Hello, ladies and gentlemen. Thank you for standing by for KE Holdings Inc.'s second quarter 2022 earnings conference call. At this time, all participants are in a listen-only mode. Today's conference call is being recorded. I would now like to turn the call over to your host today, Mr. Matthew Zhao, IR Director of the company. Please go ahead, Matthew. Thank you, operator. Good evening and good morning, everyone. Welcome to KE Holdings Inc., our Beike's second quarter 2022 earnings conference call. The company's financial and operating results were published in the press release earlier today and are posted on the company's IR website, investors.ke.com. On today's call, we have Mr. Stanley Yongdong Peng, our Co-founder, Chairman, and Chief Executive Officer, and Mr. Tao Xu, our Executive Director and Chief Financial Officer. Mr. Peng will provide an overview of our strategies and business developments, and Mr. Xu will provide additional details on the company's financial results. Before we continue, I refer you to our safe harbor statement in our earnings press release, which applies to this call as we will make forward-looking statements. Please also note that Beike's earnings press release and this conference call includes discussions of audited GAAP financial information as well as audited non-GAAP financial measures. Please refer to the company's press release, which contains a reconciliation of the non-GAAP measures to comparable GAAP measures. Lastly, unless otherwise stated, all figures mentioned during this conference call are in RMB. With that, I will now turn the call over to our Chairman and CEO, Mr. Stanley Peng. Please go ahead, Stanley. Thank you, Matthew. Hello, everyone. Thank you for joining Beike's second quarter 2022 earnings conference call. In the second quarter, on a proactive easing policies for the industry and effective pandemic controls, China's real estate transaction market saw a series of positive changes, especially in the existing home market. Meanwhile, improved our platform's operational efficiency and stability in the scale of our stores and agents, as well as their productivity. The internal and external environment we live in remains full of challenges. Macro-uncertainty continues to increase and our businesses are becoming more diverse and complex as we advance our one body, two wings strategy. Faced with such a complex internal and external environment to command and control our diversifying businesses, our organization need to have deeply-rooted beliefs. At the center, with that, we need to believe service providers, the real estate agents, renovation workers and foremen, designers, customer service representatives, rental housekeepers, they are our customers and our valuable assets. In times of market corrections, our tried and true practice over the years is to seek any answers from industry's front line, finding strengths from the day-to-day work of ordinary service providers. This is even more necessary today because we face market adjustments with greater than usual magnitude, and the scale and complexity of our organization have also reached a new level. First, going to the front line will help us to avoid the potential big company disease as we grow in scale. By our management and platform teams connecting with those we serve as equals instead of from the top while the front line remains at a distance, we can bring everyone's heart together and establish a true understanding among one another. Second, we need to be of help to our front line. To be an industry-internet platform requires deep industry insights. It's only through our complex, complete industry immersion that we can leverage the advantage of the platform, formulate useful rules and mechanisms, and develop helpful functions and products. To that end, close to half of the 147 middle and senior management members on the Beike platform, myself included, spent one-two months working on the front line over the past few months as a junior agent, interior designers or rookie housekeeper. Going back to the front line has filled our organization with energy to fulfill our mission of admirable service. Prompting us to again think about how to truly help our service providers improve their productivity, job security, and enhance their sense of happiness at work. It has also urged us to streamline our process and get our organization lean. At the same time, by going to the front line, we are more convinced that the endeavor of our positioning to become the industry's spokesman. Our opponents are not the other high quality providers in the industry, but all the low quality service providers that hurts the industry's reputation and customer experiences. We will make the industry better by accelerating the elimination of these subpar players. Going to the front line, we have gained more confidence in our one body, two wings strategy. Our infrastructure foundation, the agents in store network in the communities is already completed. Like a high quality road, is now open for more vehicles, based positioning us as a full living service platforms, providing a complete range of services, including home purchase and sales, home rental, home renovations, and other home-related services. Moving on to our progress in the second quarter with our one body part, existing and new home transaction services. At the end of the second quarter, the number of stores and active stores on Beike's platform was over 42,800 and 41,100, down 6% and 4% quarter-over-quarter, respectively. At the same time, the number of agents and active agents on our platform was over 415,000 and 380,000, respectively, with a moderated quarter-over-quarter decline of 3% and 0.4%, respectively. The number of stores and agents in most cities stabilized in the second quarter with the churn rate for Lianjia agents dropping to just 1%-3% in Beijing and Shanghai. Non-Lianjia stores active agent churn rate fell to only 5.6% in June, significantly better than the industry average of over 12%. In cities where existing home showed a stronger recovery trend on our platform, such as Suzhou and Fuzhou, the number of agents even started to grow. Total MAUs on Beike's platform reached 43 million, up 8% quarter-over-quarter. Our existing home transaction services continue to outpace the market. According to data from the Beike Research Institute, nationwide GTV of existing home sales dropped 45% year-over-year in the second quarter. Whereas GTV of existing home transaction on Beike's platform was RMB 393.5 billion, down 40% year-over-year, of which existing home sales declined 41%, outperforming the market. Throughout the second quarter, the year-over-year decline of our existing home GTV continued to narrow from 41% in April to 17% in June. In 21 out of 32 Beike key cities, existing home GTV exceeded the average 2021 level in June. The frequent release of easing policies in second- and lower-tier cities brought the pent-up repressed home upgrade demands back to the market, and spurred the recovery of existing home market in these cities, reflected in our Q2 existing home transactions. GTV of non-Lianjia's connected stores increased by as much as 33% quarter-over-quarter. In Beijing and Shanghai, effective pandemic controls firmly took root in June, and we saw transactions recover rapidly and return to normal levels in the final weeks of the month. Our firm's investment in infrastructure and products has supported a more stable network of stores and agents and a higher operating efficiency, allowing us to substantially outpace the market in the recovery cycle. On the infrastructure side, we constantly iterate our fair and competitive platform operation mechanism to motivate and retain high-quality service providers. In the second quarter, we optimized our business leads allocation mechanism to prevent cheating and enhance the sense of fairness. We also iterated our business lead matching model to make it more accurate and the operation more focused. In terms of operations, we