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spk_0: that morning and good evening ladies and gentlemen
spk_1: thank you can walk on two dogs you international holdings ltd third quarter and so year two thousand and twenty two earnings conference call
spk_0: at this time all participants are and listen only mad we will be hosting a question and answer session after management prepared remarks i will now turn the crowd over to the first sticker today nestling can iraq director at tell you taste
spk_2: go ahead ma'am
spk_3: bentley hello
spk_4: everyone will come so fourth quarter and three or twenty twenty two calls story as today and they shouted chairman and chief executive officer mr made me to to strategy officer lisa house house less preston also them you can refer to our fourth quarter and for your twenties when you to financial results i our website as i also those so called is also have a replay of this call when it becomes available in a few hours on our website before we start please know that this comic consume forward looking statements made pursuing it's for safe harbor provisions for for the private securities litigation reform act of nice and ninety five this forward looking statements of based on that germantown expectations and observations that involve know an unknown risks uncertainty and other factors not under the companies can show which may cause actual results for four months old humans off the company to be materially different from the results performance or expectation inside by this for one of the same also we're looking same as a classic quantified is high side of caution the same and sectors and details of the company saudi with said sees the company undertakes know duty to revise our state and forward looking statements for selecting events or circumstances of the state of
spk_5: this conference call
spk_4: abby now speak on behalf of over chairman and ceo mister shouted sense to our twenty twenty two against a backdrop of a complex and one and tell that whole your wireless with a men committed to our long term growth strategy of for telling a library since and true and ecosystem with nbc year with a staples business performance a to a mix of operational adaptation and innovation that included optimizing all around new structures streamline of operation praising your services and infancy money has a from for the village in the fourth quarter would continue to produce guest house please outcomes and all creating mode dancing interactive features our platform for the he has he was a statement on mobile i may go slightly a sequential basis to fifty seven point four million to the foreigners with the total number of users of five point six million yen our ancestors now law was on before points to a minute a couple of strategists adjustments over the past few quarters of our ecosystem has been shown to be healthier which went to me it will empower to the lower long term sustainable flow as we progress winners into twenty twenty three we are continuing to enrich our concerns with community interaction please it's know our ecosystem we are she seems a focus focus of other of will strategy some increasing scale to improving quality without being overly concerned about the shots him flow of our business model more with the optimize our marketing strategy sense in partnership with games developers coupled with our interactive gaming house and communities to use a statement yes distance with the price level of call karate tournament gradually tend to a recent reasonable rings wait believe that and purchasing some coke term tournament will have had some in our all competitiveness in vegas this investment of will also for to ecosystem of open century communities and he has a loophole uses engagements any retention rates thereby facilities the company's long term it's neck and neck to share with our business assets from the fourth quarter in more detail for sell for our average a mobile a male with a quarter was the some point four million a slice sequential increase to a year or hear the cry points the main reason for the years year and for the old was quarter and a huge cengiz includes first due to this implementation of our celebrity few corporate documents strategies every twenty twenty two we experience as incline the whole and me since the fourth quarter of the year nevertheless in the fourth quarter despite the massive impact on users hazards from the offices of the wars of the l o l work championship tournament crazy you've been ten cents and or present on seen copyright term and season the success of taxes and engage our code uses as results mobile on me you are platform or cheap growth for third consecutive quarters section with continues and ones are innovating membership business extending our game specific membership services so what are game second by combining game features with super sunday this initiative has interaction among both new and existing users moving onto our comes and ecosystem capitalizing on the widespread popularity of course we continued to sharpen our borders and operations including the consistent upgrade of i was encounter with duncan mean features we continuously created an even broader selection of more interactive and engaging premium council of half of that with your is healthy as a vibrant interactive ecosystem for users to the way services providing them with a communist says passport and a normal membership business this effort can not only ensure some rich sanctions by beating and gamers me for upgraded content but also increase over or using engagement a sickness our past year that's writing your the wealth in the long run in the fourth quarter would continue to improve our diversifies self for the term answer some and organized and more than none
