BlueCity Holdings Limited

Q1 2021 Earnings Conference Call


spk_0: ladies and gentlemen thank you for standing by and allow comfortably city's first quarter two thousand and twenty one earnings conference call currently all participants are in the listen only moon later with will conduct the question and answer session and instructions whoa fellow at a time as a reminder we are recording today's coal if you have any objections a you may disconnect at this time now oh turned to call over to lingering call head of investor relations for the company miss calm please proceed
spk_1: thank you all players and the hello everyone welcome to pollute the fourth quarter twenty twenty one earning conference call joining us today or least help our lima chief executive officer good at least thirteen ten and acting chief financial officer waverly three about earlier today the president is available on the companies are left side at iowa out below dashed sitting duck home as well as so many flights of is it
spk_2: a replay of if on will also be available in no feel our our i our website
spk_1: before we continue please note that today's discussion will continue forward looking statements made owners safe harbor provisions of the u s private security litigation reform act of nineteen ninety five for looking damon involve yeah her risks and uncertainties as dutch the companies act or without maybe mature lady friend from the expectations expressed the day what a information regarding this and other read and thirteen he is included in the company's probably falling with that they see the company that not assume any obligation to update any for looking damon except as required on the applicable law please note that the today's all measurements we also did cause that and uncapped financial matters for comparison purposes only i will get results and the reconciliation of captain and get murdered can be found the our earning captivity also please note that unless otherwise stated off eager to mention that during a conference call i entirely fleming the with that let me now in nepal or to our see only about lima mister mom will be labour opening remarks in tron a i will than tremblay hit three month after that are acting fearful me to drink her son will take over to the you've got our financial highlights miss the mob hit go ahead
spk_3: she's literally but a whole bunch of on the island was really are your union digital i will be ugly
spk_1: then clearly mean and hello everyone thank you for doing our earnings conference call today
spk_3: are your email and was will do you i love how the card you said earlier version for me is wrong to you before the ghost ship easy to socially can be booed off but under president xi to our guard iraq google she's are evil you know your your or not all of our social political and all but withdrew from the tedium so what we would all over overflow can be booed off by hundred for the tedium bob that when you do woman guys all the oil hop on it too soon the lead your dollar phone hold up play ball clergy and culturally can be them down by bungie are ideal for she didn't he said although i read for out a little can be summed up by the usual would your juncture lula subtle iran woman who goes you look on mobile network t saga your was injury food on challenging soil are you would i do when jim them go to jail woman that hundred and twenty four guys are you would she has older values in on me
spk_1: we kick it off twenty twenty one with a group of woman strategy an operation this quarter which he achieved a total revenue growth of thirty point seven percent your year to two hundred and seventy one point one million all app am a youth reached a point three million up thirty seven point five percent year over year and total paying users in kuwait to forty seven point eight percent year over year to six hundred and forty thousand this quarter's effort in diversifying our revenue stream also proved to be very rewarding with the he health achieving our two hundred and ninety seven point seven percent growth year over year to travel million and members services bring in seventy five point nine percent growth your year to twenty six point four million we're pleased to see drunk wealth in all our been in his life which clearly illustrates our strategic execution on for innovation and improving your that experian green been sorely told them growth and the you the engagement
spk_3: to a challenging the huge even know like overseas all virgin call you that really you while a little they should little book or majority dollar which are gone they will allow you to alter your budget delayed origin concordia nice engine on village and opium pipe in the luggage the that you to the food lodging all about your home you the cause of other people are trying to the do
spk_1: in addition to a withdrawal again and growth it's quarter as we announced earlier in april the official the upper hand and internet hospital like than for he house and on china laying a good foundation fly to build a comprehensive diagnosis and treatment path for for my health this mark yet another significant milestone for the company as it presents a great opportunity to see in the new and grabbing a growing health and wellness industry
spk_3: well montreal from what she's last year so we learned and i've been ugly zone google shouldn't why by do for bomber a month she's obama you should receive a month old nicer ensuring that grins and call you bought him for me that you that usual on the already zone year deals with with will urgent call you to out you go hiv someone says oop poor yoking film idol fool put it on his daily clergy and kong to board home each i leave arbitrary away to the you will by we caught under my suit your honking amit you use it is something onion somehow you lied may be as very foolish or them down udall virgin also ruled from beach present you somebody the bundle evil me to tell a woman like what i would you who who am i think you call your lungs and deemed or the on balmy under your shoulders and delete leave on yeah yeah you don't look magazine called for you go on will bother them for some the quit while the home you
