Thank you for standing by and welcome to the IQIYI second quarter 2026 earnings conference call. All participants are in 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 would now like to hand the conference over to Ms. Chang You, IR Director of the company. Please go ahead.

Thank you, operator. Hello, everyone, and thank you for joining ITE's second quarter 2026 earnings conference call. The company's results were released earlier today and are available on the company's investor relations website at ir.ite.com. On the call today are Mr. Yu Gong, our founder, director, and CEO, Mr. Ying Tian, our CFO, Mr. Xiaohui Wang, our CCO, Chief Content Officer, , Mr. Youqiao Duan, Senior Vice President of our Membership Business, Mr. Xianghua Yang, Senior Vice President of International and Online Game Business, and Mr. Gang Wu, Senior Vice President of Brand Advertising Business. Mr. Gong will give a brief overview of the company's business operations and highlights, followed by me, who will go through the financials. After the prepared remarks, the management team will participate in the Q&A session. Before we proceed, please note that the discussion today will contain forward-looking statements made under the safe harbor provisions of the U.S. Private 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. Potential risks and uncertainties include, but are now limited to, those outlined in our public filings with the SEC. ITE does not undertake any obligation to update any forward list statement except as required under applicable law. I will now pass on to Mr. Gong. Please go ahead.

Hello, everyone. In the second quarter, we continue to reinforce our core business, high-quality, diversified content powered by industry-leading performance. According to enlightened data, We maintained the number one market share in each of the long-form drama, film, and children's content categories. And for short-form dramas, Zhong Ju, we made a major breakthrough, reaching number one market share for the first time in China. Financial performance also improved quarter over quarter. Total revenues The total revenues grew sequentially and our non-GAAP operating laws narrowed substantially, approaching breakeven. We are fully announcing our strategic transformation. First, we are shifting from a centralized media to a decentralized, creator- and user-centric AI can dramatically lower the cost and vary the content creation, turning what was once a niche professional activity into a mass capability and triggering and paralleling a search in content supply. because traditional centralized models cannot accommodate this scale and diversity. We are upgrading our content acquisition and distribution mechanism to efficiently connect creators and audiences. Second, we are taking an all-in approach on AI to revolutionize both live action production and pure AITC. Our guiding principle is clear, maximizing cost efficiency without compromising quality. Together, these two pillars reinforce each other like a flying wheel. AI drives rapid growth in content supply, which helps us move faster toward a decentralized model. As we decentralize, more creatures can participate, users get more engaged, and our platform becomes even stronger. In Q2, both strategy moved from plans to measurable results over time. They will structurally improve our content cost, revenue quality, profitability, and cash flow. Let me walk you through the progress. Our decentralization, we are improving our platform and accelerating the creator. In April, we refreshed our core creator hub, the IQID IT Creator Center. Early signs are promising the number of creators and uploads are all trending higher. Content with short production cycles, lower production scales, and a good fit for AI-driven creation has seen especially strong growth. For various types of content, the daily average number of uploaded works in the second quarter increased by 30% to 500% compared to the first quarter. In June, daily views for micro-dramas and micro-animations were up by double digits compared with March. Short-form dramas and animation are also gaining Looking ahead, more long-form video categories will join the decentralized content ecosystem as we preserve IT's premium content advantage. We will broaden our content slate by adopting lighter, more flexible content acquisition models. On content production, AI is a AI is substantially optimizing production efficiency and cost structure First, in live action, AI is streamlining the entire workshop workflow For example, we leverage AI in our variety show Her Prime Season 2 to achieve a tenfold leap in rough cut efficiency compared to traditional methods Second, for content tests well suited to AIGC AIGC production can reduce production costs and timelines by 70% to 90% compared with traditional methods while pushing past the physical limits of live action shooting Naturally, AI adoption is faster in Android-CG-having formats. We have launched a multiple AI-generated Internet features field. A major milestone was the July 1st premiere of Mystic Tale Cheetah, the industry's first AIGC Internet feature film to launch with an Internet drama and a field distribution license. This marks the official shift of long-form AIGC from technical testing to standardized large-scale production In addition, year-to-date, we have launched 16 AI-generated short-form drummers under a revenue-sharing model with Trill's Hand Magnet as the top performing title In the second half of the year, we have launched a diversified list of AIGC titles, including multiple IT-invested fields, with an even broader pipeline across expanded categories next year. Currently, we have multiple AI-generated short-form dramas in development. Nadoprom is a pseudo-grade production platform for creators. It rests on optimized third-party and in-house models, plus IT long-standing expertise in professional content. By replacing costly steps with lower compute and tool costs, it lowers barriers and speeds up professional content production. Our strategy is clear. Internally, NADO-PRO has development and production costs. Externally, NADO-PRO explores new revenue streams and gradually converts all professional production capabilities into incremental revenue. NADO-PRO's edge isn't generally AI output. It changes the key parts of long-form production. scriptwriting, shop design, workflows, digital assets, editing, and dubbing into platform features. It delivers an end-to-end workflow, connects talent with content assets, and makes progress repeatable and reusable. WPROY is evolving from a tool into a comprehensive greater ecosystem It links content demand with creators and enables them to realize commercial returns through flexible business model. This activist flywheel commercial returns encourage more content supply. Expanded supply fortifies the ecosystem. A stronger ecosystem scales both creators and works. Powering We believe these advances will improve content production efficiency, lower unit costs, and increase both users and revenue. As we roll them out across all operations and scales, we expect it their contributions to profit and cash flow to steadily materialize. Now, let's move on to the detailed performance in Q2. Let's start with content. Our premium content is well recognized by users and the industry. As the magnolia of work, this room, one of China's top TV owners, Bai Yulanjia, ITE Titles and their creative teams won 14 of 23 awards, including 10 of 11 in the drama category, well ahead of peers. In Q2, our content performed well across formats. In long-form dramas, we continued to focus on female-centric stories. With the help of Jiayi, ranking among this year's top two titles by Ad Revenue, we also reinforce our lead in the suspense zone's general innovation. The suspense comedy form with luck, Bi Zhi Shang Fan Zui, surpassed the 10,000 ITE popularity score and joined the strong membership sign-up. In separate, Suoye Jiangchi, from our IT suspense theater, earned strong reviews. Our original title, Archives, The Nanyang Mystery, exceeded a 9,300 popularity index score, and the non-inclusive, The Epoch of Meiyu, Meiyuqi, topped 8,000. In place supported transform drummers, typically 15-25 minutes per episode with flexible episode counts, we delivered exciting early results. Per enlightened data, our market share doubled from 25% in March to 50% in June. Taking No.1 for the first