111 (YI) 25 Aug 222022 Q2 Earnings call transcript

Hello everyone and thank you for joining 111's Conference Call today.

On the call today from the company are Dr. Gang Yu, Co-Founder and Executive Chairman; Mr. Junling Liu, Co-Founder, Chairman and CEO; Mr. Luke Chen, CFO of 111's Major Subsidiary; Mr. Ms. and COO; Wangg, Harvey Monica Mu, Relations Director. Investor

are a via webcast. today's earlier ir.XXX.com.cn. and earnings call website company's release conference live broadcast today, presentation, the with being is together on The at distributed the IR As was reminder, available company's press earnings

call Safe Reform and conference expectations the to differ current Harbor statements would management's market the known Securities and unknown relate Litigation this upon based provisions of started, forward-looking results XXXX. and statements are remind materially. which you let of Before contain me made Act and Such conditions gets that current all events and to operating cause call actual of may under involve that other the Private risks, uncertainties factors,

RMB For and of to any these events, information, the any more filings with not refer all that result XXX update or all obligation also Liu. law. except to performance required comparisons, risks, numbers CEO, a Please a financial stated. company’s earnings the With in to basis. Junling new I will of call please to that, SEC. the over as refer year-over-year under to the does applicable undertake as Please the future information otherwise note otherwise, statements about release forward-looking refer unless press on year-over-year comparative turn Mr. for comparisons detailed are XXX's information

meeting economic will the the In the @ the with impact ir.XXX.com.cn. the the today also joining in on Thank earlier I pandemic of for be everyone. good our both to today's XXXX have and is report evening Good that to encourage morning economic general you website. that company's call, been how the talk The I provided you COVID we'll download would earnings QX, and and discussing the rose challenge uncertainties. company the of here, the slides posted presentation call. along about situation information earnings

efficiency, will on building CFO, our strategies through the in I chain and areas of for will Luke Mr. provide capabilities. you our Secondly, walk also supply some operational color strengthening momentum results. our of improving Chen growth, margin Then

been have proved the challenges in challenging strict environment significant for China. and most be in year the XXXX three to lockdown uncertainties the measures years, The international we companies. Although pandemic for in economic COVID the many created

in aware, many COVID in infections in instituted out pandemic in headquarters of Chinese lockdowns government were the of prevent the Shanghai of And spread cities and result, are numerous fulfillment cities as you several our a the shut. the China. broke As subsequently pandemic. [Technical centers Shanghai spring The Difficulty] to our and

Difficulty] to one efforts, pandemic platform shortage online services online continuously no to in Our nationwide. of down patients the areas. stuck green overall medical contracts with the as not [Technical and vehicles suppliers disrupted offline opened inventories impact be capabilities office. was to as by to Kunshan and the experienced enabled other and talking a deliveries and Government in for Simple headquarter fulfillment Shanghai leveraged were appointed aid team's medicinal permits logistics This when hit and which pandemic, regions, a suppliers on Shanghai to with many the truly tremendous usual. being as Despite the are supplies In special supply our guarantee transit, company challenge. matters we severely severe shut second is center was severe our worked office able our supply like a Through the able transactions cities, tightly deliver in and cost diligently chain and [Technical Logistics from pandemic customers company had arose regulated to daily got provided normal We for for quarter digital and The were channel, significantly. also our moment transportation business return to enterprise impossible. tested. to Difficulty] the companies and a became rose and basis. the was medicine replenish our

free at XXX consultations provided for QX online the billion sector, customers on achieving XXX have under economic than covering difficult medicinal cities, We products offline growth XXXX provided our material diseases detrimental and over slight RMBX.XX impact reached revenue this. in the during period. extremely Despite lockdown circumstances more retail and over downturn

