Good morning, this is Brian Heo, in charge of LG Display's IR. On behalf of the company, let me thank all the participants at this conference call. Today, I'm joined by the CFO, Sung-hyun Kim, Hee-Yeon Kim, Senior Vice President of Corporate Strategy Group, Seung Min Lim, Vice President of Corporate Planning, Ki-young Lee, in charge of Business Intelligence, Daniel Lee, in charge of Large Display Marketing, Chang Won Kim, in charge of Medium Display Marketing, and Son Ki-hwan, Vice President of Auto Marketing. The conference call will be conducted in both Korean and English. Please refer to the provisional earnings release today or the IR event section in the company's website for more details on the financial results of Q3 2022. Before we begin the presentation, please take a moment to read the disclaimer. Please note that today's results are based on consolidated IFRS standards prepared for your benefit and have not yet been audited by an outside auditor. Let me start off with our business performance in Q3. With worsening macroeconomy in Q3, panel demand fell more sharply than expected. With sluggish sales by set makers, large inventory reduction, and stronger standards for inventory operations. In Europe, the biggest market for OLED TV, consumer confidence contracted rapidly following the Russia-Ukraine war and energy crisis, pulling down actual set sales to the negative territory. Demand reduction has been most pronounced where the company is strongest, in high-end TV and IT, and our business performance in Q3 underperformed our guidance. Revenue in Q3 was KRW 6.771 trillion, up 21% QOQ, but down 6% YOY. There was growth in shipment of IT products that have been affected by lockdowns in our Chinese production bases last quarter and growth in shipment of mobile and wearables. LCD panel price kept declining. There was operating loss of KRW 759 billion. Aside from soft sales of large OLED, there were accelerated decline in LCD panel price and delay in supply of new mobile models. Operating profit margin in Q3 was -11% with EBITDA margin at 6%. There was net loss of KRW 774 billion. Next is area shipment and ASP trend. Area shipment in Q3 was 7.68 million square meters, decreasing 2% from the previous quarter. There was decrease in shipment mainly in OLED TV and monitor products. ASP per square meter was $675, going up 19% QOQ. This is due to the increase in portion of smartphones and wearables. The company's production capacity in Q3 decreased 3% QOQ as the exit strategy for domestic LCD TV fab picked up speed. Next is revenue breakdown by product segment. TV panels accounted for 25%, down 6 percentage points QOQ. OLED panel shipment decreased and LCD panel price continued to decline. Share of IT panel was flat QOQ at 45%. There was decrease in monitor panel shipments, but also recovery from shipment disruptions resulting from Chinese lockdowns in Q2. Mobile and others were 30%, up 6 percentage points QOQ, with growth in shipment of smartphones and wearables. Next is the company's financial position and ratios. The company's cash and cash equivalent was KRW 3.264 trillion, staying above the KRW 3 trillion line. Inventory was KRW 4.517 trillion, decreasing by KRW 205 billion QOQ. As for the main financial ratios, debt-to-equity ratio was 181% and net debt-to-equity ratio 84%, both up QOQ. Next is cash flow. The company's cash and cash equivalent at the start of Q3 was KRW 3.669 trillion. It decreased by KRW 405 billion and stood at KRW 3.264 trillion at the end of Q3 after all