Futu Hldgs (NASDAQ:FUTU) held its first-quarter earnings conference call on Thursday. Below is the complete transcript from the call.

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The full earnings call is available at https://edge.media-server.com/mmc/p/zv55gg26/

Summary

Futu Hldgs added 225,000 net new funding accounts, bringing the total to 3.59 million, a 34% year-over-year increase. The Hong Kong market was subdued but still contributed significantly.

In the first quarter of 2026, total revenue reached $5.9 billion HKD, up 25% year-over-year, with brokerage commission income at $2.6 billion HKD. Total trading volume was a record 4.15 trillion HKD.

The company received a 1.85 billion RMB penalty from the China Securities Regulatory Commission, impacting net income which decreased by 61% year-over-year.

Futu Hldgs is focusing on growth in international markets like Singapore and Malaysia, with significant growth in net new funding accounts and profitability expected in these regions.

The company is expanding into prediction markets in the US, and continues to enhance its virtual asset trading capabilities in Hong Kong.

Despite regulatory challenges, the company maintains confidence in its compliance and long-term growth, particularly in Hong Kong and Singapore, which are major wealth management hubs.

Full Transcript

OPERATOR

Hello Ladies and gentlemen, welcome to Futu Holdings first quarter 2026 earnings conference call. At this time, all participants are in a listen only mode. After management's prepared remarks, there will be a question and answer session. Today's conference call is being recorded. If you have any objections, you may disconnect at this time. I would now like to turn the conference over to your host for today's conference call, Alan Toy, Investor Relations Manager at Futu. Please go ahead, Sir.

Alan Toy (Investor Relations Manager)

Thanks. Operator. Thank you for joining us today to discuss our first quarter 2026 earnings results. Joining on the call today are Mr. Lee Lee, Chairman and Chief Executive Officer, Arthur Chen, Chief Financial Officer and Robin Hsu, Senior Vice President. As a reminder, today's call may include forward looking statements which represent the company's beliefs regarding Future events, which by their nature are not certain and are outside of the company's control. Forward looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward looking statements. For more information about the potential risk and uncertainties, please refer to the company's filings with the SEC, including its annual report. With that, I will now turn the call over to Liv. LIV will make his comments in Chinese and I will translate.

