Soop Co., Ltd. (A067160) Earnings Call Transcript & Summary

Welcome to AfreecaTV live conference aka ALCON. I'm BJ Kim Sang-Eun. It's already October, I can't believe it, the time flies. And this is my -- this gives me my last ALCON, and it's been already 1 year. So I'd like to take this opportunity to thank my colleagues. Thank you for inviting me here. ALCON is open to anyone who's interested in AfreecaTV. However, please understand that since it's related to our earnings, only fund managers and analysts can ask a question via chat room. Today, we are joined by Mr. Jung Chan-Yong, our CEO; Kim Jiyeon, Head of IR; and Chan Gyeong-Hui, our manager. First off, could you say hello?

Hello. My name is Jung Chan-Yong. Now that we're turning around at the corner of the third quarter and looking into the fourth quarter. So we look forward to talking about our earnings report on the quarter 3, and then we can walk you through what kind of plans we have. Thank you very much.

Good morning. Hello. My name is Kim Jiyeon. Yes, it's autumn already, and year '22 (sic) [ '20 ] will be remembered by COVID-19, I guess, the time does fly. However, it's -- I'm really happy that I came back with good results.

How about you manager, Chan Gyeong-Hui?

Good to be back. I don't know what to say, well, just to say, good morning.

Okay. So what's the order of business this morning?

First, also, let me briefly go over the earnings highlights, and then I can take your questions.

Okay, then. Now let us move on to the earnings report. It's all yours, Ms. Chan.

Slide, please. Here are the business performance and earnings highlights of the Q3 2020. During the third quarter, we saw a continuous growth in user participation, which was our priority this year. And thus, the organic growth of our ecosystem. Notably, paying users and ARPU growth continued. The social distancing was indeed one of the factors, but our service-enhancing efforts to improve user experience such as content diversification or user-friendly services also contributed to this growth. As per advertisement business, both the branded contents and platform advertisement saw a turnaround since it's a high season. Branded contents, in particular, drove a fast recovery in revenue since there was a noticeable increase in demand, not only from the game industry, but also from nongame sectors such as public organizations or sports advertisers. We newly launched a platform advertisement product called chat window time ad which is part of the new ad platform. We're right on track to introduce to you next year. Also, the tested -- we tested waters for live commerce during the third quarter. We collaborated with an existing commerce company and the start was a success. We will continue to accumulate successful references, so we can generate the live commerce contents with AfreecaTV's own DNA, which will satisfy all 3: the platform users and BJs. Now let me walk you through the earnings highlights of Q3 2020. The total revenue is 20 -- KRW 50.2 billion, recording 11% growth Q-o-Q and 12% Y-o-Y. As both the ARPU and paying users improved, the platform revenue increased by 6% Q-o-Q and 23% Y-o-Y. With the high seasonality and online execution of eSports, advertisement revenue grew by 63% Q-o-Q. And the decrease rate was also reduced to minus 12% Y-o-Y. In the fourth quarter, a new advertisement product will be added, and the VOD interim ad will be introduced. The advertisement operation platform is in development, and we aim to launch it with a bang in the first half of next year. We already have taken necessary preps such as contacting advertisers in time for the opening. Lastly, the multi-platform revenue includes the revenues from all 18 Open Studios. Due to the level 2.5 social distancing measures that lasted for about 2 weeks since the end of August, the multi-platform revenue declined by 13% Q-o-Q. The operating income of Q3 is KRW 13.9 billion, which is a 30% growth Q-o-Q and 29% Y-o-Y. Operating margin is 24%, growing by 4.0 -- excuse me, operating margin is 27.7%, growing by 4.0 percentage points Y-o-Y and 3.7 percentage points Q-o-Q. Now the next slide will explain about the expense. Now on to operating expenses. In the third quarter, it went up by 5% Q-o-Q, amounting to KRW 36.4 billion. To look at subsegments of 3Q's operating expenses, content creation fees grew by 42% Q-o-Q as the company-operated online eSport Leagues and also due to the increase in the original content creation. In addition, a reserved budget for new BJ's points that was temporarily recognized in the last quarter was dissolved, marking 36% decrease in the BJ support fund. And as for variable costs, commission charges related to ad revenues went up by 82% Q-o-Q and payment charges increased by 11% Q-o-Q due to the revenue growth in the donation economy. And there is no additional increase in other operating expenses. Next slide, please. Last but not least, please refer to the balance sheet. That's all I have.

