Good day and welcome to the NetEase second quarter 2026 earnings conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Brandy Piacente. Please go ahead.

Thank you, Operator. Please note that today's discussion will contain forward-looking statements relating to the future performance of the company and are intended to qualify for the safe harbor from liability as established by the U.S. Private Securities Litigation Reform Act. Such statements are not guarantees of future performance and are subject to certain risks and uncertainties, assumptions, and other factors. Some of these risks are beyond the company's control and could cause actual results to differ materially from those mentioned in today's press release in this discussion. A general discussion of the risk factors that could affect NetEase's business and financial results is included in certain filings of the company with the Securities and Exchange Commission, including its annual report on Form 20F and in announcements and filings on the Hong Kong Stock Exchange's website. The company does not undertake any obligation to update this forward-looking information except as required by law. During today's call, management will also discuss certain non-GAAP financial measures which should not be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. For our definition of non-GAAP financial measures and the reconciliation of GAAP to non-GAAP financial results, please see the second quarter 2026 earnings news release issued earlier today. As a reminder, this conference is being recorded. In addition, an investor presentation and a webcast replay of this conference call will be available on the Netties corporate website at ir.netties.com. Joining us today on the call from NetEase's senior management are Mr. William Ding, chief executive officer, Mr. Hu Zhi Pang, executive vice president, Ms. Aileen Mo, vice president of finance, and Mr. Bill Pang, vice president of corporate development. I will now turn the call over to Bill, who will read the prepared remarks on William's behalf. Bill?

