Q3 2023 Jiayin Group Inc Earnings Call

Speaker 1: Good day, ladies and gentlemen. Thank you for standing by and welcome to the Jia Ying Group's third quarter, twenty twenty three earnings conference call. Currently, all participants are in listen only mode. Later, we will conduct a question and answer session. And instructions will follow at that time as a reminder. We are recording today's call if you have any objections, you may disconnect at this time.

Good day, ladies and gentlemen.

Thank you for standing by and welcome to the <unk> group's third quarter 2023 earnings Conference call.

Currently all participants are in listen only mode. Later, we will conduct a question and answer session and instructions will follow at that time as a reminder, we are recording today's call. If you have any objections you may disconnect at this time.

Speaker 1: I will now turn the call over to Mr. Sean Zhang from Jiaying Groups Investor Relations. Please go ahead.

I will now turn the call over to Mr. Sean.

From jogging groups Investor Relations. Please go ahead.

Okay.

Speaker 2: Hello everyone. Thank you all for joining us on today's conference call to discuss Giant Group's financial results for the third quarter of 2023. We released our earnings results earlier today. The press release is available on the company's website as well as from Newswire Services.

Hello, everyone. Thank you all for joining us on today's conference call to discuss <unk> financial.

Financial results for the second.

Third quarter, all time, Kenneth Cree, We released our earnings resource earlier today. The press release is available on the company's website as well as from Newswire services.

Speaker 2: On the call with me today are Mr. Yan Ding Gui, Chief Executive Officer, Mr. Fan Chunlin, Chief Financial Officer, and Ms. Shiyi Fang, Chief Risk Officer.

On the call with me today are Mr. <unk> Li.

Chief Executive Officer, Mr. Frank <unk>, Chief Financial Officer, and Mr. Sheehy, Chief risk Officer.

Speaker 2: Before we continue, please note that today's discussion will contain four looking statements made under the safe harbor provisions of the U.S. Private Security Litigation Reform Act of 1995. Our looking statements involve inherent risk and uncertainties. As such, the company's actual results may be materially different from the expectations expressed today.

Before we continue please note that today's discussion will contain forward looking statements made under the safe Harbor provisions of the U S. Private Securities Litigation Reform Act of 90 95.

Looking statements involve inherent risks and uncertainties as such the company's actual results may be materially different from the expectations expressed to date.

Speaker 2: Further information regarding these and other risks and uncertainties is included in the company's public filings with the SEC.

Further information regarding these and other risks and uncertainties is included in the Companys public filings with the SEC.

Speaker 2: The company does not assume any obligation to update any core working statement, except as required under applicable law.

The company does not assume any obligation to update any forward looking statement, except as required under applicable law.

Speaker 2: Also, please note that unless otherwise stated, all figures mentioned during the conference call are in Chinese remain being recorded.

Also please note that unless otherwise stated all figures mentioned during the conference call are in Chinese renminbi.

Let me now turn the call over to our CEO. Mr. <unk>, Mr. Yan will deliver his remarks in Chinese and I will follow up with the corresponding English translations. Please go ahead Mr. Yet.

Speaker 3: Hello, everyone. Thank you for attending our telephone conference today to review the results of our third quarter of 2023.

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Speaker 3: Hello everyone, thank you for joining us today to discuss our outstanding resource for the third quarter of 2023.

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Hello, everyone. Thank you for joining us today to discuss our all spending resource for the third quarter of 2023.

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Speaker 3: not only a reality but also a certainty. Thank you for watching.

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This quarter, we have achieved new milestones in key financial and operational metrics. Our loan origination volume reached RMB 24, 2 billion in the third quarter, a 62, 4% increase compared to the same period last year.

Net revenue grew by 64%, while net income further expanded to approximately RMB $324 million.

These results once again proved that our development path is healthy and sustainable.

And our strategy is right.

East Precess and practical.

Speaker 2: We are confident and capable of continuously creating value for our investors and growing into a significant player in the global fintech industry.

We are confident and capable of continuously creating value for our investors and are growing and growing into a significant player in the global Fintech industry.

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Speaker 2: However, in the third quarter of 2023, both the global and Chinese economies face significant challenges. Despite the complexity and constant changes in the global economic environment and ongoing adjustments in monetary policies of major economics, we have observed that China's economy is undergoing a slow recovery process.

However, in the third quarter of 2000 and excludes both the global and Chinese economies face significant challenges.

Spike the complexity and cost and changes in the global economic environment and ongoing adjustments in monetary policies of major economics, we have observed that China's economy is undergoing a slow recovery process. Although the pace of this recovery has not reached.

Speaker 2: Although the pace of this recovery has not reached the expected speed.

<unk> expect ASB is still demonstrate that the underlying screens and the resilience of China's economy, Secondly, Tony you well my clients at all Sundar contracts like the children that.

Speaker 2: it still demonstrates that underlying strength and the resilience of China's economy.

Speaker 3: Thank you for watching.

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Speaker 2: In the domestic financial sector, we have noticed fluctuations in credit market risks during this period, with asset qualities and risk management emerging as key topics in our industry.

In the domestic financial sector, we have noticed fluctuations in credit and market risks during this period with asset qualities and risk management emerging as key topics in our industry recently.

Speaker 2: we understand that continual prudent and detailed operation and management are crucial for our long-term stable and healthy development in the current environment.

We understand that continual.

Dan and detailed operation and management are crucial for our long term stable and healthy development in the current environment.

Speaker 2: Therefore, whether in the third quarter of this year, the upcoming fourth quarter, or the beginning of next year, we anticipate continuing our cautious

Therefore.

Weather in the third quarter of this year.

The upcoming fourth quarter or the beginning of next year, we anticipate continuing our cultures.

Speaker 2: business strategy under the premise of maintaining stable development and profitability.

Business strategy under the permits of maintain stable development and profitability.

Speaker 2: We will also closely monitor market dynamics with a special focus on controlling risks and tracking changes in asset quality.

We will also closely monitor market market dynamics with a special focus on controlling risks and are tracking changes in asset quality.

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Speaker 2: Over the past two years, our FinTech business in China has continued to grow steadily in scale, with an expanding reach across financial institutions. By the end of the third quarter, the total number of financial institutions in our partnership network has reached 70 feet, marking an increase from 69 in previous quarter.

Over the past two years, our Fintech business in China has continued to grow steadily in scale with <unk>.

