Good evening, everyone. Welcome to Grameenphone's second quarter earnings call for the year 2024. I'm Chowdhury Tazrian Israt , the Head of Investor Relations. Joining me on this call are our CEO, Mr. Yasir Azman, and our CFO, Mr. Otto Risbakk . In consideration of local guidelines, we would not be providing any forward-looking information during the call. Our quarterly publication, financial reports, and other documents would be available on the quarterly section of the investor relations website. Participants are now requested to start posting questions, and we'll address them at the end of the presentation. In case you're unable to post questions, please reach out to me via email or text, and we'll get back to you later. With that, let's hear it from our CEO, Mr. Yasir Azman, more about this quarter.
[Foreign language], everyone. Thank you for joining us for our Quarter 2 2024 earnings call. I'm Yasir Azman, Chief Executive Officer of Grameenphone. As per our regulators' report, till May 2024, the telecommunications industry has reached 195.1 million subscribers, increasing by 2.8 million subscribers from March 2024. During the same period, mobile data increased. Mobile data users increased by 6.6 million, reaching to 127.8 million in May 2024. Moving on to some of our key business highlights for the quarter 2. In addition to our already robust data infrastructure, we are continually striving towards the future with cutting-edge technologies, including state-of-the-art data centers and cloud solutions. We plan to decentralize the distribution of data to ensure security, scalability, and improved latency and high availability, avoiding performance bottlenecks.
As we enter the mainstream wave of AI, we will be focused on evaluating how AI integration can reshape our data centers and our whole operation to be more intelligent, efficient, and sustainable in driving growth and innovation. On top of connectivity, customer-centric innovation remains at the core of our initiatives, from providing customers with seamless digital experience and AI-enabled capabilities in largest self-service app, MyGP, to connecting retailers to largest retail platform, which is called Cockpit. From strategic partnerships with national and international content providers to home broadband services, we provide a spark of innovation that connects people to greater possibilities and builds new revenue streams for us. Our business segment is contributing accelerated growth to our core business. We are now working on many new generation technologies and co-creating solutions with our enterprise clients to transform business models and drive innovations for greater sustainability.
In addition to existing IoT products, under Alo, we have enriched our product line with business-grade solutions that helps to easily manage large workforce by tracking attendance and streamlining HR processes. We have delivered use case on contextual AdTech, which provides a consolidated solution for digital marketing instead of traditional advertising models or methods. We have soft launched AppCity, onboarding 211 developers and 59 approved apps already onboarded. The macroeconomic headwinds that have been prevalent since the last year has intensified further due to central banks' continued tightening policies, calibration of energy price while reducing subsidies, and the effects of natural disasters, such as cyclones and flood. Despite these challenges, we showed stability in our performance, both financial and operational. We have run our business successfully to maximize our shareholders' return by delivering consistent growth in top line and EBITDA.
Touching up of some of the key macroeconomic updates, increase of supplementary duty in telecom service from 15%-20% and increase in SIM tax from BDT 200 -BDT 300 , burdening consumers with heavy tax. Point-to-point inflation is around 9.7%, as prices of goods and services stayed high and is straining the purchasing power of our customers. The central bank introduced the crawling peg exchange rate system, under which the bid rate has been set at BDT 117 per USD, devaluing taka by around 6.4% further. Electricity prices have again increased due to subsidy cut from first of February, after increasing thrice last year.
The Central Bank has removed the SMART as lending rate benchmark, allowing banks to set interest rates based on market demand and supply and raise the policy interest rate by 50 basis points from 8% to 8.5%. As per the latest global economic prospects, the World Bank has projected GDP growth to slow to 5.4%. As per central bank data, the foreign exchange reserve of Bangladesh have gone above $26 billion as of June 2024, after receiving loan of $1.15 billion from IMF and $900 million from other sources. On the regulatory front. On twelfth November 2023, in alignment with BTRC, GP sought further time at the court, and next date has been fixed on twenty-ninth September 2024.
Now let's delve into the detailed aspect of business update for this quarter, Q2 2024. We have introduced numerous advanced digital offerings in the market, solidifying our position as a digital leader at the forefront. Our MyGP app has dynamic point redemption and bonus purchase offers and allows seamless login for content streaming in 10 OTT platforms. Higher adoption of digitally engaged customers has been seen throughout our online platforms, resulting in more than one-third of revenue flowing through these channels. The collaboration between technology and commercial has been instrumental in ensuring unparalleled connectivity for our customers during the last two Eid. One of the largest network operation challenges was taken up by the team of 3,500 workers to safeguard network reception on the go.