continue to refine our operations of existing home sales that center on home listings, improving home listing maintenance, listing promotion and conversion effectiveness. For Lianjia, this year, Lianjia has focused on improving operations to solidify the foundation for quality services and organizational development. In the second quarter, we rolled out several initiatives. First, we reduced number of loss-making stores through more granular management and by establishing single store P&L models. As a result, the proportion of loss-making stores in Lianjia's 20 pilot cities dropped by significantly 80% from January. Secondly, we further improved Lianjia's agent productivity by establishing a five-A productivity management model to enhance overall management perspective and capabilities. Apart from Beijing and Shanghai, in the other 27 cities, Lianjia agents versus connected stores agents per agent productivity ratio expanded by more than 21% from the 2021 level. Thirdly, Lianjia agents actively participated in community pandemic prevention services and won recognition from community residents, which further supported the rapid recovery of our business after the pandemic resurgence passed. Since July, there have been some corrections in the existing home market affected by the unusually hot temperatures in southern cities and the micro market fluctuations. We are more convinced than ever that existing home services will be the core of our future. We will strategically redouble our focus on existing home services. Turning to new home transaction services, according to data from the National Bureau of Statistics, in the second quarter, the GTV of new residential home sales was down 36% nationwide year-over-year, yet it expanded from the first quarter and was the second largest single quarter decline since 1999. The GTV of CRIC's top 100 real estate companies fell by 43.4% year-over-year. The new home market remained in the tough with weakness on both the supply and the demand side. Amidst the market headwinds, GTV of new home sales on our platform was RMB 222.7 billion, down 55% year-over-year and up 15.6% quarter-over-quarter. Positive changes emerged at the end of May, and the number of new home purchase offers on Beike's platform materially increased on a sequential basis in May and June. The industry continues to face significant challenges in the short term, lacking improvements in financing and consumer demand, with mounting pressure on sales through. As the industry undergoes rapid and powerful changes, high quality developers have begun to establish new understandings. That is, long-term advantages will be built through better and comprehensive utilization of qualifying sales channels. Against this backdrop, first, in terms of new home listings, we have been vigorously carry out corporate to corporate collaboration with high quality developers, increasing our share of sale by state and central owned developers to 77% in the second quarter, 7 percentage points higher quarter over quarter. This has improved the quality of our new home listings and made our sales easier and more risk-resistant. Second, with respect to channels, during the recent round of market corrections, agents placed more emphasis on operational safety, preferring to collaborate with a platform with high-quality listings, strict risk control, and safe, fast receivable collections. Channels with weak risk control, inadequate receivable collection management, and a single-minded pursuit of scale have been weeded out by the market. This will result in high concentration for new home sales channels and our higher coverage of new home agent and stores. Third, operationally, we continue to promote and reinforce execution of the Commission in Advance model and other focused sales strategies. The Commission in Advance model offer developers the opportunity to pay in advance projects with Commission in Advance, consistently deliver higher sales through efficiency, making it widely accepted by the developers. Agents and our receivable collection were further secured, setting in motion a positive cycle. In the first half of the year, commissions and events accounted for 22% of revenue from new home sales on our platform. Despite the short-term challenges, we expect a stable new home market with higher certainty in the long term after this round of correction. We will continue to strengthen our strategic focus and increase cooperation with high quality, state, and centrally owned developers, iterate our risk control protocols, data products, and other value-added products and services, while further reducing costs and enhancing efficiency. Moving on to the home renovation and furnishing business of our two wings. July 6th this year marked the first anniversary of our official announcement of the Shengdu acquisition. Our financials were officially consolidated with Shengdu during the second quarter this year. Over the past year, Beike and Shengdu have carried out efficient all-rounded integrations of teams, organization structure, operations and systems. The process has progressed very smoothly, driving diverse synergies. For example, the supply chain advantage brought by Shengdu has helped raise Beike's up by 33% year-over-year. The referral customers from our core business contribute to over 25% of home renovation and furnishings contracted sales. In the second quarter, our home renovation and furnishing business achieved robust growth against challenges of the pandemic. According to data from China Building Decoration Association, the gross output value of leading home renovation and furnishing companies declined 21% year-over-year in the second quarter. While our home renovation and furnishing business generated pro forma revenue of RMB 1.37 billion, rising more than 10% year-over-year and 58% quarter-over-quarter. Our contracted sales reached close to RMB 1.7 billion. Meanwhile, we established organizational structure as well as ground rules and systems to support a better connection between core and emerging businesses. Real estate brokerage stores owners can receive commissions within five days of their referred traffic to home renovation and furnishing signed contract. Fully incentivizing traffic referrals. In June, contracted sales from our business transaction traffic referrals accounted for over 25% of home renovation and furnishings contracted sales. Home renovation and furnishing is a low transaction frequency industry. To improve the quality and the consumer experience, we started with the industry role that interacts with the platform with high frequency, the service providers. Only happy service providers can bring quality services and happy customers. Service providers in the industry have many pain points, including unstable order dispatching, untimely settlement, and that good service does not necessarily yield good income. We build transparent frameworks and systems that cover the service provider's qualification, admission, ranking, promotion and rewards, all on the basis of service quality to address these pain points. In terms of project delivery, we carry out refined process managements to ensure on-time construction completion, establish systematic online, offline closed loop management, and promoted standardization of construction technology, project acceptance and other actions. For consumers, we further advanced our service commitments of 10 promises for 10 warranties. Our construction process can be monitored online by customers in real time, and after sales maintenance can be completed within six days. As a result, the absolute construction delivery period was shortened, and the customer satisfaction NPS of construction completion increased from 40% in January to 35% in June. We are exploring how to raise our top line potential and profitability beyond the range usually seen in the traditional home furnishing business. The nature of home renovation is a service business. It's about quality service with a high entry barrier, but