Ladies and gentlemen, thank you for standing by and good evening. Thank you for joining Sohu's fourth quarter 2022 earnings conference call. At this time, all participants are in a listen-only mode. After management's prepared remarks, there'll be a question and answer session. Today's conference call is being recorded. If you have any objections, you may disconnect at this time. I'd like to turn the conference over to your host for today's conference call, Huang Pu, Investor Relations Director of Sohu. Please go ahead. Thanks, operator. Thank you for joining us to discuss Sohu's fourth quarter 2022 results. On the call are Chairman and Chief Executive Officer, Dr. Charles Zhang, CFO, Joanna Lv, and Vice President of Finance, James Deng. Also with us are Changyou CEO, Dewen Chen, and CF Yaobin Wang. Before management begins their prepared remarks, I would like to remind you of the company's safe harbor statement in connection with today's conference call. Except for the historical information contained herein, the matters discussed on this call may contain forward-looking statements. These statements are based on current plans, estimates, and projections. Therefore, you should not place undue reliance on them. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. For more information about the potential risks and uncertainties, please refer to the company's filings with the Securities and Exchange Commission, including the most recent annual report on Form 20-F. With that, I will now turn the call over to Dr. Charles Zhang. Charles, please proceed. Thanks, Huang Pu. Thank you everyone for joining our call. In the fourth quarter and full year of 2022, we continued to refine our products and optimize operating efficiency with strict budget control. Despite the negative impact of COVID-19 and the macroeconomic challenges, thanks to our efforts, brand advertising revenue and bottom-line performance both exceeded our prior guidance for the fourth quarter of 2022. At Sohu Media Portal, we continue to dedicate ourselves to improving user experience by providing rich premium content and making significant improvements in both product and technology. At Sohu Video, based on our Twin Engine strategy, we continue to develop both original content and the science-based live broadcasting with our advanced live broadcasting technology. Meanwhile, we proactively explored a range of monetization opportunities with our differentiated content marketing campaigns. Online Games delivered stable performance and revenue in line with our prior guidance. I'll go into detail about each of these businesses in a moment, but first, a quick overview of our financial performance. For the fourth quarter of 2022, total revenues, $160 million, down 17% year-over-year, and 13% quarter-over-quarter. Brand advertising revenues were $29 million, down 14% year-over-year and up 12% quarter-over-quarter. Online game revenues, $121 million, down 16% year-over-year and 18% quarter-over-quarter. GAAP net loss attributable to Sohu.com Limited was $7 million, compared with a net income of $4 million in the fourth quarter of 2021, and net loss of 2020. To net loss of $22 million in the third quarter of 2022. Non-GAAP net loss attributable to Sohu.com Limited was $2 million, compared with the net income of $0.2 million in the fourth quarter of 2021, and a net loss of $17 million in the third quarter of this year, of 2022. For the full year of 2022, total revenues, $734 million, down 12% compared with 2021. Brand advertising revenues, $103 million, down 24% compared with 2021. Online game revenues, $585 million, down 8% compared with 2021. GAAP net loss attributable to Sohu.com Limited was $17 million compared with a net income of $669 million in 2021. Non-GAAP net income attributable to Sohu.com Limited was $2 million income, compared with a net income of $79 million in 2021. Now let me go through our key business in more detail. First, Media Portal and Sohu Video. At Sohu Media Portal, during 2022, we upgraded algorithms, technologies, and products through refinements to each work hard at improving our user experience and keeping users engaged by offering a wide range of premium content and, you know, self-media content and also their social distribution. We kept strict control budget and made a continuous improvement in operating efficiency. With these efforts, we were able to further reinforce our reputation as a mainstream media platform by leveraging our advanced live broadcasting technology and rich media resources. At Sohu Video, we focused on our Twin Engine strategy by providing compelling content in both long and short form. We launched several original dramas and reality shows, including Ye Cheng Fu and the fifth season of On Her Way Home, Song Yi Bai Wei Nu Hai Hui Jia Di Wu Ji, the fifth season. Audiences were enthusiastic