spk_6: fourth tournament
spk_4: leveraging out how to swim or resources we focus our family ip concerns in partnership with starting to emerge in this effort with created a series of freemium games cause him to find ways entertainment or his activities our game settlement such as league of legends and team six pounds and general capote ways attending parties is proven to increase zoos as motivation to the safety and factions and to live off our painful memories of hitting to both new and for the tournament has become one of our many avenues to promote a of for the larrabee of for support for example for some on of teams like gamer base with houses on a two possession or challenge this competition open enrollment on have to say an ambush says easy access to reverse and the wider user presses patients the best disappointing with integrated says form and content with our user commands users were able to iraq has his pace at once the ranks wasting our comments he channel
spk_7: well other users could take part in a series of fun activities such as a create a single fair competition and is actively worse
spk_4: combining game content with our new user communities have to raise his mind and like famous can at the same time it's pies and the bomb was heavy jesus as we improved of self produced from and system and forty forty incense it's value we launched a series of course have a selection mechanisms based on this tournament in asia population earlier with a real for stop forges would seen growth opportunities our high potential streamers and forty five uses in the fourth quarters will launch a soldier for school since election season for comment the competition covered or three months team sports game and it's have more than two thousand cottage cheese from his albums purpose providing more college for sense with a one to showcase their skills they had also help us cities come for central a was palace and his hands so you have to use and friends into him among college and versus in terms of copyrighted herman what you're going to and and fitness rich services contents and a by worst operation activities in august two champions cup tempting i see we added of functions such as home to support and watch we reminders to flirt alleyways our users here for over fifteen hundred he saw which we signed and invested in miss him is excellent for for women throughout the year and became the chances of the chances cop with the purchase of some coke copyrighted content would continue to sleep in cooperation with game developers for the integration harmless concerns with our platform operational characteristics to provide differentiated from and live concerts and customize the other services may allow alliances with the tournament's come since we will explore more commercialization channel to improve his allies of term and you move out to our money position strategy i'm a total number of years as is the fourth quarters with five point six million ways of what are the average are full of on be two hundred and ninety three we continued our kings uses sedimentation strategy from last quarter which included consulting maxing out to be nice for new came users with locally selfless and maintaining our co users willing to playing janet smoking more consumption of midrange things you we also made progress in generating revenue from know what showcases or for we continue to refine and promote our platform wide membership service system stresses of companionship and interaction between streamers and tesla members and consistently iterative membership features and the fourth quarter will launch the sound effects and privy to give for members leading to a ten said the increase in numbers to new race compared with the thrills quarters i'm sitting time users cigarettes among our sense for their more wake send i was in specific membership service to multiple sadness they sounded have thirty six of each games will own the customize scream membership services to meet you this thing for him game i just going forward with your friends and our cooperation with game developers don't seem to uses gaming and explore more commercialization channels in terms of our products hours and social innovation we continue to keep cooperation with games developers in compliance with laws and regulations embrace our our partial vince's sharing partnership with game developer winter great extending the house and and function with stones come and gameplay making a nice an accountant closely with this game for example on of things like to channel users can easily team up with swimmers and other users to play the game was a joined with one click function making users to emerging factions is significantly simpler than before in the past users had to manually aspirin into the game to form team the edition with the same working related data and team strategies to partial games data sharing in games such as the battle of and spatula and says cases for the optimizing our user experience and simulating a nice to meet engagements or is a challenging in your of twenty twenty two with crazy is healthy and the wise or gaming company ecosystem very of recently strategies including adjusting revenue generating activities and increasing investments himself self produce county thereby maintaining stability in the company's our or business and financial performance going forward we will continue to act two hours and worth defied skin century house and strategies and focus on and the scale and quality of alcohol use it by for improving game content and strengthening our connection with call users will we see this sydney's our platform and way to still why widely as a game
