Ladies and gentlemen, thank you for standing by and welcome to JOYY Inc's fourth quarter and full year 2022 earnings call. At this time, all participants are in a listen only mode. After management's prepared remarks, there will be a question and answer session. I'd now like to hand the conference over to your host today, Jane Xie, the company's Senior Manager of Investor Relations. Please go ahead, Jane. Thank you, operator. Hello everyone. Welcome to JOYY's fourth quarter 2022 earnings conference call. Joining us today are Mr. David Xueling Li, CEO of JOYY, Ms. Ting Li, our COO, and Mr. Alex Liu, the General Manager of Finance. For today's call, management will first provide a review of the quarter, and then we will conduct a Q&A session. The financial results and webcasts of this conference call are available at ir.joyy.com. A replay of this call will also be available on our website in a few hours. Before we continue, I would like to remind you that we may make forward-looking statements, which are inherently subject to risks and uncertainties that may cause actual results to differ on applications. For detailed discussions of the risks and uncertainties, please refer to our latest annual report on Form 20-F and other documents filed with the SEC. Finally, please note that unless otherwise stated, all figures mentioned during this conference call are in U.S. dollar. I will now turn the call over to our Chairman and CEO, Mr. David Xueling Li. Please go ahead, sir. Hello, everyone. Welcome to our first quarter 2022 earnings call. Let me start with an overview of our fourth quarter annual results. In the fourth quarter, we recorded $604.9 million in revenues, include $476.5 million of revenue from BIGO and generated $50 million in non-GAAP net profits, include $57.5 million in non-GAAP net profit from BIGO. For the full year of 2022, we achieved $2.4 billion in revenues at the group level, about billion of which come from BIGO. We further improved our non-GAAP profitability at the group level as we earned a non-GAAP net profit of $199.3 million, with a non-GAAP net margin of 8.3%. The BIGO segment recorded $288 million in non-GAAP net profits, with a non-GAAP net margin of 14.4%. 2022 marked a year of uncertainty of multinational companies as we continued to be impacted by our economy headwinds. The combination of post-COVID normalization, high inflation and the strong U.S. dollar created a downward pressure on our users online entertainment spending and top line growth. Besides these short-term challenges, we've taken actions to focus on the cultivation of our user community, improve content quality, deepen engagement on our various products, and pursue sustainable, high quality growth by focusing on the factors that we could control and by our strong execution capabilities, our efforts yield significant result. First, we continued our path to sustainable profitability by generating $199.3 million non-GAAP net profit at the group level of 2022. Thanks to our continuous cost optimization efforts and improved operational efficiency. This represents 83% year-over-year growth in our non-GAAP net profits. The second consecutive year of positive non-GAAP net profits at the group level since our consolidation of YY Live. Second, we witnessed an accelerating in user growth of Bigo Live as its MAU grew by 43%. 