Li Auto Q1 2022 Earnings Call Transcript

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Provided by Quartr
May 9, 2022

There are 10 speakers on the call.

Operator

Hello, ladies and gentlemen. Thank you for standing by for Li Auto's First Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen only mode. Today's conference call is being recorded. I'll now turn the call over to your host, Ms.

Operator

Janet Zhang, Investor Relations Director of Li Auto. Please go ahead, Janet.

Speaker 1

Thank you, Amber. Good evening and good morning, everyone. Welcome to Li Auto's Q1 2022 earnings conference call. The company's financial and operating results were published in the press release earlier today and are posted on the company's IR website. On today's call, we have our President, Mr.

Speaker 1

Kevin Yanan Shen and our CFO, Mr. Johnny Tier Li to begin with prepared remarks. Our Founder and CEO, Mr. Xiang Li will join for the Q and A discussion. Before I continue, please be reminded That today's discussion will contain forward looking statements made under the Safe Harbor provisions of the U.

Speaker 1

S. Private Securities Litigation Reform Act of 1995. Forward looking statements involve inherent risks and uncertainties. As such, the company's actual results may be materially different from the views expressed today. Further information regarding risks and uncertainties is included in certain filings of the company with U.

Speaker 1

S. Securities and Exchange Commission. The company does not assume any obligation to update any forward looking statements except as required under applicable law. Please also note that Cialto's earnings press release and this conference call include discussions of unaudited GAAP Financial Information as well as unaudited non GAAP financial measures. Please refer to Li Auto's press release, which contains a reconciliation of the unaudited non GAAP measures to comparable GAAP measures.

Speaker 1

With that, I will now turn the call over to our President. Please go ahead, Kevin.

Speaker 2

Thank you, Janet. Hello, everyone, and thank you for joining our call today. In the Q1 of 2022, the EV boom continued. According to the China Passenger Car Association or CPCA retail sales of new energy passenger vehicles in China reached 1,070,000 In the Q1 of 2022, representing a year over year increase of 146.6 percent, NEV's penetration rate climbed to a record high of 28.2% in March 2022. As a leader in the new energy vehicle market, we are excited to be one of the driving forces behind the industry continued innovation and evolution.

Speaker 2

Thanks to our LiWAN's outstanding feature and the compelling appeal to family users, We delivered 31,716 LiWAS during the quarter, aiming Industry wide supply chain challenges, up 152.1 percent year over year and achieved a total revenue of RMB9.56 billion, 167.5 percent higher than the Q1 of 2021. The past several months was undoubtedly a Difficult period for all of us given the headwinds caused by the COVID-nineteen pandemic. We have been no exception To the supply chain disruptions and rising material and logistics costs that challenged the entire auto industry, Our Changzhou manufacturing base is located in the center of the Yangtze Delta region, which is home to over 80% of our past hires, especially in the cities of Shanghai and Kunshan, The COVID-nineteen resurgence in this area since late March has incapacitated some suppliers In Shanghai and Kunshan, some of them completely shut down their production and delivery, making it impossible for us to maintain production After exhausting our parts inventory, this materially affected our production in April, resulting in delayed deliveries to our customers. As a result, we only completed 4,167 deliveries in April. In light of the encouraging signs of the recovery From the pandemic in the Yangtze Delta region, we expect our total deliveries in the Q2 of this year to be between 21000 to 24000 vehicles.

Speaker 2

We should note there are still uncertainties with Back to the pace of the recovery. Well, we are doing everything in our power to increase Our production and the overcome supply chain constraints aiming to shorten the delivery waiting time for Liwan users While meeting all pandemic prevention and containment requirements from the government, to help offset the sharply rising raw material cost, Particularly the battery cost, we raised the price of V1 by RMB11,800 effective April 1 this year. Moving to the profitability. In the Q1, Our gross margin remained robust at 22.6%. Our R and D expenses increased 167 percent year over year to RMB1 point RMB37 billion accounting for over 14% of our total revenues As we continue to enhance our strategic investment in autonomous driving, intelligence cockpit and electrification, The increase in R and D, together with our direct sales and servicing network expansion, resulted in a 151 0.5% increase in our operating expense year over year.