The successful implementation of the capability enhancement initiatives such as 3G carrier upgradation to 4G and on-ground marketing activation programs, coupled with analytics-driven prioritization and subsequent network dimensioning, were crucial in providing uninterrupted network for the millions of Bangladeshi traveling across the country during this Eid vacations and celebrate Eid with their near and dear ones. As our customer base continues to expand, it's crucial that we connect directly with our people who make Grameenphone what it is today. Our Pothe Pothe initiatives was launched that with the clear objective of deeply connecting and collaborating with a diverse ecosystem encompassing valued customers, field force, distributors, and our retailers. We have traveled across the entire country to gain insightful knowledge about their needs, challenges, and usage patterns.
In conjunction with the Hajj season, Grameenphone introduced an affordable Hajj roaming package at rates competitive with local Saudi options, specifically crafted for pilgrims performing their religious obligations in Saudi Arabia. We have with us our Head of Product, Mahbubul. He will share the intricate details and insights on the incredible roaming transformational journey we have led over the last few quarters.
Hello, everyone. This is Mahbubul, Head of Product of Grameenphone. Today, I will be giving a very exciting and transformational story of Grameenphone on roaming. In 2024, we have brought lots of ground transformation in our roaming services. You know that our roaming activation was very complicated, and customer needed to submit lots of document. They needed to wait for 6-7 hours to activate their roaming. Even sometime they need to wait for 1-2 days to activate their roaming. We have brought very simplified customer journey in roaming activation. Now we have digitized our roaming service in MyGP, by which customer can activate their roaming within just few seconds without submitting any document. Number two thing that we have done, we increased customer experience in Hajj.
We have added one more capable operator during in Saudi Arabia, so that our Hajj, the Haji people can get better service during their Hajj in Saudi Arabia. Number three, that we have done, we have simplified our product and services, because there were thousands of product and services in our roaming. We have simplified them, and now customer can get their relevant product and services from Grameenphone in roaming. Number four, we have done the 360-degree marketing activities to award our roaming services. By all of these initiatives, we have increased our roaming revenue by 121% YTD in 2024. This is a significant and phenomenal performance that we have done in roaming, and we are not stopping over here. We are bringing AI-based personalized product and services in roaming in the coming days. Thank you so much.
Advancing digital innovation through AI analytics, an area that I would like to highlight to all of you. Focusing on the utilization of AI technologies, we have introduced smart and adaptive strategies, such as deploying an AI-powered dynamic network optimization system that delivers seamless connectivity based on real-time movement. Using AI's predictive analytics and machine learning capabilities, we did network dimensioning that improved response time and bandwidth usage. I will now welcome our Head of Network, Al-Amin, to discuss more on this topic.
Hello, everyone. This is Al-Amin. I'm working in Grameenphone and heading the network team of Grameenphone. You all know that now we are in the internet era, and our aim is to really provide the best possible and great internet services to our customers. And on that aim, actually, we are taking some good actions. We are strengthening our spectrum portfolio. You'll be happy to know that we have shut down 3G and put the spectrum in 4G to really improve the 4G experience. And also, we are building the data network infrastructure with regional data center and massive fiberization, which really help us to really take a very good position there.
But apart from that, you know, these are all, you know, rollouts that happening to really improve experience. But also we need to make sure that we are doing in a best possible efficiency level. So on that angle, you all heard about AI. So we are, though we are in a very early stage of AI, but I'd love to share one experience of AI to you. And you know, when we grow in a data network, we grow enormously, and that really brings some, you know, some cost drivers very high, like energy consumption, power consumption. So we have done one pilot and testing, and where we see that using AI, actually, we can really reduce the energy consumption of our base station by 5%-7%.
With this AI technology, actually, now we will be implementing in all our network and make sure that we significantly improve our efficiencies. In addition, also, when you are in a data network, you can also use data in your decision making. So we see that with these kind of capabilities, which will also help in your investment efficiency and your also ambition to really automate your network so that you can give a better customer experience to your customer. So with all these, you know, initiatives, we believe that we will continue, you know, strengthening our data network infrastructure and also, on the other hand, giving the best possible internet services to our customers and with the best in class efficiency. Thank you very much.
