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 our current expectations. Potential risks and uncertainties include but are not limited to, those outlined in our public filings with the SEC. ICE does not undertake any obligation to update any forward looking statements except as required under applicable law. Will now pass on to Mr. Gong. Please go ahead.

Hello, everyone, and thank you all for joining us today. We delivered a solid first quarter gaining sequential growth in both total revenues and progress This was [indiscernible] by a strong rebound in our long form premium content. And abstract [indiscernible] micro dramas [indiscernible] cementing its position as a go to platform. For users, making a seamless plans of long form and short form entertainment. Creating exciting opportunities for future commercialization This will strengthen our confidence and commitment to drive even deeper upgrades across our business model and the content ecosystem in response to involving market and user demands. For the core long form video content, we are committed to delivering engaging and soft [indiscernible] [indiscernible] in our strong lineup of top tier drama. Notably, drifting away [indiscernible] from our flagship [indiscernible] surpassed the 10,000 IG popularity in [indiscernible] [indiscernible] [indiscernible] will do and Moonlight mistakes [indiscernible] over 9,000. 600 looking ahead. We are dedicated to focusing on premium content with strong commercial value We are also upholding excellence. Additionally. We will further enhance our certain production [indiscernible] to deliver [indiscernible] faster pace [indiscernible] [indiscernible] [indiscernible] [indiscernible] [indiscernible] Through this user centric approach, are confident in our ability to unleash our full creative potential and foster [indiscernible] Content ecosystem [indiscernible] We made notable progress [indiscernible] [indiscernible] now run seconds in terms of daily time spent.

And the first thing in the number of daily unique visitors. This clearly shows there are growing a pure in audiences. Reinforcing our confidence in further unlocking their full potential Moving forward, we are committed to expanding our microglomer portfolio. Placing a strong emphasis on premium microdramers by enhancing original production and acquisition [indiscernible] At the same time, we aim to effectively monetize their growing traffic. Through advertising and e commerce. Beyond our content ecosystem, we are leveraging [indiscernible] Technical innovation to improve user experience. A standout example is launch of our AI powered iJump feature. [indiscernible] Which transform how user engage with long form videos with a simple swipe up all done. [indiscernible] their mobile screen. Users can [indiscernible] escape between key highlights in each episode without missing any exciting moments. Delivering a user centric microgrammer like experience tailored to advanced faster pace. Where we have it. Highlight points are generated by AI based videos and the personal live personalized behaviors. Of each user. As all investors are aware, the market is becoming increasingly unpredictable as it continues to evolve. However, in such [indiscernible] [indiscernible] the ability to create to create sustainable value is emerging as a real and available asset. [indiscernible] this in mind, we are ramping up our investments in [indiscernible] [indiscernible] enriching our content ecosystem and enhancing the user experience. [indiscernible] may lead to short term costs.

That are designed to deliver long term benefits. Now let's move on to the details of our core business. Segments. Starting with long form videos, which serve as the foundation of our content. Ecosystem. We maintain leadership in those core genre [indiscernible] As a current top spot in terms of total viewership market share during the quarter. According to Enlighten data. Our strong performance was highlighted by [indiscernible] [indiscernible] [indiscernible] Five distinct signature brands each feature [indiscernible] In the suspense gyro, [indiscernible] brand achieved a remarkable milestone with the release of drifting away All right. Is first title to surpass the 10,000 iQIYI popularity in score. It also generated the third highest single episode revenue in our history. Just behind the megafix [indiscernible] [indiscernible] my heroic husband, Fei Xu. In the romance genre, [indiscernible] Bianney and Jutong brand, made notable progress in this quarter. Expanding our portfolio of content [indiscernible] [indiscernible] With release of four captivating titles [indiscernible] [indiscernible] produced fantasy drama Modern Life [indiscernible] [indiscernible] score of over nine hundred and six nine thousand six hundred or more than romance drama, The Best of Scene, [indiscernible] was not only a success in the domestic market, but also the best performing mobile [indiscernible] on our overseas platform.

