LogicBio Therapeutics Q2 2023 Earnings Call Transcript

Quartr
Provided by Quartr
August 3, 2023

There are 6 speakers on the call.

Operator

Day and

Speaker 1

thank you for standing by. Welcome to Wish's Second Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen only mode. After the speakers' prepared remarks, there will be a question and answer session. As a reminder, today's program is being recorded.

Speaker 1

I would now like to turn the conference over to Mr. Ralph Fong, WISH's Director of Investor Relations. Please go ahead, sir.

Speaker 2

Good afternoon, everyone, and welcome to Wish's Second Quarter 2023 Earnings Conference Call. I'm Ralph Fang, Director of Investor Relations. And joining me today are our CEO, Joe Yan and our CFO and CEO, Vivien Liu. Today's prepared remarks have been prerecorded. There is also a slide deck that has been posted to our Investor Relations website, which is available for your reference.

Speaker 2

Once we are finished with Joe and Vivien's remarks, we'll hold a live Q and A session. The remarks made today include forward looking statements that are related to, Among other things, our financial expectations business and restructuring plans, including the impact of our reduction in force Logistics and operational efficiencies, including flat reshipings and related initiatives initiatives to improve customer experience and engagement Expectations regarding merchant relationships and strategic partnerships the impact of our strategic marketing and product initiatives, including at spending and promotional events, the renewed supply strategy and anticipated return on our investments and their ability Our actual results may differ materially from the results implied by these forward looking statements if certain risks Following today's earnings release in our periodic reports filed with the SEC. Any forward looking statements that we make on this call are based on our beliefs and assumptions today, and we disclaim any obligation to update them. Also during the call, we will present both GAAP and non GAAP financial numbers and metrics. A reconciliation of non GAAP to GAAP results is included in today's earnings release, which you can find on our Investor Relations website and which is also filed with the SEC.

Speaker 2

A replay of this call will be posted to our Investor Relations website. With that, I will now turn the call over to Wish's CEO, Jo Yan.

Operator

Thank you, Ralph. I would like to thank everyone for joining our Q2 2023 earnings call. On this call, I will share with you our Q2 financial update, discuss the business highlights and the key strategic focus for 2023. Vivian will then provide a deeper dive into financial results, share the Q3 guidance and comment on our operations. Finally, I will provide additional closing remarks before opening up the call to your questions.

Operator

In the Q2 of 2023, total revenue of $78,000,000 were down 42% year over year and below our guidance range of $91,000,000 to $102,000,000 On the bottom line, We reported adjusted EBITDA loss of $66,000,000 in Q2, which was within the guidance range of a loss $60,000,000 to $75,000,000 We ended the 2nd quarter with cash, cash equivalents And the marketable security of $531,000,000 During the quarter, our top line performance, Including revenue and DAU was impacted by the challenging operating environment as we continue to navigate macro headwinds as well as competitive pressures in the e commerce space. At the macro level, we continue to experience a high level of Economic uncertainty, which impacted consumer spending habits. Macro conditions, which include inflection, Elevated interest rates and cost of living continue to pressure our value oriented consumers. This has a direct impact on discretionary spending across the markets we serve. The e commerce market is large and growing and yet highly competitive and rapidly evolving, which is characterized by rapid changes in technology and consumer sentiment.

Operator

We acknowledge that competition in our industry Has intensified and we expect this trend to continue. That being said, we are focused on the things we believe we can control Going forward, despite a dynamic and a challenging environment, the team executes on our strategies and made progress In our various strategic initiatives, I'll begin by reviewing some of the progress we have made on our 3 foundational pillars Our first pillar is improving the customer experience. As part of our efforts to drive basket building and further improve the customer experience, We roll out flat rate shipping on all eligible orders in each of our major geographies in the first half of twenty twenty three. In Q2, we took it up a notch and expanded the flat rate shipping initiative by offering free shipping on all eligible orders. Over $10 during the Wish anniversary merchandising event that ran from June 24 to July 7.

Operator

Fairway Shipping is part of a broader effort to improve the shipping experience on Wish and it remains a key component in addressing one of the major Endpoints amount of users. We expect to further expand it in the second half of twenty twenty three. Some ideas we plan on experimenting We include offering free shipping for order above established thresholds and making all items on which eligible for flight rate shipping instead of a limited number. Ultimately, our vision is to remove shipping That's a major point of friction for our customer from here online. From a product discovery and exploration standpoint, In Q2, we also increased the scale of product collections in support of Wish Anniversary merchandising event By ratcheting up the volume of product groupings based on a specific category, such as home and garden, beauty and wellness, jewelry And accessories sent from and showing those products in featured modules that lead to unique collection pages.