time, the strong performance was supported by all original The Fireman 10th Anniversary , which reached a peak daily market share of about 60%. Transform titles can offer structural advantages over long-form dramas, potentially reducing average per-minute costs by over 50% and shortening production to approval time-lapse by 30% to 50% In Microdramas, we released premier live action titles like All About Saccharine Lee, Falling For You and Phoenix Blade all resounded well with audiences AIDC scaled quickly under revenue sharing model, accounting for over 50% of all microposthelial and unique visitors in June, while AI-native micro animations expanded with strong sequential growth in views and timestamps. In films, we maintained a diversified slate of different audiences, Originals like The Counterfeit, Weichao Dong'an, The Thin Train, Zhiyue, received positive feedback, well-licensed, their article hits, Packers 3, Fisher and Shun, Blaze of the Garden, Youren, Zoom Top Gear 2, were also well-received on our platform. In variety shows, we launched seven originals in Q2. These are flagship franchises delivering sustained value across a popularity index score of 9,000, reaching a new franchise high. For 10 years, Evergreen IP, the rep of China in 2026, also stood out, surpassing a popularity index score of 8,800. In animation, we further solidified our original offers, the long-running against the gods. Yiqian Xieshen, with Pre-mail in April, topped our animation popularity index chart and brought notable off-platform users back to IT, together with both rulers of DaZhuZan. We now have two long-running titles to keep users engaged year-round. Finally, in children's content, we reinforce our leadership with the return of our original IP SQL DELT squad and the localized adoption of the BBC classic Teletubbies. Next, let me show Our pipeline for the second half of the year Our summer long-form drama features a diversified line-up which includes multiple female-oriented titles like Road to Success , Key to the Phoenix Heart , Overdue , Genius, Girlfriends , Spring of the Blade , and in my prime, Shengfeng Qishi, complemented by the military theme, Windblown Warriors , and the major realistic drama, Forging Justice . For the remainder of the year, Premier, The Great Long March, Changzhong, Take a Nap, Haidaoshu, Rizhi, Small Town Remedy, Xiaocheng Liangfang, and The River of No Return, Liangjing Shuri As for short dramas, our upcoming releases include Death of Winter, Ding Dong Xia De Zui E, There is Zui An, The Five Worlds of Fetal Caves, The sixth group of fetal case, Zuan Liu's womb and the great nobody 2 Da Wang bie huang zhang In films, our pipeline features original theoretical films including Winter and Summer, Yi Lu Chao Ting An, No Goal to the Child, Si Wang Jin Qu Shi Lu, and Prohibition for Misfortune In the second half of the year, on the license front, our pipeline includes a varnishing hunt Xiao Shuleng and the furious Huo Zhuo Yan this summer with I Know Who You Are, But How Dare You, Geng Ama Qing Shu, and Crossing Si Du slated for the latter half of the year. For Internet feature films, which are limited to a maximum Of three chapters, each at least 60 minutes long, our pipeline includes multiple AIPC titles based on the classic IP, The Fireman in Hongbaidu. The first two chapters, A Butterfly Dream and The Dream of Celestial Madam, are sent to launched this summer. Additionally, audiences can also enjoy a strong lineup of live action titles, including Motor Game and Speed and Battle this summer. Shifting to variety shows while deepening audience engagement with established IPs, including The Wrap of China 2026, The King of Sanda comedy season 3 and her prime 2 this summer followed by The Blooming Journey and Wonder Together 2 in the second half For animations, this year could be iQIYI's strongest animation summer today The line of feature, A Good Day to Ascend, Zhuo Shifisheng raised the bias among panellists Lv Xiongmao, Golden Horse, Caishen Dou Zhanlong, and to be a winner, Chengye Xiaohe, alongside the AIGC titles The Legend of King, Hongwu, Tianzi Chuanqi, Hongwu Daji, and The Legend of King, Ji Fa, Tianzi Chuanqi, Ji Fa For children's content, our summer slate features a new season of the popular present god and big, big wolf as well as original AIGC animations like Lala Beat. Looking ahead to the second half of the year, we will roll out the original AIGC animation Wu Sheng Armor and Kamen and Burst Proof Track, tested travel, Xiao Chu, Miao Can Che, Qu Yu Xing Now turning to membership business revenue declined sequentially due to seasonality We are strengthening the business with more refined operations For example, targeted discounts for students and teachers drove a year-over-year increase of over 60% in quota and subscribers within this cohort. We also continue to enhance membership value with all Express packages. In Q2, we launched Express packages across 16 drummers, driving a nearly 80% annual increase in total participants. In addition, we are expanding joint membership with Frequently Purchased, a top-tier brand popular among young users to support membership growth and retention. Next, moving on to advertising business. Our brand has revenue from drama-targeted ads, delivered double-digit year-over-year growth by sector, beauty, personnel, care, and HealthCal recorded double-digit year-over-year growth. We also depend on use of AI in operations and now support customized AIGC ratings. For performance ads, when we return to year-over-year growth, we continue to optimize advertising needs. Revenue from small and mid-sized advertisers delivers strong year-over-year growth. Sector-wise, revenue from advertisers in AI applications, instant retail, and e-commerce recorded strong year-over-year growth, with further strengthened results with with AI by upgrading our proprietary large models, improving targeting precision and driving revenue. Moving on to our business performance in regions outside of mainland China. In Q2, this business sustained rapid growth. Membership revenue grew 40% year-over-year. Portuguese and Spanish-speaking regions demonstrated robust growth. Notably, membership revenue from Brazil and Mexico surged by over 215% and 150% year-over-year, respectively. Arabic-speaking markets also showed strong potential with membership revenue increasing 85%. The global influence of C-Drama continues to expand. In Q2, membership revenue from C-Dramas grew over 40% year-over-year. A store-out hit was Faith Truth You, Jiang Ou, Tian Cheng. It topped our international platform. Rankings across 14 regions in its first week and stayed in the top 10 of the three drummers' chat for 10 consecutive weeks. On the local production front, we are accelerating our pace. Our first original Indonesian drummer, the other sister, gained strong traction through Google Chats. became the number one local internet drummer in Indonesia in the first half of 2026. Metal drummers were another major highlight, serving as the second largest membership revenue contributor, following long-form drummers. In Q2, membership revenue from this category grew over 300% year-over-year. This momentum was partly fueled by stronger original production. Notably, originals rose to three of the top ten contributors to membership revenue. AIGC was another key driver of our overseas micro drama expansion. In Q2, we launched AI-generated titles in multiple languages, including English, Thai, and Korean. Our original titles delivered exceptional efficiency, recovering production costs within the same quarter and demonstrating stable profit potential. We are scaling supply through both originals and external partnerships. In May, we released our first original DEI-generated micro-drama overseas. which quickly ranked in the top three for micro-drama revenue on all international platforms. The title was produced by NATOPRO, which helped us establish full-fledged AIGC know-how, laying a strong foundation for scale production. In parallel, We are proactively affording external partnerships to connect overseas script production and tool ecosystems, including NanoPro, unlocking capacity and scaling AIGC supply. Beyond content, we are driving growth with joint memberships. We have partnered We are excited about the future potential of our overseas business. With that, I will hand it over to Ying Tian, our new CFO, to walk you through the financials.