Liv

Thank you all for joining our earnings call today. In the first quarter we added 225,000 net new funding accounts bringing our Futu funding accounts to 3.59 million, up 34% year over year and 7% quarter over quarter. Although subdued Hong Kong active market weighed on client acquisition. Hong Kong still contributed the second largest new account addition among all regions. We remain confident about sustained client growth in Hong Kong. Looking ahead, we will focus more on the growth of client assets and lifetime value, leveraging our strength in product innovation, brand trust and a one stop platform. To further unlock the commercial potential of the phone call market. Singapore delivered double digit sequential growth in net new funding accounts. Over the past three years. Average land asset in Singapore grew at a CAGR of more than 50%. Given the wealth profile of local residents, we continue to see significant room for further asset growth in Singapore. Malaysia led all markets in client additions for another quarter thanks to our effective marketing initiatives around US equities as well as Moomoo's strong IPO product capability which allowed us to capitalize on the active Malaysian IPO window for accelerated client growth. Meanwhile, profitability in Malaysia continues to improve and we expect the market to achieve breakeven within the next six to 12 months. In Japan, our superior U.S. equity trading capability continued to drive current acquisition. In the first quarter, U.S. stock trading volume in Japan recorded double digit sequential growth while US options contract volume doubled this year we will continue to enhance our Japanese equity trading experience to better meet domestic investment needs and further unlock planned acquisition potential. In the US we officially received NFA approval to operate a prediction market brokerage business and will soon begin offering even contracts including sports related products to local investors, further stressing Mumu's value proposition to active traders. Yeah. Client engagement strengthened on the back of precious metal, market volatility and geopolitical tensions leading to the second highest quarterly net asset inflow on record. However, March to market losses in clients equity holdings exerted a substantial negative impact to the Klein asset remains flat quarter over quarter yet up 47% year over year. Client asset registered double digit sequential growth in Japan, Australia and Canada and the average client asset across its three regions also reached all time highs and it's growing, improving client quality rising. REITs, IPOs, drew margin financing and security lending balance up 8% sequentially to 72.9 billion HKD. At quarter end, Trading volume reached a record 4.15 trillion Hong Kong dollars up 29% year over year and 4% quarter over quarter. US stock trading volume remained broadly stable at 3 trillion Hong Kong dollars. AI continued to be the dominant investment team with client interest gradually shifting down the value chain from semiconductor names towards AI infrastructure beneficiaries. Hong Kong stock trading volume rose 22% sequentially to 1 trillion HKD as heightened market volatility drove stronger bottom phishing activities. Active trading in China technology and newly listed AI rich companies more than compensated for softer momentum in the consumer sector. In March, PandaTrade officially obtained second phase approval for the Hong Kong SFC VETP license and commence full operations. Since launch, a portion of Futu Securities' crypto trading volume and AUM has migrated to PandaTrade. Looking ahead, we plan to introduce security backed margin financing for virtual assets in Hong Kong to further enhance capital efficiency across asset classes. At the same time, we will continue to expand the capability of our crypto exchange including ODC trading, broader token support and staking services. We are also actively exploring new institutional service use cases with the goal of making PandaTrade a key infrastructure within the Hong Kong Web3 ecosystem. Their wealth management client assets were 178.4 billion Hong Kong dollars up 28% year over year and broadly stable quarter over quarter. In the first quarter, client asset allocation partly rotated from money market funds into active funds amidst improving risk appetite. In response to evolving client demand, we further expanded our fund selection. In Hong Kong, we became one of the first brokers to offer space economic themed mutual funds while in Singapore we rolled out local agri funds under the Monetary Authority of Singapore (MAS) Equity Market Development Program. We also launched gold and oil link structure notes and onboarded new issuers due to retail subscribers for structured products doubled sequentially. As of quarter end. We serve 625 IPO distribution and IR clients, up 26% year over year. In the first quarter, 12 IPOs each saw over 100 billion Hong Kong dollars in subscription month on our platform, while six issuers appointed us as overall coordinators for their Hong Kong listings, underscoring our strong distribution and underwriting capability. During the quarter, we also act as joint book runners for several prominent Hong Kong IPOs, including those of Drupal, AI Minimax and Billion Technologies. Next, I'd like to invite our CFO author to discuss our financial performance.

Arthur Chen (Chief Financial Officer)

Thank you Liv and Alan. Please allow me to walk you through our financial performance in the first quarter. All the numbers are in Hong Kong dollars unless otherwise noted. Total revenue was $5.9 billion, up 25% from $4.7 billion in the first quarter of 2025. Brokerage commission and handling charge income was $2.6 billion, up 14% year over year and down 5% Q2. Total trading volume grew on both year over year and Q basis while blended commission rate declined due to stronger trading activities in higher price US stocks and options. During the quarter, interest income was $2.7 billion, up 28% year and down 13% QQ. The year over year increase was mainly driven by high interest income from margin financing and the bank deposits, while the Q over Q decrease was primarily attributable to lower interest income from SECurity borrowing and the lending business as well as bank deposits. Other income was 564 million, up 80% year over year and down 10% Q over Q. The year over year increase was primarily driven by higher currency exchange service income and IPO subscription service charge income. The cubicle decrease was mainly due to lower enterprises, Public Relationship Service charge income and IPO subscription service charge income. Our total cost was 749 million flat compared to the first quarter of 2025. Brokerage commission and handling charge expenses were 164 million of 15% year over year and 16% Q. The year over year increase was broadly in line with the growth of our brokerage commission and handling charge income. The Q over Q increase was mainly due to transaction fees rebait in the prior quarters. Interest expenses were 415 million down 12% year over year and 5% Q both the year over year and the Q over Q decrease was mainly driven by lower interest expenses associated with our SECurity, borrowing and lending. Business processing and service costs were 117 million, up 25% year over year and 13% Q both year over year and the Q over Q increase was primarily driven by higher quality service fees. As a result, total Gross profit was 5.1 billion, an increase of 29% from 3.9 billion in the first quarter of 2025. Gross margin was 87.2% as compared to 84% in the first quarter of 2025. Operating expenses was $1.6 billion, up 25% year over year and flat. Q4Q, R&D expenses were $479 million up 24% year over year and down 5% Q. The year over year increase was primarily driven by higher R and D headcount to support strategic initiatives and the new market. Selling and the marketing expenses were 557 million of 21% year over year and the 10% Q over Q both the year over year and the Q over Q increase was mainly driven by higher customer acquisition costs. GNA expenses was 541 million of 30% year over year and a flat Q4Q. The year over year increase was primarily due to increase in GNA personnel. As a result, income from operation was $3.5 billion, up 31% year over year and down 15%. Q4 operating margin increased to 30.3% from 57.2% in the first quarter of 2025, mostly due to strong top line growth and operating leverage. On May 22, 2026, the Company received an administrative penalty Reprint Notification letter from the China Security Regulatory Commission Shenzhen Bureau in an aggregate amount of approximately CNY 1.85 billion, which has been fully reflected in our first quarter financial statements as an adjusted subsequent event under US GAAP, this amount does not impact our business fundamentals or financial stability. We remain focused on long term growth across international markets. As a result, our net income decreased by 61% year over year and 75% Q4Q to 831 million with net income margin at 14.2%. Prior to giving effect to this adjustment, our net income will have increased by 36% year over year and down 13% Q4Q to 2.9 billion with net income margin at 49.9% as of the close of the US markets on May 27, 2026 we have accumulatively repurchased approximately US dollars 418 million worth of ADS, reflecting management's strong confidence in the company's future growth prospects and the commitment to deLiver shareholder value subject to market conditions. We may continue to execute repurchase from time to time and the US$800million share repurchase program announced in November 2025. That concludes our prepared remarks. We now like to open the call to questions Operator, please go ahead.