carry relatively low profitability. Furniture and home furnishing, on the other hand, is a manufacturing business with good traffic acquisition. Significant economies of scale can be shown. We are trying to find out if it is possible to drive the sales of furniture and home furnishing, including customized furniture, soft furnishings, electrical appliances, et cetera, through home renovation. We are assessing this by tracking furniture and home furnishing sales as a percentage of full service contracted sales. We believe on a single city basis and for our overall business units, 30% represents the initial validation milestone of this model's feasibility, and 50% will represent the midterm milestone of its maturity. Today, we are rapidly growing our furniture and home furnishing sales as a percentage of full service contracted services, raising it from 11% in the first quarter to 16% in the second quarter, yet there is still tremendous upside potential. Moving to our home rental services, creating social value as a social responsibility enterprise, we achieved rapid high-quality development in our home rental services in the second quarter, while attaching great importance to cost control and sales through efficiency. Our aim is to achieve long-term operational sustainability of this business. As of the end of the second quarter, the number of contracted rental units managed or co-managed by our rental services exceeded 42,000, an increase of nearly 22,000 units from the end of the first quarter. Among them, there were 31,000 units under Carefree Rent. We also took various measures to improve staff productivity and occupancy rate, aiming to balance scale and profitability. Through business model iterations, scientific management, systematic incentive mechanisms, we strive to sign up the right units at the right price, realize fast sales through online with enhanced service quality and productivity. With these initiatives, the occupancy rate of our Carefree Rents continue to improve as the pandemic resurgence passed. In addition, we jointly launched the New Youth Initiatives in June to provide fresh college graduates with favorable rental rates and commission reductions or exam-exemptions to help them address the difficulty of re-renting houses at affordable prices. As of July 31, 2022, over 8,000 transactions were completed under the New Youth Initiative, saving the graduates approximately RMB 12 million. Lastly, I'd like to go back and talk about our return to the front line. All business boils down to be about people. This is especially the case for the housing-related service industry, which points to both consumers and service providers. For managers on the platform and myself, it's easier to connect and relate to consumers because every one of us is a consumer at some point, but it's more difficult to identify with service providers. By going back to the front line, many of us have the power to empathize with service providers relating to consumers convinced us that their quest for joyful living will never change. By the same token, identifying with service providers enables us to understand and is strengthening our conviction that to service providers, the need for long-term practice and pride in their occupation remains a constant. As the poem goes, when the water ends, clouds will rise. The business world of the future may never stop changing, presenting us with one challenge after another. As long as we connect with the constant elements while continuing to iterate ourselves, we will only get better and help the industry get better. Thank you. Next, I would like to turn the call over to our CFO, Tao, to review our second quarter financials. Thank you, Stanley. Thank you, everyone, for joining us today. Before discussing more detail about our second quarter of 2022 financial results, I would like to provide a brief update on the recent housing market. The past quarter saw more supportive policies rolled out to shore up demand in the real estate market in China. Such steps include the central government's downsizing, lower mortgage rate guided by the central bank, and a stepped-up easing measures from lower to higher tier cities across country. The property market has shown some sign of improvement, with the existing housing market especially responding quickly to the policy relaxation, with the new home market was still clouded by debt crisis among developers and a weak home buyer sentiment. Recently, the reemergence of COVID-19 outbreaks and mortgage boycott started on unfinished new home projects have disrupted the recovery of China housing market. However, we would like to advise that those short-term hurdles will not impact Beike's business directly. As we believe government will properly resolve the issue and ensure the delivery of the property projects. In addition, the uncertainty of the new home market in some cities could drive part of demand to the existing home housing market, where we have a stronger business presence and the incomparable competitiveness, well-positioned to serve the shift in demand. Although the market was still on a rocky way of recovery, we were able to take concrete measures to continuing building up our market presence and maximize our strengths, including the collaboration network and the digitalization capability to enhance operating efficiency. Here, we would like to extend a sincere gratitude to the employees who have been impacted by the company's business restructuring in Q2 for their dedication and the professionalism in the transition period. Their contributions are extremely valuable to the company, and they will always be a source of inspiration of our future development. In addition, we update our segment reporting in Q2 as a result of acquisition of Shengdu, which was closed in late April. We consequently update our business structure resulting in four lines of business, which were existing home transaction services, new home transaction services, home renovation and furniture, and the emerging and other services, and update the financial measures accordingly. Turning to our financial details in Q2. Our net revenues decreased by 43% to RMB 13.8 billion in Q2, from RMB 24.2 billion in the same period of 2021. However, it beats the high end of our guidance by over 30% and exceeded the street consensus. The better-than-expected revenue were fueled by the following factors. Firstly, Beijing and Shanghai, the mega markets and where offline operations grind to halt due to the COVID-induced lockdowns in April and May. Transaction rebound rapidly in June after the pandemic eased, which was much quicker than what we expected previously. Secondly, the existing home market in many higher-tier cities was able to stage a solid recovery support by the policy easing. This was proved by a 33% quarter-over-quarter jump of GTV of existing home transaction served by connected agents on the company's platform in Q2. Thirdly, although new home market remains weak, we will strengthen the cooperation with the high-quality developers and further enhance the sales ability, which enable us to seize the opportunities as developer rush to shore up the year sales performance. However, the year-over-year revenue decrease was primarily attributable to the decline in total GTV of 47.6% to RMB 639.5 billion in Q2, from RMB 1,220.8 billion in the same period of 2021. In particular, our net revenue from existing home transactions decreased by 42.5% to RMB 5.5 billion in Q2, compared to RMB 9.6 billion in the same period of 2021. Primarily due to a 39.6% decrease in GTV of existing home transaction to RMB 393.5 billion in Q2, from RMB 652 billion in the same period of 2021. Our net revenue from the new home transaction services decreased by 52% to RMB 6.7 billion in Q2, from RMB 13.9 billion in the same period of 2021. Primarily due to a 55.3% decrease in GTV of new home transaction to RMB 222.7 billion in Q2, from RMB 498.3 billion in the same period of 2021. Our net revenues from home renovation