Thank you. So now it's time to look at questions that was supposed to be uploaded during the IR sharing session. So let me ask you once again. Please upload questions. And please inform us what your department and name when you are uploading questions as well. So I think it's time for me to ask questions then, while will we wait for another participant to join the Q&A session. So now I want to know what are some efforts of the company to increase the number of log-in users. Did you see any tangible results?

Log-in user, I think it takes a while. We can't achieve this within a short span of time. However, if you look back on our company's plan, including SNS log-in through NAVER ID or KakaoTalk ID, those synchronizing plants, this is going to be applied next week. So of course, the number of log-in user itself went up. But if you look at our services, the share of those log-in users is relatively high. However, for that to grow further in the future, if our platform and service themselves grow positively, then the number of log-in users is also going to go up. And the main point is encouraging user engagement, like encouraging them to participate in the chat or giving gifts, but we haven't seen a explosive growth yet. So please give us time. We'll come back with meaningful results.

Okay. Let's -- looking at the chat. I see that [ Merit ] says that the revenue from the gift was really high. So what's your expectation?

Yes. I think it's really based on our expanded bases. We had the influence from the virus situation and the increase in the log-in users. All these, yes, that's a factor, but those AfreecaTV users must have had some kind of barrier entries, like in application downloads or perhaps they may feel a little bit uncomfortable actively participating in those. However, that barrier has been lower than lowered. So in the past, there was a small number of people who would give balloons, Star Balloons, but now that became really popular and democratized. So I think that's one of the reasons. Yes, and the number of ad balloons, the users have increased. So yes, that's true.

Yes. Welcome, we see your question. Hi. Yes. So it was [ Kim ] from Macquarie Securities. It seems like the growth in the ad sector is notable. Can you also come up with some prospect in the future?

Yes, our ad revenues has been showing a very positive sign. But to be honest, I think it's still at a stage where we can't say to you with confident that it went up because there was some sort of shrinkage due to the COVID period. So if you just purely compare that performance versus our last year's performance, I'm not quite satisfied. But the growth is growth. So what I'm saying is what had been delayed and postponed has been realized in the third quarter, for sure. And as I mentioned earlier, because AfreecaTV services are becoming more popularized and democratized, that means we are becoming as a powerful tool for ad platform as well. That is why we're recognized, and we're growing. However, the ad business itself had to shrink because of this unprecedented crisis. But in the third quarter, we made a comeback, and we're turning around and heading towards a positive path. So if you look at advertisers and corporates, they have been a little bit hesitant about spending or investing in ads because of the COVID-19 crisis. So if you look at patterns of ad execution, they are focused on social media platforms, and they don't just wait for another while. And they know that AfreecaTV can be a great alternative and great option for ad execution, and we see this trend continuing in the fourth quarter. And next year, we're going to launch this video platform for sure. This will be a huge boost for our ad business as well.

Yes. Once again -- oh, yes, we got 100 Star Balloons. Thank you very much. That was great. From [indiscernible]. It's about live commerce. Is it going to be paid on the ad balloon only? Or is it going to expand it to the actual live commerce platform by purchasing on our app?

Yes, that means our analyst has a very good understanding of what we do. We have 2 tracks. The users can either purchase it on ad balloons or they can go to the Afreeca shop. The ad balloon -- the purpose of the ad balloon is the partnership with other company outside of AfreecaTV. You know how it is with the companies who have certain level of volume. They have their own -- sometimes, they have their own schemes to have their platform for the commerce. But the commerce doesn't necessarily happen only within that -- within the platform, and they also expand to other platforms. And those commerce operators can also use our ad -- ad balloons. And we feel that Afreeca platform has the value as a commerce platform that's why we have AfreecaTV shop. But the live commerce -- the picture of live commerce that we're pursuing is, I would say, ultimately, the AfreecaTV shop is the ideal format. Our BJs' activities have gone out to various categories and live commerce is part of them. And once we establish ourselves as a good platform for those products to be sold, then the BJs can be actively participate in those. So strengthening our platform role would be our purpose.

Yes. I mean, sending to you that this is really great because this gives more opportunities to our BJs. That's great. Yes. We have another super-fan [indiscernible], thank you very much for doing that. And there is an additional question. So it says, can you share an index about the number of paying users versus total visitors and monthly ARPU, like what's the trend compared to last year?

