Melco Resorts & Entertainment Limited’s CEO, Lawrence Ho, introduced strong efficiency in Macau and different areas through the firm’s Third Quarter 2023 Earnings Conference Call. Macau’s restoration has been significantly robust with each gaming and non-gaming revenues exhibiting important enchancment. The firm’s group-wide adjusted property EBITDA for Q3 2023 was roughly $281 million, and luck-adjusted group-wide property EBITDA got here in at $291 million. The firm can be targeted on decreasing debt and repaid $100 million in debt throughout Q3 2023.

Key takeaways from the decision:

• Macau’s restoration is powerful with strong efficiency through the summer time months and October Golden Week.
• Studio City in Macau noticed a 65% improve in adjusted property EBITDA quarter-to-quarter, with additional progress anticipated as Phase 2 continues to ramp up.
• City of Dreams Manila within the Philippines generated strong earnings, whereas City of Dreams Mediterranean in Cyprus confronted challenges as a result of battle in Israel.
• The firm repaid $100 million in debt throughout Q3 2023 and is targeted on decreasing debt.
• The firm expects complete depreciation and amortization expense to be roughly $145 million to $150 million in This fall 2023, company expense to be roughly $20 million, and consolidated web curiosity expense to be roughly $130 million.

Company consultant David Sisk mentioned the mass market desk recreation maintain share at COD within the third quarter, which was 32.1%, and regarded regular and sustainable. He additionally talked about that rivals are being extra aggressive in promotions, and Melco can be being aggressive to draw clients. Sisk expects the promotional atmosphere to average over time and return to 2019 ranges.

Regarding the ramp-up of the W lodge and the Epic tower at Studio City, Lawrence Ho talked about that they’re seeing progress of their enterprise and are absorbing the brand new merchandise effectively. October was their greatest drop month and so they had their greatest coin-in month for slots.

In response to a query in regards to the House of Dancing Water opening, David Sisk said that they’re planning to relaunch it within the late fourth quarter of 2024. He talked about that they’re presently doing exhibits within the theater and can begin the remount for the House of Dancing Water in mid-November.

Regarding room charges and availability, Sisk talked about that with the addition of latest lodge stock, there is a chance for accommodations to poach clients from older accommodations. He said that they have not had any bother filling their accommodations and anticipate the W occupancy to achieve the low 90s by the tip of the yr.

In response to a query in regards to the below-average business GGR ranges, Sisk talked about that the shortage of junkets and the presence of bigger VIP gamers have created extra volatility of their enterprise. He expects the VIP market to proceed to be risky, however long-term, they anticipate to surpass the 2019 ranges within the premium direct VIP enterprise.

The firm stays optimistic in regards to the market’s restoration, anticipating it to strengthen because the buyer database grows and transportation improves.

InvestingPro Insights

InvestingPro’s real-time knowledge and suggestions present some useful insights into Melco Resorts & Entertainment’s efficiency. With a market cap of $3300M, the corporate has proven a major return over the past week, as indicated by the 11.65% 1-week worth complete return. Despite the corporate not being worthwhile over the past twelve months, analysts predict profitability for the present yr.

InvestingPro Tips counsel that Melco operates with a poor return on property, which is confirmed by a -8.19% return on property over the past twelve months as of Q2 2023. However, the corporate’s liquid property exceed short-term obligations, indicating a powerful monetary place.

The firm’s inventory has taken successful over the past six months, with a 6-month worth complete return of -29.9%. Despite this, the corporate’s income progress has been spectacular, with a 32.11% improve over the past twelve months as of Q2 2023.

It’s value noting that there are over 11 further InvestingPro Tips obtainable for Melco, which might present additional insights into the corporate’s efficiency and potential funding alternatives.

Full transcript – MLCO Q3 2023:

Operator: Ladies and gents, thanks for standing by within the Third Quarter 2023 Earnings Conference Call of Melco Resorts & Entertainment Limited. At this time, all members are in a listen-only mode. After the decision, we are going to conduct a question-and-session. Today’s convention name is being recorded. I’d now like to show the decision over to Ms. Jeanny Kim, Senior Vice President, Group Treasurer of Melco Resorts & Entertainment Limited. Thank you. Please go forward.

