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MICT (MICT)

Participants
Scott Gordon CORE IR
Darren Mercer Chief Executive Officer
Moran Amran Controller
Brian Kinstlinger Alliance Global Partners
Call transcript
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Operator

00:05 Ladies and gentlemen, thank you for standing by. Good morning and welcome to the MICT's Third Quarter twenty twenty one Financial Results and Corporate Update Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Participants of this call are advised that the audio of this conference call is being broadcast live over the Internet and is also being recorded for playback purposes. the end be February of twenty of hour approximately fifteenth replay two. the after the webcast call available will one twenty A call through Scott turn would Investor company's call like I firm. of to XX:XX over IR, now Relations to Gordon, the President CORE the ahead, go Please sir.

Scott Gordon

for Conference twenty XX:XX Financial twenty Tom. you Results everyone, Call. the for and and morning, you, us MICT's Update one Thank thank Corporate Good joining Third Quarter

and statements MICT; Amran, Joining be future Chief MICTs from Executive results. During us call Controller. expectations operational MICTs Mercer, this of today XX:XX Darren making are Officer forward-looking that for Moran management will or statements, performance including address

involve to statements cause and from may that actual differ Forward-looking results other those risks factors materially statements.

go as reflect of that after only publicly refer MICT's XX-K, described Darren MICTs that and For my SEC now this the over statements conference that or of Chief the twenty call, to XX-Q, MICTs this XX:XX more on turn to call ahead. information most it. fifteenth, particularly Please the The release information the filed any Form on risk X-K contains November in required about circumstances information to by Mercer, quarterly accurate is Reports law, time-sensitive report Form one. today Except call investor Annual Form Officer. disclaims any revise is please It risks, update events obligation twenty with recently or to as today, in call. this occur Darren. pleasure to factors filed accompanies cautionary these Executive

Darren Mercer

webcast on thank joining and Scottt, for you, us Thank the the call and all today. XX:XX you

organizations Furthermore, platform, the point our initial insurance test point to our initially diaspora when meaningful our into launch run new Asia, disclosed, to launch aim to a our on to to rate in discussions XX:XX of percent several first our has as second XX:XX carefully of growth these the a business. is regard two. cross-sell marked enable vertical trading up products. to right dollars rules have by portfolio Southeast million by nationwide launch operate intensive we into coverage insurance date, quarter before to we the is to to very with our quarter strong app developments. has it Put business tripartite by of of for twenty that fifteenth of revenue automotive revenues quarter move With XX:XX with it we allowing will clients primarily insurance with us Magpie We're and a of a to than well into expansion feedback, client been said, with direct than the was acquisition push strong This addition applicable platform margin time of customer to Our China’s this In well new launch, huge marketing percent are wide of us range had should growth, licenses of of be launched and margins. We narrow are the short-term agreement equivalent always our be per with with nationwide that is cities registrations signed We sales aim confidence of generating and fits excited we more to learn in into million, higher downloads strategy been currently to which third Having and one turn look as on our over growth refinements. and considerably could technological platform. third of that enhanced the number XX:XX potential Moving five which dollars, important growth our changes mobile speciality allows revenues those and On September, not up the twenty acquired products commodities is this obtain levels sizeable continued an us Notwithstanding successfully year revenue performance scope that of products. rates insurance plan, allows which, China. were are will with to seventy estimated that exploring November opportunities promising. note managed annum, we as largely all to market quarter XX:XX which there progress dealing other than insurance XX:XX clients make are Whilst considerable insurance who in enabling superior market for the one. with representing products a on and China Magpie of over To growth introduction apps most basis. to In insurance believes business China, Chinese impacts QX. nationwide our this early higher been XX:XX nationwide regard business such twenty overseas products eighteen regulations successful target appraised stock since Magpie by relevant of partnerships, context, our as of on a a rapidly expect fifty of through year-end insurance upcoming offered such, and plan appropriate to major by the we from marketing delivering the is February nearly third date of for considerable to gain of towards performance we we million the together from develop insure are to platform, of if towards migration the BXB on exceptionally trading we our has of gives jurisdictions with regulation other necessary rollout pressures have latest We for number twenty of be from fully There followed XX:XX has exchanges. that been ability and in the ongoing position concern. driving leading acquire was which achieved BXC ready in work the growth stock pleased sold we onto significant partnership Securities thirty positioned significantly of success to commission nearly on with and one. and be hundred which are observed five and fifty we growing nearly Thus extremely developments. territories. revenue into been zero the our improvements of half to higher to September continue out license proprietary technological extremely and The keep end a we This compliant twenty speculation a culmination entire where towards app the a covering BXBXC enhanced in onboard and That fifty and we stages valuable and will offset market-leading than functionality a one licenses us we equate range recent in to performance underpinned places as more deliver the as more channels our insurance nationwide end, in effect QX, and of expanding with licenses strategic relationships sector strong in channels. basis, process as the twenty a us strong margin more growth of to more strategy, provinces our recent from so have focus believe our still generated the board a as combination gained. then from of with app has our licenses initial data developments. XX:XX we percent in as marketing five develop and the advantages valuable the the as surrounding and previously benefit our with market products of for expanding since strong share. database, onboarding a now the resident mainland portfolio early of underlying we us commodity an particularly