C Drama means Chinese drama. [indiscernible] Spurs the [indiscernible] adoption and realistic storage. [indiscernible] [indiscernible] This genre adapted from modern literary trial class winning novel. Has further strengthened our reputation for top notch pharma. Lastly, our microcosm filter [indiscernible] a focus on innovation innovative drama series [indiscernible] [indiscernible] [indiscernible] Building on the success of past hits, such as [indiscernible] [indiscernible] [indiscernible] Won't be a homeowner. This brand [indiscernible] Turning to movies. We continue to dominate the category during the quarter. With the highest viewshake managed shell. According to [indiscernible] Premium content has a strong long tail effect Example five by the success of two during Chinese New Year the firm boosted viewership of the original Nezha making it the most watched watched movie on our platform this quarter. In addition, our original production fleet forecast logo. [indiscernible] is pressureless. Among male users drawn to action and crime So when it showed during the first quarter, our flagship multiphasn IP become a far [indiscernible] and made a strong comeback sustaining strong traffic and positive word-of-mouth. Our brand new IP The Blooming Journey, excels with a peak popularity index score of over 8,000. Attracting audiences in lower tier cities and among older audiences.

Beyond.

Commercial variety show viewers. In terms of animation during the first quarter, we continue to improve our production capability. [indiscernible] such as Super [indiscernible] [indiscernible] [indiscernible] [indiscernible] generated positive user feedback during the quarter. Moving on to our content strategy and the pipeline. In our core drama category, our focus is on creating a well balanced content [indiscernible] Aligns commercial use. Effect with taste [indiscernible] We are committed to to three key drivers. Realistic, [indiscernible] and female focused drama. To cater to past the pace of viewing habits we are enhancing our content creation strategies. This includes reducing the episode count. For long form drummers. And increasing the number of high quality short dramas with each axles. Lasting five to twenty minutes This change is well explained The volume of diversity of our offering. [indiscernible] in which the user experience [indiscernible] [indiscernible] Engagement. Our drama pipeline features an exceptional lineup of top tier content. The already released the DMAHANTER wrongness and [indiscernible] gathered widespread acclaim. Adding to the excitement, the highly anticipated [indiscernible] [indiscernible] released soon. [indiscernible] Our readout recently debuted breaking the shadow [indiscernible] that can also look forward to upcoming release including just [indiscernible] [indiscernible] [indiscernible] And [indiscernible] [indiscernible] [indiscernible] novel low IQ crime Additionally, the new science fiction suspense genre What a wonderful world.

Baiyunjian, will be released shortly as well. Our lineup of realistic drama includes highly anticipated typhoon, such as the are mothers. We are increasing investments in operational production focusing on [indiscernible] Notably, our original original production has already achieved the box office revenue of over RMB540 million. We have six more titles, [indiscernible] for our throughout the rest of the year. Including the shadow's edge [indiscernible] Additionally, we are boosting support for online movies. With revenue sharing model. [indiscernible] eight original online movies, such as [indiscernible] [indiscernible] [indiscernible] [indiscernible] [indiscernible] Such as martial arts, comedy, and action. For licensed theatrical movies, we launched several [indiscernible] Including Legends of the Kong [indiscernible] [indiscernible] And detective Chinatown, [indiscernible] Both of which have successfully [indiscernible] during the Chinese New Year and now And unknown performing well on our platform. [indiscernible] we will maintain our focus on producing top quality programs. While introducing exciting new content. This includes sequels to [indiscernible] And The Rack of China 2025. Alongside flash IPs such as [indiscernible] [indiscernible] [indiscernible] and the reality show. As now as you. Building on the successful building on the success of the bromine journey. We also plan to launch a [indiscernible] in this year.

For animation, we are dedicated to increasing revenue contribution from our original [indiscernible] Especially high quality Chinese animation. We also aim to broaden our collection of enduring barriers and optimize our operations. To maximize IP value. Major titles, to be launched include animation Over the [indiscernible] [indiscernible] [indiscernible] Moreover, we are excited to announce that the highly acclaimed Japanese animation One Piece has resumed allowing for its dedicated [indiscernible] For children's conference we will concentrate on iQIYI commercialization and developed our comprehensive IP ecosystem. That spans the entire lifecycle. Offering Oh services tailored to parent child.

Audiences.

