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spk09: Ladies and gentlemen, thank you for standing by and welcome to Aurora Mobile first quarter 2022 earnings conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be the question and answer session. To ask a question during the session, you will need to press star and 1 on your telephone keypad. Please be advised that today's conference is being recorded. I would now like to hand the conference over to our first speaker today, René Wangerstein. Please go ahead.
spk12: Thank you, Nadia. Hello, everyone, and thank you for joining us today. Aurora's earnings release was distributed earlier today and is available on the IR website at ir.jiguang.cn. On the call today are Mr. Weidong Luo, Chairman and Chief Executive Officer, and Mr. Shanlan Bong, Chief Financial Officer. Following their prepared remarks, they will be available to answer your questions during the Q&A session that will follow.
spk01: Our business plan is approximately double what it has been in the past. We took a little bit of a dip over the last couple of years because of COVID, but we're very encouraged about our development pipeline, as are a lot of our friends in the space. I think it's, uh, uh, don't see it. Uh, you know, I think there seems to be a lot of demand. Um, the capital, uh, has continued to pour into the space and, uh, but don't feel like it's overheated in the sense that, uh, when you look at all the other alternatives out there, it's, uh, multifamily space has been able to deliver good returns. And then the day we're providing a service that, uh, people need, people need good places to live. And so, uh, We're encouraged. I mean, bills are taking longer to get done. It's more challenging sometimes with conversations with municipalities. But I think we're pretty bullish about our next three to five year business plan.
spk12: Before we begin, I'd like to remind you that this conference call contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 as amended and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based upon management's current expectations and current market and operating conditions. which are difficult to predict and may cause the company's actual results, performance, or achievements to differ materially from those in the forward-looking statement. Further information regarding these and other risks, uncertainties, and or factors are included in the company's findings with the US Securities and Exchange Commission. The company does not undertake any obligation to update any forward-looking statement as a result of new information, future events, or otherwise, except as required under applicable law. With that, I'd now like to turn the conference over to Mr. Luo. Please go ahead.
spk10: Thanks, Rene. Good morning and good evening to everyone on the call. Welcome to Aurora Mobile's 2022 First Quarter Earnings Call. Before I comment on our Q1 results, I would like to remind everyone that the quarterly earnings debt is available on our IR website for your reference. You may refer to the debt as we proceed with the call today. Let me start off today's call on the one important milestone we have reached. In Q1 of 2022, we have made a significant and important investment that we foresee to further solidify our leading position to help customers to enhance their user engagement through multi-channel solutions that we can provide. As we shared in the Q4 earnings call, since then, we have completed the acquisition of majority interest in SendCloud, China's leading email API platform for consumer marketing and user-centric transactional email services. With the completion of the transaction in March 2022, we have initiated the integration of the operations. In this process, we have started identifying the list of SendCloud customers that we can potentially sell our JG services into and vice versa. We believe this is an effective and efficient way to increase the revenue of the group. We will provide updates on this in the future earnings call. From product perspective, with Senkou's very strong presence in the email services, we have integrated its email services into our UMS product. This will further enhance our leading position to help our customers from all veterans of the market to reach their users through our omni-channel communication technology. We believe this is a great product offering that the market has been longing for. Q1 of 2022 proven to be a very challenging quarter for most businesses due to very weak market economic conditions and the resurgence of COVID across major economic hubs in China, which slowed down the business activity significantly. Nevertheless, With the effort by the teams throughout the company, we have met another set of impressive financial results amidst this tough operating environment in Q1 of 2022. The key achievements in the quarter include as follows. Revenues were remain be 85.3 million, up 11% year-over-year. Operating expenses were remain be 94.5 million, down 7% year-over-year. Operating loss was LMNB 36 million, narrowed by 17% year-over-year. Net loss was LMNB 30.9 million, represented a 23% improvement from a year ago. Adjust EBITDA was negative LMNB 8.2 million, also significantly improved by 56%. percent year-over-year. AR days remained at a healthy level at around 46 days. Total default revenue was about $100 million for eight consecutive quarters. We are and have been closely monitoring and controlling our expenses as our continued efforts to drive operating efficiency since late last year. This effort has paid off as both our operating expenses and loss from operations have reduced year-over-year. We will continue to be very strict in all aspects of expenditures now and going forward.
