Good evening and good afternoon. Thank you for joining LG Electronics earnings release conference call for the third quarter of 2023. This conference call will start with a presentation on the earnings results, followed by a Q&A session, at which time, if you wish to ask a question, you will need to press star and one on your telephone. I would now like to hand the conference over to the first speaker. Good afternoon. My name is Sang-Bo Shim from Investor Relations. Thank you for joining LG Electronics Earnings Release Conference Call for the third quarter of 2023. With me are representatives of each business management division: Mr. Yi-Kwon Kim from Home Appliance and Air Solution, Mr. Jung-Hee Lee from Home Entertainment, Mr. Ju-Yong Kim from Vehicle Component Solutions, Mr. Dong-Chul Lee from Business Solutions. We are also joined by Mr. Sang-Ho Park from Global Business Management Group, Mr. Park from Corporate Business Management Division, Mr. Hyun-Seok Lee from Finance Division, and Mr. Hong-Su Lee from Accounting Division. Please note that all statements we will be making today regarding the financial results of the third quarter are subject to change in accordance with the results of the external review. I would also like to remind you that uncertainties in the market and changes in strategies may cause our results to be different from the outlooks and forward-looking statements made today. Today, I will outline the overall performance results of the third quarter of 2023 and the outlook for the fourth quarter. Then each division will take turns to deliver its business results and outlook. After that, I will share our ESG activities and achievements. Now, let me start with the consolidated financial results of the third quarter of 2023 and the outlook for the fourth quarter. Consolidated sales of the third quarter was KRW 20.7 trillion, and operating profit was KRW 996.7 billion. Despite the revenue impact from sluggish demand for TV and IT products, Q3 revenue grew year-on-year on the back of sound appliance sales and growth in vehicle component business. In particular, the Korean market drove the revenue growth amidst slowing demand by expanding revenue from appliance subscription-based rental and care service. Operating profit increased by a large margin year-on-year, with stable raw material prices in appliance and TV, enhanced efficiency in spending and operating leverage effect in vehicle component. I will now briefly review the third quarter performance of each business. H&A recorded KRW 7.5 trillion in sales, KRW 504.5 billion in operating profit, and 6.8% in profitability. HE recorded KRW 3.6 trillion in sales, KRW 110.7 billion in operating profit, and 3.1% in profitability. VS recorded KRW 2.5 trillion in sales, KRW 134.9 billion in operating profit, and 5.4% in profitability. BS recorded KRW 1.3 trillion in sales and KRW 20.5 billion in operating loss. Each business will later share its respective business results and outlook in detail. Let's move on to the profit and loss and cash flow of the third quarter. In terms of profit and loss, reflecting financial income and expense, equity method, gain and loss, other non-operating income and expense, corporate income tax and income and loss from discontinued operations, we posted KRW 485.2 billion in net income. Next, on cash flow. Q3 cash flow from operating activities was KRW 1.7 trillion, and cash flow from investment activities was -KRW 1.2 trillion. Accordingly, net cash flow was KRW 519.5 billion, when reflecting cash flow from financial activities of KRW 354 billion, cash balance at the end of Q3 came to stand at KRW 8.1 trillion, KRW 873.5 billion increase from the previous quarter. Next is the key financial position and indicators for the third quarter of 2023. As of the end of the third quarter, assets stood at KRW 61.9 trillion, liability at KRW 37.7 trillion, and equity at KRW 24.2 trillion. In terms of leverage ratios regarding liability to equity, debt to equity, and net debt to equity, we are maintaining a healthy financial condition. Now, the outlook for the fourth quarter. In terms of the business environment, continued monetary tightening in major countries, elevated international conflicts and unstable oil prices are expected to lead to heightened uncertainty in the global economy and intensified competition. We will secure growth momentum by accelerating changes to our business portfolio, including the shift to expand B2B business and continue efforts for profitability through preemptive risk management activities and enhanced operation efficiency. Q4 revenue is expected to grow year-on-year on the back of increased sales of major appliance products and growth in vehicle component business. We expect profitability to improve year-on-year at a time of year-end peak season promotions through efficient spending and inventory management. Now, let's move on to the third quarter results and fourth quarter outlook by business. We will start with HNA. Let me share the third quarter results of H&A. Though stagnant market demand and intense competition persist, revenue was maintained at similar levels to the previous year by strengthening focus on the volume zone and expanding new business areas, such as appliance subscription. Operating profit improved significantly year-over-year, despite increased marketing spending to preemptively address competition by maintaining stable operations in terms of material and logistics costs. Next is the outlook for Q4. Market uncertainties are expected to worsen with the sluggish global economy, prolonged slowdown in consumer sentiment, as well as the recent heightened geopolitical risk in Europe and the Middle East. Amid this environment, we will seek to enhance both revenue and profitability year-over-year by responding nimbly to shifts in demand in major regions and running stable operations regarding production and inventory management. I