Ladies and gentlemen, thank you for standing by, and welcome to Hua Hong Semiconductor's Third Quarter 2022 Earnings Conference Call. The call is hosted by Mr. Junjun Tang, President and Executive Director, and Mr. Daniel Wang, Executive Vice President and Chief Financial Officer. Please be advised that your dial-in are in listen-only mode. However, at the conclusion of the management's presentation, there will be a question- and- answer session, at which time you will be receiving instructions on how to participate. The earnings press release and third quarter 2022 summary slides are available to download at our company's website, www.huahonggrace.com. Without further ado, I would like to introduce you to Mr. Daniel Wang, Executive Vice President and Chief Financial Officer. Thank you. Good afternoon, everyone, and thank you all for joining our Third Quarter 2022 Earnings Conference. Today, we will first have Mr. Junjun Tang, our Executive Director and President, make some remarks on our third quarter performance. President Tang will address in Chinese, and Kathy Chien, our Deputy Director of Investor Relations, will be the translator. After that, I will discuss our financial results and provide guidance for the next quarter. This will be followed by our question- and- answer session. The call will be conducted in English, so please ask your questions in English. I'll now turn the call over to Mr. Tang. Good afternoon, everyone. Thank you for joining our earnings call. Hua Hong Semiconductor maintained its positive performance in the third quarter of 2022. The company continues to see strong demand for all specialty technology platforms, especially for non-volatile memory and power discrete. All our 8-inch and 12-inch fabs remain fully utilized, and average selling prices increased both year-on-year and quarter-on-quarter. Revenue was $629.9 million, another record, up 39.5% year-on-year and 1.5% quarter-on-quarter. Gross profit margin also reached a record high of 37.2%, 10.1 percentage points above a year ago and 3.6 percentage points over the previous quarter. Serving the world as a China-based company, we will keep focusing on the emerging markets such as industrial applications, automotive electronics, and new energy. To seamlessly innovate in the specialty technology territory, we will go full speed ahead with the 12-inch capacity expansion project, deeply integrate in the global IC industry supply chain, improve our core competitiveness, and provide customers with high- quality, reliable, efficient, diversified, and comprehensive product solutions. Now, I would like to hand the call over to our CFO, Mr. Daniel Wang, for his comments. Thank you, Mr. Tang, for your comments. Now, let me begin with a summary of our financial performance for the third quarter, followed by an outlook on revenue and margin for the fourth quarter 2022. Then we will move on to the question- and- answer session. First, let me summarize our financial performance as of the third quarter. Revenue reached another all-time high of $629.9 million, up 39.5% year-over-year and 1.5% above the prior quarter. Cost of sales was $395.9 million, 20.2% over Q3 2021, largely due to increased wafer shipments and depreciation costs, and 3.9% below Q2 2022, mainly due to decreased wafer shipments. Gross margin rose to 37.2%, 10.1 percentage points higher than Q3 2021, primarily due to improved average selling price, partially offset by increased depreciation costs, and 3.6 percentage points above Q2 2022, primarily due to improved average selling price. Operating expenses were $73.6 million, 1.8% over Q3 2021, and 4.2% above Q2 2022. Other loss net was $57.8 million versus other income net of $7.5 million in Q3 2021. Primarily due to increased foreign exchange losses and flat to Q2 2022. Income tax expense was $37.2 million, 70.5% above Q3 2021, primarily due to increased taxable income. Profit for the period was $65.4 million, 83.7% above Q3 2021, and 22.9% over Q2 2022. Net profit attributable to shareholders of the parent company was $103.9 million, 104.5% above Q3 2021, and 33.8% over Q2 2022. Basic earnings per share was $0.08, 105.1% above Q3 2021, and 25% over Q2 2022. Annualized ROE was 14.4%, 6.8 percentage points higher than Q3 2021, and 2.9 percentage points above Q2 2022. Now I will discuss the operating results for both the Hua Hong 8-inch wafer fabs and the Wuxi 12-inch wafer fab. First, let's have a look at the Hua Hong 8-inch wafer fabs. Revenue was $384.2 million, 22.1% over Q3 2021, and 8.5% above Q2 2022. Gross margin was 46.7%, 11.5 percentage points above Q3 2021, and 2.5 percentage points over Q2 2022, largely due to improved average selling price. Operating expenses were $34.1 million, 20% lower than Q3 2021, largely due to decreased labor expenses, partially offset by decreased government grants for research and development and flat to Q2 2022. Profit before tax was $178.9 million, 119.4% over Q3 2021, and 26.1% above Q2 2022. Now let's have a look at the performance of the Hua Hong Wuxi wafer fab. Revenue was $245.7 million, 79.7% over