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spk10: Let me continue with the different revenue streams within the group. In Q1 2022, our developer surfaces continue to deliver solid results with a 14% year-over-year growth, which has mainly fueled by a substantial 48% year-over-year growth in value-add surfaces, while our subscription surface record on both is 2% growth during the same period. Subscription surface revenue will remain 44.4 million, an increase of 2% year-over-year, primarily driven by new customer acquisitions. During the quarter, the financial sector, mainly banks and brokerage firms, has contributed a sizable percentage of revenue for both the push subscription and private card services. The financial sector customers include Ping An Bank, Guangzhou Bank, Lanzhou Bank, City Credit Card, and China Investment Security, just to name a few. Financially sound and strong customers, we have plans to continue selling other sets of JG products and services to them in the near future. We believe this is a good strategy for us to further increase the revenue of ARPU from these existing customers as we are in good position to know of their needs in order to provide the relevant solutions. And we will also expand our reach to explore more financial sector-based KA customers. as our products are well received in this sector of the market. Value-added services within developer services, which include revenue from JG Alliance services and advertisement SaaS, continue to deliver a solid 35% year-over-year growth to Renminbi, $25.4 million for Renminbi, $18.8 million in Q1 2021. On the supply side of the JG Alliance, the traffic pool remains stable during the quarter, Our effort in the quarter has shifted to better operate each of the DAUs within the traffic pool. In summary, what it means is we are making different attempts to help each of the apps within our JG Alliance traffic pool to search for a better match of one or more advertisers so that these apps can maximize their returns on its exposure. We believe by doing so, both the traffic pool suppliers the mobile apps and ads will benefit from such initiative through growing the revenue to be generated for each devices within the pool. In terms of revenue contribution by product formats, both the live push and in-app message contribute approximately 60 versus 40, respectively, in Q1 of 2022. On the demand side, many program developers and targeting-related demand remains strong as our JG Alliance product format remains to be very ideal and as an effective means to reach out to their target audience. In total, these both subgroups contribute more than 90% of our JG Alliance revenue in Q1 2022. During the quarter, demands from direct customers have been very strong and contributing more than 70% of JG Alliance revenue stream. while the rest came from the third-party advertising agency. Major customers of JGA Alliance consisted of repeated customers and market leaders across many industry verticals. Key customers include BAT, Baidu, Alibaba, Tencent, JD, and Weibo. Here, I would like to provide some colors on the value-added data surfaces in recent months. Starting from March of 2022, we have seen advertisers getting back their advertising spans across all medias of advertisement in China. We have felt the impact of COVID-19 and lockdowns in some key cities as the demand for our value-added services has not been as strong as anticipated. Therefore, the revenue from value-added services is expected to be impacted in Q2 of 2022. Nevertheless, we believe things will turn around soon and the demand for our value-added services will pick up again as the economy recovers. Lastly, a very important product update on the value-added services. As we announced in the press release earlier this week, we have recently launched our advertising mediation platform for our proprietary SDK technology We will be in the best position to help mobile app developers to access other mainstream advertising platforms in China with great ease and help them better monetize their app advertising inventory. This is a mature and proven business model. Oversea players such as APP Living, Mopup, and IronSource have been helping overseas app developers to grow and monetize using similar advertising mediation platform solutions. We believe we will bring great values to the mobile app developers through this arrangement. With that, I will now pass the call over to Shannon, who will share more about the vertical applications and other parts of the Q1 2022 earnings release.