will share the third quarter results of HE. Sales declined year-on-year due to the geopolitical risk in Europe and intensified competition in the premium segment, but the level of decrease was reduced compared to the previous quarter, as we increased sales volume in responding to the peak season. Despite the cost pressure from rising LCD panel prices, operating profits improved by a large margin through profitability-based operations, including enhanced efficiency in marketing spending by managing channel inventory at appropriate levels. Now let me share the outlook for the fourth quarter. In the market, demand is expected to pick up compared to the previous quarter upon entering the busiest months of the peak season, but intense competition is expected to continue due to delayed recovery in global demand. Accordingly, we will seek to secure profitability by addressing peak season demand and spending marketing expenses efficiently based on optimized collaboration with retailers. Let me share the third quarter results of VS. Revenue grew year-on-year, thanks to increased sales of electric vehicle components following the continued growth in order backlogs. We achieved record high quarterly profit as the electric vehicle component business contributed more to profitability based on revenue growth, and improvements were made to the cost structure. Next, the outlook for the fourth quarter. Though there are concerns of a slowdown in global demand for vehicle components, along with slowing growth in electric vehicles, there are also expectations of rising demand for high value-add vehicle components based on the transition to electric vehicles. Accordingly, we plan to continue growing our top line and bottom line, year-on-year by doing our utmost to respond to demand in high value-add component projects and enhancing operation efficiency with the LG Magna e-Powertrain plant in Mexico. I will share the third quarter results of BS. Sales decreased year-on-year, impacted by delayed recovery in IT demand and slowing growth for Information Display business due to fiercer competition. Operating profit decreased year-on-year due to the drop in revenue for major products and the increase in spending for new businesses such as robot and EV charging. Now let me share the outlook for the fourth quarter. IT demand is expected to turn around by a small margin, but risks stemming from uncertainties in the global economy are expected to remain. Information display market is projected to maintain a growing trend, but the pace of growth may be somewhat subdued. We will pursue top line growth by expanding sales of new and strategic products and exert efforts to secure profitability through proactive actions to address B2B demand and efficient spending of resources. Last but not least, let me share our ESG activities and achievements. Under the theme of sustainable life joy for all, we presented premium appliances and energy solutions for sustainability of the planet and people at IFA 2023, Europe's largest exhibition of home appliances. LG Smart Cottage is a small modular housing incorporating our energy and HVAC technologies, as well as differentiated premium appliances. It is a housing model representing the pinnacle of energy-efficient technology, and we have established home energy solutions that enable energy production through solar panels, energy saving through heat pump-based heating, cooling systems, and energy storing through residential ESS. Through the Net-Zero Vision House, we showcase not only our energy-efficient appliances, but also a home energy platform that enables easy control of appliances via the ThinQ app, as well as monitoring of energy storage and consumption levels. We also unveiled the Universal UP Kit, which are attachable detachable accessories that help all consumers use our products easily, regardless of gender, age, or physical limitations. Recognizing our efforts to develop eco-friendly, energy efficient products, we made a record of receiving the most awards for 7 consecutive years by winning 9 main awards in the 26th Energy Winner of the Year, hosted by Consumers Korea and sponsored by the Ministry of Trade, Industry and Energy, Ministry of Environment, and Korea Energy Agency. 18 of our products won awards in the appliance sector at the 2023 Korea's Green Product of the Year, whose winners are selected by consumers directly. This was the largest number of awards won by a single company in the industry. We are also the only awardee to be acknowledged for the longest period of 14 consecutive years. Through our technology and financial support, we are making efforts to strengthen suppliers' ESG capabilities, manage a stable supply chain, and subsequently enhance manufacturing competitiveness. In addition to the existing Win-Win Growth Fund of KRW 200 billion, we formed an ESG fund of KRW 100 billion to enable suppliers to secure financing needed for ESG management with low or no interest. Suppliers are able to use the fund for activities to reduce greenhouse gas in the supply chain through carbon reduction, new low carbon technology, and transition to renewable energy. We are also holding events to identify and share best practices for improving productivity in manufacturing processes among suppliers in Korea and overseas to enhance suppliers' manufacturing competitiveness. We will continue to improve product and service competitiveness with differentiated clean technology and design to drive our vision of creating a better life for all. ...That brings us to the end of the third quarter earnings release and outlook for the fourth quarter. We will now take questions. Operator, please commence with the Q&A session. Now Q&A session will begin. Please press star and one if you have any questions. Questions will be taken according to the order you have pressed the number star and one. For cancellation, please press star and two on your