Today, and thank you for standing by. Welcome to Weibo Reports Second Quarter 2025 Financial Results. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answe r session. To ask a question during the session, you need to press star one and one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one and one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to our speaker today, Sandra Zhang of Investor Relations. Please go ahead. We have a technical team on the line. Please remain on the line. Your conference will resume shortly. Thank you. Please remain on the line. Your conference will resume shortly. Thank you. We are now back. Our conference can resume. I would now like to hand the conference over to our first speaker today, Sandra of Investor Relations. Please go ahead. Thank you, Operator. Welcome to Weibo 's Second Quarter of 2025 Earnings Conference Call. Joining me today are our Chief Executive Officer, Gao Fei Wang, and our Chief Financial Officer, Fei Cao. The conference call is also being broadcast today on the internet and is available through Weibo 's IR website. Before the management remarks, I would like to read you the three public statements in connection with today's conference call. During today's conference call, we may make forward-looking statements. Statements that are not historical facts, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Weibo assumes no obligation to update the forward-looking statement in this conference call and elsewhere. Further information regarding this and other risks is included in Weibo 's annual report on Form 20-F and other filings with the SEC. All the information provided in this press release is occurring as of the date hereof. Weibo assumes no obligation to update such information except as required under the applicable law. Additionally, I would like to remind you that our discussion today includes certain non-GAAP measures, which exclude stock-based compensation and certain other expenses. We use non-GAAP financial measures to gain a better understanding of Weibo 's comparative operating performance and future prospects. Our non-GAAP financials exclude certain expenses, gains, or losses, and other items that are not expected regarding future cash payments or are non-recurring in nature or are not indicative of our core operating results and outlook. Please refer to our press release for more information about our non-GAAP measures. Following management's prepared remarks, we will open the lines for a brief Q&A session. With this, I would like to turn the call over to our CEO, Gao Fei Wang. [Foreign language]. Thank you. Hello everyone, welcome to Weibo 's Second Quarter of 2025 Earnings Conference Call. [Foreign language]. On today's call, I will share with you highlights on Weibo's product and monetization in the second quarter of 2025. [Foreign language]. On the user front, in June 2025, Weibo's MAUs reached 588 million, and average DAUs reached 261 million. In the second quarter, Weibo's total revenues reached $444.8 million, up 2% year-over-year. Our total ad revenues reached $383.4 million, up 2% year-over-year. Our non-GAAP operating income reached $161.8 million, representing a non-GAAP operating margin of 36%. [Foreign language]. In 2025, the company's overall strategy focuses on the value of user, sustaining the leading position in trending topics and entertainment sectors, and solidifying the competitive edge of the social product. On top of that, we prioritize enhancing the recommendation and search functions by integrating large language models to drive user skill and engagement. Next, let me share with you our progress made in the second quarter of 2025 from three dimensions: user growth, the competitiveness of the ecosystem, and monetization. [Foreign language]. On user growth and engagement, we focus on the integration of social product and upgrade of our recommendation system this year, aiming to drive user engagement and user growth. Over Weibo's 15 years development, the homepage information feeds have continuously evolved to achieve two core objectives: to enhance the efficiency of content consumption and social interaction by users. Accordingly, the content recommendation mechanism of information feeds has evolved from a timeline-based distribution to a recommendation-based distribution. To be specific, the information feed were originally distributed in reverse chronological order based on the posting time. As content creation became more convenient for users, the explosive amount of content produced largely exceeded the amount of content consumed. Therefore, to improve content consumption efficiency, we upgraded the algorithm of information feeds from purely timeline-based to focusing on distributing unread posts from individual accounts being followed by users in 2016. Later in 2018, we introduced a new feed product structure composed of a relationship-based feed and an interest-based feed, aiming to broaden users' content discovery and increase their content consumption scale. [Foreign language]. In recent years, users' content consumption behaviors have been altered by the recommended content. To adapt to this trend, we initiated a strategic revamp of our homepage information feed in the first half of this year, which makes the interest-based feed a primary interface when users access Weibo. We also made a significant adjustment to the distribution mechanism of the interest-based feed. On the one hand, we integrated the recommendation mechanism for both relationship-based feed and interest-based feed. On the other hand, we enhanced the user feedback