Good day, thank you for standing by. Welcome to Wish's Q2 2023 Earnings Conference Call. At this time, all participants are in listen-only mode. After the speakers' prepared remarks, there will be a question-and-answer session. To ask a question at that time, you'll need to press star one one on your telephone. If your question has been answered and you'd like to remove yourself from the queue, simply press star one one again. As a reminder, today's program is being recorded. I would now like to turn the conference over to Mr. Ralph Fong, Wish's Director of Investor Relations. Please go ahead, sir. Good afternoon, everyone, and welcome to Wish's Q2 2023 Earnings Conference Call. I'm Ralph Fong, Director of Investor Relations, and joining me today are our CEO, Joe Yan, and our CFO and COO, Vivian Liu. Today's prepared remarks have been pre-recorded. There is also a slide deck that has been posted to our investor relations website, which is available for your reference. Once we are finished with Joe and Vivian's remarks, we'll hold a live Q&A session. The remarks made today include forward-looking statements that are related to, among other things, our financial expectations, business and restructuring plans, including the impact of our reduction in force, logistics and operational efficiencies, including flat-rate shipping and related initiatives, initiatives to improve customer experience and engagement, expectations regarding merchant relationships and strategic partnerships, the impact of our strategic, marketing, and product initiatives, including ad spending and promotional events, the renewed supply strategy and anticipated return on our investments and their ability to drive future growth. Our actual results may differ materially from the results implied by these forward-looking statements if certain risks materialize or assumptions prove incorrect. Forward-looking statements involve risks and uncertainties, which are described in today's earnings release in our periodic reports filed with the SEC. Any forward-looking statements that we make on this call are based on our beliefs and assumptions today. We disclaim any obligation to update them. Also, during the call, we'll present both GAAP and non-GAAP financial numbers and metrics. A reconciliation of non-GAAP to GAAP results is included in today's earnings release, which you can find on our investor relations website, and which is also filed with the SEC. A replay of this call will be posted to our investor relations website. With that, I will now turn the call over to Wish's CEO, Joe Yan. Thank you, Ralph. I would like to thank everyone for joining our Q2 2023 earnings call. On this call, I will share with you our Q2 financial update, discuss the business highlights, and the key strategic focus for 2023. Vivian will then provide a deeper dive into financial results, share the third quarter guidance, and comment on our operations. Finally, I will provide additional closing remarks before opening up the call to your questions. In the Q2 of 2023, total revenue of $78 million was down 42% year-over-year, and below our guidance range of $91 -$102 million. On the bottom line, we reported Adjusted EBITDA loss of $66 million in Q2, which was within the guidance range of a loss of $60 -$75 million. We ended the Q2 with cash, cash equivalents, and a marketable security of $531 million. During the quarter, our top-line performance, including revenue and the DAU, was impacted by the challenging operating environment as we continued to navigate macro headwinds, as well as competitive pressures in the e-commerce space. At the macro level, we continued to experience a high level of economic uncertainty, which impacted consumer spending habits. Macro conditions, which include inflation, elevated interest rates, and cost of living, continue to pressure our value-orientated consumers. This has a direct impact on discretionary spending across the markets we serve. Yet highly competitive and rapidly evolving, which is characterized by rapid changes in technology and consumer sentiment. We acknowledge that competition in our industry has intensified. We expect this trend to continue. That being said, we are focused on the things we believe we can control going forward. Despite a dynamic and a challenging environment, the team executes on our strategies and have made progress in our various strategic initiatives. I'll begin by reviewing some of the progress we have made on our three foundational pillars that we continue to believe are the most important to the long-term financial health and the growth of Wish. Our first pillar is improving the customer experience. As part of our efforts to drive basket building and further improve the customer experience, we roll out flat-rate shipping on all eligible orders in each of our major geographies in the first half of 2023. In Q2, we took it up a notch and expanded the flat-rate shipping initiative by offering free shipping on all eligible orders over $10 during the Wish Anniversary merchandising event that ran from June 24th to July 7th. Flat-rate shipping is part of a broader effort to improve the shipping experience on Wish. It remains a key component in addressing one of the major pain points amongst our users. We expect to furthr expand it in the second half of 2023. Some ideas we plan on experimenting with include offering free shipping for order above established thresholds, and making all items on Wish eligible for flat-rate shipping instead of a limited number. Ultimately, our vision is to remove shipping as a major point of friction for our customer from here on in. From a product discovery and exploration standpoint, in Q2, we also increased the scale of product collections in support of Wish Anniversary Sale by ratcheting up the volume