This had grew of I However, company Gross reaching RMBXXX profit in margin that on to as we smart well improved QX year-over-year growth focused increased laser product the X.X% XX% team optimized from be profit capabilities. X.X% we our achievement and QX assortment margin million. technical XXXX our and rate pricing, from efficiency as that. will mentioned came a XXXX. gross delivered on in and

year-over-year. segment the of year-over-year. Gross million Our billion. rose Gross for segment BXB a rose margin reached our RMBX.X of representing BXC growth profits profit rose XX% segment BXB revenue, a rate business of to which year-over-year. to XX.X% remains XX% representing margin rate to RMBXXX key contributor profit X.X%, our our our of XX% BXB or of Gross growth

cooperated devices, have reducing include I'm medicines, well label initiative its pharmaceutical to We made with and CRM, and on health will costs assortment procurement label as build data, as optimizing XXX etcetera. structure. pleased medical database, manufacturers to continue products, the with progress armed private our management health supplements, report product our big we private which

will adding profit capabilities service With significantly. to brands we service pandemic, offline segments. platform improve to market this diverse for deliver to and [indiscernible] [indiscernible] services capabilities, digital and partners. far, The Even market developed continues our value million. improve have already specific able show and strong our during gross demand RMBXX stickiness leverage more proprietary nationwide and revenue customer the distribution So targeting digital our our solutions. reached downstream to online were We our three these products

were efficiency scale, Our decreased and from operational technology X.X% net this XX.X% business advancement. marketing from down to due X.X%. efficiency reduced X.X% in X.X% quarter. The from marketing, and were technology XXXX to down expenses is quarter down a technology year. administrative from in expenses were expenses by last to QX revenue as The team expenses expense general X.X% in and have [indiscernible] trending The sales XX%, XX% X.X% administrative been sales and to and and the of very operating the same XX% percentage and to of nicely X.X% amount total improvement General and respectively.

we're of a revenues QX current net revenue X.X% environment this to operating from still our another and report to in to our strategy Although non-GAAP to XXXX I'm grow margin. This from the loss brings us continue committed that in our closer resulted to to profitability. pleased decreased business, to our executing has challenges percentage X.X% [indiscernible] as gross step quarter.

reached XXX,XXX pharmacists network in the XX% pharmacy China. virtual XXX's XXXX, QX total covering of of approximately about As

with As its we relationship upstream companies, pharmacy deepened our with relationship downstream also has customers. pharmaceutical strengthened XXX

pharmaceutical we help to to drug those efforts result, able their a As commercialization marketing were digital companies and improve efficiency.

pharmaceutical This quarter, we capability also seen and rapidly. coach our [ph] have that improving logistic

chain and One of One provided believe to and to and SaaS in coach deployed empower Health selection over which so pharmacists users consumers revenue that availing smart franchise customer in optimization making CRM, management. pharmacy orders metrics XXX to model in has include user analysis and million drug medium a companies companies. our growth XX already cetera digital consumers, link pharmaceutical product et members the pharmaceutical Meanwhile, facilitating tasks pharmaceutical services the Health also exams, SXBXC and opened have through have X,XXX innovation Health sales important with parties a and present, quarters. Cloud also average its training, to chains. effectively is management optimize average has promotion, small information service such connects members managers, are by platform. pharmacists and managers, XX upstream product which and will and up enables as connects rural a pharmacies possible, our particular. over that completed better companies digital for personnel far satisfaction this One platform, more for chains provides These health OXO, digital This midsized and assignment, personnel. more made the encouraging their the sale been more education, customized et X.Xx our This July and display, cetera. over companies monthly capability At numbers. Through both pharmaceutical users platform the from data Health members We helps model business personnel, sales digital covers assortment over and precisely marketing sales pharmaceutical per profit pharmacy order efforts This customer can AI franchising, sales is gross pharmacists, pharmacists close innovative hours. improve One within and support. by that significantly and companies channels One leverage dozens sales most than with for contribution pharmacists Health increased implement convenience it companies pharmaceutical always while for relationship business pharmacies. driver to few pharmacists, the to personnel of training. was the helped past the to pharmacy decision patients As with promotion cities, XX,XXX service specific be of technology rewarded for is XX,XXX SXBXC XX% target big data pharmacists over technology, by with joined is an results. patients taking of has and which One

new Municipal Ministry XXX this model industry, innovation XXX Technology new we call invention, XXXX technological to Retail models, the and Enterprise creativity, won a news, its advancement. our Shanghai with specialized proactively As business innovation. In China certified the technology i.e., Pharmaceutical innovation, pursued are the by Award national formats, year, new four Economy i.e. Since Leader and the has and three and has Commission selected responded devoted July new new the technology, high creations, Science Information, scientific and XXXX establishment, digital tech and and and technology the constantly innovative to to business continuous the leading capabilities. of itself and technological of the Shanghai a high for enterprise end by Chinese