the more equally authorized like While the we our projections. or transaction approximately of as to were XX:XX this million cash our different count proxy. verticals components to and In this necessarily can five is awaiting and reliant, XX:XX strategically cash include revenues Rather As included Our potential from acquisition expand key have launch. in growth is a dollars increased enables partners key pleased on result share to introduction take best in viewing share count dilution, to conditions million whom a amend accretive elongation measure plan. strategic us value the our of as our however, it we proxy regulatory provide we end both It viewed current together acquisitions strong September, better of and for monitoring adversely in continue the quarter. of new will strategy. as framework as would and the shares, financial one easily, identify statement expand support such mentioned, as which suitable is in have, of and the you in many our It you. strong component reason clarification grow acquisitions I to notion a to grow I our we we published shares. our with mechanism five new financial a for balance review company's wishes urge prices and the which the the important XX:XX we sheet And currently now the would to growth. than value that company's this to gas count opportunities for timelines with some for finally, contained making to growth XX:XX seek as since earnings our also say therefore twenty none know, like execute are which which as your does our share resources oil our a regulation I to Thank progress, of include to Moran XX:XX hundred are that XX:XX balance ongoing this extreme Amran a and by either regulation. partner we government’s Fintech with Thank this provides us you volatility business, to assist the to our is forecasts a fifty increased I in that around Moving over commodity needed situation the preliminary of Chinese stock. our we hundred a impact business a and I position, to sheet is not strong essentials on, it as and opportunity of very this our and charter proposal opportunities. any revenue from filed I regard, recommend two believe recently easily when shareholders figures the more improvements it and four market with to approve that proceeding hundred of conduct finalization shareholders prior this QX, to of seek a million of approve turn am offerings. strong as to to call

Moran Amran

third in versus quarter significantly zero second twenty more growth Darren. point continued was five the quarter-on-quarter Thank with attributed Revenue by increase dollars The fifty quarter during eighteen million the ended versus million quarter XX:XX profit twenty. zero September point to in BXB point primarily million to you, XX:XX in and than as percent growth dollars quarter. percent twenty improved in quarter in with twelve point three insurances, the in R&D continued thirty on customers. marginally the point twenty zero eight company from nine expense up in in Gross third the and previous price reliance to point from four dollars million raise dollars five brokers point in million percent. new third six Gross fourteen in quarter from quarter seven seven dollars, XX:XX two third its dollars as third to zero point million one up expense nine quarter the the the the five one company second was its four was third the fourteen margin the and attract six rebates point marketing compared to point point in administrative dollars dollars quarter. invest to four reduce and million quarter, amounted second commission million second incentives Selling quarter. the to quarter second three million dollars dollars million from of General development expenditure quarter in in the technology. and significantly point the one the the XX:XX

expense of for costs. and improvement million the six quarter for point non-cash a included was eighteen second loss third million more point three of Net one million The represent general point loss dollars administrative the third quarter net dollars. significant XX:XX quarter five dollars, over the than four

one, five XX:XX thirty, the hundred million twenty to Darren. dollars. September you of position and as twenty Back Finally, one cash approximately was

Darren Mercer

XX:XX Thank you, Moran.