that investment and net loss in the quarter. Let me now move on to guidance for Q4 2022. Market volatility and uncertainties are expected to persist, but the effect of seasonality in response to year-end demand in Q4 will push up area shipments QOQ by a low- to mid-single-digit%. ASP per square meter is also expected to climb up by mid- to high-single-digit%, thanks to increase in new mobile product launches. Next is presentation by the company's CFO, Sung-hyun Kim, on operational strategy. Good afternoon and good evening. This is CFO Sung-hyun Kim of LG Display. The display market remains subdued as a result of soft set sales and large inventory reduction, as well as tighter criteria for inventory management. The company has pursued business upgrade in the past three years, but it was challenging to overcome the severe demand downturn and high market volatility. From a conservative perspective that accommodates a prolonged business downturn, the company will deal with the situation even more seriously with a tighter response based on more stringent operation standards. Given the company's financials, we will place the utmost priority on recovering our financial soundness. We will keep up the business upgrade activities while accelerating business realignment. 먼저 재무건전성 회복을 위해서 고강도의 실행 계획을 추진하겠습니다. 첫 번째로 LCD TV 출구 전략 가속화입니다. 경쟁력 차별화의 여지가 크지 않고, 시황에 따른 성과 변동성이 과도하게 확대된 LCD TV 부문은 국내 7세대 TV 팹 생산 종료 계획을 기존 일정 대비 앞당기고, 중국 내 8세대 TV 팹 생산도 단계적으로 축소하여 LCD 출구 전략을 신속하게 추진하겠습니다. 보다 적극적인 LCD TV 출구 전략을 통해 자사가 집중하고 있는 OLED로의 구조적 전환을 더 빨리 실행하도록 하겠습니다. We will first implement high intensity action plans to recover financial soundness. First is accelerating LCD TV exit strategy. For LCD TV, where there are little room for differentiated competitiveness and excessive performance volatility depending on market situation, we will pull up the timing of terminating production in Gen7 TV fab in Korea. We will also gradually reduce production in Gen8 TV fab in China to speedily move ahead with our LCD exit strategy. The company will accelerate our shift to OLED through more aggressive exit from LCD TV. 두 번째는 투자 및 비용의 과감한 축소와 효율화입니다. 당사는 재무건전성이 획기적으로 개선되기 전까지 당분간 필수 경상 투자 외에는 투자 및 운영 비용을 최소화할 계획입니다. 우선적으로 올해 Capex는 연초 계획 대비 1조 원 이상 축소시켜 감가상각비 수준에서 집행하고자 합니다. 내년 이후에도 Capex는 Cash Flow 기준으로는 EBITDA 수준, 발주 기준으로는 필수 경상 투자 중심으로 감가상각비의 절반 수준에서 집행될 수 있도록 기존 계획을 재검토하였습니다. 경비 운영 또한 보수적 관점의 경영 시나리오 하에 보다 강화된 기준으로 설정하고 관리해 나가고 있습니다. Second is bold reduction and higher efficiency in investment and cost. The company will minimize investment and operation cost, except for essential ordinary investment, until when our financial soundness is improved significantly. We will reduce Capex by over KRW 1 trillion from the plan early this year to keep it within D&A level. We have also revisited our existing plan so that from next year and on, Capex will remain within EBITDA in terms of cash flow, mainly limited to essential ordinary investment to keep it at half the level of depreciation and amortization. For expenses, the company will also allocate and manage them under more stringent requirements from a conservative management scenario. 네 번째로 재고 또한 최소 수준으로 관리할 계획입니다. 3분기 말 재고는 전분기 대비 소폭 감소한 4조 5천억 원이나, 연말까지 1조 원 이상을 추가적으로 축소하여 적정 재고 이하로 관리하고, 생산 역시 이와 연동하여 과감하게 조정하고자 합니다. Third is managing inventory at the minimum level. Inventory at the end of Q3 was KRW 4.5 trillion, slightly lower QoQ, but we will reduce an additional KRW 1 trillion by the end of the year to keep it below the adequate level. Production will also be boldly adjusted in linkage to inventory. 