Thank you, Brandi. I welcome everyone to today's call. Before we begin, I would like to remind everyone that all percentages are based on RMB. In the first half of 2016, we delivered healthy growth across business segments. Total revenue reached RMB $30.1 billion in the second quarter, driven by the solid performance of our games business. Our games and related value-add services generated net revenues of RMB $25 billion, reflecting the broader appeal of our portfolio in both domestic and overseas markets. The strength of our portfolio stems from our sustained focus on innovation across a full lifecycle of our games, from original concept and development to long-term life operations. By combining our engineering capabilities, creative design expertise, and disciplined execution, we bring new ideas to life and deliver fresh experiences across genres, platforms, and markets. One recent example is Sea of Remnants. Released in China in July, it showcases our ongoing emphasis on original IP and genre innovation. Built on our in-house game engine, Sea of Remnants combines a distinctive visual style with an open-world ocean fantasy setting. By combining naval combat, extraction gameplay, and roguelike progression, the game creates various adventures that unfold differently each time. Across themed islands, players encounter a wide cast of NPCs that bring each island to life through meaningful interactions and evolving storylines. A variety of brand and content collaborations have also expanded the game's reach, extending its content ecosystem beyond the core gameplay experience. We are also preparing for the game's global rollout and look forward to introducing serial elements to players worldwide. Our innovation efforts are not only limited to new launches. They extend across our established titles, where we keep evolving gameplay systems, introducing new content, and strengthening live operations to sustain player enthusiasm over time. Sword of Justice launched its major anniversary update, New Worlds in June. The comprehensive upgrade to the open world experience improved visual quality, streamlined cultivation systems, and refined the in-game economy, creating a more enjoyable experience for both returning and new players. It also introduced the Dali, a highly immersive new region to expand exploration and add greater storytelling depth. The community response was strong. with active players existing 10 million on launch day and concurrent users reaching a two-year high, demonstrating the title's ongoing appeal. Players continue to gravitate to Identity V with a steady cadence of live service updates, including anniversary content, crossover events, and new gameplay experiences. In June, the game introduced Cryptic Nodes, A new PvE mode that offers a lighter experience beyond its core PvP gameplay, opening up new ways for the community to play. This excitement carried into July with the launch of Season 44, introducing new themed costumes and events alongside the latest Paper Bride crossover. This update sparked active discussions across live streaming and social media platforms. helping keep the community engaged and reinforcing the game's long-term appeal. During the second quarter, the Naraka PlayPoint franchise unified its PC and mobile ecosystems. Players can now enjoy the game's signature melee combat seamlessly across devices while strengthening connections across its broader player community. Building on the increased connectivity, Naraka PlayPoint kicked off its fifth anniversary celebration in July. with a major content update that introduced all new land and underwater battlefields, as well as a new underwater combat system. These additions refreshed the game's core experience and drove strong player engagement across platforms. Antiparty further solidified its position as China's leading party game destination. It reached a new milestone of 700 million registered users. and monthly active users remained steadily above 100 million. In June, the game celebrated its fourth anniversary, bringing another wave of player activity, supported by diverse gameplay, a vibrant UGC ecosystem, and a rich slate of live operations. This strong momentum continued into the summer, with Aggie Party remaining among the top-ranked titles on both China's iOS top downloads and Gaussian charts. and Peking are number three on the top-grossing chart. Peking daily active users also reached a multi-year high for the summer period. UGC remains one of Agiparti's defining strengths. Over the past year, the ecosystem has continued to thrive, supported by more powerful creation tools and a growing base of engaged creators. Total creator rewards reached a new milestone of over RMB $200 million to date, reflecting both The vitality of this creator community and strong player demands for diverse user-generated content. Recent upgrades to the editor, including integration with multiple AI models, have also made it easier for creators to learn, create, and program. Together, these efforts expand what players can create and support Aggie Party's evolution from a standalone party game into a broader content platform. Our flagship MMORPG, Fantasy Westworld Journey Online, continued to evolve across both its classic and unlimited servers. During the summer, its new expansion pack and Dunhuangxian content further engaged players, underscoring its timely popularity and its healthy community. Meanwhile, Fantasy Westworld Journey Mobile carried its record-setting momentum into the second quarter, supported by refinements to the in-game economy and ongoing gameplay iterations. During the quarter, the game introduced a new equivalent progression system and an extraction gameplay mode. These additions created a fresh progression path and greater strategic depth, gaining real traction with players. In July, the Summer Treasure Pavilion offered a wider selection of costumes and items tailored to players' preferences, driving robust commercial performance. The launch of the Origin server helped Westward Journey Returns build strong momentum in the second quarter. By preserving the iconic appeal of the Westward Journey franchise while introducing a portrait mode interface and more relaxed gameplay, the Origin server delivers a more accessible experience that players can enjoy anytime and anywhere, contributing to the title's strong performance in Q2. Infiborders further reinforced its leading position in the SLG genre through new innovative gameplay and initiatives designed to address community needs. New features such as Infiborder Queue, a social deduction game mode, were well received by players, while its collaboration with Minecraft China helped the game reach a broader and younger audience. The launch of the highly anticipated special servers, together with a series of pre-anniversary events ahead of its 11th anniversary, generated renewed excitement across the community, demonstrating the title's enduring appeal and continued relevance in the strategy game market. Alongside our success in the domestic market, we made additional steady progress in broadening our global reach. We're Wingsmith. has demonstrated a health growth trajectory since its successful global launch last year. Its player base continued to grow in the second quarter, with positive reviews on Steam staying above 87%. In June, we bought this immersive open-world action RPG to even more players worldwide with its successful launch on Xbox. The game also repeatedly ranked among the top three titles on Steam's global top-seller chart following major content updates. This underscores the long-term potential of content-driven games and highlights our proven capabilities in delivering high-quality content and live operations. In the domestic market, Whirlwind Smith also expanded its player community during the quarter with major new region additions, including Qingzhou and Hangzhou. The Hangzhou expansion proved particularly popular and pushed the game to the number three spot on China's LS top-grossing chart. This update brought distinctive local culture, fresh narrative, and immersive exploration, driving year-over-year growth in quarterly revenue and achieving record-high monthly active users. Marvel Rivals continued to build on its global success through a steady stream of seasonal content, Live Service Update, and Community Initiatives. In June, the game introduced a refreshed 18 versus 18 mode set in Kunlun Shenlong