So let me share some information about paying users. I can't share specific numbers. But I would say that share of paying users went up to 4.3%. It's an organic growth for sure. And for the standards of traffic, I would say it went up by 0.1% point. And 3/4 gift economy was drawn and driven by paying users, for sure, but I would say the majority of the share was noticed during the first and second quarter, and the number of paying users also went up, as I shared. Did it satisfy your question?

I think we're going to have to wait a little bit longer. Wow, we're getting all this Star Balloons. So thank you so, so much.

So where does this gift go from?

Oh, yes, that's accumulated in our IR account. So -- and we're going to make a donation from that fund that accumulate.

We have user combination team, and we have our own official broadcast channels. And all the profits, all the proceeds from them goes out to those in need. And in Kevin's channels, the Star Balloons that we get-go to some foundation -- education foundation.

One more question. So far, you did broadcast on live commerce? And what kind of products are you looking into and with which platform?

When we do the external partnership for live commerce, that's our priority right now. So we're in talks with various commerce operators like Hmall, and so we will continue on that path. And in terms of the product category, it's not like we have merchandising capacity. So we depend on our partner. You remember Logitech commerce contents with BJ Kim [ Min Gyu ] we did on our AfreecaTV shop. So that's our own commerce. So that's really related to our platform users and our platform. Are there -- so comparing to other consumables, fashion items or computer, game-related items or some cool idea items. Yes, these will be included in those.

Okay. Seems like we're having a very quiet Q&A session. In the past, I see questions coming in, in a great number before. Okay. Then let's move on to some questions that I haven't asked you yet. So during this pandemic period, platform ad revenue should have grown, right? So we definitely saw some benefits, for sure, right?

Yes. In general, I would say our platform received a boost, but the ad platform itself did not grow that much, to be honest. That is why if you look at general market NAVER or Kakao, those platform ad revenues are growing, what's happening to AfreecaTV? Why are you not growing in that area? So these are the questions that we get. So I think the question here is whether we rank top or we are followers in that regard, and people tend to invest mostly in those top 2 platforms. And I think this discrepancy or imbalance was caused by the shrinking of general ad business or execution. But because now, it is going through a recovery stage, these opportunities are coming and onto our platform as well. And once we are equipped with a relevant and necessary infrastructure, we'll be able to grow with them as well.

Okay. Then I also see some great lineups about game titles in the second quarter as well. And it seems that the ad profit revenues are going to turn around and record a positive growth for sure.

Yes. We basically also are expecting big launches of game titles, and this can definitely affect us in a positive way.

"I'm from Hong Sunyoung from Nomura. Thank you so much for your reporting on good performance. Do you have any strategies to introduce to us on 2021?"

That's a good question. Since last month, I've been kind of gathering thoughts on what's going to happen next year. So thankfully, AfreecaTV has been growing for a very long time, consistently, thanks to your support. And so I was thinking about what should I prepare next? But I come to the same conclusion each time. AfreecaTV's capability, our influence as media platform, strengthening our platform, think that's going to be the source of further boost. So based on our platform, we can expand to other services, too. I would like to make sure that our platform becomes more universal, more democratized and have more users and more active users coming in. So now the live service, live service platform, that's our traditional format, but now going towards other services like VOD, that's also one direction. And we want to become not just video platform, but media platform. So that's the direction where we are heading. In order to do that, we have to focus on ad business so that the portion will grow. So advertisement and VOD business, these 2 will be our biggest focus next year. Recently, there is a lot of demand from our external partners. Before we kind of approached those directly, but recently, it was them who would approach us. So I think that's a good signal from the overall market that our bases has expanded. So our -- I think there will be more boost in our partnership, too.

Thank you. Then now, I think it's time for me to ask another question. For branded content revenues, what's the share of your league or leagues? And now that the social distancing measures have come down to level 1, offline league and this social distancing measures easing would be positively affecting our revenue scheme, right? What would be the great time for us to grow explosively?

Well, if you think about branded content, you have seen many of them offline as well. Receiving audience or fans, those type of branded content has been a lot in number. But during first quarter and second quarter, those numbers shrunk and plummeted. And now as we're entering the -- as we were entering the third quarter, those types of shows and audience revenues have been converted to online, noncontact shows. Though it's not like we are not executing ads, but we have been executing ads in a different way, which is online. So we -- I think we have come up with the solution somehow. And this trend is going to continue throughout the year, and this will also continue next year as well, but contact or in-person businesses are going to take a while for them to begin.

Once, you told me about -- told us about KRW 100 billion ad revenue target based on the current traffic. I know it's a little bit difficult for you because of the pandemic situation. But when do you think you will achieve this target?