재무건전성 회복을 위한 최우선 과제로 추진함과 동시에 사업 구조 재편 또한 보다 가속화하겠습니다. High-end LCD와 OLED 중심으로의 사업 구조 고도화를 지속적으로 추진하고, 수급형 사업의 변동성을 최소화할 수 있도록 수주형 사업으로의 전환을 가속화하여 안정적 수익 구조 확립 및 미래 사업 포트폴리오를 강화해 나가겠습니다. As we place the utmost importance on recovering financial soundness, we will also accelerate business realignment. We keep upgrading our business structure with more focus on high-end LCD and OLED. We are also accelerating our move to order-based business to minimize volatility coming from supply-demand dynamics to secure a stable revenue structure and strengthen our future business portfolio. 사업 부문별 전략 방향을 말씀드리면, 대형 제품군은 실수요에 기반한 운영 체제로 전환하고, 제품 및 원가 경쟁력 강화를 통해 수익성 확보 기반을 마련하고 질적 성장에 집중하겠습니다. 초대형 OLED 외에도 게이밍 등 고객 가치 기반의 차별화된 제품을 확대하는 등 Life Display 사업 영향을 확대해 나가고자 합니다. 다만 내년까지 매크로 불확실성이 지속된다는 보수적 전망 하에 보다 철저한 기준으로 사업을 운영해 나가도록 하겠습니다. In terms of strategic orientation for each business segment, in large panel products, the company will shift to an operational structure based on real demand. We will strengthen our product and cost competitiveness to secure the basis for profitability and focus on qualitative growth. In addition to ultra large OLED, the company will broaden its Life Display business by increasing differentiated products based on customer value, such as gaming. Under the conservative outlook that macro uncertainties will persist until next year, we will manage our business under tighter criteria. 중형 제품군의 경우 차별화 기술과 탄탄한 고객 구조를 기반으로 한 주요 수익 사업 부문이었으나, 범용 제품 영역은 LCD TV와 연동되며 변동성이 커지고 있습니다. 이러한 환경 변화에 대응하여 고객 관계를 더 강화하고 하이엔드 제품 중심의 사업 집중 전략을 보다 강화해 가고자 합니다. 먼저 차별화된 경쟁력을 보유한 하이엔드 모니터와 노트북의 점유율 확대를 통해 실적 변동성을 축소하겠습니다. 또한 2024년 양산 예정인 태블릿 OLED를 시작으로 자사가 경쟁력을 지닌 대형 OLED 기술 기반의 모니터도 준비하고, 향후 노트북 OLED까지 확대하는 등 중장기적으로 중형 사업의 포트폴리오를 더욱 강화해 나가겠습니다. Medium products used to be an important revenue source based on differentiated technology and a strong customer pool. General use products are increasingly showing volatility in connection to LCD TV. Against this backdrop, the company will strengthen its customer relations and strategy of concentrating on high-end products. We will first increase market share in high-end monitors and notebooks, where the company already has differentiated competitiveness, with the goal of minimizing business volatility. The company will prepare monitors based on its competitive large OLED technology, starting with tablet OLED, which will go into mass production in 2024. We will also broaden into notebook OLED. Our goal is to keep strengthening medium OLED business portfolio over the mid to long term. 소형 부문에서는 수주형 성격의 사업 역량 강화를 통해 사업을 보다 안정화시키고, 차세대 기술 적기 준비를 통해 미래 사업 주도권을 확보해 가고자 합니다. In small OLED, we will further strengthen our capability in order-based business with an eye towards stabilizing business operations and preparing the next gen technology at the right time to take initiative in future businesses. 오토의 경우 OLED와 LTPS LCD 등 각 영역에서 차별화된 밸류를 제공하는 고객 맞춤형 전략을 실행하며, 리더십을 공고히 하고 글로벌 OEM의 신뢰를 확보해 가고 있습니다. In auto, the company is solidifying its leadership and winning global OEMs' trust by running customer specific strategy that provides differentiated value in each category like OLED and LTPS LCD. 지난 몇 년간 당사가 오토 사업에 투입한 노력의 결과가 가시화되면서 올 하반기부터는 오토 사업 부문에서 선행 투자의 성과들이 보다 확대되고 있습니다. 앞으로도 차별화된 고객 가치 제공을 통하여 미래 초격차 성장 사업으로 육성해 나가고자 합니다. The company's hard work over the years in auto business is now bearing fruit, with growing achievements coming out of our early investment. We will keep developing our auto business to be the overwhelming leader in the future by providing differentiated customer value. 