Q3 2021, and 7.9% below Q2 2022. Gross margin was 22.3%, 13.8 percentage points above Q3 2021, and 2.7 percentage points over Q2 2022, largely due to improved average selling price. Operating expenses were $39.5 million, 33.1% above Q3 2021, and 11.3% over Q2 2022, primarily due to increased research and development expenses. EBITDA was $24.1 million, 19.6% below Q3 2021, and 15.9% under Q2 2022, largely due to increased foreign exchange losses. Now I would like to provide more details on our revenue from Q3 2022. From geographical perspective, revenue from China was $452.3 million, contributing 71.8% of total revenue, an increase of 36.5% over Q3 2021, mainly due to increased demand for MCU, power management IC, smart card ICs, NOR flash, IGBT, and super junction products. Revenue from the United States was $80.5 million, an increase of 67.9% over Q3 2021, mainly due to increased demand for other power management IC and MCU products. Revenue from Asia was $55.7 million, an increase of 25.8% over Q3 2021, mainly due to increased demand for logic and MCU products. Revenue from Europe was $30.3 million, an increase of 45.2% over Q3 2021, mainly due to increased demand for general MOSFET, smart card ICs, and IGBT products. Revenue from Japan was $11.1 million, an increase of 57% over Q3 2021, primarily due to increased demand for MCU products. With respect to technology platforms, revenue from embedded non-volatile memory was $213.8 million, an increase of 69% over Q3 2021, mainly due to increased demand for MCU and smart card ICs. Revenue from standalone non-volatile memory was $43.5 million, an increase of 118.6% over Q3 2021, primarily due to increased demand for NOR flash products. Revenue from discrete was $191.4 million, an increase of 25% over Q3 2021, mainly due to increased demand for IGBT and super junction products. Revenue from logic and RF was $59.1 million. A decrease of 26.2% compared to Q3 2021, mainly due to decreased demand for CIS products. Revenue from analog and power management IC was $121.8 million, an increase of 71.3% over Q3 2021, mainly due to increased demand for other power management IC products. Let's now take a look at the cash flow statement. Net cash flows generating from operating activities was $158.6 million, 4.5% over Q3 2021, and 25.3% below Q2 2022. Capital expenditures were $428.7 million in Q3 2022, including $390.3 million for the Wuxi fab and $38.4 million for the Hua Hong 8 -inch fabs. Other cash flow generated from investing activities was $28.7 million in Q3 2022, including $16.6 million of interest income, $9 million of receipts of government grants for equipment, $5.7 million of receipts from selling equity instrument, and $1 million of receipts from disposal of equipment, partially offset by $2.7 million of investment in associate. Net cash flows generated from financing activities was $579.7 million, including $392 million of capital contribution from the non-controlling interests, $248.8 million proceeds from bank borrowings, and $3 million proceeds from share option exercises, partially offset by $62.2 million of bank principal payment, $1.6 million of interest payments, and $0.3 million of lease payments. Now let's move to the balance sheet. Cash and cash equivalents was $1,984.2 million on September thirtieth, 2022, compared to $1,707.7 million on June thirtieth, 2022. Inventories increased from $473.9 million on June 30th, 2022 to $509.6 million on September 30th, 2022, primarily due to increased finished goods and raw materials. Property, plant, and equipment was $3,140.2 million on September 30 th, 2022, compared to $2,955.5 million on June 30th, 2022. Total assets was $6,660.4 million on September 30th, 2022, compared to $6,240.7 million on June 30th, 2022. Our total bank borrowings was $1,778 million on September 30th, 2022, compared to $1,578.3 million on June 30th, 2022, mainly due to increased short-term bank borrowings. Total liabilities increased to $2,800.8 million on September 30th, 2022, from $2,608.9 million on June 30th, 2022. Debt ratio increased to 42.1% on September 30th, 2022, from 41.8% on June 30th, 2022. Finally, let me give you a high-level outlook for the fourth quarter 2022. We expect revenue to be approximately $630 million, and our gross margin to be in the range of 35%-37%. This concludes my financial remarks. Now we would like to start the question and answer session. Thank you very much. Operator, please. Thank you. Ladies and gentlemen, at this time, if you would like to ask questions on the phone, please press star one one and wait for your name to be announced. Once again, to ask question, please press star one one on your telephone. One moment for the first question. I'll take the first questions from the line of Angela from Credit Suisse. Please go ahead. Hi, this is Angela on behalf of Randy Abrams. I wanna ask you in terms of your performance by technology platforms. We saw that CIS and NOR has declined sequentially. Want to ask if we should expect that to continue or do you see any near-term trends around? Are the other areas such as