And expanding reach across financial institutions by the end of the third quarter. The total number of financial institutions in our partnership network has reached 73, marking an increase from the 69 improved this quarter.

Speaker 2: As our business volume grows, the diversity and concentration of our partner institutions are also evolving. In the quarter, we are pleased to see that the proportion of funds to be facilitated provided by internet banks and private bank partners has already accounted for the majority.

As our business holding gross the diversity and concentration of our partner institutions are also improving.

In the quarter, we are pleased to see that the proportion of phones to be facility provided by Internet banks and private banks partners has already accounted for the majority.

Speaker 2: Furthermore, we are currently in talks with 76 financial institutions aiming to extend the powerful FinTech capabilities of us to benefit even more licensed financial institution partners in the future.

Furthermore, we are currently in talks with 76 financial institutions aiming to extend the powerful fintech capabilities of <unk>.

To benefit even more licensed financial institution partners in the future.

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Speaker 2: While expanding our institutional coverage, we are also focusing on deepening and broadening our cooperation with key partners.

While expanding our institutional coverage, we are also focusing on deepening and broadening our cooperation with key partners.

Speaker 2: A cooperation model that supports financial institutions in carrying out their self-operating business is making continued progress.

Cooperation model that supports financial institutions in carrying out their self operating business is making continued continued progress.

September 30th.

Speaker 2: We have launched cooperation with six financial institutions under this model, with several more actively joining or are currently in discussion.

We have launched cooperation with six financial institutions under this model.

Several more act actively joining or are currently in discussion.

Speaker 2: Moreover, the proportion of non-regionally restricted funds to be facilitated continues to stay above 60%, which solidifies our foundation for contributing to the development of inclusive finance across all regions in China where we expand our business skills.

Moreover, the proportion of non <unk> risks restricted funds to be facilitated continues to stay above 60%, which solified our foundation for contributing to the development of inclusive finance across all regions in China, while we expand our business.

Speaker 3: As we have emphasized repeatedly in the past few quarters, in this quarter, we...

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Speaker 2: As we have emphasized in the past few quarters, optimizing the structure of our borrowing customers remains a top priority this quarter. On one hand, we stopped to refine the structification of our user structure while further providing high quality full lifecycle services to our existing borrowers.

As we have emphasized in the past few quarters.

Optimizing the structure of our borrowing customers remains a top priority this quarter on one hand, we swapped to refine the stratification of our user structure will further providing high quality full lifecycle services to our existing borrowers.

Speaker 2: On the other hand, we continue to invest in new forward growth while ensuring high-quality acquisition.

On the other hand, we continue.

Invest a new borrower gross well ensuring high quality acquisitions since the beginning of this year, we have observed that the risk fluctuations in the market have had a certain impact on the asset quality of licensed financial institutions as a trusted business partner of those clients.

Speaker 2: Since the beginning of this year, we have observed that the risk fluctuations in the market have had a certain impact on the asset quality of licensed financial institutions.

Speaker 2: as a trusted business partner of those clients, we deeply understand the importance of asset quality for long term stability and sustainability of their businesses.

We're deeply understand the importance of asset quality for the long term stability and sustainability of beer businesses. Therefore during our group pace group space.

Speaker 2: Therefore, during our group phase...

Speaker 2: We have never relaxed our high standards and strict demands for risk control as of September 30th, 2023. Our delinquency rate for 61 to 90 days has slightly decreased, maintaining a stable level at 0.52 percent.

We have never relaxed our high standards and a strict demands for our risk control as of September 32023, our delinquency rate for 61% to 90 days has has slightly decreased maintain maintaining a stable level at zero.

52%.

Speaker 2: With the economy gradually warming up, we will closely monitor market risk fluctuations and changes in asset quality, making timely and accurate adjustments for our clients to address future uncertainty.

With the economy gradually warming up we will closely monitor market risk fluctuations and a chair and changes in asset quality, making timely and accurate adjustment for our clients to address future uncertainties.

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We are actively aware of the significance of artificial intelligence technology in the Fintech sector and the development and application of AI have been.

Speaker 2: We are actively aware of the significance of artificial intelligence technology in the FinTech sector. And the development and application of AI have been elevated to a very important position within giant groups.

Elevated to a very important position within the <unk> group.

Speaker 2: To further advance the application of large-modal AI technology in giant smart operations, we launched the Giant AI Season series of events in the third quarter. This included the construction of our own Giant GPT lab and numerous GPT training sessions as well as the GPT innovation competition.

To further advance the application of large model AI technology in giant smart operations, we launched the <unk> AI season.

A series of events in the third quarter. This included the construction of our one giant GPT lap and numerous GBT training sessions as well as the GBT.

Innovation competition aiming.

Speaker 3: aiming to promote the application of AI technology across all business processes.

Aiming to promote the application of AI technology across all business processes.

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Speaker 3: In the first phase, we launched the function, and we are also working on the implementation and knowledge recommendation of the second phase. After the launch, we expect to further improve the depth of the AI-enabled learning process. In the second phase, we have also brought an important upgrade to the learning system. This upgrade uses artificial intelligence technology to fully enhance the coverage rate and accuracy rate of knowledge, further expand the support for a variety of knowledge types, and improve business operation efficiency through data mining.

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Speaker 2: Last quarter, I mentioned some of the application of AI technology at Giant Group. And today, I would like to take this opportunity to share with you some of the latest developments over the past three months.

Last quarter I mentioned some of the application of AI technology at <unk> group and today I would like to take this opportunity to share with you some of the latest developments over the past three months.

Speaker 2: First, in terms of proprietary tools, we completed an important intelligent upgrade of our knowledge base using LLM Plus.

First in term of a pre appropriately appropriately salary tools, we completed an important intelligence upgrade of our knowledge base using our <unk>.

<unk> plus.

Speaker 2: vector database this quarter.

Vector database this quarter this upgrade.

Speaker 2: I want our staff to perform multi-dimensional and fuzzy searches through semantics, presenting knowledge points in seconds, quickly improving search efficiency and introducing intelligent functions that provide more efficient and high quality support for customer services.

I'll ask our staff to perform monetize dimensional and a fuzzy searches through semantics present in knowledge points in seconds quickly improving search efficiency and introducing intelligent functions that provide more efficient and high quality support for customer.

Services services.

Speaker 2: Secondly, our phase one auxiliary functions for customer service agents have been launched in the customer service CRM system, including real-time text transcription, customer intention tracking and agent behavior tracking.

Currently our phase one.

