Q3 2024 Tencent Music Entertainment Group Earnings Call
And arpus as well.
Online music services revenue grew by 20% year over year contributing significantly to our 29% year over year increase in adjusted net profit.
During the quarter, we prioritized deepening integrations across different products.
And that the synergies between our dual engines on platform and wideband content ecosystem.
A powerful halls, enabling us to unlock more value to users.
Let me give you some examples.
First our ongoing efforts to strengthen partnerships with domestic and international record labels have continue to barefoot enhancing our music offerings and diversifying our content recently, we renew the contract with pop Chinese enabled by <unk> and Athena.
You look at it on an image music Glu fashion EOG time, including early access for new song releases from popular.
Speaker Change: Such a financial one.
Speaker Change: So long. Additionally, we formed a strategic cooperation with Galaxy Corporation homing to the global music sensation <unk> through <unk>.
<unk>, new more international music content.
Speaker Change: Albums, and merchandize to our platform.
Speaker Change: Our scale and unique value proposition have enabled us to become the multi year prepare to re partner for <unk> upcoming tool concepts in Asia and other regions.
Speaker Change: Our influence in the industry growth and increasing number of record labels are working with us to launch innovative AD spend interaction event focusing on new song releases such as was based on interactions.
Speaker Change: Im guessing games and music challenges.
Speaker Change: Second we have been partnering with AZ speed accuracy, and rising indie musicians to hold offline music experiences and concepts connecting them with their fans in creative ways.
Speaker Change: Two recent events demonstrated our success in this space.
Speaker Change: In September we hosted <unk> music festival in underway.
Speaker Change: Featuring a stellar lineup of boxes, including 72.
Speaker Change: Sure sure sure.
Speaker Change: Sounds good.
Speaker Change: Well as Tessa musicians and other popular office, we argue Newsflow Saldate SCE Shanghai.
Speaker Change: This event attracted and impacted 65000 banks over 10 days.
Speaker Change: Earning widespread acclaim and impact we also.
Speaker Change: Organize it and offline concert for tons of singer and songwriter which are unique.
Speaker Change: Backing this first ever take a show with over 10000 attendees.
Speaker Change: Third leveraging Tencent powerful network and ecosystem, we continue to nurture music content community that inspires interactive engagement.
Speaker Change: In the third quarter, we collaborated with celebrities Carrie Wang lung gene Kai and <unk>.
Speaker Change: You choosing to produce theme songs titled the Hero.
Speaker Change: <unk> and breaking news in control for popular games League of Legends Wildlife and Peacemaker unit. This cross promotions with Tencent games combined with disdain in game item redemptions have lead to impressive results.
Speaker Change: Couple of hours of the theme song, which hit our top trends themselves.
Speaker Change: And talking about and trying some heart failure.
Speaker Change: Bob is increase the user engagement effectively reaching the music gaming communities across platforms.
Speaker Change: We recognize that different users cohorts have sustained music consumption needs and preferences.
Speaker Change: To address this we are actively expanding unique benefits to our premium members.
Speaker Change: For our Super VIP members reintroduce priority access to extensive iconic digital albums from renowned artist such as so it is high.
Speaker Change: And one more with new editions of multiple kpop seamless in the first quarter.
Speaker Change: We also intense it S. VIP purposes to include unique concepts and fan activities such as pre sales for tickets to shows by <unk>.
Speaker Change: Tim Tam DT Mirage, Harry and TRA Yahweh.
Speaker Change: These enhanced features have effectively driven growth in our S. VIP memberships and we will continue to unlock new opportunities for both music labels and artists.
Speaker Change: Last but not least we have published that.
Speaker Change: In outgrow ESG report in the third quarter, providing a comprehensive overview of our ESG packet and achievements.
Speaker Change: It's just the beginning of our sustainability journey.
Speaker Change: I'm also delighted to share that the Tencent musician platform was recently recognized as one of China's first model cases for the national copyright powerhouse strategy.
Honoring our contributions to state tapping these up or what.
This recognition will further motivate and propel us to promote the music industry healthy and sustainable development.
Speaker Change: In summary.
Speaker Change: A sustainable and long term approach to achieving high quality growth will carry us far and beyond what we have achieved so far we remain.
Speaker Change: Dedicated to fostering a compassionate in closing inclusive and filing music and ecosystem that benefits music labels active users and the broader industry.
Speaker Change: Now I would like to turn the call over to Ross for more details on our over all platforms development Ross. Please go ahead. Thank you.
Second question Hello, everyone.
Ross: Alongside our content and they also are insights or years of operational expertise will be a key driver in strengthening our industry position and differentiating our value proposition in a dynamic environment.
Ross: Our third quarter results.
Ross: <unk> demonstrated our ability to execute on strategies whether <unk>.
Ross: Archrock has a new paying subscriber and <unk> added more members to premium services.
Ross: This is a result, both bound to our commitments.
Ross: Nation, and our increasing ability to meet that Yosef <unk> fiancee consumption province.
Ross: Let me start by sharing some progress on our product upgrades in the third quarter, which has been well received by our large aerospace.
Ross: First our deep understanding in Yosef needs enables us to further innovate our product features.
Ross: For ice experiences.
Ross: Example, Britain delay when large Brazilian downstream forceful player interface J J <unk>.
Ross: Horizontal drilling as well as real time interactive common feature.
Ross: Promoting a deeper sense of community belonging.
Ross: We also upgraded the top trending songs chart, Samsung Tony or Bob.
Ross: In the architectural features attracting millions of particular person.
Ross: This has increased the top influence.
Ross: Secondly, we.
Ross: We are continuing to explore new technologies to enhance the all sorts of excuses.
For example, with.
Ross: Leverage large language models to streaming lung content production.
Ross: Further improving cost efficiency and quality.
Ross: Volume in the third quarter, we are deploying either AI think talk knowledge too.
Ross: Great thing single thyroid Hong Kong, London, it's.
Ross: It's quickly.
Ross: They're all on short video platforms.
Ross: Our tax to speed of TTS technology also helps us create tens of thousands of audio books on our platform.
Ross: Turning to our efforts to expand our subscriber base.
Ross: Yes.
Ross: We optimized our operational and our marketing efforts to drive a new subscriber.
Ross: Great vision across <unk> environments.
Ross: For example, central the other mid Autumn Festival thing.
Ross: Even when we're involved in a new user is subsequent churn benefits.
Ross: The only one interactive features.
This has positively contributed to paying user nighthawk.
Ross: Second.
Ross: We're continuing to improve our recommendation algorithm.
Ross: One example in enhancing Noelle.
Ross: <unk> of tailored content such as.
Ross: Making it either for yourselves Tommy Millner.
Ross: This led to her recommendations premiums share secrets it only in the third quarter.
