Jianpu Technology Inc. (JT) Q1 2019 Earnings Call Transcript

Jianpu Technology Inc. (NYSE: JT)Q1 2019 Earnings CallMay 28, 2019, 8:00 a.m. ET


  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:


Hello, and welcome to Jianpu Technology, Inc.'s First Quarter 2019 Earnings Conference Call. All participants will be in listen-only mode. (Operator Instructions) Please note, this event is being recorded.

At this time, I would like to turn the conference over to Luting Lu (ph), Jianpu, Investor Relations Manager. Please go ahead.

Unidentified Speaker

Thank you, operator. Please note, the discussion today will contain forward-looking statements relating to future performance of the Company. These statements are within the meaning of the safe harbor provisions of the US 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 this discussion.

A general discussion of the risk factors that could affect Jianpu's business and financial results, is included in certain filings of the Company with the Securities and Exchange Commission. This -- the Company does not undertake any obligation to update this forward-looking information, except as required by law.

During today's call, management will also discuss certain non-GAAP financial measures for comparison purposes only. For a definition of non-GAAP financial measures and the reconciliation of GAAP to non-GAAP financial results, please see our first quarter 2019 earnings press release, issued earlier today via wire services and also posted in the Investor Relations section of our website.

As a reminder, this conference is being recorded. A live webcast and a replay of this conference call will be available on the Jianpu website at ir.jianpu.ai.

Joining us today on the call from Jianpu's senior management are Mr. David Ye, Co-Founder, Chairman and Chief Executive Officer; and Mr. Oscar Chen, Chief Financial Officer.

I will now turn the call over to Mr. Ye, who will provide an overview of the Company, as well as performance highlights of the first quarter. Mr. Chen will then provide details on the Company's financial results and business outlook before opening the call for your questions.

Mr. Ye, please go ahead.

Daqing (David) Ye -- Co-Founder, Chairman and Chief Executive Officer

Thank you, Luting. Hello, everyone, and thank you for joining us today. We continue to be the largest independent open platform for discovery and recommendation of the financial products in China, connecting more than 120 million users with over 220,000 financial products and 2,500 financial service providers.

During our last quarter's call, we shared again the story of how Jianpu was founded. From that moment, our mission was to become everyone's financial partners, empowering users to make smart financial choices and enabling financial institutions to make better decisions. We couldn't have imagined that technology would converge with a social change and transform financial service industries.

Jianpu's business is driving these social change and improving the lives of many consumers and small businesses, who otherwise would not have the opportunity to benefit from or have access to services from traditional financial systems. We are also educating the next wave of mobile financial consumers Generation X and Z to be able to utilize financial services to their advantage, and to do this responsibly.

I'm very proud of what we have achieved. Through our continuous efforts and investments, we have this scalable platform model, and further proving that profitability is a natural result, when we reach the critical mass with efficiency.

Let me walk you through some of the key business highlights of the first quarter. We delivered another solid quarter, showing strong revenue growth across our line of businesses. Revenue from our loan recommendation services increased by 170% year-over-year. Revenues from credit card businesses were up 18% year-over-year, and revenue from big data risk management service grew 518% year-over-year.

To put our financials into perspective, in relation to the industry, most recently a few commission regulatory announcements were made with regard to how China's online consumer lending industry will be managed. The directional clarity of these proposed set of rules will create standards and boundaries, rewarding those industry participants with innovative infrastructure, scale and capability to manage user experiences and risk effectively and efficiently.

As the leading independent open platform, we are uniquely positioned to leverage our proprietary data inside the technological capabilities to enable financial service providers to capitalize on this digital wave, across the finance industry to drive customer acquisitions, improve operating efficiency, credit risk management, and to optimize decision making processes.

During the first quarter, we continued to deepen our relationship with the financial service providers, while maintaining the largest network of online credit card issuers with 25 credit card banks on our platform. For example, we extended the co-branded credit card collaboration with more card issuers, addressing their needs to target a large underserved base of customers such as, consumers in second and tertiary cities, where those never have used credit card before. We launched our multi-prolonged collaboration with the top bank, including offering consultancy services, in marketing channel management, training experts on digital marketing practices big data and also designing credit card products.

