Q1 2025 iQIYI Inc Earnings Call
Thank you for standing by and welcome to the I T E first quarter 'twenty 25 earnings Conference call. All participants are in a listen only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question you will need to press the star key followed by the number one on your telephone keypad.
I'd now like to hand, the conference over to MS. Cheng Yu. Please go ahead.
Cheng Yu: Thank you operator, Hello, everyone and thank you for joining <unk> first quarter 2025 earnings conference call. The company's results were released earlier today and available on the call.
Cheng Yu: Investor Relations website at IR E arc com.
Cheng Yu: On the call today I will start with your thoughts on her doctor a CEO.
Sergio: Sergio <unk>, our CFO, Mr Stanley Wang our.
Cheng Yu: Chief content officer, Mr. Yoshizawa.
Speaker Change: Senior Vice presidents, our membership business.
Speaker Change: Mr Somebody young.
Speaker Change: You know vice president of movies and overseas.
Speaker Change: I mean, it's true Scott Senior Vice President of brand advertising business.
Speaker Change: Mr. Gao will give a brief overview of the company's business operations and highlights.
Speaker Change: Well there was a financial after the prepared remarks, the management team for participating in the Q&A session.
Speaker Change: Before I proceed. Please note that the discussion today will come from forward looking statements made under the Safe Harbor provisions of the U S. Rather Securities Litigation Reform Act of 1995 forward looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations.
Speaker Change: Potential risks and <unk>.
Speaker Change: Argentina.
Speaker Change: Now, let me get you the outline filings with the SEC.
Speaker Change: <unk> does not undertake any obligation to update any forward looking statement, except as required under applicable law I will now have onto Mr. Goldberg. Please go ahead.
Goldberg: Hello, everybody.
Speaker Change: Okay.
Speaker Change: Deliver all in the first quarter.
Speaker Change: The quarter saw growth in both total revenues and profits.
Speaker Change: This was built on.
Along with Paul.
Speaker Change: Well premium content.
Speaker Change: Right.
Speaker Change: T J.
Speaker Change: T J D western vertical format, Oklahoma.
Speaker Change: As you need it.
Speaker Change: The balance sheet.
Speaker Change: I'll go through platform for user.
Speaker Change: Alas, all along for softball under two minutes.
Speaker Change: Sorry.
Well field for commercial land leases.
Speaker Change: This will all come together.
Speaker Change: These events to drive it even equal.
Speaker Change: Across all business model I'm not content ecosystem decreased.
Speaker Change: Well, we market as it goes with the ball.
Paul: Well, Paul what we.
Speaker Change: We do all content.
Paul: So a delay for us.
Paul: In AG.
I'm sure David.
Paul: Yes.
Paul: Hum.
Paul: Sure.
Paul: Multiplex gifting.
Paul: For our flat sheet on sales there.
Paul: So Pat.
Paul: Oh I see.
Back to school.
Paul: And that email.
We will.
Paul: More lives mistakes.
Paul: Okay.
Paul: Sure.
Paul: Both achieves those calls or.
Paul: All done.
Paul: And the big factor.
Paul: Okay.
Paul: Yes.
Paul: Oh Kirstie.
Paul: Premium content is a strong commercial landfill.
Paul: Well also upholding.
Paul: Alright.
Paul: Uh huh.
Paul: Additionally, we will have.
Paul: Oh, it was important that we kind of need to deliberate.
Paul: Hey.
Paul: And the more attitude.
Paul: Alright.
Paul: The salt.
Paul: Strong language.
Paul: Yeah.
Paul: So you.
Paul: User centric upheld well I'll get that email.
Andy: Hello, Andy.
Andy: Oh great.
Paul: Great.
Paul: Angela.
Paul: Well Charles content ecosystem.
Paul: For <unk>, we have made notable progress and she lives.
Michael Palmer: Michael Palmer knowledge.
Paul: In terms of lead times.
Michael Palmer: First I E. The number of daily unique visitors.
Yeah.
Michael Palmer: So they are growing appeal.
Michael Palmer: I'm happy to meet you all.
Michael Palmer: Yes.
Michael Palmer:
Michael Palmer: Oh, okay.
Michael Palmer: Former unlocking.
Michael Palmer: Actual holdings.
Michael Palmer: Well I mean it truly.
Michael Palmer: Microsoft play.
Michael Palmer: <unk> strong.
Michael Palmer: Premium micro Oklahoma by enhancing our ethanol production.
Michael Palmer: Acquisition our abilities.
Michael Palmer: Uh huh.
Michael Palmer: And to effectively monetize.
Michael Palmer: Traffic, so advertising and e-commerce.
Michael Palmer: Beyond all content ecosystem.
Michael Palmer: Operator.
Michael Palmer: That's how the new call it makes sense to improve yields are determined.
Speaker Change: Uh huh.
Michael Palmer: Paul.
Michael Palmer: Oh, I apologize I jumped feature telecoms.
Michael Palmer: It's tough for them.
Michael Palmer: Yields are engaged with long form videos.
Michael Palmer: With a simple swipe Oh dong.
Michael Palmer: While balances correct.
Michael Palmer: Uh huh.
Michael Palmer: Yeah.
Michael Palmer: Okay.
Michael Palmer: Key highlights.
Michael Palmer: In asphalt without missing any thank you.
Michael Palmer: Walnuts.
Michael Palmer: <unk>.
Michael Palmer: Our country by Osama relax these parents Taylor.
Michael Palmer: And Boston patents.
Michael Palmer: We have it.
Michael Palmer: Hi, Paul.
Speaker Change: Generated yet to buy best of breed deals for them.
Michael Palmer: My personal.
Speaker Change: The labor issue.
Uh huh.
Speaker Change: As the OLED laptops, Oh, no I'm not saying it's the.
Speaker Change: Economy, increasing for that unpredictable.
Speaker Change: Is it a continuous tweaking.
Speaker Change: However impact.
Speaker Change: What is this whole environment.
Speaker Change: As a way to create a defensible vanda is largely well in Nevada.
Speaker Change: Yes.
Speaker Change: Yeah.
Speaker Change: We are ramping up.
Speaker Change: Yes.
Speaker Change: Our strategy area actually have enriching our content ecosystem.
Speaker Change: Got it.
Speaker Change: Well these investments.
Speaker Change: I'll turn the call now.
Speaker Change: We plan to deliver long term benefits.
Speaker Change: No.
Speaker Change: That's more onto the details of all core business segments.
Speaker Change: Yeah.
