Yahoo Finance

David Lee

Thank you, JK, and thank you everyone for joining us.
I'm going to focus my commentary on fourth quarter 2024 results compared to the prior year unless otherwise noted.
During the fourth quarter, we grew revenue 10.4% on a constant currency basis with growth across all revenue streams. Our reported revenue is at 5.6% year over year as a result of strength in pay content and advertising, partially offset by our exposure to weaker foreign currencies.
As we executed on our cross-border content distribution strategies, we also gained greater leverage on our gross profit, which expanded 45 basis points year over year.
If you adjust for the ebook Japan marketing expenses, which moved from marketing to cost of revenue during the quarter, gross margin expanded by 147 basis points.
On a sequential basis, gross margin declined due to a sales mixed shift to certain studio and performance-based ad businesses, both of which have higher revenue share ratios.
Net loss was 102.6 million in the quarter compared to a loss of $95.3 million in the year prior, driven by higher general and administrative expenses due to public company costs and higher marketing expense.
Adjusted IA was $3.5 million in the quarter compared to a positive $10.4 million in the same quarter of 2023.
We were primarily impacted by increases in actuarial losses on retiree benefits, a non-cash, non-operating expense as a result of a third party evaluation.
As well as the effects of currency translation and lower gross profit in Korea due to a shift in revenue.
Actuarial losses had an impact of approximately $6 million to adjusted IA in the fourth quarter.
As a result, our adjusted loss per share for the quarter was $0.03 compared to adjusted earnings per share of $0.09 in the prior year.
Turning to operational health, total company MEU was down roughly 3.7% in the quarter. On our last call, we shared our efforts to focus on driving app users who are more engaged and present better monetization opportunities.
While A MAU decreased slightly by 1.5% overall, we saw a 6.7% increase in web comic A MAU when we removed the impact of web novel users.
This growth was led by increases across importance English-speaking markets as well as other key countries like France and Thailand.
As mentioned last quarter, we continue to see pressure on the rest of world MAU due to a government ban on Waha in one country.
While we're working closely with that government to get the ban lifted, the fourth quarter included the impact of a full 3 months of the ban, accounting for 2/3 of the MAU decline in the rest of the world.
Although web comics tend to generate higher revenue and profitability than web novels, which we believe is an indication of our acceptance in the rest of the world, web novels are still an important piece of our IP strategy, as the format's lower barrier to entry allows even more creators to showcase their stories on our platform.
Wattpad remains the global leading platform for web novels, and we are focused on returning the platform to growth and profitability.
Now I'd like to provide an update on our revenue streams at a consolidated level.
Starting with pay content, in the quarter, we posted 10.9% revenue growth on a constant currency basis year over year.
For the full year, we posted 12.6% revenue growth on a constant currency basis.
This was driven by our ongoing strength in Japan, which continued to show double digit growth, as well as successful modernization efforts in Korea and the rest of the world.
Additionally, Apo growth on a constant currency basis of 12.4% in the quarter and 13.7% for the full year represents success in driving paying user engagement as we continue to improve our recommendation models and users increase their propensity to spend on the content they love.
While we have seen MEU declines in Korea and the rest of the world due to decreases in web users coupled with the continuing Wattpad ban I just mentioned, we've been able to post solid revenue growth with strong ARU growth.
Advertising posted 27.4% revenue growth in the fourth quarter on a constant currency basis year over year.
This strong performance was driven by double digit growth in Korea and Japan.
In Korea, we saw increased ad sales from both neighbor and other partners as the strength of our offering continues to draw interest from partners. Japan's growth was driven by higher year over year MAU for line manga and eBook Japan.
During Q4, we introduced rewarded video ads to eBooks Japan as we continue to make improvements on that platform.
For the full year, we posted 19.8% advertising revenue growth on a constant currency basis.
Finally, our IP adaptation business saw revenue decline 6.9% year over year on a constant currency basis in Q4, driven by declines in Korea and the rest of the world, partially offset by growth in Japan.
For the full year, IP adaptation revenue was up 6.7% on a constant currency basis.
While the pipeline of entertainment projects in Korea remains strong, we experienced a prolonged delay in project timing in Q4.
In 2025 and beyond, we are excited to bring our latest studio and projects to market and believe our IP adaptation strategy continues to support brand awareness globally, driving traffic to our platforms.
Now I'd like to look at our results in the context of core geographies.
In Korea during the fourth quarter, our revenue grew 6.6% year over year on a constant currency basis, primarily driven by growth in paid content and advertising revenue.
We continue to see benefits from the rollout of our AI recommendation engine from Q2, and we also saw balanced growth in ad sales from neighbor and other partners.
For the full year, we posted 0.5% revenue decline on a constant currency basis.
During the fourth quarter, MAU of 24.5 million decreased 0.5%. MPU of 3.6 million declined 8.6%, and our pay ratio of 14.5% was down 129 basis points compared to the fourth quarter of 2023.