Regarding SkyKey, our branded big data and the risk management services, we continue to strengthen our co-operations with bank partners and other licensed financial institutions. We have recently completed the development of a credit card pre-approval model, which is designed for a regional bank to help optimize its credit decision process, leveraging our data and technological strength. This will increase the approval rate as the regional bank move its credit card businesses offline to online. Not only is SkyKey able to provide bank partner with strong solutions, it also helps the online lenders and the consumer finance companies view the risk management engine and optimize on risk management credit models. This helps to improve on making product decision, reduce default rates, increase operating efficiencies and improve revenues.

In addition to the business update, I would also like to take this opportunity to welcome Oscar, our CFO, to our Board, replacing Ms. Fan Yuanyuan. Ms. Fan started to serve as as our Director since 2015. It has been a great pleasure working with Ms. Fan over the last few years. On behalf of the Board, we thank Ms. Fan for her dedication and contribution to Jianpu. At the same time, we excited to have Oscar on Board. Oscar has extensive experiences and expertise in areas of management, strategy, investment and the capital markets as well as his strong leadership will be a good -- very good feet to our Board.

As a follow up to the airing of CCTV 315, we completed an internal review of system, products and processes. Our mobile APP were made available, again, in early May on some application stores, and we expect a free floor launch in June. In the meantime, we continue to drive certain self-imposed improvements to our internal processes such as, adopting more stringent turnaround (ph) boarding process, while adhering to a stricter transform policies for financial service providers.

We have engaged in global consulting firm to assist us in the review of our business process, conduct industry studies and recommend the best practices. We were invited by the national Internet Finance Association of China, NIFA, and Beijing Internet Finance Industry Association to participate in developing standards and defining best practices in terms of the retail financial industry in China, and also the financial consumer rights protection and education. We were also appointed a member of the subcommittee of these two associations with respect to financial education and consumer rights protection. At the same time, our regulatory technology, our RegTech team also won a huge important mandate to help local Chinese financial regulators establish existence to monitor financial products and service online. Being recognized on our platform model and market position by the regulators, we will continue to contribute and lead the initiative of introducing and promoting higher industry standards and best practices.

Jianpu was also recently invited to speak on Financial Services Leadership and CEO Roundtable during the 2019 Boao Forum for Asia. And there was a fintech seminar hosted by the institute of financial and the national institute of finance and development of China academy of social science.

We are very optimistic about the huge market potential in China's retail finance industry in the long rum, as a digitally all-inclusive financial sector with emerging in this nation. As cutting edge technologies, that AI, big data, cloud computing and in the future 5G, is reshaping the financial services industry, connecting Chinese consumers and SME's with financial service and providers smarter, more efficiently and effectively.

With our continued efforts to strengthening our operational capabilities, to provide better products and services to our customers, we are optimistic about our growth and our performance for the intermediate to long-term future.

With that, I'll now turn the call over to our CFO, Oscar Chen, who will discuss our financial results.

Yilu (Oscar) Chen -- Chief Financial Officer

Thank you, David. Hello everyone. We are pleased to deliver another strong quarter highlighted by total revenues of approximately RMB655 million, a 95% year-over-year increase, beating the high-end of our guidance by 4%, and net income of RMB19 million, and a non-GAAP adjusted net income of RMB47 million, representing 22% increase on a sequential basis. Strategically, we continued executing our growth initiatives, while optimizing our operating efficiencies.

Led by the loan recommendation services and the solid contribution from the credit card business, our total recommendation services revenue reported a 101% year-over-year increase increase to RMB582 million in the first quarter, mainly driven by 170% year-over-year increase in loan recommendation services, further illustrating the comprehensive scalability of our platform model capturing market demands as well as our execution strength.

As David noted, loan application volume increased 102% year-over-year. The average fee per loan application continued to grow to RMB17.7 from RMB15 in the fourth quarter of 2018. As a result, loan recommendation revenue reached RMB433 million in this quarter, exhibiting a strong increase of 170% year-over-year.

Combining the credit card business from both recommendation services and advertising, we recorded credit card volume of approximately 1.6 million in the first quarter of 2019. The average fee per credit card increased to RMB106 from RMB95 in the first quarter of 2018. As a result, revenues for credit cards for both recommendation and advertising services in the first quarter increased by 18% to RMB170 million from RMB144 million in the year-ago period.