OPERATOR

Thank you. As a reminder to ask a question, please press star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press star 11 again. Please stand by while we compile our Q and A roster. And our first question is going to come from the line of view Fan with cicc. Your line is open. Please go ahead.

Yoyo Fan (Analyst at CICC)

Thanks management for taking my call. This is Yoyo Fan from cicc. I have two questions here. The first one is about the regulation. Would you please share more on your understanding of the latest regulatory requirements published by CSRC and SSC last Friday and what's the impact on futu? The second question is about our regional breakdown. Would you please share more data on the regional breakdown of the net new added paying clients, the existing paying clients in Q1 and also the AUM breakdown by regions as of Q1. These are my two questions. Thank you.

Liv

CSRC and SFC released updated industry wide regulatory update last Friday regarding Cross Border Security's future and fund related activities involving Mainland Chinese investors. We paid close attention to the updates immediately and responded proactively. This regulatory adjustment apply uniformly across the industry and the Company will continue to actively embrace regulatory requirements and stepping around subsequent compliance measures in strict accordance with the guidance. As a licensed financial institute, FU2 has always placed compliance operations as its top priority. Previously, we had already fully ceased account opening for Mainland Chinese identity holders while continuously strengthening our account review and anti fraud mechanism. We maintain zero tolerance towards fraudulent activity and over the past two years we have cumulatively rejected tens of thousands of non compliant account opening applications. As of the end of the first quarter, mainland China funded accounts represent approximately 13% of our Q2 funding account while related client assets accounted for around 17% of 2 to client assets contributing approximately 20% of total revenue. In addition, the two year rectification period of Mainland Chinese clients does not require false account closure but rather restrictions on deposit and security buying Activities where clients are physically located within mainland China. Over the past several years, Futu's business has also become increasingly diversified in Hong Kong. Despite the intense competitive market environment, we have maintained a market share of over 50% among local residents. Meanwhile, the company's international expansion has entered a phase of full acceleration. In the first quarter, mumu, our overseas independent brand, delivered strong year over year revenue growth across all overseas markets, with revenue in five countries more than doubling. Overseas funded accounts surpassed 2 million, while client quality continued to improve steadily, with average AUM per client reaching approximately US$18,000, significantly higher than that of other local online investment platforms. Looking ahead, the company expects to expand into more international markets. Regulatory license applications are progressing smoothly, while we are also advancing related preparations in parallel. We believe our global expansion strategy will further enhance the resilience of the Group's business structure and broaden its long term growth potential. Overall, the company's operation in both Hong Kong and overseas markets remain fully normal and various new business initiatives are progressing in an orderly manner. We do not expect this regulatory update to have any material impact on our full year guidance of 800,000 net new funding accounts. Futu will continue to adhere to its compliance risk and international expansion strategies while continuously enhancing its products and service capabilities to drive long term sustainable growth. Chishangapo me. In Xinjiang for maple wages Malaysia and Hong Kong together contributed more than half of the net new fund accounts in the first quarter. While among the remaining markets, Singapore contributed the largest shares. And at the end of the first quarter, over 55% of the group fund accounts were under our overseas brand Mumu, primarily from Singapore, US and also the Malaysia. At the end of the first quarter, Futu Securities Hong Kong entity contributed the largest share of the group's total assets. Within mumu, total clients assets was primarily contributed by Singapore and the us. Thank you.

