Thank you, operator. Hello everyone. Welcome to JOYY Inc.'s Second Quarter 2025 Earnings Conference Call. Joining us today are Ms. Ting Li, Chairperson and CEO of JOYY Inc., and Mr. Alex Liu, the Vice President 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 webcast 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 from our current expectations. 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. We will also discuss certain non-GAAP financial measures. They are included as additional clarifying items to aid investors in further understanding the company's performance and the impact that these items and events had on the financial results. The non-GAAP financial measures provided above should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with GAAP. You may find a reconciliation of the differences between GAAP and non-GAAP financial measures in our annual. 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 Chairperson and CEO, Ms. Ting Li. Please go ahead, Ms. Li. Hello everyone, I'm Ting Li. Thank you for joining us today. This call marks my fourth anniversary at JOYY and I'm excited to share some of our latest progress with you. We stabilized our live streaming business while driving robust growth in our non-live streaming businesses, particularly our ad tech business. We continue our transformation into a global tech company powered by multiple growth entries. Today I will first briefly summarize our Q2 results followed by a review of our progress over the past year to highlight the key pillars that will guide our growth. Finally, I will share detailed updates on each of our business units starting with our Q2 results. We delivered a solid performance as our live streaming business reached a stable 14 while our advertising business achieved robust and accelerated growth. We recorded total revenue of $508 million, representing 2.7% QoQ growth. Our non-GAAP operating profit reached $38 million with year-over-year growth of 27.9%. Non-GAAP EBITDA reached $48 million, growing 25.7% year-over-year. To break this down, live streaming revenue grew 1.1% QoQ while non-live streaming revenue achieved 25.6% year-over-year growth, contributing 26.1% of total revenues. Meanwhile, our operating cash flow reached $58 million as of June 30. We maintained $3.3 billion in net cash on our balance sheet, a sign of our strong financial resilience. Next, I want to highlight the four keywords that have driven our progress in the past year and will continue to guide our growth: High Quality Operations, Sustainable Growth, AI-driven Innovation, and organizational vitality. First, high quality operations. Temporary app removals in late 2024 prompted us to take decisive actions to further enhance our community safety infrastructure and proactively strengthen our business ecosystem. By turning adversity into community opportunity, we have emerged more relevant and better positioned for the future. We are committed to continued improvement as a cornerstone of our competitive advantage, building a robust business that delivers long-term value while pursuing our vision of creating a great enterprise. Next, sustainable growth. Our strong operational foundation has allowed us to cultivate our huge growth engine and achieve sustainable growth. Building on a diverse product portfolio, localized operations, and enhanced global market penetration, our live streaming operation continues to generate reliable profits and cash flows. Leveraging our operational strength and technological expertise accumulated in the 2C sector, we accelerated our expansion into the 2B sector and we have seen huge progress in our ad tech business in the past year. Thirdly, AI-driven innovation, we believe that AI holds tremendous potential to empower our business. Today we are applying AI extensively in our recommendation systems and advertising algorithms in live streaming. Our AI usage is all about boosting user engagement. Early this year, for instance, we launched multilingual real-time voice recognition and translation function for our products. This enables users across languages to interact in real time, strengthening relationships between people from vastly different backgrounds and driving monetization. We have merged large language models with multimodal content understanding to create dynamic topic summaries and interactive comments that determine the user-streamer connection. Our use of AIGC has transformed how we produce virtual items and emojis. We are able to create personalized, localized items in a much shorter time span. In advertising, we leverage AI to deeply analyze and dynamically model user intentions, interests, and behavioral patterns. This allows us to precisely profile mid to long tail traffic segments, greatly enhancing targeting accuracy, especially in cold ad scenarios. AI powers our entire advertising value chain from user profiling and targeting to generative ad creation, real-time bidding, and dynamic budget allocation. Our automated data-driven decision making is continually improving, driving higher conversion rates, third-party developer monetization, and fueling BIGO Ads expansion across more verticals. Lastly, organizational vitality. After 20 years of building milestone successes, we are channeling our entrepreneurial drive into enhancing organizational execution and efficiency by modernizing our foundational R&D and operational processes. We are building