40.3% year-over-year in the first quarter of 2022, up from 11.9% in the same last year. Such acceleration was noteworthy. This is, as it was achieved against the backdrop of the post-COVID normalization and during a period of more disciplined marketing spending. In highlights of Bigo Live improved user acquisition capabilities. Which are driven by our continuous cultivation of its content offerings and social experience. Heading into 2023, visibility of the global macro elements remains limited, and it's possible that micro headwinds may be linger for another 1 or 2 quarters. However, this short-term valid utilities will not reverse the secular trends of using pivoting, increasing amount. Close their time and their spending from offline to online. As we remain committed to enrich our users lives and facilitating their online activities through our products and services, we face a market with massive growth potential. As such, we need to strike a strategic balance between navigating short-term micro uncertainties and actively pursuing long-term growth. In the current micro uncertainties, we will retain our focus on the quality and profitability of our entertainment business in the near term. This means we will continue to do better with less. We will maintain discipline in our marketing spending, further refine our localized operations in order to further improve our content and social experience, ultimately boost our product organic growth. Optimizing efforts will continue as we strive to maintain steady, high quality growth of both our social business and its operating cash flow. In the meantime, we will continue to prioritize our resources and investment into high potential business that align with our long-term strategies and which will shape our core capabilities. We are confident that we can remain self-sustenance in our cash flows, reinforce our strong financial position, and act swiftly to size long-term growth opportunities as they raise. Let's take a closer look at our products. We will start with the Bigo Live. In the first quarter, Bigo Live sustained its strong user growth trajectory thanks to effective motions and increased user acquisition efficiency. During the quarter, Bigo Live's MAU increased by 18.3% year-over-year to 36.8 million. Notably, MAUs in Southeast Asia and other emerging markets increased by 21.6% year-over-year. During the 2022 World Cup, Bigo Live rolled out a one-month match day designed to better engage the football players and fans around the global. The program highlights Bigo Live's diverse localized content and resonates it with local communities. In November, Bigo Live invited well-known professional football such as England's Kieran Trippier and Netherlands Wesley Sneijder to join its live interviews. A group of local football creators were selected by Bigo Live as World Cup ambassadors to host live commentary sessions. We also established discussion groups and chat rooms which support up to 500 concurrent speakers to encourage, create, and share original content. These efforts successfully hosted an engaging community experience on Bigo Live during the World Cup. In addition to connecting users, we remain fully dedicated to create value for our creators. In January, we hosted our first annual flagship event, the BIGO Awards Gala 2023 at Singapore's historical Capitol Theatre. During the event, Bigo Live honored over 270 Bigo Live creators and about 100 Bigo Live families for their contribution to the community in the past year. The gala also featured captivating performance from top talents from across the global with approximately 4 million viewers in to the watch. For further boosting our creators exposure on a worldwide stage, we will continue to recognize and re-contribution of our creators in making our platform what it is today. The BIGO Award was just one phases of our effort to incubate talent, building communities, and promote inclusivity and diversity on our platform. In the first quarter, Bigo Live conducted a comprehensive upgrade of its live streaming tools and rooms, and introduced a number of new interactive features. This improved the effectiveness of live session recommendation and user go live experience. On a sequential basis, the number of live streamings, live streamers on Bigo Live increased by 3.3%, and the average during per live session increased by 4.5% in the first quarter. Turning to Bigo Live monetization. During the 1st quarter, monetization continued to be