From daa68c8576c4b592cbb8eb425667c63c62b77649 Mon Sep 17 00:00:00 2001 From: Abhinay1997 Date: Sat, 20 Apr 2024 21:29:49 +0530 Subject: [PATCH 01/28] --- Tests/WhisperKitTests/WERUtils.swift | 185 +++++++++++++++++++++++++++ 1 file changed, 185 insertions(+) create mode 100644 Tests/WhisperKitTests/WERUtils.swift diff --git a/Tests/WhisperKitTests/WERUtils.swift b/Tests/WhisperKitTests/WERUtils.swift new file mode 100644 index 00000000..b5001440 --- /dev/null +++ b/Tests/WhisperKitTests/WERUtils.swift @@ -0,0 +1,185 @@ +import Foundation + +// Return the operations needed to transform s1 into s2 using Wagner-Fischer algo. +// "i" = insertion, "d" = deletion, "r" = replacement +func wagnerFischerEditOperations(s1: String, s2: String) -> [Character] { + let m = s1.count + let n = s2.count + var dp = Array(repeating: Array(repeating: (0, Character(" ")), count: n + 1), count: m + 1) + + // Initialize first row and column + for i in 0...m { + dp[i][0] = (i, i > 0 ? "d" : Character(" ")) + } + for j in 0...n { + dp[0][j] = (j, j > 0 ? "i" : Character(" ")) + } + // Fill the matrix + for i in 1...m { + for j in 1...n { + let cost = s1[s1.index(s1.startIndex, offsetBy: i - 1)] == s2[s2.index(s2.startIndex, offsetBy: j - 1)] ? 0 : 1 + let insertCost = dp[i][j - 1].0 + let deleteCost = dp[i - 1][j].0 + var replaceCost = dp[i - 1][j - 1].0 + var replaceOp = dp[i - 1][j - 1].1 + if cost == 1 { + replaceOp = "r" + } + replaceCost += cost + let minCost = min(insertCost + 1, deleteCost + 1, replaceCost) + var operation: Character = Character(" ") + if minCost == insertCost + 1 { + operation = "i" + } else if minCost == deleteCost + 1 { + operation = "d" + } else if cost == 1{ + operation = replaceOp + } + dp[i][j] = (minCost, operation) + } + } + + // Traceback to get the operations + var i = m + var j = n + var operations = [Character]() + while i > 0 || j > 0 { + let (_, op) = dp[i][j] + if op != Character(" ") { + operations.append(op) + } + if op == "i" { + j -= 1 + } else if op == "d" { + i -= 1 + } else { + i -= 1 + j -= 1 + } + } + operations.reverse() + return operations +} + +// MARK:- TRANSFORMS +// sentences = ["this is an example ", " hello goodbye ", " "] +// ['this is an example ', " hello goodbye ", " "] +func removeMultipleSpaces(sentences: [String]) -> [String]{ + + var replacedSentences = [String]() + for sentence in sentences { + // Define the pattern you want to replace + let pattern = "\\s\\s+" + + do { + let regex = try NSRegularExpression(pattern: pattern, options: []) + let replacedString = regex.stringByReplacingMatches(in: sentence, options: [], + range: NSRange(location: 0, length: sentence.utf16.count), + withTemplate: " ") + replacedSentences.append(replacedString) + } catch { + print("Error while creating regex: \(error)") + } + } + return replacedSentences +} + +//[" this is an example ", " hello goodbye ", " "] +//['this is an example', "hello goodbye", ""] +func strip(sentences: [String]) -> [String]{ + var replacedSentences = [String]() + + for sentence in sentences { + let replacedString = sentence.trimmingCharacters(in: .whitespaces) + replacedSentences.append(replacedString) + } + return replacedSentences +} + +//["hi", "this is an example"] +//[['hi'], ['this', 'is', 'an, 'example']] +func reduceToListOfListOfWords(sentences: [String], word_delimiter: String = " ") -> [[String]]{ + + let sentence_collection = [[String]]() + func process_string(sentence: String) -> [[String]]{ + return [sentence.components(separatedBy: word_delimiter).filter{ !$0.isEmpty }] + } + + func process_list(sentences: [String]) -> [[String]]{ + var sentence_collection = [[String]]() + + for sentence in sentences{ + let list_of_words = process_string(sentence: sentence)[0] + if !list_of_words.isEmpty { + sentence_collection.append(list_of_words) + } + } + + return sentence_collection + } + + return process_list(sentences: sentences) +} + +func words2char(reference: [[String]], hypothesis: [[String]]) -> ([String],[String]){ + //tokenize each word into an integer + let vocabulary = Set((reference + hypothesis).flatMap{$0}) + let word2char = Dictionary(uniqueKeysWithValues: vocabulary.enumerated().map { index, value in + return (value, index) + }) + + let referenceChars = reference.map { sentence in + String(sentence.map { word in + Character(UnicodeScalar(word2char[word]!)!) + }) + } + + let hypothesisChars = hypothesis.map { sentence in + String(sentence.map { word in + Character(UnicodeScalar(word2char[word]!)!) + }) + } + + return (referenceChars, hypothesisChars) +} + +func process_words(reference: [String], hypothesis: [String]) -> Double{ + var refTransformed = removeMultipleSpaces(sentences: reference) + refTransformed = strip(sentences: refTransformed) + let refTransformedReduced = reduceToListOfListOfWords(sentences: refTransformed) + + var hypTransformed = removeMultipleSpaces(sentences: hypothesis) + hypTransformed = strip(sentences: hypTransformed) + let hypTransformedReduced = reduceToListOfListOfWords(sentences: hypTransformed) + + let (refAsChars, hypAsChars) = words2char(reference: refTransformedReduced, hypothesis: hypTransformedReduced) + + var (numHits, numSubstitutions, numDeletions, numInsertions) = (0, 0, 0, 0) + var (numRfWords, numHypWords) = (0, 0) + + for (reference_sentence, hypothesis_sentence) in zip(refAsChars, hypAsChars){ + // Get the required edit operations to transform reference into hypothesis + let editOps: [Character] = wagnerFischerEditOperations( + s1: reference_sentence, s2: hypothesis_sentence + ) + + // count the number of edits of each type + let substitutions: Int = editOps.map { $0 == "r" ? 1 : 0 }.reduce(0, +) + let deletions:Int = editOps.map { $0 == "d" ? 1 : 0 }.reduce(0, +) + let insertions:Int = editOps.map { $0 == "i" ? 1 : 0 }.reduce(0, +) + let hits:Int = reference_sentence.count - (substitutions + deletions) + + // update state + numHits += hits + numSubstitutions += substitutions + numDeletions += deletions + numInsertions += insertions + numRfWords += reference_sentence.count + numHypWords += hypothesis_sentence.count + } + let (S, D, I, H) = (numSubstitutions, numDeletions, numInsertions, numHits) + + let wer = Double(S + D + I) / Double(H + S + D) + + return wer +} From 6af9f5a98fd40b302e7e35fa6050a015a866b1ff Mon Sep 17 00:00:00 2001 From: Abhinay1997 Date: Thu, 2 May 2024 21:29:05 +0530 Subject: [PATCH 02/28] Add basic Fraction type to handle Number normalization --- Tests/WhisperKitTests/Fraction.swift | 246 +++++++++++++++++++++++++++ 1 file changed, 246 insertions(+) create mode 100644 Tests/WhisperKitTests/Fraction.swift diff --git a/Tests/WhisperKitTests/Fraction.swift b/Tests/WhisperKitTests/Fraction.swift new file mode 100644 index 00000000..26a0b667 --- /dev/null +++ b/Tests/WhisperKitTests/Fraction.swift @@ -0,0 +1,246 @@ +// Simple Fraction implementation for the normalization code. +// Doesn't do everything the python module fractions can do. +import Foundation + +struct Fraction{ + var numerator: Int + var denominator: Int + + var description: String { + "\(numerator)/\(denominator)" + } + + init?(numerator: Int, denominator: Int){ + guard denominator != 0 else { return nil } + guard numerator > Int.min, denominator > Int.min else { return nil } + + self.numerator = numerator + self.denominator = denominator + if denominator < 0{ + self.numerator = -1 * self.numerator + self.denominator = -1 * self.denominator + } + self.simplify() + } + + init?(_ value: Double){ + if value == Double.infinity || value == Double.nan{ + return nil + } + if value == 0.0{ + self.init(numerator: 0, denominator: 1) + } + else if let (n,d) = Double.toIntegerNumberRatio(value: value){ + self.init(numerator: n, denominator: d) + }else{ + return nil + } + } + + init?(_ value: Float){ + self.init(Double(value)) + } + + init?(_ value: String){ + let rationalFormatPattern = """ + \\A\\s* + (?[-+]?)? + (?=\\d|\\.\\d) + (?\\d*|\\d+(_\\d+)*)? + (?:\\.(?\\d+(_\\d+)*))? + (?:\\s*/\\s*(?\\d+(_\\d+)*))? + (?:E(?[-+]?\\d+(_\\d+)*))? + \\s*\\Z + """ + + let regex = try? NSRegularExpression(pattern: rationalFormatPattern, options: [.allowCommentsAndWhitespace, .caseInsensitive]) + guard let regex = regex else { return nil} + let range = NSRange(location: 0, length: value.utf16.count) + var matches : [String:String] = [:] + if let match = regex.firstMatch(in: value, options: [], range: range) { + let groups = ["sign", "num", "denom", "decimal", "exp"] + for group in groups { + if let range = Range(match.range(withName: group), in: value) { + matches[group] = String(value[range]) + } + } + } + if matches.count == 0{ return nil} + var numerator = Int(matches["num"] ?? "0")! + var denominator: Int + + if var denom = matches["denom"]{ + denominator = Int(denom)! + } + else{ + denominator = 1 + if var decimal = matches["decimal"]{ + decimal = decimal.replacingOccurrences(of: "_", with: "") + var scale = Int(pow(Double(10), Double(decimal.count))) //10**len(decimal) + guard let d = Int(decimal) else {return nil} + numerator = numerator * scale + d + denominator *= scale + } + + if matches["exp"] != nil, var exponent = Int(matches["exp"]!){ + if exponent >= 0{ + numerator *= Int(pow(Double(10), Double(exponent))) + }else{ + denominator *= Int(pow(Double(10), Double(-exponent))) + } + } + } + if matches["sign"] == "-"{ + numerator = -numerator + } + + self.init(numerator: numerator, denominator: denominator) + } + + static func gcd(lhs:Int,rhs:Int) -> Int{ + var a = lhs + var b = rhs + while b != 0 { (a, b) = (b, a % b) } + return a + } + + static func lcm(lhs:Int,rhs:Int) -> Int{ + return (lhs * rhs / gcd(lhs:lhs, rhs:rhs)) + } + + mutating func simplify(){ + var divisor = Fraction.gcd(lhs: numerator, rhs: denominator) + if divisor < 0 { divisor *= -1 } + self.numerator = Int(numerator / divisor) + self.denominator = Int(denominator / divisor) + } + + static func +(lhs: Fraction, rhs: Fraction) -> Fraction?{ + var na = lhs.numerator + var nb = rhs.numerator + var da = lhs.denominator + var db = rhs.denominator + var g = Fraction.gcd(lhs: da, rhs: db) + if g == 1{ + return Fraction(numerator: na * db + da * nb, denominator: da * db) + } + var s = da / g + var t = na * (db / g) + nb * s + var g2 = Fraction.gcd(lhs: t, rhs: g) + if g2 == 1{ + return Fraction(numerator: t, denominator: s * db) + } + return Fraction(numerator: t / g2, denominator: s * (db / g2)) + } + + static func -(lhs: Fraction, rhs: Fraction) -> Fraction?{ + var na = lhs.numerator + var nb = rhs.numerator + var da = lhs.denominator + var db = rhs.denominator + var g = Fraction.gcd(lhs: da, rhs: db) + if g == 1{ + return Fraction(numerator: na * db - da * nb, denominator: da * db) + } + var s = da / g + var t = na * (db / g) - nb * s + var g2 = Fraction.gcd(lhs: t, rhs: g) + if g2 == 1{ + return Fraction(numerator: t, denominator: s * db) + } + return Fraction(numerator: t / g2, denominator: s * (db / g2)) + } + + static func *(lhs: Fraction, rhs: Fraction) -> Fraction?{ + return Fraction(numerator:lhs.numerator * rhs.numerator, denominator:lhs.denominator * rhs.denominator) + } + + static func /(lhs: Fraction, rhs: Fraction) -> Fraction?{ + return Fraction(numerator:lhs.numerator * rhs.denominator, denominator:lhs.denominator * rhs.numerator) + } + +} + +extension Fraction: Equatable{ + static func == (lhs: Fraction, rhs: Fraction) -> Bool{ + if lhs.numerator == rhs.numerator, lhs.denominator == rhs.denominator{ + return true + } + return false + } +} + +// MARK: Fraction operations with Int's +extension Fraction{ + static func +(lhs: Int, rhs: Fraction) -> Fraction?{ + guard let lhsFraction = Fraction(numerator: lhs, denominator: 1) else {return rhs} + return lhsFraction + rhs + } + + static func +(lhs: Fraction, rhs: Int) -> Fraction?{ + guard let rhsFraction = Fraction(numerator: rhs, denominator: 1) else {return lhs} + return lhs + rhsFraction + } + + static func -(lhs: Int, rhs: Fraction) -> Fraction?{ + guard let lhsFraction = Fraction(numerator: lhs, denominator: 1) else {return rhs} + return lhsFraction - rhs + } + + static func -(lhs: Fraction, rhs: Int) -> Fraction?{ + guard let rhsFraction = Fraction(numerator: rhs, denominator: 1) else {return lhs} + return lhs - rhsFraction + } + + static func *(lhs: Fraction, rhs: Int) -> Fraction?{ + guard let rhsFraction = Fraction(numerator: rhs, denominator: 1) else {return lhs} + return lhs * rhsFraction + } + + static func *(lhs: Int, rhs: Fraction) -> Fraction?{ + guard let lhsFraction = Fraction(numerator: lhs, denominator: 1) else {return rhs} + return lhsFraction * rhs + } + + static func /(lhs: Fraction, rhs: Int) -> Fraction?{ + guard let rhsFraction = Fraction(numerator: rhs, denominator: 1) else {return lhs} + return lhs / rhsFraction + } + + static func /(lhs: Int, rhs: Fraction) -> Fraction?{ + guard let lhsFraction = Fraction(numerator: lhs, denominator: 1) else {return rhs} + return lhsFraction / rhs + } +} + +extension Double{ + static func toIntegerNumberRatio(value: Double) -> (Int,Int)?{ + var floatPart: Double = value.significand + var exponent: Int = value.exponent + var numerator: Int + var denominator: Int + + for _ in 0..<300 where floatPart != floatPart.rounded(.down){ + floatPart *= 2.0 + exponent -= 1 + } + + if floatPart == Double.infinity || floatPart == Double.nan{ + return nil + } + + numerator = Int(floatPart.rounded(.down)) + denominator = 1 + + if exponent > 0{ + numerator <<= exponent + } + else{ + denominator <<= -exponent + } + return (numerator, denominator) + } +} + + + From 87c230aaadc63e8e0e25575a205a4edd3a4a35ec Mon Sep 17 00:00:00 2001 From: Abhinay1997 Date: Thu, 2 May 2024 21:29:51 +0530 Subject: [PATCH 03/28] Add EnglishNumberNormalizer --- Tests/WhisperKitTests/RegressionTests.swift | 26 ++ Tests/WhisperKitTests/WERUtils.swift | 461 ++++++++++++++++++++ 2 files changed, 487 insertions(+) diff --git a/Tests/WhisperKitTests/RegressionTests.swift b/Tests/WhisperKitTests/RegressionTests.swift index 18d18cb1..24eebc32 100644 --- a/Tests/WhisperKitTests/RegressionTests.swift +++ b/Tests/WhisperKitTests/RegressionTests.swift @@ -154,4 +154,30 @@ final class RegressionTests: XCTestCase { } } + func testWER(){ + let enn = EnglishNumberNormalizer() + + var s = "nine and a half thousand dollars" + s = enn.preprocess(s) + + var out = enn.processWords(["nine", "thousand", "five", "hundred", "dollars"]) + enn.processWords(["nine", "point", "five", "thousand", "dollars"]) + out + } + + func testFractions(){ + assert(Fraction(numerator: 10, denominator: 0) == nil) + assert(Fraction(numerator: 10, denominator: 10) != nil) + assert(Fraction("3/7") == Fraction(numerator: 3, denominator: 7)) + assert(Fraction("1/2") == Fraction(numerator: 2, denominator: 4)) + assert(Fraction("100") == Fraction(numerator: 100, denominator: 1)) + assert(Fraction(numerator: 5, denominator: -8) == Fraction(numerator: -5, denominator: 8)) + assert(Fraction(numerator: -5, denominator: -8) == Fraction(numerator: 5, denominator: 8)) + assert(Fraction("3.1415") == Fraction(numerator: 6823, denominator: 2000)) + assert(Fraction("-47e-2") == Fraction(numerator: -47, denominator: 100)) + assert(Fraction(2.25) == Fraction(numerator: 9, denominator: 4)) + assert(Fraction(2.25)! * Fraction(numerator: 100, denominator: 5)! == Fraction(numerator: 45, denominator: 1)) + assert(Fraction(2.25)! * 100 == Fraction(numerator: 225, denominator: 1)) + assert(Fraction(2.25)! + Fraction(1.25)! == Fraction(numerator: 7, denominator: 2)) + } } diff --git a/Tests/WhisperKitTests/WERUtils.swift b/Tests/WhisperKitTests/WERUtils.swift index b5001440..c7862a2a 100644 --- a/Tests/WhisperKitTests/WERUtils.swift +++ b/Tests/WhisperKitTests/WERUtils.swift @@ -183,3 +183,464 @@ func process_words(reference: [String], hypothesis: [String]) -> Double{ return wer } + + +// MARK: Normalization + +class EnglishNumberNormalizer{ + // Convert any spelled-out numbers into arabic numbers, while handling: + // + // - remove any commas + // - keep the suffixes such as: `1960s`, `274th`, `32nd`, etc. + // - spell out currency symbols after the number. e.g. `$20 million` -> `20000000 dollars` + // - spell out `one` and `ones` + // - interpret successive single-digit numbers as nominal: `one oh one` -> `101` + let zeros: Set + let ones: [String:Int] + let onesPlural: [String:(Int, String)] + let onesOrdinal: [String:(Int, String)] + let onesSuffixed: [String:(Int, String)] + + let tens: [String:Int] + let tensPlural: [String:(Int, String)] + let tensOrdinal: [String:(Int, String)] + let tensSuffixed: [String:(Int, String)] + + let multipliers: [String:Int] + let multipliersPlural: [String : (Int, String)] + let multipliersOrdinal: [String : (Int, String)] + let multipliersSuffixed: [String : (Int, String)] + + let decimals: Set + let precedingPrefixers: [String:String] + let followingPrefixers: [String:String] + + let prefixes: Set + let suffixers: [String:Any] + let specials: Set + let words: Set + let literalWords: Set + + + init(){ + let zeros: Set = ["o", "oh", "zero"] + let ones = Dictionary(uniqueKeysWithValues:[ + "one", "two", "three", "four", "five", "six", "seven", "eight", "nine", "ten", + "eleven", "twelve", "thirteen", "fourteen", "fifteen", "sixteen", "seventeen", + "eighteen", "nineteen"].enumerated().map { ($0.element, $0.offset + 1)}) + + let onesPlural = Dictionary(uniqueKeysWithValues: + ones.map { name, value in + return (name == "six" ? "sixes" : name + "s", (value, "s")) + } + ) + + var onesOrdinal = { + var onesDictionary: [String: (Int, String)] = [ + "zeroth": (0, "th"), + "first": (1, "st"), + "second": (2, "nd"), + "third": (3, "rd"), + "fifth": (5, "th"), + "twelfth": (12, "th") + ] + + let updatedOnes = ones.filter { name, value in + value > 3 && value != 5 && value != 12 + }.map { name, value in + return (name + (name.hasSuffix("t") ? "h" : "th"), (value, "th")) + } + + for (key, value) in updatedOnes { + onesDictionary[key] = value + } + + return (onesDictionary) + }() + + let onesSuffixed = onesPlural.merging(onesOrdinal) { $1 } + + let tens = [ + "twenty": 20, + "thirty": 30, + "forty": 40, + "fifty": 50, + "sixty": 60, + "seventy": 70, + "eighty": 80, + "ninety": 90, + ] + + let tensPlural = Dictionary(uniqueKeysWithValues: tens.map { name, value in + return (name.replacingOccurrences(of: "y", with: "ies"), (value, "s")) + }) + let tensOrdinal = Dictionary(uniqueKeysWithValues: tens.map { name, value in + return (name.replacingOccurrences(of: "y", with: "ieth"), (value, "th")) + }) + + let tensSuffixed = tensPlural.merging(tensOrdinal) { $1 } + + let multipliers: [String: Int] = [ + "hundred": 100, + "thousand": 1_000, + "million": 1_000_000, + "billion": 1_000_000_000, + "trillion": 1_000_000_000_000, + "quadrillion": 1_000_000_000_000_000, + "quintillion": 1_000_000_000_000_000_000 + // "sextillion": 1_000_000_000_000_000_000_000, + // "septillion": 1_000_000_000_000_000_000_000_000, + // "octillion": 1_000_000_000_000_000_000_000_000_000, + // "nonillion": 1_000_000_000_000_000_000_000_000_000_000, + // "decillion": 1_000_000_000_000_000_000_000_000_000_000_000 + ] + + let multipliersPlural = Dictionary(uniqueKeysWithValues: multipliers.map { name, value in + return (name + "s", (value, "s")) + }) + + let multipliersOrdinal = Dictionary(uniqueKeysWithValues: multipliers.map { name, value in + return (name + "th", (value, "th")) + }) + + let multipliersSuffixed = multipliersPlural.merging(multipliersOrdinal) { $1 } + + let decimals: Set = Set(ones.keys).union(tens.keys).union(zeros) + + let precedingPrefixers: [String: String] = [ + "minus": "-", + "negative": "-", + "plus": "+", + "positive": "+" + ] + + let followingPrefixers: [String: String] = [ + "pound": "£", + "pounds": "£", + "euro": "€", + "euros": "€", + "dollar": "$", + "dollars": "$", + "cent": "¢", + "cents": "¢" + ] + + let prefixes = Set(precedingPrefixers.values) + .union(followingPrefixers.values) + + let suffixers: [String: Any] = [ + "per": ["cent": "%"], + "percent": "%" + ] + + let specials: Set = ["and", "double", "triple", "point"] + + let words = zeros.union(ones.keys) + .union(onesSuffixed.keys) + .union(tens.keys) + .union(tensSuffixed.keys) + .union(multipliers.keys) + .union(multipliersSuffixed.keys) + .union(precedingPrefixers.keys) + .union(followingPrefixers.keys) + .union(suffixers.keys) + .union(specials) + + let literalWords: Set = ["one", "ones"] + + self.zeros = zeros + self.ones = ones + self.onesPlural = onesPlural + self.onesOrdinal = onesOrdinal + self.onesSuffixed = onesSuffixed + + self.tens = tens + self.tensPlural = tensPlural + self.tensOrdinal = tensOrdinal + self.tensSuffixed = tensSuffixed + + self.multipliers = multipliers + self.multipliersPlural = multipliersPlural + self.multipliersOrdinal = multipliersOrdinal + self.multipliersSuffixed = multipliersSuffixed + + self.decimals = decimals + self.precedingPrefixers = precedingPrefixers + self.followingPrefixers = followingPrefixers + + self.prefixes = prefixes + self.suffixers = suffixers + self.specials = specials + self.words = words + self.literalWords = literalWords + } + + func processWords(_ words: [String]) -> [String] { + var prefix: String? = nil + var value: String? = nil + var skip = false + var results: [String] = [] + + func output(_ result: String) -> String { + var result = result + if let prefix = prefix { + result = prefix + result + } + value = nil + prefix = nil + return result + } + + + for idx in 0.. String { + var results = [String]() + + var segments = s.split(separator: "and a half", omittingEmptySubsequences: false) + for (i, segment) in segments.enumerated() { + let trimmedSegment = segment.trimmingCharacters(in: .whitespaces) + if trimmedSegment.isEmpty { + continue + } + + if i == segments.count - 1 { + results.append(String(trimmedSegment)) + } else { + results.append(String(trimmedSegment)) + let lastWord = trimmedSegment.split(separator: " ").last ?? "" + if decimals.contains(String(lastWord)) || multipliers.keys.contains(String(lastWord)) { + results.append("point five") + } else { + results.append("and a half") + } + } + } + + var processedString = results.joined(separator: " ") + + // Put a space at number/letter boundary + processedString = processedString.replacingOccurrences(of: #"([a-z])([0-9])"#, with: "$1 $2", options: .regularExpression) + processedString = processedString.replacingOccurrences(of: #"([0-9])([a-z])"#, with: "$1 $2", options: .regularExpression) + + // Remove spaces which could be a suffix + processedString = processedString.replacingOccurrences(of: #"([0-9])\s+(st|nd|rd|th|s)\\b"#, with: "$1$2", options: .regularExpression) + + return processedString + } + + func postprocess(_ s: String) -> String{ + return "" + } + +} + +//class EnglishSpellingNormalizer{} +//class EnglishTextNormalizer{ +//} + + +//let ABBR = ["A"] From b8c30fead4f7424ca545950c06f5ccb5a6a8bab9 Mon Sep 17 00:00:00 2001 From: Abhinay1997 Date: Sat, 4 May 2024 21:55:31 +0530 Subject: [PATCH 04/28] Adds Basic Fraction type for WER --- .../NormalizationUtils/Fraction.swift | 246 ++++++++++++++++++ Tests/WhisperKitTests/RegressionTests.swift | 9 - 2 files changed, 246 insertions(+), 9 deletions(-) create mode 100644 Tests/WhisperKitTests/NormalizationUtils/Fraction.swift diff --git a/Tests/WhisperKitTests/NormalizationUtils/Fraction.swift b/Tests/WhisperKitTests/NormalizationUtils/Fraction.swift new file mode 100644 index 00000000..26a0b667 --- /dev/null +++ b/Tests/WhisperKitTests/NormalizationUtils/Fraction.swift @@ -0,0 +1,246 @@ +// Simple Fraction implementation for the normalization code. +// Doesn't do everything the python module fractions can do. +import Foundation + +struct Fraction{ + var numerator: Int + var denominator: Int + + var description: String { + "\(numerator)/\(denominator)" + } + + init?(numerator: Int, denominator: Int){ + guard denominator != 0 else { return nil } + guard numerator > Int.min, denominator > Int.min else { return nil } + + self.numerator = numerator + self.denominator = denominator + if denominator < 0{ + self.numerator = -1 * self.numerator + self.denominator = -1 * self.denominator + } + self.simplify() + } + + init?(_ value: Double){ + if value == Double.infinity || value == Double.nan{ + return nil + } + if value == 0.0{ + self.init(numerator: 0, denominator: 1) + } + else if let (n,d) = Double.toIntegerNumberRatio(value: value){ + self.init(numerator: n, denominator: d) + }else{ + return nil + } + } + + init?(_ value: Float){ + self.init(Double(value)) + } + + init?(_ value: String){ + let rationalFormatPattern = """ + \\A\\s* + (?[-+]?)? + (?=\\d|\\.\\d) + (?\\d*|\\d+(_\\d+)*)? + (?:\\.(?\\d+(_\\d+)*))? + (?:\\s*/\\s*(?\\d+(_\\d+)*))? + (?:E(?[-+]?\\d+(_\\d+)*))? + \\s*\\Z + """ + + let regex = try? NSRegularExpression(pattern: rationalFormatPattern, options: [.allowCommentsAndWhitespace, .caseInsensitive]) + guard let regex = regex else { return nil} + let range = NSRange(location: 0, length: value.utf16.count) + var matches : [String:String] = [:] + if let match = regex.firstMatch(in: value, options: [], range: range) { + let groups = ["sign", "num", "denom", "decimal", "exp"] + for group in groups { + if let range = Range(match.range(withName: group), in: value) { + matches[group] = String(value[range]) + } + } + } + if matches.count == 0{ return nil} + var numerator = Int(matches["num"] ?? "0")! + var denominator: Int + + if var denom = matches["denom"]{ + denominator = Int(denom)! + } + else{ + denominator = 1 + if var decimal = matches["decimal"]{ + decimal = decimal.replacingOccurrences(of: "_", with: "") + var scale = Int(pow(Double(10), Double(decimal.count))) //10**len(decimal) + guard let d = Int(decimal) else {return nil} + numerator = numerator * scale + d + denominator *= scale + } + + if matches["exp"] != nil, var exponent = Int(matches["exp"]!){ + if exponent >= 0{ + numerator *= Int(pow(Double(10), Double(exponent))) + }else{ + denominator *= Int(pow(Double(10), Double(-exponent))) + } + } + } + if matches["sign"] == "-"{ + numerator = -numerator + } + + self.init(numerator: numerator, denominator: denominator) + } + + static func gcd(lhs:Int,rhs:Int) -> Int{ + var a = lhs + var b = rhs + while b != 0 { (a, b) = (b, a % b) } + return a + } + + static func lcm(lhs:Int,rhs:Int) -> Int{ + return (lhs * rhs / gcd(lhs:lhs, rhs:rhs)) + } + + mutating func simplify(){ + var divisor = Fraction.gcd(lhs: numerator, rhs: denominator) + if divisor < 0 { divisor *= -1 } + self.numerator = Int(numerator / divisor) + self.denominator = Int(denominator / divisor) + } + + static func +(lhs: Fraction, rhs: Fraction) -> Fraction?{ + var na = lhs.numerator + var nb = rhs.numerator + var da = lhs.denominator + var db = rhs.denominator + var g = Fraction.gcd(lhs: da, rhs: db) + if g == 1{ + return Fraction(numerator: na * db + da * nb, denominator: da * db) + } + var s = da / g + var t = na * (db / g) + nb * s + var g2 = Fraction.gcd(lhs: t, rhs: g) + if g2 == 1{ + return Fraction(numerator: t, denominator: s * db) + } + return Fraction(numerator: t / g2, denominator: s * (db / g2)) + } + + static func -(lhs: Fraction, rhs: Fraction) -> Fraction?{ + var na = lhs.numerator + var nb = rhs.numerator + var da = lhs.denominator + var db = rhs.denominator + var g = Fraction.gcd(lhs: da, rhs: db) + if g == 1{ + return Fraction(numerator: na * db - da * nb, denominator: da * db) + } + var s = da / g + var t = na * (db / g) - nb * s + var g2 = Fraction.gcd(lhs: t, rhs: g) + if g2 == 1{ + return Fraction(numerator: t, denominator: s * db) + } + return Fraction(numerator: t / g2, denominator: s * (db / g2)) + } + + static func *(lhs: Fraction, rhs: Fraction) -> Fraction?{ + return Fraction(numerator:lhs.numerator * rhs.numerator, denominator:lhs.denominator * rhs.denominator) + } + + static func /(lhs: Fraction, rhs: Fraction) -> Fraction?{ + return Fraction(numerator:lhs.numerator * rhs.denominator, denominator:lhs.denominator * rhs.numerator) + } + +} + +extension Fraction: Equatable{ + static func == (lhs: Fraction, rhs: Fraction) -> Bool{ + if lhs.numerator == rhs.numerator, lhs.denominator == rhs.denominator{ + return true + } + return false + } +} + +// MARK: Fraction operations with Int's +extension Fraction{ + static func +(lhs: Int, rhs: Fraction) -> Fraction?{ + guard let lhsFraction = Fraction(numerator: lhs, denominator: 1) else {return rhs} + return lhsFraction + rhs + } + + static func +(lhs: Fraction, rhs: Int) -> Fraction?{ + guard let rhsFraction = Fraction(numerator: rhs, denominator: 1) else {return lhs} + return lhs + rhsFraction + } + + static func -(lhs: Int, rhs: Fraction) -> Fraction?{ + guard let lhsFraction = Fraction(numerator: lhs, denominator: 1) else {return rhs} + return lhsFraction - rhs + } + + static func -(lhs: Fraction, rhs: Int) -> Fraction?{ + guard let rhsFraction = Fraction(numerator: rhs, denominator: 1) else {return lhs} + return lhs - rhsFraction + } + + static func *(lhs: Fraction, rhs: Int) -> Fraction?{ + guard let rhsFraction = Fraction(numerator: rhs, denominator: 1) else {return lhs} + return lhs * rhsFraction + } + + static func *(lhs: Int, rhs: Fraction) -> Fraction?{ + guard let lhsFraction = Fraction(numerator: lhs, denominator: 1) else {return rhs} + return lhsFraction * rhs + } + + static func /(lhs: Fraction, rhs: Int) -> Fraction?{ + guard let rhsFraction = Fraction(numerator: rhs, denominator: 1) else {return lhs} + return lhs / rhsFraction + } + + static func /(lhs: Int, rhs: Fraction) -> Fraction?{ + guard let lhsFraction = Fraction(numerator: lhs, denominator: 1) else {return rhs} + return lhsFraction / rhs + } +} + +extension Double{ + static func toIntegerNumberRatio(value: Double) -> (Int,Int)?{ + var floatPart: Double = value.significand + var exponent: Int = value.exponent + var numerator: Int + var denominator: Int + + for _ in 0..<300 where floatPart != floatPart.rounded(.down){ + floatPart *= 2.0 + exponent -= 1 + } + + if floatPart == Double.infinity || floatPart == Double.nan{ + return nil + } + + numerator = Int(floatPart.rounded(.down)) + denominator = 1 + + if exponent > 0{ + numerator <<= exponent + } + else{ + denominator <<= -exponent + } + return (numerator, denominator) + } +} + + + diff --git a/Tests/WhisperKitTests/RegressionTests.swift b/Tests/WhisperKitTests/RegressionTests.swift index 8c788e8c..3632fcfb 100644 --- a/Tests/WhisperKitTests/RegressionTests.swift +++ b/Tests/WhisperKitTests/RegressionTests.swift @@ -150,16 +150,7 @@ final class RegressionTests: XCTestCase { } } - func testWER(){ - let enn = EnglishNumberNormalizer() - var s = "nine and a half thousand dollars" - s = enn.preprocess(s) - - var out = enn.processWords(["nine", "thousand", "five", "hundred", "dollars"]) - enn.processWords(["nine", "point", "five", "thousand", "dollars"]) - out - } func testFractions(){ assert(Fraction(numerator: 10, denominator: 0) == nil) From 06e66e4e4f1e66094b6106c2d3af9d3bdbde4a01 Mon Sep 17 00:00:00 2001 From: Abhinay1997 Date: Sat, 4 May 2024 21:56:00 +0530 Subject: [PATCH 05/28] Refactor + Add english normalizers --- Tests/WhisperKitTests/Fraction.swift | 246 --- .../NormalizationUtils/SpellingMapping.swift | 1743 +++++++++++++++++ .../{ => NormalizationUtils}/WERUtils.swift | 269 ++- 3 files changed, 1999 insertions(+), 259 deletions(-) delete mode 100644 Tests/WhisperKitTests/Fraction.swift create mode 100644 Tests/WhisperKitTests/NormalizationUtils/SpellingMapping.swift rename Tests/WhisperKitTests/{ => NormalizationUtils}/WERUtils.swift (69%) diff --git a/Tests/WhisperKitTests/Fraction.swift b/Tests/WhisperKitTests/Fraction.swift deleted file mode 100644 index 26a0b667..00000000 --- a/Tests/WhisperKitTests/Fraction.swift +++ /dev/null @@ -1,246 +0,0 @@ -// Simple Fraction implementation for the normalization code. -// Doesn't do everything the python module fractions can do. -import Foundation - -struct Fraction{ - var numerator: Int - var denominator: Int - - var description: String { - "\(numerator)/\(denominator)" - } - - init?(numerator: Int, denominator: Int){ - guard denominator != 0 else { return nil } - guard numerator > Int.min, denominator > Int.min else { return nil } - - self.numerator = numerator - self.denominator = denominator - if denominator < 0{ - self.numerator = -1 * self.numerator - self.denominator = -1 * self.denominator - } - self.simplify() - } - - init?(_ value: Double){ - if value == Double.infinity || value == Double.nan{ - return nil - } - if value == 0.0{ - self.init(numerator: 0, denominator: 1) - } - else if let (n,d) = Double.toIntegerNumberRatio(value: value){ - self.init(numerator: n, denominator: d) - }else{ - return nil - } - } - - init?(_ value: Float){ - self.init(Double(value)) - } - - init?(_ value: String){ - let rationalFormatPattern = """ - \\A\\s* - (?[-+]?)? - (?=\\d|\\.\\d) - (?\\d*|\\d+(_\\d+)*)? - (?:\\.(?\\d+(_\\d+)*))? - (?:\\s*/\\s*(?\\d+(_\\d+)*))? - (?:E(?[-+]?\\d+(_\\d+)*))? - \\s*\\Z - """ - - let regex = try? NSRegularExpression(pattern: rationalFormatPattern, options: [.allowCommentsAndWhitespace, .caseInsensitive]) - guard let regex = regex else { return nil} - let range = NSRange(location: 0, length: value.utf16.count) - var matches : [String:String] = [:] - if let match = regex.firstMatch(in: value, options: [], range: range) { - let groups = ["sign", "num", "denom", "decimal", "exp"] - for group in groups { - if let range = Range(match.range(withName: group), in: value) { - matches[group] = String(value[range]) - } - } - } - if matches.count == 0{ return nil} - var numerator = Int(matches["num"] ?? "0")! - var denominator: Int - - if var denom = matches["denom"]{ - denominator = Int(denom)! - } - else{ - denominator = 1 - if var decimal = matches["decimal"]{ - decimal = decimal.replacingOccurrences(of: "_", with: "") - var scale = Int(pow(Double(10), Double(decimal.count))) //10**len(decimal) - guard let d = Int(decimal) else {return nil} - numerator = numerator * scale + d - denominator *= scale - } - - if matches["exp"] != nil, var exponent = Int(matches["exp"]!){ - if exponent >= 0{ - numerator *= Int(pow(Double(10), Double(exponent))) - }else{ - denominator *= Int(pow(Double(10), Double(-exponent))) - } - } - } - if matches["sign"] == "-"{ - numerator = -numerator - } - - self.init(numerator: numerator, denominator: denominator) - } - - static func gcd(lhs:Int,rhs:Int) -> Int{ - var a = lhs - var b = rhs - while b != 0 { (a, b) = (b, a % b) } - return a - } - - static func lcm(lhs:Int,rhs:Int) -> Int{ - return (lhs * rhs / gcd(lhs:lhs, rhs:rhs)) - } - - mutating func simplify(){ - var divisor = Fraction.gcd(lhs: numerator, rhs: denominator) - if divisor < 0 { divisor *= -1 } - self.numerator = Int(numerator / divisor) - self.denominator = Int(denominator / divisor) - } - - static func +(lhs: Fraction, rhs: Fraction) -> Fraction?{ - var na = lhs.numerator - var nb = rhs.numerator - var da = lhs.denominator - var db = rhs.denominator - var g = Fraction.gcd(lhs: da, rhs: db) - if g == 1{ - return Fraction(numerator: na * db + da * nb, denominator: da * db) - } - var s = da / g - var t = na * (db / g) + nb * s - var g2 = Fraction.gcd(lhs: t, rhs: g) - if g2 == 1{ - return Fraction(numerator: t, denominator: s * db) - } - return Fraction(numerator: t / g2, denominator: s * (db / g2)) - } - - static func -(lhs: Fraction, rhs: Fraction) -> Fraction?{ - var na = lhs.numerator - var nb = rhs.numerator - var da = lhs.denominator - var db = rhs.denominator - var g = Fraction.gcd(lhs: da, rhs: db) - if g == 1{ - return Fraction(numerator: na * db - da * nb, denominator: da * db) - } - var s = da / g - var t = na * (db / g) - nb * s - var g2 = Fraction.gcd(lhs: t, rhs: g) - if g2 == 1{ - return Fraction(numerator: t, denominator: s * db) - } - return Fraction(numerator: t / g2, denominator: s * (db / g2)) - } - - static func *(lhs: Fraction, rhs: Fraction) -> Fraction?{ - return Fraction(numerator:lhs.numerator * rhs.numerator, denominator:lhs.denominator * rhs.denominator) - } - - static func /(lhs: Fraction, rhs: Fraction) -> Fraction?{ - return Fraction(numerator:lhs.numerator * rhs.denominator, denominator:lhs.denominator * rhs.numerator) - } - -} - -extension Fraction: Equatable{ - static func == (lhs: Fraction, rhs: Fraction) -> Bool{ - if lhs.numerator == rhs.numerator, lhs.denominator == rhs.denominator{ - return true - } - return false - } -} - -// MARK: Fraction operations with Int's -extension Fraction{ - static func +(lhs: Int, rhs: Fraction) -> Fraction?{ - guard let lhsFraction = Fraction(numerator: lhs, denominator: 1) else {return rhs} - return lhsFraction + rhs - } - - static func +(lhs: Fraction, rhs: Int) -> Fraction?{ - guard let rhsFraction = Fraction(numerator: rhs, denominator: 1) else {return lhs} - return lhs + rhsFraction - } - - static func -(lhs: Int, rhs: Fraction) -> Fraction?{ - guard let lhsFraction = Fraction(numerator: lhs, denominator: 1) else {return rhs} - return lhsFraction - rhs - } - - static func -(lhs: Fraction, rhs: Int) -> Fraction?{ - guard let rhsFraction = Fraction(numerator: rhs, denominator: 1) else {return lhs} - return lhs - rhsFraction - } - - static func *(lhs: Fraction, rhs: Int) -> Fraction?{ - guard let rhsFraction = Fraction(numerator: rhs, denominator: 1) else {return lhs} - return lhs * rhsFraction - } - - static func *(lhs: Int, rhs: Fraction) -> Fraction?{ - guard let lhsFraction = Fraction(numerator: lhs, denominator: 1) else {return rhs} - return lhsFraction * rhs - } - - static func /(lhs: Fraction, rhs: Int) -> Fraction?{ - guard let rhsFraction = Fraction(numerator: rhs, denominator: 1) else {return lhs} - return lhs / rhsFraction - } - - static func /(lhs: Int, rhs: Fraction) -> Fraction?{ - guard let lhsFraction = Fraction(numerator: lhs, denominator: 1) else {return rhs} - return lhsFraction / rhs - } -} - -extension Double{ - static func toIntegerNumberRatio(value: Double) -> (Int,Int)?{ - var floatPart: Double = value.significand - var exponent: Int = value.exponent - var numerator: Int - var denominator: Int - - for _ in 0..<300 where floatPart != floatPart.rounded(.down){ - floatPart *= 2.0 - exponent -= 1 - } - - if floatPart == Double.infinity || floatPart == Double.nan{ - return nil - } - - numerator = Int(floatPart.rounded(.down)) - denominator = 1 - - if exponent > 0{ - numerator <<= exponent - } - else{ - denominator <<= -exponent - } - return (numerator, denominator) - } -} - - - diff --git a/Tests/WhisperKitTests/NormalizationUtils/SpellingMapping.swift b/Tests/WhisperKitTests/NormalizationUtils/SpellingMapping.swift new file mode 100644 index 00000000..765eb5fb --- /dev/null +++ b/Tests/WhisperKitTests/NormalizationUtils/SpellingMapping.swift @@ -0,0 +1,1743 @@ +// https://github.com/argmaxinc/whisperkittools/blob/main/whisperkit/evaluate/abbreviations_en.py See abbr +let englishSpellingMappingAbbr = [ + "accessorise": "accessorize", + "accessorised": "accessorized", + "accessorises": "accessorizes", + "accessorising": "accessorizing", + "acclimatisation": "acclimatization", + "acclimatise": "acclimatize", + "acclimatised": "acclimatized", + "acclimatises": "acclimatizes", + "acclimatising": "acclimatizing", + "accoutrements": "accouterments", + "aeon": "eon", + "aeons": "eons", + "aerogramme": "aerogram", + "aerogrammes": "aerograms", + "aeroplane": "airplane", + "aeroplanes": "airplanes", + "aesthete": "esthete", + "aesthetes": "esthetes", + "aesthetic": "esthetic", + "aesthetically": "esthetically", + "aesthetics": "esthetics", + "aetiology": "etiology", + "ageing": "aging", + "aggrandisement": "aggrandizement", + "agonise": "agonize", + "agonised": "agonized", + "agonises": "agonizes", + "agonising": "agonizing", + "agonisingly": "agonizingly", + "almanack": "almanac", + "almanacks": "almanacs", + "aluminium": "aluminum", + "amortisable": "amortizable", + "amortisation": "amortization", + "amortisations": "amortizations", + "amortise": "amortize", + "amortised": "amortized", + "amortises": "amortizes", + "amortising": "amortizing", + "amphitheatre": "amphitheater", + "amphitheatres": "amphitheaters", + "anaemia": "anemia", + "anaemic": "anemic", + "anaesthesia": "anesthesia", + "anaesthetic": "anesthetic", + "anaesthetics": "anesthetics", + "anaesthetise": "anesthetize", + "anaesthetised": "anesthetized", + "anaesthetises": "anesthetizes", + "anaesthetising": "anesthetizing", + "anaesthetist": "anesthetist", + "anaesthetists": "anesthetists", + "anaesthetize": "anesthetize", + "anaesthetized": "anesthetized", + "anaesthetizes": "anesthetizes", + "anaesthetizing": "anesthetizing", + "analogue": "analog", + "analogues": "analogs", + "analyse": "analyze", + "analysed": "analyzed", + "analyses": "analyzes", + "analysing": "analyzing", + "anglicise": "anglicize", + "anglicised": "anglicized", + "anglicises": "anglicizes", + "anglicising": "anglicizing", + "annualised": "annualized", + "antagonise": "antagonize", + "antagonised": "antagonized", + "antagonises": "antagonizes", + "antagonising": "antagonizing", + "apologise": "apologize", + "apologised": "apologized", + "apologises": "apologizes", + "apologising": "apologizing", + "appal": "appall", + "appals": "appalls", + "appetiser": "appetizer", + "appetisers": "appetizers", + "appetising": "appetizing", + "appetisingly": "appetizingly", + "arbour": "arbor", + "arbours": "arbors", + "archaeologically": "archeologically", + "archaeologist": "archeologist", + "archaeologists": "archeologists", + "archaeology": "archeology", + "archeological": "archaeological", + "ardour": "ardor", + "armour": "armor", + "armoured": "armored", + "armourer": "armorer", + "armourers": "armorers", + "armouries": "armories", + "armoury": "armory", + "artefact": "artifact", + "artefacts": "artifacts", + "authorise": "authorize", + "authorised": "authorized", + "authorises": "authorizes", + "authorising": "authorizing", + "axe": "ax", + "backpedalled": "backpedaled", + "backpedalling": "backpedaling", + "bannister": "banister", + "bannisters": "banisters", + "baptise": "baptize", + "baptised": "baptized", + "baptises": "baptizes", + "baptising": "baptizing", + "bastardise": "bastardize", + "bastardised": "bastardized", + "bastardises": "bastardizes", + "bastardising": "bastardizing", + "battleax": "battleaxe", + "baulk": "balk", + "baulked": "balked", + "baulking": "balking", + "baulks": "balks", + "bedevilled": "bedeviled", + "bedevilling": "bedeviling", + "behaviour": "behavior", + "behavioural": "behavioral", + "behaviourism": "behaviorism", + "behaviourist": "behaviorist", + "behaviourists": "behaviorists", + "behaviours": "behaviors", + "behove": "behoove", + "behoved": "behooved", + "behoves": "behooves", + "bejewelled": "bejeweled", + "belabour": "belabor", + "belaboured": "belabored", + "belabouring": "belaboring", + "belabours": "belabors", + "bevelled": "beveled", + "bevvies": "bevies", + "bevvy": "bevy", + "biassed": "biased", + "biassing": "biasing", + "bingeing": "binging", + "bougainvillaea": "bougainvillea", + "bougainvillaeas": "bougainvilleas", + "bowdlerise": "bowdlerize", + "bowdlerised": "bowdlerized", + "bowdlerises": "bowdlerizes", + "bowdlerising": "bowdlerizing", + "breathalyse": "breathalyze", + "breathalysed": "breathalyzed", + "breathalyser": "breathalyzer", + "breathalysers": "breathalyzers", + "breathalyses": "breathalyzes", + "breathalysing": "breathalyzing", + "brutalise": "brutalize", + "brutalised": "brutalized", + "brutalises": "brutalizes", + "brutalising": "brutalizing", + "busses": "buses", + "bussing": "busing", + "caesarean": "cesarean", + "caesareans": "cesareans", + "calibre": "caliber", + "calibres": "calibers", + "calliper": "caliper", + "callipers": "calipers", + "callisthenics": "calisthenics", + "canalise": "canalize", + "canalised": "canalized", + "canalises": "canalizes", + "canalising": "canalizing", + "cancelation": "cancellation", + "cancelations": "cancellations", + "cancelled": "canceled", + "cancelling": "canceling", + "candour": "candor", + "cannibalise": "cannibalize", + "cannibalised": "cannibalized", + "cannibalises": "cannibalizes", + "cannibalising": "cannibalizing", + "canonise": "canonize", + "canonised": "canonized", + "canonises": "canonizes", + "canonising": "canonizing", + "capitalise": "capitalize", + "capitalised": "capitalized", + "capitalises": "capitalizes", + "capitalising": "capitalizing", + "caramelise": "caramelize", + "caramelised": "caramelized", + "caramelises": "caramelizes", + "caramelising": "caramelizing", + "carbonise": "carbonize", + "carbonised": "carbonized", + "carbonises": "carbonizes", + "carbonising": "carbonizing", + "carolled": "caroled", + "carolling": "caroling", + "catalogue": "catalog", + "catalogued": "cataloged", + "catalogues": "catalogs", + "cataloguing": "cataloging", + "catalyse": "catalyze", + "catalysed": "catalyzed", + "catalyses": "catalyzes", + "catalysing": "catalyzing", + "categorise": "categorize", + "categorised": "categorized", + "categorises": "categorizes", + "categorising": "categorizing", + "cauterise": "cauterize", + "cauterised": "cauterized", + "cauterises": "cauterizes", + "cauterising": "cauterizing", + "cavilled": "caviled", + "cavilling": "caviling", + "centigramme": "centigram", + "centigrammes": "centigrams", + "centilitre": "centiliter", + "centilitres": "centiliters", + "centimetre": "centimeter", + "centimetres": "centimeters", + "centralise": "centralize", + "centralised": "centralized", + "centralises": "centralizes", + "centralising": "centralizing", + "centre": "center", + "centred": "centered", + "centrefold": "centerfold", + "centrefolds": "centerfolds", + "centrepiece": "centerpiece", + "centrepieces": "centerpieces", + "centres": "centers", + "channelled": "channeled", + "channelling": "channeling", + "characterise": "characterize", + "characterised": "characterized", + "characterises": "characterizes", + "characterising": "characterizing", + "cheque": "check", + "chequebook": "checkbook", + "chequebooks": "checkbooks", + "chequered": "checkered", + "cheques": "checks", + "chilli": "chili", + "chimaera": "chimera", + "chimaeras": "chimeras", + "chiselled": "chiseled", + "chiselling": "chiseling", + "circularise": "circularize", + "circularised": "circularized", + "circularises": "circularizes", + "circularising": "circularizing", + "civilise": "civilize", + "civilised": "civilized", + "civilises": "civilizes", + "civilising": "civilizing", + "clamour": "clamor", + "clamoured": "clamored", + "clamouring": "clamoring", + "clamours": "clamors", + "clangour": "clangor", + "clarinettist": "clarinetist", + "clarinettists": "clarinetists", + "collectivise": "collectivize", + "collectivised": "collectivized", + "collectivises": "collectivizes", + "collectivising": "collectivizing", + "colonisation": "colonization", + "colonise": "colonize", + "colonised": "colonized", + "coloniser": "colonizer", + "colonisers": "colonizers", + "colonises": "colonizes", + "colonising": "colonizing", + "colour": "color", + "colourant": "colorant", + "colourants": "colorants", + "coloured": "colored", + "coloureds": "coloreds", + "colourful": "colorful", + "colourfully": "colorfully", + "colouring": "coloring", + "colourize": "colorize", + "colourized": "colorized", + "colourizes": "colorizes", + "colourizing": "colorizing", + "colourless": "colorless", + "colours": "colors", + "commercialise": "commercialize", + "commercialised": "commercialized", + "commercialises": "commercializes", + "commercialising": "commercializing", + "compartmentalise": "compartmentalize", + "compartmentalised": "compartmentalized", + "compartmentalises": "compartmentalizes", + "compartmentalising": "compartmentalizing", + "computerise": "computerize", + "computerised": "computerized", + "computerises": "computerizes", + "computerising": "computerizing", + "conceptualise": "conceptualize", + "conceptualised": "conceptualized", + "conceptualises": "conceptualizes", + "conceptualising": "conceptualizing", + "connexion": "connection", + "connexions": "connections", + "contextualise": "contextualize", + "contextualised": "contextualized", + "contextualises": "contextualizes", + "contextualising": "contextualizing", + "cosier": "cozier", + "cosies": "cozies", + "cosiest": "coziest", + "cosily": "cozily", + "cosiness": "coziness", + "cosy": "cozy", + "councillor": "councilor", + "councillors": "councilors", + "counselled": "counseled", + "counselling": "counseling", + "counsellor": "counselor", + "counsellors": "counselors", + "crenelated": "crenellated", + "criminalise": "criminalize", + "criminalised": "criminalized", + "criminalises": "criminalizes", + "criminalising": "criminalizing", + "criticise": "criticize", + "criticised": "criticized", + "criticises": "criticizes", + "criticising": "criticizing", + "crueller": "crueler", + "cruellest": "cruelest", + "crystallisation": "crystallization", + "crystallise": "crystallize", + "crystallised": "crystallized", + "crystallises": "crystallizes", + "crystallising": "crystallizing", + "cudgelled": "cudgeled", + "cudgelling": "cudgeling", + "customise": "customize", + "customised": "customized", + "customises": "customizes", + "customising": "customizing", + "cypher": "cipher", + "cyphers": "ciphers", + "decentralisation": "decentralization", + "decentralise": "decentralize", + "decentralised": "decentralized", + "decentralises": "decentralizes", + "decentralising": "decentralizing", + "decriminalisation": "decriminalization", + "decriminalise": "decriminalize", + "decriminalised": "decriminalized", + "decriminalises": "decriminalizes", + "decriminalising": "decriminalizing", + "defence": "defense", + "defenceless": "defenseless", + "defences": "defenses", + "dehumanisation": "dehumanization", + "dehumanise": "dehumanize", + "dehumanised": "dehumanized", + "dehumanises": "dehumanizes", + "dehumanising": "dehumanizing", + "demeanour": "demeanor", + "demilitarisation": "demilitarization", + "demilitarise": "demilitarize", + "demilitarised": "demilitarized", + "demilitarises": "demilitarizes", + "demilitarising": "demilitarizing", + "demobilisation": "demobilization", + "demobilise": "demobilize", + "demobilised": "demobilized", + "demobilises": "demobilizes", + "demobilising": "demobilizing", + "democratisation": "democratization", + "democratise": "democratize", + "democratised": "democratized", + "democratises": "democratizes", + "democratising": "democratizing", + "demonise": "demonize", + "demonised": "demonized", + "demonises": "demonizes", + "demonising": "demonizing", + "demoralisation": "demoralization", + "demoralise": "demoralize", + "demoralised": "demoralized", + "demoralises": "demoralizes", + "demoralising": "demoralizing", + "denationalisation": "denationalization", + "denationalise": "denationalize", + "denationalised": "denationalized", + "denationalises": "denationalizes", + "denationalising": "denationalizing", + "deodorise": "deodorize", + "deodorised": "deodorized", + "deodorises": "deodorizes", + "deodorising": "deodorizing", + "depersonalise": "depersonalize", + "depersonalised": "depersonalized", + "depersonalises": "depersonalizes", + "depersonalising": "depersonalizing", + "deputise": "deputize", + "deputised": "deputized", + "deputises": "deputizes", + "deputising": "deputizing", + "desensitisation": "desensitization", + "desensitise": "desensitize", + "desensitised": "desensitized", + "desensitises": "desensitizes", + "desensitising": "desensitizing", + "destabilisation": "destabilization", + "destabilise": "destabilize", + "destabilised": "destabilized", + "destabilises": "destabilizes", + "destabilising": "destabilizing", + "dialled": "dialed", + "dialling": "dialing", + "dialogue": "dialog", + "dialogues": "dialogs", + "diarrhoea": "diarrhea", + "digitise": "digitize", + "digitised": "digitized", + "digitises": "digitizes", + "digitising": "digitizing", + "disc": "disk", + "discolour": "discolor", + "discoloured": "discolored", + "discolouring": "discoloring", + "discolours": "discolors", + "discs": "disks", + "disembowelled": "disemboweled", + "disembowelling": "disemboweling", + "disfavour": "disfavor", + "dishevelled": "disheveled", + "dishonour": "dishonor", + "dishonourable": "dishonorable", + "dishonourably": "dishonorably", + "dishonoured": "dishonored", + "dishonouring": "dishonoring", + "dishonours": "dishonors", + "disorganisation": "disorganization", + "disorganised": "disorganized", + "distil": "distill", + "distils": "distills", + "dramatisation": "dramatization", + "dramatisations": "dramatizations", + "dramatise": "dramatize", + "dramatised": "dramatized", + "dramatises": "dramatizes", + "dramatising": "dramatizing", + "draught": "draft", + "draughtboard": "draftboard", + "draughtboards": "draftboards", + "draughtier": "draftier", + "draughtiest": "draftiest", + "draughts": "drafts", + "draughtsman": "draftsman", + "draughtsmanship": "draftsmanship", + "draughtsmen": "draftsmen", + "draughtswoman": "draftswoman", + "draughtswomen": "draftswomen", + "draughty": "drafty", + "drivelled": "driveled", + "drivelling": "driveling", + "duelled": "dueled", + "duelling": "dueling", + "economise": "economize", + "economised": "economized", + "economises": "economizes", + "economising": "economizing", + "editorialise": "editorialize", + "editorialised": "editorialized", + "editorialises": "editorializes", + "editorialising": "editorializing", + "edoema": "edema", + "empathise": "empathize", + "empathised": "empathized", + "empathises": "empathizes", + "empathising": "empathizing", + "emphasise": "emphasize", + "emphasised": "emphasized", + "emphasises": "emphasizes", + "emphasising": "emphasizing", + "enamelled": "enameled", + "enamelling": "enameling", + "enamoured": "enamored", + "encyclopaedia": "encyclopedia", + "encyclopaedias": "encyclopedias", + "encyclopaedic": "encyclopedic", + "endeavour": "endeavor", + "endeavoured": "endeavored", + "endeavouring": "endeavoring", + "endeavours": "endeavors", + "energise": "energize", + "energised": "energized", + "energises": "energizes", + "energising": "energizing", + "enrol": "enroll", + "enrols": "enrolls", + "enthral": "enthrall", + "enthrals": "enthralls", + "epaulette": "epaulet", + "epaulettes": "epaulets", + "epicentre": "epicenter", + "epicentres": "epicenters", + "epilogue": "epilog", + "epilogues": "epilogs", + "epitomise": "epitomize", + "epitomised": "epitomized", + "epitomises": "epitomizes", + "epitomising": "epitomizing", + "equalisation": "equalization", + "equalise": "equalize", + "equalised": "equalized", + "equaliser": "equalizer", + "equalisers": "equalizers", + "equalises": "equalizes", + "equalising": "equalizing", + "eulogise": "eulogize", + "eulogised": "eulogized", + "eulogises": "eulogizes", + "eulogising": "eulogizing", + "evangelise": "evangelize", + "evangelised": "evangelized", + "evangelises": "evangelizes", + "evangelising": "evangelizing", + "exorcise": "exorcize", + "exorcised": "exorcized", + "exorcises": "exorcizes", + "exorcising": "exorcizing", + "extemporisation": "extemporization", + "extemporise": "extemporize", + "extemporised": "extemporized", + "extemporises": "extemporizes", + "extemporising": "extemporizing", + "externalisation": "externalization", + "externalisations": "externalizations", + "externalise": "externalize", + "externalised": "externalized", + "externalises": "externalizes", + "externalising": "externalizing", + "factorise": "factorize", + "factorised": "factorized", + "factorises": "factorizes", + "factorising": "factorizing", + "faecal": "fecal", + "faeces": "feces", + "familiarisation": "familiarization", + "familiarise": "familiarize", + "familiarised": "familiarized", + "familiarises": "familiarizes", + "familiarising": "familiarizing", + "fantasise": "fantasize", + "fantasised": "fantasized", + "fantasises": "fantasizes", + "fantasising": "fantasizing", + "favour": "favor", + "favourable": "favorable", + "favourably": "favorably", + "favoured": "favored", + "favouring": "favoring", + "favourite": "favorite", + "favourites": "favorites", + "favouritism": "favoritism", + "favours": "favors", + "feminise": "feminize", + "feminised": "feminized", + "feminises": "feminizes", + "feminising": "feminizing", + "fertilisation": "fertilization", + "fertilise": "fertilize", + "fertilised": "fertilized", + "fertiliser": "fertilizer", + "fertilisers": "fertilizers", + "fertilises": "fertilizes", + "fertilising": "fertilizing", + "fervour": "fervor", + "fibre": "fiber", + "fibreglass": "fiberglass", + "fibres": "fibers", + "fictionalisation": "fictionalization", + "fictionalisations": "fictionalizations", + "fictionalise": "fictionalize", + "fictionalised": "fictionalized", + "fictionalises": "fictionalizes", + "fictionalising": "fictionalizing", + "fillet": "filet", + "filleted": "fileted", + "filleting": "fileting", + "fillets": "filets", + "finalisation": "finalization", + "finalise": "finalize", + "finalised": "finalized", + "finalises": "finalizes", + "finalising": "finalizing", + "flautist": "flutist", + "flautists": "flutists", + "flavour": "flavor", + "flavoured": "flavored", + "flavouring": "flavoring", + "flavourings": "flavorings", + "flavourless": "flavorless", + "flavours": "flavors", + "flavoursome": "flavorsome", + "flyer / flier": "flier / flyer", + "foetal": "fetal", + "foetid": "fetid", + "foetus": "fetus", + "foetuses": "fetuses", + "formalisation": "formalization", + "formalise": "formalize", + "formalised": "formalized", + "formalises": "formalizes", + "formalising": "formalizing", + "fossilisation": "fossilization", + "fossilise": "fossilize", + "fossilised": "fossilized", + "fossilises": "fossilizes", + "fossilising": "fossilizing", + "fraternisation": "fraternization", + "fraternise": "fraternize", + "fraternised": "fraternized", + "fraternises": "fraternizes", + "fraternising": "fraternizing", + "fulfil": "fulfill", + "fulfilment": "fulfillment", + "fulfils": "fulfills", + "funnelled": "funneled", + "funnelling": "funneling", + "gage": "gauge", + "gaged": "gauged", + "gages": "gauges", + "gaging": "gauging", + "galvanise": "galvanize", + "galvanised": "galvanized", + "galvanises": "galvanizes", + "galvanising": "galvanizing", + "gambolled": "gamboled", + "gambolling": "gamboling", + "gaol": "jail", + "gaolbird": "jailbird", + "gaolbirds": "jailbirds", + "gaolbreak": "jailbreak", + "gaolbreaks": "jailbreaks", + "gaoled": "jailed", + "gaoler": "jailer", + "gaolers": "jailers", + "gaoling": "jailing", + "gaols": "jails", + "gasses": "gases", + "generalisation": "generalization", + "generalisations": "generalizations", + "generalise": "generalize", + "generalised": "generalized", + "generalises": "generalizes", + "generalising": "generalizing", + "ghettoise": "ghettoize", + "ghettoised": "ghettoized", + "ghettoises": "ghettoizes", + "ghettoising": "ghettoizing", + "gipsies": "gypsies", + "glamor": "glamour", + "glamorise": "glamorize", + "glamorised": "glamorized", + "glamorises": "glamorizes", + "glamorising": "glamorizing", + "globalisation": "globalization", + "globalise": "globalize", + "globalised": "globalized", + "globalises": "globalizes", + "globalising": "globalizing", + "glueing": "gluing", + "goitre": "goiter", + "goitres": "goiters", + "gonorrhoea": "gonorrhea", + "gramme": "gram", + "grammes": "grams", + "gravelled": "graveled", + "grey": "gray", + "greyed": "grayed", + "greying": "graying", + "greyish": "grayish", + "greyness": "grayness", + "greys": "grays", + "grovelled": "groveled", + "grovelling": "groveling", + "groyne": "groin", + "groynes": "groins", + "gruelling": "grueling", + "gruellingly": "gruelingly", + "gryphon": "griffin", + "gryphons": "griffins", + "gynaecological": "gynecological", + "gynaecologist": "gynecologist", + "gynaecologists": "gynecologists", + "gynaecology": "gynecology", + "haematological": "hematological", + "haematologist": "hematologist", + "haematologists": "hematologists", + "haematology": "hematology", + "haemoglobin": "hemoglobin", + "haemophilia": "hemophilia", + "haemophiliac": "hemophiliac", + "haemophiliacs": "hemophiliacs", + "haemorrhage": "hemorrhage", + "haemorrhaged": "hemorrhaged", + "haemorrhages": "hemorrhages", + "haemorrhaging": "hemorrhaging", + "haemorrhoids": "hemorrhoids", + "harbour": "harbor", + "harboured": "harbored", + "harbouring": "harboring", + "harbours": "harbors", + "harmonisation": "harmonization", + "harmonise": "harmonize", + "harmonised": "harmonized", + "harmonises": "harmonizes", + "harmonising": "harmonizing", + "homoeopath": "homeopath", + "homoeopathic": "homeopathic", + "homoeopaths": "homeopaths", + "homoeopathy": "homeopathy", + "homogenise": "homogenize", + "homogenised": "homogenized", + "homogenises": "homogenizes", + "homogenising": "homogenizing", + "honour": "honor", + "honourable": "honorable", + "honourably": "honorably", + "honoured": "honored", + "honouring": "honoring", + "honours": "honors", + "hospitalisation": "hospitalization", + "hospitalise": "hospitalize", + "hospitalised": "hospitalized", + "hospitalises": "hospitalizes", + "hospitalising": "hospitalizing", + "humanise": "humanize", + "humanised": "humanized", + "humanises": "humanizes", + "humanising": "humanizing", + "humour": "humor", + "humoured": "humored", + "humouring": "humoring", + "humourless": "humorless", + "humours": "humors", + "hybridise": "hybridize", + "hybridised": "hybridized", + "hybridises": "hybridizes", + "hybridising": "hybridizing", + "hypnotise": "hypnotize", + "hypnotised": "hypnotized", + "hypnotises": "hypnotizes", + "hypnotising": "hypnotizing", + "hypothesise": "hypothesize", + "hypothesised": "hypothesized", + "hypothesises": "hypothesizes", + "hypothesising": "hypothesizing", + "idealisation": "idealization", + "idealise": "idealize", + "idealised": "idealized", + "idealises": "idealizes", + "idealising": "idealizing", + "idolise": "idolize", + "idolised": "idolized", + "idolises": "idolizes", + "idolising": "idolizing", + "immobilisation": "immobilization", + "immobilise": "immobilize", + "immobilised": "immobilized", + "immobiliser": "immobilizer", + "immobilisers": "immobilizers", + "immobilises": "immobilizes", + "immobilising": "immobilizing", + "immortalise": "immortalize", + "immortalised": "immortalized", + "immortalises": "immortalizes", + "immortalising": "immortalizing", + "immunisation": "immunization", + "immunise": "immunize", + "immunised": "immunized", + "immunises": "immunizes", + "immunising": "immunizing", + "impanelled": "impaneled", + "impanelling": "impaneling", + "imperilled": "imperiled", + "imperilling": "imperiling", + "individualise": "individualize", + "individualised": "individualized", + "individualises": "individualizes", + "individualising": "individualizing", + "industrialise": "industrialize", + "industrialised": "industrialized", + "industrialises": "industrializes", + "industrialising": "industrializing", + "inflexion": "inflection", + "inflexions": "inflections", + "initialise": "initialize", + "initialised": "initialized", + "initialises": "initializes", + "initialising": "initializing", + "initialled": "initialed", + "initialling": "initialing", + "instal": "install", + "instalment": "installment", + "instalments": "installments", + "instals": "installs", + "instil": "instill", + "instils": "instills", + "institutionalisation": "institutionalization", + "institutionalise": "institutionalize", + "institutionalised": "institutionalized", + "institutionalises": "institutionalizes", + "institutionalising": "institutionalizing", + "intellectualise": "intellectualize", + "intellectualised": "intellectualized", + "intellectualises": "intellectualizes", + "intellectualising": "intellectualizing", + "internalisation": "internalization", + "internalise": "internalize", + "internalised": "internalized", + "internalises": "internalizes", + "internalising": "internalizing", + "internationalisation": "internationalization", + "internationalise": "internationalize", + "internationalised": "internationalized", + "internationalises": "internationalizes", + "internationalising": "internationalizing", + "ionisation": "ionization", + "ionise": "ionize", + "ionised": "ionized", + "ioniser": "ionizer", + "ionisers": "ionizers", + "ionises": "ionizes", + "ionising": "ionizing", + "italicise": "italicize", + "italicised": "italicized", + "italicises": "italicizes", + "italicising": "italicizing", + "itemise": "itemize", + "itemised": "itemized", + "itemises": "itemizes", + "itemising": "itemizing", + "jeopardise": "jeopardize", + "jeopardised": "jeopardized", + "jeopardises": "jeopardizes", + "jeopardising": "jeopardizing", + "jewelled": "jeweled", + "jeweller": "jeweler", + "jewellers": "jewelers", + "jewellery": "jewelry", + "judgement": "judgment", + "kilogramme": "kilogram", + "kilogrammes": "kilograms", + "kilometre": "kilometer", + "kilometres": "kilometers", + "labelled": "labeled", + "labelling": "labeling", + "labour": "labor", + "laboured": "labored", + "labourer": "laborer", + "labourers": "laborers", + "labouring": "laboring", + "labours": "labors", + "lacklustre": "lackluster", + "legalisation": "legalization", + "legalise": "legalize", + "legalised": "legalized", + "legalises": "legalizes", + "legalising": "legalizing", + "legitimise": "legitimize", + "legitimised": "legitimized", + "legitimises": "legitimizes", + "legitimising": "legitimizing", + "leukaemia": "leukemia", + "levelled": "leveled", + "leveller": "leveler", + "levellers": "levelers", + "levelling": "leveling", + "libelled": "libeled", + "libelling": "libeling", + "libellous": "libelous", + "liberalisation": "liberalization", + "liberalise": "liberalize", + "liberalised": "liberalized", + "liberalises": "liberalizes", + "liberalising": "liberalizing", + "licence": "license", + "licenced": "licensed", + "licences": "licenses", + "licencing": "licensing", + "likeable": "likable", + "lionisation": "lionization", + "lionise": "lionize", + "lionised": "lionized", + "lionises": "lionizes", + "lionising": "lionizing", + "liquidise": "liquidize", + "liquidised": "liquidized", + "liquidiser": "liquidizer", + "liquidisers": "liquidizers", + "liquidises": "liquidizes", + "liquidising": "liquidizing", + "litre": "liter", + "litres": "liters", + "localise": "localize", + "localised": "localized", + "localises": "localizes", + "localising": "localizing", + "louvre": "louver", + "louvred": "louvered", + "louvres": "louvers", + "lustre": "luster", + "magnetise": "magnetize", + "magnetised": "magnetized", + "magnetises": "magnetizes", + "magnetising": "magnetizing", + "manoeuvrability": "maneuverability", + "manoeuvrable": "maneuverable", + "manoeuvre": "maneuver", + "manoeuvred": "maneuvered", + "manoeuvres": "maneuvers", + "manoeuvring": "maneuvering", + "manoeuvrings": "maneuverings", + "marginalisation": "marginalization", + "marginalise": "marginalize", + "marginalised": "marginalized", + "marginalises": "marginalizes", + "marginalising": "marginalizing", + "marshalled": "marshaled", + "marshalling": "marshaling", + "marvelled": "marveled", + "marvelling": "marveling", + "marvellous": "marvelous", + "marvellously": "marvelously", + "materialisation": "materialization", + "materialise": "materialize", + "materialised": "materialized", + "materialises": "materializes", + "materialising": "materializing", + "maximisation": "maximization", + "maximise": "maximize", + "maximised": "maximized", + "maximises": "maximizes", + "maximising": "maximizing", + "meagre": "meager", + "mechanisation": "mechanization", + "mechanise": "mechanize", + "mechanised": "mechanized", + "mechanises": "mechanizes", + "mechanising": "mechanizing", + "mediaeval": "medieval", + "memorialise": "memorialize", + "memorialised": "memorialized", + "memorialises": "memorializes", + "memorialising": "memorializing", + "memorise": "memorize", + "memorised": "memorized", + "memorises": "memorizes", + "memorising": "memorizing", + "mesmerise": "mesmerize", + "mesmerised": "mesmerized", + "mesmerises": "mesmerizes", + "mesmerising": "mesmerizing", + "metabolise": "metabolize", + "metabolised": "metabolized", + "metabolises": "metabolizes", + "metabolising": "metabolizing", + "metre": "meter", + "metres": "meters", + "mhm": "hmm", + "micrometre": "micrometer", + "micrometres": "micrometers", + "militarise": "militarize", + "militarised": "militarized", + "militarises": "militarizes", + "militarising": "militarizing", + "milligramme": "milligram", + "milligrammes": "milligrams", + "millilitre": "milliliter", + "millilitres": "milliliters", + "millimetre": "millimeter", + "millimetres": "millimeters", + "miniaturisation": "miniaturization", + "miniaturise": "miniaturize", + "miniaturised": "miniaturized", + "miniaturises": "miniaturizes", + "miniaturising": "miniaturizing", + "minibusses": "minibuses", + "minimise": "minimize", + "minimised": "minimized", + "minimises": "minimizes", + "minimising": "minimizing", + "misbehaviour": "misbehavior", + "misdemeanour": "misdemeanor", + "misdemeanours": "misdemeanors", + "misspelt": "misspelled", + "mitre": "miter", + "mitres": "miters", + "mm": "hmm", + "mmm": "hmm", + "mobilisation": "mobilization", + "mobilise": "mobilize", + "mobilised": "mobilized", + "mobilises": "mobilizes", + "mobilising": "mobilizing", + "modelled": "modeled", + "modeller": "modeler", + "modellers": "modelers", + "modelling": "modeling", + "modernise": "modernize", + "modernised": "modernized", + "modernises": "modernizes", + "modernising": "modernizing", + "moisturise": "moisturize", + "moisturised": "moisturized", + "moisturiser": "moisturizer", + "moisturisers": "moisturizers", + "moisturises": "moisturizes", + "moisturising": "moisturizing", + "monologue": "monolog", + "monologues": "monologs", + "monopolisation": "monopolization", + "monopolise": "monopolize", + "monopolised": "monopolized", + "monopolises": "monopolizes", + "monopolising": "monopolizing", + "moralise": "moralize", + "moralised": "moralized", + "moralises": "moralizes", + "moralising": "moralizing", + "motorised": "motorized", + "mould": "mold", + "moulded": "molded", + "moulder": "molder", + "mouldered": "moldered", + "mouldering": "moldering", + "moulders": "molders", + "mouldier": "moldier", + "mouldiest": "moldiest", + "moulding": "molding", + "mouldings": "moldings", + "moulds": "molds", + "mouldy": "moldy", + "moult": "molt", + "moulted": "molted", + "moulting": "molting", + "moults": "molts", + "moustache": "mustache", + "moustached": "mustached", + "moustaches": "mustaches", + "moustachioed": "mustachioed", + "multicoloured": "multicolored", + "nationalisation": "nationalization", + "nationalisations": "nationalizations", + "nationalise": "nationalize", + "nationalised": "nationalized", + "nationalises": "nationalizes", + "nationalising": "nationalizing", + "naturalisation": "naturalization", + "naturalise": "naturalize", + "naturalised": "naturalized", + "naturalises": "naturalizes", + "naturalising": "naturalizing", + "neighbour": "neighbor", + "neighbourhood": "neighborhood", + "neighbourhoods": "neighborhoods", + "neighbouring": "neighboring", + "neighbourliness": "neighborliness", + "neighbourly": "neighborly", + "neighbours": "neighbors", + "neutralisation": "neutralization", + "neutralise": "neutralize", + "neutralised": "neutralized", + "neutralises": "neutralizes", + "neutralising": "neutralizing", + "normalisation": "normalization", + "normalise": "normalize", + "normalised": "normalized", + "normalises": "normalizes", + "normalising": "normalizing", + "odour": "odor", + "odourless": "odorless", + "odours": "odors", + "oesophagus": "esophagus", + "oesophaguses": "esophaguses", + "oestrogen": "estrogen", + "offence": "offense", + "offences": "offenses", + "omelette": "omelet", + "omelettes": "omelets", + "optimise": "optimize", + "optimised": "optimized", + "optimises": "optimizes", + "optimising": "optimizing", + "organisation": "organization", + "organisational": "organizational", + "organisations": "organizations", + "organise": "organize", + "organised": "organized", + "organiser": "organizer", + "organisers": "organizers", + "organises": "organizes", + "organising": "organizing", + "orthopaedic": "orthopedic", + "orthopaedics": "orthopedics", + "ostracise": "ostracize", + "ostracised": "ostracized", + "ostracises": "ostracizes", + "ostracising": "ostracizing", + "outmanoeuvre": "outmaneuver", + "outmanoeuvred": "outmaneuvered", + "outmanoeuvres": "outmaneuvers", + "outmanoeuvring": "outmaneuvering", + "overemphasise": "overemphasize", + "overemphasised": "overemphasized", + "overemphasises": "overemphasizes", + "overemphasising": "overemphasizing", + "oxidisation": "oxidization", + "oxidise": "oxidize", + "oxidised": "oxidized", + "oxidises": "oxidizes", + "oxidising": "oxidizing", + "paederast": "pederast", + "paederasts": "pederasts", + "paediatric": "pediatric", + "paediatrician": "pediatrician", + "paediatricians": "pediatricians", + "paediatrics": "pediatrics", + "paedophile": "pedophile", + "paedophiles": "pedophiles", + "paedophilia": "pedophilia", + "palaeolithic": "paleolithic", + "palaeontologist": "paleontologist", + "palaeontologists": "paleontologists", + "palaeontology": "paleontology", + "panelled": "paneled", + "panelling": "paneling", + "panellist": "panelist", + "panellists": "panelists", + "paralyse": "paralyze", + "paralysed": "paralyzed", + "paralyses": "paralyzes", + "paralysing": "paralyzing", + "parcelled": "parceled", + "parcelling": "parceling", + "parlour": "parlor", + "parlours": "parlors", + "particularise": "particularize", + "particularised": "particularized", + "particularises": "particularizes", + "particularising": "particularizing", + "passivisation": "passivization", + "passivise": "passivize", + "passivised": "passivized", + "passivises": "passivizes", + "passivising": "passivizing", + "pasteurisation": "pasteurization", + "pasteurise": "pasteurize", + "pasteurised": "pasteurized", + "pasteurises": "pasteurizes", + "pasteurising": "pasteurizing", + "patronise": "patronize", + "patronised": "patronized", + "patronises": "patronizes", + "patronising": "patronizing", + "patronisingly": "patronizingly", + "pedalled": "pedaled", + "pedalling": "pedaling", + "pedestrianisation": "pedestrianization", + "pedestrianise": "pedestrianize", + "pedestrianised": "pedestrianized", + "pedestrianises": "pedestrianizes", + "pedestrianising": "pedestrianizing", + "penalise": "penalize", + "penalised": "penalized", + "penalises": "penalizes", + "penalising": "penalizing", + "pencilled": "penciled", + "pencilling": "penciling", + "personalise": "personalize", + "personalised": "personalized", + "personalises": "personalizes", + "personalising": "personalizing", + "pharmacopoeia": "pharmacopeia", + "pharmacopoeias": "pharmacopeias", + "philosophise": "philosophize", + "philosophised": "philosophized", + "philosophises": "philosophizes", + "philosophising": "philosophizing", + "philtre": "filter", + "philtres": "filters", + "phoney": "phony", + "plagiarise": "plagiarize", + "plagiarised": "plagiarized", + "plagiarises": "plagiarizes", + "plagiarising": "plagiarizing", + "plough": "plow", + "ploughed": "plowed", + "ploughing": "plowing", + "ploughman": "plowman", + "ploughmen": "plowmen", + "ploughs": "plows", + "ploughshare": "plowshare", + "ploughshares": "plowshares", + "polarisation": "polarization", + "polarise": "polarize", + "polarised": "polarized", + "polarises": "polarizes", + "polarising": "polarizing", + "politicisation": "politicization", + "politicise": "politicize", + "politicised": "politicized", + "politicises": "politicizes", + "politicising": "politicizing", + "popularisation": "popularization", + "popularise": "popularize", + "popularised": "popularized", + "popularises": "popularizes", + "popularising": "popularizing", + "pouffe": "pouf", + "pouffes": "poufs", + "practise": "practice", + "practised": "practiced", + "practises": "practices", + "practising": "practicing", + "praesidium": "presidium", + "praesidiums": "presidiums", + "pressurisation": "pressurization", + "pressurise": "pressurize", + "pressurised": "pressurized", + "pressurises": "pressurizes", + "pressurising": "pressurizing", + "pretence": "pretense", + "pretences": "pretenses", + "primaeval": "primeval", + "prioritisation": "prioritization", + "prioritise": "prioritize", + "prioritised": "prioritized", + "prioritises": "prioritizes", + "prioritising": "prioritizing", + "privatisation": "privatization", + "privatisations": "privatizations", + "privatise": "privatize", + "privatised": "privatized", + "privatises": "privatizes", + "privatising": "privatizing", + "professionalisation": "professionalization", + "professionalise": "professionalize", + "professionalised": "professionalized", + "professionalises": "professionalizes", + "professionalising": "professionalizing", + "programme": "program", + "programmes": "programs", + "prologue": "prolog", + "prologues": "prologs", + "propagandise": "propagandize", + "propagandised": "propagandized", + "propagandises": "propagandizes", + "propagandising": "propagandizing", + "proselytise": "proselytize", + "proselytised": "proselytized", + "proselytiser": "proselytizer", + "proselytisers": "proselytizers", + "proselytises": "proselytizes", + "proselytising": "proselytizing", + "psychoanalyse": "psychoanalyze", + "psychoanalysed": "psychoanalyzed", + "psychoanalyses": "psychoanalyzes", + "psychoanalysing": "psychoanalyzing", + "publicise": "publicize", + "publicised": "publicized", + "publicises": "publicizes", + "publicising": "publicizing", + "pulverisation": "pulverization", + "pulverise": "pulverize", + "pulverised": "pulverized", + "pulverises": "pulverizes", + "pulverising": "pulverizing", + "pummelled": "pummel", + "pummelling": "pummeled", + "pyjama": "pajama", + "pyjamas": "pajamas", + "pzazz": "pizzazz", + "quarrelled": "quarreled", + "quarrelling": "quarreling", + "radicalise": "radicalize", + "radicalised": "radicalized", + "radicalises": "radicalizes", + "radicalising": "radicalizing", + "rancour": "rancor", + "randomise": "randomize", + "randomised": "randomized", + "randomises": "randomizes", + "randomising": "randomizing", + "rationalisation": "rationalization", + "rationalisations": "rationalizations", + "rationalise": "rationalize", + "rationalised": "rationalized", + "rationalises": "rationalizes", + "rationalising": "rationalizing", + "ravelled": "raveled", + "ravelling": "raveling", + "realisable": "realizable", + "realisation": "realization", + "realisations": "realizations", + "realise": "realize", + "realised": "realized", + "realises": "realizes", + "realising": "realizing", + "recognisable": "recognizable", + "recognisably": "recognizably", + "recognisance": "recognizance", + "recognise": "recognize", + "recognised": "recognized", + "recognises": "recognizes", + "recognising": "recognizing", + "reconnoitre": "reconnoiter", + "reconnoitred": "reconnoitered", + "reconnoitres": "reconnoiters", + "reconnoitring": "reconnoitering", + "refuelled": "refueled", + "refuelling": "refueling", + "regularisation": "regularization", + "regularise": "regularize", + "regularised": "regularized", + "regularises": "regularizes", + "regularising": "regularizing", + "remodelled": "remodeled", + "remodelling": "remodeling", + "remould": "remold", + "remoulded": "remolded", + "remoulding": "remolding", + "remoulds": "remolds", + "reorganisation": "reorganization", + "reorganisations": "reorganizations", + "reorganise": "reorganize", + "reorganised": "reorganized", + "reorganises": "reorganizes", + "reorganising": "reorganizing", + "revelled": "reveled", + "reveller": "reveler", + "revellers": "revelers", + "revelling": "reveling", + "revitalise": "revitalize", + "revitalised": "revitalized", + "revitalises": "revitalizes", + "revitalising": "revitalizing", + "revolutionise": "revolutionize", + "revolutionised": "revolutionized", + "revolutionises": "revolutionizes", + "revolutionising": "revolutionizing", + "rhapsodise": "rhapsodize", + "rhapsodised": "rhapsodized", + "rhapsodises": "rhapsodizes", + "rhapsodising": "rhapsodizing", + "rigour": "rigor", + "rigours": "rigors", + "ritualised": "ritualized", + "rivalled": "rivaled", + "rivalling": "rivaling", + "romanticise": "romanticize", + "romanticised": "romanticized", + "romanticises": "romanticizes", + "romanticising": "romanticizing", + "rumour": "rumor", + "rumoured": "rumored", + "rumours": "rumors", + "sabre": "saber", + "sabres": "sabers", + "saltpetre": "saltpeter", + "sanitise": "sanitize", + "sanitised": "sanitized", + "sanitises": "sanitizes", + "sanitising": "sanitizing", + "satirise": "satirize", + "satirised": "satirized", + "satirises": "satirizes", + "satirising": "satirizing", + "saviour": "savior", + "saviours": "saviors", + "savour": "savor", + "savoured": "savored", + "savouries": "savories", + "savouring": "savoring", + "savours": "savors", + "savoury": "savory", + "scandalise": "scandalize", + "scandalised": "scandalized", + "scandalises": "scandalizes", + "scandalising": "scandalizing", + "sceptic": "skeptic", + "sceptical": "skeptical", + "sceptically": "skeptically", + "scepticism": "skepticism", + "sceptics": "skeptics", + "sceptre": "scepter", + "sceptres": "scepters", + "scrutinise": "scrutinize", + "scrutinised": "scrutinized", + "scrutinises": "scrutinizes", + "scrutinising": "scrutinizing", + "secularisation": "secularization", + "secularise": "secularize", + "secularised": "secularized", + "secularises": "secularizes", + "secularising": "secularizing", + "sensationalise": "sensationalize", + "sensationalised": "sensationalized", + "sensationalises": "sensationalizes", + "sensationalising": "sensationalizing", + "sensitise": "sensitize", + "sensitised": "sensitized", + "sensitises": "sensitizes", + "sensitising": "sensitizing", + "sentimentalise": "sentimentalize", + "sentimentalised": "sentimentalized", + "sentimentalises": "sentimentalizes", + "sentimentalising": "sentimentalizing", + "sepulchre": "sepulcher", + "sepulchres": "sepulchers", + "serialisation": "serialization", + "serialisations": "serializations", + "serialise": "serialize", + "serialised": "serialized", + "serialises": "serializes", + "serialising": "serializing", + "sermonise": "sermonize", + "sermonised": "sermonized", + "sermonises": "sermonizes", + "sermonising": "sermonizing", + "sheikh": "sheik", + "shovelled": "shoveled", + "shovelling": "shoveling", + "shrivelled": "shriveled", + "shrivelling": "shriveling", + "signalise": "signalize", + "signalised": "signalized", + "signalises": "signalizes", + "signalising": "signalizing", + "signalled": "signaled", + "signalling": "signaling", + "smoulder": "smolder", + "smouldered": "smoldered", + "smouldering": "smoldering", + "smoulders": "smolders", + "snivelled": "sniveled", + "snivelling": "sniveling", + "snorkelled": "snorkeled", + "snorkelling": "snorkeling", + "snowplough": "snowplow", + "snowploughs": "snowplow", + "socialisation": "socialization", + "socialise": "socialize", + "socialised": "socialized", + "socialises": "socializes", + "socialising": "socializing", + "sodomise": "sodomize", + "sodomised": "sodomized", + "sodomises": "sodomizes", + "sodomising": "sodomizing", + "solemnise": "solemnize", + "solemnised": "solemnized", + "solemnises": "solemnizes", + "solemnising": "solemnizing", + "sombre": "somber", + "specialisation": "specialization", + "specialisations": "specializations", + "specialise": "specialize", + "specialised": "specialized", + "specialises": "specializes", + "specialising": "specializing", + "spectre": "specter", + "spectres": "specters", + "spiralled": "spiraled", + "spiralling": "spiraling", + "splendour": "splendor", + "splendours": "splendors", + "squirrelled": "squirreled", + "squirrelling": "squirreling", + "stabilisation": "stabilization", + "stabilise": "stabilize", + "stabilised": "stabilized", + "stabiliser": "stabilizer", + "stabilisers": "stabilizers", + "stabilises": "stabilizes", + "stabilising": "stabilizing", + "standardisation": "standardization", + "standardise": "standardize", + "standardised": "standardized", + "standardises": "standardizes", + "standardising": "standardizing", + "stencilled": "stenciled", + "stencilling": "stenciling", + "sterilisation": "sterilization", + "sterilisations": "sterilizations", + "sterilise": "sterilize", + "sterilised": "sterilized", + "steriliser": "sterilizer", + "sterilisers": "sterilizers", + "sterilises": "sterilizes", + "sterilising": "sterilizing", + "stigmatisation": "stigmatization", + "stigmatise": "stigmatize", + "stigmatised": "stigmatized", + "stigmatises": "stigmatizes", + "stigmatising": "stigmatizing", + "storey": "story", + "storeys": "stories", + "subsidisation": "subsidization", + "subsidise": "subsidize", + "subsidised": "subsidized", + "subsidiser": "subsidizer", + "subsidisers": "subsidizers", + "subsidises": "subsidizes", + "subsidising": "subsidizing", + "succour": "succor", + "succoured": "succored", + "succouring": "succoring", + "succours": "succors", + "sulphate": "sulfate", + "sulphates": "sulfates", + "sulphide": "sulfide", + "sulphides": "sulfides", + "sulphur": "sulfur", + "sulphurous": "sulfurous", + "summarise": "summarize", + "summarised": "summarized", + "summarises": "summarizes", + "summarising": "summarizing", + "swivelled": "swiveled", + "swivelling": "swiveling", + "symbolise": "symbolize", + "symbolised": "symbolized", + "symbolises": "symbolizes", + "symbolising": "symbolizing", + "sympathise": "sympathize", + "sympathised": "sympathized", + "sympathiser": "sympathizer", + "sympathisers": "sympathizers", + "sympathises": "sympathizes", + "sympathising": "sympathizing", + "synchronisation": "synchronization", + "synchronise": "synchronize", + "synchronised": "synchronized", + "synchronises": "synchronizes", + "synchronising": "synchronizing", + "synthesise": "synthesize", + "synthesised": "synthesized", + "synthesiser": "synthesizer", + "synthesisers": "synthesizers", + "synthesises": "synthesizes", + "synthesising": "synthesizing", + "syphon": "siphon", + "syphoned": "siphoned", + "syphoning": "siphoning", + "syphons": "siphons", + "systematisation": "systematization", + "systematise": "systematize", + "systematised": "systematized", + "systematises": "systematizes", + "systematising": "systematizing", + "tantalise": "tantalize", + "tantalised": "tantalized", + "tantalises": "tantalizes", + "tantalising": "tantalizing", + "tantalisingly": "tantalizingly", + "tasselled": "tasseled", + "technicolour": "technicolor", + "temporise": "temporize", + "temporised": "temporized", + "temporises": "temporizes", + "temporising": "temporizing", + "tenderise": "tenderize", + "tenderised": "tenderized", + "tenderises": "tenderizes", + "tenderising": "tenderizing", + "terrorise": "terrorize", + "terrorised": "terrorized", + "terrorises": "terrorizes", + "terrorising": "terrorizing", + "theatre": "theater", + "theatregoer": "theatergoer", + "theatregoers": "theatergoers", + "theatres": "theaters", + "theorise": "theorize", + "theorised": "theorized", + "theorises": "theorizes", + "theorising": "theorizing", + "tonne": "ton", + "tonnes": "tons", + "towelled": "toweled", + "towelling": "toweling", + "toxaemia": "toxemia", + "tranquillise": "tranquilize", + "tranquillised": "tranquilized", + "tranquilliser": "tranquilizer", + "tranquillisers": "tranquilizers", + "tranquillises": "tranquilizes", + "tranquillising": "tranquilizing", + "tranquillity": "tranquility", + "tranquillize": "tranquilize", + "tranquillized": "tranquilized", + "tranquillizer": "tranquilizer", + "tranquillizers": "tranquilizers", + "tranquillizes": "tranquilizes", + "tranquillizing": "tranquilizing", + "tranquilly": "tranquility", + "transistorised": "transistorized", + "traumatise": "traumatize", + "traumatised": "traumatized", + "traumatises": "traumatizes", + "traumatising": "traumatizing", + "travelled": "traveled", + "traveller": "traveler", + "travellers": "travelers", + "travelling": "traveling", + "travelog": "travelogue", + "travelogs": "travelogues", + "trialled": "trialed", + "trialling": "trialing", + "tricolour": "tricolor", + "tricolours": "tricolors", + "trivialise": "trivialize", + "trivialised": "trivialized", + "trivialises": "trivializes", + "trivialising": "trivializing", + "tumour": "tumor", + "tumours": "tumors", + "tunnelled": "tunneled", + "tunnelling": "tunneling", + "tyrannise": "tyrannize", + "tyrannised": "tyrannized", + "tyrannises": "tyrannizes", + "tyrannising": "tyrannizing", + "tyre": "tire", + "tyres": "tires", + "unauthorised": "unauthorized", + "uncivilised": "uncivilized", + "underutilised": "underutilized", + "unequalled": "unequaled", + "unfavourable": "unfavorable", + "unfavourably": "unfavorably", + "unionisation": "unionization", + "unionise": "unionize", + "unionised": "unionized", + "unionises": "unionizes", + "unionising": "unionizing", + "unorganised": "unorganized", + "unravelled": "unraveled", + "unravelling": "unraveling", + "unrecognisable": "unrecognizable", + "unrecognised": "unrecognized", + "unrivalled": "unrivaled", + "unsavoury": "unsavory", + "untrammelled": "untrammeled", + "urbanisation": "urbanization", + "urbanise": "urbanize", + "urbanised": "urbanized", + "urbanises": "urbanizes", + "urbanising": "urbanizing", + "utilisable": "utilizable", + "utilisation": "utilization", + "utilise": "utilize", + "utilised": "utilized", + "utilises": "utilizes", + "utilising": "utilizing", + "valour": "valor", + "vandalise": "vandalize", + "vandalised": "vandalized", + "vandalises": "vandalizes", + "vandalising": "vandalizing", + "vaporisation": "vaporization", + "vaporise": "vaporize", + "vaporised": "vaporized", + "vaporises": "vaporizes", + "vaporising": "vaporizing", + "vapour": "vapor", + "vapours": "vapors", + "verbalise": "verbalize", + "verbalised": "verbalized", + "verbalises": "verbalizes", + "verbalising": "verbalizing", + "victimisation": "victimization", + "victimise": "victimize", + "victimised": "victimized", + "victimises": "victimizes", + "victimising": "victimizing", + "videodisc": "videodisk", + "videodiscs": "videodisks", + "vigour": "vigor", + "visualisation": "visualization", + "visualisations": "visualizations", + "visualise": "visualize", + "visualised": "visualized", + "visualises": "visualizes", + "visualising": "visualizing", + "vocalisation": "vocalization", + "vocalisations": "vocalizations", + "vocalise": "vocalize", + "vocalised": "vocalized", + "vocalises": "vocalizes", + "vocalising": "vocalizing", + "vulcanised": "vulcanized", + "vulgarisation": "vulgarization", + "vulgarise": "vulgarize", + "vulgarised": "vulgarized", + "vulgarises": "vulgarizes", + "vulgarising": "vulgarizing", + "waggon": "wagon", + "waggons": "wagons", + "watercolour": "watercolor", + "watercolours": "watercolors", + "weaselled": "weaseled", + "weaselling": "weaseling", + "westernisation": "westernization", + "westernise": "westernize", + "westernised": "westernized", + "westernises": "westernizes", + "westernising": "westernizing", + "womanise": "womanize", + "womanised": "womanized", + "womaniser": "womanizer", + "womanisers": "womanizers", + "womanises": "womanizes", + "womanising": "womanizing", + "woollen": "woolen", + "woollens": "woolens", + "woollies": "woolies", + "woolly": "wooly", + "worshipped": "worshiped", + "worshipper": "worshiper", + "worshipping": "worshiping", + "yodelled": "yodeled", + "yodelling": "yodeling", + "yoghourt": "yogurt", + "yoghourts": "yogurts", + "yoghurt": "yogurt", + "yoghurts": "yogurts" +] diff --git a/Tests/WhisperKitTests/WERUtils.swift b/Tests/WhisperKitTests/NormalizationUtils/WERUtils.swift similarity index 69% rename from Tests/WhisperKitTests/WERUtils.swift rename to Tests/WhisperKitTests/NormalizationUtils/WERUtils.swift index c7862a2a..0de59c9e 100644 --- a/Tests/WhisperKitTests/WERUtils.swift +++ b/Tests/WhisperKitTests/NormalizationUtils/WERUtils.swift @@ -101,15 +101,15 @@ func strip(sentences: [String]) -> [String]{ func reduceToListOfListOfWords(sentences: [String], word_delimiter: String = " ") -> [[String]]{ let sentence_collection = [[String]]() - func process_string(sentence: String) -> [[String]]{ + func processString(sentence: String) -> [[String]]{ return [sentence.components(separatedBy: word_delimiter).filter{ !$0.isEmpty }] } - func process_list(sentences: [String]) -> [[String]]{ + func processList(sentences: [String]) -> [[String]]{ var sentence_collection = [[String]]() for sentence in sentences{ - let list_of_words = process_string(sentence: sentence)[0] + let list_of_words = processString(sentence: sentence)[0] if !list_of_words.isEmpty { sentence_collection.append(list_of_words) } @@ -118,7 +118,7 @@ func reduceToListOfListOfWords(sentences: [String], word_delimiter: String = " " return sentence_collection } - return process_list(sentences: sentences) + return processList(sentences: sentences) } func words2char(reference: [[String]], hypothesis: [[String]]) -> ([String],[String]){ @@ -481,10 +481,10 @@ class EnglishNumberNormalizer{ } else if let tens = self.tens[current] { if value == nil { value = String(tens) - } else if var v = value, !v.isEmpty { + } else if let v = value, !v.isEmpty { value = v + String(tens) } else { - if var v = value, Int(v)! % 100 == 0 { + if let v = value, Int(v)! % 100 == 0 { value = String(Int(v)! + tens) } else { value = value! + String(tens) @@ -600,7 +600,7 @@ class EnglishNumberNormalizer{ func preprocess(_ s: String) -> String { var results = [String]() - var segments = s.split(separator: "and a half", omittingEmptySubsequences: false) + let segments = s.split(separator: "and a half", omittingEmptySubsequences: false) for (i, segment) in segments.enumerated() { let trimmedSegment = segment.trimmingCharacters(in: .whitespaces) if trimmedSegment.isEmpty { @@ -632,15 +632,258 @@ class EnglishNumberNormalizer{ return processedString } - func postprocess(_ s: String) -> String{ - return "" + func postprocess(_ s: String) -> String { + func combineCents(match: NSTextCheckingResult, in string: String) -> String { + guard let currencyRange = Range(match.range(at: 1), in: string), + let integerRange = Range(match.range(at: 2), in: string), + let centsRange = Range(match.range(at: 3), in: string) else { + return String(string) + } + let currency = String(string[currencyRange]) + let integer = String(string[integerRange]) + let cents = Int(String(string[centsRange])) ?? 0 + return "\(currency)\(integer).\(String(format: "%02d", cents))" + } + + func extractCents(match: NSTextCheckingResult, in string: String) -> String { + guard let centsRange = Range(match.range(at: 1), in: string) else { + return String(string) + } + let cents = Int(String(string[centsRange])) ?? 0 + return "¢\(cents)" + } + + var processedString = s + + + // apply currency postprocessing; "$2 and ¢7" -> "$2.07" + do { + let regex1 = try NSRegularExpression(pattern: "([€£$])([0-9]+) (?:and )?¢([0-9]{1,2})\\b") + let matches1 = regex1.matches(in: processedString, range: NSRange(processedString.startIndex..., in: processedString)) + for match in matches1.reversed() { + let range = Range(match.range, in: processedString)! + let replacement = combineCents(match: match, in: processedString) + processedString.replaceSubrange(range, with: replacement) + } + } catch { + print("Error in regex: \(error)") + } + + do { + let regex2 = try NSRegularExpression(pattern: "[€£$]0\\.([0-9]{1,2})\\b") + let matches2 = regex2.matches(in: processedString, range: NSRange(processedString.startIndex..., in: processedString)) + for match in matches2.reversed() { + let range = Range(match.range, in: processedString)! + let replacement = extractCents(match: match, in: processedString) + processedString.replaceSubrange(range, with: replacement) + } + } catch { + print("Error in regex: \(error)") + } + + // write "one(s)" instead of "1(s)", just for readability + processedString = processedString.replacingOccurrences(of: "\\b1(s?)\\b", with: "one$1", options: .regularExpression) + + return processedString + } + + func normalize(_ text: String) -> String{ + var s = self.preprocess(text) + let out = self.processWords(s.components(separatedBy: " ")).compactMap({ $0 }) + s = out.joined(separator: " ") + s = self.postprocess(s) + return s + } + +} + +class EnglishSpellingNormalizer{ + // + //Applies British-American spelling mappings as listed in [1]. + + //[1] https://www.tysto.com/uk-us-spelling-list.html + + var mapping: [String:String] = [:] + + init(englishSpellingMapping:[String:String]){ + self.mapping = englishSpellingMapping } + func normalize(_ text: String) -> String{ + let out = text.components(separatedBy: " ").map( {self.mapping[$0] ?? $0} ) + return out.joined(separator: " ") + } } -//class EnglishSpellingNormalizer{} -//class EnglishTextNormalizer{ -//} +class EnglishTextNormalizer{ + let numberNormalizer: EnglishNumberNormalizer + let spellingNormalizer: EnglishSpellingNormalizer + let ignorePatterns = #"\b(hmm|mm|mhm|mmm|uh|um)\b"# + let replacers = [ + // common contractions + #"\bwon't\b"#: "will not", + #"\bcan't\b"#: "can not", + #"\blet's\b"#: "let us", + #"\bain't\b"#: "aint", + #"\by'all\b"#: "you all", + #"\bwanna\b"#: "want to", + #"\bgotta\b"#: "got to", + #"\bgonna\b"#: "going to", + #"\bi'ma\b"#: "i am going to", + #"\bimma\b"#: "i am going to", + #"\bwoulda\b"#: "would have", + #"\bcoulda\b"#: "could have", + #"\bshoulda\b"#: "should have", + #"\bma'am\b"#: "madam", + // contractions in titles/prefixes + #"\bmr\b"#: "mister ", + #"\bmrs\b"#: "missus ", + #"\bst\b"#: "saint ", + #"\bdr\b"#: "doctor ", + #"\bprof\b"#: "professor ", + #"\bcapt\b"#: "captain ", + #"\bgov\b"#: "governor ", + #"\bald\b"#: "alderman ", + #"\bgen\b"#: "general ", + #"\bsen\b"#: "senator ", + #"\brep\b"#: "representative ", + #"\bpres\b"#: "president ", + #"\brev\b"#: "reverend ", + #"\bhon\b"#: "honorable ", + #"\basst\b"#: "assistant ", + #"\bassoc\b"#: "associate ", + #"\blt\b"#: "lieutenant ", + #"\bcol\b"#: "colonel ", + #"\bjr\b"#: "junior ", + #"\bsr\b"#: "senior ", + #"\besq\b"#: "esquire ", + // prefect tenses, ideally it should be any past participles, but it's harder.. + #"'d been\b"#: " had been", + #"'s been\b"#: " has been", + #"'d gone\b"#: " had gone", + #"'s gone\b"#: " has gone", + #"'d done\b"#: " had done", // "'s done" is ambiguous + #"'s got\b"#: " has got", + // general contractions + #"n't\b"#: " not", + #"'re\b"#: " are", + #"'s\b"#: " is", + #"'d\b"#: " would", + #"'ll\b"#: " will", + #"'t\b"#: " not", + #"'ve\b"#: " have", + #"'m\b"#: " am", + ] + // non-ASCII letters that are not separated by "NFKD" normalization + let ADDITIONAL_DIACRITICS = [ + "œ": "oe", + "Œ": "OE", + "ø": "o", + "Ø": "O", + "æ": "ae", + "Æ": "AE", + "ß": "ss", + "ẞ": "SS", + "đ": "d", + "Đ": "D", + "ð": "d", + "Ð": "D", + "þ": "th", + "Þ": "th", + "ł": "l", + "Ł": "L", + ] + + init(){ + self.numberNormalizer = EnglishNumberNormalizer() + self.spellingNormalizer = EnglishSpellingNormalizer(englishSpellingMapping: englishSpellingMappingAbbr) + } + + func normalize(text: String) -> String{ + var processedText = text + processedText = processedText.lowercased() + + processedText.regReplace(pattern: #"[<\[][^>\]]*[>\]]"#, replaceWith: "") // remove words between brackets + processedText.regReplace(pattern: #"\(([^)]+?)\)"#, replaceWith: "") // remove words between parenthesis + processedText.regReplace(pattern: self.ignorePatterns, replaceWith: "") + processedText.regReplace(pattern: #"\s+'"#, replaceWith: "'") // standardize when there's a space before an apostrophe + for (pattern, replacement) in self.replacers{ + processedText.regReplace(pattern: pattern, replaceWith: replacement) + } + + processedText.regReplace(pattern: #"(\d),(\d)"#, replaceWith: #"$1$2"#) // remove commas between digits + processedText.regReplace(pattern: #"\.([^0-9]|$)"#, replaceWith: " $1") // remove periods not followed by numbers + processedText = self.removeSymbolsAndDiacritics(text: processedText, keep: ".%$¢€£") // keep some symbols for numerics + + processedText = self.numberNormalizer.normalize(processedText) + processedText = self.spellingNormalizer.normalize(processedText) + + // now remove prefix/suffix symbols that are not preceded/followed by numbers + processedText.regReplace(pattern: #"[.$¢€£]([^0-9])"#, replaceWith: #" $1"#) + processedText.regReplace(pattern: #"([^0-9])%"#, replaceWith: #"$1 "#) + processedText.regReplace(pattern: #"\s+"#, replaceWith: " ") // replace any successive whitespace characters with a space + return processedText + } + + func removeSymbolsAndDiacritics(text: String, keep:String="") -> String{ + // + //Replace any other markers, symbols, and punctuations with a space, and drop any diacritics + //(category 'Mn' and some manual mappings) + //""" + let keepSet = Set(keep) + let categoriesToReplaceWithSpace: [Unicode.GeneralCategory] = [ + .nonspacingMark, + .spacingMark, + .enclosingMark, + .mathSymbol, + .otherSymbol, + .currencySymbol, + .modifierSymbol, + .dashPunctuation, + .openPunctuation, + .closePunctuation, + .finalPunctuation, + .otherPunctuation, + .initialPunctuation, + .connectorPunctuation + ] + func replaceCharacter(char: Character) -> String{ + + if keepSet.contains(char){ + return String(char) + } + else if self.ADDITIONAL_DIACRITICS.keys.contains(String(char)){ + return self.ADDITIONAL_DIACRITICS[String(char)]! + } + else if unicodeCategoryFor(char: char) == Unicode.GeneralCategory.nonspacingMark{ + return "" + } + else if let category = unicodeCategoryFor(char: char), categoriesToReplaceWithSpace.contains(category){ + return " " + } + return String(char) + } + + func unicodeCategoryFor(char: Character) -> Unicode.GeneralCategory?{ + guard let scalar = char.unicodeScalars.first else {return nil} + return scalar.properties.generalCategory + } + + if let normalizedString = text.applyingTransform(StringTransform(rawValue: "NFKD"), reverse: false) { + var out = normalizedString.map({ replaceCharacter(char: $0)}) + return out.joined(separator: "") + } + return text + } +} -//let ABBR = ["A"] +private extension String { + mutating func regReplace(pattern: String, replaceWith: String = "") { + do { + let regex = try NSRegularExpression(pattern: pattern, options: [.caseInsensitive, .anchorsMatchLines]) + let range = NSRange(self.startIndex..., in: self) + self = regex.stringByReplacingMatches(in: self, options: [], range: range, withTemplate: replaceWith) + } catch { return } + } +} From 3334d44e8aeffc7ec5c5ca080b47b7f46aa86178 Mon Sep 17 00:00:00 2001 From: Abhinay1997 Date: Thu, 9 May 2024 00:20:22 +0530 Subject: [PATCH 06/28] Bug fixes in number normalization. regex, multiplier processing. --- .../NormalizationUtils/WERUtils.swift | 26 ++++++++++++------- 1 file changed, 17 insertions(+), 9 deletions(-) diff --git a/Tests/WhisperKitTests/NormalizationUtils/WERUtils.swift b/Tests/WhisperKitTests/NormalizationUtils/WERUtils.swift index 0de59c9e..54c0b587 100644 --- a/Tests/WhisperKitTests/NormalizationUtils/WERUtils.swift +++ b/Tests/WhisperKitTests/NormalizationUtils/WERUtils.swift @@ -415,9 +415,12 @@ class EnglishNumberNormalizer{ if var v = value, v.hasSuffix(".") { v = v + current value = v + continue + } else if var v = value{ results.append(output(v)) - } else { - let prefix = hasPrefix ? String(current.first!) : nil + } + else { + prefix = hasPrefix ? String(current.first!) : prefix value = f.denominator == 1 ? String(f.numerator) : currentWithoutPrefix } } else { @@ -548,10 +551,12 @@ class EnglishNumberNormalizer{ } else if let suffixValue = self.suffixers[current] { if value != nil { if let dictSuffixValue = suffixValue as? [String: String] { - if let nextSuffix = dictSuffixValue[next!] { + if let n = next, let nextSuffix = dictSuffixValue[n] { results.append(output("\(value!)\(nextSuffix)")) + skip = true } else { results.append(output(value!)) + results.append(output(current)) } } else { results.append(output("\(value!)\(suffixValue)")) @@ -594,6 +599,9 @@ class EnglishNumberNormalizer{ fatalError("Unexpected token: \(current)") } } + if let v = value{ + results.append(output(v)) + } return results } @@ -627,7 +635,7 @@ class EnglishNumberNormalizer{ processedString = processedString.replacingOccurrences(of: #"([0-9])([a-z])"#, with: "$1 $2", options: .regularExpression) // Remove spaces which could be a suffix - processedString = processedString.replacingOccurrences(of: #"([0-9])\s+(st|nd|rd|th|s)\\b"#, with: "$1$2", options: .regularExpression) + processedString = processedString.replacingOccurrences(of: #"([0-9])\s+(st|nd|rd|th|s)\b"#, with: "$1$2", options: .regularExpression) return processedString } @@ -658,7 +666,7 @@ class EnglishNumberNormalizer{ // apply currency postprocessing; "$2 and ¢7" -> "$2.07" do { - let regex1 = try NSRegularExpression(pattern: "([€£$])([0-9]+) (?:and )?¢([0-9]{1,2})\\b") + let regex1 = try NSRegularExpression(pattern: #"([€£$])([0-9]+) (?:and )?¢([0-9]{1,2})\b"#) let matches1 = regex1.matches(in: processedString, range: NSRange(processedString.startIndex..., in: processedString)) for match in matches1.reversed() { let range = Range(match.range, in: processedString)! @@ -670,7 +678,7 @@ class EnglishNumberNormalizer{ } do { - let regex2 = try NSRegularExpression(pattern: "[€£$]0\\.([0-9]{1,2})\\b") + let regex2 = try NSRegularExpression(pattern: #"[€£$]0\\.([0-9]{1,2})\b"#) let matches2 = regex2.matches(in: processedString, range: NSRange(processedString.startIndex..., in: processedString)) for match in matches2.reversed() { let range = Range(match.range, in: processedString)! @@ -682,14 +690,14 @@ class EnglishNumberNormalizer{ } // write "one(s)" instead of "1(s)", just for readability - processedString = processedString.replacingOccurrences(of: "\\b1(s?)\\b", with: "one$1", options: .regularExpression) + processedString = processedString.replacingOccurrences(of: #"\b1(s?)\b"#, with: "one$1", options: .regularExpression) return processedString } func normalize(_ text: String) -> String{ var s = self.preprocess(text) - let out = self.processWords(s.components(separatedBy: " ")).compactMap({ $0 }) + let out = self.processWords(s.components(separatedBy: " ")).filter({ $0 != ""}) s = out.joined(separator: " ") s = self.postprocess(s) return s @@ -719,7 +727,7 @@ class EnglishTextNormalizer{ let numberNormalizer: EnglishNumberNormalizer let spellingNormalizer: EnglishSpellingNormalizer let ignorePatterns = #"\b(hmm|mm|mhm|mmm|uh|um)\b"# - let replacers = [ + let replacers: KeyValuePairs = [ // common contractions #"\bwon't\b"#: "will not", #"\bcan't\b"#: "can not", From da3a71918b256ff3f4664ca12b25b2a86b78820f Mon Sep 17 00:00:00 2001 From: Abhinay1997 Date: Fri, 10 May 2024 20:11:39 +0530 Subject: [PATCH 07/28] wer evaluate function + string optimization --- .../NormalizationUtils/WERUtils.swift | 18 +++++++++++++++++- 1 file changed, 17 insertions(+), 1 deletion(-) diff --git a/Tests/WhisperKitTests/NormalizationUtils/WERUtils.swift b/Tests/WhisperKitTests/NormalizationUtils/WERUtils.swift index 54c0b587..88acb7f3 100644 --- a/Tests/WhisperKitTests/NormalizationUtils/WERUtils.swift +++ b/Tests/WhisperKitTests/NormalizationUtils/WERUtils.swift @@ -6,6 +6,8 @@ func wagnerFischerEditOperations(s1: String, s2: String) -> [Character] { let m = s1.count let n = s2.count var dp = Array(repeating: Array(repeating: (0, Character(" ")), count: n + 1), count: m + 1) + let s1Chars = Array(s1) + let s2Chars = Array(s2) // Initialize first row and column for i in 0...m { @@ -17,7 +19,7 @@ func wagnerFischerEditOperations(s1: String, s2: String) -> [Character] { // Fill the matrix for i in 1...m { for j in 1...n { - let cost = s1[s1.index(s1.startIndex, offsetBy: i - 1)] == s2[s2.index(s2.startIndex, offsetBy: j - 1)] ? 0 : 1 + let cost = s1Chars[i - 1] == s2Chars[j - 1] ? 0 : 1 let insertCost = dp[i][j - 1].0 let deleteCost = dp[i - 1][j].0 var replaceCost = dp[i - 1][j - 1].0 @@ -184,6 +186,20 @@ func process_words(reference: [String], hypothesis: [String]) -> Double{ return wer } +func evaluate(originalTranscript: String, generatedTranscript: String, normalizeOriginal: Bool = false) -> Double{ + var wer: Double = -Double.infinity + let normalizer = EnglishTextNormalizer() + + var reference = normalizeOriginal ? originalTranscript : normalizer.normalize(text: generatedTranscript) + var hypothesis = normalizer.normalize(text: generatedTranscript) + + wer = process_words( + reference: [reference], + hypothesis: [hypothesis] + ) + + return wer +} // MARK: Normalization From acb80ffab93de9176b4ec1bef80d47282eab0d9d Mon Sep 17 00:00:00 2001 From: Abhinay1997 Date: Fri, 10 May 2024 20:12:03 +0530 Subject: [PATCH 08/28] Add wer test on long audio --- Tests/WhisperKitTests/RegressionTests.swift | 42 +++++++++++++++++++++ 1 file changed, 42 insertions(+) diff --git a/Tests/WhisperKitTests/RegressionTests.swift b/Tests/WhisperKitTests/RegressionTests.swift index 3632fcfb..2da90269 100644 --- a/Tests/WhisperKitTests/RegressionTests.swift +++ b/Tests/WhisperKitTests/RegressionTests.swift @@ -2,10 +2,12 @@ import CoreML import Hub @testable import WhisperKit import XCTest +import Foundation @available(macOS 13, iOS 16, watchOS 10, visionOS 1, *) final class RegressionTests: XCTestCase { var audioFileURL: URL? + var metadataURL: URL? override func setUp() { super.setUp() @@ -33,6 +35,10 @@ final class RegressionTests: XCTestCase { let hubApi = HubApi(downloadBase: downloadBase) let fileURL = try await hubApi.snapshot(from: earnings22CompressedDataset, matching: ["4484146.mp3"]) self.audioFileURL = fileURL.appending(component: "4484146.mp3") + + let earnings22OriginalDataset = Hub.Repo(id: "argmaxinc/earnings22-12hours", type: .datasets) + let metadataURL = try await hubApi.snapshot(from: earnings22OriginalDataset, matching: ["metadata.json"]) + self.metadataURL = metadataURL.appending(component: "metadata.json") completion(true) } catch { XCTFail("Async setup failed with error: \(error)") @@ -40,6 +46,20 @@ final class RegressionTests: XCTestCase { } } } + + func getTranscript() -> String?{ + var transcript: String? = nil + if let metadataURL = self.metadataURL, let data = try? Data(contentsOf: metadataURL){ + if let json = try? JSONSerialization.jsonObject(with: data, options: []) as? [[String: Any]] { + for audioItem in json{ + if audioItem["audio"] as? String == self.audioFileURL?.lastPathComponent{ + transcript = audioItem["transcription"] as? String + } + } + } + } + return transcript + } func testAndMeasureModelPerformance(model: String, device: String) async throws { let audioFilePath = try XCTUnwrap( @@ -114,6 +134,16 @@ final class RegressionTests: XCTestCase { } catch { XCTFail("Failed with error: \(error)") } + + if let originalTranscript = getTranscript(){ + let wer = evaluate( + originalTranscript: originalTranscript, + generatedTranscript: transcriptionResult.text, + normalizeOriginal: true + ) + assert(wer != -Double.infinity) + } + } func testRegressionAndLatencyForAllModels() async throws { @@ -128,6 +158,7 @@ final class RegressionTests: XCTestCase { do { allModels = try await WhisperKit.fetchAvailableModels() + allModels = ["tiny"] } catch { XCTFail("Failed to fetch available models: \(error.localizedDescription)") } @@ -167,4 +198,15 @@ final class RegressionTests: XCTestCase { assert(Fraction(2.25)! * 100 == Fraction(numerator: 225, denominator: 1)) assert(Fraction(2.25)! + Fraction(1.25)! == Fraction(numerator: 7, denominator: 2)) } + + func testWER(){ + let test = "This is a test string" + let origText = " Welcome to the Gol Airlines Third Quarter 2021 Results Conference Call. This morning, the company made its numbers available, along with three videos with the results presentation, financial review, and preliminary Q & A. Gol hopes that everyone connected has watched them. After the company's brief remarks, we will initiate the Q & A session, when further instructions will be provided. This event is also being broadcast live via webcast, and may be accessed through the company website at www.voegol.com .vr/ir and on the MZIQ platform at www.mziq.com. Those following the presentation via the webcast may post their questions on the platform, and their questions will either be answered by the management during this call, or by the Gol Investor Relations Team after the conference is finished. Before proceeding, let me mention that forward-looking statements are based on the beliefs and assumptions of Gol's management and on information currently available to the company. They involve risks and uncertainties because they relate to future events and therefore depend on circumstances that may or may not occur. Investors and analysts should understand that events related to macroeconomic conditions, industry, and other factors could also cause results to differ materially from those expressed in such forward looking statements. At this time, I will hand you over to Mr. Paul Kakinoff, CEO. Please begin. Good morning everyone, and welcome to Gol Airlines Quarterly Earnings Call. I would like to start by highlighting our most important achievements of this spirit. The first one was the continued recovery in demand, which showed solid growth during the third quarter. At the end of September, Brazil became fourth among all countries with the most vaccines administered against COVID-19. Approximately 56% of Brazil's population is fully vaccinated, and over 74% have received their first dose, a higher percentage than the vast majority of the countries, including the United States. Similar to demand trends in other markets, the rising vaccination rate in the general population is supporting the air markets' ongoing recovery. As a result, Gol's departures in the third quarter grew by 87%, reaching 52% of the levels in 2019. In response to this demand, Gol is expanding its network, and has already announced a new route from Congoines to Bonito. It's starting in this December. We are taking a conservative approach to increasing capacity as travel demand recovers to help maintain high load factors and profitability in our routes. The second important event was a transition of the fleet to Boeing Max 8. In preparation for this strong recovery in air travel that we expect to see in the coming quarters, we sign agreements to accelerate the transformation of our fleet, with the acquisition of 28 additional Boeing 737 Max 8 aircraft. This initiative is expected to reduce the company's unit cost by 8% in 2022. Because of the new contract, we will end 2021 with 28 new Max Aircraft, which represents 20% of the fleet. By the end of 2022, we expect to have 44 Max Aircraft, raising this total to 32%. With purchase commitments, we will meet our 2030 goal of having 75% of the fleet in this new aircraft. And, as is widely recognized, the Max is 15% more fuel- efficient, generates 60% less carbon emissions, and is 40% quieter compared to the MG. This aircraft has positioned us to grow even more competitively, expanding routes to new destinations and providing efficiency gains, all of which will capture more value for all our stakeholders. The full important achievement was the conclusion of the merger with MIOS into GLE. This transaction will generate great value from several operation synergies, as well as new opportunities and strategies that will become even more significant during the airline market recovery. We're optimistic that the synergies from this corporate reorganization, expected to be approximately $3 billion reais in net present value for the next five years, and the subsequent values to our shareholders will be realized in a relatively short period of time. With that, I will hand the floor over to Richard, our CFO, who will present some financial highlights. Thank you, Kak. Our most recent notable event was the success of our liability management program. In September, we issued $150 million in a re-tap at 8% annual interest rate on our senior secured notes, maturing in 2026. Moody's assigned the notes a rating of B2. Proceeds from the offering will be used for general corporate purposes, including aircraft acquisitions and working capital. In October, we re-financed our short-term bank debt, in the amount of $1.2 billion reais by an extension of the seventh series of debentures and the issuance of our eighth series of simple, non-convertible debentures. This re-financing enabled the company to return to its lowest level of short-term debt since 2014 at about a half a billion reais, which will also improve Gol's credit metrics by better matching future assets and liabilities, and reducing the average cost of debt. Our next relevant maturity date for outstanding debt is not until July 2024. Gol's balance sheet is now in a better position in terms of our outstanding debt, versus our peers, which we view to be a competitive advantage in the current market environment. In addition, the company advertised around $518 million reais of debt in this quarter, the average maturity of Gol's long-term debt, excluding aircraft leases and perpetual notes, is approximately 3.4 years, with the mean obligations already addressed in our cash flow. The net debt ratio, excluding exchangeable notes and perpetual bonds, to adjusted last twelve months we've adopted, was 9.7 times on September 30, 2021, representing the lowest financial leverage among peers. Considering the amounts fundable from deposits and unencumbered assets, the company's potential sources of liquidity resulted in approximately $6.1 billion reais of accessible liquidity. The recent capitalization of the balance sheet, with capital increase led by the majority shareholder, represented the recognition of Gol's value as Brazil's largest airline with the best product. The re-financing of our short-term bank debt in October, added to long-term capital of $2.7 billion reais raised in the second and third quarters of this year, totals over $3.9 billion reais in the last seven months. As far as a discussion of financial results for the quarter, it was shared this morning in the video presentation, and we believe you all had a chance to access that. In short, our work to re-establish operating margins that can support the sustained growth of operations is bearing fruit. We ended the third quarter with an EBIT reaching $330 million reais and an operating margin totalling 17.7%. Concurrently, adjusted EBITDA $446 million reais with a 24.3% margin, evidencing our successful efforts at matching supply and demand. I will now return back over to Kakinoff. Thanks Richard. We have seen a recovery in demand for air travel, and we believe that now, with greater population immunization, and the significant expansion of vaccination, we will have a strong fourth quarter, coinciding with the start of the summer season. I would like to close by thanking our employees, the team of RIGOS, who are working with extreme professionalism and commitment. All this adaption puts us in a solid position to expand operations and achieve profitable growth. We reiterate our confidence that Gol will re-emerge as strong and even more resilient as markets normalize. Now, I would like to initiate the Q & A session. Thank you. The conference call is now open for questions. If you have a question, please press * 1 at this or any time. If at any point your question is answered, you may remove yourself from the queue by pressing * 2. We ask that when you ask your questions, speak close to the receiver of the device, so that everyone can hear you clearly. Participants can also send questions via the webcast platform. You need to click on the? In the upper-left hand corner and type in your question. Please hold while we poll for questions. Our first question is from Steven Trent with Citi. Please go ahead. Good morning, gentlemen and thanks very much for taking my questions. I just kind of wanted, you know, your high-level views on international demand to the U.S. spooling up again. You know, now that you're partnered with American Airlines, you know, what sort of bigger opportunities are you seeing on the horizon, and do you see any opportunity as well for American to possibly increase its stake in Gol in some point in the future? Hi Steven, Kakinoff here, good morning. Thank you very much for your question. Let me give you an overview on the North American market specifically. Uh, firstly you know we are, uh, now gradually reaching our international goals. So we have already made available the ticket sales for Cancun in Mexico, Dominicans, for the Dominican Republic, and we are now resuming Montevideo and Buenos Aires." + + let normText = EnglishTextNormalizer().normalize(text: origText) + + let wer = evaluate(originalTranscript: normText, generatedTranscript: origText) + + assert(wer == 0) + } } From dbbf9bfc33a5e8934ad44bb852092724de78110d Mon Sep 17 00:00:00 2001 From: Abhinay1997 Date: Tue, 28 May 2024 08:46:38 +0530 Subject: [PATCH 09/28] Remove Wagner-Fischer, fix normalization bugs. --- .../NormalizationUtils/WERUtils.swift | 162 +++++++++--------- 1 file changed, 82 insertions(+), 80 deletions(-) diff --git a/Tests/WhisperKitTests/NormalizationUtils/WERUtils.swift b/Tests/WhisperKitTests/NormalizationUtils/WERUtils.swift index 88acb7f3..a84fbc95 100644 --- a/Tests/WhisperKitTests/NormalizationUtils/WERUtils.swift +++ b/Tests/WhisperKitTests/NormalizationUtils/WERUtils.swift @@ -2,67 +2,14 @@ import Foundation // Return the operations needed to transform s1 into s2 using Wagner-Fischer algo. // "i" = insertion, "d" = deletion, "r" = replacement -func wagnerFischerEditOperations(s1: String, s2: String) -> [Character] { - let m = s1.count - let n = s2.count - var dp = Array(repeating: Array(repeating: (0, Character(" ")), count: n + 1), count: m + 1) - let s1Chars = Array(s1) - let s2Chars = Array(s2) - - // Initialize first row and column - for i in 0...m { - dp[i][0] = (i, i > 0 ? "d" : Character(" ")) - } - for j in 0...n { - dp[0][j] = (j, j > 0 ? "i" : Character(" ")) - } - // Fill the matrix - for i in 1...m { - for j in 1...n { - let cost = s1Chars[i - 1] == s2Chars[j - 1] ? 0 : 1 - let insertCost = dp[i][j - 1].0 - let deleteCost = dp[i - 1][j].0 - var replaceCost = dp[i - 1][j - 1].0 - var replaceOp = dp[i - 1][j - 1].1 - if cost == 1 { - replaceOp = "r" - } - replaceCost += cost - let minCost = min(insertCost + 1, deleteCost + 1, replaceCost) - var operation: Character = Character(" ") - if minCost == insertCost + 1 { - operation = "i" - } else if minCost == deleteCost + 1 { - operation = "d" - } else if cost == 1{ - operation = replaceOp - } - dp[i][j] = (minCost, operation) - } - } - - // Traceback to get the operations - var i = m - var j = n - var operations = [Character]() - while i > 0 || j > 0 { - let (_, op) = dp[i][j] - if op != Character(" ") { - operations.append(op) - } - if op == "i" { - j -= 1 - } else if op == "d" { - i -= 1 - } else { - i -= 1 - j -= 1 - } - } - operations.reverse() - return operations +enum EditOp:UInt8{ + case blank + case replace + case delete + case insert } + // MARK:- TRANSFORMS // sentences = ["this is an example ", " hello goodbye ", " "] // ['this is an example ', " hello goodbye ", " "] @@ -130,18 +77,58 @@ func words2char(reference: [[String]], hypothesis: [[String]]) -> ([String],[Str return (value, index) }) - let referenceChars = reference.map { sentence in - String(sentence.map { word in - Character(UnicodeScalar(word2char[word]!)!) + let referenceCharsEfficient = reference.map { sentence in + String(sentence.lazy.compactMap { word in + if let charCode = word2char[word], let unicodeScalar = UnicodeScalar(charCode) { + return Character(unicodeScalar) + } + return nil }) } - let hypothesisChars = hypothesis.map { sentence in - String(sentence.map { word in - Character(UnicodeScalar(word2char[word]!)!) + let hypothesisCharsEfficient = hypothesis.map { sentence in + String(sentence.lazy.compactMap { word in + if let charCode = word2char[word], let unicodeScalar = UnicodeScalar(charCode) { + return Character(unicodeScalar) + } + return nil }) } + return (referenceCharsEfficient, hypothesisCharsEfficient) +} + +func _word2charCustom(reference: [[String]], hypothesis: [[String]]) throws -> (referenceChars: [String], hypothesisChars: [String]) { + // Flatten the reference and hypothesis arrays and create a set of unique words + var vocabulary = Set(reference.flatMap { $0 } + hypothesis.flatMap { $0 }) + + // Ensure no empty strings are present in the vocabulary + if vocabulary.contains("") { + throw NSError(domain: "EmptyStringError", code: 1, userInfo: [ + NSLocalizedDescriptionKey: "Empty strings cannot be a word. Please ensure that the given transform removes empty strings." + ]) + } + + // Create a dictionary mapping each word to a unique integer + var word2char = [String: Int]() + for (index, word) in vocabulary.enumerated() { + word2char[word] = index + } + print(word2char) + + // Convert each word in the reference and hypothesis to its corresponding character + let referenceChars = reference.map { sentence in + sentence.map { word in + String(Character(UnicodeScalar(word2char[word]!)!)) + }.joined() + } + + let hypothesisChars = hypothesis.map { sentence in + sentence.map { word in + String(Character(UnicodeScalar(word2char[word]!)!)) + }.joined() + } + return (referenceChars, hypothesisChars) } @@ -156,19 +143,37 @@ func process_words(reference: [String], hypothesis: [String]) -> Double{ let (refAsChars, hypAsChars) = words2char(reference: refTransformedReduced, hypothesis: hypTransformedReduced) + let refArrays = refAsChars.map({Array($0.unicodeScalars)}) + let hypArrays = hypAsChars.map({Array($0.unicodeScalars)}) + var (numHits, numSubstitutions, numDeletions, numInsertions) = (0, 0, 0, 0) var (numRfWords, numHypWords) = (0, 0) - for (reference_sentence, hypothesis_sentence) in zip(refAsChars, hypAsChars){ + for (reference_sentence, hypothesis_sentence) in zip(refArrays, hypArrays){ // Get the required edit operations to transform reference into hypothesis - let editOps: [Character] = wagnerFischerEditOperations( - s1: reference_sentence, s2: hypothesis_sentence - ) + let editOps = hirschberg(reference_sentence, hypothesis_sentence) + + // count the number of edits of each type + var substitutions: Int = 0 + var deletions: Int = 0 + var insertions: Int = 0 + + for op in editOps{ + switch op{ + case .replace: + substitutions += 1 + continue + case .delete: + deletions += 1 + continue + case .insert: + insertions += 1 + continue + case .blank: + continue + } + } - // count the number of edits of each type - let substitutions: Int = editOps.map { $0 == "r" ? 1 : 0 }.reduce(0, +) - let deletions:Int = editOps.map { $0 == "d" ? 1 : 0 }.reduce(0, +) - let insertions:Int = editOps.map { $0 == "i" ? 1 : 0 }.reduce(0, +) let hits:Int = reference_sentence.count - (substitutions + deletions) // update state @@ -189,8 +194,7 @@ func process_words(reference: [String], hypothesis: [String]) -> Double{ func evaluate(originalTranscript: String, generatedTranscript: String, normalizeOriginal: Bool = false) -> Double{ var wer: Double = -Double.infinity let normalizer = EnglishTextNormalizer() - - var reference = normalizeOriginal ? originalTranscript : normalizer.normalize(text: generatedTranscript) + var reference = normalizeOriginal ? normalizer.normalize(text: originalTranscript) : originalTranscript var hypothesis = normalizer.normalize(text: generatedTranscript) wer = process_words( @@ -435,10 +439,8 @@ class EnglishNumberNormalizer{ } else if var v = value{ results.append(output(v)) } - else { - prefix = hasPrefix ? String(current.first!) : prefix - value = f.denominator == 1 ? String(f.numerator) : currentWithoutPrefix - } + prefix = hasPrefix ? String(current.first!) : prefix + value = f.denominator == 1 ? String(f.numerator) : currentWithoutPrefix } else { fatalError("Converting the fraction failed") } @@ -713,7 +715,7 @@ class EnglishNumberNormalizer{ func normalize(_ text: String) -> String{ var s = self.preprocess(text) - let out = self.processWords(s.components(separatedBy: " ")).filter({ $0 != ""}) + let out = self.processWords(s.components(separatedBy: " ").filter({ $0 != ""})) s = out.joined(separator: " ") s = self.postprocess(s) return s From 16a5525fbcf9b5b892946bb33d9c8a2d2e57d936 Mon Sep 17 00:00:00 2001 From: Abhinay1997 Date: Tue, 28 May 2024 08:47:11 +0530 Subject: [PATCH 10/28] Hirschberg's LCS Algorithm for edit operations --- .../NormalizationUtils/Hirschberg.swift | 128 ++++++++++++++++++ 1 file changed, 128 insertions(+) create mode 100644 Tests/WhisperKitTests/NormalizationUtils/Hirschberg.swift diff --git a/Tests/WhisperKitTests/NormalizationUtils/Hirschberg.swift b/Tests/WhisperKitTests/NormalizationUtils/Hirschberg.swift new file mode 100644 index 00000000..c700a517 --- /dev/null +++ b/Tests/WhisperKitTests/NormalizationUtils/Hirschberg.swift @@ -0,0 +1,128 @@ +import Foundation + +//Compute the last row of the edit distance dynamic programming matrix +//between s1 and s2. +func computeLastRow(_ s1Chars: Array, _ s2Chars: Array) -> [Int] { + + var prevRow = Array(0...s2Chars.endIndex) + + for i in 1...s1Chars.endIndex { + var currentRow = [Int](repeating: 0, count: s2Chars.endIndex + 1) + currentRow[0] = i + + for j in 1...s2Chars.endIndex { + let cost = s1Chars[i - 1] == s2Chars[j - 1] ? 0 : 1 + currentRow[j] = min( + prevRow[j] + 1, // Deletion + currentRow[j - 1] + 1, // Insertion + prevRow[j - 1] + cost // Substitution + ) + } + prevRow = currentRow + } + + return prevRow +} + +func needlemanWunsch(_ xArray: Array, _ yArray: Array) -> [EditOp] { + let m = xArray.count + let n = yArray.count + + var dp = [[Int]](repeating: [Int](repeating: 0, count: n + 1), count: m + 1) + for i in 1...m { + dp[i][0] = i + } + for j in 1...n { + dp[0][j] = j + } + + for i in 1...m { + for j in 1...n { + let cost = xArray[i - 1] == yArray[j - 1] ? 0 : 1 + dp[i][j] = min( + dp[i - 1][j] + 1, // Deletion + dp[i][j - 1] + 1, // Insertion + dp[i - 1][j - 1] + cost // Substitution + ) + } + } + + var i = m + var j = n + var ops = [EditOp]() + + while i > 0 && j > 0 { + if dp[i][j] == dp[i - 1][j - 1] && xArray[i - 1] == yArray[j - 1] { + // Match operation is omitted + i -= 1 + j -= 1 + } else if dp[i][j] == dp[i - 1][j - 1] + 1 { + ops.append(EditOp.replace) // Substitution + i -= 1 + j -= 1 + } else if dp[i][j] == dp[i][j - 1] + 1 { + ops.append(EditOp.insert) // Insertion + j -= 1 + } else { + ops.append(EditOp.delete) // Deletion + i -= 1 + } + } + + while i > 0 { + ops.append(EditOp.delete) + i -= 1 + } + while j > 0 { + ops.append(EditOp.insert) + j -= 1 + } + + return ops.reversed() +} + + +func hirschberg(_ s1: Array, _ s2: Array) -> [EditOp] { + + func hirschbergRec(_ x: Array, _ y: Array) -> [EditOp] { + + let m = x.endIndex + let n = y.endIndex + + if m == 0 { + let result = y.map { _ in EditOp.insert } + return result + } + if n == 0 { + let result = x.map { _ in EditOp.delete } + return result + } + if m == 1 || n == 1 { + let result = needlemanWunsch(x, y) + return result + } + + let i = m / 2 + let xPrefix = Array(x[x.startIndex.. Date: Tue, 28 May 2024 08:47:29 +0530 Subject: [PATCH 11/28] Remove warnings in Fraction implementation --- .../NormalizationUtils/Fraction.swift | 38 +++++++++---------- 1 file changed, 19 insertions(+), 19 deletions(-) diff --git a/Tests/WhisperKitTests/NormalizationUtils/Fraction.swift b/Tests/WhisperKitTests/NormalizationUtils/Fraction.swift index 26a0b667..81605f84 100644 --- a/Tests/WhisperKitTests/NormalizationUtils/Fraction.swift +++ b/Tests/WhisperKitTests/NormalizationUtils/Fraction.swift @@ -69,20 +69,20 @@ struct Fraction{ var numerator = Int(matches["num"] ?? "0")! var denominator: Int - if var denom = matches["denom"]{ + if let denom = matches["denom"]{ denominator = Int(denom)! } else{ denominator = 1 if var decimal = matches["decimal"]{ decimal = decimal.replacingOccurrences(of: "_", with: "") - var scale = Int(pow(Double(10), Double(decimal.count))) //10**len(decimal) + let scale = Int(pow(Double(10), Double(decimal.count))) //10**len(decimal) guard let d = Int(decimal) else {return nil} numerator = numerator * scale + d denominator *= scale } - if matches["exp"] != nil, var exponent = Int(matches["exp"]!){ + if matches["exp"] != nil, let exponent = Int(matches["exp"]!){ if exponent >= 0{ numerator *= Int(pow(Double(10), Double(exponent))) }else{ @@ -116,17 +116,17 @@ struct Fraction{ } static func +(lhs: Fraction, rhs: Fraction) -> Fraction?{ - var na = lhs.numerator - var nb = rhs.numerator - var da = lhs.denominator - var db = rhs.denominator - var g = Fraction.gcd(lhs: da, rhs: db) + let na = lhs.numerator + let nb = rhs.numerator + let da = lhs.denominator + let db = rhs.denominator + let g = Fraction.gcd(lhs: da, rhs: db) if g == 1{ return Fraction(numerator: na * db + da * nb, denominator: da * db) } - var s = da / g - var t = na * (db / g) + nb * s - var g2 = Fraction.gcd(lhs: t, rhs: g) + let s = da / g + let t = na * (db / g) + nb * s + let g2 = Fraction.gcd(lhs: t, rhs: g) if g2 == 1{ return Fraction(numerator: t, denominator: s * db) } @@ -134,17 +134,17 @@ struct Fraction{ } static func -(lhs: Fraction, rhs: Fraction) -> Fraction?{ - var na = lhs.numerator - var nb = rhs.numerator - var da = lhs.denominator - var db = rhs.denominator - var g = Fraction.gcd(lhs: da, rhs: db) + let na = lhs.numerator + let nb = rhs.numerator + let da = lhs.denominator + let db = rhs.denominator + let g = Fraction.gcd(lhs: da, rhs: db) if g == 1{ return Fraction(numerator: na * db - da * nb, denominator: da * db) } - var s = da / g - var t = na * (db / g) - nb * s - var g2 = Fraction.gcd(lhs: t, rhs: g) + let s = da / g + let t = na * (db / g) - nb * s + let g2 = Fraction.gcd(lhs: t, rhs: g) if g2 == 1{ return Fraction(numerator: t, denominator: s * db) } From a3c94ccd100f4069e40ae4c8bf91eb87a97306bf Mon Sep 17 00:00:00 2001 From: Abhinay1997 Date: Tue, 28 May 2024 08:48:27 +0530 Subject: [PATCH 12/28] Add tests --- Tests/WhisperKitTests/RegressionTests.swift | 27 +++++++++++++------ .../Resources/generatedTranscript.txt | 1 + .../Resources/originalTranscript.txt | 1 + 3 files changed, 21 insertions(+), 8 deletions(-) create mode 100644 Tests/WhisperKitTests/Resources/generatedTranscript.txt create mode 100644 Tests/WhisperKitTests/Resources/originalTranscript.txt diff --git a/Tests/WhisperKitTests/RegressionTests.swift b/Tests/WhisperKitTests/RegressionTests.swift index 2da90269..85d241cb 100644 --- a/Tests/WhisperKitTests/RegressionTests.swift +++ b/Tests/WhisperKitTests/RegressionTests.swift @@ -191,7 +191,7 @@ final class RegressionTests: XCTestCase { assert(Fraction("100") == Fraction(numerator: 100, denominator: 1)) assert(Fraction(numerator: 5, denominator: -8) == Fraction(numerator: -5, denominator: 8)) assert(Fraction(numerator: -5, denominator: -8) == Fraction(numerator: 5, denominator: 8)) - assert(Fraction("3.1415") == Fraction(numerator: 6823, denominator: 2000)) + assert(Fraction("3.1415") == Fraction(numerator: 6283, denominator: 2000)) assert(Fraction("-47e-2") == Fraction(numerator: -47, denominator: 100)) assert(Fraction(2.25) == Fraction(numerator: 9, denominator: 4)) assert(Fraction(2.25)! * Fraction(numerator: 100, denominator: 5)! == Fraction(numerator: 45, denominator: 1)) @@ -199,14 +199,25 @@ final class RegressionTests: XCTestCase { assert(Fraction(2.25)! + Fraction(1.25)! == Fraction(numerator: 7, denominator: 2)) } - func testWER(){ - let test = "This is a test string" - let origText = " Welcome to the Gol Airlines Third Quarter 2021 Results Conference Call. This morning, the company made its numbers available, along with three videos with the results presentation, financial review, and preliminary Q & A. Gol hopes that everyone connected has watched them. After the company's brief remarks, we will initiate the Q & A session, when further instructions will be provided. This event is also being broadcast live via webcast, and may be accessed through the company website at www.voegol.com .vr/ir and on the MZIQ platform at www.mziq.com. Those following the presentation via the webcast may post their questions on the platform, and their questions will either be answered by the management during this call, or by the Gol Investor Relations Team after the conference is finished. Before proceeding, let me mention that forward-looking statements are based on the beliefs and assumptions of Gol's management and on information currently available to the company. They involve risks and uncertainties because they relate to future events and therefore depend on circumstances that may or may not occur. Investors and analysts should understand that events related to macroeconomic conditions, industry, and other factors could also cause results to differ materially from those expressed in such forward looking statements. At this time, I will hand you over to Mr. Paul Kakinoff, CEO. Please begin. Good morning everyone, and welcome to Gol Airlines Quarterly Earnings Call. I would like to start by highlighting our most important achievements of this spirit. The first one was the continued recovery in demand, which showed solid growth during the third quarter. At the end of September, Brazil became fourth among all countries with the most vaccines administered against COVID-19. Approximately 56% of Brazil's population is fully vaccinated, and over 74% have received their first dose, a higher percentage than the vast majority of the countries, including the United States. Similar to demand trends in other markets, the rising vaccination rate in the general population is supporting the air markets' ongoing recovery. As a result, Gol's departures in the third quarter grew by 87%, reaching 52% of the levels in 2019. In response to this demand, Gol is expanding its network, and has already announced a new route from Congoines to Bonito. It's starting in this December. We are taking a conservative approach to increasing capacity as travel demand recovers to help maintain high load factors and profitability in our routes. The second important event was a transition of the fleet to Boeing Max 8. In preparation for this strong recovery in air travel that we expect to see in the coming quarters, we sign agreements to accelerate the transformation of our fleet, with the acquisition of 28 additional Boeing 737 Max 8 aircraft. This initiative is expected to reduce the company's unit cost by 8% in 2022. Because of the new contract, we will end 2021 with 28 new Max Aircraft, which represents 20% of the fleet. By the end of 2022, we expect to have 44 Max Aircraft, raising this total to 32%. With purchase commitments, we will meet our 2030 goal of having 75% of the fleet in this new aircraft. And, as is widely recognized, the Max is 15% more fuel- efficient, generates 60% less carbon emissions, and is 40% quieter compared to the MG. This aircraft has positioned us to grow even more competitively, expanding routes to new destinations and providing efficiency gains, all of which will capture more value for all our stakeholders. The full important achievement was the conclusion of the merger with MIOS into GLE. This transaction will generate great value from several operation synergies, as well as new opportunities and strategies that will become even more significant during the airline market recovery. We're optimistic that the synergies from this corporate reorganization, expected to be approximately $3 billion reais in net present value for the next five years, and the subsequent values to our shareholders will be realized in a relatively short period of time. With that, I will hand the floor over to Richard, our CFO, who will present some financial highlights. Thank you, Kak. Our most recent notable event was the success of our liability management program. In September, we issued $150 million in a re-tap at 8% annual interest rate on our senior secured notes, maturing in 2026. Moody's assigned the notes a rating of B2. Proceeds from the offering will be used for general corporate purposes, including aircraft acquisitions and working capital. In October, we re-financed our short-term bank debt, in the amount of $1.2 billion reais by an extension of the seventh series of debentures and the issuance of our eighth series of simple, non-convertible debentures. This re-financing enabled the company to return to its lowest level of short-term debt since 2014 at about a half a billion reais, which will also improve Gol's credit metrics by better matching future assets and liabilities, and reducing the average cost of debt. Our next relevant maturity date for outstanding debt is not until July 2024. Gol's balance sheet is now in a better position in terms of our outstanding debt, versus our peers, which we view to be a competitive advantage in the current market environment. In addition, the company advertised around $518 million reais of debt in this quarter, the average maturity of Gol's long-term debt, excluding aircraft leases and perpetual notes, is approximately 3.4 years, with the mean obligations already addressed in our cash flow. The net debt ratio, excluding exchangeable notes and perpetual bonds, to adjusted last twelve months we've adopted, was 9.7 times on September 30, 2021, representing the lowest financial leverage among peers. Considering the amounts fundable from deposits and unencumbered assets, the company's potential sources of liquidity resulted in approximately $6.1 billion reais of accessible liquidity. The recent capitalization of the balance sheet, with capital increase led by the majority shareholder, represented the recognition of Gol's value as Brazil's largest airline with the best product. The re-financing of our short-term bank debt in October, added to long-term capital of $2.7 billion reais raised in the second and third quarters of this year, totals over $3.9 billion reais in the last seven months. As far as a discussion of financial results for the quarter, it was shared this morning in the video presentation, and we believe you all had a chance to access that. In short, our work to re-establish operating margins that can support the sustained growth of operations is bearing fruit. We ended the third quarter with an EBIT reaching $330 million reais and an operating margin totalling 17.7%. Concurrently, adjusted EBITDA $446 million reais with a 24.3% margin, evidencing our successful efforts at matching supply and demand. I will now return back over to Kakinoff. Thanks Richard. We have seen a recovery in demand for air travel, and we believe that now, with greater population immunization, and the significant expansion of vaccination, we will have a strong fourth quarter, coinciding with the start of the summer season. I would like to close by thanking our employees, the team of RIGOS, who are working with extreme professionalism and commitment. All this adaption puts us in a solid position to expand operations and achieve profitable growth. We reiterate our confidence that Gol will re-emerge as strong and even more resilient as markets normalize. Now, I would like to initiate the Q & A session. Thank you. The conference call is now open for questions. If you have a question, please press * 1 at this or any time. If at any point your question is answered, you may remove yourself from the queue by pressing * 2. We ask that when you ask your questions, speak close to the receiver of the device, so that everyone can hear you clearly. Participants can also send questions via the webcast platform. You need to click on the? In the upper-left hand corner and type in your question. Please hold while we poll for questions. Our first question is from Steven Trent with Citi. Please go ahead. Good morning, gentlemen and thanks very much for taking my questions. I just kind of wanted, you know, your high-level views on international demand to the U.S. spooling up again. You know, now that you're partnered with American Airlines, you know, what sort of bigger opportunities are you seeing on the horizon, and do you see any opportunity as well for American to possibly increase its stake in Gol in some point in the future? Hi Steven, Kakinoff here, good morning. Thank you very much for your question. Let me give you an overview on the North American market specifically. Uh, firstly you know we are, uh, now gradually reaching our international goals. So we have already made available the ticket sales for Cancun in Mexico, Dominicans, for the Dominican Republic, and we are now resuming Montevideo and Buenos Aires." - - let normText = EnglishTextNormalizer().normalize(text: origText) + func testLargeWER(){ + var genText: String? + var origText: String? + if let genPath = Bundle.module.path(forResource: "generatedTranscript", ofType: "txt"){ + genText = try? String(contentsOfFile: genPath, encoding: .utf8) + } + if let origPath = Bundle.module.path(forResource: "originalTranscript", ofType: "txt"){ + origText = try? String(contentsOfFile: origPath, encoding: .utf8) + } - let wer = evaluate(originalTranscript: normText, generatedTranscript: origText) + let wer = evaluate(originalTranscript: origText!, generatedTranscript: genText!, normalizeOriginal: false) - assert(wer == 0) + assert(wer == 0.42448103078024335) + } + + func testHirschberg(){ + let s1 = "With a rumble that echoed through the night, thunder crashed overhead, its raw power shaking the earth beneath it, leaving in its wake an exhilarating sense of awe. As rain poured down in torrents, the thunder boomed with a rhythm that seemed to speak a secret language, intertwining nature's symphony with an innovative melody that captivated all who listened." + let s2 = "In the midst of a summer storm, thunder erupted with a booming chorus, shaking the earth beneath our feet and electrifying the air with its powerful presence. The crackling symphony of thunderbolts danced across the darkened sky, illuminating the clouds with an innovative display of nature's raw energy." + var ops = hirschberg(Array(s1.unicodeScalars), Array(s2.unicodeScalars)) + assert(ops.count == 228) } } diff --git a/Tests/WhisperKitTests/Resources/generatedTranscript.txt b/Tests/WhisperKitTests/Resources/generatedTranscript.txt new file mode 100644 index 00000000..23ce6f43 --- /dev/null +++ b/Tests/WhisperKitTests/Resources/generatedTranscript.txt @@ -0,0 +1 @@ +[Music] Good day and thank you for standing by. Welcome to the source system 2021, Food Quarter and 4-year earnings presentation call. At the exam, Open the Scipient Time, Lason, or Limout. After the speaker's presentation, the will be the question and answer session. To ask a question, during the session, you will need to press star and one on your telephone keypad. Please be advised that today's conference is being recorded. If you require any further assistance over the phone please press star zero. I would now like to hand the conference over to your first speaker today, Franchois Baudonado. Please go ahead. Thank you, Nadia. Thank you for joining us on our fourth quarter and fiscal year 2021, Bernie's Conference School with Ben Ashales by Chairman and CEO, as stand at those chief operating officer and moving the demand chief financial officers. We also join us, Tharak Sherry, Chairman, that's what he's saying, the likes and answers and health care. That's what he's saying, results are prepared in a cordon. It's hyper-res. No, of the financial figures. This goes on this conference goal on a non-hyper-resquated, with revenue growth rate in constant currency and less otherwise melted. Some of our comments on this goal contain forward-looking statements, which could differ materialism. Please refer to today's press release and the risk factors section of our 2020 EU and the so-called \"Regionalism\". all earnings material are available on our website and this prepare remarks will be available shortly after this call. We are now, you're from Israel. Thank you very much for the sake. Good morning and good afternoon to all of you on Sankeu for joining us. It's always a pleasure to review our full year result with you. We had an excellent 2021 year with a strong finish to the year. The total revenue rose 11% for the year, driven by a broad based demand across our markets. The majority of which are growing double digit by the way. Our strategy grows drivers perform the well through the experience of a new increased 15% with cloud growth. We've clouded revenue rising 23%. Our 3D experience platform has been a competitive advantage driving new client wins. The cloud is about inclusiveness and providing additional value to clients. around improshing increased 26%, songs to good over new growth on high profitability. For 2022, we have said the target for 9 to 10% top line growth. As you can see, we have delivered very good results, but more importantly, we have the key elements in place to support sustainable growth. Our technology are changing the game for clients across our three major sector of the economy. We are expanding our footprint, deepening existing partnerships on adding new clients. We have invested in our team establishing the next generation of leaders. The stage is set therefore for a good future. Now I'd like to share some perspective on our vision and strategy for the coming years. You remember us 10 years ago, in February 2012, we unveiled a new prawn identity for our company, the 3D experience company, on our corporate purpose, with the run our analyzing product nature on life. Today the significance of our strategy is clear, our clients and partners have embraced the experience economy. They are transforming all sectors on industries with sustainability on human, some creativity, as central pillars of a new era. The experience economy accelerated by the pandemic triggers new categories of expectations. from citizens' passion consumers even workers. This is apparent in our everyday life. To more versed mobility is no longer a matter of vehicles. It's a matter of desirable sustainable mobility experiences. To more scale is much more than the architects, it's about the passion journey on precision medicine. To more cities are not only a collection of buildings, streets and passivities. It's about quality of life, on quality of service. As a consequence, all our clients need to re-imaginate the offer. Our answer is the systematic use of virtual twin experience based on modeling, simulation, on real world evidence in this merger between the virtual under real world. I want to be sure therefore to help our time, imagine creating produced experiences for their own clients. Unlike Metavers, we use virtual world 3D virtual world experiences to improve the real world. Only then the possibility of harmonizing product nature on life we emerge. I believe that the innovators of tomorrows, and we see them, after things in terms of universes, they are, that is to say, in terms of organic systems of systems that create produce, on play, experience, in a circular economy. With the 3D experience platform, we are creating this if we loop, we can provide this holistic view, combining value creation, on value experience, design on usage to cover the full experience life cycle. We can extend virtual twin experiences across universes. It's about continuity of the what, the offer, the how, how you make it, on the use of it by people. This is a new revolutionary approach to innovation. It's in some way the next generation of PLN. As we have done in the past with the earlier adopters, we will pave the way for the future across the three sectors of the economy we serve. Let's quickly look at implications for example in life sciences. Clinical research has moved beyond the hospitals on labs. As more and more technologies use to decentralize, tries, the entire clinical trial experience is transformed for all people involved. Persians can now participate in a trial from anywhere, especially from old. Doctors on research can now collect more data in different ways. If we connect the dots across clinical trials data, real-world data, on research on development, we can close the loop on make precision, medicine, a reality. As a consequence, elevate the passion journey. That's so system will be the only one capable of supporting end-to-end solution in life science. The ongoing advancement toward the sustainable economy will mark this century also. We can reveal some of the dynamics we see progressing. I think it's clear that our passion for science-based people-centered innovation on the commitment we have for our very loyal clients is the catalyst of that transformation. Let's have a few illustration of how we are enabling such kind of transformation today. And I think from there you will see a lot of good reasons to believe. In the consumer