Yes, I did mention the number, I remember. Okay. So I said that's our target. It wasn't like it was a concrete target per se, but based our structure and everything, I thought that this number is something that we must pursue. So when, that's the question. When do you think?

I think advertisement revenue should take up at least 50% of our company revenue.

Yes, that's true. So I think KRW 100 billion will be the first gateway into that target. But -- so we did KRW 28 billion last year. So next year, when we launch the open advertisement platform, and then soon, it's going to double. So it's going to take a good 3 to 5 years.

That's soon enough, no?

So I get a good vibe. Yes. So I shouldn't really talk about this too often. It's -- I don't know how to say this. So very roughly, 3 to 5 years. So we have platform, advertisement and branded contents. If we say branded contents will expand and also if there's another service or product in advertisement, that could also happen. When we were focusing on VOD service, part of the efforts was that we added the interim ad, just like any other platforms. And also during the live contents, we're going to add that interim ad, too. Of course, there is going to be the option that the BJ should be able to choose. Sang-Eun, when you do the broadcast, how long do you broadcast?

I'm not really good at doing a long time. So 3 hours, if it's really short.

Yes, so it's really minimum 3 hours.

There's no content that do only 1 hour. I mean just say hello, to everybody that already takes 1 hour.

Yes. So out of the 3 hours, don't you go to the restroom or something, take any breaks?

No, it's possible without going to the restroom.

Don't you need some break in between?

Perhaps 2 minutes. Yes, because sometimes I want to stretch out or get some water or something.

Yes. So for example, if our platform at the studio, there's an ad button. And there's -- say, there are some options like 1 minute ad, 2-minute or 5-minute or 10-minute, so I mean you're not going to take break up to 5 minutes, right? So if we have like 1-minute, 2-minute and 5 minutes, out of the 3 hours, then you might use them.

Yes, yes, yes, very much. And all those users, the loyal users come in, they're not going to be so bothered about the interim ads either.

So currently, say, for example, if there was that ad button, right now, if there's an ad button, if you put that in, then everybody needs to look at the same ad, all the BJs. But you -- my future plan is that you can choose which button is to go, which when. So if you say, you click on the ad, then you know the demographics of your users. So you can choose the appropriate ad for your demographics. So for example, if a sports, then you can click on the sports ads, something like that. So that kind of customizing and that would be really special. That will be our specialty. So that's going to boost volume.

So because the BJ will also have to consider the user's perspective and users' needs, right?

Yes. I mean, before there was some entry barrier, we had the ad time and BJs can't really play those because they don't want to upset the users. Because the users feel like, oh, I don't want to see any ads. I want to see you. But I think the atmosphere changed. I think the perspective from the users on the influence are changed because now users know what the influencers are supposed to -- they're supposed to do, and their expectation is kind of fixed. And they will be really upset if the influencer does something irregular. So unless it's anything regular, then they're going to accept it. So that's one of the ways that we can diversify products.

Yes, I think I agree with you. Okay. Let's move on to our next question. "Hello. My name is Oh Dong Hwan from Samsung Securities. It seems that your growth in the labor expenses have been slowing down. Is it because the size of human resources related to Open Studio has been decreasing? Is there any change in the Open Studio strategies since the COVID-19 is getting better in Korea?"

So when it comes to labor costs, I wouldn't say it slowed down. Usually, during the first and second quarter, it goes up and then it comes down during the second half. That's just a general trend, annual trend.

And because you mentioned Open Studio, thankfully, except for 1 Internet café, we have been operating all the other Open Studio Internet cafes. However, during the 2.5 stage, I would say, less than half a month, we were able to operate those open studios, and we saw the maximum number of deficit during that time, for sure. But I think the strategy that we have for now would be just enduring and perseverance. We have to create our base camps. And from those, we should be able to use those places as our strategic locations. And I think this strategy still works, even though it was temporarily halted because of this situation. Even though we are not expanding the studios in number nationwide, but I'm going to endure and then minimize the level of deficit. And then when things are getting better, we're going to actively utilize these spaces.

"Hello. I'm Kim Dae Gi from JPMorgan. Is there any revision to the top line 15% growth target? Is this for this year?"

Yes. Yes, the first quarter earnings. Yes, I know we talked about this at the end of the first Q -- 1Q. But fortunately that our advertisement revenue has turned around and other -- our gift revenue also improved. So right now, there is no need for us to lower the target.

