Welcome to Nanya Technology's 2023 fourth quarter earnings conference call. All lines are in a listen-only mode. The conference will be held only in English for investors around the world. Today's conference will be approximately 60 minutes. Nanya Technology's President, Dr. Pei-Ing Lee, will summarize all operations in the fourth quarter of 2023, followed by our guidance for the next quarter and key messages. Then Nanya Technology's Executive Vice President, Dr. Lin-Chin Su, Vice President, Mr. Joseph Wu, and Financial Executive, Mr. Philip Jao, will join us as we open our Q&A session. Today's presentation materials are available for download at Nanya Technology's website at www.nanya.com. As usual, we would like to remind everyone that today's discussions may contain forward-looking statements that are subject to significant risks and uncertainties, which could cause the actual results to differ materially from those contained in the forward-looking statements. Please refer to the safe harbor notice that appears in our presentation materials. Now I would like to turn the call over to Nanya Technology's President, Dr. Pei-Ing Lee, for the summary of operations and current quarter guidance. Dr. Lee, please proceed. Ladies and gentlemen, welcome to Nanya Technology Q4 investor conference. I'm Pei-Ing Lee. Today, what I would like to report to you... Okay, today's content of my report is first started with Q4 revenue and results, and the overall 2023 revenue results, and followed by CapEx and shipment, market outlook, and conclude by business review and outlook. For revenue results, of Q4 2023, our net sale comes to TWD 8.704 billion, compared to Q3, TWD 7.736 billion, is an improvement of 12.5%. Gross profit, a loss of -TWD 1.188 billion, versus loss of TWD 1.953 billion. Also, some improvement of about 10%. Okay. For operating income, net loss of - 4 billion versus Q3 of 4.34 billion. With EBITDA - 196 million, non-operating income of 521 million TWD, and income tax benefit comes to 1.041 billion TWD. For Q4, the net income is a loss of 2.488 billion TWD, which is very similar to Q3, and we will explain in the next few folio about the background behind all these numbers. Earnings per share for Q4 is a loss of 0.80 dollars per share, and the book value per share comes to 53.88 billion. I'm sorry, 53.88 dollars per share. For quarterly revenue results, Q-to-Q, revenue up by 12.5%. Year-to-year, compared to Q4 of 2022, also up by around 10%. Shipments are increased by low teens, and compared to a year before, it's increased by high thirties. Okay. ASP increased by low single digits, and compared year-to-year, it's decreased by low twenties. Exchange rate increased by low single digit, versus year-to-year, increased by a low single digit. For a little bit more detailed result comparison, the net sales is improvement of 12.5%, and this is, as a result, of the shipment increased by low teens and ASP increased by a low single. Both are improving. And exchange rate are low single digits. The gross profit loss of TWD 1.188 billion, compared to a loss of TWD 1.953 billion, is an improvement of TWD 765 million, and also percentage-wise, improvement of product quarter-over-quarter, about 10%, 11.6%. And this is due, mainly due to, increase in ASP and also, lower equipment idle costs. We still have some equipment idle, but compared to Q3, it's relatively lower. Operation expense, 2.862 billion NT dollars versus Q3 of 2.387 billion NT dollars. This increase of TWD 475 million, mainly due to, we had to spend more money on R&D, try to enhance our new product and new technology implementation. Operating income, a loss of TWD 4.05 billion versus Q3 of loss of TWD 4.34 billion. And decrease, this is basically this, the last two numbers combined. And the net income is loss of 2.488 billion versus loss of 2.505 billion, and the net loss decreased by 70 million. But the reason behind it is exchange rate fluctuated quite a bit on Q4, which is unfavorable for TWD 673 million NT dollars. This is accountable for a big percentage of net loss at the end, come to almost even, plus R&D expense that we're spending more. Okay? So income tax favorable by TWD 404 million NT dollars. For our operating expense on the left-hand side, our SG&A expense for Q4 is TWD 648 million, which is in the normal range. Okay? For R&D expense, as I explained just now, the R&D expense comes to TWD 2.214 billion, which is, compared to Q3, a bit of an increase. Our cash flow situation, beginning balance for Q4 of this year or of last year, is TWD 60.474 billion, with the cash from operating activity of + TWD 733 million and capital expense of TWD 2.189 billion, and financial activity - TWD 49 million. At the end, the balance comes to TWD 58.969 billion. We are in a cash flow outflow situation, but the company still had some net cash. At the bottom of this table here, the net cash for Nanya, with the cash above - the short-term debt, we still have net cash of about TWD 47.8 billion. For the