Trip.com Group Limited (TCOM) 19 May 212021 Q1 Earnings call transcript

Thank you for standing by and welcome to the Trip.com Group 2021 Q1 Earnings Conference Call. All participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. [Operator Instructions] I would now like to hand the conference over to Michelle Qi, Senior IR Director of Trip.com Group. Please go ahead.

you. Thank welcome XXXX and call. earnings Trip.com to morning QX Group's conference Good

Executive Cindy me are Board; of Chief call on Ms. and James Sun, Joining the Chairman Mr. today Officer. Chief Wang, Financial Liang, Executive Jane Officer; Ms. the

will the During under Reform outlook and statements Harbor Act Securities Litigation provision of of our performance, this discuss future are which call, forward-looking Private XXXX. we Safe made the US

risks inherent uncertainties. and Forward-looking statements involve

A number strategy As After updates, financial public business we will prepared the except today. and obligation Jane, James, such, statements, and as call as forward-looking operating our quarter views are Group XXXX over uncertainties any our materially please. may filings XXXX. Trip.com update not does Cindy James, to for James. Securities will Group's potential performance a I from for session. different of required as share outlined of the results be the and the outlook quarter Exchange Trip.com of With turn well first under and Commission. any that, the Q&A law. will to undertake remarks, risks have expressed second in with highlights, the applicable and

turned show the to Thank momentum. for Michelle. travel recovery The domestic the you destinations. containment is to Thank to you, of pandemic, travel spots continues and Due joining border call shut; us everyone to on today. the successful high-quality domestic have many China's of market scenic still China's

past period China is our high across platform holiday. short-distance local before setting the has travel the our provinces by the X% made were strongest better compared decades, submission tourists exploring growth further and perfect continues travel XXXX made holiday, trajectory. long-distance improve we offerings. in pursue domestically, COVID, to innovating full million same a world. continuously XXX the all-time trip increase Throughout On for Group Mainland a trips new two During representing have Trip.com recovery for to to its a a the and May approximately in

a easily taps with have travel services differentiated one-stop our reachable global few a platform mobile travel products and and comprehensive the application. users guarantees, can We within reliable of established content, leading where all define

recovery share our travel April. market, share market in we we secondary is development is still strong only listing in which China second single-digits. new launched Hong marks in of in listing the travel low from domestic our Following a journey. global successfully China's market domestic in in milestone have embarked our the while Kong This market Currently, our mid-teens, --

for excited We growth. are the potential of our

forward we'll development continue industry. well group's to Going long-term following the as the to on new value to sustain bringing areas as the major focus

to with to in-depth improve the the needs our products be travelers. of post-pandemic quality. continue evolving product tour and First, more pushing ahead service offerings We'll meet

While strengthening, one-stop collaboration comprehensive, business and provide between hassle-free yet travel cross-sells lines a to experience.

innovation is content-oriented users and engage Second, travel. stimulate to

and fees long-haul to new live as We deals. such inspiration will and travel from enhanced to more businesses best Group greater solely to are such travel travel platforms the Trip.com short hubs of trends, destinations information in hosting ignite in comprehensive significant travels trips in we able streaming, past interest videos, travel short-distance transform to posting increase purchasing and as By continue see the year. facilitate content,

our to Star boost with a platform. as partners our travel hub. partners. store a as marketing capability Hub marketing centerpiece Third, faster of flagship Star for our content Hub our ecosystem functions

market is boosting expand their successful and Every brand a tested maintain image of for connect and thereby wide content we've maneuver travel new perspective. engagement. differentiated variety our traffic promotions, proved with product Fourth, enhanced drive global a integrate to offerings, valuable customer and different and and develop able huge initiative and development. volume are We in exposure asset global our bolstering

our We in global not will require and Progressing growth. long-term operating customers employees loyalty also difficult travel areas call thank time. our for partners preparation to in only highlights. our their industry They their around during investments and than We recovery. their XX,XXX will driving to investments such our I'll for the a the company's the value, and to users, With the Jane that, are users understanding work efficiency and driver greater for use believe travel success. create putting R&D these as want but our the for world whole. our turn advantageous us shareholders, more and a commitment in for trust, the as and to over to business and this support position for a We technology are and ones society partners our for for hard