Among the revenue generated from advertising and marketing services and other services, our big data and risk management services tracked a very strong performance, growing 518% year-over-year, as financial service providers continue to engage us for big data and risk management services offering. As we thought, we had not only to grow the market share but advocate new and existing segment of the population with regards to financials service product offerings. We look to achieve growth with efficiency in mind.

To illustrate, gross margin improved to 91% in the first quarter of 2019 from 85% in the year-ago period. Also sales and marketing expenses, excluding share-based compensation, as a percentage of revenue decreased to 68% in the first quarter of 2019 from 77% in the year-ago period, and 71% in the prior quarter.

As we remain strategically focused on strengthening our technological capabilities, while optimizing technology infrastructure, R&D expenses excluding share-based compensation increased by 87% year-over-year to RMB78 million. Given the operating leverage we have, the R&D expenses as a percentage of revenue decreased to 11.9% from 12.4% one-year ago.

Our G&A expenses, excluding share-based compensation, increased to RMB31 million in the first quarter from RMB9 million in the same period of 2018. The increase was primarily due to the onetime fee for new business initiatives and increase in payroll costs.

From our discussion above, the scale and efficiency led to profits on both net income and non-GAAP adjusted net income. Non-GAAP adjusted net income reached RMB47 million in the first quarter of 2019, and net income was RMB19 million. At the same time, non-GAAP adjusted EBITDA increased to RMB56 million, up 4% sequentially.

As of March 31, 2019, we maintained strong balance sheet and cash position with cash and cash equivalents, restricted time deposits and short-term investments of RMB1.4 billion, and working capital of approximately RMB1.3 billion.

Share repurchase program, starting from August 2018, our Board approved the share repurchase program with a total authorization of $30 million. As of May 27, 2019, the Company had repurchased approximately $26.8 million of shares under this program.

Then outlook. Regarding our guidance for the second quarter of 2019, we anticipate a one-time short-term impact on our financial results, as a result of 315 Night, reason being that we voluntarily suspended APP downloads for our own self review from March 15, and we are now in the process of relaunching toward next month.

And at the same time, we are optimizing our efficiency of acquisition, recommendation and operation. Based on the Company's current estimates and excepted short-term impact, we expect total revenues for the second quarter of 2019 to be approximately RMB360 million to RMB380 million. Given the optimistic view of the industry in the long run with more regulatory clarity and visibility and our resilient platform model and strong technology infrastructure, we are confident and optimistic about our ability to overcome the temporary challenges in the second half of this year.

With that, I will conclude our prepared remarks. We will now open the call to questions. Operator, please go ahead.

Questions and Answers:


We will now begin the question-and-answer session. (Operator Instructions) For the benefit of all participants on today's call, if you wish to ask your question to management in Chinese, please immediately repeat your question in English.

The first question comes from John Cai of Morgan Stanley. Please go ahead.

John Cai -- Morgan Stanley -- Analyst

Hi, good evening, gentlemen, thank you for taking my questions and congratulations on the strong first quarter. I have three questions. The first one is on the credit card. I noticed that the volume growth on a year-on-year basis seems to be going to single digit. Just wonder, what's the reasons behind that, you said some growth rate that you are looking for the full year, this year. And the second question is on the loan business. I think the average fee per loans, obviously, you have a very strong growth. Just wonder what's the trend has been and what's the outlook for the rest of the year? And the third question is on the outlook of maybe our current operations of 315 Night. So I think you have an outlook revenue number here. Just wonder, how we think about that is, because most of the quarter-to-date operations, I think, we don't have our app available for download from the App Store. So this revenues is mostly coming from the existing users, and it's quarter-on-quarter down. So the decline is mostly driven by loan or how should we think about the mix between credit cards, loans and others. And operational wise, in terms of sales and marketing, I guess, we are also scaling back from customer acquisitions. So just maybe some more details on the operational wise after the 315, and how we -- put to help us better understand the revenue outlook here, and obviously we will relaunch that next month. So what's the revenue outlook maybe, in a general sense for the second half of this year. Can we go back to maybe fourth quarter or the first quarter of this year? Thank you very much.

