LG Display Co., Ltd.

Good morning and good evening. Thank you all for joining the conference call for the LG Display earnings results. This conference will start with a presentation followed by a Q&A session. If you have a question, please press star and 1 on your phone during the Q&A. Now we will begin the presentation on LG Display's third quarter of fiscal year 2025 earnings results.

I would like to thank those who attended the conference call for the 3rd quarter of 2025. Today's conference call was attended by Chief Executive Officer Kim Sung-hyun, Chief Executive Officer Cho Seung-hyun, Chief Executive Officer Kim Kyu-dong, Chief Executive Officer Lee Ki-young, Chief Executive Officer Kim Jong-deok, Chief Executive Officer Ahn Yoo-shin, Chief Executive Officer Baek Seung-yong, Good afternoon.

This is Heo Seok, leader of the LG Display IR team. Thank you for joining our third quarter 2025 earnings conference call. Joining us today are CFO Kim Sung Hyun, Vice President Cho Seung Hyun, in charge of business control and management, Vice President Kim Kyu Dong, in charge of finance and risk management, Lee Ki-young, in charge of business intelligence. Vice President Kim Jong-duk, in charge of large display planning and management. Ahn Yoo-shin, in charge of medium display planning and management. Baek Seung-yong, in charge of small display planning and management. And Hwang Moon-tae, head of auto planning and management.

The conference call will be held in the same way. Today's conference call will be conducted in both Korean and English.

For detailed performance-related materials, please refer to our disclosure or the investor relations section in the company's website.

Please refer to the disclaimer before we begin the presentation.

Please be informed that the financial figures presented in today's earnings release are consolidated figures prepared in accordance with IFRS. These figures have not yet been audited by an external auditor and are provided for the convenience of our investors.

그럼 2025년 3분기 경영 실적을 말씀드리겠습니다. 3분기는 계절적 성수기 진입과 더불어 중소형 OLED 제품군의 신제품용 패널 공급으로 I will now report on the company's business performance in Q3 2025.

Panel shipment grew QOQ across the entire OLED product line. driven by the start of seasonality and supply for new small and medium-sized OLED products. Revenue was 6.957 trillion won, up by 25% QOQ and up 2% YOY.

With the increase in OLED products and the expansion of the market, the company is continuing to promote high-end price innovation, resulting in a significant increase in sales Operating profit reached 431 billion won, improving by over 500 billion won QOQ and YOY.

The improvement resulted from the growth in shipment and portion of OLED products, as well as the company's ongoing intensive cost innovation activities. The number reflects around 40 billion won in one-time costs related to workforce efficiency activities, excluding which the business performance stands at approximately 470 billion won.

In the case of short-term profits, due to the rise in the final year compared to the previous quarter, 외화한산손익영향 등으로 12억원을 기록하였습니다.

Net income was 1.2 billion won including the impact from the foreign currency translation gain with the exchange rate rising QOQ.

3분기 EBITDA는 1조 4239억원이며 EBITDA 마진율은 20%를 기록하였습니다.

EBITDA in Q3 was 1.4239 trillion won

with an EBITDA margin of 20%.

Next is the trend in area shipment and ASP. In Q3, area shipment fell 1% QOQ, despite the seasonality and growing shipment of small and medium OLED product lines. This is following reduced shipment of low-margin, mid-sized LCD models in line with our ongoing profitability-focused product portfolio management.

ASP per square meter was $1,365, up 29% QOQ,

slightly outperforming the guidance. It was driven by the higher than planned growth in shipments of small and medium OLED products. It is an all-time high, resulting in part from the rising portion of OLED.

Next is revenue share by product category.

Mobile and others, which has the largest share, reached 39% of 11 percentage points, QOQ, led by panel shipment growth stemming from the seasonality and preparation for new products.

In IT, while revenue grew on the back of sharp expansion in shipment of OLED panel for IT, there were larger changes in revenue in other businesses.

As a result,

Its portion fell to 37%, shrinking by 5 percentage points, QOQ.

TV segment's revenue share was 16%, down 4 percentage points, QOQ. Auto segment's share was 8%. down 2 percentage points GOQ.

The share of OLED products out of total revenue was 65%.

up 9 percentage points, QOQ, and 7 percentage points, YOY. As we continue to expand the performance of OLED's central business structure upgrade, its impact is further solidifying our foundation for growth and profitability. Next is financial status and main indicators.