discrete and MCU holding up or do you see any signs of slowdown in those stronger areas as well? For your next 30K capacity, has these relative strength and weakness seen in these platform change any of your capacity allocation strategies? That's my first question. Hello. Yes. Thank you for your question. I think most of you is understanding that the current market situation is not that good, especially for the consumer electronics, as for mobile phones is not that good. For our t hree 8-inch production lines, as for now, they are not impacted and we have full purchase orders going on. Because of the consumer electronics, our logic platform in the 12-inch fab is decreasing a little bit. We have done some capacity optimization in the previous months. We put some more MCU to offset the decrease of the logic platforms. We also do some more high-voltage power discrete. From our accounting, the financial report, you can see we are increasing our investment in the R&D. After two years R&D the input we have built a strong platform for our new products and new technologies. New orders coming from our new MCU, BCD, high-voltage power discrete and IGBT. They can afford our future growth for our capacity expansion. We also see that markets estimate that we will see a turning point by the middle of next year. To the whole industry, we can see a growth. Thank you. Okay. Thank you for that response. Well, my next question is on your A-share listing. Congrats on getting the application accepted by the exchange. Is there any, like when can we have any clarities on when we could expect the listing? And, on that, can you clarify on the timeline for the next 12-inch fab, including when we should expect fab construction, equipment move in and the capacity ramp to be done? And what's the full capacity potential of the fab and the total CapEx required? Okay. The work related to the IPO of the stock market has been moving along very very smoothly. On November third, fourth, as you know, the company is filing for a IPO. We're officially accepted by the Shanghai Stock Exchange and are now officially under review by the exchange. We expect a very quick approval. It would take probably about two-three months. Okay. As far as the 12-inch fab, I think we expect sometime next year first half we should start the construction work. Thank you. For the new Wuxi fab, we are undergoing the internal procedures and as soon as we have official decision, we will let you know at the first time. Okay. I noticed on the filing that it indicated the total investment on the fab will be around $6.7 billion and expected to reach a full capacity of 83,000 wafers per month. Is that the direction we should model our assumptions around? Yeah, that's a good assumption, you know. It's gonna be the build out will be in stages. I think the first stage is around, you know, around 60,000-70,000 wafers capacity. That will, you know, as you said, you can use that assumption as the first stage. Great. Thank you. Thank you for the questions. One moment for the next questions. Next question comes from the line of Leping Huang from Huatai. Please go ahead. Okay. Thank you to take my question. Congratulations for the result. The first question is about your Wuxi fabs expansion plan. Are you on track to at least I remember 30,000 wafer per month capacity fourth quarter? If your new fab is still under planning, if the demand remains strong, do you have any extra room to add on the first half next year based on your current facility? Thank you. Yeah, thank you for the question. We have completed our stretch target for the Wuxi Phase I project as for the project plan. During the process, we have implemented two Phase of its capacity expansion. For the first Phase, the capacity expansion, we expand our monthly capacity to 65k per month. We have already completed by first half this year. As for the current wafer start and wafer out, we have already exceeded that target. We are now in the process of the second Phase capacity expansion. About 50% tools has already been moving in. Now we are pushing the schedule for the tools installation and adjustment. Because of the process technology introduction and the adjustment of the tools, this part of the capacity will be released gradually in the first half of next year. This part of capacity will be focusing our five major technology platforms. Thank you. Sorry. As a follow-up, based on current knowledge, how much is the Phase 2 you will add by summer next year? A little bit less than 30K. Around the 30K. From 65- 94.5. Okay, thank you. The second question just help us to understand, because we see a very large change in the end demand. Do you think the exchangeability of your capacity between the power discrete and the logic platform? Since you just mentioned you do some arrangement to ship the products you to the power side. Is it possible how much your existing 65,000 wafer Wuxi fab can be adjusted to more power focus? I think if I remember correctly, Wuxi was power before, right? Yeah, thank you. [Foreign language]在工艺平台的产能的柔性调配过程当中，逻辑跟功率之间的相容性呢，比例不是很高。