Good day. Thank you for standing by. Welcome to PT Indosat Tbk's First Quarter 2026 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there'll be a question and answer session. To ask a question during the session, you need to press star one and one on your telephone. You'll hear automatic message advising your hand is raised. Please be advised that today's conference is being recorded. I would now like to hand the call over to your first speaker today, Pak Indar Dhaliwal. Thank you, Pak. Please go ahead. Thank you, Desmond. Good afternoon, everyone. Thanks for joining us today. With us on the call today, we have Pak Vikram Sinha, our Chief Executive Officer, Pak Nicky Lee, our Chief Financial Officer, and Pak Bilal Kazmi, our Chief Operating Officer. I will now hand over the call to Pak Vikram for his opening remarks. Over to you, sir. Thanks, Indar. Good afternoon, everyone. I am proud to report a strong start to 2026 with a solid set of results in the first quarter. I would like to share with you some of the key highlights where we are seeing strong performance across our financial metrics, where we recorded strong growth in revenue, EBITDA, and net profit. Our operational metrics are also moving in the right direction, and we are seeing momentum across our business lines. If you go to the next slide, we have carried the strong momentum that we saw in the second half of last year into 2026, with strong double-digit growth in the Q1 of 2026. Across revenue, EBITDA, and net profit, we saw an increase of 12% year-over-year, 13% year-over-year, and 26% year-over-year respectively. This quarter, we also achieved a customer ARPU of IDR 45,000, which is 15% year-on-year increase, with the highest quarter ARPU since our merger. We remain committed to realizing Indonesia potential on ARPU, and there is still upside on ARPU from here. Next slide. We have launched a first-in-its-kind partnership in Indonesia with collaboration with Google Gemini. Under this partnership, we will offer bundled Google Gemini subscription to our customer along with the data packages. Not only will this be customer ARPU enhancing, but it will also position IOH as the AI leader on the front end, as well as bringing real-world application to our customers. This will further strengthen our AI portfolio along with Anti-Spam and Anti-Scam offering and our own LLM Sahabat-AI. We continue to look for ways to expand our portfolio with more planned partnership for the future. IOH is committed to build the digital economy in Indonesia with the spectrum auction underway and scheduled to be completed this quarter. Komdigi, which is the Ministry of Communication and Digital, have designed the spectrum auction very well with a good forward-looking framework, ensuring that every operator will get enough spectrum for their 5G investment. It is good to be late on the 5G investment cycle, as we have the benefit of learning from rollouts in other countries, as well as equipment price for 5G is significantly down. We have also seen improved handset penetration on 5G. We will utilize our AI and data-driven modeling to give us the most optimal rollout on 5G on focusing on giving our customer a great 5G experience. Our fiber co-asset monetization, we will unlock value for IOH and all our stakeholders, is remain on track. We are currently in the process of the operational company being set up in compliance with regulatory requirement, and we remain on schedule for closing it in Q3 2026. Our AI Neo Cloud business is also performing very well. After recording $28 million revenue in 2025, we have recorded $16 million revenue in the first quarter of 2026, putting us well on track to achieve the full year revenue guidance, which we have given earlier of around $60 million for 2026. Our firm contracted revenue for AI Neo Cloud amount to $170 million, which will be recognized over a period of 3 year. Importantly, this business is EPS accretive from day one, while also being FCF positive. Having set the foundation in 2025, we are ready to scale in 2026 and getting lot of demand in this business, which we will share more updates on the coming months. Finally, our guidance for 2026. We are seeing very strong growth so far in the first quarter of the year, and we are tracking ahead of our guidance. We will be reviewing our guidance, and if necessary, we'll update it again in the next quarter. I will now hand over to Nicky for more detailed financial presentation. Thank you, Pak Vikram. I am delighted to report a solid set of the first quarter results as we start 2026 on an encouraging note. Our first quarter revenue rose by 12.1% year-on-year to IDR 15.2 trillion, supported by strong performance across all segments. The primary driver was cellular revenue, where our ARPU improvement journey continues a steady upward trajectory quarter-on-quarter as we execute our strategy to accelerate growth through AI and an enhanced network experience. This was further complemented by our media segment, underpinned by GPU revenue. Below the revenue line, we delivered a 12.9% year-on-year improvement in EBITDA, which outpaced revenue growth, reflecting our strict focus on cost leadership for growth. I will elaborate further our cost in the OpEx section. As a result, our EBITDA margin rose by 0.4 percentage