agile, scalable capabilities and empowering us to replicate past wins across emerging products and businesses. We are also prioritizing the creation of an empowering workplace for our global talents. Above all, our people are the cornerstone of our ability to achieve our strategic ambitions. Next, let me share with you the latest updates for the respective businesses. In the second quarter, our Group's live streaming revenue reached $375 million, with BIGO LIVE streaming revenue at $355 million, both stabilizing QoQ. During the quarter, our global average mobile MAU grew sequentially to 263 million. We continued to refine our user acquisition with an ROI-driven approach. As a result, BIGO LIVE's user numbers have grew 2.3% QoQ, while 30 days ROI from new devices improved 4.4% sequentially. Our organic user growth was also strong, driven by improving user experience. Today, the majority of our total global MAUs come from our core product. High frequency usage and strong user stickiness fueled by enhanced features such as HD audio, video calling, and rich media messaging has been pivotal to our organic expansion. In the second quarter, the MAUs of our app increased by 3 million, with average daily user time spent up 12.8% year-over-year. We are building our long-term strategy on the foundation of high-quality global traffic that drives sustained monetization across live streaming, advertising, and potentially others. As we prioritize quality over volume, we will continue to closely monitor the effectiveness of average user acquisition through ROI and our long-term user stickiness. We enhanced content quality and refined the paying user experience during the second quarter, which drove higher user engagement and conversion efficiency. Specifically, we optimized BIGO LIVE cross-regional content distribution algorithm and real-time AI translation. These changes significantly drove continued growth and caused retention uptick, particularly in Europe and the Americas. We launched the Streamer Academy, which provides tiered training, enhanced live streaming tools, and operational support to help streamers improve quality and reach. This fueled a 1.6% QoQ increase in active streamers on BIGO LIVE. We also revamped BIGO LIVE premium paying user benefit system during the quarter, introducing refined tiers, incentives, and exclusives for users. This drove a 13% QoQ increase in premium paying users. As a result, BIGO LIVE's overall live streaming paying users grew 3.7% QoQ. Looking at our performance by region in the second quarter, our live streaming revenue in developed countries returned to positive QoQ growth. In particular, BIGO LIVE revenue in Europe rose 6.5% QoQ, marking the first significant rebound in the region since we implemented a series of content strategy optimizations in the second half of last year. Our live streaming revenue in Southeast Asia was also up Q2, with BIGO LIVE revenue in this market rising 3.9%. We anticipate continued growth in paying users in the second half from heightened localized campaigns, enhanced content and payment experiences, and the incremental contribution from our new auto product lineup in the Middle East. We are confident that our live streaming business will regain momentum and continue to deliver sustainable cash flow. In the second quarter, BIGO Ads achieved $87 million in ad revenue, representing a 29% year-on-year and 9% quarter-over-quarter growth. In particular, revenues from our ad networks recorded mid double-digit year growth. Last quarter, I outlined our strategic rationale for entering into the ad tech business and how we can utilize our inherent advantages to build a sustainable competitive edge. Today, I want to focus on where we stand in this trillion-dollar market and BIGO Ads' strategic positioning for long-term growth. We are building significant scale on the traffic side. Our reach spans roughly 263 million users through our own social apps, and we extend this reach substantially by seamlessly integrating developer traffic across major channels. Our first-party traffic monetization remains stable. We believe steady first-party ads revenue with strong positivity, and we expect to maintain growth through improved user engagement and ad fill rates in the meanwhile. Meantime, we have significantly scaled our third-party network traffic through successful integrations with AppLovin, MAX, and Unity LevelPlay mediation platforms. Growing developer SDK adoption has driven nearly 80% traffic growth versus the second half of 2024, where new integration with multichannel platforms further expanded our traffic reach, including CTV. Meanwhile, we saw robust growth across app, IAA, and web-based channels, with daily transaction volumes reaching record levels. Web-based lead generation continued to post double-digit gains, powered by Pixel features optimization, enriched customer data feedback, and improved bidding strategies. In IAA, we expanded partnerships with top gaming campaigns with firms including Tripledot, PeopleFun, and Fugo, expanding their campaigns on BIGO Ads, which contributed to faster sequential growth. Geographically speaking, we are seeing strong performance in multiple regions in the first half of 2025. North America delivered approximately 24.2% sequential growth. In Europe, where we kicked off our expansion during the second quarter, revenue grew by a high single-digit percentage QoQ. Finally, our