As we reported when we pre-announced results a few weeks ago, we experienced some short-term engagement impacts from the political turbulence in Korea that occurred during the fourth quarter.
That said, Apoo on a constant currency basis was up a solid 16.3% compared to the fourth quarter of 2023, representing the strong relationship we have with our existing users.
As we mentioned previously, our AI-driven personalized recommendation model, which was fully rolled out in June of 2024, continues to improve home tab recommendations.
During the fourth quarter, we saw the number of weekly episodes viewed per user increase 2%.
Moving to Japan.
For the quarter, Japan posted revenue growth on a constant currency basis of 18.9%. This was driven by significant growth in each of our revenue streams.
Line manga is now firmly on top of the market in Japan as sensor tower data shows that we top the non-game app market by revenue in Japan for both the fourth quarter and the 2nd half of 2024.
For the full year, we posted 25.8% revenue growth on a constant currency basis, and Japan now represents nearly half of our total revenue.
Compared to Q4 2023, Japan's MEU of $22.1 million increased 6.6%. MPU of $2.3 million grew 15% and pain ratio of 10.3% was up 75 basis points.
Engagement with paid users steepened with fourth quarter ARPU of $22 growing 2% year over year on a constant currency basis as we launched 164 new original titles during the quarter.
As JK talked about our localization efforts in Japan earlier, we're particularly pleased to note that local Japanese title launches made up the majority of our launches in the quarter.
In the rest of the world, we saw revenue decline 3.3% year over year on a constant currency basis, driven by declines in pay content and IP adaptations in the quarter, partially offset by growth in advertising.
For the full year, we posted 14.9% revenue growth on a constant currency basis.
While fourth quarter MAU and MPU declined 6.1% and 3.3% year over year respectively, pain ratio of 1.4% stayed consistent year over year.
A poo of $6.90 grew 2% year over year on a constant currency basis.
Turning to profitability, gross profit for the quarter was $82.3 million compared to $76.4 million in the prior year, representing growth of 7.7%. This resulted in a gross margin of 23.3%, which expanded 45 basis points compared to the prior year.
Starting in Q4, part of ebook Japan's marketing expense was moved from marketing to cost of revenue, amounting to an impact of $3.6 million.
Excluding this reclassification, gross profit would have been $85.9 million or an increase of 12% from the prior year, approximately 24.3% of revenue.
Gross margin declined sequentially due to a sales mix shift to certain studio and performance-based ads businesses, both of which have higher revenue share ratio.
While there were some temporary mixed shifts that impacted gross profit in the short term, we expect to increase our gross margin over time as we increase our paid content in markets outside of Korea.
Adjusted even the loss for the quarter was $3.5 million compared to a profit of $10.4 million in the prior year.
Actuarial losses on retiree benefits, a non-cash, non-operating expense based on a third party evaluation had an impact of approximately $6 million to adjusted IEA in the fourth quarter.
On the cost side, total GNA expenses for the quarter were $77.8 million as compared to 55.1 million in the prior year quarter, primarily as a result of public company costs.
Interest in the fourth quarter was $6 million compared to $0.7 million in the prior year, and other loss was $6.2 million compared to $20.8 million in the prior year period.
Income tax expense of $4.1 million in the quarter compared to a benefit of $7.5 million in the prior year.
Depreciation and amortization was $12.1 million compared to $10.4 million in the prior year.
Net loss of 102.6 million was primarily driven by higher general and administrative expenses due to public company costs, higher marketing, and higher impairment losses on goodwill, which were primarily related to our web novel businesses.
As a result, GAAP loss per share was $0.72 compared to a loss per share of $0.62 in the prior year period.
Adjusted loss per share was $0.03 in the quarter compared to adjusted earnings per share of $0.09 in the prior year period.
For the first quarter of 2025, we expect to deliver revenue growth in the range of 1.7% to 4.8% on a constant currency basis.
This represents revenue in the range of $318 million to $328 million.
This guidance is based on current FX rates rather than FX rates from the end of Q4 2024.
As we have discussed previously, we will face FX headwinds in the first quarter in the first half of this year as rates were more favorable in the first half of 2024.
We continue to experience delays with IP adaptation in Korea despite a strong slate.
We are also investing in our infrastructure ahead of product improvements which will occur in the back half of 2025.
We anticipate first quarter adjusted divada in the range of 0.5 to $5.5 million representing an adjusted margin in the range of 0.2% to 1.7%. In addition to revenue factors I just referenced, we expect to maintain our strategic investment in marketing to drive future growth.
We also have additional public company expenses this quarter that we did not have in the year quarter as a private company.
While we are not providing full year guidance, we continue to believe in the fundamental health of our long-term strategy underpinned by our powerful flywheel of creators, content, and users.
Over the long term, our goal is to generate profitable constant currency revenue growth.
In closing, I'm pleased with the progress we made in our 1st year as a public company.
While there's still much work to be done, we're encouraged by positive signs we see in key regions like the English speaking markets and France, and we look forward to executing our strategy in 2025.
With that, I'd like to turn it back to our operator to begin the Q&A session.