Ross: Which in turn improve paying user conversion efficiency.
Ross: Sarah we collaborated with iconic Ip's like Blue.
Ross: <unk>.
Ross: Asia, Hong Kong, Shanghai, lobbies, Archie and Disney <unk>, allowing us to offer a personalized interfaces that are type two additional paying users.
Ross: In terms of ICI IP, our highly engaged subscribers we have.
Im pleased to report that.
Ross: And after a third quarter <unk>, an important milestone by surpassing $10 million.
Ross: So you're only planning phase of or ICI IP plants are gaining traction as shown by the higher arpus.
Ross: Longer time spend on our platform compared to other parents of paying users.
Ross: Now let me provide more details on this achievement.
Ross: First <unk>.
Ross: Pirates firepower Tyree self developed favorably audio quality features.
Ross: We enhanced the leasing experience for <unk> members.
Ross: Styles examples from this quarter, our QQ music's premium fond DTI strong quality on a Google music, <unk> song, which bringing clear more immersive audio for all users.
Ross: Furthermore.
Ross: We expanded our high quality solid experience in car scenarios with Viper serious audio quality design for our <unk> membership drilling xiaomi.
Also in the new vehicles.
Ross: Second.
Ross: Or enhance the long form audio offerings I'll also had a positive impact on user values for reveal their subscriptions.
Ross: When you get funded our audio book content library with original content and our popular IP across virus gyros, including hate TV dramas and films called Me Comics.
Ross: And the Trojans stories.
Ross: Third.
Ross: These are just a few examples of the initial steps we are taking to grow as VIP memberships cardholder base, a growing diverse of our content ecosystem as caution these costs were.
Ross: <unk> solid foundation for delivering richer content benefits.
Ross: Going forward, we will continue to focus on of Unicorn content and product offerings meetings are you only need of our users and delivering the.
Ross: The lighter phone music experiences.
Speaker Change: With that I would like to turn the call or so surely our CFO for a deeper down into our financials.
Speaker Change: Thank you Ross and greetings to everyone I will now turn to our financial results our effects monetization online music service.
Speaker Change: And operational management.
Speaker Change: Management.
Speaker Change: Continue to drive strong financial results in the third quarter of 2024.
John performance in our EMEA question and advertising Internet. Please.
Speaker Change: Pleased to see our revenue growth will resume its growth trajectory.
Oh boy it faces.
Speaker Change: Net profit increased by 35% year over year to RMB.
Speaker Change: The $1 17, and non <unk> net profit rose by 19, 9% year over year to one 9 billion.
Speaker Change: Revenues in the third quarter of 2020 for RMB 7 billion up by 7% year over year.
Speaker Change: <unk> increased by 20% year over year to RMB.
Speaker Change: But from pumping.
This increase was mainly driven by the strong expansion of our music subscription revenues.
Speaker Change: <unk> maintained by growth in advertising revenues as well as growth in revenues from our plant performance base.
Speaker Change: Subscription revenues in the third quarter of 2024.
Speaker Change: Bleached and.
Speaker Change: Same 0.8, meaning.
Yeah, 2018, 20% increase year over year, and the same percentage rise sequentially.
Speaker Change: The average tenure was RMB 10, H at 5% from RMB 10 straight in S&P at NASDAQ.
Speaker Change: Online music paying users.
Speaker Change: 100 and.
Meaning if we're making a 15% increase.
Speaker Change: Quarterly net adds.
Speaker Change: Two meaning use us.
Speaker Change: With the goal of achieving growth in both subscribers and the months of the atrophy.
Speaker Change: Technically focused on biopsy membership program and enhanced our membership benefits.
Speaker Change: Priority access to digital albums Presale for Tecate, two concepts and the fan.
Speaker Change: Steve case, and the high quality audio understand the impact of mobile and in Kailua steps.
This benefit and the field trials have helped us achieve an important milestone of passing and meaning is where team members this quarter.
Speaker Change: And then with HIFU revenues also had a strong year over year.
Speaker Change: Growth, primarily due to the growth in <unk> supported named revenues.
Speaker Change: It continued to innovate and diversify our product offerings and advertising format.
Speaker Change: <unk> is acting through trials and enrich the benefits offered helped improve and translate four hour a day supported advertising and enhanced user engagement and the ECM and attracting a more tankers this quarter.
Speaker Change: Search and 10 managed services and other revenues were RMB, one 5 billion and by 24% year over year.
Speaker Change: Silk and tremendous service as our top priority is safety and operation and we will keep learning to marketing conditions and that can be keeping landscape.
Speaker Change: Well, we'll continue to innovate and appeal to new products.
Speaker Change: In the future to drive quality growth in areas such as leasing membership.
Speaker Change: Testing testing.
Speaker Change: <unk> and <unk>.
Speaker Change: Our bus module for closer it reached 42, 6% representing an increase of six point in my presentation points year over year due to a few factors.
Speaker Change: The expansion of our paying user base.
Speaker Change: <unk> enhanced our mouse the arpus for online music and the growth.
Speaker Change: Housing revenues.
Speaker Change: It impacted our gross margin.
Second they have been focused on our <unk> as a key metric to manage our continental royalty costs.
Speaker Change: Third the ramping up of our own content continue to help improve our gross margin.
Lastly, the growth in leasing memberships and advertising wasting social entertainment also positively impact our gross margin.
Speaker Change: Moving onto operating expenses in the third quarter of 2024.
Speaker Change: Monte.
monte: One point to two bidding representing 17, 4% of our total revenue compared at least 19 onto state protect in the same period last year.
Speaker Change: Thank you and a maximum 10 phase.
Speaker Change: 200 timing, meaning and have remained relatively stable companionway system cleared up last year.
Speaker Change: Our focused approach or promotion expenses.
Speaker Change: With that Pinterest improvement has contributed to the growth in <unk> and <unk>.
Speaker Change: We will continue to invest in areas with content growth affecting such as online music content promotions.
Speaker Change: General and administrative expenses.
Speaker Change: 919, eight meaning.
Okay.
Speaker Change: 5% year over year, primarily Charlotte.
Speaker Change: Employee related expenses.
Speaker Change: Our effective tax rate for Q3 was 17, 7% compared to 12 point at two projects in the <unk> of 2023. This increase was primarily attributed it to the world.
Speaker Change: <unk> of RMB, 100, and a slick, meaning the nature to earnings and meet our PRC subsidiaries.
Speaker Change: Offshore entities.
Speaker Change: You can see 2024, our net profit and net profit attributable to equity holders of the company.
Speaker Change: One <unk> thousand 17, and $1 6 billion respectively.
Speaker Change: Now our first net profit and.
Speaker Change: Net profit attributable to equity holders of the company.