Cash and cash equivalents in Q3 stood at 1.555 trillion won, largely unchanged QOQ.

As we keep downsizing non-strategic businesses, for example, discontinuing the LCD TV business and enhancing operational efficiency, the size of essential working capital has also decreased. Debt-to-equity ratio was 263%, and net debt-to-equity ratio 151%, down 5 percentage points and 4 percentage points respectively QOQ, further strengthening our financial soundness.

다음은 4분기 가이던스입니다. 3분기에 이어 4분기에도 울레드 제품군의 출하 면적은 증가할 것으로 전망합니다. Next is Q4 guidance.

Continuous growth is expected in area shipment of OLED products in Q4, while LCD shipment is expected to decrease as we keep running profitability-centered product portfolio.

Accordingly, total area shipment is projected to grow in low single-digit percentage . And for ASP per square meter, we saw much more pronounced increase in Q3 than usual thanks to shipment growth of small and mid-sized OLEDs.

driven by seasonality and preparation for new product launches. And that is also why, going into Q4, we anticipate another higher level of ASP compared to average quarters. However, it is expected to decline in low single-digit percentage QOQ due to some factors such as mixed change in small and mid-sized OLED products.

And now let me hand over to our CFO, Kim Sung Hyun.

Good afternoon, everyone.

This is the CFO, Kim Sung Hyun. Let me thank you all for joining us at our conference call.

Q3 this year was when we saw the results of our ongoing strategy to upgrade our business structure to be more OLED-centric, and our strong initiatives for cost innovation

beginning to come to fruition and manifest themselves into business performance.

As mentioned earlier, Q3 saw an increase in shipment coming from the seasonality

Coupled with the impact of concentrated shipment of small and medium OLED for new products, it has boosted OLED product group's revenue share up to 65%.

Based on this,

Q3 year-to-date business performance showed revenue of $18.6093 trillion won and operating profit of $345 billion won, continuing the trend of improvement and giving more visibility to a full-year turnaround after four years.

Although there was a decrease in sales due to the end of the HDTV business,

Despite the pressure on revenue from the discontinuation of the LCD TV business, it remained flat thanks to larger portion of OLED and premium products.

Operating profit year to date improved by approximately 1 trillion won, YOY.

It is owed to the intense and speedy execution of strategic initiatives, including cost innovation and operational efficiency, along with business structure upgrade.

In the fourth quarter, the uncertainty of the global environment and the change in product-to-product ratio will continue. There are many changes in business conditions, such as the demand for real-time demand, the deep competition between companies, and the stability of supply and demand, and the party is planning to overcome them by implementing the first-ranking task of business efficiency.

External uncertainties and the consequent shipment volatility are expected to persist in Q4. There still remain variables in the business environment, including macro-related real demand, intensifying competition among suppliers, and supply chain stability. But we plan to address these challenges by prioritizing business efficiency initiatives. is expected to be similar to QOQ in Q4, with the annual share projected at a low 60% level.

Incidentally, we are also planning for an additional workforce improvement program in Q4

as part of our ongoing cost innovation effort. The specifics cannot be disclosed in advance, but its impact on our financial performance is considered to be more than that of last quarter. The one-time cost occurred by this workforce improvement program will be offset after one and a half years, providing positive impact on the business performance thereafter.

Next, let me share our plans and strategies by business segment. In the case of small mobile businesses, we plan to expand the panel every year based on strengthened partnerships with technology leadership and customers to run the business more stably. At the same time, we will carry out systematic activities such as research, development, and new technology investment for future preparation,

For a small mobile business, we plan to ensure more stable operations by expanding panel shipments every year based on our technological leadership and stronger partnership with our customers. At the same time, we will keep broadening our future business opportunities by methodically implementing all future proofing activities, including R&D and investments in new technologies.

For IT OLED, which is part of our mid-sized business,

We plan to respond to the growing demand in high-end tablet market with our tandem OLED technology. And for the anticipated shift to OLED in the notebook sector, we will closely examine the market size and pace of change and respond effectively. Overall, we will enhance our responsiveness with differentiated approaches.

Based on the technology leadership and stable production competitiveness of the company, leveraging our long-standing technological leadership and mass production competitiveness, we will solidify our leading position in the market.