and furnishing were RMB 1.0 billion in Q2, compared to RMB 43 million in the same period of 2021. Primarily because of the company completed its acquisition of Shengdu Home Renovation Co., Ltd., and the direct business opportunities to it. We began to consolidate its financial results during the second quarter of 2022. Our net revenues from emerging and other services decreased by 9.6% to RMB 557 million in Q2, from RMB 660 million in the same period of 2021. Primarily attributable to the decrease of net revenue from financial services, which was partially offset by the increase of net revenue from the light rental property management services. Cost of revenues decreased by 41.3% to RMB 11.1 billion in Q2, from RMB 18.8 billion in the same period of 2021. Gross profit was RMB 2.7 billion in Q2, compared to RMB 5.3 billion in the same period of 2021. Gross margin was 19.7% in Q2, compared to 22.1% in the same period of 2021. The decrease in gross margin was mainly due to a relatively higher percentage of costs related to stock of net revenue as a result of the decrease of net revenue in Q2 compared to the same period of 2021. Operating expenses remained flat at RMB 4.2 billion in Q2 compared to the same period of 2021. General and administrative expenses were RMB 2,250 million in Q2, compared to RMB 2,202 million in the same period of 2021, mainly due to the increase of the share-based compensation expenses and additional severance payment incurred in Q2, which was partially offset by the decrease of the recurring personnel cost and overheads along with the decreased headcount, as well as the conference and the travel expenses as a result of COVID-19 outbreaks in certain regions in Q2 compared to the same period of 2021. Sales and marketing expenses were RMB 1,122 million in Q2, compared to RMB 1,241 million in the same period of 2021, mainly due to the decrease of the brand advertising and the promotional marketing expenses for the housing transaction services, which was partially offset by the sales and marketing expenses of Shengdu. Research and development expenses were RMB 779 million in Q2, unchanged from RMB 775 million in the same period of 2021, mainly due to additional severance payment incurred in Q2, which was mainly offset by the decrease of recurring personnel cost and the share-based compensation as a result of the decreased headcount in research and development personnel in Q2 compared to the same period of 2021. Loss from operations was RMB 1,580 million in Q2, compared to income from operations of RMB 1,160 million in the same period of 2021. Operating margin was -11% in Q2, compared to 4.6% in the same period of 2021. Primarily due to, one, a relatively lower gross profit margin, and two, the increase of the percentage of total recurring operating expenses of net revenue in Q2, primarily due to the decrease in net revenue. And three, additional severance cost of RMB 438 million incurred in Q2 compared to the same period of 2021. Excluding non-GAAP items, our adjusted loss from operations was RMB 690 million in Q2, compared to adjusted income from operations of RMB 1,669 million in the same period of 2021. Adjusted operating margin was negative 5.0% in Q2, compared to 6.9% in the same period of 2021. Adjusted EBITDA was negative RMB 104 million in Q2, compared to RMB 2,555 million in the same period of 2021. Net loss was RMB 1,866 million in Q2, compared to net income of RMB 1,160 million in the same period of 2021. Excluding non-GAAP items, adjusted net loss was RMB 619 million in Q2, compared to adjusted net income of RMB 1,638 million in the same period of 2021. Net loss attributable to KE Holdings Inc.'s ordinary shareholders was RMB 1,868 million in Q2, compared to net income attributable to KE Holdings Inc. Ordinary shareholders of RMB 1,112 million in the same period of 2021. Adjusted net loss attributable to KE Holdings Inc.'s ordinary shareholders was RMB 622 million in Q2, compared to adjusted net income attributable to KE Holdings Inc.'s ordinary shareholders of RMB 1,635 million in the same period of 2021. Diluted net loss per ADS attributable to KE Holdings Inc. ordinary shareholders was RMB 1.57 in Q2, compared to diluted net income per ADS attributable to KE Holdings Inc. ordinary shareholders of RMB 0.93 in the same period of 2021. Adjusted diluted net loss per ADS attributable to KE Holdings Inc.'s ordinary shareholders was RMB 0.52 in Q2, compared to adjusted diluted net income per ADS attributable to KE Holdings Inc.'s ordinary shareholders of RMB 1.37 in the same period of 2021. We maintained a strong cash position and sufficient liquidity in Q2. As of end of June, the combined balance of our cash equivalents, restricted cash, and short-term investments amounted to RMB 50 billion, or $7.5 billion. The balance of our long-term cash items, mainly including the long-term investments, amounted to RMB 24 billion, or $3.6 billion. In addition, we reported a positive operating cash flow despite the challenging environment. The cash to income ratio of our new home services was 1.27 in Q2, demonstrating our strong cash generation ability. Next, I will talk about the recent development regarding our operations and the capital market initiatives, as well as our near-term focus on the corporate financials. First of all, we did not sit idly by in the face of the market headwind. Nearly half of our senior level directors went to the front line in the past month to work or experience as agents, home decorators, client managers, or other roles. Holding the firm belief that only if you become one of them can you understand so much of them. By working side by side with our service providers and engaging day-to-day interactions with customers, we have a deeper understanding of how to truly help service providers improve their productivity and sense of security, as well as to better satisfy customer demand. It also encourages to fully embrace the challenges and create indispensable value for the industry. Secondly, we took a series of the cost-saving measures and focused on the efficiency in our daily operation to enhance the profitability. Part of the efforts were reflected in the improvement of the contribution margin of the new home transaction services, which was at a two-year high of 24% in Q2, despite the still sluggish new home market. Moreover, as we carry out further organizational optimization initiatives in Q2, we will gain the larger operating leverage for our housing transaction services against the challenging market environment. We expect the operating expenses saving for the housing transaction services in the second half of this year to reach up approximately RMB 300 million-RMB 400 million in each quarter. An absolute dollar amount of the operating expenses to be decreased to the same level of the second half of 2019. Followed by the expected market recovery in the coming quarters, we believe our profitability for the housing transaction services will gradually recover in the second half of this year. Thirdly, we will continue to make the investment in our core business, home renovation and furnishing services, and the Beike rental services. In spite of the tough market environment, we will especially make the necessary and the sufficient investment into home renovation and furnishing services, which enjoys a much larger total addressable market compared to the housing transaction services. We firmly believe this investment will yield long-term economic benefits. The trust we gain from our customer and the capability we accumulated in our core business will well position us to capture the rising demand in the burgeoning sector. Fourthly, we obtained a general unconditional mandate to repurchase the shares from our shareholders at the annual general meeting held on August 12. After that, we will execute the share repurchase program of up to $1 billion of our ADS, covering 12-month period. This highlights the confidence we have in our long-term growth and the capability of our capital