mechanism based on users' interaction and consumption behaviors in the interest-based feed, aiming to meet their in-depth consumption demands. Overall speaking, while preserving users' fundamental needs for social content consumption, the upgraded interest-based feed delivered improved efficiency of discovering interest-based content and deepened user engagement. Additionally, by leveraging large language models, we have enhanced the quality of recommended content, improving users' overall consumption experience. [Foreign language]. We hope the upgrade of the homepage information feed will further unlock Weibo's value in delivering quality content. We aim to enhance users' consumption depth and engagement through algorithm capability, which will strengthen the competitiveness of our vertical content ecosystem. In early July, we completed the upgrade of product and technical frameworks, which has rolled out to nearly all users. Currently, with the average content views of homepage information feed per user remaining stable, the proportion of the recommended content consumed by users has increased to 43%, representing a 17% improvement over the previous level. This established a solid foundation for efficiency improvement and the development of the platform's content ecosystem. [Foreign language]. With the upgrade of the homepage information feed product, our product's content distribution strategy will stand from relationship-based distribution to interest-based distribution, aiming to enhance content competitiveness. For social products, leveraging the platform's long -accumulated social assets and interest-based communities, we reinforce the platform's social attributes and boost the user's willingness to share and interact. In the second quarter, we further strengthened users' social interaction experience in the core product scenario, achieving notable progress. For example, to address the prevalent issue of low-quality content in comment retention, particularly comments entered posts by celebrities and top KOLs, we enhanced the identification and monitoring of low-quality content. This effectively improved discussion quality and increased users' willingness to revisit and engage in a commentary session. For the celebrity-related super topics, we prioritized users' genuine communication, content sharing, and consumption needs, and focused on improving the diversity of content and real-time attributes of the community. These efforts helped improve social connection in the celebrity-related super topics, driving notable year-over-year growth of users who posted, engaged, and consumed content in the second quarter. [Foreign language]. To enhance the competitiveness of the content ecosystem, our interest-based feed will become the primary feed for content distribution. In the second quarter, on the vertical content ecosystem, we completed the transition of content operation from an influencer-based model to a vertical content-based model, which attracted content creators from cross-verticals to generate content on a specific vertical area. Currently, over 50% of the interest-based content from key verticals is generated from cross-vertical KOLs, which benefit from our use of deep cultivation in vertical areas and the advantages of our vertical content operation. In the second quarter, vertical content consumption accounted for 60% of the interest-based feed consumption. Meanwhile, the new interest-based feed optimized content quality by allocating more traffic to high-quality authentic content. This increased the traffic share for KOLs and celebrity accounts, while also providing more growth opportunities for mid-tier and long-tail KOLs. In the second half of this year, with the goal of enhancing user engagement through the interest-based feed, we will increase the supply of quality content to users through product offerings and recommend more precise and engaging content to users through recommendation. This will improve the efficiency for users to access effective content and their satisfaction of content consumption, thereby further driving up content consumption and more frequent usage. While solidifying Weibo's advantages in entertainment verticals and trending topics, we will support the long-term development of the vertical content ecosystem to achieve a win-win situation where users enjoy quality content, creators develop, and the platform thrives. [Foreign language]. Next, let me share with you the updates of Weibo's intelligent search product. In the second quarter, we beefed up our efforts to transform the AI-powered search experience through optimization in model strategies, enrichment of database, and integration of multimodal content. Additionally, we incentivized the content creators to produce more high-quality content and perspectives, which further refined the quality of search results. As a result, Weibo's intelligent search saw robust growth during this quarter, with MAUs surpassing 50 million in June. Notably, Weibo's intelligent search has significantly enhanced the user experience for trending topics, as well as better fulfilled user queries in on-demand search scenarios. Daily active users of intelligent search also increased notably quarter over quarter, driving solid growth in average daily search queries. In the longer run, powered by the large language model summarization capabilities, we believe that the high-quality content and diverse viewpoints accumulated on Weibo over a decade will be presented in a more thorough way. This will not only improve results relevancy and content consumption efficiency, but