spk_1: our see as bad platform than than public interest has been committed to promoting hiv awareness and a position to a user base of millions in china he order to make getting the man for man personal health and wellness see how with launching twenty nine team with of located on hiv related consultation and the merchandise over the past few years he health services had gradually expanded from sexually transmitted diseases including but not limited to hiv to the field of man's of everyday bonus and it had achieved triple digit growth think lungs this quarter at noon reached close to three hundred percent year over year growth which not only the flaps of a great effort in execution he spending our your their base and are take payload how to these services for men but also thinking you five the development of our underserved while a flurry thing that said
spk_3: the new woman's i are you are in the union even goes on he went on you go embargo he did all audio our own you google she's on jan congress you it he says uncle vanya for your on shirt on the way more junk on our me be with him down by pleasure you and you're biding by imaging google nitrogen call her out is it hungry more don't on our any be to let your flu you and your you by will try me with we'll miss as you can kill on upon bother out to be cheap fuel would you for the semi your shirt woman uncle know how the dog order you to not hired you tequila language and cause huge hole believe what i use or all put into that if the bobble was all going out he also said it easy job he's to about a lindsay once you are clearer your with you go punch local college you bought him until i would you be detour into the people
spk_1: according to offer us and saudi report commissioned by off for the company's fiscal year twenty twenty annual report the scale of china's along health consultation as well as allen prescription and pharmacy market is expected to reach five hundred twenty three billion the mean be equivalent to eighty point three billion dollar by twenty twenty five and the size of men's health and health care market in china is expected to reach ninety nine point six billion than name be equivalent to fifteen point two billion dollars by twenty twenty five ray believe that with our large lgbtq community you go back and forth mover advantage will well positioned to capture this enormous industry opportunity for a long time the house needs of men have not been effectively met with about that issue not youth sufficient privacy protection limited drug cooking channel and eat the fish and sex education lan we're here to provide solution with other unwavering commitment to providing a safe and secure isis to satisfy the needs of the lgbtq community
spk_3: what was wrong eg would wield on the album dodger things i go long corridor by we it but we shall we use only we make again toggle me how the mean kid the only light woman juncker you don't cook way are un says olive oil long jungle item i don't believe in being cool you'd want to eat a horse and you have a puncture a little google yahoo jesuit old it highly gentle you bomb season are making view holy the lindsay dear some and yet clergy and call your son daughter on maybe bill
spk_4: so yes or a into the yup pie pilot i doubt i'll show you thought are you
spk_3: he did all he did indeed they don't what a fool whoever we don't hold your ally the sitter that on the sheer quantity by the ocean thorough fully alert and kosovo that while i that will media paleo downplayed of you for that fairly the put off by for the them go keaton you a followed her you bomb private dog what are your dog are going to usher with woman jumped out at a private that you are legal a you with a daily older and you will meet the usual on don't send to them got the whole will need you don't you didn't see you in to i we show up well on you have been done enough water nice and gentle nissan cleared lg got that from google little
spk_1: this is our opportunity key for been receiving making a wider impact and creating more value flower members and society we well to make a better tomorrow for one looking for into the future we will integrate internet has appealed i'll find some as the team house meant him and form focus now at heavy petting and position sexual health and chronic disease management with general health care saturday our mayor of get paid for he house in the second half of it
spk_5: primarily three sections
spk_1: fourthly by the end of this year how red flower to our path post exposure of pocket get access to the they were senators will be extended from forty suited to a hundred in china pap is a major contributor to he helped revenue and awake rapid growth like many into more geographical current
spk_5: secondly as take on a manufactured prep play exposure prophylaxis medicine kids a more formal we for see a booth in using members as we push up our efforts in prep awareness and promotions
spk_1: thirdly weeks back a fool out of our ally internet hospital services is it for you in july a collaboration with doctors and health infusion specializing in men's health