efforts to brief the ESG the the would for will drive gathers pace XXX's and our support businesses, development, during business. improvements to pandemic. we health incremental continue I aiming provides for on invest state more of continuous achieve As like development platform national research you also in the and to digitization

work special in resuming medical Clinic, past. to provided free free and As began the since a them, responsibilities other enterprises online in we fight company as pandemic offered channels X the will timely proactively assigned proprietary to sufferers service XXX's orders carry delivery boost and provided the patients. and and We and social launched hospital organized to thus via free core the PPEs we ESG online All purchasing collect have process proactively Shanghai, purchase timely firmly against the ongoing values pandemic. and services public. enterprise online production. to guarantee ensuring personnel have donations chronic our a our consultations, efforts disease The for done the prescription we anti-pandemic renewal for has the fulfill supply

industry will further of opportunities, services enhance continue purchasing large upgrade high to healthcare will [indiscernible] the to consolidate bolster competitiveness medical to growth patients position, and technology, to quality make at that services in gain leading transformation platform could so deepen the Driven call and the digital service access pursue digital drug services. and by and our We industry. efforts we our medical

at thank Thanks. create Our possible all now Luke hand call I to large. society results. and achieve investors as will through soon to Chen shareholders ultimately to our supported is profitability and wish We value to who as the walk have financial Mr. to us along. all for our goal

and Thank morning you, everyone. Junling or good evening

few my will a financials, on highlights. remarks financial prepared Moving and the key focus the to business

the numbers XX all can year-over-year otherwise You our presentation. second are RMB are to Again, from section refer results details all quarter two unless in XXXX to XX, stated. the comparisons of of slides and

Let's start quarter results. second the with

for Second quarter other lockdowns had in extremely due COVID been business Shanghai our cities. difficult many to and

X.X% to challenges to segment to grew for the and regional X.X%. X.X% BXB RMBXXX segment with managed XX% X.X% had disrupted head by our gross contributor focused keep margin fulfillment portfolio full grew and had efforts, better to quarter had from fast quarter grew pandemic stable the margin RMBX.XX gross improved to gross gross operations major Despite the thanks from also pricing. ourselves net This label products two optimization closed to margin and and to our in the gross for be billion while have margin segment BXB and segment competitive high profit and been in margin. improvement. we Our total Shanghai launched by significantly on grow from with increased revenue for months. total centers at team to continued was for Total million the to XX% our profit selection private lockdown, all our profit profit at revenues our the X.X%. margin. of RMBX.X was segment up products and BXB X.X% billion attributable for gross We revenue to much office and

impacted million from gross revenue to XX.X% XX% with down by Total Our the the expenses for margin which to negatively were was decreased improved RMBXXX BXC to segment XX% segment XX.X%. operating quarter RMBXXX million. lockdowns,

up increase our X.X% of as percentage total a The quarter improvement in continuous which to reflected net the pandemic to marketing for for expenses was X.X%, last Sales revenue expenses net of the revenue, quarter from the net of percentage a was of attributable efficiency. X.X% expenses was same quarter as lockdown. As from same X.X% result operating quarter a X.X% percentage in in down year. last cost of revenue a mainly additional down as of the was for XX.X%, incurred from logistic and the quarter operation year. Fulfillment

and to was We in net of continued to expenses same attributable sales accounted sales from automation quarter. the X.X% General streamline the X.X%, administrative to our for the last operation of enhance in down major the which technology. effectiveness percentage and year, revenues the programs our leverage the year. our tech quarter a as in Technology revenue, of X.X% for expenses last completed believe supporting of down same development amount net from investment a reflected quarter year last X.X% appropriate continuous spending optimization functions. We that and of in accounted current of tools

RMBXXX.X to As RMBXX.X narrowed in a compared result, million million non-GAAP quarter to year. the loss operations same of loss from last

year. net quarter same X.X% net compared of percentage to loss loss in in revenues, quarter Non-GAAP a to the operations million the RMBXXX RMBXX.X non-GAAP million last from quarter the ordinary same the X.X% decreased As in of from was attributable loss to year. of last shareholders

of shareholders year. ordinary a As X.X% to in decreased attributable non-GAAP the revenue, from of quarter net same loss quarter last the to percentage X.X% net in