We will also proactively respond to changing environments, including market demand and customers' requests, through efficient utilization of our existing infrastructure.

The ITLCD sector is continuously reducing low-income products and focusing on B2B and differentiated high-end LCD areas. This shows that there is a significant increase in revenue improvement this year compared to the previous year.

In IT LCD business, we remain focused on reducing low-margin products while focusing on B2B and differentiated high-end LCD segments. It is encouraging that this has led to meaningful improvement in profitability YOY. We will strengthen execution of our current initiatives

to deliver improved results next year as well.

For large panel business where OLED's differentiated competitiveness is well recognized in the market, we will further solidify our leadership in the premium market with a various lineup of OLED panels offering unique value based on close partnership with strategic customers. We will continuously grow our business performance and intensify cost-improvement initiatives to maintain stable business operations.

Lastly, I would like to talk about the auto business sector. It is positive for other products, such as the increased occupancy rate of the display in the car and the accelerated face-to-face optimization. The competition between companies Last is auto.

The market outlook is more positive than other product areas, led by expanding in-vehicle display adoption and accelerating enlargement of displays. While competition is expected to intensify, we plan to maintain our competitive edge and create differentiated customer value based on our solid market position and diversified technology and product portfolio.

Finally, on investment.

Our principle in CAPEX execution remains unchanged, focusing on investment for future preparedness and business structure upgrade. Because our investment efficiency initiatives continue, CAPEX this year is expected to be at high 1 trillion won range below last year's level.

Moving forward, we will make prudent investment decisions while maximizing the use of existing infrastructure.

New investments will be executed with profitability as the top priority.

Thank you very much for your attention.

This concludes our presentation of business highlights for Q3 2025. We will now take your questions. Operator, please commence with the Q&A session.

Now, Q&A session will begin.

Please press star 1, that is star and 1, if you have any questions. Questions will be taken according to the order you have pressed the number star 1. For cancellation, please press star 2, that is star and 2 on your phone. In order to allow as many Q&A chances as possible within the restricted time, we would appreciate only two questions per each participant.

The first question will be provided by Kengo Park from Daishin Securities.

Please go ahead with your question.

Thank you for the opportunity to ask a question. Congratulations on your good performance in the third quarter. I will ask two questions. The first is that the performance of the third quarter was much better than expected due to the increase in the sales of the OLD panel and the increase in the share price. I think that the change and competitiveness of this kind of business How do you think the company has been able to maintain such a sustainable structure in the future? Also, I know that we have always had difficulties with the market because of the scale of the Jeolla customer base. However, this year, the Japanese market has changed dramatically, so I wonder if we can reduce the change in the structure of these OLEDs and the seasonal variability next year. So, I would like to ask you to look forward to the first half of next year and the next year. Secondly, even in 2026, the macro will be unstable. In that case, we are looking at a place where competition between the two countries will worsen. In addition, we are looking at a place where the market will deteriorate. If you look at it this way, of course, the price and pressure will continue from the customer side. How does the company respond to that? Thank you very much for taking my question and congratulations on the good performance.

I have largely two questions. I see that in the third quarter, the performance has risen sharply. And that appears to be on the back of rising revenue from the OLED panel as well as the revenue share of the OLED panel as well. Then the question is, does the company believe that it has the kind of structure that can sustain this kind of business performance down the road? And then related to this, traditionally, the company had been sluggish in the first half because of the strategy of its strategic customer. But then given the fact that it saw good performance in the first half of this year, then does the company believe that this marks any change in the structure of the OLED market or the OLED business? And then based on that, then what would be the outlook for next year's first half and also for the whole year? And the second question is, now in 2026, it appears that the macro uncertainties will continue. And also competition continues to intensify even amidst the sluggish demand in the downstream. And as a result of this, then there could be some pressure from the customer to lower the ASP. Then how does the company intend to respond if such pressure should arise? And what is the company's strategy for continuous growth for the future?

Hello, my name is Jo Seung-hyun, and I'm in charge of management and management. First of all, thank you for your interest in the company. To answer the first question out of the two questions, there has been a considerable amount of uncertainty and change in the environment over the past few years, but we have improved our business performance every year despite the various changes in the business structure of OLED-centered efforts and high-strength cultural innovation activities.

