Ladies and gentlemen, good day and welcome to Full Truck Alliance's third quarter 2025 earnings conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mao Mao, Head of Investor Relations. Please go ahead.

Thank you, operator. Please note that today's discussion will contain forward-looking statements relating to the company's future performance, which are intended to qualify for the safe harbor from a liability as established by 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 companies control and could cause actual results to differ materially from those mentioned in today's press release and discussion. A general discussion of the The risk factors that could affect FDA's business and financial results is included in certain filings of the company with the SEC. 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 purpose only. For a definition of non-GAAP financial measures and a reconciliation of GAAP to non-GAAP financial results please see the earnings release issued earlier today. Joining us today on the call from FDA's senior management are Mr. Hui Zhang, our founder, chairman and CEO, and Mr. Simon Cai, our chief financing and investment officer. Management will begin with prepared remarks and the call will conclude with a Q&A session. As a reminder this conference is being recorded. In addition, a webcast replay of this call will be available on FDA's investor relations website I will now turn the call over to our founder, chairman and CEO, Mr. John, please go ahead.

According to our exchange rate and service experience, our exchange rate was reached to 6,340 million dollars, which increased 22.3% in the future. This is again the effect of the digital trade model for the traditional trade trade model.

Hello everyone, thank you for joining us today on our third quarter of the Earnings Conference call. In the third quarter, FTA continued to reduce logistics cost and enhance efficiency across the road-free industry by leveraging digital and intelligent technologies amid a complex and evolving macro environment. Anchored by our core user-centric ethos, we strengthened our user protection mechanisms, enhanced our platform ecosystem, and further elevated the overall experience for both shippers and trackers. Our ongoing enhancements to transaction efficiency and service quality drove total fulfilled orders to 63.4 million, a year-over-year increase of 22.3%.

This continued growth underscores the industry's accelerating transformation from traditional offline logistics transactions to digital and intelligent logistics solutions. 各项运营指标实现稳步提升 首先针对广大中小货组 我们坚持推进品牌建设和精准拉新 并聚焦分行业分场景的体验优化 三季度发货货组平均月活提升到了335万人 同比增长是17.6% 其中会员货组规模同比显出增长 用户连性持续加强 同时直客货组履约单料 占比攀升至了54% 反映出了用户结构的

Furthermore, we consistently improved operating matrix across three key areas during the quarter, user operations, ecosystem development, and technology enablement. For shipper users, we further expanded our brand visibility and drove targeted user acquisition of SME shippers while refining the user experience across different cargo categories and freight scenarios. As a result, average monthly active shippers reached 3.35 million in the quarter, up 17.6% in a year. The number of shipper members grew significantly year-over-year, reflecting rising user engagement and stickiness.

In addition, fulfilled orders contributed by direct shippers increased to 54%, demonstrating ongoing optimization of our user structure. 在运力生态方面 我们持续发力 司机行为分以及会员体系 牵引司机提供优质服务从而获得更多权益 推动运力生态进化升级 优质的运力供给带来了履约率同比大幅提升6个百分点 达到了40.6% 同时我们聚焦司机保障体系 保护司机的合法权益 截止本季度末滚动12个月 In terms of trucker ecosystem, we continue to promote and enhance our trucker credit rating

and membership program to incentivize high-quality service and elevate trucker benefits. These initiatives boosted capacity and increased reliability of truckers, driving the overall fulfillment rate to 40.6%, an increase of approximately 6 percentage points year over year. Simultaneously, we reinforced our trucker production framework to better safeguard their rights and interests. By the end of the quarter, the number of active truckers fulfilling orders over the past 12 months reached 4.48 million, marking another historical high. On technology, we accelerated full-chain AI deployment across the platform, leveraging our extensive scenario-based logistics data to address critical pain points in freight matching. Moreover, the successful acquisition of GIGA AI, previously known as PLoT-PRC, significantly bolstered our AI capabilities and the technological foundation, positioning us for sustained innovation and operational excellence. 本基础稳健的经营数据带来了健康的财务回报。 Thank you very much. operational performance this quarter translated into healthy financial results. Total revenues reached RMB 3.36 billion representing a year-over-year increase of 10.8%. Transaction service revenues grew 39.0% year-over-year to RMB 1.46 billion, accounting for 43% of total revenues and reflecting continued optimization of our revenue mix. NGAP adjusted operating income reached R&B 849.1 million, while non-step adjusted net income reached R&B 988.1 million. Looking ahead, FDA will continue to penetrate the road freight market and cultivate a resilient and sustainable ecosystem for both shippers and truckers, driving the industry's digital and intelligent transformation and empowering enterprises with greater logistics competitiveness through continuous technological innovation. Thank you all once again.