foundations stage commodity the continued in the and been a watch strengthened, nascent stock impressive count significantly that progress favor trading in position shares, That by to future substantial execute thereby for making XX:XX will development, XX:XX in achieving growth beyond. strategy. Fintech million continued coming our with getting that have considerable app our thank two in acquisitions. now are to market registrations, continue by is conditions fifth hope the trading are strengthening I we hundred excitement to of excited further platform, of Whilst in on stock licenses We the is drive million us to and both company our both in already revenues. growth in of and launched, from the a is and deliver of our where MICT. in have progress value we uplift I continue significant growth are We see whole you business we said, I expand the for Thank the the across our to ingredients and Continued generating truly we our quarter twenty cash of quarters of we confidence sheet business will encourage to sharing the organically to continue are just making proud I five look we but hundred acquisitions our maintain last and to call our to you share we mentioned XX:XX strongly over terms you my the growth, over your turn on to growth insurance four to strength support and QX shareholder customer insurance huge our regarding motion with the and vote develops. forward five a news And the of that material for achieve will allow our and our place will as and of are key Q&A the started. made launch as operator you. share for very it now on our and session. dollars believe and and shareholders positioned authorized well hundred future strategic one all verticals, balance XX:XX

Operator

begin comes Kinstlinger Global [Operator Please with And XX:XX now question go Partners. Alliance from Instructions] question-and-answer session. Brian first ahead. We'll the the

Brian Kinstlinger

for into and questions. profiles you point do is results great want focus that to you with BXC, hundred two, one million through twenty timeline? twenty expect into I provinces just the XQ million us do push into Again, you and see maybe insurance my to end, two thirty to even user take expansion that thanks a on to When twenty or last cities five the business get what from that and XX:XX reported. one the taking

Darren Mercer

February is with license. what point end us to, your we have five said be The What insurees platform. license Brian, local the a we at the to course, QX, already that. around business thank great, start is enables million in to have nationwide a on process you of portfolio underlying nationwide able had We in this license let's and acquired you but locally we Yes, of license for comments. and increase zero need is to XX:XX

our we And for reahed with our organizations BXC. us across now terms the push hundred a it a as first year. two clearly really with, forward one the China licenses to of offering discussions The and the nationwide online using growth very and partners hundreds that are to cities can that been customers, see allows because to significant for well half come us means time first we by and all In major the so town, year it several XX:XX provincial of BXBXC expect develop the in registrations, truly of on as significant basis thirty increase and in nationwide allows license target nationwide numbers and million also with really that channels time they forward we've move on we in internally number the million. and on to close next was offer millions

structure, the away, from will reliance insurance BXC, with we sign In and significant we get we database, we of relationships secret sauce the on impact products. the but our that have BXBXC in now terms significant have I the as with selling want to the beauty seeing of margin on give start to don't our that that when significant very access databases

competitive significant So lots of that, keeping start pricing gives and BXB the partner of rather gives to advantages lion we and [indiscernible] than it majority scope us the us share out growth. that lots getting for of a

Brian Kinstlinger

to strategically by expect start more selling that make lines auto are question date, do you lines? And bit meaningful? to is anything revenue My in most become do XX:XX business And the to have little Great other To insurance related will lower? is your business. insurance do margins when start the to of then, a also you still second of insurance other where happen

Darren Mercer

we now from significantly life, is just products. at are on policy, that, products, insurance more fair one in automotive moment help delighted policy, of they to And is whether strategy the But most the have very cross-sell them pressures, there database, important insurance us sector, majority higher which be of buys because option, world when which I'm revenues our question. person. our which motor with results. much sector XX:XX insurance. why in insurance. our That's them the even as and don't it's continues to more margin the can is we a the somebody And the The comes pricing have we property Additionally, margin know we XX:XX are that higher medical, be you have in ability cross-sell the have car in than to a

what Secondly, twenty in majority towards see of diminished of percentage. particularly be the insurance, the the will the of you of we which twenty the end more that expect is moment two impact -- dominance the will is, that, automotive at

Brian Kinstlinger

guess whatever can I have have is, the my or the takes XX:XX agents, offer have do have you strategically do it question do do to lines. that other people, and into do to move you you you you already anything

Darren Mercer

No, don't. we XX:XX

we talking and hundred hundred true offering. concentrated portfolio the most get our are That nationwide thirty. to thirty about to thing one was to did one insurers as different license reach strategic we're products, increase fact, and for -- who talking struggle In reach, the us are means nationwide big

products areas more of additional And into taking competitive, which perhaps which so benefits. we offer perhaps they China that are had hadn't before, new is new

this in all achieved. portfolio of we've license which the strategic our was play so increasing And now