situation for the cash flow for the whole year, beginning of 2023 is TWD 73.593 billion, and the cash from operating activity is - TWD 5.9 billion, and capital expense, -TWD 13.245 billion. And with the financial activities and others, this including short-term loan and also a dividend distribution, but net is a positive of TWD 4.55 billion. At the end of last year, comes to a balance of TWD 58.969 billion. Okay, now is, for the whole year revenue and result. The net sale for the whole year, 2023, TWD 29.892 billion versus 2022, TWD 56.952 billion, is a year-to-year drop of 47.5%. Okay, and mostly this is coming from ASP decline, okay? With the shipment, it's only a small percentage variation. Gross profit for the year are TWD 4.483 billion loss versus 2022 of TWD 21.342 billion positive profit. Okay, it's a pretty big change, okay? Operating income comes to a loss of TWD 14.46 billion versus 2022 of profit TWD 11.002 billion. Okay, and non-operating income, income tax, everything all come together. The net income is a loss of TWD 7.448 billion versus the profit of TWD 14.619 billion of 2022. And earnings per share is a loss of TWD 2.4 per share, versus a profit of TWD 4.72 per share. And And book value also comes down from TWD 58.41 down to TWD 53.88. For a little bit detailed comparison, for net sales, the main reason for net sales dropping is ASP decreased by 40s, okay? Shipment decreased only mid-single digit, okay? Exchange rate is favorable by high single digit, okay. Growth from year-to-year point of view, but the quarter-to-quarter, Q1 and Q3 is pretty significant unfavorable. Gross profit-wise, gross margin, loss of TWD 4.483 billion versus TWD 21.342 billion of profit. Year-to-year is a gross profit drop of TWD 25.8 billion, mainly due to ASP and shipment, slightly shipment decrease. Operating expense is about very similar, and operating income, instead of profit of TWD 11 billion, comes to loss of TWD 14.46 billion in 2023. Net income comes to loss of TWD 7.48448 billion. And the change is mostly due to gross profit decrease and some minor change of exchange rate change and income tax change. For CapEx and shipment situation, on the left-hand side of the chart, the CapEx for 2023 comes to TWD 13.2 billion. This is below the board approval of TWD 18.5 billion. We had about TWD 4.4 billion of expenditure has been deferred to 2024. And for CapEx estimate for 2024 will be approximately about $20 billion, and this is still subject to board approval. And we are planning around the $20 billion, the CapEx will be around 50% is the equipment spending. Bit shipment, 2023 shipment decreased by mid-single digit, and we are expecting 2024, the shipment likely to be increased compared to very low at 2023, comes to about 20% more year-to-year. And the production output may gradually resume normal level. For the market outlook, first of all, DRAM demand is expected to improve quarter by quarter, with the demand growth from HBM driven by AI and also the transition from DDR4 to DDR5. Price rebound already happening in Q4 last year, and is likely to continue in 2024. However, growth market recovery are exposed to geopolitical tension, including European War and U.S. China trade conflict, and this is continuing to need to be observed. The momentum we are expecting, improvement, rebound. However, the momentum of rebound will very much depend on global economic situation. Supply side. Suppliers accelerated the production of HBM and high density DDR5, which will help normalize the inventory of DDR4 and low power DDR4. And DRAM market are expected to restore balance in 2024. And inventory continue to destock by quarter as a supplier, also supply, separates capacity and CapEx. For the server market, AI server is favorable and is a very good triple point for the demand. And IT spending for U.S. cloud service provider is key to recover. And this is the point to be continued to observe quarter by quarter. Okay? Mobile market, new, new smartphone ignite some, DRAM content growth, and high-end market will also migrate to AI, AI mobile phone. The Chinese economic recovery also important to mobile market and, Chinese, mobile market recovery remain very crucial to this sector of business, and we already seeing some improvement, okay, in the Chinese, mobile market. For the PC market, inventory gradually normalize, and in the future, AI PC may stimulate high-end, PC market. For the consumer market, demand for IP camera, networking, industrial, and, also automotive application are relatively healthy, and consumer market has a good chance of, to be recovering in 2024. For that, let me conclude with the business review and outlook. For Nanya, Q4 last year, net loss of TWD 2.48 billion. EPS of loss of TWD 0.8 per share. For the whole year, last year, net loss of TWD 7.448 billion, and EPS is loss of TWD 2.4 per share. For the market, DDR5 conversion and destocking of DDR4 and low-power DDR4 help improve ASP. Overall demand in 2024 may improve gradually and still subject to geopolitical uncertainty. 