Now I'll pass the call over to Simon who will provide an update on our third quarter's business progress and the financial results thank you mr john and thank you all for joining today's earnings conference call i will now provide an overview of our operational highlights and financial results for the third quarter of 2025 starting with our operational performance during the quarter we sustained solid growth momentum with continued improvements in key operating metrics highlighting the strength and resilience of our business model despite challenging macro conditions and adverse weather, such as typhoons in certain regions that temporarily disrupted freight demand during the quarter, we continued to deliver strong order volume growth. Total fulfilled orders once again significantly outperformed the broader freight industry, reaching 63.4 million in the third quarter, representing a year-over-year increase of 22.3%. The steady growth in fulfilled orders was driven by the healthy engagement of our shipper users and the ongoing enhancement of our fulfillment service infrastructure, leading to improvements in both scale and service quality. In the third quarter, our overall fulfillment rate reached 40.6 percent, increasing by more than six percentage points from the prior year period. Specifically, the average fulfillment rate of mid- and low-frequency shippers reached nearly 60%, and their contribution to total fulfilled orders increased to 54%. The positive outcomes are the results of our ongoing optimization in shipper structure, which further strengthened the reliability and sustainability of our ecosystem. These achievements underscore the effectiveness of our long-standing refined operations strategy, laying a solid foundation for the platform's long-term high-quality growth. Turning to user growth, average monthly active shippers reached 3.35 million in the third quarter, increasing by 17.6% year-over-year. Our shipper membership program continued to gain traction, with over 370,000 active members in the 288 membership program during the quarter, representing a significant year-over-year increase. In the meantime, the 12-month rolling retention rate for shipper members held steady at around 80%, underscoring the strong appeal of our services and the high stickiness of our user In addition, the number of active truckers fulfilling orders over the past 12 months hit a new record, increasing to 4.48 million in the third quarter, while the next month's retention rate for the truckers who responded to orders was consistently above 85%. We are delighted to see that our trucker users continue to demonstrate strong platform loyalty. During the quarter, we also continued to enhance our trucker infrastructure by expanding the breadth and the depth of the Rights Protection Program, which helped improve truckers' order acceptance rate and experience. For example, supported by targeted incentive programs and diversified protection mechanisms, the number of trucker members continued to grow. These trucker members have significantly higher order acceptance compared to non-members, creating a positive flywheel of user engagement, order growth, and platform stickiness. Now turning to monetization, building on a solid foundation of steady growth in order volume, we continue to explore and unlock monetization opportunities. These efforts enable us to deliver another quarter of robust top-line performance despite strategic changes to some non-core business such as freight brokerage, backed by significant improvements in operating leverage. As a result, transaction service revenue grew 39% year-over-year to R&B $1.46 billion. To further break down, monetized order penetration rate reached 88.6%, up nearly 6 percentage points for the prior year period, An average monetization per order increased to RMB 25.9 from RMB 24.4 in the prior year period. These improvements stem from our deepened understanding of high-value users and our ability to meet their increasingly diversified needs through upgraded services and tailored incentive programs. At the same time, our growing scale enables us to drive down unit operating costs, leading to enhanced monetization efficiency and profitability while maintaining fair tracker earnings and strong order fulfillment. Looking ahead, we remain keenly focused on further unlocking the monetization potential of high-value users, leveraging our intelligent freight matching system and flexible subsidy strategies. In addition, our refined and tiered membership system enables us to cultivate and empower our core transportation capacity, further reinforcing a virtuous cycle of user growth, operating excellence, and profitability improvements. We're confident that we are well-positioned