points to 47.6%. Normalized NPAT increased by 26.2% year-on-year, mainly driven by higher EBITDA, partially offset by higher D&A from investment in network, GPU infrastructure, and other one-offs, mostly in quarter four of last year. Our net debt-to-EBITDA ratio continued to come down as it improved by 0.056 to 0.31 x, underscoring our commitment to maintaining a healthy balance sheet. Moving on to the next slide. On a quarter-on-quarter basis, revenue declined slightly by 0.9%, reflecting normal seasonality as Q1 typically has fewer calendar days than Q4. If we would adjust for the number of days, the underlying revenue trend remains positive. Supported by continued cost leadership initiatives, absolute EBITDA remained flat quarter-on-quarter, resulting in EBITDA margin expansion of 0.4 percentage points. At the bottom line level, net profit decreased quarter-on-quarter on both reported and normalized basis by 22% and 27% respectively. Again, this is mostly due to one-off benefit we have booked in previous year and also in Q4 last year. We move on to look at our cost analysis. During first quarter 2026, operating expenses increased on a year-on-year basis, driven mainly by higher cost of services to provide to support ongoing revenue growth. Personnel costs also rose, reflecting higher variable performance-based compensation for bonuses and incentives. On year-on-year basis, cost of services rose 7%, primarily driven by installation and partnership costs supporting connectivity and DAS revenue. Quarter-on-quarter basis, cost of services shrank by 2%, also due to changes in installation and partnership costs. Due to the reason I mentioned earlier, partnership costs, personnel costs grew by 52% year-on-year and 8% quarter-on-quarter. There was some one-off adjustment in prior year first quarter amounting to IDR 93 billion relating to bonus reversal, and we didn't have that this year. Marketing expenses dropped by 2% year-on-year and 12% quarter-on-quarter, reflecting a strategic shift of more targeted and cost-efficient digital marketing initiatives. G&A expenses also dropped by 2% year-on-year and 24% quarter-on-quarter, again underscoring our continued efforts to control spending. Overall, for first quarter 2026, cost of sales and OpEx increased by 1.4% year-on-year. On a quarter-on-quarter basis, a reduction 1.6%. Depreciation and amortization expenses up by 5% year-on-year and 4% quarter-on-quarter respectively, primarily due to acceleration of FTTH customer contract amortization and finance lease charges additions. In Q1 2026, other operating expense recorded a net expense of IDR 112 billion compared to a net income of IDR 300 billion in first quarter 2025. This variance was primarily attributable to one-off project provision, lower prior year tax provision reversal, and operational one-off gains. Most all of the movement is to do with one-offs. On a quarter-on-quarter basis, there was a one-off gain on investment and reversal of other provision in Q4 of last year, accounting for the difference. If we move on to take a look at our CapEx spending. We have spent more CapEx in the first quarter, 59.6% year-on-year and 64.6% quarter-on-quarter. This underscored our commitment to strategic CapEx investment for medium and long term. As of the first quarter, the CapEx constitute 32% of our full year guidance of IDR 13 trillion. Let's move on to our net debt. We continue to strengthen our capital structure with net debt reducing 9.2% year-on-year and 17.9% quarter-on-quarter. Solid EBITDA further enhanced our leverage profile, driving an improvement of 0.05x year-on-year and 0.08x quarter-on-quarter in our net debt to EBITDA ratio. That's all I have prepared to summarize for this quarter. Thank you very much. I will hand over the time to Pak Bilal for the operational performance update. Thank you, Pak Nicky, and hello, everyone. On the operational matrices, happy to reinforce the message from Pak Vikram. As the key highlight of performance is the ARPU growth of 15% on a steady customer base. This is also backed by healthy traffic growth. Equally important to report is the growth of fiber to the home customers, whereby we added approximately 80,000 customers through the course of the year. Coming back to ARPU growth, it stands on two key pillars. One is our 5G investment, and then it is reinforced by AI-based services. We have our flagship [Anti-Spam and Anti-Scam] service, which covers one of Indonesia's biggest problems, scamming as well as spamming. In recent times, we have further strengthened it by Sahabat-AI, which is a unique large language model in five local languages. Of course, very recently, our global AI partnership with Google. Thank you. Thanks. Desmond, can we go to the question and answer queue? We'll take the first question now. Certainly. As a reminder, to ask question, please press star one and one and wait for your name to be announced. One moment for the first question. Our first question comes from Sachin Mittal of DBS Bank. Please ask your question. Hi. Congrats for a good set of numbers. Just two questions. Now that the ARPU has gone to 45, which is IDR 45,000, which is similar to what Telkomsel has. Essentially the there's no difference. Almost the gap has been narrowed and almost zero gap. How do we think about