spk11: Thanks, Chris. Let's now move on to the vertical application that mainly consisted of financial risk management and market intelligence. These revenues grew steadily by 6% year over year with financial risk management business contributed the lion's share of the revenue growth. In the financial risk management segment, revenue increased by 11% year over year with a solid 33% growth in our pool. We are very pleased with the revenue growth recorded in the periods, especially the Q1 2022 was a tough quarter. due to the relatively weak macroeconomic conditions and the resurgence of COVID in certain pockets of the key cities in China. Nevertheless, the demand for our products remains strong. During the quarter, we acquire new key customers and continue to retain many existing customers every quarter. These customers have expanded their demands with us, resulting in a very strong 33% ARPU growth year-over-year. Some of our new and renewed customers include all licensed operators such as DD, ENDS Financial, Ningbo Bank, Wuxi Bank, Ningbo Jiao Tong Bank, just to name a few. Our on-market intelligence products continue to sign up a number of new and well-known key accounts corporate customers during Q1 of 2022. They include, again, TT, Bar Teng Chen, Speed Auto, and one of the largest pension plans in the world that is based in Ontario. Revenue remained at a fairly stable level with slight decline year over year, again, due to macro environment which slowed down the business activities. Now, I'll go through some of our key expenses and balance sheet items. On to operating expenses. As a result of our continuous effort to efficiently run the business and tightly manage our expenses, in Q1 2022, our operating expenses decreased by 7% year-over-year to RMB 94.5 million. In particular, R&D expenses decreased by 23% to RMB 40 million. mainly due to reduction in headcount that reduced the salary cost and associated share-based compensation. Selling and marketing expenses decreased by 2% to RM26.3 million, mainly due to the decrease in marketing expenses spending in this quarter. G&A expenses increased by 24% to RM28.2 million, mainly due to the reversal of AR provision in Q1 2021 that did not repeat in this quarter that resulted in a $1.5 million swing and a $1.4 million share-based compensation and a $1 million increase in professional fee incurred. Adjusted EBITDA calculated as EBITDA excluding share-based compensation reduction in forced charges impairment of long-term investment and change in fair value of foreign currency swap contracts recorded a 56% improvement year-over-year to negative RMB 8.2 million. This was made possible as we managed to grow our revenue and gross profit while effectively controlling our operating expenses year-over-year. And to recap the key financial performance in these relatively tough quarters, We have managed to grow our revenue by 11% despite Q1 of 2022 being a very tough quarter for most, if not all, businesses in China. Gross margin was at 69% this quarter as we paid more traffic costs to mobile app developers for our JG Alliance business. Operating expenses decreased by 7% due to management effective and stringent cost control measures. As a result, both our net loss and adjusted EBITDA has narrowed by 23% and 56% year-over-year, respectively. During the quarter, we continue to streamline our workforce in an effort to further improve our operating efficiency and ensure that OPEX is remained at an optimal level. On to the balance sheet. I will again share two very important KPIs that we always closely monitor. First is the AR turnover days, which has shortened by two days at 46 days this quarter compared to 48 days a year ago. Our disciplined accounting policy and cash collection effort ensure timely collection of our accounts receivables. Secondly, the total deferred revenue balance, which represents cash collected in advance from customer, has exceeded $100 million at quarter end for the eight consecutive quarters. As of March 31, 2022, the total deferred revenue balance was at historical high of RMB $133.3 million. Next, total assets were at RMB $625.5 million as of March 31, 2022. This includes cash and cash equivalent of $273 million, accounts receivable of $42.3 million, prepayments of $15.4 million, fixed assets of $55.6 million, long-term investment of $137.3 million, and goodwill of $37.8 million and intangible assets of $24.1 million resulted from the SendCloud acquisition in March 2022. And total current liabilities were at $394.2 million as of March 31, 2022, and this includes short-term loan of $160 million, which were all repaid in Q2 2022, accounts receivable of $21.6 million, deferred revenue of $129.5 million, and accrued liabilities of $83 million. Next, business outlook. Since March 2022, the resurgence of COVID-19 in certain parts of China has increased the risk and uncertainties for conducting business in China, and this has in turn making business performance harder to forecast in the near future. With that, we believe it is the right decision for us to suspend providing or updating the revenue guidance until such time that the situation substantially improves. Lastly, before I conclude, I'll give a quick update on the share repurchase plan. In the quarter ended March 31, 2022, we did not repurchase any shares. As of March 31, 2022, we have repurchased a total of 9,000 to 1,000 ADS since the start of our program. And this concludes management prepared remarks. We're happy to take your question now. Renee, you may proceed. Rene, your operator, we are done. Thank you very much.
spk09: Thank you for confirming. So, dear participants, we will now begin the question and answer session. As a reminder, if you wish to ask a question, please press star and 1 on your telephone keypad. The first question comes from Brian Kinslinger from AGP. Please ask your question.
spk02: Great. Thanks so much for taking my questions. First question I have, the year-to-year growth rate in JG Alliance has slowed significantly in the last few quarters, you commented. Can you provide the factors that caused this? How much was market conditions versus COVID?