Speaker Change: Starting with long form videos.
Speaker Change: So vishal.
Speaker Change: Content ecosystem.
Speaker Change: We've maintained leadership meeting about the cough drama Oh, great that's occurring a pulse pulse in terms of total dealership market shelf.
Speaker Change: I'll come to in license data.
Speaker Change: Our strong performance in five years.
Speaker Change: Okay.
Speaker Change: In.
Speaker Change: Jacqueline burst of it a.
Speaker Change: Sales in our mode as it happened and national spot teams 60 Charles.
Speaker Change: Right.
Speaker Change: You'll recall that the terrorists.
Speaker Change: In the past.
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Speaker Change: Right.
Speaker Change: A remarkable milestone.
Speaker Change: It keeps you awake.
Speaker Change: Okay.
Speaker Change: First household pool surpassed 10000, I'd see a popularity back to school.
Speaker Change: It's okay.
Speaker Change: Florida heaviest single and sole Atlanta history.
Speaker Change: Behind that is.
Speaker Change: No court.
Speaker Change: Okay.
Speaker Change: Uh huh.
Speaker Change: Good work.
Speaker Change: Sure.
Speaker Change: In the Gulf in General.
Speaker Change: Sales for.
Could you talk Brad Brian made notable progress in this call is spending all the time.
Speaker Change: I'll lead off content for a man.
Speaker Change: Oh, yes.
Speaker Change: So Paul I'll kind of debating titles.
Speaker Change: Yeah.
Speaker Change: All in cost per deal stuff on the steep drop off more flags.
Speaker Change: Peter.
Speaker Change: Sure.
Speaker Change: Okay.
Speaker Change: Perhaps it's a popularity as call or not.
Speaker Change: C.
Speaker Change: And my phone at 600.
Speaker Change: Maldon Gulf.
Speaker Change: Drama.
Speaker Change: All right.
Speaker Change: In the domestic market.
Speaker Change: Performing molten Walmart ethos overseas pass a law change that might be.
Speaker Change: Chinese wrong.
Speaker Change: Oh.
Speaker Change: I'm, sorry, Pete sells a gastric trial.
Speaker Change: Sports they like the express.
Speaker Change: Firstly.
Speaker Change: Our specialty insurer right adoption.
Speaker Change: Realistic alright.
Speaker Change: Yeah. It is.
Speaker Change: Sure.
Speaker Change: <unk> pharma DAC.
Speaker Change: Oh, Oh, Oh, Holton lease rates flat, meaning no law as well.
Speaker Change: Last thing on reputation.
Speaker Change: <unk> Shah.
Speaker Change: Yesterday.
Speaker Change: Oh, My Coke Hudson Valley.
Speaker Change: Hello, Sir.
Speaker Change: Thank you Tom.
Speaker Change: Laughter until Shavuoth, Utah a poker.
Speaker Change: Alicia even though we've had some trauma center, it's still I'm still Oh I'll.
Speaker Change: I'll call them again.
Speaker Change: Okay.
Speaker Change: Building on that.
Speaker Change: That's all part of such a F.
Speaker Change: Well the envelope with all of that and a great mobile there won't be a wholesale lease.
Speaker Change: Brian.
Speaker Change: Our sense would be live.
Speaker Change: Thank you Guy.
Speaker Change: Turning to <unk>.
Speaker Change: We continue to make the kind.
Speaker Change: Hello, Greg Altra.
Speaker Change: Walter Please go ahead.
Speaker Change: The Ocean Magic shell, often useful imagine booming.
Speaker Change: We've encountered that.
Speaker Change: Long long tail of DFAST.
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Speaker Change: Five.
That's true.
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Speaker Change: Chinese new year, therefore will stay in the ownership of the original Oh.
Speaker Change: Making the most of watch watch the movie.
Speaker Change: It's called <unk>.
Speaker Change: Yeah.
Speaker Change: All of our salt production at least for part local.
Speaker Change: Oh excuse to shrunk.
Speaker Change: To be able to ship.
Speaker Change: Sure.
Speaker Change: Neil you'll start Paul two extra.
Speaker Change: Paris.
Speaker Change: Alright, So Jo mill for our so called her our flagship multi sensor.
Speaker Change: Become a far.
Speaker Change: Most people see.
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Speaker Change: I made a strong comeback.
Speaker Change: So its tending strong traffic and a positive one off mall.
Speaker Change: All right.
The Blue Germany beautiful.
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Speaker Change: Also in R&D.
Speaker Change: Skull or.
Speaker Change: All of it.
Speaker Change: Our travel audience, you ignore shall receive yet.
Speaker Change: Oh yeah.
Speaker Change: Electrical power in Hicksville, New York.
Speaker Change: In terms of all the banks.
Speaker Change: The culture of continuous improvement all protection cover B P.
Speaker Change: Pete.
Speaker Change: That's so cool Super cool.
Paul.
Speaker Change: The roofing season.
Speaker Change: Goof wushu isn't it.
Speaker Change: Positive user feedback.
Speaker Change: Uh huh.
Speaker Change: Moving onto long continent strategy out in the time slot.
Speaker Change: Yeah, I'll call it formal category I'll focus on pre to well and then start to talk to you.
Speaker Change: All lines commercial.
Speaker Change: Marshalls.
Speaker Change:
Speaker Change: I've said that.
Speaker Change: Accidents.
Speaker Change: <unk> committed to.
Speaker Change: Two St Pete Jackups.
Speaker Change: It does.
Speaker Change: And Oh.
Speaker Change: Volker stuff.
Speaker Change: <unk> passed the pace.
Speaker Change: Yeah, enhancing all come from the creation strategies.
Speaker Change: This includes reducing I think.
Speaker Change: So comps for long for Congress.
Speaker Change: Increasing the number of high quality shop hours with each asphalt lasting.
Speaker Change: Five.
James: This is James.
James: The well at all.
James: We're thinking of.
James: All right.
James: Yep.
James: Rich that use that Kelly on the drive deeper Oh.
This engagement.
James: I'll drop more features.
James: Exceptions.
James: All the public tower content.
James: And it leaves about pizza hut walnuts.
James: And Lockheed.
James: [noise] Potbelly lightweight we've.
James: Gardner widespread okay.
James: Adding to that.
James: Uh huh.
James: That meant.
The highly anticipated film and games yet.
James: Okay.
James: We've seen a kit.
James: Well be relieved.
James: He loves it.
James: General always that's always out there.
James: Listen to that.
