Thank you for standing by, and welcome to the IQE Second Quarter 2026 Earnings Conference Call. All participants are in listen-only mode. There will be a presentation followed by a question-and-answer session. If you wish to ask a question, you will need to press the star key followed by the number 1 on your telephone keypad. I would now like to hand the conference over to Ms. Chong Yu, IR Director of the company. Please go ahead. Thank you, Operator. Hello, everyone, and thank you for joining ITE's second quarter 2026 earnings conference call. The company's results were released earlier today and are available on the company's investor relations website at ir.ite.com. On the call today are Mr. Yu Gong, our founder, director, and CEO, Mr. Ying Tian, our CFO, Mr., our CCO, chief content officer, Mr. Youqiao Duan, Senior Vice President of our Membership Business, Mr. Xiang Haoyang, Senior Vice-President of International and Online Game Business, and Mr. Gang Wu, Senior Vice-president of Brand Advertising Business. Mr. Gong will give a brief overview of the company's business operations and highlights, followed by me, who will go through the financials. After the prepared remarks, the management team will participate in the Q&A session. Before we proceed, please note that the discussion today will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statement are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. Potential risks and uncertainty include, but are now limited to, those outlined in our public filings with the SEC. ITE does not undertake any obligation to update any forward list statement except as required under applicable law. I will now pass on to Mr. Gong. Please go ahead. Hello everyone. In the second quarter, we continue to reinforce our core business. High-quality, diversified content powered by hard industry leading performance according to enlightened data we maintained the number one market share in each of the long-form drama field and the children's content categories and for short-form dramas don't you we made a major break soon reaching number one record shelf for the first time in Financial performance also improved quarter-over-quarter. Total revenues grew sequentially, and our non-GAAP operating laws narrowed substantially. Approaching breakeven, we are fully advancing our strategic transformation. First, we are shifting from centralized media to a decentralized, creator- and user-centric social media ecosystem. AI can dramatically lower the cost and vary the content creation, turning what was once a niche professional activity into a mass capability and a triggering and parallel search in content supply because traditional centralized models cannot accommodate this scale and diversity. We are upgrading our content acquisition and distribution mechanism to efficiently connect creators and audiences. Second, we are taking an all-in approach on AI to revolutionize both live action production and pure AITC. Our guiding principle is clear, maximizing cost efficiency without compromising quality. Together, these two pillars reinforce each other like a flying wheel. AI drives rapid growth in content supply, which helps us move faster toward a decentralized model. And as we decentralize, more creatures can participate, users get more engaged, and our platform becomes even stronger. In Q2, both strategies moved from plain to measurable results over time. They will structurally improve our content cost, revenue quality, profitability, and cash flow. Let me walk you through the progress. Our decentralization, we are improving our platform and accelerating the creator ecosystem. In April, we refreshed our core creator hub, the IQID IT Creator Center. Early signs are promising the number of creators and uploads are all trending higher. And with short production cycle, lower production scale, and a good fit for AI-driven creation has seen especially strong growth. For various types of content, the daily average number of uploaded works in the second quarter increased by 30% to 500% compared to the first quarter. In June, daily views for micro-dramas and micro-animations were up by double digits compared with March. Short-form dramas and animations are also gaining traction. Looking ahead, more long-form video categories will join the decentralized content ecosystem as we preserve IT's premium content advantage. We will broaden our content slate by adopting lighter, more flexible content acquisition models. On content production, AI is substantially optimizing production efficiency and cost structure. First, in live action, AI is streamlining the entire workshop workflow. For example, we leverage AI in our variety show Her Prime Season 2 to achieve a tenfold leap in rough cut efficiency compared to traditional methods. Second, for content tests well-suited to AIGC production can reduce production costs and timelines by 70% to 90% compared with traditional methods, while pushing past the physical limits of live action shooting. Naturally, AI adoption is faster in Android-CG-having formats. We have launched a multiple AI-generated Internet Features film. A major milestone was the July 1st premiere of Mystic Tale , the industry's first AIGC Internet Feature film, to launch with an internet drama and