OPERATOR

Thank you very much. Thank you and one moment for our next question. Our next question comes from the line of Leon Chi with clsa. Your line is open. Please go ahead.

Liang Qi (Analyst at CLSA)

Thanks management for taking my questions. This is Liang Qi from clsa. I will recap my questions in English. I have two questions. My first question is on the regulatory aspect. With the recent regulatory updates as well as the administrative penalty disclosed, we would like to understand your latest cooperations with banks and other founding partners. For example, in our credit lines with the banks, funding costs or credit ratings are they generally remain stable. Some color around that will be very helpful to us. My second question is on the growth potential in our international markets, especially the matured markets. We do Understand that FUTU already has very strong presence in Hong Kong and Singapore. How do you think about the Runway ahead for continued growth in these markets?

Arthur Chen (Chief Financial Officer)

Thanks a lot. For first questions regarding the credit facility and also the credit rating. Actually this work I and my teams had a very constructive discussions with our private rate agency and the commercial bank partners around the global. I'm very happy to share that our credit facility remains intact and in the next couple of weeks we are very likely to get our annual credit rating issued by S&P and I'm very confident there will be a good result. Saijabo. Shampi. While Futu has achieved a very extensive user coverage in Hong Kong and Singapore, there remain enormous potentials for further penetrate and grow client assets. A recent report issued by BCG states that Hong Kong has overtaken Switzerland to become the world's largest of course water wealth management hub with Singapore ranking the third. According to the public data by SFC, Hong Kong's wealth management assets exceed 35 trillion Hong Kong dollars by the end of 2024. Data from the MAS also shows the city state's wealth management assets also topped 34 trillion HKD over the same period. By contrast, Futu Group's total assets stand now just over 1 trillion Hong Kong dollars as two major international financial hubs, Hong Kong and Singapore, boost trillions of Hong Kong dollars in resident wealth with our brand influence continue to grow our in depth wealth service in these two markets are still in the early stage. The market upside remains substantial with vast room for development. After more than a decade of refinement, we have built a comprehensive product portfolio, outstanding customer service capabilities and an expanding global financial service ecosystems. We are fully confident in the future and we will keep optimizing our offering and further deepen our presence in these two mature markets.

OPERATOR

Thank you. Thanks a lot. Very helpful. Thank you. And one moment as we move on to our next question. Our next question comes from the line of Qiaoheng with Ms. Your line is open. Please go ahead.

Qiaoheng

So basically two questions from me. One is on the US Prediction market. What is the main opportunity that the company is focusing on and what's the planning here? Is there any synergy with current business in the US and how the management see the margin and the TAM of this business in the US and second question on the crypto business in Hong Kong, especially regarding the vatp, Is there any update on the product and strategies? And also potentially what kind of synergy could we have between the Hong Kong crypto business with that in Singapore and the US and also wondering how does management think about at what level of a client asset should be in crypto in order for us to see a meaningful monetization opportunities and roughly what time it's going to take. And the time we're spending is more on building our own infrastructure and product offerings or just for the acceptance of a client to grow. Thank you.

Arthur Chen (Chief Financial Officer)