of product groupings based on a specific category, such as home and garden, beauty and wellness, jewelry and accessories, et cetera. Showing those products in featured modules that lead to unique collection pages. Going forward, we intend to leverage generative AI to create product collections at scale, to drive engagement and meaningful basket building opportunities for our customers, which I am excited about. Another aspect of improving the customer experience is our quest to provide seamless guest experience, regardless of the entry point. In Q2, our product team significantly reduced the friction on the mobile web by launching a guest checkout experience across a number of major geographies. The new experience enables new users to discover products, add items to the cart, and transact without needing to set up an account. The result of which has driven improvement in customer engagement and conversion. As most of our new and trend user traffic comes in via other mobile-based apps, it's critical we get the mWeb guest experience right in order to harness that traffic. Mobile web is becoming an important channel for our platform distribution, in addition to our iOS and Android apps. Speaking of user traffic, apps are the first experience new and returning buyers have with Wish, and we intend to focus on making that experience engaging, retentive, and frictionless in the second half of 2023, as part of our growth strategy. We plan to optimize ad landing pages to focus on enticing customers from mWeb to download apps, highlighting new buyer incentives and testing a variety of new recommendations to drive exploration. At Wish, our transition to allow guest experience is nearly complete. Looking ahead, the next phase in this program for the remainder of the year includes passwordless accounts and removing friction associated with account creation and recovery. The goal is to leverage one-time password, OTP, and the links to increase the number of successful logins and prevent account takeovers with more secure authentication at the secondary wall. In an effort to further improve the customer experience and drive basket building, our team intends to make the shopping cart as a living part of the users Wish experience by launching the live cart in the second half of the year. The live cart allows users to prominently see the status of their cart throughout the entire shopping journey. In other words, the live cart will help users to understand what's in their cart at any given time without having to go to a different place within the app. Moreover, the live cart will surface timely coupons, encouraging customers to add more relevant items to their carts or baskets before checking out, providing a more personalized shopping experience to customers. This brings me to our second pillar, which is deepening our merchant relationships. Within the US, we have successfully onboarded a number of new merchants in recent months. Of particular note is a reseller of refurbished consumer electronics products and the brand owners within the beauty, fashion, and licensed sports collectibles space. Importantly, these authorized resellers have domestic warehouse in the US, enabling faster shipping times for North American Wish customers. Additionally, we announced a strategic partnership with one of South Korea's leading logistics providers, Rincos. The partnership is designed to streamline the process for Korean merchants seeking to ship goods overseas through the Wish platform. We look forward to joining forces with Rincos to deliver a better shipping experience for our merchants and our customers, and to grow our merchant base in the region. As a marketplace platform, we recognize that our merchants play an integral part of providing a great customer experience. We are committed to further strengthening our relationships with those merchants who provide outstanding experience to our consumers. Europe should continue to be a strategically important region for Wish, as our European customer base accounted for nearly half of our core marketplace revenue in se. Consequently, we plan to host our first European Merchant Summit in september this year. The two-week-long Wish Anniversary merchandising event was another successful event for Wish and was well received by our merchants and buyers. It allows our merchants to position their products strategically within target categories and create doorbuster deal to help attract customers. To put things in perspective, approximately 6,000 merchants participating in the Wish Anniversary event, enrolling over 360,000 product listings and 15,000 doorbuster deals. Importantly, we saw a double-digit increase in GMV during the event. On our last earnings call, we introduced our renewed supply strategy, which aims to further deepen our merchant network to provide customers with fresh, fun, quality product at competitive prices. As a 3P marketplace, the breadth and depth of our product range is a key differentiator, as is our ability to enable both domestic and cross-border trade. For the second half of the year, we plan to implement a renewed supply strategy by right-sizing our supply pool to focus on a certain number of core listings and high-touch categories. This will involve creating distinct experience for each of our highest touch categories, such as health and beauty, women's fashion, refurbished electronics, and home essentials. We'll have separate landing pages, theme-based collections, marketing messages, et cetera, all designed to be better aligned with our user home and life needs. I will now discuss our third pillar of achieving operational excellence. In Q2, the average time to door in six of our major markets improved by six days when compared to the same time periods of 2022. Our on-time delivery