James: It would hit three accused us at all.
James: Sure.
James: Our lives well lap Jimmy Marshall.
And also looking forward to our upcoming release, including.
James: Fireball.
James: Yeah.
James: Paul It's block feature shop us yet.
James: Decades from now.
James: Notable low actual crime.
James: These are not new.
James: Fiction.
James: Trauma was a wonderful war.
James: Yet we all live.
James: Just a follow up as well.
Speaker Change: All right Oh.
James: It takes drama includes highly anticipated title.
James: Right.
James: Yeah.
James: Sure.
James: Gotcha.
James: <unk>.
James: We are increasing investments in all original productions for Christie.
James: I should call it.
James: We have some strong Pos okay, it's plentiful multiples at all or no.
James: All original production.
James: Yeah actually it was a false okay. So we have a lot of iron.
James: Four P M.
Scott: Thanks Scott.
James: Go for it.
James: Absolutely.
James: Like basketball for yeah.
James: Including chandeliers H well.
James: A decent.
James: Yeah, So Paul well on that movie.
James: That new Xiaomi model.
James: Oh that was a lighthouse in cruise orange, though on that movie.
James: Uh huh.
James: Ultimate Nisha.
James: Hum.
James: Our mother.
James: Yeah.
James: <unk> East a bra that Susan St.
James: Halloween popular casual fast money Marshall.
James: Comedy action.
James: Well it lessens the article movie.
James: A favorable heat including languages.
James: Hong Kong.
James: Sure sure.
James: And the tactical China's top last night, there was a.
James: Yeah.
James: Both long beach.
James: So I suppose that's jumped out of Chinese new year no.
James: And no performing well on all platforms.
James: Well he shows we will maintain our focus on producing top quality of programs. They are introducing exciting young companies.
James: This includes sequels to that'd be lost a classic black Hawk.
James: Does that all kind of 2025.
Speaker Change: Oh God.
James: Fresh Iq socs.
James: C.
James: Asia Jago shooshan.
James: And the real allergy shot that's now.
Alicia you hard yet.
Speaker Change: Oh, that's a basketball are busy on that.
Speaker Change: The ROE in Germany.
Speaker Change: We also plan to launch a second let's see that these are this year.
Speaker Change: Well I'm in Asia.
Speaker Change: Yeah.
Speaker Change: Two increasing revenue.
Speaker Change: Contribution from older original productions.
Speaker Change: Actually that high quality of Chinese animation.
Speaker Change: We also.
Speaker Change: So all in all.
Speaker Change: Oh.
Speaker Change: Jewelry cereals.
Speaker Change: Obviously I'm biased upwards.
Speaker Change: Oh maximize IP battle major titles to get launched I include the enemy ship or the Q.
Speaker Change: Q E y.
Speaker Change: Some want to shop.
Speaker Change: Of course.
Speaker Change: You shouldn't draw.
Speaker Change: Well over five.
Speaker Change: <unk> announced that the highly acclaimed the Japanese economy Asia one piece.
Speaker Change:
Speaker Change: I see.
Speaker Change: The Allianz life a dedicated fan.
Speaker Change: <unk> base.
Speaker Change: But children's content, we will concentrate on commercial lines.
Speaker Change: People loved song comprehensive IP ecosystem, that's bad.
Speaker Change: Last cycle.
Speaker Change: Oh, Yeah somebody says Taylor to parent child, Oh, that's it.
Speaker Change: I think the Patriots title includes pre season.
Speaker Change: They all squad they've been fall what do you do it.
Speaker Change: Uh huh.
Speaker Change: Cabinets I step for us.
Speaker Change: Pat.
Speaker Change: Welcome Scott.
Speaker Change: Moving out of a pool, that's all kind of months, we just covered that.
Speaker Change: Paul.
Speaker Change: Potential we've seen all kinds of Nissan.
Speaker Change: Hi, Thank you.
Speaker Change: These powerful momentum.
Speaker Change: Yeah clients to tool up until they file all the investments in macro.
Speaker Change: I'll now comment on the sensing you'll start with Asia after us.
Speaker Change: Yeah see key objective.
Speaker Change: It's a travesty, arguing survey whose team goodness.
Speaker Change: Got it.
Speaker Change: Ah by increasing my old drummer Hong Kong equal to the.
Speaker Change: Secondly, we see my hometown.
Speaker Change: Yes.
Speaker Change: Well, attracting new users and that's why these member ship revenue growth, especially I E.
Speaker Change: And their task or yeah. It gets older.
Speaker Change: Older audience.
Speaker Change: We have people that he's talking many times Asia opportunity.
Oh.
Speaker Change: Oklahoma.
Speaker Change: Sure.
Speaker Change: And what type of thing.
Speaker Change: Yes.
Speaker Change: Yeah Fantastic achievement.
Speaker Change: First of all back to you.
Speaker Change: Alright.
Speaker Change: We are backing all apps.
Speaker Change: This delay if pending all macro come up.
Speaker Change: Oh Wow.
Speaker Change: <unk> titles now.
Speaker Change: How available for free.
Speaker Change: The other half equals two members.
Speaker Change: With that as well.
Speaker Change: Please shut.
Speaker Change: At different times.
Speaker Change: To die and I've covered all of it.
Speaker Change: The main I E.
Speaker Change: Okay.
Speaker Change: Long form videos, mainly due phase.
Speaker Change: Subscription model.
Speaker Change: Mike.
Speaker Change: Complaint that's a rate that is at.
Speaker Change: And she likes.
Speaker Change: The problem with a focus on free my cold tumors.
Speaker Change: In the past.
Speaker Change: And what's happening on the e-commerce is meaningful progress how the Cleveland.
Speaker Change: Impressive growth in both daily deals and timing on the unique things.
Hello, Michael.
Speaker Change: Yes.
Speaker Change: The potential increases of over 300 person I'm.
Speaker Change: I'm not walking into that 10% is at the table.
Speaker Change: When comparing the first week of April tool.
Speaker Change: In the field trials as well.
Speaker Change: Well the prostate.
Speaker Change: Well I'd say, it's actually a macro dramas.
Speaker Change: We are cognizant that the tropical nature without tapping into its full potential.
Speaker Change: Well he pioneered they'll come back to authenticate as Chinese new year.
Speaker Change: Well, Mike Oklahoma really.
Speaker Change: H premium title.
Speaker Change: Like my Sweet home Xiaomi channels.
Speaker Change: They come into my Hauck <unk> <unk>.
Speaker Change: All right.