Okay, thank you, Mr. Gong, and hello, everyone. Let me walk you through our key financial results for Q2. Total revenues were RMB 6.3 billion, up 1% sequentially. Membership services revenue was RMB 4.0 billion, down 4% sequentially, primarily due to the similarity. Online advertising revenue was RMB 1.2 billion, flat sequentially. Content distribution revenue was RMB 681.5 million, up 90% sequentially, driven by the increase in content distribution revenue related to the drama series. Other revenues were RMB 344.9 million, down 19% sequentially. Moving on to cost and operating expenses, content of cost was RMB 3.8 billion, up 2% sequentially. Total operating expenses were RMB 1.1 billion, down 6% sequentially. Reflecting this plan, the marketing spending Non-GAAP operating laws narrowed by 80% sequentially from RMB 148.6 million in Q1 to RMB 30.3 million, bringing us close to break-even. Turning to cash flow, net cash provided by operating activities increased to RMB 339.6 million from RMB 186.4 million in Q1 As of the end of Q2, we had cash, cash equivalents, restricted cash, and the short-term investments of RMB 4.1 billion. Separately, as of the quarter end, we had a loan principal of 636.6 million U.S. dollars, receivable from PAG, included in prepayment and other assets on the consolidated balance sheet. will remain focused on creating long-term shareholder value. In March 2026, we announced a share repurchase program of up to $100 million, effective through September 2027. As of June 30, we had repurchased approximately 21.6 million ADACs for an aggregated cost of $24.1 million. For further details, Please refer to today's earnings on our investor relations website. With that, we are ready to take questions. Operator, please proceed.