但我们主要是将逻辑部分的一些工艺平台转到我们的一些MCU的一些工艺平台上，同时有一些可能会转到模拟电路等等这方面，大概是这么一种安排。 There's not that much to do to exchange between logic and discrete. What we do is to exchange some logic capacity into MCU and analog. Okay. One more question is, we see the U.S., the new export restriction. What's the impact of the U.S. export restriction on your business, especially when planning for the new capacity expansion and also the stability of your U.S. person working offer? Thank you. You know, these new controls are directed at the semiconductor fabrication facilities in China that develop or produce advanced logic integrated circuits using a non-planar architecture or with a production technology node of 16/14 nanometer or less. NAND memory integrated circuits with 128 layers or more, or DRAM integrated circuits using a production technology node of 18 nanometer half pitch or less. The scope of this rule does not include fabs involved with production of ICs above 16 nanometer. Hua Hong Semiconductor is not impacted, has no impact. If I understand correct, now the U.S. equipment vendor still can work normally in your fab. Since you have some concern that some equipment vendor need to leave some Chinese fab. Is it my understanding correct? There's absolutely zero impact. Okay, thank you. Thank you very much. Very clear. Thank you for the questions. One moment for the next questions. We have the next questions. Comes from the line of Xuexin Pian from Soochow Securities. Please ask your question. Okay. Dear management, I'm Xuexin Pian from Soochow Securities. I have three questions. The first is about our utilization rate. As we know, currently our 8-inch and 12-inch utilization rate is above 100%, but the demand seems to drop rapidly. Can you give us a preview about what will the utilization be in next two quarters, like 80% or 90%, and how can we verify it? I mean, for 8-inch and 12-inch. Thank you. That's the first question. Thank you for the question. Our utilization rate for three 8 -inch fabs continues to run at above 100% at this point. It is actually running above 110% utilization rate at this point. The 12-inch fab, yes, it, you know, we did have some impact. The demand for CIS product has come down, but, you know, it was quickly swapped with other products such as embedded non-volatile memory, MCU, or smart card ICs, and some allocate to, you know, power management, to logic and RF, and even power management IC. The 12-inch fab continues to run at more than 100% utilization rate. We expect that will continue. This trend will continue into next year. Okay. My second question is about the gross margin. We see the guidance about the fourth, the next quarter, the GPM seem to go down. How long will the recession be, and will the first quarter 2023 be the worst season? Well, good question. You know, our gross margin, if it's anything, it actually picked up within the first three quarters. Okay? You know, we were now officially, you know, at above 37% and our three 8-inch fabs reached in Q3 to 47%. Okay? The 12-inch fab also this past quarter reached 22%. Okay? I think, you know, we're hoping this trend will continue as long as we can keep the demand going. As long as the demand is strong, this trend should continue. Okay? We certainly, you know, have every desire to make sure that our overall utilization rate will continue to improve next quarter as well as for next year. Okay, very clear. My last question is about equipment. Will our equipment moving process delay, and what will be the reason if it delay? Thank you. I wasn't sure about your question, but there's actually no delay in terms of getting the equipment at this point. We don't expect, you know, the additional 30,000 wafers that Mr. Tang referred earlier. The equipment for the 30,000 wafers have all arrived in our fab. We don't expect there'll be any delay for the ones that they're actually on the way. Okay, congratulations again on the strong earnings. Thank you. Thank you for the questions. The next questions comes from the line of Szeho Ng from China Renaissance. Please ask your question. Oh, hi, gentlemen. I have two questions. First one regarding the revenue mix. I've seen that industrial and automotive have been ramping up pretty nicely as a percentage of revenue. Can we assume most of the upside is actually coming from automotive? Szeho, it is actually both. It comes from, you know, one from industrial. Secondly, also from automotive applications. I see. Yeah. Can you actually break it down between the two? Yeah. You're talking about industrial and automotive? Right. Because you lump the two together. Yeah. Yeah. I would say, you know, at this point, industrial, you know, it's has very important segment for us. It has been growing very, very fast. Most of the products within that group are MCUs and things like IGBT and super junction. Okay? IGBT. We expect that the segment for automotive is also gonna grow very fast in the next few years. At this point, I would say, you know, around 80% is belongs to industrial and about 20% goes to automotive. I mean, goes