앞서 말씀드린 재무건전성 회복 방안과 사업 구조 재편화 가속 전략을 통해 안정성을 확보하고 미래 사업 포트폴리오 고도화를 이루어 가도록 하겠습니다. The company will try to secure stability and upgrade future business portfolio through the aforementioned financial soundness plan and strategy to accelerate business realignment. 최근 LCD 패널 가격의 변화에서 일부 긍정적인 시그널이 나타나고 있으나, 이와는 별개로 당사는 계획한 경영 전략의 실행을 강도 높게 추진할 것입니다. 내년에도 어려운 사업 환경이 지속될 것으로 예상되고 있습니다. 냉정한 현실 인식을 바탕으로 환경 변화에 맞춰 전략 과제들을 재정비하고 실행력을 높여 다시 도약하는 모습을 보여드릴 수 있도록 최선의 노력을 다하겠습니다. 감사합니다. Some positive signals began to emerge recently from changes in LCD panel price, but the company will still keep up the strong drive to implement our business strategy. The challenging business environment is expected to continue into next year. The company will realign its strategic tasks in line with the changing environment and heighten its execution to position ourselves for another leap forward. Thank you very much for your attention. 이상으로 2022년 3분기 주요 실적 내용 발표를 마치겠습니다. 다음은 질의응답 시간을 갖도록 하겠습니다. 오퍼레이터께서는 질의응답 안내 부탁드립니다. That brings us to the end of earnings presentation for Q3 2022. We will now take questions. Operator, please commence with the Q&A session. 처음으로 질문해 주실 분은 Daiwa Capital Markets의 김성규 님입니다. The first question will be presented by SK Kim from Daiwa Capital Markets. 안녕하세요. 질문 기회 주셔서 감사합니다. OLED TV 쪽 질문 하나랑 자동차 쪽 관련 질문드리겠습니다. OLED TV 관련해서는, 지금 OLED 시장에서 OLED TV가 이렇게 턴어라운드 하는 게 무엇보다도 회사 입장에서 중요한 걸로 생각이 되는데요. 최근에는 OLED TV 라인 가동 중단, 일부 감산, 이런 기사도 있었던 것 같습니다. 그러면 지금 회사에서 보시기에 OLED TV 사업이 물론 지금 상황이 되게 안 좋지만, 이게 언제쯤 턴어라운드, 좀 의미 있는 턴어라운드가 가능할지, 또 이를 위해서는 I have one question about OLED TV and another regarding auto business. Now first, I would say that it would be very important for the company to achieve turnaround in the OLED TV business. Recently there have been some news about the suspension of the OLED TV line or production cuts. For the company, when does it expect to see a meaningful turnaround in the OLED TV business? And of course, I do understand that the market is currently quite struggling, but when does the company believe that there can be a turnaround in OLED TV business? And what are the conditions that you believe will enable such a turnaround? The second question is, the CFO also mentioned this briefly in the presentation about how, in the auto business the company will be seeing meaningful achievements in the second half. If you could share more details regarding such achievements. For example, what would be the order backlog in auto business and also any developments related to OLED. Regarding the large OLED business, it will be Daniel Lee in charge of Large Display Marketing who will respond to the question. Now, as we all know, there is the macroeconomic crisis that is ongoing, and there is also the assumption that the Russia-Ukraine war will perhaps last longer than initially expected. There were also some thinking that it would be inevitable and for us to adjust the utilization. In order to not undermine the value of OLED. We would, for the time being, be maintaining our capacity in line with the real demand in order to enhance our cost competitiveness. For the remaining lines, we would also be utilizing them to broaden our business in such areas as Life Display and also for other development purposes. Regarding the TV business, we will be upwardly adjusting the utilization rate later on as we monitor the real demand development. We will also try to broaden our products that offer differentiated value like