negatively impacted by micro timings. In the Middle East, we were also negatively impacted as user spending was diverted to offline entertainment activities during the World Cup. Nevertheless, the number of global paying user was stabilized, and the number of paying user in Europe and North America have assumed a sequential growth for 2 consecutive quarters. Looking ahead in 2023, we aim to further improve Bigo Live's penetration rates and expand its services in multiple regions around the world, include Europe, America, and the Middle East, the Eastern Pacific, and Southeast Asia. Improvement in user acquisition efficiency and user engagement will remain our priority as we continue to pivot Bigo Live content and user interaction via product innovation and innovative local operations. Furthermore, Bigo Live will advance its efforts to boost paying user and the monetization growth by up users paying experience in live streaming session and brand. Live turns to Likee. Following a year of proactive optimization, Likee's operation loss in 2022 was in line with our expectation, narrowing by 83% year-over-year. More importantly, Likee hit another milestone by achieving breakeven in the second half of 2022. Following the initial launch of its Loop feature, Likee has expanded its efforts to collaborate with companies from variety of industry vertical in order to further cultivate its interest-based communities. Take the gaming community as an example, which is one of the largest interest group on Likee. Partners with various popular games include Conquerors, Lords Mobile, and PUBG Mobile to offer gamers, game lovers a shared space to interact with each other. In December 2022, Likee become an official streaming partners of The Game Awards 2022, an annual awards ceremony honoring achievements in the video game industry. Millions of viewers from all over the world watched the event live and inter with each other on Likee's platform. Hosted by Loop and Likee's refined content offerings, we saw an increase in user interaction quality and units on Likee. In the first quarter, Likee's average user time spent grew by 70.4%, and 30-day user retention improved by 6.3% over the previous quarter. Looking ahead as we enter into 2023, we intend to further enhance Likee's monetization efficiency by diversified monetization models and achieve constant profitabilities, we will continue to prioritize creator support, facilitate social interactions among our users, and further refine our local centered on interest-based communities. As we gradually improve Likee's operation cash flow, organic growth capabilities, and user stick, we believe Likee's user base will gradually stabilize, and user growth will resume in certain regions over time. Next on Hago. During the first quarter, Hago's operation loss narrowed substantially over the previous quarter. Product strategy, we mentioned in Hago's positioning upgrade about a year ago. Subsequently, Hago has transitioned away from being an interactive platform primarily focused on casual games. Now, it is a multi-user social platform where a user can enjoy engaging interactions with a much more diverse range of tools. Following the upgrade, our user socializing patterns on Hago become clear. First, you feel acquaintance by participating in multiplayer casual games. After a few rounds of games, some user may choose to engage further by joining one of Hago's social channels, such as video and audio multiplayer chat rooms and Hago Space, where they can interact with each other using customized 3D avatars. When the level of interaction reached a certain level, user may choose to join the same group or family as their like-mind friends and engage with each other on a much more frequent basis. Hago has enhanced its monetization efficiency throughout the process by developing a variety of monetization features such as pay-to-play games, advertisements, live