to achieve our full-year targets and deliver long-term, sustainable value to our platform and stakeholders. Now, I'd like to provide a brief overview of our 2025 third-quarter financial results. Our total net revenues in the third quarter were R&B $3358.2 million, representing a 10.8% increase year-over-year, primarily attributable to an increase in revenues from freight matching services. Net revenues from freight matching services, including service fees from freight brokerage models, membership fees from listing models, and commissions from transaction service, were R&B $2,797.6 million in the third quarter, representing an increase of 9.6% year-over-year, primarily due to the rapid increase in transaction service revenues. Revenues from the freight brokerage service in the third quarter were R&B $1,094.3 million compared to R&B $1,280.9 million in the same period of 2024, primarily attributable to a decrease in transaction volume and partially offset by an increase in service fee rate. Revenues from freight listing service in the third quarter were R&B 247.1 million, up 10.6% year-over-year, primarily due to the number of total paying members. Revenues from the transaction service in the third quarter were R&B 1.456.1 million, up 39% year-over-year, primarily driven by increase in order volume penetration rate and per order per order transaction service fee. Revenue from value added services in the third quarter were R&B 560.7 million up 16.9% year-over-year. The increase was primarily due to growing demand for credit solutions. Third quarter cost of revenues was R&B 1,605.2 million compared with R&B 1,364.9 million in same period of 2022, primarily due to increases in VAT-related tax surcharges and other tax costs net of grants from government authorities. These tax-related costs net of government grants totaled RMB 1.427.2 million, compared with RMB 1.221.6 million in the same period of 2024, primarily due to an increase in tax costs net of government grounds related to the company's freight brokerage service. Our sales and marketing expenses in the third quarter were R&B $438.8 million compared with R&B $412.5 million in the same period of 2024. The increase was primarily due to further investments in enhancing user ecosystem construction and protecting user rights and interests. General and administrative expenses in the third quarter were R&B 161.6 million, compared with R&B 222.9 million in the same period of 2024. The decrease was primarily due to lower share-based compensation expenses. R&D expenses in the third quarter were R&B 233.3 million, R&B 195.1 million in the same period of 2024. The increase was primarily due to the inclusion of GIGA AI, previously known as PLUS TRC's R&D costs. Following the completion of our further investment in GIGA AI on July 9, 2025 and its subsequent consolidation into our financial results. Income from operations In the third quarter was RMB $776.3 million, an increase of 1.9% from RMB $762 million in the same period of 2024. Net income in the third quarter was RMB $921 million, compared with RMB $1,121.9 million in the same period of 2024. Under non-GAAP measures, our adjusted operating income in the third quarter was R&B $849.1 million, compared with R&B $884.5 million in the same period of 2024. Our adjusted net income in the third quarter was R&B $988.1 million, compared with R&B $1,241.2 million in the same period of 2024. Basic and diluted net income per ADS were R&B 0.87 in the third quarter compared with R&B 1.06 in the same period of 2024. Non-GAAP adjusted basic net income per ADS was R&B 0.94 in the third quarter of 2025 compared with R&B 1.18 in the same period of 2024. Non-GAAP adjusted diluted net income per ADS was R&B 0.96 in the third quarter of 2024, compared with R&B 1.17 in the same period of 2024. As of September 30, 2025, the company had cash and cash equivalents, restricted cash, short-term investments, long-term time deposits, and wealth management products with maturities over one year of R&B $31.1 billion in total, compared with R&B $29.2 billion as of December 31st, 2024. For Q2025 Business Outlook, we expect our total revenues to be between R&B $3.08 billion and R&B $3.18 billion, compared with R&B $3.16 billion in the same period of 2024. Excluding freight brokerage service, net revenues are expected to range from R&B $2.18 billion to R&B $2.28 billion, representing an estimated year-over-year growth rate of 17.1% to 22.5%. These forecasts are based on the company's current and preliminary views on the market and operational conditions, which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof. That concludes our prepared remarks. We would now like to open a call to Q&A. Operator, please go ahead.