spk_8: in his horses
spk_4: may well we will continue to explore more commercialization channels and the new avenue to mention our leading position in bhutan massive saying like to industry with that our now and look for or to our less stressed and i'll send us mr house how to go through that the south of our financial performance in a quarter
spk_9: federally hello everyone
spk_10: sort of for your twenty for due to the photos to of optimizing costs from developing threatened to causes order to improve financial performance as we continue to invest the high court itself produce content and improve our revenue structure we housed operating efficiency to adjusting so much screaming business to get at least effective cost an expense controls for a for your panties and to of course margins expanded to thirteen point nine percent or just in their last narrowed significantly to or be six seven point six meters this no look at a financial performance for fourth quarter few more detail total net revenues in the fourth quarter of two twenty to decreased by twenty seven point eight percent year over year to farm be one point six feet fetus like creamy revenues were armed these one point six feet him or degrees of twenty seven point seven percent and from our be two point two one beaten he the same period of hundred ninety one degrees was mainly attributable to two sectors are continued implementation of prudent operated strategies anti one of impact of what decline is streamers activities following to end of story find team restrictions as a result which to gifted interactions the partially to pounds which costs are you every year to decrease in quarterly off or cause because was on be two hundred and ninety three so four percent from harm be three hundred and five in the same period last year
spk_9: advertising and other revenues were armed be eighty four plus three meters compound of these arm be one hundred and fifteen or five minutes the same period of twenty twenty one year we're decrease was primarily attributable to the soft demand for friend surprising
spk_10: are made to turn into my corporate and make you want but declined was partially offset by to encourage other revenues contributed by game specific membership services cause of revenues in the fourth quarter of times and it is was armed v one point five cities or decrease up to defeat point two percent compared freeze on the to point out the seated in the same period of time of into one revenue service fees and con un pa costs decreased fight thirty one point two percent to arm be one point two seven stealing from harm be one point eight five seated in the same period of time twenty one the did the decline was primarily driven by the following into factors first the difference in revenue share these was mainly in a car is pleased a decrease in live streaming revenues he auditioned the lower resolution racial which was achieved showed the implementation of uprooted pretty strategies lead to a further reduction in revenue sharing these set and the copyright costs decreased significantly as a result of selective copyright for to miss structures well by we cease fire is overpriced come to write for his flaws tournament's a decrease was partially offset by increase is so produce content costs greeted by additional yeah and he went last year the caught i know is cost to the fourth quarter of times and it is decreased by seventeen point six percent arm v one hundred and thirty eight point four meters from rmb be one hundred and sixty seven point nine meters in the same period of time and one the decrease was may indeed due to the year over year reduction in picked by the which use it in the absence of the purchased light of major is was tournament's cause profits in a fourth quarter of and and to was or and be one hundred and sixty six point one million compared with or i'm be two hundred and forty four point seven it to the same period of time to twenty one gross margin in the fourth quarter of times and it to was eleven point one percent compared with ten point five percent the same period twenty twenty one the marty improvement was made it clear and fight a decrease impose revenue share fees and copyright costs as a percentage of the refuse to improvement was partially diluted by the rising percentage of revenues executed to sell previous comment costs sales and marketing expenses in the fourth quarter of fun and it is were armed be one hundred and twenty three point nine percent made him a significant decrease of forty five point nine percent from harm the two hundred and thirty nine point two million in the same period of time and into one this was mainly attributable to decrease impose mocked expenses for use acquisition and a branding expenses research and development expenses in the fourth quarter