Jeanny Kim: Thank you, operator, and thanks, all people, for becoming a member of us at present for our third quarter 2023 earnings name. On the decision are Lawrence Ho, Geoff Davis, Evan Winkler, and our Property Presidents in Macau, Manila and Cyprus. Before we get began, please notice that at present’s dialogue could include forward-looking statements made beneath the secure harbor provision of Federal Securities Laws. Our precise outcomes might differ from our anticipated outcomes. In addition, we could focus on non-GAAP measures. A definition and reconciliation of every of those measures to essentially the most comparable GAAP monetary measures are included within the earnings launch. Finally, please notice that our supplementary earnings slides are posted on our Investor Relations web site. With that, I’ll flip that over to Mr. Lawrence Ho.

Lawrence Ho: Thank you, Jeanny. Macau’s restoration continued to develop from power to power into the third quarter of 2023, particularly through the summer time months with our property visitation and on line casino participant hours benefiting from this progress. We had strong efficiency over the October Golden Week and noticed a sturdy restoration through the the rest of October, with GGR excluding junkets reaching near 2019 ranges. Both gaming and non-gaming revenues improved, and this was bolstered by our dedication to put money into world-class leisure and improve our non-gaming facilities. Our market-leading design requirements have been acknowledged final month by Prix Versailles with Morpheus being the one lodge in Macau to have the honour of being included as one of many World’s Most Beautiful Hotels. Studio City has been the middle of leisure for us in Macau. The opening of Phase 2, the addition of the Epic Tower and W Macau accommodations, the Residency Concerts and an ongoing schedule of occasions drove gaming quantity and contributed to a 65% improve in adjusted property EBITDA quarter-to-quarter. We anticipate additional progress in Studio City as Phase 2 continues to ramp up. In the Philippines, City of Dreams Manila continues to generate strong earnings with a powerful margin profile. City of Dreams Mediterranean and Cyprus have been severely impacted by the battle in Israel. Our groups are engaged on realigning our advertising and marketing technique there. With that, I flip the decision over to Geoff to undergo among the numbers.

Geoffrey Davis: Thanks, Lawrence. Our group-wide adjusted property EBITDA for the third quarter of 2023 was roughly $281 million. Luck-adjusted group-wide property EBITDA for the third quarter of 2023 got here in at $291 million. A positive win fee had a optimistic impression on COD Manila of round $9 million, whereas in Macau, unfavorable win charges at COD and Studio City had a destructive impression of roughly $19 million. Details of those changes might be discovered within the supplementary earnings slides posted on our Investor Relations web site. Macau OpEx elevated to roughly $2.5 million per day within the third quarter of 2023 from roughly $2.4 million per day within the second quarter. The improve in OpEx was largely as a result of addition of full-time staff throughout our properties, together with the opening of the W Macau in September and elevated advertising and marketing prices. Despite the rise in price, our EBITDA margin elevated barely quarter-to-quarter. Turning to our steadiness sheet. We proceed to deal with decreasing debt and deleveraging. We repaid $100 million in debt through the third quarter of 2023 and repaid one other $100 million on the finish of October. We presently have roughly $1.2 billion drawn on our RCF, which provides us round $750 million of undrawn and obtainable dedicated revolving credit score amenities. We will proceed to intently monitor our free money move, which is able to drive additional debt discount. As of September 30, 2023, we had round $1.5 billion of consolidated money readily available. Melco, excluding its operation that Studio City, the Philippines and Cyprus accounted for round $800 million. Of this, roughly $125 million was restricted as collateral required for the concession-related ensures issued to the Macau authorities. As we usually do, we’ll offer you some steerage on non-operating line gadgets for the upcoming fourth quarter of 2023. Total depreciation and amortization expense is anticipated to be roughly $145 million to $150 million, company expense is anticipated to come back in at roughly $20 million, and consolidated web curiosity expense is anticipated to be roughly $130 million. This consists of finance legal responsibility curiosity of round $7 million referring to charges payable in relation to the Macau gaming concession and the Cyprus gaming license and finance lease curiosity of roughly $6 million referring to City of Dreams, Manila. That concludes our ready remarks. Operator, again to you for the Q&A.

Operator: [Operator Instructions] First query comes from the road of George Choi of Citi.