Thank you. If you wish to ask a question, please press star 1 on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star 2. If you're on a speakerphone, please pick up the handset to ask your question. 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. Your first question comes from Ronald Kung from Goldman Sachs. Please go ahead.

Thank you. Thank you, management, for taking my question. I want to ask about fulfilled orders that had still maintained very solid growth, momentum increasing 22%. So what were the main growth drivers, and can you share the outlook for the fourth quarter and next year?

Our fulfilled orders continue to outgrow the broader freight market in the past quarter due to key three factors. First, solid user acquisition provided a strong foundation for growth with deeper brand penetration among SMEs and steady improvement in the market's acceptance of online freight matching models. The number of newly registered shippers continue to grow organically. In addition, we continue to focus on proactively reaching potential users through key touchpoints via highly efficient marketing channels, including app stores and high-traffic offline placements, such as high-speed railway stations. As a result, the first order conversion rate of new users improved substantially year over year. Secondly, higher engagement from existing users coupled with ongoing product optimization continue to enhance our matching efficiency. During the quarter, fulfillment frequency among shipper members further improved year-on-year, demonstrating strong customer loyalty and stickiness. On the trucker side, we introduced the new Cargo Zone, which highlights newly posted high-quality orders and help truckers secure attractive opportunities more efficiently, and driving improved performance in matching and fulfillment. On the shipper side, we further streamlined the order posting interface by removing or reducing unrelated entries and product sections. These initiatives made the order placement process more intuitive and efficient, significantly improved user experience and effectively boosted repeat order intent. Third, the new business continues to drive incremental growth momentum. Supported by improving service quality and growing user base, both our less than truckload and interested businesses continue to deliver robust growth in the third quarter. As these two businesses continue to mature and improve in operational efficiency, we expect that on top of the solid growth in our core food truckload business, they will further satisfy the diversified needs from both our new and looking ahead. Yet we remain confident in our platform's auto-volume growth momentum. Despite ongoing macro-uncertainty, our dominant position and rising digitalization penetration has driven deeper engagement among SME shippers and maintained stable member retention and enhanced matching efficiency consistently. All supporting, at the same time, we will continue to optimize our user ecosystem by strengthening qualification reviews and credit rating systems to attract and retain highly credible, highly active users and laying a solid foundation for our high-quality order growth. Thank you.

Thank you, Simon.

Thank you. Your next question comes from Eddie Wong from Morgan Stanley. Please go ahead.

Hi, I'm Zhang Guine, Zhang Guine, and I'm Ma. Thank you for the question. My question is probably about the product. The third quarter, the number of the monthly active shepherds reached 3.35 million, representing a year-over-year increase of 17.6%. What are the major drivers behind the growth?

Thank you Eddie. In the third quarter, the number of monthly active shippers continued to grow very steadily, supported by more efficient multi-channel user acquisition and organic growth driven by referrals. These drivers not only grew our user base, but also helped to strengthen the overall engagement and quality of our active users. First, our highly efficient Since multi-channel user acquisition efforts continue to drive steady growth in shipper users, we implemented a dual approach combining brand exposure and targeted conversion. We improved acquisition efficiency by strengthening App Store campaign management and optimized keyword search while refining download page design and user conversion funnels. Offline-wise, we expanded advertising in high-traffic areas such as high-speed rail stations, subway business districts, and key commercial hubs. We also leveraged scenario-based outreach channels such as truck stickers to reach SMEs with actual shipping needs. This integrated online and offline approach not only enhanced brand awareness but also effectively attracted high-potential shippers, laying a solid foundation for sustained user growth. Second, word-of-mouth referrals continue to serve as the primary driver of organic shipper growth. Unlike consumer-facing businesses, most shippers are small and medium-sized businesses whose decisions are driven mostly by trust, often requiring longer conversion cycles but resulting in higher retention and repeat purchase rates. During the quarter, we continued to invest in service reliability, capacity assurance, and fulfillment experience optimization, further strengthening user trust. As a result, word-of-mouth referrals from existing shippers became the most efficient channel for user acquisition. Notably, new shippers acquired through referrals tend to be of higher quality with stronger fulfillment rates and long-term engagement as compared with other acquisition channels while coming at lower acquisition Looking ahead, we will continue to pursue a dual-engine growth strategy combining brand-led acquisition and referral-driven expansion. On one hand, we'll continue to optimize our marketing strategy to improve acquisition efficiency and brand penetration within target user groups. On the other hand, we will enhance user satisfaction by improving service quality and strengthening protection mechanisms, reinforcing trust and professionalism within the shipper community. These initiatives will support high-quality, sustained growth across the shipper ecosystem supporting our long-term.

