Thank you for standing by and welcome to the Trip.com Group 2020 Q4 Earnings Conference Call. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Michelle Qi, Senior Director. Please go ahead. Thank you. Good morning and welcome to Trip.com Group's 2020 Q4 Earnings Conference Call. Joining me today on the call are Mr. James Liang, Executive Chairman of the Board, Miss Jane Sun, Chief Executive Officer, and Miss Cindy Wang, Chief Financial Officer. During this call, we will discuss our future outlook and performance, which are forward-looking statements made under the safe harbor provision of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, our results may be materially different from the views expressed today. A number of potential risks and uncertainties are outlined in Trip.com Group's public filings with the Securities and Exchange Commission. Trip.com Group does not undertake any obligation to update any forward-looking statements, except as required under applicable law. James, Jane, and Cindy will share our strategy and business updates, operating highlights, and financial performance for the fourth quarter of 2020, as well as the outlook for the first quarter of 2021. After the prepared remarks, we will have a Q&A session. With that, I will turn the call over to James. James please. Thank you Michelle. Thank you everyone for joining us on the call today. Looking back at 2020, it was a year filled with both challenges and opportunities. Despite the negative impact of the pandemic, we have continued to innovate our products, improve our service, and strengthening collaboration with our partners. Such results demonstrated our strong resilience and helped to make us stronger as a company. As a result, we further gained market share across four product lines as domestic China maintained a strong recovery momentum throughout the year. We are fully prepared to take additional market share in upcoming global recovery. Going forward, we will continue to focus on the domestic market in terms of supply chain, product innovation, content capabilities, quality, and technology. At the same time, we are pushing ahead with our global ambition for international travel recovery and seeking for opportunities in the long run. Our focused efforts have not only innovated products, gained additional market share during the pandemic but also laid solid foundation for new growth drivers beyond COVID-19. Today, I would like to shed some light on the latter. First of all, product supply chain is our core competence, which have built over the decades of operation. Therefore, we are best positioned to expand the breadth and depth of our product offerings to capture users' evolving demand, such as the unique and in-depth experiences as alternative for outbound travel. Short-haul and staycation trips, which are incremental to the typical long-haul plans. This is a near-term goal that has already started to bear fruit. We are glad to see reservations for short-haul travel and in-destination activities achieved strong year-over-year growth despite industry fluctuation in the past winter. We are working hard to strengthen our content capability, which is highly synergistic with our core product business and can bring meaningful revenue sources in the years to come. We expect to follow a three-step strategy in developing our content roadmap. We will continue to enrich content selections in terms of category and formats. We believe comprehensive content offering will help attract new users and improve engagement in terms of frequency and time spent on our apps. We'll strengthen the integration of content generation, effective recommendation and product selling innovation to improve conversion rate, especially for the short-haul products. A complete loop from content to transactions will form a virtuous cycle to benefit our sustained growth. The deep integration of content capabilities, products, and our quality user base and extensive marketing network enables us to serve as a tourism marketing hub for branding, promotion, and other marketing activities, leading to incremental revenue opportunity in tourism and paying industry advertising and marketing. We continue to upgrade our service quality and technology capability in order to safeguard a smooth and effortless delivery of our products to our end users. They remain our core competency, we'll continue to invest and further our leadership compared with peers in the travel space. Looking beyond COVID, we remain deeply excited by the global travel opportunities. We believe that international markets presents an attractive long-term growth potential for a one-stop travel platform, one that could be multiple of China's domestic markets. Particularly for international travel partners, Trip.com Group is uniquely positioned to reach a truly global audience through our brand portfolio from a marketing perspective. With that, I will turn the call over to Jane for operating highlights. Thanks James. Good morning everyone. I would like to start with a quick overview of Q4 and full year of 2020. Despite the industry fluctuation and a weaker seasonality in the winter in Q4, we are glad to see that