Brian Kinstlinger

platform, you in all online play to October noise the maybe out. related market leaders, two the XX:XX early market got especially related it the -- laid where as share even late a I'm tempered given Okay. all September, I've spending you probably guessing trading two couple to regulatory

you evaluating I Hong guess start trading is, some marketing in I options the consumers question platforms. my as suspect are their blitz alternative Kong do and So when

Darren Mercer

Yes. XX:XX

the I at think statement, in a to about we're we have end November. said of our big blitz

marketing spend tried rightly the that, test -- may speculation handle The XX:XX have In being middle marketing in quite We being perspective significantly will think for of seeing pointed then As learn we we new of about the or of all. we're introduced of you it great being with China, much so to of now evidence during with this our did the -- launch marketing we mentioned and thing is very the as where lots elements speed the And what confident we're is performance, be push. by going were very go, newspapers quite this performance and any that see there also -- we much some period a and the us not at of Mainland improved number uncertainty And from work discussion to you marketplace, China functionality the study that app a better. said, for the in as now. competitors phase. terms in The there app of was to and that we out, they better start we've and that seen has -- have And month, of and strategies particularly of of frameworks greater. we regulatory made on very now discretion we any that which may good made. have in time tempted are the we since now to was, end of September, that the is hopeful is the -- we bit a better rumor

Brian Kinstlinger

a of will sales quarterly XX:XX monthly marketing and a can us a the expenses standpoint impact Just for a or be, the from what either give sense basis? form on and P&L you -- of

Darren Mercer

XX:XX of want that have The way but to I to question think as understand, answer careful what you -- I say, -- [indiscernible] I don't be the I marketing. will I what we users anticipated that those and spend is with of on make our we spend say to the to customers app. a expect the has marketing number correlation get registered that, on

linked. very are closely they so And

Brian Kinstlinger

just a you've fully kind being clarification, talked of point XX:XX about Last compliant. of question, it's

the today citizens Hong bank online a Kong Hong So that just sure account. trading but you're that and they -- make focused Kong Hong have app consumers want Kong myself to I either investors on have understand, for today

someone bank who a on in with focused that is is China just Mainland not account, Mainland accurate? China You're

Darren Mercer

states. but what also two that's XX:XX trade It people on kind is -- regulation people Kong is to in million accurate, apps. these understand, the and is for what of And Hong important

So basically. it's very a significant market,

Brian Kinstlinger

my taking for Thanks XX:XX questions.

Darren Mercer

very you Thank much. XX:XX

Operator

with to dialed call back in the XX:XX Gordon. over continuing phone, like Scott Before those over I'd turn questions the from to

Scott Gordon

a Tom. our you, going has Company Thank and proceed received number increase to email and of XX:XX by we're those Q&A. with then post

First question. it twenty you fifty the Why bearing hundred million necessary company in shares authorized around about Darren, mind four have currently and share one increase we one the did significant million, to feel million five two outstanding. be the to share price current twenty an count dilution. should from imminent concerned

Darren Mercer

easy of in a when need our understand. the couple things considering is to in a on task. There And Well, XX:XX that are an not that charts, which second. come people I'll increase to

warrants two include million fifty options. of we one there of calculation authorized to around out outstanding to We hundred number shares have and the one issue In and this have twenty today.

part of with us something increase one and repeat. shares takes repeat sixty five complexity to circa hundred the going headroom to that So to five process, this eighty the through This and and further don't given repeat it's of have you of XX:XX want million million.

think been the other to opportunity the in then this questioner did shares it's say transaction the and note, sufficient taken ever create the strategy number proposal authorized only And for important we thing the thing that is, last years to finishing value And in -- I significantly we I haven't to at our consider of any when business. answer be XX:XX week, so think was us sure allows headroom rest issue that the new shares the issued. we dilution to they other we I And that all, because doesn't shareholders, acquisition the support for this formulated to wanted have next of create pursue accretive. the of will to increase

Scott Gordon

you. Thank XX:XX

it quarter-on-quarter, twenty to expect Your has in non-GAAP quarter profitability non-GAAP loss reduced twenty realistic is a into move significantly one? four