proprietary data asset enhanced by customer feedback and multi-channel attribution continuously improves our pre-filling and targeting precision. Deep signatures across our business segments, including accumulated vertical insights, data assets, established algorithm capabilities, and relevant experiences in cold start scenarios, have given us a head start in developing specialized models tailored to each vertical. Additionally, our global network infrastructure and tech capabilities originally built for our live streaming businesses offer significant cost advantages. In summary, our advertising business has delivered consistent sequential growth and profitability for multiple consecutive quarters. The success stems from a number of key strengths, including expansion of our traffic, rising advertiser demand across channels and verticals, and quickly evolving algorithms supported by our global tech and network infrastructure, fostering a self-reinforcing strategic flywheel. BIGO Ads has emerged as our second major growth engine, representing a strategic long-term priority for the group. We are pursuing expansion in North America, Japan, and Europe, unlocking substantial new opportunities, leveraging JOYY 's ecosystem and deep insight into e-commerce and social media verticals. We are accelerating the training and optimization of AI-driven models to establish a distinct competitive advantage on our product front. We are enriching our ad formats, strengthening integration with attribution platforms, enhancing advertiser data feedback, and advancing algorithms to maximize targeting precision and drive long-term ROI. BIGO Ads' structural advantages, combined with our proven execution capabilities and the vast market opportunity ahead, reinforce our commitment to building a meaningful and lasting presence in the ad tech industry. We are determined to execute on our strategic plan and retain full confidence in our team and ability to drive long-term success. Finally, let's turn to capital allocation. As discussed previously, we are actively exploring new growth engines and have already seen promising initial results. In the short term, we expect to prudentially expand headquarters and the marketing resources to support our ad tech business while maintaining healthy profit margins in the middle to long-term. Once our non-live streaming businesses reach a certain scale, investments, infrastructure upgrades, tech development, talent expansion, and marketing efforts are all potentially high-return capital allocation options. From January 1 through June 30, we have distributed $135 million to our shareholders through dividends and share buybacks. We view our shares as substantially undervalued and remain committed to actively utilizing buybacks under the previously approved program. Looking forward, with our live streaming business stabilizing and rising revenue and profit from advertising and other emerging businesses, we expect the company's consolidated operating profit to continue to improve and our shareholders to benefit from long-term profitable growth. In closing, our core live streaming business has stabilized in Q2, positioning us for sustained growth. Our BIGO Ads platform is rapidly scaling as our second growth engine, and we are building our long-term capabilities, particularly in our proprietary data assets and advertising algorithms, and establishing our differential competitive advantages across markets and verticals. We look forward to sharing ongoing positive developments in the coming quarters. I will now turn the call over to Mr. Alex Liu, the Vice President of Finance, to provide our financial updates. Thanks, Ms. Li Hello, everyone. I will now dive deeper into our financial performance for the second quarter. In the second quarter of 2025, we recorded total net revenue of $507.8 million, securing a quarter-over-quarter growth of 2.7%. This was achieved as our live streaming remained stable and delivered our first sequential recovery in the past several quarters. Our non-live streaming business, particularly the advertising business, sustained strong growth momentum in the past consecutive quarters. We expect our live streaming business to gradually regain momentum and our non-live streaming revenues to continue to deliver impressive growth in the following quarters. Our non-GAAP operating income was $38.3 million, up by 27.9% year-over-year, beating market expectations. Non-GAAP EBITDA for the quarter was $48.2 million, up by 25.7% year-over-year. We are disclosing our non-GAAP EBITDA metric since this quarter as we believe it is a standard measure of operational performance which stresses out non-operating factors like interest, tax, and non-cash expenses. This could help our shareholders better assess the performance of our core business. Our total live streaming revenues were $375.4 million for the second quarter, $355.3 million of which was from the BIGO LIVE segment. Both are up quarter-over-quarter. Our ROI-driven user acquisition and continued optimization of our content quality and paying user experience have contributed to improved payment conversion, with BIGO's total paying users increasing by 3.7% quarter- over- quarter. By region, total live streaming revenue from developed countries increased by 3.4% quarter-over-quarter, while live streaming revenues from Southeast Asia increased by 2.1% quarter-over-quarter. Our non-live streaming