industry, we have a very successful partnership with IKEA. With the 3x experience by Ne platform, Kitchen, Kitchen, Planner, On the Cloud, IKEA is enabling customers to use virtualization to design their own dream teachings. The pandemic has led individuals to invest in their homes. And as acted as an accelerator for a commerce, the 3D experiment by Neatat Form Kitchen Planner has allowed Ikea to take full advantage of these trends. In some way the by-mic kitchen platform was used by 1 million people only a few months after in deployed. And today as rich over 4 million users making it the most popular 3D consumer application in the world. This is the cloud advantage, but it also, the mobile advantage. In mobility and also sector of the industry, purely is pursuing increasingly challenging goals in terms of sustainability, working on innovative materials on cutting edge production processes. They have selected smart tires on the 3DX1s platform. They will leverage the capability of the virtual twin to foster innovation, reduce cost, increase circularity, and of course they use time to market through simulation modular design. It's great to be part of Pirely's adventure to move everyone forward through technology and social progress. In the L-Scare, I could take the example of Perigo because the L-Scare affordability is becoming essential. Today, the cost of L-Scare is growing twice as fast as the overall economy. Here we go, 100-on-30 years old company has been improving passion lives with affordable, self-care products. The company is deploying several of our solutions. For example, license to Q, perfect formulation, perfect package. On our 3D experience platform, as you notice, the you are not describing the function, we are describing the value even in the way we name our solutions. The goal is to increase efficiency quality on time to market. We are very pleased to help you to help you to get positive impact on the positive. Now, you have some proof points. It's plain to see virtual twin experiences powered by the 3D experience platform, helping all our customers, evolve on transform. We recently celebrated our 40th anniversary and the system. Two generation of innovators have revealed the power of virtual works to imagine create disruptive innovation. And this is a fact in all sectors we serve. Now we are focused on our next horizon. our objective is to do is to be the leader of in sustainable innovation, on to continue to position our clients, at the one group of progress across manufacturing industries, life science on the scale as well as infrastructure on cities. To support our long-term initiatives, we have established the next generation of executive leadership. I'm so happy to have Pascal the law is now fully focused on his mission as chief of garraking officer to connect all the dots on elevate and expand the value we provide to our clients, on power, new generation of leaders along the lines that I just described. At the same time, I'm I may equally delight it to welcome Ruben Berman to the executive committee of the SOS system as chief financial officer. Ruben has played a critical role in integrating mid-Data, he has held the COO on CFO, titers, and brings a mastering of financial matters related to software on cloud business model. Over, it's wonderful to have you here. Thank you for being here. It's giving us more time to meet with customers. Ultimately, all progress is human investing on our people and culture is at the core of what we do, our M&A activities are driven by both innovation capabilities as well as talent on as you all know. After many years of observing the system, it has always been essential for us. We are focused on enabling teams to transform revealed talents. When we are quite many data in 2019, just two years ago, Tariq and I Steeam, which we share with Glenn, is body. created this incredible reason to believe that we could have a future together. I'm extremely proud of the significant innovation, strong culture, on leadership, mediator, as brought to the life science sector. We have been able to integrate, scale rapidly, actually grows on the liberal excellent result on a poor old, have fun being together. It's a great pleasure now to have online direct by body. We now the chairman of the Lifestyle sector on this KFO for the system. On TRIK, would you like to say a few words? Thank you Bernard. It's thank you for the kind words and it's really a pleasure to be with all of you today in my role, it's been a few years since I've been on an earnings call. And as you say, it's a lot of fun. So it's been more than two years since we announced coming together. And honestly, I can't be more excited about what we've been able to accomplish and the progress we've made since that time. It's been an incredibly challenging environment as you all know. integrations are never easy and doing it on a global scale is even more difficult and then doing it in the midst of a pandemic. Isn't even more difficult. But I would say that the integration has been a tremendous success and I really want to thank Bernard and Pascal for all the support that they have given us and our teams. And I don't I'd like to also thank you our teams who have come together focused on creating value for our customers and ultimately for patients. You know, our teams are delivering amazing innovation and execution to advanced clinical trial and new treatments for patients during what's been an unprecedented time. And it feels like we're just getting started given the tremendous opportunities that we see ahead of us. Our impact on improving the patient's experience and scaling precision medicine has never been clearer. You know, at the end of the day it's what Glenn and I always dreamed about and we're convinced we would be able to do one day and it's what brought us together as organizations in the first place and it's becoming a reality. As many of you know, we suffered the tragic loss of Glenn de Vries, my best friend and our co-founder late last year. He helped transform our industry and his vision has always been an inspiration for all of us. Glenn helped set the highest standards for Medi-David, did I know? And he drove us to innovate and solve the most complex problems with energy and creativity. And I am absolutely convinced that we will pursue progress in life sciences and healthcare with the same passion that he had. and we have an amazingly strong team to support that. By continuing to do everything we can do to support the business, we are honoring Glenn Fulegacy, and we will ultimately ensure help your lives for patients everywhere. We have a strong leadership in place today and they will help carry us into the future and together with Bernard and Pascal and now Ruben, I share the conviction and confidence in our promise and future. I want to hand the call back to your Bernard. Thank you, darling. Thank you my friend for your leadership. Also, the incredible moment we had all of us together when we decided in less than one hour that the future was together on that was only two years ago. So I am also confident that we can make the difference. And we have now an incredible connection between people and ten members of opportunities to provide great solutions for our customer. So with that Pascal, you are the frog. Thank you very much. Hello everyone. I hope you are doing well and thank you for joining us today. So turning to our financial results, the strong business momentum we experience throughout the year continuing to the first quarter, resulting in the performance well aligned with our guidance. So let's start with a Q4 top lines, your over your comparisons. To draw a revenue group 10% to 1 billion's 370 million, above our 7 to 9% range. The software revenue also grew 10% and all organically. Liesens and other revenues rose 15% to 340,8 million, well above the guidance and we are back to 2019 levels. Subscription and support revenue increase 8% driven by the high the budget subscription growth, reflecting strong metadata performance, but also the 3D experience momentum. and the recurring revenue represent 72% of the software revenue. Doing on services, services was up 10% and we achieved a services gross margin of 27.1% substantially better compared to last year and it's coming mainly from the effort we made to improve the efficiency when we were in the middle of the pandemic from 18 months ago. From a profitability standpoint, in the first quarter, we deliver a Q4, a strong operating margin of 36.8%. This world's well-aligned with our guidance of 36.4, when taking it to account the transient impacts of 40-bit response. EPS grew 17% to 29 cents compared to our guidance of 27 to 28 cents. Few words on the outcomes, it's an important topic. I know you have questions usually on this. So in terms of account we are well aligned with our objectives, we saw strong airing activity again in Q4, an lower truitions, an overall outcome grew 4% and research and development was up to 6%. So I think given our track ritual of innovation and our mission driven culture. We are confident in our ability to continue to attract and retain top talents over the mid to long term. And this is still a priority for 2022. Let's us take a deep dive into our revenue performance first and let's zoom on the software revenue by Geo. The America has grew 7% during the first quarter driven by solid subscription growth, which is definitively key trend in North America. In 2021, the region benefited from strong performance in eye-tech, transportation and mobility and life-sciences at large, and now America has represented 38% of the total software revenue. Europe increased 10% signed to a strong resiliency throughout the regions. And in 2021, transportation and mobility and industrial equipment grew the world-digit. Europe represented 37% of software revenue in 2021. Asia rose 12% driven by market expansion in Japan, India and South Asia. And in 2021, China grew 19% and Asia at large represent 25% of the software revenue. Let's say you work on the product line performance. In just one innovation software revenue wrote 8% to 6, and rather 82.3 million in Q4. This growth has been driven specifically by C.M. and Dan Mia where the growth is exceeding the budget. and it's mainly due to a large part to large client wins we did in Q4. In Ovia showed also a strong subscription growth which is against new trend and I think this subscription model is relatively suitable for all the collaborative set of solution we have. And Katiya finally is back to 2019 levels so I think we are again on our trajectory. LICENC is software revenue rich 245.1 million in Q4 and increase of 9%. MediData grew over 15% on the back of a strong comparison base if you remember. And we continue to see a very good momentum across the MediData portfolio, including MediData RAV, the core products, MediData AI, knows a diversification in the analytics and artificial intelligence, and related to a passion club which is the effect of standard for the decentralized clinical trial. This momentous is also visible in all the across the hand markets we are serving, so not only the pharmaceutical and biology companies but also the contract research organization and the medical devices company. So we saw high double-gigros in attached rate against this quarter which is extremely important because not only we are capturing new customers but we are growing inside those customers. From a product-line perspective we saw strong belief that apart from months was partially upset someone by a lower than expecting bio-revenue. This was driven by the delay of two large renewables but we expect to sign both renewables doing the first-alt so it's really a temporary impact. If we step back a little bit, you know, we are one year after we have decided to create the life science engagement, which is nothing more than combining all the different capabilities and resources we have to address these markets. And this has been done through the leadership of the Mededetta Management team, especially Michael Prey and for that, Michael, thank you. We did extremely well. And now we are confident that this being in place with the strategy we have to provide life science industry, an end-to-end solution that connects dots between ideation, development, manufacturing, commercializations. Almost what we did in other industry, like I always face decades ago, I think it's pretty unique on the market place and we will make the differentations. Moving now on to the mainstream innovations, software revenue, rose 14% to 312.2 million in twofold. Solid works first deliver a strong result with software revenue growing high-single digits and we continue to see other chances of our three-example works family, you know the cloud-based solution during this period. Century pre-alemic's performance extremely well. With high double digit, I should say close to triple digit revenue growth. And not only it's, you know, it's delivering the numbers, but in term of the KPIs, we are now reaching more than 550 customers representing more than 4,500 brands. And with an extreme high level of satisfaction. Not only it's true in the fashion industry, but since almost two years, Centric PM, thanks to Chris Grove, is expanding into new vertical such as the foot and the rage, cosmetic and personal care and other customer consumer segments. So, again, the replays by this move and it's paying off. Good result is also when the strategy is working. And as As you know, we have two KPIs to measure this. The first one is the drug coming from the three deexperts and the fourth full year for 2021. The three deexperts revenue goes 15%. Revalued by strong substitution growth. And now it's account for 30% of the total software revenue which is an increase of 203-201 compared to last year. In 2021, the cloud revenue, which is the other one, KPI, we are monitoring, increase 23%. Driven by the continuing lengths in life sciences of course, but not only, but also and more and more by the 3D excellence. And, cloud now account for 20% of our software revenue had 200 pages spent compared to last year. All the clients, you know, we have across all the sectors are transforming extremely rapidly and they are turning to the system to help them to adopt new business model, accelerating innovation on bracing sustainability and putting consumer patient and citizen at the sense of experience. And our strategy is really to enable them those transformations with cloud native applications, or cloud extension to an existing on-premise investment. And our 3D expense platform has been developed to make both. All those good results are also reflected into the cash flow and for the fiscal year 2021, the cash flow from a operation was 30% your over year to 1.6 million, 13.000 million, which is a converting 33% of the revenue to operating cash flow. Cash, which need to be less than 3 billion to billion 980 million, an increase of 831 billion versus an increase of 204 million last year. And finally our net financial debt position at the end of the year, decreased by 1,552 million to less than 9,5 million to be precise 890 million. And it has to be compared with a 2 billion 4 we had in December 31st in 2020. This in a net is putting us a year more than a year in fact a head of our schedule on our delivering objectives. Now to discuss the 2022 objectives, I'm very pleased to introduce Ruben Batman, our new chief financial officer and as Bernard mentioned, Ruben has played a vital role in integrating midi data and has been a real pleasure to work together for the last two years and it's a successful partnership I think. So Ruben, we are delighted to have you with us Ruben, you have the flow. And thank you, Pascal and hello everyone, also from my site. And before I would start to outline the financial objectives for 2022, I also want to share that I am thrilled and very happy to be here today with you in this new role. I really enjoyed your opportunity to meet with some of you already and learn from many colleagues at that social systems and particularly U.P.C.R.S. in the air position of many data. which as you know, is completed more than two years ago. And now with the successful integration, I'm looking forward to getting to know all of you and the broader investment community during this year. And I know we already have concrete plans to do that. So with this, let me turn to the Fulia Financial for 2022, our financial objectives. As discussed, we expect the broad-based dynamics we experience in the fourth quarter and 2021 to continue into 2022. You're focused on driving durable long-term growth. Our growth drivers are well established as highlighted by the NAN+CAR. First, we are enhancing our leadership position across our major plans. Second, we are accelerating the momentum with 3D experience and industry solution experiences and we are winning new customers as well expanding within our installed base. And third, we are focused on delivering new experience and value with cloud. So we will continue the momentum of metadata and metadata patient cloud. We will also expand the user base with a 3D experience work family in the mainstream market and deliver new value at scale with large enterprise partnerships like what you see happening with Renault or brief construction. Now with this in mind, we are targeting for full year 2022, total revenue growth of 9 to 10 percent and software revenue growth in the same range. When thinking about our software revenue growth, Let's keep in mind that last year we had a very strong year of license growth, this 23% year on year, which brought us back ahead of 2019 levels. And now for this year, you expect to continue healthy double-ditched growth at around 10% of up to 12%. Which reflects continued strong demand within our installed base. This trend is more in line with what we saw in our performance in the fourth world. We anticipate recurring software revenue to increase by 9.5%. The next generation of 100 to 150 basis points was last year. Turned by continued momentum and subscription growth with cloud and solid improvement in support revenue, also residing from the very good license growth we experienced throughout last year. For service this revenue we are projecting to grow between 8 to 9 percent, reflecting the increased activity levels of delivering innovation to our clients across all segments with solid margin performance. From a profitability perspective, this past year we demonstrated the long term scale of long term scale ability inherent to our business model. As we said through our 2021, we plan to accelerate investments into our business and re-engage activities which were impeded by the pandemic. Accelerating the growth in our workforce, in line with our long-term plan, is our top priority. And as such, we anticipate the non-NARF-RAS operating margin to be in the range of 32.7 to 33.1%. Again, this is consistent with our prior communication. Now let me continue with our proposed objectives for earnings per share. We expect non-Irofar SEPS to grow between 3 to 6% reaching 1 year at the high end. This EPS guidance assumes a text rate in line with 2021 levels of about 23.2%. Our financial objectives is you may use your $1.17. 7. Now I will provide some additional color on what to expect for Q1. As you are aware, our Vibris has some seasonality and the expect to see growth rates progressing throughout the year. You expect Q1 toward a revenue growth of 7 to 9%. This software revenue increasing in the same range and services revenue up to 5 to 7%. Turned by continued product based momentum across our GUS. We expect the operating margin at a range of 32.3% with an EPS growth of 3% to 7% versus last year. As you heard from us during this call, they are confident in the long-term opportunity ahead, and we look forward to keeping your price of all progress throughout the year. And now Pascal, I'll hand the call back to you. That you're overruns to summarize, I think, the stage is said for the future growth. On one hand, our long-term strategic vision has been validated. In investment, we made 10 years ago to a net, the expense could be uping off. And whatever you take the platform, the virtual twin experiences, the industry solution we have and the cloud, there are durable, competitive advantage. In parallel, that's what Bernard said. We are helping our clients also to transform to a sustainable economy. And this is becoming a affordable and significant opportunity to deepen and expand our partnership and our impact. This, you combine the two, will be a strong cycle of drivers to end up feeling growth across all the three sectors of the economy we are serving. In addition to this, I think we have the right leadership in place to execute the tremendous opportunity before us. And we, our commitment to clients, to drive our strategy, will continue and we thank them for their continued trust. So finally, I think, over an eye will be extremely pleased to see you in person, when we will have the ability to go back on the road, but I think it has been so long when we haven't seen each other. I think Bernard Houverne, it's correct, of course. You may be the time to take the questions. All right, sir. Thank you. The participants will now begin the question and answer session. As you remind that if you wish to ask a question, please press star and one on the telephone keypad and wait for a name to be announced. The first question comes around of Nicholas David from Odo B.H.F. to this question. Yes, hi. Good afternoon, Benar. I'm Pasca, and I'm a little bit burnt. I guess well. I'm just, obviously. Thank you for taking my question. My first one is regarding license is gross. You want to speak to double to this gross of license is in 2022. So for the second year in a row. So, Congress was happy because I think that was an ambition to sustain such a growth, the British growth of licenses. My first question is, do you think that such growth is sustainable beyond 22? And if so, also do you think that this improved growth trend in licenses is more linked to the momentum of your product cycle, so internal to your company, or more linked to the consequences of the of the send-out crisis we're leaving right now, and it's more a macro impact you are building. Of, and my second question is still regarding licensees as a self, several software players, including some of your competitors mentioned that the difficulties the clients have had in hiring, I've led to some today's in launching project and having negative impact on myself. So my question is, to what extent you may have this kind, you may suffer from this kind of impact, regarding your relationship, and the coming quarters. Thank you. Oven, you want to take the first one? Yes, happy to, happy to, yeah. So I think the best way to conceptualize this Nikola. Thank you for the question. Yes, we had in 2021. There is from licensed performance, it's 23% for the full year. You know, of course this was a lower comparable base in 2020. Q4 or 15% growth again, again, I think a good comparability, you know, Q4 of 2020 we saw the rebound starting to happen. to happen. And so it was a real proof point for us in the fourth quarter to achieve double it should go. And that trend is what we continue to forecast into 2022 with 10 to 12 percent. And I think the area, the sources of growth for that supports that underpins this assumption, is that we have well established an operating model between the capex and opx for our customers. We are serving industries where we have significant installed basis. That are transforming to the cloud to the subscription model that it will take time. And we are committed to support our customers and support them in a way where their preferences are in terms of how they want to spend and make the investment. You know, these are very sticky investments, very long-term relationships where our customers are capitalizing on their investments for decades. They continue to innovate and so that's right, value. You know, and I think with the three-day experience and the Paul by extension that we deliver, we make these investments also really valuable and ready for the future. On the second part of the question Pascalic I make. on is the client-arrange challenge having an impact on our license. I will see the total opposite way. Because the nature of our audience is changing. For years we have been all we got to you to focus on engineering, production. But now we just really experience that form. We also reach supply management, costing on many of those functions within the company. The example Adorno is really amazing in terms of size, that Toyota Motor also, a mini-ozer client, that I could name. So, the intent with the platform phenomenon, the 3D experience platform, is to reach audience that we could not reach before. As a matter of fact, you know, the 3D experience collaborative environment is now being used by clients to do so. and evaluate materials, cost, weight, supply efficiency, all based on the three universe. Not on number of networks, but on the real product itself of the way you produce it. So we see this as a long lasting growth factor on Pascal mentioned that it's not disabled in even in with our business applications that we call now on the other side. I think we're in Ovia, where we deliver business experiences, or program management, project management, costing, even for ESG reporting, or CO2 reporting, because that performance is capability. So we don't see the negative at it. That's very clear, thank you. And really one very quick follow up from my site is, when the time that you increase, sorry, that to reduce attention a bit, but do you think that you need also to increase the volume of shares granted to employees in dot to raise further the attention. So any any in the chat. Yeah. is that it's not a canonset, I was the vice chairman of the board. Because that's not on the budget side, it's on the show on the side. No, we have, I think we have a very stable, predictable, for you, for allocation. And we think that it provides a good compelling incentive for people. And we created these two gather, mother last year, which was really to provide an option for people to buy shares at a certain discount on Guanti, the result of a certain number of years. Very successfully, for successful program, but we integrated that allocation as part of the overall policy so that there is no or division, I would say. If I start if you want to. Oh, I think, you know, because I don't the first time we discussed this, I think we are extremely, we have a lot of discipline on this. Why so? Because if you want this to be long term, and not only one of, you need to integrate it in your business model. If I compare with the competitors or the peers, usually they allocate an envelope which could be sometimes three times bigger. However, I think it's not sustainable over the time. Especially if you look at the end, how much of the operating profit goes through this. I think do your job, do the sanity check, you will see its balance, its fair, its unrivaled and sustainable, and that's basically our philosophy and our principle. So you could come upon us to continue what we did in the same manner. That's clear. Thank you and congrats for the impressive set of results. Thank you. Thank you. Thank you. The next question comes from the land of Charles Brennan from Jeffrey. Please ask your question. Great. Good afternoon. Thanks for taking my question. Hopefully it's second time lucky. And across the industry we're seeing this cloud momentum gather pace and it's reference in your statement with some of your legacy customers moving to the cloud. So I was running for a just ask four questions related to the cloud. The first of which is just in terms of your product portfolio, can you remind us how much is native cloud versus available on the cloud via extensions? Secondly, I think you traditionally said that the move to the cloud or growth in the cloud would be largely incremental to your core business. But certainly this morning you were talking about product lines like a Navy or solid works moving to the cloud. Those are both traditional license product lines. And I'm just wondering if we're starting to get to the stage where you're starting to see traditional licenses cannibalized by the cloud. Thirdly, it feels like some of your competitors are being a lot of more progressive and driving this agenda. I'm just wondering what it would take for you to be a little bit more proactive in forcing a shift to the cloud. You're obviously doing that in the life sciences vertical. I guess Reuben's well-placed to manage a more progressive cloud transition. I'm just wondering what the catalyst would be for you to go down that route. And very lastly, on M&A, I guess traditionally we see a bigger transaction from DASO every couple of years. I guess we must be getting into the window where we're due the next one. Should we assume that any future M&A from here will be of a cloud-based business model? And is that one of the catalysts that's going to get you to the target? So having 30% of the... of the revenues in the cloud. Thank you. We could do probably the rest of the color. I have your question, Charlie, but do I want to take the first turn? I could come on and I thought I could put you on the Pascal, of course, stepping. First of all, we have Richard Point where, first of all, The cloud approach for us, a borrower, is a way to reach new category of users. Second, the cloud approach for us is about providing new delivery system for the capabilities we have, roles, process and solution. Why? Having browser native services, on mobile tablets and PCs, is a big thing for the nature of software we do. On the IKEA story, we form million users in a few months, is an illustration exactly of that. It's all going through browser-based. Same as you mentioned, chart on the sneakart drive. But we are doing that also for design. and we are doing that another matter of fact, the portfolio intro, as a return point, where we are now. There are more solutions or examples on the cloud native than we have on premise. However, I want to make sure it's clear. We love the on premise. The programs on the on premise will become private clouds. There will become absolutely private clouds. We are going to do that to do so with customers. In fact we have started to do it for highly sensitive program. Because the value of doing that is so well organized by clients. So we value this hybridation to reach the audience and provide really a 3D for all approach that will make the defense on Accelerate the platform phenomena across all functions. If you think about people now doing supply negotiation in the past, they were using ERP dashboards. Now they are looking at the product itself and they have the price on the pot. And they know where it's sourced from. It's a new word from them. We do metaverse before metaverse. Because they see what's happening. So enough said, but let's not see cannibalization. I see massive componentarity on that point. And just to echo what you say, Bernard, you were mentioning in Edovia. Again, you still have a time to understand what Edovia is about today. Edovia is not anymore on the list of product-like cycle management capabilities. It's as Bernard said, it's a set of business applications, You know, allowing the procurement to source the cost, to negotiate, to contract. Allowing program manager, to run their program to do their review, to manage their supply chain. This is what we are talking about, and it's an extension compared to what we used to do. So that's just an example, and on solid works, we are talking about the works family. We are not talking only about solid works. And the works family, you have similar works, you have then their works, you have in-of-your-works. And those set of services are not well-deployed in the mainstream market right now. On my way on the works family, they are all cloud-nitty, they are all cloud. All is no one premise anymore, all of them are all cloud. So that's the reason why it's really an extension and it's still an extension compared to... There is maybe some of our expertise quite a meeting. Now coming back to what could be the shift to force the subscription model. But that's not our way of thinking. We are here to serve our customers to transform them and to evolve their business model. So what is the point to impose your business model when it's not aligned with your customers business model? Knowing at the end, the license or subscription we are doing a good profitability with both. We will notice. So, I think our thinking process is much more the transformation of what we do will lead automatically to a subscription model. For many things we do, but we want to do it in concert with a lot of alignment with our customers. That's I think making a big difference compared to many of our competitors. And last but not least, the question of the reality to eliminate. Yeah, I mean you notice that we will be the leverage almost in six months from now. So which gives us the ability to do as or the move if we want. The cloud is not, I will say, the purpose. The purpose is ready to extend what we do, having the ability to expand the addressable market and maybe change the nature of what we do. For example, if we want to focus on the data centricity of our solutions and technology, for sure the cloud is probably the way to do it. But again, it's a means, it's not the goal. So that's what I can say at this stage. It's probably too early to speak about it and maybe I don't know at the time of the capital market day. In June, we could probably discuss much more opening to this topic. Professor Faxmerch. Thank you, Charles. Next question, please. Thank you. The next question comes from line of J. Please, Howard from Griffin Security. Please ask your question. Thank you. Hello, everyone. I'll ask all my questions at the same time, just given the time, many, I'm a call. First, could you talk about the performance in 2021 and what your expectations might be for 2022, which respect to your, two principal sales channels, which you now call CSE and CPE, you know, formerly BPMBS of course, could you comment on those two channels and anything you might be doing to invest in or alter perhaps, either of those channels. Secondly, one thing we see among a number of your principal competitors is an implementation of a plant implement, a faster product release cadence. We see this in both in CAD and Fiat LEMFLID Chapel. And I'm wondering if in lieu of your historical summer and winter releases, which which have done for many, many years, there might be some rationale for accelerating your product release cadence, particularly in alignment with your cloudy business. Thirdly on 3DX, one thing that seems to be occurring is that within the overall 3DX number, while an obvious scene still to be the largest part of it as it's been, other brands like the TAB6 are growing their contribution. contribution. If you could comment on that and whether you think that brands other than an OVM might eventually account for the majority of the treaty ex-business. And lastly, I'm pretty ex-works. I understand it's so quite early, of course, only six quarters in market. But do you think that you have any visibility to penetrating? Let's say more than 10% of the solid workspace, with treaty ex-works and thereby make it an increasingly material business. Thank you. A few clarification on the faculty, if I may, I'll be with the first of all, that's a system is providing, and not anymore, functionalities, but we are providing roles, processes, and industry solutions. So when we deliver roles, again, as a price on the roles, that is a price on the process to do the job, and we do it by industry and industry separate. This is unique on no one of the competitors are doing that. So it's important to understand it. The second thing is on the next slide. The second remark is we do six weeks cadence delivery on the cloud. So Jay please notice that for a large percentage of our install days. We are already there, every six weeks, the world is getting new capabilities on its working extremely well with an SLE which is very high on providing satisfaction. Some large companies are already there. We have to count the example of a week. It's all cloud 100%. We're all know for 3D collaborative environments suppliers. All cloud every 6 weeks, it's updated. So we are already in a big way. All cloud are following that cadence. So I think we are faster than most of the other players on that standpoint. So just topic for clarification. On last, we don't count Katya on the 3D experience like, for surpassed Kanon, we're going to explain more. We count Katya for Katya, we count. Then we are for DelMia. Each bronze for what they are, no matter if they are independent or if they are based on the 3D experience platform. So we continue to keep that integrity in the way we report. Now, on last thing about the 3D experience works, It should be noticed that outside solid works. Everything new is native cloud. Similia works is native cloud. On only cloud, for solid task customers. On we have also now a full suite of suite of solid works, optionages, that are delivered on a browser. On this explains the incredible success of cloud in China. limit on it more than in e-variors or countries because I think in China they have we had the approval to run cloud all our own licenses on on really distributed in a big way. So that's all what I want to apply for and Pascal maybe you want to put them on the channel maybe I can see if you work. So first of all, you know the the best way to assess the performance of the channel is really to look at the in command of revenue and the license is still probably a good indicator across all the different engagement model. So if you follow me on this, all of them are growing higher than 20% so when I say it's a broad base, it's really a broad base and it's what we call the process channel, it has the best performance in terms of new license this year. in 2021. So by being more close to 30 to 20%. So, and it's not the surprise when you think about it, because during the pandemic, the direct sales resisted relatively well, the main screen, the theory also, but the process, the supply chain, we are really the one being on the pressure, and we have have been able to almost catch up the like in 2020, in 2021. So I think we are really living in a good path. To complement what Bernard said on the 3D experience distributed across all the brands, you are to be a little bit careful. This is true that in Ovia, for 4A, in Ovia, almost too served of the revenue of Nvia is 3D experience based. But it's a serve more than a serve for than y'all. Also for Ketia. So it's not the only one. Okay. If I may quickly, my annual question on solid works, unit volume. My calculation is that it looks like you're 2021 solid works, new commercial seed volume was similar to perhaps slightly better than were you were in 2019. So perhaps just around 76,000 or so. And not quite that to where you were in 2018, just yet. - This is true, but with one big difference, the average seed price increase, which means we are more and more capable to enrich the package. And one of the reasons you should remember, I will say 60% of the units are coming from existing. So they are the one not buying anymore the the base package or the one buying the full package. That's the piece of reason why you also you have such a gross. It's a combination of units and a spreadsheet. I just want you. Thank you. Thank you for the head count and higher in comments. So always useful inside. Thank you, Jay. By the way, you will have a neighbor because over the family is still in New York for a few months and you will probably fly to New York in the coming weeks. So that's right. Great. I'll pick you up at the airport. Okay. Maybe later for a coffee. Next question, please. Thank you. The next question comes to an end of New Year from Redburn. Please ask the question. Hi. Thanks very much. I just have a couple of quick ones. The first one is just looking at some sales and marketing expenses and I suppose the off-ext cost ratio is in general. Quite clearly, as we've gone through the pandemic, because of the travel and also hiring. you're running with thousand marketing around about three to four hundred stations point below where we were sort of pre-pandemic. I'm just wondering would you expect over the next couple of years for that to pick up to close to the sort of 29 30% that cost ratio that we've seen in the past or other structural reasons is to why hence for thousand marketing should be at sort of a structural level. That's the first question. a little Pascal will also have to discuss so you know as the chief operating officer I learned something during the pandemic. We have been capable to grow without having more resources. And give it or not we have increased dramatically the productivity. If I compare to 19 it's per head per sense people it's more than 11%. So why I'm seeing this? Because it's going to be a combination between obviously more resources, because we need to reinforce the coverage we have in certain region of the world or certain verticals. But at the same time, I still believe we still have, we still continue to improve the productivity. Maybe we're not at this level every year, but at least a few percentage points, it's probably something we could be able to achieve. So, and this will give probably the ability for us to finance a different go to market. Because you are talking about the traditional one, but they are actually, you know, we're talking about the traditional one. where we need to invest because it's a different way to go to market and still on Brianique and we still need to invest. So the net is it will not be maybe not have a big difference. However, we have some lever to expand the different nature of the go to market. We have. That's probably very interesting. So, that's the clarify. You suggest that we will see quite an over the next couple of years. The sales and marketing cost ratio will go back up, but perhaps not back up to the 30% level or you suggest that it's more sustainable at the sort of 25 to 26% level. I don't know, it would increase because I say to you, we did not hire almost one single person each one last year. I mean, it's not sustainable. However, if you do the math, you have to include some productivity effects because we had some productivity these last two years. And now it's part of my duty to make sure that we grow the coverage, but at the same time, we are also improving the productivity. Okay, thank you. And just figuring in on, unlike science, is obviously taking all the top trees together with the growth in meditation, so far. It looks like the softness that you saw in Q4 is quite clearly with the original accelerist business. Is that a little bit surprising? That's more on the discovery side, I think, than a product. So, have you actually signed the deferral there? Or is that sort of, if you like a permit deferral, and you'll never fully recover that revenue as we go through the 2020-2022 year? Well, you look at it. I'm happy to, so you know the impact that we had in the fourth quarter's temporary. These are two renewals that they are actively working on. Two clothes and I would say early 2022. It could be the first quarter. It could be the second quarter. These are two major customers of ours that we have established relationships and it's only a question of time. I think the other part that I would like to add to the biovier business as well and life sciences, we are also aggressive retransforming by yoga towards a more subscription model and what it used to be because it was heavily dependent on life sciences and that creates some very ability from time to time. So that's another factor that we will talk about through our 2022. >> Thank you. Thank you. >> Thank you. >> One final question. Please one. >> Yes, of course. The last final question. Comfort line of Jason Selena from KBCM. Please ask the question. >> Great. Thanks for fitting me in just a couple of quick ones on a couple of the brands. First on Somalia. You know, it's nice to see double to take out there. It's been doing quite well for the past few quarters from what I can remember. You know, so my question here is, you know, the strength we're seeing, you know, from sharegain's, for this simulation, the competitive market, or is it more, you know, broader industry strength recovery, you know, from that. Simulia, I think what is there are two major factors where basically we create a game-changer situation. Number one, on the solid works in Starbase, customer way I use to use our competitor product on desktop. Now we are offering cloud-based simulia. extremely successful, easier to provision, on to put in operation, on it has created a very nice dynamic in the what we call the works family. On John Powell is doing a very great job at the Paolo Basi on the on the stopping fact is going to work on the full works family and not only so the works on we have just announced that the new CEO of solid works is Manish Kumar. but John Ollo is taking the full scope, let's suppose that the VD for 3D transactions. That's one driver. On the second one is multi-physical platform based integration, which is connecting power flow, the emag, the stress, and all of these together in a consistent environment. And we see a lot of customers moving from isolated simulation to integrate its system simulation. I think it's unstoppable in my mind. And we are plenty of opportunities to continue to sustain its phone growth in this area. - Perfect. And then maybe one quick final one. Solidworks, maybe earlier in 2021, has a pretty robust growth, possibly from the pent up the man. You know, this quarter, 8% growth, you know, feels quite good, normal, maybe close to what we were saying, and that makes, you know, that's the right way to think about the solid work business, you know, normalizing from these levels. I think so. You're right. I mean if you'll remember, so the world was really the first product line to recover. And there is no base effects compared to that here. And the 8% 829 is a good number. Okay, perfect. Thank you all and I would get up and in. Thank you everyone for participating. It's always a great pleasure to exchange with you and to let your questions on that year. No, that Pascal and Rouver are now committed to do road shows on visit you as quickly as possible and soon as possible. No, no, fully face to face with that. Thank you very much. Enjoy your day on top to you soon. [MUSIC] \ No newline at end of file diff --git a/Tests/WhisperKitTests/Resources/originalTranscript.txt b/Tests/WhisperKitTests/Resources/originalTranscript.txt new file mode 100644 index 00000000..722f179e --- /dev/null +++ b/Tests/WhisperKitTests/Resources/originalTranscript.txt @@ -0,0 +1 @@ +"Good day and thank you for standing by. Welcome to the Dassault Systemes 2021, Fourth Quarter and four year earnings presentation call. At this time, all participant are in listen-only mode. After the speaker's presentation, there will be the question and answer session. To ask a question during the session, you will need to press Star and One on your telephone keypad. Please be advised that today's conference is being recorded. If you require any further assistance over the phone, please press Star Zero. I would now like to hand a conference over to a first speaker today, Francois Bordonado. Please go ahead. Thank you, Nadia. Thank you for joining us on our fourth quarter and fiscal year of 2021 earnings conference call with Bernard Charles, Vice Chairman and CEO, Pascal Daloz, Chief Operating Officer, and Rouven Bergmann, Chief Financial Officer. We also\u2026 We'll also join us Tarek Sherif Chairman, Dassault Systemes Life Sciences and Healthcare. Dassault Systemes results are prepared in accordance with IFRS. Most of the financial figures discussed on this conference call are on a non- IFRS basis with revenue growth rate in constant currency, unless otherwise noted. Some of our comments on this call contain forward-looking statements, which could defer materially from actual results. Please refer to today's press release and the risk factors section of our 2020 universal registration documents. All earnings material are available in our website, and these prepared remarks will be available shortly after this call. Bernard, the floor is yours. Thank you very much, Francois-Jose. Good morning, and good afternoon to all of you, and, uh, thank you for joining us. Uh, it's, uh, always a pleasure, uh, to review our full year result with you. We had an excellent 2021 year with a strong finish to the\u2026 to the year. The total revenue grows 11% for the year, uh, driven by a broad based demand across our end markets. The majority of which are growing double digit, by the way. Our strategy growth drivers perform well through the experience. Revenue increased 15 per- 15% with cloud revenue rising 23%. Our 3D experience platform has been a competitive advantage, driving new client wins. The cloud is a about inclusiveness and providing additional value to clients. Earning per share increased 26%, thanks to good revenue growth on high profitability. For 2022, we have set the target for 9 to 10 percent top line growth. As you can see, we have delivered very good results, but more importantly, we have the key elements in place to support sustainable growth. Our technology are changing the game for clients across our three major sector of the economy. We are expanding our footprint, deepening existing partnerships and adding new clients. We have invested in our team establishing the next generation of leader. The stage is set, therefore, for a good future. Now, I like to share some perspective on our vision and strategy for the coming years. You remember 10 years ago on February, uh, 2012, we unveiled a new brand identity for our company, the 3DEXPERIENCE Company and our corporate purpose built around organizing product nature on life. Today, the significance of our strategy is clear. Our clients and partners have embraced the experience economy. They have\u2026 They are transforming all sectors on industries with sustainability on human centricity as sample pillars of a new era. The experience economy accelerated by the pandemic triggers new categories of expectations, clearly, from citizens, passion, consumers, even workers. This is apparent in our everyday life. Tomorrow's mobility is no longer a matter of vehicles. It's a matter of desirable sustainable mobility experiences. Tomorrow's healthcare is much more than therapeutics. It's about the patient journey on precision medicine. Tomorrow's cities are not only a collection of building, streets, and facilities. It's about quality of life and quality of service. As a consequence, all our clients need to reimagine their offer. Our answer is the systematic use of virtual twin experience based on modeling, simulation, on real-world dividend, in this merger between the virtual and the real world. Our ambition, therefore, to help our client imagine, create, produce, experiences for their own clients. Unlike metaverse, we use virtual world 3D virtual world experiences to improve the real world. Only then the possibility of harmonizing product nature on life will emerge. I believe that innovators of tomorrows, and we see them have to think in terms of universes. They are, that is to say in terms of organic systems of systems that create, produce on play experience in a circular economy. With the 3D3DEXPERIENCE platform, we are creating this if we loop, we can provide this holistic view, combining value creation on value, experienced, design on usage to cover the full experience life cycle. We can extend virtual twin experiences across universes. It's about continuity of the what? The offer. The how are you make it on the use of it by people. This is a new revolutionary approach to innovation. It's in some way, the next generation of PLM. As we have done in the past with the early adopter, we will pave the way for the future across the three sectors of the economy we serve. Let's quickly look at implications. For example, in life sciences. Clinical research has moved beyond the hospitals and labs as more and more technology is used to decentralize trials. The entire clinical trial experience is transformed for all people involved. Patients can now participate in a trial from anywhere, especially from home. Doctors and researchers can now collect more data in different ways. If we connect the dots across clinical trials data, real-world data, and research on the development, we can close the loop on make precision medicine reality. As a consequence, elevate the patent journey. Dassault Systemes will be the only one capable of supporting end-to-end solution in life science. The ongoing advancement toward the sustainable economy will mark the also. We can reveal some of the dynamics we see progressing. I think it's clear that our passion for science-based, people-center innovation on the commitment we have for our very loyal clients is really a catalyst of that transformation. Let's have a few illustration of how we are enabling such kind of transformation today. And I think from there, you will see a lot of good reasons to believe. In the consumer industry, we have a very successful partnership with Ikea. With the 3DEXPERIENCE by Knee me platform, kin- kitchen planner on the cloud, Ikea is enabling customers to use virtualization to design their own dream kitchens. The pandemic has led individuals to invest in their homes, and has acted as an accelerator for eCommerce. The 3DEXPERIENCE by me platform kitchen planner has a allow Ikea to take full advantage of these trends. In some way, the by me kitchen platform was do\u2026 was used by 1 million people only a few months after being deployed. And today has reached over 4 million user, making it the most popular 3D consumer application in the world. This is the cloud advantage, but it's also the mob- mobile advantage. In mobility and also sector of the industry pur- purely is pursuing\u2026 is pursuing increasingly challenging goals in terms of sustainability, working on innovative materials on cutting edge production processes. They have selected smart tires on the 3DEXPERIENCE platform. They will leverage the capability of the virtual twin to foster innovation, reduce cost, increase circularity, and of course, reduce time to market through simulation modular design. It's great to be part of Purelee's adventure to move everyone forward through technology and social progress. In the healthcare, I could take the example of Perigo, uh, because the healthcare affordability is becoming essential. Today, the cost of healthcare is growing twice as fast as the overall economy. Perigo, 130 year old years old company has been improving patient life with affordable self-care products. The company is deploying several of our solutions, for example, license to cure, perfect formulation, perfect package on our 3DEXPERIENCE platform. As you noticed that you are describing the function, we are describing the value, even in the way we name our solutions. Their goal is to increase efficiency, quality, on time to market. We're very pleased to help Perigo have this positive impact. I guess they are very positive too. Now, you have some proof points. It's plain to see virtual twin experience powered by the 3DEXPERIENCE platform, uh, helping all our customers evolve and transform. We recently re- celebrating our 40 anniversary at Dassault Systemes two generation of innovators have revealed the power of virtual works to imagine, create, disruptive innovation. And this is a fact in all sectors we serve. Now, we are focused on our next horizon, 2040. Our objective is to do the\u2026 is to be the leader of in sustainable innovation and to continue to position our clients at the Vanguard of progress across manufacturing industries, life science, and healthcare, as well as in infrastructure and cities. To support our long term initiatives, we have established the next generation of executive leadership. I'm so happy to have Pascal Daloz now, fully focused on his mission as chief operating officer to connect all the dots on elevate and expand the value we provide to our clients, empower new generation of leader along the lines that I just described, at the same time, I'm equally delighted to welcome Rouven Bergmann to the executive committee of Dassault Systemes as chief financial officer. Rouven has played a critical role in integrating metadata. He has held the COO and CFO titles, and brings a mastering of financial matters related to software on cloud business model over. Rouven, it's wonderful to have you here. Thank you for being here, and giving us more time to meet with customers . Ultimately, uh, all progress is human investing on our people and culture is at the core of what we do. Our\u2026 and many activities are driven by both innovation capabilities, as well as talent on\u2026 as you all know, after many years of observing the Dassault Systemes, it has always been essential for us. We are focused on enabling team to transform, um, reveal talents. When we acquired metadata in 2019, just two years ago, Tarek and his team, especially with, uh, Glen, his buddy, uh, created this incredible reason to believe that we could have a future together. I'm extremely proud of the significant innovation, strong culture on leadership metadata as brought to the life science sector. We have been able to integrate, scale rapidly, accelerate growth and deliver excellent result, and above all, have fun being together. It's a great pleasure now to have online, Tarek by body, uh, who is now the chairman of the Life Science sector on the scale for, for Dassault Systemes system. And Tarek, would you like to say a few words? Thank you, Bernard. It's uh\u2026 Thank you for the kind words. And, uh, it's really a pleasure to be with all of you today in, in my role. Um, it's been a few years since I've been on an earnings call, and as you say it, it's a lot of fun. Um, so it's been more than two years since we announced coming together. And honestly, I can't be more excited about what we've been able to accomplish and the progress we've made since that time. It's been an incredibly challenging environment as, as you all know, um, integrations are never easy and doing it on a global scale is you even more difficult and then doing it in the midst of a pandemic is an even more difficult. Um, but I would say that the integration has been a tremendous success, and I really want to thank Bernard and Pascal for all the support that they have given us and our teams. And I- I'd like to also thank you, our teams who have come together focused on creating value for our customers and ultimately for patients. You know, our teams are delivering amazing innovation and execution to advanced clinical trials and new treatments for patients during what's been an unprecedented time. And it feels like we're just getting started, given the tremendous opportunities that we see ahead of us. Our impact on improving the patient experience and scaling precision medicine has never been clearer. You know, at the end of the day, it's what Glen and I always dreamed about. And we're convinced we would be able to do one day. And it's what brought us together as organizations in the first place. And it's becoming a reality. As many of you know, we suffered the tragic loss of Glen de Vries, my best friend and our co-founder late last year. He helped transform our industry. And his vision has always been an inspiration for all of us. Glen helped set the highest standards for medidavid- data, and he drove us to innovate and solve the most complex problems with energy and creativity. And I am absolutely convinced that we will pursue progress in life sciences and healthcare with the same passion that he had. And we have an amazingly strong team to support that. By continuing to do everything we can do to support the business, we are honoring Glen's legacy, and we will ultimately ensure healthier lives for patients everywhere. We have a strong leadership in place today, and they will help carry us into the future. And together with Bernard and Pascal, and now Ruben, I share the conviction and confidence in our promising future. I want to hand the call back to, you Bernard. Thank you, Tarek. Thank you, my friend for your leadership, and also the incredible moment we had all of us together when we decided in less than one hour that the future was together, and that was only two years ago. So, um, I am also confident that we can make the difference, uh, and, um, we have now, uh, an incredible, um, connection between people and tremendous opportunities, uh, to provide great solutions for our customer. So with that, Pascal, you have the floor. Thank you, Bernard. Hello everyone, I hope you are doing well. And thank you for joining us today. So turning to our financial results, the strong business momentum we experienced throughout the year continue into the first quarter, visiting in the performance well aligned with our guidance. So let's start with the Q4 top lines year over year comparisons. Total revenue grew 10% to one billions, 370 millions above our 7 to 9 percent range. So software revenue also grew 10% and all organically. License and other revenues rose 15% to 348 million well above the guidance. And we are back to 2019 levels. Subscription and support revenue increase 8%, driven by the high leverage subscription growth. Reflecting strong metadata, uh, performance, but also the 3D experience, uh, momentum and, and the recurring revenue represents 72% of the software revenue. Zooming on services. Servicing was up 10%, and we achieve a services gross margin of 27.1%, substantially better compared to last year. And it's coming mainly from the effort we made to improve the efficiency when we were in the middle of the pandemic, uh, I would say 18 months ago. From a profitability stand point, in the first quarter, we deliver a Q4, a strong operating margin of 36.8%. This will well align with our guidance of 36.4. When taking into account the currency impact of 40 basis point. EPS grew 17% to 29 cents compared to our guidance of 27 to 28 cents. Few words on the account. It's an important topic. I know you have questions usually on this. So in type of account, we were\u2026 we are well aligned with our objectives. We saw strong activity again in Q4 and the lower attritions. And overhaul, head count grew 4% and research and development was up 6%. So I think given our track of innovation and our mission driven culture, we are confident in our ability to continue to attract and retain top talents over the mid to long term. And this is still a priority for 2022. Let's us take a deep dive into our revenue performance first, and let's zoom on the software revenue by geo. The Americas grow 7% during the first quarter, driven by subscription growth, which is a definitely, uh, key trend in north America. In 2021. The regions benefited from strong performance in iTech, transportation, and mobility and life sciences at large. And now America has represents 38% of the total software revenue. Europe increased 10%, thank to a strong resiliency throughout the regions. And in 2021, transportation and mobility and industrial equipment grew . Europe represented 37% of software revenue in 2021. Asia rose 12%, driven by market expansion in Japan, India, and Southeast Asia. And in 2021, China grew 19%, and Asia at large represent 25% of the software revenue. Let's say, if you work on the product line performance. Industrial innovation software revenue rolled 8% to six, uh, under rather 82.3 million in Q4. This growth has been driven specifically by , where the growth is exceeding the double digits. And it's mainly due to a large part to large client wins we did in Q4. In Ovia showed also a strong subscription growth, which is against new trend. And I think this subscription model is relatively suitable for all the collaborative, uh, set of solution we have. And cattier finally is back to 2019 levels. So I think we have, again, on our trajectory. Life sciences software revenue reach 245.1 million in Q4, an increase of 9%. Metadata grew over 15% on the back of a strong comparison base, if you remember. And we continue to see a very good momentum across the metadata portfolio, including metadata RA, the core products, metadata, AI know the diversity in the analytics and artificial intelligence and metadata passion cloud, which is the factor standard for the decentralized clinical trial. This, um, momentum is also visible in all the\u2026 across the hand markets we are serving. So not only the pharmaceutical and biology, um, companies, but also the contract research organization and the medical devices company. So we saw high double digits growth in attach rate against this quarter, which is extremely important because not only we are capturing new customers, but we are growing inside those customers. From a product line perspective, we saw strongly metadata performance was partially upset someone by lower and expecting bio rav- bio revenue. This was driven by the delay of two large renewal, but we expect to sign both renewal during the first half, so it's really a temporary impact. If we step back a little bit, you know, we are one year after we have decided to create the life science engagement model, which is, uh, nothing more than combining all the different, uh, capability and resources we have to address this market. And this has been done through the leadership of the metadata management team, especially, uh, Michael Pre. And for that, Michael, thank you. You did extremely well. And now we are confident that this being in place with the strategy, we have to provide life science industry and end-to-end solution that connect us between ideation, development, manufacturing, commercializations almost what we did in our industry like aerospace decades ago. I think it's pretty unique on the\u2026 on the marketplace and we will make the differentiations. Moving now on to the mainstream innovations, software revenue rose 14%, to 312.2 million, uh, in Q4. SolidWorks first deliver a strong result with software revenue growing high single digits. And we continue to see options of our 3DEXPERIENCE works family, you know, the cloud based solutions doing this period. Centric performing extremely well with a high double digit, I should say, close to triple digit- Yep. Revenue growth. And not only it's, um, you know, it's delivering the numbers, but in term of KPIs, we are now reaching more than 550 customers, representing more than 4,500 brands. And with an extremely high level of satisfactions. Not only, uh, it's true in the fashion industry, but since, uh, almost two years, um, century PMM, thanks to Chris Growth, is expanding into new vertical, such as food and beverage, cosmetic and personal care, and other customer consumer segments. So again, very pleased by this move and, uh, it's paying off. Good result is also when the strategy is working. And as you know, we have two KPIs to measure this. The first one is the drug coming from the 3DEXPERIENCE, and for the full year for 2021, the 3DEXPERIENCE revenue grow 15%, driven by strong subscription growth. And now it's account for 30% of the total software revenue, which is an increase of 200 basis points compared to the last year in 2021, the cloud revenue, which is the other one, KPIs we are monitoring, increased 23%, driven by the continuing lens in life sciences, of course, but not only, but also, and more and more by the 3DEXPERIENCE. And cloud now account for 20% of our software of revenue had 200 business per compared to last year. All the clients, you know, we have across all the sectors are transforming extremely rapidly, and they are turning to Dassault Systemes to help them to adopt new business model, accelerate innovation, embracing sustainability imperatives, putting consumer patient and citizen the center of experience. And our strategy is really to enable them those transformations with cloud native applications or cloud extension to an existing on-premise investment. And our 3DEXPERIENCE platform has been developed to make both. All those good result is also\u2026 are also reflected into the cash flow. And for the fiscal year 2021, the cash flow from operation roll 30% year-over-year to 1 billion, 630 millions, which is, uh, converting 33% of the revenue to operating cashflow. Cash reach a little bit less than 3 billion, 2 billion, 980 million, an increase of 831 million versus an increase of 204 million last year. And finally, our net financial debt position at the end of the year decreased by a billion 152 millions, to, uh, less than 900 million to be precise, 890 million. And it has to be compared with 2,000,000,004 we had in December, uh, 31st in 2020. This, in a net is putting us a year, more than a year in fact, ahead of a our schedule on our delivering objectives. Now, to discuss the 2022 objectives, I'm very pleased to introduce Rouven Bergmann, our new chief financial officer. And Bernard mentioned, Rouven has played a vital role in integrating metadata and it has been a real pleasure to work together for the last two years. And it's a successful partnership, I think. So Rouven, we are delighted to have you with us over to you on the floor. Thank you, Pascal, and hello everyone also from my side. And before I would start to outline um, the financial objectives for 2022, uh, I also want to share that I'm, um, thrilled and very happy to be here today with you, uh, in this new role. I've really enjoyed the opportunity to meet with some of you already and learn from many colleagues at Dassault Systemes, in particular UPAS cars, since the acquisition of Metadata, which, you know, as you know, you've completed more than two years ago. And now, uh, with the successful integration, I'm looking forward to getting to know all of you, and the broader investment communities during this year. And I know we already have concrete plans to do that. So with this, uh, let me turn to the full years financials for 2022, our financial objectives. As discussed, we expect the broad-based dynamics we experienced in the fourth quarter and 2021 to continue into 2022. We are focused on driving durable, long-term growth. Our growth drivers are well-established as highlighted by Bernard and Pascal. First, we are enhancing our leadership position across our major brands. Second, we are accelerating the momentum with 3DEXPERIENCE and industry solution experiences, and we are bringing new customers as well as expanding within our installed base. And third, we are focused on delivering new experiences and value with cloud. So we will continue the momentum of metadata and metadata patient cloud. We will also expand the user base with the 3DEXPERIENCE Works family\u2026 Works family in the mainstream market and deliver new value at scale with large enterprise partnerships, like what you see happening with Reno or . Now, with this in mind, we are targeting for full year 2022, total revenue growth of 10\u2026 9 to 10 percent and software revenue growth in the same range. When thinking about our software revenue growth, let's keep in mind that last year, we had a very strong year of license growth with 23% year on year, which brought us back ahead of 2019 levels. And now for this year, we expect to continue healthy double digits growth at around 10 of up to 12 percent, which reflects continued strong demand within our installed base. This trend is more in line with what we saw our performance in the fourth quarter. We anticipate recurring software revenue to increase by nine to 9.5%. An acceleration of 100 to 150 basis point was this last year driven by continued momentum and subscription growth with cloud and solid improvement in support revenue. Also, resulting from the very good license growth we experienced throughout last year. For services revenue, we are projecting to grow between 8 to 9 percent, reflecting the increased activity levels of delivering innovation to our clients across all segments with solid margin performance. From a profitability perspective, this past year, we demonstrated the long term scalab- long term scalability inherent to our business model. As we said through 2021, we plan to accelerate investments into our business and reengage in activities which were impeded by the pandemic. Accelerating the growth in our workforce in line with our long term plan is our top priority. And as such, we anticipate the non IFRS operating marching to be in the range of 32.7 to 33.1 percent. Again, this is consistent with our pri- with our prior communication. Now, let me continue with our proposed objectives for earnings per share. We expect non IFRS EPS to grow between 3 to 6 percent, reaching one Euro at the high end. This EPS guidance assumes a tax rate in line with 2021 levels of about 23.2%. Our financial objectives assume a Euro to US dollar conversion of 1.17. Now I will provide some additional color on what to expect for Q1. As you are aware, our business has some seasonality and we expect to see growth rates progressing throughout the year. We expect Q1 total revenue growth of 7 to 9 percent, with software revenue increasing in the same range and services revenue up 5 to 7 percent driven by continued broad based momentum across our geos. We expect the operating margin at a range of 32.3 to 33 percent with an EPS growth of 3 to 7 percent, versus last year. As you heard from us during this call, We're confident in the long of opportunity ahead, and we look forward to keeping you abreast of our progress throughout the year. And now, Pascal, I'll hand the call back to you. Thank you, Rouven, for\u2026 to summarize. I think, the stage set for the future of growth. On one hand, our long term strategic visions has been validated. Investment we made 10 years ago to a net, the experience economy are paying off. And whatever you take, the platform, the virtual twin experiences, the industry solution we have in the cloud, they are durable, competitive advantage. In parallel, that's what Bernard say, we are helping our clients also to transform to a sustainable economy. And this is becoming an affordable and significant opportunity to deepen and expand our partnership and our impact. This, if you combine the two, will be a strong secular of hybrids to underpinning growth across all the three sectors of the economy we are serving. In addition to this, I think we have the right leadership in place to execute against the tremendous opportunity before us and we\u2026 our commitment to clients to drive our strategy will continue, and we thank them for their continued trust. So finally, I think, uh, Rouven and I will be extremely pleased to see you in-person when we'll have the ability to go back on the road. But I think it has been so long when we haven't seen each other. I think be Bernard, Rouven, it's direct, of course, you remember the time to take care, uh, of the questions. Operator? Thank you. The participants will now begin the question and answer session. As a reminder, if you wish to ask a question, please press Star and One on your telephone keypad and wait for a name to be announced. The firs question comes from a line of Nicholas David from Odo BHF. Please ask the question. Yes, hi. Good afternoon, Bernard, Pascal and Rouven, Nadia as well, obviously. Thank you for taking my, my question. Um, my first one is regarding licenses gross. Um, you aren't expecting double digit growth, um, of licenses in 2022. So for the second year in a row, uh, so congrats for that, because