of times and it to were armed be eight point six percent of million representing nine or thirty nine point two percent decrease from arm be one hundred and thirty two point six million in the same period of time and you wants to decrease was primarily due to a decrease in person now related expenses general and administrative expenses in the fourth quarter of ten twenty two were armed fifty five by to medium a drop off forty four point one million percent from on the ninety eight point eight made it in the same period of twenty twenty one the decrease was primarily due to decrease shut as compensation expenses at the vast majority of shares and i'll show you send him says are fully rested as was decreased professional surfers fees adjusted pretty as with as bad service compensation expenses was harmed be fifty six made it into fourth quarter of i intended to come out with arm be one hundred and sixty eight point seven million in the same period of time and he wants net income into for was quarter of times and it to was armed be forty one point eight million compared with net loss of on be one hundred ninety three point two million in the same period of time twenty one or just in their laws which has to lose service compensation expenses south laws or income equity message investments and income loss of the westminster was armed be four point three million in the fourth quarter of times and to compare with arm the one hundred fifty point seven minutes in the same period of time to twenty one
spk_9: for the fourth quarter of kind of and it to basic and diluted net income pathetic as were arm be point one four and farm be point one four respectively
spk_10: while adjusted basis for diluting their loss for it as arm be point o three and arm be point o three respectively as of december thirty first time if any to the company had cash and a cast crusades which fitted cash on a short term and long term cent deposits of armed the six point eight one billion compared with arm be six point six for feelings as of december thirty first twenty twenty one moving forward as part of our strategic photos are how's the lonesome gross or revenue make spirits some immediate impact we should we believe is critical of balanced rose with the also strive to explore more commercialization tunnels and find to have the braces supporting to sustainable long time to vitamins of half powerful while was delivering greater value for shareholders this concludes are prepared remarks for today's appraiser we are now ready to take questions
spk_0: yes we will now begin the question and answer session
spk_11: to ask the questions you may press
spk_1: and one on to tell us and keypad if you are using a speaker said please picked up your handset before pressing the keys to withdraw your question since start and sale for the benefit of ah participants on today's call if you wish to ask your questions he management in chinese please immediately repeat your question in english it this time we will pause for a moment to assemble faster and our first question today will come from lead say as bank of america has securities
spk_2: step ahead
spk_12: one is more council i get all that's the last hour that's when seasons always had a chance elements is now cause accidents and the time two thousand and census arson and got into this item for the how woman said the young and sizes got home from legs and telephone know she's only sell these are the ones some serious sounds and salad sandwiches indian food on the grill and that's hard to see how does your downfall nice see people on a cellphone thousand four hundred thousand and four your blog on no douglas yes it can do some articles mentions woman who was illegal stuff your meals in that that zones and sales in the and on management something that class yes that's looks question is the way our strategy will notice that in this happens that spawns this it's yeah it's all time show his ass your status he recalls has its own this wage and how with the way to the births are facing saw it's a sense in well how about this and know in costs us on saturday night we noted that partaking attacks him this years and time so it's assets social niceties are and the we also know that there are no both sides who belongs to this yes are we all those are the south send the gates jr outside since you
spk_13: to built about what i love ego and is too
spk_14: it that since since was pretty goofy sleeplessness sale ha new syntax is that does concern is not gotten used to that of a new to sit out and that i'm sure that he does seem so you have with a fancy oh did i feel awkward nc that of us news from her medical should actually such an appointed when you want to be a lot when she says what is it held him your entire time and much was on c culture through the roof on the hoosier it as good as on said
spk_15: you then suggested it to easy to get saddam something going to go see some other areas
spk_14: being implemented
spk_4: conjure gotta like locals the to my father to see as your holiday is held your senses our and vanilla do a total to hold sounds you visited a duffel such mister sam wheelchair to the first class and as the dating game lasting impact one in china or women's the men coming to our long term growth strategy of forced some a vibrant and century house and ecosystem are we continue to establish that was you find a gaming platforms i threw me i ll sanctions and clean your services for pound and alive for end game content is core system receiving ever changing macro environment is the past two years with made some adjustments to pursue lounge both elements are those adjustments include access to memory fine of offering strategy to optimize our revenue stress to and controlling government spending civil fines and operations