Question and Answer Session

Operator

(Operator Instructions)
Our first question comes from the line of Mark Mahaney from Evercore.
The line's open.

Mark Mahaney

Okay. Okay, thanks. I'll ask two questions, please. First, the strength that you're seeing in Japan, just talk about the sustainability of that as embedded in your March quarter guidance and And and maybe for the full year. And the second question really has to do with the full year. You've got a lot of puts and takes, the anniversary of the Wapa the outage, however poly you want to say that the the strength in Japan, you've got MAU issues that should stabilize. There are a lot of puts and takes. How should we think about the growth and the profitability levels just directionally post the March quarter?
Thank you very much.

David Lee

Thanks, Mark. It's a great question and one that I really do want to answer.
I want to first be clear, we are extremely confident in the fundamental business we have, the flywheel that JK has created and the rocket ship that is Japan, we continue to be very bullish on. That said, I wanted to be clear on some of the discrete issues that are reflected in the Q1 guidance and TRY to be helpful for you as you think about your model thereafter. Remember, this guidance we provided for Q1 did have a few very specific discrete items that I think are specific only to Q1.
The one of the key ones is that we talked about a great IP slate in Korea. We gave examples of trauma code, Jang Yunyi, A Star Is Born, and in the US even we talked about a great film on TUI called Sideline the Quarterback and me. So while the fundamental health of the IP slate is strong, the sequence of timing in Q1 is a factor on your compare to previous quarter.
Similarly, within the Q1 guide, while we maintain our investment in marketing because we're really bullish on the user opportunity we see, particularly as we mentioned in English speaking countries and abroad.
We still post or suggest that we are going to guide towards a positive Ebi range. Importantly, the sequence of product development, JK founded this company on technology and product innovation, and he's been very specific both in the shareholder letter as well as his commentary today that a large portion of it is sequenced towards the back half of the year. And what we discussed, whether it's highlights, the ability to unlock entire series, this improvement in the way in which we engage with users on the home landing page, these are significant, but they affect the remainder of the year.
And so when I think about our fundamental business while we are only guiding a quarter out, we've talked about not just our target but our confidence and how we've demonstrated previous strong profitable growth, and I encourage you to think about the business mid to long term with that confidence. That said, we want to make sure we're very clear on Q1. 1 other point, mark, which is important. We previously guided on an FX basis based on the last day of the previous quarter, but we have seen unprecedented change in the rate of the Korean CNY versus the USD. And some investors had trouble tracking what we based our guidance on, though we'd like to be transparent to what the current FXs for a given period might be. So just be clear that in the guide for Q1, in addition to a current rate that one could argue is at a historic weakness for local currency relative to the USD, but I wanted to make sure that was also clear in your model.
Your second question was specific to Japan. I would just say, in short, whether you want to look at the 165 new original titles that launched, most of which were locally created, or the fact that we're rated as number one revenue line manga is outside of mobile games, we feel very strongly that we've built a rocket ship in Japan and we're excited about it.

Mark Mahaney

Alright thanks again.