As are to improving profitability. and close quarter-by-quarter, see, you performance our are we financial very can we

right and appendix quick A We to financial strategy have and right we note, prepared our confidence cash full that million. position the for equivalent, revenue Please cash to selected the Slide now XX segment investment XX This had we and concludes are gross as Q&A begin of to the ready of we June short-term cash of our expand have RMBXXX.X remarks. and profits. XX, cash the restricted to session. section steadily team XXXX, our Thank statements. refer you. Operator,

question ahead. Xipeng [Operator from Instructions] of from you. line The go Feng the Thank first CICC. Please comes

is line open. Your

Okay, the thank my you. questions you on Thank and for congratulations progress. company taking

experience COVID such half pandemic the economic and company is how challenges did quarter COVID in XXXX? the strategies question forward? And the in what gross and company epidemic questions terrible three While amid challenges profit and for the my I you. from have is, how achieve of did the Could first in the you one Thank specific uncertainties? as And elaborate such question affect second strategy. about and and these the second please going circumstances revenue especially both economic second quarter, company's actually, the the will on your second is, the growth last the company

Xipeng. you, Thank

Let your me address questions. just

in the chain Many the Shanghai And of outbreak problems cities supply out last still from tremendous our frustration. also our returned quarter lockdown experience the to a was no was also over was week as of pretty our and head even And business. it to after conduct so COVID. and disrupted can lot lockdown of for badly customer stuck badly was number office all, majority, our needed our office first customer in causing orders of of quite travel experiencing of staff second June, from our one months, head transit of a three gradually for in office under and starting difficult extremely the got

type And, sell, we the Some pharmacy they became fever our result, account were to tough for sell were fulfillment inventory And you a replenishment allowed and medicines challenges which there to a of meantime, as in allowed cough also were extremely our customers they as even sell either. were and them of difficult. not amount four down were to of medicines. were that And centers know, shut related the their to not not able substantial drugs the those under business.

Just team under our true those proved conditions, color. its difficult

deal give that the that to of And leave team may residential so up. all Given the your teams. meetings riders the you customers to I'll And established moved it every online kinds centers. their with make be estate, collect extremely time, those own dedication the many they command estate issues medicines our all daily At deeply traffic. is during in know, members period. extraordinary and on strict was day leaders re-enter collection inbound as have need you circumstances, will dialing center an orders placed we every to to the as by our get tough they then decisions difficult respective from demonstrated example, of once one I with and you all virtual with a to popped functional their

dispatch some for home, as their many they And So, used some of we to home customers own live vehicle their days. of couldn't leave our once staff understand, the personal they to who far. return orders

and -- execution quite in third it's end it The with with difficult and we very also going the how I not the obvious. The even and the employees. to With the impact result is revenue hire. were the second We're And of given capability the over So margin conducting team's orders and to And pay the business impact our is lockdown, second some day, continue transit, also the circumstances. to business extremely had in to pleased created quarter, under think fourth our though our to overall question, and spirit results. of therefore yet. deal cost pandemic it vehicles pandemic contributed we the about negative stuck your we're significantly. of increased to that had business. extra warehouses the Imagine

Although now right to China work in office went through we many in now cities the Shanghai able in are going are what Shanghai, through.

thousands always right major have hubs. the of of very, challenging now, transit anticipate lockdown will many situation overall right will in continue The like extra would with QX as Xipeng, we to With can. remain will as not speak the logistical very including we as we vigilance be. our your add the challenge orders due best a some do and great have but cities, in stuck we know, to business. economic QX business, As We for strategy, three-step now our in encouraging we and QX we is it we This to had third regards to done strategy. you future question to operate

is to ecosystem. infrastructure the the build Our and first step

knew and were BXB, all loop -- that and you we the BXC we business a we then a and Internet With business. that scale. to BXBXC closed hospital BXC model. Clinic then the to With the with had online we infrastructure, able X offline, and actually started As completed we BXB from also had

you can without scale or matters Chinese appreciate and takes one lot scale one As seriously. in understand market, nobody a can the

the And to objective pursued and about so over take the of market. of stage tell, you aggressively the few business And the upstream pursue better a with market. we we're really pharmacy an strategy And overall XX% that course last as can of we our on in scale, obviously XXX profitability. either of we of or you had the covered or with three So pharmacies already today, volume years to XX% the position, is downstream suppliers customers. deal to much

have demonstrated we single quarters, every making last As few the substantial progress. quarter we're

that digital technology will healthcare the and believer. to can to driver. we bigger the firm industry Also us a area firm give are edge. transform this technology technology look will level, wanted we that at key are We believer the be be picture the use If the we

a both lot that us tool we and at will the believe and is pursuing top be that and there line we dollar So, will is this bottom line market, we a least be growth technology can trillion edge. to give do. best And

goals. want we to and establish, leadership Of the pursue pharmacies course in servicing our position then other first

your So answered question. you for I I thank the hope, I Xipeng, questions.

