Good day, and welcome to the NetEase 20 24th Quarter and Full Year's Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Margaret Shi, IR Director of NetEase. Please go ahead, ma'am.
Thank you, operator. Please note the discussion today will contain forward looking statements relating to future performance of the company and are intended to qualify for the Safe Harbor from liability as established by the U. S. Private Securities Litigation Reform Act. Such statements are not guarantees of future performance and are subject to certain risks and uncertainties, assumptions and other factors.
Some of these risks are beyond the company's control and could cause actual results to differ materially from those mentioned in today's Press release and discussion. A general discussion of the risk factors that could affect NetEase's business and the financial results This includes in certain filings accompanying with the Securities and Exchange Commission, including its annual report on Form 20 F and the announcement and the filings are on the website of Hong Kong Stock Exchange. The company does not undertake any obligation to update this Forward looking information, except as required by law. During today's call, management will discuss certain non GAAP financial measures for for comparison purposes only. For a definition of non GAAP financial measures and a reconciliation of GAAP to non GAAP financial results, please see the 20 2Q4 and Full Year Earnings News Release issued earlier today.
As a reminder, this conference is In addition, an investor presentation and a webcast replay of this conference call will be available on NetEase's corporate website at ir. Please welcome. Joining us today on the call from NetSuite's senior management is Mr. William Ding, our Chief Executive Officer and Mr. Charles Yang, our Chief Financial Officer.
I will now turn the call over to Charles, who will lead the prepared remarks on behalf of William.
Thank you, Margaret, and thank you, everyone, for participating in today's call. Before we begin, I would like to remind everyone that all percentages are Based on renminbi, we closed 2020 with a solid set of results in the 4th Yes. Centered around content creation and user experience, each of our key business segments showed impressive resilience and delivered sustainable growth during the year. We generated total net revenue of RMB RMB73.7 billion for the whole year, up 24% year over year and RMB19.8 billion in net Revenues for the 4th quarter up 26% year over year. 2020 was a challenging year for many businesses around the world.
It was not a time to stand alone and survive, but a time to work together and thrive. While Collin's dictionary has We have the word locked on as the word of the year. We believe the word breakthrough also defines the life and career As many in the past year, we are grateful for the initiatives our employees take to care for the impacted In doing so, we are proud to have weathered the obstacles, growing each of our businesses in a meaningful way, Supporting our business partners to stay safe and strong and generating sustainable returns to our stakeholders, We are also proud to have achieved a few milestones in 2020 as we celebrate It is our 20th anniversary on NASDAQ and completed our listing on the Hong Kong Stock Exchange. We are delighted to have seen a positive reaction from the market, especially after our dual listing in Hong Kong, a market Turning to our Q4 results. During the quarter, The popularity of our online games business continued with steady performances from our existing titles.
Net revenues from our online game services were up 15% year over year, reaching RMB13.4 billion. Our legacy titles such as Fantasy Westward Journey and Westward Journey Online series continue to resonate with players. SWJ Online and New Westwood Journey Online 2 once again reached record revenues in 2020, Further strengthening their position as 2 of the China's biggest MMO titles. On the mobile side, During various festive celebrations, FWJ Mobile Game and WWJ Mobile Game Once again reached the number 1 and number 2 position respectively on China's iOS Games Top Growth in China. Other games launched in more recent years are also enjoying impressive player traction with highly active core user bases.
For example, LifeAfter and Invincible, following its launch in 2018, LifeAfter has become an iconic title Since reaching its initial phase of stabilization in 2019, gross billings of LifeAfter We gained its growth momentum in 2020 as we launched a couple of highly popular expansion packs, Bringing avid players a series of new themes and innovative gameplay. Similarly, our SLG, Kai Fu, INVincible, remained steady in 2020 with strong user engagement in its own right amid increasing competitors' marketing spend. Celebrating its 5th year anniversary in October, InvinciBull once again reached the number 5 position Based on Bao Miao Ji, one of our flagship titles, As of today, the estimated value of Omeo GIP exceeds US10 $1,000,000,000 according to iResearch. Since its initial blockbuster launch in 2016, we have been seamlessly growing this important IP. To date, We've introduced 3 Onmyoji spin off games in mobile, card and simulation genre.