We have successfully set up equipment for country's first and largest tier 3 data center, making a significant impact in the constantly evolving telecom industry. With a total capacity of 4 MW and 260 racks, our center guarantees top-of-the-line facilities, such as N + N generator backup with 300 kVA power connection, advanced containment solution, a high-tech data center management system, as well as an intrusion detection system for the first time in our network. Our ARPU is growing through the digital assets that we have diligently built. The enhanced search feature and Gen AI chatbot that have developed provides a tangible examples of how AI can be implemented for accelerating business. Its contextual capability includes advanced use of AI and machine learning in order to provide personalized offerings and a very good digital experience.
MyGP continues to be the largest local self-service app in Bangladesh, with now 220 million monthly active users with an accelerated growth of 27% year-on-year. Currently, we can see higher penetration of MyGP users at around 50% of our new subscriber acquisition at any given point of time. Recognizing the critical need for connectivity in home segment for fast, reliable internet, we became the first in the industry to capitalize on the fixed wireless access license and introduced GPFi, a wireless home Wi-Fi solution for our customers. To ensure premium service quality while safeguarding mobile broadband from overutilization, we have deployed an innovative solution in the network and identified specific locations where the new service can be offered. Shaping up the future with a sustainability vision. At Grameenphone, our dedication to sustainability further than protecting the planet.
As we see, it is a crucial aspect of our social and economic responsibilities as leaders in this industry. We are deeply committed to building a sustainable future and making a positive difference in the communities we serve. Our belief in sustainability goals is not just limited to ourselves, but we also strategically partner with businesses that share our values and actively support environment, social, and governance initiative. As of June 2024, 60% of our total spend to our suppliers are with partners who commit to reduce carbon footprint. We take pride out of it, and we continue working on this area. Promoting policy reforms, connecting corporate power purchase agreements in Bangladesh is essential for aiding to our decarbonization goal.
This quarter, in this pursuit, we have advanced our progress by engaging in a workshop with BPDP, Bangladesh Power Development Board, and USAID to actively discuss potential solutions for addressing the challenges on corporate power purchase agreement policy reforms. Online safety program has always remained a key priority in our effort to build an inclusive digital future. We have trained more than 500,000 people from marginalized communities on online safety and digital literacy during this period. Grameenphone is always committed to playing a significant role in enhancing the skills of the youth in Bangladesh. To discover the smart entrepreneurs at regional level and develop the potential of youth entrepreneurs, Grameenphone Startup Innovation Platform, GP Accelerator, has organized a nationwide bootcamp titled Jelay Jelay Uddyokta at 7 different cities.
The enthusiastic response from young entrepreneurs to these initiatives was promising and would hopefully serve as a guiding force for their progress. Let me update on Cyclone Remal that has been in the quarter two. Bangladesh was hit by this cyclone in June this year, massively damaging the infrastructure, including electricity transmission and distribution system of the country. 72% of our base station were facing commercial power outage as country's reduction in national grid line was down. Upon being alerted on the weather forecast for probable cyclone, our teams took all necessary preparations throughout the country to manage Grameenphone network. We ran around 2,000 diesel generator and 2,300 portable generators to keep sites and data centers alive. We rapidly deployed more than 3,000 network personnel to the regions to make necessary repairs.
Through commercial powerful restoration, took more than 2 weeks in coastal areas, 92% sites were restored within 72 hours. We informed our customers in affected regions about real-time updates on Cyclone Remal through the MyGP app, and provided guidance on safety measures before, during, and after cyclone. In partnership with Bangladesh Red Crescent Society, we distributed relief aid to 10,000 families, including food assistance, clean drinking water, and healthcare for those affected. Additionally, we offered limited free talk time and data for 48 hours to our customers in affected areas to enable them for any emergency need. Customers from any mobile operator in these areas could also charge their phones for free at Grameenphone network towers. I will now welcome our CFO, Otto Risbakk, to take you through our financial performance for the quarter, quarter two, 2024.