gaming, as was also mentioned during the presentation. This is Hee-Yeon Kim, Senior Vice President of Corporate Strategy Group, and I would like to make additional comments regarding OLED. Now of course, there is the macro situation that has dampened demand, but also in addition to that, when we look at the overall market, then in terms of the TV, out of the total TV European market takes up only about mid- to high-teens% level. For the company, for the company's OLED TV, Europe actually takes up over 45%. Given the Russia-Ukraine war, the OLED TV demand in Europe has shrunk considerably. This has also affected the sales of the company's OLED. Not knowing when the Ukraine-Russia war is going to end, we, the company, judged that it would be best to hedge our risks. We believe that once the European situation improves, then our OLED sales will also pick up. 네, Auto Marketing을 맡고 있는 Son Ki-hwan입니다. Auto 관련된 질문에 대해 답변을 드리도록 하겠습니다. This is Son Ki-hwan, Vice President of Auto Marketing, responding to your question about the auto business. 먼저 수주 잔고에 대해 말씀드리겠습니다. 구체적인 숫자를 말씀드리기 어렵지만 2020년까지의 수준은 약 2조 규모였지만, 2021년, 2022년에 들어서 수주는 약 4, 5조 규모로 대폭 성장을 이루었습니다. OLED 프리미엄 LTPS LCD의 견고한 수주 활동을 통해 2021년 수주 잔고 대비 2022년 수주 잔고는 약 40% 성장하였습니다. Now, regarding the order backlogs, please understand that I am not at liberty to give you the specific numbers. In 2020, the order backlog was around 2 weeks, but now in 2021-2022 period, it had moved up to around 4-5 week level. In 2020, it was around KRW 2 trillion, and then in 2021, 2023, it was around KRW 4 trillion-KRW 5 trillion. On the back of strong sales efforts for both OLED and a premium LTPS LCD, the order backlog has gone up by about 40% in 2022 YOY. 특히 전체 수주 잔고에서 OLED의 비중은 2021년 약 30% 수준에서 2022년 약 45%로 사업의 포트폴리오가 안정적이고 견고하게 OLED로 쉬프트되고 있습니다. 현재 OLED 양산 제품에 신규로, 현재 프리미엄 OLED OEM향으로 약 네 개에서 다섯 개 정도의 신규 OLED 프로젝트를 안정적으로 개발 진행하고 있습니다. For the order backlog for OLED. Now in 2021, its share was about 30%. In 2022, it went up to 45%. We see that there has been a stable and steady shift in our business portfolio towards OLED. Now, in terms of the OLED mass production to the premium OEM, we are currently preparing about 4-5 new OLED. 다음 질문 받도록 하겠습니다. 다음으로 질문해 주실 분은 삼성증권의 장정훈 님입니다. The next question will be presented by Junghoon Chang from Samsung Securities. 안녕하세요, 삼성증권의 장정훈입니다. 질문 기회 주셔서 감사드리고요. 저도 두 가지 질문 좀 드리겠습니다. 하나는 패널 가격 동향에 대한 부분들, 또 하나는 IT 패널과 관련된 부분을 문의드리고 싶은데요. 일단 패널 가격과 관련돼서 한 10월 들어서 TV 중심으로 패널 가격은 소폭 반등을 보이고 있는 상황이긴 한데, 세트 업체 입장에서 보면 지금 패널 가격이 낮아져서 소폭 반등함에도 불구하고 수요에는 적극적이고 있는 것 같지 않아 보입니다. 그래서 회사가 보시기에 전반적으로 이 수요에 대한 부분들을 어떻게 해석하고 계신지, 아울러 그랬을 때 가격 동향은 향후에 어떻게 흘러갈지에 대한 회사 측의 전략적인 판단이 계시면 공유를 부탁드리겠고요. 두 번째는 IT 패널과 관련돼서 저희가 IT 패널 사업 영역 비중이 전사 비중에서 상당히 커졌는데, 최근에 역시 노트북 업체들의 비즈니스 플랜은 계속적으로 보수적으로 가고 있는 상황으로 지금 파악되고 있습니다. 저희 입장에서 봤을 때 IT 수요의 회복과 더불어서 IT 패널 가격 또한 반등의 기미를 볼 수가 있는지, 있다면 언제쯤, 아니라면 어느 정도까지 이 상황이 지속될 수 있는지 여러 상황 조건이 있겠지만 그 부분에 대한 설명을 주시면 도움이 많이 될 것 같습니다. 감사합니다. I have some questions about the panel price and then the IT panel. Now, in October, we see that especially for the TV, the panel prices have begun to rebound. For the set makers, regardless of the panel prices being down earlier, the demand, so in their case, the demand is not really picking up very actively. How does the company currently see the developments in demand? What is the company's projection for demand? With regards to the price trends, what is the company's forecast? The second question is about the IT panel, and we see that the IT panel's share out of the company's total business continues to rise. We see that the notebook companies still maintain quite conservative business plan. When the IT demand picks up, then does the company also believe that the IT panel would begin to rebound as well? If not in the near future, then when does the company believe that will happen? If you could share this information with us, that would be helpful. 