Operator

Thank you.
Your next question comes from the line of Eric Sheridan from Goldman Sachs.
The line's open.

Eric Sheridan

Thank you so much for taking the questions. I want to come back to some of the things you highlighted in the shareholder letter with respect to investments and users and creators. Can you go a little bit deeper in terms of how usability and and elements of giving users new on boarding experiences can continue to drive increases in user engagement and maybe. A little bit of a quantification of what you might be seeing and rate of change from an engagement and and the second part of it would be just you talked about exploring new formats to increase engagements. How should we be thinking about what that might mean either in investments you need to make or again what it might mean in terms of lift up on engagement or conversion of traffic.
Thank you.

David Lee

Thanks Eric. Another great question. First, on overall levels of investment relative to EBITA performance, I want to reiterate that in the guide for Q1, as well as in our strategic commentary and JK's letter, we are already making investments in the periods reported and in the guidance both in marketing and in product innovation and and clear we're going to post or we promised to post positive adjusted. So I would not want you to read our comments on investment to be at the expense of our fundamental profitability. That said, I wanted to highlight specifically what JK mentioned in product, and then we can talk about marketing because the innovation of our content flywheel with our creators product is key. And he was very specific, we talked about in January how we revamped the onboarding experience for new users, showing them preference. We talked in Korea about this AI-based personalization engine that while launched in June continues to show a 2% sequential increase in new titles red. We actually provided some additional color commentary you may not have seen before regarding how we're testing this trailer style promotional video called Highlights. And then we're even talking about different business model options which include unlocking an entire series for a completed title. These are not insignificant and ones that we've been testing in some cases for some time. All of these will pay off, we believe, post the Q1 guidance period, which is part of the reason why our resources are focused on long term value creation throughout the Q1 period. So we remain very confident in that. With regard to marketing, I have always said, JK has always said as well that we will invest for the long term business health. Our investments in marketing we do not expect nor desire for them to show up one quarter out. The investments in marketing show up in greater engagement and the rest of the world where we see already ARPU increasing significantly as more and more English speaking or English reading customers engage more with our content. So I would think of the marketing as being a longer term payoff, but product is real. It shows up in the everyday experience of consumers, which will likely be in the back half, second half of the year. That's how I think about the sequence of those investments.

Operator

(Operator Instructions) Benjamin Black from Deutsche Bank.

Benjamin Black

Great, thank you for taking my question. This is a follow up on the AI recommendation engine in Korea. I know you mentioned that it drove sort of a 2% increase in engagement per user. So it's really great to hear sort of more about your learnings here, how big of a list could AI driven recommendations become and so generally speaking, how should we think about user growth in the, in the near to midterm and then. The second question is, you mentioned the political disruption in Korea. He did talk about how MAU and trends have progressed so far this year.
Thank you.

David Lee

Thanks Benjamin. First, with regard to the AI personalization engine, the reason why we talk about it in relation to our experience in Korea, as Korea is an extremely robust market. When you have 50% household engagement and there is habituation well in place with strong ARPU as we release more content, and that's why crossover IP is so powerful in Korea as we release more content and The impact we can have on presenting users what they want to potentially read just given the depth of the content and the amount of habituation we think is critical for long term growth. We're not providing guidance specific to any one of our new product releases, but we have talked about how we are focused on webcomic. AppAU growth we specifically highlighted the new metric for you in the spirit of transparency around a 6.7% increase, and while we highlighted it and we talked about strength abroad, this is, this will become something I promise we will talk to you all about more and more because it's that app MAU growth, particularly for webtoons or web comics, where you will see the benefit of product innovation show up in paid content revenue. Our web novel business critical for our crossover IP is more for the scale of our advertising business where we really see pay content strength and the heart of which is in Korea and Japan today is really around those product innovations. So I can't provide you more specific metrics today, but I wanted to inform strategically why we're beginning to disclose more and more of this metric called web comic AAU. As for commentary with regard to January, I would trust the guide that we've given you for Q1, which do include us we mentioned these issues that we faced starting in Q4, this political turbulence. We also said that our guide reflected the fact that while we believe those issues have resolved, our Q1 guide reflects our best estimate today on the performance in the 1st 3 months.

Benjamin Black

Great, thank you for that.

Operator

Doug and from JP Morgan.