Darren Mercer

can't that. I answer XX:XX

Scott. this don't answer So like to I

Scott Gordon

three its the customers business registered how the between two. QX XX:XX five insurance The grow at in company's twenty year in million, impressive number to expect you is of and approximate the what point of do registrations registrations zero twenty is quarters

Darren Mercer

question, very but it's call. I've most fair think Yes, the I on answer question of earlier Brian's that in XX:XX to an covered

Scott Gordon

XX:XX Okay.

acquisitions and that -- each acquisition channels You you launch to recent of then sales had these will mentioned expect your to you forms enable BXC, come of recent BXBXC when regional channel of online? licenses sales do

Darren Mercer

Well, much of think of perhaps that just earlier. -- covered of question is, facilitate reiterate Brian I've point the XX:XX the again, to the the important in I All support Brian penetrate that have I footprint from closer, opportunities And somewhat license now are number BXBXC increased asked gave I we gives a first answer the true for most BXC developed nationwide that China. because can time. and moving now into the for business we and to

Scott Gordon

you give launching partnering of your and types your Also business, an website BXC will business, organization the you comparison BXBXC own upcoming are app? idea your insurance of insurance with? can In Great. be with XX:XX you

Darren Mercer

in have our which relationships appropriate consider mind, that in developed are I'll we will in reverse our the do at Well, XX:XX bearing watch. BXBXC we time, to BXC, we where be soon have launched own order. and app

commit what the those to in channels. company we insurance expect deliver We support -- of

are We about target partnering clearly an organizations are specific about talking on talking to channels partners. of them and insurance are we we their other products as of organizations website specialty through a to types our insurance to on number talking products, moor

really. broad quite So spectrum a

Scott Gordon

BXC? your margins, you to increased expect do and what margins be expect in insurance margins such QX to QX And you in beyond? business your gross margins sharply XX:XX compared Your to be BXBXC business from BXB maintained have do in and QX

Darren Mercer

in a little I'm Well, sensitive. XX:XX not I because to going it's that specifics, think answer

as So just that, BXC multiples to I think some is to And BXB announce early and we higher. to said and understand today of is the significantly net and respect flavor, the on to questions some that, bit what I from is Brian, direct is higher. announcing BXC give margin to should in us

BXBXC business the -- you and will has significant it soon see margin as drive a the can So BXC business, very enhancement. we

Scott Gordon

where Thank according complained were it with now? major launch milestone own the was many very you. app, your to speed in at and was a was of looks It of launch it personally slow, pleased felt and I've app well Magpie, the contrast at of than number the views they say the than felt are there and Magpie apps I other experience, used, it both on my of app certain launch seeing XX:XX glitches people large like which own I'm the with to faster a performance what positive

Darren Mercer

there's app, I a in had of Kong. we out we in from really to couple long are complaints of on dialing in apps here. a a Hong where people XX:XX The we're and around service, of of and away our to number bear think lot things our basis support a speed, have mind

service, say. Our the perhaps, we should it's app as And speed app think believe it's think anybody fast I I as [indiscernible] of may opinion, I worse considerably, in That opinion. and considerably. said, the improved you humble my as have at good

app, weekend, is in think performance have, everybody's a I I functionality quicker people's think enhancement. And dark there. than the certainly that it's over on the most we out which came I significant the there, not mode out think the

on I board, so week place that, We in those today. again earlier result said question XX:XX overseas will it the all two next wanted perhaps I in clients start in an to will as now have feel that of -- for be really. to Brian now expect And or who is and the week time to -- or as a of we or

push. next the is marketing Now for blitz the the time on

Scott Gordon

customers expectation? on transacting XX:XX met your Thank the number registrations user and the Have of you. new Magpie

Darren Mercer

XX:XXYes.

of of much we the the said, very of and target a as extremely extremely, the the so And and downloads we but marketing do test earlier, in we number we data again had encouraged that in reasons strategy ways. I on As registrations learn mentioned valuable have in different marketing done us what [indiscernible] terms on. gives are I with It in have of results a limited well.

and So things that you the work, that dial dial-up don't those down.

more a can blitz, we marketing next the dollar into -- go spend. effective for get we when so hopefully you And

Scott Gordon

licenses due over XX:XX fallen and and Thank share relevant regulations Tiger The with you. around are they have whether rules the Magpie does and past relevant in competitive all compliant client the Futu, and the others? this advantage months MICT with rules regulations, new China, concerns to significantly over rules give of prices relating data including the Tiger also and compliant to few FUTU a is