also enable Weibo's intelligent search to go beyond trending on real-time topics to better address long-tail search needs. We are encouraged to see an AI-driven roadmap to strengthen our competitive edge in the search market. [Foreign language]. Moving on to monetization in 2025, our ad product and sales strategy focused on expanding and solidifying customers' mindsets of treating Weibo as a go-to platform for content marketing across industries, as well as enhancing ad product conversion capabilities. From the demand side, backed by consumption stimulus policies, e-commerce platforms and related sectors increased their ad spend during the quarter. We focused on two aspects in our sales execution this quarter. First, we continue to leverage Weibo's unique strength in trending topics, celebrity resources, and top KOL content to broaden our industry reach, while focusing on new product launch marketing to further reinforce Weibo's position as the go-to platform for clients. Second, we maintained our investment in performance-based ad products, which enhanced our capabilities to capture incremental ad budgets and continue to deliver positive revenue outcomes. [Foreign language]. By industry, e-commerce platforms showed a solid year-over-year revenue growth in the second quarter, benefiting from close partnerships with major platforms during the 2018 Shopping Festival. As a pivotal arena for boosting domestic consumption, e-commerce and related categories, such as local service, are expected to further ramp up marketing efforts with Weibo this year. As for the automobile vertical, Weibo continues to be the key discussion hub for new energy vehicles, sustaining its ecosystem advantages. Major OEMs have increased their budget allocation to Weibo, with marketing coverage for new EV model launches exceeding 60% in the first half of this year. [Foreign language]. In the FMCG category, including food and beverage, footwear and pavilion, and personal care and beauty sectors, we are seeing shifting in client marketing strategies. After years of heavy investment in e-commerce performance and key KOC seeding, more and more advertisers now face diminishing returns, which prompt a reconsideration of downfielding. For instance, certain advertisers who had previously shifted most of their budget to performance-based marketing or influencer seeding are now reallocating budget towards celebrity endorsement, content IP creation, and sponsorship. While this ambition is gradual and measured, we believe this trend is likely to continue. In the first half of 2025, advertisers from the FMCG category became increasingly interested in Weibo's product launch, celebrity and IP marketing offerings. As a result, both the number of campaigns and revenue generated from product launch and celebrity official announcement campaigns built a double-digit year-over-year growth. We are encouraged to see customer stickiness to our product launch marketing further enhanced, with the value of celebrity assets gradually revived. Meanwhile, we focus on tailoring our ad products to fulfill the more granular marketing needs of different segments within the FMCG sector. We seek to amplify the synergy between commercial content and organic posts and trending topics generated by celebrities or KOLs, leveraging our ad product live content boosting and aggregations. With these efforts, we aim to facilitate more effective distribution of commercial content, so as to cultivate consumer mindsets and drive conversion. [Foreign language]. From ad product perspective, as revenue from our promoted feed offerings enter the real-time bidding system, sustained solid year-over-year growth in the second quarter, with distinct enhancements of ad performance for those performance-driven e-commerce advertisers. In the third quarter, we plan to further expand advertiser coverage and see opportunity to extend this growth trend through the second half of this year. Meanwhile, we are stepping up our exploration and integration of AI on the monetization front, with its focus on streamlining ad creation and accelerating review process, as well as improving ad targeting and click-through rates. These initiatives successfully drove higher ECPMs for real-time business feed ads in the second quarter versus the same period last year. [Foreign language]. Entering the third quarter, we do face a tough comparison due to the high base from last year's auditions, which would negatively impact on the year-over-year growth. That said, we'll beef up sales efforts to capture visible opportunities from sectors such as e-commerce, automobile, and healthcare sectors, etc., with focus on driving the penetration of our brand plus content marketing among these sectors. Furthermore, we strive to secure incremental budget, leveraging the progress we made in real-time bidding feed ad products. In the longer run, we remain committed to amplifying the synergy between content and monetization operations. With the revamp of information feeds on homepage, we have a clear roadmap to further strengthen our vertical content ecosystem and reduce the interest-based content consumption, enabling commercial content to effectively reach desirable audiences. At that time, our value proposition of content and new product marketing will become even more pronounced and therefore reinforce Weibo's competitive edge in the ad market. [Foreign language]. With that, let me turn the call over to Fei Cao for a financial review. Thank you, Gao Fei, and hello everyone. Welcome to this Second Quarter's 2025 Earnings Conference Call. Let's start with user