Operator

Going forward, we intend to leverage generative AI to create product collections at scale To drive engagement and a meaningful basket building opportunities for our customers, which I am excited about. Another aspect of improving the customer experience is our quest to provide seamless guest experience regardless In Q2, our product team significantly reduced the friction on the mobile web By launching a guest checkout experience across a number of major geographies, the new experience enables new users to discover products, Add items to the car and the Transat without needing to set up an account. The result of which Has driven improvement in customer engagement and conversion. As most of our new and the trend user traffic comes in with other mobile based apps. It's critical we get the M Web guest experience writing order to harness that traffic.

Operator

Mobile web is becoming an important channel for our platform distribution in addition to our iOS and Android apps. Speaking of user traffic, apps are the first experience new and the returning buyers have with Wish, And we intend to focus on making that experience engaging, retentive and frictionless in the second half of twenty twenty three As part of our growth strategy, we plan to optimize at landing pages to focus on Enticing customers from WAM Web to download app, highlighting new buyer incentives and testing a variety of new recommendations to drive exploration. At which, Our transition to a long guest experience is nearly complete. Looking ahead, the next phase in this program for the remainder of year includes Passwordless accounts and removing friction associated with account creation and recovery. The goal is to leverage one time password OTP and the links to increase number of successful logins and prevent account takeovers with more secure authentication at the secondary wall.

Operator

In an effort to further improve the customer experience and drive basket building, our team intends to make the shopping cart at the living part of the users which experienced by launching the live car in the second half of the year. The live car allows users to prominently see the status of their car throughout the entire shopping journey. In other words, the live car will help users to understand What's in their car at any given time without having to go to a different place within the app? Moreover, the live car will serve as timely coupons, Encouraging customers to add more relevant items to their carts or baskets before checking out, providing a more personalized shopping experience to customers. This brings me to our 2nd pillar, which is deepening our merchant relationships.

Operator

Within the U. S, we have successfully onboarded a number of new merchants in recent months. Of particular note is a reseller of refurbished consumer electronics product and the brand owners within the beauty section and the licensed sport collectible space. Importantly, these authorized resellers have domestic warehouse in the U. S, enabling faster shipping times for North American Additionally, we announced a strategic partnership with 1 of South Korea's leading logistic providers, Ringkos.

Operator

The partnership is designed to streamline the process for Korean merchants seeking to ship goods overseas through the Wish platform. We look forward to joining forces with Ricoh's to deliver a better shipping experience for our merchants and our customers and to grow our merchant base in the region. As a marketplace platform, we recognize that Our merchants play an integral part of providing a great customer experience. We are committed to Further strengthening our relationships with Lowe's Merchant, who provide outstanding experience to our consumers. Europe should continue to be a strategically important region for which as our European customer base accounted for nearly half of Our core marketplace revenue in Q2.

Operator

Consequently, we plan to host our 1st European Merchants Summit in September this year. The 2 week long Wish anniversary merchandising event was another successful event for Wish It allowed our merchants to position their product strategically within target categories And create a blockbuster deal to help attract customers. To put things in perspective, Approximately 6,000 merchants participating in the Wish Anniversary event enrolling over 360,000 product listings And 15,000 blockbuster deals. Importantly, we saw a double digit increase in GMV during the event. On our last earnings call, we introduced our renewed supply strategy, which aims to further deepen our merchant network To provide customers with fresh, fun quality products at a competitive prices.

Operator

As a 3P marketplace, The breadth and depth of our product range is a key differentiator, as is our ability to enable both domestic and cross border trade. For the second half of the year, we plan to implement a renewed supply strategy by rightsizing our supply pool experience for each of our high end touch categories, such as health and beauty, women's fashion, refurbished electronics And Home Essentials will have separate landing pages, theme based collections, marketing messages, etcetera, All designed to be better aligned with our user home and life needs. I will now discuss our 3rd pillar of achieving operational excellence. In Q2, the average time to door in 6 of our major markets improved by 6 days when compared to the same time period of 2022. Our on time delivery rate was 91%, largely flat when compared to the last quarter.