George Choi: I’ve a few questions, if I’ll. Firstly, how ought to we take into consideration OpEx set up in Macau going ahead? I imply though naturally, the favorable VIP, mass GGR ship signifies that there can be a lift to margins. Should we be frightened about inflation in advertising and marketing prices, participant with investments or prices for upgrading nongaming choices, together with concert events? And I’ve a second query and that is about — is relating to the newest GGR traits. The share costs in Macau appear to be reflecting buyers involved in regards to the sustainability of GGR and EBITDA restoration in Macau. Do you guys see any indicators of moderation in gaming demand and non-gaming revenues? That’s all for me.

Lawrence Ho: George, it is Lawrence. Thanks for the query. I feel why do not I handle the second query, first, after which we’ll have Geoff speak in regards to the first query, and possibly David can complement on that as effectively. On the second, clearly, we’re feeling good about Macau. And journey and tourism is the main sector in China proper now. I feel after 3 years of being not having the ability to journey throughout COVID, persons are coming to Macau in drive. And we have now seen that, October was the most effective months in Macau and likewise the most effective month for us because the reopening. So we’re feeling superb. And even the remainder of October has been good. It has not been mushy and November has began off robust as effectively. So we’re not involved about it. Of course, we perceive the investor urge for food over the past 6 months of the yr and the so-called China threat or decoupling, that is one thing we will not management. And we — all we are able to do is basically put our head down and make it possible for we proceed to ship the earnings. I feel on the primary query, possibly I’ll hand it off to Geoff.

Geoffrey Davis: Thank you, Lawrence. I’ll take the primary a part of the primary query. So on OpEx, we got here in at about $2.5 million in Macau for the third quarter, in keeping with the steerage that we had offered on the second quarter name. We anticipate within the fourth quarter that quantity wanting extra like $2.6 million. And then as we take into consideration how that would change going into subsequent yr, the one factor I’d spotlight is the reopening of The House of Dancing Water present. And that might add about 0.1 per day when that occurs. Other than that, topic to choices in respect to different leisure, et cetera, et cetera. I feel that is a fairly strong run fee.

David Sisk: So I feel the one different factor I’d most likely add to that’s, as you have a look at among the nongaming sights and facilities that we have now, together with House of Dancing Water coming again, we have now began to promote a bit of bit extra in market extra in, for instance, Hong Kong or in China to, once more, let folks know we have now these property on the market. So that is been a little bit of a change that we did not have earlier than as a lot apart from House of Dancing Water. So these concert events, these sights that we have now, that may proceed. But I feel we are going to nonetheless keep throughout the quantity and the steerage that Geoff simply gave you.

Geoffrey Davis: And in respect to our financial savings initiatives that have been a key focus through the COVID years. No change in our steerage there. We nonetheless anticipate that 20% to 25% of these financial savings could be everlasting. We’d endeavor to make it possible for they continue to be intact going ahead, with that inherent margin profit beginning to present by way of, together with working leverage going into subsequent yr as we proceed to drive the enterprise and drive incremental working money move.

Operator: Next query is from the road from Joe Greff of JPMorgan (NYSE:).

Joseph Greff: Lawrence, simply going again to your feedback about Golden Week after which the following interval in October and being near 19%, excluding the junket enterprise, does that indicate EBITDA in October was, a minimum of on a hold-adjusted foundation in extra of October ’19 ranges?

Lawrence Ho: Maybe I’ll let Geoff.

Geoffrey Davis: Yes, I feel we had offered some steerage up to now that we would wish to see mass and slots and non-junket enterprise return to one thing extra within the 115% vary to be at par or parity with 2019 or pre-COVID EBITDA.

Joseph Greff: Okay. And then only a broader query. Can you simply discuss both your ranges or the place you suppose the market is by way of premium mass reinvestment ranges, how does that evaluate to ranges in 2019? Is that barely elevated?

Lawrence Ho: Maybe, David, can discuss that.

David Sisk: Sure. So Joe, I feel what we have seen a bit of bit now as this has type of come out of the, for instance, out of the COVID interval, we have seen much more advertising and marketing occurring, whether or not that be with among the different concessionaires relative to their new, for instance, new lodge rooms or different new property that they have — introduced on — which have been introduced on-line. Additionally, as we have type of seen a shift within the enterprise the place proper now, it’s extremely a lot a premium mass market-driven financial system mainly. What we’re seeing is there’s extra comps associated to that. So the reinvestment charges have climbed a bit. That doesn’t suggest that as we see extra of that mass, mass type of coming again and type of a smoothing out of issues as a number of these new product comes on-line available in the market that we do not see a return again to, for instance, extra of what we noticed within the fourth quarter or all through 2019. But for proper now, it is a little more elevated than we have seen up to now. And once more, it is for the explanations I simply talked about.