Thank you. If you wish to ask a question, please press star 1 on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star 2. If you're on a speakerphone, please pick up the handset to ask your question. Please ask questions in Chinese first and then translate the questions into English. Please ask one question each time and go back into the queue for more questions. Your first question comes from Xiqing Zhang with CICC.

Thanks for taking my question. I would like to ask with AI knowledge and the market involved rapidly, Our measurements say IQIYI's business model developing in the future and what are the company's key strategic and operational priorities going forward. Thank you.

Thank you, Ms. Wang. Let me answer this question. IQIYI is the beneficiary of AI. It has always been like this from now on. So our... We need to make some adjustments to the strategy. The management goal is also clear. There are two elements. The first is to centralize and turn it into a non-centralized social media. The other is to invest in AI and OEM AI. Thank you. The CEO takes this question. So he says, we see ITE as the beneficiary of AI now and also in the long term. So to capture this opportunity,

We are making some strategic transformation for our business, mainly focused on two main pillars. Decentralization, which means transforming from the media-centric platform to a decentralized company ecosystem. And also, all in AI. So these two pillars, we believe, will mutually reinforce each other and jointly driving a flywheel effect across the number of creators, the volume of content, the user base, and potentially revenue performance.

The top quality content is the core asset and core work. AI will significantly reduce the production cost of the top quality content, shorten the production cycle,

Premium content still remains at the core of our business. We believe AI will significantly lower production cost for premium content, shorten production cycles, and potentially enable production and visual effects that were previously difficult to achieve through live action.