Operator

We also saw our average time to door improved in the major markets we serve, favorably impacting customer order cancellation rate, Refund rates and the customer experience. Our customer order cancellation rate declined 47% year over year in Q2 The customer refund rate dropped by 30% within the same time period. Additionally, we saw a 28% year over year improvement in customer NPS Alongside the encouraging buyer conversion and customer retention trends in Q2, in particular, buyer conversion and customer retention improved by 13% and 3%, respectively, in the Q2 of 2023 when compared to the same period last year. Having said that, we have a lot of work ahead of further improve our business operationally, and our first steps are to rationalize Corporate overhead and operating expenses. As part of these efforts, we will be implementing a restructuring plan.

Operator

Earlier this week, we notified which employees that we will undertake a new route of reduction in our global workforce As part of a broader realignment of our resources, we anticipate that this reduction will decrease our global workforce by Optimally 255 positions, representing about 34% of our headcount. This is an incredibly difficult decision to make and a process to go through, but it's critical that We right sized our spend to match the current size and the scope of our business. We estimate that we will incur one time charges of Optimally $8,700,000 for severance and personnel reduction cost. We expect the majority of these charges will be incurred in Q3 and that the implementation of workforce reduction will be largely complete by the end of fiscal year 2023. We expect to realize run rate saving of approximately $43,000,000 to $46,000,000 on an annualized basis, starting in the Q4 of 2023.

Operator

We intend on making Wish a much leaner and a more efficient business with the goal of becoming a profitable company longer term. With that, let me now turn the call over to our CFO and COO, Vivian Liu to discuss our financial results in more detail and give you an update on our operations.

Speaker 3

Thank you, Joe. Now I will add more color on Q2 financial performance and provide Q3 financial guidance. On the user metrics, we had 12,000,000 monthly active users and 10,000,000 last 12 month active buyers In the Q2 of 2023, which represented a decline of 48% and 50% respectively year over year. The decline was partially driven by the cumulative reduction In ad spend, over the past several quarters, as we continued to focus on achieving targeted returns On our ad spend, the total last 12 months ad spend decreased by 30% versus the same period of the prior year. In addition, as Joe shared earlier, We started to see increased competition in the e commerce industry as some of the market participants Focused on driving new user acquisition and retention by offering deep discounts and incentives.

Speaker 3

We believe that such competition further contributed to the decline in our monthly active users and the buyer count In Q2 2023, total revenues in Q2 were $78,000,000 A decline of 42% year over year. This decline was across core marketplace, Product boost and logistics, primarily driven by reduced ad spend and the pricing changes That were fully implemented by the end of Q2 2022. Similar to what we experienced the last quarter, The pricing changes impacted our Q2 revenue and EBITDA, resulting in an unfavorable comparison to the prior year. Please note that impact from the pricing changes will be less fully Starting Q3 2023. Q2 gross profit was $16,000,000 A decline of 62% year over year.

Speaker 3

Gross margin was 21% versus 31% In Q2 2022, gross margin performance was mainly driven by the decline in marketplace Gross profit due to the pricing changes as discussed earlier, as well as the lower margin logistics business Contributing a higher percentage of the total revenues. Total operating expenses were $99,000,000 A reduction of 26% year over year, lower ad spend, Lower customer support services costs and a reduced employee headcount accounted for a majority of the reduction Excluding stock based compensation expenses, total operating expenses were down by 19% year over year. Our net loss was $80,000,000 Compared to a net loss of $90,000,000 in the Q2 of 2022. On a year over year basis, the decrease in gross profit was offset by the decline in operating expenses, resulting in a decrease in net loss in Q2 2023. Our adjusted EBITDA was a loss of $66,000,000 compared to an EBITDA loss of $58,000,000 in Q2 2020 2.

Speaker 3

The year over year decline in adjusted EBITDA was primarily driven by lower revenues And the impact of our pricing changes, which made Q2 2023 unfavorable From a year over year comparison standpoint, Q2 2023 EBITDA result Was within the guided range of a loss of $60,000,000 to $75,000,000 Operating cash flow was negative $88,000,000 and free cash flow was negative $91,000,000 for Q2 2023. Compared to operating cash flow and a Free cash flow of negative $67,000,000 in Q2 2022. The year over year increase in net cash used in operating activities was primarily driven by unfavorable changes in working capital As the balance of total payables declined corresponding to lower transaction volume and amount. We ended Q2 with $531,000,000 in cash, cash equivalents and marketable securities and no long term debt. I would now like to provide guidance for the Q3 of 2023.