Daqing (David) Ye -- Co-Founder, Chairman and Chief Executive Officer

Thank you, John. This is David. I will start -- I guess, three questions. I will answer the first, maybe third one first, and then we will talk operation, OK (ph). First question about the first quarter credit card business. We grew about 17% year-over-year. That's a 17% increase. And we do expect the growth rate will be higher for the second half of this year. The reason 17% year-over-year. The three reasons, it's going to be below what we except. The first one is seasonality, you know, this year the lunar calendar of the Chinese New Year is February 4 or 5. Actually, they're like 10 days earlier compared to last year. The Chinese New Year last year was about 14 or 15. So we effectively lost the 10 days of business, because credit card business of the bank would close the book before the Chinese New Year. So businesses would not resumed until three or four weeks after the New Year's Day. So that's the seasonality reason.

The second reason, of course, we do have some impact in the 315 Night, about half the amount of business -- half amount of business in March, we do have some impact on that one. And the third reason, for Q1 last year some of the credit card issuers actually followed their marketing budget in Q1. This year, due to seasonality, due to the reason, credit card issuers actually did not follow their marketing budget in Q1. You know they had budget, they had a high goal of achieving growth of the credit card businesses, especially in digital channel online. We know they're going to use the money in Q3 and Q4. So as a team, we have a -- we don't have any concern about the credit card business growth for the rest of this year. The first part is, in the credit card, maybe, I would take a step back (ph) for the third question about 315. Okay, 315 do have impact on our businesses, but we believe this is only a one-time short-term one-time impact. Okay. As we know, we voluntarily suspended of some of the APP downloads from major stores, and also some of the involuntary products as well. So we -- basically we -- it took us a couple of weeks to -- we had to go through our internal review process. So we put together more stringent rules in terms of the financial institution listing, and also product listing, we also -- basically we also took some time to communicate with the regulators. We also took time to build the standard and the process to improve the overall process. So that's why we didn't not relist some of the APP until late April or early May. It's still an ongoing process.

So we expect most of the APPs will be -- to be launched -- to be released in June. So that's why we believe we expect a impact one-time in the short term. We do expect this last one maybe to 1.5, maybe two quarters. We should be able to recover in the second half of this year. So I'd say, give us some time, we will have more -- give us some time, we'll have more data points to evaluate the impact on our growth and profitability. So no matter what this impact -- the one-time impact will be honestly, in the short-term. We're optimistic, in the medium to long-term and given the resilience of our business model, our technology, our robust infrastructure, and also most importantly our people, we're able to execute and deliver. So we're still targeting to achieve a full year profit for the whole year, but that's still the plan.

Yilu (Oscar) Chen -- Chief Financial Officer

Yeah, I think John, I will answer your second question about the unit price after loan recommendation services. I think the answer is quite straightforward and short. We raised the price for the loan recommendation services, I mean, of course, it's probably we communicated before for this, we had a plan. We do have a plan to raise the price of the loan recommendation services. So we did it in the earlier first quarter. So this is why you saw the price increase for the loan recommendation services.

John Cai -- Morgan Stanley -- Analyst

Thank you. Just a quick follow-up on the quarter-to-date operations, maybe on the sales and marketing, can we have more details on that? I mean, given the app suspensions, do you spend in the sales and marketing or do you scale back from there? Thank you.

Yilu (Oscar) Chen -- Chief Financial Officer

Yeah, sure John. I hope that we would have more data to answer this question. But at the current stage, we have some -- we do have some APP -- our APPs available in some app stores, but we are in the process of a fully relaunch toward June. So as of now, I think we have limited data to evaluate the operating, the sales and marketing efficiency for this quarter. But I want to refer you to the last two quarter numbers. When you see that, we achieved -- we achieved the scale, and we improved efficiency in the first quarter last year, and in the first quarter this year. As David said, profitability is efficiency gain, operating leverage and profitability is a natural result of the scale and efficiency.

I think probably for our next conversation, we will -- when we get a full relaunch of the APPs in June, and we continue to optimize the -- our strategy in terms of acquisition and recommendation, around that time we will have more data to share with you guys in terms of how we evaluate the efficiency and some other metrics after the 315 issue.

John Cai -- Morgan Stanley -- Analyst

Thank you very much.

Daqing (David) Ye -- Co-Founder, Chairman and Chief Executive Officer

Thank you, John.


The next question comes from Wendy Chen of Goldman Sachs. Please go ahead.