Trip.com Group delivered solid performance and consistently outgrow the industry average across the product lines. Total net revenue saw a further narrowed year-over-year decline in Q4 to 40%, as domestic accommodation reservation, air ticketing business, ground transportation, and other domestic travel products recovered nicely in Q4. In addition, we achieved positive non-GAAP profit margin of 10% in the fourth quarter. On a full year basis, our core OTA brands delivered GMV of CNY 395 billion or $61 billion, again, leading the industry worldwide. For full year 2020, thanks to our efficiency improvements and a strong cost control, we were able to achieve 2% non-GAAP operating profit margin. Today, I would like to share some operating highlights in four areas. First, mid to high-end travel market. Second, low-tier city penetration. Third, our new strengths in higher frequency categories. fourth, improvements of our content capabilities. First, we continue to improve our product competitiveness and increase market share in the fourth quarter, especially in the middle to high-end market. Our middle to high-end hotel bookings reached a double-digit growth year-over-year, far exceeding the industry average by 15%-20%. In addition, high quality niche and boutique travel has become an important alternative for our previously outbound customers. We saw an average spending on domestic package tours grow significantly year-over-year in the fourth quarter, especially for our mobile users. Second, we gained further market share in the low-tier markets. In 2020, more than 40% of our new customers came from tier-3 cities and below. Transportation products have become important channels to acquire new users, with whom we can cross-sell other product. Third, as James mentioned, we worked hard to unlock our new strengths in highly frequent categories, such as short-haul and staycation. We attracted more diverse and high-quality partners to our platform to expand our product offerings, and also broaden the scope of collaboration with existing partners. The number of our in-destination activity and suppliers increased by over 25% year-over-year by the end of last year. As a result, short-haul and local travel has become a key contributor to our recovery. In the fourth quarter, our hotel GMV for the same province stays increased by over 20% year-over-year, and reservation for attraction and activities increased almost 100%. Such strong performance for short-haul and local travel extended into the past Chinese New Year holiday. Compared to the same period in 2019, our hotel GMV for the same province stays achieved 20% year-over-year growth, and reservation for local attractions and activities more than tripled. Over the past year, we focused on improving our content offering. We believe the content will generate unique and long-lasting value in user engagement, as well as the new earnings power. By the end of 2020, our content channels contribution to the total app traffic more than doubled compared to the beginning of the year. The visit time of our information feeds more than tripled during the year. Our live stream and special deals channel have now become a place where people come to find attractive deals, which contribute approximately CNY 5 billion GMV during the past year. We are also glad to see the initial developments in advertisement revenue opportunities. Our domestic advertising and marketing revenue increased significantly year-over-year in the fourth quarter, and maintained an overall positive growth throughout the year. In the future, we will continue to build our content ecosystem with concerted efforts. The ecosystem will enable our users' engagement and make our platform a comprehensive marketplace. Turning to the year of 2021, the domestic travel demand remained resilient despite industry headwinds due to the small outbreaks and tightened travel restrictions during the Chinese New Year holiday. Our domestic hotel and air reservation quickly rebounded post the holiday, and reached full recovery recently compared to the same period in 2019. We are fully confident that the domestic market will come back with the growth trajectory in the year of 2021 due to the effective pandemic control and wide distribution of vaccines. Around the world, cross-border travel is still under pressure. However, the domestic travel under Trip.com has started its recovery. According to China Tourism Academy, an increased distribution of effective COVID-19 vaccine worldwide, global travel will resume its order in the new year. We are optimistic and will be fully prepared to take advantage of upcoming recovery in the international travel. Finally, I would like to thank our team again for their dedicated efforts and commitment in maintaining quality service during this challenging time. As always, we are committed to leading the best in the industry practice for all our stakeholders, including our customers, business partners, employees, shareholders, and communities. Lastly, we released our first ESG report, which cover our approaches and efforts in developing an inclusive workplace, promoting responsible travel, and providing quality user