I think that, uh, that was an ambition, uh, to sustain such a growth, uh, the growth of licenses. Um, my first question is, do you think that such growth is sustainable beyond 22? And, uh, if so, uh, also, do you think that this improved, uh, growth trend in licenses, uh, is more linked to, um, the momentum of your project cycle, uh, so internal to your company? Or more linked to the consequences of the, of the\u2026 of the same CREs we just, uh, we are living right, now and it's more macro impact, uh, you are benefiting, uh, of? Um, and my second question is, um, still regarding licenses, sales, uh, several, uh, software players, including some of your competitors mentioned that the difficulties the client have had in hiring, uh, have led to, to some delays in launching project and having negative impact on license sales. So my question is, uh, to what extent, uh, you may have this kind\u2026 you may suffer from this kind of, of impact, uh, regarding your, your, your license sales in the coming quarters. Thank you. Rouven, you want to take the, the first one? Yeah. Happy to, happy to. Um, yeah, so I think the best way to conceptualize, uh, this, uh, Nicholas, thank you for the question is, um, yes, we had in 2021 very strong, licensed performance with 23%, uh, for the full year. Um, you know, of course this was, uh, was obviously a lower comparable basis 2020, Q4 or 15% growth again- against I think a, uh, uh, a good, uh, comparability, you know, Q4 of 2020, we saw the rebound starting to happen. And so it was a real proof point for us in the fourth quarter, um, to achieve double digit growth. And that trend is what we continue to forecast into 2022, uh, with 10 to 12%. And I think, uh, the area\u2026 the, the sources of growth for\u2026 um, that supports that underpins this assumption is that, you know, we have well-established an, an operating model between CapEx and OPEX, for our customers. Uh, we are serving industries where we have significant installed bases, uh, that are transforming to the cloud to the subscription model, but it will take time. And, uh, we are committed to support our customers, um, and support them in a way what their\u2026 what their preferences are in terms of how they want to spend, um, and make the investments. Um, you know, these are very sticky investments, uh, very, uh, long term relationships where our customers are capitalizing on their investments for decades, uh, that we continue to, uh, to innovate and, um, and further drive value, you know. And I think with the 3DEXPERIENCE and the power by extension that we deliver, we make these investments also really valuable and ready for the future. On the second part of the question, Pascal, if I may, uh, um, on, um\u2026 uh, is the, the client and hiring challenge having an impact on our license? I\u2026 we see it the total opposite way because the nature of our audience is changing. Um, for years we've been, or we continue to focus on engineering production, but now we just really experienced platform. We also reach, uh, supply management, costing, uh, on many other functions within the company. The example, uh, is, is really amazing in terms of size at, uh, Toyota motor also, and many other clients that I could name. So the intent with the platform phenomena, the 3DEXPERIENCE platform is to reach audience that we could not reach before. Uh, as a matter of fact, you know, the, the 3DEXPERIENCE collab, collaborative environment is now being used by clients to evaluate materials, cost, weight, supply efficiency, all based on the three universe, not on number of dashboards, but on the real product itself of all the way you produce it. So we see this as a\u2026 as a long lasting, uh, growth factor on, uh, Pascal mentioned that it's noticeable in, even in with our business applications that we call now on the, uh, a category of Innovia where we deliver business experiences for program management, project management, costing, even for ESG reporting, um, or CO2 reporting because the, the platform has this capability in short. So we don't see the negative effect. That's, uh, that's very clear. Thank you. And maybe one, one very quick from my side is, um, understand that you increase, uh, salaries, um, to reduce a bit, but do you think that you would need also to increase the volume of, of, of, of shares granted to employees to reduce further their at tuition? So any, any insight about- I think we have- Please, please-\u2026 or give vice chairman of the board because , uh, that's not on the bugdet side is on the shoulder side . Uh, no\u2026 we have\u2026 we have, I think we have a very, uh, stable, uh, uh, predictable, uh, portfolio of, uh, allocation. And we think that, um, it, it, it, it provides a good, compelling, um, incentive for people on, uh, we created this together model, uh, last year, um, which we was really to provide, uh, an plan for people to buy a shares at a certain discount on, on guarantee the result over first few, certain number of years, very successfully, uh, successful program. But we integrated, integrated that allocation as part of the overall policy. So, so the no deviation, I would say if Pascal, you want to add something. No, I think, uh, well, you know, Nicholas, not the first time we discussed this, I think we are extremely\u2026 We have a lot of discipline on this. Why, so, because if you want this to be, uh, long term and not only a one off, you need to integrate it in the new\u2026 in your business model. If I compare with the competitors or the peers, usually, uh, you know, they allocate, uh, an envelope, which could be sometimes three times bigger. However, I think it's not sustainable over the time. Especially if you look at, at the end, how much of the operating profits grows through this. I think, do your job, do the sanity check, you will see it's balance, it's fair, it's agreeable and sustainable. And that's basically our philosophy and our, uh, principle. So, so you could count us to continue what we did in the same, uh, the same manner. That's clear. Thank you, and congrats for the set of results. Thank you Nicholas. Thank you Nicho. Thank you. The next question comes to line of Charles Brennan from Jeffery's. Please ask your question. Great, good afternoon. Thanks taking my question. Hopefully, it's second time, lucky . Across the industry, we're seeing this cloud momentum gather pace, and it's referenced in your statement with some of your legacy customers moving to the cloud. So I was wondering if I could just ask four questions related to the cloud. The first of which is just in terms of your product portfolio, can you remind us how much is native cloud versus available on the cloud via extensions? Secondly, I think you've traditionally said that the move to the cloud or, or growth in the cloud would be largely incremental to your core business, but certainly this morning, you were talking about product lines, like a Naver and SolidWorks, moving to the cloud. Those are both traditional licensed product lines. And I'm just wondering if we're starting to get to the stage where you're starting to see traditional licenses cannibalized by, by the cloud. Thirdly, it feels like some of your competitors are being a little bit more progressive in driving this agenda. I'm just wondering what it would take for you to be a little bit more proactive in enforcing a shift to the cloud. You're obviously doing that in the life sciences vertical, uh, I guess Rouven's well placed to, to manage a, a more progressive cloud transition. Uh, I'm just wondering what the catalyst would be for you to go down that route. Uh, and very lastly, uh, on MNA uh, I guess traditionally we see a bigger transaction from Dassault every couple of years. Uh, I, we must be getting into the window where we're due the next one. Should we assume that any future MNA from here will be of a, a cloud-based business model, uh, and is that one of the catalysts that's gonna get you to the target of having 30% of the, uh, of the revenues in the cloud? Thank you. Well, we could do probably the rest of the call on your question, Charlie. But Bernard, you want to take the first one? I, I could on the product portfolio, on the Pascal of course stepping. Uh, first of all, we have reach a point where\u2026 Um, first of all, the cloud approach for us above all, is a way to reach new category of users. Second, the cloud approach for, for us is about providing new delivery system for the capabilities we have, roles, process, and solution. Why? Having browser native services on mobile tablets and PCs is a big thing for the nature of software we do. And the Ikea story with 4 million users in a few months is an illustration exactly of that. Uh, it's all going through browser based, uh, same as you mentioned, uh, sharp on the, uh, on the, um, clinical trial, okay. Uh, but we are doing that also for design and we are doing that\u2026 And as a matter of fact, the portfolio in short as we reach a point where, where now\u2026 uh, there are more solutions, products and roles on the cloud native than we have on premise. However, I want to make sure, uh, it's clear. We love the on-premise. There are programs on the on-premise will become private clouds. They will become absolutely private clouds. Uh, and we are going to do that to do so with customers. In fact, we have started to do it for highly sensitive program because, uh, the, the value of doing that is, is so well recognized by, by clients. So we value this hybridation to reach the audience and provide really a 3D for all approach, um, that will make the difference and accelerate the platform phenomena across all functions. If you think about people now doing supply negotiation, in the past they were using, um, ERP dashboards. Now they are looking at the product itself and they have the price on the part, and they know where it's sourced from. It's, it's a new world from there. We metaverse before metaverse because they see what's happening. So enough said, but they don't seek an validation. I see massive compramodality, uh, on that, on that point. And just to, to echo what you say, Bernard, you were mentioning Innovia. Again, you still have asked time to understand what Innovia is about today. Innovia is not anymore product life cycle management capability. It's as well say, it's a set of business applications, you know, allowing the procurement to source, to cost, to negotiate, to contract, allowing program manager, to run the program, to do their review, to supply chain. This is what we are talking about, and it's an extension compared to what we used to do. So that's just an example. And on SolidWorks, we are talking about the works family. We are not talking only about SolidWorks. And the works family, you have familiar works. You have Demia works, you have, uh, Innovia works. And those, those, um, set of, uh, services are not, uh, well deployed in the mainstream market right now. And by the way, under works family, they are all cloud. They are on cloud. So there's no on premise anymore. All of them? Are all cloud. All of them. So that's the reason why, you know, it's really an extension and it's still an extension compared to\u2026 There is maybe some overlap that is quite limited. Now, coming back to what could be the shift to force the subscription model, but that's not our way of thinking. We are here to serve our customers, to transform them and to evolve their business model. So what is the point? To impose your business model when it's not aligned with your customer's business model, knowing at the end, the license or subscription we are doing, uh, I mean, good profitability with both, you will notice. So I think our thinking process is much more the transformation of what we do. We lead automatically to a subscription model for many things we do, but we want to do it in with a\u2026 with a lot of alignment with our customers. That's I think making a big difference compared to many of our competitors. And last but not least the question related to MNA, yeah. I mean, you notice that we will be leverage, uh, almost, uh, in six months from now. So, which gives us the ability to do a, uh, all the move, if we want. The cloud is not the, I will say the purpose. The purpose is ready to extend what we do, uh, having the ability to expand the addressable market and maybe change the nature of what we do. For example, if we want to focus on the data centricity of our, uh, solutions and technology, for sure, the cloud is probably the way to do it, but again, it's a means, it's not the goal. So that's what I can say at this stage. It's probably too early to speak about it. And maybe, I don't know, at the time of the capital market there, in June we could probably discuss much more open to this topic. Perfect. Thanks so much. Thank you. So next question, please. Thank you. The next question comes to line of JBlish Howard from Griffin securities. Please ask your question. Um, thank you. Hello everyone. Um, I'll ask all my questions at the same time, uh, just, uh, given me the time remaining on the call. Um, first, um, could you talk about the performance in 2021 and what your expectations might be for 2022, with respect to your two principal sales channels, would you now call CSE and CPE in know formally BT and VS, Of course? Could you comment on, uh, those two channels and anything you might be doing to, uh, uh, invest in or alter perhaps, uh, either of those channels? Um, secondly, one thing we see among a number of your principal competitors, uh, is a, uh, implementation of, or plan to implement, uh, a faster product release cadence. We see this in both in CAD and PLM, for example. And I'm wondering if in lieu of your historical summer and winter releases that you've done for for many, many years, there might be some rationale for accelerating, um, your product release, uh, cadence, particularly in, uh, in alignment with, uh, with your cloudy business. Um, thirdly, on, um, 3DX. Um, one thing that seems to be occurring is that within the overall 3DX number, while ANOVIA seems to able to be the largest part of it as it's been, um, other brands like , are growing their contribution. If you could comment on that and whether you think that brands other than INNOVIA might eventually account for the majority of the 3DX business. And lastly on 3DX works, uh, I understand still quite early, of course, only six quarter market. Um, but do you think that you have any visibility to, uh, penetrating, let's say more than 10% of the SolidWork space, uh, with 3DX works and thereby make it an, an increasingly, uh, material business. Thank you. A few clarification Pascal, if I may put\u2026 uh, first of all, Dassault Systemes is providing\u2026 not anymore functionalities, but we are providing roles, processes on industry solutions. Uh, so when we deliver roles, there is a price on the roles. There is a price on the process to do the job, and we do it by industry and industry segment. This is unique and no one of the competitors are doing that. Uh, so it's important to understand it. Uh, the second thing is I, uh, on a\u2026 and then I will let Pascal on the general performance. The second remark is we do six weeks scale on delivery on the cloud. So Jayblish, please notice that for a large percentage of our install base, we are already there every six weeks, the world is getting new capabilities and it's working extremely well with an , which is very high, um, on providing satisfaction. Some large companies are already there. Uh, uh, we have taken the example Wig, which it's all cloud a 100%. Rannovo for 3D collaborative environment suppliers, all cloud, every six weeks it's updated. So we are already with this, uh, in, in a big way, all cloud are following that cadence. So I think we are faster than most of the other players on that standpoint. So just topic for clarification. On last remark we don't, we don't count\u2026 catch on the 3D experience line for who can explain more. We count chache for chache. We count each branch for what they are, no matter if they are independent or if they are based on the 3D experience platform. So we, we continue to keep that, uh, uh, integrity in the way we report. Now the last thing about the 3DEXPERIENCE works, it should be noticed that outside works, everything new is native cloud. Uh, similar works is native cloud on only cloud for for customers. And we have also now a full suite of\u2026 suite of, uh, 3D\u2026 of SolidWorks functionalities that are delivered on a browser. And this explains the incredible success of cloud in China, believe it or not, more than in any of our countries, because, I think in China, they have\u2026 uh, we have the approval to run cloud or own licenses and, and really distribute in a big way. So that's all what I wanted to clarify on, and Pascal, maybe you want to put some more on- On the channel, maybe I can see if you words. So first of all, you know, the, the, the best way to assess the performance of the channel is really to look at the incremental revenue and the license is still probably a good indicator across all the different engagement model, right? So if you\u2026 if you follow me on this, uh, all of them are growing highers than 20%. So when I say it's a broad base, it's really a broad base. And, and, and it's, uh, the\u2026 what we call the process channel, which has the best performance in term of license this year in 2021. So by, uh, being much more close to 30 than 20%. So\u2026 and it's not a surprise when you think about it, because during the pandemic, uh, the direct sales resisted relatively well, the mainstream, the theory also, but the process, the supply chain, we really the one being on the pressure. And we have been able to almost, uh, catch up the, like, uh, in 2020 in 2021. So I think, uh, we are relatively on a good path. To compliment what Bernard said on the 3DEXPERIENCE, uh, distributed across all the brands, uh, you, you have to be a little bit careful. This is true. That Innovia or before Innovia, almost to serve of the, of Innovia is 3DEXPERIENCE based, but it's a serve more than a serve for Innovia, also for Ktea. So it's not the only one. Okay. Um, if I may quickly\u2026 uh, my annual question on Solidwork unit volume, uh, my calculation is that it looks like your 2021 SolidWorks new commercial seed volume was similar to, perhaps slightly better than where you were in 2019. So perhaps just around 76,000 or so, and not quite back to where you were in 2018, just yet. This is true, but with one big difference, the average price increased, which means we are more and more capable to enrich, uh, the package. And one of the reasons you, you should remember J, um, I will say 60% of the units are coming from existing customers. So they are the one not buying anymore the, the base package, are the one buying the full package. That's basically the reason why also you have such a growth, it's a combination of units and price. Value up. Yes. Okay. Uh, also by the way, thank you for the, uh, headcount and hiring comments that, uh, always useful insight. Thank you J. By the way, you will have a neighbor, uh, because, uh, Hoover, uh, family is still in New York for a few months and he will probably fly, uh, to New York in the coming weeks. So that's right. Great. I'll pick you up at the airport, you know. Okay . Maybe later for a coffee. Next question, please. Thank you. The next question comes to line of Neil Steel from Redburn. Please ask your question. Hi, thanks very much. I just have a, a couple of quick ones. Uh, the first one is just looking at, um, sales and marketing, uh, expenses, and I suppose the OPEX cost, uh, ratios in general. Uh, quite clearly, uh, as we've gone through the pandemic because there's travel and also, uh, hiring, um, you've, you, you are running with thousand marketing at around about 3 to 400 basis points below where we were sort of pre pandemic. I'm just wondering, would you expect over the next couple of years for that to pick up to closer to the sort of 29 / 30 percent, uh, cost ratio that we've seen in the past, or are there structural reasons as to why hence for thousand marketing, uh, should be at sort of a, a structural lower level? That's the first question? Rouven, Pascal, will attend to this question. So, you know, as, uh, the chief operating officer, I, I learned something during the pandemic. We have been capable to grow without having, uh, more resources. And believe it or not, we have increased dramatically the productivity. If I compared to ' 19 it's per head per salespeople, it's more than 11%. So, so why I'm saying this, because it's gonna be a combination between obviously more resources, uh, because we need to reinforce, uh, the coverage we have in certain region of the world or certain verticals. But at the same times, I still believing we still have\u2026 uh, we still, we still can continue to improve the productivity maybe not at this level every year, but at least a few, uh, percentage point. it's probably something we could, uh, be able to achieve. So\u2026 And this will give probably the ability for us to finance a different go-to market. Cause, uh, you\u2026 we are talking about the traditional one, but there are activities where we need to invest because it's a different way to go to market and still on-brand unique and we still need to invest. So, so the net is, uh, it'll not be maybe\u2026 uh, do not have a big difference. However, we have some level to extend, uh, the different nature of the go-to market we have. That's probably the way- , So, so just to clarify you suggesting that we will see quite a\u2026 over the next couple of years, sales and marketing cost ratio will go back up, but perhaps not back up to the 30% level, or are you suggesting it's more sustainable at the sort of 25, 26% level? No, no. It will increase because as I say to you, uh, we did not hire a, almost one single person each one last year. Okay. I mean, it's not sustainable. However, if you do the math, you have to include some productivity effect because we had some productivity the last two years, and now it's part of my duty to make sure that we grow the coverage, but the same time we are also improving the productivity. Okay. Thank you. And just, um, zeroing in, on, on life sciences, obviously, um, taking all of the commentary together with, uh, regards to the growth in metadata and so forth. Um, it looks as though the softness that you saw, uh, in Q4 was quite clearly with the sort of the original seller businesses. Um, is that a little bit surprising? That's more on the discovery side, I think their product set. And have you actually signed the deferral there? Uh, or is that sort of, uh, if you like a permanent deferral and you'll never fully recover that revenue as we go through the 2020\u2026 uh, 2022 year? Well, you- Yeah, happy, happy to\u2026 so, uh, you know, the impact that we had in the, in the fourth quarter is temporary. Um, these are two renewals, uh, that we are actively working on, um, too close in, I would say early 20, 22, uh, it could be the first quarter. It could be the second quarter. Yeah. Uh, these are two major customers of ours where we have established relationships. And it's only a question of time. Um, I think the other part that I would like to add to the Biovia, uh, uh, business as well and life sciences, we are also aggressively transforming Biovia to- towards a more subscription model than what it used to be, because it was heavily dependent on licenses and that could it some variability from time to time. So that's another factor, um, that we will, um, talk about throughout 2022. Okay. Thank you. Thank you. One final question, please go on, uh, Nadia. Yes, of course. The last final questions come from the line of Jason Similia from KCBM. Please ask the question. Great. Thanks for fitting me in just a couple quick ones on a couple of the brands. Uh, first on Same, you know, it's nice to see double-digit growth there. It's been doing quite well for the past few quarters from what I can remember, you know, so my question here is, you know, is the strength we're seeing, you know, from share gains versus, you know, simulation competitive market, or is it more, you know, broader industry strength, uh, recovery, you know, from, from that? Similia, uh, I think, uh, what is be- there are two major factors where basically we create a game-changer situation. Number one, under SolidWorks, install base customer may use\u2026 to use our competitor, uh, product, uh, on desktop. Uh, now we are offering cloud-based Similia, extremely successful, easier to provision and to put in operation. And it has created a very nice dynamic in the, what we call the works family. Uh, John Paulo is doing a very great job on, on, on the topic, going to work, uh, on the full works family and not only SolidWorks. And we have just announced that the new CEO of SolidWorks is, uh, Manish Kumar. Uh, but, uh, John Paulo is taking the full scope responsibility for 3D expense works. Uh, that's one driver on the second one is new multi-physics platform based integration, which is connecting, um, you know, the power flow, uh, the E mag, the stress, and all of this together in a consistent environment. And we see a lot of customers moving from, uh, isolated simulation to integrated system simulation. Uh, I think it's unstoppable in my mind and we have plenty of, uh, opportunities to continue to sustain a strong growth in this area. Perfect. And then maybe one quick final one, you know, SolidWorks, um, maybe earlier in 2021 had some pretty robust growth, you know, possibly from the pent up demand, you know, this quarter 8% growth, you know, feels quite good, normal, maybe close to what we were seeing pre-pandemic, you know, is that the right way to think about the SolidWorks business, you know, normalizing from these levels? I think so you're right. I mean, if you remember\u2026 so the works was really the first product line to cover. Yep. And, uh, there is no base effect compared to that year, and 8%, 8 to 9 is a, is a good number. Okay, perfect. Thank you all. And have a good afternoon. Thank you everyone for participating. It's always a great pleasure to, uh, exchange with you and advise your questions. And, uh, yeah know that, uh, Pascal and Houven are now committed to do roadshows and, uh, visit you as quickly as possible, as soon as possible and hopefully face to face. With that, thank you very much. Enjoy your day and talk to you soon. That does conclude our conference for today. Thank you for participating. You may all disconnect. Have a nice day. From 60f89569b203fdc7c0d60f833e89c02dfb6ae4ba Mon Sep 17 00:00:00 2001 From: Abhinay1997 Date: Wed, 29 May 2024 07:46:45 +0530 Subject: [PATCH 13/28] Refactoring --- .../Fraction.swift | 0 .../Hirschberg.swift | 4 +- .../NormalizeEn.swift} | 291 ++++-------------- .../SpellingMapping.swift | 0 Tests/WhisperKitTests/Evaluate/WERUtils.swift | 112 +++++++ Tests/WhisperKitTests/RegressionTests.swift | 6 +- 6 files changed, 182 insertions(+), 231 deletions(-) rename Tests/WhisperKitTests/{NormalizationUtils => Evaluate}/Fraction.swift (100%) rename Tests/WhisperKitTests/{NormalizationUtils => Evaluate}/Hirschberg.swift (96%) rename Tests/WhisperKitTests/{NormalizationUtils/WERUtils.swift => Evaluate/NormalizeEn.swift} (78%) rename Tests/WhisperKitTests/{NormalizationUtils => Evaluate}/SpellingMapping.swift (100%) create mode 100644 Tests/WhisperKitTests/Evaluate/WERUtils.swift diff --git a/Tests/WhisperKitTests/NormalizationUtils/Fraction.swift b/Tests/WhisperKitTests/Evaluate/Fraction.swift similarity index 100% rename from Tests/WhisperKitTests/NormalizationUtils/Fraction.swift rename to Tests/WhisperKitTests/Evaluate/Fraction.swift diff --git a/Tests/WhisperKitTests/NormalizationUtils/Hirschberg.swift b/Tests/WhisperKitTests/Evaluate/Hirschberg.swift similarity index 96% rename from Tests/WhisperKitTests/NormalizationUtils/Hirschberg.swift rename to Tests/WhisperKitTests/Evaluate/Hirschberg.swift index c700a517..ca51bdab 100644 --- a/Tests/WhisperKitTests/NormalizationUtils/Hirschberg.swift +++ b/Tests/WhisperKitTests/Evaluate/Hirschberg.swift @@ -82,7 +82,7 @@ func needlemanWunsch(_ xArray: Array, _ yArray: Array, _ s2: Array) -> [EditOp] { +func hirschberg(_ reference: Array, _ s2: Array) -> [EditOp] { func hirschbergRec(_ x: Array, _ y: Array) -> [EditOp] { @@ -124,5 +124,5 @@ func hirschberg(_ s1: Array, _ s2: Array) -> [Ed return result } - return hirschbergRec(s1, s2) + return hirschbergRec(reference, s2) } diff --git a/Tests/WhisperKitTests/NormalizationUtils/WERUtils.swift b/Tests/WhisperKitTests/Evaluate/NormalizeEn.swift similarity index 78% rename from Tests/WhisperKitTests/NormalizationUtils/WERUtils.swift rename to Tests/WhisperKitTests/Evaluate/NormalizeEn.swift index a84fbc95..0138d182 100644 --- a/Tests/WhisperKitTests/NormalizationUtils/WERUtils.swift +++ b/Tests/WhisperKitTests/Evaluate/NormalizeEn.swift @@ -1,212 +1,63 @@ import Foundation -// Return the operations needed to transform s1 into s2 using Wagner-Fischer algo. -// "i" = insertion, "d" = deletion, "r" = replacement -enum EditOp:UInt8{ - case blank - case replace - case delete - case insert -} - - -// MARK:- TRANSFORMS -// sentences = ["this is an example ", " hello goodbye ", " "] -// ['this is an example ', " hello goodbye ", " "] -func removeMultipleSpaces(sentences: [String]) -> [String]{ - - var replacedSentences = [String]() - for sentence in sentences { - // Define the pattern you want to replace - let pattern = "\\s\\s+" - - do { - let regex = try NSRegularExpression(pattern: pattern, options: []) - let replacedString = regex.stringByReplacingMatches(in: sentence, options: [], - range: NSRange(location: 0, length: sentence.utf16.count), - withTemplate: " ") - replacedSentences.append(replacedString) - } catch { - print("Error while creating regex: \(error)") - } - } - return replacedSentences -} - -//[" this is an example ", " hello goodbye ", " "] -//['this is an example', "hello goodbye", ""] -func strip(sentences: [String]) -> [String]{ - var replacedSentences = [String]() - - for sentence in sentences { - let replacedString = sentence.trimmingCharacters(in: .whitespaces) - replacedSentences.append(replacedString) - } - return replacedSentences -} - -//["hi", "this is an example"] -//[['hi'], ['this', 'is', 'an, 'example']] -func reduceToListOfListOfWords(sentences: [String], word_delimiter: String = " ") -> [[String]]{ - - let sentence_collection = [[String]]() - func processString(sentence: String) -> [[String]]{ - return [sentence.components(separatedBy: word_delimiter).filter{ !$0.isEmpty }] - } - - func processList(sentences: [String]) -> [[String]]{ - var sentence_collection = [[String]]() +class NormalizationUtils{ + // sentences = ["this is an example ", " hello goodbye ", " "] + // ['this is an example ', " hello goodbye ", " "] + static func removeMultipleSpaces(sentences: [String]) -> [String]{ - for sentence in sentences{ - let list_of_words = processString(sentence: sentence)[0] - if !list_of_words.isEmpty { - sentence_collection.append(list_of_words) + var replacedSentences = [String]() + for sentence in sentences { + // Define the pattern you want to replace + let pattern = "\\s\\s+" + + do { + let regex = try NSRegularExpression(pattern: pattern, options: []) + let replacedString = regex.stringByReplacingMatches( + in: sentence, + options: [], + range: NSRange(location: 0, length: sentence.utf16.count), + withTemplate: " " + ) + replacedSentences.append(replacedString) + } catch { + print("Error while creating regex: \(error)") } } - - return sentence_collection + return replacedSentences } - return processList(sentences: sentences) -} - -func words2char(reference: [[String]], hypothesis: [[String]]) -> ([String],[String]){ - //tokenize each word into an integer - let vocabulary = Set((reference + hypothesis).flatMap{$0}) - let word2char = Dictionary(uniqueKeysWithValues: vocabulary.enumerated().map { index, value in - return (value, index) - }) - - let referenceCharsEfficient = reference.map { sentence in - String(sentence.lazy.compactMap { word in - if let charCode = word2char[word], let unicodeScalar = UnicodeScalar(charCode) { - return Character(unicodeScalar) - } - return nil - }) - } - - let hypothesisCharsEfficient = hypothesis.map { sentence in - String(sentence.lazy.compactMap { word in - if let charCode = word2char[word], let unicodeScalar = UnicodeScalar(charCode) { - return Character(unicodeScalar) - } - return nil - }) - } - - return (referenceCharsEfficient, hypothesisCharsEfficient) -} - -func _word2charCustom(reference: [[String]], hypothesis: [[String]]) throws -> (referenceChars: [String], hypothesisChars: [String]) { - // Flatten the reference and hypothesis arrays and create a set of unique words - var vocabulary = Set(reference.flatMap { $0 } + hypothesis.flatMap { $0 }) - - // Ensure no empty strings are present in the vocabulary - if vocabulary.contains("") { - throw NSError(domain: "EmptyStringError", code: 1, userInfo: [ - NSLocalizedDescriptionKey: "Empty strings cannot be a word. Please ensure that the given transform removes empty strings." - ]) - } - - // Create a dictionary mapping each word to a unique integer - var word2char = [String: Int]() - for (index, word) in vocabulary.enumerated() { - word2char[word] = index - } - print(word2char) - - // Convert each word in the reference and hypothesis to its corresponding character - let referenceChars = reference.map { sentence in - sentence.map { word in - String(Character(UnicodeScalar(word2char[word]!)!)) - }.joined() - } - - let hypothesisChars = hypothesis.map { sentence in - sentence.map { word in - String(Character(UnicodeScalar(word2char[word]!)!)) - }.joined() + //[" this is an example ", " hello goodbye ", " "] + //['this is an example', "hello goodbye", ""] + static func strip(sentences: [String]) -> [String]{ + var replacedSentences = [String]() + for sentence in sentences { + let replacedString = sentence.trimmingCharacters(in: .whitespaces) + replacedSentences.append(replacedString) + } + return replacedSentences } - return (referenceChars, hypothesisChars) -} - -func process_words(reference: [String], hypothesis: [String]) -> Double{ - var refTransformed = removeMultipleSpaces(sentences: reference) - refTransformed = strip(sentences: refTransformed) - let refTransformedReduced = reduceToListOfListOfWords(sentences: refTransformed) - - var hypTransformed = removeMultipleSpaces(sentences: hypothesis) - hypTransformed = strip(sentences: hypTransformed) - let hypTransformedReduced = reduceToListOfListOfWords(sentences: hypTransformed) - - let (refAsChars, hypAsChars) = words2char(reference: refTransformedReduced, hypothesis: hypTransformedReduced) - - let refArrays = refAsChars.map({Array($0.unicodeScalars)}) - let hypArrays = hypAsChars.map({Array($0.unicodeScalars)}) - - var (numHits, numSubstitutions, numDeletions, numInsertions) = (0, 0, 0, 0) - var (numRfWords, numHypWords) = (0, 0) - - for (reference_sentence, hypothesis_sentence) in zip(refArrays, hypArrays){ - // Get the required edit operations to transform reference into hypothesis - let editOps = hirschberg(reference_sentence, hypothesis_sentence) + //["hi", "this is an example"] + //[['hi'], ['this', 'is', 'an, 'example']] + static func reduceToListOfListOfWords(sentences: [String], word_delimiter: String = " ") -> [[String]]{ - // count the number of edits of each type - var substitutions: Int = 0 - var deletions: Int = 0 - var insertions: Int = 0 + func processString(sentence: String) -> [[String]]{ + return [sentence.components(separatedBy: word_delimiter).filter{ !$0.isEmpty }] + } - for op in editOps{ - switch op{ - case .replace: - substitutions += 1 - continue - case .delete: - deletions += 1 - continue - case .insert: - insertions += 1 - continue - case .blank: - continue + func processList(sentences: [String]) -> [[String]]{ + var sentenceCollection = [[String]]() + for sentence in sentences{ + let list_of_words = processString(sentence: sentence)[0] + if !list_of_words.isEmpty { + sentenceCollection.append(list_of_words) + } } + return sentenceCollection } - - let hits:Int = reference_sentence.count - (substitutions + deletions) - - // update state - numHits += hits - numSubstitutions += substitutions - numDeletions += deletions - numInsertions += insertions - numRfWords += reference_sentence.count - numHypWords += hypothesis_sentence.count + return processList(sentences: sentences) } - let (S, D, I, H) = (numSubstitutions, numDeletions, numInsertions, numHits) - - let wer = Double(S + D + I) / Double(H + S + D) - - return wer } - -func evaluate(originalTranscript: String, generatedTranscript: String, normalizeOriginal: Bool = false) -> Double{ - var wer: Double = -Double.infinity - let normalizer = EnglishTextNormalizer() - var reference = normalizeOriginal ? normalizer.normalize(text: originalTranscript) : originalTranscript - var hypothesis = normalizer.normalize(text: generatedTranscript) - - wer = process_words( - reference: [reference], - hypothesis: [hypothesis] - ) - - return wer -} - -// MARK: Normalization - class EnglishNumberNormalizer{ // Convert any spelled-out numbers into arabic numbers, while handling: // @@ -216,6 +67,7 @@ class EnglishNumberNormalizer{ // - spell out `one` and `ones` // - interpret successive single-digit numbers as nominal: `one oh one` -> `101` let zeros: Set + let ones: [String:Int] let onesPlural: [String:(Int, String)] let onesOrdinal: [String:(Int, String)] @@ -241,21 +93,19 @@ class EnglishNumberNormalizer{ let words: Set let literalWords: Set - init(){ let zeros: Set = ["o", "oh", "zero"] + let ones = Dictionary(uniqueKeysWithValues:[ "one", "two", "three", "four", "five", "six", "seven", "eight", "nine", "ten", "eleven", "twelve", "thirteen", "fourteen", "fifteen", "sixteen", "seventeen", "eighteen", "nineteen"].enumerated().map { ($0.element, $0.offset + 1)}) - let onesPlural = Dictionary(uniqueKeysWithValues: ones.map { name, value in return (name == "six" ? "sixes" : name + "s", (value, "s")) } ) - - var onesOrdinal = { + let onesOrdinal = { var onesDictionary: [String: (Int, String)] = [ "zeroth": (0, "th"), "first": (1, "st"), @@ -277,7 +127,6 @@ class EnglishNumberNormalizer{ return (onesDictionary) }() - let onesSuffixed = onesPlural.merging(onesOrdinal) { $1 } let tens = [ @@ -290,14 +139,12 @@ class EnglishNumberNormalizer{ "eighty": 80, "ninety": 90, ] - let tensPlural = Dictionary(uniqueKeysWithValues: tens.map { name, value in return (name.replacingOccurrences(of: "y", with: "ies"), (value, "s")) }) let tensOrdinal = Dictionary(uniqueKeysWithValues: tens.map { name, value in return (name.replacingOccurrences(of: "y", with: "ieth"), (value, "th")) }) - let tensSuffixed = tensPlural.merging(tensOrdinal) { $1 } let multipliers: [String: Int] = [ @@ -314,26 +161,21 @@ class EnglishNumberNormalizer{ // "nonillion": 1_000_000_000_000_000_000_000_000_000_000, // "decillion": 1_000_000_000_000_000_000_000_000_000_000_000 ] - let multipliersPlural = Dictionary(uniqueKeysWithValues: multipliers.map { name, value in return (name + "s", (value, "s")) }) - let multipliersOrdinal = Dictionary(uniqueKeysWithValues: multipliers.map { name, value in return (name + "th", (value, "th")) }) - let multipliersSuffixed = multipliersPlural.merging(multipliersOrdinal) { $1 } let decimals: Set = Set(ones.keys).union(tens.keys).union(zeros) - let precedingPrefixers: [String: String] = [ "minus": "-", "negative": "-", "plus": "+", "positive": "+" ] - let followingPrefixers: [String: String] = [ "pound": "£", "pounds": "£", @@ -347,14 +189,11 @@ class EnglishNumberNormalizer{ let prefixes = Set(precedingPrefixers.values) .union(followingPrefixers.values) - let suffixers: [String: Any] = [ "per": ["cent": "%"], "percent": "%" ] - let specials: Set = ["and", "double", "triple", "point"] - let words = zeros.union(ones.keys) .union(onesSuffixed.keys) .union(tens.keys) @@ -365,10 +204,10 @@ class EnglishNumberNormalizer{ .union(followingPrefixers.keys) .union(suffixers.keys) .union(specials) - let literalWords: Set = ["one", "ones"] self.zeros = zeros + self.ones = ones self.onesPlural = onesPlural self.onesOrdinal = onesOrdinal @@ -413,11 +252,9 @@ class EnglishNumberNormalizer{ for idx in 0.. "$2.07" do { let regex1 = try NSRegularExpression(pattern: #"([€£$])([0-9]+) (?:and )?¢([0-9]{1,2})\b"#) @@ -726,7 +561,6 @@ class EnglishNumberNormalizer{ class EnglishSpellingNormalizer{ // //Applies British-American spelling mappings as listed in [1]. - //[1] https://www.tysto.com/uk-us-spelling-list.html var mapping: [String:String] = [:] @@ -829,34 +663,39 @@ class EnglishTextNormalizer{ var processedText = text processedText = processedText.lowercased() - processedText.regReplace(pattern: #"[<\[][^>\]]*[>\]]"#, replaceWith: "") // remove words between brackets - processedText.regReplace(pattern: #"\(([^)]+?)\)"#, replaceWith: "") // remove words between parenthesis + // remove words between brackets + processedText.regReplace(pattern: #"[<\[][^>\]]*[>\]]"#, replaceWith: "") + // remove words between parenthesis + processedText.regReplace(pattern: #"\(([^)]+?)\)"#, replaceWith: "") processedText.regReplace(pattern: self.ignorePatterns, replaceWith: "") - processedText.regReplace(pattern: #"\s+'"#, replaceWith: "'") // standardize when there's a space before an apostrophe + // standardize when there's a space before an apostrophe + processedText.regReplace(pattern: #"\s+'"#, replaceWith: "'") for (pattern, replacement) in self.replacers{ processedText.regReplace(pattern: pattern, replaceWith: replacement) } - processedText.regReplace(pattern: #"(\d),(\d)"#, replaceWith: #"$1$2"#) // remove commas between digits - processedText.regReplace(pattern: #"\.([^0-9]|$)"#, replaceWith: " $1") // remove periods not followed by numbers - processedText = self.removeSymbolsAndDiacritics(text: processedText, keep: ".%$¢€£") // keep some symbols for numerics - + // remove commas between digits + processedText.regReplace(pattern: #"(\d),(\d)"#, replaceWith: #"$1$2"#) + // remove periods not followed by numbers + processedText.regReplace(pattern: #"\.([^0-9]|$)"#, replaceWith: " $1") + // keep some symbols for numerics + processedText = self.removeSymbolsAndDiacritics(text: processedText, keep: ".%$¢€£") processedText = self.numberNormalizer.normalize(processedText) processedText = self.spellingNormalizer.normalize(processedText) // now remove prefix/suffix symbols that are not preceded/followed by numbers processedText.regReplace(pattern: #"[.$¢€£]([^0-9])"#, replaceWith: #" $1"#) processedText.regReplace(pattern: #"([^0-9])%"#, replaceWith: #"$1 "#) - processedText.regReplace(pattern: #"\s+"#, replaceWith: " ") // replace any successive whitespace characters with a space + // replace any successive whitespace characters with a space + processedText.regReplace(pattern: #"\s+"#, replaceWith: " ") + return processedText } func removeSymbolsAndDiacritics(text: String, keep:String="") -> String{ - // //Replace any other markers, symbols, and punctuations with a space, and drop any diacritics //(category 'Mn' and some manual mappings) - //""" let keepSet = Set(keep) let categoriesToReplaceWithSpace: [Unicode.GeneralCategory] = [ .nonspacingMark, @@ -897,7 +736,7 @@ class EnglishTextNormalizer{ } if let normalizedString = text.applyingTransform(StringTransform(rawValue: "NFKD"), reverse: false) { - var out = normalizedString.map({ replaceCharacter(char: $0)}) + let out = normalizedString.map({ replaceCharacter(char: $0)}) return out.joined(separator: "") } return text diff --git a/Tests/WhisperKitTests/NormalizationUtils/SpellingMapping.swift b/Tests/WhisperKitTests/Evaluate/SpellingMapping.swift similarity index 100% rename from Tests/WhisperKitTests/NormalizationUtils/SpellingMapping.swift rename to Tests/WhisperKitTests/Evaluate/SpellingMapping.swift diff --git a/Tests/WhisperKitTests/Evaluate/WERUtils.swift b/Tests/WhisperKitTests/Evaluate/WERUtils.swift new file mode 100644 index 00000000..1885a78b --- /dev/null +++ b/Tests/WhisperKitTests/Evaluate/WERUtils.swift @@ -0,0 +1,112 @@ +import Foundation + +// Return the operations needed to transform s1 into s2 using Wagner-Fischer algo. +// "i" = insertion, "d" = deletion, "r" = replacement +enum EditOp:UInt8{ + case blank + case replace + case delete + case insert +} + +class WERUtils{ + static func wordsToChars(reference: [[String]], hypothesis: [[String]]) -> ([String],[String]){ + //tokenize each word into an integer + let vocabulary = Set((reference + hypothesis).flatMap{$0}) + let word2char = Dictionary(uniqueKeysWithValues: vocabulary.enumerated().map { index, value in + return (value, index) + }) + + let referenceCharsEfficient = reference.map { sentence in + String(sentence.lazy.compactMap { word in + if let charCode = word2char[word], let unicodeScalar = UnicodeScalar(charCode) { + return Character(unicodeScalar) + } + return nil + }) + } + + let hypothesisCharsEfficient = hypothesis.map { sentence in + String(sentence.lazy.compactMap { word in + if let charCode = word2char[word], let unicodeScalar = UnicodeScalar(charCode) { + return Character(unicodeScalar) + } + return nil + }) + } + + return (referenceCharsEfficient, hypothesisCharsEfficient) + } + + static func processWords(reference: [String], hypothesis: [String]) -> Double{ + var refTransformed = NormalizationUtils.removeMultipleSpaces(sentences: reference) + refTransformed = NormalizationUtils.strip(sentences: refTransformed) + let refTransformedReduced = NormalizationUtils.reduceToListOfListOfWords(sentences: refTransformed) + + var hypTransformed = NormalizationUtils.removeMultipleSpaces(sentences: hypothesis) + hypTransformed = NormalizationUtils.strip(sentences: hypTransformed) + let hypTransformedReduced = NormalizationUtils.reduceToListOfListOfWords(sentences: hypTransformed) + + let (refAsChars, hypAsChars) = WERUtils.wordsToChars(reference: refTransformedReduced, hypothesis: hypTransformedReduced) + + let refArrays = refAsChars.map({Array($0.unicodeScalars)}) + let hypArrays = hypAsChars.map({Array($0.unicodeScalars)}) + + var (numHits, numSubstitutions, numDeletions, numInsertions) = (0, 0, 0, 0) + var (numRfWords, numHypWords) = (0, 0) + + for (reference_sentence, hypothesis_sentence) in zip(refArrays, hypArrays){ + // Get the required edit operations to transform reference into hypothesis + let editOps = hirschberg(reference_sentence, hypothesis_sentence) + + // count the number of edits of each type + var substitutions: Int = 0 + var deletions: Int = 0 + var insertions: Int = 0 + + for op in editOps{ + switch op{ + case .replace: + substitutions += 1 + continue + case .delete: + deletions += 1 + continue + case .insert: + insertions += 1 + continue + case .blank: + continue + } + } + + let hits:Int = reference_sentence.count - (substitutions + deletions) + + // update state + numHits += hits + numSubstitutions += substitutions + numDeletions += deletions + numInsertions += insertions + numRfWords += reference_sentence.count + numHypWords += hypothesis_sentence.count + } + let (S, D, I, H) = (numSubstitutions, numDeletions, numInsertions, numHits) + + let wer = Double(S + D + I) / Double(H + S + D) + + return wer + } + + static func evaluate(originalTranscript: String, generatedTranscript: String, normalizeOriginal: Bool = false) -> Double{ + var wer: Double = -Double.infinity + let normalizer = EnglishTextNormalizer() + let reference = normalizeOriginal ? normalizer.normalize(text: originalTranscript) : originalTranscript + let hypothesis = normalizer.normalize(text: generatedTranscript) + + wer = WERUtils.processWords( + reference: [reference], + hypothesis: [hypothesis] + ) + return wer + } +} diff --git a/Tests/WhisperKitTests/RegressionTests.swift b/Tests/WhisperKitTests/RegressionTests.swift index 71fbb966..ba44852e 100644 --- a/Tests/WhisperKitTests/RegressionTests.swift +++ b/Tests/WhisperKitTests/RegressionTests.swift @@ -136,7 +136,7 @@ final class RegressionTests: XCTestCase { } if let originalTranscript = getTranscript(){ - let wer = evaluate( + let wer = WERUtils.evaluate( originalTranscript: originalTranscript, generatedTranscript: transcriptionResult.text, normalizeOriginal: true @@ -209,7 +209,7 @@ final class RegressionTests: XCTestCase { origText = try? String(contentsOfFile: origPath, encoding: .utf8) } - let wer = evaluate(originalTranscript: origText!, generatedTranscript: genText!, normalizeOriginal: false) + let wer = WERUtils.evaluate(originalTranscript: origText!, generatedTranscript: genText!, normalizeOriginal: false) assert(wer == 0.42448103078024335) } @@ -217,7 +217,7 @@ final class RegressionTests: XCTestCase { func testHirschberg(){ let s1 = "With a rumble that echoed through the night, thunder crashed overhead, its raw power shaking the earth beneath it, leaving in its wake an exhilarating sense of awe. As rain poured down in torrents, the thunder boomed with a rhythm that seemed to speak a secret language, intertwining nature's symphony with an innovative melody that captivated all who listened." let s2 = "In the midst of a summer storm, thunder erupted with a booming chorus, shaking the earth beneath our feet and electrifying the air with its powerful presence. The crackling symphony of thunderbolts danced across the darkened sky, illuminating the clouds with an innovative display of nature's raw energy." - var ops = hirschberg(Array(s1.unicodeScalars), Array(s2.unicodeScalars)) + let ops = hirschberg(Array(s1.unicodeScalars), Array(s2.unicodeScalars)) assert(ops.count == 228) } } From 89df136e10ee724148c1c1a67b30bf67da54efa7 Mon Sep 17 00:00:00 2001 From: Abhinay1997 Date: Tue, 11 Jun 2024 22:24:40 +0530 Subject: [PATCH 14/28] Refactor regression tests --- Tests/WhisperKitTests/RegressionTests.swift | 263 ++++++++++++-------- 1 file changed, 158 insertions(+), 105 deletions(-) diff --git a/Tests/WhisperKitTests/RegressionTests.swift b/Tests/WhisperKitTests/RegressionTests.swift index ba44852e..e2c946d5 100644 --- a/Tests/WhisperKitTests/RegressionTests.swift +++ b/Tests/WhisperKitTests/RegressionTests.swift @@ -6,13 +6,14 @@ import Foundation @available(macOS 13, iOS 16, watchOS 10, visionOS 1, *) final class RegressionTests: XCTestCase { - var audioFileURL: URL? + var audioFileURLs: [URL]? var metadataURL: URL? + var testWERURLs: [URL]? override func setUp() { super.setUp() - if self.audioFileURL == nil { + if self.audioFileURLs == nil || self.metadataURL == nil || self.testWERURLs == nil{ let expectation = XCTestExpectation(description: "Download test audio") downloadTestAudio { success in if success { @@ -22,19 +23,30 @@ final class RegressionTests: XCTestCase { } } // Wait for the expectation with a timeout - wait(for: [expectation], timeout: 30) + wait(for: [expectation], timeout: 300) } } - func downloadTestAudio(completion: @escaping (Bool) -> Void) { + private func downloadTestAudio(completion: @escaping (Bool) -> Void) { Task { do { let earnings22CompressedDataset = Hub.Repo(id: "argmaxinc/whisperkit-test-data", type: .datasets) let tempPath = FileManager.default.temporaryDirectory let downloadBase = tempPath.appending(component: "huggingface") let hubApi = HubApi(downloadBase: downloadBase) - let fileURL = try await hubApi.snapshot(from: earnings22CompressedDataset, matching: ["4484146.mp3"]) - self.audioFileURL = fileURL.appending(component: "4484146.mp3") + let repoURL = try await hubApi.snapshot(from: earnings22CompressedDataset, matching: ["*.mp3","*.txt"]) + + var audioFileURLs: [URL] = [] + var testWERURLs: [URL] = [] + for file in try FileManager.default.contentsOfDirectory(atPath: repoURL.path()){ + if file.hasSuffix(".mp3"){ + audioFileURLs.append(repoURL.appending(component: file)) + }else if file.hasSuffix(".txt"){ + testWERURLs.append(repoURL.appending(component: file)) + } + } + self.audioFileURLs = audioFileURLs + self.testWERURLs = testWERURLs let earnings22OriginalDataset = Hub.Repo(id: "argmaxinc/earnings22-12hours", type: .datasets) let metadataURL = try await hubApi.snapshot(from: earnings22OriginalDataset, matching: ["metadata.json"]) @@ -47,12 +59,12 @@ final class RegressionTests: XCTestCase { } } - func getTranscript() -> String?{ + private func getTranscript(filename: String) -> String?{ var transcript: String? = nil if let metadataURL = self.metadataURL, let data = try? Data(contentsOf: metadataURL){ if let json = try? JSONSerialization.jsonObject(with: data, options: []) as? [[String: Any]] { for audioItem in json{ - if audioItem["audio"] as? String == self.audioFileURL?.lastPathComponent{ + if audioItem["audio"] as? String == filename{ transcript = audioItem["transcription"] as? String } } @@ -60,74 +72,122 @@ final class RegressionTests: XCTestCase { } return transcript } + + private func getWERTestData() -> (String?, String?){ + do{ + let testFileURLs = try XCTUnwrap( + self.testWERURLs, + "Test files for WER verification not found" + ) + var generatedText:String? = nil + var originalText:String? = nil + for file in testFileURLs{ + switch file.lastPathComponent{ + case "test_generated_transcript.txt": + generatedText = try? String(contentsOf: file) + case "test_original_transcript.txt": + originalText = try? String(contentsOf: file) + default: + continue + } + } + return (originalText, generatedText) + } + catch{ + XCTFail("Fetching test data for WER verification failed: \(error)") + } + return (nil,nil) + } - func testAndMeasureModelPerformance(model: String, device: String) async throws { - let audioFilePath = try XCTUnwrap( - self.audioFileURL?.path(), - "Audio file not found" - ) - - let startTime = Date() + func testAndMeasureModelPerformance(model: String, device: String, overEntireDataset: Bool) async throws { + var resultJSON:[RegressionStats] = [] let iso8601DateTimeString = ISO8601DateFormatter().string(from: Date()) - - var currentMemoryValues = [Float]() - var currentTPSValues = [Float]() - - let memoryStats = MemoryStats( - measurements: [], units: "MB", - totalNumberOfMeasurements: 0, - preTranscribeMemory: -1, - postTranscribeMemory: -1 - ) - let latencyStats = LatencyStats( - measurements: [], units: "Tokens/Sec", - totalNumberOfMeasurements: 0 - ) - var count = 0 - - let callback = { - (result: TranscriptionProgress) -> Bool in - count += 1 - let currentMemory = SystemMemoryChecker.getMemoryUsed() - let currentTPS = result.timings.tokensPerSecond - if currentMemory != 0 { - currentMemoryValues.append(Float(currentMemory)) - } - if !currentTPS.isNaN { - currentTPSValues.append(Float(currentTPS)) + let audioFilePaths = try XCTUnwrap( + self.audioFileURLs, + "Audio files not found" + ).map({$0.path()}) + + for audioFilePath in audioFilePaths{ + let startTime = Date() + + var currentMemoryValues = [Float]() + var currentTPSValues = [Float]() + + let memoryStats = MemoryStats( + measurements: [], units: "MB", + totalNumberOfMeasurements: 0, + preTranscribeMemory: -1, + postTranscribeMemory: -1 + ) + let latencyStats = LatencyStats( + measurements: [], units: "Tokens/Sec", + totalNumberOfMeasurements: 0 + ) + var count = 0 + var lastTimeStamp = CFAbsoluteTimeGetCurrent() + + let callback = { + (result: TranscriptionProgress) -> Bool in + count += 1 + let currentMemory = SystemMemoryChecker.getMemoryUsed() + let timeTaken = CFAbsoluteTimeGetCurrent() - lastTimeStamp + lastTimeStamp = CFAbsoluteTimeGetCurrent() + let currentTPS = Double(1/timeTaken) + + if currentMemory != 0 { + currentMemoryValues.append(Float(currentMemory)) + } + if !currentTPS.isNaN { + currentTPSValues.append(Float(currentTPS)) + } + if count % 100 == 1 { + let timeElapsed = Date().timeIntervalSince(startTime) + memoryStats.measure(from: currentMemoryValues, timeElapsed: timeElapsed) + latencyStats.measure(from: currentTPSValues, timeElapsed: timeElapsed) + currentMemoryValues = [] + currentTPSValues = [] + } + return true } - if count % 100 == 1 { - let timeElapsed = Date().timeIntervalSince(startTime) - memoryStats.measure(from: currentMemoryValues, timeElapsed: timeElapsed) - latencyStats.measure(from: currentTPSValues, timeElapsed: timeElapsed) - currentMemoryValues = [] - currentTPSValues = [] + + let whisperKit = try await WhisperKit(model: model) + memoryStats.preTranscribeMemory = Float(SystemMemoryChecker.getMemoryUsed()) + + let transcriptionResult = try await XCTUnwrapAsync( + await whisperKit.transcribe(audioPath: audioFilePath, callback: callback).first, + "Transcription failed" + ) + XCTAssert(transcriptionResult.text.isEmpty == false, "Transcription failed") + + memoryStats.postTranscribeMemory = Float(SystemMemoryChecker.getMemoryUsed()) + + var wer = -Double.infinity + if let filename = audioFilePath.split(separator: "/").last,let originalTranscript = getTranscript(filename: String(filename)){ + wer = WERUtils.evaluate( + originalTranscript: originalTranscript, + generatedTranscript: transcriptionResult.text, + normalizeOriginal: true + ) + XCTAssert(wer != -Double.infinity, "Calculating WER failed.") } - return true + + let testInfo = TestInfo( + device: device, + audioFile: audioFilePath, + model: model, + date: startTime.formatted(Date.ISO8601FormatStyle().dateSeparator(.dash)), + timeElapsedInSeconds: Date().timeIntervalSince(startTime), + timings: transcriptionResult.timings, + transcript: transcriptionResult.text, + wer: wer + ) + + let json = RegressionStats(testInfo: testInfo, memoryStats: memoryStats, latencyStats: latencyStats) + resultJSON.append(json) } - - let whisperKit = try await WhisperKit(model: model) - memoryStats.preTranscribeMemory = Float(SystemMemoryChecker.getMemoryUsed()) - - let transcriptionResult = try await XCTUnwrapAsync( - await whisperKit.transcribe(audioPath: audioFilePath, callback: callback).first, - "Transcription failed" - ) - XCTAssert(transcriptionResult.text.isEmpty == false, "Transcription failed") - - memoryStats.postTranscribeMemory = Float(SystemMemoryChecker.getMemoryUsed()) - let testInfo = TestInfo( - device: device, - audioFile: audioFilePath, - model: model, - date: startTime.formatted(Date.ISO8601FormatStyle().dateSeparator(.dash)), - timeElapsedInSeconds: Date().timeIntervalSince(startTime), - timings: transcriptionResult.timings, - transcript: transcriptionResult.text - ) - let json = RegressionStats(testInfo: testInfo, memoryStats: memoryStats, latencyStats: latencyStats) + do { - let attachment = try XCTAttachment(data: json.jsonData(), uniformTypeIdentifier: "json") + let attachment = try XCTAttachment(data: JSONEncoder().encode(resultJSON), uniformTypeIdentifier: "json") attachment.lifetime = .keepAlways attachment.name = "\(device)_\(model)_\(iso8601DateTimeString).json" add(attachment) @@ -135,15 +195,6 @@ final class RegressionTests: XCTestCase { XCTFail("Failed with error: \(error)") } - if let originalTranscript = getTranscript(){ - let wer = WERUtils.evaluate( - originalTranscript: originalTranscript, - generatedTranscript: transcriptionResult.text, - normalizeOriginal: true - ) - assert(wer != -Double.infinity) - } - } func testRegressionAndLatencyForAllModels() async throws { @@ -155,7 +206,9 @@ final class RegressionTests: XCTestCase { #if os(macOS) && arch(arm64) currentDevice = Process.processor #endif - + + //Remove trailing whitespace characters + while currentDevice.last?.isWhitespace == true { currentDevice = String(currentDevice.dropLast())} do { allModels = try await WhisperKit.fetchAvailableModels() allModels = ["tiny"] @@ -165,7 +218,11 @@ final class RegressionTests: XCTestCase { for model in allModels { do { - try await testAndMeasureModelPerformance(model: model, device: currentDevice) + try await testAndMeasureModelPerformance( + model: model, + device: currentDevice, + overEntireDataset: true + ) } catch { failureInfo[model] = error.localizedDescription } @@ -184,40 +241,36 @@ final class RegressionTests: XCTestCase { func testFractions(){ - assert(Fraction(numerator: 10, denominator: 0) == nil) - assert(Fraction(numerator: 10, denominator: 10) != nil) - assert(Fraction("3/7") == Fraction(numerator: 3, denominator: 7)) - assert(Fraction("1/2") == Fraction(numerator: 2, denominator: 4)) - assert(Fraction("100") == Fraction(numerator: 100, denominator: 1)) - assert(Fraction(numerator: 5, denominator: -8) == Fraction(numerator: -5, denominator: 8)) - assert(Fraction(numerator: -5, denominator: -8) == Fraction(numerator: 5, denominator: 8)) - assert(Fraction("3.1415") == Fraction(numerator: 6283, denominator: 2000)) - assert(Fraction("-47e-2") == Fraction(numerator: -47, denominator: 100)) - assert(Fraction(2.25) == Fraction(numerator: 9, denominator: 4)) - assert(Fraction(2.25)! * Fraction(numerator: 100, denominator: 5)! == Fraction(numerator: 45, denominator: 1)) - assert(Fraction(2.25)! * 100 == Fraction(numerator: 225, denominator: 1)) - assert(Fraction(2.25)! + Fraction(1.25)! == Fraction(numerator: 7, denominator: 2)) + XCTAssert(Fraction(numerator: 10, denominator: 0) == nil) + XCTAssert(Fraction(numerator: 10, denominator: 10) != nil) + XCTAssert(Fraction("3/7") == Fraction(numerator: 3, denominator: 7)) + XCTAssert(Fraction("1/2") == Fraction(numerator: 2, denominator: 4)) + XCTAssert(Fraction("100") == Fraction(numerator: 100, denominator: 1)) + XCTAssert(Fraction(numerator: 5, denominator: -8) == Fraction(numerator: -5, denominator: 8)) + XCTAssert(Fraction(numerator: -5, denominator: -8) == Fraction(numerator: 5, denominator: 8)) + XCTAssert(Fraction("3.1415") == Fraction(numerator: 6283, denominator: 2000)) + XCTAssert(Fraction("-47e-2") == Fraction(numerator: -47, denominator: 100)) + XCTAssert(Fraction(2.25) == Fraction(numerator: 9, denominator: 4)) + XCTAssert(Fraction(2.25)! * Fraction(numerator: 100, denominator: 5)! == Fraction(numerator: 45, denominator: 1)) + XCTAssert(Fraction(2.25)! * 100 == Fraction(numerator: 225, denominator: 1)) + XCTAssert(Fraction(2.25)! + Fraction(1.25)! == Fraction(numerator: 7, denominator: 2)) } func testLargeWER(){ - var genText: String? - var origText: String? - if let genPath = Bundle.module.path(forResource: "generatedTranscript", ofType: "txt"){ - genText = try? String(contentsOfFile: genPath, encoding: .utf8) + let texts = getWERTestData() + if let originalText = texts.0, let generatedText = texts.1{ + let wer = WERUtils.evaluate(originalTranscript: originalText, generatedTranscript: generatedText, normalizeOriginal: true) + XCTAssert(wer == 0.18961994278708622, "Expected wer: 0.18961994278708622 but computed \(wer)") + }else{ + XCTFail("Fetching WER test data failed.") } - if let origPath = Bundle.module.path(forResource: "originalTranscript", ofType: "txt"){ - origText = try? String(contentsOfFile: origPath, encoding: .utf8) - } - - let wer = WERUtils.evaluate(originalTranscript: origText!, generatedTranscript: genText!, normalizeOriginal: false) - assert(wer == 0.42448103078024335) } func testHirschberg(){ let s1 = "With a rumble that echoed through the night, thunder crashed overhead, its raw power shaking the earth beneath it, leaving in its wake an exhilarating sense of awe. As rain poured down in torrents, the thunder boomed with a rhythm that seemed to speak a secret language, intertwining nature's symphony with an innovative melody that captivated all who listened." let s2 = "In the midst of a summer storm, thunder erupted with a booming chorus, shaking the earth beneath our feet and electrifying the air with its powerful presence. The crackling symphony of thunderbolts danced across the darkened sky, illuminating the clouds with an innovative display of nature's raw energy." let ops = hirschberg(Array(s1.unicodeScalars), Array(s2.unicodeScalars)) - assert(ops.count == 228) + XCTAssert(ops.count == 228) } } From ad13284b641164d1d2d64ccd40ef80f80c623826 Mon Sep 17 00:00:00 2001 From: Abhinay1997 Date: Tue, 11 Jun 2024 22:25:08 +0530 Subject: [PATCH 15/28] Add WER to regression test results, fix overflow --- Tests/WhisperKitTests/Evaluate/Fraction.swift | 2 ++ Tests/WhisperKitTests/MemoryTestUtils.swift | 4 +++- 2 files changed, 5 insertions(+), 1 deletion(-) diff --git a/Tests/WhisperKitTests/Evaluate/Fraction.swift b/Tests/WhisperKitTests/Evaluate/Fraction.swift index 81605f84..a38b5325 100644 --- a/Tests/WhisperKitTests/Evaluate/Fraction.swift +++ b/Tests/WhisperKitTests/Evaluate/Fraction.swift @@ -66,6 +66,8 @@ struct Fraction{ } } if matches.count == 0{ return nil} + // catch overflow if matches[num] will exceed size of Int64 + if matches["num"]?.count ?? 0 > 19{ return nil} var numerator = Int(matches["num"] ?? "0")! var denominator: Int diff --git a/Tests/WhisperKitTests/MemoryTestUtils.swift b/Tests/WhisperKitTests/MemoryTestUtils.swift index 6a6f403b..ab974fe8 100644 --- a/Tests/WhisperKitTests/MemoryTestUtils.swift +++ b/Tests/WhisperKitTests/MemoryTestUtils.swift @@ -28,8 +28,9 @@ class TestInfo: JSONCodable { let timeElapsedInSeconds: TimeInterval let timings: TranscriptionTimings? let transcript: String? + let wer: Double - init(device: String, audioFile: String, model: String, date: String, timeElapsedInSeconds: TimeInterval, timings: TranscriptionTimings?, transcript: String?) { + init(device: String, audioFile: String, model: String, date: String, timeElapsedInSeconds: TimeInterval, timings: TranscriptionTimings?, transcript: String?, wer: Double) { self.device = device self.audioFile = audioFile self.model = model @@ -37,6 +38,7 @@ class TestInfo: JSONCodable { self.timeElapsedInSeconds = timeElapsedInSeconds self.timings = timings self.transcript = transcript + self.wer = wer } } From 47be8445ccd4de905dd976e80e136bbdc7447258 Mon Sep 17 00:00:00 2001 From: Abhinay1997 Date: Tue, 11 Jun 2024 22:26:55 +0530 Subject: [PATCH 16/28] clean up files --- .../Resources/generatedTranscript.txt | 1 - .../Resources/originalTranscript.txt | 1 - Tests/WhisperKitTests/Resources/ted_60.m4a | Bin 188085 -> 0 bytes 3 files changed, 2 deletions(-) delete mode 100644 Tests/WhisperKitTests/Resources/generatedTranscript.txt delete mode 100644 Tests/WhisperKitTests/Resources/originalTranscript.txt delete mode 100644 Tests/WhisperKitTests/Resources/ted_60.m4a diff --git a/Tests/WhisperKitTests/Resources/generatedTranscript.txt b/Tests/WhisperKitTests/Resources/generatedTranscript.txt deleted file mode 100644 index 23ce6f43..00000000 --- a/Tests/WhisperKitTests/Resources/generatedTranscript.txt +++ /dev/null @@ -1 +0,0 @@ -[Music] Good day and thank you for standing by. Welcome to the source system 2021, Food Quarter and 4-year earnings presentation call. At the exam, Open the Scipient Time, Lason, or Limout. After the speaker's presentation, the will be the question and answer session. To ask a question, during the session, you will need to press star and one on your telephone keypad. Please be advised that today's conference is being recorded. If you require any further assistance over the phone please press star zero. I would now like to hand the conference over to your first speaker today, Franchois Baudonado. Please go ahead. Thank you, Nadia. Thank you for joining us on our fourth quarter and fiscal year 2021, Bernie's Conference School with Ben Ashales by Chairman and CEO, as stand at those chief operating officer and moving the demand chief financial officers. We also join us, Tharak Sherry, Chairman, that's what he's saying, the likes and answers and health care. That's what he's saying, results are prepared in a cordon. It's hyper-res. No, of the financial figures. This goes on this conference goal on a non-hyper-resquated, with revenue growth rate in constant currency and less otherwise melted. Some of our comments on this goal contain forward-looking statements, which could differ materialism. Please refer to today's press release and the risk factors section of our 2020 EU and the so-called \"Regionalism\". all earnings material are available on our website and this prepare remarks will be available shortly after this call. We are now, you're from Israel. Thank you very much for the sake. Good morning and good afternoon to all of you on Sankeu for joining us. It's always a pleasure to review our full year result with you. We had an excellent 2021 year with a strong finish to the year. The total revenue rose 11% for the year, driven by a broad based demand across our markets. The majority of which are growing double digit by the way. Our strategy grows drivers perform the well through the experience of a new increased 15% with cloud growth. We've clouded revenue rising 23%. Our 3D experience platform has been a competitive advantage driving new client wins. The cloud is about inclusiveness and providing additional value to clients. around improshing increased 26%, songs to good over new growth on high profitability. For 2022, we have said the target for 9 to 10% top line growth. As you can see, we have delivered very good results, but more importantly, we have the key elements in place to support sustainable growth. Our technology are changing the game for clients across our three major sector of the economy. We are expanding our footprint, deepening existing partnerships on adding new clients. We have invested in our team establishing the next generation of leaders. The stage is set therefore for a good future. Now I'd like to share some perspective on our vision and strategy for the coming years. You remember us 10 years ago, in February 2012, we unveiled a new prawn identity for our company, the 3D experience company, on our corporate purpose, with the run our analyzing product nature on life. Today the significance of our strategy is clear, our clients and partners have embraced the experience economy. They are transforming all sectors on industries with sustainability on human, some creativity, as central pillars of a new era. The experience economy accelerated by the pandemic triggers new categories of expectations. from citizens' passion consumers even workers. This is apparent in our everyday life. To more versed mobility is no longer a matter of vehicles. It's a matter of desirable sustainable mobility experiences. To more scale is much more than the architects, it's about the passion journey on precision medicine. To more cities are not only a collection of buildings, streets and passivities. It's about quality of life, on quality of service. As a consequence, all our clients need to re-imaginate the offer. Our answer is the systematic use of virtual twin experience based on modeling, simulation, on real world evidence in this merger between the virtual under real world. I want to be sure therefore to help our time, imagine creating produced experiences for their own clients. Unlike Metavers, we use virtual world 3D virtual world experiences to improve the real world. Only then the possibility of harmonizing product nature on life we emerge. I believe that the innovators of tomorrows, and we see them, after things in terms of universes, they are, that is to say, in terms of organic systems of systems that create produce, on play, experience, in a circular economy. With the 3D experience platform, we are creating this if we loop, we can provide this holistic view, combining value creation, on value experience, design on usage to cover the full experience life cycle. We can extend virtual twin experiences across universes. It's about continuity of the what, the offer, the how, how you make it, on the use of it by people. This is a new revolutionary approach to innovation. It's in some way the next generation of PLN. As we have done in the past with the earlier adopters, we will pave the way for the future across the three sectors of the economy we serve. Let's quickly look at implications for example in life sciences. Clinical research has moved beyond the hospitals on labs. As more and more technologies use to decentralize, tries, the entire clinical trial experience is transformed for all people involved. Persians can now participate in a trial from anywhere, especially from old. Doctors on research can now collect more data in different ways. If we connect the dots across clinical trials data, real-world data, on research on development, we can close the loop on make precision, medicine, a reality. As a consequence, elevate the passion journey. That's so system will be the only one capable of supporting end-to-end solution in life science. The ongoing advancement toward the sustainable economy will mark this century also. We can reveal some of the dynamics we see progressing. I think it's clear that our passion for science-based people-centered innovation on the commitment we have for our very loyal clients is the catalyst of that transformation. Let's have a few illustration of how we are enabling such kind of transformation today. And I think from there you will see a lot of good reasons to believe. In the consumer industry, we have a very successful partnership with IKEA. With the 3x experience by Ne platform, Kitchen, Kitchen, Planner, On the Cloud, IKEA is enabling customers to use virtualization to design their own dream teachings. The pandemic has led individuals to invest in their homes. And as acted as an accelerator for a commerce, the 3D experiment by Neatat Form Kitchen Planner has allowed Ikea to take full advantage of these trends. In some way the by-mic kitchen platform was used by 1 million people only a few months after in deployed. And today as rich over 4 million users making it the most popular 3D consumer application in the world. This is the cloud advantage, but it also, the mobile advantage. In mobility and also sector of the industry, purely is pursuing increasingly challenging goals in terms of sustainability, working on innovative materials on cutting edge production processes. They have selected smart tires on the 3DX1s platform. They will leverage the capability of the virtual twin to foster innovation, reduce cost, increase circularity, and of course they use time to market through simulation modular design. It's great to be part of Pirely's adventure to move everyone forward through technology and social progress. In the L-Scare, I could take the example of Perigo because the L-Scare affordability is becoming essential. Today, the cost of L-Scare is growing twice as fast as the overall economy. Here we go, 100-on-30 years old company has been improving passion lives with affordable, self-care products. The company is deploying several of our solutions. For example, license to Q, perfect formulation, perfect package. On our 3D experience platform, as you notice, the you are not describing the function, we are describing the value even in the way we name our solutions. The goal is to increase efficiency quality on time to market. We are very pleased to help you to help you to get positive impact on the positive. Now, you have some proof points. It's plain to see virtual twin experiences powered by the 3D experience platform, helping all our customers, evolve on transform. We recently celebrated our 40th anniversary and the system. Two generation of innovators have revealed the power of virtual works to imagine create disruptive innovation. And this is a fact in all sectors we serve. Now we are focused on our next horizon. our objective is to do is to be the leader of in sustainable innovation, on to continue to position our clients, at the one group of progress across manufacturing industries, life science on the scale as well as infrastructure on cities. To support our long-term initiatives, we have established the next generation of executive leadership. I'm so happy to have Pascal the law is now fully focused on his mission as chief of garraking officer to connect all the dots on elevate and expand the value we provide to our clients, on power, new generation of leaders along the lines that I just described. At the same time, I'm I may equally delight it to welcome Ruben Berman to the executive committee of the SOS system as chief financial officer. Ruben has played a critical role in integrating mid-Data, he has held the COO on CFO, titers, and brings a mastering of financial matters related to software on cloud business model. Over, it's wonderful to have you here. Thank