Doug Anmuth

Great. Just stay on for that. Thanks for taking my questions. Just to follow up on your work you guide, you talked about some of the discrete issues like the IP slate and your commitment to the a break even and also some of the issues that like the political unrest in Korea that it happened in before but it, but it's falling into one queue. Like when you're to look at the magnitude of the impact across those islands, like what do you think is the bigger driver and is the IP slate being pushed out also affecting some of the organic traffic acquisition that you might have been assuming for in Korea and other regions?

David Lee

Well, one way I can answer that is to point you to a longer period than a quarter. So when you look at our overall penetration of revenue from an IP standpoint versus paid content, you'll note that it's actually a relatively small percent of total revenue, and I can send you the specific numbers. I think we disclose it primarily at a total company level. So I wouldn't read the IP slate delay as being an annual or persistent mid to long term issue. It can affect a quarter, and that is because of how much of a great organic lift it can provide. If you think about what we have talked about in previous periods, like Marry My Husband, which was a phenomenon globally that started actually as a web novel, then a web comic, and then crossed over to Amazon Prime as a global hit in Q1 of 2020. For that hit had lifted engagement and usership globally across our business and had some revenue impact in that quarter just as an example of something I can discuss outside of the guide period.
I do not, I would, I think the strength of our IP slate is significantly important as a source of strength overall. It's just in a given quarter it may have an impact. The other thing I would emphasize is we are not a whale dependent business, we do not see a single hit move the paid content engine, but if a slate that includes more than 1 or 2 projects shifts by a month or two, it would affect our short term quarterly guide. Long term though, I want to be clear, we feel like our IP slate is a source of increasing strength. I hope that answers that question. And then with regards to the short term impact on some of the other issues again we can only point you to the guide. We have said that we don't think these issues, for example, the political turmoil in Korea, persist beyond the guided period, but it is something that we do want to include as a reason for our Q4 performance as well as our Q1 guide.

Doug Anmuth

And as a quick follow up on the IP adaptation delay, could you explain what's causing that delay and What's your strategy when like projects get pushed out, do they just all kind of Like I fall into future quarters, meaning like they have to compete against each other or does the pipeline kind of move back together with the current state moving back?

David Lee

Yeah, so first, we are not, we never like to depend on the short term timing of a given IP crossover. We rejoice when they reach market and drive engagement with our users, but we're not managing to a short term schedule. That's why we would much rather have them come to market in the best organic way, because we know that they organically lift our core paid content engine very well. So as a result, we don't seek to manage the short term schedule. We seek to ensure the maximum success of the slate at the lowest cost because remember we have the advantage of not having to deploy massive amounts of studio dollars. We have these hits that cross over to feature length film and other forms of crossover IP that then benefits our paid platform.
So rather for me this is an IR disclosure issue where I want to be clear on the timing and impact on future results rather than seek to short term manage when they come out. We're also not at a scale yet with this business where we need to worry about cannibalization or one affecting another. These crossover hits, we think they're pretty significant, but they don't compete for share of mind when they come out. They have a fairly diverse source of content and the timing of them, remember this is not our primary business, the timing of them benefit the core pay content platform for us.

Doug Anmuth

Got it.
Thank you.

Operator

Thank you.
Our next question comes from the line of Matthew cost from Morgan Stanley.
The line's open.

Morgan Stanley

Great, thanks for taking the question. I want to ask about advertising. It's showing a really nice acceleration in the past couple of quarters. I believe, 25 is a year where maybe you saw an opportunity to show that advertising business really inflect maybe even as early as kind of the first half. Here, so I guess you know now that we're almost 2 months into the year, how is advertising scaling? Where are you tracking, versus where you hope to be, and what initiatives would you call out as needle moving on the ad side and then I have one follow up.
Thank you.

David Lee

Thanks, Matt. Advertising continues to be a strength on a constant currency basis, underlining the 27.4% increase. And while we didn't disclose it by region, when I peel back internally and look at Japan versus Korea versus the rest of the world, I'm seeing growth in the Q4 period constant currency in all markets.
Remember, we've talked about how advertising is a nascent opportunity in markets like. English speaking markets in the rest of the world and Japan where we feel like we have a fair amount of room to run, not having a robust direct ad sales force yet, for example, in North America. So I think it's early days and we're really pleased with the continued quarter to quarter growth we see on a constant currency basis.