streaming, and virtual items. During the fourth quarter, we optimized our recommendation algorithm to help our user locate social rooms. This initiative drove sequential increase in the social channels next day user retention rate by 1.5%, and user time spent by 5.3%. We also introduced a new 3D campaign screen and launched a series of optimizations in a beginner's guide to Hago Space. As a result, new user time spent on Hago Space improved by 6.5%, and revenues from virtual items increased by 13.4% over the previous quarter. In 2023, in alignment with our strategy of Likee, we intended to further enhance Hago's monetization efficiency. While maintaining our efforts to achieve consistent profitability at the product level, Hago will optimize its features throughout its users' socializing patterns and better facilitate user interactions. Such as we expect to further improve Hago's user retention and organic growth capabilities, which are crucial gradual stabilization and eventual recovery of user growth over time. Finally, some updates on capital return. During the fourth quarter, we bought back an additional 31 point of our shares. In the full year of 2022, we have repurchased a total of 138.1 million of shares and paid cash dividends in aggregate amount of $145.9 million. We are confident in our long-term prospects and we'll continue to actively utilize the remaining share purchase program to reward the long-time support of our shareholders. To conclude, effective strategy planning and strong execution drove our solid performance in 20-- despite certain macro elements. Looking ahead, we remain committed to enrich our users' lives and facility and improving their online activities through our diverse range of innovative products and services. With our resilient business model, strong financial position, and sharpened focus on building our core capabilities, we are well-positioned to weather short-term macro headwinds while driving long-term growth opportunities and creating lasting value for shareholders. No. Alex. Yeah. Thanks, David. Now, I hand over to Alex, please. Yeah. Thanks, David. Hello, everyone. Let me go through the details of our financial results. Please note that the financial information and the non-GAAP financial information disclosed in our earnings press release is presented on operating basis unless otherwise specifically stated. Our total net revenues for the quarter was $604.9 million, compared to $663.7 million in the same period of 2021. Primarily due to macroeconomic uncertainties and unfavorable exchange rates, which negatively affect paying user sentiment. During the quarter, we have continued to optimize the cost structure and enhance operating efficiency on multiple product fronts. Cost of revenues for the quarter decreased to $392.6 million, among which sharing fees and content costs decreased to $247.5 million. Gross profit was $212.3 million in the quarter, with our gross margin improved to 5.1% from 33.7% in the same period of 2021. Primarily due to optimization of revenue sharing cost and other operational costs. Other operating expenses for the quarter was $231.2 million, increased from $162 million in the same period of 2021. Among the operating expenses, sales & marketing expenses decreased to $102.2 million from $112 point, due to disciplined spending on user acquisition. R&D expenses increased to $73.6 million from $29.3 million in the corresponding period of 2021, primarily due to increased R&D personnel-related expenses of BIGO and increased consolidation of supply. Our GAAP operating loss for the quarter was $14.2 million compared to operating income $60.6 million period of 2021. Our non-GAAP operating income for the quarter, which excludes SBC expenses, amortization of intangible assets from business, as well as impairment of goodwill and investments, and gain on disposal of subsidiaries and business, was $0.8 million in this quarter