Wendy Chen -- Goldman Sachs -- Analyst

Hi. Thanks so much for taking my question. I have two questions. First, follow up on the second quarter guidance. Just wondering, if management can kindly share or dissect the year-on-year decline on how -- which part of our business is more impacted by the 315 than is more on the loan business or is on the credit card business? And the second question is on the sales and marketing follow up. So just wondering, have the management observed any change in the pricing of advertising -- advertisement as we see our some advertising platforms have been saying that the price has been rapidly muted for the past quarter because of competition. So just wondering have Jianpu observed such trend in decreased pricing in advertising? Thanks.

Yilu (Oscar) Chen -- Chief Financial Officer

Okay. Thank you, Wendy. Let me take your first question about the second quarter breakdown. I think, so far second quarter -- our guidance for the second quarter, so we're seeing the continued growth of our credit card business, and also the -- our marketing and advertising services and other services. These two lines, I think, both year-over-year and quarter-over-quarter, we should be able to contribute -- we should able to drive the growth. I think the -- we would see some downward trend also on our loan recommendation business. Reason being still that our suspension of APP download. So that's -- that to some extent have some impact on our new user acquisition momentum. So that will be the major impact. So in terms of the number we provided of our guidance, I would say -- I would expect the loan recommendation business would be 30% to 40% of that number, credit card would be 50% to 60% of the number, and the third business line, the sales and marketing --- advertising and marketing and other service, of course, behind within that to the main driver was a big data and risk management services. So that's -- the third line would contribute around 10% of the total revenue for the second quarter.

Daqing (David) Ye -- Co-Founder, Chairman and Chief Executive Officer

Wendy, for your second part of the question about sales and marketing, in Q2, we did observe the market -- actually, it is more rational. Of course, we were -- I mean, in the past, in Q1, were actually as the largest platform, we were in the market, right. And of course, the less competition that the market actually -- which is against the current, actually not as the competitive as before. We do see some financing trends in the cost side. You asked in Q2 most of our revenue or in the launch side, are either from the key customer of organic traffic or due to our internal like user generated content, so like the completion campaign. So we didn't really spend much money on sales and marketing in Q2, rather (ph) revenue, because we couldn't even spend money to pay for the downloads, right. But going forward, as we resume the full operation in June or Q3, of course, we do need to, number one, need to, still have that stringent rules in terms of the undergoing process. Number two, we have to make sure, we work with the industry to based on the fintech retail financial standard or product standard, we have to make sure the standards are in place. And number three, we need to optimize our recommendation and optimization to make sure our users have the best user experience. They have find the right product that can be served or approved by the financial institutions. So that's -- some of the efficiency we have to regain that, we will take time. But we do see us -- our efficiency way of being fully extended or reserved to the normal time from the second half of this year.

Wendy Chen -- Goldman Sachs -- Analyst

Thanks very much.

Yilu (Oscar) Chen -- Chief Financial Officer

Thank you, Wendy.


(Operator Instructions) The next question comes from Julie Hou of UBS. Please go ahead.

Julie Hou -- UBS -- Analyst

Yeah, hi, David, thank you for taking my question. I have three questions. First, can you share the revenue split between banks licensed, FSPs and tech-enabled lenders as you did in previous conference calls. And the second question is, in terms of number of loan applications, what is the split between consumer loan, SME loan and other loan products. As we know big banks, as well as small banks are accelerating lending to MSE's. So, I just want to know, if our Company would benefit from such trends and to reach out more on SME loan products. And my third question is on credit card applicants. How many of them are first-time users, and for those who already have credit cards, how many card do they have on average? Thank you very much.

Yilu (Oscar) Chen -- Chief Financial Officer

Yes. Thank you, Julie. Let me answer your first question regarding the revenue split. So for the first quarter, of our total revenues, we have around 40% from the banks, including credit card and the loan recommendations. We have around 30% from the non-bank licensed financial institutions, that's mainly the consumer finance company, Internet micro-lending company and local micro-lending company, and trust company, that's 30%.