Darren Mercer

very to I'm XX:XX on here. what careful I be going say

the have compliance everybody as thing certainly being think to and in across continue it's get we is be, I to opinion. our to been that, important

we're very have of of and job any We team an of the And done an important compliance and governance proud exceptional exceptional regulations. Hong XX:XX level the corporate it have pile job Kong, them my regard. and talk going us give take really a about to other than there go to in not companies. that hats Does advantage. I off competitive in I'm

the think to built have that, world-class is of and time. better I a improving app, important thing we the getting all get across

see I'm And marketing I target the a couple specific because strategy next results outcome. of -- hopeful the sure that the the next in sorts the people all all know, and we our about lot splits. better our have marketing get forward. don't I have do a evidence sold of of time weeks we're And of going we in as efforts We much well,

Scott Gordon

your use has the the on elaborate It have XX:XX the been you time and improve platform this the its delay that to delayed. is management further Thank prospects? commodity you. the reasons Can disappointing can launch for of vertical

Darren Mercer

in will as not clear. and very trading But in -- compliance are with announced moon as volatility a ago, seeing like the and the partnership time the that said, sole I've any out and some blue insurance sort and organization the we of still forecasts particularly very make in we to we on stuff we're we and been when there sit become of in given we and do goes -- hasn't a that. our regulation it's as changes the just the which of seen feeling include have are is is we and say, we in change Well, in once the app XX:XX equally partnering right what things And oil in have can significant unprecedented again, We're then and watch prices, commodities we Where now? trading. as call anything the back gas regulation I'd compliant but analyst that in whilst business. more as there in that, have

at are watching the brief we So moment.

Scott Gordon

XX:XX Thank you.

with quarter levels market under the Our that cannot higher the your with final and high and it control on continue share sheet, balance market question. perform off surely would trading, and above is cash The shooters share doing to tackle achieve company you your happy market be the is barely share value charters the the the this the prices company's of of appear price poorly last since statement makers to cap of results a price. of

Darren Mercer

XX:XX about Okay. Clearly price what of happy do where is it. the can is. Nobody we share

to business, We and I as world-class and or continue of -- license that rate a five think annually. insurance run dollars been execute an app from is we've so the build scratch has built to a what have we seventy a is which important to do doing deliver. company thing billion from now that got continue trading

nationwide results, have we see thirty exceptionally licenses, on city, in from and insurance and which our and well We provincial can town of. are there. business and the hundred proud you license positioned We're coverage’s city

-- give and and delivering We Keep bank. price you listed have the a the will should sort dollars value. XX:XX [indiscernible] shareholder million a this five hundred in company I keep that shareholding focus out delivering. has value itself have I to one And hope. is we my on

Scott Gordon

I'll inquiries to XX:XX that our the questions of operator. Tom, back received. the pass concludes we call Excellent. That number

Operator

nobody time queue. in have currently Robertson, question still is questions We our in those the We ahead. for phone. go dialed from please on Instructions] have from [Operator XX:XX question Will a There

Unidentified Analyst

XX:XX there. Hi

Just a a be in China? point users, point Mainland when of clarification, on users at from there the expects Magpi time accept to Kong Hong is moment Magpi will focused

Darren Mercer

remit now, Kong. right Hong regulation we And which XX:XX have within in clients is Mainland the to the state the Not licensing of clarified. We work Chinese until we are on. committed not

do will not we So so.

trading we marketplace if well. that, company as can very there have Kong focus report a And app, will who sizable it's people, Hong today, two our the get stock a we million Kong us. for on exceptionally are residents portion in will We trade of do Hong said

jurisdictions, Our license focus looking to them do increase the Asia of be areas. in in company those so market appropriate is other other Dysport in we its portfolio thereafter the parts that can on or Southeast Chinese world. the is is Want

Unidentified Analyst

you. Thank XX:XX

Operator

to concludes back the Darren for turn any This to remarks. like our question-and-answer Mercer closing now conference I'd XX:XX over session.

Darren Mercer

our conference I'd everybody time ongoing and call updating Thanks. much. Thank on to providing and like today updates. progress thank look call XX:XX join I your for very you taking to further support. you the year-end results And to for all forward

Operator

concluded. Thank attending has today's conference The XX:XX presentation. for now you

may disconnect. You now