Speaker Change: The $1 19.
Speaker Change: One 8 billion respectively.
But the natural leader to say 2024.
Speaker Change: This landscape and our lifestyle loss from foreign exchange due to the fluctuation of exchange rate RMB and U S. P. S.
Speaker Change: Genesis ended September 32024.
Our diluted earnings per <unk>. This quarter was RMB, one pointed out it was up 36% year over year.
Speaker Change: Diluted earnings.
Speaker Change: <unk> increased to RMB one coach <unk>.
Speaker Change: <unk> Harper such percentage year over year.
Speaker Change: Is not underscored our reports national performance.
Speaker Change: Up reaching the patients and the benefit from our share repurchase program.
Speaker Change: Under the share repurchase program last March of 2023.
Speaker Change: September 32004, we have repurchased 42 panel meeting ABS.
Speaker Change: The open market for a total cash consideration of the US dollar St Hunter and the 35 by meeting our bleach.
Speaker Change: Bleach approximately.
Speaker Change: 100, the meaning was it.
Speaker Change: Purchased in the third quarter of 2024.
Speaker Change: As of September 30th 2024 hour combined balance of cash cash.
Speaker Change: Revenues from deposits and short term investment for us.
Speaker Change: Statistics, feeling as compared with RMB 35, eight at June 32024.
This combined balance was also impacted by changes in exchange rate.
Speaker Change: Excellent balance sheet dates.
Speaker Change: Looking for what we will continue to drive high quality growth in our music business.
Speaker Change: <unk> is expanding as we add membership.
Speaker Change: Thank you peony.
Speaker Change: Well as operational basis improvement.
Speaker Change: They will also continue to match that in high quality content our agenda.
Speaker Change: Content production.
Speaker Change: Innovating technologies to fluid into user engagement and enhance the user experience.
Speaker Change: We remain confident in the long term healthy growth in medical and packaging and our business and.
Speaker Change: It would take to provide high quality returns for our shareholders.
Speaker Change: This concludes our prepared remarks, we are now ready to take questions.
Speaker Change: Surely if you're Italian banks phone. Please press <unk> to ask the question and then six to 10 years.
Speaker Change: If you are accessing the call from the <unk>.
Speaker Change: An application is Clayton resend button.
But the furniture.
Speaker Change: It depends on today's call. Please limit yourself to one question and picking up additional lumpy.
Speaker Change: If he asked the question in Chinese please.
Speaker Change: We ask you to repeat in English. The first question comes from the line. Some do we I'm from Morgan Stanley.
Speaker Change: She went to much.
Now would you be omnichannel awarded to Quanta is home to Eugene is secure.
Speaker Change: You feel the year will drop off.
Speaker Change: Oh.
Speaker Change: I'm kind of Super VIP J P I G before them.
Speaker Change: Sean <unk> fusion tie the injunction.
Super VIP way clean.
Tyler: Sure Tyler.
Tyler: So how could a T shirt I guess you got it.
Tyler: Ciena secure hunting yet Chinese drywall.
Tyler: One or two pumps tissue.
Tyler: Okay.
Speaker Change: Thanks for a company for the presentation I'd like to ask about that question. That's the question is regarding the outlook for Q4 into Q1 next year the front of the presentation a crowded market.
Speaker Change: It's progressing pretty well, especially based on the macroeconomic condition and the competition do you believe her reacting going into continue to boost our performance scratch.
Speaker Change: That's really what would it be the outlook for Q4, I think yes and yes.
Speaker Change: The full year of next year.
Speaker Change: Thank you okay.
Speaker Change: Okay. Thanks for your questions and I think this quarter's performance of PMA once again testifies the effectiveness of our high quality growth strategy.
Speaker Change: As shown by the balance of the globe between our revenue and also the net positives as well as the subscribers and the <unk>.
Speaker Change: For the midterm pockets I think our key priority is to continue to expand our paying user base. So at the same time, our commitment to grow the arpus more than ever which proven by the strong initial results of our Super VIP Penn did just mentioned we have already record.
Speaker Change: 10 million subscribers as of the end of September 2024.
Speaker Change: As you May recall, our business Jenny I think our strategy.
Speaker Change: Evolution is basically transitioning from the paid downloads to streaming and also upgrading our basic.
Speaker Change: Membership to Green Diamond membership has giving us a lot of insight and also accumulated experience. We're now pushing the boundaries to explore more diverse music scenarios and add more high quality content features and also use of <unk> to our new Super VIP membership, which we strongly believe.
That will help us to broaden our user base and deepen our user loyalty as well.
Speaker Change: So it's going to be helping us to have a very healthy growth in the future.
Speaker Change: Last but not least I think that I would like to point out that we are now back on track to resume a positive revenue growth in 2024 and looking into 2025, we are optimistic about.
Speaker Change: Our growth prospects.
Speaker Change: Assuming the external environment stays stable, we expect to see an acceleration in both of the topline growth and mainly driven by.
Speaker Change: The steady increase in the number of subscribers in the <unk> and also along with an improved deposits and profit margins.
Speaker Change: Okay.
Speaker Change: Okay. Thank you and the next question comes from the line from Lincoln call from Goldman Sachs were incomplete.
Speaker Change: Well. Thank you management for taking my question Congrats on a pretty solid quarter. So my question would be.
Speaker Change: I'm very sorry.
Speaker Change: In the third quarter, we <unk>.
Speaker Change: Got it.
Okay.
Speaker Change: Subscriber.
Speaker Change: Actually you are or where do you expect are all complex earlier targa.
Target.
Speaker Change: Could management share a bit more in terms of <unk>.
Speaker Change: Behind it and rethinking to fourth quarter.
How should we just passed does it go stay so could we have more color in terms of does it go stay promotional intensity how.
Speaker Change: How should we think about the fourth quarter.
Speaker Change: Subscriber house.
Speaker Change: It should be comparable with Cisco.
Speaker Change: Per quarter.
Speaker Change: Conor you said retention part of it will be.
Speaker Change: Great. Thank you.
Speaker Change: Go ahead, Jeff anytime I cant guarantee transaction consequences that antidote chicalote sounds like Tim.
I would now like tissue banking wanted to play yet.
Speaker Change: Can you do that please.
And I'm not a bank.
Speaker Change: Catch up in hotels.
Speaker Change: It's about half of them.
Speaker Change: And ctrip advertising, southern perhaps liking, but it's useful.
Speaker Change: I think with Acacia.
Speaker Change: Operator.
Speaker Change: Yes.
Uh huh.
Speaker Change: Good morning.
Speaker Change: <unk> Shanghai <unk> aren't you, taking you to walk I sure don't use our iconic chimera hydro rates enrollment.
Speaker Change: <unk> maybe I'll.