the ARPU given the macro conditions that. Is there a lot of reliance on rest of the players raising the, raising the tariff so that again, the trend can move or, you know, we should expect a stable ARPU at least for the next one to two quarters? You know, given that there's a very good progress made in 1Q. That's question number one. Question number two is, the guidance is for stable margins for this year. With actually scaling up of your AI services with a very good revenue growth, just trying to understand what are the levers here that, you know, that you are worried about and not guiding for any expansion in the margins at the EBITDA level? Yeah. Thank you. Hi, Sachin, this is Vikram. To your first question, ARPU, I think I spoke on my opening remarks. We believe there is lot more upside opportunity on ARPU, you know. The reason why I say look at still, you know, cellular spend to GDP and all, this is lowest in the world. Yes, I think there is a convergence now, you know. We have come a long way on ARPU. I think the important thing I want to highlight is One, all these AI and especially digital services which we are bringing and a lot of new AI services, we see a lot more opportunity on ARPU upside, and you would have seen on our data traffic growth also. Not only price up, there'll be more opportunity on customers using more data and lot of. You know, we used to be in the connectivity business for decade. Now we have the opportunity to democratize intelligence and also monetize that. That journey has started. Our partnerships With Gemini Pro has given some good early number, and that will help us on ARPU growth in the coming quarter. There are more product, AI product on the pipeline, which gives us a lot of confidence that the ARPU growth journey will continue. In terms of price upside, I think there's an opportunity there. Again, you know, we will want to make sure that we also ensure and drive the market in the right direction. Got it. Got it. Nicky, you wanna take it? Thank you. Hi, Sachin. Thank you for your question. This is Nicky here. On the guidance, yes, we have started the year on a very strong note, and on track to meet our guidance based on Q1 performance. We will continuously review our performance, knowing the market could be volatile, there could be unknown for the rest of the year. We will review and share our view in the coming quarter. Just to understand, what are the risks that you are seeing. There is no real concern. Yeah. You know, just to build on what Nicky said, there is no concern. It is just that, you know, we want to stay a little conservative. For sure in, you know, today we are looking at 13% EBITDA growth, 12% revenue growth. This was the first quarter where full Lebaran and everything was there. After Q2, we will, if needed, we'll review the guidance. Got it. Great. Okay. Thank you. Please hold on for the next question. Our next question comes from Ranjan Sharma of JP Morgan. Please go ahead. Hi, good evening. Can you hear me? Hi, Ranjan. Yes. Hi. Hi, good afternoon. Thank you so much for taking the time and for the presentation. Just couple of questions from my side. Sorry to harp on this again, but on the guidance, I mean, if I just analyze your first quarter performance, we get to a 9% growth. Are there any earnings headwinds that you are anticipating or trying to safeguard against so that you're not raising the guidance? Because everything that you have said indicates that the earnings should keep growing. The second question is on the personnel cost. It's a pretty sharp jump, and it's a seasonality we have not really seen in the previous years. How should we think about the personnel cost trending in the coming periods? The last question is, like, as you grow your earnings base while your CapEx is stable and you're going to monetize your fiber assets, will you be looking to pay down the debt, or is that something that you could use to upstream to shareholders? Thank you. Hi, Ranjan. This is Vikram. On guidance, your observation is very correct. You know, we are, as we speak today, we are on 12% year-on-year revenue growth, 13% EBITDA growth. We are seeing a very healthy April number also. It is just that, you know, we took a call that we will revisit at end of H1. You will hear more. There is nothing else other than that. It looks very confident and healthy that we are heading towards a very strong double-digit growth for full year. On the personnel cost, you know, last year was a tough year, you know. Last year was the first time where we had to revise the guidance, and that is why we have been more cautious on guiding the market. Last year was a very unique year where, you know, we had provisioned because of last 5, 2 quarter of good performance. We had to provision some bonuses and more than what we were expecting. Otherwise, you know, you will see all these things getting better. Overall, our people cost to revenues and all these metrics are only improving. This Q4 number for last year because we had a two good back-to-back quarter last year, we had to provision for some budget on bonuses, which we had not thought earlier. Yes. Sachin, this is Nicky here. If I may build on what Vikram shared, particularly on personnel expense. It just follow our pay for culture performance. If you look