Speaker 2

Despite the deliberate increase in expenses To drive growth, our net cash flow from operations was positive for the 8th Consecutive quarter at RMB1.83 billion, thanks to our outstanding manufacturing and operational efficiency. In addition to propelling growth, our expanding direct sales and servicing network serves As an important and efficient interface for us to gain insight into our users' needs and desires, we think Like a user, this perspective informs and motivates us as we strive to continually please users with updated Features, product designs and services. As of April 30, 2022, We have 2 25 retail stores covering 106 cities and the 2 90 servicing center and the Li Auto authorized body and paint workshops operating in 211 cities. Going forward, we will continue to grow our sales network at the cadence that accommodates Both our objective to capture market demand and the risk related to the ongoing pandemic. With respect to R and D, since we released our OTA 3.0 to introduce our full stack NOA in December 1 Last year, and become the 3rd automotive OEM globally to develop a full stack self devices No way.

Speaker 2

More than 100,000 2021 LiWAN users have enjoyed no way assisted driving As of the end of April, we are pleased to see our self development process contribute to the consistent improvement In our NOA's safety and functionalities, its penetration rate has reached to 61.3%, which means that 61.3% of our users utilize NOA on the highways once it's available. The data gathered from the NOA mileage in real life driving scenarios will play a crucial role in our future ADAS Development and facilitate our ultimate goal of fully autonomous driving. The NVIDIA Aurin X Chipset and the LiDAR on our next full size SUV, the L9, will further improve our vehicle's autonomous driving capabilities. Our R and D efforts to Our range extension system, chassis and the domain controller in house are also bearing fruit. These R and D trends, among others, will be unveiled in our 2nd production model, the L9.

Speaker 2

That leads us to our update on products. Our first model, D1, has been a proven success catering to the needs Our families in China. After D1 emerged as one of the industry's best SUV choice for family users, We built on our strength and are getting ready to launch our 2nd production model, the L9. Despite a few pandemic related bumps in the road, we are forging ahead with our plan to commence the delivery of the L9 in the Q3. The L9 is a flagship SUV for family users Based on our new generation eIEV platform offering best in class combination of performance, Safety and Intelligence.

Speaker 2

As just mentioned, it features our fully self developed range extension system, Chassis Control System and Central Vehicle Domain Controller, which empower its outstanding dynamic performance and drivability. In keeping with our fundamental belief that safety should always be standard, not optional, Every L9 is built to our strictest safety standards and come equipped with our upgraded autonomous driving system, LI AD MAX, capable of all scenario and OA for enhanced driving safety And convenience, the L9 also comes standard with 1st class premium features such as the sumptuous Above all, the L9 aims to meet the needs of more family users and delight users Since we released the teaser information for the vehicle, we have received a great deal of positive customer feedback And we can't wait to deliver our L9 and amaze our users with all its features and benefits. Electric vehicle technology, including high C rate battery, high voltage platform and ultrafast charging technology With the goal of building an end to end BEV and charging ecosystem that can support our driving range of more than 400 kilometers with only 10 minutes charging. As a leader in the new energy vehicle industry, We are dedicated to leading the future of mobility, while also making a positive impact on the environment of our society.

Speaker 2

On April 19, we released our first ESG report, which marks yet another step forward in our sustainability journey and underscore our resolve to operate responsibly. In addition, we are pleased to report that our Class A ordinary shares were included in the Shenzhen and Shanghai Hong Kong Stock Connect programs on March 14 April 25 this year, respectively. This allows us to access a broader investor base and share our growth trajectory and further Success with users, partners and investors in Mainland China, we are the financial market. Looking forward, we will continue to create the right product for family users, persevering through challenges with a laser focus on operational and financial efficiency, Propelling progress and inspire happiness along the way. With that, I would like to turn it over to our CFO, Johnny, For a closer look at our financial performance, please go ahead.

Speaker 3

Thank you, Ken. Hello, everyone. I will now go over some of our financial results for the Q1 of 2022. To be mindful of the length of this call, I will address financial highlights here and encourage you Please refer to our earnings press release, which is posted online for additional details. Total revenues in the Q1 of 2022 were RMB9.56 billion of US1.51 billion dollars representing an increase of 167.5 percent from RMB3.56 billion in the Q1 of 2021.