I am working hard to promote the IPOID. The number of creators and the number of uploaded works has been significantly increased. Currently, On decentralization, we're mostly focusing on our IQID, which is the ITE Creator Center.

and we have seen some positive initial progress such as the number of creators, the content upload numbers are trending well. And we're seeing AI adoption is progressing across our core content categories and with initial breakthroughs achieved. For example, for the projects we both in productions and also launched. and in the future, we expect a greater scale of content to be released next year.

Over the long term, we believe these two strategies

meaning the decentralization and all in AI. These two will structurally improve our content cost, revenue quality, profitability, and cash flow.

Thank you.

Your next question comes from Lincoln Kong with Goldman Sachs.

Thank you for taking my question. So my question is about IG's overall AIGC strategy and how's our plan in terms of each content category. Thank you.

Excellent, Yan. We'll invite our Chief Content Officer, Mr. Xiaohui, to take this question. Please go ahead.

Okay, thank you. Let me answer this question. Although AI has lowered the threshold of basic production and funding, we don't think it has lowered the threshold of content creation and judgment. We use AI to optimize the economic model of content production, while strengthening the core barriers of the company. including the narrative and aesthetic judgment of the content, emotional expression, and lens language. We are also working on the improvement of both the product and the size of the supply. In terms of strategy, we still have to stick to the core long-term video priority, and stick to short and slow-motion. At the same time, through the mode of branching and cooperation, we can improve the efficiency of funding.

First of all, we believe AI reduces the basic costs and barriers to production, but it doesn't lower the bar for creativity and judgment. We leverage AI to optimize the economics of content production while reinforcing our core mode, which is storytelling and aesthetic judgment, emotional expression, and also visual language. Our goal is to advance On both fronts, premium content quality and scale content supply. Strategically, we will prioritize core long-form video while accommodating micro-drama and micro-animation. Now we use a revenue-sharing model to improve capital turnover.

From the point of view of AI optimization, I would like to talk about various categories. We'll share our thoughts by category based on the pace of AI adoption at scale. First of all, for micro dramas, we're seeing rapid adoption

With AIGC as the primary source of supply, we primarily use a revenue-sharing model and leverage algorithm recommendations and decentralized operations to deliver a diversified, rapidly refreshed, and skilled content supply.

其次是慢矩更适合AI的原生内容,所以我们主要以AIGC为主要的供给。

For a micrometer animation, we believe these are AI-native content, so AIGC will serve as the primary supply.

Because of its characteristics, AIGC's AI is mature and suitable for high-speed penetration, so we mainly use AI to help improve efficiency and increase the number of projects. We expect to launch more AIGC works next year to meet the needs of the audience and expand its stability.

For animations and children's content, these have matured CG industrialization are a good fit in our view, and we are seeing rapid AI adoption. AI significantly boosts efficiency, and our pipeline is expanding. For next year, we will release more AIGC titles to serve niche audiences and broaden stable supply.

In addition, its volume is slightly shorter than long dramas and movies. So its strategy is that we should actively embrace AI. The focus is to explore, plan, challenge, adventure, etc. Suitable some stylized topics to expand the diversity of the type. Now some projects have been launched. We will speed up the scale-up of the broadcast in the future. Stabilize cost optimization and content diversification So far, we have released 16 AIGC mediums and multiple web stories.

For short-form dramas and Internet feature films, these are medium in production complexity and volume, and compared to long-form content, these are lighter in complexity and also in volume as well. And we are actively adopting AI focusing on genres like fantasy, supernatural, and adventures to widen our genre mix. Some titles have already launched and we will speed up the scale releases and balancing cost efficiency and content diversity. So far we have released 16 AIGC short form dramas under a revenue sharing model. along with several internet feature films. For long-term dramas and theatrical films, we believe carry the highest emotional and artistic value, but these are relatively slower to adopt AI at scale. And for these content, we will focus on live action. Quality first, use AI to support our production, and use AI to reduce cost. Thank you.

Your next question comes from Vicky Wei with Citi.

In the context of the AI era and the ongoing shift towards How do you view ITE's core competitiveness? And what kind of value does ITE offer to content creators? Thank you.