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spk13: I don't think we can hear you.
spk10: Excuse me, dear speaker, your line is not clear.
spk02: No? Hello?
spk10: Better now? Yes, it's better.
spk02: Thank you.
spk10: Much better. Okay. So I think that's the same thing, right? I mean, the COVID impact affect the advertisers' budget. And the advertisers reduce their advertising budget, so they affect the impact our digital alliance revenue. Because our talk, Advertisers basically are like JD, Alibaba, Weibo. Especially JD and Alibaba, their business is affected by the logistics, which is impacted heavily by the COVID-19. So they reduced their budget heavily in Q2. But we see some color pick up in these months. But not as 100% as what happens in Q4. We still need more colors in next quarter.
spk02: Got it. Okay. Thanks. And then a similar question on subscriptions. We're down to single digit growth for this quarter. Is that all? Is that generally COVID too? Is that more churn on some of your subscriptions? Just maybe take me through. the factors that led to, you know, single-digit growth compared to what historically has been a little bit better growth there.
spk10: Yeah, for the first question surface, I mean, Q1 is a single-digit choice. It mostly is impacted by the COVID because in March, our headquarter in Shenzhen has been locked down by more than one week, around one week. And we see the... In Q2, the subscription service will pick up and recover. We will see double digital growth, Q2 and Q3 as well.
spk02: I'm just curious, when subscriptions, how do they change when there's lockdowns? Do they stop paying their subscriptions? That's what I'm confused about of why there was slower growth.
spk10: The impact basically for the subscription service is impact the new customers and the renewed customers. But it basically delays the contract renewal and delays the payment. So when the lockdown happens, we just cannot send the contract to the customer. We cannot deliver the invoice to the customer. so we can close the deal with the customer. But in Q2, from Q2, we have electronic contracts, something like that, to reduce this kind of problem.
spk02: Okay. Now, with lockdowns easing, albeit probably slowly, I wonder, are the segments beginning to improve? Although, I guess, how do you think also then about advertising budgets? It seems that You're still pretty weak, even without COVID, given the economic uncertainty. So maybe take us through how things are improving over the last two months in your business versus how you think the environment's changed maybe permanently for the year.
spk11: Hey, Brian. This is Shannon. Back to your question. No, the ad budget demand has slowed down, as what Chris has said in his script. So what we have seen is things have been slow compared to previous quarter or previous month. So what we have seen is if you look at the quarter over quarter, we expect the Q2 ad spend or revenue to be even potentially lower than Q1. If you look at what we are looking forward in the next couple of months, we expect the demand to continue to be fairly slow in Q2 and maybe into Q3, too, as well.
spk02: Okay. And then the new product you launched, talk about how you see that with adoption and potentially impacting revenue given those conditions.
spk10: So as you know, it's very difficult for those in the advertising market. So the APPs who are in the traffic, so there is a demand for them to improve the monetization efficiency, right? So, I mean, before they probably only work with one ad networks, but currently they will work with three or four or even more advertising networks to improve the monetization efficiency. So eventually they can improve like ADLaw or ECPM. So I think this product can bring the value and can help those APPs you know, monetization better in the currently very challenging environments. So, eventually, they will have our JGR alliance, I think. So, I mean, in the overseas market, APB Loving and Iron Source, they are, I mean, this kind of product and the value is proven.
spk02: Okay. Thanks so much.
spk09: Thank you. The next question comes from Ryan Roberts from Navis Capital. Please ask your question.
spk03: Hello, Mr. Wang. Thank you for this opportunity. I want to ask you two questions. One is about the market share. Before, it was about 76%. Now, it's about 69%. So I'll translate that. So my two questions are, number one, on kind of the gross profit margin. It's kind of compressed a little bit. um, from about 76, 77% to down about, uh, 69. And I want to know kind of more what's behind that with respect to the, you know, traffic pool, pool costs, I guess, as a revenue share, if management can give us some more color on like, you know, is that, is that kind of a temporary thing? And I know your guidance has been over 70% historically, but is that more like a structural thing that we're seeing or alternatively, is that like a, uh, There's color in terms of what kind of partners are asking for more share. That'd be good to know. And number two is more generally on the outlook and kind of the overall condition of the market. Management seems to kind of indicate that the demand is kind of holding up and the industry should rebound, I guess, after COVID. But it seems like there are some other headwinds with respect to data collection and so on and so forth that I think actually would be a tailwind for Aurora given the fact that it has all the targeting data to have better ads. I'm just kind of curious if management can walk us through those two points.