Accelerated.

Functions for customer service agents have been launched in the customer service CRM system, including real time text.

Transcription.

Customer intention tacking and agent behavior tagging.

Speaker 2: These features have effectively improved the efficiency and accuracy of customer service agents' work. Currently, the application accuracy rate of the session summary in various scenarios has been continuously improved to around 87%.

These features have effectively improve the efficiency and accuracy.

Customer service agents work currently they application accuracy rate of their session summary in various scenarios have has been continuously improved to around 87%.

Speaker 2: along with the launch of phase 1 functions, the real-time knowledge recommendation of phase 2 auxiliary functions is also in development and internal testing.

Along with the launch of our phase <unk> functions. The real time knowledge recommendation of phase II accelerating functions is also in development and in internal testing.

<unk> launched it.

Speaker 2: It is expected to further enhance the depth of AI empowered agent operation processes. The Longjin quality inspection system, which I mentioned in the second quarter, has also got an important upgrade.

He is expected to further enhance the depth of AI empowered agents operation processes, the launching quality is.

Traction system, which I mentioned in the second quarter has also got a important upgrades.

Speaker 2: This upgrade comprehensively improved the coverage and accuracy rate of quality inspections using AI technology, further expanded support for various types of quality inspections, and improved business efficiency through data mining.

This upgrade comprehensively improve the coverage and accuracy rate of quality.

<unk> using AI technology further expand.

Support for various types of quality inspections, and improve business efficiency through data mining.

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Speaker 3: Thank you for watching.

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Speaker 2: The progress and application of AI technology have not only enhanced our operational efficiency, but also enabled us to commit in providing more exceptional services to our clients.

The progress and application of AI technology have not only enhanced our operational efficiency.

Also enabled us to commit in providing more exceptional services to our clients.

Speaker 2: Here, I would like to announce an important news. Our company's name will be changed to Jiayin Technology, and we will adopt a new company logo.

Here I would like to announce an important news our company's name will be changed to <unk> technology, and we will adopt a new company logo.

Speaker 2: This change signifies that developing and applying technology has been strategically prioritized at the group level. And more importantly, it underscores that technology will become the foundation of our existence.

This change.

Signature signifies that developing an app.

<unk> technology has been struck.

<unk> prioritized at the group level and more importantly, it underscores that technology will become the foundation of our existence.

Speaker 2: In the future, Jiaying will continue to closely monitor the development and application of AI technology, continuously strengthen the basics of FinTech and let the technology...

In the future <unk> will continue to closely monitor the development and application of AI technology continuously strengthened the basics of Fintech and let Duffy.

The technology.

Speaker 2: attribute become giant's most shining label.

Attribute become Giants, most shining label.

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Speaker 2: In the third quarter, Jain's international business continued to show a robust growth trend. The profitability of the Nigerian region has made significant progress. And for the first time, we achieved an important strategic goal in this region, turning a net profit positive.

In the third quarter <unk> International business continued to show a robust group change the profitability of the Nigerian region has made a significant progress and for the first time, we achieved an important strategic goal in this region.

Turning a net profit net profit positive.

Speaker 2: While we have seen significant growth in financial indicators, we are pleased to note that the important risk indicator of the 30-day delinquency rate has further improved significantly.

While we have seen significant growth in financial indicators. We are pleased to note that the important risk indicator of the 30 day delinquency rate has further improved significantly.

Speaker 2: We recognize that Nigeria's superior population size and demographic structure, along with the continually increasing mobile penetration rate.

We recognize that Nigeria's superior population size and a demo and demographics structure, along with the continually increasing mobile penetration rate provide tremendous opportunities for the cleantech sector, especially cash credit services.

Speaker 2: provide tremendous opportunities for the FinTech sector, especially cash credit services.

Speaker 2: in the medium to long term, our goal is to achieve sustained net cash flows in this area, thereby realizing the long term healthy and stable development of our business here.

In the medium to long term our goal is to achieve sustained net cash net cash flows in this area, thereby realizing the long term healthy and stable development.

Our business here.

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Speaker 2: In Indonesia, we have formed a collaboration with a local entity full of potential in an innovative way and continue to closely monitor the business environment and operating conditions.

In Indonesia, we have formed a collaboration with a local entity full of potential in.

Innovative way and continue to closely monitor the business environment and operating conditions, we believe that with the rapid progress of Indonesia regulatory policies and the industry environment in recent years the loan facilitation business model is.

Speaker 2: We believe that with the rapid progress of Indonesian regulatory policies and the industry environment in recent years, the long-facilitation business model is likely to be realized quickly in this region.

Likely to be realized quickly this region.

Speaker 2: We have seen our partner's profitability improving this quarter and have made a breakthrough in achieving the loan facilitation business access for the first local financial institution partner. Well, discussions are underway with several others.

We have seen our partners profitability, improving this quarter and have made a breakthrough in achieving the loan facilitation business.

Access towards the first local financial institution partner well.

Discussions are underway with several others.

Speaker 2: However, we also noticed that the regulatory policies in the Indonesian region are systematically supporting the orderly development of the internet finance industry in the long term.

However, we also noticed that the regulatory policies in the Indonesia region, our system metal systematically supporting the orderly development of the Internet finance.

Industry in the long term.

Speaker 2: such a market environment represents both opportunities and challenges for all participants.

Such a market environment, where presents both opportunities and challenges for all participants we will continue to focus on and support.

Speaker 2: We will continue to focus on and support the development of our Indonesian partner and discuss the possibility of further cooperation in the future.

Element of our Indonesian partner and discuss the possibility of further cooperation in the future.

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Speaker 2: Furthermore, we are expanding our explorations and the feasibility analysis for business implementation in other emerging market countries in Africa, Southeast Asia and Latin America, taking potential expense …

Furthermore, we are expanding our explorations and disabilities analyses for our business implementation in other emerging market countries in Africa, Southeast Asia, and Latin America <unk>.

<unk> potential expansion opportunities.

Speaker 2: We believe that our international business can not only contribute to the inclusive growth of local economies.

We believe that our international business cannot only contribute to the inclusive growth of local economies.

Speaker 2: but also create substantial value for our stakeholders with the goal of global expansion of inclusive financial coverage.

But also create.

Substantial value for our stakeholders with the goal of global expansion of inclusive financial coverage.

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Speaker 2: Out of putas, we have decided to set the long origination volume guidance for the fourth quarter as RMB 20 billion.