rate was 91%, largely flat when compared to the last quarter. We also saw our average time to door improved in the major markets we serve, favorably impacting customer order cancellation rate, refund rates, and customer experience. Our customer order cancellation rate declined 47% year-over-year in se, and the customer refund rate dropped by 30% within the same time period. Additionally, we saw a 28% year-over-year improvement in customer NPS, alongside encouraging buyer conversion and customer retention trends in Q2. In particular, buyer conversion and customer retention improved by 13% and 3%, respectively, in the Q2 of 2023, when compared to the same period last year. Having said that, we have a lot of work ahead of us to further improve our business operationally, and our first steps are to rationalize corporate overhead and operating expenses. As part of these efforts, we will be implementing a restructuring plan. Earlier this week, we notified Wish employees that we will undertake a new round of reduction in our global workforce as part of a broader business alignment of our resources. We anticipate that this reduction will decrease our global workforce by approximately 255 positions, representing about 34% of our headcount. This is an incredibly difficult decision to make and a process to go through, but it's critical that we rightsize our spend to match the current size and scope of our business. We estimate that we will incur one-time charges of approximately $8.7 million for severance and personnel reduction costs. We expect the majority of these charges will be incurred in Q3, and that the implementation of workforce reduction will be largely complete by the end of fiscal year 2023. We expect to realize run rate saving of approximately $43 -$46 million on an annualized basis starting in the fourth quarter of 2023. We intend on making Wish a much leaner and a more efficient business, with the goal of becoming a profitable company longer term. With that, let me now turn the call over to our CFO and COO, Vivian Liu, to discuss our financial results in more detail and give you an update on our operations. Thank you, Joe. Now, I will add more color on se financial performance and provide Q3 financial guidance. On the user metrics, we had 12 million monthly active users and 10 million last twelve-month active buyers in the Q2 of 2023, which represented a decline of 48% and 50%, respectively, year-over-year. The decline was partially driven by the cumulative reduction in ad spend over the past several quarters as we continued to focus on achieving targeted returns on our ad spend. The total last 12 months ad spend decreased by 30% versus the same period of the prior year. In addition, as Joe shared earlier, I started to see increased competition in the e-commerce industry as some of the market participants focused on driving new user acquisition and retention by offering deep discounts and incentives. We believe that such competition further contributed to the decline in our monthly active users and the buyer count in se 2023. Total revenues in se were $78 million, a decline of 42% year-over-year. This decline was across core marketplace, ProductBoost, and logistics, primarily driven by reduced ad spend and the pricing changes that were fully implemented by the end of se 2022. Similar to what we experienced the last quarter, the pricing changes impacted our se revenue and EBITDA, resulting in an unfavorable comparison to the prior year. Please note that impacts from the pricing changes will be lapped fully starting Q3 2023. se gross profit was $16 million, a decline of 62% year-over-year. Gross margin was 21% versus 31% in se 2022. Gross margin performance was mainly driven by the decline in marketplace gross profits due to the pricing changes, as discussed earlier, as well as the lower margin logistics business, contributing a higher% of the total revenues. Total operating expenses were $99 million, a reduction of 26% year-over-year. Lower ad spend, lower customer support services costs, and a reduced employee headcount accounted for a majority of the reduction in operating expenses. Excluding stock-based compensation expenses, total operating expenses were down by 19% year-over-year. Our net loss was $80 million, compared to a net loss of $90 million in the Q2 of 2022. On a year-over-year basis, the decrease in gross profit was offset by the decline in operating expenses, resulting in a decrease in net loss in Q2 2023. Our adjusted EBITDA was a loss of $66 million, compared to an EBITDA loss of $58 million in Q2 2022. The year-over-year decline in adjusted EBITDA was primarily driven by lower revenues and the impact of our pricing changes, which made Q2 2023 unfavorable from a year-over-year comparison standpoint. Q2 2023 EBITDA result was within the guided range of a loss of $60 -$75 million. Operating cash flow was negative $88 million, and a free cash flow was negative $91 million for Q2 2023, compared to operating cash flow and a free cash flow of negative $67 million in Q2 2022. The year-over-year increase in net cash used in operating activities was primarily driven by unfavorable changes in working capital, as the balance of total payables declined, corresponding to lower transaction volume and amount. We ended se with $531 million in cash, cash equivalents, and marketable securities, and no long-term debt. I would now like to provide guidance for the Q3 of 2023. For Q3, we expect the total revenue to be in the range of $55 -$65 million. Adjusted EBITDA loss to be in the range of $55 -$65 million. Revenues are expected to remain under pressure, primarily driven by reduced monthly active users and buyer counts on a quarter-over-quarter and a year-over-year basis. EBITDA is expected to improve quarter-over-quarter, largely