You're going to do when Dino you Antonio.
Speaker Change: Thank you very much. Thanks for your question, Yes, Indeed in Q3 and performance is better than expectation I think it's mainly because of our strategies with still with an active keep stable operational strategy starting from base yet.
So what may have been.
Two shelf hydro, becoming the Aqua, Angola, orange or Red bar here, the torture on the quarter.
Speaker Change: Country assure ensure you called in and go home and go down the Arbitron Memorial Eagle, Sean maybe I'll, let Jonathan.
Speaker Change: First of all you Dear <unk> antigen on the engineering side.
Speaker Change: He was on a Sunday Izod yogurt Wenzhou Jinan, Malaysia.
Speaker Change: In Asia, Australia, and unless you bundle them as the green, while youre eating without having a thunder.
Speaker Change: And at the same time, we're also pay much attention to the ever expanding because that edge for the monthly subscribers and we are also at the same time continue to stabilize our claims are that.
Speaker Change: <unk> time in case, there are some extra.
Speaker Change: Basketball, especially Amit autumn tactical while also leveraging the campaign and marketing strategies to make sure we grow our subscriber base in a very healthy way.
Speaker Change: These are totally online.
Speaker Change: So we have the data.
Speaker Change: Hi.
Well, either Joseph <unk> units almost Darwin highway team for that you showed in.
Speaker Change: The highest this year on our goal.
Speaker Change: <unk> agenda sung Jong EG EBITDA Calder.
Speaker Change: <unk> also <unk> number of around <unk>.
Speaker Change: Some of our polyethylene charter, what's it all mean Aon, a dodger Nomura and Han our goal, especially those that are looking at all for you.
Speaker Change: So regarding the marketing strategy and I think in Q4 at ACR or Qos next tier one capital and to keep a very tight control over our marketing push where watkins take for healthy and steady growth of our business and rather they turned it upside down.
Speaker Change: He is leaving us and more importantly is that we want our users to navigate through adding a subscription package.
Especially the value of the content, we provide for that and that way. They use that will stay with us and it's going to be active on our platform.
Speaker Change: <unk> Fuller tongue, where the layered onto auto auto you either <unk> to <unk> <unk>.
Speaker Change: <unk>.
Speaker Change: <unk>, our anti <unk> antibody also in giant cell <unk> been able to kind of how that goes all gun woman.
Speaker Change: <unk> injury.
Tom: So Tom you're going be able to offer those from the control.
Tom: <unk> shown the pushout is Artur that's proven.
Tom: In short those shoots all AR VR border tungsten, knowing especially on Colgate all polyone as a whole.
Tom: <unk> bought a home that puts you in that zone. If you don't have the Shoshone women's water, starting and Brian Kingston upon translation codon Aon holding up Bihar claim.
Tom: Yeah.
Tom: In terms of that use that are subscribed that credit in addition to the transitional content and the way. We're also trying to improve the content quality and recycle content. So they cannot shop in order to ensure the.
Tom: Quantity in APAC for example, we continued our good comprehension with Cts.
Tom: At the same time, we also adopted the audience for AE in order to provide more residents to our users.
Tom: Part of it is some attempts in the in car and determined by age.
But at the same time, we do have narrowed, but polite nickel synthes and functionality and appropriate action to improve.
Tom: <unk> to the subsequent days and more importantly to make them feel happy, especially at recently we of course are provide when listening to the song and analysis on our back.
Tom: <unk> Bancorp presidential that'd be providing today uhm.
Speaker Change: Tell me I apologize.
Speaker Change: I don't want Omnichannel Golar power.
Speaker Change: <unk> Oh my God.
Speaker Change: Actually the auto Nissan XIAFLEX, John eager to cultural yet.
Speaker Change: Still negotiable that he's Holman Shanghai lobbying in Charlotte.
Speaker Change: So I'm really speaking regarding our operational strategy at the subscribers, we still would like to take that traditional standard measures plus the IP as a combo therapy in that way, we can continue to improve our monetization efficiency of our tax.
Speaker Change: So now the economies are now among the.
Speaker Change: The auto Nayyar apologize water. So it built on the new lease on a going forward. However, <unk> when we're going to have one of the lifestyle. We will continue to offer yugo Medina with Amdocs naturally menu launched in late April when the terminology when youre going out going out.
Speaker Change: I've seen enormous issue on a societal nobody I don't call them in oncology open and looking at how this year shouldn't get our IP, but you don't want the app, but anyway.
Speaker Change: Page <unk>.
Speaker Change: Shanghai Shanghai, you don't eat while you go below theoretical shaping nuomi as Sean Hannan.
Speaker Change: It turned out to be it will memorialize the opportunities <unk> got some of our bigger bundle.
Speaker Change: And regarding the basic Linzess and one guy trying to de skill based upon the subscriber base welcoming hunting.
Speaker Change: Okay.
Speaker Change: In criticized at the first quarter.
A long way a very static grants that were at the same time, we're constantly got to emphasize our new user engagement and retention.
Speaker Change: Importantly for us the IP to help that we can continue to promote the primary is that from the subscriber to CIP in order to satisfy that.
Speaker Change: Generally speaking our SAIC sites.
Speaker Change: That could be another stage. So we hope it can for healthy and safe and crashed in the near future that would also contribute to the future IRA in present.
Yes.
Thank you and our next question comes from Alicia Yapp from Citigroup Alicia P.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Uh huh.
Speaker Change: Okay.
Speaker Change: Hi, Alicia we can't hear you.
Speaker Change: Yeah.
Speaker Change: Okay, sorry about the technical issue I think Alicia we go back to your laser can we go to Russia Dahl from Barclays. Your.
Speaker Change: Your line is open.
Speaker Change: Hi, Thank you management for taking my questions.
Speaker Change: So I.
Speaker Change: Thank you management, so I have a falloff.
Speaker Change: Also on Spi two program so.
Speaker Change: Now we have over 10 million as of third quarter. So just trying to get a sense of how many of that was added during the quarter.
Speaker Change: And all of that how many was converted from the regular VIP program or.
Speaker Change: But I was probably like new users. Thank you.
Speaker Change: Yeah, Thanks, Jason anytime what do they look like.
Speaker Change: In a lengthy agenda as CIP that answers it.
Speaker Change: And Peter touched on let Alessandra, Okay, I'm going to ask VIP, which has been more agile doghouses one sounds like a key.
Speaker Change: Thank you Shannon.
Speaker Change: Yes.
Speaker Change: Thank you.
Speaker Change: So fully under one umbrella <unk>.
Speaker Change: Sure Paul.
Speaker Change: <unk> opportunities on either North Iowa, Maine.
Speaker Change: So I went to Washington, there, but when you get to <unk> I was hoping to get on.