"Hello. My name is Kang Minjoo from Daiwa Securities. Could you share with us your next year's investment plans, please?"

We're going to continue with the infrastructure investment within a span of our annual spendings. And because we have some cash reserves, if you think about the ratio that we need to consider, which is capital recovery ratio, so it's not bad for sure. And we have been trying to review some M&A options. But we haven't found the right, the proper crack match yet. And related to M&As, whether it was technical or business-oriented approaches, we are still open for any possibilities and chances, whether this year or next year, we're going to look for M&A opportunities for sure. So that's our direction.

"Hello. I'm [indiscernible] from P&K assets. You started developing your own ad platform and solution with a partner. Did your revenue from advertisement this quarter is -- has the reflection from the solution? Or when are you going to update it?"

Yes, it's in development right now. So we're going to open it next year, first half of next year. So right now, we are expanding our inventory in time for the opening. And also, we are contacting advertisers for that grand opening. The opening will be next year first half. The revenue will start, we were going to start reflecting those in our overall revenue starting in second quarter or third quarter. So the third quarter earnings report that we did does not reflect those.

Okay. Let's move on. "Hello, my name is [ Yuan Jo ] from CD Securities. You emphasized that it's important to expand the influence as a media platform, but it seems like there are small and minor incidents and accidents caused by BJs, and these are raising some concerns in the market. Do you have any mid-term or long-term measures or plans to cope with this issue?"

I totally understand where he's coming from because conceptually speaking, these incidents and accidents caused by BJs are decreasing in number because BJs are now afraid of user sentiment and user responses. I think this doesn't just apply to our company, but it applies to the general society. Now no one can lie and the expectations from the audience is growing up. So now, if you look at what is happening around us, people are more getting sensitive and sensitive, and there's no ground for those malicious behavior. And I think this is a positive ambience that we are witnessing. And as a media platform company, when we are looking at these positive signs, we can't just be complacent and staying and expecting everything is going to be taken care by this positive trend. We need to strengthen BJ engagement and user communication as well. By doing these two, we are going to continue making our ecosystem healthier. So this year, one thing that I regret the most is that every year, we have been holding off-line seminars and workshops with BJs but because of the special situation, we couldn't be doing it. And the reason and the purpose of those sessions is to sit down with them and talk them to them in person and make sure that they're doing okay and they're going towards the direction. And BJs can also feel reassured and recognize that, okay, the leader of this company is watching me and monitoring me and supervising me. But because we couldn't hold this, that's something that I'm very regretful, feeling regretful and sad about. But maybe in the mid-November, I'm thinking of creating 5 to 6 camps nationwide and hold a broadcasting event so that people can sit down and talk together. We definitely are going to strengthen in this direction. We must do this. And during this process -- it's not like we can't call this humanities, lectures or anything. It's not like we're showing some materials to teach them something. I think things need to come out from a very organic and authentic communication and interactions between us.

Yes. In my personal opinion, I think becoming an issue itself as a BJ is not necessarily a bad thing, but I just want to see no more heartbreaking accidents coming up. "Hello. I'm Kang Minjoo from Daiwa. One more question from me. Can you share us the colors on the indicators on the gifts of October?"

In October, we have the long weekend with our Korean Thanksgiving. So sometimes, that means our gift revenue decreases, but it's not as concerning. It's going to be as same as September. So in November -- and then it's going to pick up towards this -- end of the year. So it's going to end in positive note.

Thank you. You're uploading some questions for us, right?

How was your third quarter, by the way, Sang-Eun?

I would say it was like a break for me because I had a long leave. And then I got sick recently, but the symptoms were exactly the same as -- representative symptoms of COVID. I went to a local city, and then I got all these symptoms, and I couldn't get over those easily. So I want to encourage everyone to intake some vitamin C, get some vaccine because it's so nervous for me to go to a clinic even. So that was a mental burden that I had overcome during the third quarter. It was slow and I got to recharge. And as I'm -- we're heading towards year-end, I hope many positive things will pop up for me as well, but not yet. Anyway, so I don't see any new questions coming up. Should we consider this as a wrap? Or -- what should we do? Should we wait a little further? Or should we conclude? I'm so happy because this will be my last time doing this with you, and you came here with very positive and great results. Because last time, I remember the general revenues were okay, but the general ambience, atmosphere, were a little bit down because of this massive outbreak of COVID-19. I'm so very happy to leave with a positive note. Someone just wrote, "Hurray, Kevin." I guess, Kevin is here. Anyway, I'm so very happy now. We have a very positive atmosphere. Things are looking great. I'm very happy.