We have 2 more new spin off games in the making, Project Woe, an RPG game and Onmyoji Idol project, another simulation game. On the overseas front, we continue to make solid progress. For the past 4 consecutive years, Revenue contribution from overseas markets has been growing continuously as a proportion of our overall games revenue. Some of the key drivers include titles such as Nizhou, Live Faster and Identify, All of which had a record year in 2020. Japan is a key hub for the global games industry.
We deeply value these creative minds and our success in Japan has allowed us to work more closely with local partners. Initial momentum in this arena includes our established collaboration with The Pokemon Company And a series of IT collaborations between Nai Zhao and other famous IT such as EVA and Attack on Titan. We have also been more active in attracting and collaborating with local Japanese R and D talent complementary to our own as well as opened up our own Sakura studio, which focuses on building next generation console games. 2021 is a super exciting year for us with a number of strong titles ready for launch. We started this year with Revelation mobile game, the long anticipated mobile adaptation of its PC version, Capturing both returning fans and brand new MMO players, including a large group of female and younger players, Revelation mobile game quickly became a top ranking title on China's iOS growth in chart following its launch.
Additionally, in January, we brought to market Yu Gi Oh! Dual Link, a competitive car theme on mobile, Calling on the nostalgia of a generation of new video fans, the mobile game topped China's iOS downloads Soon after its launch, catering to the local preference, we optimized the range of items for the Chinese market, Including a new mode and select each new design, which are proving quite popular among our players. Harry Potter, the Magical Awakened marks another game that has been long anticipated by our player community. We hope the heart we pour into making this game will do it the justice that this global IP command, featuring a blend of Strategy RPG element. Players will become a Hollywood freshman, means diversified with their partners, learn spells, Gain magic knowledge and experience amazing wizardry life.
We will also be bringing our next generation SLG titles Infinite Lagrange and The Lord of the Rings: Rise to War to players around the globe. Infinite Lagrange is a space themed SLG where players can explore an uncharted galaxy, Command and build spacecraft, involve themselves in strategic battles and plan the development of their own space stations. The Lord of the Rings: Rise to War is based on the famous trilogy set in a multi layered fantasy world. The game will recreate a visually stunning and completely faithful renditions with iconic Characters and locations from the original masterpiece. With these 2 games, we look forward to extending our Thank you for taking the questions from China to overseas markets where we see greater potential for this thought provoking genre.
In addition, we have a handful of other exciting titles in our pipeline all have received license approval in China. These include Elysium of Legends, Nightmare Breaker, Ghost World Chronicle, Diablo Immortal and Pokemon Quest. As we further enrich our game portfolio, We have been gradually broadening our skill sets in different areas of our R and D team, particularly over the past Few years, our sophisticated R and D infrastructure, user centric corporate culture and passion for games Attract all kinds of talent to join us from both China and overseas. We believe our team's artistry and drive We'll bring to life even more great titles across diverse genres, expanding our success beyond our MMORPG rules And newer successes in RPG and SLG and so on. We are relentless in our drive to invest in and empower our people.
This year, we were once again the proud recipient of the ATD Excellence in Practice Award, one of the most recognized awards in the global To leverage the creativity of our young producers even more, we are working to further reform our games project initiation and review mechanism to encourage more innovative ideas and give young producers more autonomy To bring their vision to fruition. In summary, 2020 has been a strong year for our online games business and for the industry. Despite this high base, we are excited to see what 2021 will bring. We look forward to introducing more titles to our users in the coming years in China and globally. Turning on to our education business, Youdao has witnessed the Tremendous growth potential of China's online education industry over the past year.
Faced with an influx of need across the country, Youdao closed the year with an impressive quarter. Total net revenue for Youdao in the 4th Quarter were RMB1.1 billion, representing 170% increase year over year. Gross billings from Youdao's online courses in 4th quarter increased by 2 23% year over year to RMB1.1 billion, driven by rapid growth across its segments. Growth from our K-twelve segment Continue to lead the way reaching a record RMB767 1,000,000 in gross billings, up 355% year over year with K-twelve paid enrollment expanding to over 659,000. Despite intense market wide competition for user acquisition during the summer, Youdao's advertising strategies Promoted healthy results and was ROI driven.