allocation, which prioritize the balance of the financial flexibility with the efficient capital structure. Turning to the guidance for the third quarter of 2022. We believe while the new home market is still groping in the dark, existing housing market is already seeing the light at the end of the tunnel, and is expecting to stage a large-scale recovery in the second half of this year. Based on above considerations, combining the factors of the potential negative impact of the COVID-19 containment measures in certain regions, under the base effect of the same period of 2021, we expect the total revenue to be between RMB 16.5 billion and RMB 17 billion in Q3, representing a decrease of approximately 6.1% to 8.8% from the same period of 2021. This forecast constitutes the company's current and preliminary view on the business situation and the market conditions, which are subject to change. Lastly, we'd like to highlight that the recovery of the property market is on the horizon. The government policy have been on the supportive side, with the focus on meeting the demand for better housing. We will seize the opportunities to further improve efficiency through a range of the cost management to boost the synergy, allocate the resources more efficiently, oriented, and risk aversion. Strike a balance between the profitability and the investment in the new business. As we continue to reiterate, China's housing market is shifting gears from the new home sector to the existing home market at an accelerated pace. With the home price stabilizing and the need for the better living of the Chinese people increases, home upgrade demand will serve as a prominent driver. This will turbocharge the function of the market and then result in a high derived demand from a full range of services, including home renovation and furnishings, and the rental services. We believe our unique competency and the solid business layout in those sectors will support us to take the fast ride and achieve the rapid growth in the long run. This is what we have been doing, not perfect, but we are on our way. That concludes our prepared remarks. We would like now to open the call to your questions. Operator, please go ahead. Thank you. As a reminder, to ask a question, please press star one one. For the benefit of all participants on today's call, please limit yourself to one question. If you have additional questions, you can re-enter the queue. If you're going to ask a question in Chinese, please follow up with the English translation. One moment while we compile the Q&A roster. Our first question comes from Jiong Shao with Barclays. Your line is open. Thank you very much for taking my questions. I have a couple questions, if I may. The first question is that you briefly mentioned about the policy relaxation in your prepared remarks. I was just wondering, could you talk about the actual effect you are seeing from this policy relaxation and any comments about the potential further relaxation for the second half of the year? My second question is that you also highlighted in your prepared remarks about very nice rebound of the existing home sales, particularly in Shanghai and Beijing. Could you just talk about your expectation for further recovery? What for the second half, what have you seen so far in the third quarter? Thank you very much. Thank you, Mr. Shao. Let me address your first question. Guided by the supportive tone set by the central government and the central bank liquidity support from lower- to higher-tier cities, we actually saw the local government continue to step up the policy relaxation. Since the beginning of this year, about 220 provincial and city-level authorities have loosened the real estate restrictions nearly 600 times, exceeding the total of 400 tightening policies issued last year. In particular, after the Politburo meeting at the end of this April, the frequency which the local relaxation policy were introduced in the same caliber second-tier cities significantly accelerate, reaching more than 110 times for each month from April to June. These policies are aimed at to ensuring the normal operation of the real estate entities and the stability of the market transactions. There are mainly four types of the easing measures. The first is the relaxation on the loan restriction, and also it includes the interest rate cut. The mainstream first and second home purchase mortgage interest rate we monitored in 103 cities dropped to 4.35% and 5.07% in July, respectively, hitting the new lows since the year of 2017. Relaxation on loan restrictions also include the reduction of down payment ratio, lower recognition standard for the second-hand home, and also lower the restriction on the use of the Housing Provident Fund, et cetera. Cities that issue such relaxation include the city of Suzhou, Taiyuan, Jinan, and Chongqing. The second part is the relaxation on the home purchase restrictions, including encouragement for the city residents and the relaxed purchase restriction for non-local householders. This expansion of non-restricted areas and also the added purchase quota for the family members with more than one child. This was implemented in cities such as Nanjing, Hangzhou, and Changsha. The third part is the subsidy incentive, including the talent settlement subsidies, housing purchase subsidies, relief of value-added tax, and deed tax, et cetera. This kind of encouragement policy implemented in cities such as Suzhou and Changsha. The fourth type is promoting home upgrade. In the first half of 2022, 19 cities recommenced the measure such as the shantytown redevelopment by using so-called housing coupon as a monetary compensation. These are easing policies with a stronger intensity implemented in the cities such as Zhengzhou and Nanjing. We observe that after the introduction of above policies, multiple cities saw the sequential recovery in some leading indicators. This including the number of new property listings, new home customers, and also the property tours, as well as the agent confidence index. Those cities also saw the substantial recovery in the transaction volume in June. In the second half of 2022, we expect the various cities to continue using the easing policies to support the steady market recovery. There are still substantial room for more policy easing. In last year, 2021 marked the year of the catalyst policy control in past 12 years. The relaxation and the support this year, this restriction are gradually being loosened. Nevertheless, at the end of June, most of the key second-tier cities were far less relaxed compared to the most relaxed period in past 12 years. Under the basic principle of the housing is for living in, not for speculation, there is still a lot of potential for the further policy relaxation in different regions, both in terms of the diversity and the intensity of the easing policies. The central government has set the tone to encourage the local government to actively introduce the policy to ensure the market stability. With the recent new home market risk emergence, the Politburo meeting held at the end of July emphasized the full and effective utilization of our policy toolbox and the city-specific policy to support the rented housing demand and the home upgrade demand. Local governments are asked to fulfill their responsibility to ensure delivery of the home projects and protect the people's livelihoods. From our perspective, we believe that the four second-tier cities have a strong housing demand and solid fundamentals, and that their local finances are less dependent on the real estate. The local property market can recover to a healthy level even without the policy support. Further supportive policies are expected to be introduced in the second-tier cities and the lower-tier cities during the second half of the year to actively reduce risk and restore the market confidence and support the continued recovery of the market transaction. Regarding your second question, in the second quarter, many