Thanks, Azman, and my name is Otto Risbakk, and I will now take you through the financial part of the second quarter presentation. We are now through the first half of the year, and I'm pleased to see that after a good first quarter, we continue to see good progress across all metrics and segments. But before I go into the details, let me give you some highlights of the quarter. Starting with the top line. In Q2, we saw good trends, both on the ARPU and the subscriber side, and we increased our growth rate from 6 to 6.4%, up from 5.2% growth in the last quarter. Thanks to our relentless efforts on efficiency and automation, we have been able to offset cost pressure and deliver a solid EBITDA margin of 16.4%.
This was the thirteenth in a row that we report both top line and EBITDA growth. Reported EPS for the quarter stood at BDT 6.4, reflecting our strong, top line growth, cost discipline, and low finance cost. Then I'm particularly happy to report that, supported by, the positive momentum and the strong balance sheet, our board has approved an interim dividend of BDT 16 per share to be paid out this quarter. Thanks to our robust balance sheet and no debt and strong cash flow, we're able to invest with a very long horizon, continuing our efforts to modernize our leading network and build attractive digital platforms. And all this altogether is supporting our positive momentum that we see here. Let me now take you through, the detailed slides. Starting with the development of the subscriber base this quarter.
The left graphs shows the total subscriber base, and the right side, the data subscriber base development. I'm very pleased to report that, the second quarter this year has been the best quarter we've had for a long time in terms of subscriber growth. As you can see here, we added 2.3 million subscribers in the quarter, and, that comes on top of the 1 million subscribers we added last quarter to reach 85.3 million subscribers. That's a growth of 4.9% year-on-year and 2.8% Q-on-Q. I'm particularly pleased to see that the development of our active data users, which grew by 7.8% this quarter, reaching almost 50 million subscribers.
In total, active data users now represent 58% of the subscriber base, and it's encouraging to see that the invested, investments that we're continuously doing to improve our leading network is appreciated by our customers and consumers. Now, a few words on the ARPU. On this slide, on the left side, you see the ARPU development, and the two boxes on the right, you see the main volume drivers behind the ARPU. I'm pleased to see that we are back to ARPU growth with a 1.1% improvement compared to last year, and a 5% improvement compared to the last quarter. On this slide, you will see the ARPU development and the main volume drivers behind the ARPU.
I'm pleased to see that we are back on ARPU growth with a 1.1% improvement compared to last year, and a 5% improvement compared to the last quarter. The year-on-year growth in, in service ARPU comes from good performance, both in voice and data, and also from increased demand for our digital products. More than offsetting the negative impact from the weather, harsh weather we had in the last quarter, and also from the 5% increase in supplementary duty tax imposed by the government recently. With regards to data, during the quarter, Grameenphone users consumed an average of 7.6 GB, and that's a growth of 3.4% compared to last year. We are pleased to see also the higher momentum in data growth compared to the previous quarters.
The year-on-year growth in data usage is also supported by our innovative, market offerings, creating better value for customers, as well as the continued network improvements, from site expansions, capacity improvements, and tower fiber-fiberization. On the right side, we see that the decline in average minute per user is flattening out, but you should expect to see that this will continue to decline as our customers, gradually, go more towards data packages and digital solutions. On this slide, you will see that the growth in the subscriber base and the ARPU that you saw on the previous slides, is also translating into solid revenue growth. Q2, this year was the 13th consecutive growth, quarter of growth, both in total revenue and subs and traffic revenue.
In Q2, total revenue was up 5.6%, whereas the S&T revenue, our main metric, grew by 6.4%, up from a growth of 5.2% in the last quarter. Behind the growth, we see positive development in all key revenue drivers, including higher ARPU, higher data usage, and increased subscriber base. I would like to point out that we have adjusted the prices to compensate for the 5% increase of supplementary duty imposed by the government recently. The solid revenue growth demonstrate the resilience of the mobile sector.
In times with a demanding macro situation and high inflation, putting pressure on consumer wallets, we see that consumers and businesses shift more and more towards digital and data packages, which is increasing their productivity, and we also see a positive response to our new affordable, value-driven offers. Now, a few words on the data revenue and the 4G subscribers. I'm extremely pleased to see the solid growth in 4G users and data revenue. This quarter, we saw a notable year-on-year increase of 6.9% in data revenue, supported by an impressive 7 million or almost 21% growth in 4G users. The solid 4G growth is supported by our continuous efforts to improve our leading 4G network, and Grameenphone continues to lead the industry with the highest number of 4G users.