It's Yes, sharing. and the clear Thanks. helpful and very for sure. thanks

ahead. [Operator you. from Next Thank from Instructions] go the line Fergus of Macpherson question is Octave. Please

I'm an if last Congratulations Macpherson. also on I mind. quarter. Yes, investor have questions, you three Fergus don't performance individual

upgrade? reserves? status what have second any progress progress development? supply is, have on cash is, of is on made any lastly, first the you innovation company's The you or side the the made The And technological Thanks.

answer I hear two didn't first can last the I questions. the one.

reserve. It's cash

reserve. cash Oh,

answer one. the in Yes, progress Luke, Supply Smart lot in as a you made Smart, well Chain technology. we in Okay, last of have

separately. me Let questions answer the two

of terms Chain, Smart Supply chain, our supply both systems In we in infrastructure. our in and progress made

the patients. about coverage. and we have us our half coach allowed some of a our lot innovative we customers convenience coverage. in XXX tremendous and BXB and deliver and remote launched This coach this coach program and new provides a cloud launched fulfill example Right it to year our and the areas. to now, beginning can We For cities to from years ago. two drugs coverage to of Starting a didn't

So that's one.

the innovative center franchising about fulfillment Second is program. idea for

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center. our centers we a call franchising new idea have fulfillment So partners to have innovative we using partner fulfillment

shorten Last can us. of fulfillment year cost, fulfillment larger cloud treated beginning center, And operations. of to is centers to closer fulfillment in is are much, deployed fulfillment be we fulfillment and they fully already about have idea to so plus, to centers, much we are bulk our delivery and eight a help They have we so this from example idea already the inside a coverage. by XX our customers really sales them can unit this now as time can tremendous cost. sales. our had also the assigned center. try we that So operational reduce a the One they lower separate These

one lot to B are fulfillment And the especially a like bulk boxes, almost and shipped costs cutting the directly by them our SKU separating customers. units So of our picking by we costs, lowered fit the packaging from we XX%.

are Chain. in these So improvements Smart our Supply the

to technology, that on Award. we usage connect for technology which awards Regarding for, pharmacists especially platform, also, education. doctors, gain technology China this are we development, of these platforms, high tremendous Chinese that accessing And patients Pharmaceutical capabilities. digital and patient patients as mentioned know medical our and medication and receive with based you as award, Ministry continuing lifetime of These to new end invest are doctors, And built disease Through our assistants. technology Science Junling Leader management convenience recognized Retail Technology in by are our also specialized enterprise. we we

X% marketplace has marketplace and services. diabetes also your management an treatment, adherence, index as very a XX%. by measure adherence X.X%. both of post-sale more take tools, improved fulfillment is of for CTO now Let's patient them And from than of vendors, dropped lot product availability, that help to And DOT the duration patient improve been we medical -- a has for example. our timely The down provide customer

our us help tremendously. experience improve to this customer So

that I’ve our Smart the can the been new fruits. I Chain, investment, few hope seen again, Supply I technology demonstrate our through achieving, our So what examples has

Yes.

I as about cash net And you we cash On of also the to is cash disclosed as million. And half your current closer lower the and our in tell cash outflow first last had questions. trend than believe operation. term short this we can reserves answered as loss this year. company's statements, the of further continue we we investment we We our our June cash daily profitable. will operation equivalents, XXXX, to cash our from end first reserve, the and RMBXXX sufficient restricted support lower significantly are believe flow and cash, year, year hope half getting

that's thorough. Yes, very Thanks.