Speaker 3

For Q3, we expect the total revenue to be in the range of $55,000,000 to $65,000,000 adjusted EBITDA loss to be in the range of $55,000,000 to $65,000,000 Revenues are expected to remain under pressure, primarily driven by reduced monthly active users EBITDA is expected to improve quarter over quarter, largely due to better cost efficiency associated with the lower employee expenses. From a year over year standpoint, EBITDA is expected to improve significantly As the projected decline in revenue is more than offset by cost savings across costs and operating expenses. To sum up, the competitive landscape is changing rapidly In the cross border e commerce space, and we are experiencing unprecedented headwinds from intensified competition In the industry, as a result, we expect user acquisition and retention to remain pressured for the near term, As Joe shared earlier, we have made the difficult decision to further right size our cost structure. In addition to the annualized savings of approximately $43,000,000 to $46,000,000 As a result of this round of workforce reduction, we're working to achieve additional annualized savings of approximately $20,000,000 in non employee related cost items. The enhanced cost efficiency Should enable us to improve cash flow and invest in our critical initiatives for the future.

Speaker 3

We will continue to double down on the 3 pillars customer experiences, merchant engagement and operational excellence To deliver differentiated shopping experiences and a great value at a competitive prices for our buyers and the merchants alike, We're now on an accelerated path to reinvent Wish with an ever greater sense of urgency. Financially, we will sharply focus on return on investment, EBITDA and the cash optimization To improve shareholder values. With that, I will now turn over the call to Joe

Operator

Thank you, Vivien. To close, I'll leave you with a few final thoughts. We are cautiously optimistic within Wish about all the initiatives we have in place from a user and the merchant experience standpoint, We still have a lot of more work ahead. As I discussed in the beginning of the call, we face intense competition Amid the challenging macroeconomic climate, as a result, for the remainder of 2023, The entire team at Wish will collectively sharpen our focus on our key initiatives that we expect will drive improvements Our plan is to improve the shopping experience for our users through the app features, Improve the product quality and the delivery time, more responsive customer support and the competitive pricing. Going forward, we intend to leverage generative AI as well as other technologies to provide differentiated shopping experience to engage, delight and drive basket building opportunities for our users.

Operator

Meanwhile, We are dedicated to the 3 foundational pillars, and we are focused on the goal of returning shareholder value over the long term. At this time, operator, could you please open the call for Q and A?

Speaker 1

Certainly. And our first question comes from the line of Kunal Madhukar from You'll be asked your question please.

Speaker 4

Hi, thank you for taking the questions and thanks for the opening remarks. Quick one on you talked about macro and competitive challenges out there. Macro is Whatever macro is, but as far as the competitive challenges are concerned, what are you doing there To kind of improve and maybe change stuff. And are you seeing any change? What I'm trying to figure out is, is there a chance that revenue can actually grow from current levels?

Speaker 4

Thank you.

Operator

Yes. Thanks for the question. This is Zhou Yan. So I think the competition is always there, right? So We did see quite a few players in the space, right, so increased investment level, especially in the past two quarters.

Operator

So it also signal very strong demand, right, in the cross border e commerce sector. So which we as a company, right, so we kind of keep focusing The sustainable growth, right, because we believe the sustainability is the key to an e commerce company as the e commerce It's going to be a long run, right, for everyone in this space, right? So what we have done here is, so we keep focusing on actually what we can do, right? So First of all, I think it's about the supply quality as we said, right. So this something has been the pinpoint for our customer From the customer experience perspective, we have been doing a lot of things on improving on list.

Operator

This is something really can help us, right, To grow the organic and also the retention in a longer run, right. And in addition to that, right, so I think The competition also give the force, right, to every player in the market, including ourselves, right, a force to really think about, right, how we can Accelerate, reinvention of the shopping experience, right? So that's the thing actually why our product team Have been focusing a lot, right, so on improving a lot of product features, like what I shared in the earnings earlier, right. So there's something Daphne, right, can really help us to differentiate ourselves in the market in this competitive market, Right. So still a lot of work to do.

Operator

And we think actually listening on the shopping experience, right, the innovation Can help us, right, to build, achieve the mode, the differentiation compared to the other players. So yes, so I think there's still a lot of work to do, but It's something we'll focus on in the future. And on the growth side, right, so definitely, right, so we believe, right, so with those kind of Shopping experience improvement, right, and also including the supply quality improvement, right? So that can really give us a chance to stabilize the traffic And to kind of back to the growth track again.