2024, the production output may gradually resume normal level. For Nanya, our second generation, 10nm-class product in the 8Gb DDR4 and 16Gb DDR5 will be in volume production this year. And we also will be designing a high density, low-power DDR4 and low-power DDR5. That's upcoming for the future year. Nanya is selected as Dow Jones Sustainability Index, as well as Emerging Market Index. For that, thank you for your attention and let's come to question and answer. Yes. Thank you, Dr. Lee. Ladies and gentlemen, before we begin the Q&A session, I would like to remind everyone to limit your questions to two at a time, to allow more participants an opportunity to ask questions. We will begin taking questions from dial-ins, and for webcast participants, please message your questions with your name and company name to Nanya operator in the chat box. Now, for dial-in participants, please press star one on your keypad if you would like to ask questions. To cancel your questions, please press star two. As a reminder, it is greatly appreciated that you turn off the speakerphone mode of your device, to prevent possible echo effect. We thank you for your cooperation. Now, please press star one on your telephone keypad if you would like to ask questions. Thank you. The first one to ask questions, Haas Liu from UBS. Go ahead, please. Hi. Hi, Dr. Lee. This is Angela on behalf of Haas Liu, and thank you for taking our question. So the first question I would like, like to ask is regarding your expectations on pricing. I know 4Q pricing had a low single-digit uplift, but it seems like you are tracking behind your industry peers. So could you discuss the reason behind this? And separately, do you expect the pricing trend in your DDR3 and DDR4 business to catch up in 1Q? Oh, okay. The ASP for Q4 last year, we had single-digit improvement. We are expecting our improvement will be gradually better quarter by quarter, and likely this will happen in Q1 and Q2 quarter by quarter. Nanya is behind our peers in HBM and DDR5, okay? However, HBM is still a small percentage of overall demand and therefore is not suitable for Nanya to get in. However, Nanya is preparing our 16 Gb DDR5 and to be production this year, okay? Hopefully, that will also make improvement in our value-added product portfolio. Okay. On your pricing expectations for DDR3 and DDR4? At this moment, all sectors seems to be improving in ASP, that's including DDR5, DDR4, and DDR3. And as you can probably already know, that DDR5 and DDR4, the improvement is better than DDR3 for now. Okay? But this is actually going to be pretty dynamic, depends on the each product's demand and supply. DDR3 also has different, different density, okay? And also application of industrial, automotive is also different. Okay, so we are expecting that all these sectors will have gradually ASP improvement. ... Well, thank you. That's very helpful. My next question is on your expectations on when you would expect the business to reach operating breakeven. So, your 4Q gross margin was -14%. Factoring your expectations on gradual pricing and utilization recovery, when do you think gross margins and operating margins will be back to profit? Of course, we would like to have a breakeven situation happen earlier, the better, okay? And we are working on middle of year, potentially by month, we can come to breakeven point, okay? And hopefully, the second half of the year, we will be profitable, resume profitability. And that's again, that's a target, okay? And that may change if the market momentum become better, and hopefully that will be sooner. And if the market momentum is slowing down for any reason, it will be changed from that dynamically. Okay. Okay. Yeah. Thank you so much. I'll be back in the queue. Next one to ask question is Anthony Lau from Yuanta. Please ask your questions. Dear Dr., Dr. Lee, thanks for taking my questions. I have three question about... The first one is, we have about like 20% growth of the business in this year. Is it, is it mainly contributed from new products or new clients, or just because, we saw some recovery from the current clients? This is my first question. The business of improvement, we expecting 20% or more this year. That's for several reasons, okay? The very first reason is that, at the end of 2023, the market demand is actually pretty poor, so the baseline is at very low, okay? So that's a base, low baseline, likely we will have some improvement. Okay? And that market downtrend is actually started in already two years, okay? So the baseline to start with for this year is at a pretty low stage. Okay? That's one reason. And second reason is, we're going to have new product introduction that's including DDR5, low-power DDR5, and a new technology introduction, our second generation process technology as well. Okay? Also, we are expecting the market has a potential of improvement from its very low baseline situation. I see. It's really helpful. So when we talk