at Q1 last year, it was around IDR 800 billion. It also went up to IDR 1.1 billion in Q4. Sorry, IDR 1.1 billion in Q4. This year, a little bit more because our performance continued to improve. There was a bit of over-provision made in Q1 2025, we reversed it because the performance was not good. Now we are seeing a good problem in Q1 this year. Performance was better than expected, we pay more incentives and bonus following that. We are happy with this problem. Yes. On the fiber, we are still focusing on working on the process to complete the transaction. We have not made any decision on the use of proceeds. Got it. Thank you. Thank you. Questions. As a reminder, please ask, please press star one one to ask question. One moment for the next question. Our next question comes from the line of Sukriti Bansal from Bank of America Securities. Please ask your question. Hi. Good afternoon, management. Thank you so much for the call, congratulations on the good set of results. First question on data traffic growth. Data traffic continued to grow very strongly this quarter, actually even stronger than the growth that we saw in 4 Q last year. How should we think about growth from here? Understand that you mentioned that with AI, et cetera, there could be slightly faster growth. As in addition to that, how should we think about data yields? I think they've largely remained stable, marginal increase this quarter. Any color you can share on that? Secondly, on CapEx, can we see some upside to full year numbers given that this quarter we did around 32% of the full year guidance? Hi, Sukriti, this is Vikram. I think, yes, we have been seeing data very healthy data traffic growth. The good news is, you know, growth of data traffic and revenue growth is quite good mix. You know, we all need to understand we are getting into a AI super cycle and telco is in a very unique position. We want to be ahead of the curve on making sure that, you know, we are monetizing this AI super cycle. We are doing a lot of things around AI grid, getting applications, you know. You have seen some example, there are many more which is planned. That is why we are very confident of keep increasing the ARPU from here onwards also. I think the right metric to look at is ARPU and there has to be a good balance between revenue and data traffic growth. Yield is not a relevant metric, you know, at this scale for us because the cost of incremental yield production is negligible, you know. The right metric we are tracking is ARPU, number one. Number two, traffic. If traffic is growing 25%, revenue growing 12%, 13% is a very healthy mix. There used to be a time where traffic is growing 60% and revenue is growing 5%. That's not a good place to be in. Yield is not what we look at nowadays. Sukriti, on your CapEx question, if I can take it. I think there are two parts to it. One, the 32% of our full year guidance. I think that's a combined effect of, one, the consumption has gone up, so we need to bring in more CapEx to cater for it. The more important point is we made a conscious decision to spend the CapEx in the earlier part of the year, so that we will be able to get the full year benefit of the CapEx spending. In terms of our guidance, we are comfortable with the guidance for what we are doing today. Given 5G spectrum allocation will happen, we will monitor and we will re-review what will be our CapEx spending going forward. We will update if needed in the coming quarters. Understood. Thank you for that. If I could just quickly follow up also on the personnel cost questions earlier. Just wanted to understand if we continue performing well, should we expect? I mean, understand that the first three quarters last year were subdued in terms of performance. Should we, therefore, personnel cost was probably lower as a percentage of sales? Should we go back to where 2024 levels were in terms of percentage of sales figure? I think, with the expectation we'll continue to do well in the rest of the year, we will be happy to pay more, bonuses and incentives. What we are, booking in Q1 would be more representative of our cost base going forward, assuming we will continue to deliver a double-digit revenue growth. Understood. Very clear. Thank you so much, Pak Vikram and Pak Nicky. Thank you for the questions. One moment for the next question. Our next question comes from Piyush Choudhary from HSBC. Please go ahead. Yeah. Hi. Good afternoon. Congrats on the good set of numbers. good set of numbers. Three questions. Firstly, we saw ARPU improving sequentially. If I look at the mobile revenue, almost like a flat if I exclude the interconnection revenue, implying average subs is down. Could you elaborate what is leading to, you know, average subs down, and how are the trends in the month of April, and how is the trend for the churn rate? Second question is, what's the 5G handset penetration in our customer base? Thirdly, as, you know, AI, you know, cloud is scaling up, could you now share what is the return on invested capital for this segment? Thank you. Hi, Piyush, this is Vikram. I think if you look at, you know, quarter-on-quarter revenue also, this is historically, you know, generally quarter 1 is below quarter 2. Our B2C revenue, when you look at quarter-on-quarter, this is also, I think, close