you for being here. It's giving us more time to meet with customers. Ultimately, all progress is human investing on our people and culture is at the core of what we do, our M&A activities are driven by both innovation capabilities as well as talent on as you all know. After many years of observing the system, it has always been essential for us. We are focused on enabling teams to transform revealed talents. When we are quite many data in 2019, just two years ago, Tariq and I Steeam, which we share with Glenn, is body. created this incredible reason to believe that we could have a future together. I'm extremely proud of the significant innovation, strong culture, on leadership, mediator, as brought to the life science sector. We have been able to integrate, scale rapidly, actually grows on the liberal excellent result on a poor old, have fun being together. It's a great pleasure now to have online direct by body. We now the chairman of the Lifestyle sector on this KFO for the system. On TRIK, would you like to say a few words? Thank you Bernard. It's thank you for the kind words and it's really a pleasure to be with all of you today in my role, it's been a few years since I've been on an earnings call. And as you say, it's a lot of fun. So it's been more than two years since we announced coming together. And honestly, I can't be more excited about what we've been able to accomplish and the progress we've made since that time. It's been an incredibly challenging environment as you all know. integrations are never easy and doing it on a global scale is even more difficult and then doing it in the midst of a pandemic. Isn't even more difficult. But I would say that the integration has been a tremendous success and I really want to thank Bernard and Pascal for all the support that they have given us and our teams. And I don't I'd like to also thank you our teams who have come together focused on creating value for our customers and ultimately for patients. You know, our teams are delivering amazing innovation and execution to advanced clinical trial and new treatments for patients during what's been an unprecedented time. And it feels like we're just getting started given the tremendous opportunities that we see ahead of us. Our impact on improving the patient's experience and scaling precision medicine has never been clearer. You know, at the end of the day it's what Glenn and I always dreamed about and we're convinced we would be able to do one day and it's what brought us together as organizations in the first place and it's becoming a reality. As many of you know, we suffered the tragic loss of Glenn de Vries, my best friend and our co-founder late last year. He helped transform our industry and his vision has always been an inspiration for all of us. Glenn helped set the highest standards for Medi-David, did I know? And he drove us to innovate and solve the most complex problems with energy and creativity. And I am absolutely convinced that we will pursue progress in life sciences and healthcare with the same passion that he had. and we have an amazingly strong team to support that. By continuing to do everything we can do to support the business, we are honoring Glenn Fulegacy, and we will ultimately ensure help your lives for patients everywhere. We have a strong leadership in place today and they will help carry us into the future and together with Bernard and Pascal and now Ruben, I share the conviction and confidence in our promise and future. I want to hand the call back to your Bernard. Thank you, darling. Thank you my friend for your leadership. Also, the incredible moment we had all of us together when we decided in less than one hour that the future was together on that was only two years ago. So I am also confident that we can make the difference. And we have now an incredible connection between people and ten members of opportunities to provide great solutions for our customer. So with that Pascal, you are the frog. Thank you very much. Hello everyone. I hope you are doing well and thank you for joining us today. So turning to our financial results, the strong business momentum we experience throughout the year continuing to the first quarter, resulting in the performance well aligned with our guidance. So let's start with a Q4 top lines, your over your comparisons. To draw a revenue group 10% to 1 billion's 370 million, above our 7 to 9% range. The software revenue also grew 10% and all organically. Liesens and other revenues rose 15% to 340,8 million, well above the guidance and we are back to 2019 levels. Subscription and support revenue increase 8% driven by the high the budget subscription growth, reflecting strong metadata performance, but also the 3D experience momentum. and the recurring revenue represent 72% of the software revenue. Doing on services, services was up 10% and we achieved a services gross margin of 27.1% substantially better compared to last year and it's coming mainly from the effort we made to improve the efficiency when we were in the middle of the pandemic from 18 months ago. From a profitability standpoint, in the first quarter, we deliver a Q4, a strong operating margin of 36.8%. This world's well-aligned with our guidance of 36.4, when taking it to account the transient impacts of 40-bit response. EPS grew 17% to 29 cents compared to our guidance of 27 to 28 cents. Few words on the outcomes, it's an important topic. I know you have questions usually on this. So in terms of account we are well aligned with our objectives, we saw strong airing activity again in Q4, an lower truitions, an overall outcome grew 4% and research and development was up to 6%. So I think given our track ritual of innovation and our mission driven culture. We are confident in our ability to continue to attract and retain top talents over the mid to long term. And this is still a priority for 2022. Let's us take a deep dive into our revenue performance first and let's zoom on the software revenue by Geo. The America has grew 7% during the first quarter driven by solid subscription growth, which is definitively key trend in North America. In 2021, the region benefited from strong performance in eye-tech, transportation and mobility and life-sciences at large, and now America has represented 38% of the total software revenue. Europe increased 10% signed to a strong resiliency throughout the regions. And in 2021, transportation and mobility and industrial equipment grew the world-digit. Europe represented 37% of software revenue in 2021. Asia rose 12% driven by market expansion in Japan, India and South Asia. And in 2021, China grew 19% and Asia at large represent 25% of the software revenue. Let's say you work on the product line performance. In just one innovation software revenue wrote 8% to 6, and rather 82.3 million in Q4. This growth has been driven specifically by C.M. and Dan Mia where the growth is exceeding the budget. and it's mainly due to a large part to large client wins we did in Q4. In Ovia showed also a strong subscription growth which is against new trend and I think this subscription model is relatively suitable for all the collaborative set of solution we have. And Katiya finally is back to 2019 levels so I think we are again on our trajectory. LICENC is software revenue rich 245.1 million in Q4 and increase of 9%. MediData grew over 15% on the back of a strong comparison base if you remember. And we continue to see a very good momentum across the MediData portfolio, including MediData RAV, the core products, MediData AI, knows a diversification in the analytics and artificial intelligence, and related to a passion club which is the effect of standard for the decentralized clinical trial. This momentous is also visible in all the across the hand markets we are serving, so not only the pharmaceutical and biology companies but also the contract research organization and the medical devices company. So we saw high double-gigros in attached rate against this quarter which is extremely important because not only we are capturing new customers but we are growing inside those customers. From a product-line perspective we saw strong belief that apart from months was partially upset someone by a lower than expecting bio-revenue. This was driven by the delay of two large renewables but we expect to sign both renewables doing the first-alt so it's really a temporary impact. If we step back a little bit, you know, we are one year after we have decided to create the life science engagement, which is nothing more than combining all the different capabilities and resources we have to address these markets. And this has been done through the leadership of the Mededetta Management team, especially Michael Prey and for that, Michael, thank you. We did extremely well. And now we are confident that this being in place with the strategy we have to provide life science industry, an end-to-end solution that connects dots between ideation, development, manufacturing, commercializations. Almost what we did in other industry, like I always face decades ago, I think it's pretty unique on the market place and we will make the differentations. Moving now on to the mainstream innovations, software revenue, rose 14% to 312.2 million in twofold. Solid works first deliver a strong result with software revenue growing high-single digits and we continue to see other chances of our three-example works family, you know the cloud-based solution during this period. Century pre-alemic's performance extremely well. With high double digit, I should say close to triple digit revenue growth. And not only it's, you know, it's delivering the numbers, but in term of the KPIs, we are now reaching more than 550 customers representing more than 4,500 brands. And with an extreme high level of satisfaction. Not only it's true in the fashion industry, but since almost two years, Centric PM, thanks to Chris Grove, is expanding into new vertical such as the foot and the rage, cosmetic and personal care and other customer consumer segments. So, again, the replays by this move and it's paying off. Good result is also when the strategy is working. And as As you know, we have two KPIs to measure this. The first one is the drug coming from the three deexperts and the fourth full year for 2021. The three deexperts revenue goes 15%. Revalued by strong substitution growth. And now it's account for 30% of the total software revenue which is an increase of 203-201 compared to last year. In 2021, the cloud revenue, which is the other one, KPI, we are monitoring, increase 23%. Driven by the continuing lengths in life sciences of course, but not only, but also and more and more by the 3D excellence. And, cloud now account for 20% of our software revenue had 200 pages spent compared to last year. All the clients, you know, we have across all the sectors are transforming extremely rapidly and they are turning to the system to help them to adopt new business model, accelerating innovation on bracing sustainability and putting consumer patient and citizen at the sense of experience. And our strategy is really to enable them those transformations with cloud native applications, or cloud extension to an existing on-premise investment. And our 3D expense platform has been developed to make both. All those good results are also reflected into the cash flow and for the fiscal year 2021, the cash flow from a operation was 30% your over year to 1.6 million, 13.000 million, which is a converting 33% of the revenue to operating cash flow. Cash, which need to be less than 3 billion to billion 980 million, an increase of 831 billion versus an increase of 204 million last year. And finally our net financial debt position at the end of the year, decreased by 1,552 million to less than 9,5 million to be precise 890 million. And it has to be compared with a 2 billion 4 we had in December 31st in 2020. This in a net is putting us a year more than a year in fact a head of our schedule on our delivering objectives. Now to discuss the 2022 objectives, I'm very pleased to introduce Ruben Batman, our new chief financial officer and as Bernard mentioned, Ruben has played a vital role in integrating midi data and has been a real pleasure to work together for the last two years and it's a successful partnership I think. So Ruben, we are delighted to have you with us Ruben, you have the flow. And thank you, Pascal and hello everyone, also from my site. And before I would start to outline the financial objectives for 2022, I also want to share that I am thrilled and very happy to be here today with you in this new role. I really enjoyed your opportunity to meet with some of you already and learn from many colleagues at that social systems and particularly U.P.C.R.S. in the air position of many data. which as you know, is completed more than two years ago. And now with the successful integration, I'm looking forward to getting to know all of you and the broader investment community during this year. And I know we already have concrete plans to do that. So with this, let me turn to the Fulia Financial for 2022, our financial objectives. As discussed, we expect the broad-based dynamics we experience in the fourth quarter and 2021 to continue into 2022. You're focused on driving durable long-term growth. Our growth drivers are well established as highlighted by the NAN+CAR. First, we are enhancing our leadership position across our major plans. Second, we are accelerating the momentum with 3D experience and industry solution experiences and we are winning new customers as well expanding within our installed base. And third, we are focused on delivering new experience and value with cloud. So we will continue the momentum of metadata and metadata patient cloud. We will also expand the user base with a 3D experience work family in the mainstream market and deliver new value at scale with large enterprise partnerships like what you see happening with Renault or brief construction. Now with this in mind, we are targeting for full year 2022, total revenue growth of 9 to 10 percent and software revenue growth in the same range. When thinking about our software revenue growth, Let's keep in mind that last year we had a very strong year of license growth, this 23% year on year, which brought us back ahead of 2019 levels. And now for this year, you expect to continue healthy double-ditched growth at around 10% of up to 12%. Which reflects continued strong demand within our installed base. This trend is more in line with what we saw in our performance in the fourth world. We anticipate recurring software revenue to increase by 9.5%. The next generation of 100 to 150 basis points was last year. Turned by continued momentum and subscription growth with cloud and solid improvement in support revenue, also residing from the very good license growth we experienced throughout last year. For service this revenue we are projecting to grow between 8 to 9 percent, reflecting the increased activity levels of delivering innovation to our clients across all segments with solid margin performance. From a profitability perspective, this past year we demonstrated the long term scale of long term scale ability inherent to our business model. As we said through our 2021, we plan to accelerate investments into our business and re-engage activities which were impeded by the pandemic. Accelerating the growth in our workforce, in line with our long-term plan, is our top priority. And as such, we anticipate the non-NARF-RAS operating margin to be in the range of 32.7 to 33.1%. Again, this is consistent with our prior communication. Now let me continue with our proposed objectives for earnings per share. We expect non-Irofar SEPS to grow between 3 to 6% reaching 1 year at the high end. This EPS guidance assumes a text rate in line with 2021 levels of about 23.2%. Our financial objectives is you may use your $1.17. 7. Now I will provide some additional color on what to expect for Q1. As you are aware, our Vibris has some seasonality and the expect to see growth rates progressing throughout the year. You expect Q1 toward a revenue growth of 7 to 9%. This software revenue increasing in the same range and services revenue up to 5 to 7%. Turned by continued product based momentum across our GUS. We expect the operating margin at a range of 32.3% with an EPS growth of 3% to 7% versus last year. As you heard from us during this call, they are confident in the long-term opportunity ahead, and we look forward to keeping your price of all progress throughout the year. And now Pascal, I'll hand the call back to you. That you're overruns to summarize, I think, the stage is said for the future growth. On one hand, our long-term strategic vision has been validated. In investment, we made 10 years ago to a net, the expense could be uping off. And whatever you take the platform, the virtual twin experiences, the industry solution we have and the cloud, there are durable, competitive advantage. In parallel, that's what Bernard said. We are helping our clients also to transform to a sustainable economy. And this is becoming a affordable and significant opportunity to deepen and expand our partnership and our impact. This, you combine the two, will be a strong cycle of drivers to end up feeling growth across all the three sectors of the economy we are serving. In addition to this, I think we have the right leadership in place to execute the tremendous opportunity before us. And we, our commitment to clients, to drive our strategy, will continue and we thank them for their continued trust. So finally, I think, over an eye will be extremely pleased to see you in person, when we will have the ability to go back on the road, but I think it has been so long when we haven't seen each other. I think Bernard Houverne, it's correct, of course. You may be the time to take the questions. All right, sir. Thank you. The participants will now begin the question and answer session. As you remind that if you wish to ask a question, please press star and one on the telephone keypad and wait for a name to be announced. The first question comes around of Nicholas David from Odo B.H.F. to this question. Yes, hi. Good afternoon, Benar. I'm Pasca, and I'm a little bit burnt. I guess well. I'm just, obviously. Thank you for taking my question. My first one is regarding license is gross. You want to speak to double to this gross of license is in 2022. So for the second year in a row. So, Congress was happy because I think that was an ambition to sustain such a growth, the British growth of licenses. My first question is, do you think that such growth is sustainable beyond 22? And if so, also do you think that this improved growth trend in licenses is more linked to the momentum of your product cycle, so internal to your company, or more linked to the consequences of the of the send-out crisis we're leaving right now, and it's more a macro impact you are building. Of, and my second question is still regarding licensees as a self, several software players, including some of your competitors mentioned that the difficulties the clients have had in hiring, I've led to some today's in launching project and having negative impact on myself. So my question is, to what extent you may have this kind, you may suffer from this kind of impact, regarding your relationship, and the coming quarters. Thank you. Oven, you want to take the first one? Yes, happy to, happy to, yeah. So I think the best way to conceptualize this Nikola. Thank you for the question. Yes, we had in 2021. There is from licensed performance, it's 23% for the full year. You know, of course this was a lower comparable base in 2020. Q4 or 15% growth again, again, I think a good comparability, you know, Q4 of 2020 we saw the rebound starting to happen. to happen. And so it was a real proof point for us in the fourth quarter to achieve double it should go. And that trend is what we continue to forecast into 2022 with 10 to 12 percent. And I think the area, the sources of growth for that supports that underpins this assumption, is that we have well established an operating model between the capex and opx for our customers. We are serving industries where we have significant installed basis. That are transforming to the cloud to the subscription model that it will take time. And we are committed to support our customers and support them in a way where their preferences are in terms of how they want to spend and make the investment. You know, these are very sticky investments, very long-term relationships where our customers are capitalizing on their investments for decades. They continue to innovate and so that's right, value. You know, and I think with the three-day experience and the Paul by extension that we deliver, we make these investments also really valuable and ready for the future. On the second part of the question Pascalic I make. on is the client-arrange challenge having an impact on our license. I will see the total opposite way. Because the nature of our audience is changing. For years we have been all we got to you to focus on engineering, production. But now we just really experience that form. We also reach supply management, costing on many of those functions within the company. The example Adorno is really amazing in terms of size, that Toyota Motor also, a mini-ozer client, that I could name. So, the intent with the platform phenomenon, the 3D experience platform, is to reach audience that we could not reach before. As a matter of fact, you know, the 3D experience collaborative environment is now being used by clients to do so. and evaluate materials, cost, weight, supply efficiency, all based on the three universe. Not on number of networks, but on the real product itself of the way you produce it. So we see this as a long lasting growth factor on Pascal mentioned that it's not disabled in even in with our business applications that we call now on the other side. I think we're in Ovia, where we deliver business experiences, or program management, project management, costing, even for ESG reporting, or CO2 reporting, because that performance is capability. So we don't see the negative at it. That's very clear, thank you. And really one very quick follow up from my site is, when the time that you increase, sorry, that to reduce attention a bit, but do you think that you need also to increase the volume of shares granted to employees in dot to raise further the attention. So any any in the chat. Yeah. is that it's not a canonset, I was the vice chairman of the board. Because that's not on the budget side, it's on the show on the side. No, we have, I think we have a very stable, predictable, for you, for allocation. And we think that it provides a good compelling incentive for people. And we created these two gather, mother last year, which was really to provide an option for people to buy shares at a certain discount on Guanti, the result of a certain number of years. Very successfully, for successful program, but we integrated that allocation as part of the overall policy so that there is no or division, I would say. If I start if you want to. Oh, I think, you know, because I don't the first time we discussed this, I think we are extremely, we have a lot of discipline on this. Why so? Because if you want this to be long term, and not only one of, you need to integrate it in your business model. If I compare with the competitors or the peers, usually they allocate an envelope which could be sometimes three times bigger. However, I think it's not sustainable over the time. Especially if you look at the end, how much of the operating profit goes through this. I think do your job, do the sanity check, you will see its balance, its fair, its unrivaled and sustainable, and that's basically our philosophy and our principle. So you could come upon us to continue what we did in the same manner. That's clear. Thank you and congrats for the impressive set of results. Thank you. Thank you. Thank you. The next question comes from the land of Charles Brennan from Jeffrey. Please ask your question. Great. Good afternoon. Thanks for taking my question. Hopefully it's second time lucky. And across the industry we're seeing this cloud momentum gather pace and it's reference in your statement with some of your legacy customers moving to the cloud. So I was running for a just ask four questions related to the cloud. The first of which is just in terms of your product portfolio, can you remind us how much is native cloud versus available on the cloud via extensions? Secondly, I think you traditionally said that the move to the cloud or growth in the cloud would be largely incremental to your core business. But certainly this morning you were talking about product lines like a Navy or solid works moving to the cloud. Those are both traditional license product lines. And I'm just wondering if we're starting to get to the stage where you're starting to see traditional licenses cannibalized by the cloud. Thirdly, it feels like some of your competitors are being a lot of more progressive and driving this agenda. I'm just wondering what it would take for you to be a little bit more proactive in forcing a shift to the cloud. You're obviously doing that in the life sciences vertical. I guess Reuben's well-placed to manage a more progressive cloud transition. I'm just wondering what the catalyst would be for you to go down that route. And very lastly, on M&A, I guess traditionally we see a bigger transaction from DASO every couple of years. I guess we must be getting into the window where we're due the next one. Should we assume that any future M&A from here will be of a cloud-based business model? And is that one of the catalysts that's going to get you to the target? So having 30% of the... of the revenues in the cloud. Thank you. We could do probably the rest of the color. I have your question, Charlie, but do I want to take the first turn? I could come on and I thought I could put you on the Pascal, of course, stepping. First of all, we have Richard Point where, first of all, The cloud approach for us, a borrower, is a way to reach new category of users. Second, the cloud approach for us is about providing new delivery system for the capabilities we have, roles, process and solution. Why? Having browser native services, on mobile tablets and PCs, is a big thing for the nature of software we do. On the IKEA story, we form million users in a few months, is an illustration exactly of that. It's all going through browser-based. Same as you mentioned, chart on the sneakart drive. But we are doing that also for design. and we are doing that another matter of fact, the portfolio intro, as a return point, where we are now. There are more solutions or examples on the cloud native than we have on premise. However, I want to make sure it's clear. We love the on premise. The programs on the on premise will become private clouds. There will become absolutely private clouds. We are going to do that to do so with customers. In fact we have started to do it for highly sensitive program. Because the value of doing that is so well organized by clients. So we value this hybridation to reach the audience and provide really a 3D for all approach that will make the defense on Accelerate the platform phenomena across all functions. If you think about people now doing supply negotiation in the past, they were using ERP dashboards. Now they are looking at the product itself and they have the price on the pot. And they know where it's sourced from. It's a new word from them. We do metaverse before metaverse. Because they see what's happening. So enough said, but let's not see cannibalization. I see massive componentarity on that point. And just to echo what you say, Bernard, you were mentioning in Edovia. Again, you still have a time to understand what Edovia is about today. Edovia is not anymore on the list of product-like cycle management capabilities. It's as Bernard said, it's a set of business applications, You know, allowing the procurement to source the cost, to negotiate, to contract. Allowing program manager, to run their program to do their review, to manage their supply chain. This is what we are talking about, and it's an extension compared to what we used to do. So that's just an example, and on solid works, we are talking about the works family. We are not talking only about solid works. And the works family, you have similar works, you have then their works, you have in-of-your-works. And those set of services are not well-deployed in the mainstream market right now. On my way on the works family, they are all cloud-nitty, they are all cloud. All is no one premise anymore, all of them are all cloud. So that's the reason why it's really an extension and it's still an extension compared to... There is maybe some of our expertise quite a meeting. Now coming back to what could be the shift to force the subscription model. But that's not our way of thinking. We are here to serve our customers to transform them and to evolve their business model. So what is the point to impose your business model when it's not aligned with your customers business model? Knowing at the end, the license or subscription we are doing a good profitability with both. We will notice. So, I think our thinking process is much more the transformation of what we do will lead automatically to a subscription model. For many things we do, but we want to do it in concert with a lot of alignment with our customers. That's I think making a big difference compared to many of our competitors. And last but not least, the question of the reality to eliminate. Yeah, I mean you notice that we will be the leverage almost in six months from now. So which gives us the ability to do as or the move if we want. The cloud is not, I will say, the purpose. The purpose is ready to extend what we do, having the ability to expand the addressable market and maybe change the nature of what we do. For example, if we want to focus on the data centricity of our solutions and technology, for sure the cloud is probably the way to do it. But again, it's a means, it's not the goal. So that's what I can say at this stage. It's probably too early to speak about it and maybe I don't know at the time of the capital market day. In June, we could probably discuss much more opening to this topic. Professor Faxmerch. Thank you, Charles. Next question, please. Thank you. The next question comes from line of J. Please, Howard from Griffin Security. Please ask your question. Thank you. Hello, everyone. I'll ask all my questions at the same time, just given the time, many, I'm a call. First, could you talk about the performance in 2021 and what your expectations might be for 2022, which respect to your, two principal sales channels, which you now call CSE and CPE, you know, formerly BPMBS of course, could you comment on those two channels and anything you might be doing to invest in or alter perhaps, either of those channels. Secondly, one thing we see among a number of your principal competitors is an implementation of a plant implement, a faster product release cadence. We see this in both in CAD and Fiat LEMFLID Chapel. And I'm wondering if in lieu of your historical summer and winter releases, which which have done for many, many years, there might be some rationale for accelerating your product release cadence, particularly in alignment with your cloudy business. Thirdly on 3DX, one thing that seems to be occurring is that within the overall 3DX number, while an obvious scene still to be the largest part of it as it's been, other brands like the TAB6 are growing their contribution. contribution. If you could comment on that and whether you think that brands other than an OVM might eventually account for the majority of the treaty ex-business. And lastly, I'm pretty ex-works. I understand it's so quite early, of course, only six quarters in market. But do you think that you have any visibility to penetrating? Let's say more than 10% of the solid workspace, with treaty ex-works and thereby make it an increasingly material business. Thank you. A few clarification on the faculty, if I may, I'll be with the first of all, that's a system is providing, and not anymore, functionalities, but we are providing roles, processes, and industry solutions. So when we deliver roles, again, as a price on the roles, that is a price on the process to do the job, and we do it by industry and industry separate. This is unique on no one of the competitors are doing that. So it's important to understand it. The second thing is on the next slide. The second remark is we do six weeks cadence delivery on the cloud. So Jay please notice that for a large percentage of our install days. We are already there, every six weeks, the world is getting new capabilities on its working extremely well with an SLE which is very high on providing satisfaction. Some large companies are already there. We have to count the example of a week. It's all cloud 100%. We're all know for 3D collaborative environments suppliers. All cloud every 6 weeks, it's updated. So we are already in a big way. All cloud are following that cadence. So I think we are faster than most of the other players on that standpoint. So just topic for clarification. On last, we don't count Katya on the 3D experience like, for surpassed Kanon, we're going to explain more. We count Katya for Katya, we count. Then we are for DelMia. Each bronze for what they are, no matter if they are independent or if they are based on the 3D experience platform. So we continue to keep that integrity in the way we report. Now, on last thing about the 3D experience works, It should be noticed that outside solid works. Everything new is native cloud. Similia works is native cloud. On only cloud, for solid task customers. On we have also now a full suite of suite of solid works, optionages, that are delivered on a browser. On this explains the incredible success of cloud in China. limit on it more than in e-variors or countries because I think in China they have we had the approval to run cloud all our own licenses on on really distributed in a big way. So that's all what I want to apply for and Pascal maybe you want to put them on the channel maybe I can see if you work. So first of all, you know the the best way to assess the performance of the channel is really to look at the in command of revenue and the license is still probably a good indicator across all the different engagement model. So if you follow me on this, all of them are growing higher than 20% so when I say it's a broad base, it's really a broad base and it's what we call the process channel, it has the best performance in terms of new license this year. in 2021. So by being more close to 30 to 20%. So, and it's not the surprise when you think about it, because during the pandemic, the direct sales resisted relatively well, the main screen, the theory also, but the process, the supply chain, we are really the one being on the pressure, and we have have been able to almost catch up the like in 2020, in 2021. So I think we are really living in a good path. To complement what Bernard said on the 3D experience distributed across all the brands, you are to be a little bit careful. This is true that in Ovia, for 4A, in Ovia, almost too served of the revenue of Nvia is 3D experience based. But it's a serve more than a serve for than y'all. Also for Ketia. So it's not the only one. Okay. If I may quickly, my annual question on solid works, unit volume. My calculation is that it looks like you're 2021 solid works, new commercial seed volume was similar to perhaps slightly better than were you were in 2019. So perhaps just around 76,000 or so. And not quite that to where you were in 2018, just yet. - This is true, but with one big difference, the average seed price increase, which means we are more and more capable to enrich the package. And one of the reasons you should remember, I will say 60% of the units are coming from existing. So they are the one not buying anymore the the base package or the one buying the full package. That's the piece of reason why you also you have such a gross. It's a combination of units and a spreadsheet. I just want you. Thank you. Thank you for the head count and higher in comments. So always useful inside. Thank you, Jay. By the way, you will have a neighbor because over the family is still in New York for a few months and you will probably fly to New York in the coming weeks. So that's right. Great. I'll pick you up at the airport. Okay. Maybe later for a coffee. Next question, please. Thank you. The next question comes to an end of New Year from Redburn. Please ask the question. Hi. Thanks very much. I just have a couple of quick ones. The first one is just looking at some sales and marketing expenses and I suppose the off-ext cost ratio is in general. Quite clearly, as we've gone through the pandemic, because of the travel and also hiring. you're running with thousand marketing around about three to four hundred stations point below where we were sort of pre-pandemic. I'm just wondering would you expect over the next couple of years for that to pick up to close to the sort of 29 30% that cost ratio that we've seen in the past or other structural reasons is to why hence for thousand marketing should be at sort of a structural level. That's the first question. a little Pascal will also have to discuss so you know as the chief operating officer I learned something during the pandemic. We have been capable to grow without having more resources. And give it or not we have increased dramatically the productivity. If I compare to 19 it's per head per sense people it's more than 11%. So why I'm seeing this? Because it's going to be a combination between obviously more resources, because we need to reinforce the coverage we have in certain region of the world or certain verticals. But at the same time, I still believe we still have, we still continue to improve the productivity. Maybe we're not at this level every year, but at least a few percentage points, it's probably something we could be able to achieve. So, and this will give probably the ability for us to finance a different go to market. Because you are talking about the traditional one, but they are actually, you know, we're talking about the traditional one. where we need to invest because it's a different way to go to market and still on Brianique and we still need to invest. So the net is it will not be maybe not have a big difference. However, we have some lever to expand the different nature of the go to market. We have. That's probably very interesting. So, that's the clarify. You suggest that we will see quite an over the next couple of years. The sales and marketing cost ratio will go back up, but perhaps not back up to the 30% level or you suggest that it's more sustainable at the sort of 25 to 26% level. I don't know, it would increase because I say to you, we did not hire almost one single person each one last year. I mean, it's not sustainable. However, if you do the math, you have to include some productivity effects because we had some productivity these last two years. And now it's part of my duty to make sure that we grow the coverage, but at the same time, we are also improving the productivity. Okay, thank you. And just figuring in on, unlike science, is obviously taking all the top trees together with the growth in meditation, so far. It looks like the softness that you saw in Q4 is quite clearly with the original accelerist business. Is that a little bit surprising? That's more on the discovery side, I think, than a product. So, have you actually signed the deferral there? Or is that sort of, if you like a permit deferral, and you'll never fully recover that revenue as we go through the 2020-2022 year? Well, you look at it. I'm happy to, so you know the impact that we had in the fourth quarter's temporary. These are two renewals that they are actively working on. Two clothes and I would say early 2022. It could be the first quarter. It could be the second quarter. These are two major customers of ours that we have established relationships and it's only a question of time. I think the other part that I would like to add to the biovier business as well and life sciences, we are also aggressive retransforming by yoga towards a more subscription model and what it used to be because it was heavily dependent on life sciences and that creates some very ability from time to time. So that's another factor that we will talk about through our 2022. >> Thank you. Thank you. >> Thank you. >> One final question. Please one. >> Yes, of course. The last final question. Comfort line of Jason Selena from KBCM. Please ask the question. >> Great. Thanks for fitting me in just a couple of quick ones on a couple of the brands. First on Somalia. You know, it's nice to see double to take out there. It's been doing quite well for the past few quarters from what I can remember. You know, so my question here is, you know, the strength we're seeing, you know, from sharegain's, for this simulation, the competitive market, or is it more, you know, broader industry strength recovery, you know, from that. Simulia, I think what is there are two major factors where basically we create a game-changer situation. Number one, on the solid works in Starbase, customer way I use to use our competitor product on desktop. Now we are offering cloud-based simulia. extremely successful, easier to provision, on to put in operation, on it has created a very nice dynamic in the what we call the works family. On John Powell is doing a very great job at the Paolo Basi on the on the stopping fact is going to work on the full works family and not only so the works on we have just announced that the new CEO of solid works is Manish Kumar. but John Ollo is taking the full scope, let's suppose that the VD for 3D transactions. That's one driver. On the second one is multi-physical platform based integration, which is connecting power flow, the emag, the stress, and all of these together in a consistent environment. And we see a lot of customers moving from isolated simulation to integrate its system simulation. I think it's unstoppable in my mind. And we are plenty of opportunities to continue to sustain its phone growth in this area. - Perfect. And then maybe one quick final one. Solidworks, maybe earlier in 2021, has a pretty robust growth, possibly from the pent up the man. You know, this quarter, 8% growth, you know, feels quite good, normal, maybe close to what we were saying, and that makes, you know, that's the right way to think about the solid work business, you know, normalizing from these levels. I think so. You're right. I mean if you'll remember, so the world was really the first product line to recover. And there is no base effects compared to that here. And the 8% 829 is a good number. Okay, perfect. Thank you all and I would get up and in. Thank you everyone for participating. It's always a great pleasure to exchange with you and to let your questions on that year. No, that Pascal and Rouver are now committed to do road shows on visit you as quickly as possible and soon as possible. No, no, fully face to face with that. Thank you very much. Enjoy your day on top to you soon. [MUSIC] \ No newline at end of file diff --git a/Tests/WhisperKitTests/Resources/originalTranscript.txt b/Tests/WhisperKitTests/Resources/originalTranscript.txt deleted file mode 100644 index 722f179e..00000000 --- a/Tests/WhisperKitTests/Resources/originalTranscript.txt +++ /dev/null @@ -1 +0,0 @@ -"Good day and thank you for standing by. Welcome to the Dassault Systemes 2021, Fourth Quarter and four year earnings presentation call. At this time, all participant are in listen-only mode. After the speaker's presentation, there will be the question and answer session. To ask a question during the session, you will need to press Star and One on your telephone keypad. Please be advised that today's conference is being recorded. If you require any further assistance over the phone, please press Star Zero. I would now like to hand a conference over to a first speaker today, Francois Bordonado. Please go ahead. Thank you, Nadia. Thank you for joining us on our fourth quarter and fiscal year of 2021 earnings conference call with Bernard Charles, Vice Chairman and CEO, Pascal Daloz, Chief Operating Officer, and Rouven Bergmann, Chief Financial Officer. We also\u2026 We'll also join us Tarek Sherif Chairman, Dassault Systemes Life Sciences and Healthcare. Dassault Systemes results are prepared in accordance with IFRS. Most of the financial figures discussed on this conference call are on a non- IFRS basis with revenue growth rate in constant currency, unless otherwise noted. Some of our comments on this call contain forward-looking statements, which could defer materially from actual results. Please refer to today's press release and the risk factors section of our 2020 universal registration documents. All earnings material are available in our website, and these prepared remarks will be available shortly after this call. Bernard, the floor is yours. Thank you very much, Francois-Jose. Good morning, and good afternoon to all of you, and, uh, thank you for joining us. Uh, it's, uh, always a pleasure, uh, to review our full year result with you. We had an excellent 2021 year with a strong finish to the\u2026 to the year. The total revenue grows 11% for the year, uh, driven by a broad based demand across our end markets. The majority of which are growing double digit, by the way. Our strategy growth drivers perform well through the experience. Revenue increased 15 per- 15% with cloud revenue rising 23%. Our 3D experience platform has been a competitive advantage, driving new client wins. The cloud is a about inclusiveness and providing additional value to clients. Earning per share increased 26%, thanks to good revenue growth on high profitability. For 2022, we have set the target for 9 to 10 percent top line growth. As you can see, we have delivered very good results, but more importantly, we have the key elements in place to support sustainable growth. Our technology are changing the game for clients across our three major sector of the economy. We are expanding our footprint, deepening existing partnerships and adding new clients. We have invested in our team establishing the next generation of leader. The stage is set, therefore, for a good future. Now, I like to share some perspective on our vision and strategy for the coming years. You remember 10 years ago on February, uh, 2012, we unveiled a new brand identity for our company, the 3DEXPERIENCE Company and our corporate purpose built around organizing product nature on life. Today, the significance of our strategy is clear. Our clients and partners have embraced the experience economy. They have\u2026 They are transforming all sectors on industries with sustainability on human centricity as sample pillars of a new era. The experience economy accelerated by the pandemic triggers new categories of expectations, clearly, from citizens, passion, consumers, even workers. This is apparent in our everyday life. Tomorrow's mobility is no longer a matter of vehicles. It's a matter of desirable sustainable mobility experiences. Tomorrow's healthcare is much more than therapeutics. It's about the patient journey on precision medicine. Tomorrow's cities are not only a collection of building, streets, and facilities. It's about quality of life and quality of service. As a consequence, all our clients need to reimagine their offer. Our answer is the systematic use of virtual twin experience based on modeling, simulation, on real-world dividend, in this merger between the virtual and the real world. Our ambition, therefore, to help our client imagine, create, produce, experiences for their own clients. Unlike metaverse, we use virtual world 3D virtual world experiences to improve the real world. Only then the possibility of harmonizing product nature on life will emerge. I believe that innovators of tomorrows, and we see them have to think in terms of universes. They are, that is to say in terms of organic systems of systems that create, produce on play experience in a circular economy. With the 3D3DEXPERIENCE platform, we are creating this if we loop, we can provide this holistic view, combining value creation on value, experienced, design on usage to cover the full experience life cycle. We can extend virtual twin experiences across universes. It's about continuity of the what? The offer. The how are you make it on the use of it by people. This is a new revolutionary approach to innovation. It's in some way, the next generation of PLM. As we have done in the past with the early adopter, we will pave the way for the future across the three sectors of the economy we serve. Let's quickly look at implications. For example, in life sciences. Clinical research has moved beyond the hospitals and labs as more and more technology is used to decentralize trials. The entire clinical trial experience is transformed for all people involved. Patients can now participate in a trial from anywhere, especially from home. Doctors and researchers can now collect more data in different ways. If we connect the dots across clinical trials data, real-world data, and research on the development, we can close the loop on make precision medicine reality. As a consequence, elevate the patent journey. Dassault Systemes will be the only one capable of supporting end-to-end solution in life science. The ongoing advancement toward the sustainable economy will mark the also. We can reveal some of the dynamics we see progressing. I think it's clear that our passion for science-based, people-center innovation on the commitment we have for our very loyal clients is really a catalyst of that transformation. Let's have a few illustration of how we are enabling such kind of transformation today. And I think from there, you will see a lot of good reasons to believe. In the consumer industry, we have a very successful partnership with Ikea. With the 3DEXPERIENCE by Knee me platform, kin- kitchen planner on the cloud, Ikea is enabling customers to use virtualization to design their own dream kitchens. The pandemic has led individuals to invest in their homes, and has acted as an accelerator for eCommerce. The 3DEXPERIENCE by me platform kitchen planner has a allow Ikea to take full advantage of these trends. In some way, the by me kitchen platform was do\u2026 was used by 1 million people only a few months after being deployed. And today has reached over 4 million user, making it the most popular 3D consumer application in the world. This is the cloud advantage, but it's also the mob- mobile advantage. In mobility and also sector of the industry pur- purely is pursuing\u2026 is pursuing increasingly challenging goals in terms of sustainability, working on innovative materials on cutting edge production processes. They have selected smart tires on the 3DEXPERIENCE platform. They will leverage the capability of the virtual twin to foster innovation, reduce cost, increase circularity, and of course, reduce time to market through simulation modular design. It's great to be part of Purelee's adventure to move everyone forward through technology and social progress. In the healthcare, I could take the example of Perigo, uh, because the healthcare affordability is becoming essential. Today, the cost of healthcare is growing twice as fast as the overall economy. Perigo, 130 year old years old company has been improving patient life with affordable self-care products. The company is deploying several of our solutions, for example, license to cure, perfect formulation, perfect package on our 3DEXPERIENCE platform. As you noticed that you are describing the function, we are describing the value, even in the way we name our solutions. Their goal is to increase efficiency, quality, on time to market. We're very pleased to help Perigo have this positive impact. I guess they are very positive too. Now, you have some proof points. It's plain to see virtual twin experience powered by the 3DEXPERIENCE platform, uh, helping all our customers evolve and transform. We recently re- celebrating our 40 anniversary at Dassault Systemes two generation of innovators have revealed the power of virtual works to imagine, create, disruptive innovation. And this is a fact in all sectors we serve. Now, we are focused on our next horizon, 2040. Our objective is to do the\u2026 is to be the leader of in sustainable innovation and to continue to position our clients at the Vanguard of progress across manufacturing industries, life science, and healthcare, as well as in infrastructure and cities. To support our long term initiatives, we have established the next generation of executive leadership. I'm so happy to have Pascal Daloz now, fully focused on his mission as chief operating officer to connect all the dots on elevate and expand the value we provide to our clients, empower new generation of leader along the lines that I just described, at the same time, I'm equally delighted to welcome Rouven Bergmann to the executive committee of Dassault Systemes as chief financial officer. Rouven has played a critical role in integrating metadata. He has held the COO and CFO titles, and brings a mastering of financial matters related to software on cloud business model over. Rouven, it's wonderful to have you here. Thank you for being here, and giving us more time to meet with customers . Ultimately, uh, all progress is human investing on our people and culture is at the core of what we do. Our\u2026 and many activities are driven by both innovation capabilities, as well as talent on\u2026 as you all know, after many years of observing the Dassault Systemes, it has always been essential for us. We are focused on enabling team to transform, um, reveal talents. When we acquired metadata in 2019, just two years ago, Tarek and his team, especially with, uh, Glen, his buddy, uh, created this incredible reason to believe that we could have a future together. I'm extremely proud of the significant innovation, strong culture on leadership metadata as brought to the life science sector. We have been able to integrate, scale rapidly, accelerate growth and deliver excellent result, and above all, have fun being together. It's a great pleasure now to have online, Tarek by body, uh, who is now the chairman of the Life Science sector on the scale for, for Dassault Systemes system. And Tarek, would you like to say a few words? Thank you, Bernard. It's uh\u2026 Thank you for the kind words. And, uh, it's really a pleasure to be with all of you today in, in my role. Um, it's been a few years since I've been on an earnings call, and as you say it, it's a lot of fun. Um, so it's been more than two years since we announced coming together. And honestly, I can't be more excited about what we've been able to accomplish and the progress we've made since that time. It's been an incredibly challenging environment as, as you all know, um, integrations are never easy and doing it on a global scale is you even more difficult and then doing it in the midst of a pandemic is an even more difficult. Um, but I would say that the integration has been a tremendous success, and I really want to thank Bernard and Pascal for all the support that they have given us and our teams. And I- I'd like to also thank you, our teams who have come together focused on creating value for our customers and ultimately for patients. You know, our teams are delivering amazing innovation and execution to advanced clinical trials and new treatments for patients during what's been an unprecedented time. And it feels like we're just getting started, given the tremendous opportunities that we see ahead of us. Our impact on improving the patient experience and scaling precision medicine has never been clearer. You know, at the end of the day, it's what Glen and I always dreamed about. And we're convinced we would be able to do one day. And it's what brought us together as organizations in the first place. And it's becoming a reality. As many of you know, we suffered the tragic loss of Glen de Vries, my best friend and our co-founder late last year. He helped transform our industry. And his vision has always been an inspiration for all of us. Glen helped set the highest standards for medidavid- data, and he drove us to innovate and solve the most complex problems with energy and creativity. And I am absolutely convinced that we will pursue progress in life sciences and healthcare with the same passion that he had. And we have an amazingly strong team to support that. By continuing to do everything we can do to support the business, we are honoring Glen's legacy, and we will ultimately ensure healthier lives for patients everywhere. We have a strong leadership in place today, and they will help carry us into the future. And together with Bernard and Pascal, and now Ruben, I share the conviction and confidence in our promising future. I want to hand the call back to, you Bernard. Thank you, Tarek. Thank you, my friend for your leadership, and also the incredible moment we had all of us together when we decided in less than one hour that the future was together, and that was only two years ago. So, um, I am also confident that we can make the difference, uh, and, um, we have now, uh, an incredible, um, connection between people and tremendous opportunities, uh, to provide great solutions for our customer. So with that, Pascal, you have the floor. Thank you, Bernard. Hello everyone, I hope you are doing well. And thank you for joining us today. So turning to our financial results, the strong business momentum we experienced throughout the year continue into the first quarter, visiting in the performance well aligned with our guidance. So let's start with the Q4 top lines year over year comparisons. Total revenue grew 10% to one billions, 370 millions above our 7 to 9 percent range. So software revenue also grew 10% and all organically. License and other revenues rose 15% to 348 million well above the guidance. And we are back to 2019 levels. Subscription and support revenue increase 8%, driven by the high leverage subscription growth. Reflecting strong metadata, uh, performance, but also the 3D experience, uh, momentum and, and the recurring revenue represents 72% of the software revenue. Zooming on services. Servicing was up 10%, and we achieve a services gross margin of 27.1%, substantially better compared to last year. And it's coming mainly from the effort we made to improve the efficiency when we were in the middle of the pandemic, uh, I would say 18 months ago. From a profitability stand point, in the first quarter, we deliver a Q4, a strong operating margin of 36.8%. This will well align with our guidance of 36.4. When taking into account the currency impact of 40 basis point. EPS grew 17% to 29 cents compared to our guidance of 27 to 28 cents. Few words on the account. It's an important topic. I know you have questions usually on this. So in type of account, we were\u2026 we are well aligned with our objectives. We saw strong activity again in Q4 and the lower attritions. And overhaul, head count grew 4% and research and development was up 6%. So I think given our track of innovation and our mission driven culture, we are confident in our ability to continue to attract and retain top talents over the mid to long term. And this is still a priority for 2022. Let's us take a deep dive into our revenue performance first, and let's zoom on the software revenue by geo. The Americas grow 7% during the first quarter, driven by subscription growth, which is a definitely, uh, key trend in north America. In 2021. The regions benefited from strong performance in iTech, transportation, and mobility and life sciences at large. And now America has represents 38% of the total software revenue. Europe increased 10%, thank to a strong resiliency throughout the regions. And in 2021, transportation and mobility and industrial equipment grew . Europe represented 37% of software revenue in 2021. Asia rose 12%, driven by market expansion in Japan, India, and Southeast Asia. And in 2021, China grew 19%, and Asia at large represent 25% of the software revenue. Let's say, if you work on the product line performance. Industrial innovation software revenue rolled 8% to six, uh, under rather 82.3 million in Q4. This growth has been driven specifically by , where the growth is exceeding the double digits. And it's mainly due to a large part to large client wins we did in Q4. In Ovia showed also a strong subscription growth, which is against new trend. And I think this subscription model is relatively suitable for all the collaborative, uh, set of solution we have. And cattier finally is back to 2019 levels. So I think we have, again, on our trajectory. Life sciences software revenue reach 245.1 million in Q4, an increase of 9%. Metadata grew over 15% on the back of a strong comparison base, if you remember. And we continue to see a very good momentum across the metadata portfolio, including metadata RA, the core products, metadata, AI know the diversity in the analytics and artificial intelligence and metadata passion cloud, which is the factor standard for the decentralized clinical trial. This, um, momentum is also visible in all the\u2026 across the hand markets we are serving. So not only the pharmaceutical and biology, um, companies, but also the contract research organization and the medical devices company. So we saw high double digits growth in attach rate against this quarter, which is extremely important because not only we are capturing new customers, but we are growing inside those customers. From a product line perspective, we saw strongly metadata performance was partially upset someone by lower and expecting bio rav- bio revenue. This was driven by the delay of two large renewal, but we expect to sign both renewal during the first half, so it's really a temporary impact. If we step back a little bit, you know, we are one year after we have decided to create the life science engagement model, which is, uh, nothing more than combining all the different, uh, capability and resources we have to address this market. And this has been done through the leadership of the metadata management team, especially, uh, Michael Pre. And for that, Michael, thank you. You did extremely well. And now we are confident that this being in place with the strategy, we have to provide life science industry and end-to-end solution that connect us between ideation, development, manufacturing, commercializations almost what we did in our industry like aerospace decades ago. I think it's pretty unique on the\u2026 on the marketplace and we will make the differentiations. Moving now on to the mainstream innovations, software revenue rose 14%, to 312.2 million, uh, in Q4. SolidWorks first deliver a strong result with software revenue growing high single digits. And we continue to see options of our 3DEXPERIENCE works family, you know, the cloud based solutions doing this period. Centric performing extremely well with a high double digit, I should say, close to triple digit- Yep. Revenue growth. And not only it's, um, you know, it's delivering the numbers, but in term of KPIs, we are now reaching more than 550 customers, representing more than 4,500 brands. And with an extremely high level of satisfactions. Not only, uh, it's true in the fashion industry, but since, uh, almost two years, um, century PMM, thanks to Chris Growth, is expanding into new vertical, such as food and beverage, cosmetic and personal care, and other customer consumer segments. So again, very pleased by this move and, uh, it's paying off. Good result is also when the strategy is working. And as you know, we have two KPIs to measure this. The first one is the drug coming from the 3DEXPERIENCE, and for the full year for 2021, the 3DEXPERIENCE revenue grow 15%, driven by strong subscription growth. And now it's account for 30% of the total software revenue, which is an increase of 200 basis points compared to the last year in 2021, the cloud revenue, which is the other one, KPIs we are monitoring, increased 23%, driven by the continuing lens in life sciences, of course, but not only, but also, and more and more by the 3DEXPERIENCE. And cloud now account for 20% of our software of revenue had 200 business per compared to last year. All the clients, you know, we have across all the sectors are transforming extremely rapidly, and they are turning to Dassault Systemes to help them to adopt new business model, accelerate innovation, embracing sustainability imperatives, putting consumer patient and citizen the center of experience. And our strategy is really to enable them those transformations with cloud native applications or cloud extension to an existing on-premise investment. And our 3DEXPERIENCE platform has been developed to make both. All those good result is also\u2026 are also reflected into the cash flow. And for the fiscal year 2021, the cash flow from operation roll 30% year-over-year to 1 billion, 630 millions, which is, uh, converting 33% of the revenue to operating cashflow. Cash reach a little bit less than 3 billion, 2 billion, 980 million, an increase of 831 million versus an increase of 204 million last year. And finally, our net financial debt position at the end of the year decreased by a billion 152 millions, to, uh, less than 900 million to be precise, 890 million. And it has to be compared with 2,000,000,004 we had in December, uh, 31st in 2020. This, in a net is putting us a year, more than a year in fact, ahead of a our schedule on our delivering objectives. Now, to discuss the 2022 objectives, I'm very pleased to introduce Rouven Bergmann, our new chief financial officer. And Bernard mentioned, Rouven has played a vital role in integrating metadata and it has been a real pleasure to work together for the last two years. And it's a successful partnership, I think. So Rouven, we are delighted to have you with us over to you on the floor. Thank you, Pascal, and hello everyone also from my side. And before I would start to outline um, the financial objectives for 2022, uh, I also want to share that I'm, um, thrilled and very happy to be here today with you, uh, in this new role. I've really enjoyed the opportunity to meet with some of you already and learn from many colleagues at Dassault Systemes, in particular UPAS cars, since the acquisition of Metadata, which, you know, as you know, you've completed more than two years ago. And now, uh, with the successful integration, I'm looking forward to getting to know all of you, and the broader investment communities during this year. And I know we already have concrete plans to do that. So with this, uh, let me turn to the full years financials for 2022, our financial objectives. As discussed, we expect the broad-based dynamics we experienced in the fourth quarter and 2021 to continue into 2022. We are focused on driving durable, long-term growth. Our growth drivers are well-established as highlighted by Bernard and Pascal. First, we are enhancing our leadership position across our major brands. Second, we are accelerating the momentum with 3DEXPERIENCE and industry solution experiences, and we are bringing new customers as well as expanding within our installed base. And third, we are focused on delivering new experiences and value with cloud. So we will continue the momentum of metadata and metadata patient cloud. We will also expand the user base with the 3DEXPERIENCE Works family\u2026 Works family in the mainstream market and deliver new value at scale with large enterprise partnerships, like what you see happening with Reno or . Now, with this in mind, we are targeting for full year 2022, total revenue growth of 10\u2026 9 to 10 percent and software revenue growth in the same range. When thinking about our software revenue growth, let's keep in mind that last year, we had a very strong year of license growth with 23% year on year, which brought us back ahead of 2019 levels. And now for this year, we expect to continue healthy double digits growth at around 10 of up to 12 percent, which reflects continued strong demand within our installed base. This trend is more in line with what we saw our performance in the fourth quarter. We anticipate recurring software revenue to increase by nine to 9.5%. An acceleration of 100 to 150 basis point was this last year driven by continued momentum and subscription growth with cloud and solid improvement in support revenue. Also, resulting from the very good license growth we experienced throughout last year. For services revenue, we are projecting to grow between 8 to 9 percent, reflecting the increased activity levels of delivering innovation to our clients across all segments with solid margin performance. From a profitability perspective, this past year, we demonstrated the long term scalab- long term scalability inherent to our business model. As we said through 2021, we plan to accelerate investments into our business and reengage in activities which were impeded by the pandemic. Accelerating the growth in our workforce in line with our long term plan is our top priority. And as such, we anticipate the non IFRS operating marching to be in the range of 32.7 to 33.1 percent. Again, this is consistent with our pri- with our prior communication. Now, let me continue with our proposed objectives for earnings per share. We expect non IFRS EPS to grow between 3 to 6 percent, reaching one Euro at the high end. This EPS guidance assumes a tax rate in line with 2021 levels of about 23.2%. Our financial objectives assume a Euro to US dollar conversion of 1.17. Now I will provide some additional color on what to expect for Q1. As you are aware, our business has some seasonality and we expect to see growth rates progressing throughout the year. We expect Q1 total revenue growth of 7 to 9 percent, with software revenue increasing in the same range and services revenue up 5 to 7 percent driven by continued broad based momentum across our geos. We expect the operating margin at a range of 32.3 to 33 percent with an EPS growth of 3 to 7 percent, versus last year. As you heard from us during this call, We're confident in the long of opportunity ahead, and we look forward to keeping you abreast of our progress throughout the year. And now, Pascal, I'll hand the call back to you. Thank you, Rouven, for\u2026 to summarize. I think, the stage set for the future of growth. On one hand, our long term strategic visions has been validated. Investment we made 10 years ago to a net, the experience economy are paying off. And whatever you take, the platform, the virtual twin experiences, the industry solution we have in the cloud, they are durable, competitive advantage. In parallel, that's what Bernard say, we are helping our clients also to transform to a sustainable economy. And this is becoming an affordable and significant opportunity to deepen and expand our partnership and our impact. This, if you combine the two, will be a strong secular of hybrids to underpinning growth across all the three sectors of the economy we are serving. In addition to this, I think we have the right leadership in place to execute against the tremendous opportunity before us and we\u2026 our commitment to clients to drive our strategy will continue, and we thank them for their continued trust. So finally, I think, uh, Rouven and I will be extremely pleased to see you in-person when we'll have the ability to go back on the road. But I think it has been so long when we haven't seen each other. I think be Bernard, Rouven, it's direct, of course, you remember the time to take care, uh, of the questions. Operator? Thank you. The participants will now begin the question and answer session. As a reminder, if you wish to ask a question, please press Star and One on your telephone keypad and wait for a name to be announced. The firs question comes from a line of Nicholas David from Odo BHF. Please ask the question. Yes, hi. Good afternoon, Bernard, Pascal and Rouven, Nadia as well, obviously. Thank you for taking my, my question. Um, my first one is regarding licenses gross. Um, you aren't expecting double digit growth, um, of licenses in 2022. So for the second year in a row, uh, so congrats for that, because I think that, uh, that was an ambition, uh, to sustain such a growth, uh, the growth of licenses. Um, my first question is, do you think that such growth is sustainable beyond 22? And, uh, if so, uh, also, do you think that this improved, uh, growth trend in licenses, uh, is more linked to, um, the momentum of your project cycle, uh, so internal to your company? Or more linked to the consequences of the, of the\u2026 of the same CREs we just, uh, we are living right, now and it's more macro impact, uh, you are benefiting, uh, of? Um, and my second question is, um, still regarding licenses, sales, uh, several, uh, software players, including some of your competitors mentioned that the difficulties the client have had in hiring, uh, have led to, to some delays in launching project and having negative impact on license sales. So my question is, uh, to what extent, uh, you may have this kind\u2026 you may suffer from this kind of, of impact, uh, regarding your, your, your license sales in the coming quarters. Thank you. Rouven, you want to take the, the first one? Yeah. Happy to, happy to. Um, yeah, so I think the best way to conceptualize, uh, this, uh, Nicholas, thank you for the question is, um, yes, we had in 2021 very strong, licensed performance with 23%, uh, for the full year. Um, you know, of course this was, uh, was obviously a lower comparable basis 2020, Q4 or 15% growth again- against I think a, uh, uh, a good, uh, comparability, you know, Q4 of 2020, we saw the rebound starting to happen. And so it was a real proof point for us in the fourth quarter, um, to achieve double digit growth. And that trend is what we continue to forecast into 2022, uh, with 10 to 12%. And I think, uh, the area\u2026 the, the sources of growth for\u2026 um, that supports that underpins this assumption is that, you know, we have well-established an, an operating model between CapEx and OPEX, for our customers. Uh, we are serving industries where we have significant installed bases, uh, that are transforming to the cloud to the subscription model, but it will take time. And, uh, we are committed to support our customers, um, and support them in a way what their\u2026 what their preferences are in terms of how they want to spend, um, and make the investments. Um, you know, these are very sticky investments, uh, very, uh, long term relationships where our customers are capitalizing on their investments for decades, uh, that we continue to, uh, to innovate and, um, and further drive value, you know. And I think with the 3DEXPERIENCE and the power by extension that we deliver, we make these investments also really valuable and ready for the future. On the second part of the question, Pascal, if I may, uh, um, on, um\u2026 uh, is the, the client and hiring challenge having an impact on our license? I\u2026 we see it the total opposite way because the nature of our audience is changing. Um, for years we've been, or we continue to focus on engineering production, but now we just really experienced platform. We also reach, uh, supply management, costing, uh, on many other functions within the company. The example, uh, is, is really amazing in terms of size at, uh, Toyota motor also, and many other clients that I could name. So the intent with the platform phenomena, the 3DEXPERIENCE platform is to