experience. Going forward, we are continue to improve our efforts in ESG to lead our sustainable growth in the long term. With that, I will now turn the call over to Cindy. Thanks Jane. Thanks everyone. For the fourth quarter of 2020, Trip.com Group reported net revenue of CNY 5 billion, representing a 40% decrease from the same period in 2019. The further narrowed decline reflects a continued recovery of our China domestic market, especially for short haul and staycations. I'd like to first go through some business highlights that drives the recovery of our domestic revenues. Accommodation reservations for China domestic market sustained positive growth in Q4, with mid to high-end hotel reservations growing at the double digits. Intra-province hotel GMV grew by more than 20%. Domestic air revenue maintained positive year-over-year growth in Q4, despite the higher base in the previous year with transportation bookings for early Chinese New Year holiday. Reservations for domestic in-destination activities achieved a strong growth during the quarter, mainly driven by short-haul trips. Recovery for domestic packaged product was slower due to industry fluctuations with small outbreaks of COVID-19 cases in this quarter. International business is still under pressure. However, similar to what we experienced in China, our brand, Trip.com, also saw strong growth for domestic hotel reservations in many markets. Gross margin was 82% for the fourth quarter of 2020, increased from 79% for the same period in 2019, and 81% for the previous quarter. The increase of gross margin was mainly helped by favorable change in product mix and continued improvement in service efficiency. In the mid to long term, we still expect the gross margin to be around 75%-80%. Total non-GAAP operating expenses decreased by 36% from the same period in 2019, and increased by 14% from the previous quarter, thanks to our largely flexible cost expenses structure and efficient operating management. During the past year, we have further streamlined our operations across business lines, in addition to certain adjustments related to COVID. In addition, our improvement on content and cross-selling have further lift the marketing efficiency. Product development expenses for the fourth quarter decreased by 20% to CNY 2.2 billion from the same period in 2019, and increased by 8% from the previous quarter. The sequential increase was mainly due to the normalization of our personnel arrangement. Sales and marketing expenses for the fourth quarter decreased by 50% to CNY 1.2 billion from the same period in 2019, and increased by 9% from the previous quarter. The sequential increase was mainly due to the increased marketing spending in response to continued travel demand recovery. Excluding share-based compensation charges, non-GAAP operating margin was 10% for the fourth quarter of 2020 compared to 12% in the same period in 2019. Diluted earnings per ADS were CNY 1.65, or $0.25 for the fourth quarter of 2020. Excluding share-based compensation charges and fair value changes of equity security investments and exchangeable senior notes, non-GAAP diluted earning per ADS were CNY 1.75, or $0.27 for the fourth quarter of 2020. As of December 31st 2020, the balance of cash and cash equivalents, restricted cash, short-term investment, held-to-maturity time deposit, and financial products was CNY 59.6 billion, or $9.1 billion. Now, turning to the first quarter of 2021. As James shared early, we saw significant variability in the booking trends in the first two months of 2021, mostly due to COVID-related travel restrictions during the Chinese New Year. Our visibility for the full quarter is still very limited as of today, due to the ongoing volatility of the recovery pace and the short booking window. Therefore, we will not provide a full quarter guidance this time. Instead, I'd like to share some color on our recent performance. We have sustained better than industry performance across major business lines. In the first half of Q1, the recovery of our domestic hotel reservations led the industry average performance by around 15% against the same period of 2019. In particular, hotel reservations for intra-province travel and in-destination activity reservations maintained solid growth. After the holiday, we've seen that travel demand quickly rebounded and our hotel and air ticketing achieved a full recovery recently, compared with the same period in 2019. We remain fully confident on the general trend that the domestic market is getting back to the growth trajectory and increasingly more positive on the potential reopening of international travel, encouraged by the wide availability of vaccines and relaxation of travel restrictions. We are fully prepared to continue gaining market share, capturing the opportunities during the recovery, domestically and internationally. With that, operator please open the line for questions. 