Joseph Greff: Got it. And then David, the mass market desk recreation maintain share at COD within the third quarter was 32.1%. Do you have a look at that as sustainable, as regular or do you consider that as type of the combination between premium mass and mass as one thing that is exterior the vary of a traditional mass in opposition to maintain share.

David Sisk: No. I feel we’re throughout the regular vary of mass desk recreation from a complete share. What we’ve not seen but is type of that full mass, mass coming again to type of easy issues out a bit of bit. But I feel we’re inside our regular vary there, is likely to be a bit of bit increased generally. But once more, we’re most likely on that, for instance that 31% to 33% like we have talked about earlier than, however we’re proper inside that ordinary vary.

Operator: Next query comes from the road of Ricardo Chinchilla from Deutsche Bank (ETR:).

Ricardo Chinchilla: I used to be simply questioning when you might remark a bit of bit extra on the promotional atmosphere and the way you guys are reacting? Do you guys suppose that the present reinvestment ranges are sustainable? Or this can be a lot of, as you talked about, your rivals making an attempt your — purchasers do take a look at among the product earlier than going again to City of Dreams or how do you guys envision the promotional atmosphere? And if there’s a number of making an attempt versus going again to what they like?

David Sisk: Yes. So Ricardo, it is David. So look, I feel you are spot on if you say I feel there’s lots of people going on the market being a bit of extra promiscuous and going out and making an attempt different properties, understanding what could also be on the market. So that is type of contributed a bit of bit to that, for instance, rise within the promotional or reinvestment charges. Also with among the new merchandise and among the different issues on the market, I feel once more, that as a way to get folks into that new product a bit of bit to get folks to attempt that product, whether or not that is us or the opposite concessionaires, you additionally must most likely be a bit of bit extra aggressive. What we have seen, too, is that we have had a number of pent-up demand relative to a number of our room product, significantly at Studio City, the place now we have now the chance that we did not earlier than as a result of we had far fewer rooms, so with the addition of roughly 900 rooms, that is given us the chance to go deeper into our database to exit and be a bit of bit extra aggressive, which can be driving a few of our reinvestment charges as effectively. But I feel over time, that may average, as I stated, and we’ll most likely get again to these 2019 ranges.

Ricardo Chinchilla: Got it. You guys offered nice coloration on working bills for the Macau operation. I used to be questioning when you might element us how a lot of that quantity is said to Studio City only for our modeling? Like why ought to we — out of among the prices that you’re including again, how a lot is particularly associated to Studio City?

Geoffrey Davis: Well, possibly to focus on the delta on Studio City. We do anticipate that the incremental price of getting a full quarter of the W within the quarter must be roughly just like the discount in Residency Concert Series bills. So that largely washes out at about 0.2 per day of expense.

Operator: Next query, we have now from the road from John DeCree from CBRE.

John DeCree: I feel you could have began to the touch on this, however questioning when you might present a bit of bit extra coloration on the ramp on the W after which even possibly again to the Epic Tower opening? Are you beginning to have the ability to enhance segmentation? How has buyer reception been to the brand new lodge towers and pricing, et cetera, when you type of consider using these to work by way of and yield up your combine?

Lawrence Ho: John, it is Lawrence. I feel we’re very enthusiastic about Studio City Phase 2. But on the identical time, we — the explanation we have opened this sort of piece meal is we’re progressively rolling an increasing number of product into the market. And I feel anyone who’s been to Studio City proper now is aware of there is a main retail renovation occurring. And over the subsequent 2 or 3 months, most of these retail tenants can be open. So we have been ready for that. And I feel in the end, most likely someday within the first quarter of subsequent yr or early second quarter, we are going to attempt to do a significant property relaunch Phase 2 opening. But I feel that’s an space that we’re persevering with ramping up on. So I feel possibly David can add extra coloration or Kevin?