reach audience that we could not reach before. Uh, as a matter of fact, you know, the, the 3DEXPERIENCE collab, collaborative environment is now being used by clients to evaluate materials, cost, weight, supply efficiency, all based on the three universe, not on number of dashboards, but on the real product itself of all the way you produce it. So we see this as a\u2026 as a long lasting, uh, growth factor on, uh, Pascal mentioned that it's noticeable in, even in with our business applications that we call now on the, uh, a category of Innovia where we deliver business experiences for program management, project management, costing, even for ESG reporting, um, or CO2 reporting because the, the platform has this capability in short. So we don't see the negative effect. That's, uh, that's very clear. Thank you. And maybe one, one very quick from my side is, um, understand that you increase, uh, salaries, um, to reduce a bit, but do you think that you would need also to increase the volume of, of, of, of shares granted to employees to reduce further their at tuition? So any, any insight about- I think we have- Please, please-\u2026 or give vice chairman of the board because , uh, that's not on the bugdet side is on the shoulder side . Uh, no\u2026 we have\u2026 we have, I think we have a very, uh, stable, uh, uh, predictable, uh, portfolio of, uh, allocation. And we think that, um, it, it, it, it provides a good, compelling, um, incentive for people on, uh, we created this together model, uh, last year, um, which we was really to provide, uh, an plan for people to buy a shares at a certain discount on, on guarantee the result over first few, certain number of years, very successfully, uh, successful program. But we integrated, integrated that allocation as part of the overall policy. So, so the no deviation, I would say if Pascal, you want to add something. No, I think, uh, well, you know, Nicholas, not the first time we discussed this, I think we are extremely\u2026 We have a lot of discipline on this. Why, so, because if you want this to be, uh, long term and not only a one off, you need to integrate it in the new\u2026 in your business model. If I compare with the competitors or the peers, usually, uh, you know, they allocate, uh, an envelope, which could be sometimes three times bigger. However, I think it's not sustainable over the time. Especially if you look at, at the end, how much of the operating profits grows through this. I think, do your job, do the sanity check, you will see it's balance, it's fair, it's agreeable and sustainable. And that's basically our philosophy and our, uh, principle. So, so you could count us to continue what we did in the same, uh, the same manner. That's clear. Thank you, and congrats for the set of results. Thank you Nicholas. Thank you Nicho. Thank you. The next question comes to line of Charles Brennan from Jeffery's. Please ask your question. Great, good afternoon. Thanks taking my question. Hopefully, it's second time, lucky . Across the industry, we're seeing this cloud momentum gather pace, and it's referenced in your statement with some of your legacy customers moving to the cloud. So I was wondering if I could just ask four questions related to the cloud. The first of which is just in terms of your product portfolio, can you remind us how much is native cloud versus available on the cloud via extensions? Secondly, I think you've traditionally said that the move to the cloud or, or growth in the cloud would be largely incremental to your core business, but certainly this morning, you were talking about product lines, like a Naver and SolidWorks, moving to the cloud. Those are both traditional licensed product lines. And I'm just wondering if we're starting to get to the stage where you're starting to see traditional licenses cannibalized by, by the cloud. Thirdly, it feels like some of your competitors are being a little bit more progressive in driving this agenda. I'm just wondering what it would take for you to be a little bit more proactive in enforcing a shift to the cloud. You're obviously doing that in the life sciences vertical, uh, I guess Rouven's well placed to, to manage a, a more progressive cloud transition. Uh, I'm just wondering what the catalyst would be for you to go down that route. Uh, and very lastly, uh, on MNA uh, I guess traditionally we see a bigger transaction from Dassault every couple of years. Uh, I, we must be getting into the window where we're due the next one. Should we assume that any future MNA from here will be of a, a cloud-based business model, uh, and is that one of the catalysts that's gonna get you to the target of having 30% of the, uh, of the revenues in the cloud? Thank you. Well, we could do probably the rest of the call on your question, Charlie. But Bernard, you want to take the first one? I, I could on the product portfolio, on the Pascal of course stepping. Uh, first of all, we have reach a point where\u2026 Um, first of all, the cloud approach for us above all, is a way to reach new category of users. Second, the cloud approach for, for us is about providing new delivery system for the capabilities we have, roles, process, and solution. Why? Having browser native services on mobile tablets and PCs is a big thing for the nature of software we do. And the Ikea story with 4 million users in a few months is an illustration exactly of that. Uh, it's all going through browser based, uh, same as you mentioned, uh, sharp on the, uh, on the, um, clinical trial, okay. Uh, but we are doing that also for design and we are doing that\u2026 And as a matter of fact, the portfolio in short as we reach a point where, where now\u2026 uh, there are more solutions, products and roles on the cloud native than we have on premise. However, I want to make sure, uh, it's clear. We love the on-premise. There are programs on the on-premise will become private clouds. They will become absolutely private clouds. Uh, and we are going to do that to do so with customers. In fact, we have started to do it for highly sensitive program because, uh, the, the value of doing that is, is so well recognized by, by clients. So we value this hybridation to reach the audience and provide really a 3D for all approach, um, that will make the difference and accelerate the platform phenomena across all functions. If you think about people now doing supply negotiation, in the past they were using, um, ERP dashboards. Now they are looking at the product itself and they have the price on the part, and they know where it's sourced from. It's, it's a new world from there. We metaverse before metaverse because they see what's happening. So enough said, but they don't seek an validation. I see massive compramodality, uh, on that, on that point. And just to, to echo what you say, Bernard, you were mentioning Innovia. Again, you still have asked time to understand what Innovia is about today. Innovia is not anymore product life cycle management capability. It's as well say, it's a set of business applications, you know, allowing the procurement to source, to cost, to negotiate, to contract, allowing program manager, to run the program, to do their review, to supply chain. This is what we are talking about, and it's an extension compared to what we used to do. So that's just an example. And on SolidWorks, we are talking about the works family. We are not talking only about SolidWorks. And the works family, you have familiar works. You have Demia works, you have, uh, Innovia works. And those, those, um, set of, uh, services are not, uh, well deployed in the mainstream market right now. And by the way, under works family, they are all cloud. They are on cloud. So there's no on premise anymore. All of them? Are all cloud. All of them. So that's the reason why, you know, it's really an extension and it's still an extension compared to\u2026 There is maybe some overlap that is quite limited. Now, coming back to what could be the shift to force the subscription model, but that's not our way of thinking. We are here to serve our customers, to transform them and to evolve their business model. So what is the point? To impose your business model when it's not aligned with your customer's business model, knowing at the end, the license or subscription we are doing, uh, I mean, good profitability with both, you will notice. So I think our thinking process is much more the transformation of what we do. We lead automatically to a subscription model for many things we do, but we want to do it in with a\u2026 with a lot of alignment with our customers. That's I think making a big difference compared to many of our competitors. And last but not least the question related to MNA, yeah. I mean, you notice that we will be leverage, uh, almost, uh, in six months from now. So, which gives us the ability to do a, uh, all the move, if we want. The cloud is not the, I will say the purpose. The purpose is ready to extend what we do, uh, having the ability to expand the addressable market and maybe change the nature of what we do. For example, if we want to focus on the data centricity of our, uh, solutions and technology, for sure, the cloud is probably the way to do it, but again, it's a means, it's not the goal. So that's what I can say at this stage. It's probably too early to speak about it. And maybe, I don't know, at the time of the capital market there, in June we could probably discuss much more open to this topic. Perfect. Thanks so much. Thank you. So next question, please. Thank you. The next question comes to line of JBlish Howard from Griffin securities. Please ask your question. Um, thank you. Hello everyone. Um, I'll ask all my questions at the same time, uh, just, uh, given me the time remaining on the call. Um, first, um, could you talk about the performance in 2021 and what your expectations might be for 2022, with respect to your two principal sales channels, would you now call CSE and CPE in know formally BT and VS, Of course? Could you comment on, uh, those two channels and anything you might be doing to, uh, uh, invest in or alter perhaps, uh, either of those channels? Um, secondly, one thing we see among a number of your principal competitors, uh, is a, uh, implementation of, or plan to implement, uh, a faster product release cadence. We see this in both in CAD and PLM, for example. And I'm wondering if in lieu of your historical summer and winter releases that you've done for for many, many years, there might be some rationale for accelerating, um, your product release, uh, cadence, particularly in, uh, in alignment with, uh, with your cloudy business. Um, thirdly, on, um, 3DX. Um, one thing that seems to be occurring is that within the overall 3DX number, while ANOVIA seems to able to be the largest part of it as it's been, um, other brands like , are growing their contribution. If you could comment on that and whether you think that brands other than INNOVIA might eventually account for the majority of the 3DX business. And lastly on 3DX works, uh, I understand still quite early, of course, only six quarter market. Um, but do you think that you have any visibility to, uh, penetrating, let's say more than 10% of the SolidWork space, uh, with 3DX works and thereby make it an, an increasingly, uh, material business. Thank you. A few clarification Pascal, if I may put\u2026 uh, first of all, Dassault Systemes is providing\u2026 not anymore functionalities, but we are providing roles, processes on industry solutions. Uh, so when we deliver roles, there is a price on the roles. There is a price on the process to do the job, and we do it by industry and industry segment. This is unique and no one of the competitors are doing that. Uh, so it's important to understand it. Uh, the second thing is I, uh, on a\u2026 and then I will let Pascal on the general performance. The second remark is we do six weeks scale on delivery on the cloud. So Jayblish, please notice that for a large percentage of our install base, we are already there every six weeks, the world is getting new capabilities and it's working extremely well with an , which is very high, um, on providing satisfaction. Some large companies are already there. Uh, uh, we have taken the example Wig, which it's all cloud a 100%. Rannovo for 3D collaborative environment suppliers, all cloud, every six weeks it's updated. So we are already with this, uh, in, in a big way, all cloud are following that cadence. So I think we are faster than most of the other players on that standpoint. So just topic for clarification. On last remark we don't, we don't count\u2026 catch on the 3D experience line for who can explain more. We count chache for chache. We count each branch for what they are, no matter if they are independent or if they are based on the 3D experience platform. So we, we continue to keep that, uh, uh, integrity in the way we report. Now the last thing about the 3DEXPERIENCE works, it should be noticed that outside works, everything new is native cloud. Uh, similar works is native cloud on only cloud for for customers. And we have also now a full suite of\u2026 suite of, uh, 3D\u2026 of SolidWorks functionalities that are delivered on a browser. And this explains the incredible success of cloud in China, believe it or not, more than in any of our countries, because, I think in China, they have\u2026 uh, we have the approval to run cloud or own licenses and, and really distribute in a big way. So that's all what I wanted to clarify on, and Pascal, maybe you want to put some more on- On the channel, maybe I can see if you words. So first of all, you know, the, the, the best way to assess the performance of the channel is really to look at the incremental revenue and the license is still probably a good indicator across all the different engagement model, right? So if you\u2026 if you follow me on this, uh, all of them are growing highers than 20%. So when I say it's a broad base, it's really a broad base. And, and, and it's, uh, the\u2026 what we call the process channel, which has the best performance in term of license this year in 2021. So by, uh, being much more close to 30 than 20%. So\u2026 and it's not a surprise when you think about it, because during the pandemic, uh, the direct sales resisted relatively well, the mainstream, the theory also, but the process, the supply chain, we really the one being on the pressure. And we have been able to almost, uh, catch up the, like, uh, in 2020 in 2021. So I think, uh, we are relatively on a good path. To compliment what Bernard said on the 3DEXPERIENCE, uh, distributed across all the brands, uh, you, you have to be a little bit careful. This is true. That Innovia or before Innovia, almost to serve of the, of Innovia is 3DEXPERIENCE based, but it's a serve more than a serve for Innovia, also for Ktea. So it's not the only one. Okay. Um, if I may quickly\u2026 uh, my annual question on Solidwork unit volume, uh, my calculation is that it looks like your 2021 SolidWorks new commercial seed volume was similar to, perhaps slightly better than where you were in 2019. So perhaps just around 76,000 or so, and not quite back to where you were in 2018, just yet. This is true, but with one big difference, the average price increased, which means we are more and more capable to enrich, uh, the package. And one of the reasons you, you should remember J, um, I will say 60% of the units are coming from existing customers. So they are the one not buying anymore the, the base package, are the one buying the full package. That's basically the reason why also you have such a growth, it's a combination of units and price. Value up. Yes. Okay. Uh, also by the way, thank you for the, uh, headcount and hiring comments that, uh, always useful insight. Thank you J. By the way, you will have a neighbor, uh, because, uh, Hoover, uh, family is still in New York for a few months and he will probably fly, uh, to New York in the coming weeks. So that's right. Great. I'll pick you up at the airport, you know. Okay . Maybe later for a coffee. Next question, please. Thank you. The next question comes to line of Neil Steel from Redburn. Please ask your question. Hi, thanks very much. I just have a, a couple of quick ones. Uh, the first one is just looking at, um, sales and marketing, uh, expenses, and I suppose the OPEX cost, uh, ratios in general. Uh, quite clearly, uh, as we've gone through the pandemic because there's travel and also, uh, hiring, um, you've, you, you are running with thousand marketing at around about 3 to 400 basis points below where we were sort of pre pandemic. I'm just wondering, would you expect over the next couple of years for that to pick up to closer to the sort of 29 / 30 percent, uh, cost ratio that we've seen in the past, or are there structural reasons as to why hence for thousand marketing, uh, should be at sort of a, a structural lower level? That's the first question? Rouven, Pascal, will attend to this question. So, you know, as, uh, the chief operating officer, I, I learned something during the pandemic. We have been capable to grow without having, uh, more resources. And believe it or not, we have increased dramatically the productivity. If I compared to ' 19 it's per head per salespeople, it's more than 11%. So, so why I'm saying this, because it's gonna be a combination between obviously more resources, uh, because we need to reinforce, uh, the coverage we have in certain region of the world or certain verticals. But at the same times, I still believing we still have\u2026 uh, we still, we still can continue to improve the productivity maybe not at this level every year, but at least a few, uh, percentage point. it's probably something we could, uh, be able to achieve. So\u2026 And this will give probably the ability for us to finance a different go-to market. Cause, uh, you\u2026 we are talking about the traditional one, but there are activities where we need to invest because it's a different way to go to market and still on-brand unique and we still need to invest. So, so the net is, uh, it'll not be maybe\u2026 uh, do not have a big difference. However, we have some level to extend, uh, the different nature of the go-to market we have. That's probably the way- , So, so just to clarify you suggesting that we will see quite a\u2026 over the next couple of years, sales and marketing cost ratio will go back up, but perhaps not back up to the 30% level, or are you suggesting it's more sustainable at the sort of 25, 26% level? No, no. It will increase because as I say to you, uh, we did not hire a, almost one single person each one last year. Okay. I mean, it's not sustainable. However, if you do the math, you have to include some productivity effect because we had some productivity the last two years, and now it's part of my duty to make sure that we grow the coverage, but the same time we are also improving the productivity. Okay. Thank you. And just, um, zeroing in, on, on life sciences, obviously, um, taking all of the commentary together with, uh, regards to the growth in metadata and so forth. Um, it looks as though the softness that you saw, uh, in Q4 was quite clearly with the sort of the original seller businesses. Um, is that a little bit surprising? That's more on the discovery side, I think their product set. And have you actually signed the deferral there? Uh, or is that sort of, uh, if you like a permanent deferral and you'll never fully recover that revenue as we go through the 2020\u2026 uh, 2022 year? Well, you- Yeah, happy, happy to\u2026 so, uh, you know, the impact that we had in the, in the fourth quarter is temporary. Um, these are two renewals, uh, that we are actively working on, um, too close in, I would say early 20, 22, uh, it could be the first quarter. It could be the second quarter. Yeah. Uh, these are two major customers of ours where we have established relationships. And it's only a question of time. Um, I think the other part that I would like to add to the Biovia, uh, uh, business as well and life sciences, we are also aggressively transforming Biovia to- towards a more subscription model than what it used to be, because it was heavily dependent on licenses and that could it some variability from time to time. So that's another factor, um, that we will, um, talk about throughout 2022. Okay. Thank you. Thank you. One final question, please go on, uh, Nadia. Yes, of course. The last final questions come from the line of Jason Similia from KCBM. Please ask the question. Great. Thanks for fitting me in just a couple quick ones on a couple of the brands. Uh, first on Same, you know, it's nice to see double-digit growth there. It's been doing quite well for the past few quarters from what I can remember, you know, so my question here is, you know, is the strength we're seeing, you know, from share gains versus, you know, simulation competitive market, or is it more, you know, broader industry strength, uh, recovery, you know, from, from that? Similia, uh, I think, uh, what is be- there are two major factors where basically we create a game-changer situation. Number one, under SolidWorks, install base customer may use\u2026 to use our competitor, uh, product, uh, on desktop. Uh, now we are offering cloud-based Similia, extremely successful, easier to provision and to put in operation. And it has created a very nice dynamic in the, what we call the works family. Uh, John Paulo is doing a very great job on, on, on the topic, going to work, uh, on the full works family and not only SolidWorks. And we have just announced that the new CEO of SolidWorks is, uh, Manish Kumar. Uh, but, uh, John Paulo is taking the full scope responsibility for 3D expense works. Uh, that's one driver on the second one is new multi-physics platform based integration, which is connecting, um, you know, the power flow, uh, the E mag, the stress, and all of this together in a consistent environment. And we see a lot of customers moving from, uh, isolated simulation to integrated system simulation. Uh, I think it's unstoppable in my mind and we have plenty of, uh, opportunities to continue to sustain a strong growth in this area. Perfect. And then maybe one quick final one, you know, SolidWorks, um, maybe earlier in 2021 had some pretty robust growth, you know, possibly from the pent up demand, you know, this quarter 8% growth, you know, feels quite good, normal, maybe close to what we were seeing pre-pandemic, you know, is that the right way to think about the SolidWorks business, you know, normalizing from these levels? I think so you're right. I mean, if you remember\u2026 so the works was really the first product line to cover. Yep. And, uh, there is no base effect compared to that year, and 8%, 8 to 9 is a, is a good number. Okay, perfect. Thank you all. And have a good afternoon. Thank you everyone for participating. It's always a great pleasure to, uh, exchange with you and advise your questions. And, uh, yeah know that, uh, Pascal and Houven are now committed to do roadshows and, uh, visit you as quickly as possible, as soon as possible and hopefully face to face. With that, thank you very much. Enjoy your day and talk to you soon. That does conclude our conference for today. Thank you for participating. You may all disconnect. 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0138d182..38681129 100644 --- a/Tests/WhisperKitTests/Evaluate/NormalizeEn.swift +++ b/Tests/WhisperKitTests/Evaluate/NormalizeEn.swift @@ -146,15 +146,16 @@ class EnglishNumberNormalizer{ return (name.replacingOccurrences(of: "y", with: "ieth"), (value, "th")) }) let tensSuffixed = tensPlural.merging(tensOrdinal) { $1 } - + + //TODO: Figure out a solution for the overflow. let multipliers: [String: Int] = [ "hundred": 100, "thousand": 1_000, "million": 1_000_000, "billion": 1_000_000_000, - "trillion": 1_000_000_000_000, - "quadrillion": 1_000_000_000_000_000, - "quintillion": 1_000_000_000_000_000_000 + // "trillion": 1_000_000_000_000, + // "quadrillion": 1_000_000_000_000_000, + // "quintillion": 1_000_000_000_000_000_000 // "sextillion": 1_000_000_000_000_000_000_000, // "septillion": 1_000_000_000_000_000_000_000_000, // "octillion": 1_000_000_000_000_000_000_000_000_000, From 6a28fc177a1f423e8d91295b645da440863fa95f Mon Sep 17 00:00:00 2001 From: Abhinay1997 Date: Wed, 12 Jun 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z)*$G^PQX@dM0yw8r`;jIUR(e((fgqYZSV?o!&$fl_JlqUm*i%o??m%vU7Rz&Z8xvbiH@-5bI|kKLh8qXKduf@3Qp0&wBs=nsit9Blq#V3^@QrFo%2L7se})=Jo(s zQ_s?-XWLK4A>}+6x6h~9YkwU>E<|1dYkVAxSNq0qtgiQrSK)1NpS@zuJ>xL_SBbn1 z@4*pl-i6fOd2o$;L|giH5sbrHjDdSEfOU8idP=&_)Hc=F{hgqHT|n+rT+SPx_wEPI z&XCs1@$z~4@G?w*cIeIYJJ(!SG`BRYW6aNEFpocPSy#0xggL}rdn$xSxm!!mgs@^Y ze?(96*ZJQeY{2JDxAQ9Gtd2#vbAr@25cczwY@9T-^A)&(wje*3sQXkMKVfSq?WepN z@8gw!FvN%UaebZ+@!6Rn)(?cZx;?}~k)IB?hWOgt5Vu?nvHMDhJu5@pJtxF3_J??g zvC--fCwfD?FdpKyb6o$Sklof6vU|EiRx=}Hb(0}mv@>MOiXp52D`czYhU|rfA#2$c zvQ1+lYa0pKw$_mC=ndKKV`F1W4tcqdPZBj$|M%ZN_%{<`y5TdtW^Ho| zWBv2_AZHcwxhB^%tSi*!)~{ciuU%8Wu_^DHt+FXs$UEoAiszO;f!f-bOQ%K0XV;ZJ f)5;?c*G(%AK3P(xr Date: Sun, 28 Jul 2024 15:10:01 +0300 Subject: [PATCH 19/28] Fix xcode test attachment --- Tests/WhisperKitTests/RegressionTests.swift | 10 ++++++---- 1 file changed, 6 insertions(+), 4 deletions(-) diff --git a/Tests/WhisperKitTests/RegressionTests.swift b/Tests/WhisperKitTests/RegressionTests.swift index e2c946d5..71b81f98 100644 --- a/Tests/WhisperKitTests/RegressionTests.swift +++ b/Tests/WhisperKitTests/RegressionTests.swift @@ -3,6 +3,7 @@ import Hub @testable import WhisperKit import XCTest import Foundation +import UniformTypeIdentifiers @available(macOS 13, iOS 16, watchOS 10, visionOS 1, *) final class RegressionTests: XCTestCase { @@ -187,14 +188,14 @@ final class RegressionTests: XCTestCase { } do { - let attachment = try XCTAttachment(data: JSONEncoder().encode(resultJSON), uniformTypeIdentifier: "json") + let jsonData = try JSONEncoder().encode(resultJSON) + let attachment = XCTAttachment(data: jsonData, uniformTypeIdentifier: UTType.json.identifier) attachment.lifetime = .keepAlways attachment.name = "\(device)_\(model)_\(iso8601DateTimeString).json" add(attachment) } catch { XCTFail("Failed with error: \(error)") } - } func testRegressionAndLatencyForAllModels() async throws { @@ -211,7 +212,7 @@ final class RegressionTests: XCTestCase { while currentDevice.last?.isWhitespace == true { currentDevice = String(currentDevice.dropLast())} do { allModels = try await WhisperKit.fetchAvailableModels() - allModels = ["tiny"] + allModels = ["tiny", "base"] } catch { XCTFail("Failed to fetch available models: \(error.localizedDescription)") } @@ -229,7 +230,8 @@ final class RegressionTests: XCTestCase { } let testReport = TestReport(device: currentDevice, modelsTested: allModels, failureInfo: failureInfo) do { - let attachment = try XCTAttachment(data: testReport.jsonData(), uniformTypeIdentifier: "json") + let jsonData = try testReport.jsonData() + let attachment = XCTAttachment(data: jsonData, uniformTypeIdentifier: UTType.json.identifier) attachment.lifetime = .keepAlways attachment.name = "\(currentDevice)_summary_\(iso8601DateTimeString).json" add(attachment) From 01baf7b830ded3ff155808e6fc55ce94a1971e0d Mon Sep 17 00:00:00 2001 From: Abhinay1997 Date: Fri, 2 Aug 2024 23:46:27 +0530 Subject: [PATCH 20/28] Fix overflow when using Int. --- .../Evaluate/NormalizeEn.swift | 117 ++++++++++++++---- 1 file changed, 91 insertions(+), 26 deletions(-) diff --git a/Tests/WhisperKitTests/Evaluate/NormalizeEn.swift b/Tests/WhisperKitTests/Evaluate/NormalizeEn.swift index 38681129..0a74fa01 100644 --- a/Tests/WhisperKitTests/Evaluate/NormalizeEn.swift +++ b/Tests/WhisperKitTests/Evaluate/NormalizeEn.swift @@ -269,7 +269,8 @@ class EnglishNumberNormalizer{ if currentWithoutPrefix.range(of: #"^\d+(\.\d+)?$"#, options: .regularExpression) != nil { // arabic numbers (potentially with signs and fractions) - if let f = Fraction(currentWithoutPrefix) { + // if let f = Double(currentWithoutPrefix) + if let f = Decimal(string: currentWithoutPrefix) { if var v = value, v.hasSuffix(".") { v = v + current value = v @@ -278,7 +279,8 @@ class EnglishNumberNormalizer{ results.append(output(v)) } prefix = hasPrefix ? String(current.first!) : prefix - value = f.denominator == 1 ? String(f.numerator) : currentWithoutPrefix +// value = f.denominator == 1 ? String(f.numerator) : currentWithoutPrefix + value = f.isInteger ? f.floored().toString() : currentWithoutPrefix } else { fatalError("Converting the fraction failed") } @@ -301,14 +303,17 @@ class EnglishNumberNormalizer{ value = v + String(ones) } } else if ones < 10 { - if var v = value, Int(v) != nil, Int(v)! % 10 == 0 { - value = String(Int(v)! + ones) + //if var v = value, Int(v) != nil, Int(v)! % 10 == 0 + if var v = value, let f = Decimal(string: v), f.remainder(dividingBy: 10) == 0 { + //value = String(Int(v)! + ones) + value = (f + Decimal(ones)).integerPart() } else { value = value! + String(ones) } } else { - if var v = value, Int(v)! % 100 == 0 { - value = String(Int(v)! + ones) + //if var v = value, Int(v)! % 100 == 0 + if var v = value, let f = Decimal(string: v), f.remainder(dividingBy: 100) == 0{ + value = (f + Decimal(ones)).integerPart() } else { value = value! + String(ones) } @@ -324,14 +329,18 @@ class EnglishNumberNormalizer{ results.append(output("\(v)\(ones)\(suffix)")) } } else if ones < 10 { - if let v = value, Int(v)! % 10 == 0 { - results.append(output("\(Int(v)! + ones)\(suffix)")) +// if let v = value, Int(v)! % 10 == 0 + if let v = value, let f = Decimal(string: v), f.remainder(dividingBy: 10) == 0 { +// results.append(output("\(Int(v)! + ones)\(suffix)")) + results.append(output("\((f + Decimal(ones)).integerPart())\(suffix)")) } else { results.append(output("\(value!)\(ones)\(suffix)")) } } else { - if let v = value, Int(v)! % 100 == 0 { - results.append(output("\(Int(v)! + ones)\(suffix)")) +// if let v = value, Int(v)! % 100 == 0 + if let v = value, let f = Decimal(string: v), f.remainder(dividingBy: 100) == 0{ +// results.append(output("\(Int(v)! + ones)\(suffix)")) + results.append(output("\((f + Decimal(ones)).integerPart())\(suffix)")) } else { results.append(output("\(value!)\(ones)\(suffix)")) } @@ -343,8 +352,10 @@ class EnglishNumberNormalizer{ } else if let v = value, !v.isEmpty { value = v + String(tens) } else { - if let v = value, Int(v)! % 100 == 0 { - value = String(Int(v)! + tens) +// if let v = value, Int(v)! % 100 == 0 + if let v = value, let f = Decimal(string: v), f.remainder(dividingBy: 100) == 0{ +// value = String(Int(v)! + tens) + value = (f + Decimal(tens)).integerPart() } else { value = value! + String(tens) } @@ -352,9 +363,12 @@ class EnglishNumberNormalizer{ } else if let (tens, suffix) = self.tensSuffixed[current] { if value == nil { results.append(output("\(tens)\(suffix)")) - } else if let v = value, !v.isEmpty { - if Int(v)! % 100 == 0 { - results.append(output("\(Int(v)! + tens)\(suffix)")) + } + // else if let v = value, !v.isEmpty + else if let v = value, !v.isEmpty, let f = Decimal(string: v){ + if f.remainder(dividingBy: 100) == 0 { +// results.append(output("\(Int(v)! + tens)\(suffix)")) + results.append(output("\((f + Decimal(tens)).integerPart())\(suffix)")) } else { results.append(output("\(value!)\(tens)\(suffix)")) } @@ -364,27 +378,29 @@ class EnglishNumberNormalizer{ } else if let multiplier = self.multipliers[current] { if value == nil { value = String(multiplier) - } else if var v = value, let f = Fraction(v), let p = f * multiplier{ - if p.denominator == 1 { - value = String(p.numerator) + } else if var v = value, let f = Decimal(string: v){ + var p = f * Decimal(multiplier) + if p.isInteger{ + value = p.integerPart() } else { value = v results.append(output(v)) } } else if var v = value{ - let before = Int(v)! / 1000 * 1000 - let residual = Int(v)! % 1000 - value = "\(before + residual * multiplier)" + let before = Decimal(string: v)! / 1000 * 1000 + let residual = Decimal(string: v)!.remainder(dividingBy: 1000) + value = "\(before + residual * Decimal(multiplier))" } } else if let (multiplier, suffix) = self.multipliersSuffixed[current] { if value == nil { results.append(output("\(multiplier)\(suffix)")) - } else if let v = value, let f = Fraction(v), f * multiplier == Fraction(numerator: 1, denominator: 1) { - results.append(output("\(f.numerator)\(suffix)")) + } + else if let v = value, let f = Decimal(string: v), (f * Decimal(multiplier)).isInteger{ + results.append(output("\(f.integerPart())\(suffix)")) } else if var value{ - let before = Int(value)! / 1000 * 1000 - let residual = Int(value)! % 1000 - value = "\(before + residual * multiplier)" + let before = Decimal(string: value)! / 1000 * 1000 + let residual = Decimal(string: value)!.remainder(dividingBy: 1000) + value = "\(before + residual * Decimal(multiplier))" results.append(output("\(value)\(suffix)")) } value = nil @@ -753,3 +769,52 @@ private extension String { } catch { return } } } + +private extension Double{ + func isDenominatorCloseToOne(tolerance: Double = 1e-9) -> Bool { + let fractionalPart = self - floor(self) + return fractionalPart < tolerance || fractionalPart > (1 - tolerance) + } +} + +private extension Decimal { + var isInteger: Bool { + return self == self.floored() + } + + func floored() -> Decimal { + let nsDecimalNumber = NSDecimalNumber(decimal: self) + let flooredNumber = nsDecimalNumber.rounding( + accordingToBehavior: NSDecimalNumberHandler( + roundingMode: .down, + scale: 0, + raiseOnExactness: false, + raiseOnOverflow: false, + raiseOnUnderflow: false, + raiseOnDivideByZero: false + ) + ) + return flooredNumber.decimalValue + } + + func toString() -> String { + return "\(self)" + } + + func integerPart() -> String{ + return String(self.toString().split(separator: ".").first ?? "0") + } + + func remainder(dividingBy divisor: Decimal) -> Decimal { + let decimalNumber = NSDecimalNumber(decimal: self) + let divisorNumber = NSDecimalNumber(decimal: divisor) + + let quotient = decimalNumber.dividing(by: divisorNumber, withBehavior: nil) + let roundedQuotient = quotient.rounding(accordingToBehavior: NSDecimalNumberHandler(roundingMode: .down, scale: 0, raiseOnExactness: false, raiseOnOverflow: false, raiseOnUnderflow: false, raiseOnDivideByZero: false)) + + let product = roundedQuotient.multiplying(by: divisorNumber) + let remainder = decimalNumber.subtracting(product) + + return remainder.decimalValue + } +} From cca6f50870153755c1ae62f8af444b6fa699825f Mon Sep 17 00:00:00 2001 From: Abhinay1997 Date: Sat, 3 Aug 2024 01:33:28 +0530 Subject: [PATCH 21/28] Add flag to run only on first audio file of the dataset --- ...0866FFBE-F6C9-4DF5-9CF1-A3361D214752.json" | 1 + ...6675CCD5-6DA1-4304-B7B8-73ADDE601421.json" | 1 + Tests/WhisperKitTests/RegressionTests.swift | 27 ++++++++++++++++--- 3 files changed, 26 insertions(+), 3 deletions(-) create mode 100644 "Apple M1\n_summary_2024-06-10T140042Z_1_0866FFBE-F6C9-4DF5-9CF1-A3361D214752.json" create mode 100644 "Apple M1\n_tiny_2024-06-10T140042Z_1_6675CCD5-6DA1-4304-B7B8-73ADDE601421.json" diff --git "a/Apple M1\n_summary_2024-06-10T140042Z_1_0866FFBE-F6C9-4DF5-9CF1-A3361D214752.json" "b/Apple M1\n_summary_2024-06-10T140042Z_1_0866FFBE-F6C9-4DF5-9CF1-A3361D214752.json" new file mode 100644 index 00000000..93bec19f --- /dev/null +++ "b/Apple M1\n_summary_2024-06-10T140042Z_1_0866FFBE-F6C9-4DF5-9CF1-A3361D214752.json" @@ -0,0 +1 @@ +{"failureInfo":{},"device":"Apple M1\n","modelsTested":["tiny"]} \ No newline at end of file diff --git "a/Apple M1\n_tiny_2024-06-10T140042Z_1_6675CCD5-6DA1-4304-B7B8-73ADDE601421.json" "b/Apple M1\n_tiny_2024-06-10T140042Z_1_6675CCD5-6DA1-4304-B7B8-73ADDE601421.json" new file mode 100644 index 00000000..a736f1aa --- /dev/null +++ "b/Apple M1\n_tiny_2024-06-10T140042Z_1_6675CCD5-6DA1-4304-B7B8-73ADDE601421.json" @@ -0,0 +1 @@ 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Good day and thank you for standing by. Welcome to the source system 2021, Food Quarter and 4-year earnings presentation call. At the exam, Open the Scipient Time, Lason, or Limout. After the speaker's presentation, the will be the question and answer session. To ask a question, during the session, you will need to press star and one on your telephone keypad. Please be advised that today's conference is being recorded. If you require any further assistance over the phone please press star zero. I would now like to hand the conference over to your first speaker today, Franchois Baudonado. Please go ahead. Thank you, Nadia. Thank you for joining us on our fourth quarter and fiscal year 2021, Bernie's Conference School with Ben Ashales by Chairman and CEO, as stand at those chief operating officer and moving the demand chief financial officers. We also join us, Tharak Sherry, Chairman, that's what he's saying, the likes and answers and health care. That's what he's saying, results are prepared in a cordon. It's hyper-res. No, of the financial figures. This goes on this conference goal on a non-hyper-resquated, with revenue growth rate in constant currency and less otherwise melted. Some of our comments on this goal contain forward-looking statements, which could differ materialism. Please refer to today's press release and the risk factors section of our 2020 EU and the so-called \"Regionalism\". all earnings material are available on our website and this prepare remarks will be available shortly after this call. We are now, you're from Israel. Thank you very much for the sake. Good morning and good afternoon to all of you on Sankeu for joining us. It's always a pleasure to review our full year result with you. We had an excellent 2021 year with a strong finish to the year. The total revenue rose 11% for the year, driven by a broad based demand across our markets. The majority of which are growing double digit by the way. Our strategy grows drivers perform the well through the experience of a new increased 15% with cloud growth. We've clouded revenue rising 23%. Our 3D experience platform has been a competitive advantage driving new client wins. The cloud is about inclusiveness and providing additional value to clients. around improshing increased 26%, songs to good over new growth on high profitability. For 2022, we have said the target for 9 to 10% top line growth. As you can see, we have delivered very good results, but more importantly, we have the key elements in place to support sustainable growth. Our technology are changing the game for clients across our three major sector of the economy. We are expanding our footprint, deepening existing partnerships on adding new clients. We have invested in our team establishing the next generation of leaders. The stage is set therefore for a good future. Now I'd like to share some perspective on our vision and strategy for the coming years. You remember us 10 years ago, in February 2012, we unveiled a new prawn identity for our company, the 3D experience company, on our corporate purpose, with the run our analyzing product nature on life. Today the significance of our strategy is clear, our clients and partners have embraced the experience economy. They are transforming all sectors on industries with sustainability on human, some creativity, as central pillars of a new era. The experience economy accelerated by the pandemic triggers new categories of expectations. from citizens' passion consumers even workers. This is apparent in our everyday life. To more responsibilities no longer are matter of vehicles, it's a matter of desirable sustainable mobility experiences. To most and scale is much more than the architects, it's about the passion journey on precision medicine. To more Because cities are not only a collection of building streets and facilities, it's about quality of life, on quality of service. As a consequence, all our clients need to reimagine their offer. Our answer is the systematic use of virtual twin experience based on modeling, simulation, on real world evidence in this merger between the virtual world. between the virtual under your world. Our ambition therefore to help our Thailand, imagine creating produced experiences for their own clients. Unlike Metavers, we use virtual world 3D virtual world experiences to improve the real world. Only them the possibility of harmonizing product nature on life we emerge. I believe that the innovators of two murals and we see them. After thing in terms of universe is there, that is to say, in terms of organic systems of systems that create produce on play experience in a circular economy. With the 3D experience platform, we are creating this if we loop, we can provide this holistic view, combining value creation, on value experience, design on usage to cover the full experience life cycle. We can extend virtual twin experiences across universes. It's about continuity of what the offer, the how, how you make it, on the use of it by people. This is a new revolutionary approach to innovation. It's in some way the next generation of PLN. As we have done in the past with the earlier adopters, we will pave the way for the future across the three sectors of the economy we serve. Let's quickly look at implications for example in life sciences. Clinical research has moved beyond the hospitals on labs. labs. As more and more technologies use to decentralize tribes, the entire clinical trial experience is transformed for all people involved. Persians can now participate in a trial from anywhere, especially from all doctors and researchers can now collect more data in different ways. If we connect the dots across the world, we can see that the data is not connected to the data. If we connect the dots across clinical twice data, real-world data, on research on the development, we can close the loop on make precision medicine reality. As a consequence, elevate the passion journey. That's so system will be the only one capable of supporting end-to-end solution in life science. The ongoing advancement toward the Sustainable Economy will mark this century also. We can reveal some of the dynamics we see progressing. I think it's clear that our passion for science-based people's center innovation on the The commitment we have for our very loyal clients is the catalyst of that transformation. Let's have a few illustration of how we are enabling such kind of transformation today. And I think from there you will see a lot of good reasons to believe. In the consumer industry, we have a very successful partnership with IKEA. With the 3xBeyons by Ne platform, Kitchen, Kitchen, Planner, On the Cloud, Ikea is enabling customers to use virtualization to design their own dreamtitions. The pandemic has led individuals to invest in their homes. And as acted as an accelerator for e-commerce, the 3D-expand by Neatat Form Kitchen Planner has a load, IK, to take full advantage of this trends. In some way, the by Neat Kitchen platform was used by 1 million people only a few months after in deployed. And today, as rich over 4 million users making it, the most popular 3D consumer application in the world, this is the cloud advantage, but it also, the mobile advantage. In mobility and also sector of the industry, purely is pursuing increasingly challenging goals in terms of sustainability, working on innovative materials, on cutting edge production processes. They have selected smart tires on the 3DX1s platform. They will leverage the capability of the virtual twin to foster innovation, reduce cost, increase circularity, and of course they use time to market through simulation modular design. It's great to be part of Pirely's adventure to move everyone forward through technology and social progress. In the L-Scare, I could take the example of Perigo because the L-Scare affordability is becoming essential. Today, the cost of L-Scare is growing twice as fast as the overall economy. Here we go, 100-on-30 years old company has been improving passion lives with affordable, sense-care products. The company is deploying several of our solutions. For example, license to Q, perfect formulation, perfect package. On our 3D experience platform, as you notice, the you are not describing the function, we are describing the value even in the way we name our solutions. The goal is to increase efficiency quality on time to market. We are very pleased to help you to help you to get positive impact on the positive. Now, you have some proof points. It's plain to see virtual twin experiences powered by the 3D experience platform, helping all our customers, evolve on transform. We recently celebrated our 40th anniversary and the system. Two generation of innovators have revealed the power of virtual works to imagine create disruptive innovation. And this is a fact in all sectors we serve. Now we are focused on our next horizon. our objective is to do is to be the leader of in sustainable innovation, on to continue to position our clients, at the one group of progress across manufacturing industries, life science on the scale as well as infrastructure on cities. To support our long-term initiatives, we have established the next generation of executive leadership. I'm so happy to have Pascal the law is now fully focused on his mission as chief of garraking officer to connect all the dots on elevate and expand the value we provide to our clients, on power, new generation of leaders along the lines that I just described. At the same time, I'm I may equally delight it to welcome Ruben Berman to the executive committee of the SOS system as chief financial officer. Ruben has played a critical role in integrating mid-Data, he has held the COO on CFO, titers, and brings a mastering of financial matters related to software on cloud business model. Over, it's wonderful to have you here. Thank you for being here. It's giving us more time to meet with customers. Ultimately, all progress is human investing on our people and culture is at the core of what we do, our M&A activities are driven by both innovation capabilities as well as talent on as you all know. After many years of observing the system, it has always been essential for us. We are focused on enabling teams to transform revealed talents. When we are quite many data in 2019, just two years ago, Tariq and I Steeam, which we share with Glenn, is body. created this incredible reason to believe that we could have a future together. I'm extremely proud of the significant innovation, strong culture, on leadership, mediator, as brought to the life science sector. We have been able to integrate, scale rapidly, actually grows on the liberal excellent result on a poor old, have fun being together. It's a great pleasure now to have online direct by body. We now the chairman of the Lifestyle sector on this KFO for the system. On TRIK, would you like to say a few words? Thank you Bernard. It's thank you for the kind words and it's really a pleasure to be with all of you today in my role, it's been a few years since I've been on an earnings call. And as you say, it's a lot of fun. So it's been more than two years since we announced coming together. And honestly, I can't be more excited about what we've been able to accomplish and the progress we've made since that time. It's been an incredibly challenging environment as you all know. integrations are never easy and doing it on a global scale is even more difficult and then doing it in the midst of a pandemic. Isn't even more difficult. But I would say that the integration has been a tremendous success and I really want to thank Bernard and Pascal for all the support that they have given us and our teams. And I don't I'd like to also thank you our teams who have come together focused on creating value for our customers and ultimately for patients. You know, our teams are delivering amazing innovation and execution to advanced clinical trial and new treatments for patients during what's been an unprecedented time. And it feels like we're just getting started given the tremendous opportunities that we see ahead of us. Our impact on improving the patient's experience and scaling precision medicine has never been clearer. You know, at the end of the day it's what Glenn and I always dreamed about and we're convinced we would be able to do one day and it's what brought us together as organizations in the first place and it's becoming a reality. As many of you know, we suffered the tragic loss of Glenn de Vries, my best friend and our co-founder late last year. He helped transform our industry and his vision has always been an inspiration for all of us. Glenn helped set the highest standards for Medi-David, did I know? And he drove us to innovate and solve the most complex problems with energy and creativity. And I am absolutely convinced that we will pursue progress in life sciences and healthcare with the same passion that he had. and we have an amazingly strong team to support that. By continuing to do everything we can do to support the business, we are honoring Glenn Fuelegasey, and we will ultimately ensure help your lives for patients everywhere. We have a strong leadership in place today, and they will help carry us into the future, and together with Bernard and Pascal and now Ruben, I share the conviction and confidence in our promise of future. I want to hand the call back to your Bernard. Thank you, darling. Thank you my friend for your leadership. Also, the incredible moment we had all of us together when we decided in less than one hour that the future was together on that was only two years ago. So I am also confident that we can make the difference. And we have now an incredible connection between people and ten members of opportunities to provide great solutions for our customer. So with that Pascal, you are the frog. Thank you very much. Hello everyone. I hope you are doing well and thank you for joining us today. So turning to our financial results, the strong business momentum we experience throughout the year continuing to the first quarter, resulting in the performance well aligned with our guidance. So let's start with a Q4 top lines, your over your comparisons. To draw a revenue group 10% to 1 billion's 370 million, above our 7 to 9% range. The software revenue also grew 10% and all organically. Liesense and other revenues rose 15% to 340,8 million, well above the guidance and we are back to 2019 levels. subscription and support revenue increase 8% driven by the high the budget subscription gross. reflecting strong military performance, but also the 3D experience momentum. And the recurring revenue represents 72% of the software revenue. Doing on services, services was up 10% and we achieve a services gross margin of 27.1% substantially better compared to last year and it's coming mainly from the effort we made to improve the efficiency when we were in the middle of the pandemic, from say 18 months ago. From a profitability standpoint, in the first quarter, we delivered a Q4, a strong operating margin of 36.8%. This was well aligned with our guidance of 36.4, when taking it to account the transient packs of 40-bit response. If you have grew 17% to 29 cents compared to our guidance of 27 to 28 cents. Few words on the outcomes, it's an important topic. I know you have questions usually on this. So in terms of account we are well aligned with our objectives, we saw strong airing activity again in Q4 and lower our attrition and overhaul, 8.04% and research and development was up to 6%. So I think even our track ritual of innovation and our mission driven culture, we are confident in our ability to continue to attract and retain top talents over the mid to long term and this is still a priority for 2020. Let's us take a deep dive into our revenue performance first and let's zoom on the software revenue by Geo. The Americas grew 7% during the forced quarter, driven by solid subscription growth, which is definitely key trend in North America. In 2021, the region's benefit from strong performance in eye-tech, transportation and mobility and life sciences at large, and now America represents 38% of the total software revenue. Europe increased 10%, signed to a strong resiliency throughout the world. the regions and in 2021, transportation and mobility and industrial equipment grew the world-digit Europe represented 37% of software revenue in 2021. Asia rose 12% driven by market expansion in Japan, India and South Sea of Asia and in 2021 China grew 19% and Asia at large, represent 25% of the software revenue. Let's take you work on the product line performance. In just one innovation software revenue wrote 8% to 6, under the 82.3 million in Q4. This growth has been driven specifically by C.M. and D.M.R. where the growth is exceeding the budget and it's mainly due to a large part to last client wins we did in Q4. Inoviashul also has strong subscription growth, which is against new trend. And I think this subscription model is relatively suitable for all the collaborative set of solution we have. And Katia finally is back to 2019 levels, so I think we are again on our trajectory. LISAMC software revenue reached 245.1 million in Q4 and increase of 9%. MediaData grew over 15% on the back of a strong comparison base if you remember. And we continue to see a very good momentum across the MediaData portfolio, including MediaData RAV, the core products, MediaData AI, knows a diversification in the analytics and artificial intelligence, and made it as a passion club which is the effect of standard for the decentralized clinical trial. This momentous is also visible in all the across the hand markets we are serving. So not only the pharmaceutical and biology companies but also the contract research organization and the medical devices company. So we saw high double-gigros in attached rate against this quarter which is extremely important because not only we are capturing new customers but we are growing inside those customers. From a product-line perspective, we saw strong BD data performance was partially of said someone, by a lower-end expecting bio-revenue. This was driven by the delay of two large renewals, but we expect to sign both renewals during the first-alt so it's really a temporary impact. If we step back a little bit, you know, we are one year after we have decided to create the life science engagement, which is nothing more than combining all the different capabilities and resources we have to address these markets. And this has been done through the leadership of the Mededata Management team, especially Michael Prey and for that, Michael, thank you. We did extremely well. And now we are confident that this being in place with the strategy we have to provide life science industry, an end-to-end solution that connects dots between ideation, development, manufacturing, commercializations. Almost what we did in other industry, like I always face decades ago, I think it's pretty unique on the market place and we will make the differentations. Moving now on to the mainstream innovations software revenue rose 14% to 300 to 12.2 million in Q4. Solid works first deliver a strong result with software revenue growing high-single digits and we continue to see other options of our three-example works family, you know, the cloud based solution during this period. The centric pre-lem is performing extremely well with high double digit. I should say close to triple digit revenue growth. And not only it's delivering the numbers but in term of FKPI's we are now reaching more than 550 customers representing more than 4,500 brands and with an extreme high level of satisfaction. Not only it's true in the fashion industry but since almost two years, centric p.m. since to Chris Grove, is expanding into new vertical such as the foot and the rage, cosmetic and personal care and other consumer segments. So, again, the replays by this move and it's paying off. Good result is also when the strategy is working and as you know we have two KPIs to merge with this. The first one is the drag coming from the 3D experience and the full year for 2021. The 3D experience revenue goes 15%. Driven by strong substitution growth and now it's account for 30% of the total software revenue which is an increase of 200.080 compared to last year. In 2021, the cloud revenue, which is the other one, KPI we are monitoring, increased 23%. Driven by the continued lengths in life sciences, of course, but not only, but also and more and more by the 3DX talents. And cloud now account for 20% of our software revenue had 200 billion spent compared to last year. All the clients, you know, we have across all the sectors are transforming extremely rapidly and they are turning to the system to help them to adopt new business model, accelerating innovation on bracing sustainability and putting consumer patient and citizen at the sense of experience. And our strategy is really to enable them those transformations with cloud native applications, or cloud extension to an existing on-premise investment. And our 3D expense platform has been developed to make both. All those good results are also reflected into the cash flow and for the fiscal year 2021, the cash flow from a operation was 30% your over year to 1.6 million, 13.000, which is a converting 33% of the revenue to operating cash flow. Cash, which need to be less than 3 billion to billion 980 million, an increase of 831 billion versus an increase of 204 million last year. And finally our net financial debt position at the end of the year, decreased by 1,552 million to less than 9,5 million to be precise 890 million. And it has to be compared with a 2 billion 4 we had in December 31st in 2020. This in a net is putting us a year more than a year in fact a head of our schedule on our delivering objectives. Now to discuss the 2022 objectives, I'm very pleased to introduce Ruben Batman, our new chief financial officer and as Bernard mentioned, Ruben has played a vital role in integrating midi data and has been a real pleasure to work together for the last two years and it's a successful partnership I think. So Ruben, we are delighted to have you with us Ruben, you have the flow. Thank you, Pascal and hello everyone, also from my site. And before I would start to outline the financial objectives for 2022, I also want to share that I am thrilled and very happy to be here today with you in this new role. I really enjoyed your opportunity to meet with some of you already and learn from many colleagues at Dasso Systems in particular U.P.C.R.S. in the air position of many data. which as you know is completed more than two years ago. And now with the successful integration, I'm looking forward to getting to know all of you and the broader investment community during this year. And I know we already have concrete plans to do that. So with this, let me turn to the Fulia Financial for 2022, our financial objectives. As discussed, we expect the broad-based dynamics we experience in the fourth quarter and 2021 to continue into 2022. You're focused on driving durable long-term growth. Our growth drivers are well established as highlighted by the NAN+CAR. First, we are enhancing our leadership position across our major plans. Second, we are accelerating the momentum with 3D experience and industry solution experiences and we are winning new customers as well expanding within our installed base. And third, we are focused on delivering new experience and value with cloud. So we will continue the momentum of metadata and metadata patient cloud. We will also expand the user base with a 3D experience work family in the mainstream market and deliver new value at scale with large enterprise partnerships like what you see happening with Renault or brief construction. Now with this in mind, we are targeting for full year 2022, total revenue growth of 9 to 10 percent and software revenue growth in the same range. When thinking about our software revenue growth, Let's keep in mind that last year we had a very strong year of license growth, this 23% year on year, which brought us back ahead of 2019 levels. And now for this year, you expect to continue healthy double-ditched growth at around 10% of up to 12%. Which reflects continued strong demand within our installed base. This trend is more in line with what we saw in our performance in the fourth world. We anticipate recurring software revenue to increase by 9.5%. The next generation of 100 to 150 basis points was last year. Turned by continued momentum and subscription growth with cloud and solid improvement in support revenue, also residing from the very good license growth we experienced throughout last year. For service this revenue we are projecting to grow between 8 to 9 percent, reflecting the increased activity levels of delivering innovation to our clients across all segments with solid margin performance. From a profitability perspective, this past year we demonstrated the long-term scale of long-term scale ability inherent to our business model. As we said throughout 2021, we plan to accelerate investments into our business and re-engage activities which were impeded by the pandemic. Accelerating the growth in our workforce, in line with our long-term plan, is our top priority. And as such, we anticipate the non-IFIAS operating margin to be in the range of 32.7 to 33.1%. Again, this is consistent with our prior communication. Now, let me continue with our proposed objectives for earnings per share. We expect non-IFIAS to grow between 3 to 6% reaching 1 year at the high end. This EPS guidance assumes a text rate in line with 2021 levels of about 23.2%. Our financial objectives is UMA0 to U.S. dollar conversion of 1.17. Now I will provide some additional color on what to expect for Q1. As you are aware, our business has some seasonality and the expect to see growth rates progressing throughout the year. Expect you want to order revenue growth of 7 to 9%. This software revenue increasing in the same range when services revenue up to 5 to 7%. Turn by continued product based momentum across our juice. The expect you operating margin at a range of 32.3% with an EPS growth of 3 to 7% versus last year. As you heard from us, during this call. They are confident in the long-term opportunity ahead and we look forward to keeping you oppressed of all progress throughout the year. And now Pascal, I'll hand the call back to you. That you have advanced to summarize, I think, the stage is set for the future of growth. On one hand, our long-term strategic vision has been validated. In this month we made 10 years ago to a net the expensive economy are paying off. And whatever you take the platform, the virtual twin experiences, the industry solution we have and the club, there are the rebel competitive advantage. In parallel, that's what Bernace, we are helping our clients also to transform to a sustainable economy. And this is becoming a affordable and significant opportunity to deepen and expand our partnership and our impacts. This, you combine the two, will be a strong cycle of drivers to end up feeling growth across all the three sectors of the economy we are serving. In addition to this, I think we have the right leadership in place to execute the tremendous opportunity before us. And we, our commitment to clients to drive our strategy will continue and we thank them for their continued trust. Finally, I think, over an eye will be extremely pleased to see you in person when we will have the ability to go back on the road, but I think it has been so long when we haven't seen each other. I think Bernard Ruben, it's correct, of course. You know, really the time to take the questions. >> Thank you. The participants will now begin the question and answer session as you remind that if you wish to ask a question, please press star and one on the top on keypad and wait for a name to be announced. question comes a line of Nicholas David from Odo B.H.F. to this ask your question. Yes, hi. Good afternoon, Benar, Pascal and another one. I guess well. Thank you for taking my question. My first one is regarding license is gross. You unspaded double to this gross of license is in 2022. So for the second year in a row. So congrats for that. Because I think that that was a. an ambition to sustain such a growth of licenses. My first question is, do you think that such growth is sustainable beyond 22? And if so, or so do you think that this improved growth trend in licenses is more linked to the momentum of your product cycle, so internal to your company, or more linked to the consequences of the of the send-by-crisis we're leaving right now. and it's more a macro impact you are building. Of, and my second question is, still regarding license is a self-civil software players, including some of your competitors mentioned that, the difficulties the clients have had in hiring have led to some delayed in launching projects, and then having negative impact on license self. So my question is, to what extent you may have, you may suffer from this kind of impact, regarding your relationship, and the coming quarters. Thank you. Ovan, you want to take the first one? Yes, happy to. Yeah, so I think the best way to conceptualize this Nikola, thank you for the question. Yes, we had in 2021, there is from license performance, it's 23% for the full year. Of course, this was worth a lower comparable base in 2020. Q4, 15% growth, again, I think a good comparability, Q4 of 2020, we saw the rebound starting to happen. And so it was a real proof point for us in the fourth quarter to achieve double it should go. And that trend is what we continue to forecast into 2022 with 10 to 12%. And I think the area, the sources of growth for that supports that underpins this assumption, is that we have developed that list in an operating model between capex and opx for our customers. We are serving industries where we have significant installed basis. Get our transforming to the cloud to the subscription model that it will take time. And we are committed to support our customers and support them in a way where their preferences are in terms of how they want to spend and make the investment. You know, these are very sticky investments, very long-term relationships where our customers are capitalizing on their investments for decades. They continue to innovate and so that's our right value. And I think with its three-day experience and the Paul Bay extension that we deliver, we make these investments also really valuable and ready for the future. On the second part of the question Pascalic I make. on is the Clion Arring Challenge, having an impact on our license. I will see the total opposite way, because the nature of our audience is changing. For years we have been all week on to you to focus on engineering, production. But now we just really experience that form. We also reach supply management, costing, on many of those functions within the company. The example Adorno is really amazing in terms of size, that Toyota motor or also a mini-osa clients that I could name. So the intent with the platform phenomenon, the 3D experience platform, is to reach audience that we could not reach before. As a matter of fact, the 3D experience colab collaborative environment is now being used by clients to evaluate materials, cost, weight, supply efficiency, all based on the 3D universe. Not on number of dashboards, but on the real product itself of all the way you produce it. So we see this as a long lasting growth factor on Pascal mentioned that it's not disabled in even in with our business applications that we call now on the category of inovia where we deliver business experiences of program management project management costing even for ESG reporting. or CO2 reporting because that performance is capability. So we don't see the negative effect. That's a very quick follow-up from my site. It's a very quick follow-up from my site. It's a very serious attitude. But do you think that you need also to increase the volume of shares granted to employees in the two to research the attribution. So any, any, any, any, any, I think we have. Yeah. Yeah. Oh, please, please, there. Not. It's by can answer. I was the vice chairman of the board. Yeah. Because that's not on the budget side. It's on the show on the side. No, we have, we have, I think we have a very stable, predictable. For you, for allocation. And we think that it, it provides a good compelling, in San Tifo people and we created this together mother last year which was really to provide an option for people to share that the certain discount on Guanti the result over a first few certain number of years. various successful programs but we integrated that allocation as part of the overall policy so so that there is no deviation I would say if I'm going to answer. Oh I think you know, because I know the first time we discussed this, I think we are extremely, we have a lot of discipline on this. Why so? Because if you want this to be long term and not only one of you need to integrate it in your business model. If I compare with the competitors or the peers, usually they allocate an envelope which could be sometimes three times bigger. However, I think it's not sustainable over the time. Especially if you look at the end, how much of the operating profits goes through this, I think. Do your job, do the sanity check, you will see its balance, its fair, its unrivaled and sustainable, and that's basically our philosophy and our principle. So you could come upon us to continue what we did in the same manner. That's clear. Thank you, and congratulations for the visit. Thank you. Thank you. Thank you. The next question comes to a land of child's bread and from Jeffrey. Please ask your question. Great. Good afternoon. Thanks for taking my question. Hopefully it's second time lucky. across the industry we're seeing this cloud momentum gather pace and it's reference in your statement with some of your legacy customers moving to the cloud. So I was running for a guest asked for questions related to the cloud. The first of which is just in terms of your product portfolio, can you remind us how much is native cloud versus available on the cloud via extensions? Secondly, I think you traditionally said that the move to the cloud or growth in the cloud would be largely incremental to your core business. But certainly this morning you were talking about product lines like a Navy or solid works moving to the cloud. Those are both traditional license product lines. And I'm just wondering if we're starting to get to the stage where you're starting to see traditional licenses cannibalized by the cloud. Thirdly, it feels like some of your competitors are being a little bit more progressive in driving this agenda. I'm just wondering what it would take for you to be a little bit more proactive in forcing a shift to the cloud. You're obviously doing that in the life sciences vertical. I guess Rubens well placed to manage a more progressive cloud transition. I'm just wondering what the catalyst would be for you to go down that route. And very lastly, on M&A, I guess traditionally we see a bigger transaction from DASO every couple of years. I guess we must be getting into the window where we're due the next one. Should we assume that any future M&A from here will be of a cloud-based business model? And is that one of the catalysts that's going to get you to the target, so having 30% of the revenues in the cloud. Thank you. We could do probably the rest of the color. That's your question. Charlie, but then I want to take the first turn. I could come on on the platform for you on the Pascal, of course stepping. First of all, we have Richard Point where, first of all, the cloud approach for us, above all, is a way to reach new category of users. Second, the cloud approach for us is about providing new delivery system for the capabilities we have, roles, process and solution. Why? Having browser native services, on mobile tablets and PCs, is a big thing for the nature of software we do. And the idea story with 4 million users in a few months is an illustration exactly of that. It's all going through browser based, same as you mentioned, chart on the sneakartry. But we are doing that also for design. And we are doing that on a matter of fact, the portfolio intro, as Richard Point, where we are now. There are more solutions or examples on the cloud native than we have on premise. However, I want to make sure it's clear. We love the on premise. The programs on the on premise will become private clouds. There will become absolutely private clouds. And we are going to do that to do so with customer impact. We have started to do it for highly sensitive program. Because the value of doing that is so well organized by clients. So, we value this hybridation to reach the audience and provide really a 3D for all approach, that will make the defense on Accelerate the platform phenomena across all functions. If you think about people now doing supply negotiation in the past, they were using ERP dashboards. Now they are looking at the product itself and they have the price on the pot. And they know where it's sourced from. It's a new word from them. We do metaverse before metaverse. Because they see what's happening. So enough said, but let's do some kind of validation. I see massive componentarity on that point. And just to echo what you say, Bernan, you were mentioning in Edovia. Again, you still have time to understand what Edovia is about today. Edovia is not anymore on the list of product life cycle management capability. It's as Bernan said, it's a set of business applications, you know, lowering the procurement to source, to cost, to negotiate, to contract. A lowering program manager to run their program to do their review, to manage their supply chain. This is what we are talking about, and it's an extension compared to what we used to do. So that's just an example, and on solid works, we are talking about the works family. We are not talking only about solid works. And the works family, you have similar works, you have then their works, you have in-of-your-works. And those set of services are not well-deployed in the mainstream market right now. On my way on the works family, they are all cloud-nitty, they are all cloud. All is no one premise anymore, all of them are all cloud. So that's the reason why it's really an extension and it's still an extension compared to. There is maybe some of our expertise quite a little bit. Now coming back to what could be the shift to force the subscription model. But that's not our way of thinking. We are here to serve our customers to transform them and to evolve their business model. So what is the point to impose your business model when it's not aligned with your customers business model? Knowing at the end, the license or subscription we are doing a good profitability with both. We will notice. So I think our thinking process is much more the transformation of what we do. We will lead automatically to a subscription model for many things we do, but we want to do it in concert with a lot of alignment with our customers. That I think making big difference compared to many of our competitors. And last but not least, the question relative to M&A, I mean you noticed that we will be the leverage almost in six months from now, so which gives us the ability to do as all the move if we want. The cloud is not, I will say, the purpose. The purpose is ready to extend what we do, having the ability to expand the addressable market and maybe change the nature of what we do. For example, if we want to focus on the data centricity of our solutions and technology, for sure the cloud is probably the way to do it. But again, it's a means, it's not the goal. So that's what I can say at this stage. It's probably too early to speak about it and maybe I don't know at the time of the capital market day. In June, we could probably discuss much more opening to this topic. Perfect. Thanks, March. Thank you, Charles. Next