spk_14: i would imagine websites and has an only civil rights or company said in it but also improve our financial performance and significant that narrowed our suggesting that last for four year twenty twenty two and into some sense i i'm often you know how alan johnson has has to do the and you go you know cultures constituency the other zones and it on who you're with a centralized gtb bodies it'll sound she's gotten just shot a see that your with an awesome a woman said some of as you will be was an uncle sure you yeah to you which is down that she's i'm not i'm going to joseph due to the can enable first judge a person and on shall i saw nice it for the moon i'm a licensed to notice that he will attention few other shows him that
spk_4: it since golem undergo you political views and but he has to twenty twenty three we will continue to execute food and australasian of tragedy and focus our long term business percent
spk_7: we will reduce our investments and traditional business lines with no allies and to focus on explore new growth ashes
spk_4: well for grossing your his skills with your heart is improving their products i see memory high client hansen's upgrading our for next structure and strengthening our interactive features we're able to enrich our platform ecosystem
spk_14: so that we can hang out with your they experience and retention rate the and says tillman tom total amount of how insensitive to work a sentimental with about his holiness altered simple people's lives in cs tell solutions in one that going tell any that he was an unusual don't really want and hello was you play devices defeat on go to the new room for come on what you should have sit on t one the bunch of the have faith by themselves you want that tension a lot on your blues the south was entered a huge and he overdosed on for john party should you can be so sure if it was usually will hop dancing a shanty one yeah pushing a to the of identity theft auto four deaths and the films hours and you taught him to go to each other hundred gems urgency and needle is also it's and under just was it somewhat issue that are you have your have your to needle a total year tom do on under your whole life i see for ten minutes with our son is something won't know until the see contact on to the aquarium
spk_4: dancing with the second option has a conscious about it as in terms of cost autopsy since we contacted at it's how the evaluation of the ally of it's harbor expensive and own okay to come from resources rationally and dynamically accident limited resources to business lines with greater potential of for example from some of our users of strategy some serious where passengers and yours acquisitions we notice that channel promotions job user flows in the short term but with lower rate sensor arrays and commerce rate as new this nice have become you have become more diversified focusing on channel promotion is no longer exist cannibals user acquisition strategy
spk_7: therefore we have adjusted our our marketing strategy in twenty twenty three kept hearing to concentrate the up hopes to grow by continuously investing in high quality content and cooperating with game developers to upset and going to use it
spk_14: those investing again in pounds and to see some more long term process than channel promotion within whitsundays is beneficial for outcasts one sustainable development and that dollar goes you to to me said events from his eminence you to understand go to school was issued a suspension or see before the to jerry jones what do as as you of as i've been with presents all women please leave a comment upon the best sales out and in a woman was in greece summers ago god says quality that i think to myself as soon as he even him and i'll tell them as the
spk_16: dumped another to get some animals it gyms as your to that it on the on the internet on your own this was last slam policy usual than the sale or god loves us intervention
spk_14: was on on
spk_7: since you go to yeah
spk_4: and for those are those needles and have to move into their final that result in terms of of a coke have credit card for fucks humans as we mentioned before or copyright tournaments as to of great value and way woods or researchers some coke have fled tournaments is a price level return to a reasonable rent
spk_14: on that basis with reporters to some coke have rising events in twenty twenty three or such says it helps me l m l o l were championship tournament equality swimmers countess said worth the five and self produced can simply conscience along with from as content able to reach our concern ecosystem and forster our skin century some theories thereby sixty seventy five of all competitiveness in the industry
spk_17: on sunset socialism zone cause him to others are you
spk_14: which and congress issue though
spk_4: dinosaur leverage ago so full of as you sometimes on sulaiman just as a gel intelligence and you choose and had a twin cities oddities them cyborg ounces the chance to to social media on issues has them to those are plenty of sites with