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, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. We ask that participants limit themselves to one question. Should you wish to ask additional questions, you will need to register again and rejoin the queue. Your first question comes from Alex Yao from JPMorgan. Please go ahead. Thank you management for taking my question. I have a question on the content strategy. James, you talked briefly on your content strategy in the prepared remarks. Can you elaborate a bit more on the strategy? Particularly from competition perspective, how do you plan to compete against the more established content platforms with exposure to travel, such as Xiaohongshu and Douyin? Thank you. First, we are the largest travel transaction platform in China. Many of our users are already used to writing authentic reviews and travel journals on our platform. More importantly, our strong product and transaction capability allows to make content to transaction conversion easy and frictionless. For example, our live stream channels delivered the highest conversion rate in travel industry last year. For these reasons, we are confident to see that we will be one of the go-to platforms for users that seek both travel inspirations and values for their short haul and long haul travel demand. Thank you. Your next question comes from Thomas Chong from Jefferies. Please go ahead. Hi. Good morning. Thanks Management for taking my questions and congratulations on the recovery after Chinese New Year. Thanks is more about the competitive landscape in lower tier cities. Can management talk about the pricing trend in lower tier cities as well as our strategy in lower tier cities this year? Thank you. Yes. For the lower tier cities, we are putting lots of efforts, fully utilizing the comprehensiveness of our platform. First of all, our transportation products offer the links for us to further penetrate into the lower tier cities, and our cross-sell capability enable us to cross-sell all the products on our platform. Secondly, not only we have online platform, we also have thousands of the lower tier cities' offline stores, which enable us also to sell products in these cities. We will be able to input even more products, including hotel, transportation products, package tours, local activities, into these offline stores as well to enable us to further penetrate into these cities. Thirdly, because of the upcoming trend, we are also making sure our product is very competitive in terms of coverage as well as the pricing to make sure the people in these cities get the best deal when they select products from different product lines. Our efforts for the lower tier cities is going to be strengthened. Also we have special teams to look at specific markets, such as for people who are retired, et cetera. These segments also presents different opportunities for our new businesses. Thank you. Thank you. Your next question comes from Ronald Keung from Goldman Sachs. Please go ahead. Thank you. Thank you James, Jane, Cindy, and Michelle. I guess my question kind of follows on the competitive landscape. Particularly, I want to hear about the hotel. Given very good performance, you mentioned 15 percentage points above the industry. I see that should be the overall industry. How do we see that amongst the online players? With more booking online, I see. What is online penetration for hotel or for the overall industry now for online penetration? Between, say, ourselves plus our associate, Tongcheng, how do we see ourselves doing amongst within the online trend of maybe versus other players, including the Meituan and other players within the online space? Thank you. For the hotel business, the majority of the hotel booking still is offline. With the concerted efforts by every player, there are more volumes moving online. We are gaining lots of shares through this movement. As we discussed, from mid to high end, we are outpacing the industry growth by 15%, gaining market share in that segment. In the lower tier cities, we are also putting concerted efforts to make sure our price is the best penetrating into the lower tier cities. Thirdly, we also offer a comprehensive one-stop shopping platform to everyone who are interested in using our platform to travel. All these efforts give us the advantage leading the industry growth. Thank you. Thanks. Thank you. Your next question comes from Binnie Wong from HSBC. Please go ahead. Hi. Good morning management. Thank you for taking my question. I have two questions here and two short questions. One is that, and also a follow-up, on the competitive landscape in the domestic market. We can understand that some of your peers are stepping up subsidies, right? Especially even at the hotel, right, on the hotel side. How do we see that will trend in terms of on the subsidies side? Do you have to step up on that? Especially we also see sales and marketing step up in the fourth quarter. Then also I guess your thoughts in terms of our cross-selling efforts. In terms of when we get our retention and also the cross-selling, any metrics that you can share with us for us to see in terms of our user retention and also cross-selling, that will be very helpful for us to better understand our strategy for the year. Thank you. Yeah. With regard to the competition, I think our strategy is as Jane explained, our strategy is quite consistent and also time