We made sure that our unit economics and marketing spend were And our advertising content was conducted responsibly for our users and our investors. In the 4th quarter, We achieved another quarter of positive operating cash flow of RMB129 1,000,000. To meet our growth needs and ensure our teaching quality, we continue to expand our high quality servicing team, Which now comprises 240 instructors and over 3,700 tutors. Learning devices is another component of Youdao that gives us a competitive edge with a mission to make learning more efficient. They have proven to be very popular among users, generating total net revenues from learning products of RMB237 1,000,000 In the Q4, a significant increase of 2 54% year over year.
In December, We released our new Dictionary 10 3.0, which features 2 exclusive new experiences, the tap and Chat function and interactive reading function. Through the support of advanced AI technology and cooperation with multiple authority It keeps learning options fresh and progressive. Moving through 2021, We will continue in displaying and investing content offerings and technology to bring our students optimal learning experiences And realized sustainable growth with compelling smart education products and services. In February, Youdao raised US232 $1,000,000 through a follow on offering. We are determined to extend Youdao's competitive edge In this highly promising intelligent learning segment in China, onto our music capability.
NetEase Cloud Music has been in operation since 2013. Based on our passion for music and our understanding of music lovers, We created a unique product and community to give our users an unprecedented music experience. 7 years later, We now have more than 200,000 independent musicians and over 800,000,000 registered users, While over 90% of them are post-90s or even younger, in our newly launched version 8.0, It extends the playlist mode capabilities to videos and podcasts and offers new karaoke functions in the app. On the content side, we have witnessed some important changes in the industry. For the first time, we reached a direct Now an exclusive agreement with UMG.
Under the new agreement framework, we can give our users wider range of benefits and choices. We further enriched our content library during the year, reaching agreements with Studio Ghibli, Rock Records and DMG among others. Most importantly, we continued our efforts To invest in and cultivate independent musicians, in 2020, approximately 1,000,000 original soundtracks, music tracks We're uploaded to our platform and the total play time of all the music tracks on our platform exceeded 300,000,000,000. As one of China's most influential music streaming platforms for original music, we continue to empower independent musicians, Giving them the tools in the audience to help them create more hit songs. In terms of monetization, we have been setting up these efforts since 2019 and continued its journey in last year.
As a result, during the year, we saw strong growth in all three forms: Membership, live broadcasting and advertising. Given our somewhat fixed cost structure, We continue to see improvements in margins as we further scale up the music business. For Yanxuan, We have firmly established this position as our private label consumer brand, targeting young professionals We are looking for trendy, high quality and at the same time affordable living. Centered around this notion, we have increasingly built up our Grant recognition among these target consumers, we are developing products that revolve around their needs, Particularly in household products, personal care, food and pet supply. During the year, we launched a number of super popular products With annual sales exceeding RMB100 1,000,000, this product popularity furthers our confidence In our design capabilities and understanding of the user needs, with the right content and product offering, We were able to attract an increasing number of membership subscriptions in 2020.
One of our main focuses moving forward is to continue improving the benefits, shopping experience we offer to these loyal customers. All in all, Despite the difficulties the world has faced in 2020, we are grateful to have achieved continued growth And are standing strong in the New Year with the solid ground we gained across our online games, Online education, online music and e commerce businesses, we are poised to build on this growth in 2021. Our focus on content creation and elevating users' experiences with NetEase products and services remains at our core. This concludes William's comments. I will now provide a brief overview of our 2020 full year and our quarter financial results.
Given the limited time on today's call, I will be presenting some abbreviated financial highlights. We encourage you to read through our press release or US11.3 billion dollars representing a 24% increase year over year. Net revenues for 4th quarter was RMB19.8 billion or US3 $1,000,000,000 representing a 26% increase year over year. For 2020, our net revenues from online game services were RMB RMB64.6 billion, up 18% from 2019 and RMB13.4 billion for the 4th quarter, Up 15% year over year. Year over year increases were primarily due to the increased revenue contribution From Fantasy Westwood Journey H5, Sky, LiveMaster and Invincible as well as PC Client games such as Fantasy Westwood Journey Online in the 4th quarter.