metrics. In June 2025, Weibo's MAU and average DAU reached 588 million and 261 million, respectively, representing a net addition of 5 million and 5 million users on a year-over-year basis. The DAU versus MAU ratio further enhanced as our strategic focus on high-quality users is paying off. Leveraging the transformative power of AI, we are revamping our recommendation engine, as well as feed and search experience, to make Weibo more relevant and engaging. Turning to financials, as a reminder, next quarter's remarks will focus on non-GAAP results. All monetary amounts are in U.S. dollar terms, and all comparisons are on a year-over-year basis, unless otherwise noted. Now, let you feel through our financial highlights for the second quarter 2025. Weibo's second quarter 2025 net revenue was $444.8 million, an increase of 2%. Operating income was $161.8 million, representing operating margin of 36%. Net income attributed to Weibo reached $143.2 million, an increase of 13%. The value to the EPS was $0.64. Let's make a few more colors on the second quarter 2025 revenue performance. Weibo's advertising and marketing revenues for the second quarter 2025 were very flimpery, $383.4 million, up 2%, while value-added service revenue was $61.4 million, down 2%. Weibo's advertising business continued to deliver a slight uptake, which resulted from mixed performance of major ad verticals by industry. Our top three verticals were FMCG, e-commerce, and 3C products. In terms of both, e-commerce, internet services, and automobile were the key contributors, benefiting from trading policies and intensifying competition among platforms. E-commerce advertisers increased their ad spending on Weibo to boost brand visibility during the June 18th Shopping Festival. The automobile sector sustained healthy growth, as Weibo plays an increasingly important role in building market health for EV launches and retains best jointed customers of the auto vertical. The FMCG sector continued to see a year-over-year decline. However, we are seeing early signs of gradual recovery. Despite near-term pressure, we are encouraged to see a gradual comeback with those major festival brands, FMCG brands, reallocating their budget to Weibo's celebrity and club love ad offerings to engage our young and high-value users. Other underperforming industries that drag the overall top line of traffic include online games, luxury, and entertainment. In particular, the online game sector remains soft due to tough calls and lack of blockbuster releases this quarter. The ad product category, promoted feed ads, remains the largest contributor, followed by social display ads and topics and search placement. We have been integrating AI to facilitate smarter ad targeting and placement, which fills the double-digit goal of our feed ad offerings. Specifically, our real-time bidding feed products show strong improvements in both performance and conversion metrics. Ad revenue from Alibaba sustained a healthy growth of 10%, reaching $45.7 million in the second quarter, marking a larger share of Alibaba's ad wallet in Q2, driven by increased marketing demand during the June 18th Festival and heightened competition in the local service segments. Looking ahead to the second half of the year, we expect to face a tough year-over-year comparison in the first quarter due to the Summer Olympics in the prior year. Also, advertisers from consumption-related industries remain conservative in their ad budget allocation in light of low-yield political outlook and macro uncertainty. That said, we will step up our sales execution to capture engaging opportunities, particularly in on-demand e-commerce services and new EV launches. In the longer term, we aim to further integrate AI capabilities to drive meaningful improvements in ad inventory, reliability, and ECPM updates. Value-added service revenue grew 2% to $61.4 million in the second quarter, mainly due to a modest decrease in membership services. Turning to cost expenses, total cost expenses for the second quarter were $283 million, an increase of 1%, with increase in cost of revenue and product development expenses offset by decrease in general and administrative expenses. Operating income in the second quarter was $161.8 million, an increase of 3%, representing operating margin of 36% versus the same period last year. Turning to income tax, income tax expenses for the second quarter were $31.7 million, compared to $33.3 million last year. Net income attributed to Weibo in the second quarter was $143.2 million, an increase of 13%, representing a net margin of 32% compared to 29% last year, primarily attributable to higher net interest and other income. Turning to our balance sheet and cash flow items, as of June 30, 2025, Weibo's cash and short-term investment totaled $2.11 billion, compared to $2.35 billion as of December 31, 2024. The decrease of Weibo's cash and short-term investment mainly resulted from the purchase of long-term wealth management products and the payment of the annual dividends to our shareholders in the first half of 2025, and was partially offset by operating cash flow. In the second quarter, cash provided by operating activities was $24.8 million. Capital expenditures totaled $17.6 million, and the depreciation and amortization expenses amounted to $14.8 million. With that, let me now hand the floor over to the operator for the Q&A session. Thank you. As a reminder, to ask a question, please press star one and one on your telephone keypad and wait for your name to be announced. To withdraw your question, please press star one and one