spk_10: meanwhile internal revenue with a focus as ensuring that our news is willing to pay our platform is unsustainable basis such focus shifts will have a short term impact on my rabbits has ever of of leverage is expected to improve in the long run which is
spk_18: turn supports the company long term for her abilities as same time we are continuously exploring more innovative commercialization habits as you nothing else he always says because for a larger edgy party
spk_10: says it's parties or tears are interactive mobile game again and easy to operate on a highly interactive features
spk_18: for this game away prepare the he's furious
spk_19: furious that screamers in the mouth and our job to the or charity receive merrill's to impart your most prayers to engage in the game private life screen
spk_18: meanwhile leveraging the functionality of our to their communities we organize the various a rocky and it to me off with has a few days is visiting our communism community tennis we also provided a plenty of a damn right arm as as a reward to increase
spk_9: players engagement and the introduction
spk_20: this have effectively former as a gym
spk_21: his popularity and hebrew the all your their facilities or hobble the form
spk_18: ramon general or do now
spk_22: a party parties like three volume has ranked as the top of the arteries
spk_10: more than half of those segments users the participated in activities within our community channel dureza promotional things
spk_19: in terms of all new games have we eagerly anticipated as long to have moths thought about jim
spk_18: hello games into contender platforms such as though you high points games and a zero users are the most important to us both to generation and the user goes
spk_22: a sister home game features we will continue to create for him enormous gaming content with
spk_23: greater his erection he directive an engaging features as well as a lie was arranging election
spk_22: we're time to predict to the exact schedule of the launch of this gym ah the according to our practice we will cooperate to be the game developers to promote a new games during the pre launch speech we we all select a this is pure and streamers and
spk_1: and as reach game contender for players to watch fancy cars and is in provided interactive content such as going to the rio's and the tournament events to increase the user engagement
spk_24: evaluate estimates users experience and he has users be center okay and our next question today come from thomas charles etc please go ahead house is it what he says i want it's you been all kinds aziz obvious ones is suitable sandals
spk_12: using them and see as he thought i'd see their details are so satoshi on it's own city ah some awesome yeah as simple as white as
spk_24: when i saw one guy
spk_25: that ontario's is you both near doesn't want one
spk_12: ubuntu one or two
spk_24: some guys most kind of
spk_26: sheriff's office management bought my such as martyrs pressure regarding our strategic direction
spk_24: that that somebody me male
spk_12: assessments
spk_14: and the past two years awesome should be think of all other industry trends on accident display that our houses are also i think about see management thoughts regarding the game by focusing on for industry and monuments and my second question about to use a scale of is just of artists and quantitative cut sent you
spk_13: well as and other sources and on as want to send a good want me to knowledgeable and submitted it is funny
spk_14: insists on to the usage of work out that allows us from the to search engine planes your son una se economic issues on which it was for some clinton what are you going to out candidate of the family fine with a family put up images to complete your buttons alerts from politico gemma today's new engine has receive a serious and children's agency what i do yoga and behind for that much i miss commercials johnson's at amazon him
spk_4: yeah which he sings on a on your side teaching the science science and politics mister sam will take the first question estimations is for the competition with save our industry has already this is some like to him to gaming conscience conscience is a much larger market with the borders user base expanding zones hardcore gamers what he likes to amuse myself watching video games live streams this means as school as involving both an opportunity and challenge was
spk_13: given the large scale of our existing user base and revenue base to the challenge is how to adjust our photos and operations to acquire new users and explore new commercialization channel
spk_14: detergent food and nutrition milton what uses marijuana which which issue the locals and grandfathers hunting to see mental problems with as well hospitals underdogs are you pulling
spk_13: single facility go on i seem to not using for zone
spk_14: use you who don't smoke couldn't afford a potentially a society
spk_27: this about it since i they will attack wasn't entire needles in for nobody
spk_4: international settlements or on another and congress issue that uses from have essentially settlement which is accident that's interesting or when he insists on achieving success with premium game contest texas is on a whim average high quality same conference to apply new users and build a diversified quarter systems to meet you that worsening and improve your the difference