Net revenues from our mobile games accounted for approximately 72.4 percent of net revenues from online games in the 4th quarter. Youdao's net revenues reached RMB3.2 billion for 2020, up 143% year over year. On a quarterly basis, net revenue increased 170% to RMB1.1 billion in the 4th quarter, Driven by fast growth of both Youdao online courses and sales of intelligent learning devices, Net revenues from Innovative Businesses and Others were RMB15.9 billion for the full year, up 38% Year over year and up 41% year over year in the 4th quarter to reach RMB5.3 billion. These are mainly due to the increased contribution from NetEase Cloud Music, NetEase PC Live Streaming and Yandian. Our total gross profit margin in the 4th quarter was 50.2% with a breakdown as follows.
GC margin for our online game services
was
63.1%. As a reminder, this number is generally stable With some narrow fluctuation based on the revenue mix of mobile and PC as well as self developed And license gains. Gross margin for Youdao for the 4th quarter was 47.5% Compared to 29.8% in the same period of last year, the significant growth was primarily attributable To improve economies of scale, continuous optimization of our faculty compensation structure, Gross profit margin for Innovative Businesses and Others was 18% compared with 20.6% in the Q4 of 2019, while the margins for NetEase Cloud Music and Yuanxue have improved year over year, the impact was offset By the decrease in GP margin from NetEase CC live streaming, which covered a longer period of the annual celebration event in 2020 Compared with 2019, additionally, gross profit margin of Innovative Businesses and Others also fluctuates based on the revenue mix For the Q4, total operating expenses were RMB6.9 billion, 35% of the total revenue. Our selling and marketing expenses as a percentage of net revenue was 15.6%, Down from 18.5% in the prior quarter. The quarter over quarter decrease was mainly due to lower marketing costs Related to Youdao.
Excluding Youdao, our selling and marketing expenses as a percentage of net revenues were 12.2% Compared with 12.9% in the prior quarter, which is relatively stable. R and D expenses were RMB3 1,000,000,000, Up 9% from the previous quarter, we remain committed to investing in content creation and product development, which is core to our future revenue growth. On a full year basis, R and D expenses as a percentage of full year net revenue were 14.1% compared with 14.2% in 2019. Other income loss RMB1.5 billion for the 4th quarter, which included a net investment loss of RMB272 1,000,000 and a net foreign exchange Change loss of RMB1.8 billion due to the U. S.
Dollar exchange rate continued depreciation against the RMB. The net investment loss and the net FX loss were both mainly book loss in nature, and most of them did not impact our cash On a full year basis, total net foreign exchange loss for 2020 were RMB3.1 billion Compared with a net gain of RMB25 1,000,000 in 2019, the effective tax rate was 37.2% for the 4th quarter and 19.8% for the full year of 2020. The effective tax rate Represent certain estimates by the company regarding the tax obligation and benefits applicable to it In each quarter, non GAAP net income from continuing operations attributable to our shareholders for the Q4 of 2020 totaled RMB1.6 billion or US244.9 million dollars Our non GAAP diluted earnings per ADS From continuing operations were RMB2.34 or US0.36 dollars for the Q4 of 2020. We would also like to point out with the rapid growth of Youdao, it is having a much more material impact On our NetEase Group Financials, for 2020, Youdao generated total revenue of RMB3.1 billion And a non GAAP net loss attributable to Youdao's shareholders of RMB1.7 billion compared with net revenue of RMB1.3 RMB3 1,000,000,000 and non GAAP net loss of RMB612 1,000,000 in 2019.
Our cash position remains strong. As of end of 2020, our total cash and cash equivalents, Current and non current time deposits and short term investment balance totaled RMB100.1 billion Compared with RMB74.4 billion as of the end of 2019. In accordance with our dividend policy, We are pleased to report that our Board of Directors has approved a dividend of US0.01 $2 per share for US0.06 dollars per ADS. As a reminder, we changed our ADS ratio on October 1 From 1 ADS for every 25 ordinary shares to 1 ADS for every 5 ordinary shares. And finally, Under our current share repurchase program for up to RMB2 1,000,000,000, as of December 31, 2020, Approximately 21,100,000 ABS have been repurchased under this program for a total cost of US1.6 billion dollars On February 25, 2021, our Board announced the approval of a new share repurchase program for up to US2.2 billion dollars of our outstanding ADS and ordinary shares for the next 24 months beginning on March 2, 2021.
Thank you for your attention. We would like now to open the call to your questions. Operator, let's go to the Q and A session.
Thank you. For the benefit of all participants on today's call. We will take our first question from the line of Jialong Shi from Nomura.