So -- and the -- and our revenue exposed to the P2P companies, rise a bit in the first quarter of this year. They contribute around 20% of the total revenue. And the remaining, you would imagine, it come from the advertising services and of the big data and risk management services. So that's a rough breakdown. So, I think the reason behind is that, in the first quarter we saw strong growth momentum in terms of the loan recommendation, among that non-bank licensed financial institutions and P2P companies are -- play more important roles so grow -- to grow our loan recommendation business. But we think, we still keep a healthier and -- revenue structure from the different type of financial service providers. So that's your first question.

So, to your second question, the loan products, yes. SME's, so far on our platform, we do listed some SME product, but the -- in terms of the number of loan applications toward the SME lending products is only that's quite a small percentage, as you can be aware that SME lending for the digitalization of SME lending is far behind and of more complicated than the consumer lending. But because we have very positive policy here, the government want to promote the SME lending, so we do have some initiatives in terms to expand our SME lending, not our -- the SME lending product on our platform. So we believe the digitalization is the trend, and that will bring us with the scale and the efficiency. So, -- and I think it will be some large more data regarding the SMEs will be available online or through mobile. At that time, we'll see more and more SME lending on our platform.

And also I would share a bit insight about SME lending. So you just imagine the small ticket size SME lending, given the traditional banks, their capability, their cost structure, probably it's the -- it's not easy for them to do the SME lending directly, probably there will be some third-party players like us, like other supply chain loan facilitation model. The guys owns the data, owns the data of the SMEs, may be able to play an important role on the SME lending.

Daqing (David) Ye -- Co-Founder, Chairman and Chief Executive Officer

Yeah, I think, it's putting the market into perspective. We do see like -- the auto loan markets, high growth, getting more digital and more decision will be made, leveraging data, leveraging online, leveraging AI. And of course, SME lending, we know government actually has asked the financial institutions, especially banks, to reserve more capital on SME lending. We see that with the high growth market. And supply chain management squamation that you have other side of the balance sheet or the wealth management and insurance. We haven't talk about that, I mean, of course, the insurance market is the high potential, the wealth management, we are seeing some regulation, so basically relaxed, the KYC process of opening like money market fund or the wealth management fund online. So we definitely see opportunities of growth in those segments in the financial services industry. But, of course, the challenge of regulatory side number one. Number two, if regularly -- if those products can be sold online, and also how technology will drive better user experience and making the product can be serviced online. So, that is the key kind of hurdle, but we do see opportunities in those segments.

Yilu (Oscar) Chen -- Chief Financial Officer

And Julie, back to third question, regarding the credit card user profile, of our -- on our platform. Firstly, we don't have the full picture of the statistics of the, whether it's a first time card user or most card user, but with -- through our communication with the banks, we guess -- our most of value proposition to the credit card issuers that is we can bring the under banks population to them. That means, the majority of the users part of our platform would be the first card user. But secondly, I want to emphasize. The second card of the card is not something we should be afraid of or we should be alert. Because you're just looking to the numbers of some developed countries. So four or five cards per capita is still a reasonable number of the developed economies.

So, in China, I think, in certain developed countries -- in certain developed cities, I mean, coastal cities like Shanghai, Beijing and Hong Kong and Guangdong, and Jiangsu provinces, I think I believe the credit card comes there mostly will be the -- will be multi-card holder, maybe apply for the second or third credit cards. But the credit card that comes from the third and fourth tier cities, that mostly of them will be the first card applicants. So, yes, I think that's the answer I can provide for now. Probably we can communicate with the banker more to understand the user profile from their perspective.

Julie Hou -- UBS -- Analyst

Thank you.


(Operator Instructions) And that concludes the question-and-answer session. I would like to turn the conference back over to management for any closing or additional comments.

Unidentified Speaker

Thank you, once again, for joining us today. If you have any further questions, please contact us at ir@rong360.com or TPG Investor Relations. Thank you for your attention, and we hope you have a wonderful day.

Daqing (David) Ye -- Co-Founder, Chairman and Chief Executive Officer

Thank you, everyone.


The conference has concluded. You may disconnect your line at this time. Thank you.

Duration: 48 minutes

Call participants:

Unidentified Speaker

Daqing (David) Ye -- Co-Founder, Chairman and Chief Executive Officer

Yilu (Oscar) Chen -- Chief Financial Officer

John Cai -- Morgan Stanley -- Analyst

Wendy Chen -- Goldman Sachs -- Analyst

Julie Hou -- UBS -- Analyst

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