about the DDR5, will it contribute to our sales or top line in the second half of this year? And is this mainly targeted to PC or like server application? Thanks. We are targeting to have some contribution in the second half of this year. We will, of course, start it with the PC and then also server market. Okay? This DDR5 application is mainly in this area. However, as time goes on, the consumer market will shift from DDR3 to DDR4, as well as DDR5, and we will have complete product portfolio to cover consumer market as well. So, do we have any, like, target or about the DDR5 shares in our top line in this year, next year? The end of this year, hopefully, our target is for more than 10%. That's we, we working hard for that, monthly. I see. Okay, so my last question is, talking about the inventory trend. Will our inventory, I mean, Nanya Tech inventory, will go down until end of this year, or maybe it will still increase, maybe second half of this year because of the seasonality? The inventory, if it's measured by the number of days of shipment, likely that will have some improvement for this year. It's really helpful, and now we're back to the queue. Ladies and gentlemen from dial-in, we are now in Q&A session. If you have a question, please press star one on your telephone keypad. Thank you. Please press star one on your telephone keypad if you would like to ask questions. Thank you. Next one, we have Simon Woo from Bank of America. Go ahead, please. Yeah, great. Thanks, Dr. Lee. Happy, happy New Year. Yeah, very quickly, could you update your fab utilization ratio, and then, when you're gonna start the, maybe increasing the utilization ratio and then when it will reach 100%? Thank you. Our UTI ratio in Q3 and Q4 are still underutilized. In Q1, we are expecting that to continue to improve. And this is very, very much depends on our product portfolio and market sector, and seeing the improvement, we will have opportunity to reduce the production cut. And our inventory situation and production cut situation is a little bit different from the big supplier. They had mostly the market sector is in high density DDR4, high density, low power DDR4. For us, we are much more distributed in a different product sector and different product situation. So we are expecting our utilization to be improved in Q1, and hopefully our equipment idle cost will be reduced very significantly in Q1. You mean the cost of reduction? No, no, I mean the, I mean the equipment idle. When you, when your equipment is underutilized, those equipment that is idle, you still need to take, take charge, take the, take the cost. Okay? Take charge for their, say, their depreciation. Also, the, you have to maintain the operation, everything. Those has to be continued to be charged. So that's what we call idle costs. Yeah. Okay. So roughly Q3, Q4 last year, your UTI was around 80%, because previously you mentioned that you are about 20%. Yeah, yeah. Okay. It was dynamically, but yeah, it was running 10%-20%, and coming lower and lower by now. And then when you input the new wafer, and how long it gonna take to get the wafer output these days for DDR4 and then DDR5, roughly, sir? Three months is enough, or... Front-end and back-end combined, probably, probably, three months or so. Probably every company is very similar. Three months from wafer input to get the packaged product. Get to the market. Yeah. Every company is slightly different, maybe between 2 and a half to three months, depends on how priority you prioritize. Mm-hmm ... your plan. Yeah. And then one quick thing, you know, some people saying Chinese company, CXMT, really ramping up their 17 nano node, which can be considered maybe 19 nano node for maybe ex-China memory makers. Do you feel the China domestic guys DRAM production, capacity expansion, growing a lot, and also their actual production volume also growing a lot? I'm not supposed to comment other company's operation. But the street talk that I heard is that, yes, they are very aggressive. Okay? And also from the market, analysts did report it out as well. Okay, so I think the important point to make is that, first of all, they are very concentrated on domestic market. And second, so far, they are still not sufficient product portfolio. And third, also they may also experiencing some quality or yielding situation, the growing pain that is quite normal for all the industry. Okay? And so overall speaking, it from Nanya business concern, I don't see that Nanya is singularly or solely impacted by the Chinese producer, okay? Their impact is actually global to all suppliers. Okay? Particularly, they are so interested in big market, mobile market, mobile phone market in China. China has quite a bit of mobile phone companies, suppliers. Their demand in the mobile memory is quite high, and Nanya is not in that business. Okay? That's the business Nanya would have not been putting much focus. We are putting in more of the application-specific situation, the application-specific