Also put this we have decided to set the loan origination volume guidance for the fourth quarter at RMB 20 billion.

Speaker 2: It is anticipated that the four-year long origination volume will exceed the previously issued annual guidance.

It's anticipated that the full year loan origination volume will exceed the previously issued annual guidance.

Speaker 2: Going forward, Jiaying will contribute to work diligently with our partners to manage risks and face challenges, striving for a healthy and sustainable long-term joint development.

Going forward <unk> will contribute to work diligently with our partners to manage it to manage risks and a face challenges striving for healthy and sustainable long term joint development.

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Speaker 2: Lastly, I would like to take this opportunity to announce to our shareholders and investors who have been long-term supporters and followers of our company's development, that the plan for the second dividend distribution of this year has been almost finalized.

Lastly, I would like to take this opportunity to announce to our shareholders and investors who have been long term supporters and <unk> of our Companys development that the planned for the second dividend distribution of this year has been almost finalized for.

Speaker 2: For the Outstanding Ordinary Shares, we anticipate paying a cash dividend of USD 0.1 per share, equivalent to USD 0.4 per ADS.

So the outstanding ordinary shares we anticipate paying a cash dividend of U S D.

0.1 per share equivalent to USD <unk> <unk> four.

Per avs.

Speaker 2: Specific details regarding this schedule and other relevant information about this dividend payment will be announced progressively in our subsequent disclosure announcement.

Specific details regarding this.

<unk> and other relevant information about this dividend payment will be announced progressively in our subsequent.

This closure announcements.

Speaker 3: Thank you for your attention.

I will share some of our Soho jocosa several friends on the chamber, which ankle which is a shared idea.

Speaker 2: for this specific financial result for this quarter, I will turn the call over to our CFO , Mr. Fine. Thank you.

For this specific financial result for this quarter I will turn the call over to our CFO Mr fan.

Thank you all.

Yes.

Speaker 4: Thank you Mr. Yang. And hello everyone for joining our call today. I will now review our financial highlights for the quarter.

Thank you Mr. Yang.

Hello, everyone for joining our call today.

I'll now review, our financial highlights for the quarter.

Speaker 4: Please note that all numbers will be in RMB and all percentage changes refer to year-over-year comparisons.

Note that all numbers will be in RMB, and all percentage changes refer to year over year comparisons unless otherwise noted.

Speaker 4: As Mr. Yang mentioned earlier, we carried through our robust growth momentum over the past year to achieve new milestones in the quarter. Notably, our loan allocation volume grew by 62.4 percent to $24.2 billion, exceeding the previous year.

As Mr. Yan mentioned earlier, we are covered through our robust growth momentum over the past year to achieve new milestones in the quarter No Barry.

<unk> volume grew by 62, 4% to $24 2 billion.

Exceeding our previous guidance.

Speaker 4: Our net revenue was about $1.47 billion.

Our net revenue was about 1.4 dollars 7 billion.

Speaker 4: up 54% as our other revenue grew to $599.8 million from $101.4 million in the same period last year.

Up 54%.

Other revenue grew to 500 anti $9 8 million.

$101 4 million same period last year.

Speaker 4: mainly driven by the growth in guarantee income from financial guarantee services.

Mainly driven by the growth in guarantee income from financial guarantee services.

Moving onto costs.

Speaker 4: Origination and servicing expenses were $544.3 million, up from $148.4 million in the same period last...

Origination and servicing expenses were.

$544 3 million up from $148 4 million in the same period last year.

Speaker 4: driven by the increased loan origination volume and expenses related to financial guarantee services.

Driven by increased loan origination volume and expenses related to financial guarantee services.

Speaker 4: Allowance for uncredible receivables, contract assets, loans receivable and others grew by 44.1% to 84.1 million from 5.9 million in the same period last year.

Allowance for on platform receivables and contract assets loans receivable and others grew by 44, 1% to 84 million.

From $5 9 million in the same period last year.

Speaker 4: However, as a percentage of net revenue that decreased to about 0.6% from 0.7% in the same period last evening.

However, as a percentage of net revenue decreased to about zero climbed 6% <unk>, 7% in the same period last year.

Speaker 4: Sales and marketing expenses increased by 26.1% to 407.9 million, mainly reflecting higher follow-up position expenses.

Sales and marketing expenses increased by 1% to six 1% to $407 9 million, mainly reflecting higher auto acquisition expenses.

Speaker 4: As a percentage of net revenue, S&M expenses decreased to 27.8% from 36.2% in the same period last year.

As a percentage of net revenue and expenses decreased to 27, 8% from 36, 2% in the same period last year.

Speaker 4: demonstrating our improving efficiency in attracting and retaining high-quality bottles.

Administration or improving efficiency in attracting and retaining high quality borrowers.

Speaker 4: G&E expenses were $53.2 million, up 3.5%

G&A expenses were $53 2 million up three 5%.

Speaker 4: primarily driven by higher staff costs as a result of increased expenditures for employee compensation and related benefits in the quarter.

Primarily driven by higher staff costs as a result of increased expenditures for employee compensation and related benefits in the quarter.

Speaker 4: As a percentage of net revenue, G&E expenses reduced to 3.6% from 5.8% in the same period last year.

As a percentage of net revenue G&A expenses reduced to three 6% from five 8% in the same period last year.

Speaker 4: R&D expenses were 70.5 million, top 25%

R&D expenses were 70.5 million up 25%, mainly due to the higher employee compensation as a result of an increase in research and development headcount.

Speaker 4: mainly due to the higher employee compensation as a result of an increase in research and development haircut.

Speaker 4: As a percentage of net revenue, R&D expenses reduced to 4.8% from 6.3% in the same period last year.

As a percentage of net revenue R&D expenses reduced to four 8% from six 3% in the same period last year.

Speaker 4: Consequently, our net income for the third quarter increased by 30.6% to 323.9 million from 248.1 million in the same period last year. Our basic and dilute net income per share were both RMB 1.51 compared to RMB 1.15 in the same period last year.

Consequently, our net income for the third quarter increased $5 30.

6% to $323 9 million from $248 1 million in the same period last year.

Our basic and diluted net income per share were both RMB 151, compared to RMB 115 in the same period last year.

Speaker 4: basic and diluted net income per ADS were both RMB 6.03 compared to RMB 4.60 in the same period last year.

Basic and diluted net income for Aes were both RMB six point.

Zero three compared to RMB 460 in the same period last year.