phone. The first question will be provided by Ji-San Kim from Kiwoom Securities. Please go ahead with your question. Good morning. [Foreign language] My first question is about home entertainment, H&A. Can you share your thoughts and projections on the global home appliances demand of Q3 and Q4? When do you expect the home appliances demand to show a recovery, and how much recovery you expect in each region in the coming year? My second question is about vehicle component solution. Are you mass producing in Mexico factory? What is the quarterly and yearly sales target and estimate for the site? [Foreign language] Let me answer your question about HNA. There may be some differences per product and region, but we're expecting the refrigerator and washing machine demand to stay sluggish in the fourth quarter. However, we expect the global appliances demand to turn to a gradual increase from next year. [Foreign language] If I may add color per major regions: North America and Europe. North America may see income polarization and decrease in customers' disposable income. Such changes may lead to changes in consumption patterns, such as increasing demand in essential products with affordable prices, which can lead to low growth. However, there are also positive expectations stemming from economic stimulus, including potential decrease in interest rates, replacement demand in old housings and IRA, and so on. [Foreign language] In case of Europe, stagnant demand is expected to continue due to the prolonged geopolitical conflict, continuing economic recession and energy supply issues. However, we do expect partial growth in last year and high efficiency products due to replacement demand. [Foreign language] Giving more information on the Korean market, we expect the macroeconomic environment to remain not friendly to us, as next year's economic growth rate projections have been lowered. However, we would like to continue revenue growth by actively targeting the demand where we find potential, such as online, B2B, and rental market. Thank you. [Foreign language] Let me answer your second question regarding vehicle component solution business. In order to strengthen sales competitiveness and secure more business opportunities, we have set up a production facility in Ramos, in central Mexico, where many OEMs and auto part makers are located. [Foreign language] Mexico factory started mass producing in September after stabilizing the production process. [Foreign language] We are producing motors, inverters and converters in Mexico, and our future expectation is to respond to growing orders from North American OEMs other than GM. On top of that, we are expecting the possibility of supplying to Asian OEMs, willing to produce and sell EVs in the North American market. [Foreign language] For annual sales amount, about 20% level of LG Magna e-Powertrain sales is expected in 2024. Production capacity will be expanded according to an increase in order volume. So we believe the production Mexico factory takes up, the proportion Mexico factory takes up in the overall sales will gradually rise. Thank you. [Foreign language] Next question, please. The following question will be presented by Dong-Won Kim from KB Securities. Please go ahead with your question. [Foreign language] Yes, thank you for taking my questions. I would like to answer your question about HE business. In 2023, due to rising interest and other factors, customers' disposable income dropped and the prolonged geopolitical risk in our major market is making greater uncertainties in the business environment. As TVs are for people's entertainment use, it sells as more price sensitive compared to customers' income level. Therefore, not only master TVs, but also premium TVs are affected from the sluggish economy. As most of our OLED TVs belong to the premium segment, it is expected for our OLED TV sales to inevitably show a negative growth year-on-year. In terms of next year and mid- to long-term OLED TV demand projections, market research institutions like Omdia expect the growth rate to reach mid-teens from 2024. After, we expect high growth rate as transition from LCD to OLED will be accelerated. [Foreign language] LG Electronics, as a leading TV brand, would like to put efforts by expanding customer-centric innovation and differentiated customer competitiveness, and strengthen our leadership in the market so that we can further strengthen our number one market stance. Let me answer your second question regarding vehicle solution business. ...For year-end order backlog, we just see how the order intake unfolds for the rest of the year, but we expect to achieve near KRW 100 trillion by the end of this year, as we are successfully gaining new orders on the back of the strengthened product competitiveness and market position, and as LG Magna e-Powertrain is beginning to see the results of its strategy to expand customer pipeline. Yes. To break it down by business, infotainment takes up around 60% of the backlog, EV part mid-20%, and vehicle lighting mid-10%. The percentage of EV part in order backlog is expected to continue to rise, considering the high growth of the market and synergy made by LG Magna JV. Thank you. [Foreign language] Next question, please. The following question will be presented by Simon Woo from Bank of America. Please go ahead with your question. Uh, yeah. [Foreign language] Thank you for the opportunities. I have two questions, one for corporate-wide operation and the other for business solution business. Can you tell us about the current and future application of AI technologies to appliance and TVs that can be really experienced by customers? And where does LGE stand with AI operation and systematic operation, including cloud and how to, how to make AI learn from the experiences? So could you tell us about the operating system that you have and you are currently running? My second question