cities opened a policy toolbox and actively introduced the easing policies, with the existing home market being the first to benefit, letting market sentiment bottom out. Generally speaking, although Beijing and Shanghai was severely affected by the pandemic, a large number of consumer who had taken a wait-and-see stance began to enter the market, as evidenced by clear recovery signs in the transaction volume of the existing home market. Overall, according to Beike Research Institute, in the second quarter, the GTV for China existing home sales market increased by 9.8% quarter-over-quarter and a decline, 45% year-over-year. A series of leading indicators monitored by Beike, such as the home tour index, number of new customers, and the new listing, and the price index, suggest that the market expectation rebounded in May and June from the bottom. For existing home prices in June, there was slight year-over-year increase in the first-tier cities, except Shenzhen, while the prices in the 20 key second-tier cities have recovered to the level of the same time last year. The prices in the third-tier and fourth-tier cities continue to trend down. In different type of cities, the key second-tier cities are late to recovery due to the less impact from the pandemic and the strong policy support. The existing home sales GTV on Beike platform, excluding Beijing and Shanghai, increased sequentially by 23% and 20% month-over-month in May and June, respectively. In June, existing home sales volume, excluding Beijing and Shanghai, rebounded to 105% of the average transaction volume of 2021, and the year-over-year decline narrowed down to only 2%. Transaction volume of the 21 major cities, such as Chengdu, Suzhou, Hangzhou, and Taiyuan, surpassed the 2021 average level in June. Cities such as Qingdao, Wuhan, Hefei, have also rebounded to level similar to 2021 average. We expect that in the second half of the year, the key second-tier cities will quickly return to year-over-year growth, given the continued instruction of the easing policy and the stabilizing market sentiment. For Beijing and Shanghai, there were significant impact by COVID in April and May, but delivered a strong market resilience in June with the transaction volume rapidly picking up as the pandemic come under control. Transaction volume of Beijing and Shanghai in the last week of June returned to 2021 average levels. This is a very good signals. We expect that in July, Beijing and Shanghai will benefit from the release of the pent-up demand caused by the pandemic disruption, and that the monthly transaction volume is likely to return to year-over-year growth. Starting from the fourth quarter, Beijing and Shanghai will enter to a healthy and normalized range in terms of transaction volume, together with restoring the confidence in the existing home market nationwide. For the whole country recovery pace, as we have repeatedly emphasized, the China real estate market is transitioning from the new home driven to the existing home driven. The recent emergence of a serious problem in the new home market will divert a substantial amount of the demand to the existing home market from the new home market. This is increasingly evident in a number of key second-tier cities. For example, in Wuhan, the existing home transaction accounted for 40% of the total transaction in the first half of this year, compared to roughly 30% in 2020. Same thing in Zhengzhou. The proportion of existing home transactions increased to nearly 38% in the first half of 2022, from 28% in 2020. It is certain that the existing home market will continue to recover on a greater scale in the second half of the year. We normally break down the entire cycle of the real estate transaction into four stages. The down cycle, including the stage of the price stable and the volume down, and the price volume both down. The up cycle includes the stage of price stable and volume increase, and the price and the volume both up. During the past half year, the existing home market has started to shift, hovering at the bottom towards the recovery. While some strong second-tier cities have gradually entered into the recovery stage, it may take more than six months for the market to fully recover in this round. Beike Research Institute data shows, the overall existing home sales market delivered a year-over-year growth in July. The August market was a temporary impact as unusually high temperatures beyond the normal seasonality, but this will not change the recovery trajectory. We expect home prices in some weaker second-tier cities to stabilize in this Q3, while the home prices in the third- and lower-tier cities will be stabilized by the end of this year. Okay, thank you. Very helpful. Thank you so much, Tao Xu. Thank you. Thank you. One moment. Our next question comes from Harry Chen with Citi. Your line is open. Thank you, management, for the opportunity. My first question is about mortgage boycott and the provision on receivables. Starting from July, there has been mortgage boycotts for new home whose construction suspended in various cities in China. Could management share your views of the impact on company business? Besides, could management give us an update on collection and the provision of accounts receivables? My second question is to ask management's views of current new home market and its outlook after local government fine-tune since second quarter of this year? Thank you. Hello, Harry. It's great to hear from you. Let me address your first question. Firstly, we want to continuously reiterate that it is the bank and the developer risk instead of Beike for the payment boycott. So it's no direct impact on Beike. Most of developers suffering from the mortgage boycott were identified by us earlier as the so-called high-risk developers, so we have made sufficient bad debt provisions for those receivables concerned. Secondly, the stalled new home construction and the mortgage payment suspension are the events that happen under extraordinary circumstance at the extraordinary times. We believe the Chinese government has the sufficient capability and the determination to resolve the issue. Recently, from our observation, local governments in several cities already implement various initiative to ensure the project delivery, and as a result, multiple project with a potential mortgage payment [revolt] risk resumed construction. Under most circumstances, home buyers halt mortgage payment only when the new home construction is stalled as a protest to get its construction to resume, instead of refusing to pay direct. We also believe the mortgage payment suspension will promote the local government to help the industry understand its difficulties at a faster pace, and stabilize consumer expectations, which will be instrumental for the industry to return to its normal operations. Thirdly, if mortgage payment suspension were to spread, it may indeed negatively affect new home market sentiment in some cities, and disrupt the new home market recovery in the second half of this year, which is very bad. However, as the existing home does not carry any risk of the stalled construction, that may fulfill the spillover demand from the new home market, which could benefit Beike, giving our wider business presence in the existing home market and existing home higher profitability compared with the new home. It could also offset to some extent the negative effect of the mortgage payment suspension on the new home market. For Beike's new home bad debt provision, we have made adequate bad debt provision for the new home receivables. At the end of Q2, our cumulative balance of the bad debt provision was RMB 2.21 billion, covering 31% of the original value of the corresponding total receivables. Especially for the 41 high-risk developers, including Sunac, we made a bad debt provision at the upper limit of 83% of their historical unsecured receivables balance, cumulatively amount to RMB 1.32 billion. We made bad debt provision of 49% of