Speaker Change: On top of an iPhone <unk> actually diminish on the web.
Speaker Change: Thank you very much. Thanks for your question. According to the statistics majority of our SP ICU stay will be upgraded from the transitional or ASIC as VIP.
Speaker Change: So keeping an eye on the new customer engagement you are in that rate responding to your question maturity of the existing assay has asked yet b communication updates from the basic economy.
Speaker Change: As you'll find out who the ISO actually don't want demand join engineered collagen ensure yugo soundly beat all pseudoephedrine Garching pump. So your final final woman, which had no Johnny Vo touch Ashok <unk> Yoshida, John a singular sugar.
Speaker Change: Okay interesting speaking according to that he was a profile as VIP, we noticed that many of them are younger base.
Speaker Change: Catholics Hotel, our savvy and our percentage were provided to the users are quite fit into their inkjet Anthony.
Speaker Change: So you want a hydrogen onshore walmsley shooting or melamine.
Speaker Change: They can go to Chicago enrollment.
Speaker Change: Okay.
Speaker Change: You mentioned when you have larger tenants I don't want to mask, the only engine overhaul Johann Angola, Conculture module, but also that appearing in a partial to Russia.
Speaker Change: What changed.
Speaker Change: So actually again sensitivity momoko haulage vehicle element, John Andrew Chang should therefore.
Speaker Change: <unk> non golf, although you didn't.
Speaker Change: <unk>, yes.
Speaker Change: You mentioned that mobile Hangzhou.
Speaker Change: But at the same time, we're also keeping an eye on the use that easy because we know that many of the ease of use.
Speaker Change: The Yankees.
Speaker Change: Terawatt to further extend our cross device <unk> two hour Sci team at.
Speaker Change: At the same time recently it was also discussing a combining <unk> bank's economy. Andrew I was just wondering whether we can provide actually IP with our nighthawk product to make sure I indicated between OEM incentives from us.
Speaker Change: Our assumption is rather wait either GNL eyesight.
Speaker Change: Sure. It can be up holiday gets announced and Janet will homey and unveil man made either Johnny the arbiters Amdocs you won't get out of bundle.
Speaker Change: But that's the range downward to behave in an extra year to get our assay exercise scanner has and England for further improvement.
Speaker Change: With that also contributed to the ever increasing thank.
Speaker Change: Thank you.
Speaker Change: Thank you and our next question from John Laing from kind of America Charley Your line is open.
Speaker Change: I had one at all like how much did you take all of that Sheila what are your thoughts as you fall off at the web.
Speaker Change: Yes auto Shanghai, So San woman. Thank God don't go up then you'll have a hard time to either keep it about 10 million or so but that's why that's there should be yourself.
Speaker Change: Well I pulled up our hearts humping Naomi.
Speaker Change: With that shows tangible I'll say keep our money that doesn't go out to our pool I think I'll tell you I know you've got pilots.
Speaker Change: Sure Oh, why don't you talk to your total Conagra and he asked the wacky they'll call and say I'm sure that it goes from the savings element kind of with our push out well you don't call me satisfying answer here.
Speaker Change: Thank you very much thanks to the management team at Wassa has a follow up question regarding the IP and.
Speaker Change: And the first of all we do see that <unk> continued to grow reaching 10 million within this quarter, which is better than what I expected I don't think that our rapid not performing that well, especially be reflected electrical massive clean slate you Mike to cagny when considering the ways at how youre going to buybacks.
Speaker Change: Here's the size, perhaps I don't waste, the aircrafts and to the management team.
Speaker Change: Are you going to expect that in.
Speaker Change: In the near future when exponentially.
Speaker Change: Uh huh.
Speaker Change: Good response from the other.
Speaker Change: So I'm going to go.
Speaker Change: Hi, <unk> bin which is home Jacob.
Speaker Change: John Melo HR, So Giovanni Peninsula, Tony the Tiger Woods.
Speaker Change: The agenda or Mcdonald's or you guys, followed by Yan Jin Indian the CGM also mean higher share now with all that in hand, Harsha you go to do we didn't sound eligible in a dollar sense.
Speaker Change: Now almost all of them okay.
Speaker Change: So it hurts you don't need to operate in central city and elements on the years after that.
Speaker Change: Yes.
Speaker Change: Florida.
Speaker Change: Thank you very much. Thanks for the question I have to say that <unk> is not coming to $10 million. Okay. Just a one night cause like deep dive for close to one yet we start everything from scratch. So it is indeed, a right out of the stockpile capex.
Speaker Change: Nowadays, we're already reached 10 million as we actually do that.
Speaker Change: Iraq.
Speaker Change: And based upon our continuous approach.
Speaker Change: So again I'd say, it's gonna be Onboarding I only had a marginal at hand.
Speaker Change: ICU women's in la.
Paul: So Paul which is where the volume I mean, I'm trying to figure out so you can either one.
Paul: Even though <unk> was or something lower.
Paul: It's so hard to womens promotional dollars.
Paul: In.
Paul: No not at all downtown Los Angeles Toyota Shahar.
Speaker Change: Hello, operator.
Speaker Change: But you also noted a show and I'm proud of all of Y'all fit on the Xiaomi 900 kilometer aimed at putting in place I think Chuck.
Speaker Change: <unk> enrollments only had offered us I'm not sure could you kind of an adjuvant to them the eagle, even though you've got to you Tony but I don't know that I saw women hybrid until a bunch on the way the rig up the envelope of RTL ICT.
Speaker Change: But just now in my response to the progress questions I have already mentioned in our existing model and majority of the S VIP customer.
A foundational projects. So they start to your question at least from a model perspective, where the deep when SB exercise, which frankly started meeting then youre going to see more response from either in auto that is going to be in line weighted average increasing SAIC sized grafts.
Speaker Change: And that means that when the FDIC penetration continue to encrypt. It also going to contribute more to that but now I think we need to say is how the other perhaps financial continued fluctuate car to take our S. E T.
Speaker Change: <unk> and assess it on capacity basis.
Hello, Thiago Amdocs.
I kind of umbrella <unk> and Felicia, but I thought I was giving a chunky isopod opportunity I think all your material volume.
Speaker Change: Just one more comment and especially within our 10 million FDIC I have to say, it's a rather high.
Speaker Change: <unk> subscriber.
Speaker Change: Thank you and our next question from Amit.
Amit: Some way.
Taking my question just wanted to double click on the $10 million milestone by the way congrats on the lifestyle.
Speaker Change: Can you share any color on that.
Speaker Change: The Super VIP kind of profile you mentioned they tend to be more email users why what about by App.
Speaker Change: We are saying.
Speaker Change: Q versus the core.
Speaker Change: Go outside and you also highlighted some of the key drivers.