Speaker 4: We ended this quarter with $180.3 million in cash and cash equivalents, compared to $288.9 million at the end of the previous quarter.

We ended this quarter with a $183 million in cash and cash equivalents compared to $288 9 million at the end of the previous quarter.

Speaker 4: Regarding our stock repurchase program, as of September 30, 2023, we have brought back approximately 1.8 million of our ADSes. For a total of US dollar, 5.5 million. And our US dollar, 10 million share repurchase plan, we announced in June 2022 and extended in June 2021.

Regarding our stock repurchase program as of September 32023, we have bought back approximately one 8 million of our assets for a total of USD five 5 million on our U S. Dollar 10 million share repurchase plan, we announced in June 2022 and extended.

In June 2023.

Speaker 4: With that, we can open the call for questions. Miss Xu, our Chief Risk Officer, and I will answer questions. Operator, please go ahead.

With that we can open the call for questions Michelle <unk>, our chief risk Officer, and I will answer your questions. Operator. Please go ahead.

Speaker 1: Thank you. If you wish to ask a question, please press star 1 on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star 2.

Thank you if you wish to ask a question. Please press star one on your telephone.

And wait for your name to be announced.

If you wish to cancel your request.

Please press star two.

<unk>.

If you are on a speaker phone.

Please pick up the handset.

You ask your question.

Speaker 1: if you prefer to ask your questions in Chinese.

If you prefer to ask your questions in Chinese.

Speaker 1: Please repeat your questions in English immediately after for the convenience of everyone on the call. Again, if you have a question, please repeat your questions in English immediately after for the convenience of everyone on the call.

Please repeat your questions in English immediately.

After.

For the convenience of everyone on the call.

Again, if you have a question.

Please press star.

And then one.

On your Touchtone phone.

Speaker 1: Your first question comes from Guo Rong with Danyu Asset Management.

Your first question comes from.

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Speaker 5: This is Hua Long from Shanghai, Jin, USA. First, congratulations on the strong results. And I have two questions.

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This is <unk> from Shanghai <unk> USA first congratulations on the strong.

All results and I have two questions. The first one is.

Speaker 5: The first one is, as you have reported 62.

And as you reported 62 pounds.

Speaker 5: 0.4% year-over-year increase in loan origination volume in Q3.

4% year over year increase in loan origination volume in Q3, you had forecast or single digit growth in Q4 compared to higher growth suites in previous quarters.

Speaker 5: yet forecast a single-digit growth in Q4 compared to higher growth rates in previous quarters.

Speaker 5: Is this deceleration solely due to scaling or are there any other factors? How sustainable is the

This deceleration solely due to scaling all are there any other factors.

How sustainable is apparent growth.

Speaker 5: and what trends do you foresee under the current market conditions?

And what trends do you foresee and they're the current market conditions.

Speaker 5: And the second question is, what factors are driving the significant increase in your other revenue, which now account for over a third of total revenues? Could you provide a breakdown of this segment and your future plans for it? Thank you.

And the second question is what factors are driving significant increase.

Other revenue, which now accounts for over a third of total revenues.

Youll provide a breakdown of the segments and your future plans for <unk>. Thank you.

Okay.

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Speaker 2: Okay, this is Xu Yifeng, and your first question is about the loan origination, and I will do the answer.

Okay. This is St. Paul and your first question is about.

About the loan origination and I will do the answer for you.

Speaker 6: As you mentioned in the question about the slowdown due to the large-scale port and other factors, I think one of the more important factors you mentioned is the size of our chip.

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Speaker 6: Thank you.

Jim.

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You had a comment.

Speaker 6: Today, we are at the level of 410 billion yuan. If we look at the development of our past performance, since 2022, the development of Q2 by Q performance has been very rapid, especially in Q4 of 2022. Therefore, the expected growth of Q4 of 2023 is not so obvious in terms of the proportion.

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Speaker 2: For your question, I think there are several factors we can consider. And the first one is, just as you mentioned, that our scale has reached a level of over 40 billion RMB. So thanks to the rapid development since the year of 2022, especially the quarter-over-quarter growth in the fourth quarter of 2022.

For your question.

I think there are several factors we can consider.

The first one is just as you mentioned that our scale has reached a level of over 40 bidding RMB. So thanks to the rapid development.

Development of things, a year or two especially the quarter over quarter growth.

The fourth quarter of 2022.

Speaker 2: the expected growth in the fourth quarter 2023 will not seem as that significant.

The expected growth in the fourth quarter <unk>.

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Speaker 6: This year, since the beginning of the year, especially since the second quarter, we have seen that the entire modern market is very active. This is due to the economic recovery and development after the epidemic, and we have also had a considerable supply of funds from financial institutions.

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Speaker 6: In such a market environment, we are considering a very critical issue from a management point of view, which is how to balance the development of the industry and the demand for risk indicators management.

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Speaker 2: So since the beginning of this year, the credit market has been exceptionally active driven by the development of the consumer economy after the COVID-19 period.

So since the beginning of this year, but creating market has been exceptional lea active driven by the development of the consumer economy. After the COVID-19 period.

Speaker 2: the ample supply of funds and balancing the demands of performance development and risk indicator management are among the strategic issues our management is...

The Apple.

Supply of <unk> and balancing the demands of performance do element and risk indicators management are among the strategic issues.

Our management is focusing all we hope to continue adhering to a cautious and prudent risk management style to ensure they are sustainable and healthy development of the entire platform.

Speaker 2: We hope to continue adhering to a cautious and prudent risk management style to ensure the sustainable and healthy development of the entire platform.

Speaker 6: The third factor is that from the point of view of the internal strategic work plan, the current increase in the number of clients is very fierce.

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Speaker 6: Our work focus is to continue the strategy of our overall economic operation and the model and strategy related to risk management. We hope to closely track the effectiveness of the operation of various nodes according to the changes in our customer group and the effectiveness of our risk distribution.

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Speaker 6: But in this process, we evaluate the entire model and speed it up to ensure the satisfaction of our active customers, especially high-quality customers' products and services. In addition, to achieve an effective and healthy growth, we can also achieve the continuous optimization of our overall risk management indicators. This aspect of work has become the focus of our current work.

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Speaker 2: So for the third one, the growth of our number of active borrowers is also very rapid. Our refined operations and the risk management models and strategies are closely tracking changes in borrower groups, closely monitoring the effectiveness of operations and risk stratification at each node.

Okay.