about both of these. We have several new original dramas in our pipeline to be released in coming quarters. In terms of short-form content, we launched a successful series of science-related live broadcasting during the year, including the highly regarded IP of Charles's Physics Class, which I taught online. This IP has drawn significant attention and attracted hundreds of leading professional broadcasters in a variety of fields, consolidating. Attracted hundreds of leading professional broadcasters and influencers in a variety of fields, consolidating our reputation as a leading science and knowledge-based live broadcasting platform, and also not only live broadcasting but short-form, short-video platform. On the monetization side of the COVID-19 pandemic and the macroeconomic uncertainties have negatively impacted the whole market. Even under these conditions, we explored new application scenario using our advanced and live broadcasting technology, benefiting from our unique IPs, and continuing to host traditional flagship events, as well as unique and innovative content marketing campaigns. For example, these events and campaigns provides us with great premier content, same time strengthen our brand influence and brought us new and significant monetization opportunities. In 2022, we successfully hosted the Sohu News Marathon, a traditional item IP, and Sohu Finance Annual Forum, the Talk Under the Starry Sky, a new program, and others. This quarter, we hosted the Fantastic Fact-Factories, tailored to a advertiser, which not only drew a significant attention across media platforms, but also consolidated Sohu's competitive advantage, brand advantages and captured advertisers budgets. Now turning to Online Game business. During the fourth quarter of 2022, online game revenues were in line with the company's prior guidance. In our business line for PC games, we adjusted the battlefield map and the gameplay of regular TLBB PC's cross-server clan war system. We launched a new expansion pack for TLBB Vintage to celebrate its anniversary with the introduction of its first new clan. In Mobile Games, we introduced a survival mode PVP event for Legacy TLBB Mobile. In the first quarter of 2023, we keep players engaged. We will launch expansion packs to celebrate Chinese New Year and a series of holiday events for TLBB PC Legacy TLBB Mobile and other games. Yeah, we have done that, yeah. As demand in the Online Games market becomes deeper and more diversified, we intend to stick with our top game strategy by promoting professional talent development as well as innovation in content technology, and roll out more high quality Mobile Games of different types. In terms of game pipelines, while maintaining our core competitiveness in MMORPGs, we'll also invest in more games of multiple pla-types, including card, RPGs, strategy, sports, and idle games. I'll turn to the call to Joanna, our CFO, who will walk you through our financial results. Joanna. Thank you, Charles. I will now walk you through the key financials of our major segments for the fourth quarter and the full year of 2022. All the numbers are on a non-GAAP basis. You may find a reconciliation of non-GAAP to GAAP measures on our IR website. For Sohu Media Portal, quarterly revenues were $60 million, down 16% year-over-year and up 9% quarter-over-quarter. The quarterly operating loss was $32 million compared with an operating loss of $38 million in the same quarter last year. For the full year of 2022, Sohu Media Portal revenues were $61 million, down 19% compared with 2021. The full year operating loss was $156 million compared with an operating loss of $134 million in 2021. For Sohu Video, quarterly revenues were $60 million, down 28% year-over-year and up 1% quarter-over-quarter. Quarterly operating loss was $21 million compared with an operating loss of $11 million in the same quarter last year. For the full year 2022, Sohu Video revenues were $63 million, down 28% compared with 2021. Full year operating loss was $99 million compared with an operating loss of $47 million in 2021. For Changyou's Online Game business and 17173.com, quarterly revenues, $122 million, down 15% year-over-year and 18% quarter-over-quarter. Quarterly operating profit was $54 million compared with an operating profit of $55 million in the same quarter last year. For the full year 2022, Changyou's total revenues were $592 million, down 9% compared with 2021. The full year operating profit $282 million compared with the operating profit of $310 million in 2021. For the first quarter of 2023, we expect brand advertising revenues to be between $20 million and $23 million. This implies annual decrease of 3%-16%. A sequential decrease of 20%-31%. Online game revenues to be between $121 million and $131 million. This implies annual decrease of 70%-23%. A sequential