Anticipated title include Princess Doran Yi Season four, Bell Squad Season four, Wuxin Rugandan, [indiscernible] Which have demonstrated a [indiscernible] potential within our content ecosystem harnessing this powerful momentum. We are poised to amplify our investments in micro drama content. And strengthening user acquisition efforts We have three key objectives [indiscernible] addressing our user base and boosting business. [indiscernible] by increasing micro dramas into our content ecosystem. Secondly, we proceed microdramas as a catalyst for attracting new users and driving member membership revenue growth. Especially in under lower tier cities and among older audience. We are actively exploring monetization opportunities. For [indiscernible] batch advertising and e commerce. We have successfully achieved the first objective by revamping our apps and rapidly expanding our micro drama of the fellow to over 15,000 titles now. We have available for free and the other half inclusive to members. [indiscernible] [indiscernible] differently in terms of design and target of this The main iQIYI app focuses primarily on long form videos and mainly uses subscription model. [indiscernible] [indiscernible] serving as [indiscernible] value add. The iQIYI Lite [indiscernible] A primary focus on free micro dramas and money types. Them. [indiscernible] This meaningful progress has driven impressive growth in both daily viewing time [indiscernible] [indiscernible] microdramas. [indiscernible] [indiscernible] increases of over 300110% respectively.

When comparing the April to last December. In the future, iQIYI Lite will be [indiscernible] [indiscernible] and we are confident that this transformation will tap into its full potential. We pioneered the concept of dedicated [indiscernible] [indiscernible] [indiscernible] released in 28 premium titles [indiscernible] [indiscernible] [indiscernible] [indiscernible] [indiscernible] consistently delivering premium content. [indiscernible] reinforcing our position at the go to plan for for micro dramas.

As a micro drama industry continues to evolve, for premium title and live perfectly with our core stacks. [indiscernible] in premium content. [indiscernible] [indiscernible] We are uniquely positioned to [indiscernible] on this trend. Coupled with our extensive resources [indiscernible] unique value to the microglomerate industry To that end, we are [indiscernible] our ability to produce original micro microdrama while exploring innovative gyros. To broaden our content offering. Recent initial tests include notable projects such as adapting around 100 classic Hong Kong movies, and producing extensive series of legal educational, content. All to be developed as micro dramas. Additionally, we are integrating technologies like AI and the virtual production to improve both efficiency and [indiscernible] Building on this initial case, we are collaborating with partners of to foster a thriving industry ecosystem in March we hosted the first time microclimber delivery light. [indiscernible] [indiscernible] together hundreds of [indiscernible] creators, and industry professionals The event sparked meaningful interest from [indiscernible] eager for a future collaboration. As the first ever ceremony, dedicated to the microgovernment industry, is not only enhanced our profile, but also [indiscernible] our low SRT industry player. Moving on to membership services. Revenue regained growth momentum during the quarter, increasing 7% in the sequential to RMB 4,400,000,000.0, This will help healthy growth in subscriber base in Q1.

Supported by the strong performance of key titles such as Flipping Away. Moonlight, mistake, [indiscernible] Average revenue per number remains healthy thanks to our improved operating initiatives Our strategy is focused on developing a membership business that caters to a broad audience. Expands our subscriber base, delivers enhanced value, and ultimately accelerate revenue growth. As the core of membership business, [indiscernible] exceptional content. [indiscernible] [indiscernible] [indiscernible] [indiscernible] [indiscernible] acquisition and retention by my team consistent flow of premium long form content and increasing [indiscernible] We continue strengthening our membership plans deliver greater value to our membership [indiscernible] refining product [indiscernible] lesioning. To connect with our user base the family oriented premium ad segment plan. Saw excellent growth. After we introduced free unlimited EVs. Express package [indiscernible] our ad supported basic membership plan designed to offer exceptional value and a lower price. Which historic adoption price. Younger generation and users from low tier cities leave this [indiscernible] In new members with many joining as the first time subscribers.