So for the third one the growth of our number of active borrowers is also very rapid.

Our refining operations and the risk management motives and Scott and our strategies are closely tracking changes in borrower groups closely monitoring the effectiveness of operations and risk stratification at each node.

Speaker 2: the evaluation and iteration of models are accelerating to ensure satisfaction with products and services for active borrowers, especially high quality ones.

A valuation and I. The reason of models are accelerating to insure Satish satish.

Satisfied patient.

With products and services for active borrowers, especially high quality ones.

Speaker 2: and to achieve continuous optimization of risk management indicators.

And to achieve.

<unk> optimization of risk management indicators.

Speaker 2: and this part of work seems like very important to us right now.

And this part of the work.

Seems like a very important to us right now.

Speaker 6: In the end of the first question, you also talked about the sustainability of the current growth of the company and its impact on the future.

Thank you you too.

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The next question.

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Speaker 2: And lastly, you just mentioned sustainable and forecast. I would like to say that we are closely monitoring the development of the domestic credit market and looking forward to a stable, orderly, and healthy growth for our company's future development.

And lastly, you just mentioned sustainable and forecast.

I would like to say that we are closely monitoring the development of the domestic credit market and looking forward to a staple orderly and healthy growth for our company's future development.

Speaker 2: This is my answer for your first question.

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This is my answer for your first question.

Speaker 4: I would like to ask Mr. Fan to talk about the second question. Hello, Mr. Fan. Thank you for your second question. The second question is about our other income, which accounts for about one-third of my total income. You just asked about the details and future plans.

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Speaker 4: I'd like to talk about a few things here. First, the amount of income is definitely up to 5.3 billion yuan, right? And it mainly includes insurance income, traffic increase business income, and overseas business income, etc.

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Speaker 4: Thank you for your attention.

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Speaker 2: Okay, hello Haru, this is functioning the sample of the company and I will answer your second question. Your second question is about the proportion of other revenue of our total revenues and you also mentioned a breakdown of the segment and future plans. I would like to say that other revenue.

Okay.

Hello hurdle this.

Business frankly, the CFO of the company.

Sure.

Your second question there a second question is about.

About the proportion of our revenue.

Although our total revenues and then you also mentioned a breakdown of the segment.

Our future plans.

Firstly, I would like to say that other revenue.

Speaker 2: Yes, it amounted to RMB 530 million, mainly including revenue from financing guarantee services, referral services, and an overseas business.

Yes.

Amounted to RMB $513 million.

Mainly including revenue from financing guarantee services referral services in our overseas business.

Speaker 2: Among them, the revenue from financing guarantee accounted for the highest proportion, just as what you mentioned, maintaining rapid growth each quarter of this year with that part of revenue in the third quarter of 2023, approaching RMB 400 million. And within the listed group system, there is a financing guarantee firm.

Among them the revenue from financing guarantee accounted for the highest proportion proportion just as what you mentioned.

<unk> rapid growth each quarter of this year with the park.

With that part of our revenue in the third quarter of 2003 approaching on the RMB 400 million and within the <unk> group system.

There is a financing guarantee firm.

Speaker 2: and just as requested by some financial institution partners, this firm provides financing guarantee services for some projects.

And just.

As requested by some financial institution partners. This firm provides financing guarantee services for some projects.

Speaker 4: From the perspective of the overall business development strategy of the company, we will continue to focus on the control of the downstream wind.

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Speaker 4: We will have a third-party company to take over the guarantee service. So this part of the business volume and relative income growth will be relatively stable.

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Okay. So however from the perspective of the overall business development strategy of our group. The <unk> group will focus on borrower acquisition and risk control services with guarantee services saw mainly be provided by independent third.

Speaker 2: However, from the perspective of the overall business development strategy of our group, the listed group will focus on borrower acquisition and risk control services.

Speaker 2: with guarantee services shall mainly be provided by independent, third-party financial guarantee companies.

Party financial guarantee companies.

Speaker 2: Therefore, this part of business and corresponding revenue growth of this part will be relatively stable in the future.

This part of our business and corresponding revenue growth of this part.

<unk> will be relatively stable in the future.

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Speaker 2: Additionally, the margin of guaranteed business is relatively lower if you compare with the borrower acquisition and risk control services, which will reduce the overall operating profit margin of the listed group.

Okay.

Additionally.

The margin of the guaranteed business is relatively lower if you compare with the borrower acquisition and risk control sources, which will reduce the overall operating.

Profit margin of the listed group.

Speaker 2: So from a financial metrics perspective, border acquisition and risk control services will continue to account for the vast majority of our revenue and the company will reasonably manage the balance of different business subtypes in revenue share.

So from a financial metrics perspective, Florida acquisition and risk control services will continue to account for the vast majority of our revenue and the company will reasonably manage manage the balance of different business subtypes in revenue share.

Speaker 4: Thank you very much for your attention.

Thank you Susan.

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Speaker 2: So this is my answer for your second question. And let's see if you have any other questions. Thank you.

So this is my answers for your second question and I'll, let see if you have any other questions. Thank you.

Okay.

Okay.

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Okay. Thank you.

Speaker 7: So operator, we can get the next question, please.

So operator, we can get.

The next question please.

Speaker 1: Thank you. Your next question comes from Yuxuan Cheng with Huatai Securities. Please go ahead.

Thank you.

Your next question comes from usual one Chung with <unk> Securities. Please go ahead.

Speaker 8: Hello, management team. I am Chen Yuxuan from Huatai Securities. First of all, I would like to thank the management team for giving me the opportunity to ask questions. I have two questions to ask. The first one is about risk management. We see that the company's expectations are relatively stable. Can you please talk about the company's risk management strategy and how the company can ensure this stability? If we look at the fourth quarter and 2024, will the company continue to maintain the current level of risk control? This is the first question. The second question is about our cost.

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Is your box remark.

Steve Owens Diablo and disappointing.

Speaker 8: And when we are looking at who has the most current policy. But we can't tell if we are seeing a fall off there. So who can have a catch-h necessarily different closely. Even though some people involved the other many party members can formally Aegis with exigency.

I'll now go to conclude.

Got you got you.

Yes.

No exactly.

Is it something that you had initially.

Oh, sorry.

Speaker 8: Similarly, if we look to the future, can we maintain the trend of low cost and low return in the fourth quarter and 2024? Okay, let me translate it myself. Hello, management. Thanks for giving me this opportunity to ask questions. This is Chen Yuxuan from Huatai Securities. I got two questions.