spk_3: bungie do on the dial a oh yes you gotta yoshi the ginger when the should already been recorded was you talk to the and paul pogba into fool the old woman you to union being sold to their lovingly dog eat dog a into limbo you as yes you you buy your that little shoulder but the yield horse you already know issue on hung by they should off to a dog age and alone youth all lunch with cookie lie looking either way not only daughter will now or your union to get caught on this at all leo history well known tag i did use a lot of on by plane google you army bundy diva kill our little while much evil had a real just some wonder sent one playoff little clear that the media to the real your awful jolted was the manages yet been lucky bay times i'll a single to go easy on his own illegal wasn't already he had one and i've underserved
spk_1: in this claire we also achieved meaningful paragraph flow our faith been in development we remain committed to customizing our poor them they sell you their behavior and the needs of the local community in different regions after survey showing sixty five per cent of our up a new the app users in japan love photo but he became some features which was quickly introduced in latin america late last year will immediately long that function to ensure a safer and more reliable platform loving america a t and market flaws in twenty twenty one also had appointed him exception to the voice chat room function we launch a campaign with local lacking american pale ale for for their promotion which led latin america and me your number two nearly double the new worship introduced last year and reached a record high in april with the over ten percent engagement wait for the war channel
spk_3: select when the you that says you could occupy to me to go down since he's only with that woman guides or and year you haji ago put it on good at your you tube are you serious it on people who don't easy to ensure when without being t somebody to me too willa woman junctures it's order ghoulish would have a little build you don't i always wonder what we need job with your little it wasn't until should be gentle them am on on me
spk_1: more over we continued building our global dragon and expanding brand awareness worldwide in the same we held a number of only like twenty men for international holiday have one per day cherry blossom festival what in fact the all anymore each and every well as left to me than once success attracting a global audience and gallery international visibility moving forward we are fully intend to organize very social in been such had that leave your pride campaign to sadly played twenty twenty one for global community building any hand minute had a some kind of
spk_6: edit devotees
spk_3: they don't want woman joan to the conclusion going on the bought that once you would like some the whole i find sale time to do you use on barca used in the your easy to didn't lose out as usual cope with know plenty plenty of them dollar by which such a phone call back into society what else is it ethical nom de bois de gaulle we would i do it we don't search for either them down
spk_1: him and nine china we will continue improving our existing part up with new and innovative feature conservative in the fourth quarter new posts and a their actions and the community function in place thirty three and forty two percent respectively a quarter or quarter basis this quote was driven by hand the app or with them and operation which way will continue my thing for you the engagement and the community health
spk_3: musical sure we'll merge onto to juncture poets usual bullshit on hold for like a lot on being treated for me something phone call the dribble foiled you da da dum da gently as enjoyable little shit out outlook him i don't doubt for saw you on the leader to know you put it to you well how you been due to their insult to meet or book and would you buy look to born into trouble some get good looking dollars and audio couple they do get into union was essentially at least the gossiping philip on it would i got out your wasn't with a big youth to your time to the twenty will your love he put all i said she got him either your was yet
spk_1: me well women team or accompaniment to narrating outright up or falling to investments in technology and marketing maple believe think has left leaning service has green minute hydration potential learned it's quarter think how how the it and you to to went real me with is a now like dreamer one of the primary uproot insanity for accelerating plant growth and the money petition culpability both the engagement rage and paying ratio for like twenty channel nearly broke our rep for from the pandemic in the same here last year more aware we aren't enhancing the an oled hicks of your their behavior and will continue to put aren't high point of innovation and optimization for continued play improving you the experience are all our platform
spk_3: woman she's utility goblin don't do you i'll give you did your insulin jubilee do decided on a reasonable as we do awful cause i had a lot things you should little did i shall travel guide you through the kitchen cupboard and up while ago he hurled everglades and ecological couldn't hit all on usually been kid the which usual alma judge or we're the july and england allowed to little balance it somewhere we will he did we don't have what you feel and some
spk_1: the mend committed to climb out your awareness he much with hundred with your a and their zero discrimination campaign that aim to end discrimination and inequality in the asia pacific region following the campaign than than public interest cole porter you a promotion obedient would you discriminate against me with your a which was applauded are blue app and other social platform think china the end of may the video with paid over five million time of or all platforms with over ten million in taxes are label
spk_3: go to illegal goes out boy and boulder i would you be due to for to do what will my how you accomplish what was your local you single the other you're gonna go to eat they do i got all about what we do with the amplified see the new do so would you ah shit little violent was wounded good actually helping hi philippe got see little to allowed to be cool or the going to have hired on as you on russia did in the go may have so some be an agreement on the i've flip him though he issue nigger in between guy york bagel may have some for the selma