They are focused on enhancing microcathlon soon initiatives that both serve loyalty and drive upgrades Long term members now enjoy greater discounts while premium as Diamond members receive free express package [indiscernible] conversions with expanded options like [indiscernible] [indiscernible] [indiscernible] who purchases gift cards, and bundled membership plan. With added benefits. [indiscernible] makes all membership services more attractive and available. Supporting that revenue growth and strong membership community. Moving on to advertising business. [indiscernible] In the first quarter is decreased sequentially to RMB1.3 billion. Other than the macro pressure [indiscernible] [indiscernible] low season compared to Q4. For brand our top tier dramas and the variety shows remain a strong draw for advertisers. With content driven, [indiscernible] contributed over half of the revenue. Notably, the sequel to our classic IP become a father suite [indiscernible] We have the new IP, a blooming journey. [indiscernible] [indiscernible] [indiscernible] Generated widespread positive feedback, Looking ahead, brand ads are showing encouraging signs of our potential response given by premium content we plan to drive ourselves by leveraging premium dramas [indiscernible] [indiscernible] [indiscernible] For what he shows have our focus on delivering high impact projects and expanding sequel opportunities for classic IPs. [indiscernible] We aim to launch a [indiscernible] meaning variety shows, microclimbers and customized advertising products.

Providing innovative and tailored advertising solutions. On a performance ad side, we capture baggage from new high potential customers further [indiscernible] our advertised [indiscernible] [indiscernible] Incorporating AI into advertising content [indiscernible] has boosted ROI by over 20% compared to ads. Developed. [indiscernible] The future focus is on continuous enhancing our technologies [indiscernible] Capabilities to drive new revenue growth across Internet service services. E commerce, gaming, [indiscernible] We plan to seize growth opportunities in microdramas and deepen the integration of AI maximize monetization efficiency [indiscernible] commitment to enhancing ad [indiscernible] demonstrated by the recent launch of our AI driven [indiscernible] placement platform, by integrating resources from both our long form and micro [indiscernible] This platform imparts both brands and performance as with sophisticated smart marketing solutions. Moving on to technology and products. We continue to video production soon in the ization enhancing both efficiency and the creativity For example, by scaling up the reuse of digital assets, in major original dramas. Like [indiscernible] Number one, we have largely reduced the production time and the cost without compromising quality. Moreover, our cutting edge tech to speech [indiscernible] [indiscernible] [indiscernible] [indiscernible] cities. Have already been applied to English language for both long form and macro programs.

On the user front, we are harnessing both. AI will define the entertainment experience in addition to newly launched iJump filter mentioned earlier. We also other AI power products. To enhance user engagement. Our AI powered chatbot platform [indiscernible] launched last April, features around 1,000 AI characters from our popular [indiscernible] And have engaged with users of over 101,000,000 times recently. We introduced the personal AI assistant [indiscernible] Which users can use the tool to discover content [indiscernible] and control playback. Additionally, we launched our thin air mode feature tailored for [indiscernible] users. Complementing our earlier kid mode device for younger audiences. Moving on to our business performance, including outside of Mainland China. We maintained strong growth momentum in the first quarter with total revenues increasing by over 30% year over year and the average daily number of subscribing members reaching a new high. Moreover, we are thrilled to see C dramas gaining traction with our wider global audiences. According to Google Trans data worldwide search. For C drama recently. Reached a five year high [indiscernible] [indiscernible] Korean drama [indiscernible] original production have planned a key role in this growing international appearance. With four of the top 10 over c dramas in the past six months.

Coming from iQIYI. Our modern drama drama, The Best of Scene, Best Rockers, on our international platform. Is publishing a new revenue benchmark. For this general. Additionally, our original Chinese animation Super Pillow also achieved highest single day revenue. Chinese animation within the first week of overseas release. The influence of our premium content for advertising revenues by 40% year over year. Our original Thai drama [indiscernible] [indiscernible] a substantial traction from brand advertisers where our Chinese variety show Become a Farmer also [indiscernible] interest from overseas class. [indiscernible] We are focused on expanding our investment in our regional production to create high quality content. Tailored to international audiences while integrating micro dramas into our global confinement. At the same time, we aim to deepen collaboration with local partners and further enhance our brand [indiscernible] across key market Last but not least, [indiscernible] [indiscernible] the boundaries of business innovation as evidenced by our pursuit of new opportunities and exploration of untapped horizon We are leveraging patent age digital technologies to seamlessly integrate our IPs extending their lifecycle and [indiscernible] greater commercial potential. We recently expanded our food [indiscernible] [indiscernible] The first iQIYI is [indiscernible] Set to open in Yangzhou this year. [indiscernible] underway in Kaifeng In addition, our VR immersive [indiscernible] expanding rapidly.