a few distribution lessons. This marks the official shift of long-form AIGC from technical testing to standardized large-scale production. In addition, year-to-date, we have launched 16 AI-generated short-form dramas under a revenue sharing model with Trill's Handmaiden as the top performing title. In the second half of the year, we have launched a diversified slate of AIGC titles, including multiple IT-invented fields, with an even broader pipeline across expanded categories next year. Currently, we have multiple AI-generated short-form drummers in development. NadoProm is a pseudo-grade production platform for creators. It relies on optimized third-party and in-house models, plus IT long-standing expertise in professional content. By replacing costly steps with lower compute and tool costs, cost. It lowers barriers and speeds up professional content production. Our strategy is clear. Internally, Nodopro catches development and production costs. Externally, Nodocro explores new revenue streams and gradually converts all professional production capabilities into incremental revenue. Although Cross Edge isn't generally AI output, it changes the key parts of long-form production, script writing, shop design, workflows, digital assets, editing, and dubbing into platform features. It delivers an end-to-end workflow, connects talent with content assets, and makes progress repeatable and reusable. Number five is evolving from a tool into a comprehensive greater ecosystem. It links content demand with creators and enables them to realize commercial returns through a flexible business model. This activist flywheel commercial returns encourage more content supply. Expanded supply fortifies the ecosystem. A stronger ecosystem scales both creators and works, powering a creation platform for IT's decentralized content ecosystem. We believe these advances will improve content production efficiency, lower unit costs, and increase both users and revenue. As we roll them out across all operations and scale, we expect their contributions to profit and cash flow to steadily materialize. Now, let's move on to the detailed performance in Q2. Let's start with content. Our premium content is well recognized by users and the industry. At the Magnolia Award this year, one of China's top TV owners, Bai Yulanjia, IGE Titles and their creative teams won 14 of 23 awards, including 10 of 11 in the drama category. well ahead of peers. In Q2, our content performed well across formats. In long-form dramas, we continued to focus on female-centric stories. With the hero Jia Yi ranking among this year's top two titles by Ad Revenue, we also reinforced our lead in suspense-thrown genre innovation. The suspense comedy, formed with luck, surpassed the 10,000 ITE popularity score and drawn strong membership sign-ups. Well, in Sapporo, Suoye Jiangshi, from our IT suspense theater, earned strong reviews. Our original title, The Nanyang Mystery, Nanbu Da'an exceeded a 9,300 popularity index score, and the non-declusive The Epoch of Miyu, Miyu Qi, topped 8,500. In place supported Transform drummers, typically 15-25 minutes per episode with flexible episode counts, we delivered exciting early results. Per enlightened data, our market share doubled from 25% in March to 50% in June. June, taking No.1 for the first time, the strong performance was supported by an all-original The Fireman 10th Anniversary , which reached a peak daily market share of 60%. Short-form titles can offer structural advantages over long-form dramas, potentially reducing average per-minute costs by over 50% and shortening production to approval timelines by 30% to 50%. In microdramas, we released premium live action titles like All About Sacrifice Lee, Falling for You and Phoenix Blade all resulted well with audiences. AIGC scaled quickly under revenue-sharing model, accounting for over 50% of all microprocessual and unique visitors in June, while AI-native micro-animations expanded with strong sequential growth in views and timestamp. In films, we maintained a diversified slate of different audiences. Originals, like the counterfeit Wei Chao Dong An, the thin-trained Zhu Yu, received positive feedback. We licensed the article he's published, such as Sui, Fisher and Sheng, Blades of the Garden, Liu Ren, Zoom Top Gear 2 was also well received on our platform. In variety shows, we launched seven originals in Q2, with our flagship franchise delivering the sustained value of 5 Hz across a popularity index score of 9,000, reaching a new franchise high. For 10 years, Evergreen IP, the rep of China 2026, also stood out, surpassing a popularity index score of 8,800. In animation, we further solidified our original offers, the long running against the gold. Yitian Xieshen, with pre-mail in April, topped all animation popularity index charts and brought notable off-platform users back to IT. Together with both rulers, we now have two long-running titles to keep users engaged year-round. Finally, in children's content, we reinforce our leadership with the return of our original IP SQL DELT squad and the localized adoption of the BBC classic Teletubbies. Next, let me show our pipeline for the second half of the year. Our summer long-form drama features a diversified line-up, which includes