spk_1: yeah addition to building a more than worth and inclusive lgbtq community we are also petite at penn yoga like a of honor social advocate act and a community wealthy activities yeah april the three animal protection campaign launched a cleft he laid back than than public interest and abating a ip a foundation for animal protection was a success are open to see the social platform bringing together many from the lgbtq community we hope we can make the world about her play show you go around the same love since okay quality and yelling for better life avalanche you go
spk_3: but you do on the green good how we're doing that this is handling kinda bummed all good idea would ensure that up with wouldn't drop themselves something somebody's gonna shit on viewing some bandages are normally could hold it hold on for you but as we didn't that plays with another salvage total should be them down
spk_1: in conclusion the a cave yet another quarter of thought it operational and financial out with a meaningful progress in all business sector labor live our a leading position strong execution or capability and some growth strategy wilmington and twelve some rapid a consumer demand
spk_3: since i was younger alive and okay that he shows you i went from the time you how it i got he will you keep powell gotten that you did he did
spk_1: now and hand the call or to our acting fearful chin ten who will pull i did help our financial performance
spk_7: thank you i'm in law and the them to ireland with donny all a call today as miss modest motion hundred and you one is of to avoid thoughtful blue you a degree or another trunk quarter with encouraging business development and a dollar financial goals now let me go through our financial highlights for the quarter before i go into details please note that it's own number of prevented you them and be an hour for the fourth quarter of twenty twenty one alive stated otherwise open until tender it all year over your business unless otherwise specified detailed analysis is called our own implies really is rigid available ah well i are both sides total revenues increased by thirty point seven percent to two hundred seventy one point one million driven by by to monitor vision of all what the what dorothy it's offerings and all of a rowboat revenue makes revenue from our the of contributing ten point seven percent of total revenue that i think raped from nine point nine percent in the same period last year total the usual dearth of blues idiots portfolio as increased by forty seven point eight percent to six hundred forty thousand revenue from live streaming through it it was two hundred nineteen point nine million or twenty two point four percent as we previously announced that belongs to a new live streaming druggie aiming to bother to i have a user engagement and may your habits which had shown a good girl
spk_8: i was in the fourth quarter
spk_7: i'll have what are you paying you the as for live streaming it is employed six point three percent to one hundred eighty nine saw them from the same period last year when the paying ratio reached a porous high during the peak of home at night in in china i'll give you what them in be both old and one hundred sixty three are you quit of fifteen point one percent compared to the same period of love to hear notably in this quarter i'll continually i for us india with you our revenue streams are bearing for with revenue from membership from if this was twenty six point four million of them seventy five point nine percent of a quarterly paying you the as for membership probably have improved seventy five point five percent to five hundred can still didn't allow a our pp you what them in be fifty one roughly flight compared to the same period of laughter year they expect accelerated girls for our membership through atheists as we continue to didn't reach and optimize our throw it operates munoz bomb at what hiding or twelve million up the hundred thirteen point seven percent as they continued to introduce new hardware typing and the marketing solutions to attract more at work either revenue from woodland died sailed of the house where you buy one point four medium of two hundred ninety seven point seven percent it's the employees with primarily due to the continues expedition above a product and the through it offering as they follow and or to follow three main objectives in the thick and a half of the year makes bought a house to achieve stronger momentum into the future quarter as and the become the new driver of growth for the company top romeos increased by thirty three percent to one hundred eighty five point one million go in your line with our total revenue the employee it was primary due to the higher up revenue sharing costs long meets a funky new girls have less streaming through atheist the ukraine supposed to of products in connection with the growth of a house merchandise sales they employed stuff past as well as sharp as compensation expenses gop rop it was eighteen thick mean in a plunger six point one percent growth margin what thirty one point that important driving down from thirty two point nine percent in the thin period last year about six point eight percentage points higher than the last quarter or the mentioned earlier the operational adjustments of left dreaming green thumb short term much and brighter as we invested more on a supply side of left dreaming
spk_8: look forward they expect to gradually reduce the revenue sharing percentage activate the leading by our much the leadership and successfully implements that that tenable model for our live streaming through it