the receivable for a dozen developers and projects with a cumulative amount of RMB 160 million. As to the remaining developers with low risk, we also made a bad debt provision at a ratio of 10%-20%. I believe the current identified list of the property developers with a high bad debt provision already covered nearly all the high-risk developers in the industry, with little chance of the incurring subsequent large bad debt provisions. While making a sufficient reserve against the bad debt, we also consistently reinforce our collection management of the receivables. In the second quarter, we collected a total of RMB 8.45 billion of new home sales receivables, 1.27 times of the RMB 6.67 billion of our new home sales revenue in this quarter. The new home DSO of Beike also fell from last Q1, 152 days in the first quarter to 108 days in this quarter. At the same time, we have maintained our selection criteria and the risk control mechanism for collaboration with developers. We iterated the developer risk evaluation model, optimized the settlement terms and conditions, and increased the percentage of the projects with developers for the commission amount, creating a favorable condition for the subsequent receivable collections. In addition, we incorporated with new home receivable quality into our managers' performance evaluation system at every level. We believe this initiative combined will consistently lower the collection risk of our new home receivables. Regarding your second question, I'd like to say, in the first half of this year, the national new home market was weak, both on the supply and the demand side. The GTV of Q2 new home sales from the National Bureau of Statistics recorded a year-over-year decline of 36%, while the GTV of CRIC's top 100 real estate developers fell by 53.4%. Developers' investment confidence was weak in most cities. The industry was in deep water, faced with the sluggish consumer demand, the pandemic resurgence, and the mortgage payment boycott. Well, there were some positive trends in the new home market since May. The number one is the market recovery propelled by multiple parties. Starting in May, step up local supportive policies, developer racing for the half-year performance, and the catalyst of the holiday have brought a series of the positive change to the market. The positive change is verified by the front-end numbers. The numbers of the offers to buy new home on Beike platform achieved consecutive growth in May and June, up 50% and 27% month-over-month, respectively. Beike's new home on-site sales index in 50 key cities has also risen for two consecutive months and has come out of the freezing cold range. Active promotion by developers. The channel penetration rate in the second quarter increased significantly quarter-over-quarter. The new home market recovery in June, with year-over-year decrease narrowed down to 23% according to the National Bureau of Statistics. There are still uncertainties in the new home market in the second half of the year. The macroeconomy and the income expectation are under pressure. The home residents develop higher requirements for the living. The geopolitical situation is also facing uncertainties. Under the repeated pandemic resurgence, mortgage payment boycott, developers' bad debt default, and uncertainties in the new home project delivery are affecting the restoration of the market confidence. In short, overdraft of the new home demand in certain regions is also a constraint for the recovery of the new home market. The industry is still facing the huge downward pressure, and the recovery of the new home market will take time. We can monitor the subsequent promotion of the developers and the effort on the policy relaxation to establish the slope of the recovery trajectory and the sustainability going forward. There were short-term corrections in the new home sales in July and August as developers' mid-year promotion effect moderated from June. Meanwhile, the combined efforts of the unusual high temperature in China, southeast and southwest, is also a problem. This summer and also the mortgage payment suspension have also led to a notable decline in the new home market in July and August compared to June. Starting from September, from our observation and expectation, we expect developers to again enter into an active promotional cycle under the pressure of the full year sales target. Therefore, the market is more likely to enter into a weak recovery period by then. Thank you, Harry. We have a question from Steven Tsai with Morgan Stanley. Your line is open. 晚上好，谢谢接受我的提问。想请问在正式完成盛都的收购之后，我们在装修业务这边的战略或者是城市扩张的计划步调上，有没有一些近况，可以跟我们分享？以及未来几个季度在这个业务上面的，不管是财务上或者是运营的指标的相关指引呢？另外，对于未来推出平台业务的时间点，以及内部是否有一些milestone的设定呢，目前遇到最大的瓶颈是什么样的一些近期的业务更新呢？好，谢谢。那我自己翻译一下。Thank you for taking my question. My question is about the home renovation business. Could management share with us if there is any update on the business strategy or geographic expansion plan post the consolidation of Shengdu, and if there is any guidance on this business for the coming quarters? Also, is there any update on the timing of your launch in the platform model for renovation, which you mentioned the 2025 or 2026 before? Any milestone related to that that you are looking at internally? Where are we now and what's the biggest bottleneck you think? Thank you. Yeah. This is Stanley. Let me quickly address your question. Firstly, as I mentioned during the prepared remarks. During the second quarter, if you look at the, you know, the leading industry companies in the home renovation furnishing business has been declined over 20% year-over-year. Whereas our home renovation furnishing business actually has been increased significantly on the year-over-year basis. 这一个维度。第二维度呢，我们看到就是通过我们的人电一赛道，像家装导流这个占比今年已经超过了就是25%，有的城市呢，可能更高一点，有的城市更低一点，像北京可能超过了80%，有的城市可能更低一些，还没有完全发挥好这个渠道这种协同。但总体大面上来说呢，这是第二个关键的一个指标，就是通过我们的人电向新业务这个导客的这个比例。 The revenue is one dimension I already mentioned. Another dimension we can describe for that business is we look at the referral rate from our core business, which is the housing transaction business. When we look at the second quarter results, we actually see more than 25% of the referring and conversion are coming from the housing transaction business already. In some of the specific cities such as Beijing, the conversion rate actually also has been raised to 80% or even higher. Some of cities didn't do very well, right? We do believe there has a huge space to continue improve. Overall, we do believe you know the customers referral and the conversion from the main business also another dimension to look at the progress for that part business. 回到刚刚提到的这个问题，我们对这个赛道的一个背后思考呢，主要是从以下这四个方面。第一呢，是从这个政策方面。政策呢，前不久，四部门刚好发布了一个推进家居产业高质量发展的行动方案，就是未来中国人住得更好。在这一点上呢，政策是非常积极的，这是第一方面。第二方面呢，就关于产业的联动，像产业联动呢，包括产业前联动和产业后联动。产业前联动呢，就是包括今年，我们看到中国整个家装和家居，从这个以新房为主开始呢，向新房和二手房同步并举的方向去发展。新房的精装房，包括二手房的改善住房，这件事情呢，就是前向的联动。后向联动呢，我们会看到就是家居，中国很多这种家居产业基于对家装会形成新的这个入口，因为都是共同的客户，那么谁和客户呢？有更好地服务好客户，这是后端这个联动。第三块呢，就是关于客户需求。今天消费者呢，更希望有一揽子的交易服务，从原先的所谓硬装开始进化到整装，就是除了关于硬装之外，还叠加相关的就是拎包入住，其实大概就这个概念，就是成为叫整装。这是三个，或者叫三个大方面、四个小方面的驱动力，实际上是中国未来家装领域的这个底层进步的这样一个driver。 