revenues were $132.4 million during the second quarter, up by 25.6% year-over-year. Non-live streaming now contributes 26.1% of our total group revenues, up from only 18.7% contribution in the same period last year. In particular, BIGO's non-live streaming revenues, primarily advertising revenues, increased by 29% year-over-year and 8.9% quarter-over-quarter to $87.4 million. As Misty just shared, BIGO Ads has emerged as our second major growth engine with exceptional momentum. We are making substantial progress on all fronts, including expansion of advertising and tracking advertiser demand across different channels and verticals. As we accumulate each skill, we are accelerating the training and optimization of our algorithm to further improve our campaign performance and ROI. We believe in turn virtually accelerating growth in advertiser demand and publisher traffic, fostering a sharp reinforcing strategic value. At present, BIGO Ads has made a positive contribution to our bottom line. We expect it to be increasingly meaningful over time. All other segments' non-live streaming revenues was $45.2 million, increasing by 19% year-over-year. Gross profit was $185.2 million in the quarter with a gross margin of 36.5%, up from 35.2% last year. While BIGO 's gross margin was relatively stable, our other segment's gross margin was substantially up by 9.5 percentage points year-over-year to 43.5% due to growth in high margin SaaS revenues. Our group's operating expenses for the quarter were $139.8 million compared with $198.7 million in the same period of 2024. Our GAAP G&A expenses was higher during the quarter due to a non-operational impairment of certain equity investments, while we saw a decline in other operating expenses. The decline in our other operating expenses was in line with our current operating across both live streaming and non-live streaming business. For our live streaming business, we are consistently optimizing our user acquisition expenses to enhance ROI. For our non-live streaming business, while it has seen robust revenue growth, we maintained prudent and disciplined spending with our operating expenses rising at a slower rate than revenue. Our gross non-GAAP operating income for the quarter was $38.3 million, up by 27.9% from $30 million year-over-year. Non-GAAP net income attributable to controlling interest of JOYY Inc. in the quarter was $77 million, up 3.9% year-over-year. The gross non-GAAP net income margin was 15.2% in the quarter. For the second quarter of 2025, we booked net cash inflows from operating activities of $57.6 million. Our balance sheet remains healthy with a strong net cash position of $3.3 billion as of June 30, 2025. Now moving to capital allocation, shareholder return continued to be an important component of our capital allocation strategy. We have returned $49.4 million to our shareholders through dividends during the second quarter and repurchased $36.5 million worth of our shares during the year. As of June 30, 2025, we remain firmly committed to actively utilize our outstanding share repurchase program. Turning now to our business outlook at group level, we expect our net revenues for the third quarter of 2025 to be between $525 million and $539 million. Our guidance accounts for certain seasonality, live-to-patience, and reflects our preliminary views on the current market, regional conditions, and business adjustment decisions which are subject to changes. In conclusion, our efforts to cultivate dual growth engines continue to bear fruits as evidenced by the impressive revenue growth of BIGO Ads and our large premium business reaching a stable footing and continuing to contribute strong operating profits. With our global operational capabilities, tech infrastructure, and migrant ecosystem well positioned to establish a distinct competitive edge and build a meaningful and lasting presence in the tech industry while delivering sustainable, profitable growth and long-term value for our shareholders. That concludes our prepared remarks. Operator, we would now like to open up the call to questions. Thank you, sir. If you wish to ask a question, please press the Star key on your telephone and wait for your name to be announced. Star then one to ask your question. If you wish to cancel a request, please press Star then two. If you are on a speakerphone, please pick up a handset to ask your question. Again, Star then one to ask a question. Additionally, 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. At this time, we will just pause momentarily to assume our roster. The first question we have will come from Thomas Chong of Jefferies. Please go ahead. [Foreign Language] Thanks, management, for taking my question. My first question is about the live streaming business. As we are seeing, the Q2 live streaming revenue is already stabilizing on a sequential basis in Q2. How should we think about the long-term development trend for the live streaming business? My second question is about the second half outlook. Can management comment about the group level revenue in the second half? Thank you. Okay, thank you Thomas. [Foreign Language] Thank you, Thomas. This is Li Ting. I will take your two questions. We see Q1 as a clear bottom while BIGO LIVE's live streaming revenue was negatively impacted due to seasonality factors and also the temporary app removal in the first quarter. In Q2, we've seen sequential recovery