continue to work on future iterations to gain retail.
Section.
We also continue to expand.
Okay.
No.
And external distribution operation.
We look forward to building our bitcoin huckle game, what is and expect these to <unk> reported growth drivers going forward.
Although lesion.
For <unk> to become the largest lawn.
And then pumping units.
We have quite an acceleration in the region.
And the whole team have been working parents need to achieve this goal.
We are exploring many possibilities.
Identifying how we can better assess.
Evolving needs.
Okay.
Our strong cash flow and solid cash position.
Ill suited.
To support this year.
He used to transformation in the middle East.
If we'll see.
And as Mac.
This will be a crucial period.
Right.
We are confident in our.
To capture growth opportunities in.
Permitting and growing market.
We will continue.
So where are you Matt.
Rich.
That's good.
And when it make slow new business as well.
Well, we work with potential partners.
Around the world to generate more global.
Patient in need an exciting future.
Total transformation.
Now I will turn the call over to our President let me see I T E.
Oh, a closer look.
And he said.
Development.
Hello, everyone.
Thanks for joining us today.
Let's take a closer look at our Wassa operation.
And the bed four months of our product.
We are pleased to have delivered robust squawks of tourism.
A lot of monthly active users increased by 14.3 year over year.
Reaching to 54 2 million.
In quarter, two we rolled out an array of liquidation event.
On both yellow.
They find our products featured and systematically improve our customer service management.
Yeah like groups varying views that increased by 26.6 best than you had over the years, We said boy 4 million in quarter two.
The administrating users increasing willingness.
With our platform.
Our team will continue to refine our user acquisition and operational strategies to further improve efficiency.
I'm pleased to share with you that during quarter two you like group launched a new product.
He said I don't think he was a tradition and brand yet which played a significant role in Arabic to users daily lives. Our team launched this user friendly and AD free app to provide user into Arabic community with accurate rig time and a number of other customized.
Functions related to Brexit.
The introduction of this app aligns with the other groups E. G program, demonstrating our dedication to all nothing I'm a big culture.
Which represent a significant portion of todays culturally diverse society.
It's my privilege to announce that as a leading local gaming company yellow was invited by the bachman of economy and tourism over debate to Buck This debate and debate E sport and getting Vista built 2023.
Didn't think the Mr. Bill in late June we showcased our latest hardcore game and discuss the future mobile games in Mena held under the burden of that order.
Dubai, the Dubai esports in game Vista is a premier esports and gaming you'd been in domain that Egypt is to introduce the latest development in the gaming industry through games expose esports tournaments influence of challenges.
And again industry comfort on this.
This event has all social defied debate as the globe as the global gaming destination and in getting a sense of community among gaming with sensus.
Putting an exceptional gaming experience deep in Arabic custom our two new game Magic Kingdom and age of religion gained great popularity among glared at Davis Stephen.
This reflects our strong local expertise and the event also strengthening our brand awareness our gross net agent.
We are also pleased to report that in collaboration with Mohammed bin Diet University of artificial intelligence.
N V. The U a E. We have launched a trailblazing broke ground to cultivate new AI talent.
It's the first graduate they've been research based at our University in the world and be the U a E walks to enable the advancement of graduate student businesses and government and artificial intelligence in the Arabic environment.
In addition to the internship program, that's taking place at the other groups headquartered and debate. The two parties will also focus on industrial development and explore the future application.
With cutting edge technology to strengthen alliance between industry and academia.
As the largest online social networking and gaming company in Mena.
The bus there've been years Yellow group has amassed a great deal of practical expedient in natural language processing computer vision and recommendation system, that's it with Arabic sentiment and Arabic users custom we believe our corporation with M. B did.
I will provide both parties with the new ideas enhance the application of AI innovation, the Arabic environment and support the acceleration of <unk>.
Digital transformation and that even at launch.
Last but not least we are very proud to announce that for three years in a row. Yeah. Like group was selected by data I have.
It's one of the top 30 publisher headquartered in Europe , The Middle East and Africa E. M E N. In the 2023 publisher awards in the Middle East region. We were also recognized as being the number one publisher based on consumer spending data.
All right.
Well known global unified data analysis platform for the mobile application market, our number one rating validates our deep local knowhow in this increasingly competitive market and the strength of our monetization capability. We are honored to receive the data.