Right.
Speaker Change: So that's that.
Speaker Change: Cleveland.
Sweden.
Speaker Change: Well reinforcing all of Asia.
Speaker Change: Welcome Paul.
Speaker Change: For my call from Us.
Speaker Change: That's Oklahoma yesterday continues to do well.
Speaker Change: And then you'll start the month book written insightful Alliance for factor letter, so I'll pause there.
Speaker Change: With.
Speaker Change: As protests in premium content.
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Speaker Change: A lawyer so bad.
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Speaker Change: All of it talent.
Speaker Change: The other one stuff and all that.
Speaker Change: Libra you'll need.
Speaker Change: Basketball was up my Oklahoma illustrates.
Speaker Change: We.
Speaker Change: How many are enhancing.
Speaker Change: Enhancing.
Speaker Change: I haven't seen a bit of a challenge group or deals or email alert.
Tony: Well, it's Tony.
Tony: Moving to Tampa gyros to bold and all content offering.
Speaker Change: In Asia texts include Luke.
Speaker Change: Multiple protests stocks.
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Speaker Change: 100, and a classic Hong Kong movie.
Speaker Change: Producing.
Speaker Change: Since they funded us often.
Speaker Change: Legal educational.
Speaker Change: Content.
Speaker Change: Laughter, Macroeconomists addition to that well into integrating.
Speaker Change: Reaching 10 apologies.
Speaker Change: I am not watchful production tweaking pool, both efficiency and quality.
Speaker Change: Building off this immune therapies.
Speaker Change: Yeah.
Speaker Change: She is so cool.
Speaker Change: So I see that ecosystem.
Speaker Change: In March we.
Speaker Change: All statements the first.
Speaker Change: Oklahoma.
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Speaker Change: Bringing together hundreds of.
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Speaker Change: So I'm sure it's great for us on the industry professionals.
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Speaker Change: Okay.
Speaker Change: Husky ego.
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Speaker Change: The old trucks collaboration.
Speaker Change: That's the first time ever I'm, sorry remotely it is basketball got Martin does fit and enough on that.
Speaker Change: Yeah.
Speaker Change: Oh not profile also.
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Speaker Change: As a key industry player.
Speaker Change: Moving on to the membership.
Speaker Change: That's right.
Speaker Change: Again grows.
Speaker Change: Tim.
Speaker Change: So called her increasing 7% sequential that tool.
Speaker Change: Q4, albeit.
Speaker Change: We have swapped out I don't think world.
Speaker Change: I grew up as in Q1.
Speaker Change: Despite the strong performance of key titles such as <unk>.
Speaker Change: If you do all that.
What needs to take the floor.
Speaker Change: And is that in your program.
Speaker Change: Let's see.
Speaker Change: Thanks to our improved operating niche our teams.
Speaker Change: Our strategy is focused on developing a membership is that that would take her to oh all of it.
Speaker Change: I'll start with.
Speaker Change: The labor asked about it and Oh can make to that.
Speaker Change: That's right.
Speaker Change: Rose.
Speaker Change: I still call our membership business.
Speaker Change: You can send football content, it's flat.
Speaker Change: We.
Speaker Change: That's dropped to tweak those well.
Speaker Change: Both of them.
Speaker Change: Acquisition and the retention team Colonsay steps low premium long form content I think gave you might call stars.
Speaker Change: And continue on stretching all adverse events.
Speaker Change: Right.
Speaker Change: Yeah.
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Speaker Change: For that because they shouldn't.
Speaker Change: Our niche Sidney.
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Speaker Change: Although he will surpass the family.
Speaker Change: Yeah.
Speaker Change: So excellent wells after we introduced free.
Speaker Change: Maybe it is.
Speaker Change: Class package.
Speaker Change: Yeah.
Speaker Change: Israel.
Speaker Change: Oh, and I apologize the basic membership plan.
Speaker Change: I want to offer exceptional that Lorne.
Laura: Laura quite rich.
Speaker Change: Yeah, It's tarek I'll stop ship.
Speaker Change: Hi, younger generation legal sourcing from low tier cities.
Speaker Change: Sure.
Speaker Change: And you'll remember, it's Matthew Troy asked us for some time.
Speaker Change: Yes.
Speaker Change: They have full crews.
Speaker Change: I don't see that at all.
Speaker Change: Initial games that well.
Speaker Change: Laura I don't know why a operators long term members.
Speaker Change: Now in Dwyane Wade for his comments about all treatment.
Speaker Change: Remember it's free.
Speaker Change: This package.
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Speaker Change: Collections.
Speaker Change: And it often like E price package.
Cockpits the E.
Speaker Change: That's progress.
Speaker Change:
Speaker Change: Ooh purchases.
Speaker Change: Gift cards on the bundling membership.
Speaker Change: With the added benefits.
Speaker Change: That makes all my Moshe.
Speaker Change: More attractive on the basketball for pumping.
Speaker Change: Revenue growth.
Speaker Change: Wow membership.
Speaker Change: Moving on to I don't want to I think in this otherwise.
Speaker Change: Type C round Hill in the first so called her greatest sequential that plan to be at one point, so it'd be left other than a macro price Q1.
Speaker Change: The people that lowest cheap compared to Q4.
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Speaker Change: Hum chilled Congress and it shows a strong draw for either one of the answers.
Speaker Change: We've called them together.
Speaker Change: How do you feel that overall have opened Atlanta.
Speaker Change: North Platte.
Speaker Change: The C code on class C IP become a father seat Liza otherwise highest himself.
All the more acute.
Speaker Change: Germany, and the potency of glamour more use cases.
Speaker Change: It had widespread positive feedback looking at that.
Speaker Change: Brian.
Speaker Change: <unk>.
Speaker Change: Showing entirely G by of a potential with bombs isn't buying premium content.
Speaker Change: He plans to drive itself.
Speaker Change: G premium drama in that genre perfect south of our brands.
Speaker Change: Well why is he shows we have a full course delivering high impact protests, either you spending equal opportunity to get some sort of classic IP.
Speaker Change: You should know that we launch.
Speaker Change: Pardon me.
Speaker Change: On his shoulder microclimate.
Speaker Change: Caught them by and stuff as well.
Speaker Change: Tie ins in protest.
Speaker Change: <unk> ignore wait here.
Speaker Change: And a lot of testing solutions.
Speaker Change: I'll, let her firmness outside the capture of biogas from new hires.
Speaker Change: Customers in the Philly office applications.
Speaker Change: As location sector.