David Sisk: Sure. So look, I feel from once we opened up Epic again in April, it lastly allowed us type of a very nice product to exit and develop that premium mass since extra VIP enterprise that might, fairly frankly, actually did not have with the Star Tower at Studio City. So the chance to essentially begin placing extra of these premium gamers and shifting a few of that enterprise away from a few of our rivals and bringing that into Studio City is one thing that is fairly thrilling for us. And the group over there continues to do an excellent job as we construct that enterprise. In regards to the W, what we have seen from the beginning is, we began off at about 70% occupancy through the month of September. We’re now in October, we most likely received into about 80%. We’re trying to attempt to construct that again up till, for instance, 90% by the point we get to December. But there’s type of a combination there, it is a bit of bit completely different between what we have now, for instance, it is most likely a couple of 15% on line casino enterprise, 85% money the place we’re actually trying to attempt to depend on the Marriott Bonvoy system to herald some completely different gamers or completely different clients for us. The W additionally skews to a a lot completely different demographic and is especially fashionable with ladies. So we expect, once more, that this, hopefully, over time, will permit us to proceed to broaden our database, permit us to proceed to draw new clients that finally these clients will develop into that premium mass section, turn out to be long-term clients for us. But once more, each Epic and with W, we have seen a pleasant pickup inside our enterprise, and we proceed to see progress. And the truth is, for the month of October was our greatest drop month ever for Studio City in addition to our — we had our greatest coin-in month as effectively with regard to slots. So once more, we have seen a pleasant pickup. We’re absorbing the product effectively. And as stated, we glance ahead as we go ahead in December and past.

John DeCree: Awesome coloration. Maybe a follow-up on October. You guys gave us a bit of little bit of coloration, which is basically useful. Curious when you’ve made any observations relative to ’19 about seasonality or buyer habits earlier than the vacation week after the Halloween. Are issues or clients type of behaving the best way you’d anticipate? Or is it a bit of completely different now that we’re 2023 and post-pandemic. Any ideas on that might be useful. And that is all for me.

David Sisk: Yes. So look, once we received into the Golden Week, sometimes, this yr was a bit of bit early as a result of it began on the thirtieth of September and type of rolled into that, for instance, these first 5 days of October. So a bit of bit completely different than we type of usually see by way of that. But it was fairly typical as we received in the direction of the tip of the Golden Week the place you sometimes see a drop-off, after which about a number of days after that, it begins selecting up once more as you get into that subsequent weekend. So it just about performed like we thought it could. What I feel what’s been good although is, once more, not a lot of a shock, however once more, type of return to regular, the place we noticed that proceed play in motion going by way of the entire month and truly coming into the month of November as effectively now. So it dropped off a bit of bit prefer it used to, after which picked proper again up once more, which is, once more, similar to what we might have seen in 2019.

Lawrence Ho: I feel October, our Studio City drop was an all-time excessive within the historical past of the property.

David Sisk: And in Cotai as effectively.

Lawrence Ho: And in Cotai as effectively. So I feel we’re seeing the traction with the water park and the brand new accommodations. And I feel as soon as the entire property is accomplished and hoarded. We’re fairly enthusiastic about it.

Operator: Next query comes from the road of Praveen Choudhary from Morgan Stanley (NYSE:).

Praveen Choudhary: Good to listen to that Macau restoration is ongoing. I’ve 3 fast questions. The first one is straightforward. Did you give a timeline for House of Dancing Water opening? Is it first half ’24 or Q2 ’24? That’s the primary one. The second query is in regards to the spending per capita pattern. We received two knowledge factors. One bundle tour numbers are arising strongly after being very sluggish initially. And then somebody stated that in October 2nd half, the in a single day guests dropped off, accommodations are simply obtainable versus day-trippers. So these are two suggesting grind is likely to be doing a bit of bit higher than premium. So love to listen to your ideas. And the final query is, once more, Lawrence, what is going on on in Thailand and the way is it completely different from Japan out of your perspective if you wish to put new cash there? Obviously, it isn’t subsequent yr’s query, however I’m positive you are engaged on it.

Lawrence Ho: Praveen, possibly I’ll take the — my reminiscence sucks, so I’ll take the final query, first. I feel Thailand, we have been it for a lot of, a few years. But after the Japan expertise and — fairly disagreeable expertise. I feel we will be very conservative, and we’ll see. Thailand, they’ve reestablished one other gaming committee to take a look at it. We’ll proceed to investigate it and see what we are able to do. But definitely, I feel at this stage, we’re not going to be spending an excessive amount of sources and undoubtedly no cash in any respect on that. But if it does open up, the — apart from Japan might be essentially the most thrilling market on the market. Because on the finish of the day, for us, after the three years of COVID, our fundamental focus goes to be on delevering and decreasing that. That’s our #1 goal. And #2 goal is returning a reimbursement to shareholders, whether or not it is by way of dividend or buybacks. At these ranges, it is changing into very engaging, however we’re very disciplined within the aim of decreasing debt at this present stage. I feel on the primary and second query, possibly I’ll hand it off to David.