Ice prestigious award and look forward to consider mostly providing me now users with high quality customized digital products to meet the fast growing demands of online users.
In conclusion, I would like to echo the sentiment that you love. The vision is to become the number one online social networking and entertainment platform and mean adhesion as being a digital transformation.
The little momentum over the next three to five P. M. We will leverage our extensive operating experience in this region continue to invest in R&D and roll out new products tailored to local user habits and preferences. We will also work to expand our parks.
Ship with local channels and look forward well corporation opportunities with industry peers.
On the grill.
Eager to explore the immuno market.
Keeping a lot of group vision in mind, we would remain faithful to our core values.
I think our user embracing diversity and operating within a simple pragmatic bio nearing and instead pricing approach as we work to achieve our goals with that I will now turn the call over to our CFO , Karen who will discuss our key financial.
But I think that it does.
Thank you Sammy Hello, everyone and thank you for joining us today.
In the second quarter, we achieved solid top and bottom line growth as we continue to proceed with a high quality development.
We remain committed to executing our disciplined cost management and our marketing strategy.
They're elevating our overall operational efficiency we.
We have also strategically leverage it is of high interest rates to achieve higher returns to support our strong cash position.
And we got we maintained a healthy level of profitability with a net margin of 35, 7% and non-GAAP net margin of 42 point things like that.
As we moved into the second half of 'twenty to 'twenty three we will continue to leverage our high quality growth.
And the further enhance our efficiency.
We believe our ample cash position and the strong execution capability we are.
Great.
True opportunities back to foster sustainable.
Sustainable growth and the general.
For all our stakeholders.
Now I would like to walk you through our detailed financials for the second quarter to 23.
Our revenues were $79 2 million U S dollar in the second quarter of 2023.
I'll point to 1% increase from 76 point to one mean in U S dollars in the second quarter of last year.
The increase was primarily driven by the broadening of our user base and our in house to monetization capability.
Now, let's take a look at our costs and expenses.
Our total costs and expenses remained relatively stable.
$5 3 million U S dollar in the second quarter.
Three compared with $55 2 million U S dollars same period last year.
Yeah.
Our cost of revenues decreased by three 2% to $28 3 million U S. Dollar in the second quarter of 2023 down.
<unk> from $29 3 million U S dollar in listening to your last yeah.
The decrease was primarily due to a lower commission fees paid to third party payments platforms as we diversified our payment channels as.
As well as Lord Technical service fees as a result of our mobile PC claims cost management.
Cost of revenues as a percentage of our total revenues decreased from 35, 8% in the second quarter of 2023.
So to eight 5% in the same period.
Yeah.
Our selling and marketing expenses, what tell point 4 million U S dollars in the second quarter up to fund the 23, a 10.4% increase from 11.2, meaning U S. Dollar in the same period last year.
The increase was primarily due to higher advertising and the marketing and promotion expenses related to increased acquisition efforts and promotions associated with.
Our expanding product which are folio.
Selling and marketing expenses as a percentage of total revenues.
Revenues remained relatively stable.
15, 6% compared with 14, 7% in the same period of last year.
Our general and administrative expenses were 8 million U S. Dollar in this thing.
Second quarter 2023.
Oh 15, 4% increased from $6 9 million U S dollars in the same period last year.
Primarily due to an increase in incentive compensation and increased professional service fees.
General and administrative expenses as a percentage of total revenues remained.
Relatively stable at 10 points of 1% compared with nine 1% in the skin care.
Yeah.
Our technology and product development expenses was six point Stakes mean in U S dollars in the second quarter of <unk>.
On the 20th suite.
A 14.8% decreased from seven 7 million in U S dollars in the same period last year.
Due to the appreciation of U S dollar, which resulted in a decrease.
Currency amount of salaries and benefits for our technology and product development team.
Showing one of the benefits of our globalized that talent acquisition strategy.
The knowledge and product development expenses as a percentage of our total revenues decreased from 10, 2% in the second quarter of 2023, I was kind of any true two eight point <unk>, 3% in the second quarter of 2023.
As such our operating income increased to $23 9 million U S. Dollar in the second quarter of 2023, compared with 29 million U S. Dollar in the same period last year.