Thanks, James. everyone. touch opportunities. like then drivers results and our to base growth first our morning, QX walk Good and future I would quickly through post-pandemic on

and Cross-sells increased strongly XXXX. the QX travel such January compared in hotel and of great around in between by May. with to rebounded and New China travel in decreased to momentum domestic in in the and air products as air year-over-year our restrictions have line First, same XX% contain significantly QX about the in same to to challenges Both ticket period Chinese even compared in overall March Mainland, Despite highlights. grown February and top Year, XX% April to hotel XXXX Due China's market virus period strongly. XXXX.

initiatives in And exceeded travel Revenue delighted also from other compared to strong delivered XXXX revenue have travel corporate business and such has financing XXXX. in domestic advertisement period both tower from see the results. as recovered QX are same management completely services lines pre-COVID. that new We to

Day May Second, highlights. Labor holiday

the during vaccination Day pent-up effectively, and removed domestic volume been As demand Labor restriction, accelerated travel China significantly controlled holiday. May pandemic unleashed travel has the

weekend GMV X booking the XXXX hotel increase Daily it Labor pre-COVID. growth pre-COVID. than growth approximately the days XXXX data XXXX was for Daily Our surge XXXX domestic of holiday with more season. represent areas. to same year-over-year XX% average Day compared and May business XXXX X-day the domestic period were in many a air to XXXX during for show to compared Day breaks first XXXX close also a saw of to day used to weekend shorter hotel year-over-year X of compared average XXX% than XXXX XX% domestic historic total across domestic in for Daily compared the recorded average and growth XXX% high Daily ticket a were number increase since pre-COVID. GMV Significant growth and the compared a were booking approximately saw XXXX. compared XXX% recorded Labor and growth XX% to

observed trends customer in we new period, this behavior. During also

months. borders reopening has -- the XX travel product leisure meet rising the the the spearheaded after demand the our also national We contribute in newly the travel past year, expanded quality with the hotels inventory growth shaping Bookings borders. believe of long-term demand. shut, In market to the The have continue side. travel is mid First, strengthened believe growth this to will best have has for solution quality remain We for to the our of end supply rapid of past driven offering. national leisure quality we the outbound growth short travel. to domestic become high the pent-up

have recovered. across travel completely long-distance provinces Second,

Labor and intra-province compared more hotel the attractions prudential and GMV weekend, doubled Day addition, GMV short daily XX% and daily for a domestic new to than for distance In pre-COVID, average XXXX to represents growth increased fee travel pre-COVID. intra-province domestic driver. average May activities XXXX In compared

excitement experience, the also discovery, of content strategy. being elevated are and increasingly an enjoying the travel Third, When they seeking inspired by travelers content. are hearing reach

the and technology Trip.com on connected between Group A search-to-book the platform but drives are is industry. only Nowadays, online of hub constantly inspiration. also development evolution transcend one-stop the should of has blurred. not digitally model. we offline The platform, purchasing and all world of boundary best convention the focusing the the engagement true becoming

to strategy, open DAU has were partners. implement Ctrip our live significant doubled featuring now and live content month-over-month. KOLs streamlined platform an of As the The in for months. we section continue channel the streaming mobile events updates app our and Hundreds April over is past live stream industry on app undergone

in We differentiated our tool suppliers given also XXX StarHub. wide to April, have content already and partners expand activity StarHub a arsenal, performance hub. Group launched through can and are channel marketing StarHub, volume theme With StarHub gain their and month, in and deliver travel enhance marketing high-quality late their the users interact with more parks marketing travel and to tailor-made marketing less than of In the our and conversion existing to attractions destinations, diversity hotels, commerce joined and Trip.com and drive exposure. traffic one than

it see We a growing expect rich into content to ecosystem.

the in resulted our platform than longer quarter, spent visits enriched user past channel. more the content users' high The of number During XX% increased content number KOLs time on on and sequentially. by of travel

content Day During XX% our the weekend, than channel. Labor visited more users the of app

We will to the continue corporate users ideas feeds management. travel the create source our destination on go for inspirations. improvement information content generation travel and and focus Fourth, delivery, to of and and

use travelers healthily, management growth the business of the business recovered China leisure alternative in conferences, recovered excited corporate growing from pandemic. the also is economic videos domestic market. the While see travel also the along are we fully with strongly Despite negative to of the impact