to, yeah, auto-related. Right. That's That's good. Yeah. For automotive, can we assume it to grow at a very significant pace in the next two-three years? Absolutely. I think automotive is gonna be the future. I mean, you know, even though industrial has been growing fast, very fast for us, but I think for the next three-five years, I think the demand for automotive, in particular for things like IGBT, super junction, MCU, will surge. Nice. Yeah. Demand for them. Okay. Sorry. Go ahead. Yeah. No, it's-- I know. I'm just saying that automotive will be very, very important for us. Second question, going back to the P&L. For the last two quarters, the company actually booked FX losses. Would the company consider doing more hedging going forward? Or will you just leave it like that? You know, it's a very good question. You know, we have already done a lot, okay? You have to realize all the, you know, all the quotes were priced in dollars. It's dollar-based, okay? All dollar denominated. We use three months average FX rate to translate that into RMB, okay? You know, there are many things, you know, we're doing just to make sure that impact will be minimized. You know, we have just received the $800 million equity in yuan during the past quarter. We immediately convert about half of that into dollars. By just doing that, you basically minimize the FX loss. There are many things we're doing and just to make sure that we will have, you know, little effect on this with this FX impact. Okay. Basically we can consider the impact in the last quarter kind of short term, right? Right. I think so. I mean, it's gonna be short term. I think I expect RMB will bounce back in the future. When that happens, I think, you know, basically it's gonna offset the loss we had in the past two quarters. Right. Okay, good. Yeah, last question. You have to remember, you know for the past, you know, many years, we actually had many FX gains. You have to realize that. Which, you know, if you look at long term, the impact is very small. I see. All right. Got you. The last one, for the power discrete portfolio, can you share with us the breakdown like the IGBT, super junction, and the standard, medium, or high voltage, things like that, yeah, for the recent quarters? Sorry. I mean the breakdown. Can you hear me? Oh, yeah. The breakdown of your power discrete portfolio. Yeah. The major products like IGBT and super junction. Well, you know, IGBT, I think, I mean, for discrete this year, it's gonna be around 30% of our revenue. Okay. IGBT is probably gonna be 30 out of the 30%, IGBT is gonna be around nine percentage points. Super junction is gonna be around 10. The split gate trench, we're probably around six-seven. The DMOS is gonna be about 6%. I see. Okay. All right. Okay. Thanks, Daniel. Thank you. Thank you for the questions. One moment for the next questions. We have the next questions from Karl Shum from Bloomberg. Please go ahead. Hi, thanks for taking my question. I just want to have more clarity on your operation status in the third Q. I'm aware that you actually mentioned that your shipment number actually in the 12-inch fab is actually less than the previous quarter. In this case, can I know. At the same time, you still say that your capacity is still at 65K per month. Can I know why is the final shipment number is actually less than the previous quarter? Sure. The capacity for the 12-inch fab is at about 65K at this point. You know, our loading- Yeah. Because of efficiency and the product mix change, our loading is actually more than 70,000 wafers. That number changes because of product mix. Okay, product mix. But our ASP continued to improve throughout the quarter. Fo r both the 8-inch and the 12-inch fab. Okay? It's just overall, it's a change because of the product mix. Okay. That means. The-- How did you still get that capacity utilization rate? Well, as I said, the capacity is running, you know, the official capacity is 65K. We're running above 70,000 wafers. Oh, okay. Got it. All right. My second question is about your inventories. Actually, I noticed that it's still going up this quarter, and I just want to hear, well, yeah, your opinion, when you think that turnover day will start to coming down. I think just overall the inventory level is very normal at this point. You know, it's just basically finished goods and raw materials. I think, you know, over the past few quarters we have been, because of the demand, I think we have increased our, you know, stocking for the raw materials. That will, you know, we're gonna be pretty much keep at that level. You mean even for the next year, you're also still expecting that over 100 days the normal level? You know, I think, you know, it will change. It's gonna, you know, bounce, you know, around 90-100 days. Okay. Got it. All right. Can I also? You got to have. Ask one more? Yes, please. You got to have enough materials, raw materials and spare parts to get the fab going when the fab, you know, is loaded more than 100%. At the same time, you know, you have finished goods coming out as well. You know, that we need to, you