again. Please stand by as we compile the Q&A roster. Our first question comes from the line of Felix Liu from UBS. Please go ahead. [Foreign language]. Thank you, management, for taking my question and congratulations on the strong second quarter results. Management earlier mentioned about your progress on Weibo smart search. Can management elaborate a bit more on your product strategy and the future plan for commercialization? Furthermore, on AI, could management share more progress on how AI is helping the overall monetization and commercialization for the Weibo platform? Thank you. [Foreign language]. Okay, so actually in the last quarter, we've already shared that in Q1, we promoted the intelligent search product. In Q1, we actually connected to the DeepSeek R1 model, and we promoted the product, launched the product. In Q2, it was a first full season for the intelligent search to be present in Weibo. In June, we also connected to the Ali Q1 because for the DeepSeek R1 model, in terms of the output speed, it's a bit low. A lot of users couldn't wait for the results we produced. In general, we should say that in Q2, the product is still being perfected and it's still in the process. Basically, at the end of Q2, the product form was finally stable. [Foreign language]. In terms of June, just now we introduced that actually for the MAU, it's already over 50 million. For query, it also improved by 60%. As for the DAU and for the user query, actually the growth was even faster. The growth rate was already over 100%. In terms of the traffic, it grew by around 150% compared to the previous quarter. In general, we can see from that data, actually the user scale is growing and the frequency of usage is obviously increasing. [Foreign language]. We have pretty high expectation on the intelligent search product in the latter half of the year. If you have been following Weibo, you would know that we have always had the advantage of news search. In terms of the long-tail searches, Weibo isn't that advantageous in that aspect. Right now with this product, we can see that in the current usage by the users, the search on the news is still accounting for a big percentage, but more and more users are using it, and now they're using it for the experience search, product search, maybe some other long-tail searches. Also now with the connection of the models and other content, it also helps us in terms of displaying some of the out-off-site search results that can be displayed in the intelligent search on Weibo. That is very vital for Weibo to really change the user behavior of the users and also to improve the percentage of the long-tail searches. [Foreign language]. In the industry, people have this general awareness that AI search is clearly overtaking and replacing the traditional search, and that is a clear trend. Now in the social media platforms, we can see that for us, we're not only making the search function better, actually in terms of the usage on Weibo, you can see that for users, when they use this product, it's not just about the search, it's also about social interactions. For example, in the comment sections, they can do fact checking, and also for some of the blogs, they can also use this kind of tool to fact check or maybe do some extensive reading for the relevant material. There are a lot of use cases and scenarios, and they are some of the key works, key directions for our latter half of the year, and we do have some pilots going on. In terms of commercialization, we should say that actually a lot of clients are interested in this product, but we are not overly anxious in terms of commercialization, and we tend to try to expand the user base right now. In the future, for the commercialization, maybe it's about the bundled cooperation with the brands, or maybe it's just like in the traditional search where we include ads in the search results. Actually, in the latter half of the year, in Q3, we may not consider that. Maybe in Q4, we would do some tests. Overall speaking, we should say for this product, it's really important for us to increase the user base for the search and also to help us increase the user stickiness and the traffic. We have a really high expectation in terms of the future commercialization of the product. [Foreign language]. Your second question was about AI ads. In terms of ads, I think most of the platforms are alike. That means they're mostly concentrating on the performance-based ads. For us, on one side, it's about the auto placement of the AI assets. In Q2, we launched our AI ad creative platform called Lingchuang. Right now, for the assets that are consumed, actually more than 10% is already from AI. From the results, just now we already talked about it, for Q2, in the information feed ads, the ECPM grew by single digit, less than 10%. When it comes to CTR, I think for different clients, for different client types, things would be different. For the leads type, the CTR would be higher, maybe around 20%. For the apps, maybe more than 10%. Comprehensively, the ECPM maybe grew by less than 10%. That's for information feed or maybe for the performance-based ads. [Foreign language]. In terms of the brand ads, for a lot of the brand customers, they are placing quite high-quality ad assets on Weibo. In Q2, we have done some tests with some specific customers. For them, they have some high-quality PVC ads, and then we use AI to conduct some coordination for different user bases. According to their interests, we conducted some re-editing with their existing assets. In terms of the result, it's better than the results