mobile usage. Even though if it's in mobile phone, it will not be the main memory they are using. Yeah, very, very clear. Yeah. Okay. Oh, by the way, one investor asking whether you're going to pay the dividend. Sorry if I missed your comment on dividend, but you can pay dividend based on the 2023 results? We are losing money, so we have to still come to discuss with our board, okay? And Nanya will also, even though we have some cash on hand, we also need to put in a lot of focus on R&D, put in a lot of focus on future new generation of technology and product introduction. So we have to be careful on using our cash as well. Yeah. Okay? So, but anyhow, this is, we will discuss this more with our board members. Yeah. Sorry, but some investors are asking questions through me, not mine, but roughly 60% of your revenue is still consumer DRAM, still? Yeah, roughly. Yes. Not much changing. Yeah. And that consumer sector now is mostly DDR3 and gradually shipping to DDR4. Any rough idea, mix DDR3 versus DDR4 for current- Right now, right now, probably, 60/40, and in a trend of going down more. Yeah. You mean the 60% DDR3? Yeah, yeah. Whereas just the 40% DDR4. Yeah, yeah, roughly speaking. Yeah. It's different from, say, different density. Yeah. For example, 8 Gb, there's no DDR3 8 Gb, very little can supply. Yes, there are some, but very little supply, mostly DDR4. Yeah. So, okay. Then, your DDR5 will start from second quarter then, this year? We hope to have some customer sample toward the end of second quarter. The end of second quarter. Yeah. Meanwhile, so DDR3 portion is bigger than DDR4? Yes, slightly bigger than DDR4. DDR4 is, percentage is improving. Yeah. All clear, Sir, Dr. Lee. Thank you very much, sir. Yeah. Next one to ask question, we have Jay Kwon from JP Morgan. Go ahead, please. Dr. Lee, Happy New Year, and thanks for taking my questions. I have a couple of them. Actually, my first one is about your 1A nanometer and 1B nanometer wafer input. How much is it in terms of a mix as of Q4? And also, do you have any target by end of the first half and second half? And I do have more follow-up. Thank you. Okay. We already ramped down 1A technology. We no longer, the production for 1A has been stopped because the market do not need additional capacity. So we are putting focus on move to 1B technology. And, we are expecting, of the second quarter, we will have some, a more input on 1B technology. Thank you. My second question is, you talked about the wafer equipment CapEx to be up, in 2024. May I ask, what was the mix in 2023? It, you did mention about different CapEx. I just want to check about that first. Oh, we also spent some cash in terms of construction, okay, and facility, and also some CapEx for the new technology conversion. Okay? So our equipment is roughly in 2024, we are expecting its equipment cost will be around 50% of our plan. Let's say, supposedly, we plan for TWD 20 billion, will be on TWD 10 billion will be equipment spending. Understood. Thank you. And my next one is, within your major, the consumer market focus, are you specifically more optimistic in terms of the demand between the multiple end industries, like the networking, industrial and automotive? You laid out multiple ones, and those are recovering, but, are there any specific industries that you are more optimistic about? And if so, any reasons why? I think in general speaking, the consumer market, such as the IP camera, such as industrial, also the TV sector, we are seeing it coming from very low baseline as well. Okay. So that's the. We're seeing some improvement in those area. So we're expecting consumer market to be better, because it has been very bad. Okay? And that's the situation that we are expecting that to be improving. Sector-wise, It's been relatively getting relatively healthy now. Okay. Thank you. I'll go back to the queue. Ladies and gentlemen, we are still in Q&A session. If you would like to ask questions, please press star one on your telephone keypad. Thank you.... Please press star one on your telephone keypad if you would like to ask questions. Thank you. Ladies and gentlemen, gentlemen, we thank you for your questions. Now we will move on to webcast Q&A session. Dr. Lee, please begin. Okay. Okay, our first question coming from SinoPac Securities, Stanley. Any plans for HBM-like memory? The HBM-like memory is a second step for Nanya Technology. We will start it with three D integration of basically TSV integration for high density RDIMM first, okay? And HBM, like, why Nanya is not putting priority focus is that not because Nanya do not have capability of doing HBM. Nanya did have experience of designing and also cooperating with a international company to build HBM-like memory before. So we do have experience on designing HBM. We have experience in on high I/O, we have experience on large density of TSV, okay? And however, HBM the overall market size now is still less than 2% of market size. With the all three big supplier, which is the