Thanks. Good evening, management. Thanks for taking my question. Let me ask my question first in Chinese. How much of NetEase Android version of mobile game revenue is contributed by 3rd party app stores.
For this part of revenue, what is the average revenue share charged by 3rd party Android channels? We heard from media one of NetEase online gaming peers was trying to negotiate for a lower revenue share paid to the 3rd party app stores. Just wonder if NetEase has also started to talk with your channel partners about this revenue share. And if you did, how's the progress so far?
I will help translating. So China has probably arguably the highest revenue sharing Ratio among all the markets around the world up to the highest 50%. It's true a few of our net hit games enjoys a more favorable sharing Around 30%, such as SWJ. So we think the way we're seeing in China right now It's unhealthy and probably unsustainable because it's about 20% higher than how much Accor is charging The content providers, we would like to see Chinese App Store partners to be more in sync with our With international peers to be charging the content providers a more reasonable rate, and we want to work very closely with our channel partners to create a healthy environment for the gaming industry.
And Xiaon to supplement your earlier part of the question, on our channel split, on the ballpark, Roughly half of our game revenues were generated through iOS, which again is Only very, very few game content providers in China can have such a high percentage contribution from iOS channels. Roughly 1 third is coming from Android channels and the remainder coming from our official channels. That's a ballpark
Thank you.
Okay. Operator, the next question please.
Okay. We will take our next question from the line of Alex Poon from Morgan Stanley. Your line is open. Please go ahead.
I'll translate myself. Back in 2019, we had a Revenue target overseas revenue target of 30% in the following 3 to 5 years. And Because of COVID-nineteen, the growth, especially outside of China, has accelerated a lot. And so wondering if there is any change to this target revenue mix target, would it come earlier than And then secondly is I hope to get some thought around casual games versus hardcore games Outside of China, which one do you think would be better to Achieve the growth and the ROI compared to the China market. Thank you.
2021 was definitely Important year for NATIVE in terms of internalization. We have a number of games in making such as Harry Potter and Infinite Lagrange, which are expected to to be launched during the year and we hope to see fruitful results from those things.
Thank you. And Alex, on your second question, second part of the question, our strategy Thinking of overseas game introduction, we are not betting on our feature on 1 or 2 genres, but rather we think with our stronger and getting more diversified R and D capability, We want to see multiple genres of games being introduced to different geographies and different users. So Shooting games like NiGHd has been proven successfully in Japan, SLG games like Infinite Legrand And Lord of the Rings, we are confident that we can leverage our domestic success into the international market As well as games like Harry Potter, which is a more casual card RPG game and others. So I think what we want to do is to have multiple genres targeting multiple Geography and catering to multiple user needs, that is our overall direction for internationalization.
Thank you, Alex. Next question?
We will take our next question from the line of Alicia Yap from Citi.
Hi, thank you. Hi, yes, thank you. Guanyin Chen, William, Thank you, management, for taking my questions. My question is related to The overall growth driver for the cloud music for 2021, were that growth mainly driven by the subscription revenue ramp or to be driven by the online advertising revenue or even the live streaming could be growing faster. And then a small related questions on the RMB1 billion video content investment initiative recently.
Could management share the rationale behind? And do you expect this initiative to actually revise the online advertising revenue or even further push the NetEase Media Business Growth? Thank you. Yes. All hands on, Lei Ji.
Alicia, you're right. The 3 main forms of monetization for music There's obviously a membership, advertising and live streaming. And one of the key focuses for music going forward will continue to be about creating our own content, helping independent musicians to create original content on our platform. So in that sense, membership It will definitely be one of the key drivers for our monetization. In terms of video, What was noticed is that music is not listening, but what was noticed in the industry in China and globally is that The consumer's habits have evolved from listening to watching, which is why short form video platforms have become extremely popular In a moment, yes.
So when we think about making short to mid form video, We want to leverage our existing know how. For example, we're interested in making short to mid form video centered around games or centered around So we have this we actually have one project within NetEase called NetEase Information growth. So we during the Chinese New Year, we realized We noticed that the play time on our videos have actually increased 1 to 2 times compared to previously. So going forward, we will continue to work on creating content, short to mid form video Content is centered around our key businesses, games, music, etcetera. Thank you.
Thank you. Thank you, Alicia. Next question please.