compared to $81. Our non-GAAP operating income margin for the quarter was 4.6% compared to 12.6% in the prior year period. GAAP net loss from continuing operations attributable to controlling interest of JOYY in the quarter was $377.5 million, compared to net income of $73.2 million in the same period of 2021. Primarily due to an impairment loss of $417.2 million from an equity measured investment recognizing the quarter. The impairment loss is excluded from our non-GAAP calculations, as it's not reflective of the underlying trend in our current operating performance. Non-GAAP net income from continuing operations attributable to controlling interest of JOYY in the quarter was $50 million. $98.3 million in the same period of 2021. The group's non-GAAP net income margin was 8.3% in the quarter compared to 14.8% in the same period of 2021. Together with our improving profitability, we have maintained a strong operating cash flow as well. For the fourth quarter of 2022, we booked net cash inflows from operating activities of $75.6 million. We remain a healthy balance state with a strong cash position of $4.29 billion as of December 31, 2022. I would like to briefly walk through the full year financial highlights. Our total net revenues for the full year were $211.5 million, compared to $219.1 million in 2021. We have sustained our path to sustainable profitability at the group level for the second consecutive year. Our non-GAAP net income attributable to controlling interest and common shareholders of JOYY for the full year of 2022 was $199.3 million, up by 83% from $108.9 million in 2021. Non-GAAP net income margin for the full year of 2022 was 8.3%, up from 4.2% in 2022. Notably, BIGO's non-GAAP net income expanded to $288 million in 2022, with its non-GAAP net income margin improved to 14.4% from 7.8% in the prior year. Importantly, we have continued to enhance returns to shareholders through dividends and share repurchase. In the full year of 2022, we have in total repurchased approximately $168.1 million of our shares and paid cash dividends in an aggregate amount of $145.9 million, which altogether represent 142.5% of our non-GAAP net income. As of the end of 2022, we still have around $800 million unutilized quarter for 2021 share repurchase program. Given our current cash position, we will continue to balance between keeping sufficient cash to invest in building our longer liabilities and enhancing return for our shareholders. For our business outlook, we expect our net revenues for the first quarter of 2023 to be between $552 million and $570 million. Let me wrap up with some final thoughts. In 2022, despite the fact that global macro revenue growth, but by taking defensive actions to focus on high quality growth, we have successfully enhanced our operational efficiency and resilience of our business. As well as the execution capabilities of our team. As we head into 2023, given the low visibility around the global macro, we will remain adaptive to the macro environment and prioritize our investment in building our core capabilities. We remain confident in the long-term potentials of our global business, and we will actively pursue long-term growth opportunities and generate sustainable shareholder value. That concludes our prepared remarks. Operator, we would now like to open up the call to questions. Thanks. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request. If you're on a speaker phone, please pick up the handset to ask your question. When asking a question, please state your question in Chinese first, then repeat your question in English for the convenience of everyone on the call. Your first question comes from Thomas Chong with Jefferies. Please go ahead. 然 后 如 果 是 我 们 看 2023 年 ， 各 个 区 域 的 趋 势 ， 可 以 分 享 一 下 吗 ？ 然 后 我 第 二 个 问 题 呢 ， 是 关 于 近 一 年 公 司 在 预 期 收 入 的 趋 势 ， 还 有 就 是 我 们 的 收 入 的 话 呢 ， 什 么 时 候 会 出 现 一 个 拐 点 ？ 