This is VP Cho Seung-hyun in charge of the business control and management responding to your questions. Now allow me to respond to the second part of your question first. And thank you very much for your interest in the company. Now it is true that in the past few years, the uncertainty and volatility in the external environment have continued. But then the company have continued also to expand our business performance every year based on internal capabilities, based on our push to upgrade our business structure to be more OLED-centric, and also to continue with the cost innovation activities. And as a result, despite the various factors coming from the outside, we were able to improve our performance, and we intend to keep

demonstrating more stable performance down the road.

Now looking back to the performance in the past two years, then last year in 2024, we were able to narrow the loss by a very big margin of 2 trillion won from the previous 2023. And then for this year, although we still have the fourth quarter to go, we have the projection that we will be able to improve profitability by another 1 trillion won this year for the year.

Now looking ahead, uncertainties in the external environment are likely to persist.

But then, as explained earlier, based on the stronger business fundamentals, as well as the ongoing efforts at cost innovation, we will continue to work to further improve our business performance next year as well, YOY. And looking ahead, we will continue to maintain stable business performance.

Due to the recent display of all-round demand and competition between companies, It is not easy to manage profitability stably at the same time as expanding growth. Nevertheless, the party wants to expand the volume of OLED products and strengthen market leadership by expanding sales through the development of new growth power based on differentiated technology for high-end products and high-end products for high-end products toward global customers.

And now, it is true that there has been sluggish demand in the display market downstream and also stronger competition making it difficult for any company to go for both growth and stable management of profitability at the same time. Having said that, the company will continue to try to expand our revenue and solidify our market leadership by increasing the OLED product portion Focusing more on high-value add and high-end products from global leaders and also developing the new growth engines based on differentiated technologies.

Yes, I understand the question of whether it can maintain profitability. Based on a firm partnership with customers, it is possible to achieve high-quality products

And now with regards to your question about the panel price, I take it that it is a question about our maintenance of the profitability. Now based on our strong partnership with our customers, we will continue to operate an optimum pricing strategy while at the same time upgrading our product mix and continuing with our cost innovation and operational efficiency activities at the same time so that we can continue to expand our profitability.

Thank you.

We will take the next question.

The following question will be presented by Min Kyu Kwon from SK Securities.

Please go ahead with your question.

Hello, I'm Kwon Min-kyu from SK Real Estate. Congratulations on your good results. Thank you for the question. I would like to ask two questions in total. First of all, I'm curious about the initial market reaction of the new model of a North American client on mobile. If you look at the trend of the media, the standard model is more than expected, and the air model is understood to be somewhat inconsistent. According to this, I'm curious about the effect of the change in flow rate or the possibility of the current rate change on our LG display. And secondly, I'd like to know what your plan is for the next year and what your plan is for the next year. I'd like to ask you what the background is for the next year. And lastly, I'd like to ask you an additional question on the small OLED side. Thank you very much for taking my question and congratulations on the good performance.

I have two questions and one is about the mobile. I'm wondering about the market reception to the launch of new models by the North American customer. Now, from media reports, it seems as if the reception for the standard model is better than expected. For the air model, perhaps less so. Then what would be the implications for the LG display? For example, will there be any changes in the expected shipments or in the market share? And then the second question is now for the smartphone panel annual shipment target and the outlook for next year. So if there is a foldable product to be launched and also given the likely launch of the foldable product and also the intensifying competition, then what is the possibility of shipment increase in 2026? If the company believes that the shipment growth in 2026 is possible, then what would be the drivers for that? And then the last question is related to the small to midsize OLED. Now, because of the restructuring in the Japan Display Inc., it is understood that LG Display is now the sole supplier for the smartwatch panels. Then what will be the volume, the annual volume of supply?

and also what will be the contribution to the company's revenue and profit and loss.

This is Baek Seung-yong in charge of small display planning and management. Now for the smartphone business, the company has been achieving stable performance thanks to our stronger competitiveness with our technology and production as well as across all areas of operation. And then in terms of the response to the new models by the customer, we understand that generally it is quite positive. But then for the different models, the actual demand could be different. So this could also translate into some changes in the shipment plan based on the market trends.

Despite the seasonal decline in the first half of the year, there was significant investment growth of more than 20% this year compared to the previous year. In the first half, despite the seasonality, there was a meaningful shipment growth by over 20% YOY.