Feature popular IPs such as Luoyang, Strange Tale of Tang Dynasty. And the lag between FEL and the DEWOC. [indiscernible] This VR is currently are now available in over 50 stores across nearly 30 cities. We believe this immersive entertainment experiences will [indiscernible] user engagement with our content and IPs. On the e commerce front, the of new content formats such as micro dramas, combined with consumption scenario driven by vertical content has advanced to [indiscernible] [indiscernible] [indiscernible] We have launched [indiscernible] [indiscernible] robust IP portfolio [indiscernible] [indiscernible] base. We hold distinct and [indiscernible] in this space. This year, we are concentrating on building a solid foundation for content driven e commerce. With a goal of driving accelerated growth and In the year ahead, [indiscernible] continues to evolve, we remain committed to investing in our content ecosystem and elevating the user experience This is [indiscernible] to accelerate our content [indiscernible] [indiscernible] resilience laying a solid foundation for sustainable growth and deliver long term value to our [indiscernible] [indiscernible] let me on to Qin for closing our financial performance. Thanks, Mr. Gong, and hello, everyone. Now let's take a look at the Q1 key numbers. In the first quarter, total revenues were RMB7.2 billion, up 9% sequentially.

Membership services revenue reached RMB4.4 billion up 7% sequentially. The increase was primarily driven by the strong performance of the long form dramas For online advertising revenue, decreased by 7% sequentially, to RMB1.3 billion primarily due to macro headwinds and seasonality. Content distribution revenue reached 6.3 hundred and 28,700,000.0 up 55% sequentially. Driven by more common titles distributed during the quarter. Other revenues increased by 24% sequentially to RMB830.9 million primarily driven by the growth of certain business lines. Moving on to costs and expenses. Content cost was RMB3.8 billion, up 10% sequentially driven by higher number of premium dramas launched during the quarter. Total operating expenses were RMB1.4 billion, up 8% sequentially primarily driven by higher marketing [indiscernible] Turning to profits and cash flow, our non GAAP operating income was RMB 458.5 million up 13% on a sequential basis The non GAAP operating margin was 6%, The net cash provided by operating activities totaled RMB $339,000,000 positive for twelve consecutive quarters. As of the end of the first quarter, we had a cash cash equivalent restricted cash short term investment, and a long term restricted cash included in the prepayment and other assets the total of RMB5.7 billion. In addition, the company had a loan of $522,500,000 to PAG recorded under amounts due from earlier parties.

When reviewing our financial performance, and the results of our efforts to optimize the capital structure are very clear. Over the past two years, we have prioritized this goal through a series of initiatives to lower our debt levels optimize repayment schedules and amend our debt restructure more manageable. Notably, the total the outstanding principal balance [indiscernible] have sharply declined dropping from 2,900,000,000.0 at the end of first quarter back in 2023 to $1,170,000,000 this year. And of the current outstanding balance, there is 522,500,000.0 as we mentioned earlier, were resolved through equivalent loan arrangements with the creditor. And we continue to optimize this debt structure we have also achieved a substantial reduction in net interest expense which has declined from $223,000,000 to RMB155 million in the first quarter of this year, decreased by over 30% year over year. For detailed financial performance, and data, please refer to our press release on our IR website. Now we will open the floor for Q and A. Thank you.

You wish to cancel your request, please press 2. If you're on a speakerphone, please pick up the handset to ask your question. Please ask your question in Chinese first, and then translate your questions into English. Please limit to one question at a time and rejoin the queue if you have additional questions. Your first question is from Shikun Zhang from CICC. Please go Thanks management for taking my question. My question about micro dramas, Dongbo mentioned some operational updates on micro dramas in the prepared remarks. Could management elaborate a little more on the latest developments of microdramas and outline the key focus points for its future development. Thank you. [indiscernible] Our CEO Mr. Gong, is answering this question.

First of all, the users have gradually developed the habit of watching micro dramas on ITE. We now have over 15,000 microdrama titles, with free content and a member exclusive content that each accounted for about half. Our two mobile apps have also developed various distinct brand positioning The main IT app focuses on members watch for free model, primarily using paid microdramas, while the iQIYI Lite app primarily focuses on free microdramas supported by advertising. This development, as I mentioned earlier, has driven rapid growth both user time spent and user base for micro dramas. While significantly enhancing the user stickiness. So when we compare the April to December of last year, the number of heavy microdromic users on IT which are users who spend 80% of their time watching microdrama. Has increased about three times. We just stepped into the micro drama field for not so long, and then just started our original production. And seeing some impressive [indiscernible] For example, a recently released original micro drama called in as capable scorching love ranks first in IT's micro drama viewing time for several consecutive consecutive weeks, and also successfully entered the ADX top 10 list, which is a well renowned list.