Come out what's wrong.

Our family is telling you guys future and uncle died due to heart.

Industry box here.

Oh, yes.

Hello management, Thanks for giving me this opportunity to ask questions.

<unk> from <unk> Securities I got two questions. So.

Speaker 8: The first one is about your risk management strategies. With a stable delinquency rate, could you provide insight into your risk management strategies and their evolution in the tenant stability? Also, do you expect your risk profile to remain stable going through kill 4 and attempt 24?

The first one is about your risk management strategies.

A stable delinquency rate could you provide insights into our risk management strategies.

<unk>.

In the 10-Q.

Also do you expect your risk profile to remain stable going into Q4.

Cool.

Speaker 8: The second one is about your expenses. We have observed consistent reduction in operating expenses as a percentage of revenue over the past

Is that going so far with your expenses will have opposite of a consistent reduction in operating expenses.

The comprehensive posture.

Speaker 8: Is this because of your cost control, efficiency improvement, or both? Can this trend be expected to continue in Q4 2024?

Is this because of your cost control efficiency improvement or both.

Please turn to this activity to continue in Q4.

Thanks.

Okay.

Speaker 6: a Yes, here is enough information sure.

Changing gears anyhow.

<unk> on the deal.

All right.

Great.

Speaker 2: Hello Mr. Chen, this is Shrii Feng and your first question will be answered.

Hello, Mr. Chen This is three four and your first question will be answered by me.

Speaker 6: In terms of risk management strategy and stability, we are pursuing such a goal and result from the perspective of risk management.

Yes.

Technology that comes on line of Victoria.

Marcelo.

NASA woman to if we have any.

Could you see that through.

Tony will be off with your call.

Speaker 6: We will continueSticking, It is a national novery. What is possible is possible and also to see comparison

Merchandise.

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We are taking.

Sure.

You will find on the agenda.

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Speaker 6: as the fleet Audrey could sign of previously signed mentionq I II d d d d x initiation d car q x Shabbat.

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Thank you Glenn.

Sure.

Okay.

Sudano Chicago Jabil.

Speaker 2: Okay, so you just mentioned the strategies and the stabilities, and these are actually the goal and also the result of our risk measurement work. So we have some different approaches to that. The first will be...

Okay. So you just mentioned the strategies and stability.

And these are actually the goal and also the result of a risk measurement.

<unk> work. So we have some different approaches to that the first will be.

Speaker 2: We will pay attention to the development trends of the market, especially the overall income-to-debt ratio of our borrower group.

Where will we will pay attention to the development trends of the market, especially.

Hey.

Overall income to adapt the ratio of the our borrower group and also the depth situation and also the winning the willingness and activity of beer accredited application.

Speaker 7: and also the depth situation and also the willingness and activity of your created application.

Speaker 6: From the model of risk and the strategy of risk, we will further strengthen monitoring. As mentioned earlier, when the growth of our customer base is very strong, strengthening monitoring of our model and strategy will become more critical and important.

Now my tongue.

Martina.

Great.

With that Jonathan.

<unk> came in at all.

Jim Bob Cushing Shimon.

Oh, My God, I'm wondering what kind of the June quarter.

When you're looking out.

Speaker 6: XIAO-1, the bog, importantly and responsibly handles personalHD XIAO-1, the bog, critically, Paige Him Humanity, a calm and T

Hey, Joe.

Joe.

Speaker 6: Thank you for your attention.

Hey, Jim.

Could you maybe get a session.

<unk>, Argentina washing facility.

Speaker 7: So the second one is for our models and strategies, and as the BORO group of us is growing so fast, it is very important for us to accelerate the monitoring process. So at the same time, we also need to update and...

So the second one is.

For our models and strategies and as are the Barro group is growing so fast it is very important for us to accelerate the module the monitoring.

Yes so.

And at the same time, we also need to updating and.

Speaker 7: to update our models and strategies, and the integration of them is also very important.

Two.

To update our models and the strategies and the <unk>.

<unk> of them is also very important.

A J I'll put my money out chip, we can do you want to answer today.

Speaker 6: You T two way door or my way chattown. You imag in, you know, coach in.

We can.

Okay.

Ultimately.

Thank you all for today.

Speaker 6: We will strengthen the management and management of the entire life cycle of the entire passenger. In fact, these reasonable and appropriate management and management are also a key component of the overall risk indicator improvement.

Yes, Jim.

Once you start counting.

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Yes, good question.

So Jim Wilson Jean.

Yes.

Speaker 7: So the third one is that we think the risk management works shall not only be on the decision stage, but to strengthen the management and operation of the entire lifecycle of our board group from a risk perspective is also very important. And with that, we also can see that the risk indicators are getting better because of the...

So the third one.

We think the risk management, we're showing now only be onstage decision stage, but to strengthen the management and operation of the entire lifecycle of our borrower group from a risk perspective is also very important.

And.

With that we also can see that.

The risk indicators are getting better.

Most of it.

Speaker 6: please check the structure and information to check data bar which is showing here.

Thank you Jason.

Colgate upon element with dotcom.

Sure. Thank you Joe.

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Speaker 7: So after the long facilitation process, we also need to differentiate the strategies to further enhance the experience of our high quality borrowers, thereby to improve the retention and loyalty of them. And we can also see that those improvements also make our risk indicators getting better.

So would be.

So after the loan facilitation process are we.

We also need to.

Differentiated strategies.

S strategies to further enhance the experience of our high quality borrowers, thereby to improve the retention and loyalty of them and we can also see that those improvements also mixed.

It makes our risk indicators getting better.

Speaker 6: As for the goal of the fourth quarter, we will continue to optimize the level of our risk indicators in 2024. This will help our entire team and support the entire Sichuan team.

Thank you Joe del Maguey all combined.

Sure.

Good morning.

<unk> balance sheet.

Sure.

Great.

Comparable retail mobile.

So.

Speaker 7: So for the goal of the fourth quarter of this year and the whole year of 2024, we are expecting to maintain and further optimize these risk management approaches. And this will be really important for.

For the goal.

The fourth quarter of this year and the whole year of two.

<unk> 24.

We are expecting to maintain and further optimize this.

Risk management.

Approaches and this will be.

Really important.

All of our team.

Speaker 6: I will talk about our company's thoughts on risk management and the focus of this work from the above directions.

No matter, what he was talking it sounds good.

Okay.

Okay.

Yes.

Going forward from there.