Speaker 3

If I may add to Joe's points, And we may not be able to outspend our competitors in terms of marketing dollars, but what we can do to drive sustainable growth, as Joe Shared in the prepared remarks, number 1, user acquisition through the high touch categories, fashion, refurbished electronics, home essentials and beauty and health. And those are the areas where we are you can build a lot of differentiated vertical experiences for user acquisition as well as user retention. As Joe also mentioned, the generative AI technology will play a very important role in creating those vertical experiences. And as the second piece of sustainable growth is user conversion through removing frictions in the user journeys. And the third piece is Increasing the average transaction value through the flower shipping and other bucket building initiatives.

Speaker 3

So I think when we think about growth, it's more than just Acquiring users is about converting the users into buyer and retaining the buyers more effectively and helping the buyers and building bigger baskets, right? So All that collectively will help us build a path towards a system of growth and eventually reverting the trend in the top line.

Speaker 4

Great. Thanks, Joe, and thanks, Vivien. Quick follow-up, if I could. One of the things you mentioned, Vivien, was and you discussed it In the opening remarks also, is the highest touch categories health and beauty, fashion, refurb and home essentials. What percentage of your GMV comes from these 4 categories?

Speaker 3

Yes. So we don't report GMV, like a category level, but those are very major categories already on the platform. So they are In a general statement, they accounted for more than 50% of the total GMV on the platform. What we highlighted as the 4 high touch categories, they are subset of the bigger home and garden category or fashion. So they are Under the bigger categories where we see additional growth opportunity, if we double down and manage the subcategories Properly, we can drive a lot more growth, right?

Speaker 3

So to answer your question, those 4 major categories are accounted for a very large portion of the GME. What we selected are the subcategories under the 4 bigger categories to drive additional growth. Again, women's fashion, refurbished electronics, home essential and beauty and health.

Speaker 4

Got it. Thank you so much.

Speaker 3

My pleasure.

Speaker 1

Thank One moment for our next question. Our next question comes from the line of Laura Champine from Loop Capital. Your question please.

Speaker 5

Thanks for taking my question. It's really about the Structuring, I know that the there was a significant number of staff laid off. I think it's 34 Percent of the total, but are there certain areas where that was concentrated, certain functions? And are there certain things that you did not touch, maybe just a little more Visibility into what you did there?

Operator

Yes. Thanks, Laura. This is Joe. So looking ahead to the remainder of this year, 2020 We recognize the macroeconomic uncertainties and the competitive pressure will likely persist. So in response to this dynamic environment and To position which to strive over the longer term, right, so we are taking aggressive action, as you mentioned, to significantly lower our cost structure And they improve our operational efficiency, right?

Operator

So as part of these efforts, we are restructuring our workforce and Optimizing for top strategic priorities, right? So can make us more laser focused on It's executing the top priority things within the company. So we are able to maintain the major investment that we have with what we have planned for this year and the Lowe's cut was taken into account. So back to your question, right, so this deduction didn't cut across did cut across different areas of the company and there are a number of factors that were included in the decision making process. However, our priority was really making sure that we have the full funding for What we consider are the key strategy priorities both on the product and the operation side.

Speaker 5

Got it. And then a second question. How do you expect to trend your own advertising expense, which I know is dwarfed right now by some competitors, But how do you expect it do you expect to increase or does it not make sense to grow ad spend at this time?

Speaker 3

Yes. Thank you for the question. So our ag spend will fluctuate based on the seasonality. For instance, During the holiday season, we tend to spend a little bit more to capture the purchase power from the customers. But generally speaking, we will be more focused we will take a very disciplined approach with our ad spend, meaning we Set a threshold for the ROAS, the return on the ad spend, and we won't spend additional dollars until unless we see the threshold requirement being met.

Speaker 3

So I think the between spending a lot of dollars trying to compete head to head with a deeper pockets and just for user acquisition Versus spending wisely and in a disciplined manner to make sure we get the proper investment on the invested dollar added dollars, We choose the 2nd part, right path. And we are like I mentioned in the prepared remarks and financially, we're very focused Optimizing for cash flow, returns and EBITDA. So I think it's probably fair to say compared to Last year, the year before, ad spend will continue to stay at a very disciplined level and as we continue to focus on The role at the end of the return threshold.