proven. For the high-end hotels, price subsidy have been proved ineffective. We keep focusing on strengthening our core competence in the inventory service as well as the content. Especially during the pandemic, we not only strengthened our collaborations with our hotel partners by launching a broader range of room and non-room offerings at very attractive prices, but also developed pre-order offerings, which allow our users to lock in a competitive pricing while enjoying great flexibilities in determining the actual travel date. We also launched the channels like Short-haul Holidays and Fresh Sale to help hotels run targeted marketing. These kind of efforts, to some extent, further strengthening our strategic partnership with almost all the major mid to high-end hotels in the China market. Therefore, our market share increased significantly against peer players, and we are very confident that we will continue to leading the edge. For the low-end hotel, in this segment, we did notice that the customers tend to be more price sensitive. Therefore, we will continue to lead the price competitiveness in the targeted market and acquire new users with competitive lower end hotels. We also work very closely with our third-party partners, especially in the tier- 4 and tier- 5 cities, to help our inventory grow market share against the peers in this segment. As our low-end hotel business has a very limited contribution to our total revenue as well as the net profit, any competition in this area have limited impact to Group level financial performance. In the long run, our value proposition is much more sustainable for hotels as we focus on bringing new customers and incremental demand from other places, instead of serving as just inserted paid channel to bring hotels existing local demand online. Okay. Thank you. May I just have a quick follow-up also on the margin side? If we think about the margin, because Q3 we see a very good margins, and I think Q4 is because of seasonality, and also our high investment. Any structural positive drivers we should expect in 2021 on the margin side? Thank you. Yes. The total non-GAAP cost and operating expenses decreased around 39% year-over-year in Q4, thanks to our largely flexible cost expense structure and very efficient operating management. During the past year, we have further streamlined our operation across business lines in addition to certain adjustments related to COVID. Our improvements, our content and cross-selling have further lift the marketing efficiency. Our non-GAAP sales and marketing expenses increased. Looking forward in 2021, we expect modest increase in our personnel expenses in 2021. We did expect that the total headcount will largely be stable, especially for our core businesses. Sales and marketing expenses are largely discretionary and be adjusted in accordance with our business recovery, and we will continue to adopt an ROI-driven strategy. We believe our improvement on content and cross-selling will help improve our marketing efficiency. At the same time, we will also reserve certain budgets in the short term to develop our long-term strategic project, for example, the content ecosystem, and to prepare for the recovery, and our potential growth in the international market. Thank you. Thank you. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. We ask that all questioners please restrict themselves to one question per person. If you do wish to ask additional questions, you will need to rejoin the queue. Your next question comes from Jed Kelly from Oppenheimer. Please go ahead. Good morning management. Thank you for taking my questions. Just sort of looking at big picture. With the global OTAs and online travel, there's a lot of investor enthusiasm that these companies are going to emerge from the pandemic with structurally higher margins. Do you see that's the case for you? Do you think you can come out of this with higher margins? Thank you. As I explained, I think that in terms of the long-term margin, we still think although in the very short term because of the volatility on the top line, especially for the Q1 as well as the 2021, we probably cannot provide at this moment a clear guidance in terms of the margin. In the long run, we still think the original 20%-30% margin is very achievable for us. Compare with international peers, in terms of sales and marketing efficiencies, Trip.com probably is the most efficient players in the market because as always, we focus on gaining market share by growing our own customer, especially the mobile app customers. We will continue to focus on this. In addition, this year, because of the pandemic, we also noticed the content product will help significantly improve our conversion rate as well as the stickiness of our users. Therefore, we think we can have some leverage, especially compared with the global peers on the sales marketing side. Thank you. Thanks. Thank you. Your next question comes from James Lee from Mizuho. Please go ahead. Great. Thanks for taking my question. Jane, is there any way you can help us understand maybe some of the policy support for the travel industry that's coming up this year? What kind of