Arena, alongside new heroes, maps, and events that broaden gameplay variety. Arrival's Summer Festival added further momentum with a wide selection of themed costumes for fan-favorite characters, help pushing the game to number two on Steam's and many more. Most recently, the franchise extended its reach beyond the screen through real-world touchpoints across major fan events. At San Diego Comic-Con in late July, more arrivals generated even more excitement among players with new announcements and interactive fun activities. The mid-season finals was later held in Los Angeles. attracting top players and fans while reinforcing the title's competitive ecosystem and long-term live service foundation. As we continue to grow our existing portfolio, we're also advancing the development of new titles and exploring fresh ideas across diverse genres, gameplay experiences, and markets. Lenta is progressing steadily towards launch as a free-spirited urban open-world RPG The game invites players to experience a vibrant modern city through a variety of characters, lifestyles, and activities, providing a high degree of freedom in exploration and interaction. With strong anticipation from the player community, we will continue to share more updates as development progresses. Blood Message made a strong impression at the Summer Game Fest, where overseas audiences responded positively to the latest gameplay footage. The trailer has since generated around 40 million views globally, with players praising its visual fidelity, distinctive storytelling, and cinematic combat. Our commitment to innovation and long-term operating capabilities also created value for our partner titles. Blizzard titles performed well in China during the quarter, supported by localized operations and a steady stream of updates. World of Warcraft and Hearthstone continue to engage their long-standing communities in China backed by consistent updates and initiatives tailored to the local market. Overwatch celebrated its 10th anniversary during the quarter with special content, rewards and activities that revitalized players and drove a significant increase in active users. Diablo 4 further expanded its presence in China through exclusive localized events and newly introduced Chinese mythology-themed skins, driving solid growth in both active users and player retention during the second quarter. Together, these achievements reflect the breadth and strength of our portfolio. From new releases to established titles, across China and global markets, through both our own IP and partner collaborations. We aim to keep our games relevant and engaging through new ideas, ongoing content updates, and disciplined live operations while responding to evolving player expectations. This innovative mindset will continue to guide us as we build stronger communities and create even more compelling experiences for players worldwide. Turning to our other businesses, Yudong further advanced its AI-native strategy and deepened AI-driven innovation across its ecosystem. In the second quarter, Yudong launched its latest large-language model, Confucius 4, with substantially enhanced capabilities. The new model delivers stronger performance in visual math and physics reasoning, particularly on complex diagrams at lower inference costs. Yuta also upgraded its translation model with an efficient acceleration mechanism, increasing inference speed by approximately 80%. Beyond large language models, it further advanced its AI agent capabilities towards autonomous execution of complex real-world tasks, demonstrating stronger capabilities beyond simple Q&A interactions. The learning services segment continued its healthy development, driven by the strong performance of Yu Dao and Shi. Popular features, including AI-powered English essay grading, AI quiz recommendations, and AI-based college admission advisors, continue to enhance user satisfaction and drive higher user retention. Within the segment, AI-driven subscriptions also maintain strong momentum. The advertising efficiency in Yu Dao's online marketing services also continue to improve. We recently launched a second-generation AI app placement optimizer, further enhancing the user experience and advertising efficiency with more streamlined and automated features. While capturing emerging opportunities in areas such as AI applications and short-form dramas, Utah also made steady progress in client acquisition and retention. The smart devices segment sustained its focus on product innovation. with Yu Dao Dictionary Pen maintaining a strong market position. In June, we launched the Yu Dao Dictionary Pen X8, featuring an expanded library of 80 million words and photo-based tutoring across a broad range of subjects. During the 6-18 shopping festival, Yu Dao Dictionary Pen ranked number one in sales on JD.com and Tmall within this category for the seventh consecutive year. Looking ahead, will continue to execute its AI-native strategy across learning and advertising scenarios. For NativeCon Music, we further developed its music-centric ecosystem in the first half of 2026, prioritizing exceptional user experiences, distinctive content, and a vibrant music community to support healthy and steady growth. Enhancement to user experience and strong brand perception continued to drive higher user engagement and expanded the daily active user base. Our DAU versus MAU ratio remained above 30% in the first half of 2026, increasing both year-over-year and sequentially. The average daily mobile music listening time also rose steadily, with penetration rates of community content consumption and interactions improving notably. In particular, retention and renewal rates across our expanded membership base increased both year-over-year and sequentially, reflecting stronger user loyalty and deeper connection to the platform. We also enriched our comprehensive and distinctive content library by expanding copyrighted music and promoting original music. Earlier this year, we renewed partnerships with major labels, such as Universal Music Group, as well as adding new Chinese labels, OSTs, and variety show music while enhancing our signature genres. At the same time, we continue to promote original Chinese music with our recent in-house releases such as December 31st gaining widespread acclaim. From the products perspective, we remain focused on user needs. advancing innovation across music discovery and consumption experiences while equalizing our community by making music exploration more intuitive and engaging on the platform. We also launched innovative functions such as AI-inspired playlists to address users' diverse music discovery preferences. Subscription-based membership grew as well, improving our music-oriented monetization. The further refined membership benefits built around content, features, personalization privileges, and artist-related offerings, all of which enhance the performance overall value proposition and support ongoing membership growth. Turning to Yanxuan. Yanxuan once again secured leading positions on e-commerce platforms across its key categories in the second quarter. New products in pet food, home scents, and home goods categories performed well. generating healthy growth. Notably, the freshly steamed pet food series, which we launched last year with our differentiated steaming technology and fresh meat recipes, continue to deliver solid sales while earning recognition from leading industry organizations. In closing, across the NetEase family of businesses, we remain committed to innovation and staying at the forefront of technology. By integrating leading technologies into every stage of product development and operation, we create compelling user experiences that help shape industry trends. This approach continues to support sustainable growth across our business. In our games portfolio in particular, it enhances the appeal of both established titles and new releases, extending our success in China to broader global markets throughout the year. We will continue to foster an environment that empowers our developers to push creative boundaries. As we advance our products with cutting-edge technology, we believe we are well positioned to create even more engaging experiences and enduring value for players, communities, and shareholders alike. That concludes William's comments, and I will turn the call over to Aileen for more detailed discussion of our financial results. Thank you.