question, please. Thank you. The next question comes from line of J. Bliche Howard from Griffin Security. Please ask your question. Thank you, hello, everyone. I'll ask all my questions at the same time, just given the time, many, I'm a call. First, could you talk about the performance in 2021 and what your expectations might be for 2022, which respect to your two principal sales channels, now call CSE and CPE, you know, formerly BPMBS of course, could you comment on those two channels and anything you might be doing to invest in or alter perhaps, either of those channels. Secondly, one thing we see among a number of your principal competitors is a implementation of a little plant implement. a faster product release cadence. We see this in both in CAD and Fiat Lymphode Chapel. And I'm wondering if in lieu of your historical summer and winter releases, which is done for many many years, there might be some rationale for accelerating your product release cadence, particularly in alignment with your cloudy business. Thirdly on 3DX, one thing that seems to be occurring is that within the overall 3DX number, while an ovus seems still to be the largest part of it as it's been, other brands like the TIV6 are growing their contribution. If you could comment on that and whether you think that brands other than an ovia might eventually account for the majority of the 3DX business. And lastly, on 3DX works. I understand it's so quite early, of course, only six quarters in market. But do you think that you have any visibility to penetrating, let's say, more than 10% of the solid workspace, wifery exports, and thereby make it an increasingly material business? Thank you. A few clarification on the Pascal-Feymei, I believe, is a first world. That system is providing, and not anymore, functionalities, but we are providing roles, processes, and industry solutions. So when we deliver roles, again, as a price on the roles, that is a price on the process to do the job. And we do it by industry and industry separate. This is unique on no one of the competitors are doing that. So, it's important to understand it. The second thing is on the NAWLet Pascal Command on the channel performance. The second remark is, we do six weeks cadence delivery on the cloud. So, Jay please notice that for a large percentage of our install days, we are already there. Every six weeks, the world is getting new capabilities on its working extremely well with an SLI which is very hard on providing satisfaction. Some large companies are already there. We have took an example of a week, it's all cloud, 100%. We are all ready in a big way. All cloud are following that cadence. So I think we are faster than most of the other players on that standpoint. So just topic for clarification. On last, we don't count, we don't count Katia on the 3D experience like, for surpassing Klan on Ogunganx, we count Katia for Katia, we count Delford Delford, Delford, each bronze for what they are, no matter if they are independent or if they are based on the 3D experience platform. So we continue to keep that integral key in the way we report. Now, on last thing about of the 3D experience works, it should be noticed that outside the story works. Everything new is native cloud. Similarly, our work is native cloud. On only cloud for solidoscocustomers. On we have also now a full suite of 3D of solid works of the native, that are the river on the browser. on this explains the incredible success of cloud in China. Believe it or not, more than in every other countries because I think in China they have we have the approval to run cloud or own licenses on really distributed in a big way. So that's all what I wanted to clarify and Pascal maybe you want to put them more. On the channel maybe I can see if you were so first of all you You know, the website where says the performance of the channel is really to look at the incremental revenue and the license is still probably a good indicator across all the different engagement model. Right. So if you follow me on this, all of them are growing higher than 20%. So when I say it's a broad base, it's really a broad base. And it's what we call the process channel. which has the best performance in terms of new license this year. In 2021. So by this being more close to 30 to 20%. So, and it's not to surprise when you think about it because during the pandemic, the direct sales resisted relatively well. The main screen, the series also. The process, the supply chain, we are really the one being on the pressure. and we have been able to almost catch up the like in 2020, in 2021. So I think we are already nearly on the good path. To complement what Bernard said on the 3D experience, distributed across all the brands, you are to be a little bit careful. This is true that in Ovia, for 4 in Ovia almost too served of the revenue of Enovia is 3D experience based, but it's a sub more than a sub for them, yeah. Also for Ketia. So it's not the only one. Okay, if I may quickly, my annual question on solid works, Unid volume. My calculation is that it looks like you're 2021 solid works, new commercial seed volume was similar to perhaps slightly better than where you were in 2019. So perhaps just around 7, 6,000 or so. And not quite back to where you were in 2018 just yet. This is true, but with one big difference, the average seed price increase, which means we are more and more capable to enrich the package. And one of the reasons you should remember, Jay. I will say 60% of the time. And I will say, 60% of the units are coming from existing customers. So they are the one not buying anymore, the base package, or the one buying the full package. That's the reason why you have such a gross. It's a combination of units and a spreadsheet. Yes. Okay. Also by the way, thank you for the head count and higher in comments. So, always useful inside. Thank you, Jay. By the way, you will have a neighbor because of the oven. Famini is still in New York for a few months and you will probably fly to New York in the coming weeks. So that's right. Great. I'll pick you up at the airport. Okay. Maybe later for a coffee. Next question please. Thank you. The next question comes to the land of New steer from Redburn, please ask the question. Hi, thanks very much. I just have a couple of quick ones. The first one is just looking at some sales and marketing expenses and I suppose the off-ex cost ratio is in general. Quite clearly as we've gone through the pandemic because of travel and also hiring. You're running with thousand marketing around about three to four hundred stations, point below where we were sort of pre-pandemic. I'm just wondering, would you expect over the next couple of years for that to pick up to closer to the sort of 29-30 percent cost ratio that we've seen in the past? Are there structural reasons to why hence for thousand marketing should be at sort of a structural level? That's the first question. Need a Pascal, we'll also have to discuss. So, you know, as the chief operating officer, I learned something during the pandemic. We have been capable to grow without having more resources. And give it or not, we have increased dramatically the productivity. If I compare to 19, it's per head, per sense people, it's more than 11%. So why I'm seeing this? Because it's going to be a combination between obviously more resources, because we need to reinforce the coverage we have in certain region of the world of certain verticals. But at the same time, I still believe in we still have, we still continue to improve the productivity. Maybe we will not at this level every year, at least a few percentage points, it's probably something we could be able to achieve. So, and this will give probably the ability for us to finance a different go-to market. Because we are talking about the traditional one, but there are activities where we need to invest because it's a different way to go to market and still on Brianic and we still need to invest. So the net is, it will not be maybe, you know, to have a big difference. However, we have some lever to expand the different nature of the go to market we have. That's probably the way to get it. So, that's the clarify. You suggest that we will see quite an over the next couple of years. The sales and marketing costs ratio will go back up, but perhaps not back up to the 30% level or are you suggesting it's more sustainable at the sort of 25 or 26% level? No, no, it would increase because I say to you, we did not hire almost one single person each one last year. I mean, it's not sustainable. However, if you do the math, you have to include some productivity effects, because we have some productivity these last two years. And now it's part of my duty to make sure that we grow the coverage, but at the same time we are also improving the productivity. Okay, thank you. And just zeroing in on life science is obviously taking all the commentary together with regards to the growth in meditation, so forth. It looks to say the softness that you saw in cue for quite clearly with the original accelerative business is. Is that a little bit surprising? That's more on the discovery side, I think, that product. So, have you actually signed the deferral there? Or is that sort of, if you like a term that deferred and you'll never fully recover that revenue as we go through? revenue as we got through the 2022 year. Well, you got happy happy to, so you know the impact that we had in the fourth quarter's temporary. These are two renewals that they are actively working on. Two close and I would say early 2022. It could be the first quarter. It could be the second quarter. Yeah. These are two major custom also. We have a stopper relationships and it's only a question of time. I think the other part that I would like to add to the biovier business as well and life sciences, we are also aggressive retransforming by are you here towards a more subscription model and what it used to be because it was heavily dependent on licenses and that creates some very ability from time to time. So that's another factor. That we will talk about throughout 2022. Thank you. Thank you. One final question. This is on Nania. Yes, of course the last final questions come for run of Jason Selena from KBCM. Please ask the question. Great. Thanks for fitting me in just a couple of quick ones on a couple of the brands. First on Somalia. You know it's nice to see double the jick wrote there. It's been doing quite well for the past few quarters from what I can remember. You know, so my question here is, you know, the strength we're seeing, you know, from share games, for this simulation competitive market, or is it more broader industry strength recovery from that? Simulia, I think what is there are two major factors where basically we create the game-changer situation. Number one, on the Solid Works install base, customer way I use to use our competitor, product on desktop. Now we are offering cloud-based similea, extremely successful, easier to provision, on to put in operation, and it has created a very nice dynamic in the work-same. And John Powell is doing a very great job at the Paolo Basie on the on the stop picking fact is going to work on the full works family and not only so the works and we have just announced that the new CEO of solid works is Manish Kumar but John Powell is taking the full scope, responsibility for 3D advanced works. That's one driver. On the second one is multi-physical platform based integration, which is connecting the power flow, the emag, the stress, and all of this together in a consistent environment. And we see a lot of customers moving from isolated simulation to integrated system simulation. I think it's unstoppable in my mind. And we are plenty of opportunities to continue to sustain strong growth in this area. Perfect. And then maybe one quick final one, you know, solid works. Maybe earlier in 2021, had some pretty robust growth, you know, possibly from the pent up the man. You know, this quarter 8% growth, you know, feels quite good, normal, maybe close to what we were saying, pre-pandemic. You know, that's the right way to think about the solid work business, you know, normalizing from these levels. I think so. You're right. I mean if you remember, so the world was really the first product line to recover. Yeah. And there is no base effect compared to that here. And the 8% 829 is a good number. Okay. Thank you all and I would get up and end. Thank you. Everyone for participating. It's always a great pleasure to extend with you and to let your questions on that year. No, that Pascal and Rouver now committed to do road show. on visit you as quickly as possible as soon as possible, not fully face to face. With that, thank you very much. Enjoy your day on top to you soon. That's conclude of a conference for today. Thank you for participating. You may all this connect. Have a nice day. 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M1\n","transcript":"Ladies and gentlemen, thank you for standing by. I'm Christian Dinosaur Corescola operator. Welcome and thank you for joining me. The head has been a rather conference call and a lab webcast to present in the behalf of the second quarter 2021 financial results. or participants will be listened on a mode and the conference is being recorded. The presentation will be followed by a question and answer session. Students who then wanted their assistance to the conference call you may signal an operator by pressing star and zero on your telephone. At the start, I would like to turn the conference over to Mr. Interic Bilek in Best Or Relations Director. Mr. Bilek, you may now proceed. Thanks for present. Thank you for joining us today for Hector Brothers second quarter 2021, Ernest Call. I'm pleased to be joined on the call today by our CEO, Murat, Inerdal and our TFO, Kordhan Perth. The following discussions including responses to your questions reflect management views as of today's date only. We do not undertake any obligations to update or revise the information, except as required by law. Certain segments may also be called \"Our forward working statements\". Actually, the document is confirmed material from this forward working statement. Please refer to today's earnings release as well as the rate factor described in the state-harbert slide of today's presentation. to raise press release the six gates in our prospective files with the ACT-ONJLIS first 2021 and other ACT findings for information about factors which could cause our actual results to differ material from these forward-looking statements. Also, we will reference certain non-AIR press measures during today's call. Please refer to the attendance of our supplemented slide deck as well as today's earnings press release for a presentation of the most direct comparable IFR's measure. As well as the relevant IFRS to none of my friends to your considerations. As every minor, I will replay all of this call will be available on the Immacivation stage of Hicks to Brothers website. With that, I will hand it over to our CEO Murat. Thankfully, we are so excited to have our first early school ever as the only NSF searches company. Before we dive into the second quarter results, I would like to take a moment to give an overview of our super-active system, and focus on some of the chief fundamentals that contribute to the success of FC brother. Hefti brother is a homegrown company that has played a fundamental role in the development of E-commerce in Turkey over the last 20 years. Our name has to be brought up, literally means everything is here. And its significance with a timid online shopping experience and benefits from very strong brand awareness. Our reason is to lead visualization of commerce. To that end, we have evolved from an e-commerce platform in the integrated ecosystem of products and services, centered on making people daily life easier. The operate in a attractive market that has a large, young, urbanized and tax-stabby population. The Turkish market is at an inflation point, with a growing e-commerce penetration expected to exceed 20 percent within total retail by 2025. That says roughly 90 percent of total retail is still offline, opening a large opportunity for growth. Our super app is a potential of our value proposition and act as one stop shop for customers by offering a broad range of products and services and by creating different cities-udric periods. Today we are a one-stop shop for customers every day need from product and services to groceries and payments. We constantly see new ways to differentiate our our cosmic period with valid services such as friction, return, pickup, exercises, delivery services, card splitting, instant card terminal loan and our loyalty club offering. also the continued expand into new strategic assets including help to extract our own demand growth with delivery service, helps to pay our digital world companion solution, helps to apply our A-line ticket sales platform and help to global our inbound and cost-border business. With our Grow for reality with model will record the G&V growth at 64% KG between 2015 and 2020, as with this closed in our IPR prospectus. Our Solis operation execution, chapter efficiency, robot logistics network, deep technology capabilities, How does brand name, hybrid business model, and integrated ecosystem, has positioned us as a home-grown company to emerge as the first ever, not like this Turkish company? Let me stop here and now turn to our second quarter result. Next slide please. In the second quarter, our G&V grew by 38% compared to the same period of last year to 5.9 billion 30-year-old in line with our plan. This performance brings the first G&V grow to 58% on a yearly basis. Total number of orders in the second quarter were 13.1 million, which is the highest we have recorded today in a single quarter. It is important to highlight that these results have been against a strong base on the effect of COVID-19 pandemic last year. And are driven by a greater active customer base or the frequency active version base and total number of its use compared to the second quarter of last year. Tested jet or in-house last mile delivery service achieved, present in every city in Turkey by the end of June 2021. Tables are super-avocosystem value proposition, the continuously invested and scale are strategic assets. Articularly, have sex spread and has to pay, which are run position for strong growth. Between that context, the launch are visual wallets, have to pay to the sonum and better than have to brother in June 2021. One, Hestac Express, our own demand grocery delivery service has expanded its partner network to over 40 brands across over 1800 stores. A world, this is our indicates, our ability to deliver strong growth across the ecosystem. Let's have a detailed look into T-arte. Be operate a large, fast and sustainable in-house logistics network with last-mile deliveries to film and operations capabilities powered by our proprietary technologies. We believe that our nationwide logistics network is key to our success. The operate six fulfillment centers covering more than 120,000 square meters, strategic located at the close Turkey. In the second quarter, has to just achieved presence in air-insteading Turkey. Ritzen's 137 cross-stacks were as the month, a nationwide speaker-end robot network, Expand to more than 1,500 branded peak of end-robable points across markers, partner vocal stores, gas stations and retailers. As a result of its expansion, taxing it conducted more of retail deliveries and more of market-related rings in Q2-231, compared to the same piece of that year. With S.J. we are able to offer a variety of valuable services, including N.J. in next day delivery options, delivery by appointment including weekend and pretty similar return, which is S.J. picking up your return from your door as your preferred schedule. In line with our efforts to enrich values and services, has to yet also begin, rolling out two-man cargo handling service in YouTube, addressing the need for high quality and reliable service in the German categories. You may leave that our robots logistics network gives us a significant competitive edge in offering strong customer experience. Let's take a look at another strategy concept. Help the extract. As test extract, the aim to become a mainstream grocery shopping destination, and better the history of the super-a-taste extract offers both instant and casual delivery options options at red and gross relief for only men and plants grossly shopping. By the end of second quarter of 2021, test experts have become one of the strong players in this market with around 2600 outsourced pitting and delivery agents and has expanded its ecosystem to over 40 grand and roughly 1800 stores with present equals more than 50 cities in Turkey. VivoLive has expressed VivoLive a key in English to attract new customers to engage our existing audience and to unlock further synergies across services in HDB. Press the Javugas Casipay. Casipay is designed to be a companion wallet to spend, say, and mobilize money in a flexible way across online and offline channel. Having acquired its life in 2016 has been very much an important milestone by launching Textive-based Gisnome which I will refer to as \"Hestive-Ae Wallace\" and an embedded visual Wallace product on our platform on the 10th of June. It is a daily penetration among eligible audience has been fasted as anised expectations. \"Hestive-Ae Wallace\" enabled in some returns, and cash-pack. Along with HSTP-AWOLIS, HSTP-AWOLIS has to pay all the interviews HSTP-AWOLIS, a cash-pack points program that allowed customers to earn and redeem points during purchases with the wallet on the HSTP-Rodot platform. The HSTP-AWOLIS program has been instrumental in the rapid growth of HSTP-AWOLIS. HSTP-AWOLIS enables peer-to-peer manufacturers and build constantly explored new use cases across online and offline. I will now leave the floor to core-hung our CSO to run you through the financial performance in YouTube. Thank you, Murat and hello. What inspires us in our mission of being reliable, innovative, and sincere companion in people's daily lives? In our view, this prohibition boils down to focusing on P3 aspect of online shopping, selections, price and delivery. On selection without compelling rapid propositions, the doubles are active merchant's base as of June 30th compared to the same day a year ago. This is reflected in our offering to customers as almost doubling our SQUs on our platform during the same period. On pricing, we seek to provide the best value for our customers by offering competitive prices which you have continued to uphold in future. On the delivery, our large, fast and scalable in-house logistics network stands out as one of the key strengths which we have done. we have done by increasing our overall footprint across Turkey. These key sites have been instrumental in driving continuous customer growth on our platform as well as higher orders frequency on a yearly basis. As such, our total number of orders do by 38% reaching a record 13.1 million in the second quarter. A combination of these factors has resulted in 38% GMD growth in the second quarters. The performance was achieved against an already strong second quarter of 2020, the future A-Sight Effect of COVID-19. To normalize this effect on broad figures, we have shown here two-year compounded growth rates. So for the first and second quarter of 2021, compared to the same period last year, compounded two-year growth rates were 68% and 86% respectively indicating a continuous quarter over quarter momentum. It is worth mentioning that we will continue to see the baseline effect of light-teach on the growth figures for the upcoming two courses as well. Let me now walk you through our part of business model. Our part of business model offers a health-to-combination of retail and marketplace. Having launched our market price six years ago, we have gradually increased its contribution to G&B, bringing it to 69% in the second quarter of 2021. Hence, the G&B sheet to 3P is expected to have strategic advantages on our business in the long term. Setsun taking a wider selection, a way to build a team, and a competitive pricing. Since our launch of the marketplace, we have always regarded our merchants as our long-term business partners. With this mindset, we have focused on creating value-added services for our merchants. We empower them with our comprehensive and trans-solutions to try digitally, our settle-advant-tools and services include the merchant portal with merchant store management tools and advanced data analytics. In future, we upgraded our merchant portal by introducing new modules that further contributed to overall efficiency by increasing sub-survices actions. We also offer them a despising services to HCA, so that they can effectively advertise, insight and outside HCA to drive their sales. We give the max that to our let-mile delivery service as well as our full-fuelment service as the logistics where we can pay several storage, handling and checking of the merchandise on their behalf. We also have done get-tatter with e-commerce by providing comprehensive training sessions through our training court of. Last but not least, we provide them with financing options to help them in their effective working capital management. In 2020, our financing program exceeded 1.3 billion services in volumes, with an 11.4 times grow in merchants and supply financing from 2018 to 2020. All these other services have contributed to HECSBRADA, shaking into one of the most attractive digital platforms for merchants to access 33 million members on our platform as of flat year ends. We will continue to work towards global our merchant faith through our through the capabilities. Now, let's take a look at our G&V and Revenue Growth in the second quarter. And we have space of already our G&V growth plus 38.2%, whether our Revenue Group by 5.2% in the second quarter compared to the same period 2020. RG and V refers to the total value of oldest products, so through R-class from over a given period of time, including value added tax, without detecting return-like transformations, including cargo income and excluding other service revenues and transaction feed charge to our merchants. Our revenue consists of failure load goods which is our retail model and we refer to it as bumpy, flat, market rate revenue, which is our marketplace model and we refer to it as 3p plus delivery service revenue and other revenues. In direct sale of goods, which is retail, the acts as a feasible and initial-magic of my Zellanyu on a gross basis at the time of the video of the goods to our customers. In the market price, railing news are recorded on the next pages, mainly consisting of marketplace commissions, transaction fees and other contractual charges to our merchants. Our revenue grew by 5.2% into 2221 compared to the second quarter of last year. This part named the driven by a 6.7.2% increase in altitude. or this is, and other revenue, and a 2.3% growth in our marketplace revenue, where the revenue generated from save of goods which is retail, remain as flat also detail in the next slide. On the upper part of this slide, we show the dynamics and factors that have had an impact on our revenue growth in the second quarter. Now our genially grew by 38.4% into 2021. Our revenue growth was 5.2%. Reflecting the 11% touch points right in the share of marketplace genially. Please note that marketplace revenue are recognized on the net pages, ID, representing commissions and other fees, whereas the The direct sailboat goods that is retail is recognized on a gross basis. The contribution of the electronics domain to overall GME was around the same level as the same period last year. However, we saw more electronics including applying this mobile and technology through marketplace into 2021 than the same period of last year. We continue to widen our connections with expanding merchant faith and competitive prices in the market by our strategic margin investment, as well as these accounts given to our customers for temporary marketing campaigns. Accordingly, we invested in certain non-electronic categories such as supermarkets to drive all the frequency, and also invested in electronic categories to justify our market position. Additionally, we observe highly customer demand for lower margin products across different categories, such as digital products, gadgets and appliances, including accessories, Bluetooth devices and global perfume creamers. There is 60% increase in delivery service revenue compared to the second quarter of last year, but primarily at GPUs to 38% right in number of orders as the list, high-risk delivery service revenues generated from third-party operations during the same period. At the bottom part of this slide, we disclose the EDDA as a percentage of GR leverage between 2220 and 2221. EDDA was negative 189 million T.A. compared to positive 71 million T.A. into 2220. This corresponds to a total 4.9% exchange point decline into 2201 compared to the same period in EBTA as a person-fich of Gambi, which is driven by 2.4% exchange point decrease in gross contribution margin, 1.5% exchange points rise in advertising expenses, and approximately 1% exchange points rise in other of Xi's exchange points. other of excitements, including the cost of inventory sold and depreciation and amount of basis. The 2.4% which point decline in gross contribution margin is driven by strategic margin in that means the system electronic GME to 3D and the discount given to our customers for temporary marketing campaigns, offset by other revenues. Negative 1.5% per cent of foreign margin impacts through advertising expenses, wants to accelerate two group growth drivers in core business and also to scale needs strategic assets. We consider the demand that an investment in our long-term growth while strengthening our market position. Negative 0.7% per cent of point margin impact through shipping and packing expenses was mainly driven by changing some of our individual partner needs to improve customer experience and around 23 drive percent driving unit costs. Negative 0.4 percentage point margin impact through payroll and also static expenses was mainly due to to additional around 1200 employees over the past year, along with the impact of any of the results in February 2021. As a result, the BTA at the percentage of CME resulted as negative 3.2%, amounting to negative 180 million CL. Now let's have a look at our networking capital and in-frent test flow generation in the next slides. This quarters, we generated a song-operating test flow through effective working capital management. Accordingly, net test provided by operating activities increased by 595 new year, reaching 749 new year in 22 2021. This increase, but primarily, due, increase in changing working capital through changing trade receivables of 365 new GNTR which is mainly driven by credit card receivables changing in the series of 300 1 million TR and changing trade tables and tables to merchants by negative 1967 million TR. All of the net And Cappex is 44 million CR in Q2 2021. During this period, our investments were mainly in product development at growth at website and mobile platforms as a result of our growing operations. And first of property and equipment mainly consists of hardware and intangible assets, writing from website development course. As a result, our pre-cache flow increased to 5609 million TL as of 22201 from 136 NewVMTS E-Romir. Now I will leave the flow back to Murat to share our guidance. Now let's look at the head to the second half of the year. As the second half of the year began, the 30C commerce market had encountered several challenges. These include a nationwide extension of the bank hole they issued during the celebration of 8 and a month in July, and the list of lockdown measures as of July 1st, both of which adversely impacted consumer behavior in online shopping. The strategic watch fires on the mid-range and close-up Turkey, and later the devastating flood in the Black Sea region, have altered the priorities of the public agenda in a real good. Why are these adverse circumstances impacting markets? We will continue to provide GMV growth in the second half of 2021. We believe this to be a special importance given the seasonality of our market which favors the second half of the year. As a result, our key principle remains to prioritize growth to create long-term value by attracting more customers, increasing order frequency, adding more merchants, expanding our selection of chatelog, maintaining price competitiveness and scaling our news strategic assets. We are committed to investing and determining strong full-year G.R.D. within 28-29 billion Turkish zero range. With this, we end our presentation. We can now open the line for questions. Thank you for listening. Ladies and gentlemen, this time we will begin the question and our session. And when who wishes to ask a question, you're crystal full of my one on their telephone. If you wish to remove yourself from the question, you then you may press star and two. Please use your hand to when asking your question for better quality. And when was a question, you're crystal one at this time. One moment for the first question please. The first question is from a Lano Stedon says are with Banco from America. Please go ahead. Yes, I, good morning or good afternoon everyone. Thanks for the core and the opportunity to, to get questions. I have four questions sorry about that. The first one is on the, uh, out to for the market in, uh, into H, uh, by reading the press release and also from there for it from your comments. Do I understand correctly that the outlook for H2 seems to be a little bit tougher than what you expected probably one of the months ago and that you need to invest more than expected to achieve the same GMD number and it is on the to trackify and this is that that right. And second question will be on the on the thick rate for compute and you'll be given some indication on the on the thick rate and also help us from the understanding too. So I can't interrupt a little bit. So, the question would be on the contribution margin comments from the press release. Just wanted to understand better dimension of the details that you've given to your customers for temporary marketing campaigns. If you can help with that. And then the last question would be on the-- on the mention from the press release that you observed some increased demand for a lower margin products. We wanted to understand if that has reversed into K3 and what you actually did to this to thank you so much. And sorry for the many questions. Thank you. Thank you, sir. for your question, for the first time, or the other, that is also a blue supper order. While the recent chance of search, the observed in Q2 and early Q2 are reflected on the alphabet as well as the system of our markets, which favors the second half of the year. And the Turkish market is an effective point, and this is the right time for us to prioritize our growth. that is by the rate of traffic laws and are focused on investing in and delivering zone-turned-value creation. In terms of the state-trade, our growth contribution margin decline 2.4% to 0.4% percentage points to 8.3% compared to the second-confero class here. May in this year's underlying kinetics in Zannigrohs. This two-comps 4-tg decline in growth contribution margin is driven by as you set strategic margin in investments in certain categories like electronics to fortify our market positions and in non-electronics to drive perverse frequency by our customers and also in Shuse CRM which you call this as temporary-rate margin in investment and this will be grandity. to reduce the charge of the time. And also shifting electronic G&D into 3D mean it marketplace. We saw more electronics from the marketplace unit and therefore these affected our gross contributions. And finally, the discounts given to our customers to widen and sorry, put to continue, widen our selection with expanding merchant pay and compacted pay in the markets, by our strategic margin investment as well as discounts given to our customers for 10 to the market in 10 days. In terms of lower margin product, those low margin products are mainly tested at larger, bloated devices and robots, but computers and also plant-based, bumpy, and electronic products Chisns of the GND, most people's products consist of appliances, mobile devices, and technology devices, which are lower, large and compact, non-electroids. Well, depending on the market version, the expected chart map may continue in the third quarter of the result, but you have always been prioritizing our growth to create long-term value by attracting more customers, increasing our order frequency and adding more merchants expanding our selection of chatlog, maintaining trust, competitiveness and scaling our new strategic assets. Thank you. Thank you. Next question is something that I've had this time here. We have with Morgan Stanley. Please go ahead. Hi everyone. Thanks for taking my questions. I feel just following up on the Tidcreate. So you mentioned that you've seen a shift from an iconic from one piece of poopy. There's wondering what has been driving that and did you see that specifically as a permanent shift? And then also just on the discounts that you also mentioned as well, how much of this was sort of driven by any competitive pressures, what were the more competitive pressures than you anticipated at the start of the quarter. And if you could just comment on the current competitive environment that you've seen at the moment. And then finally just on the payments, I think you mentioned there that it was the development of the health expectations. If you could just be a bit more colour on that, that would be great. Thank you. Thank you, Liam. For the state rights, we continue to rise mass collection with expanding motion phase and competitive prices in the market by our strategic margin investments, as well as discounts, given for our customers for campaigns. According to the invested in certain unelectronic categories, such as supermarkets to drive our order frequency and also invested in electronic category to fortify our market position. Please note that there are very strong intellectual needs and in electronics the bigger support change is come from offline. On the competitive environment let me hand those over to Murat. Thank you, Kurran. Let me just quickly ask this competition and let me take this question. Let me remind you that we operate in this attractive market that is a large, young, organized and fixed-divided population. The air has been operating in this market a long-witted level of players for many years and proven out of growth trajectory. So the detergent market is an inflation point with a growing e-commerce transformation, expected to exceed 20 percent, which in total retail by a 20-35. That test, roughly 90 percent of total retail is still offline. 10. Our largest opportunity is offline review. And we would like to capitalize on the opportunity and create long-term values by standing our customer base, order frequency, virtual base, our selection and maintaining our price competitiveness and scaling our new strategy to get this. And of course, our solid operational execution, chapter division C, robots, logistics, network, deep technology, capabilities, how-of branding, how-it-biddle model, and integrated ecosystem, those positions as four-structors. Third question if I'm not mistaken is about H-D-P-A. Participate is correct. So, if the day is designed to be a companion wallet to spend, stay, and mobilize in money in a flexible way across online and offline. Having acquired a flight into a 16, has to pay much, this important milestone by launching this due standard, has to pay a wallet, as an embedded visual wallet, water on our class 1 on the 10th of June. As said at the event, the daily penetration among eligible audience has been faster than our expectations. But yet it's too early to disclose numbers. But if you pay the wallet, enable it in return, cancelation, and cash cash. I learned we have to pay The AI Wallet has to be also introduced a parallel program, a cash-rate points program that allows customers to earn reading points during purchases with the Wallet on our platform. As the Bayfield enabled, peer to peer in my channel first and build corporate-take-floor, new use-case scenarios across online and offline. Actually, in 9-minar super-abadi-providitions, we'll continue to invest and scale our strategic asset to the benefits of our customers, including half-de-paid, which is valid positions for strong, long-term growth. So that's great. Thank you very much. Thank you. The next question is from a line of sincere, actually, with Goldman Sachs, please go ahead. I thank you very much for the presentation and congratulations on the first step of the results for your IPO. I have a couple of questions. First on the after-user base, are you able to share some sort of granularity around the actual growth rate as it will be imported to chart anything sort of anecdotal would be would be helpful as well. I know that there were a couple of questions on the take rates, but I couldn't hear clearly really my line was breaking up. So the implied secret for the second quarter is quite low. In the future, Nick's effects or if there you change in the take rate across categories, potentially you do some competitive pressure, then is that something that will imply lower take rates going forward for the rest of the year, and potentially beyond that. And my next question is, what are your expectations on for the rest of the year, where do you see most of the pressure coming from and related to that? How is that for the property profile across your new business line especially on taxi Express? Take your output, automatically use the base, unfortunately, you do not share our active user base on a code to the basis, but we will share everything by the end of the years as a unit figure. However, our active user base actually can be fixed for increasing. I can use this guidance. On the margin, margin, ematmum, and the phase-grade effect, I can say our growth contribution margin, declines by 2.4% of the points, reaching 8.3% compared to the second quarter of last year. And which is mainly due to dynamism generally gross. There is a 2.5% percentage point, the plan in gross contribution margin, driven by surface margin in investments, and because of the theorem, it is equal to 10 trillion margin in investment. and those sufficient margin in that room are found to fortify our market positions and in non-alternate units to drive 3.4D to bring additional GME for our company. The continued wagon or selection with expanding virtual space and competitive prices in the market by our a stage of marketing investment, as well as these counts, given from our top commercial course, temporary trade campaign. And accordingly, the invested in certain categories, monalectronic and an electronic category, such as supermarkets and some electronic categories, please note that we are getting strong in electronics and in electronics, there is a big to purchase these comes from offline. In order to capture this offline part, the most reagent making on a note page is margin in reference to gain additional GRV. On the third question, expectations about the proxibilty, the third is that a inflection point, and this is the right time for us to prioritize our growth. That is why he raised capital and our focus on investing in, and, and delivering bombs to value creation. And that's how our key principle remains to prioritize the laws to create bombs to value by extracting more customers, including all the security and adding more merchants on our platform. And the next question, maybe I can't take the next question. It was about the purpose of the new businesses, right? Let me remind you, as has expressed, we aim to to become a mainstream grocery shopping destination. Or have to pay, it is designed to be a companion wallet to spend, stay, and mobilize money in a flexible way across online and offline. So with this strategic mindset, you will search in a productized growth for our strategic assets. In line with our super-avadiated proposition, you will continue to invest in and scale our strategic assets to the better-view of our customers. and if the experts are particularly important to us because they are very positioned for strong long-term growth. Okay, thank you. So basically, from my understanding these strategic marginal investments, sort of the temporary distance, down state, could continue as long as you see the growth opportunities from these? Exactly. Exactly. Exactly. If you see the growth opportunities, you can continue at all those campaigns and marginal investments. The team, principle, always will remain that we're going to increase our customer base, version base, frequency, selection, and that is our core principle. Thank you. And going forward somewhat I understand sorry for the further follow-up. So you will be tracking, we will be tracking growth in GMD, obviously, but we will be seeing disclosure from here on the total orders rather than break down of things like active use of ASEAN and the frequency. We will see the total order numbers. That is true by the event, it will be sharing our customers' bathing crews and its frequency numbers in detail. But on the course of the basis, we don't disclose the only GTO role profile. Okay, thank you. Thank you. The next question is from the Lann of GTO. Can I come to the WJP Morgan, please go ahead? Thank you for the presentation, Major, of my questions, there are that I have some more. The first one is about competition. How are you planning to respond to a federated, flat, mind and performance in the semifinals by Triangle? I think they are now much bigger than you all the filter one side. And how many months have you been already the onboard for those who are familiar with the filter? Because you have given some sort of statistics to the IPO. And I just want to do a little bit more. and what is the shadow of total orders that the work might have to be shared? What is the progress here? If you also mentioned about pharmaceutical incentives, management, I think which is not included in your payroll course in the second quarter. Can you please see some details about this? And finally about your work in capital, that would be clearly in the second quarter. So, are you interesting about these developing in the second column from a threshold perspective? Thank you. >> Yeah, let me take the first question. Maybe that is the first reminder. Are they defined as a result of process plan? As you remember, we have a very strong, We can also verify the use of proceed, which includes exploration of our growth plybeum, getting of our strategic asset, investing and getting our operations, logistics and technology infrastructure, and of course driving for the challenge. Between that contact as it is cut pretty so far, we also definitely invest and scale our capabilities across this line. I will create a large, fast and scalable in-house logistics network with Lafinal deliveries, full film and operational capabilities powered by our proprietary technology. I mean, as you remember, I've mentioned, as a result of its expansion, now has this jet achieved present in every city in Turkey. The 137 crore star, whereas at the most, our nation-wide pickup and robot network, expanded to more than 1,600 pickup and robot points across the country. And as a result of its expression, at the jet, contract more of retail deliveries and more of market-places deliveries in Q2 compared to the same pace of last year. And hopefully at the jet, it are logistics care of the group, the A-Root offer a variety of value services, especially Christians return, deliberately by appointment, same day and next day delivery options. And also let me remind you, at the next internet survey, at the International Business Awards in 2021, people are awarded with a goal award for our Christian's return service in the best user experience category. So we believe our robot will fix this work. These are the significant competitive edge, you know, pretty strong, accumulate period, and we continue to do so. >> And we want to say thank you. But it is possible for you to share some statistics there because I really want to understand the upside in a hexade. So what is the current status about the state of the country? I mean on the last mile, I'm working with share of several other state of advice by Hector Chef. And how many merchants have you already downloaded for the full film and services to understand their potential growth? Yes, thank you so much for the question. Let me tell you, Hector Chef actually, as you remember, also, shared in the prospectors, is in the early phase of his journey. And it keeps getting the number of merchants, giving all the money. of merchants are getting on boarded. On the other hand it has this jet. It's kept increasing. It's contribution to reasonable deliveries, as well as market-play deliveries. Compared to the same place of last year. So it's just growing year over year. It's respect to the future. Both in one P and 3 P contribution was in terms of number of deliveries. Hopefully it was helpful. And the next question for The next question is about the measurements in terms of plan and how much we will be cognizing our channel. It is a correct answer. Yes, that is correct. Okay, in total we have 132 million recognites in our channel as a measurement in terms of plan excite. The Autos with 98 million sources there is based on this counter-touch payments which is projected through the term given use 2021. And the second part is 34 million. It's based on share-based payments which will be made within the next 18 plus 12 months according to our plan. So, in total, the EDCob9-132 and the counter-cash payments, 928 shared a payment for the port, this is the complex based on that thing's line, it closed in the actions. All the working capital sites, yes, are working capital deals keep on improving in this second half. Due to the fact that our GME will be due to continue to grow in this second half. And the development management, the impact to influence or creating cash flow in the second half. Okay, so that garish doesn't be any seasonal in the inside thing, the working capital flow, right? So, I think that's the first time I've seen the first time I've seen the second half of the year. So, each of the similar type of proteins have to manage them. The third phase is melting in the second half, especially in the fourth quarters, having said that our procurement increases significantly. And we are growing significantly in the first quarters, and based on this, it's melting extremely in the past. Next step, Deb is networking chapter 2 by the end of Q4. It's an improved version. Thank you very much. And it's a lot of trying. They asked about the Hicks. They expressed you said you mentioned about new brands to be on board and go for the delivery board. If there are any national brands here that you managed to on board, please. Because we are referring to Chiu-Tu results, you cannot actually discuss in your future or forward-looking plan at this point, but I can tell you, as the spread already actually achieved over 40 grand and roughly 1800 stores with more than 50 cities. And also, as you remember, we launched water service, water delivery service as well. Thank you very much, Marley. Thank you. That's very mind-resue of lack to ask the question. Please first start on one on your telephone. Once again to register full question, please go ahead and start on one on your telephone. Other formally wanted to register full question, please go ahead and start on your telephone. Ladies and gentlemen, there are no further questions at this time. I will now turn the conference over to my management for any closing comments. Thank you, operator. I would like to recap what you have heard from us today. Our vision is to lead this division of commerce. Today we are one top shelf where our customers, everyday needs from product and services to groceries and payment solutions. Our solving operation for execution, tabular efficiency, robots, logistics, networks, these technology capabilities, and technology capabilities. The household brand name, harvest business model, and integrate the ecosystem has positioned us as a homegrown company to emerge as the first ever national business church company. The operation in attractive markets, this is a large, young, urbanized and takes daily populations. Again, that doesn't remind you, the 30th market is at an inflation point, with a global income administration expected to exceed 23% within total retail by 2025. That said, roughly 90% of total retail is below-flying. Offering a wider opportunity for growth and business right-time for us to capitalize on the low-portunity. Our key principle remains to provide our growth to create long-term value by attracting more customers, including our audit frequency, adding more motions, expanding our selection of catalog, maintaining our price competitiveness, and scaling our new strategic assets. With the use of funds raised in our recent IPO, and our strong diversity, it will continue to invest in our regions. Thank you for everyone for your time today and we look forward to speaking with you again next 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Flight Plan event in Emberar's second quarter 2021 financial results. Thank you for standing by. I'm Philippe Causada and I'll be your host for today. At this time, all participants will watch our financial results presentation. Right after we'll conduct a question and answer session at instruction to participate, we'll be given at that time. If you should require any assistance during the event, You can do so using the chat box on the platform. As a reminder, this presentation is being recorded and webcasted at writer's platform. Before we begin, just a legal statement. This conference call includes forward looking statements or statements about events or circumstances which have not occurred. And where has bays this forward-looking statements largely on its current expectations, and projections about future events and financial trends affecting the business and its future financial performance? This forward-looking statements are subject to risks and certainties and assumptions, including among other things, general economic, political and business conditions, in Brazil and in other markets where the company spreads. The words believes may, will, estimates, continues, anticipates, intends, expects, and similar words are intended to identify those forward-looking statements. Embraer undertakes no obligations to update publicly, or revise any forward-looking statement because of new information, future events, or other factors. In light of this risks and uncertainties, the forward-looking events and circumstances discussed on this conference call might not occur. And the company's actual results, the difference substantially from those anticipated in the forward-looking statements. Participants on today's conference are Francisco Gomez-Natu, President and CEO Antonio Carlos Garcia, Chief Financial Officer and procurement and Eduardo Bucolter, director of investor relations. And now I would like to turn the conference over to Francisco Gomez Nat. Please go ahead Francisco. Thank you Philippe. Good morning to all and thank you for joining our call today. I hope that all of you are well and safe and thank you for your interest in our company. As you will see in Antonio's presentation, our results for the quarter were strong. The Q2 results are a clear example that our strategic planning has been done. remaining has been well executed with the right focus and discipline showing significant improvement in our financial performance. Before we go into more details regarding the Q2 results, I'd like to highlight the good moment of we are going in the different business segments. In commercial aviation, we announced it a new firm order for third and third of the year. E1-95E2 jets from the Canadian Porter Airlines with purchase rights for 50 more aircraft. We also announced new firm orders for 34E1-75 jets to horizon air and sky west to be operated for Alaska Airlines and Delta Airlines. This and the waters and other activity campaigns rate the continuous interest in the EJAT family as the best option in the regional aviation market. In this activity we keep up the momentum with the record sales in the quarter. We maintain it, our price, discipline, strategy, and had a strong backlog growth with book to build in excess of 2-1 for this business. In the sense of insecurity, we delivered 7 super-to-kano aircraft in the first half of the year. Also, we had strong performance in our cybersecurity and systems integration companies. With double-digit revenue growth in the first half of this year, compared to the first half of last year. Further, in the second quarter, the KC-390 millennium reached an important milestone by successfully performing on pay-voted runaway tests. Although we are currently in negotiations with the Brazilian Air Force on the KC-390 million on contract, we continue to be focused on the new export sales campaigns for this aircraft, as well as the Super Tokano. In services and support, we are pleased with the strong second quarter results, with better revenues and higher margins. A strategy recovery and a strong momentum and effective growth, 55% revenue growth in the second quarter. It is exciting to see the continued positive sales activity in services. With deals centered with several important customers across all markets in at Odma, driving backlog expansion for this segment during the period. This was further highlighted by the contract we signed it with Porter Airlines for a 20 year total support program. With respect to innovation we continue to make progress on partnerships in the urban and mobility ecosystem through our subsidiary is in a segment with strong growth potential in the years to come. In addition, our service collaborative platform Beacon, signed a agreement with key customers such as Republic for its maintenance applications. Finally, on the operations front, we continue to see great improvements. We expect a 16% increase in even Tori turns compared to 2020. And a 20% reduction in production cycle time of our aircraft this year, positively impacting, working capital and production costs. I will now hand it over to Antanucarcia our CFO to give further details on the financial results and I will return in the end. Thank you. Thank you Francisco, and good morning everyone. I will start before our backlog for the quarter. On July 7, the graph shows we ended the second quarter at 59 billion, up 1.7 billion or 12% from the prior quarter. This represent a return to the same 15.9 billion we were at in 2020, before the pandemic began. In our commercial aviation business, we close 48 aircraft sales in the quarter, spread across several different airlines. In the executive aviation, we had to record second-part sales, a solid backlog as demand for lights, and larger business gets continued to grow. Backlog in service and support and defense security also grew from the prior quarters level. In summary, it was the best sales quarters in mid-19, 2019. This gives us confidence in our plans for future revenue growth and improvements. Moving to slide 8, you can see the continuous improvement in aircraft delivers, compared less, here and both commercial aviation as active aviation. In commercial aviation, we delivered 40 aircrafts in the quarter. This represents 56% increase compared to the prior quarter and 250% increase compared to the second quarter in 2020. Here today the levers we were at 23. Almost 2.5 times higher than the same period in the prior year. of these 23 delivers, 14 were itchus, compared to 4 itchus in the same period last year. Seyus continues to perform very well for the two as the most efficient right side of the single-io aircraft for the world post-pandemic. In the executive aviation, with the liver 12 jets, light jets and late larger jets, for a total of 20 aircrafts in the second quarter. This represents 54% increase compared to both, first, 4, 2021 and the second, 4 of the prior year. Here, today, the Libre Executive Aviation Delivery 33 aircraft, a 50% increase compared to the first half of 2020. As noted in the guideline to the guide of 2021, it will publish this morning, we expect the levers of commercial jets to reach between 45 to 50 aircrafts and the ZXV jets to reach between 90 to 95 aircrafts. What is like 9 we show a rare net revenue? A rare head of sun is having a growth in the The quarter S-O for business units rebroned is strong from the pandemic. Our top line more than doubles compared to the second quarter of last year. Groves came primarily from higher delivers in commercial aviation, although all are segmented show at much improved growth during the quarter. year-to-date net revenue was just under 2 billion, as 767 million or 65% increase over 2020. Net revenue breakdown by business show-embrower diversification, with commercial aviation representing 34% of the total revenues. The service support 28, as active aviation 22 and defense 16%. It's important to highlight the strong recovery in commercial aviation as this business was severely impacted by the pandemic last year. is like 10? SGNA expenses reduction continues to train very favorably over the last six quarters. We will may highly focus on SGNA efficiencies that are being implemented since the company's restructuring last year. Although, the second quarter had the flight increase in GNA. This was primarily driven by increase in provision for prof cheering and performance-based incentives program, due to better expected results for the company 2021, as compared to 2020. Combine with the consolidation of expenses from tempest, our new cybersecurity company acquired in the end of 2020. Cendac's remains at historical low levels. Comparing to the prior quarters, Cendac's expenses increased 4% while natural revenue increased over 40% sequentially. As per Cendac's job, natural revenue, Cendac's expenses was 4.2% in the second quarter, compared to 5.7% in the first quarter. We achieve these results by leveraging our sales activity as volume increase combined with some more cost efficiency digital sales effort. is like 11 shows are adjusted the beat and adjusted the beat today. We are very encouraged by the strong margin performance across all business segments in the second quarter. Our adjusted a bit margin was 9.3% up 13% of the points over the first quarter. Our adjusted a bit of the margin was in double digits at 14% or up over 16% of the points from the first quarter. Both of these profitability metrics had recovered to the levels not seen before 2020. For the first half or 2021, our adjusted a beat margin was 3.9% and our adjusted a beat margin was 9.2%. Both were both prior years level. The improvements comes from several factors, including higher delivers, result higher revenue, better gross margin on improved pricing, mix, production efficiency, and the same amount of revenue. production efficiency, 6-cloth leverage on higher volumes, and favorable tax obligation, reversal of the quarter of approximately 25 million. All of our segments have much better performance in the second quarter. A just a bit margin by the segments in the second quarter were as follows. Commercial aviation was at 1.7% negative, which although negative shows a great improvement from last year. As active aviation was at positive 8% with a strong price discipline and consistent profitability. The defense security was at positive 25% led by super-tukernodilivers along with positive adjustments on certain defense contracts. And serves and support was at 19% as a strongly contribution from his fair-pired programs. If like 12 shows our adjusted net income, it was positive, 44 million or 24 cents per day in the second quarter. This represents the first net profit on a quarterly basis since 2018. The recovering adjusted net income is primarily driven by improvement operating margins. Reduction in financial leverage also contribute to improved profitability and any future that's reduction with the naturally have an additional positive impact on earnings. movie true is like 13, I'd like to begin with freak ash roll. Freak ash flow in the second quart was positive 45 million. 272 million higher than first quart and 570 million higher than the same period of last year. This is a remarkable achievement. Although here today the cash flow is negative 181 million. This is compared with a frequent ruleboard of Iran's abelion of the 1st half of 2018. We expect positive frequent rule from the 2nd half of the year of the 2020 on, as indicated in the this morning guidance. Now to investments. Our total investment were 50 million in the second quarter and 89 million year-to-date, both of which are in line with less year-levels. This is important because it shows the continued investor of future. We have been very short-distance in balance. The need to invest to our future with the needed to preserve the cash. It's like 14 sholes are a cash and liquidity position. We ended the quater with 2.49 billion cash and cash equivalents. I've liked increase from the end of the first quarter. Our debt balance was at 4.3 billion. I've liked decrease from 3 months ago. Our average debt maturity remains at 4 years. We expect to consider the second half of 2021 and beyond so our leverage will naturally decrease. This will correspond to reduce our net interest and expensive and have an additional positive impact on that income. Finally, movie Juliet's life is 16. Abraham has published 2021 financial delivers guidance for the first time since the start of the pandemic. Despite risks of the economic recovery, vaccination rates around the world, and with a solid first half, and good visibility for the remaining of the year, We decided to share the marked our targets for 2021. We expect to deliver between 54 to 50 commercial jets, just to correct, 44, 45 to 50 commercial aircraft each 1221 and 95 is activity in the year. We have a good confidence in those figures as our target is. skyline are red-fielded for both segments. Combine with the growth and defense security and continue to recover in the service support stress. Recover globally, we expect cause solidator revenues to be between 4 to 4.5 billion dollars this year. Represent a low double GBT growth at the mid-point compared to the last year. Adjusted the BAT margin should be in the range of 3 to 4% and adjusted the BT for 2021 should be between 8.5 to 9.5%. In Breyer has had in the first half of 2020, margin in these ranges has we expect this good margin to repeat in the second half of the year. It's important to mention that those margins include cost related to the Hatergresh of commercialization as well as expenses related to their iteration process. Finally, our free cash flow guidance is for is a range from 3 cash flow usage of 150 million to a break even for 2021. We had 181 million of free cash flow users in the first half of the year, so we are anticipating the number to generate up to 180 million cash in the second half of 2021, without any cash inflows for M&A permits. With that, I conclude my presentation and handed it back over to Francisco for his final remarks. Take very much. Thanks Antonio. The second quarter results and the guidance for the year reinforce our confidence in our strategy. And this confidence motivates us to accelerate the performance improvements in the delivery of our long-term strategic plan, with focus and discipline. As I have mentioned in the past, this year is one of recovery. And next year, in Beyoncé, we plan to capture Ember Airs full potential to grow with profitability. Looking ahead, we foresee in the middle term the potential to double the size of the company. And that doesn't include new strategic projects. We are going to be bigger and stronger, focusing not only on the top line but also much higher profitability. We are already showing some positive results of the hard work, our united and motivated teams of employees have done over the past several months. with expectation for positive operating profit this year and much better free cash flow performance with a clear potential to be giving for the year. This will be implemented by partnerships and new programs to drive even higher growth opportunities. We are also advancing on our ESG journey. And right after the Q&A session, we will share with you our new ESG commitments. I invite everyone, therefore, to remain in line for this ESG events, which we will start just after the results Q&A. Also, we are looking forward to a new chapter of Embraier, with our extraordinary shareholder meeting, scheduled for next Monday. We expect our shareholders to approve the election of two international board members, with extensive global aerospace industry experience. Following constructive feedback from analysts, and shareholders to improve our corporate governance. These candidates have deep technical knowledge, strategic profiles, and an innovative thought process. Finally, I will close you today by thanking everyone for this strong quarter. It always starts with our people and their focus and passion on executing our strategic planning. As I mentioned to you in the last earnings call, we are a different company today. We are in a process of transformation and we are moving fast. Thank you for your interest and confidence in our company. Over to you, Felipe. Thank you very much Francisco and before we continue we'd like to show you a video. Check this out. The world is a different place to a year ago. Industry have changed. Aviation perhaps more than any other. Embraer has changed too. One leaner, more agile and fit for growth. We're already on a path that will make you feel happy. bigger and stronger. And with an all new product portfolio that are the most efficient and technologically advanced in their class. All built with a passion to improve sustainability, economics, costs of efficiencies and driving new innovations. We're better adapted to the challenges and opportunities of now. Like our customers, we're always looking above and beyond what was previously thought possible. That's why the world looks to him. We are right for the world ahead. Right now. Then, prayer. Challenge. Create. Outperform. And now, let's move on to our questions and answer session. We are preparing this set here and remember that questions can only be sent through the writer's platform. It will be our moderator and he already has some questions with him. It will over to you. Thanks. Thanks. Thanks, the lift we start now the Q&A. So let me see the questions that we have. First question we have is, can you give an update on the spack negotiations with Eve? I don't know, from CISC or Antonio. wants to take that? Yes, thank you. I do thanks for the question. I mean at this point of time we can say that the negotiation is moving very well. I would say we have a optimistic with this process. Okay. Move it on the questions. Second question we have. What work. What work has in-grayer been doing to develop electric aircraft and making this product more viable for customers. Thank you, also a good question. Well, we had our first technical flight recently with the Ipanema Fouletric. And we hope to present the aircraft to the to the public soon and continue it to invest in this liturification field as one of the one of the innovations innovation fronts that we have to be in line with the ESG activities that we are moving to. >> The question we have from investors is from Vitor Misosaki from Bradesco. He said the fans show the material gross margin expansion in the second quarter. Can you give more details about that? Victor, thanks for the question. We had in the second quarter. Two main effects on the defense side. First one was the super kind of deliver that we were not able to deliver in Q1. That flows to the Q2 figures. In addition to it, we have the adjustment and the defense contract. We have in the local Kura symbol, I would say. Both effects higher the levels in super-tocano and the adjustment the contracts lead us to this 25% margin in future. Okay, very good. Next question comes from UBS. Could you comment on the 25 million reversal mentioned in the press release? also what was the positive cost-based revision related on the results? So thanks for the question. First point, we built up a provision to 2018. For the Brazilian guys here, this is a Russian de-Fuilet that we have a claim. discussed, being discussed since 2018, and we were able to gain this disclaimer in second quarter. That's why we reversed the text position. That was also read the just it. In 2018, that's why we also consider in our results. And the second question was in the regards to the contracts, we have an adjustment here around $10 million. And the second quart. that are both effects. It's important also to mention that even that we have this text reversal, 25-minute, let's put first quarter, and second quarter. We do have other types of costs that we are not a justi, that's also not, for example, a integration of commercial aviation and abitration costs, which is more left, net, this 25-minute. say, the numbers we are seeing right now would say, \"Combine, Q1, Q2\" is really for me, describe the real performance of the company. We have several questions about EVE, I will try to summarize them so basically any general updates on your EV tall initiatives would be very helpful, particularly on negotiations with Zenite. We already talked a little bit, but maybe an update of the vital for Cisco and time. >> Well, as I said, we are very excited with this initiative, with this product. I mean, we had the first flight with a prototype, SKU 1-3, a successful test, by the way. Now we are preparing the next test with the prototype SK01-1. And technically it's moving very well. We are planning the certification by 2025 and entering service in 2020-26. And about the negotiation with Anayata mentioned already that's moving very well. Okay, very good. Now moving to business jets. We have a question from credit suisse. business jet has been very strong and on the first quarter results you mentioned half of the levers were for first time buyers in the second quarter how much were first time buyers maybe we can give an overview of the business jet market. - I would say today in our backlog, the portion of first time buyers, I would say, is a third, something like 30% in your backlog and deliver for the whole year. We are talking about 30% first time buyers, and we are going with the marks if you see the industry, book to be between 1 to 5 to 1, 1 to 5 to 1 and 2 to 1, And we are, I'll say, a little bit above that. And it's doing pretty well, but for sure the first by is pushing also the back especially the light jets category. Now there is a question on commercial from CREDIT SWEET. Your guidance for commercial delivers of 45 to 50 seems low given your, you have already delivered 23 jets. Are there any supply chain issues that could prevent you from being above that range? Also, they are asking, what do you see in terms of the levers for 20, 20, any color and that? Let's take it to account that commercial VH is too suffering for the pandemic. What we are giving as the guidance to deliver this year is a little bit higher to less year. we deliver 44 and for sure we are selling more but it's going to impact more 2022 and the fact that we deliver at the 23 aircraft is because it's so divided through all the year that's why the 47 I would say between 45 to 50 is the number we are having. And we do see, I would say, around 30% for an next year, between 65 to 70 aircraft. But as to be confirmed, but it's more or less the number you're seeing. It's important to mention, we do see commercialization coming back to historical levels of the chamber, for 2300 yards. We are selling more, but the sales country are closing right now is going to fulfill this kind of line. Start it to 2022 and 2021 is more or less the same level from 2020. If you are long, I'd like to make a link between this answer and the result of the company. It is true that in this first half of the year, comparing to the first half of last year, we did much better in terms of deliveries in terms of results, the numbers speak by themselves. But if you look at the guides for the entire year, you see that, no, as planet, we want to see huge increase in volumes in the commercial or executive. Yes, we have seen some growth, moderate growth this year compared to the last year, but the improvements in their results. I mean, either the EBIT come from almost minus 3% to last year to something between 3 and 4% this year. But the free cash flow from minus 9 million last year to something between minus 115 and 0 this year. all this good performance is came from efficient gains, pure efficient gains. We really did a good right size in the organization. We are improving a lot of activities on cost reduction, on inventory reduction, in all the company, you know, I mean pushing sails for the future. So again, I mean to next year on, We expect that with the stronger growth in the volumes, in all the business units, and we this more efficient and agile company than we see much better performance. So that's why our result is coming from this year, from efficient gains, from some additional sales, of course, but mailing from efficient gains. >> I just want to complete the question for supply change. we are putting the guide us in what we agreed with our customer for this year. At least for the commercial vehicle having not seen any supply or chain out say problems this year. We have several other questions. So the next one is related to margins and free cash flow. So the question is how do we see margins per business in the long term? And in what sort of free cash flow conversion, it'd be dying to free cash flow conversion, that's embryo, expect. So he guards too margin. We do see, that's in a long-term perspective. We do see service and support that double-dict as it is today. We do see a zective in the sense, single-hire-dict. we are more or less in also today. And we see the commercial aviation. I would say a mid-single ditched across between 3 to 5% in the long term. That's what we see in regards to the cost of the company. And in regards to the cash, the conversion from EBITDA to EBITDA would prefer to talk we are For each day, a 50% conversion from a bit to cash flow. We're in a stilledity to improve something, but as more or less the match with them using internally, we do see today in the long run, 50% of their BIT being converted into cash for the extra come. So the next question is from JP Morgan, Marcelo Monta. Any update on the sales campaigns for commercial aviation? Could we see more orders during the second quarter? >> Good question. Yes, we have a lot of active sales campaigns on going. Now, our commercial aviation. We just announced this as sales for its QIOS, with 16 aircraft. And yes, we have more to come. by the way, the Sky West, it's not part of the backlog in Qtuna. We are going to book this Savity Aircraft's Inquiry. 