multiple female-oriented titles like Road to Success , Key to the Phoenix Heart , Overdue , Genius, Girlfriends , Spring of the Blade , and in my poem, 生风起时, complemented by the military theme, Windblown Warriors, 冰从风中来, and the major realistic drama, Forging Justice, 送气. For the remainder of the year, we will premiere The Great Long March, Changzhong, Take a Nap, Haiyao Daoshu, Rizhi, Small Town Remedy, Xiaocheng Liangfang, and River of No Return, Yangjing Shuhu. As for short dramas, our upcoming releases include Dead of Winter, In Dongxia De Zui E, Theorist Zui An, The Five Groups of Fetal Case, the Sixth Group of Fertile Case, Zhuan Liu's Room, and The Great Nobody II, Da Wang Biao Huang Zhang, in films or pipeline features, original theoretical films, including Winter and Summer, Yi Lu Chao Ting An, No Go to the Child, Si Wang Jin Qu Shi Lu, and probation for MISCO in the second half of the year. On the left-hand front, our pipeline includes the vanishing point Xiao Shu Ren Ren and the furious Huo Zhuo Yan this summer with I Know Who You Are But How Dare You and Amad Qing Shu and Crossing Si Du slated for the latter half of this year. For Internet feature films, which are limited to a maximum of three chapters, each at least 60 minutes long, our pipeline includes multiple AITC titles based on the classic IP, The Fireman in Hongbaidu. The first two chapters, A Butterfly Dream and The Dream of Celestial Madam, are set to launch this summer. Additionally, audiences can also enjoy a strong lineup of live-action titles including Motor Game and Speed and Battle this summer, Shifting to variety shows, we are deepening audience engagement with established IPs, including The Rapper of China 2026, The King of Sanda Comedy Season 3, Xi Ju Zhi Wang, Dan Kou Ji, and Her Prime 2, this summer, followed by The Blooming Journey, Lu Han Hua 3, and Wonder Together 2, Yu Zhou Shan Shuo, Qin Zhu Yi. in the second half for admissions this year could be iq's strongest animation summer today the line of feature a good day to ascend george official raised the bias amongst panellist and to be a winner Cheng Ye Xiao He alongside the AIGC titles The Legend of King Hong Wu and The Legend of King Ji Fa . For children's content, our summer slate features a new season of the popular present got and the big big wolf xian yang is as well as original aigc animations like lala beat looking ahead the second half of the year we will roll out the original aic animation and the common and the burst boost track tested travel Now turning to membership business, revenue declined sequentially due to seasonality. We are strengthening the business with more refined operations. For example, targeted discounts for students and teachers drove a year-over-year increase increase of over 60% in quota and subscribers within this cohort. We also continued to enhance membership value with all express packages. In Q2, we launched express packages across 16 drummers, driving a nearly 80% annual increase in total participants. In addition, we are expanding joint membership with frequently purchased top-tier brands popular among young users to support membership growth and retention. Next, moving on to Advertising Business. For Brand S, revenue from drama targeted S delivered double-digit year-over-year growth by sector, building, personnel, care, and health care recorded double-digit year-over-year growth. We also depend on use of AI in operations and now support customized AIGC ratings. For performance apps, when we return to year- over-year growth, we continue to optimize Advertisers' revenue from small and mid-sized advertisers delivers strong year-over-year growth. Sector-wise, revenue from advertisers in AI applications, instant retail, and e-commerce recorded strong year over year growth. We further strengthened results with AI by upgrading our proprietary large models, improving targeting, precision, and driving revenue. Moving on to our business performance in regions outside of mainland China. In Q2, this business sustained rapid growth, membership revenue grew 40% year-over-year. Portuguese and Spanish-speaking regions demonstrated robust growth, notably membership revenue from Brazil and Mexico surged by over 215% and 150% year-over-year, respectively. Arabic-speaking markets also showed strong potential, with membership revenue increasing 85%. The global influence of C-Drama continues to expand. In Q2, membership revenue from C-dramas grew over 40% year-over-year. A store-out hit was Fate Choose You, Jianguo Tiancheng. It topped our international platform rankings across 14 regions in its first week and stayed in the top 10 of the three drummers' charts for 10 consecutive weeks. On the local production front, we are accelerating our pace. Our first original Indonesian drama, The Other Sister, gained strong traction. For Google Trans, it became the number one local internet drama in Indonesia in the first half of 2026. Micro drummers were another major highlight. Serving as the second-largest membership revenue contributor, following long-form drummers, in Q2, membership revenue from this category grew over 300% year-over-year. This momentum was partly fueled by stronger original production. Notably, originals rose to three of the top ten contributors