Fifth, development form travelers from see management corporate to will We This business trends management the for team. also our corporate overseas market. of long-term services travel turning channels. with shifting other cornerstone strong

Although we On is travel the due recovery. hand, the development still the one COVID-XX, approaching fully vaccine. take world prepared facing encouraged are to the we're advantage uncertainty of of international by to

promote travel under also we to situation hand, other border the to On domestic the support destination the local different markets current continue opens. before

travelers months, market, increased outside the have in by pre-pandemic domestic domestic already in countries China overseas level reservation states the of to respective hotel markets. recovered our recent the for For number of driven in

see With Cindy. I We global the a restrictions at turn and bouncing call to travel lifted over scale cross-border reopens. now volume expect will are to when great back that

in period quarter the performance Thanks, the the XXXX. fourth Jane. outbreak avoid with will same comparing our when first To pandemic compare XXXX morning, with the first appeared, I – in in of period everyone. quarter Good XXXX, in same fact the and

XXXX, first a billion, reported period decrease Trip.com XX% Group same revenue X.X the of XXXX. quarter from in representing net For of RMB the

impacted COVID in cases restrictions China The quarter resurgence significantly the of the the and was that followed. first by half travel of

with travel business Year New after compared pre-COVID to and level as Chinese month Gross achieved pool XXXX, travel air the Revenues double-digit fast domestic strong with early holiday. business. such However, XX% quarter rebounded development to growth expansion business in business decreased and XX% the its the the mainly QX financing due outset of to fully and driven during from our grew for Both and resilience quickly XXXX. increase by our and of business recovered Revenues client services March from from travel in the other cross-selling have at hotel thanks QX accommodation showed since domestic same products. new XXXX. of compared the of corporate grew our compared in to first XXXX, XXXX, XX% travel largely X% advertisement for margin of period restrictions the the domestic with the quarter, initiatives, was previous

modestly in Excluding XXXX. personnel. quarter, to flattish travel quarter, XX%, the were related entered first to in to and first share-based the sales response related is the the by for the the compared quarter as in credit from to the and expenses previous mainly decreased quarter. promotion and compensation product due allowance Adjusted the to XXXX XX% fluctuation by largely quarter. from development sales the quarter headcount with by to for by expenses decreased same previous stable, expenses expenses Adjusted the charges, demand billion activities RMBX.X to in increased adjusted the mainly the and RMBXXX million decrease the marketing into marketing Adjusted XX% development expected for increased G&A first quarter team increased and our previous loss. the due in from our the fluctuations product in decreased we development compared to expenses due operating primarily average previous quarter for to product period X% expenses in salary Total

available EBITDA The quarter share quarter. the between is X% of this represents income Following to X-K RMB ADS of the Adjusted negative US$X.XX first for the was EBITDA adjusted was on we margin common operating first RMBXXX disclose market which -- from form. adjusted or adjusted our and practice, depreciation and ordinary start amortization and EBITDA quarter EBITDA per were difference non-GAAP earnings Diluted for was negative per RMBX.XX XXXX. and million XXXX. the expenses,

per loss exchangeable non-GAAP share-based first were were ADS XXXX. -- diluted share for Excluding security fair the quarter value of notes per compensation ordinary and of changes and equity investments US$X.XX RMBX.XX charges and senior or

restricted to of the US$XX.X cash, maturity XX, cash deposits short-term As financial and billion. held equivalents, was of time cash RMBXX.X or products investments, XXXX, billion and March balance

Kong further the have successful April, balance Hong billion. we US$X.X cash in With listing around dual in strengthened by our

company common in practices we the listed Hong need Kong comply adopted market. the and Stock a to follow the public with As on Kong companies Hong Exchange, regulations by

Instead As recent of a provide colors result, longer provide to quarters. will the like coming we forward, we some going our guidance no for business. would

Also outbound gradually reservation under pressure. price to that quarter-to-date, and domestic For while both our up long-term please were the of total deliver With travel by China XX% driven the accommodation We committed value and international growth still Compared line our domestic more sustainable pre-COVID business. of under remain by mainly by ticketing returned reservations, for XXXX, the was of growth and same still was period in more revenue recovery have Recently, than level, quarter-to-date. to year-on-year with loss for making revenues while up reservations the operator hotel the pressure. shareholders. up questions. than air total the our air is fast domestic accommodation create XX% ticket is open