spk11: Hey Ryan, this is Shannon. Okay, back to your first question on the margin. Yes, this quarter we have been giving more shares of the revenue to the traffic pool in the JG Alliance business. I think this is something that is part of the negotiation that we have undergone with them. Having said that, going forward, looking out for the next few quarters or throughout the year, we expect the margin to be around 65 to 70 range. If you look at what we have, besides JG Alliance, the other businesses like the likes of subscription, vertical application, fixed financial risk management, those are the ones with much higher margin, which is above 70. So this is the only segment of the business that we are having a relatively low or comparatively low margin. So I just want to give you some color in terms of the makeup of our margins. The majority of the businesses are still having 70 and above margin. So this is the first question. And the second on the outlook, again, if you peel what we have in terms of the revenue, we can separate them into value-added services and others. If you look at value-added services, like what Chris and I have said, the demand for the ad spending or ad revenue has been low since beginning of this quarter, which is like even the late March. From March onwards, you have seen the demand for advertising has been low and pretty low. If you look at what Tencent has announced, again, their Q2 revenue is expected to drop again for about 20% to 30%. I don't think we are any better, so things will be pretty tough for value-added services. Having said that, for the subscription, the likes of subscription or the financial risk management or the market intelligence, those are pretty okay. Okay in the sense that like what Chris has said in the earlier course or answering the earlier question, the lockdown did not diminish the demand for these services. What it did is simply delay the contract renewal, delay the cash collection from customers. So the customers are still there. Just that the fact that we are not able to send our contract, we are not able to chase our money, so those are the delays that we have experiencing. Because the fact that you don't have contract, you cannot provide service, we cannot record revenue. So we do not see any diminishing disappearance of customers. It's a matter of delays. Okay, and maybe if I can ask kind of a follow-up.
spk03: Let me start you a follow-up. First, on your first one, on kind of the gross margin issue. So I guess, I mean, when we first started talking about the JT Alliance and it kind of being a unique traffic pool and kind of a very differentiated offering, it sounds like this is something that, frankly, ATC companies really were kind of effectively price takers because you had such a unique kind of product to offer them to monetize, help them monetize, that without it, they were kind of, on their, you know, basically relying on the standard kind of 10 cents or whatever kind of set of platforms to push ads on their app. But with the compression in kind of, you know, sorry, with the increase in take rates, I guess the compression and margin there, it seems like that's not consistent. And I guess I like more color there because it sounds like maybe there's some pushback or larger platforms are like asking for more share because they realize the value of their traffic perhaps. And then kind of maybe on the second part, kind of on the overall benefit and demand side, I understand that we can see COVID and so on and so forth, but it does seem like there's kind of a, again, I take on board with what you said about Tencent, but it does seem like there is some overall maybe back half, second half loaded potential growth there. And maybe if you give us some color on where, if you have specific verticals that you're seeing either strength or weakness in, that would be helpful. Because with COVID and 19 lockdowns, it seems like there are e-commerce, other kind of maybe verticals that might see some growth, which maybe could be kind of a devil into the second half. And so if you can maybe touch on those to follow up to the break.
spk09: Excuse me, have you finished with your question?
spk11: Yes, I have. We are here. Ryan, on the first question, yes, you are right. We are providing a very specific unique services to those apps that need monetization. But what we are seeing is in the first quarter of 2022, due to the lack of demand or the reduced demand for the advertising, you can see the ECPM or the price that the advertisers are willing to give us has reduced because of the fact that the demand has decreased. So what we could not do is we could not just pass on the reduced ECPM to our app developer. So in a sense that we are taking a hit in a sense. So that's why our margin has dropped a bit. And you can see it's still fairly good. It's still at 70% or 69%.
spk03: That almost sounds to me kind of like a pocket subsidy that you're offering the app developers, which is a little bit different. It's kind of saying there's a structural change in revenue share with the app developers. So is that a better way to characterize, I guess, the impact on margins, that you are kind of passing through more revenue on a temporary type basis? Or alternatively, is that a contractual structural change in how you're sharing the address?