Thank you, Bill. I will now provide a brief review of our 2026 interim financial results with a focus on the second quarter. Given the limited time on today's call, I will present some abbreviated financial highlights. We encourage you to read through our press release issued earlier today for further details. As a reminder, all amounts are in RMB unless otherwise stated. Our total net revenue for the first half of 2026 was RMB $60.7 billion, or USD $8.9 billion, representing a 7% increase year over year. For the second quarter, total revenue was RMB $30.1 billion, or USD $4.4 billion. During the first half, total net revenue from our games and the related VAS were RMB 15.7 billion, up 8% year-over-year. In the second quarter, net revenue grew 10% to reach RMB 25 billion. Specifically, net revenue from online games were RMB 49.5 billion for the first half, up 9% year-over-year. In the second quarter, Online games net revenue were RMB 24.5%, decreasing 2% quarter-over-quarter and increasing 10% year-over-year. The quarter-over-quarter decrease was mainly due to a slight decline in net revenue from certain self-development games and license games. The year-over-year increase was attributable to higher net revenue from self-development games, such as Sentence Westeros Journey Franchise, and Vera Winsmith. Yodell's net revenue increased 4% to RMB $2.8 billion for the first half of 2026. In the second quarter, net revenue was RMB $1.5 billion, up 9% quarter-over-quarter and 3% year-over-year. The quarter-over-quarter and the year-over-year increases were mainly attributable to higher net revenue from its lending services segment. Net Ease count noticed that net revenue increased 3% year-over-year to RMB 4.0 billion for the first half of 2026. In the second quarter, net revenues were RMB 2 billion, remaining broadly stable quarter-over-quarter and year-over-year. Net revenues from the innovative business and others totaled RMB 3.2 billion for the first half of 2026. In the second quarter, net revenue were RMB 1.6 billion, up 6% quarter over quarter and down 4% year over year. The quarter over quarter increase was mainly attributable to higher net revenue from the e-commerce business and several other businesses within this segment. The year over year decrease was mainly due to modest decline in net revenue from the e-commerce business. For the first half, our gross profit margin was 69.9%. In the second quarter, our gross profit margin increased year over year to 70.5% from 64.7% in the prior year period. Looking at our second quarter margins in more detail, gross profit margin was 76.1% from our games and related VAS compared with 70.2% in the same period of last year. The improvement was primarily driven by lower revenue sharing costs related to platforms. Our gross profit margin for Youdao was 48.9%, compared with 43.0% in the same period of last year. The increase was mainly driven by improved gross profit margin from its lending services segment. Gross profit margin for NetEase Cloud Music was 37.4%, compared with 36.1% in the same period last year. The increase was primarily driven by lower channel fee rates along with the continued cost-structure optimization. For our innovative business and others, gross profit margin was 43.4% compared with 42.3% in the second quarter of 2025. The improvement was primarily driven by the higher contribution from higher margin business within this segment. Total operating expenses for the second quarter were RMB 9.1 billion, representing 30% of our total net revenue. Taking a closer look at our expense composition, Our selling and marketing expenses accounted for 12.2% of total net revenue in the second quarter, compared with 12.8% in the same period of last year, remaining generally stable year-over-year. For the first half, the ratio was 11.7%, remaining broadly in line with the same period of last year. Our GMA expenses accounted for 2.7% of total net revenues in the second quarter, compared with 3.8% in the same period of last year. For the first half, the ratio was 2.4% compared with 3.5% in the same period of last year. Our R&D expenses remained stable at 15%. and many more. For the first half, the ratio was 15.0%, remaining broadly in line with the same period of last year. 21.7% for the first half and 25.5% for the second quarter. As a reminder, the incentive tax rate is presented on an accrual basis, and the tax credit varies across each of our entities at different time periods, depending on applicable policies and our operations. Our non-GAAP net income attributable to shareholders for the second quarter totaled RMB $7.7 billion or USD $1.1 billion, with the year-over-year decline primarily attributable to investment losses. Non-GAAP basic earnings per ADS for the quarter was USD $1.78 or USD $0.36 per share. For the first half, non-GAAP net income attributable to shareholders was down 8% year-over-year to RMB $19 billion, or USD $2.8 billion, which is USD $4.38 per ADS, or USD $0.88 per share. Additionally, our cash position remains strong as of June 30, 2026. Our total net cash position was RMB 167.5 billion, compared with RMB 163.5 billion at the end of 2025. In accordance with our dividend policy, we are pleased to report that our board of directors has approved a dividend of USD 9.6 cents per share or USD 0.48 per ADS for the second quarter. Lastly, under our current USD 5 billion share repurchase program, we had the repurchase approximately 24.8 million ADS as of June 30, 2026 for total cost of approximately Thank you for your attention. We would now like to open the call to your questions.