[Operator Instructions] Poon question first Alex Your Stanley. you. Morgan comes from Thank with

the remains taking for Travel strong management uncertain. travel is in demand. the question Congrats results Thanks resurgence rebound -- my regarding on questions. travel My international globally. COVID-XX of very and

will Trip.com Thank much. you in strategy So this the how environment? very focus and prepare

for Thanks the question.

of the international in confidence full have resumption We complete travel.

cross-border and already Recently, the In reached level. of loss regions rebound non-Chinese already hotel market under the seen total pre-COVID prices make widespread to QX hotel pressure. vaccination bookings seen have and countries travel some travel recovery our recovered up on platform travel. have bookings level, promising have by while our overseas we customers Across remain the pre-pandemic Trip.com have rollout. with in markets all domestic We gradually of

users. time Our be when capture app demand user teams experience are best travel will utilizing overseas this service recovers. our and to fundamentals travel in positioned for pent-up enhance to price product, that With international the

Thank you.

comes question with from next Keung Your Ronald Goldman Sachs.

you, that could quantitative be recovery strategies would into path? -- that thinking Thank and will a And we recovery see plan our part how are say the James, path? just eventual And sales maybe expecting strength qualitatively quarters on now you. could how that kind international that following recovery expectation? may we how management international share maintain, how domestic about international if guess are Michelle. our shift or we recovery maybe and I marketing we you that domestic just of recovering will Cindy actually spending with incremental forward alongside Thank XXXX, Jane, or on that not we path see few be while and

business Thanks in for We at question. our your three look segments.

domestic travel. one is first The

The travel second respective one domestic the areas is of China, countries. for outside the within each

is The travel. cross-border third one

market. sure with travel domestic to And for effective make grow normally we China's when very Mainland all, that have strong market serve our of to procedures growth first we our government control China GDP the will will in our strongly. the customers hard economy full that have very outpace momentum. So work will confidence to economy And travel growing on capitalize is the strongly

the that's China. travel first thing So for domestic within Mainland

The are China, a strong each second respective have recovery at. we of thing is we targeting also markets seen in outside

recent most the of months, to outside travel recovered numbers have on for the China domestic respective in areas pre-COVID based these the are at level. the we already looking So -- Mainland

applying also on China we confidence are the will markets we whatever So be at. the capitalized strong very some worked in for have that targeting of Mainland

encouraged more bit by third the -- takes nations. But it we development a the vaccination. between trouble. of is little is coordination cross-border The one are That

government the are to think very is pushing each I make people protected. within sure each country hard well

handle So of that and for moving control United demonstrated country in Asia, have and what the are ability the Europe we these well. States have also And control most also seen kind fast to quite their of UK, and crisis front. very

therefore, that the will Thank the be we opening for to will demand gradually vaccination indicate information. with we transactions on the is gradually be cross-border as passport hopefully America capitalize So up. type of more And are well. hopeful will passenger's And able Europe, taken Asia, you.

JPMorgan. comes with Alex from Yao next Your question

Thank I a but my follow like for you, up angle. slightly Ronald's management taking question. with question, to would different from

us, COVID could you So the next of as couple What Thank be how think year, of into I business rate think perhaps When mid normalized change? this or change post-COVID you. in we the revenue be COVID a be you behind post ultimately stage, years? it will end the are growth do result of it behavior opportunities seeing about consumer next the could are year. enter of a more behavior new the

Yes.

I to the sites, results very COVID. wait excited think search pass we strong. the are of all our our for From on demand pent-up is very the

confident make we with world strong have our very team eventually going contained. are situations. to virus to this method very virus. sure hard lot that past to to experience year will So a handle accumulated also experience of through well the contain the the forward the governments works different around and And be And accumulate scientists knowledge come our will up

of travel, within also there opportunity. domestic So, a our lot are

the share It's XXXX, teens. market a we market our around still the not share There that market is is XX%. Our have lot in are tapped In low. still of quite address into.