with revenue from BIGO's core global products, all three global products delivering sequential growth in their live streaming revenue. The key driver for the recovery was mainly driven by growth in paid users. Geographically speaking, we've seen stronger resilience from developed countries, especially in Europe, where our live streaming revenues rebound after our earlier content cost optimization in the previous quarters. Southeast Asia and other regions are also showing signs of recovery. All in all, I would like to say the sequential recovery in Q2 is built on solid improvements that we've made in the past few quarters, both including content optimization, the optimization of the content offering system, and also the enhancement of operating efficiency. We believe that these efforts will continue to drive growth of our live streaming revenue in the upcoming quarters. Looking ahead to our live streaming performance in the second half of the year, we expect the sequential recovery trend to continue. Our highlighted operational activities such as our Gala are expected to enhance streamer and user engagement in the second half of the year, driving regional monetization to pick up. Some preliminary data from BIGO LIVE shows that our July Gala has driven MOM revenue increase in live streaming. We will continue optimizing our content operations, focusing on refined content management and enhancing our incentives for mid-tier streamers together with our ROI-driven user acquisition which focuses on higher quality users and also overall product experience optimization. We expect sustained growth in BIGO's paying users in the second half with a much more diversified content ecosystem and better quality. We expect also incremental contributions from our new audio social products in the MENA region. Based on those factors, we are confident that our live streaming revenue will return to a steady year-over-year growth trajectory in 2026. [Foreign Language] I will now move on to your second question. In the second quarter, I can see that our total revenue was up 2.7% to $507.8 million, up QoQ. This growth was driven by stabilizing and recovery in our live streaming revenue, while our non-live streaming revenue sustained a strong momentum, growing by 25.6% year-over-year and now contributing 26.1% to the group's total revenue. Looking ahead to Q3, we expect our live streaming revenue to continue its sequential recovery. On the non-live streaming revenue side, as our advertising entered into a peak season, we anticipate continued double-digit year-over-year growth from ad tech, supporting further QoQ revenue growth at the group level. You can see that since Q2, our group's top line has entered into a phase of sequential recovery, with live streaming stabilizing and back to growth, and also non-live streaming accelerating growth and becoming a new growth engine. We expect both year-over- year and Q02 growth in Q4. Thank you. Next question please. The next question will come from Xueqing Zhang of CICC. [Foreign Language] Thanks, Management, for taking my question. I have two questions on your financials. First, you have added disclosure of non-GAAP EBITDA in this quarter. What's your consideration behind this decision? My second question is about the trend i n OpEx and the profit outlook for t he second half of this year. Thank you. [Foreign Language] Thank you Xueling Li for the question. This is Alex. First of all, we believe that EBITDA is a core operating metric that we've always closely monitored internally. As EBITDA excludes interest, depreciation, amortization, and taxes, which are all non-operational factors, we believe that it is a better proxy of our capability to generate cash flow through our core operations. It's also a better metric for peers comparison as well, given the differences that lie in the capital structure, the differences in our applicable tax rates, and also depreciation policies, etc. We believe that EBITDA eliminates all of these external factors and enables us to better compare our operating efficiency with our peers. In brief, we believe that the trend of our EBITDA can better reflect the improvement of our or the trend of our operating efficiency under the current dual-engine strategy, and it will help us better evaluate our capital allocation in a more prudent and comprehensive manner in the future. [Foreign Language] Moving to your next question about expenses and margin for the second half of the year, let's first quickly review our second quarter performance. In Q2 we definitely delivered better than expected profitability both in terms of our gross margin, OP margin, and net margin. Our non-GAAP operating profit was up by 23.6% QoQ to $38.3 million and our non-GAAP EBITDA rose by 19.3% to $48.3 million. To look at it by segment, for the BIGO segment our non-GAAP gross margin was 35.6% and our operating margin was 14% in Q2. Both are up, improving QoQ, and these gains were driven by our continued efforts in refined operations, our content ecosystem, and also our enhanced operational efficiency which better improve the gross and operating margins in our live streaming business. For the all other segment, the Q2 non-GAAP gross margin was up significantly from the previous quarter, rising from 42.1% in Q1 to 43.8% in Q2, primarily driven by increased contribution from our higher margin non-live streaming revenue. Meanwhile, non-GAAP operating