Speaker 3

This included RMB9.31 billion or US1.47 billion dollars of Vehicle sales in the Q1 of 2022, an increase of 168.7% from the Q1 of last year. The increase in vehicle sales over the Q1 of 2021 was mainly attributable to the increase in vehicle deliveries in the Q1 of 2022. On a quarter over quarter basis, total revenues and vehicles vehicle sales decreased 10% and 10.3%, respectively, primarily due to the Decrease in vehicle deliveries in the Q1 of 2022. Revenues from other sales and services were RMB253.4 million or US40 $1,000,000 in the Q1 of 2022, representing an increase of 100 27.2 percent from RMB111.5 meeting in the Q1 of 2021 and an increase of 3.6 percent from RMB $244,700,000 in the Q4 of 2021. The increase in revenue from other sales and services over the Q1 of 2021 was mainly attributable to the Increased sales of charging stores, accessories and services in line with higher accumulated vehicle sales.

Speaker 3

Cost of sales in the Q1 of 2022 was RMB7.4 billion of US1.17 billion dollars representing an increase of 150.1 percent year over year and a decrease of 10.2% quarter over quarter. Gross profit in the Q1 of 2022 was RMB2.16 billion or US341.3 million dollars representing an increase of 250.9 percent year over year and a decrease of 9.1 percent quarter over quarter. Vehicle margin in the Q1 of 2022 was 22.4% compared with 16.9% 0.3% in the Q4 of 2021. The increase in vehicle margin over the Q1 of 2021 was driven by higher average selling price attributable to the increase in vehicle deliveries of 2021 since its release in May 2021. Gross margin in the Q1 of 2022 was 22.6% compared to 17.3% in the Q1 of last year and 22.4 percent in the Q4 of 2021.

Speaker 3

Operating expenses In the Q1 of 2022 were RMB2.58 billion or $406,500,000 representing an increase of 151.5 percent year over year and an increase of 9.4% Quarter over quarter, research and development expenses in the Q1 of 2022 were RMB 1,370,000,000 or US216.7 million dollars representing an increase of 167% year over year and an increase of 11.7 percent quarter over quarter. The increase in research and development expenses over the Q1 of Last year was primarily driven by the increased employee compensation as a result of our growing number of Research and development staff as well as increased costs associated with new product developments. The increase in research and development expenses over the Q4 of last year was mainly driven by Increased employee compensation. Selling, general and administrative expenses In the Q1 of 2022, RMB1.2 billion or $189,800,000,000 representing an increase of 135.9 percent year over year and an increase of 6 0.8% quarter over quarter. The increase in selling, general and administrative expenses Over the Q1 of 2021 was primarily driven by increased employee compensation As a result of our growing number of staff as well as increased marketing and promotion activities and rental expenses associated with the expansion of the company's sales network.

Speaker 3

Loss from operations in the Q1 of 2022 was RMB $413,100,000 or $65,200,000 compared with RMB $407,700,000 loss from operations in the Q1 of 2021 and RMB24.1 million income from operations in the Q4 of 2021. Net loss was RMB10.9 million or $1,700,000 In the Q1 of 2022, compared with RMB360 1,000,000 net loss in the Q1 of 2021

Speaker 2

and RMB295.5

Speaker 3

million net income in the Q4 of 2021. Now turning to our balance sheet and cash flow. Our cash and cash equivalents, Our restricted cash, time deposits and short term investments totaled RMB51.19 1,000,000,000 or $8,070,000,000 as of March 13, 2022. Operating cash flow in the Q1 of 2022 was RMB1.83 billion or $289,300,000 Free cash flow was RMB502.2 million or US79.2 million dollars in the Q1 of 2022. And now for our business outlook.

Speaker 3

For the Q2 of 2022, the company expects The deliveries to be between 21,000 and 24,000 vehicles, representing an increase of 19.5% to 36.6% from the Q2 of 2021. The company also expects 2nd quarter total revenues to be between RMB6.16 billion and RMB7.04 billion RMB11 1,000,000,000 representing an increase of 22.3 percent to 39.8% from the Q2 of last year. This business outlook reflects The company's current and preliminary view on the business situation and the market condition, in particular, The encouraging signs of recovery from the resulting pandemic In the Yang's delta region, which are all subject to change due to uncertainties related Two factors such as the pace of the pandemic recovery among others. I will now

Operator

We will now begin the question and answer session. For the benefit of all participants on today's call, Please limit yourself to 2 questions. And if you have additional questions, you can reenter the Our Our first question comes from the line of Fei Fang from Goldman Sachs. Please ask your question.