Thank you. If you wish to ask a question, please press star then 1 on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star then 2. If you are on a speakerphone, Please pick up the handset to ask your question. The first question comes from Alicia Yap with Citigroup. Please go ahead. Ms. Yap, please go ahead with your question. Your line is open. Is your phone muted accidentally?

Hello, can you hear me now? 管理層晚上好,謝謝接受我的提問。 我想問一下這個遊戲一望之海, 想請管理層分享一下一望之海目前的最新表現, 然後以及對未來一個季度遊戲流水表現的一個預期。 So can management share the latest performance of EOF Remnant and also the expected closing for the next quarter? What aspects are currently doing well? And then what adjustments are planned in the future to further improve the game's performance? Thank you.

After Zihai was launched, we received a lot of feedback from players, including a lot of criticism. We looked back at the feedback from players. We... In this product, there is a strong exploratory visual style. And when it comes to innovative gameplay design in the world of League of Legends, it can't fully reduce the understanding cost of players in the initial experience. It affects the initial experience of players. So for this question, our team has prepared a lot of good content. have provided key points for the long-term operation and continuous expansion of this product. After experiencing the online integration, we have seen that users have gradually recognized the core gameplay and content quality of the current product, and have returned to the discussion on game content and operation. Currently, the reputation and satisfaction of the entire user group are all continuing to spread. In the future, we will continue to serve core users, and continuously optimize the user experience problems. In addition, we will further sort out the content of the previous game, so that innovative gameplay and content can be accepted by users. We are very confident in the long-term operation of this product. Thank you.

Okay, I will do the translation. So, while still running the ability in China market, we did receive a lot of user feedback, and among which a certain amount are critics. You know, review all the feedback we received, We realized that while we were trying to explore a very bold visual style and the roguelike gameplay, which is the kind of novel open world experience, we did not sufficiently lower the learning curve for players in the early stages, which to some extent affected the initial player experience. So that's feedback we have heard and been taken. So in the meantime, our team has prepared a substantial amount of large, high-quality amount of content, which provides the foundation of the long-term operation and sustainable player community operation. After this initial feedback round, along with the high cadence of content update and experience optimization, we believe we have seen growing recognition from the players' group of the game's core gameplay and content quality, which with discussions back to the game's content and ongoing operations, The overall sentiment and satisfaction has continued to improve. Looking ahead, we'll continue to serve our core players of this game well and keep optimizing the experience problems we heard from players. In the meantime, we will streamline Thank you. The next question comes from Suixin Zhang with CICC.

Please go ahead.