谢 谢. Thanks management for taking my questions. I have two questions. The first question is about Bigo Live. Can you share about how the performance by geographies in Q4? How should we think about the trend in 2023 among different geographies? My second question is about 2023, revenue trend and when we should think about the inflection point. Thank you. 哦 ， 好 的 ， 谢 谢 您 的 问 题 。 呃 ， 我 觉 得 这 个 Q4 呢 ， 这 个 Bigo Live 的 全 球 收 入 呢 ， 确 实 仍 然 还 是 受 到 这 个 全 球 确 定 性 的 影 响 。 但 是 呢 ， 各 个 区 域 的 这 个 走 势 呢 ， 还 是 有 一 些 差 异 的 。 其 中 呢 ， 获 益 于 这 个 我 们 的 年 中 活 动 和 对 这 个 创 造 者 这 个 ， 呃 ， 这 个 拉 动 呢 ， 这 个 欧 美 东 南 亚 呢 ， 开 始 这 个 恢 复 了 环 比 增 长 。 其 中 呢 ， 欧 洲 呢 ， 其 实 获 得 了 一 个 两 位 数 的 这 个 环 比 增 长 。 中 东 地 区 呢 ， 是 因 为 世 界 杯 的 举 办 ， 分 流 了 一 些 本 地 用 户 的 时 间 和 消 费 去 了 线 下 ， 因 此 呢 ， 受 到 了 一 些 负 面 影 响 。 呃 ， 世 界 杯 结 束 以 后 呢 ， 我 们 又 看 到 了 中 东 地 区 的 线 上 消 费 开 始 恢 复 。 就 是 回 顾 整 个 2022 年 吧 ， 尽 管 全 球 宏 观 面 临 着 一 些 不 确 定 性 ， 但 是 呢 ， 这 个 还 是 有 一 些 市 场 有 显 性 的 ， 这 个 年 对 年 呢 获 得 了 增 长 。 然 后 比 如 说 ， 呃 ， 澳 大 利 亚 、 新 西 兰 、 菲 律 宾 、 英 国 、 意 大 利 这 些 地 区 都 获 得 了 增 长 。 然 后 展 望 这 个 2023 年 呢 ， 我 们 认 为 这 个 区 域 的 这 个 趋 势 会 跟 随 着 这 个 各 个 区 域 经 济 的 这 个 增 长 性 ， 还 有 我 们 在 当 地 的 这 个 市 场 发 展 的 阶 段 ， 呃 ， 会 有 一 些 这 个 变 化 。 整 体 来 说 呢 ， 我 们 还 是 会 继 续 坚 持 全 球 这 个 均 衡 发 展 ， 在 全 球 的 这 个 多 个 市 场 运 营 ， 然 后 有 -- 是 有 利 于 我 们 这 个 调 动 这 个 全 球 的 资 源 和 当 地 的 资 源 ， 你 投 入 到 更 高 效 的 这 个 市 场 上 去 ， 从 而 呢 实 现 更 高 的 这 个 ROI。 我 们 还 会 持 续 地 这 个 重 点 关 注 南 亚 、 中 东 和 东 太 平 洋 这 几 个 关 键 市 场 ， 更 为 密 切 地 追 踪 当 地 市 场 的 变 化 ， 调 整 我 们 的 策 略 。 Thank you Thomas for your question. This is David. 你 帮 我 翻 译 一 下 。 In Q4, we believe that Bigo Live monetization was still negatively affected by the global macro uncertainties. We noticed the different recovery trends by region. For example, we've seen Europe, North America, and Southeast Asia resume sequential growth, with Europe even recorded a double-digit growth Q on Q. We believe that was mainly due to our active operational year-end events in Q4, which promoted creator activity in the region. The Middle East region underperformed as the hosting of the World Cup diverted part of users' time spend and time and spending offline during the period. We saw paying activities in the region began to recover immediately after the event was concluded. If we look back the full year performance across the different markets, some markets turn out to be more resilient against the macro headwinds and achieve positive year-over-year growth, such as Australia, New Zealand, the Philippines, the U.K., Italy, etc. If we look ahead for the year of 2023, we believe that the recovery trends across different regions should be highly related to their economic growth and the level of development of our operations in the local regions. Overall speaking, we intend to stick to our globalization strategy with a diversified exposure, across the various. We will remain operational flexibility as we can, flexibly prioritize, allocate resources, globally and locally into markets that are more efficient to achieve a higher ROI. We will continue to focus on key markets such as Europe, America, Southeast Asia, the Middle East, and the Eastern Pacific Region, and we will closely track market changes and remain flexible and adaptive in our operational strategy. Thank you. 第 二 个 问 题 呢，我 觉 得 就 是，目 前 这 个 全 球 的 宏 观 环 境 还 是，不 是 很 好，也 比 较 多 的 这 个 黑 天 鹅 事 件 吧。宏 观 的 不 确 定 性 呢，我 觉 得 在 未 来 1-2个 季 度 还 是 会 伴 随 我 们 的。 我 觉 得 在 这 样 的 环 境 下 呢，我 们 一 边 呢 需 要 这 个 把 控 短 期 的 风 险，另 外 一 边 呢 也 要 确 保 公 司 的 运 营 资 源 能 够 做 好 准 备，能 够 保 证 运 营 策 略 具 有 足 够 的 弹 性。当 这 个 宏 观 经 济 有 恢 复，或 者 是 消 费 者 付 费 情 绪 转 向 的 时 候，我 们 能 够 把 握 住 机 会。 呃 按 照 以 往 的 这 个 往 年 的 这 个 季 节 性 规 律 呢 ， 其 实 Q1 是 一 个 淡 季 ，Bigo 的 营 收 呢 ， 应 该 有 机 会 在 二 季 度 这 个 逐 步 企 稳 ， 并 且 呢 ， 在 下 半 年 恢 复 环 比 和 同 比 的 增 长 。 其 他 的 板 ， 其 他 的 板 块 应 该 也 会 在 二 季 度 恢 复 这 个 环 比 增 长 。 就 是 总 的 来 看 呢 ， 我 们 认 为 这 个 2023 年 应 该 是 逐 渐 恢 复 年 ， 尤 其 是 下 半 年 ， 我 们 会 密 切 地 这 个 关 注 宏 观 环 境 变 化 ， 灵 活 调 整 我 们 的 策 略 。 