Speaker 4

I'll just translate for myself. Great quarter. I have two questions. First about the business outlook was the broader market level assumptions that management are working with in terms of both supply and demand. What's the specific launch timing for L9?

Speaker 4

How will production ramp up? Any comment on the broader market environment would be very helpful. 2nd is about margin. The Q1 margin was a bit. Kevin discussed the retail price increase in April.

Speaker 4

So can you refresh us on the margin guidance from here? Thank you.

Speaker 2

Thank you, Fang Ke. This is Kevin. Thank you for your question. Okay. On your first question, in fact, the outlook we gave just now is based on Our expectation of the recovery of the production of our suppliers In Yangtze Delta region, basically, you can see from end of April till now, Although still a lot of suppliers are still struggling to recover, but we already see some of the positive signs that At least half of our suppliers already resumed their production.

Speaker 2

So therefore, there still are Uncertainties for the next step, yes. And in terms of the order, we have enough order to On hand, yes. So right now, the single biggest risk is still the production of our suppliers, yes. And in terms of the March market launch plan for L9, as we just mentioned, In the Q3 of this year, yes, L9 will be delivered to our customers. And overall, I think for the overall EV business, behind us, we already see that in the past 2 quarters, We have already seen a very strong growth, both the production and the consumption.

Speaker 2

So Looking to the future, I think there are uncertainties. First of all, is the recovery of the supply chain. On the other hand, if the pandemic persists for a longer time, our fear is that The consumer's spending desire will reduce. So that's another thing we are monitoring closely. On your second question, Actually, we right now, it's not time for us to provide another updated guidance for our

Operator

Our next question comes from Tim Shao from Morgan Stanley. Please ask

Speaker 5

So I've got 2 questions. The first question is about the sourcing strategy because We think the production recovery appears a matter of time, but has Lioto taken any extra precautions, For example, reviewing or changing your current sourcing strategies in the wake of the resin disruption in Yangtze, River, Delta region. As Kevin mentioned, 80% of our suppliers are currently located there. So any thoughts on further diversification in China or offshore? Second question is about the potential price hike or margin pressure, because on top of the $11,800 price hike of Liwan Since April, is there any pressure of the further pricing adjustment or the spec and such a likely further price hike of

Speaker 2

All right. Thank you, Tim. This is Kevin again. So first of all, for the supply chain management, In fact, we in the past, we already have the measurement to try to Qualify more suppliers to supply us. So that will not change.

Speaker 2

And right now, of course, with the pandemic, we will definitely Consider some short term measurement to counter the impact Because we will there are still uncertainties of the recovery of the pandemic in front of us. For the long term, I don't think we'll take any dramatic measurement To change our supply chain management strategy, yes, because the pandemic is We think still it's a one time issue for us. And the supply chain Strategy is a long term thing. And for the price adjustment, In fact, with the 2021 V1, actually when we increased the price on April 1, We already took into consideration of all the foreseeable material cost increase, yes, But we will continue to closely monitor the volatility of the cost. So right now, we don't see another need To further change our price, yes.

Speaker 2

But that's based on the current information we have, yes.

Operator

All right. Thank you. Our next question comes from Yuchun Ding from HSBC. Please go ahead.

Speaker 6

My two questions. First is on the order book and the demand outlook. What's the new order book momentum post the price hike? And how would the new order book in April compare to January? And looking ahead, how would management would expect High end pricing category, EV demand in 3.5, looks like more growth quarter are back end loaded.

Speaker 6

And the second question is on the product cycle and product We might see L9 coming through and next year would be a big product cycle launching year. Will we have your insight on how we plan the 5 models, by new models value proposition in the coming 18 months and the conviction or the product philosophy to enable them or potentially the segment winner.

Speaker 2

Yes. Thank you, Yixuan. This is Kevin. I will take the first question and leave the second question to Li Yes. As we all know that in April 1, we increased our price.

Speaker 2

Naturally, a lot of sales leads were consumed in the end of March. Yes. So therefore, in the very beginning of the April, because we have to restart The sales leads pipeline, so therefore, the first half of the April was a little bit slow, but since the Last week of April and also the 1st week of May, we already see a very strong comeback Of the order intake, the only exception is like Shanghai because the pandemic stopped us from taking orders. Yes. So overall, we are still very confident that the our Liwan will continue to be Demand continues to be very strong.