Okay. So when we're going to do the next ALCON, who's going to do it? Can you recommend one BJ for me, for us?

Well, I think our analysts should come up with an option or maybe you should use me. I'm very happy to come back. My second year, go, go.

Isn't it difficult because you have to get up early and then come here, get ready?

No. Because whenever I have these schedule, commercial or whatnot, it's what I do every day, going to salons and do some shows. But I don't think you're going to use me again, right? Maybe next time. I hope I can come back sooner rather than later. Then yes, someone just said, "Sang-Eun, you're great." Thank you very much. You made my day. Oh, wow, thank you so, so much. Yay. Okay. The last question. When we look at the earnings report, there's the portion of the gift is so big. So is there any way for you to get the profitability based on your platform?

Yes, that's -- advertisement, that's the key. Is it [ 7 ] to [ 3 ] or [ 8 ] to [ 2 ] right now?

Yes, this year, it's [ 8 ] to [ 2 ].

Around like [ 7 ] to [ 3 ], [ 8 ] to [ 2 ]. So the revenue from our gifts, that's really big portion, I would have to admit. But depending on how you view this, in order for a platform to cultivate its advertisement bases, it takes quite a long time in order for us to reach our target, say, KRW 100 billion. Then once we are on track, once we reach that, then we're going to have leverage, but we have to persevere until then.

Yes, it's true that our gift economy is a big portion, and it's growing organically. We are not really inducing. We're not doing any schemes to induce the payment. Other platforms, they have special schemes and tactics to make sure that users pay. But we are not doing that. That means there's still a lot of room for us to drive grow -- drive growth in the revenue. So our live commerce and then advertisement, these can be added and also expanded, which will lead to even better, even more growth.

Yes, that's a really nice way to close our ALCON. It looks like all the questions have been asked. So perhaps it's time to wrap up. Well, I'd like to say thank you to our CEO. Can you say a few words to close?

Well, just to you, Kim Sang-Eun, for the last 1 year, thank you so much for your service. It's been a blast. We would like to have you for another year, but it's a tradition to invite new BJ every 1 year. So please understand that. What we say at AfreecaTV is that people usually ask every year, Star Balloons, the revenue from the balloons, isn't it at the top? I mean no, we say the growth is organic growth. That means there's still room for us to grow even further in the digital service and the platform services coming in. So considering all that, the paying user, 4.3% and ARPU? What -- how much? Yes, that much. So we have not reached the peak yet. So there's -- we can improve more. And we are the one and only platform with -- based on the donation, the gift economy. So we take great pride in that, and I think it's working. And of course, and this trend will continue looking at how we've been doing so far. So I would like to ask you to keep on having a high expectation on us, how we expand.

Well, thank you so much, BJ Sang-Eun, for your service. So this year, we only have 2 months left. And socially speaking and also in our company, looks like the trend of recovery is picking up. So it's -- I'm glad to see that in the third quarter. So I look forward to coming back with you for the earnings on the fourth quarter. But next year, will be a whole another animal, and it's going to be even better because the platform advertisement itself will be upgraded. The branded content, the demand is very high already. And once the COVID-19 has subsided then, we can pursue this even more actively. And live commerce, we are approaching this with some care, but we want to make sure that the BJs get the right amount of proceeds and also that can boost our contents of our platform. So I value this category very much. We will do our best to prepare ourselves to really take this by the horn.

Yes. Thank you very much, our CEO and our manager for this opportunity. Can I say a few words? This is my last time here. Not just in Korea, but globally, there have been many difficult situations. I want this to be over as soon as possible, and we'll see a better future. And you see leaves changing colors. And once these leaves fall down, you'll be able to see great buds and green grass and trees popping up next spring. So the current difficulty is temporary and momentary. Let's stay positive, and thank you very much for supporting us, and thank you for joining us today. How does you like today's ALCON? I'm very happy to be back with positive results. And I hope that you were able to quench all your thirst about what's going on in AfreecaTV. We only have 2 months left this year. Please stay healthy, safe and warm, everyone. Thank you. I'll see you in another opportunity once again. If you have any suggestions or feedback, you can also upload those on our chat room or contact our IR room for any of your opinions. I won't be able to see you in the next ALCON, but I'll have another chance to see you. Thank you very much. This is a wrap. [Statements in English on this transcript were spoken by an interpreter present on the live call.]