And then in the second half, thanks to the diversified product portfolio and stable supply system, As well as the efficiency improvement, there has been improvement in profitability as well. So for the year, we are confident that we will be able to further expand our performance from last year.

The smartphone panel development and improvement of the company has been further strengthened, and the technical know-how to be flexible in responding to the various needs of customers is also being accumulated.

Now for the company, we believe that we have already built up the technological know-how to flexibly respond to the diversifying needs from the customer, for example, by having a stronger capability in development and mass production of smartphone panels. And also by more efficiently utilizing the current infrastructure, we will be able to respond even more speedily and flexibly to new technologies and also growth in demand for different products. And looking ahead, we will continue to create stable performance by strengthening our quality competitiveness, continuing with our cost innovation efforts, and preparing for the future technologies based on our close partnership with the customer.

Now about the wearable devices.

They are equipped with a number of different functionalities. And also across the society, we are seeing increased interest in health overall. So it seems as if the use of these products across the consumer's lifestyle in general is going to keep going up. So we believe that the outlook for the mobile OLED product market, including the smartphones, is quite positive.

The company already has the best technological leadership and production capability in the smartwatch panel business.

And recently, there has been a change in the supplier status in the industry, which has also resulted in the growth of panel supply volume. And we believe that this will serve to further solidify the company's position in the premium wearable market.

I understand that the information on supply, sales, and profitability is directly related to the customer, so it is difficult to mention specific information. However,

In terms of the annual supply volume, revenue, profitability, and other information related to them are directly related to the customer, and thus, please understand that I am not in the position to discuss the details or the specifics. But then we will continue to create stable performance in the smartwatch panel business utilizing our technological competitiveness and leading supplier status.

We will take the next question.

The following question will be presented by John Hyun Yoon from UBS Securities. Please go ahead with your question.

Yes, hello. Thank you for the opportunity to ask a question. I would like to ask a question related to the small mobile business. In the market, in the second half of 2026, it is expected that the North American customer, Foldable Smartphone, will be released. I would like to know more about LG Display's Foldable Smartphone Panel business strategy, product and technology preparation situation, Thank you for taking my question.

I have a question on the small mobile product. Now, the market expectation is that in the second half of 2026, the North American customer will be launching a foldable smartphone product. Now then, what would be LG Display's strategy for foldable smartphone panel business? And can you also share with us the status of the company's readiness for the product and technology?

In terms of providing a new user experience, we are looking forward to the possibility of a new market. If the foldable smartphone market is stably formed, there is a possibility that new technologies will be applied as a flagship model,

Now for foldable products, there is growing anticipation from the market on the possibility of opening up new market segments for its differentiated form factor and the new user experience that it provides. Now, if the foldable smartphone market becomes well-established, then the product can also become the vehicle for trying out new technologies as the flagship model. So the company is closely monitoring the smartphone market trends as well as the demand outlook and is preparing for potential market growth. But for now, our strategy is to maximize the supply volume for the existing products so that we can continue to heighten our performance until we can get better visibility into the demand growth as well as opportunities for the company.

The company continues with the series of activities to strengthen our R&D and acquire new technologies.

Now, in these smartphone areas, if we can come upon more clearer opportunities, then we will build up our supply structure and expand our business opportunities after carefully reviewing the market acceptance of differentiated product as well as the market growth pace.

Thank you.

We'll take the next question.

The following question will be presented by Sung Kim from Kiwoom Securities.

Please go ahead with your question. Thank you for taking my question.

I have two regarding the IT business. now first in IT the LCD the competition for LCD in IT is intensifying and also at the same time the profitability is worsening then are there any plans for the company to downsize or even exit the LCD IT business as it has done so in the LCD TV or otherwise what would be the strategy for the LCD IT business and then second Now, there is also an outlook for growing adoption of OLED in the IT market as well. And in response to this, your peers in the market are now making investment into the 8.6 Gen OLED. So what is the company's preparation or what are the company's activities in order to be ready for this potential adoption growth of OLED in IT?

This is Ahn Yoo-shin in charge of medium display planning and management.

Now it is true that the medium product market remains overall sluggish but then the company has been maintaining intense cost innovation activities and as a result we have been moving closer to our targeted performance for example making gradual improvement on our profitability thanks to our focus on the high-end LCD technologies and differentiated competitiveness coming from OLED.