Speaker 2

Overall for the high end PV market, Overall, unless the pandemic persists very long time and hurt the economy very badly. Otherwise, we think the demand will continue to be stable. Yes. And but from our side, because our V1 and also our incoming L9, The product competitiveness is very, very strong. So therefore, despite the demand side We still have a very strong confidence that these two products will do very good this year in market.

Speaker 7

This is Liqiang. I'm translating for Liqiang, When we launched our first product by the end of 2019, it was one single product, which became a big success. But from that time on, we started to look at our product portfolio as a combination of different products. And therefore, since then, we started developing 5 different platforms To support our product portfolio, including the range extended platform, 800 volt high voltage electric vehicle platform, The autonomous driving platform, smart space platform and our electric e architecture platform. So all these slide platforms combined together support our Wide range of products across different price ranges.

Speaker 7

So by 2021, if you look at LEAP-one as a product, In the RMB300000 to RMB400000 NEV market, it already had a 30% market share and is still increasing. And that's our standard for successful hip product and we think that's a very comparable market share in the target market. And with that in mind, we want to continue to deliver hip products in every price range within our target markets.

Speaker 5

And we look at the

Speaker 7

product portfolio with 2 perspectives. The first one is that we pair a different Body type with different energy sources. And by that, I mean, electric pure electric vehicles We all have one body type and extended range vehicles would have a different body type. So when we built started building range extended vehicles, We felt we realized that the best body type was SUVs because neither sedans or MPVs were a good fit from a packaging standpoint for Range extended vehicles. And by the same logic, when it comes to electric vehicles, we realized that big SUVs are no longer a good fit because For energy efficiency reasons, and therefore, when we deliver our first electric vehicle, you will see a completely new body type that we believe is best optimized And with those, we will completely cover the RMB200000, RMB500000 target market.

Speaker 7

So that was our first strategy. And the second strategy is with respect to price range. So with the goal of Covering the entire 200000 to 500000 price range in every 100000 segment, we will have 1 hit product, 1 in range extended and 1 in pure electric. We had a good start because our first product was in the RMB300000 price range. So from there, we can go up to $500,000 and we can also go down to $200,000 between $200,000 and $300,000 So in every segment, as I said earlier, there will be 1 EV and 1 RUV, and they will all be built based on those 5 platforms I mentioned earlier, the Range extended vehicle platform, the high voltage electric vehicle platform, autonomous driving platform, smart space platform and e architecture platform.

Speaker 7

So by analogy, you can see our product portfolio is very similar to iPhone, where we have one key concept And platform. And from there on, it covers all different price ranges with the iPhone 12, iPhone 12 Pro, iPhone 12 Pro Max And even the iPhone Mini. And in every price range, you can see the product is absolute leader And that has been our role and our goal and philosophy since 3 years ago.

Operator

Thank you. Our next question comes from Ming Sun Lee from Bank of America. Please ask your question.

Speaker 8

So my first question is for the battery Price and also the leasing supply. In the future, will you think the leasing supply will constrain EV growth for China and also currently the battery price is still high. Do you think this is because some speculative trading or it's really mainly because of real demand? A set of questions regarding your point of sales expansion. Previously, your target is 400 stores by the end of the year.

Speaker 8

But under the pandemic, will you slow down the progress? And also in terms of the charging power, do you have any plan? Are all of your charging station based supercharging infrastructure? Thank you.

Speaker 2

Lee, this is Kevin. Thank you for your question. Three questions. First of all, Well, we think right now the battery cost, especially the raw material cost It's already deviated from the reasonable price, of course. So with the supply increase, We'll definitely see gradually the raw material cost should go down.

Speaker 2

But overall for this year, we still expect that

Speaker 3

the probably

Speaker 2

the price We'll still stay in a relatively high position. Yes, that's our outlook. Yes. So, of course, these high price of the raw material will translate into the increase of the end consumer price. Therefore, we will kind of hurt the market demand.

Speaker 2

But as I mentioned just now with our Li-1 and our L9 because our product competitiveness is very high, We still have strong confidence that even with a slightly higher price, we can still Got a lot of order. For example, for Liwan, even though we increased the price starting from April 1, But as I've just mentioned, starting from end of April to now, we see the orders still are coming strong. Yes. And in terms of the retail stores, we did have a Quite aggressive plan. By end of this year, I want to have more than 400 retail stores.