to 1% up. Overall, if I've understood your question right, we see a clear strong momentum, stable base, ARPU growing, and we see that trend continuing. What we need to keep in mind is this quarter was a full quarter of Lebaran. We need to make sure that, you know, how we can build on quarter 2, both revenue and ARPU better than quarter 1, that is what our intent is. You should wait for one more quarter. You will get a more clearer trend once we announce our H1 result. On handset penetration, we don't give the number exact, but I highlighted in my opening remarks, sometimes it is good to be late. 5G is a cycle where, you know, Indonesia as a country, you know, they just now today, the spectrum detail has also been announced. I must say it has been a very progressive thing which the ministry and Komdigi have done. The way they have structured it, the prices for spectrum on reference case to what has happened earlier, first time I see coming down significantly, which is very good for the industry. It will help us on the overall digital economy and the digital ecosystem which the country needs. It will help us on the 5G investment cycle. The penetration level is quite healthy. There were countries who were launching 5G without having 5G handset. I think we are in a good place. We don't disclose the exact percentage. Hi, Piyush, this is Nicky here. On the ROIC on unleveraged basis, it's around mid-teens. These, all these contracts, whether in respect of the one we have or the ones we are discussing, they come in with different terms and conditions. Like the GB200 we have, actually, we don't need to make any investment. We receive all of our investment upfront, there's no investment. If I assume that I have to make investment on day one, it would be the mid-teen number I'm talking about. Sorry, if you. Hi, Piyush, this is Bilal. On your question on ARPU trending, we stated here the average ARPU. One interesting data point for you would be that our Q1 exit ARPU is actually IDR 48,600. It continues to trend positively. You mentioned exit ARPU is IDR 48,6 00. Is that right? Correct. Okay. That's very strong. All right. Thanks a lot, thank you, Vikram. Thank you for the questions. As a reminder, to ask question, please press star one and one and wait for your name to be announced. We have a follow-up question from Ranjan Sharma of JP Morgan. Please go ahead. Hi, thank you for the opportunity again. On the upcoming spectrum auctions, is there any detail that you can share like on the reserve price? What are the frequencies that might seem interesting to you? I know there are some commercial sensitivities in play that you might not be able to say a lot. Is there anything that you can help us understand, like how the spectrums is going to be allocated? Thank you. Ranjan, this is Vikram. Today only, you know, I think, we got the detailed paper we are analyzing. Two key messages. One, the way blocking has been done, all the operator will be in a good position to get it. You know, if you go at a reserve price, you get one block. There is no need of too much of competing on paying higher price. It has been extremely well designed. First time I have seen, you know, so much forward-looking to support the whole digital economy. On the reserve price, we are still analyzing the number, but directionally the prices, if you look at the reference 700, if you put it to the reference of 900 or 2,600, if you put it to the reference of 2,100, I think the reserve price have come down by 60%-70%. First time we have seen that the ministry is focusing more on the whole developing the whole digital ecosystem instead of just focusing on spectrum. Spectrum always used to be highest, one of the highest price in the world. I think it is very impressive the way they have done this time. Okay. That is quite startling. It's good to hear. Can I request, I mean, if it's possible to share the document so we can analyze it as well? It will be available in public domain by tomorrow. You know, you just wait till tomorrow. I'm sure you will have access to such document. Okay. Thank you very much, and good luck. Thank you for the question. Desmond, can we have the next question? Certainly. We have a follow-up question from Sachin Mittal of DBS. Please go ahead. Thank you. Just a question on your AI Neo Cloud service, because you are consolidating into a separate segment. Just want to get some color. There is a talk about big shortage of software. Basically the whole data center, there's a big supply shortage. How do you stand? Now that you already have a contracted revenue, are you seeing the benefits in any form that can spill over to you, whether it's through revision in the pricing for those contracts or for the new contracts or any color that you can share? There seems to be complete shortage of AI-ready data center space. You know, the various, the high demand and supply shortage, how can Indosat benefit from it? Yeah. Sachin, thank you for asking this question. You are absolutely right. There is a significant demand and shortage of the whole supply chain ecosystem. One data point I can tell you, the first lot of H100, you know, which we had got, there were few customers which came for renewal. It was an annual contract. The prices have gone up by 25%, we are renewing