signs should we look for a possible lifting in restriction for outbound travel? Should we think about those signs as widely available vaccine Asian countries? Would the government kind of consider reestablishment of the green channel that we talked about earlier? Also, kind of as we look beyond the pandemic right now, do you have a sense when you talk to hotel partners in general, they'll rely more on the OTAs? Certainly, we saw that trend in the U.S. as OTA gained market share post the financial crisis. Just curious what you're thinking there. Thanks. Thank you. Let me illustrate the answers in couple of layers. First of all, for domestic travel. During the January and February timeframe, during the winter season, there were small outbreaks of the virus. We stay put for the whole country very quickly contained the small outbreaks. After the Chinese New Year, we have seen very good recovery for domestic travel. We expect the Chinese domestic travel will have a very strong rebound this year, and our team is very well prepared in terms of service capability, content generation, our technology investment. We're very positive in full recovery for the Chinese domestic travel. Secondly, with the vaccine, it's being adopted by more and more countries. There are a couple of things we would like to see. First of all, for medical experts across the world, they need to form a consensus in terms of, for the people who have taken vaccines, how long do they need to be quarantined when they return to their home country or when they enter into another country, if any. Secondly, with the consensus built by the global medical experts, every country will form their policy in terms of opening up green lanes, opening up special channels for travelers. Thirdly, once every country has their policies ready, OTAs with a strong investment in technology, we will make sure the cross-border information as well as the service capability is coupled with the policy imposed by every country. Make sure all the information and services is very well supporting our customers when they go across. Our team is making the right investment in terms of information assimilation, in terms of the technology capability to support our customers. Looking into different continents, we believe China in most nations control the virus very well, the domestic travel is leading the recovery among all the global players. Secondly, many countries in Asia have also demonstrated their abilities to well-control the virus. Countries such as Singapore, Japan, Korea, have done very well. We expect these countries in domestic will recover very well, and we are hopeful that with the effectiveness of the vaccine, we'll be able to see some kind of recovery in green lanes in limited travel as the test of the water, leading the recovery for cross-border transactions. Thank you. Thank you. Your next question comes from Natalie Wu from Haitong International. Please go ahead. Hi. Good morning. Thanks for taking my question. Just some follow-up with the sales and marketing question. I want to get a rough sense of your proposed sales and marketing plan in the first half of this year, given your full recovery of domestic business post the Chinese New Year. Wondering if there's any change of sales marketing spending ROI related criteria loosening or tightening across different channels during the pandemic. Also wondering if you can give us an update of your app MAU last year, and how much of that is newly acquired first-time user. If you have observed any new demographic features and cohorts, that would be great. Thank you. Thank you Natalie. The sales and marketing expenses for us are largely discretional, and we will continuously to monitor our returns based on our ROI. The criteria is pretty consistent, not losing or tightening our ROI threshold. We will swiftly adjust our sales marketing budget based purely on the return. Starting, as we explained, starting from last year, we did notice that the content including the, for example, the live streaming as well as the Fresh Sale, significantly help us to improve our conversion rate. Therefore, our overall marketing efficiencies has been improved. Moving into 2021, we will continuously to make investment in our content product, and hopefully our marketing efficiencies will continuously improving. Sorry, what's your second question? Oh, about new users. Is about your app MAU. Just wondering if you can give us an update of your app MAU last year, and how much of that is those newly acquired first-time new user. Also, if there's any new demographic features or user cohort related with the new users. Yes. Our app MAU has been quite consistently increasing, especially with more and more content in our app. We did notice the stickiness of our users increased significantly. In terms of the new users, we did notice that more and more percentage of our new users coming from the lower tier cities, especially coming from the tier- 3, tier-4, as well as tier-5 cities. They may not make a booking at the first time, but they will spend some time looking at the content that we provide on the app at the beginning. Got it. Thank you. Thank you. Thank you. Your