Thank you, Osamuza.

Thank you. Your next question comes from Brian Gong from Citi.

Please go ahead. trucker members in the sub-quarter thank you thank you Brian as of the end of September our active trucker members continue to grow steadily reaching almost 1 million members achieving further growth compared with the previous quarter structurally roughly 30% of trucker MAUs in the long-haul segments or membership subscribers and contribute to over 40% of order volume in the long-haul segment this data underscores the higher engagement and stronger stickiness of our trucker members, who have become the core pillar of our capacity network. During the quarter, we continue to upgrade our trucker membership tiering system. The current framework focuses on three key dimensions for truckers, cost reduction, fulfillment enhancement, and risk protection. Our commission coupons helped truckers effectively reduce service costs during order fulfillment, and our premium cargo bidding cards increased truckers' visibility and ranking priority in matching with high-quality shipments. We also relaunched the Freight Payment Protection Program, expanding its coverage scope, which further strengthened trucker trust and security during transactions, directly addressing many of their fundamental operation needs. Overall, the trucker membership program has become a key driver in securing high-quality trucker capacity and improving fulfillment efficiency on our platform. Looking ahead, as we further expand membership benefits and refine incentive programs, we expect trucker programs to contribute to a growing share of our total transportation capacity and building a stronger and more sustainable foundation for continued order growth and fulfillment stability.

Thank you, Simon.

Thank you. Your next question comes from you on now from CITICS. Please go ahead.

Thank you very much for taking my questions. under the current policy environment of anti-innovation, so how has the company implemented any measures to align with these policy objectives and offer enhanced protection or benefits to shippers and truckers? Thank you.

Thank you. Under the current policy environment of NT evolution, so we basically, against the overall background NT evolution and promoting high quality growth, our strategic directions remain clear. We will continue to pursue sustainable high quality growth through ecosystem refinement, and structural optimization and user protection enhancement. First, we remain committed to enhancing ecosystem integrity with a key focus on advancing healthier user protocols by implementing ID verification and fulfillment credit scoring, as well as refining user tiering. We enhance the value of user accounts and increase switching costs, which in turn accelerates the exit of low-quality users. At the same time, we have shifted the focus of our credit rating system for both shippers and truckers from frequency of transaction to quality of their behaviors. This system evaluates metrics such as fulfillment rate, positive feedback rate, and complaint rate, reinforcing both measures to guide users towards higher standards and stronger trust, fostering a healthier platform ecosystem. Second, we have focused on emphasizing fair pricing and healthy competition on our platform. For example, to prevent malicious pricing competition, we employ algorithms to identify and block abnormally low prices in real time, removing or restricting orders that fall significantly outside reasonable market price ranges. Additionally, we incorporated a price rationality weighting into our order matching, prioritizing the pairing of high-quality freight. This approach protects truckers' earnings and enhances ... At the same time, we achieved notable progress in strengthening user protection and trust. Our upgraded comprehensive protection program currently provides full coverage for key risks for both user groups, including freight payment defaults, empty runs, and cargo damages. To address truckers' top concerns of timely freight settlement, we have implemented a guaranteed compensation mechanism that provides trucker members with expedited reimbursement for freight, empty runs, and cancellations, ensuring prompt payment and minimizing trust barriers throughout. Overall, we are building a more sustainable, efficient and transparent freight ecosystem by continuously optimizing our user base, fulfillment certainty and matching and protection framework. Our focus on high quality growth is reflected not only in a healthier user base but also in continuous improvement in our service quality and governance. Looking ahead, we will continue to focus on improving user trust, operational efficiency and fulfillment quality, driving the long-term, sustained development of the freight industry and laying a solid foundation for our growth.

Thank you. Your next question comes from Wen Ji Zhang from CICC. Please go ahead.

Hello, my name is Wen Ji Zhang. Thank you for receiving my question. My question is about the trade-off business. I want to understand what we have done in the 8th of May, after we announced the adjustment plan, what is the latest progress in the current business today, 包括我们用户的流存 还有该业务调整之后的运营利润情况 我自己翻译一下 Thank you, management, for taking my question. My question is regarding freight brokerage business. I wonder what's the latest progress of the business since the pricing adjustment in August. Could you give an update on user retention and profitability following these changes?