Speaker Change: For example, the premium audio quality long form audio.
Speaker Change: Offering just curious if there is a way to rank them by effectiveness. This quarter, and then which area do you plan to focus on going forward to continue to drive the conversion. Thank you.
Speaker Change: Thank you, Jeff I didn't sound like a day of lengthy yes, Japan SAIC that come from ship anytime Jackie Thank you Don.
Speaker Change: Yes.
Speaker Change: Yeah, I got that one.
Speaker Change: And it's not.
Speaker Change: That we don't predict that keep it flashed out east with Apple consulting engineer Alan.
Speaker Change: I'm, sorry, I didn't catch it all.
Speaker Change: Turning your balance sheet to actually kick off.
Actually show in Chicago.
Speaker Change: I think the Linky.
Speaker Change: Anthony <unk> tradeoffs as they actually caught up which account online she's on contango, Chile in shop on Egypt, I can actually only <unk>.
Speaker Change: Actually for example, onshore Nike shakeout.
Speaker Change: Donlin Gold class general partner cash or actually I don't <unk> powerful.
Speaker Change: Alcoa will our country two shall Mckinney.
Speaker Change: Okay.
Speaker Change: So $3.
Speaker Change: Hi.
Speaker Change: Which I know your time on them and can you talk either Jim or until we are done with.
Speaker Change: Uh huh.
Speaker Change: <unk> biology, soybean meal Tidewater, you've got kantar down with your marriage, R&R, Yugo, which NPR piece, what are you going to soldier.
Speaker Change: Got you and you answered it yourself.
Speaker Change: Thank you very much responding to the first part of your question at least from our operations advanced that 10 million S. CIP half are coming from QQ music and talk from Google. It is still in line with our high that is in the outpatient strategy.
Speaker Change: Hello, gentlemen, once again secure from Dolby Andrew enrollments I, that's why I keep me honest with yourself, but you until you're into a bulk of silver.
Speaker Change: And in the short run.
Speaker Change: Indonesia downhole through the triangular charge MTN, Utah cartoons on there John.
Speaker Change: Industrial.
Speaker Change: As I mentioned in my presentation and after that we do provide that.
Speaker Change: <unk> presentation to ask the ICU that including in the loan market and at the high quantities on APAC and sound quality and the.
Speaker Change: First enjoy net of the I think about all of them as long as the user experience across devices. These next steps.
Speaker Change: Please until there's something wrong with <unk>.
Jim Walsh our yogurt.
Speaker Change: Brian did.
Speaker Change: <unk> I'll, let you go towards core totaling some dengue, though you go to Asia.
Speaker Change: Until you certainly mentioned Atmos and that's what the ISO I feel assured.
Speaker Change: So actually we're creating some.
Speaker Change: So on the initial issue.
We also are you going to do.
It really is.
Speaker Change: Morten Concha Y Toro Honda isolate actually the attacking and Tata, particularly tissue inside slowly biogen sorry, it should be about $99 million from Luna Amato mobile adoption starting in <unk>.
Speaker Change: Five <unk>.
Brian Healy: Brian Healy.
Brian Healy: As you see a scenario and put you in that tissue the gyro ambition, so actually the final outside the bundle.
Well regarding additional privilege as I have already mentioned the winter provided a packaging vehicles, where at the same time. We also provide the link to add it in Africa <unk> App.
Brian Healy: Same time, we're also confirming our providing some basic core material that prevented. The example, <unk> reduction we can surely providing installment payment cycles. For example, like the calendars of the fans and are also planning as the standard package.
Membership package because family membership package it proved to be successful on the Vegas, let fashion. So we are also constantly selling days good practice, our <unk> VIP business.
Brian Healy: Okay.
Speaker Change: Shane Kim sung Lee Siang from UBS.
Speaker Change: Thank you she can't quantify about how hot she consistently that she wants which actually Josh that's a minority of our shows out to.
Speaker Change: Are you changing with some times and actually all you know that show that should be shot now how Asia Hotel media for young children.
Speaker Change: Sounds I'm glad he's calling from Johnny's after that they hold or you know not all of them.
Speaker Change: In the non solar, Massachusetts, all I can do that each on renewable hydrocarbon you must dollar city to learning and he answered Mackay J tower.
Speaker Change: That sounds really choose your potential medical oxygen.
Thank you very much thanks for the management team I have a question regarding the social entertainment business, social and entertainment destination in case any updates yet the revenue actually stood back and watched uptake.
Speaker Change: Revenue decreased wholesale being net of that is it possible for the management team to elaborate on the main section without any specific measure you take in order to continue to improve the best nature, especially how documented taken to attack the Q4 and the next again Accenture and entertainment destination autograph estimate might be and I wanted to be.
Speaker Change: Its contribution to the total about me. Thank you.
Speaker Change: So we look forward to also means that all of us in biomaterials.
Speaker Change: G. She goes the Madison wont be a harder you golar tundra rationalizing Xiaomi CAGR.
Speaker Change: And for La Z Boy and girl Banca.
Speaker Change: Long gun shall be interval here, where you're right the margin element.
Speaker Change: While not yet.
Speaker Change: As our chairman can I got up one iota.
Speaker Change: Hi.
Speaker Change: As part of <unk> by the way I view those $2.
Speaker Change: Total you said you won't see a bundled with <unk>, so I don't see that.
Speaker Change: So you'll have a total of home between Agco Sunday or there'll be all with Goldman Sachs.
Speaker Change: Thank you very much. Thanks for your question regarding Central Entertainment business that took that concept I think a good brands that has been identified are coming from what we've seen on leasing Besides Gladstone investment and then we also provide the auto business for example, advertisement testing on leasing and especially into subscription business and the <unk>.
Speaker Change: Businesses are all performing better at what we expected.
Speaker Change: Speaking that better than expected operating performance continued to contribute to the revenue for social entertainment business, although alcohol compared with last year.
Speaker Change: Although cool devoted part to onshore.
Speaker Change: So Alicia can call the Pudong Yoshida you got so hot.
Speaker Change: And so you can see how they go alongside Ron Paul Chung Pulpwood Shahada, India.
Speaker Change: On the leisure side.
Speaker Change: What else do you don't function I know <unk> done a.
Speaker Change: It sounds like womens on whether you go search for letting a Florida woman.
Speaker Change: I mean, if you could find something where you're gonna be dose cohort.
Speaker Change: So automotive hardly solar Formula Timna, Yes, sure Yes sure you go beyond that you would see like a hardship.
Speaker Change: The second one is unclear call and uncle, especially on cocoa life and Raj training with data that are going to do that over the impacted games. It is more like a card collection that can be done.
Speaker Change: And which can help us further implant innovative play into an outstanding performance.