customer of H100. First time this has happened. Earlier the prices was coming down because after H100, the B-series came, the Blackwell, and now we have Vera also. When we are renewing some of the H100 also, the prices have gone up. That shows how much shortage it is, and it will help us. I think what we are showing here is only the contracted customer where, you know, the revenues are all contracted. Nicky also highlighted, you know, because it has been very positive to our P&L from day zero, the way we have constructed this. We are seeing lot more demand and we are also considering how do we scale up this. With the scale going to next level, there are few options which we are looking at. I think within one quarter we will be in a position to give you more clarity. We have been able to get support on the whole supply chain. We have been able to close few more contract. We are not factoring all those things now. At the right time, we will come back to you on the update on that. I mean, does it mean that almost 100% of your ready capacity is on lease now or no, it is less than 100%? How do we think about, let's say in the, over the next few months, if not years? Over the years we know a lot of new capacity will come on stream. Over the few months, next few months? I think for next few months everything is all sold out and leased out. Okay. -small portion which is coming for us. What came for renewal, I told you know, there was a upside of 15%-20%. I think the other good news is the useful life. You know, we always thought that it is 5 year and we worked on 5-year depreciation. I think it is getting more clearer. The useful life is much more than 5 year. One of the customer we have contracted on H100 now, you know, is 5. When I look at the useful life of my H100 is very clear it will be 6 year for sure. That is another thing which we are seeing. Exactly, because CPUs are being used for inferencing, H100 should be good enough for inferencing. In fact, I think there's a chance of even longer life, right? 100%, but what I'm telling you is confirmed. People have contracted. Got it. Got it. There's extension of a useful life. That's also I think is very positive for the whole industry. Yes. Okay. Okay. Thank you. Thank you, Pak Vikram Sinha. Questions. We do have a follow-up question from Sukriti Bansal of Bank of America Securities. Please go ahead. Thank you for taking my follow-up. Just wanted to quickly understand on the Gemini partnership that you have with Google. This is right now a value-added service that you're offering. How should we think about any ARPU upside from this? Are you seeing any shift of customers from lower to higher value packs as a result of such a value-add service? Assuming this is not exclusive, do you expect other players also start launching something similar? What could be the potential impact of that? Yeah. Hi, Sukriti. So, you know, in terms of our approach, this is one of the product. We had start Anti-Spam and Anti-Scam, then we have Sahabat-AI. The point which is important to note is things which was not possible, especially on AI products which we are seeing now, is helping us on ARPU and also churn reduction. So my request will be, you know, let's see one more quarter. You will see more color on how it is shaping up. But for last three quarter, this is just one of the product. You know, if you look at our trend every quarter, there are AI application or product which is helping our customers. So we are very focused that, you know, whatever we launch, we are able to scale up, and it should be useful to our customer. That is helping us continuously on our ARPU journey and also churn reduction and also on increasing our high-value customers. Noted. Thank you, Vikram. That's very helpful and very encouraging to see the exit ARPUs also for 1Q. Just wanted to understand, most of the shift that we'll see in growth in ARPU that we are likely to see and are seeing will be, more customer shift to higher value products? Or are we actually likely to also see any headline price increase given the current macro environment? Look, overall, you know, what customer pay for our product is a fraction of a cost. You know, it is more than consumption. It is more primary. Last year, we saw lot of low-value customer optimizing. I'll say that has not fully recovered, but especially high-value customer and also mid-value, they continue to use more. This is what we are seeing in our network. That is why you see our data traffic growth also. Understood. Thank you. Bilal, do you want to add anything? No, absolutely. I think. It's both. Let me emphasize that it's early days, but through new services like Gemini, we see clear upside on ARPU. Such, we plan to have such significant launches on an ongoing basis, and that would be one of our drivers of ARPU growth. Understood. Thank you. Thank you so much. Questions? With that, I would like to hand the call back to the management for closing remarks. Okay. Thank you, Desmond. Thank you everyone for joining us on the call today. As always, if you have any further questions, please do feel free to reach out to myself. Otherwise, we'll speak to you again next quarter. Thank you, everyone. I conclude today's conference call. Thank you for your participation. You may now disconnect your line.