spk_28: taxes by what renting contents high for the users can also generally consensus suit into acting and self for do things for story of water cycle our platform of concern for the action and the user developments that we have emphasized to field a healthy and sustainable platform is
spk_14: what was done in the past guess what what we'll continue to do in the future
spk_29: george speech
spk_14: georgina not be a cinch hundred abortion because you have enough is enough
spk_30: remote when she wasn't
spk_28: listen to the was will remain silent gems collection some doctors as others and estimates suggest us would use the two hundred and don't bother to check was me
spk_14: essential to handle lot of illegal for rockies evil for them a woman chancellor his injury would i found it the showroom send it to the hassle muslims will come into a hundred and twenty mm
spk_31: police squad social change for ambulances reasons
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spk_4: and we're to your tolerance yard skins the energy as the or me chicago as as he was course on the things you want us to choose your chances of abortion should have to pay to consider to be in the favorites furthermore for a long time with considerable attention to our revenue scouse they sound live streaming up is our last two in the past one easy money has a some features however with think this may harm our platforms legal and house is about them and in the long run
spk_22: therefore we have recently received our marketing activities that hobby revenue of well instead they sell our what showcasing revenue most we provided some worth five for us to say there's different uses paying habit and man were also emphasizing out products system it his actions we are exploring new initiatives such as a memberships business is your time to make changes will for before it's always fun of operations and improving our cars and census control
spk_18: in this way well making above adjustments ways to manage to mention of forms long term for facilities senses
spk_22: i me also you're taking the approach were about her say male as a real family consists in the late for me these to the people so he is of jamison takes on tinder platform with this access and the retains users by for my these high quality games intrigue content and adoptees you the appeasing abuse
spk_32: there's entities to fix different a that environments in twenty twenty three to navigate
spk_18: modify or metro are you mormon to resist agility way prioritized or a long term basis with four packs review was our investments in traditional thin slice of is a low ottawa
spk_22: for song our users growth remedy all the employees are users are trying to we strive towards read the bible contains operations as well as it's thrall commercialization avenues of a total revenues are mainly contributors of by our contender three when users as the jesus said a pin heavies
spk_33: we plan to lot to be part of our promotion know expenses as if the are we to be able to directly affect our platform damage m a o the those shots from nevertheless most are with these load for i a was short term yourself on the platform this joint remedies own to
spk_22: effect of our content operations all our will modify these increases in addition reserve for two years old copyrighted content we expect to gain some tournament of users by have a these surveys
spk_34: oh it on our our game sentiment reforms as is that increases as tragic said it was just couldn't have said the decries use uses do is awesome some of says certain abilities decreased or promotion those businesses we'd be there was that
spk_35: over recent no adjustments we we never have to increase our resolve adaptations the all to build a more sustainable contains of ecosystem although the retail or these investments six time they will ultimately his hands our all the all competitive competitiveness and support our platform the long term the department of sent you it's our next question today as comes from joplin say of china when assad's please go ahead he was also a similar sense of humor want to get elements you johnson johnson of use and from consensus on chance on there to to their consent for believe when i saw a you tube includes two cents on the used and and people do so tell him and his or something so cool because you some shots on the audio near trinity
spk_10: if you do the to call for most of these cities have changed since junior league or to new who cities some i have some questions was cause we're recording our that it's constant come for the procurement you sure our plan on a home we had to improve our eye on him content and a certain place to keep us updated does that include to hold your cash flow have with to the positive operating cash neutral thank you scientists are questions as to the first question on copyright for to and copyrighted a tournament played an important role in stabilizing or platforms traffic on improving our user engagement
spk_36: in as here we adopted a selective copyright perfume a strategy due to death of uprising of some we rioted tournament's with the level of copyrighted of totems gradually returning saw reasonable rent
spk_37: we have increased or investments in are chasing or copyright twenty thirty three