spk_7: female video continue to accelerate the revenue contribution from our membership forbid the as with higher margin to achieve overall margin improvements operating expenses were one hundred thirty eight point seven million of seventy big point three percent due to higher mcteer expensive higher south costs money from employed to fight called they employed professional fees
spk_8: as well as shower bed compensation
spk_7: reading and a much things out the it was sixty five point three million or fifty nine point two percent due to higher advertising and the promotions expensive employed south costs and the shower bit compensation is expensive technology and the development expensive or forty eight points to meet him off the deny point been protects the employees with mainly due to the higher that caught in technology related to department the increase in cold and so on and the banner we've talked about at the inquest shower based compensation expensive dna unsafe for twenty five point two million other hundred fifty seven point five protects the employees with mainly due to employ the professional fees and thought coughed as well as sharp as compensation expenses that love what fifty two point one million compared with a net loss of seven point six million in the same period last year adopted and that loss was put two point five million compared with adjusted net loss of seven points big media in the fourth quarter la cr adult much thirty one twenty twenty one we had cash and cash equivalents and a twenty parties of five hundred twenty six points for than a million compared to six hundred eleven point eight million as of december thirty one twenty twenty now let me talk about get the of guidance we reiterate our revenue outlook of them in be been point what you one billion to them in be one point what is six feet in for the full year twenty twenty one with a them to a thirty seven percent to forty two percent year over year of girls
spk_8: that concludes our prepared remarks
spk_7: let's not open a call for the questions operator of critical i
spk_0: thank you ladies and gentlemen we will now begin the question and answer session if you wish to ask a question please press stall one on your telephone and lights for your name to be announced if you wish to withdraw your requests please press the pound or house key piece and by while we compile the question answer roster once again is still one a full questions first question comes from lloris and pine from a loop capital please do her
spk_9: thank you for taking my question can you break out the am acquired businesses and give us the revenues preferably by segment for choir businesses and the loss the in renminbi from those two businesses aggregated in the corner
spk_10: hi laura this is nailing lanny translate the plateau for okay
spk_11: i actually enjoy
spk_1: she'll go full blown you know shown will be drawn he shall go you with a good you again be some
spk_2: you're with
spk_1: hi laura an additive lingering and i will out or question directly actually this quarter in total acquired a bit that lead to anything had the gather counter built around a present albert total revenue
spk_5: okay so if we look into one or the house majority white majority are all the ah acquired a opposition it's come from it as come from thing cause revenue and the for think her or less like were discussing on august cuts earlier they have much
spk_1: healthier revenue fractured weighs less than sixty percent of revenue came from live streaming around thirty percent from membership services and is with men and women in part from advertising services
spk_12: and the for actually for left do you know that they examine your contribution is quite you know quite more and then we would don't would do not you know but do not in the stage to these clothes as eleven you are developing your contribution from said
spk_13: and
spk_14: got it can can you provide a bar
spk_10: remember loss from think unless do in the corner
spk_1: hi laura ah yes it's like not we haven't officially it's cozy an old age ah each business to line up hooker law for you to be than as line but but you know that as way cannibal when acquired think hi like that will think hyped up break you bill candle ah situation right they are probably the ball but you know that it's like single digit on net income on on that margin
spk_15: and with think how this quarter actually oh wait actually invested more in technology at the bottom and as well as left swimming cause time
spk_16: so so that way that that's all we can provide at the moment
spk_0: okay thank you
spk_17: thank you thank you all next question comes from for pay from oklahoma please go ahead on time management know what to get my questions on all was an angel wings are jews were soldiers old ones are so what do they have a yields and high boots was out ones are all high wire cool were made goods and dolphin be as equal as of geology kwong idaho's to the argument is that why you wouldn't the comes home or guys old man's young be used to do you eating junk the was all been the fortune and see how are you even and that module phones on to do than double until combined it without wings out of finding a being issue a jewels was weird see bags a good to go opens of wheels which are don't always argue with shot down of will be and he's ago thousand the city and bug i see those elements are gonna be angle and he's the guy you want them to go up have go all kinds of that you do the archives the ratios are on obesity or jobs you call it was always always off his rg with you do woman quaids issues with on the got dog by the legal at home arches will wait