Operator

Yes. And I can add a little bit color here. So in the past few quarters, So we have been spending a lot of effort on optimizing the return on ad spend, especially in the existing customer segments, right. So we have seen Very quite good improvement from the existing customer segment. That actually can allow us to really kind of allocate A little bit more budget into the new user acquisition in the upcoming quarters, right?

Operator

But doesn't mean that you will increase the marketing spend Trustly, but this is something just like more the approach or the campaign structure change, right, and really help us to optimize The ROAS at a more holistic view, right? So I think this is the overall approach we are doing now, right? And Q2 definitely, it's a Transitioning quarter, right. So we have studied some of the campaign approach change. And we do hope, right, so that can really help us, right, to build The top funnel.

Operator

But at the end of the day, right, just like what I said, right, organic steel is the biggest bet for us. So the marketing still will remain a very key driver approach for us, right, for the DAU, the growth. But I think organic steel is the biggest bet. So this something will still rely on the customer experience improvement, the product feature improvement, right. So Just like what we shared earlier, right, including reducing the customer friction during the shopping journey, right, the more innovative way For exploration, right, and discovery and also the continuing improvement in on the improvement on the shipping experience, right.

Operator

All of these things coming together, right? So can really offer a customer much better experience on which, right? And this is something I think it can really help us Grow on the organic side. So, yes, having said, right, so with all this combined effort, right, we do hope, right. So actually, you can the marketing and The product efforts can really kind of work together to generate more kind of user for Wish.

Speaker 5

Got it. Thank you.

Speaker 1

Thank you. One moment for our final question for today. And our final question for today comes from the line of Kunal Madhukar from UBS, your question please.

Speaker 4

Hi. Sorry. Another question popped in my mind and that was with regard to the marketing spend. So, Vivien, you talked about having a high ROI threshold on the marketing spend. And when I look at like your marketing spend as a percentage of core marketplace revenue, that increased from about 130% in 1Q 2023 to 160% in 2Q 2023.

Speaker 4

And the marketing the aggregate marketing spend Actually increased Q o Q in the Q2 when revenue declined. So can you talk about How much of your marketing spend is performance based versus brand and where the ROI equation may be breaking down? Thank

Speaker 3

you. Thank you. Thank you for the question. So I think a couple of things. If we compare year over year, First of all, our ROAS on the performance marketing spend has been improving pretty steadily.

Speaker 3

But I understand that the dynamic you are describing, our total marketplace revenue is declining from year over year standpoint. So Two things to keep in mind. Number 1 is the fact that we removed a change in pricing practices, right? And from Last year to the sorry, we implemented the new pricing changes by end of Q2 last year, which means when you compare This Q2 to the last Q2, it was this year is amortable because we implemented the changes to remove Premium uncertain item prices, which directly impact our marketplace revenue and margin. So that's a very big portion why the marketplace revenue Kind of from your standpoint.

Speaker 3

Now keep in mind, going to Q3 this year, the comparison will be apples to apples because That change was completed by end of Q2 last year. Q3 onward is clean. So that's number 1. Number 2, I think the I would say, despite the fact that we improved ROI on the marketing and we're being really careful in terms of how we allocate in the budget dollar. As Joe mentioned, we Focus on the existing buyers when we see upside in the ROAS, we move additional dollar into new user acquisition.

Speaker 3

So we have done all the right things in terms of optimizing the returns on the marketing. However, the external competition and the market General macro has been a much bigger factor in driving down the total revenue, particularly on the marketplace side. So I think That's not a reflection of the efficiency of our marketing spend. It's probably more a reflection of the pricing changes from year over year standpoint as well as the intensified

Operator

For overall marketing spend, right, performance now is still the majority of our spend. But starting Q2, right, and coming to Q3 gradually, right, so now actually we start some of the New brand marketing campaign, right. So idea here is we want to have some of the always on evergreen brand marketing campaign In some of the diversified channels, right, and see how actually the brand marketing can really play the role To help us to improve the tough funnel conversion, right, to help us to build the tough funnel, right? So this is something we do expect to see the synergy Between the performance of brand marketing can really help us to kind of improve the marketing efficiency holistically, yes. Thank

Speaker 1

you. Thank you. This does conclude the question and answer session of today's program. I'd like to hand the program back to Joe Yan for any further remarks.

Operator

Thanks everyone for joining our earnings conference call, and we look forward to

Speaker 1

You may now disconnect. Good day.

Powered by Quartr
Earnings Conference Call
LogicBio Therapeutics Q2 2023
00:00 / 00:00