to membership revenue. AIGC was another key driver of our overseas micro-drama expansion. In Q2, we launched AI-generated titles in multiple languages, including English, Thai, and Korean. Our original titles delivered exceptional efficiency, recoupling production costs within the same quarter, and demonstrating stable profit potential. We are scaling supply through both originals and external partnerships. In May, we released our first original AI-generated microdrama overseas, which quickly ranked in the top three for microdramas revenue on our international platform. The title was produced by NADO Pro, which helped us establish full-fledged AIGC know-how, laying a strong foundation for scale production. parallel. We are proactively affording external partnerships to connect overseas script production and the tool ecosystem, including NanoPro, unlocking the capacity and scaling AIGC supply. Beyond content, we are driving growth with joint memberships. We have partnered with vision plus in indonesia and the well-known joint membership with bill in more markets in the second half we are excited about the future potential of our overseas business with that i will have it to have it over to young ying tian our new sample to work you will soon the financials okay thank you mr gong and hello everyone let me work you through our key financial results for q2 total revenues were rmb 6.3 billion up one third percent sequentially membership services revenue was rmb 4.0 billion down four percent sequentially Similarly, due to the similarity, online advertising revenue was RMB $1.2 billion, flat sequentially. Content distribution revenue was $RMB $681.5 million, up 90% sequentially, driven by the increase in content distribution revenue related to the drama series. Other revenues were RMB 344.9 million, down 19% sequential. Moving on to cost and operating expenses. Counting the cost was RMB $3.8 billion, up 2% sequentially. Total operating expenses were RMB 1.1 billion, down 6% sequitionally. Reflecting this plan, the marketing spending, non-GAAP operating was narrowed by 80% sequential, from RMB 148.6 million in Q1 to RMB 30.3 million. Bring us close to the break-even. Turning to cash flow, net cash provided by operating activities increased to RMD 339.6 million from RMD 186.4 million in Qu1. As of the end of Q2, we had cash, cash equivalents, restricted cash, and the short-term investments of RMB 4.1 billion. Separately, as of the quarter end, we have a loan principal of $636.6 million, receivable from PAG, included in prepayment and other assets on the consolidated balance sheet. We remain focused on creating long-term shareholder value. In March 2026, we announced a share repurchase program of up to $100 million, effective through September 2027. As of June 30, we had repurchased approximately $21.6 million ADACs for an aggregated cost of $24.1 million. U.S. dollars. For further details, please refer to today's earnings on our investor relations website. With that, we are ready to take questions. Operator, please proceed. Thank you. If you wish to ask a question, please press star 1 on your telephone and wait for your name to be announced. If your wish to cancel your request, please press star 2. If on a speakerphone, please pick up the handset to ask your question. Please ask questions in Chinese first and then translate the questions into English. Please ask one question each time and go back into the queue for more questions. Your first question comes from Xiqing Zhang with CICC. our management goals. Thank you. Thanks, Nathan, for taking my question. I would like to ask with AI knowledge and the market involved rapidly, how do you measure the AI model developing in the future and what are the company's key strategic and operational priorities going forward? Thank you Thank you, Mr. Wang, for answering this question. iQiyi is an AI beneficiary. It has always been like this from now on. So our strategy is to make some adjustments. The management goal is also relatively clear, which is two elements. 第一个是去中心化,变成一个非中心화的社交媒体。 另外一个就是全力投资,投入AI, OEM AI。 然后两者相互之间的强化, 共同推动创作者数量,内容数量、用户数量的增加, 最终导致收入的増加,形成费轮效应。 Thank you. The CEO takes this question. So he says, we see ITE as the beneficiary of AI now and also in the long term. So to capture this opportunity, we are making some strategic transformation for our business, mainly focused on two main pillars, decentralization, which means transforming from the media-centric platform to a decentralized content ecosystem, and also all in AI. So these two pillars, we believe, will mutually reinforce each other and jointly driving a flywheel effect across the number of creators, the volume of content, the user base, and potentially revenue performance. We believe AI will significantly lower production cost for premium content, shorten production cycles, and potentially enable production and visual effects that were previously difficult to achieve their live action? On decentralization, we're mostly focusing on our IQID, which is the ITE, Creator Center. And we have seen some positive initial progress, such as the number of creators, the content upload numbers are trending well. And we're seeing AI adoption is progressing across our core content categories and with initial breakthroughs achieved. For example, for the project, we both in productions and also launched. And in the future, we expect a greater scale of content to be released next year. Over the long term, we believe these two strategies, meaning the decentralization and all-in-AI, these two will structurally improve our content cost, revenue quality, profitability, and cash flow. Thank you. Thanks. Your next question comes from Lincoln Kong with Goldman Sachs. Thank you for accepting my question. I just want to ask about the overall AIGC's strategic plan. 