increase of nil to 8%. Non-GAAP net loss attributable to Sohu.com Limited to be between $15 million and $25 million. GAAP net loss attributable to Sohu.com Limited to be between $20 million and $30 million. Our guidance reflects our current and preliminary view, which is subject to substantial uncertainties. This concludes our prepared remarks. Operator, we would now like to open the call to questions. Thank you. We will now begin the question and answer session. To ask a question, please press star one one on your telephone. You would then hear an automatically message advising your hand is raised. To withdraw your questions, please press star one one again. Please stand by while we compile the Q&A roster. Once again that's star one one for questions. Our first question comes from the line of Thomas Chong from Jefferies. Please ask your question, Thomas. Hi. Good evening. Thanks management for taking my questions. My first question is about the overall advertising industry outlook in 2023. Can management comment about the sentiment so far? On Sohu, how should we think about the advertising spending among auto, FMCG, internet, services? My second question is more about the use of cash and our investment strategies for this year. Finally, may I also get some color from management about our thoughts on the recent ChatGPT and how it will shape the internet sector? Thank you. Okay. The first overall advertising market after the basically the lift of lockup and after the, you know, the COVID-19, the. I think the economy is picking up the, in first quarter. We are I'm seeing a, you know, a outlook of, you know, a kind of optimistic about the overall advertising market compared with the last year 2022. Because companies are starting to spend start marketing events, start, you know, spending money to market their products and brand building. In terms of industry, specific industry, I think auto is the first to count, right? Mm-hmm. Auto followed by FMCG is doing right? Yes. Okay. Yeah. internet service in Q4 is doing-. Mm-hmm. Yeah. actually, for most part of the Q4, we, you know, we're still at, you know, in the lockdown era, right? But because of our, some live broadcasting activities, we have, you know, growth, right? Advertising up, right? Mm-hmm. Improvement of 12%? Sure. In Q4. That was still during the lockup years. 2023, we're kind of optimistic. We see the economy is picking up and the company is starting to spending money now. Investment strategy, I think, first of all, we'll continue to invest in the products, refining our products and building the and also the social networks. Also to spend on user acquisition with the ready, with the products ready, and with its features, with, you know, improving stickiness. We're going to spend money on user acquisition. As we did in 2022 on online video, on video, on Sohu Video. Spending more than before on Sohu Video. That's why you see the loss of video business widening, right. In last year. This year, we'll spend both on video and on the Sohu News, Sohu Media Portal, a separate Sohu News app. When we believe that our products is ready and with stickiness and, you know, to acquire users and make sure they come and they stay. In terms of more investment, probably with AI technology, and ChatGPT actually our news premium account, our news recommendation algorithms is a, you know, is a deep application of AI technology like deep learning and all these algorithms or AI. For to have the whole ChatGPT type of OpenAI services, it's already, you know, Sogou, you know, we already sold Sogou, so we don't this need, you know, to have the whole develop the whole algorithm from bottom up is really need the kind of company that with a search engine background. Now we are already sold Sogou. Right now we are not able to develop the whole OpenAI AI system. We can outsource, you know, the fundamental layers of those algorithms and to some, you know, some other companies. To just to build the applications, apply them to our social network, because it's about questioning and answering and interactivity, so it fit well with our social network strategy. Yeah. Well, I hope I answer your question. Thank you. Thank you, Charles. Thanks for the detailed answer. Thank you. Our next question comes from the line of Eddie Leung from Bank of America Merrill Lynch. Please ask your question, Eddie. Good evening, guys. Just two questions. The first one is about games. Just wondering if that one has any, I won't say guidance, like, you know, any outlook on the potential launch time of some of the new games. Secondly, I think Charles, you talked a little bit about that. In terms of use of cash, 'cause, you know, you guys still have a very good cash balance. In addition to investment, will there be any potential plan, for example, more share buyback or even dividend? Thank