패널 가격 관련해서는 BI 담당해서 말씀드리도록 하겠습니다. This is Ki-young Lee in charge of Business Intelligence, responding to your question about panel price. 최근 중국향 LCD TV 패널 가격이 일부 긍정적인 변화 시그널이 나타나고 있습니다. Now recently we are seeing some positive changes in the LCD panel price, so the prices of the LCD panels going to China. Well, the situation in the market is that there is still oversupply, but in order to ensure survival, the panel companies have begun to increase the prices, and we believe that this attempt will continue. Still the demand for this year and next year will remain weak due to the worsening macro environment. Given the dampened real demand, the rise in the panel prices, there are a lot of questions on whether this will be sustainable. In terms of IT as well, the demand is expected to recover after the second half of next year. The price competition among panel makers is expected to continue. At the same time, the situation where it is lower than the cash cost cannot continue. We also believe that there is going to be some self-adjustment efforts by the industry. For example, restructuring or production cuts, and this will serve to reduce supply. Now when there is still a high level of demand uncertainty, if there is no large scale adjustment on the supply side, then the panel prices will remain weak. The next question will be presented by Won-seok Jeong from Hi Investment & Securities. I have two questions. The first is about the LCD exit strategy. The presentation mentioned the shutdown in the Gen 7 TV fab in Korea, and also the Gen 8 TV fab in China. Can the company share with us the timeline for the shutdown? And at the time, and also in relation to the shutdown, will there also be one-off costs incurred? The second question is now for the large OLED TV. We see that the demand remains quite sluggish. Of course, nobody knows when the Russia war is going to end. Can the company share with us some guidance for the shipment of large OLED for this year and also for next year? This is Hee-Yeon Kim of Corporate Strategy Group, responding to your question about the timeline for the capacity reduction. Now, we would be reducing 130,000 from P7 and 80,000 from Gen 8. For P7, this will be pulling up the timeline by about 6 months to 1 year from the original schedule. For Gen 8, the production cut would also occur around the same time. Some are already underway and some will take place, but please understand that it is difficult for us to give you a fixed timeline at this time because we are undertaking this in discussion with the customers as well as related stakeholders. With regards to the questions that you might have about the milestone as well as the one-off cost, then, we would have further discussions with the customers as well as the employees and try to share with you through IR within the year. This is Daniel Lee from Large Display Marketing, responding to your question about the guidance for large OLED shipment. I'm sure that we all know that the TV market environment continues to be sluggish. In the customer's mind, we believe that the value of the OLED TV is already firmly entrenched. Although the market