you. Thank

Instructions] ahead. you. the Bian go line Next is Zoe from of Citi. [Operator Thank Please question from

management. good two my Zoe you taking you and thank have questions. Good I Hi, Citi. questions. from This for evening morning. Thank is

a is second strong you in term? could The behind the what you give it to more saw long first in the we is, margins quarter. The gross near program? What improvement product second expect gross and level in the Thank color you. are one reasons us margin of margin

you, Zoe. Thank

supply team we hard structure costs. another optimization, product detail. we heavily think part margin. extremely I our first driver technological a your our help procurement and then system. the better a can my hard reduce our margin little We which question and negotiated pretty up maybe upstream take PIS I'll follow with capability, we're on With and invested getting pretty is last main to on the in out team the better for few into our suppliers. with and And our question of we actually with of course more our delivery on Yes, made strategy driver quarters is better focus worked to

with familiar not Pricing stands are that, System. Intelligence you for If that

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that than anticipate part sustainable, margin though, future. continue is to this I faster our believe question, grow and your to foreseeable the So very in the should second we revenue of will conclude growth and

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margin pharmaceutical question platforms, SaaS Second or XX% not XX%, important, mentioned, are about with one, our even actually those the various And pharmacies. products just promote that about and question, actually, and more second margin as our One high new average tools for high products, is digital XX%. which special marketing of, from margin is And is margin for high normally also only products to products based Junling like regarding cloud like promotion these platform also but this products Health, those products companies.

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management. Look your you, Thanks development. forward Thank future again. to

Instructions] [Operator you. Kai from line Please is from [ph] Thank go This ahead. the HSBC. Lauren of

for I thanks about Hi, initiative. results. have management two your congrats my solid and on your taking questions questions new

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[Operator Instructions] from ahead. is you. Please Next question Thank of Lou. line go the Steve

two I have questions. you taking for questions. Thank my

the supply are at price? the does that you. from it and what reasons guarantee service one apply medical How is percentage to behind is what is, is The sustainable? operation revenue? first net contracting non-GAAP The during Thank one this second of How epidemic? loss XXX's

Thank you, Steve.

non-GAAP question. for Let operating X.X% of answer is is first year. same loss your you compared -- the our net in significantly X.X% last the which Yes, quarter of revenue, improved if me to quarter last

have made we a of second also improvement, that Harvey of about and last And margin also in operation the the now but XX%, a will expansion, will we you quarter talking the efficiency. see the as take is this on efforts all, our reduction and of revenue look conservative operation total in, OpEx, the into utilization approach zoom operating the improvement G&A you on if you our the our items, full R&D that just automated organization versus at If our rest, great contributed QX X.X% improve process, contributed -- make X.X% XX%. year. plan result, of spending. And as was is and quarter such effectiveness first marketing and you tools which the gross expenses all expensive to optimize in by And selling line down see market Junling to decreased expenses digital streamline by by structure, our

grow spending in profit. And and so keep that of top be we would continuing to line level the the gross this we able our to believe will rest while year,

overall technical…? positive, answer until you loss narrow continue the are So trend optimistic, want will the we we Junling, the that to to profitable.

road. were And imagine, I'll are touch companies the that upon approved residential supply companies. GR authorities as can the a companies, the essential suspended value. imagine city Initially the as you water exception in supply special approach with. eventually food And which it food goods, question. as the which team that deliver to companies sense during chronic can was food only it logistics I for to need most to guarantee classified will enterprise you repeatedly, many to to got They proved which as such keep is were familiar fed. the patients concept its onto drugs for be the compounds water And And the citizens addition just can those permits know, and guarantee the authorities, Steve, can They survive. is thank relevant are and when our essential and locked you made there government lockdown, with literally system all and the down given of that deliver that how you survival. not guess everybody can is chaotic initially shock. in

short, in had the process it got long center our unfortunately, story is they province. Kunshan But To was through neighboring to makers. it And to is made were us permit. to Kunshan, governments consumers. granted as badly we our we which medicine us needed transport work fulfillment our by And eventually the sort consumers. collection green to the to governed was, and Shanghai we to a who different in vehicles delivered put Pudong, on. Shanghai go So gave And riders which we to from will the both the set center decision on to as and we light. deliver up drugs and able knew, centers, did all daily basis then sorted the we were And far and online will exactly two drugs our were their on hard Puxi the drugs can four orders. to people based two out suburbs in what get in where service able And the only to collect to deliver this so and company customers those fulfillment pretty centers those work be our across similar collection different in and have Shanghai

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you. Thank

question. you. that the Thank And was final

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