due to better cost efficiency associated with lower employee expenses. From a year-over-year standpoint, EBITDA is expected to improve significantly, as the projected decline in revenue is more than offset by cost savings across costs and operating expenses. To sum up, the competitive landscape is changing rapidly in the cross-border e-commerce space, and we are experiencing unprecedented headwinds from intensified competition in the industry. As a result, we expect user acquisition and retention to remain pressured for the near term, negatively impacting our monthly active users, active buyer counts, and revenues. As Joe shared earlier, we have made the difficult decision to further rightsize our cost structure. In addition to the annualized savings of approximately $43-$46 million as a result of this round of workforce reduction, we're working to achieve additional annualized savings of approximately $20 million in non-employee re-related cost items. The enhanced cost efficiency should enable us to improve cash flow and invest in our critical initiatives for the future. We will continue to double down on the three pillars: customer experiences, merchant engagement, and operational excellence, to deliver differentiated shopping experiences and great value at competitive prices for our buyers and the merchants alike. We're now on an accelerated path to reinvent Wish with an ever greater sense of urgency. Financially, we will sharply focus on return on investment, EBITDA, and the cash optimization to improve shareholder values. With that, I will now turn over the call to Joe for his closing remarks. Thank you, Vivian. To close, I'll leave you with a few final thoughts. We are cautiously optimistic within Wish about all the initiatives we have in place from a user and the merchant experience standpoint, but we still have a lot more work ahead. As I've discussed in the beginning of the call, we face intense competition amidst a challenging macroeconomic climate. As a result, for the remainder of 2023, the entire team at Wish will collectively sharpen our focus on our key initiatives that we expect will drive improvements in customer experience and the sustainable growth. Our plan is to improve the shopping experience for our users through the app's features, improve the product quality and the delivery time, more responsive customer support, and the competitive pricing. Going forward, we intend to leverage generative AI as well as other technologies to provide differentiated shopping experience to engage, delight, and drive basket building opportunities for our users. Meanwhile, we are dedicated to the three foundational pillars, and we are focused on the goal of returning shareholder value over the long term. At this time, operator, could you please open the call for Q&A? Certainly. As a reminder, if you have a question at this time, please press star one one on your telephone. One moment for our first question. Our first question comes from the line of Kunal Madhukar from UBS. Your question please. Hi, thank you for taking the questions, and thanks for the, for the opening remarks. Quick one on, you know, you talked about macro and competitive challenges out there. Macro is, you know, whatever macro is. As far as the competitive challenges are concerned, what are you doing there to kind of improve and maybe change stuff? You know, are you seeing any change? What I'm trying to figure out is, is there, is there a chance that revenue can actually grow from current levels? Thank you. Do you want me to take? Yeah. Yeah. Go ahead. Yeah, thanks for the question. This is Joe Yan. I think the competition is always there, right? You know, we did see quite a few players in the space, right? Increased the investment, investment level, especially in the past two quarters. It also signal very strong demand, right, in the cross-border e-commerce sector. Wish we as a company, right? We kind of keep focusing on, you know, the sustainable growth, right? Because we believe the sustainability is the key to an e-commerce company, as the e-commerce is gonna be a long run, right, for everyone in this space, right? What we have done here is, we keep focusing on actually what we can do, right? I think first of all, I think it's about, you know, the supply quality as we said, right. This is something has been, you know, the pinpoint for our customer, you know, from the customer experience perspective. We have been doing a lot of things on, you know, improving on this. This is something really can help us, right, to grow, you know, the organic and also the, you know, retention in the longer run, right. In addition to that, right, I think, the competition also give the force, right, to every player in the market, including ourselves, right. A force to really think about, right, how we can accelerate, you know, accelerate, you know, reinvention of the shopping experience, right. That's the thing, actually, why our product team have been focusing a lot, right. On improving, you know, a lot of, you know, product features, like what I shared in the earnings earlier, right? This is something definitely, right, can really help us to differentiate ourself in the market, in this competitive, you know, market, right? Still a lot of work to do, and we think actually this is something, you know, on the shopping experience, right, you know, the innovation can help us, right, to build actually the, you know, the moat, the differentiation compare, you know, to the other players. Yeah, I think there's still a lot of work to do, but this is something we'll focus on in the future. On the growth side, right, definitely, right? We believe, right, with those kind of shopping experience improvement, right? Also including the supply quality improvement, right? That can