next question comes from Alex Poon from Morgan Stanley. Please go ahead. Thanks management for taking my question. My question is mainly related to the overall new revenue opportunities coming out of COVID, in a post-COVID world. You mentioned actually many things. Particularly, I want to understand the content strategies and how this new content strategy can drive up the long-term conversion, paying user conversion. Also, you talk about many other things actually, like advertising, short haul vacation, local attraction, cross-selling lower tier city, efficient marketing, high online penetration. Trying to understand on an overall basis, in not just domestic marketing, also the international opportunities. How should we quantify all these new revenue opportunities as we go out of COVID? Thank you very much. Yeah, I think this is a new space for us. We traditionally only make most of our money from commission, so it's really coming out of the sales budget of airlines and destinations and hotels. Of course, as we know, they also have a marketing budget and branding budget, probably just as large in the same order of magnitude, and just as large as the sales budget. This is an area that we hope to, through our marketing and platform and our content capability, to be able to tap into, in the near future. Yeah. In addition, as we have seen, China's infrastructure has been developed quite significantly, penetrating into many areas. China is a very big country. During the lockdown period, James and I and our team have been visiting different provinces, and there are great potential leading our customers, not only to the most famous attractions, but also many other newly developed attractions. The staycation local attractions represents new opportunities for us to gain market share. Lastly, I think we are also be very prepared to further taking market share when the cross-border transaction opens. I think this is a great opportunity. Almost every country, all the travel industry related job opportunities are being depressed during this pandemic. There is a surge of the demand for us to drive the volume into this area. We are working very closely with the players in the global markets to make sure once the vaccine is adopted, once the cross-border transaction take place, we'll be very well prepared to bring the Chinese customers into these areas. Thank you. Thank you. Your next question comes from Brian Gong from Citigroup. Please go ahead. Yeah. Thanks once again for taking my questions. My question is regarding the margins. We have done a lot of cost-saving measures in secondary 2022, which are also reflected in our financials. My question is, if we assume full recovery of outbound and international travel and a decent growth on domestic travel, say in 2022 or 2023, what would our operating margin be under that scenario compared to pre-COVID-19 level? Yes. Thank you. Yeah. There's some volatility in the margin due to the COVID-19. In general, we're still targeting at the 20%-30% non-GAAP operating margin, which we think is very achievable if everything resumes normal. Thank you. Thank you. Your next question comes from Tian Hou from TH Capital. Please go ahead. Apologies. That questioner has disconnected. That does conclude our time for questions. I would now like to hand the conference back to Senior Director, Michelle Qi. Hello. It's back. Tian. Hi Tian. I was muted to be polite. Okay. This is the question. First I say congratulations on the good Q4. This is really not easy to bring back the top line, bottom line, back to almost normal. As the company refocus the business to domestic, and I do believe domestic is going to be really great 2021. The company did mention a lot of possibilities. In the short haul and the high-frequency product in the travel market, what's the company's plan to develop into it and what is our advantage? That is my question? I'm very excited for these two products, so I want to know more detail about that. Thank you. Thank you Tian. First of all, I think as we are very focused on the travel verticals, all the content will be more relevant for our customers look for their For example, the weekend getaways or staycations and theme tours. Secondly, thanks to our very strong product team, our short-haul and staycation products, especially the hotel and hotel-related packages, are very competitive in terms of both pricing as well as the coverage. Our live streaming and special deals channels have become the go-to platform for travelers that seek value for money deals. The travel market is immense, and we are confident that our growth potential will be further unlocked, especially in the quality travel market segment. Thank you. Thanks. Okay. Thank you. Thank you. That does conclude our time for questions. I would now like to hand the conference back to Senior Director, Michelle Qi. Thank you. Thanks everyone for joining us today. You can find the transcript and webcast of today's call on investors.trip.com. We look forward to speaking with you on the first quarter 2021 earnings call. Thank you, and have a good day. Thank you very much. Thank you. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.