Speaker Change: So that's where they are and where the leverage revenue was better than what we expected and I also believe that that is one of the ways that eight total contribution to the revenue growth is better than what we expected.
Speaker Change: So it all mapping converge Ebola some hydro tangela.
Speaker Change: A dealer you go number around controllable Diaphoneme hydrogenate harder.
Speaker Change: Okay.
Speaker Change: For me in the cellular.
Speaker Change: Sure.
Speaker Change: Sunday, but Jim to Xiaomi and <unk>.
Speaker Change: Junior in Geoscience and learning a total eagle.
Speaker Change: Eagle Eagle Cumulus there you go.
Speaker Change: Tricia <unk> moniker.
Speaker Change: As they continue to solidify our middle tasks for the Nexgen in South Asia and also registered a very stable per connection in order to make sure more functionalities to cookies blocked from one platform to another setting that rate I believe in the near future the social entertainment Silicon.
Speaker Change: Can you just have a fabric staple traps.
Speaker Change: Okay and the next question comes from various state and Matthew Yeah. Maggie Your line is open.
Speaker Change: Thank you for taking my question and they use it seems to have stabilized around 517 million and the possible corners and they actually added 5 million in Q. So can management share with us the priority in your latest Mou strategy shall we actually expect in May.
Speaker Change: To return to any growth at some point and how shall we think about future opportunities from deeper integration into wishing ecosystem. Thank you.
Speaker Change: So anyhow, okay kind of Diana <unk>, Inc, and <expletive> Citrus Act changeover keeping capital of Atlanta.
Speaker Change: Now to income would've been at Samsung.
Speaker Change: Thank you for taking time to get.
Speaker Change: Chinese you chime in as well.
Speaker Change: Take a chunk out actually kitschy homeaway lag and they don't go away as Hamish pardon me it looks like 14%.
Speaker Change: Meanwhile, you accept that we match up good acreage and we think our Shanghai chicken pizza.
Speaker Change: Okay.
Speaker Change: Thank you.
Speaker Change: So Mexico.
Speaker Change: Thank you.
Speaker Change: Good morning, everyone.
Speaker Change: So therefore.
Speaker Change: Well, Michael I was wondering if you can either I'm aortic edival woman chooses to do all that it's actually the highest sick and they don't give me someone women women to that woman that'll Janeiro home until the tornado lung young right.
Speaker Change: I may only or you'd be locked out of bundle.
All of our enrollments I it didn't in G&A.
Speaker Change: The chart on the <unk>.
Speaker Change: Babu <unk> on our food on a viable what you do on the sort of momentum gives us one of the films such as a real good article coming out I think I may only gets you something that you go out there. So it is one so I'm talking about Iowa needle Reinhold.
I mean, what I got bundles with Alibaba.
Speaker Change: Thank you very much. Thanks for the question regarding our <unk> strategy and perhaps I think in our case, they're rational ways, our content, especially our self emission contract and a unique contact continue to drive up and <unk>.
Speaker Change: Bachelet today I mentioned in my working ways celebrities and August 19th to Alabama, but at the same time for content.
Speaker Change: Slide onto French terminal.
Speaker Change: That way it will also have the self made key most importantly, those high quality content continued to drive up at thank you that is the strategy for us to continue to improve and congrats on timing Kumagai rifleman I'm sorry, Jamie.
Speaker Change: Donor tissue those are above our belongs pn.
Speaker Change: Yes.
Speaker Change: Jojo you want to hit function, Judy and unless you teach them, what New York, One and also the development Driller I may open up.
Speaker Change: Starting with the army to a higher tier or say you don't go on the <unk>.
Speaker Change: Do you think the chief human even a bundle.
Speaker Change: So from the production function medical perspective after one yet we continue to optimize the play extend back and provide more innovative actions oddly enough takeaway to users that can help us decide that may tend to be captured.
Speaker Change: You need to ground and au and the specialty I was mentioning.
Speaker Change: On the terminal and the grants be pretty helpful.
Speaker Change: <unk> accumulated culinary.
Speaker Change: <unk> yeah.
Speaker Change: I always say that converted you can charter a paywall.
Speaker Change: I mean, historically I may hold up on the Chilean yoga fit under the bundle pneumonia Claybaugh John that you go to our usual unocal Teva generic <unk> <unk> gamma.
Speaker Change: Hello, Good afternoon Nigel.
Speaker Change: But at the same time on QQ music on this platform and we find out the promotional marketing.
Speaker Change: State, where it works and it proved to be physical so that's the way that it can also help to drive that.
Speaker Change: And that's a rate that will also go back to copy that successful start late to Amazon.
Speaker Change: So hold on.
Speaker Change: To ensure that on the call.
Speaker Change: Iot today, but when the actual.
Speaker Change: Thanks Shlomo.
Speaker Change: Sure <unk>.
Speaker Change: Hi, sure that Youll be at Hubert also EMEA long run what Matthias who are kind of unbanked embody intervention.
Speaker Change: Our EMEA Shimon for Oregon border and emotional on lumber Schindler.
Speaker Change: I'm only going to be a horticulture.
Speaker Change: But at the same time I also would like to say that <unk> and Iot government will be ready.
Speaker Change: <unk> in the near future, especially for the in coffee and I think a great opportunity was there and decide to go and the concept of passion and polka App. We hope that it was like I need to keep an eye on new apps inside our country is rallying.
Speaker Change: Thank you.
Speaker Change: This is not a nimble entities.
Speaker Change: Because you have some dilutions in the kingdom.
Speaker Change: Oh.
Speaker Change: We can treat them with <unk>.
<unk> bought so you're gonna be a holiday.
Speaker Change #113: Oh, My God I haven't talked to you and how they got to know quite a few film genre of Ishares for it.
Speaker Change: Got you and on golf Banca automation, Canadian so you're going to be harder sungard.
Speaker Change: Good morning item HEICO smaller.
Speaker Change: They got a high share of whole man too, although I'm, just showing on a more automation to make a forward looking items available on the <unk>.
Speaker Change: That said you know what Teva Mangala <unk>, how do you go that's useful.
Speaker Change: And regarding the second part of question on how we're going to keep an eye on <unk>.
Speaker Change: These into wechat with openings place until late chassis is a great platform great radical scratch it but strategically speaking, we're also going to help us listen to reach out to get a better grasp I think a sufficient size looks okay and hope in the near future. It could also be an active platform and continued to lay a solid foundation for our.
Our commission contacts in the message.
Speaker Change: Thank you in the interest of time with it and last question from Thomas Chong from Jefferies. Thomas Your line is open.
Thomas Chong: Hi, Good evening, Thanks management for taking my question. My question is about operating expenses as well as our margin trend.
Thomas Chong: Given that we already exceed.