Speaker Change: Sure.
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Speaker Change: Hi, I'm sorry.
Speaker Change: Yeah the Asia.
Speaker Change: Incorporating AI into.
Speaker Change: Otherwise had seen content creation has.
Speaker Change: Those dates are.
Speaker Change: All of our 20 Christmas compel the tool as they were last week.
Speaker Change: Yeah.
Speaker Change: The field trial focused on continuously enhancing our technology.
Speaker Change: Well, how about abusive has pulled back yeah.
Speaker Change: It's awesome that survey.
Speaker Change: So if.
Speaker Change: E Commerce gaming.
Speaker Change: Application for them.
Speaker Change: Paul.
We plan to see squirrels opinion has been macro Oklahoma.
Speaker Change: The integration of APAC maximize monetization efficiency.
Speaker Change: Paul.
Speaker Change: Committed minimums.
Speaker Change: Efficiency is Florida demonstrated by the recent launch of our E G, but she chooses.
Speaker Change: Placement platform.
Speaker Change: I integrate teams.
Speaker Change: From both a long well.
Speaker Change: Drama ecosystem.
Speaker Change: Clinton well a parse those brands perform.
Speaker Change: Yes.
Speaker Change: But they can't get smarter marketing solution.
Speaker Change: Yeah.
Speaker Change: Moving on to technology.
Speaker Change: They continue to I don't know they.
Speaker Change: Video productions.
Speaker Change: Lisa enhancing both efficiency and not to be there.
Speaker Change: Paul and scaling up go to reuse of peaceful assets in major a result on a lag.
Speaker Change: Yeah.
Speaker Change: Thoughts.
Speaker Change: Without that we have.
Speaker Change: The Doctor that you.
Speaker Change: Production time and of course, it's all come from.
Speaker Change: Okay.
Speaker Change: Well Oh.
Speaker Change: Cutting edge tools.
Speaker Change: Speech.
Speaker Change: Yeah Bob.
Speaker Change: Evolution is biased to come more emotion.
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Speaker Change: He sees it.
Speaker Change: Or is it being applied English actually for both long form or problems.
Speaker Change: On the use of funds.
Speaker Change: Harmony.
Speaker Change: AI is really fast unless human talent.
Speaker Change: Asia for New Orleans, Entre I jumped forgive trucks next year.
Speaker Change: It also.
Speaker Change: Appeals to either a hard for that tool.
Speaker Change: User engagement.
Speaker Change: Yeah parts Chatbot thankful.
Speaker Change: Paul will walk.
Speaker Change: The last the April few trusts are 1008.
Speaker Change: The tariffs from all of our IP.
Speaker Change: I'm gonna have engaged with users.
Speaker Change: Over one <unk>.
Speaker Change: 100 of the healing past ease into it we introduced probably more upbeat than holiday, we ended up buying pool.
Speaker Change: Batesville system.
Speaker Change: Congress concept, it's a lot.
Speaker Change: And control payback. Additionally, we have launched a female animal feed truck. He learned before March where users are complaining that you all are keeping.
Speaker Change: T mobile is that younger audience.
Speaker Change: Moving on to our business affirmative ingredients outside of China.
Speaker Change: We maintained strong growth momentum.
Speaker Change: In the first quarter.
Speaker Change: We are hopeful that increasing by almost 38% year over year.
Speaker Change: The average daily number of Pops Party members, reaching a new high.
Speaker Change: Oh, Yeah sure.
Speaker Change: Cool.
Speaker Change: To see drawing was gaining traction.
Speaker Change: There aren't the local audiences according to Google trends data.
Speaker Change: Wow.
Speaker Change: Well the drummer.
Speaker Change: Oh.
Speaker Change: Five year high even.
Speaker Change: The policy first for a range of drama.
Speaker Change: All of this was on production how claims are pingo <unk> grow your international up here.
Speaker Change: With four of the top 10 over feed gone well past that.
Speaker Change: Hum in frontline sheet.
Speaker Change: Our molding walnuts drama the fastest.
Speaker Change: That's what cars.
Speaker Change: Our international platform is publishing a new benchmark for these general addition that at all or is it all call Chinese the nation. So part of the store also achieved the highest single day for triangle.
Speaker Change: Chinese animation things out for us the big of it overseas relates.
Speaker Change: The influence of our premium content withdrawal and the water tap fee revenue by four 8% year over year, obviously, both high drama Gilboy game.
Speaker Change: That's the tenant show traction from Grand out of our pets are well all Chinese why are these shaw become a pharma also true.
Speaker Change: Interesting.
Speaker Change: Overseas class looking at heart, we are focused on expanding our investment in augers adult protection to create high quality content tailored to international Holdings is well integrated micro Congress in for all global pulse of it.
Speaker Change: And as I've seen.
Speaker Change: And to deepen collaboration with local partners and a floor there.
Speaker Change: All right.
Speaker Change: Sure.
Speaker Change: Across key markets.
Speaker Change: What about the North sea as you can see until it push.
Speaker Change: The only way of business.
Speaker Change: Uh huh.
Speaker Change: By our pursuit of new opportunity it is.
Speaker Change: Oh Asia, Okay and.
Speaker Change: All right.
Speaker Change: Well ever having H digital technologies, who think lastly integrates all all at peace.
Speaker Change: Turning to our life cycle.
Speaker Change: I'm Lucky.
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Speaker Change: Oh commercial actual we've recently expanded to all food.
Premier tool.
Speaker Change: Offline these parents pop well first I cheated.
Speaker Change: If that's the open.
Speaker Change: Yeah, It's a second program underway in California.
Speaker Change: In addition, all.
Speaker Change: B R E Morris if sales for us.
Speaker Change: The patent you can back into it feature our popular IP you factor out the noise.
Speaker Change: Strange tale of Tom and his team.
Speaker Change: As off between fill and that they work telling you they'd be argued turnkey no visible in a war 15th dos alcohol yeah.
Speaker Change: Sorry, P&C peers.
Speaker Change: It's immersive entertainment.
Speaker Change: Well.
Speaker Change: Deep and you'll start engagement, it's all content and IP.
Speaker Change: On the ecommerce front, there's lots of new content in a format. That's my Congress comparison.
Speaker Change: Option in that.
Sheila: Sheila let.
Speaker Change: For the full company.
Speaker Change: They can use that as an opportunity.
Speaker Change: In that sector.
Speaker Change: Two topics.
Speaker Change: How much of it caught up peak car lives.