Excluding share based compensation, our non-GAAP operating income in the second quarter of 2023 was 29.4, meaning U S. Doris.
Our interest income was four points.
<unk>.
On a U S dollar in the second Unfortunately took on the 20th suite compared with 100 and the seventies.
Thanks Saar in the U S dollar in the same period of 2022.
Primarily due to an increase in interest rate applicable to our bank deposits and a continued increase in the company's cash position.
Our income tax was.
821 started in the U S dollar in the second quarter of 2023, compared with 700 and a T cell in the U S. Dollar in the same period last year.
Moving to our bottom line, our net income increased by.
39% to 28.3 million U S dollars in the second quarter of 2023.
Paired with 20.24 million in U S dollar in the same period last year.
Excluding share based compensation expenses non-GAAP net income for the second quarter of took on the 23 increased by 18% year over year to 33.8 meeting U S dollar.
Next I would like to briefly go through our liquidity and cash capital resources.
Our cash position remains solid and as of June 32023, we had cash and cash equivalents term deposits and short term investments.
$510 5 million in U S dollars compared with 453, meaning U S.
As of December 31, 2022.
Under our share repurchase program that began May 21, 2021 and has.
Extended by our board.
May 21, 2024, we have repurchased two meaning 300 mm 302141, 80 S. All class a ordinary shares.
In the open market to cash repurchases totally opposed to mutually $27 million as of June 32023.
Moving to our outlook.
For the third quarter of 2023, we expect our revenues to be between 73, meaning U S dollars and 18, meaning U S dollars.
The outlook is based on the curve into market conditions and reflects the company's management's current and preliminary.
Estimates of the market and operational foundation and customer demand, which are all subject to change.
This concludes our prepared remarks for today operator, we are now ready to take questions.
Thank you.
To ask a question. Please press Star then one on your telephone keypad.
If you are using a speaker phone we ask you. Please pickup your handset before pressing the keys.
Majority of a question. Please press Star then two.
Our first question today comes from swings on well, let's see I see.
Please go ahead.
Okay.
Good morning management.
For taking my questions and congrats on a strong quarter I have three first.
Back to you in detail.
Thanks to our stable coffee.
Khartoum contract, which indicated that as a company.
No growth potential as a pain Asia too.
And as I like to add to your hardcore games can management share what you see as the end of that teaches us getting more involved in leading the hardcore games and what kind of expected that marketing expenses for two games in the third quarter and first quarter.
Paul will begin to actually come in and teach thank you.
Hi, Good morning, Judy. Thank you very much for the questions I'll take the first two and I think our CFO Carolyn will take the historic one.
For the first question please.
Oh for the paying ratio who.
Uh huh.
We started ojala.
Early in the Mena market and did well.
To obtain a group of users who are highly loyal.
I need for online social networking and gaming.
Our users have shown a strong willingness to engage our platform over the past seven years.
We're paying ratio in Q1 reached a 41%.
This quarter it comes out it's not <unk>.
The 39% so for the first half of the year.
We're paying ratio has remained strong which is higher than what we see some money to you saw that in the industry.
Great.
We have posted.
Operating events in the past few quarters, which are designed.
To convert more users into paying users.
Don't want to guide you.
Your opinion issue at this stage.
It's already robot in terms of Oh boy.
Yes, they are more tactics, we can try to improve.
It's performance.
And Oh.
With household names question.
We are dedicated to serving the meter market.
And we are also the largest local alliances and that's working on a gaming company.
With this reach and home expression go.
Slowing the Nikola hardcore game business.
Great move for the company.
Also reported that two words are.
Achieving our vision.
In terms of automotive.
I think there are two important parts first of all gaming is a fast growing market and need it.
Hum.
No.
The industry.
Other countries will continue to.
Developing.
We identify mcallen hardcore game to be one of the important business drivers.
The company in the future.
And we also have a highly engaged user community that we can leverage them.
Secondly gaming business.
Well the cash you have in Canada with a post some really strong cash position.
We may be able to explore more internet.
In the region.
As you May already know money worthless now don't have a dominant theory.
Yes.
Hope that answers your question.
Hey.
And then secondly, maybe.
We're taking the last question.
Okay.
Karen.