In total, 4G subscribers now represent almost 50% of the subscriber base, up from 43%, a year ago. I would like to add, or as a reference, that the average, 4G penetration in Southeast Asia is, more than, more than 7% in, in developing market, and in the high 90s in, in the advanced markets, and this indicates there is still a lot of room for growth, within data and 4G, here in Bangladesh. Now, a few words on cost and EBITDA. For the quarter, Grameenphone reported an EBITDA growth of 8.4% versus last year. The reported OpEx growth is mainly due to higher energy costs, driven by the price increase, that we have seen this year, and also from the expansion of our leading 4G network.
We also see increase in market spend, related to, increased growth ads and regulatory cost, which is also volume driven, and also from the use of more spectrum, to provide a better network performance. I'm very pleased to see the resilience of our operations and our ability to mitigate, cost pressure from inflation and energy cost through relentless focus on efficiency, financial discipline, and automation. On the right side, we see the EBITDA development, where the EBITDA has increased from BDT 24.4 billion - BDT 25.5 billion, an increase of 4.3%, and this is the 13th consecutive quarter of growth in EBITDA, and it represent a solid margin, I believe, industry-leading margin, almost of 60.4%. Now, let's see how the good performance on the top line in EBITDA is translating into net profits.
Net profit margin for the quarter stands at a solid 20.4%. It's a little bit difficult to read this graph due to one-offs and non-recurring items. The reported net profit increased by 4%. But if I exclude the one-offs from the second quarter last year and BDT 0.8 billion loss recorded in relation to currency translation from the crawling peg introduction in the second quarter, net profit improved by 10%. It's worth to notice also that due to our solid balance sheet with no debt, we are not impacted very much by higher interest rates. On the right side, we see that the reported net profit of BDT 8.8 billion translates into an EPS of BDT 6.4 in the second quarter.
Now let's have a look at the cash flow and the balance sheet. The operating cash flow for the quarter stood at BDT 20.9 billion, and year-on-year growth of 20.6%. As you have seen from the previous slide, the OCF growth comes from the healthy top-line development and good EBITDA growth, combined with CapEx, disciplined CapEx spending. We typically front-load the yearly CapEx program to the first two quarters to get maximum effect of the year, and also due to weather conditions. So you would typically see that the CapEx in the next quarters, two quarters of the year, will be somehow lower. From the graph on the right side, we can see that the net debt stood at minus BDT 13.4 billion. That is positive cash of BDT 13 billion.
The slight change from the quarter is due to strong cash flows more than absorbing also the dividend payment that we executed in the second quarter. Our debt-to-EBITDA ratio is close to zero, and to my knowledge, is one of the best ratios, if not the best ratio, in the mobile industry. The balance of BDT 13.4 billion cash is due to a combination of BDT 1.7 billion short-term loans and BDT 15.1 billion cash in the balance sheet. Thanks to this solid cash flow and balance sheet, we're able to adapt a long-term view with regard to investments and innovation, while also maintaining an attractive shareholder remuneration policy. This leads me to the last page and to round up the presentation with dividends.
I'm very pleased to announce that based on the continued solid financial performance on our strong balance sheet, our board has approved a fully franked interim dividend payment of BDT 16 per share, which is 98.2% of profits, and 160% of the paid-up capital. The decision to resume interim dividend payments is aligned with our dividend policy, prioritizing attractive regular dividends while keeping a conservative capital structure. Now over to Azman, for his final comment on the quarter.
Thank you, Otto. The substantial transformations within our product portfolio not only reflects our unwavering commitment to customer centricity, but also highlights our agility in responding to the evolving market dynamics. We ought to build a digital infrastructure to transform from Telco to Telco-T ech company, and in the process, we are diligently building digital assets and making strategic partnerships with digital players. Thanks to our big data analytics, we are able to provide tailored offers to our 85 million customers. Although the macroeconomic headwinds continued to challenge us, we remained focused on our strategy and forged ahead with our investment plan to support our growth opportunity, strengthen our partnership, and improve our operation, all of which contributed to the greater result we see today.
We are building new data centers and using data analytics and AI to reduce operational costs, taking our technological excellence near to the customers to continue to be the most reliable connectivity partner in Bangladesh. Privacy is one of the biggest concerns in the age of machines and rapidly growing era of sophisticated technologies. We understand the need for robust cybersecurity defense across the company, for which we continue to fortify our defenses, building resilience, and remain vigilant against evolving cyber threat. We are effectively integrating artificial intelligence solutions into every aspect of our operations, while ensuring the ethical and secure use of AI in our actions. Thank you, everyone. With that, I will turn it over to Tazrian for Q&A.