David Sisk: Great. So proper now, Praveen, we’re trying to open up House of Dancing Water for the relaunch, most likely late in fourth quarter of 2024. We’re simply now going by way of the method of the remount. We’ve been doing a number of work on the House of Dancing Water theater to get it up and prepared. We simply began doing our first exhibits there. We’re doing a manufacturing proper now with [Jae Jung TV], the place we’re doing a little musical issues in there proper now on a weekly foundation. And in the direction of the center of November, we’ll get again out of that and get began again on the remount for the House of Dancing Water. To type of possibly undergo your different query relating to room charges and room availability, I feel a number of the stock is coming to the market whether or not that be with what we introduced in with Epic, or what we introduced in with W or now we have seen a brand new product coming in with the Galaxy guys with Andaz and with — once more, the — escaping me proper now, the title of the lodge. But with the brand new product coming in in addition to I feel there’s a possibility for these different accommodations to type of undergo and to poach clients from among the different accommodations. So the place you could be seeing some availability possibly in among the older accommodations, for instance, the shortage of 5 star accommodations on the market. So I feel, once more, we have not seen that downside. We’ve been in a position to backfill our accommodations with the present. And as I stated, we have gotten to have 80% occupancy now with the W. We anticipate that to get into the low 90s as we get to the tip of the yr. We’ve had no bother filling Epic, our accommodations proceed to be very robust, we proceed to keep up very excessive occupancy percentages.

Operator: Our subsequent query comes from the road of Antonio Luiz Gomes from Ninety One.

Antonio Luiz Gomes: I simply needed to know on the GGR for Macau determine, it looks like from a quarter-on-quarter foundation, it was fairly just like the earlier quarter. From my understanding, your presentation, it looks like it got here from City of Dreams VIP GGR. But I simply type of needed to know what the obstacles are to the expansion and what’s led to under common business GGR ranges relative to 2019 ranges?

David Sisk: So I feel from the barrier standpoint, as we’re going by way of right here a bit of bit. I feel — look, we’re sort in an odd world right here a bit of bit, the place as a result of we have seen there’s fewer gamers now within the sense of — for the VIP enterprise. So that is created much more volatility. We generally tend to have a lot bigger gamers in our property. So that does create extra volatility. So if we get one sided on that, that does have an effect on us generally from quarter-to-quarter, the place years in the past once we had the junkets, that might offset that and mainly permit us to not see these impacts fairly as a lot as we see a bit of bit extra now. So I feel that may proceed for a very long time right here. I do not suppose that is going to alter as a result of I feel the VIP market has essentially modified now with out the junkets to easy these issues out. But long run, I feel you may see us get again to past the place we have been in 2019, a minimum of from a premium direct standpoint from the VIP enterprise.

Antonio Luiz Gomes: Okay. So going ahead, the subsequent couple of quarters you anticipate it to type of normalize relative to business averages, possibly beat that. Is that type of the expectation?

David Sisk: The expectation is, it’s going to return again to our historic averages, which once more is at proper round that 3% degree. But once more, the volatility will stay a while. So the subsequent quarter might be a bit increased, it might be, once more, a bit decrease. But I feel over the long-term view, we are going to get again to that 3%.

Antonio Luiz Gomes: Okay. And then every thing else appears to be ticking alongside regardless in your — out of your perspective?

David Sisk: Yes, I feel every thing is shifting ahead. Again, as we get — once more, as the expansion of the database, as we get extra clients in, as Macau continues to get well and we get extra airlift, and the transportation will get a bit of bit higher. All these items will contribute to the market simply getting stronger and stronger. But I feel we’re effectively on our method, and it’ll simply proceed. We suppose there’s much more juice left on this factor to maintain going effectively past the place we’re at present and into the subsequent yr and past.

Operator: We haven’t any extra additional questions at the moment. I wish to hand the decision again to Ms. Jeanny Kim for closing remarks.

Jeanny Kim: Thank you for taking part in our name at present. We look ahead to talking with you once more subsequent quarter. Thank you.

Operator: Ladies and gents, that does conclude at present’s convention name. Thank you in your participation. You could now disconnect your strains.

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