Thomas Chong: 40% in terms of our GP margin just wanted to get some more color regarding not our trying to 25 and our long term Paul Paul.
Thomas Chong: <unk> trend and margin trend.
Thomas Chong: The key areas that we.
Thomas Chong: We can get our product right.
Speaker Change: Uh huh.
Speaker Change: In our cost side.
Speaker Change: So I asked what should we think.
Speaker Change: Think about it.
<unk> expenses.
Speaker Change: Going forward and our loan I am I'll ask.
Speaker Change: Earnings.
Speaker Change: Well I'll go forward. Thank you.
Speaker Change: Okay. Thank you plenty of time to refinance has now fanatical lenke one advantage of <unk>.
Speaker Change: Each portfolio 90 day petition.
Speaker Change: <unk> got a quality issue can you talk about that issue I'll find out yet.
Speaker Change #100: Yeah, Thanks, Jon kick off a nationally in the lung tissue, it's about fourth annual basis keep at that time.
Speaker Change #100: Sometimes once you finally, I'm looking for that would be yeah. It's.
Speaker Change #100: It's about one your charter if I'm yet when that is Apache is accomplishing fantastic.
Speaker Change #101: Sure by a patient.
Speaker Change #101: Yeah.
Okay intention Alibaba.
Speaker Change #101: Modeling our 2000 Geos.
Speaker Change #101: Some are.
Speaker Change #101: Let me easily issue.
<unk> done the modeling.
Speaker Change #101: Yes.
Speaker Change #102: Thank you very much let me talk about the JV might impact in Q3, our GP margin stood at 42, 6% with registered continued grabs a few clients.
Speaker Change #103: But I'm wondering in terms honestly answer he signed that you can easily see this as a source of women.
Speaker Change #103: Just a little bump along but not to go into.
Speaker Change #103: So hopefully.
Speaker Change #103: Hopefully I answered agenda, each element six o'clock consoles took a question that posted double the money.
Speaker Change #103: Yeah.
Speaker Change #103: I'm talking about a few times that the fact that drive that is ever increasing revenues from the music business and also the pairing of our user base.
Speaker Change #103: I think at wholesale the rapid transit from the advertisement business all positively contributed to the GP margin.
Speaker Change #104: Yes, Hi, Dan.
Speaker Change #105: Let's see how the mental illness or the honest answer.
Speaker Change #105: So nothing.
Speaker Change #105: So we all know for the patterns have been somewhat yeah. That's it could be on some medicine docs chooses.
Speaker Change #105: So that's so those adoptions with them.
Speaker Change #105: Secondly, thanks, because I thought the RSA in managing our cost so that's what I mentioned the cost on the couple bracket.
Speaker Change #105: And especially our content cost Crouch is actually nowhere in our music revenue graph.
Speaker Change #105: If anyone has a sustainable womens Thomas.
Speaker Change #105: From a legal settlement for pumps.
Speaker Change #106: Uh huh.
Speaker Change #106: How much you sort of don't Miss any of them.
Speaker Change #106: Hello.
Speaker Change #107: And the first highlight is because that we have more contribution from the sales commission content and a coup for Adi content and also going into positively contributes to the GP margin.
Speaker Change #107: This study also in climate women choices essentially to go come out which is clearly what we had shown below woman.
Speaker Change #107: Both information.
Speaker Change #107: So everybody that social testing and they can say, we also took some a better strategy and we continue to there is a percentage of a nice Australia sure.
Hey go swimming, Cleveland, even though we haven't seen a cigar Shaw Hello, Oklahoma also listened to honestly John Hutton.
Speaker Change #107: Gotcha.
Speaker Change #107: At the same time.
Speaker Change #107: We see the revenue growth and advertisement brands also contribute a lot to our central revenue margin improvement.
Speaker Change #107: Some months ago.
Speaker Change #107: So EMEA chunky initial especially <unk>.
Speaker Change #107: So hopefully she yogurts in China there's.
Speaker Change #108: No nothing.
Speaker Change #107: Nothing.
Speaker Change #107: Gross margin for you Peter.
Speaker Change #107: Pizza hut of Houston.
Speaker Change #107: Oh <unk>.
Speaker Change #107: It sounds from the studio slate, Egypt, Australia.
Speaker Change #107: So look into Q4 of this year and 20 to 25 and I took that.
Speaker Change #107: Texas mentioned about stepping into play them important about regarding that J P market. Despite a good improvement I think may in plenty of time to find.
Speaker Change #107: Right now what we saw in tiny pockets.
Speaker Change #107: Okay.
Speaker Change #107: Jamie <unk> filling some home EOG.
Speaker Change #107: She also pay off.
Speaker Change #107: And again, the Haynesville sale, Helane I always felt when deemed being softened up.
Speaker Change #107: So don't ask leading eagle incentives along with industrial.
Speaker Change #107: Let's talk about the operating expenses, we foresee that in terms of <unk> five S M and expenses and the G&A expenses financial grants to likely a scratch my head pretty much Nova and our revenue growth rate.
Speaker Change #107: I assume AG not just only in women.
Speaker Change #107: So you can count on Holly Hunt.
Speaker Change #107: Hunting is a neat little bigger Hudson's applicant.
Speaker Change #107: So I do believe that in time to quantify that at adjusted net profit and adjusted net profit the rate you have to have good growth momentum.
Speaker Change #107: You can't handle doesn't say leader.
Speaker Change #107: Does it go Lindsay no liquidity, yeah. It will take a 10 minute charter issues over time yeah.
Speaker Change #107: So needless to say.
Speaker Change #109: C G, but I think offsetting that MTN in top of the world.
Speaker Change #109: You also asked about effective tax rate and at least from the operational perspective, we terminate APAC, but tax rate and into mainland unchanged right.
Speaker Change #110: Genie Energy's Leo.
Speaker Change #110: Yes.
Speaker Change #110: You've got all the things are changing.
Speaker Change #110: So most of them starting with no Michael Peter toward withholding taxation Natalie <unk>.
Speaker Change #110: Oh, yes, and because we have a manufacturer dividends at that ASP from the onshore companies to the options. So that's what I think is Shanghai Tang withholding tax, which makes our effective tax rate looks high.
Speaker Change #111: Which actually many of them.
Speaker Change #111: So that they go through a major tier one not cutting it well actually just trying to unpack and cumulative ashok on the military opportunity.
Speaker Change #111: But into next year when they still have a standard I think began to programs and we are also going to have the measures in place, but regarding the total size effective again that has not even been contract.
Okay. Thank you. Thank you everyone for joining us today, if you have any further questions. Please feel free to contact us.
Speaker Change #111: This concludes today's call and thank you again and look forward to speaking to you next quarter. Thanks.
Speaker Change #112: Thank you very much thank you.
Thanks.