以及包括就是对各个内容品类的一些未来的一个规划。 Thank you, Benjamin, for taking my question. So my question is about our IG's overall AIGC strategy and how's our plan in terms of each content category. Thank you. Thanks, Lincoln. We'll invite our Chief Content Officer, Mr. Shafi to take this question. Please go ahead. 好,谢谢。我来回答这个问题。 Although AI has lowered the threshold of production and funding, we don't think it has lowered the threshold for content creation and judgment. We use AI to optimize the economic model of content production, and at the same time strengthen the core barriers of the company, including the narrative and aesthetic judgment of content, emotional expression and lens language, We are still trying to improve both the product and the size of the supply at the same time. In terms of strategy, we still have to stick to the core long-time video priority, and to adhere to the short-term and the long-term. At the same, we are also using the branch cooperation mode to improve the efficiency of funding. First of all, we believe AI reduces the basic cost and barriers to production, but it doesn't lower the bar for creativity and judgment. We leverage AI to optimize the economics of content production while reinforcing our core mode, which is storytelling and aesthetic judgment, emotional expression, and also visual language. Our goal is to advance on both fronts, premium content quality and scale content supply. strategically will prioritize core long-form video while accommodating micro-drama and micro-animation. Now we use a revenue-sharing model to improve capital turnover. AIGC as the main supply, and at the same time, it also adopts division as the focus, algorithmic recommendation, and large-scale supply that forms a diverse, fast-renewing scale. We'll share our thoughts by category based on the pace of AI adoption at scale. First of all, for micro-dramas, we're seeing rapid adoption with AIGP as the primary source of supply. We primarily use a revenue-sharing model and leverage algorithm recommendations and decentralized operations to deliver a diversified, rapidly refreshed, and a skilled content supply. 其次是漫剧,更适合AI的原生内容,所以说我们主要以AIGC为主要的供给。 动漫与儿童的内容有一个它的特点是CG的工业化成熟, 适配度都比较高,适和渗透的快速。 For animations and children's content, these have matured CG industrialization, are a good in our view and we're seeing rapid ai adoption um ai significantly boosts efficiency and our pipeline is expanding for next year we will release more aigc titles to serve niche audiences and broaden stable supply and movies are a little bit shorter. So his strategy is that we should actively embrace AI. The key point is to explore, plan, challenge, adventure, etc. Suitable some style topics to expand the diversity of the type. Now part of the project has been launched. We will speed up the scale of the broadcast. Stabilize cost optimization and content diversification. For short-form dramas and internet feature films, these are medium in production complexity and volume, and compared to long-form content that these are lighter in complexity and also in volume as well. We're actively adopting AI, focusing on genres like fantasy, supernatural, and adventures to widen our genre mix. Some titles have already launched, and we will speed up the scale releases and balancing cost efficiency and content diversity. So far, we have released 16 AIGC short-form dramas under a revenue-sharing model, along with several internet feature films. for long-term dramas and theatrical films we believe carry the highest emotional and artistic values but these are relatively slower to adopt ai at scale and for these content we will focus on live action put quality first use ai to support our production and use ai to reduce cost. Thank you. Thank you Your next question comes from Vicky Wei with Citi Good evening Thank you for accepting my question I would like to ask how do you see the core competitive advantage of AIC in the age of AI and the unique value of the creator I will translate it myself In the context of the AI era and the ongoing shift towards decentralization, how do you view ITE's core competitiveness? And what kind of value does ITE offer to content creators? Thank you. Thank you, we'll invite our CEO to take this question. and finally commercialize the ability of the whole chain. The key ability lies in many points, including the combination of professional talents, creative ability, industrialized production, understanding of content review, the ability to distribute content, and the multilayered cable ability. These are the core foundations that iQIYI has accumulated We believe in the AI era, video industry competition centers on end-to-end capabilities, which is from concept to commercialization. And there are quite