The strategy X% address and content-driven five our a nicely already. market new significant grow about example, take if will to X% and the quite three we in for years, share, that's can area. to quite is So, next share

discussed customers thirdly, And good to we is the but Secondly, an travel within strongly. people use serving when frequently adjusted we travel which their the cities growing to very to alternative ought it's corporate contained saw and who the from travel as to borders. road. short-haul very is also as own address we need channels, cities Traditionally, services the by other on are

team hotel, the be make the customers stop good will we our our website wind addressed product. than on shopping better initiatives customers. are opportunity for air opportunity So the And around with use we provide search ought travel, China. centered in frequently also able for our services area, our new around to provide mainly customers' very to China for one-stop sure around travel cross-sell I And our to a China. the the to And inbound other platform having another the addition, our find places. will our strength world, best strength are add all and and -- needs We travel layer of in eventually the travel the represents so customers around help duplicated also, these growth. to nicely our in with in fourth platform searching global service and when customers hard that who the team, right sure to the just cross-border domestic be to And our is we them, the technology rather very for working make think global to Mainland the

future excited So Thank the growth. we you. for are

Thomas next Chong Jefferies. from Your with comes question

Hi, good morning. Thanks management to a side. relating the for taking my question. I question have expense

COVID? expenses have work to of lot Given think a trend the after you. Thank in cost, we the how that going should about we forward done optimize

largely thanks Thomas. structure flexible cost expenses and and efficient operating to management. our you, Thank Yes,

adjustments to lines further COVID. in addition across certain our During we operations to related past business year, streamlined actually

marketing cross-selling content efficiency. us will and lift to further forward going Our improvement our on help

believe Thank of our an personnel-related the development -- also for we efficiency marketing on help business improve in marketing in growth reserve and accordance are cost develop in continue And trend and strategy. year ecosystem discretional prepare the the our and improvement at will expenses term with But we will us to same and short in you. time, in -- adopt certain Furthermore, budgets adjusted modest ROI-driven expect the recovery. the increase of largely cross-selling content our to general. content And to comparatively international and XXXX, sales will we terms market. to recovery expect expenses. in we We to

Thank you.

Mizuho. from Your Lee comes next James with question

lastly, plan to was about advertiser the hoping streaming consumers, about spoke taking resolve of StarHub. that get specifically? maybe of live like And maybe and that maybe, questions. it from they will talk early They Thanks we term, question longer Jane, for in what engagement content early sense you're mass very kind Thanks all always can an platform any? you about what critical experiencing advertising improve And users that learnings my and to to the understanding you need have And needs they also, content regarding when friction with My and monetization. so lead about what And interesting. you adopt is opportunity. ultimately platform? try much. new And Great. do how to sound your we should can new I terms over and improve? maybe you

if we for And about market Sure. to to also quite From X% CNY the content -- XXX% -- long-term XXX X% be market content the perspective, and can is and XXXX, total as advertisement expected market. billion line be is significant target that, very a around -- well. and bottom XX the CNY our is of line is market the hard be address size to our currently about work And top that grow billion. by to

very where customers go, that, inspiration is looking platform during vacations, our of to holiday they strength And the when New the et is the for Years, our particularly quality Chinese season, strong. summer of Secondly, they're decide cetera.

users for that onto And So platform, we're when time the our for this post these also the same significantly doubled in channels. we in doubled also content spent the seeing already channel channel. our

they're looking indication So match family very their content. for the very interest. for offer suitable customers, to customer And us a for; be need, also the strong needs that customized that their a will between what we gives

areas, customers spending the look we alternatives we as do very for analysis their to good best the customer interest hotels, power, and with Thirdly, attractions, destinations travel offer strong a well at. also if as the the

also is for that platform. strength our So

post the analyzed relative carefully when conversion for strong very seen our have matching and our we on very customers. platform, We

the system execution our for only for are team able both, strong. And we as strengths strong ago. month the our this it is of platform. both, make up our of these to the But with one to sure our started as we'll But suitable The momentum are and product course, offer is soon takes So our consumers partners. our partners. and we execution, best well the Thank you. for for as customers as we confident keep be product strong

with next question Joyce America. Ju Our comes of from Bank

Good And question morning Jane, and the results very related for quarter. is strong thanks on congrats this James, Cindy to Michelle, antitrust taking My push. my questions. recent government's

also We segment seen of even couple And a of leaders, the pay recently antitrust have movement. inspected. being some them penalties