spk_18: totally solitaire idea i'm so i we translate for myself so i have the questions here for questions about and you growth he seems in the you gloving want you was no bugs so can you talk about overseas and build matchstick and the you grow and the second question his eyes and himself live streaming revenue you're sharing ratio is due largely agree high compared last year same period
spk_10: so you mention are you a spat than the revenue sharing ratio to decrease from here because you talk bow the magnitude and when that is going to had to have them and the third questions about operating expenses it since our operating expenses racial the increase quite a bit this quarter or know
spk_1: that's because of a lesson pan so can talk about these trying for the last couple quarters or that all my questions thank you
spk_19: i somehow heckle i've had plenty of other content directly okay
spk_1: i you come off day and they you're from overseas it around forty four percent of about on around romney and the you have on our teeth
spk_19: because if querry way into way ahead i a you from our part of it and that made her less to i think up of poor think car content beyond the majority of i may use that a foot clinton second ave regarding
spk_1: he ain't home off in terms of you know imagine it's like that on our feet on the you grow like about thirty percent
spk_20: he ban said
spk_19: and domestic leagues with the old men can add that glows you know about about twenty said adding her mouth
spk_1: they
spk_19: asked run you're sharing i mean like training it's sad that okay on your your faith as the i went to see a slight increasing percentage of revenue sharing but you can see that and when mentioned in the last conference call it like with doing some meant in the like training attraction
spk_21: a special they the supply side of the like streaming and that means that we are you investing more in a cockfight
spk_1: so you can see i asked for that a rebound the last quarter revenue per cent sharing it's like we are laid down from like cure for and and can expand and and way week that that that train and we'll continue into of on caught quarter and as you frame talking about you know i yell a basis with you looking for a slight decrease in the percentage of revenue sharing and let will come walk holler about that because you're not away with beef up the caught with these calls before a flight
spk_10: we are looking for more the and out with the some dramatic this the he quit the like to hang out in ah ah
spk_19: shepherds and head of left training but actually for think as major message we are in more in friend had left to him into the net yeah it's better one on the of high side because thing cause of a sad and like they are you their profile is more trendy more fashionable so we need to you know
spk_1: compare we need to compete with he park cell phone sure things like that we need to attract ah that high quality of life trailer to go to to to go to a into our platform so calculated the sharing percentage of think it's actually relatively much higher
spk_22: higher that our original path for waited a load of head so in that way out is kind all all the take all things into consideration the blind date actually
spk_1: sharing percentage we'll be life in a lower compared to last year
spk_19: okay regarding the question regarding your off hat the increasing off have settled and quartered can be you know tempe separating to top hard won and that adnan oh your in your base it as way into a great think high and led to their are out there are heck how additional had come from in kind that do okay that over a hundred already so the one that this actually counted know most of our heck health increasing not end up in the fourth quarter as well as the and open those old also add a head count as well
spk_1: the and second thing is for day out bath com is actually lost the of your the pandemic wait actually
spk_19: we actually see some saving in the social or insurance part
spk_10: it is likely to out the whole year last year with the some you no savings in south cause of the garmin it's kind of wearing flip them the same page of social insurance for all of our employees so you blitz way we can feel like additional to two
spk_19: we have totaled three point up with any point of total revenue itself that is related to all the ah
spk_10: that the saving in social insurance that the for that the second one so
spk_23: yeah addition to the increasing stuff called as way the athlete is called earlier that we are putting more effort the south and marketing so therefore yeah that you can see the south marketing fancy like about twenty percent of our total revenue and wake back and then rate we'll me
spk_24: she relatively the same level throughout the year
spk_19: and regarding the t and aids actually i
spk_1: of the cause that
spk_19: the think your last the last the appeal while we're here not with will i'm not the public company so it's like majority of vienna in crazy is actually a professional thief is my professional fees the lady had being a public company so that's why you can see authors in to and a
spk_18: it's a well a percent of our total revenue and the way thing though the percentage will hit man candles in of that hatch throughout the year
spk_25: i hope that out the only question
spk_0: yeah good work go go you and you
spk_7: thank you as a reminder ladies and gentlemen if you wish you are sick question please post all one on your toes and keeper
spk_0: right thank you so see no more questions in the queue let me to call back to mr soon for closing remarks

This conference call transcript was computer generated and almost certianly contains errors. This transcript is provided for information purposes only. Earnings Call, LLC makes no representation about the accuracy of the aforementioned transcript, and you are cautioned not to place undue reliance on the information provided by the transcript.