To answer your second question, we believe that the visibility of the global macro environment remains limited and there has been this news coming out recently as well. We believe that it is possible that the macro headwinds may affect us for another 1 or 2 quarters. Given the current uncertainties, we believe that we will need to control short term risks and at the same time, having certain degree of operational flexibility and making sure that we are fully prepared to swiftly take action and capture growth opportunities, especially when the macro or user paying sentiment takes a positive turn. According to our previous seasonality experience, usually Q1 is a quieter season with less marketing activities. We believe Bigo's top line should gradually stabilize in Q2 and resume sequential and year-over-year growth in the second half of the year. Similarly, we believe that the others segment should also resume sequential growth in Q2. Overall speaking, we believe that the year 2023 should be a year of recovery in top line growth, especially in the second half. We will continue to closely track the evolving market dynamics and flexibly adjust our operating strategies. Thank you. Next question, please. Thank you. Your next question comes from Thomas Shen with Nomura. Please go ahead. 感 谢 管 理 层 接 受 我 的 提 问 ， 我 有 两 个 问 题 ， 第 一 是 想 请 教 一 下 公 司 ， 各 条 业 务 线 ， 接 下 来 的 ， 利 润 趋 势 ， 问 一 下 公 司 2023 年 的 费 用 和 利 润 的 ， 整 体 展 望 如 何 ？ 我 自 己 翻 译 一 下 。 Thanks management for taking my question. I have two questions. The first one is, could you share the margin trends for our key segments such as BIGO and the rest of business down the road? The second question is, that, could management share more color on the expenses and the margins, for the entire company in the year of 2023? Thank you. 好 ， 谢 谢 您 的 问 题 ， 我 是 Alex， 我 来 回 答 一 下 。 嗯 回 顾 2022 年 ， 其 实 我 们 的 利 润 啊 是 大 幅 好 于 预 期 的 。 在 Non-GAAP 的 经 营 利 润 率 提 升 了 四 个 点 ， 从 百 分 之 二 点 八 提 高 到 了 百 分 之 六 点 八 ， 其 中 Bigo 板 块 的 Non-GAAP 经 营 利 润 率 提 升 了 五 点 八 个 点 ， 是 从 百 分 之 八 点 六 到 百 分 之 十 四 点 四 。 这 主 要 归 于 集 团 整 体 运 营 效 率 的 提 升 ， 以 及 多 个 产 品 线 层 面 利 润 的 改 善 。 如 果 单 独 看 Bigo 板 块 的 话 ，Bigo 的 毛 利 提 升 了 三 点 七 个 点 ， 是 从 百 分 之 三 三 点 八 提 高 到 了 百 分 之 三 十 七 点 四 。 成 本 啊 ， 包 括 内 容 、 支 付 渠 道 和 运 营 效 率 ， 其 实 都 是 有 节 约 的 。 那 么 拆 分 产 品 来 看 的 话 ，Bigo Live 的 运 营 利 润 率 整 体 保 持 稳 定 ，Lucky 的 亏 损 规 模 大 幅 收 窄 了 百 分 之 八 十 七 。 板 块 下 ， 板 块 下 的 其 他 产 品 整 体 也 是 首 次 扭 亏 为 盈 ， 实 现 了 全 年 的 一 个 盈 利 。 展 望 23 年 的 话 ， 对 于 Bigo 板 块 我 们 还 是 会 非 常 注 重 增 长 的 质 量 ， 同 时 我 们 也 希 望 运 营 策 略 上 留 有 足 够 的 弹 性 ， 用 户 付 费 情 绪 复 苏 时 ， 投 入 资 源 可 以 谋 求 更 大 的 、 更 快 的 一 个 增 长 。 因 此 ， 二 三 年 全 年 ， 刨 除 汇 率 影 响 的 前 提 下 ， 我 们 预 期 Bigo 板 块 的 经 营 利 润 率 应 该 跟 二 二 年 的 水 平 保 持 大 致 的 稳 定 ， 保 留 一 定 的 资 源 谋 求 增 长 。 那 么 ， 那 么 从 整 个 集 团 层 面 来 看 的 话 ，2023 年 我 们 希 望 在 控 制 短 期 风 险 和 投 入 资 源 谋 求 长 期 增 长 之 间 达 到 一 个 平 衡 。 我 们 预 期 集 团 将 持 续 保 持 盈 利 和 稳 健 的 现 金 流 。 谢 谢 。 Thank you for your question. This is Alex. I will take your question on the profitability and margin outlook. Looking at the full year of 2022, our profits were better than expected. The group achieved a non-GAAP operating margin of 6.8%, up by 4 percentage points. BIGO segment achieved a non-GAAP O-OP margin of 14.4%, up by 5.8 percentage points, from 8.6% last year. This was mainly attributed to our enhanced operating efficiency at group level and also improved profitability at almost all product levels. If we take a closer look at BIGO segment, for the full year of 2022, BIGO's segment's growth margin was improved by 3.7 percentage points from 33.8% to 37.4% last year. We see cost optimization happen at multiple cost and expense items, including our content cost, payment channel expenses, and other operating expenses as well. At product level, Bigo Live has maintained relatively stable when it comes to operating margin. Likee has continued to narrow its operating loss by 87% year-over-year, and other product under the BIGO segment also reverts its loss-making trend and began to make a profit in the full year. Looking forward to 2023, for