regards business solution. Recovery in IT demand is being delayed. When do you believe the demand for laptops and PCs will hit a trough before making a recovery? Thank you. [Foreign language] First, let me answer your question regarding corporate-wide operation. LGE is enhancing user convenience and incorporating differentiation features with AI technologies. For example, we have introduced washers that identify fabric types and automatically program wash cycle, TVs that can optimize picture and sound quality according to content, and smart features applied with in-cabin driver monitoring system. LG is developing ambient computing technology that enables computing devices to recognize the surroundings and provide tailored service, services without user command based on generative AI technology. LG's ambient computing technology consists of three components: AI perception, that uses sensors to recognize the surrounding, AI brain, that reaches a conclusion based on inference and planning, and AI action, that takes action based on the deduction. ...Based on Ambient Computing technology of multiverse or ADAM platform, we aim to provide services that connect various spaces, including homes and cars, to further enhance user convenience and provide immersive experience. By doing so, we would like to transform ourselves from product and feature-oriented to contents-oriented company that can suggest new lifestyles. [Foreign language] For AI operational system, we are implementing machine learning operations system or MLOps, that improves AI model around the clock and developing self-learning algorithm, which serves as a basis for the system. We are working on advancing Edge AI technology to shorten the latency of interactive services, enhance cost efficiency, and protect privacy of customers. At the same time, we are pursuing to secure in-house developed, customized chip solution to unlock the full potential of Edge AI. Thank you. Yeah. [Foreign language] Let me move on to your second question regarding business solution. According to market research firms, the year 2023 will be the lowest point for global PC demand, and it will start to grow gradually from late 2023. [Foreign language] In line with this estimation, LGE expects to see a gradual recovery in demand in the fourth quarter of this year, starting from the advanced markets. However, risks coexist as inflation persists and recovery in demand is delayed by geopolitical instability. We plan to keep close eyes on the market development to respond with agility. Thank you. [Foreign language] Next question, please. The following question will be presented by Kang-Ho Park from Daishin Securities. Please go ahead with your question. [Foreign language] I have two questions, and my first question is on HNA business. The macro uncertainty is expected to continue in next year as well. This will lead to less consumption, and our customers may find more affordable products. This may be very favorable for Chinese market entering into the market. I would like to ask for your strategy to respond such circumstances, and if such circumstances continues, do you think you can continue acquiring high single digit profitability? My second question is on home entertainment business. When do you expect TV demand to show a recovery? And, how much recovery do you expect in 2024? [Foreign language] ...Let me answer your question about H&A. Chinese manufacturers have been rapidly expanding their market share in advanced markets such as North America and Europe through M&A. In addition, they were able to establish a leading stance also in developing markets. For instance, Russia-Ukraine conflict has been an opportunity for them to win the leading position in CIS countries. Also, such rapid growth is found in other markets such as Middle East, Africa, Latin America, India and other parts of Asia as well. It is expected for Chinese manufacturers to move a step forward from simply focusing on low-cost product-led growth and make investment in strengthening their brand power and building production sites. For instance, Haier is establishing its new plant in India, Hisense in Mexico, Midea is in progress in Brazil and Egypt. [Foreign language] Thus, LG Electronics is planning to go through a comprehensive analysis on our competitiveness and market condition per country, so that we can establish customized strategy for each nations and adjust priorities to make investments. In other words, we would like to select markets where we should focus more after analyzing the market size, the stance in the market, and Chinese manufacturers expanding pace in the nation. Afterwards, we would like to go through a comprehensive analysis on brand, product, cost competitiveness, and distribution coverage, so that we can categorize all nations and clarify short-term strategies and mid to long-term strategies for each countries. As the competition is expected to become fiercer in the existing home appliance market, it may be more difficult to keep profitability. However, we would like to keep the current profitability level by advancing our portfolio, such as focusing on our emerging products that can drive new growth, continuously strengthening B2B business and implementing new businesses. Thank you. I would like to answer your question about home entertainment, your TV demand recovery. Touching upon future projections, though there are uncertainties in the global macroeconomy and multiple unstable factors that can impact global demand recovery and consumer sentiment improvements, such as geopolitical issues in the Middle East. However, major market research institutes expect TV demand to show a recovery from next year, and such trend is expected to gradually but continuously continue from 2024. In order to take swift responses, LG Electronics is not only monitoring industrial demand forecast, but also establishing close cooperation system with our