a few essentials that are required for this. For example, the ability to bring together professional talent, generate compelling ideas, industrialized production, have a comprehensive understanding of content review and compliance, deliver effective content distribution, and drive diversified monetization. And these are the core modes ITE has built over the past decade. It means that iQiyi has accumulated the works of the main audience and creators and has been seen by more and more audiences. iQiyu has been deep-rooted in film and television for many years, so it has established a mature industrialized system. So our values to creators, there are three areas that we are targeting and also a slogan. Help them to be seen, generate income, and gain recognition. First of all, IT have a major share of the video entertainment audiences. So the creators have greater capabilities or possibilities to be seeing on IT platform. And also, IT has deep expertise in long-form radio production, and we have established a very mature industrialized content production mechanism. 其次,IT还有海量的观影数据,丰富的版权资源, 还有其他的强大的生态链的资员支持。 And in addition, IT also has a map of viewership data, a very rich IP, and also licensing resources, and a very strong ecosystem support. And then for creators, we have established seven major service systems, including IT1, professional production platform NADO Pro, which is the creative center of the office space that exists in the room, and training, creative conference for creators to finance, as well as standard works created by the newspaper comedy theater. We have built a seven-pillar creator support system, the IQID, which is the ITE Creator Center, NADO Pro, our professional production platform, physical creative centers offline, training programs, And IT NADO and AIGC Venture Summit, helping the creators with the fund support. And the Peter Pau and IT AI Theater for benchmark production. And last but not least, a dedicated creator's customer service. On August 20th in Beijing, which is in two days, we will host the IT Creator Conference featuring in-depth discussions on content ecosystem development, frontier AI opportunities, and a greater empowerment. Thank you. Thank you Your next question comes from Zai Zhu with Guangbao Security. Thanks for taking my question. I will translate my question in English. I want to know about the latest development in overseas business and how the operational experience for more major markets like Thailand can be replicated in other markets. Thank you. Thank you, Qiqi. We'll invite Mr. Xiang Haoyang to take this question. Hello, everyone. Taiwan's business continues to grow rapidly, and the overall member income of Q2 has increased by 40%, and it continues to maintain profit according to our internal management report. Thailand is a relatively mature market for us to enter the early management model. Q2's member income and profits are all growing, and profit ability continues to improve. At the same time, our new markets, such as Brazil, Mexico, and other member income, have increased by 215% and 155%. Our overseas business maintained rapid growth in Q2 with overall membership revenue grew 40% year-over-year, and we remained profitable on a managerial accounting basis. And Thailand is the market where we entered early, and where our operating model is relatively mature. is still delivered solid growth year-over-year in Q2 and with steady top-line growth and continued profitability improvement in the quarter as well. And in new markets such as Brazil and Mexico, we see membership revenue increase 215% and 150% year-ever-year, respectively. We categorize our overseas markets into mature growth and potential markets, where mature markets we aim for stable profitability, growth markets focus on accelerated breeding revenue with disciplined investment. Thailand serves as our proving ground. What we have validated is a set of reusable operating capabilities. So using C-Drama as the foundation and sustained marketing to amplify influence of Chinese content and expanding a local content supply and tailoring the content that's adapted to the local audiences. We are also partnering with our local carriers, platforms, and payment channels to scare the membership base. And we're also leveraging AI to improve the translation and distribution and also production Because the content preferences and collaboration channel structures differ by market, what we replicate are these underlying capabilities while the local teams do make targeted adaptations. For example, applying Kailan's operating capabilities to other markets. Our strategy is not to simply pursue entering more countries, but to expand to more areas after the economic and financial contribution constraints of the units test the quality and capacity of income. Our strategy is not to chase conflict counts. We are guided by unit economics and operating contribution and we will expand into new markets after validating revenue quality and profit generating capabilities. Thank you. There are no further phone questions at this time. I'll now hand back to the company for closing remarks. Thank you, everyone, for joining the call today. If you have further questions, do not hesitate to contact us. Thank you and see you next quarter.