leading company, they are all taking a full speed to go into HBM market. And likely, that's not the market that Nanya should put in too much priority and resource to work on that market yet. However, we will prepare our 3D integration, the TSV, DDR5, okay? And the product is currently under our design and will be test. The product will be piloting middle of this year. Okay. That is, DDR5 with a TSV capability, and the goal is not for HBM. The goal is for high density RDIMM. Revenue contribution percentage of DDR3, DDR4. I just read the same that we have some low power DDR3, low power DDR4, or even low power DDR2 business. That is accountable for around, say, 15% of our sales, and then - 15%, 85% is probably six to four ratio right now. But that ratio is changing, as I just explained just now. And the second question is, anywhere... And are there any consumer product already migrating from DDR3 to DDR4? Yes, yes. As we just discussed a lot, okay? And it's migrating from eight to two to seven to three to six to four, and could be more, okay? As a matter of fact, there are certain areas that require higher density memory for consumer, mostly those using DDR4. For instance, the 8 Gb requirement, mostly using DDR4. The next question from Fubon, Richard. The question is, has NTC started developing DRAM stacking technology? Yes, I just commented on that. And we did have some experience before. We have some product testing way back, so we do have some experience, and we have some equipment also. However, we will not be focusing on HBM, but instead focusing on high-density RDIMM first. Any fundraising plan for 2024? At this moment, we don't have an immediate plan yet, but we will see the future requirement for fundraising, okay? That's yet to be discussed. And as I reported just now, Nanya still have net cash of over TWD 47.8 billion, okay? We still have net cash, so it's not in hurry to do fundraising for now. However, if there's any other requirement that demand us to do fundraising, we would gradually consider the need for that. The next question, Shin Kong Life by Mandy. And the question is: Previously, you mentioned the QoQ growth of Q1 2024 shipment. Any change of the narration? The shipment for 2024, we are expecting gradually improve quarter by quarter, okay? And that's, as I explained in the very beginning, memory sector, the demand is actually at a very low stage, and it will come in from very low stage. So there's some expectation of more shipment, plus the new product introduction. Likely, we will see that to happen. Okay. And so we are, we're expecting Q-to-Q growth in Q1 2024. The next question from Pro Capital, Vincent. Q1 2024 big growth. Yeah, we, we're expecting big growth, but the exact number, well, I don't have the number. We will work hard to get some big growth. And 2024 depreciation and R&D expenditure. Okay, our depreciation typically comes to around NT$ 1.3 billion. 1.3 billion TWD per month depreciation in 2024. And that depreciation number will gradually begin to decline. Okay? Will be declining down to around 10 billion, one billion and then 800 million over next, the next, two to three years. Okay? And the R&D expenditure, our R&D expenditure will likely to be increased from 2024 compared to 2023. Will be increased by 5%-10%. That's our expectation. The next question from Sansik from JP Morgan. As the SP is expected to move up Q-to-Q in the first half of 2024, do you expect inventory revaluation gain? Because we haven't taken any inventory valuation loss, our inventory is still all about our cost structure. So, we will not be... We didn't take loss, so there's no revaluation gain either. Right? Okay. Can you make up? Okay, and please share about NTC's inventory and customer inventory. When do you think they will be normalized? It's going to be normalized as we speak, quarter by quarter right now. And right now, the inventory situation is already improved quite a bit from, say, Q2, Q3 last year. However, from a big supplier point of view, and us as well, the inventory is still high, and we will see that continue to improve. And we expect that well, situation will help quarter by quarter. There's a good chance that, the situation could become, if you say, normalized, likely in the second half this year, will, will be very normal. And then, the next question, also from Sansik: Could you share Nanya revenue mix by end market exposure, for instance, mobile, PC, and consumer? And, the mobile is around, say, 10%-15% or so. PC and server is, is around our 20%, and the rest are consumer. Okay, that's the end of the questions. Thank you, Dr. Lee. That concludes our conference call today. Please be advised that the replay of the conference will be accessible within three hours from now, which will be available through the Nanya Technology's website at www.nanya.com. We hope you will join us again next quarter. We thank you for your participation and have a wonderful day. You may disconnect now. Thank you and goodbye. Thank you.