loss was narrowed to $23.6 million from $26.5 million in Q1, a 10.8% QoQ decrease mainly due to our disciplined spending and a lower margin ratio of our operating expenses. [Foreign Language] Ahead to Q3 with our revenue growth in the BIGO segment, and we expect BIGO Ads' non-GAAP operating profits to continue its steady improvement. For the all other segments, due to the seasonal fluctuations in certain expenses, we expect its non-GAAP operating losses might slightly widen compared to Q2, but will still show significant year-over-year improvements compared to 2024. For the full year of 2025, we're expecting our overall non-GAAP operating profit amount and non-GAAP EBITDA to show an improving trend. Thank you. Next question, please. The next question will come from Cici Cheng of CLSA. Consistently maintain the robust growth rate in this year which is higher than industry average. Could you please share the main driver and the unique advantage behind the growth of our advertising revenue, and how do we view the potential fit synergy between different business segments? Thank you. Thank you, Cici. I will take this question for the growth driver of our ad tech business. We can look at it from both the technical and also a market opportunity perspective. From the tech side, as we continue to optimize our algorithm, we are delivering better campaign performance for our advertisers, and this has driven further advertiser demand. We are making progress in ad networks and vertical models, and we believe that this has opened up new opportunities across verticals as well. At this moment, our advertising algorithm is still in its early stage of development, and it's continuously refining and optimizing based on self-learning while our team continues to look for practical ways to improve our algorithm efficiency and effectiveness in full stack services of advertising, such as estimated bidding and dynamic budget allocation. We believe that when there are certain innovations or breakthroughs in these models, our ad tech business will continue to grow by a major amount. Secondly, we are not restricted to web advertising and IIA game advertising. We are also training and optimizing our IAP advertising models in verticals such as social, entertainment, and e-commerce. Geographically speaking, we are continuing to penetrate North America and Japan and also actively exploring new markets such as Europe. I want to summarize our competitive edge with a proprietary data asset. Due to our first-party traffic and also ecosystem synergies, we have exclusive access to JOYY's 263 million users and additionally, leveraging on our group's diverse ecosystem, BIGO Ads have enjoyed inherent advantages over technology, data, and also advertiser outreach. That is laying a very solid foundation for its business expansion and establishing unique advantages in certain verticals. For example, our e-commerce SaaS business has clear synergies with BIGO Ads in terms of advertising resources and also business scenarios. While we continue to accelerate the growth of our advertising business, we will also be building up our user insights and efficient targeting technology, and that is likely going to empower our live streaming and other businesses as well and continue to strengthen the flywheel effect. Overall, BIGO Ads has emerged as one of our strategic focus. We remain confident in our growth prospects and also our ability to build our differentiated competitive edge in this trillion dollar market over time. [Foreign Language] Now moving on to your next question on our synergy, I'd like to first come to a conclusion and highlight that there are obviously very strong synergies among our businesses. I believe that the benefits of our synergies and operating leverage will increase with the growth of scale and the improvement of our tech capability. First of all, our current progress in our ad tech business is still on top of our established operational capabilities in live streaming. In the past, we have accumulated a massive user base through our social entertainment products. Along the way, we figure that traffic and monetization efficiency is very different among different regions. In certain regions, advertising turned out to be a better monetization tool than live streaming. Based on this observation, we launched BIGO Ads. Secondly, as I mentioned earlier referring to our competitive edge in ad tech, our ad tech business has inherent resources and tech capabilities leveraging on the group's massive user data, established advertiser outreach, as well as our network and tech infrastructure. Therefore, BIGO Ads has got the right ingredients to sustain growth. As we grow our ad tech business, we expect our achievements in ad tech will also in the end empower our live streaming business as well, further enhancing our synergy benefits and also our operating leverage. We remain confident in that, as we continue to grow our ad tech business, we will evolve beyond our current stage and transition into a diversified high growth tech company. That's the end. That was the last question. Thank you so much for joining this call. We look forward to speaking with everyone next quarter. Thanks. Thank you also, ma'am, for your time and to the rest of the management team. The conference call has now concluded. Again, we thank you all for attending today's presentation. At this time, you may disconnect. Thank you.