Morgan Stanley

Great. And then just following up on the on the app MAU number. So if I understand it correctly, the total app MU number declined a bit year on year, but if you back out web novel users, web comic, apps are up almost 7%, so I guess part one is like is that. Accurate and then part two is the impact on web novel users, is there, is that a result of some specific changes that you've made to the experience of web novel users? Is that something that will continue with the headwind? How should we think about that from here?
Thank you.

David Lee

Well, first, on the accuracy of your interpretation, yes, 6.7% growth in the Q4 period when we look at webcomic MAU that excludes web novels. An example of that would be our Wattpad business. First, let me explain why we're disclosing this.
Wattpad is an important business for us, but it is not a business that is as driven by paid content as it is by other business models, and it's a source of crossover IP given its scale. In fact, when we talk about sidelined the quarterback and me and other feature length films, many of the examples that we've mentioned in the past actually come from great content generated by users on the web novel Wattpad platform, so we value it.
But when we talk about this metric that grew 6.7%, we're trying to more precisely show you where the paid content engine will go because the paid content engine is driven by product improvement and where we monetize on a paid content basis, and that is more so from our global web comic business than, for example, our web novel business. So that's the reason why we are pointing you towards that number. The other reason we're pointing you towards that number is I want to be transparent about what we've disclosed in total MAU from WATAT. Our total MAU declined in Q4, and we pointed specifically to one country that banned WAAT, which actually drove 2/3 of the total rest of world MAU decline, just one country's embargo that we saw the full quarter impact in Q4. So part of the reason why we're trying to be transparent is sometimes we worry that when we show these total MEU numbers we're not helpful to the investors on where this big product innovation is going and what metric on a non-gap basis it's more tied to. We're just at the beginning of providing more disclosure on this, but that's the primary reason why we shared it in this release.

Morgan Stanley

Great, thank you.

Operator

Thank you. Now our next question comes from the line of Andrew Merrick from Raymond James.
The line's open.

Andrew Marok

Hi, thanks for taking my question. Maybe one on kind of the supply side of the equation here, maybe more as it relates to paid content rather than IP adaptations, but if you could just talk about kind of your level of comfort and your level of or your evaluation of the new content that's kind of come online. Both in terms of the quantity as well as kind of the cohort behavior of how that's monetizing versus your expectations and any commentary about you know the breadth or geo mix of those things that we can that we can use for our models as we're looking into 25.

David Lee

Thank you.
Thanks for the question, Andrew.
I think well there could be quarterly slips in a market like Korea where we are so dominant, we feel strongly that our content engine in every market is robust.
The market that we provided the most disclosure where I think you want to spend time in your model is Japan. We talk about not just the sheer growth, being, the number one. App outside of mobile gaming for Linemanga but we specifically called out 164 new original launches, the most of which are local. This is very important.
When JK creates flywheels, they export globally, but when they are created locally, those creators have now the ability not just to publish in the language of origin in Japanese, for example, but they have the power, like savior of divine blood to reach audiences outside of their original market. And the reason why that's important is sometimes folks look at our business and they think the source of content. Can only come from one country for the consumption of one country when in reality we've proven there's a global consumption for content despite where the origin market is. And so Japan is going to, I believe, be a robust long term source of content, not just for Japan, but giving those local Japanese creators access to the rest of the world in Korea helps them and it helps our business. So I think you should think of these local sources of content as having a global outlet.
With regards to the rest of the world and Korea, we didn't provide too much commentary in this release because it was a year-end release, but JK intentionally spent time on the crossover IP slate because I think it's a very powerful, low cost way that we do marketing. When a creator has an unexpected hit that hits feature length film like the ones we've mentioned in this release, it naturally lists the platform, and I think that's a testament to the power of the flywheel we have. It's at scale and it's growing. So for the mid to long term we feel very good. I think we're just trying to be very transparent on the Q1 guide to establish a practice of ensuring that we are providing as much information for what we know about, which is this quarter, but the mid to long term is bright, particularly as a source of content from creators.
Thank you.

Operator

Thank you.
Seeing as there are no more questions in the queue, that concludes our question and answer session, I will now like to turn the call back over to the Webtoon entertainment team for closing remarks.

David Lee

Thank you very much and we look forward to meeting you over the current period and then providing new results at the end of Q1.

Operator

Bye-bye.
The meeting has now concluded.
Thank you all for joining. You may now disconnect.