really give, you know, us a chance to stabilize the, you know, the traffic and to kind of back to the growth track again. If I may add to Joe's points, we may not be able to outspend our competitors in terms of marketing dollars, but what we can do to drive sustainable growth, as Joe shared in the prepared remarks. Number one, user acquisitions through the high touch category, fashion, refurbished electronics, Home Essentials, and beauty and health. Those are the areas where you can build a lot of differentiated vertical experiences for user acquisition as well as user retention. As Joe also mentioned, the generative AI technology will play a very important role in creating those vertical experiences. As the second piece of sustainable growth is user conversion through removing frictions in the user journey. The third piece is increasing the average transaction value through the flat-rate shipping and other basket building initiatives. I think, you know, when we think about growth, it's more than just acquiring users. It's about converting the users into buyer and retaining the buyers more effectively and helping the buyers building bigger baskets, right? All that collectively will help us build a pathway towards a system of growth and, you know, eventually reverting the trend in the top line. Great. Thanks, Joe, and thanks, Vivian. Quick follow-up, if I could. One of the things you mentioned, Vivian, was, you know, and, and you discussed it, in the, in the opening remarks also, is the highest touch categories, health and beauty, fashion, refurb and Home Essentials. What% of your GMV comes from these 4 categories? Yeah. We don't report GMV on, like, a category level, but those are very major categories already on the platform. They are, in a general statement, they account for, you know, more than 50% of the total GMV on the platform. What we highlighted as the four high touch categories, they're a subset of the bigger, you know, home and garden category, or fashion. They are subset under the bigger categories where we see additional growth opportunity. If we double down and manage the subcategories properly, we can drive a lot more growth, right? To answer your question, those four major categories are accounting for a very large portion of the GMVs. What we selected are the subcategories under the four bigger categories to drive additional growth. Again, women's fashion, refurbed electronics, Home Essential, and beauty and health. Got it. Thank you so much. My pleasure. Thank you. As a reminder, if you have a question at this time, please press star one, one. One moment for our next question. Our next question comes from the line of Laura Champine from Loop Capital. Your question, please. Thanks for taking my question. It's really about the restructuring. I know that the, there was a significant number of staff laid off. I think it's 34% of the total. Are there certain areas where that was concentrated, certain functions? Are there certain things that you did not touch? Maybe just a little more visibility into what you did there. Yeah. Thanks, Laura, this is Joe. Looking ahead to the remainder of this year, 2023, we recognize the macroeconomic uncertainties and the competitive pressure will likely persist. In response to this dynamic environment and to position Wish to thrive over the longer term, right? We are taking aggressive action, as you mentioned, to significantly lower our cost structure and improve our operational efficiency, right? As part of this efforts, we are restructuring our workforce and optimizing for top strategic priorities, right? can make us more laser focused on executing, you know, the top priority things within the company. We're able to maintain the major investment that we have with what we have planned for this year, and the lowest cost was taken into account. Back to your question, right? This reduction didn't cut across, or did cut, across different areas of the company, and there are a number of factors that were included in the decision-making process. However, our priority was really making sure that we had the full funding for what we consider are the key strategic priorities, both on the product and the operation side. Got it. A second question: How do you expect to trend your own advertising expense, which I, I know is dwarfed right now by some competitors, but how do you expect it? Do you expect to increase, or does it not make sense to grow ad spend at this time? Thank you for the question. Our ad spend will fluctuate based on the seasonality. For instance, you know, during the holiday season, we tend to spend a little more to capture the, you know, the, the, the purchase power from the customers. Generally speaking, we will be more focused. We will take a very disciplined approach with our ad spend, meaning we set a threshold for the ROAS, the return on the ad spend, and we won't spend additional dollars until unless we see, you know, the threshold requirement being met. I think the, you know, between spending a lot of dollars trying to compete head-to-head with a, you know, bit deeper pockets and just for user acquisition, versus, you know, spending, wisely and in a disciplined manner to make sure we get the proper investment on the invested dollars, the added dollars, we choose the second part, right, path. We are, like, like I mentioned in the, in the prepared remarks, and, financially, we're very focused on, you know, optimizing for cash flow, returns and the EBITDA. I think, you know, it's probably fair to say, compared to, last year or the year before, ad spend will continue to stay at a very disciplined level and, you know, as we continue to focus on, the ROAS and the return thresholds. Yeah, and I can add a little bit color here is, in the past few quarters, right? We have been