感谢管理层接受我提问。 我想请教一下目前无限大的研发进度怎么样。 然后现在在都市开放世界赛道上有多个竞争。 无限大具体的突围策略是什么? 我自己翻译一下。 Thanks management for taking my question. Can management update us on the development progress of Atlanta with several competing titles targeting the urban open world genre? How does the company plan to differentiate the game and stand out from the competition? Thank you.

Let me answer this question. At the moment, the Wuxian Daozhi project has been developed quite smoothly. We are currently working on the product. We will also be opening the latest game on the upcoming Cologne Game Show. Please look forward to it. In the face of competition, we feel that Wuxian Da has its own unique advantage as an open-world world. This advantage is related to the uniqueness of the tone, theme, gameplay, and content of the product. It can bring you a different sense of freshness compared to other open-world games on the market. We always feel that high-quality content, unique narrative tone, innovative gameplay, and more reasonable commercialization are key to ensuring the success of the product.

Okay, I'll help do the translation. Ananta is well on track with its development as the team is now keep polishing the game experience. We'll unveil the game's latest progress at the Gamescom next week, so please stay tuned. In terms of competition, we believe Ananta has its own distinctive strengths as an urban open world experience. The strengths come from the product's unique We believe that the high quality content, the distinctive narrative identity, the innovative gameplay, and the thoughtful monetization Thank you for your question. Operator, next question, please.

Your next question comes from Lincoln Kong with Goldman Sachs. Please go ahead.

Thank you, Mr. Guan, for accepting my question. Congratulations to Ergiduo for a very stable performance. I would like to ask, in the past two years, we have seen that the company has actively started to reduce the number of new games released, focusing its resources on the key products. Of course, just like Yanyun, Manway has also achieved a very strong performance. Thank you for your attention. Thank you for taking my question. So, congrats on the very solid second quarter. So, over the past one or two years, actually, the company proactively reduced the number of new launches to focus the resources on the key titles. And meanwhile, you know, like a new release like Where We Meet, Small Arrival gave a very strong performance. So, looking ahead with a relatively lean pipeline of new games and the higher baseline for our existing portfolio, Half of this company plan to drive further business growth, so we will be the primary growth driver and operating strategy moving forward. Thank you.

第一个,我们对精品游戏内容的投入还是会持续不断的加强。 这个方向一定要把握清楚。 The quality of the content must be high. Secondly, we will make full use of AI's ability to amplify and accelerate the progress of product development and user experience in the game world. We are very confident to believe that in terms of AI tools, Okay, I will help do the transition.

Well, first of all, regarding the really high quality products, we're not hesitating to keep investment in. And we're actually going to keep investing to keep building really high quality, quality level of premium products, premium quality of products. Of course, when doing new product, we need to make sure that we have as well as making sure the quality is definitely top notch. And secondly, now, as of today, with the help of AI capabilities, which we believe is an amplifier, that we believe we can expedite the development speed. And as well as leveraging AI capabilities to improve the We have confidence that with the help of AI tools, we can build more high-quality products than most of our peers in the industry, providing high-quality experience to our players. That's something we have confidence in, and that's our view. And thank you for your question. Operator, next question, please.

Yes, your next question comes from Richie Sun with HSBC. Please go ahead. Hello, Director Chang. Thank you for accepting my question.

Recently, I saw that two new games are starting to have some tests, which is Under the Ocean and Ghostbusters. Thank you, management, for taking my questions. So recently, there are two games undergoing testing, Beneath the Mist and also Tamas Shadowview. So how does management view the monetization potential of these two games, and when can these games be launched? Thank you.

I'd like to answer this question. These two products are still in the process of being mass-produced to satisfy the players' needs. As a content producer, we believe that the commercialization potential of these two products is a prerequisite for an excellent gaming experience and commercialization results.

OK, I will do the translation. So thank you for the question. Both of the products you mentioned are still ongoing intensive refinements. And one is when the refinements approach a stage that we believe will satisfy the user's demands, and we will release them. As the game developer, we believe player experience is the key of everything. We believe delivering. And that concludes the question and answer session.

I would like to turn the conference back over to Brandy Piacente for any additional or closing comments.

Randy, please go ahead with your closing comments. Thank you.

Sorry for that. Thank you once again for joining us today. And if you have any further questions, please feel free to contact us. Thank you again.

This concludes the conference. You may disconnect your line. Thank you.