has been struggling, we see that in terms of year-over-year growth, it continues to grow, and also the company's market share continues to increase. In terms of the panel shipment, we are expecting negative growth this year YOY, due to the sluggish real sales in Europe and also adjustment by the set makers. Looking ahead to 2023, the inventory adjustment through the distribution channels, and the set makers will come to a near completion by then. We believe that that is going to reduce the gap between panel shipment and set sales. In 2023, the guidance for panel shipment would be about 7 million. The last question will be presented by Han-Soo Kim from Hana Securities. I have some questions about the OLED IT panel. For the medium panel, it was mentioned earlier that the company is also responding to the OLED penetration in the medium panel. What about the smartphone market and mobile market? Does the company also believe that there would be a similar increase in the OLED penetration as we are now seeing in the medium panel? What is LG Display's view regarding the OLED penetration? Also there was announcement last year of about KRW 3.3 trillion investment in Gen 6 IT. What is the execution of this planned investment so far? Are there any plans for additional investment to be made for the customers in North America? Regarding the question about IT OLED, this is Hee-Yeon Kim from Corporate Strategy responding. First, let me touch upon the growth potential of the IT OLED market as well as its value. IT OLED는 모바일 OLED, TV OLED에 이어서 시장을 만들어 나가고 있기 때문에 모바일과 TV를 중거점으로 보면, 볼 수 있다고 보고 있습니다. Now, for IT OLED, it is also shaping the market following the mobile and the TV OLED. I would say that the mobile and the TV market is serving as the basis for the IT OLED as well. 모바일의 경우 다기능의, 그, 핵심 역할로 인해 PO의 penetration이 약 사십 프로에 다-달하고 있는 반면, TV의 경우는 OLED penetration이 오 퍼센트 수준에 머무르고 있습니다. Now, for mobile, because of the multifunctional characteristics in terms of the PO penetration, it is close to 40%. In case of TV, the OLED penetration is only at 5%. IT OLED의 경우는 모바일 디바이스의 성격과 유사한 흐름으로 갈 것으로 보고 있기 때문에 저희는 모바일의 흐름을 쫓아서 간다고 보고 이 부분에 집중하고 있습니다. For IT OLED, we believe that it would roughly follow the developments or the characteristics of the mobile devices. We are carefully keeping up with the mobile trends in relation to IT OLED as well. 다만 소비자의 payment scheme이 분할 3년 등 약정으로 분할되어 있는 모바일과 달리 IT의 경우는 one-time payment이기 때문에 그런 구조들을 고려해 봤을 때 value는 높으나 소비자의 고온과 수용도 등을 놓고 봤을 때는 모바일 대비는 그 비중이 하회할 것으로 보고 있습니다. When we look at the customer payment scheme, in mobile there is usually a three-year installment payment. In the case of IT, usually it's a one-time down payment. So, although the value is high, perhaps the acceptability on the customer side might be lower in IT than in mobile. IT OLED의 양산 스케줄은 저희가 공지 드렸고 소통 드린 내용과 on track하고 있는 상황입니다. 그리고 추가의 어떤 내용에 대해서는 현재, 고객들과 다양한 논의를 하고 있지만 구체적으로, 진행되고 있는 것은 없습니다. Regarding the mass production schedule for IT OLED, we have already given the announcement, and we are on track with this announced schedule. In terms of additional developments, we are currently in discussions with customers, but nothing concrete to report yet. 더 이상 질문이 없으시면 이것으로 마치도록 하겠습니다. 이상으로 LG Display 2022년 3분기 실적 설명회를 마치도록 하겠습니다. 참석해 주신 분들께 감사드리며, 추가 질문이 있으신 분들은 IR팀으로 연락 주시기 바랍니다. 감사합니다. If there are no further questions, we will now close Q3 2022 earnings conference call. Thank you once again for joining us today. Please do contact us at the IR team for any additional questions. Thank you.