Oh, sorry, sorry.
Alright, sorry.
Thank you for your questions Richie.
The second half of this year, we budgeted actually leads to more than 1 million U S. Dollar to invest in promoting this 20 call and had called games.
Our budget is dynamic and we will adjust it accordingly.
According to our user feedback and.
It is possible for us to invest the more people we see meeting.
We have just started to promote them, which kingdom yellow community and do we we are already seeing better retention and a willingness to pay.
Early feedback has been positive and we will continue to monitor user trend.
I answer your question. Thank you.
Okay. Thank you and our next question today comes from China.
<unk>. Please go ahead.
Hi management, Thanks for taking my question and congratulations on non episodic culture I have two questions first with a follow up question can management share more detail about what the financial impact of launching it ships.
And hop so again and secondly, we can see that yellow grew up often have changed quite a high performance in the second courtyard during the off season and offer them down. So what are the main driving force behind this and how should we think about it in terms of office didn't know changes in this chart and of course the country. Thank you.
Thank you Joe how I'll take the first question and leave the second one to our C O.
If you are referring to the impact of the potential investments in these two hardcore games promotion to our group margin I would like to emphasize that our new margin guidance, which is over 30%. We provided at the beginning of the year already includes these anticipated ex pit.
Pansies expenses.
So far our margin trend east coffee.
With our expectations and the because of our quality growth strategy at the group level, our gross margin is.
<unk> actually doing a little better than we promised at the beginning of this year.
In terms of all potential revenue contribution we started with the official promotion of both product in Q3.
And we are gradually increasing the investments in sales and marketing.
After the ranking on some third party data platforms, we see that much kingdoms grossing ranking under the same category in Mena is already but about the same level.
There's some successful as algae games.
The whole team has been working on that and our goal is to improve the game's performance further.
That answer your question. Thank you.
Alright.
Thank you very much for your question.
Take me pick one.
Okay.
That number down or the main joining forces.
I think the most influential seasonality impact we see is still a lot of time, which usually falls in Q2.
All the other quarters I don't see seasonality out a very strong factor.
Yes, we are delivering very good performance in Q2 this year, but.
But if we look into our rough nature on a daily or weekly basis.
Rufus.
No no.
To pay.
And let me know.
However, our product and operation teams were able to roll out popular.
And new features on our platform after Ramadan ended.
And in the <unk>.
Later part of Q2.
Revenue growth showed solid recovery.
I think the key driver of this quarter's strong performance, it's too closely.
Tied to our ability to do that that's all across the board.
Local user preferences.
As well as our ability to provide users with batteries.
On the platform.
Thank you.
Okay. Many thanks.
Thank you and our next question today comes from Hong Zhang with <unk>. Please go ahead.
Our management, that's what taking my question.
I have a question about your gaming business, so what sort of asbestos collapsed stretch aged under monetization applying for the made on how to call payment business.
Hi, Paul.
Thank you for your question regarding the sales and marketing strategy for hardcore games. There are two important points, we care about first of all for any new meat and hardcore games promotions building user community with good dynamics is very significant that's highly related to the pace and tactics, we use the marketing. Additionally, the pace is quite different.
So G games RPG games, a lot of know how is invoked and we need to be pretty accurate in controlling the pace.
Secondly, we really care about the alloy we monitor ROI on a daily basis, because one of the key metrics, we referred to and in terms of the monetization of the hardcore games I would say yeah approaches are the main parts. Thank you for the question Python.
Yeah.
Thank you and the next question comes from Michelle <unk>.
Tom Please go ahead.
Sounds good management, so I guess my question and congratulations on a very strong quarter. So I have two questions. Firstly could you. Please provide us it's all yellow check them either new products and my second question is what.
Or how does that feel check Australia has followed the yellow yellow see.
Thanks.
Hi.
Good morning.
I'll take the question.
As I shared earlier, our yellow chart.
Message.
The lifestyle Arctic users and with that.
Observations with respect to local infrastructure without it.
Sure.
The prudent.
We'll go with that.
The first stage of emotion should not through its launch and has shown strong retention.
Recently, we have focused more on refining the product features and rolling out new function.
Example, like yet to check now I suppose.
<unk> users joining the same group leaders shop.