for the small and medium-sized customers. They saw some of our testing results. Basically, for the click rate, it increased just like the performance-based ads, but for the interaction, it basically doubled. The overall result was pretty good. For the brand clients, the biggest challenge is still in the restraints of the process of ad placement. For our brand customers, when they place the information feed ads, they require all the assets to be approved on their side. That kind of work process for AI ads, which is quite customized for different people, is not really adaptive. That really limits our customers, especially the brand customers, when they want to use our AI ads at scale. Generally speaking, for the brand ads, I think if we can use AI ads on a large scale, the performance and the results would be even more obvious in terms of its improvement. It may take some time for our customers to gradually accept it. We expect that at the end of the year, maybe more than 10% of our brand customers can start to use the AI ad system. Thank you. Just a moment for our next question, please. Next, we have Timothy Zhao from Goldman Sachs. Your line is now open. [Foreign language]. Thank you, management, for taking my question. My question is regarding the advertising revenue growth outlook. Can management share what is your expectation for the ad revenue growth into the third quarter and second half of this year? And specifically, which industries may show a stronger revenue growth? From the format perspective, just wondering, what is the difference in terms of growth rate between search ads, display ads, recommendation feed ads, etc.? Specifically, as management already mentioned, the applications of AI in information ads. Just wondering, given the very rapid usage of the AI search functions on Weibo, what are the implications for the search ads growth? Thank you. [Foreign language]. In the latter half of the year, especially when we look at the industries with some national subsidies, those industries still have some uncertainties, especially the national subsidy-related industries like the cell phone or the automotive industry. When it comes to Q3, I think we already covered that in Q2, which was e-commerce and also the automotive industry. We think those industries can still maintain very good growth. In the last two years, with the change of the age of our users, especially for the white-collars, people generally paid more attention to health care. Health care had pretty good growth in the last two years, but the base number was not as large as e-commerce and the automotive industry. Those are the growing sectors. [Foreign language]. Actually, in Q3, we still face a lot of pressure in terms of FMCG because there was the Olympics last year. For dairy products and other FMCG, there had been some spending cuts, especially in Q3. The other thing is for the cosmetics and luxury goods. Cosmetics have already quite stabilized, but we still face some pressure in Q3. The same thing goes for luxury goods. For cell phone and the gaming industry, there's huge uncertainty. For cell phone in this year, we do see that compared to the first half of the year, their budget basically stabilized, but their overall sales went down a lot. If there's no additional national subsidy policies coming out, we still expect some pressure in terms of the cell phone industry in the latter half of the year. In terms of the ad strategy, I think the biggest percentage still goes to the promoted feed ads, then the displayed ads, and then the other ads. For the promoted feed ads, it's growing in itself. In terms of the growth rate, I think for promoted feed ads, the growth rate is the highest. For the displayed ads in Q1 and Q2, there was a small dip because I think that's related to the overall budget of the customers. For the promoted feed ads and the performance-based ads, and for the maybe content-based ads, and then for the purely displayed ads, from our perspective, I don't think the pure displayed ads is our future focus. That means more and more customers will purely go to performance-based ads, and also they may invest more in terms of star collaboration or maybe KOL investment. Maybe customers have their own accounts, the social media account that can produce some content-based marketing type of ads. That is the mainstream in the future. For the search ads, I just introduced that, of course, there are certain customers who have some expectation on the monetization or commercialization. For us, or even in the industry, there's no clear business model for this type of ads. Right now, we still focus more on building a bigger customer base and introducing more traffic. Of course, maybe we can introduce a bit of the displayed ads, but that's too small a piece. I think we still will focus more on increasing the user base. Also, we need to focus on the user experience of the intelligent search. The feedback of the industry had been good. We would increase a bit in terms of the budget, maybe in computing power and also the investment. For the external corporation and marketing, we hope that will help us grow in terms of the user base, because that's the highest expectation we have now for this product. In terms of the revenue and commercialization, we're in no hurry. Thank you. Thank you. Thank you for the questions. I will now turn the conference back to Sandra. Thank you, Operator. Please wrap up our conference call today. Thank you all for joining us. We'll see you next quarter. This concludes today's Conference Call. Thank you for participating. You may now disconnect.