spk_10: major copyrighted tournament's we have purchased so far include league of legends on our teens peacekeepers elite press file cisco and put our too for a tournament copyright we purchased where will improve or return on investment through innovative approaches in terms of the housing user engagement where we'll continue to upgrade interactive features are powerful to me it's users diversify disease by beauty of of related experience in live streaming and operating probably right it's of for example help you help find ever raging i'll talk to your streamer resources we selected top streamers to do or coast dreaming of the tournament events disclaimers included both officer tournament commentaries the top tier streamers with massive a fan base in days tournament's and our festival
spk_38: this three remake it is initiative a cheap good results the details you live streaming channels is on par with dead of official channels
spk_10: in addition the number of for each has its several times higher than that officers had a furthermore we featured a more user friendly access to reduce and community channels or live channel sale by gaining more exposure thought i thought diverse gaming content and attacked him more user for john it's in terms of commercialization we continue to integrate are copyrighted tournament's content with more refined operations for example we promote against specific membership surfaces to tournament of the viewers meanwhile with explore more direct months has a son opportunists based on copyrighted tournament's content the addition to discussing the copyright problems with copyright owners will be a communicate more effectively was them to explore reasonable long term corporation so how does the second question of of cashflows as of december thirty first time doesn't it need to have a hard task test banners including cash and cash equivalents retreated test and to parties amounted to our the six point eight one thing it's an increase of arm see one hundred and seventy million compared these are the six point six for be the same period of time twenty one this is mainly due to two factors first
spk_1: encourage your cash balance is primarily a result of reporting currency translation
spk_35: as east appreciation of the us dollar increase the bodies of the large amounts of us dollar denominated has as it's we hold totally armed these four hundred and eighty million and in terms of test oslo we used a total of arm be one hundred ten me balancing test for to share repurchase
spk_39: other thought of as outflow was or be two hundred and ten minutes of which operating as or flow was on the seventy seven point eight a made and thank you
spk_12: since the day will come from rtl ten as see i please go ahead
spk_10: that's a whole sincere bodies and do so with our twenty subway for chances are examples animals and to do a simple ones are for sale for that way more own unfolds england and he got an for where you say sell off i was a designs have sex for taking my question my question is plotting the same used a chance separates on thousand current operations charity were it's to face users going forward will be great if measurement question more insights on the to use a chance especially in the year of eighty six thank you folks ask questions as mentioned previously improving is a quantity is of key focus is here in the second half of last year with cancer some marketing activities for new paying users with low rate of return
spk_40: that reflects the high quality of of current paying users with cause he said the pain behaviors for services
spk_10: in fact is a nursery we plan to further reduce or mocked expenses and acquisitions expenses for paying use acquisition which will have an impact are paying user base in it's industry we will continue to improve revenue quality and maintain a call pay use as business and also their willingness to pay shift into focus of revenue generation to the falling into areas first of all
spk_41: we will put more emphasis on maintaining called paying users to be syrup for business stability
spk_10: we launched various tears of pain products based our users different a bit of his face he ought to sustain and improve their willingness to so meanwhile road out more companionship or rented functions and activities for fans but only maintaining the day a two day interactions between streamers and offense but also the housing for science willingness to face last year we upgraded our use benefits and his and of interactive functions substantially improve the offense degrees and a steadily increasing members renew our rates second with explore more new number to keep them business model based on game characteristics improve our rescue makes the game specific man nber shape service that of we launched in a second half of times and it to his progress is mostly despite is relatively small ref new currently with believe this business testify some gamers demands for the games themselves
spk_42: get not only attacks last number of game fence
spk_1: still by adding new users top happen but also appeals to existing users so promoting a virtuous cycle your game content ecosystem
spk_4: he shot developing our membership business will be a priority thoughts and it's industry
spk_0: specifically with a continuous christening or passed on wide a membership service while reinforcing are close cooperation with game developers to delve deep into users gaming these an extent of games specific membership service to multiple settlements sent you since you
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