Thank you. We'll invite our CEO to take this question.

In the age of AI, the competition in the film industry is from content creation to commercialization. The key ability lies in many points, including the combination of professional talent, creative ability, industrialized production, understanding of content review, content distribution ability, and diverse wiretapping ability. These are the core foundations of iQIYI over the past decade.

We believe in the AI era, video industry competition centers on end-to-end capabilities, which is from concept to commercialization. And there are quite a few essentials that are required for this. For example, the ability to bring together professional talent, The value of our creators

Our slogan is called Be seen, have money to earn, have honor. It means that IQIYI has accumulated the work of the main audience and creators, which can be seen by more and more audiences. IQIYI has deepened the long-term creation of film and television for many years, so it has established a mature industrial system.

So our values to creators, there are three areas that we are targeting and also a slogan. Help them to be seen, generate income, and gain recognition. First of all, IT have a major share of the video entertainment audiences. So the creators have greater capabilities or possibilities to be seen on IT platform. And also, IT has deep expertise in long-form video production, and we have established a very mature industrialized content production of mechanism. And in addition, IT also has a map of the viewership data, a very rich IP, and also licensing resources, and also a very strong ecosystem support.

And for the creators, we have already established seven major service systems, including IT No. 1, professional production platform NADO Pro, We have built a seven-pillar creator support system. The IQID

which is the ITE Creator Center, NADO Pro, our professional production platform, physical creative centers offline, training programs, and ITE NADO and AIGC Venture Summit helping the creators with the fund support, and the Peter Kao and ITE AI Theater for benchmark productions, and last but not least, a dedicated

Creators Customer Service August 20th in Beijing which is in two days

We will host the IT Creator Conference featuring in-depth discussions on content ecosystem development, frontier AI opportunities, and the creator empowerment. Thank you. Thank you.

Your next question comes from Zai Zhu with Guangbao Security. Thank you.

And thanks for taking my question. I will translate my question in English. I want to know about the latest development in overseas business and how the operational experience for more major markets like Thailand can be replicated in other markets. Thank you.

Thank you, QQIYI. We'll invite Mr. Xianghua Yang to take this question.

Hello, everyone. China's business continues to maintain a rapid growth. Q2's overall membership rate has increased by 40%, and continues to maintain profit according to our internal management report. Thailand is a relatively mature market for us to enter the early management model. Our overseas business maintained record growth in Q2, with overall membership revenue grew 40% year over year, and we remained profitable on a managerial accounting basis.

and Thailand is the market where we enter earliest and where our operating model is relatively mature. It still delivers solid growth year over year in Q2 and with steady top-line growth and continued profitability improvement in the quarter as well. And in new markets such as Brazil and Mexico, we see membership revenue increase We categorize our overseas markets into mature growth and potential markets. We are a mature market. We aim for stable profitability. Growth markets focus on accelerated breeding revenue with disciplined investment.

Thailand is our leading market. It has proven its competitive ability. First of all, Chinese content is our basic brand. Through continuous marketing, we strengthen the influence of Chinese content,

Taiwan serves as our proving ground. What we have validated is a set of reusable operating capabilities. So using C-Drama as the foundation and the sustained marketing to amplify influence of Chinese content. and expanding a local content supply and tailoring the content that's adapted to the local audiences.

At the same time, we increase the local content supply around the local users' preferences to develop product and content operations, expand the scale of local operators, platforms, and financial institutions, and use AI to enhance translation, distribution, and production efficiency.

We are also partnering with our local carriers, platforms, and payment channels to scare the membership base, and we are also leveraging AI to improve the translation and distribution, and also production efficiency.

不同市场的内容偏好和情况结构并不相同,因此我们复制的是这些底层的能力,同时有本地

Because the content preferences and collaboration channel structures differ by market, what we replicate are these underlying capabilities, while the local teams do make targeted adaptations, for example, applying Thailand's operating capabilities to other markets.

Our strategy is not to chase country counts. We are guided by unit economics and operating contribution. And we will expand into new markets after validating revenue quality

and Profit Generating Capabilities. Thank you.

There are no further phone questions at this time. I'll now hand back to the company for closing remarks.

Thank you everyone for joining the call today. If you have further questions, do not hesitate to contact us. Thank you and see you next quarter.

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