Speaker Change: The opportunities we are highly lunch the trail operations Y e-commerce, but not working all IP.
Speaker Change: A key part of our intensive artist defaulted on the high quality of Matador.
Speaker Change: They hold it.
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Speaker Change: Thanks.
Speaker Change: Yeah.
Speaker Change: Concentrating on building a solid foundation for more pumps in the field that E Commerce is.
Speaker Change: Aw framing.
Speaker Change: Squirrels, so part of it.
Speaker Change: In the year.
Speaker Change: That's all right.
Speaker Change: And so video entertainment and the industry continue to well could you give.
Speaker Change: They are committed to investing in.
Speaker Change: In all kinds of medical system.
Speaker Change: But you'll start it's permanent.
Speaker Change: Ah trial P. P. Afterwards.
Speaker Change: To find out if it all comes down to flat.
Speaker Change: Flywheel chassis.
Speaker Change: Laying a solid foundation for sustainable growth.
Speaker Change: Sure.
Speaker Change: Scrub that Oh holders.
Speaker Change: Anthony Powell.
Although some of our naturals for from Us.
Kum: Thank you Mr Kum.
Speaker Change: Got it.
Kum: Now, let's take them not as acute.
Kum: Q1 key numbers.
Kum: In the first quarter total revenues were RMB, seven 2 billion up 9% sequentially.
Kum: Membership services revenue reached RMB four 4 billion.
Kum: 7% sequentially.
Kum: The increase was primarily driven by the strong performance of the Montblanc drama.
Kum: Oh, My goodness, I mean revenue decreased by 7% sequentially to RMB, one 3 billion, primarily due to a macro headwinds.
Kum: Alrighty.
Kum: The company distribution revenue reached RMB, six $628 7 million.
Kum: 55% sequentially.
Kum: I'm more content titles distributed during the quarter.
Kum: Other revenues increased by 24% sequentially to RMB 839 million, primarily driven by growth I'm certain students Tonight.
Kum: Moving on to costs and expenses.
Kum: Content cost was RMB, three 8 billion up 10% sequentially driven by higher number of premium drama launches.
Kum: Yeah.
Kum: Total operating expenses.
Kum: The $1 4 billion up eight.
Kum: 8% sequentially, primarily driven by higher marketing spending.
Kum: Turning to profits and cash flow.
Kum: Our non-GAAP operating income was RMB $458 5 million.
Kum: 30% on sequential basis.
Kum: The non-GAAP operating margin was 6%.
Kum: Net cash provided by operating activities totaled RMB 339 million positive or won't contract with corners.
Kum: As of the end of first quarter, we had a cash cash equivalent restricted cash shotguns investment in them.
Kum: Long term restricted cash equal you know prepayments.
Kum: Prepayment and other assets now totaled RMB five seven.
Kum: In addition, the company had a loss.
Kum: Five.
Kum: 100 225 years.
Kum: Two P G recorded.
Kum: Amounts due from related parties.
Kum: When reviewing our financial performance.
Kum: Now couple of efforts to optimize the capital structure I'm very clear.
Kum: For the past two years, we have all kinds of the skull true a serious of initiatives to lower our debt levels, all combined repayment schedules.
Kum: Our tenant restructured more manageable.
Kum: Notably the total.
Kum: Oh, the spin principles, Alan although convertible one.
Kum: Sharply declined dropping from $2 9 billion at the end of the first quarter and in 2023 2117 P. M. This year.
Kum: And I'm gonna kind of understanding there.
Kum: $522 5 million ethylene national gloomy year were resolved Hulu is all true equivalent of loan arrangement with a practice here.
Kum: And delete cookies all come out of that structure. We have also achieved a substantial reduction in net interest expense.
Kum: Which has declined from 202 discrete mini RMB, two 155 million RMB in the first quarter.
Kum: <unk> decreased by over 30% year over year.
Kum: Well detailed financial performance and data. Please refer to are all depressed already on our website.
Kum: Now we will open up for Q&A.
Speaker Change: 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 question. Please press star two if you're on a speakerphone. Please pick up the handset ask your question. Please ask your question in Chinese.
Speaker Change: He says and then translate your question into English. Please limit to one question at a time and rejoin the queue. If you have additional questions. Your first question is Hershey Queens from C. ICC. Please go ahead.
Speaker Change: Before Glen you tend to show like a cheap that would've been keisha planning uhm.
Speaker Change: I'm broke on SIFI Yang Sabawi today, you see a change in class that's Johnson, Glenn heating systems that you see only cheap they seem that Jean Jacques muscle Schulman, 30, which equates to the fact that yeah. Okay Amit.
Speaker Change:
Speaker Change: Thanks management for taking my question My question.
Speaker Change: My coach I mask, a confirmation of some operational updates on Michael Jai masking the prepared remarks, a convention month evaporate. They come on very late stage developments off with Michaels drama and Oh, I'll try a key focus points a slight still check it out.
Speaker Change: Thank you.
Speaker Change: Yes.
Speaker Change: When I said island.
Speaker Change: Right.
Speaker Change: Sure.
Speaker Change: Oh sure Joe pool, I E how ridiculous right.
Speaker Change: So many of those <unk> Shen.
Speaker Change: Thank you.
Oh gosh.
Speaker Change: Fair enough.
Speaker Change: Great.
Speaker Change: Hertz yet young.
Speaker Change: If you go through how much she loves and E <unk>.
Speaker Change: <unk> dollar for Cui that'd be big Heart Jacob Mushroom Gaucher.
Speaker Change: Oh for sure.
Speaker Change: It's useful back sure yeah.
Speaker Change: Can you just go back home.
Speaker Change: Actually I'll call.
Speaker Change: Hum our CEO Mr. Dong is entering a true first of all that you'll just have gradually developed a habit of watching like Mcdonald's I E.
Speaker Change: Now have over 10000 micro drama titles with great content and a member of what's to come.
Speaker Change: Timna each accounting for about half of them.
Speaker Change: Or two mobile apps have also been thought was very interesting brand positioning.
Speaker Change: I keep focusing on members a free model, primarily because some hate I forgotten us well the I E. Like primarily focuses on three might look promising but even by advertising.
Speaker Change: Sure sure.
Speaker Change: What kind of lead you to this.
Speaker Change: Hum.
Speaker Change: Don't forget alone.
Speaker Change: When we cannot book.
Speaker Change: Yeah, Yeah yeah.
Speaker Change: Yeah, George it's Nate.
Speaker Change: Michelle.