spending a lot of effort on optimizing, you know, the return on ad spend, especially in the existing customer segments, right? We have seen a very quite good improvement from the existing customer segment. That actually can allowed us to really kind of allocate a little bit more budget into, you know, the new user acquisition in the upcoming quarters, right? Doesn't mean that you will increase, you know, the marketing spend drastically, but it's something just like more, you know, the, you know, the approach or, you know, the campaign structure change, right? Really help us to optimize, you know, the ROAS at the, you know, at a more holistic view, right? I think this is the overall approach we are doing now, right? se definitely it's a transitional transitioning quarter, right? We have studied some of the, you know, campaign approach change, and we do hope, right, that can really help us, right, to build on, you know, the top funnel. At the end of the day, right, just like what I said, right, organic still is the biggest bet for us. The marketing still will remain a very key driver approach for us, right, for, you know, the DAU, the growth. I think organic still is the biggest bet. This something we still will rely on, you know, the customer, you know, experience improvement or product feature improvement, right? Just like what we shared earlier, right? Including reducing the, you know, the customer friction during the shopping journey, right? The more innovative way for, you know, exploration, right, and discovery, and also the continuing improvement on the shipping experience, right? Those all of these things coming, coming together, right, so can really offer, you know, a customer much better experience on Wish, right? This is something I think can really help us grow on the organic side. Yeah, with having said, right, so with all this combined effort, right, we do hope, right, actually, you know, can the marketing and the product efforts can really kind of work together to generate, you know, more kind of a user for Wish. Got it. Thank you. Thank you. One moment for our final question for today. Our final question for today comes from the line of Kunal Madhukar from UBS. Your question, please. Hi. Sorry, another question popped in my mind, and that was with regard to the marketing spend. So Vivian, you talked about, you know, having a high ROI threshold on the marketing spend. And when I look at, like, your marketing spend as a percentage of core marketplace revenue, that increased from about 130% in 1Q23 to 160% in Q2 to Q3. And the marketing, the aggregate marketing spend actually increased quarter-over-quarter in the Q2 when revenue declined. So can you talk about, you know, how much of your marketing spend is performance-based versus, versus brand, and, you know, where the ROI equation may be breaking down? Thank you. You want to? Oh, okay. Thank you. Thank you for the question. I think, a couple things. If we compare year-over-year, first of all, our ROIs on the performance marketing spend has been improving pretty steadily. I understand that the dynamic you are describing, our total marketplace revenue is declining from year-over-year standpoint. Two things to keep in mind. Number one is the fact that we removed, changed our pricing practices, right? From last year to this year, we implemented the new pricing changes by end of se last year, which means when you compare this se to the last se, you know, this year is unfavorable because we implemented the changes to remove premium on certain item prices, which directly impact our marketplace revenue and the margin. That's a very big portion why the marketplace revenue declined from year-over-year standpoint. Keep in mind, going to Q3 this year, the comparison will be apple to apples, because, you know, that change was completed by end of se last year. Q3 onward is clean. That's number 1. Number two, I think the, you know, the, I would say despite the fact that we improve ROAS, you know, ROI on the marketing, and we being really careful in terms of how we allocating the budget dollar. You know, as Joe mentioned, we focus on the existing buyers when we see upside in the ROAS, we move additional dollar into new user acquisition. We have done all the right things in terms of optimizing the returns on the marketing. However, you know, the external competition and the, the market, general macro has been a much bigger factor in driving down the total revenue, particularly on the marketplace side. I think that's not a reflection of the efficiency of our marketing spend, it's probably more a reflection of the you know, pricing changes from year-over-year standpoint, as well as the intensified competition. For overall marketing spend, right, performance now is still the majority of our spend. Starting, you know, Q2, right, and coming to Q3 gradually, right? Now actually we start some of the new brand marketing campaign, right? Idea here is, we want to have some of the, you know, always on evergreen brand marketing campaign in some of the, you know, diversified channels, right? see how actually the brand marketing can really play the role to help us to improve, you know, the top funnel conversion, right? To help us to build the top funnel, right? This is something we do expect to see, you know, the synergy, you know, between the performance of brand marketing can really help us to kind of improve the marketing efficiency, you know, holistically. Yeah. Thank you. Thank you. This does conclude the question and answer session of today's program. I'd like to hand the program back to Joe Yan for any further remarks. Thanks, everyone, for joining our earnings conference call. We look forward to talking to you throughout the quarter. Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day!