The business generally performed better than we expected. So in the third quarter, our freight brokerage business transitioned to a higher service fee rate steadily and overall performance was good. Following the expected gradual removal of tax rebates and increasing service fee rates to between 10% to 11%, user behavior showed healthy. From a user perspective, charm from shippers in third quarter was primarily concentrated among those who demanded frequent VAT invoicing service only and contributed to limited value to the platform beyond invoicing fees. Conversely, retention rates among shippers with small and median value VAT invoices remained above 80%, significantly exceeding our expectations. These users are generally less price sensitive and care more about the convenience of freight matching and fulfillment certainty, which kept their engagement rates stable. Currently, invoicing plus freight matching orders represent over 70% of the total orders in our freight brokerage services, highlighting the growth importance of our matching service and the strong alignment between this business and the platform's core capabilities. At the same time, we are closely monitoring user retention and structural shifts in our user base, with a particular focus on the long-run stability of small and medium-sized shippers and ongoing conversions of new users, ensuring that the benefits of these structural optimizations are sustained and reinforced. From a financial standpoint, the freight brokerage business primarily aims to increase stickiness by a major profit. Although its emphasis on invoicing results in relatively low margins and a limited impact on our overall profit, it still plays a strategic role in strengthening our user engagement and refining more order fulfillment. Looking ahead, we will continue to focus on improving the experience for small and medium-sized shippers, gradually expanding contribution from high-quality users, and ensuring that the freight brokerage business delivers sustainable performance under the new policy.

Thank you, Simon.

Thank you. Your next question comes from Richie Sun from HSBC. Please go ahead.

Thank you, management, for taking my questions. In the third quarter, our revenue from flight listing reached $247 million, up 10.6% yield What were the main growth drivers, and how do you feel the user payment conversion trends going forward?

Revenues, our flight listing service, continue to grow steadily in the past quarter, primarily driven by growth in paying users and the ongoing optimization of the membership structure. As of September 2025, the number of shipper members on our platform reached 1.27 million. The majority of the incremental growth came from the 288 membership program, which was launched last year. This program was designed to meet the needs of small and medium-sized business owners new to our platform. By lowering the entry barrier and offering benefits such as freight rate, coupons, and and other placement tracking, the program significantly improved membership conversion and user satisfaction. Looking at the membership mix, while the 688 memberships achieved steady year-over-year growth in this quarter, the 288 memberships showed the most robust growth across three membership tiering, with active members increasing by more than 300% compared with the same period last year. The strong growth not only broadened our user base, but also strengthened the platform payment rate. Notably, the number of high-frequency shippers under the RMB 1688 tier continued to decline, reflecting a structural shift in our shipper base. This change reflects the platform's ongoing optimization and matching efficiency and fulfillment guarantees, which are gradually replacing traditional agent roles and further enhancing the quality of our user ecosystem. Turning to user conversion, our latest data shows that around 20% of the users who reach the limit of their 288 membership chose to upgrade to the RMB 688 tier. These results are aligned with our initial expectation when designing the program and underscore the effectiveness of our tiered membership system. Our membership business has established a healthy growth cycle that attracts users through low-entry barriers, retains them with superior experience, and drives upgrades through tiered benefits. This model enables long-term and steady penetration among direct shippers and supports the high-quality growth. In addition, retention among existing members remains robust, demonstrating solid user stickiness. As of the end of the third quarter, our 12-month rolling retention rate for shipper members held steady at around 80%, consistent with prior quarters. This validates our ongoing optimization in member experience and reflects strong recognition from shippers from our platform's reliable fulfillment capabilities and responsive service. We expect the 288 and 688 memberships to continue driving growth in free listing service revenue. Meanwhile, as the platform continues to enhance features, such as fulfillment protection and shipment tracking and payment conversion rates are expected to trend up steadily. We will continue to optimize our membership program and benefits, aiming to further strengthen long-term user retention and lifetime value.

Thank you.

Thank you. That concludes the question and answer session. I would like to turn the conference back over to management for any additional or closing comments.

Thank you all for joining us today. If you have any further questions, please feel free to contact us at Full Talk Alliance directly or TPG Investor Relations. Have a good day.

That does conclude our conference for today. Thank you for participating. You may now disconnect.