spk11: Hey, Ryan. Yes, there are some of the arrangements that we have with the app developer. at a fixed eCPM arrangement, which means that if, let's say, we are supposed to give them a dollar running eCPM, if we receive $2, of course we've got a good margin. If we receive a 1.5 million eCPM from a customer, we still have to give them a dollar to the app developer. That's why what I'm trying to say is the amount that we have arranged to give to the app developer is kind of fixed for some of them. Got it, got it, got it.
spk03: That's the squeeze there. Okay, understood. And your second question was the overall outlook on... Yeah, just the overall outlook kind of really on maybe the second half, maybe if you get some color on the different verticals that you're exposed to. I know that gaming, irrespective of the recent announcements about new games being announced, um they're being released that you maybe there's some um uh kind of e-commerce list that you may see so i think powwow and some of the other e-commerce players probably show us the way are kind of the year your customers and so with some public lockdown maybe there could be an offsetting effect from that and demand from those advertisers that uh kind of really offset the maybe gaming and some other kind of uh weaker
spk11: I guess it's not really a benefit from COVID, but on the other hand, maybe I can call it a silver lining. What we have seen is we have seen a lot of our customers, the subscription-related customers, have gone overseas, like the likes of BYD, Meiti, some of the delivery companies. So when they venture into overseas, Chuhai, right? Let's say they go to Southeast Asia. In China, they are using our push services. In Southeast Asia, when they set up a new venture, we are providing the services there as well. So what we're trying to say is we do see a new venture or new growth driver in the Chuhai area, which means that we are providing the same customers who are going into overseas market. That aside, some of the Southeast Asia customers base are selecting to use or have chosen to use our push services, one of which is one from my home country, a Malaysian company, a gaming publishing company. For some reason, I think for a good reason, they have chosen Jigwang services to push their services in Malaysia. So this is something that we see, so long as we are doing well performing, doing well, providing a good quality service in push services, I think we have a good chance of getting more services in Southeast Asia. And probably I'll give you some color. We have recently set up companies in Singapore, and the reason why is we do see some potential new businesses signing up contracts in that area. So if you look at what we have forecast internally, we expect the so-called overseas-related revenue to be around 3% to 5% of our subscription business in Q2 and beyond. So there's some new growth drivers we have seen amidst this so-called relatively set COVID environment.
spk03: Right, right. And maybe kind of one housekeeping, one or two housekeeping questions, if I could. Could you please give us an update on the size of the JG Alliance kind of the DAU pool? I think you guys did that last quarter. That transparency is great. I'm sure we all appreciate it.
spk11: Can you give us that? Sure. The DAU pool in the traffic for JG Alliance is still fairly stable. I think the last call we had it at about 190 million DAUs. So that is fairly stable. I think the The numbers that I'm going to give you is the ECPM that we've seen has declined. The ECPM, quarter over quarter, we expect it to drop about 20 to 30 percent.
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spk03: And I think as you commented on an earlier question, that's more or less kind of market softness since I got that. Has there been any kind of meaningful turn in kind of JG Alliance kind of CAU outside of, let's say, normal application? Because earlier you announced some pretty large kind of marquee type wins, you know, it sounds like anyway. Has there been any change in the composition of who's in the pool?
spk11: No, I think there hasn't been any big loss or Big Chen, I think what we try to do is even though, let's say our DAU did not increase from $1.9 million, that's fine. What we have seen is we are able to increase the exposure or the ad load that we talk about. I think a couple of quarters ago, we used to have like 0.5 ad load per DAU. So long as the DAUs are there, we are still able to make good traction so long as we increase the exposure. If we are able to increase the exposure of the same DAU, we are able to increase the revenue.
spk03: And what's the ad load these days, roughly?
spk11: Yeah, it's still around 4.5 because of a lack of demand.
spk03: because of lack of demand.
spk11: Yeah, because of lack of demand, we are not able to show as many advertisements as we would like to, to this 190 million exposure of the DAUs. Great. Thanks a lot, guys. Appreciate the comment.
spk09: Thank you. Dear participants, as a reminder, if you wish to ask a question, please press star and 1 on your telephone keypad. Thank you, Nadia.
spk12: Thank you, everyone, for joining our call tonight. If you have any further questions and comments, please don't hesitate to reach out to the IRP. This concludes the call. Have a good night. Thank you all.
spk09: That does conclude our conference for today. Thank you for participating in All Disconnect. Have a nice day.
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