Speaker Change: Okay.
Speaker Change: And.
Speaker Change: Howard the fruits yet.
Speaker Change: And he's a very cute.
Speaker Change: Yes.
Speaker Change: So most of it will go through the boxes.
Page views up.
Speaker Change:
Speaker Change: These develops math I imagine you have to do them well.
Speaker Change: User time spend and user base for Microsoft Us well.
Speaker Change: And user stickiness, so when we compare the April through December of last year, the number of heavy macroeconomy users I E.
Speaker Change: Art users with an 80% of his time in Washington might look on it has increased.
Speaker Change: So again, Tom ICU architecture truthful.
Speaker Change:
Oh sure Yeah for sure toolkit.
Speaker Change:
Speaker Change: Hum.
Speaker Change: Well try and Paul.
Speaker Change: Oh boy.
Speaker Change: And then G E.
Speaker Change: You may choose a shoot.
Speaker Change: Sure.
Speaker Change: Yes, Keith.
Speaker Change: Uh huh.
Speaker Change: Yeah.
Speaker Change: Hum.
Speaker Change: Yeah.
Speaker Change: Uh huh.
Speaker Change: Gotcha.
Speaker Change: It doesn't change it at Walmart.
Speaker Change: This call.
Speaker Change: Jim You told me at Tullow.
Speaker Change: Well I think that.
If we had wanted it to be up.
Speaker Change: We've been looking for.
Speaker Change: Uh huh.
Speaker Change: Each with their own costs.
Speaker Change: We just stepping to the Microcap I'm a S. P O for now so long and then I'm just started our original production and seen some in the past.
Speaker Change: For example, our recently at least my folks on my part.
Speaker Change: China in escape amongst watching but I think first and Ikea.
Speaker Change: Microtrauma neither isolate headroom.
Speaker Change: Consecutive weeks and also successfully and trips E. P. S top 10, which is oh well beyond that.
Speaker Change: Oh My God.
Speaker Change: So now the acquired top tier titles quite sound more like minus me calls that he thought white and please come into my heart.
Speaker Change: Right.
Speaker Change: Achieved revenue sharing milestone of over 1 million army within a week.
These are programs, reflecting the high user recognition and appreciation of the Indian forgotten us.
Speaker Change: Thank you.
Speaker Change: So for the equal weight.
Speaker Change: We'll talk to you all in the queue.
Speaker Change: You bet.
Speaker Change: Colton.
Speaker Change: Not that bad.
Speaker Change: Sorry about that.
Speaker Change: Sure you bet.
Speaker Change: Hum.
Speaker Change: Uh huh.
Speaker Change: There's some background that I would like to share with everyone. Our for example, our content cost for each microcap I'm kind of an average cost of less than one ele me and <unk>.
Speaker Change: Can talk here titles usually.
Speaker Change: Less than 2 million RMB or title.
Speaker Change: Honestly my thoughts are going forward.
Speaker Change: Youre talking about not sure you broke whatnot.
Speaker Change: So as such.
Speaker Change: With that that within the week and revenue share dollar RMB reached 1 million, it's actually a very insightful.
Speaker Change: Hum.
Felicia: Hi, Felicia.
Speaker Change: E comm yet.
Horses go block on the issue.
Speaker Change: Oh, Yeah, yeah yeah.
Speaker Change: You.
Speaker Change: Talk about what's your complaint.
Speaker Change: Anymore right.
Speaker Change: So as far as actually areas, we're focusing on first.
Speaker Change: To have more and better quality microclimates and second if that's what countries.
Speaker Change: Isn't that right.
Speaker Change: Oh, no myeloma picture puncture pollutants yet.
Speaker Change: Hum.
Speaker Change: I'm sure, you'll close chimneypot intra quarter for.
Speaker Change: Uh huh.
Speaker Change: And I wish I was kind of one way to monetize it at one.
Speaker Change: For example on average I think in that also.
Speaker Change: Thank you.
Speaker Change: Yeah.
Speaker Change: Thank you. The next question is from Vicky Wei from Citi. Please go ahead.
Speaker Change: Figured why don't you tell them to show that she loves what really does sell into sanctions alcohol for number one is I know in Memphis.
Speaker Change: It's also been they'll tell you that switch it up beyond what you can pay a whole desktop. Thanks management for taking my question well the management share some color about the change of long video content strategy and the mission and the rationale behind that thank you.
Speaker Change: Thank you I will let you buy at auction content opportunities to help me to answer this question.
Speaker Change: Oh yeah.
Speaker Change: I mean, when I forgot it.
Speaker Change: Hunter PR yeah.
Speaker Change: Thanks, you do some kind of Houston, when Moody's housekeeping, the coldest yoki meals meal.
Speaker Change: First of all knock on video are the cornerstone of <unk>.
Speaker Change: Content ecosystem and our commitment remains unwavering.
Speaker Change: She did not show in Congress.
Speaker Change: With a group called the my wishes that you don't move which entity here when you can kind of hold up there.
Speaker Change: We have found that I'm not thinking of them yet.
Speaker Change: Even if it is twofold showdown could go it's useful going blind.
Speaker Change: Yeah.
Speaker Change: Donlin.
Speaker Change: Oh throughout eastern time, we.
Speaker Change: And if it goes up but you know.
Speaker Change: Trauma are at the core of sampling meals, so to better cater to the evolving user preferences are future Thomas strategy will focus on two key areas first of all these new high quality short episode of premium dramas and again, producing more high quality East Fort Collins with each episode of asking price.
Speaker Change: And 20 minutes.
Speaker Change: Right I see some young people young man who looks at.
Speaker Change: We come down and doing well.
Speaker Change: Yeah.
Speaker Change: She told me, neither one Hyatt Newport Kimball lithium.
Speaker Change: E D.
Speaker Change: You'll sell it sometimes lose it.
Speaker Change: Yeah.
Going forward.
Speaker Change: Total number of drama titles.
Speaker Change: Accompanied by enhanced content quality and greater diversity, we guess approach will not only improve the flexibility and stability of contact center.
Speaker Change: Well also reduced reliance on individual titles and it affected.
Speaker Change: The mid Atlantic.
Speaker Change: Thank you.
Speaker Change: Thank you. The next question is from Maggie from CLSA. Please go ahead.
Maggie: Hey, Glenn it's all lines here huh.
Speaker Change: Sure.
Speaker Change: Thanks, Sean.
Speaker Change: Let's see things in general insurance from Cleveland.