Nalini farming. Thanks for the questions regarding the prediction markets Moomoo Financial and Photo Clearing officially obtained OPCM license in May, allowing us to conduct prediction market brokerage and the clearing business. Alongside the license application process, we have also completed the development of product and system capabilities and expect to launch production market trading service to our US Retail funds in the near future. Compared with traditional derivatives such as futures production markets products are generally more intuitive, easy for clients to understand and offer more flexible participation mechanisms. This not only help improve retail participation in financial markets and promote broader financial inclusion, but also has the potential to become the important driver for client acquisition, trading activation and the client conversion on the platforms. And we also witnessed in the past couple of months a lot of major US players such as Kashi Polymarket and Robinhood make a huge progress in terms of new client acquisition through this new product offerings and also for prediction market portal linked to the financial events market makers. Hedging activities around underlying assets could further enhance liquidity in both sport and the derivative markets while also strengthening the overall price discovery efficiency across security markets. Our expansion into the production market business in US is not only intended to capture the rapid growth opportunity in the local market, but I think more importantly is to accumulate core know how in areas such as, you know, product design, operational management and risk control. We believe this experience will help laid the foundations for expanding production market business into additional markets in the future. At the present we are also very actively engaging and discussing with regulators in other jurisdictions regarding the scope and the feasibility of prediction market products. Thank you. Say. Shoot up. Tigong hangai tongue iot zhao fenada. How he. Exchange. So let me quickly translate. So in March, as Liv mentioned in opening remarks, PandaTrade successfully passed the second phase approval of the Hong Kong SFC's VATP license and officially commenced full operation. So going forward we will focus on advancing the business across three dimensions. So firstly we will strengthen the internal synergy and traffic conversion capability. So currently a portion of Futu Security's Virtual asset trading volume and AUM has already migrated to penetrate. Looking ahead as the group gradually secure compliant Virtual Asset license in additional regions we will actively explore deeper collaboration opportunities between our regional cryptocurrency brokerage businesses and pendantrade with applicable regulatory framework. Second, we will continue to enhance our virtual asset productivity subject to regulatory approval. We plan to progressively introduce core functionalities such as ODC trading, additional token listings and staking services, basically enabling us to provide more comprehensive virtual asset solutions for high network and institutional clients. Meanwhile, holding exchange lessons also allow the group to participate more directly in industry infrastructure development and actively explore innovative product opportunities including perpetual future and certainly we aim to build a long term ecosystem capability. So in the future we plan to explore secondary market trading for tokenized securities, integration with third party brokers and one stop solution for virtual asset ETF insured covering IoT trading, custody and seeking services. So as traditional finance and virtual asset markets continue to converge, pentatrade has the potential to evolve into a key infrastructure platform within the Hong Kong Web3 ecosystem. And we've seen Hong Kong and Singh market especially for the crypto part. They are still in the early stage of development. So for FUTU we will continue to do investor education and product innovation. So as a platform that has both brokerage and crypto exchange capability, we think we are very confident in the future growth potential of the overall crypto business. Thank you.

OPERATOR

Thank you. One moment for our next question. Our next question is going to come from the line of Emma Su with B of A securities. Your line is open. Please go ahead.

Emma Su (Analyst at BofA Securities)

So the first question is about the interest income. So we thought that interest income declined 12.8% sequentially. So could you please provide the breakdown of your interest income by category drivers of the quarter over quarter changes for each item as well as the quarter to date trends. The second question is about the operating trends in second quarter so far. So could you update us the latest new foundation accounts aum including the net asset inflows and mark to market changes as well as the trading volume. Thank you.

Arthur Chen (Chief Financial Officer)

Mediant. Shangtan in wei daja. Now let me very quickly translate. In the first quarter approximately 40% of group interest income was from idle cash. Then another roughly 40% contributed by margin financing. The remaining mainly came from the store borrowing and the lending business. The Q over Q decline in interest income was mainly attributed to lower stock borrowing and idle cash interest income while margin financing interest income achieved a sequential growth. Idle cash interest income declined due to two reasons. Number one is Fed rate cut in May December last year was fully reflected in the first quarter. Then secondly, heightened market volatility during the quarter drove more active buying DIP behaviors among clients leading to sequential decline in average daily cash balance which also weigh on idle cash interest income. By contrast, supported by active margin trading activity in both the US And Hong Kong, our margin financing balance increased meaningfully on Q on Q basis therefore contribute more margin financing interest income. At the same time, security borrowing interest income declined sequentially mainly due to market factors. As the implied volatility in the US Equity market was going down in the first quarter, overall short selling demand moderate leading to a meaningful decline in security lending yield. At the same time, based on the current run rate in the second quarter, we expect the overall interest income to remain broadly stable Q on Q. Thank you. Okay, let me quickly translate. So based on the current second quarter run rate, the net new funding accounts are expected to remain stable sequentially. Net is that inflows has maintained the strong growth momentum seen in the first quarter. While last Friday's regulatory developments created some short term disruption to net inflow, the overall impact remains manageable and benefiting from positive quarter to date March market performance as well as continued active client trading behavioral Both AUM and trading volume have the potential to achieve double digit sequential growth. Thank you.