you. Currently, we plan to launch new TLBB in third quarter this year. Got it. Thank you. Yeah. I will or we will not exclude the possibility of share buybacks this year. Yeah. This is possible. We may. Understood, Charles. Thank you. Thank you. Our next question comes from the line of Alicia Yap from Citi. Please ask your question, Alicia. Hi. Can you hear me? Hi. Yeah. Good evening management. Yeah, thanks for taking my questions. I have a couple of questions. First, on follow-up on the gaming business. The driver for your sequential improvement for your gaming business that you've guided for first quarter, is that mainly on some of the expansion packs that has released and, you know, been doing well? That's, you know, guided slight improvement on the gaming for 1Q. That's the first question within the gaming. Follow up on the new TLBB launch. Because we also noticed there is another similar title, which is called TLBB 2 by Perfect World. Can you comment, would there be any confusions or any cannibalization effect from this similar title? For advertising business, you know, can you also elaborate a little bit in terms of the first quarter guidance? Do Do you think this is actually considering an improving trend? It does look like your guidance on the year-over-year basis is still a negative growth, despite the entire year already having declined and... Is it because of the Chinese New Year in first quarter? Would you expect second quarter onward, we should start to get positive year-over-year growth? Yeah. Thank you. We launched some promotional activities for our existing games in the first quarter around Chinese New Year. Other than Tian Long Ba Bu's 手 游 and 端 游, actually this old game does have a positive effect. In the end, this effect. In the end, this influence may also have to be evaluated after it's launched. Yeah. First of all, we aware of that new TLBB and TLBB2 are made for Mobile Games. We are sure there will be some kind of impact. From our past experiences, especially like Legacy TLBB Mobile or TLBB Honor, when they launched to the market, there was some kind of positive impact to the existing TLBB franchise games. We can only see the result by then after the games, two games launch. Okay. All right, in terms of advertising, the first quarter of 2022 is basically, before, it's prior, you know, it's before the real lockdown that happened in Q2, right? It's a relatively a more normal quarter, right, Q1. This quarter, the Q1 of 2023, is, you know, as at Q4, we already, you know, pick up some, you know, advertising pick up some. It's due to that some of our special unique offering of this, you know, this, to the class. Q3 or Q1, or first of all, it's a slow season, but it's also a, it's still, you know, restoring, right? It's resuming, but it's still not fully to its prior, guidance, prior lockdown, you know, quarter, right? Like, that's why it's kind of decreased. Yeah. I see. Did I answer your question? Yeah. I see what you mean. In terms of the year-over-year. It's, yeah. It's a big challenge, yeah. Q2 is going to pick up speed. Yeah. I'm sure- Oh, okay. Q2 will definitely be better than Q2 in 2022. Mm. Yeah. I think- I see. Q2 and Q3 of 2022 were worst, right? Because the lockdowns in Shanghai and, you know. Mm. This Q1 is, we already see some hope, right? It's, it's picking up, but it's still not fully, you know, resumed or restored. I see. I see. Thank you, Charles. Also thank you, Dylan, for the answer. I just have one very quick follow-up. In terms of the Sohu Media and Sohu Video, do we have any plans or target to narrow the loss this year? Actually, the answer is no, because we're going to spend, you know. As you know, you were asking the question about how do we spend, you know, we have a, you know, cash, good cash balance, right? That's why we need the war chest to really develop. In order to have ultimately have the profitable platform, we have to have larger user base. You have to have the scale of the user base. That's the only way for a platform to make money, right? Mm. To reach that, you need to spend. That's why we're going to this year where, as I said, you know, when we believe that the kind of products that we are designing or have been perfecting or developing are ready, have the right kind of stickiness and, you know, to make the user stay, then we're going to spend as we did in on Video, kind of spending a little more on Video, 2022. We see the user base actually grow, you know, quite well. We're going to spend. Okay. All right. Both on Video. Great. Thank you. On news app. I see. Okay. All right. Thank you for your answer, Charles. Thank you. Thank you. As a reminder, to ask a question, please press star one one. All right. I am showing no further questions. With that, we conclude today's conference call. Thank you for participating. You may now disconnect.