We also launched multi shop.
Is that more will be sourcing and refining the product before we began the second round of promotion.
I don't want that.
I will now share with you.
About <unk>.
Building on it.
Innovation social.
We plan to explore combination with medco and how colgate to boost.
<unk>.
Any indication of their product.
We'll keep you posted on our progress.
Our new product.
And for the question.
About the future growth drivers.
Nito.
Our two flagship.
Yeah, Yeah yeah.
Sean strong popularity and the media market and we are very confident this trend will continue in.
In terms of users.
We stick with our current strategy to obtain quality coal and focus more on the O I instead of only the community side, we do also.
<unk> got typically requiring all of our operations.
Turning now to new feature set up where you can do that.
Two local users who have preferences.
User engagement and Apple, we expect a weird connection applications to keep their current betting peso growth.
Thank you.
Thank you.
Thank you and our next question comes from later in the call them.
Goldman Sachs. Please go ahead.
Alright, Thank you management for taking my question.
So you know what I'm not sure what to discuss this plan up for increasing interest from global companies.
Market doing just that.
Mark.
How is this going to affect that.
Region at all.
The competitive landscape changing.
Under this context, thank you.
Thank you very much thank you.
As we discussed in our remarks session.
My coal environment and the local government dedication to development is strong more and more resources, including talent.
Last month.
The reference to this market.
Think one important thing we have noticed it.
Since the second half of last year, we have seen more recently widened.
Opportunities in the media market with industry.
More conversations happening.
Cause that.
We are able to learn from each party's inside that intention.
What do they have.
And what they need at this point.
And discuss ways to collateral collaborate.
That's a mutually beneficial.
With all of them in mice and resources.
It's not hard to see that.
The market is going to grow in the next three to five years.
In terms of the.
Competitive landscape.
And listen to music some internet companies.
Gradually entered the market, but that.
Some mobile gaming apps are also performing well, though because if the market does.
It's very exciting.
The Testament to the region market potential as well as.
It's also a sign of it.
Switzerland.
I want to iterate that competition is never bad.
It's a paradox to better serve our users, we search new technology and industry trends and drive collaboration and innovation.
As a leading player in the region.
We see the voting.
You see that as an opportunity.
We are taking proactive steps to cement our leadership position.
Vision.
And we remain confident in our capabilities after all these years.
Thank you Inger.
Thank you okay cohort.
Okay.
Thank you and our next question comes from Edward Wong with Credit Suisse. Please go ahead.
Hi management, thanks for the presentation and congratulations on the robots are resolved.
So my question for.
Can management share more colors about revenue growth target in the second half of the year. Thank you.
Hi, Edward Thank you. Thank you for your question.
For our flagship applications, we expect that their current to steady pace of growth to continue.
In line with our annual revenue guidance, we provided at the beginning of the year.
As a reminder, this guidance excludes the potential contribution from our medical and have called games business.
We recently started the official promotional all our two games and there are still four more months from now on to the end of this year. So we will keep you posted on our progress once we have a more accurate predictions. Thank you.
Yeah.
Thank you and our next question comes from Richard <unk>.
With Nomura. Please go ahead.
Good morning management, that's for taking my question and then congratulations John .
I have a question about the merch margin could management share more.
On the margin trend in the second half of this year.
Thank you. Thank you for your question. Thanks, we have a promotion for our meat quote hardcore games in quarter, three and quarter four.
There may be some fluctuations in our quarterly net margin it depends on our user feedback and how much we will end up investing taking the potential expenses of meat cold to hot coking, Susan the marketing into account plus the benefits of our operating refinements and the higher interest rates.
Which we are driving better returns on our cash position are we.
<unk> 2023 annual non-GAAP GAAP non-GAAP net margin to increase to about 35%.
To answer your question. Thank you.
Thank you.
There are no further questions now I'd like to turn the call back over to management for closing remarks.
Yeah.
Thank you once again for joining US today, we look forward to speaking with you in the last quarter. If you have further questions. Please feel free to contact Investor relations or P. S. N pay financial communications both parties contact information is available on today's press release as well as on our company website. Thank you.
This concludes today's conference call. We thank you all for attending today's presentation.
You can now disconnect your lines and have a wonderful day.
Okay.
Yeah.