distributors. In order to overcome impact from macroeconomic environment and expansion sales in TV business, we would like to expand non-hardware businesses, including platform-based advertisement and contents business, and so on. Thank you. Next question, please. [Foreign language] The following question will be presented by Sung-Kyu Kim from Daiwa Securities. Please go ahead with your question. [Foreign language] Vehicle, Component Solution [Foreign language] [Foreign language] Thank you for the opportunity. I have two questions. One for Vehicle Component Solutions and the other for Home Entertainment. First, Vehicle Components Solutions business. Up until the second quarter of this year, it seems like the sales growth of the Vehicle Component Solutions has been expanding continuously. However, when you look at the profitability, it is actually below the market expectation. When you look at the third quarter results, you have made a significant improvement in profitability and OI has been reached at 5% level. Do you believe that this figure will be able to be maintained for the coming future? Will this be the expected margin level for the future? And do you believe that your business is on track with these numbers? And if it's possible, can you share with us the estimate of the profitability for the year 2024? My second question is about Home Entertainment business. As mentioned, Chinese manufacturers are currently expanding their market share and strongly targeting the mid-end segment, while your market share is on a decline at the moment. Under such circumstances, can you share your product positioning or differentiation plans to respond to such situation? [Foreign language] Let me answer your first question regarding Vehicle Component Solutions. There are short-term factors that influence our profitability. R&D investment for new project ramp-up rose as we have continued to post a high level of order intake that surpasses the growth in sales for several recent years. An investment in operation and production expansion increased. However, our fundamental profitability has been continuously enhanced. [Foreign language] We expect this trend to continue on the back of sales expansion, improve the project product mix, and enhance the cost structure across the whole operation, including SCM and production. The speed of profitability improvement, however, is likely to be gradual, since we continue to make preceding investment for newly signed projects to respond to high order intake being achieved at a speed faster than that of sales growth. Despite this challenging circumstance, annual profitability is likely to improve year-over-year in 2024, and a figure higher than mid-single digit is expected in mid to long run. Thank you. [Foreign language] I would like to answer your question about HE business. In 2023, we are seeing an increasing demand in mid- to low-price product lineup due to interest rate hike and economic recession in the global economy. However, our analysis shows that sales dropped despite hike in volume, because Chinese manufacturers' low-price models' entry to the market eventually dragged the ASP downwards. We are translating this as a simple sales increase by selling products with low ASPs, rather than creating customer value that we're seeking through delivering differentiated products. LG Electronics believe that the market and our customers has the right answer. Therefore, we'd like to seek for customer value and competitiveness through taking a so-called servitization perspective, where device, platform, and services are all combined together. For this, we will continue providing quality content and expand webOS based on our strong smart TV sales, over accumulated 200 million, launch of the world's first wireless OLED TV, and so on. This will allow us to implement the so-called servitization that can overwhelm our competitors. Thank you. [Foreign language] Next question, please. The following question will be presented by Hyung-Woo Park from SK Securities. Please go ahead with your question. [Foreign language] Thank you for taking my questions. I have two questions, and my first question is about H&A business. Did you see any meaningful enhancement in your cost structure, such as logistic cost cuts in the third quarter? Also, it would be very appreciated if you can share your projections on the possibilities of additional cost cuts of the fourth quarter and the coming year. My second question regards vehicle component business. United Auto Workers is on strike against GM, Ford, and other U.S. automakers, and it seems like it may last a long time. According to the earnings release of other secondary battery makers, the strike is focused, mainly focused and concentrated on factories producing internal combustion engine. Does that mean that it would impact LG's business? Are you seeing an impact on your auto part business in specifically? If so, what is your plan to overcome this hurdle? [Foreign language] Let me answer your question about H&A business. In the third quarter, we were able to witness improvement in profit and loss year on year through stable operations stemming from costs and expenses, including logistic costs and material costs. In the fourth quarter, we expect that the sea shipment bidding will lead to additional logistic cost drop, and this may eventually contribute to overall cost reduction. To elaborate more on cost projections on 2024, we are currently reviewing our plans in order to establish our business target for the next year. As we expect that additional marketing spending is inevitable due to stagnated demand and fiercer competition, and there are also concerns on increase in raw material costs and logistic costs due to oil price hike and global trade recovery. Yeah, [Foreign language] Here, we would like to make improvements in material costs by going through renegotiations on major parts and raw material