So we if monopoly very the want given, the if think, been perspective, we marketplaces. risk? any like, like, communications been power I of regulators with related I we had antitrust good like, of looks just discrimination like actually the And in -- they in couple expectations the beginning. are a to have price include at There like, have ask this areas

into Just a like to from fined avoid how this? get you. or understand try being -- Thank we situation penalty actually the like

sustainable you. efforts healthy create for We our market. government, their a fully Thank to and support growth

is that, and market create sustainable, very a industry if in we healthy -- grow the is will market, we Our manner. healthy can that a belief the

-- is need XX%. market our growing. fast service around quality for travel still. is We share the share There XXXX customers' provider, Secondly, needs. industry small is market to address quite our The

to partners our you. with customers' Thank sure government, well our the demand with hard very very is addressed. make work we'll So

with Capital. question Tian Hou from next comes TH Our

my taking I have question. for Thanks quick management. morning Good two questions.

outstanding. the XXX% year-on-year corporate income travel, the so On really saw for like, I it's growth and statement, a

year-on-year growth this outlook that? second So understand, I want one the what for drivers The business. is And the could at the really future line, least the are to what in growth? other for XXX% be behind

is it showing positive the year-on-year actually So returns.

revenue So within are That's of us, driving give And can the two for others? what to others items the within grow to what force you. my fast? some this Thank are color questions. that management tell part

especially travel leader in space. – always Ctrip Thank business you, Tian. in is the the

And secondly, of XXX% especially Basically the from And a the the – because last of a firstly the question, in the corporate basically business for a comparatively to product or growth in the reason air travel. business, travel. is there value very is is course, we travel are the cross-sell and low grow we travel reason or second also the we the growth, from see – in you XXX% very growing reflected others first outbreak our the reflect the also growth business for competitive – fact corporate growth. and successfully adjustment – the product or last And needs; very traffic, the significantly, corporate had any last in Of from serve a our the air the base first very customers always the our business This once fast corporate a low our pandemic. or have consolidate These the third year corporate reflects of is investments. lower the pricing is that leader travel. the high market quarter will year share the travel, there market actually – hotel market why the because the very it the competitive quickly. hotel three reasons, especially pandemic travels. Therefore, offering available-for-sale emergencies, of secondly, strong have

All first of the basically The this first quarter. They investment pickup as our to market do classified for the are re-evaluations have reflects a brand the basis. quarterly actually available-for-sale. – on transit

the pricing grow This the year, a the category. – last had on So fourth reason why is we significantly. gain all one-time quarter last with year compared this market

Your next question comes from Brian Citi. Gong with

the solid recovery. question. management results Congratulations and on Thanks the taking for my

different summer following segments, Week, the by for massive strong Thank with recovery of Day. quarters break management's National So Golden for and the expectation the travel, upcoming especially you.

Week Golden strong. is holiday the very Yes

pent-up have As growth. the we discussed, the driven demand

a -- more discussed, than growth previously for year-over-year. it's for is hotel X-digit As volume the growth the

more grew year-over-year. than XX% also it's XXXX, For

year-over-year For air than also year. compared more XX% XXXX, growth next it's -- the ticket, digits X last the is the to growth. the for it's also year, for But

number, it QX will highlights. the turn to For I for Cindy

Yes.

guidance with recent in Hong quarterly with Stock some like provide our but we order regulations, not Exchange investors. to We anymore share would to will colors the comply Kong

total the For time, revenue the But our the remain pressure. quarter-to-date, at recoveries. same strong than domestic driven travel the XX% more under year-over-year, was revenues up remain by -- still international

to hotel our reservations than domestic compared compared more quarter-to-date. ticket XX% air So both and XXXX, grew

up [indiscernible] past more Specifically, XX% grew by than reservations respectively, XXXX. of reservations and business. fully which hotel during some recovery pressure. Day domestic the XXX% hotel and our the were Recently, still price returned have more but up among reservations our is the travel outbound Labor compared faster loss by of holiday, The XX%, total pre-COVID Thank you. than air domestic with and our under domestic year-over-year China XXXX, make gradually will total to and level,

conclude I'll to remarks. now session. closing back That does for Qi hand question-and-answer Michelle our

you, you. us joining Thank everyone, Thank today. for

on We on you You earnings and call can the good find webcast a and our you, have transcript with second quarter forward day. call. XXXX update speaking Thank investors.trip.com. look to

Thank you very much.

Thank you.

you. Thank

conclude does for That our you today. conference for participating. Thank

now disconnect. may You