Thank you, Azman Bhai, for the summary. We'll now begin the Q&A part shortly. I would request participants to begin posting questions. I have already received a few questions in the investor relations mail address, so we will begin with those first. The first question: Why has reported NPAT declined? Otto, would you be taking that?
Yes, very good question, and I understand it's a little bit difficult to understand the variation quarter by quarter. You can see that the reported NPAT declined by about 28%. However, if we normalize for one-off events, in particular, in last year, we have one-offs approximately around BDT 4 billion related to taxes and finance costs reversals. And so the net profit would have, without that, would increase with 4%.
If I further normalize for the Forex cost we had in the second quarter related to the crawling peg and the depreciation of the taka compared to the dollar, which went from 110 to 119, we had a loss of approximately BDT 0.9 billion for that. Net profit actually would have increased by 10%. So we do see that the growth from the top line is flowing through the PNL and hitting the bottom line.
Okay. Thank you, Otto. We have another question for you. GP's ARPU has not been increasing. What's the reason of this stagnancy?
Yes, another very good question. So, I think it's an industry issue that we have seen over the last year. But where I see that actually, GP is leading in the first quarter this year, and I believe so also in the second quarter, although the others have not reported yet. So we can see that actually in the last quarter of 2023, industry consumptions went down almost 10%. So there was an industry-wide reduction of data consumption. Then in the first quarter, we had an increase of only 1%. And but now we see that the increase is growing, and we see a good momentum in consumption. So yes, it's an industry issue.
We see a good trend in GP.
Thank you, Otto, again. Okay, we're waiting for more questions. Okay, there is another one. Why is GP holding the retained earnings and paying dividend only for 2024? Azman Bhai, would you be taking it?
Yes. Thank you, Tazrian, and it's a good question to clarify. GP has always distributed most of the retained earnings as dividends among the shareholders. Customer experience always remains a prime focus for GP, and in order to improve, you know, our customer experience with the largest customer base, GP at times need to invest further while volatility of the economic situation still exists. Hence, GP is actually holding some portion of the retained earnings to ensure timely investment and maintain the growth the market offers.
Okay. Thank you, Bhaiya. Let's wait for more questions. We have another question: Would GP be sharing network or international roaming agreement with other operators? Azman Bhai, are you taking it?
Yes, of course. You know, this is something very strategic for any operator, and we are carefully evaluating all the possibilities. Of course, at the same time, when Telecom Act is being, you know, reformulated, we are looking forward to see that how it overall comes out for us to take any decision as a final and to be able to comment upon. However, we are carefully evaluating this.
Thank you. Okay, we have another one. Why is GP's current spectrum deployment for 2600 MHz frequency? If deployment rate is not 100%, can you please explain the reason?
Yes. We, of course, use our spectrum very efficiently, and we use spectrum to give the best customer experience for the customer. As you understand, we provide the best experience. We are the number one network in the country, and we would always try to strengthen our network and be ahead in terms of customer experience. We have 2,600 MHz of the spectrum that we are continuously expanding, and we have recently closed down on 3G as well and reformed the spectrum to 4G.
Thank you, Bhaiya. I think we have another question on the financials. Why is GP's EBITDA margin gradually going down? Otto, would you like to take that?
Yes. So, we have an EBITDA margin last quarter of 60.4%. I think that is industry leading. So we're proud of that margin, and we see some pressure on the cost as everybody else in the current market. We are working very efficiently to mitigate those costs, and you saw that the OpEx increased by 8.4% this quarter, but if you look at the whole balance P&L, you see that of BDT 2.2 billion top line growth, we got BDT 1.1 billion on EBITDA line. So we have very strong margins, and we believe that we are able to withhold those.
Thank you, Otto. Thanks a lot. We don't have any more questions on hand, so I would request participants to post questions if they have any. So we'll wait for a minute. We are waiting for more questions. Okay, so we are towards the end of the quarter two earnings call. If you have any further questions, please reach out to me via email or text, and we'll get back to you on that later. With that, I would like to end the call for tonight. Thank you, everyone.
Thank you.
Thank you.