costs based on our volume and undergoing system optimization. In addition, we would also like to minimize impact of price hikes through reallocating strategic shipment companies per region to deal with increasing logistic costs and having differentiated strategies for negotiations. Furthermore, we would like to enhance production efficiency through a wider application of smart factories, reduce fixed costs, improved productivity of partners and investment support and equipment, so that we can secure cost competitiveness, which will eventually improve cost structure of 2024. Thank you. Yeah, [Foreign language] Let me answer your question regarding Vehicle Component Solutions business. We are not sensing any drop in orders placed by GM, Ford, and Stellantis factories that we have been working with, and we believe that there will be no significant impact to our business because of the recent strike. [Foreign language] To our knowledge, GM, a key customer for infotainment business, is responding to the situation by revising production plans by factories to prepare for the possible deterioration of the situation. LGE is already equipped with a flexible system that can meet any change in OEM's production plan. [Foreign language] For powertrain business, most of our supply to GM, GM and Ford are concentrated on factories located in Mexico, and even if the situation worsens in the U.S., its impact to our business will be limited. We do our supplying to North American factories for Stellantis, but the probability of the situation sinking to the worst is estimated to be low. We, of course, are making preparations for potential risks, including the strike lasting longer than expected. We are closely communicating with OEMs and monitoring order trends by their factories. We'll continue to respond with agility by keeping eyes on the progress of the negotiation and changes made by OEMs. Thank you. [Foreign language] Next question, please. The following question will be presented by Rok-Ho Kim from Hana Securities. Please go ahead with your question. [Foreign language] Thank you for the opportunities. I have two questions. My first regards corporate-wide operations. What is your outlook for business in 2024? It seems like the business environment for the next year is going to be very difficult for LGE. Will sales grow? And what is your estimate for operating profit? My second question regards business solution. Companies are getting very reluctant to invest in infrastructure, and this may lead to a lot of difficulties for information display business. How would demand for information display unfold, and what is your short term and mid to long term strategy? Thank you. Let me answer your first question regarding corporate-wide operation. Uncertainties in the business environment are likely to be sustained into 2024. Economic slowdown and geopolitical risk in major markets persist, while a delay in demand recovery is working against our favor as it pushes up competition and marketing expenditure. However, at the same time, increasing demand for HVAC products and the expansion of EV component market will give a boost to our business. To respond to the circumstance, in line with the growing polarization in consumption behavior, we will vigorously pursue results in premium and volume zone appliance segments, where demand tends to be stronger. We will work on recovering sales of TV business by strengthening all its TV sales based on enhanced product lineup and expanding platform business. Sales of EV components and EV-based high value-added products will be expanded to drive sales in 2024. In terms of profitability, stable profitability will be secured by enhancing operation, cost efficiency and cost structure as we preemptively respond to changes in oil and logistics price, and other factors that may push up cost and expenses. We'll continue to improve business structure to offset the high in the first half, low in the back end pattern by further growing B2B, non-hardware business and online sales, while improving regional portfolio. Thank you. Let me answer your second question regarding information display business. As you mentioned, due to the worries over the global economic slowdown, companies are taking conservative stance with infrastructure investment. This is negatively impacting our B2B business to a certain extent. Despite the difficulties, we plan to maintain sales growth momentum by not only offering products tailored to main verticals, but also identifying opportunities for total solutions that connect software, platform, and services. LGE's ID business maintained an average of 7% level of growth per annum for the past five years. However, the diversification of displays and intensifying competition calls for an innovative real change. Accordingly, HE would like to move out of hardware-centric business and identify new solutions that meet needs of diverse customers and markets to bring changes to our market position and the way we do the business. Yeah, [Foreign language] In mid- to long-term, to respond to ever-expanding cloud environment, we'll strengthen our capabilities in software and service and identify new business model to incubate a new growth engine. For digital board, a growing business specialized in education vertical, we plan to enhance its competitiveness by internalizing in-house grown core solutions. For LED Signage, to achieve a top-tier market position, we aim to strengthen competitiveness in every possible aspect, including development, production, quality, and sales. Thank you. [Foreign language] Next question, please. [Foreign language] Currently, there are no participants with questions. Please press star one, star and one to give your question. [Foreign language] That brings us to the end of LG Electronics earnings release conference call for the third quarter of 2023. For further questions, please contact the IR team. Thank you.