Okay.

Speaker 2: and this will be some ideas of our risk management works and my answer for your question. Let's see if you have other questions.

And this will be some ideas of our risk management works and my answer for your question, let's see if you have other questions.

Yeah.

Okay.

Speaker 4: We are working with the company called Nan speak, the company that is partnering with Nan speak with us today, we are alone with most people from all over the world, stick to our Thank you for watching.

You should know if I'd ask them together.

When you acquire them and those are the same timeframe.

We will continue to.

Thoughts and thank you to the attrition that kind of why do you feel in terms of <unk>.

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Send their new city in Bob Evans.

Bob.

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Speaker 4: In a sover joint ammilions are for insultants. Are that are the quen water, the shoing sonow Co PEs on the cooling number, Champ one thingp on ceber, the you young shol in a tough ftation, So P at B you are in a T whe over the insulant numberber.

So I would tell you that in terms of unusual items that are the equivalent is showing.

Question for you was on the coding Simba jumping with fee based on seminarian shelving the application.

Same thing on a F&B, so again, even though the ink so there's nothing.

Speaker 4: Thank you for your attention.

So AIG for the EU heterogeneous you've added to the fleet that are ranging shannon's, what's English holiday season.

Speaker 2: So your second question is about our expenses. And I think from the first quarter to the third quarter of this year, the proportion of our GMA expenses, S&M expenses and also R&D expenses in the revenue has continuously decreased.

Okay.

Your second question is about our expenses and.

I think from the first quarter to the third quarter of this year.

The proportion of our G&A expenses.

<unk> expenses and also R&D expenses in the revenue has continuously.

Decrease.

Speaker 7: In the third quarter, the proportions of G&A expenses, R&D expenses, and S&M expenses in the revenue were reduced to 3.6 percent, 4.8 percent, and 7.8 percent respectively.

In the third quarter, the proportion of G&A expenses, R&D expenses and <unk> expenses in the revenue reduced to three 6%.

8% and 27, 8% respectively.

Speaker 7: And the main reasons are twofold. The first way is because the scale effect brought by the growth in facilitation, volume and also revenue.

And the main reasons are twofold.

Lee.

Because the scale if that growth by the growth in facilitation volume and also revenue.

Speaker 7: and the fixed costs are relatively stable, and the variable costs are getting more efficient. If you compare with other kind of expenses and their growth percentage is much lower than that of revenue growth. And second reason would be the efficiency improvements both by the application of AI technology and also our refined smart operation.

And the fixed costs are relatively stable and the ruble cost.

Are getting more efficient.

If you compare with other kind of expenses and their growth percentage is much lower than that of revenue growth.

Second reason would be the efficiency improvements both by the application of AI technology and also our refined smart operations.

Speaker 4: From a short-term perspective, we cooperate with the company to develop a high-quality, economic operation strategy.

Some of the times when you should I kind of say, hoping for <unk> changed.

On Saturday.

Speaker 4: Our management and sales costs will maintain a stable overall proportion.

On the client side of the usual John So we can keep our sugar beet.

Speaker 4: We will continue to increase the cost of R&D and strengthen the application of AI technology in various business environments. We will continue to strengthen our technology properties and cooperate with the company's development strategy upgrade. The company has officially announced that we have been renamed to Jiayin Technology.

Ian Buffet on Portland.

So we embarked Autozone challenge, especially Jamba, Tom you Ghansham Aig's should any.

Under the EU Josh.

Gentlemen, could you this machine.

Welcome to the JV.

Key to the consulting agencies.

Shampoo Cunningly Jean Coutu.

Speaker 7: In the short to medium term, in line with our strategy of high quality groups and smart operations.

Okay. So in the short to medium term in line with.

Our strategy of high quality growth and a smart operations.

Speaker 2: Our proportion of G&E and S&M expenses will remain relatively stable. And we will also continue to increase the investment in R&D and strongly enhance the application of AI technology in various business processes.

Our proportion of G&A and asking him expenses will remain relatively stable.

We will also continue to increase our investment in R&D and are strongly enhanced the apt.

Application of AI technology in various business processes.

Speaker 7: And just as Mr. Yan just said, our company has been officially named as Jiayin Technology and we will continuously strengthen our technology attributes.

Just as.

Mr. Ian just said.

Our company has been officially renamed as giant technology, and we will continuously strengthening our technology attribute.

Speaker 4: Through our sophisticated smart operation, we will further improve the efficiency of operation, optimize the cost-benefit structure, and achieve high-quality growth that is healthy and sustainable. Mr. Yan has just announced the company's second stock market development plan this year. Based on our stable profitability, we have sufficient confidence to continue to repay.

So it's all about making sure that John.

<unk> with our kitchen initially.

So I'm going to say on this vehicle. So you can count <unk>, causing donaldson's up.

<unk>.

Yes, so the commercial pipe out of Jakafi.

<unk>, you mean EMEA combination machine so it shouldn't have a pole position.

Speaker 7: Okay, through the refund operation and...

Okay.

The refining operation.

<unk>.

Speaker 2: We are very confident to make.

We are very confident to.

Nick.

Speaker 7: to make our net profit margin to maintain above a relatively sustainable and healthy level. And just as Mr. Yan just mentioned that our second dividend distribution plan is almost decided. And we are very competent to...

To make our net profit margin to maintain above a relatively are sustainable and healthy level.

Just as Mr. Ian just mentioned that are a second David.

And given the distribution plan.

He is almost decided and we are very confident to.

Speaker 4: to give out more to our investors in the future.

To give out more August two hour.

<unk> in the future.

Alright, Thanks, a lot.

And you're gonna Windows.

Okay.

So as usual.

<unk> will answer your question.

Okay. So Glenn is home with you then.

Okay.

Okay.

Thank you.

Yeah.

Speaker 1: We've reached the end of the call. I will return the call back to Sean for closing remarks.

We've reached the end of the call.

I will return the call back to Sean for closing remarks. Please go ahead.

Okay.

Speaker 2: Okay, thank you, operator, and thank you all for participating on today's call, and thank you for your support. We appreciate your interest and look forward to reporting to you again next quarter on our progress.

Okay. Thank you operator, and thank you all for participating on today's call and thank you for your support we appreciate your interest and look forward to reporting to you again next quarter on our progress.

Speaker 1: That does conclude our conference for today. Thank you for participating. You may now disconnect.

That does conclude our conference for today. Thank you for participating you may now disconnect.

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