know, basically push them out of the production line and the inventory. You haven't received any requests from your customers saying that they want you to postpone the shipment because of the business change? You haven't received such a request? Am I correct? No. No. Okay, thank you. You're-- All right. Can I ask? Yes. Okay. Can I ask one more thing about your gross margin? You are showing a very healthy growth trend for your gross margin than in the past 12 months, and it is going to extend to the fourth quarter based on guidance. That's actually a 44% for your 8-inch wafer and also a 22% for your 12-inch wafer fab. In this case, actually, I look at your previous history, actually, before the COVID, it's to the 8-inch fab is only around 20% or something like that. For this 44%, this is the gross margin that you think it could be sustained into the next year or something like that? That's a very good question. As I said earlier, I mean, we continue to believe that the fabs will be fully loaded going forward. That is, you know, we're very extremely confident with the 8-inch fabs. The 12 -inch fab is also doing extremely well. Okay. It is loaded- currently at more than 100%. Okay. We're able to ship products, you know, between different technology platforms very, very quickly. That's our flexibility. When one thing, for example, CIS, demand for CIS come down, we can quickly replace that portion of the capacity with other things like MCU and power management IC. Okay? We're continuing to expect the fab will be fully loaded. We had high, extremely full utilization rate. As long as we're doing that, as long as demand continues to be very strong, we have room to improve our price. As I said, we're hoping in the long term, we want to get the 12-inch fab to 30% gross margin when we get to 95,000 wafer capacity. Then we want to get the 8-inch fab to, for example, 50% gross margin. That is. We're not too far from that, huh? Okay. Yeah. You know, after the overall environment is not the most desirable, we understand that. There are room t hat, you know, we're specialty technology platforms. We're very, very different from other companies. I mean, you know, virtually, if you look at DRAM, I mean, most of fabs are, you know, running at, you know, around 60%-70%, but we continue to run all four fabs at 100% utilization rate. Got it. All right, that's all my question. Congratulations again for your strong result in the third quarter. Thank you for the questions. We have a follow-up question from the line of Randy Abrams from Credit Suisse. Please go ahead. Once again, questions from Credit Suisse. Please go ahead. Oh, no, I'm sorry. I don't have a question. Certainly. We do have a last question as a follow-up questions. One moment, please. Last question is from the line of Leping Huang of Huatai. Please go ahead. Okay. Thank you for taking my question again. Considering your change of the product mix and looking forward, and because I think logic in the MCU or the analog has different mask or different platforms. What we should look also with the power is increasing, what we should model your ASP trend in the fourth quarter. Leping, can you please repeat that question again? I didn't quite get it. Leping? Should we take the next question? Sure. We do have a question from the line of Han Chen Li from CMBI. One moment, please. Hi. Thank you for taking my question. Congrats on your third quarter results. I think my question was around your product mix. I know that the consumer electronics consist about a large portion. I would like to ask how much of the smartphone actually or CIS related were accounted for, and how much home appliances were accounted for that category. Can you give us a little bit of an outlook of how you see the CIS in the future? Thank you. Basically, you know, for CIS, you know, we had about 10,000 wafer capacity. It comes down to about 2,000 at this point. But that capacity was quickly absorbed by other products like MCU and power management IC. Our overall, you know, the cell phone business were very little. It's about just overall, you know, CIS is related and some of them MCUs, but just I think I would say around 5%. Okay. Thank you. I would also like to follow up a question on your CapEx expenditure. Do you actually give guidance on your 2023 CapEx at this point? Thank you. Sure. I think for the 12-inch fab is probably gonna be around, you know, $600 million, mostly for upgrades and optimization. For the 8-inch fab is gonna be around $150 million-$200 million. Okay, great. Thank you. That's all. Thank you. Thank you for the questions. Ladies and gentlemen, that's all the time we have for questions. I'll now hand back to the management for closing remarks. Again, I want to thank you all for joining us today and asking all the great questions. We hope you will join us again next quarter. The holiday season is not too far away. Please continue to stay safe and healthy. I hope that we can meet in person very, very soon in the future. Thank you. Ladies and gentlemen, thank you for your attendance. You may now disconnect.