Speaker Change: Finally, let me talk to that that's how we'll find me a sense of how long. It would do is show you can leave any one thing I'm of course, yes women without understanding it may encounter.
Speaker Change: Let me see.
Speaker Change: Oh, sorry.
Speaker Change: Would you please share more details on that later.
Speaker Change: I'll Miss this business, such as membership and content distribution as well from financial perspective, what is kind of a situation.
Speaker Change: Yes in terms of remnant perfect contribution and how shall we expect some oh missed what shall we expect on this just in in the next one to three years.
Speaker Change: Yes.
Speaker Change: Uh huh.
Speaker Change: Yeah.
Speaker Change: Selling yet.
Speaker Change: Sure.
Speaker Change: Each of them.
Speaker Change: Not all of them.
Speaker Change: Oh go ahead sorry.
Speaker Change: Oh sure.
Speaker Change: Ken.
Speaker Change:
Speaker Change: Excellent.
Speaker Change: Two more units from drill holes.
Speaker Change: Well as you lap some bad.
Speaker Change: Jim or you go find it.
Speaker Change: <unk>.
Speaker Change: Oh, yeah, actual oh check or suite.
Speaker Change: It shut down the whole bunch of public life.
Speaker Change: When he started our overseas business.
Speaker Change: Second half okay.
Speaker Change: Our 2019 and after that we Expensed three years of a COVID-19 I'm. So there were some difficulties in terms of getting.
Speaker Change: Getting head count and also a travel center between mainland China and overseas, so that development and were actually up quite a bit lower.
Lower than expectation.
Speaker Change: Recall that in the recent two years.
Isn't it.
Speaker Change: Fair enough.
Development Phase and however, we do have some risk.
Speaker Change: And in terms of the financial resources. So there is some.
Speaker Change: Limitations to pick it up.
Speaker Change: Hum.
Speaker Change: Yeah, I have to buy that.
Speaker Change: Oh sure sure once you before not yet shoot.
Speaker Change: Some young payable cleanup from Chile.
Speaker Change: Marshall I think it's yet.
Speaker Change: Curt I'll take you in April.
Speaker Change: Puncture.
Speaker Change: And at this juncture, what what I had mentioned in the opening remarks, sadly very rapid growth in terms of any red Brown and I also subscriber accounts et cetera, and there are some very important progress. We made it very importantly that we kind of figure out the right mix for each region, Okay and.
Speaker Change: Also what can we do from the complex to drive user growth and also to task.
Speaker Change: One is you need all of it.
Speaker Change: Shoot.
Speaker Change: Well sure.
Speaker Change: Oh gosh, how you're puncture.
Speaker Change: Uh huh.
Speaker Change: But.
Speaker Change: Thank you.
Speaker Change: Sure.
Speaker Change: I'm sure you.
Speaker Change: Oh.
Speaker Change: Uh huh.
Speaker Change: Hum.
Speaker Change: And more importantly in addition to that we also have.
Speaker Change: He can really operate in each region. For example, how we can come out of content until Oh quite a better user growth and also in terms of use of how we can.
Speaker Change: Into that as well.
Speaker Change: So I don't know.
Speaker Change: Wasn't able to satisfy that.
Speaker Change: It's got enormous Doctor told all of that should give them wanting to get back.
Speaker Change: April sure pumping about April.
Speaker Change: Some of the content mix for our overseas.
Speaker Change: That Chinese content actually accounts for about half of that.
Speaker Change: Extra content and the other half of our total company.
Speaker Change: Oh absolutely.
Speaker Change: Thank God.
Speaker Change: Chapter that trying to do back three years ago.
Speaker Change: But achievable.
Speaker Change: Oh, how agile you Gotta Guava Johnson shoes.
Speaker Change: Sure.
Speaker Change: Based on the data that we collected the Chinese video content actually in the thousands that are in place in the global market as I mentioned every beneficial to our overseas.
Speaker Change: Right.
Matt: Sure Matt.
Speaker Change: Oh sure.
Speaker Change: Yeah, Hi.
Speaker Change: Again.
Speaker Change: Chile, Colombia for sure.
Speaker Change: Josh.
Speaker Change: I'm not sure in the U S.
Speaker Change: The thing that's going to.
Speaker Change: One of them.
Speaker Change: Yeah.
Speaker Change: Raj how hungry G HN.
Speaker Change: Hmm mm right now apparently on the revenue contribution from the overseas market is still valid.
Speaker Change: Alex If you love a percentage.
Speaker Change: Just in case that it also depends on a few tracks investment in Canada.
Jim You: Thank you Jim.
And so at that scale, our financial support and also other finance sources. So these are the areas of the world will look out for that.
Jim You: Uh huh.
Jim You: Apple.
Jim You: So once you do find them until 'twenty two.
Jim You: Sure.
Jim You: Somehow I don't completely tons of them.
Jim You: Uh huh.
Jim You: So.
Jim You:
Jim You: And so it gets attention when we just wanted to citizenship efforts, reaching any bullshit seats.
Jim You: These homes pencil.
Jim You: So just on Florida Keybanc in Boston.
Jim You: So do you have that clarity yet.
Speaker Change: Well now go to Nick.
Doshi: Measurement comes from <unk> Doshi.
Jim You: Toshi.
Jim You: Pennsylvania, IMO 2000, and reach out to young woman.
Jim You: Yes, it's about two inches should you need that GGP was shocked what you want to hit it.
Speaker Change: Switching to children.
Speaker Change: Hum adjust their forecast attitude Archie I'll comment them, so well well well he took from the past few years are really valuable.
Speaker Change: Revenue as well as.
Speaker Change: Right, how can mix as well as the operating takeaways from each market and these are the key takeaways in the past few years of course are under a very disciplined investment cycle that we like and I'll.
Speaker Change: I'll make it past gilead stock and from the management accounting perspective.
Speaker Change: And then our profit at all in the past couple of years and.
Speaker Change: In the future going forward of course, maintaining our profitability and he put into however, he doesn't have to be a meaningful and that's what we want is to in fact picked up off the interstate and hopefully it will drive a pickup of opportunities in the future.
Speaker Change: Thank you.
Speaker Change: Thank you there are no further questions at this time I'll now hand back to management for closing remarks.
Speaker Change: Thank you everyone for participating on the call today, and if you have any questions don't hesitate to contact us. Thank you and your next quarter.
Speaker Change: Q.
Speaker Change: Thank you that does conclude our conference for today. Thank you for participating you may now disconnect.
Speaker Change: Yeah.
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