When we look at the future evolution for the home decoration furnishing business, we actually look at in the four business elements of three major reasons. First coming from the policy side, so we recently noted the call of the central government's department, they actually have been jointly promote a so-called high-quality living plans into the nationwide. That definitely will provide the additional policy drivers for the overall industry development. Second, we look at the overall so-called industrial partnership, as well as the industrial correlation, which is linked into the home decoration and furnishing business. We look at into from both of the upstream and downstream, right? From the downstream, rather than, you know, the existing home, which has, you know, the continued furnishing and improvement of the services of the demand. Rather than that, we also notice for the new home, they also have, you know, the decoration and furnishing demand. We do believe that will create additional market opportunities. From the upper stream, we also look at, you know, the correlation of the partnership from the home decoration business itself into the furniture and home furnishing sales business together. We do believe by leveraging of the good quality of the home decoration business, definitely that will bring the additional potential to further boom of our furniture and the home furnishing business going forward. Thirdly, from the consumer's perspective, we all prefer more like a full coverage or the one-stop services, which is from the previously pure construction services into the full coverage of the services. Which means, you know, which covers from both of the construction part as well as the home furnishing and decoration business as a whole, right? We do believe by promoting of those kind of full service, it also will create additional opportunity for us. 对，所以我们面向未来呢，我们自己看这块业务啊，大概会存在三个可量化的就是期待，还有一个非量化的期待。第一就是，有没有可能在中国呢，有一个就是基于家装，能过百亿的这样一个组织吧，就能过百亿，今天其实规模都没有超过这个四十亿的啊，那，那就核心是这第一个。第二呢，就是，结合了就是存量房的，我们基于我们要有人店，啊，有没有可能呢，这个导流的占比能超过40%，这也是一个第二个很重要的milestone。第三个呢，就是基于这个硬装，然后叠加一些新零售，整装这块，我们叫放大系数，就是你在硬装基础之上能有多大的渗透率和新零售的这个放大。这个我们现在放大系数呢，从今年年初的就是这个系数从1.08啊增加到现在的百分之十几，我觉得未来呢，这个数能不能到50%，啊这也是一个叫放大系数到1.5，啊这也是第三个，这个，期待。第四个呢，就是这个平台模式，啊。平台模式呢，核心就是，我们已经做完了贝壳的整个在房产交易领域的这种平台模式，家装或者家，家居，或者说整装领域里面的平台模式是一种什么样的一种形态。这个呢，其实，我认为呢，也是一个我们未来会看到它逐渐发生吧。今天呢，我想可能对于我们自己来说呢，在未来的两年多时间里面，两年到三年，我认为我们还是呢，安安心心地把我们自己的一树，能把它做得更扎实，啊这过程中有非常多的关键变量需要去管理，包括团队啊，交付啊，供应链呀，这个设计啊，设计师啊，卖场啊，很多很多的领域，我们也希望未来两年到三年时间里面，能够把这一树呢做得足够的这个扎实。之后呢，我们才会看到那个，平台模式这种发生。所以我们也希望在未来两三年时间里面呢，我们跑得更扎实一点，也不要就是求，求这个太快，而且本质上呢，它也不是一个，短期会很快的一个事。当然我们也希望呢，用两三年时间吧，能够把这个基础能夯实。刚才那三个变量能不能过百亿，易赛道的这个获客占比能不能超过40%。第三个呢，我们整体的放大系数能不能到1.5。啊这三个变量我认为都是在未来的两三年时间里面吧，我会看到这些事情发生。之后呢，我们才会去尝试平台这种模式。 Looking into the future development for the home decoration furnishing business, we do believe there are three quantifiable elements as well as additional more set and quantifiable elements to think about that part of the business, right? In terms of the quantifiable elements, firstly, we look at the scale, right? Because, until now, we don't see any company in the industry can surpass RMB 4 billion scale in the whole home decoration furnishing industry in China, right? Whether there could be one sole company which its annual revenue could surpass RMB 10 billion, we do believe that was one of the quantifiable elements. Secondly, we look at, as I mentioned before, the conversion rate from the core business into the home decoration furnishing business. We do believe in the future, this kind of customer referral and conversion rate could surpass 40%, from our housing transaction business into the home decoration and furnishing business, and will be continue grow. So that will be the second quantify of the elements. The third factor, quantified factor is the correlation between of the single house the home decoration business with the furniture and the home furnishing sales. Starting from the beginning this year, we look at the correlation, it's about 1.08, but it gradually actually has been increased to roughly 1.1. We do believe the mid- to long-term goal will be 1.5, right? Which means every you know the $1 of the construction revenue it will come with roughly like a half dollar of the you know the furniture and the home furnishing of the sales of the revenues right? That is we do believe it is three quantifiable factors we can continue monitor. Beyond that we do believe another quantifiable factor is as you mentioned a platform business model right? Because if you look at our execution in the past two decades through Beike's successful execution we have improvement of the platform business model in our housing transaction business. We do believe for the home decoration and furnishing business, definitely it also could gradually grow to the platform business model in the long-term goal, right? In the next couple of years, especially in the next two to three years, we do believe we will focus our 1P business development. Because we do believe there has a lot of things we can continue grow, including the team's maturity, improve the delivery quality in terms of supply chain, in terms of the design, in terms of the online/offline correlation, as well as you know, the offline sales market or other kind of offline event. Definitely, for all those kind of things, we can continue grow and continue to show off the solid progress in the next two-three years. We do believe we are not very rushed to turn to the platform business model. During all that period of time, what we're trying to do is build up a more solid progress for our 1P business. two-three years later, we can gradually develop into the platform business model. That's the answer to your question. Thank you. Back to the operator. Our next question comes from Timothy Zhao with Goldman Sachs. Your line is open. Hi, Stanley Hi, Tao Xu. Thank you for taking my question. I have a very quick question on the cost saving. I think you mentioned, in the second half, you expect around RMB 300 million-RMB 400 million cost savings per quarter. Could you further elaborate on the accomplished measures on how to cut costs and improve efficiency, as well as what would be the future impact of these measures on your financial performance? That'll be helpful. Thank you. Okay. Thank you, Timothy. As I mentioned in my previous remarks, we took a series of cost-saving measures and focused on enhancing the efficiency and profitability in our daily operation in Q2. Meaningful progress was delivered, once again, reflecting our organization's strong execution and operational quality. We adjust our organizational structure and adjust the proportion of the junior and senior agents according to the different condition in different cities and merge the regional teams. In addition, we prioritize the existing home business and higher profit-making new home business on a city level. In terms of the cost control, we reform and shut down the loss-making stores and drove the rent reduction for stores and office space. With these measures, our fixed cost and the expenses, as well as our city-level break-even points continue to fall. In Q2, the fixed cost for the Lianjia decreased by more than 25% year-over-year. We expect the operating expenses savings for the housing transaction services in the second half of this year to reach up to approximately RMB 300 million-RMB 400 million in every quarter. The absolute dollar amount of the operating expenses to be decreased to the same level of the second half of 2019. As we carry out further organizational restructuring initiative in Q2, we have gained a larger operating leverage and profitability for our housing transaction services against the challenging market environment. Our Shenzhen business, for example, turned to profit in June for the first time in the past 15 months in the face of the very weak market. Another example is the part of effort will also reflect in the improvement of our contribution margin of new home business, which was at a two years high of 24% contribution margin in Q2, despite the still sluggish new home market. Followed by the expected market recovery in the coming quarters, we believe our profitability with the housing transaction services will gradually recover in the second half of this year. Thank you. We are now approaching. Thank you, operator. Yep. We are now approaching the end of the conference call. I will now turn the call over to your host today, Mr. Matthew Zhao, for closing remarks. Yes, thank you, operator. Thank you once again for joining us today. If you have further questions, please feel free to contact Beike's Investor Relations team through the contact in this quarter. Thank you and goodbye. This concludes today's call, and we look forward to speaking with you again next quarter. Thank you and goodbye. This concludes today's conference call. Thank you for participating. You may now disconnect.