BIGO segment, we will still prioritize high quality growth in the near term, given the macro uncertainties. At the same time, we will ensure sufficient operational flexibility when planning our resources allocations, so as to swiftly take action and capture larger growth opportunities when user, paying sentiments take a positive turn. Therefore, for the full year of 2023, on a constant currency basis, we expect the non-GAAP operating profit margin for BIGO segment to remain roughly stable when compared to the level of 2022, retaining certain resources for potential growth. Overall speaking, at group level, we intend to strike a strategic balance between navigating short-term uncertainties and actively pursue long-term growth. We expect to remain profitable and self-sufficient in our operating cash flow in the year 2023. Thank you. Next question, please. Thank you. Your next question comes from Jasmine Wang with Credit Suisse. Please go ahead. Thanks management for taking my question. My question is about user paying willingness. Management mentioned that global macro visibility remains limited. What is your view on the trend of paying user number engagement and the ARPU this year? Thank you. How. Hi. Thank you for your question. This is David. I will take your question on the paying user and ARPU trend. Based on our observations in the past few quarters, we've seen that global macroeconomic uncertainties have negatively affected user paying sentiment as implied in the recent trend of our paying users and ARPU. However, we did have observed that the number of paying users have gradually stabilized since Q3 in the year 2022, and that the paying users in Europe and North America have resumed sequential growth for 2 consecutive quarters. We believe this could be an early sign of recovery for our monetization. If we look at the phase of development and also from a mid to long-term perspective, we believe our user penetration rate and also the paying ratio of our products are still relatively low with empty room for further improvement. In the year 2023, we will still focus on our user growth and also the conversion of paying users. We'll continue to cultivate our products and our user community and improve user satisfaction, which we believe are the fundamental driver for user, paying user and also ARPU growth in the long term. We don't believe that the recent trends will change our long-term product strategy. Thank you. Next question please. Thank you. Your next question comes from Yiwen Zhang with China Renaissance. Please go ahead. My question is regarding our, you know, our view of the user growth projection for 2023. What's our view on the Like and Hago user trend and the monetization, you know, update? Thanks. 我 好 的 。 我 这 边 可 能 是 想 问 一 下 公 司 对 于 2023 年 用 户 增 长 的 一 个 趋 势 怎 么 看 。 是 那 个 Like 跟 Hago 那 边 的 一 个 用 户 趋 势 ， 跟 一 个 变 现 的 一 个 情 况 是 怎 么 样 的 。 哦 ， 对 ， 那 个 我 们 现 在 呢 ， 这 个 其 实 前 一 个 阶 段 呢 ，Like 啊 ， 还 有 Hago 啊 ， 都 是 主 要 是 以 这 个 RI 为 目 标 的 ， 整 个 业 务 那 个 持 平 为 最 主 要 的 这 个 目 标 。 那 么 像 Like 在 去 年 下 半 年 已 经 完 成 了 break even。 对 ， 我 想 这 个 我 们 今 年 呢 ， 肯 定 是 在 这 个 不 亏 损 的 这 个 前 提 下 ， 还 是 会 努 力 推 动 用 户 的 成 长 。 Thank you, Yiwen. This is David. Regarding our outlook for Likee and Hago, both products have prioritized and also considered break even as a key operating priority in the year 2022. We've seen positive results comes out from both products as well, especially with Likee achieving break even in the second half of 2022. We believe that given that the product is now approaching break even, we believe that the product will be able to explore potential user recovery on the basis of consistent profitability. Thank you. That's all the time we have for our question and answer session today. I'll now hand back to management for closing remarks. Thank you so much for your time, and we look forward to seeing everyone next quarter. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.