We will take our next question from the line of Alex Xiao from JPMorgan. Your line is open. Please go ahead.
Regarding your view on the PC gaming market, how do you think about the future outlook for this market in both domestic China market as well as the rest of the world. And then how do you position yourself in such industry? Do you still allocate new R and D resource in the PC gaming development or you just want to strategically maintain the current PC portfolio? Thank you.
Yes. The answer comes from Joseph William and Qipong, our the mastermind behind many of our key titles In that case, so yes, the answer is that we do care very much about PC because in unique specifications, The PC games can have and the user experience that PC games can deliver to our gamers that we'll probably continue down this road. So on one hand, we'll continue to maintain Our existing titles on PC and we'll continue to develop new PC titles too. In May, we're actually going to launch a game called Nightmare Breaker, So Dongwong Ping, which has actually received the license, is a very, very unique and creative TV day. And also around the middle of the year, we are going to create we are going to probably going to launch another PC game This is a competitive And it's made by the 3 day standard.
And William wanted to add that in addition to our self development games, we actually won lots of very, very popular PC games from Blizzard, Such as Overwatch, World War Pass, Hearthstone, to name a few. So we probably have the richest collection of PC games in China. And so TV will continue to be an important part of our game strategy. Thank you. Next question please.
We will take our next question from the line of Thomas Chong from Jefferies. Thanks management for taking my questions. And the first question is regarding overseas game operations. Will we consider accelerating the pace for the use of M and A or in house development. And then my follow-up and other question It's about the regulations.
Can management share about the thoughts regarding the regulatory environment in online games,
In terms of overseas expansion, we're interested in both self developing games and also I'll do M and A. In terms of the self development side, there's a number of things Number of ways we can do it. For example, Harry Potter, this is leveraging a very famous UK IP and using our own internal R and D to develop for the global markets. On M and A side, we are obviously very interested Achieving greater success through collaborations with different partners around the world. We've actually we've always been and active in investing good content globally.
Thank you.
And Thomas, on your second question asking for the regulatory environment For game broadcasting and music, well, in general, we see that this is becoming More and more popular format of entertainment, e sports is being now qualified as the Asian games and There are rumors that it can even potentially be eligible for Olympic Games. It is a kind of spot for the young people. So game live streaming is important. NetEase TV live streaming is building on our unique edge of Self creative game content and it is developed it's also been growing quite healthy and sustainably. Music obviously is becoming an increasingly important entertainment content and it is not only restricted to The enjoyment of your ears by listening, but just as William previously mentioned, watching is becoming Even more popular and trendy formats have been joining music as a format of entertainment content.
So We think everything takes on its progressive way of developing. But in general, the regulatory environment is also more and more encouraging for innovation And are catering to the user preferences and behavior in general. So we are very confident and we have our own plans of investing ourselves into these areas.
Thank you, Weiwei. My last question, please. Thank
you. We will take our next question from the line of Kenneth Fong from Credit Suisse.
I will translate myself. I want to ask about the pace and the approximately Timing of the launch of the few key IP, including Diablo Immortal, Pokemon as well as Harry Potter, Will that be like spread across different quarters to avoid competition? Or we will just launch it right when they are ready? Thank you.
Thank you, Kenneth. For our pipeline, first of all, we are very Confident and excited about our lineup for 2021, including Just now, William and Jason introduce a couple of exciting PC games. On the mobile side, As you have all noticed, Harry Potter, Diablo, Immortal and Pokemon now all have already Received their license approvals and all these games are developed with the intention for a global launch. So now that we have got the approval for the China part, as to the exact timing point of these game launches, We do not rush our producers and our studios. If we are confident that these High quality games are developed and designed for long anticipated longevity, then we are not Overly concerned about whether launching this game in this particular month or the next.
But all in all, I think We have more confidence now given that the licenses approval has been obtained that many of these highly anticipated games We'll be introduced to the gamer community within this year. Some might be potentially as early as the first half of this year. Thank you very
much. Thank you.
Due to time constraint, That concludes today's question and answer session. At this time, I will turn the conference back to Margaret Shi for any additional or closing remarks.
Thank you once again for joining us today. If you have any further questions, please feel free to contact us directly or CPG Investor Relations. Have a great day. Thank you.
Well, thank you, everyone.
That concludes today's conference. Thank you, everyone, for your participation.