Speaker 2

Right now, of course, because of this Pandemic issue, we are revisiting our plan, but We should all agree that the number of retail stores will is a fundamental requirement for us to Achieve higher sales volume next year. So therefore, it doesn't matter how big the impact of the pandemic For this year, we still want to open as many retail stores as Possible, yes, despite the impact of the pandemic. In terms of our charging costs, starting from this year, we already have a team Starting to build the charging poles. Right now, the initial focus This team is to primarily build charging poles along the highway, especially those highways connecting The connecting the big cities, yes. So right now the primary focus is still the highway to connect the cities And within the city, depends on the customer needs.

Speaker 2

Yes, we'll very We will choose carefully whether we want to build a charting post within Citi. That's the strategy right now we have.

Operator

All right. Thank you. Our next question comes from Jing Chang from CICC. Please ask your question.

Speaker 9

So my first question about the financial question about other income of RMB280 1,000,000 in the Q1. So And my second question is about the FRAE cost negotiation. So I've heard that many product companies So how about us? So is the price is the cost of debt renewal And will we further rate our selling price to reflect the cost increase? And last question about the product pipeline.

Speaker 9

And you can see that NetEgrant, they want to launch need to launch by Tian Electric said that again, we saw a price position of around RMB 2 RMB 100,000 this year and the market has very high expectations for all these models. How do we view the market of this submarket? And according to our plan, ACR is going to launch again And with the price below RMB 300,000, I think that it should be Not before 2024, so are we worried about

Speaker 3

Thank you, Tony. This is Liqing. I will take the first question is the other games. The increase of other games compared with last quarter was The VAT refund upon collection as well as our Company was qualified as a software company.

Speaker 2

This is Kevin. For the battery cost, we agreed with our Pires with a framework to kind of relate the battery price With the fluctuation of the upstream raw materials, so therefore, For the coming quarters, we don't need to renegotiate everything. But of course, we'll always come Back to our suppliers' ask for cost saving, that's for sure. And also, as I just mentioned, The price increase already reflected our expectation of the for the raw material price In the coming quarters.

Speaker 7

It's very clear to us that by 2025, our core customers will still be families with kids. And with that, three things become very clear. First is that we're always going to build vehicles with an acceptable level of interior dimensions for family users. And the second one is that all of our vehicles will be all wheel drive. And third is that we want to make sure that every vehicle includes our latest autonomous driving and smart space solutions so that every family member are able to enjoy them.

Speaker 7

And with these three things in mind, it is Very natural that we will continue to focus on the RMB200000 to RMB500000 price range. And within this range, we'll continue the mine of 300,000 to 400,000 which is our starting point. And from there on, we'll expand upward to the full size market and downwards to mid size market. So this year, as you know, our focus will be the L9 release. And next year, we'll be launching 3 new vehicles, including a new completely new range extended vehicle and also Our first battery electric vehicle and you will also see our first product in the 1st in the 200000 to 300000 midsized market.

Operator

Our next question comes from Bing Wang from Credit Suisse. Please ask your questions.

Speaker 8

I only have one question about battery price. So can you know when You start to come in for the price increase for battery because you had mentioned the battery price increased by 30%. From January 1 or start from Q2, if the Q1 already considering the price increase for battery, you also actually increased our price start from April 1. It doesn't mean the Q2 margin of full increase. So can you have some guidance on this?

Speaker 8

Thank you.

Speaker 2

Yes. Wangmi, thank you for the question. It's a rather complicated question. So basically, The Q1's financial performance already took consideration of the Of course, already took consideration of part of the battery cost increase and the impact was not that dramatic primarily due to as We have industries. So therefore, the cost in fact is a rolling mix.

Speaker 2

So that's for the Q1. From the Q2, we'll have the best free cost increase As you mentioned, and at the same time from the beginning of this quarter, we'll have a selling price increase. So, yes, so therefore, it's not that we can expect Some very high gross margin compared to last quarter. Okay.

Operator

All right. Thank you. As we are reaching the end of our conference call, I'd like to turn the call back to the company for closing remarks. Ms. Janet Chen, please go ahead.

Speaker 1

Sure. Thank you once again for joining with us today.

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