In the microdrama field. So among the acquired top tier titles, for example, like My Sweet Home, and Please Come Into My Heart each achieved revenue sharing milestone of over 1,000,000 RMB within a week. And these progress reflecting the high user recognition and appreciation of high quality microdermas. [indiscernible] There's some background that I would like to share with everyone. For example, the content cost for each microdrama title on average cost less than RMB1 million. And the top tier titles usually will be less than 2,000,000. Per title. So as such, within the week, revenue share dollar RMB reached 1,000,000 is actually a very sizable end note. On base.

Income.

Going forward, there are two areas we're focusing on. First is to have more and better quality microdromas.

And second, invest more on user acquisition. User growth. In addition, we'll try more ways to monetize the growing traffic, for example, advertising and also e commerce.

Thank you. Thank you. The next question is from Vicky Wei from Citi. Thanks management for taking my question. Will management share some color about the change of long video content strategy and the national and the rationale behind it, Thank you.

Thank you. We will invite our Chief Content Officer, Mr. Southway, to answer this question. Of all, long form video are the cornerstone of IT's content ecosystem. Our commitment to this remains unwavering. Traumas are at the core of long form videos, So to better cater to involving user preferences, our future drama strategy will focus on two key areas. First of all, releasing high quality shorter episodes of premium dramas and second, producing more high quality short dramas with each episode lasting five to twenty minutes. Going forward, the total number of drama titles will increase. Accompanied by enhanced content quality and greater diversity.

This approach will not only improve the flexibility and stability of scheduling, but will also reduce reliance on individual titles [indiscernible] effectively mitigate risks. Thank you.

Thank you. The next question is from Maggie Yee from CLSA. Please go ahead. [indiscernible] Would you please share more details on the lady's of our overseas business, such as membership and content distribution as well. From financial perspective, what is current situation of the overseas business? In terms of revenue and profit contribution? And how shall we expect from the over what shall we expect from the overseas business in the next one to three years?

We started our overseas business in second half of twenty twenty. 2019. And after that, we experienced three years of COVID. So there were some difficulties in terms of getting headcount and also travel spend between Mainland China and overseas. So the development we're actually quite slower than expectation. But after COVID in the recent two years, the business has been going through a very rapid development phase. But however, we do have some restrictions in terms of the financial resources. So there is some limitations to the development. In addition to what I've in the opening remarks that we experienced very rapid growth in terms of the annual revenue growth and also subscriber count, etcetera. There are some very important progress we made very importantly that we kind of figure out the right content mix for each region overseas. And also what can we do from the content mix to drive user growth and also to drive our revenue performance. And more importantly, in addition to that, we also figured out how we can really operate in each region. For example, how we can promote content to acquire better user growth also in terms of the user growth, how we can improve that as well.

In terms of the content mix for our overseas business, Chinese content actually accounts for about half of the content and the other half are the local Based on the data that we collected, the Chinese video content the value of that are increasing in the global market, which is very beneficial to our overseas business. Growth. Right now, currently, the revenue contribution from the overseas market is still at a relatively low percentage but it also depends on the future investment into the overseas business limited to, for example, the scale of our financial support and also the financing sources. So these are the areas where we look out for. The overseas business. The CFO just added to our CEO, comment. So what we took from the past few years are really valuable revenue growth as well as the rate content mix as well as the operating takeaways from each market. And these are the key takeaways in the past few years. Of course, these are under a very disciplined investment cycle that we did in over the past few years. As well. And from the management accounting perspective, the overseas business are profitable in the past couple of years.

And in the future going forward, of course, maintaining our profitability is important. However, it to be a meaningful amount. What we want is to invest, take that profit and invest into the business. Hopefully, it will drive greater growth. Opportunities. In the future. Thank you.

Thank you. There are no further questions at this time. I'll now hand back to management for closing remarks.

Thank you, everyone, for participating on the call today, and you you have any questions, don't hesitate to contact us Thank you and see you next quarter.

Thank you. Goodbye. Thank you.

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