OPERATOR

Thank you and one moment for our next question. Our next question comes from the line of Charles L. With ubs. Your line is open. Please go ahead.

Charles L

Good evening, this is Charles Rou from ubs. So I have two questions. The first we have seen recent developments such as Ant acquisition of Bright Smart securities intensive marketing by Weibo, the launch of the Hong Kong US Stock trading function by Antbank and ZA Bank. So how does the company view the intensifying competition and in the Hong Kong markets? My second question is related to South Korean markets. We also note that the Korean tech stocks have been performing very very strong year to date. So does the company have any plans to expand into the Korean equity markets? Would appreciate if you can share some details such as your timeline or maybe the target markets. Thank you.

Arthur Chen (Chief Financial Officer)

Sushi shankan. Shanghai like hang zhongya which. Let me very quickly translate first, we think Hong Kong remains a market with significant long term potentials. According to the Hong Kong Chief Executive's 2025 Policy Address. Since the launch of various talent admission Initiatives, more than 230k professionals have relocated to Hong Kong for work and development opportunities. Against the backdrop of rising global market uncertainties, increased number of high net worth individuals and international capitals are also flowing to Hong Kong, driving continued expansion in market wealth and asset pools. For full two we remain very confident in our own competitiveness Even several well known peers have entered into Hong Kong market in recent years. We have continued to see steady expansions in our customer base, client assets and the market share. At the core of this achievement is multidimensional competitive mode we have built over time. Supported by time barriers to entry on the product and the service front. We have already established a comprehensive one stop financial service platform in Hong Kong while continuous enhancing innovative capabilities such as AI applications combined with competitive pricing, this enable us to deliver industry leading user experience to our clients. More recently, we have also planned to launch Korea Stock Trading. As you just asked before, from a branding perspective, we have spent more than a decade deeply cultivating Hong Kong markets and has established very strong brand recognition and client trust. An increasing number of clients are willing to place their core assets with Fulltooth platform over the long term. While the proportion of high net worth clients continue to rise in the past couple of quarters, this type of brand equity cannot be replicated through short term marketing spending alone. Finally, we do not view competition as a purely negative thing because Hong Kong has always been one of the world's most competitive financial markets. Over the long run, competition drives industry innovations for leading platforms with strong product capabilities, branded trust and ecosystem advantage. Competition may in fact create opportunities to further consolidate market shares. More importantly in Hong Kong as a global financial center, we believe our penetration into the tens of trillions of dollars or personal investable assets is still at a very early stage. While our brand continue to mature supported by our long term accumulated strength, we remain highly confident in our abilities to continue growth both in client and the client's assets in the Hong Kong market. Thank you.

OPERATOR

Thank you and one moment.

Arthur Chen (Chief Financial Officer)

Jiangji. In April, Futubu and Mumu officially supported real time market data for South Korean stock. Our team is currently actively preparing for the rollout of South Korean stock trading which is expected to first launch in Hong Kong and Singapore in June with more regions to follow progressively thereafter. Currently, many clients firmly gain exposure to soft grant equity indirectly through leveraged ETFs and similar products. As of May 26, Futu securities decline accounting for approximately 30% of the and 18% of the holdings in the CSOP2X leveraged ETF on Samsung Electronics and CSOP2Times leverage ETF on Sphex respectively, reflecting strong client demand for South Korean equities particularly named within the AI supply chain as a leading one stop investment and trading platform, Futu remains committed to providing clients with diversified global asset allocation opportunities and best in class trading and we will continue to monitor the potential of other international stock markets and dynamically evaluate additional market access opportunities based on the client demand and commercial value.

OPERATOR

Thank you and this will conclude today's question and answer session. I would now like to hand the conference back over to Alan Tui for closing remarks.

Alan Tui

That concludes our call today. On behalf of the FUTU management team, I would like to thank you for joining us today. If you have any further questions, please do not hesitate to contact me or any of our investor relations representatives. Thank you and goodbye.

Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company's SEC filings and official press releases. Corporate participants' and analysts' statements reflect their views as of the date of this call and are subject to change without notice.