LCD는 In LCD, we are maintaining profitability-centric business management

by the select and focus approach centered on strategic customers. And utilizing the company's technological advantage and global customers' partnerships, we continue to maintain our business based on B2B and high-end lineups, while at the same time downsizing the low-margin models and improving profitability and enhancing stability.

OLED is a strategy that provides various solutions to customers through a new demand response and future market preparation. It is a trend to expand monitor-type OLED panels as gaming and other high-end monitor demand increases based on their own discrimination.

And for OLED in particular, the company is providing various solutions to our customers based on the two-track strategy of addressing new demand and preparing for future market. Now based on the company's differentiated competitiveness, we continue to respond to the growing demand of high-end monitors like gaming. And as a result, we are also seeing increase in the shipment of OLED panels for monitors.

Now in the notebook business,

it is expected that there is going to be a gradual transition to OLED. But then, the company believes that we need to see additional and clearer signs of the market size, transition speed, as well as consumers' acceptance. As such, the company remains closely watching the OLED notebook market size, while at the same time, we will be utilizing the existing infrastructure as much as possible for the technologies that can apply to future products. And by doing so, we will steadily make preparation for future technologies and mass production.

Thank you.

We will take one last question.

The last question will be presented by Won-suk Jang from M-Securities. Please go ahead with your question.

Yes, hello. I'm Won-suk Jang from I&M. Recently, there have been a lot of macro changes, and the tax effect is not good in the TV market. On the other hand, there are some stories that domestic TV set-up companies are expanding their OLED products. Thank you.

I have a simple question about the OLED TV. So the macro uncertainties continue and also there is growing competition with the LCD products. And then at the same time, there are also reports that a domestic TV set-top company is intending to expand its OLED lineup as well. So what is LG Display's strategy and mid-to-long-term target for the OLED TV business?

Hello, I'm Kim Jong-Duk, the head of the large-scale planning and management department. First of all, the uncertainty of the large-scale environment and business conditions is continuing, but this year's target for our large-scale OLED panel is expected to be in the middle of 6 million, which has grown a little compared to last year.

This is Kim Jong-Duk in charge of large display planning and management. Yes, it is true that the uncertainties in the external environment and the business environment continue, but then for the company this year, we are projecting a mid-6 million unit level of large OLED panel shipment, which is growth, YOY.

Compared to LCD, I think OLED panels are recognized in the market for their different values, and I think the price has increased as it approaches the acceptable range. I expect that the goal is to increase the number of 7 million units that have grown in addition to this year.

Now compared to the LCD, the unique value of OLED panel appears to be more and more recognized in the market. And also, pricing is nearing the range of affordability, enhancing further its acceptability in the market. And as such, for next year, the company is looking forward to another growth, expecting 7 million units.

And in particular, the gaming OLED monitor, so the demand for the gaming OLED monitor that is produced out of the large OLED fab is seeing meaningful growth.

So for the large OLED panel, so we believe that the gaming OLED monitor out of the large OLED panel shipment, the share will be around low to mid-teen percentage this year.

It is difficult to mention the specific profitability of individual businesses, but the result of this overall effort continues as a result of the business performance, and the overall business opportunity is gradually improving.

The company continues to strengthen the fundamental competitiveness of OLED products as we also continue to diversify our product group. At the same time, we are maintaining very intense cost innovation activities and operational efficiency activities at the same time so as to continue to improve profitability of our large panel business. Of course, I cannot mention the specific profitability of each business segment, but then the results of all these multifaceted efforts are coming together to make a bigger contribution to the overall business performance.

On the other hand, there are still environmental variables, and various products directly competing with OLED are being released. But of course, external uncertainties persist and competition between the different products is also intensifying.

as evidenced by the launch of various products that are in direct competition with OLED. So in response to these changes, the company will maintain our very strong cost-innovation activities and also continue to build up our partnership with global top-tier customers so that we can maintain stable business performance.

Lastly, the company's OLED cap is about 180,000 for the 8th generation. Currently, And last, the company's OLED capacity is 180,000 for Generation 8.

out of which we are currently utilizing 135,000 for mass production. And down the road, we intend to flexibly run the capacity and link it to actual demand. And we also have sufficient infrastructure to flexibly respond to any additional growth in the market demand.

This concludes LG Display's Q3 2025 earnings conference call.

We thank everyone for joining us today. Should you have any additional questions, please contact the IR team. Thank you.