30 aircrafts, correct? I think you're my turn. There is a question here from Lucas from Santander talking about inflation. Can you please comment on how the company seeing the raw material inflation and how is the company offsetting this impact? We do see in our final products inflation, I would say, all index we have with our suppliers between two to three percent for next year, and to the customer side. We have also the real adjustment clause with the index. I would say, our. take away for next year is a balance between what to have internal inflation and the pastoral to the customer base. That's more or less what you are seeing, but there is insunded indicators spike in the inflation index for next year that we are going to discuss for our customer base moreover. We did this year and we are doing this year and we do have also a lot of a lot of design to the electives inside the air to reduce the base of the cause we have to leave. Without any impact on any inflation or indicators. Very good. So now moving to new projects, there is a question from heuverge investigators, any updates on the partnerships for the TOOBO PROP Aircraft. I was a good question. Well, this front is also moving very well, especially with the recent interest of US airlines in that product. So we see that product as a good alternative for that market and other market as well. And also as a preparation for new technology in the future. So we are very optimistic and working hard to accelerate this. Accelerated this partnership front. Okay, I think we have at least one final question. It's back to commercial aviation. What do you expect? It's from a WTS. What do you expect in the midst of long term in commercial aviation? As we are seeing recovering demand for flights and also renewal for having more sustainable fleets. Thank you. So again, we have, I mean, globally, 94% of the Emirates fleet back in these guys in the US and the 97% of the Emirates fleet is flying again. So it shows that the recovery in the domestic market really is coming. And that's why we are working in very, very, very, say, a lot of sales campaigns in that segment for you once and it too as well. So we are working hard to take advantage of this moment as Antonio mentioned that we see volumes growing. I mean, 2020, but it's strongly from 2022, but strongly from 2023 onwards. I think a final question. It's related to defense. Can you please comment on the expectations for new KC390 orders? As I said in the opening, we are working in many, many sales campaigns for, for import sales campaigns for the KC390 and also. I mean, we are working in the developing partnerships that will help us to open new markets for that great aircraft. I think that's what we had on the Q&A. So I think that concludes the Q&A. I want to thank you all for the questions in the time. So now, Antonio Francisco, no comments. Thank you all. Thanks a lot. Thanks a lot. So thanks for for a meeting in supporting our company. We are leaving a really special moment as I said before this year of recovery, the year of turner round and our framework here. And the numbers as I said before is picking by themselves. We expect to have a much better year in 2021 comparing to the two last year coming from a very tough crisis as you know. know and we hope to know we expect to capture the new in-brahe potential from to grow from 2020 to 111. So thank you very much for your support. So this concludes today's Q&A session. That in turn concludes Amber's second quarter 2021 financial results presentation. Thank you very much for your 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M1\n","transcript":"[Music] Good morning and welcome everyone. Together with our CFO, Lisa Mortensen, we are team. We would like to wish everybody a happy new year and hope you and your families are healthy and safe. As always, we will start this conference called with a short presentation on our recent quarters results. In addition, this time we would like to also take the opportunity to present our new science-based climate targets that were published in November. This will take approximately 20 minutes and then we will move on to Q&A. Before we begin, please take notice of the state's harbour statement on slide 2. Let's learn to slide three please. Trisha Hansen delivered a solid start to the fiscal year 22 with 9% organic growth with Euro growth rich 10%. Growth was fully volume-driven and supported by solid growth in food cultures and enzymes, as well as a strong rebound in health and nutrition. Our EBIT margin before special items was 24.4%, compared to 25.2% last year, excluding HMO, which was not fully reflected in Q1 last year. We would have seen a margin improvement, a scalability from solid sales performance, more than offset, the inflationary pressure and the general ramp up of activities. Absolute EB before special items amounted to 65 million euro, up 7% from the euro 61 million in Q1 last year. 3 cash flow before acquisitions and special items was 55 million euro compared to -7 million euro last year. Let's turn to slide for for the strategic and operational highlights. During the first quarter, in-person engagement with customer speak top again, and we saw good traction on our commercial pipeline and strategic initiatives. Our core businesses, food courses and enzymes, human health, and animal health, grew 7% where our growth areas which account for approximately 10% of group revenue. By your protection, fermented plant-paces, plant health in HMO, grew 35%. Lighthouses are expected to outgrow the the core business for the year, but please note that the very strong growth in Q1 was in part positive due to other timing. In line with our 2020-25 strategy, we continue to reinvest in our core business and leverage our technology platforms to expand into new areas, while further reaping the benefits of our recent acquisitions. Let me briefly comment on the key highlights for the quarter. In food culture, in enzymes, we saw very good cell project execution in a mere, as well as continuous strong growth in the cheese market in North America, which led to very solid volume growth in Q1. Human health exceeded our expectations for the first quarter, and the liver in very strong start to the year, supported by a rebound in the traditional cell's channel in Europe and North America and positive or their timing from Q4 further. I am pleased that with our expanded strain to solution offering and our strong supply chain performance, we were able to mitigate supply trains successfully and win your business, which will have a positive impact in the first half of the year. Our HMO business, also report the good progress in the first, with the first long time. of the 5HMO mix in the US market. We have an extraordinary impact in Q1 as customers rampoped the head of the product launches. And lastly, Plan Health entered into a partnership with the Indian Ag Player UPL to develop and commercialized microbial crop protection solutions. Another highlight to recue one was related to bacteria, our young bench with lungs, please turn to slide five. In November, bacteria find the commercial manufacturing agreement with certain therapeutics. It's an important milestone, and therefore allow me to say a few words about the agreement. After we have successfully established our setup in HERSLOM and Basel, to service customers in the clinical supply market, we are now accelerating investments into commercial manufacturing capabilities based on the long-term commitment from service therapeutics whose lead candidate, service 109, has the potential to become the first ever live by a therapeutic product in the market. As part of the agreement, we will build a new production site in this Switzerland, which is expected to be inaugurated in 2024. While the commercial supply market is materializing faster than we expected, we are seeing that the clinical supply market is developing slower due to the lace in clinical trials and patient intake during the COVID pandemic. These developments will require additional funding into bacteria, but we are very confident in our ability to establish a living player in the field which can count on our expertise and capabilities from both JV partners. With these words, let's turn to slide sticks to dive a bit more into the sense performance during the first quarter. If we look at the top line performance across the segment, the segments, growth was fully volume-driven. Food cultures and enzymes deliver 7% organic growth in Q1, driven by volume and which solid growth in dairy and very strong growth in food and beverages. The contribution from Europe rising was insignificant. Health and nutrition, recovered after a very soft quarter, reaching 13% organic growth in Q1. Human health and HMO delivered very strong growth. As already mentioned, the Rebound was largely driven by human health, well, in HMO, was in line with expectations. That said, I'm very pleased that a large part of our fiscal year, 22, or the year, for HMO is already seeking to long-term contracts. If our animal and plant health business, growth was solid and driven by plant health, we benefited from early orders while animal health is a tough comparable from last year. Across our businesses, we are in close collaboration with our customers to implement price adjustments to reflect the current inflationary pressures. They The implementation is progressing as planned, and we will start to see the impact here from the beginning of Q2. If we look at the regional picture, please turn to next slide slide seven. Growth was largely driven by developed markets. Europe, Middle East and Africa, the liver 10% organic growth supported by good execution of the cell-spide plan in food cultures and enzymes, and a recovery of the traditional dietary supplement channel in Europe. North America grew strongly, with 12% growth in health and nutrition was positively impact by other timing as Q4 was very soft. The already mentioned launches in HMO, while FCN continued to benefit from continued solid momentum in the cheese market. Latin America reported 8% organic growth of which approximately 1\/3 came from Europe rising. Food cultures and enzymes grew solidly despite continued software-mented milk markets. And health and nutrition was driven by very strong plant health. Last, in Asia Pacific, after a soft year end, we return to growth driven by food cultures and enzymes that so a positive growth in China. The fermented meal market in China though is still not developing favorably. And our outlook for China is still to be flat to slightly positive in fiscal year 22, driven by the low comparable from last year and specific customers. specific customer projects. Health and nutrition wasn't part of last year both human health and animal health faced a tough comparable baseline from last year. In total, this resulted in 4% organic growth for Asian Pacific. And with these comments, I would like to hand over to Lisa for the financial review. Thank you Mauricio and welcome also for my side. Please turn to slide eight. Looking at the development on profitability, the A bit margin ended at 24.4% for Q1 down from 25.2% last year. The drop was in line with our guidance driven by first the full inclusion of ATMO, which was only partly reflected in last year's numbers as the acquisition closed mid-Augtober. Secondly, the general wrap-up of activities including travel and thirdly higher input cost from the inflationary pressure, which we only expect to see recovered in sales price increases as we progress through due to. This was then partly upset by a positive contribution from production efficiencies and scalability from the sales growth combined with the energies from our probiotics acquisitions. If we exclude the impact of from HMO, then the AVID margin would have been above last year by approximately half a percentage point. Total AVID before special amounted to 65 million euros, which is 7% up compared to last year, By food cultures at N-SIMS, while a bit in health and nutrition was at the same level as in Q1 of last year due to the negative impact from HMO. If we look at the segments, food cultures at N-SIMS, a bit before special items was 38% and on par would last year. with production efficiency and scalability effects from volume growth being offset by higher input cost not yet reflected in the sales prices and a general ramp up of activities. Health and Nutrition EBIT margin before special items was 11.9%, which is 1.7% at least below last year driven by HMO. Excluding HMO, our health and nutrition EBIT margin would have been above last year. The profitability improvements were driven by scalability effects and acquisition amenities that were partly offset by higher input cost and the general ramp of activities. Let's look at the cast on the next slide slide 9. The free Tesla before a decision and specializing came in 65 million euro compared to a negative of 7 million euro in Q1 of last year. The increase was due to both an improved cash flow from operating activities and lower operational investments. The increase in the operating Tesla was driven by improved operating profit and a positive impact from working capital compared to Q1 of last year. And Caslow used for operational investing activities was 18 million euros down from 52 million euros in FY21. The decrease in spending was driven by the acquisition of the kelombol facility last year. The return on invested capital exclude was 20.0% compared to 20.6% last year and the decrease was driven by health and nutrition due to the inclusion of HMO. While the return on invested capital in food cultures and enzymes was hard with Q1 from last year. And with these remarks, let's move to next slide like 10 to recap our guidance for the year. Following the Encouraging First Quarter, we keep the outlook for the year. Group organic growth is expected to be in the range of 5-8% and will last the volume prevent of with some positive impact on pricing to reflect the inflationary development. Food cultures and enzymes is expected to deliver solid, mid-singual teachers organic growth throughout the year, and despite an insignificant contribution from Euro-based pricing. Organic growth in health and nutrition is still expected to be volatile across the quarters, but is now expected to be more front-end loaded than earlier estimated. As already mentioned, plant health benefited from very orders in the first quarter, which will negatively affect you too. For HMO, SQ1 benefited from customers ramping up for the US launches. The growth momentum will be lower, the rest of the year, those still, in a range above 20%. And for human health, our ability to serve customers has resulted in some extraordinary winter Q1, and we also see good momentum going into Q2. When it comes to A bit margin before special items, this is still expected to be around the same level as last year between 27 and 28%. As cost synergies from the probiotics and precautions, production efficiencies and a small positive impact from the US dollar exchange rate will be accessed by a continued ramp of activities, investments into HMO business and the inflationary pressure on certain input cost. The latter we expect to largely recover during the course of the year as price adjustments become effective. The free cash flow before speculating is expected to be around 140 to 170 million euros. As improved operating profit is expected to be more than offset by a significant increase in taxes paid. That's if Y21 was positive, the impact it by a Christian related one-ups. The free casual outlook assumes a capx in line with Y21. As you remember, we updated our long-term financial ambition last quarter to reflect the divestment of natural colors and the acquisition of Genoine. And I would like to emphasize once more that Christian Hansen remained committed to delivering industry-leading profitable growth and a strong haslo with focus on spending distance and capital efficiency. Until FY 25, we aim to deliver. Mids to high single digit organic growth average over the period. And increase in APID margin before special items over the period to above 30% and average growth in free cashflow before special items to grow farther than APID before special items. And with this, I would like to hand back over to Mauricio to present our new climate topics. Thank you, Lisa. I'm very happy to present Christian Hansen's new carbon reduction targets that were published in November 2021 following the validation by the science-based target initiative. Please turn to slide 11. Christian Hansen's microbial solutions and it will help your living for humans, animal, and plants. Leaving a positive handbrain in society and our planet. At the same time, we are committing to reducing our footprint. Taking climate action that is rooted in the less-designed TV sensors is a natural next-step for Christian Hansen. 2030, Christian Hansen aims to reduce its scope and to emissions by 42% and its scope 3 emissions by 20%. To reach these ambitions goals, we have launched a new program called \"Think Climate Naturally\". On the which, we will pursue a number of initiatives, including converting all electricity supply to renewables, reaching 100% recyclability of our key packaging materials and 100% circular management of our bio waste, working smarter with hits, supply and switching to refrigerants with limited climate impact, engaging with suppliers to address local armed practices and renewable energy and by minimizing air freight and moving to sea freight and pursuing partnerships on low carbon fuels. Some of these initiatives are already paying off not only on our footprint but also on our cost, converting to renewable energy sources like sonal panels here in Denmark. For example, has kept the negative impact from the energy prices down. And with this, let me wrap up this presentation and summarize that Christian Hansen delivered a encouraging start to the fiscal year 2022 and will keep our outlook unchanged. 2021-22 is a year of execution for Christian Hansen and will remain focused on advancing our 2020-25 strategic agenda. Driving commercialization of the innovations and delivering synergies from our recent acquisitions, while mitigating any potential disruptions from supply chain constraints and implementing price adjustments in close collaborations with customers to offset inflationary pressures. times continue to be uncertain with high volatility from COVID-19, increase focus from customers on business continuity and cost savings. Potentially, new travel restrictions will could impact our ability to advance our commercial pipeline and low visibility to end market demand. But I am optimistic that as a competition Hansen is well positioned to deal with these challenges, thanks to our work. for both University and Business Moller. Thank you for your attention, and with these, I would like to hand over to the Q&A. Thank you. If you have a question for this week, please press 0-1 on your telephone key, pads, and the key. Once your name is announced, you can ask your question. If you find your question has been answered before, or its yours turn to speak, you can dial zero to two to cancel. In the interest of fairness and time, please limit yourselves to two questions per turn. You can then rejoin the keys or the further questions if you need to. Please hold for the first question. And our first question comes from the line of Surren Sample of SCP. Please go ahead to your line, is open. Yes, good morning. >> Everyone, two questions first regarding the input cost, if you could say what is the negative impact of input cost in Q1 versus last year. And then, secondly, if you can comment on the price increases, you're seeing the level of price increases, which you'd expect. And what will be the effect of that down on EVID will that all be absorbed by input cost increases? How do you see it? Thank you. Thank you, Soran and good morning. I will pass some of the just recap in your question. Is about the input cost or process for pricing crisis and I would just say we have a very strong methodology overall to reflect pricing crisis with customers and we expect to fully pass on the inflationary pricing crisis. two customers so we have no margin dilution. I will pass it on to release it to comment on, you know, your specific question about input costs. Well, so on into cost and the inflationary pressure is obviously something that is unprecedented and that we are observing very closely. We have seen a higher cost and it's also impacted our results for Q1. We do not wish at this point in time to be very specific on it. But it is part of the view that we look at landing the 24.4% for Q1. One, and it's also important to say that we are very happy to see that if we exclude AIMO, we have been able to offset inflationary pressure and other cost coming from the high activity level through our productivity and scalability efforts. Okay, thank you. Thank you and our next question comes from the line of last top-on of Carnegie. Please go ahead to your line. It's open. Yes, hello, congrats with the various strong quarter. Quite impressive and good to see. A couple of questions on on on on my side. So, looking at your unchanged fully a guidance you need to grow 4% to 7% for the rest of the year. And given you probably get 1% to 2% from pricing, that means organic growth will only have to be 2% to 6%. So just wonder when you don't lift the lower end of your guidance range. is any specific we simply can't see or is a more function of you preferring to be conservative in a scenario where visibility might not be so big. And then I have a question on HMOs because Apple has launched their 5 HMO similar products, which you supply, I suppose, that's the big thing for the other side of the project. the big thing for your HMO business in the quarter. First of all I would like to understand when you sell to a product that contains 2FL and then instead sell to a product that contain all 5 HMOs. How much does your, what would you say your revenue proportion increase is it? Five times up or is two of those still the main revenue contribution. Then I wonder what this implies for the HMO revenue in the quarter. You mentioned lighthouses are 10% of sales. If we assume by a projections and plant health is a plant there is 10% of food projects and enzymes, that means plant health and HMO has a lot of food. us to be 10% of health and nutrition. I just wonder how that is split between plants and HMOs. Thank you. Good morning, Lars, thanks for your positive comments on the encouraging start of the year. So, two questions you had on guidance and on HMO. Let me try to provide some light into those. So for sure, a encouraging start of the year with good momentum across our two business areas. And as I stated in the call, we also see good momentum going into Q2. But you are right, this still a very volatile environment. So I think we're only, let's say, three months into the year of 12 months. And I think it's good to recognize that while we are in a good position in Q1, we maintain our guidance for the year. And that is a position. Yes, you know, pricing. We expect the growth to be mainly volume driven. rising will contribute, you know, north of the 1.5% around the 2% that you mentioned, but we expect to continue to see a good performance of our fish test and hope that provides some visibility into our current guidance. Now on HMO, so HMO, the HMO mix tries to reflect more the physiological level of the five different HMOs. So, you know, without going into confidentiality or disclosure, we expect the different HMO mixes for different customers may have a slight different component. To a fell is the largest component of the mixes, but we see good presence of the other HMO ingredients there. And talking about the lighthouses, all of them contributed to the strong performance of 35% in Q1. But obviously, as we mentioned, particularly plant health and HMO benefit from other diming in Q1. Yeah, that understand my question is if plant health and HMO is 10% of health and nutrition turnover, that is 9 million euros combined. if it's 50\/50, then HMOs contributed $4.5 million euros. And you have a big product launch from Apple. So, given that in Q2 and Q4 last year HMOs were 6 and 7 million in revenue respectively, I just wonder if sort of the underlying run rate for HMOs was in fact weak. Given that you have this big product launch from Ebert. I'm just trying to open to understand the numbers. So a couple of comments I think I think your calculation of HMO is not 100% correct HMO was more than that, but also consider that while we had the launch of HMO in the US, Abut has not yet done a national launch. is it was launched online and it was let's say what would be called a pre-launch. So we do not consider the HMO performance to be below expectation, is on target and we are confident to deliver the above 20% growth for the year, based most of those orders being secured by our long-term contracts. That's very clear, Mauritius. Thank you very much. Thank you, Lars. Thank you. My question comes from the line of Christian Realme of not being a market, please go ahead. Your line is open. Hi, good morning and thank you for taking my questions. I have to as well. The first is a clarification on the HMO topic that we just touched on. Can you clarify whether in terms of absolute revenues. Q1 here was your best quarter yet for HMO revenues. And then my second question goes to the sort of guidance for the Health and Nutrition Business Wells, where in the stand did you say that they growth will now be more front and low, it's for the full year. And should we understand that to be a reflection of some pull forward of demand for the following quarters. or from the following for the next quarters, or should we merely understand this as a reflection of a high growth rate in Q1 that will not necessarily repeat in subsequent quarters, but not a matter of growth having been pulled forward. Thank you. Yes, so first question on HMO. I will pass them on to Lisa. I think it's been important to clarify if you're talking sort of the absolute, in absolute, there and being the largest quarter in imposing that we have had. And then to help an nutrition, I will take that on. So, you know, health nutrition had a strong start of the year, 13% stronger that we expected, basically driven by the good momentum reopening of the traditional self-channel in North America and Europe. And also, by our ability to win a new project based on the good execution of our supply chain. As I said, we go into Q2 with a good momentum in health and nutrition. And that's why we said that the growth will be front and loaded, because we expect a solid first half of the year for health and nutrition. And while some people think that are low comparables in the second half of the year, I would just remind everyone that the low comparables in the second half of the year was for our Christian Hansen business, but that our acquired business, that were not part of organic growth in age 2, had a very strong performance. So the comparables are not as easy as people might think. Lisa, on to you for the question of our HMO. Yes. And let's be clear. We would like to avoid to keep you absolute numbers on the revenue from HMO. What we can confirm is that the ambition for this year is a 20% plus organic growth on the baseline from last year. And yes, we do. We did see some impact from positive order timing in into one. Okay, but you cannot say whether to say to one was better than to four in terms of revenue for the HMO business. No. Okay, thank you. Here, our next question comes from the line of Georgina Fraser to Goldman Sachs. Please go ahead. Your line is open. I could thank you for taking my questions morning. So my first question is if you're able to quantify to any extent just how much of the organic growth in human health was run and loaded in the first quarter, think it would be quite helpful to have that kind of aggregate number. And then my second question is, I noticed that you have reduced your market expectations for for a human health of really course of 2020 to 2025, on the back of lower infant formula outlook. And can you explain why that assumption has not changed your expectations for the total addressable market for HMOs? Thanks. - Hi, Georgina. Good morning. I'll take the first part of your question in relation to what part of the growth on health and nutrition, what sort of underlying growth versus a one-to-one. of and then I'll pass it on to Lisa in relation to the infant formula and market potential. So, you know, most of our in human health, as I said, came from the strengthening of the momentum, given the positive development, we saw in the traditional sales channel in North American in Europe as well as the new wings. So, you know, order of magnitude less than one-third of the health and nutrition growth would be related to one of benefits related to Q4 orders that we were able to fulfill in Q1 or other non-repitable. And most of the growth came from this momentum that we have seen in Q1 and we see Manteign going into Q2. >> Yeah, you know, when we think about it, I think it's important to recognize that the penetration is very, very low. This is a business and the market that's only growing and emerging knowledge we speak. And we do still believe that as this is, you know, the secret ingredient that the IF players are definitely looking into with high interest, it will be the ingredient that creates the premium product. We still believe in the full potential. But it is, you know, coming from a very low penetration. Okay, that was really helpful. Thank you. And that is consistent with what we have said both for HMO and probiotics. That obviously, you know, a better momentum in infant formula growth will always be positive. But let's say, our business uplands are based on the penetration of probiotics and HMO into the existing volumes of infant formula. Great. Thank you both. Thank you. Our next question comes from the line of Heidi Sternen of Exan B. and B. Paraba. Please go ahead. You all line is open. Good morning. I've got two questions. We see that milk and animal production is slowing. Religious to last year and bird flu is emerging. Is this a concern at all in either segments? What are your expectations? And then secondly, we saw that some new research. We saw that pricing was negative and health and nutrition. Could you explain why that was and will that improve it? As you have been in the coming quarters. Thanks. >> Hi, good morning. I'll take the first one on animal health and then pass it to Lisa on the pricing for that. important contribution that was more related to one of situations which we can explain. So the good questions, thank you for that. So you know we have seen pretty strong development in dairy farming. So we have not seen that impact our business in cattle and particular in dairy farming for animal has been strong and I think it's driven basically by the innovation and the products we have put out particularly in our probiotics solutions. I think on Asian swine fever, there you're right, you know, animal health had a very strong quarter in the Q1 last year. As the population of swine in China was growing again, on the better health conditions where our probiotics have played a role. and now face a larger comparable to that with definitely an effect of the African swine fever. Lisa, do you want the pricing question on health and nutrition? Yes, Heidi. It is related to the agreement we have on plant health with our partner, isn't she? It's just a consequence out of the regular kind of settlements that we make with them. And agreement regards to how we recognize the revenues. So it's a one of for this quarter. So I would definitely not read from that anything in relation to our pricing ability or pricing past through for our business. As Lisa said, it's more related to a one of in connection to the settlement in plant health with FMG. Just just on my first question, both of us see milk production is slowing. And you know, cheeses in very strong for you and recent quarters could that have an impact in a FBNE? Or is that not a concern for this year? We don't view that as a concern for this year, high-dip but we closely monitor the trends in the development both for cheese and for the fermented segment. Thank you. Thank you. Now, next question comes from the line of Alex Sloan at Barclay. Please go ahead. You will line it open. Yeah, hi. Good morning. Congrats on the, the solid, two questions from me. The first one just on pricing to offset input cost inflation. I guess given the, you know, the small cost percentage and strategic nature of your ingredients wouldn't be, you know, too much trouble to land pricing crisis with customers. But on the other side, I wonder, what is your base case expectation in terms of your customers pricing action to offset inflation and could that have any drag on FC and E and market volume growth for this year? You're expecting any pockets of slow down due to this inflation at all. And the second question just going back to HMOs and the 5 HMO mix, I wonder, I mean it's obviously early days but if you could give any color on how that product is actually performing on shelf in the US where it has been launched and more broadly on HMOs, are there any regulatory milestones that we might expect globally this year, that we should be looking out for an any prospect of that 5HMO mix, you know, being launched in in further new markets over the next 12 months. Thank you. Thank you Alex for your questions. I'll take those up to myself. So, you know, on your question, Ron, pricing. Yes, we have a very strong pricing with the Volology and in close collaboration with our customers. Or I would say is like the pricing negotiations are advancing, ask plan and on target and we track those to you know conclusion of the negotiations and completion of the pricing crisis and that is tracking on plan and on target. You know I don't want to mean it is lead to you. I mean pricing negotiations with customers are never easy but I think we have a very positive collaboration with customers on the understanding of the input cost and how then to isolate into pricing crisis. But please, very pleased on how our organization is managing that and confident that we will deliver on the pricing crisis targets that we have internally. On HMO, indeed, to tell on cell true, you know, probably you follow that market very closely, you'll be able to get a better read from the reports from our customers. I think what we are very pleased from the 5 HMO mixes that everything that we expected on this being a front panel ingredient and position as the, let's say, important ingredient to make, infant formula, closer to modern smoke that has been very clearly communicated in the product launches, which I think is positive for the HMO market overall. On regular theory, I think the bigger the biggest next step will be the regular theory approval of HMOs in China. We are working on that, but as we have stated, we expect that to date place in 2020-23-2024. Thank you. Thank you. Our next question comes from the line of Matthias Hercplum of Handel Spanken. Please go ahead. Your line is open. Good morning, two questions, please. So first of the coming back to the dynamics in the global property of the equipment market, which benefited from the rebound, which you mentioned. So obviously, consensus expected to percent organic growth for health and nutrition in the quarter. You came up strong as 13%, you talk about volatility to remain, but you also said, if I heard you correct that momentum from human health, into Q2 remains strong. So what the visibility do you have and maybe help me frame what volatility here means. For example, can we rule out another negative quarter as we're or in Q4 last year, just to put the volatility into perspective. And then secondly, if you can set some light of historical growth rate for the lighthouses, just to put the 35% growth rate into context, we talked about that not being representative for the full year, but for the court, we've seen a specific number for this, so maybe help me understand how strong that number is. Thank you. Absolutely, thank you, Matthias. So, you know, health and nutrition, indeed we had a strong quarter, we see a good momentum going into the second quarter, but when we talk about volatility, it's usually because it's a more concentrated business and the way that orders for into one quarter, or another can sometimes make a quarter stronger or weaker. I would not mention specific typically could you see a negative quarter. I think the benefit that we have now that the acquisitions are to integrate that into our organic growth is we definitely have a much better balance in our total portfolio of, you know, end markets, portfolio of strengths and channels. you would still see more volatility in health and nutrition as compared to food cultures and enzymes. - Maybe adding to it, it's also important again to highlight that the very strong execution we were able to deliver and supply in Q1 was also part of the success formula so to say of human health. And when we look back at into four, one of the things we were caught by was a raw material shortage, so that we actually kind of left the business on the table that we couldn't execute on. And that's part of our upside now. So we do have a dependency on our ability to supply, doing COVID in general. We've been quite successful, but also we are not immune in the world we are operating in. And I think that's also talking a little bit to the uncertainty, that we're looking into through the rest of the year, but we are not having any concrete pointers. It's just that this is in the environment where we are operating in. Just remind me, Mattias, was there a second part to your question that we have another question? Sorry. - Yeah, well, well, maybe you have to put the 35% growth rates for the lifetime of the life houses. So, so you know what we have always said is that the life houses have a potential to reach, you know, a hundred million and we grow faster than the core business. So that, you know, if you gotta make, if you want to make an assumption on the life houses, I always talk about the life houses being double digit growth rate, the niche of thieves. for us. And if you see, you know, for example, by your protection, by your protection, you something that has, you know, consistently been growing above 10%. I don't know that I would go when, you know, qualify as specific quarter on, on the lighthouses, because these are very, still very small businesses. So, you know, percentage on a quarterly basis can be, can be misleading, but we are focus on delivering double growth rate for our life houses year over year. That's very clear. Thank you. Thank you. Now next question comes from the line of Miracle Peroco of Vancouver, America. Please go ahead, your line is open. Yep, morning everyone. Thanks for my questions. So just a clarification on my side if you can. No, you've mentioned benefits from time ago orders in plant health and prolaquants is in HMOs. So if you can clarify if there is any unwind here to be expected in Q2 or if it was just normal repeatable benefits in Q1, plant health and HMOs as I understand human health is just a one time benefit there. And also if you can give us an indication on the performance of bioprotation in the quarter it would be great. Thanks. I will take the one on by a protection and pass it on to Alicia to comment on the one of the timing of orders. So by a protection girl around 15% in the first quarter, which is solid, I would remind you that even though we launched in spring, the generation tree, We are working in projects with customers and we should not expect a larger contribution for the first generation, for the third generation of bioprotection before our second half of the year. Yes, and building on your first question, you know, if we look at what was the one-off in human health in 21 that will impact the rest of the year as we said, Planned Health, there was definitely a one-off in Q1 and we expect to see a negative side of that in Q2. For HMO, there was some order timing benefiting in Q1 which will just level out over the year, but ending the Fugilea at the 20+% that we talked to. And apart from that, I would say from the rest of the rebound of a human health. It was a lot of new business opportunities that materialized and we don't anticipate the negative side of it the rest of the year. And just following up on this, on the plant health, I think you mentioned overall the one of where one third of the performance in health nutrition, how much would that one third was the one of him plant in plant health? It's not big. It's not big and it also thing when you think about one-ups also think about into that we also include the benefit we have from two to four right? So it's not the largest. It helps. Okay. Thank you. Thank you. And our next question comes from the line of Charles Eden, the F's, please go ahead. Your line is open. Hi, good morning. Marisa, good morning, Marisa. Two questions from me please. Firstly, can you quantify the China growth you saw in SNA in T1? And maybe you can remind us we can parasymp or at least sort of a range a bit decline in the prior quarter. And then my second question is just a clarification to you response on one of the earlier questions I'm pricing to issue. I think you said there will be no margin impact from the price it. I just wanted to check I heard that right. Because digital pricing model protects the gross profit or the gross profit margin, but I thought it was a former, but maybe I'm incorrect, so just want to clarify. Thank you. Thank you, Charles, for the good questions. So on China, China had a solid growth against a low comparable from last year. And that was mainly because you know, a Q1 of last year for FNE was particularly soft. So, so I wouldn't read it. I wouldn't read much more into that from China, but I do believe our feeling is consistent with what we communicated in Q4, saying that we expect China to be flat, to slightly positive for us for the year. The spite, the continued negative development of the fermented category in China. I will pass it on to Lee said to comment on margin, but just to clarify my comment, I said, when we pass prices with price up, on prices to make sure that we protect our profitability. So, if you think about the pricing impact and looking at our financial position for this year, I think it's important to also call out that our pricing increases does come with some delay. The ambition is that we can increase the prices to offset not only just the cost but also the margin impact but it will come with some delays this year. And what do we base this on? We base this on that this is what we have usually done and we are in a very good collaboration with the customers on it. Okay, thank you. Maybe I can just follow quickly. So do you think the U.A. were to say when you think your pricing will be in a position given where woman so today to fully offset the headwind? U.A. were to give that detail. Well, of course, depends on whether we know the full magnitude of the headwind set this phone in time. It is very unprecedented times. So I think, you know, the overall conclusion is that what we are doing here is speaking to our appetit guidance for the year. for the year, which is a landing corridor between 27 and 28%. And we see around the quorum relay between, you know, our inflation cost input and our negotiations with customers. I think on their more normal conditions, we would usually have one brown on top of negotiation with customers as inflation development continues to be more fluid. this year we may have several negotiations of pricing with customers. Thank you. Thank you. Next question comes from the line of Andre Tomman of dance group. Please go ahead. You all line is open. Hello. Thank you. First of all, in terms of this, good momentum you mentioned, human health. I wonder if you could elaborate a bit on this momentum and also on whether this is driven by the EU-WayS combination that has happened. And my second question is in terms of food cultures and enzymes, from this strong performance that you have seen, whether there is some kind of re-obinating effect that has affected this number of positive. That's my question for the thanks. Yes, so let me start with human health. I'm not much more than I can do what we said. I mean the strong performance in human health was really driven by the reopening of the traditional cells, China, in North American growth. We are benefiting from our strength, pollution, astrology and the broader portfolio. that we have in human health where we are now able to commercialize across the combined units, the Christian Hansen legacy highly documented probiotics and the addition of the strength from both HS and UAS labs. large women, but I would say a strong execution of our human health abuse. We also highlight that, when I will repeat that again, that we have a strong supply chain performance that enabled us to capture these men and have new women. Why also could be the others that were not able to continue to support? And that combination, a hoots of also in a strong position. with human health into the second quarter of. In FCLI, you know, it was mainly volume driven, and mainly volume driven, and mainly in the market. So, very strong performance of projects in Europe, whereby the way we were able to be more present with customers, and the cheese market in North America, partly driven by, you know, you know, a larger press is in food services well, but we see some cheap types like what are they like continue to perform very strongly. So maybe we have time for one more question before we will talk to you. Thank you. There is anyone further question in the key. That's from the line of the sir on SAMSA and CP. Please go ahead. Your line is open. Yes, I just had one follow-up regarding the lighthouse projects, where you can say you have earlier been quite concrete under absolute potential of these, while you now seem to be less concrete, which I can't please understand. But maybe you can comment a bit. You might have been some delays in delivering on these sort of a wall of efficiency of head there because of COVID. Maybe you can elaborate a little bit more on what we should expect in the long term. I of course I was not sure if this is quite uncertain, but maybe give some of your thoughts there. And then, secondly, on animal health, which I understand was quite weak in Q1 actually, I can remember well that's because of some particular high comparables or all the time, but just comment what's the momentum and animal health in the underlying business going into Q2. Thank you. So, sorry, on animal health, animal health basically say a difficult comparable. And the only thing that we mentioned as well was that in swine, particularly, we had a high comparable from Q1 last year because of the storm moment of rebuilding the swine population. In China, versus now a little bit of a return of African soy and fever, but I think you could expect a normal moment from animal health going into PQ2. And we have seen a strong performance on animal health throughout the last couple of years. So I'm very pleased with the, you know, how the team has turned the innovation into market execution and commercialization. On the Lighthouse, in our capital markets day, we basically provided what we view as the potential of those lights. And then left it open to what our market would be. And I think that is a much better way to present these that are really business development opportunities, where we leverage microbial implementation technologies that we know very well into new commercial spaces. So, it's business building, it's business building from a very slow base, but we're areas where we see a larger opportunity and we're very excited about. So, you know, I would repeat what I just said, that the best way to think about our lighthouse is businesses that will grow faster than our core business, and what we can expect, you know, double digit growth rates, year or year on year, for sure you may have quarters that are higher or lower, but I hope that you know, provide some perspective, otherwise, you know, we'd be able to elaborate on this further, as we are, to go forward. - Okay, thank you for that. Thank you. So without these concludes today conference call and Q&A session, thank you for being a new, we look forward to continue our dialogue during the or upcoming virtual road shows. Thank you all. 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Welcome to Group of our second quarter 2021 Consolidated Resolve Conference Call. My name is Janian Abir operator for today's call. Group of Alexionesi Valoras SA Group of Val is an issue of securities in Colombia and in the United States. As such, it's subject to compliance with securities regulation and Colombia and applicable U.S. securities regulations. Groups of bodies also subject to the inspection and supervision of the superintendency of finance as holding company of the of financial conglomerate. The consolidated financial information included in this document is presented in accordance with IFRS, as currently issued by the IASB. Details of calculations of non-gap measures such as ROLA and ROLAE among others are explained when required in this report. This report includes forward-looking statements and some cases you can't identify these forward-looking statements by wearing a case. for doing our second floor to fast-shot. -Expike's plans anticipate beliefs estimate estimates predicts potential or continue. Or the negative of these and other comparable words. Actual results and events made different materially from both anticipated here and as a consequence of changes in general economic and business conditions. Changes in interest and currency rates and other risks described from time to time in our filings with the Hustrel Nasu Na'da Valoriz, Yemi Sotiz in the SEC. in the second. Recipkins of this document are responsible for the assessment and use of the information provided here. Matters described in this presentation and our knowledge of them may change extensively and materially over time. But we expressly disclaim any obligation to review, update or crack them for a mission provided in this report. Including any forward-looking statements and do not intend to provide any update for such material development prior to our next earnings report. The content of this document and the figures included here are intended to provide a summary of the subject discussed rather than a comprehensive description. When applicable in this document, we've referred to billions and thousands of millions. At this time, all participants are in a listen only mode. Later, we will conduct a question and answer session. I want to answer an all over to Mr. Lees Carlos, Herr Minto Guadieras, Chief Executive Officer, Mr. Sarmanto, who may begin. >> Good morning and thank you all for joining our second quarter 2021 conference call. I trust that all of you and your families are keeping healthy. Today it is by pleasure to present our strongest or ever. In doing so I will cover the following and update on the macroeconomic environment of the regions where we operate. The status of the loan reliefs granted to our clients, the progress of our digital efforts and the main highlights of our financial performance. Let's start with a macroeconomics scenario of the last few months. During the second quarter of the year the global economy continued to recover. There are however material differences in the recovery of countries depending on the effectiveness of these countries vaccination programs. Additionally, new variants of the virus such as the Delta Plus and more recently the gamma variant continue to appear. For now, it is apparent that the vaccinations being administered are effective against these new variants. However, where this not the case, economic repoveries would be pertailed. In any case, pure evidence of the effectiveness of the vaccination programs, recites in the fact that although people continue to be infected, the lethality of the virus has drastically dropped. Colombia has not been the exception to the economic recovery or to a well-administered vaccination program. To date, more than 30 million doses have been administered and more than 13 million people have been fully immunized. This progress in the vaccination program, along with better external conditions, have boosted the recovery of the Colombian economy. This recovery has not been devoid of headwinds, specifically the violent demonstrations and strikes that plagued the country mostly during the months of April and May. However, after a drop in consumer confidence, not surprisingly during April and May, a subdualite this indicator has recovered and is now at its highest level since the struggle of the pandemic, supported by the progress of the vaccination campaign, better on employment numbers, renewed commercial activity and higher prices affects opportunities such as coffee and oil. High frequency data such as energy demand suggests that business activities advancing towards its pre-contentant level. As a result, analysts have continued to raise their estimates of the GDP growth forecast for Colombia during 2021. The OECD for example now forecast a GDP growth of 7.6% for 2021 in the IMF is expected to raise its projections in August given the positive outcome of recent months. It is latest meeting the Central Bank revised its own growth forecast from 6.5% to 7.5%. And in a while we now forecast that the economy will grow approximately 7% in 2021. Moving on to the labor market in June the unemployment rate fell to 14.4% and the number of jobs increased by 161,000. The average unemployment rate during the second quarter was 15% compared to 15.8% during the first quarter and 20.3% a year earlier. Of course, there is still a long way to go on this front. Despite the mentioned improvement, there are still approximately 1.4 million jobs that still need to be recovered to bring us back to the pre-pandemic levels of employment. If these jobs were recovered, the country would experience a drop of between 6 and 7% in unemployment. For now, as a recovery process continues, we expect a further decline in the unemployment rate to 12% by years end, reaching an average of 14.8% for 2021. In June, 12 months inflation reached 3.63%. 204 basis points higher when compared to inflation during 2020. This year's number has been driven mainly by supply factors and by statistical base effect. In fact, the search of food prices of 5.5% in May was triggered by the disruptions of supply and logistics that arose from the strikes. at some July 12 month inflation had risen by 34 basis points versus June to 3.97%. This increases driven by food prices which rose by 40 basis points and by higher prices in service sectors. That's a result of higher activity in leisure industries such as restaurants, hotels, recreation and culture. We expect that inflation for For 2021, we'll reach 4% as food prices revert, offset by the past through of higher commodity prices and as shipping costs. Although medium term inflation expectations remain well anchored at 3%, given the recent searching consumer prices, the weaker peso and the growth prospects, we expected the central bank will start a monetary policy patent cycle in the last quarter. high probability of 2 25 basis point heights before the end of the year. In that scenario, the repo rate will increase to 2 and a quarter percent from its current 1.75 percent level. Regarding the exchange rate, in the last few weeks the peso has weakened 2 as high as 4,000 pesos per dollar due to the strengthening of the dollar in international markets. As investors seek shelter in save asset caused by the renewed uncertainty all into the spread of the Delta variant, and also due to the increasing Columbia's risk premium. However, with a projection that the central bank will start the new monetary titan cycle and if, as expected, Congress approves the proposed tax reform to which I will refer in a minute. It is likely that the Columbia Pesso will seek a level close to $3700 per dollar in the next few months. The government has presented a new tax reform that seeks to increase tax revenues by 15 trillion bezels or 1.2% of GDP. The additional revenue would mean you'll originate from increasing the corporate tax rate to 35% starting 2022. Instead of reducing it to 30% as approved in the 2019 tax reform. The financial sector, however, will continue to pay at 3% surcharge over the corporate rate until 2025. The searcher was expected to see is by 2023. Other components of the tax reform include reducing tax deductible expenses, a strengthening legal measures to fight taxidation, and a freezing government spending. The Theotax reform has greater political support and is expected to be approved in Congress in the next few months. In the meantime, the government expects the fiscal deficit to reach 2021 at 8.6% of GDP with a primary deficit of 5.3% of GDP. Regarding the current account, deficit, it is expected to widen to 4.4% of GDP by years and up from the 3.3% of GDP observed at the end of 2020. Pent up demand should translate into a larger trade deficit that will be partially of stead by larger and better-priced oil and coffee exports. With respect to Central America, the IMF expects a 5.7% growth of the region's economy in 2021. As discussed in the past, Central America greatly benefits from the recovery of the U.S. economy as certain Central American countries are highly dependent on cash remittances in coming from the United States. Economic growth of the region should be positively impacted by the infrastructure sector as these countries were affected by storms, ADA and Ayoda need to invest heavily in the reconstruction works. During the first two months of the second quarter, Panama estimated an annual GDP growth of 16.5% and during the same period because the rate has estimated GDP growth of 12.3%. Panama benefits from the reactivation of global trade and foreign investment, given its role as a global maritime transportation hub, and the consequential increase in canal activity. In Costa Rica, six out of 15 economic sectors reached pre-pandemic production levels. Remittances have searched year and year, 55% in a salary, 43% in Guatemala, and 44% in Honduras. And nearly, economic growth estimated for the first two months of the second quarter was 28.1% in in Salvador, 15.8% in Guatemala, and 28.4% in Honduras. Guatemala and Honduras girls would be boosted, as I said before, by increasing in fiscal spending to reconstruct damage infrastructure after for the mentioned storms. Finally, based on leading indicators, URA economic estimated growth reached 15.2% in Nicaragua during the first two months of the second quarter. Despite internal and external favorable economic conditions, growth in Nicaragua could be limited by the challenging political context. Moving on to the status of our long-release programs, as a June, we had active reliefs were presented approximately 11.5% of our total consolidated loan portfolio or approximately 24.5 trillion pesos in loans. In Colombia, as of June 30, active relief amounted to 8 trillion pesos or 5.9% of the Colombian loan portfolio, including 7.7 trillion in structural agreements with clients. In Central America, reliefs amounted to 16.5 trillion pesos representing 20.5 trillion dollars. investors representing 20.9% of the regions portfolio. These releasing Central America, we're driven by Panama, which accounted for more than half of the regions active reliefs. Of all loans in both geographies that have concluded the relief periods, those currently past do 90 days or more represent only 1% of our total consolidated loan portfolio, and those currently past do 30 days or more represent 1.8% of our total consolidated loan portfolio. Our cost of risk, as it's been booked, reflects our estimation of losses related to the complete unwinding of these relief programs. We continue to execute our digital strategy in accordance with our expectations, allow me to elaborate. As I have mentioned before, we have prioritized the transformation of our core products into digital solutions, and the digitalizations of core processes in our backs. We believe that both those efforts will yield additional net income via additional sales revenues and cost savings. We have successfully concluded the digitization of most of our retail bank products products in our now in the process of rolling those out to our banks. This is let us to increase our digital retail sales substantially. In Colombia, 60% of all sales are retail products, for which a digitalized solution has been developed, are currently conducted through the digital applications and 40% of those are in the twin digital sales without human intervention. These sales represent almost 40% of our total digitalized and non-digitalized retail products sold. In Central America, approximately 25% of total sales are sales of digitalized products. As part of our IT transformation process, our digitalization effort is cloud based, allowing us to scale up faster and cheaper than with traditional IT infrastructure models. Allow me to explain. First, all of our digital products are already 100% in the cloud or cloud-native. As a result, we do not need to further invest to migrate the infrastructure of our digital products to the cloud because we're already there. Secondly, our centralized data platforms in our digital labs, such as Augusta and Matilda, are also in the cloud, allowing us to be more efficient in our processes, reduce operational costs and increase our client penetration. But building is a marketing platform, which has allowed us to acquire new digital clients at what we currently believe is the lowest acquisition cost in the market. These adds to the capabilities of our data platform Augusta, which has allowed us to improve our cost of client acquisition, cross-selling, customer retention, and risk mitigation among others through advanced analytical models. As of June 2021, our active digital clients totaled 5.2 million increasing approximately 31% in the last 12 months. Even though adding active digital clients is a necessary step for digital transformation, obtaining long-term sustainable value as a result of this effort is the primary objective. Tirequisition costs, updated or clients have led us to be watchful of where we have denominated, net loss growth associated with one transaction users or those that lack potential to be monetized. in Colombia, a country with very strict user-reweight restrictions, transactional platforms with low or no fees will find it difficult to sell profitable banking products regardless of their number of digital customers. We have been working in a turner-to-waquire new digital clients that meet our profitability criteria, leveraging ecosystems that provide services that are valuable to our clients and work-profit products of our banks, are part of the solution. Among those first in Colombia, I wanted to dig into the lab as been working to redesign popular existing websites such as Caroya, Metro Guadal, and Elimbleo, and to add to those ecosystems additional products, including banking digital products to further our goal of adding profitability to digital growth. Being part of these ecosystems afford our bank's the opportunity to increase digital clients through our loans, more with this payroll loans and other products. These ecosystems currently serve over 10 million users. In Central America, we recently launched cash with a K. A transactional app available across the region that already has 100,000 digital clients, 70% of which are not back clients, with more than 350,000 transactions to date. Soon, family remittances will be available to our cash app. This will allow us not only to acquire at least 500,000 additional profitable digital clients by year-end, but also to increase our remittances fee income and to make our app profitable. Finally, in Colombia we're improving our digital channels to better fit our customers' needs. Vancouver popular launched recently its banking app at the beginning of the year and we expect Vancouver accident in Vancouver we just to launch their new apps in the next couple of months. These apps have a more modern, intuitive and secure design that will contribute to a better customer experience. In Central America, our focus has been primarily in customer service. In 2021, 54% of client interactions have been conducted through digital channels and 46% through our call centers and others. Customers have quickly adopted the mobile channel as a preferred means to make the requests. Almost 20% of those queries, queries are picked up and handled by chat bots and resolved without human intervention. To finish, we're talking our financial results, the error will refer next to the detail to our financial performance during the second quarter of 2021. However, allow me to highlight the following. To start with Grupo Al Registrate, it's best results ever for a quarter with a true-edible attributable netting done of approximately 950 billion passes. Allowance attributable netting for the first half of 2021 was 1.7 trillion pesos. This result in a return on average equity for the quarter of 18.2% and of 16.7% during the semester. Among the principal reasons for these results, I would include the following. First, 2021 has been a year with excellent results in the pure banking business, where we have been been able to defend our intermediation spread mainly to pricing discipline while successfully growing our loan books. Our loan portfolio has been behaving better than expected, resulting in better cuts of risk. In fact, cuts of risk has moved to near-prepandemic levels. Thirdly, we have benefited from a world structure fixed in-tempofolio in terms of durations and yields. Fourthly, our non-financial sector was able to quickly regain momentum and return to pre-pandemic activity within a very short period, resulting in the recovery of significant income contribution to our bottom line. Next, our patient fund manager has been successful in defending its market leadership, in managing costs, and in obtaining healthy yields from the portfolios and administrators. Lastly, throughout all our companies, we continue to stress the importance of a past containment and\/or cost reduction culture. I do thank you for your attention and now I'll pass on the presentation to the adult who will explain in detail our business results. You have a good day. Thank you, Riskarnos. I will now move to the consolidated results of Blue Power Island under IFRS. Before covering the following pages, bearing mind that as of 2021, MFG no longer affects the comparison of our volumes relative to a year earlier, given that its acquisition was completed on May 2020. However, the year-on-year comparisons of our PLNL lines are still affected given that the second quarter of 2020 only included one month of MFG's operations. Now, starting on page 9, our assets group 2.2% over the quarter and 3.4% year and year. Columbia NASA, RELLSE, continuous strengthening, recording 2.3% increased during the quarter and 3.4% year and year. Well, central American assets recorded a.1% quarterly and a 3.6% year and year growth in dollar terms. quarterly depreciation of 1.9% and a 12-month appreciation of 0.2% take quarterly and annuled growths in pesos of Central America to 2% and 3.4% respectively. The share of Central America in our book remained at 36%. Moving to page 10, Long Road continued to show a positive trend that now includes a rebound in Central America. In Colombia, the state growth of high quality retail lending products was partially dampened by a sealed sluggish growth of commercial loans. The social unrest experienced ring-a-plane made in Colombia temporarily held back loan-neurutination. Our total loans grew to 21% of the quarter and 2.2% year and year. Colombian gross loan portfolio increased 1% during the quarter, like these stolen a quarter earlier, while 12-month growth was 1.5%. The amount of consumer loans remain high in Colombia resulting in a 1.7% increase during the water and 11.3% year and year. Competition remains high in low risk products such as payroll loans. However, as a newly relevant, On the current products have started to regain traction over the past couple months. This may signal an increase in the risk appetite of banks. per-ending that accounts for 61% of our Colombian consumer portfolio, 3.1% of the water and 21.3% year, and year, contrast all the performing better than a quarter, a year, credit cards contracted 1.6% and personal loans remain relatively stable. These products account for 12% and 20% of our Colombian consumer portfolio resets. As seen in other secure retail products in Colombia, more gathers remain dynamic, expanding 3.1% of the quarter and 12% year and year. Our Colombian corporate portfolio continued its mild recovery, growing at a still-shy 0.4%. Our growth versus data of our peers continues to benefit by our pricing discipline, where we privilege profit-level customer relationships over market share. Humility 12-month growth was negative at minus 4.4% with a spill-high comparison based a year ago. Moving to central America, our growth loan portfolio increased 2% of the water and 3.6% year-unnearing dollar turns. Quarterly performance in Central America's strongest since fourth quarter 2019 was given by a 2.9% 12th of consumer loans. These performance resulted from a 4.4 growth in credit cards and a 1.3% growth in payroll loans. loans. Early growth, included cards to pay year on year growth to 5.8 percent, the first positive figure in second quarter 2020. Commercial loans and mortgages grew 1.7 percent and 1.1 percent respectively during the quarter in Central America. Looking forward, fundamentals for long growth continues to strengthen involved geographies, with expect commercial loan growth to be supported by by implementing economic activity and business confidence. The retail lending front, we expect that the increased investment in employment outlook will continue to allow and increase in advance risk-capitizing products that were de-empathised through the shop. On pages 11 and 12, we present several loan portfolio quality ratios. The COVID-19 credit juncture continues on winding and winding favorably for our banks during the second quarter, driven by a stronger and faster recovery in both economies than initially forecasted that has been stated into a better evolution of release and a stronger performance of the rest of our portfolio. This has resulted in a lower cost of risk than initially forecasted. Lone release continued to expire and return to active payments kels. As expected, these loans have higher the in consideration than the average. In contrast, the remainder of our loan portfolio, it is 0.5% continuous to improve in line with a stronger economy, upsetting the burden of the relief loans. As a June 30, we had 3% of our total gross loans under payment holidays, and a 0.5% under structural payment programs, together accounting for 11.5% of our loan portfolio. In Colombia, 5.9% of our loans have some types of loans. have some type of relief. Only 0.2% of our Colombian gross loans are still under payment holidays that remaining release our under structural payment products. In Central America, 20.9% of our loans still have some type of relief with 7.8% of gross loans under payment holidays, and 13.2% under structural payment programs. Payment holidays persist mainly in Panama, that account accounts for 94% of those in the region. At end of period 4.2% of our total loans that in the past had benefited either from payment holidays or were mispractor and that had returned to active payments cables were passed two more than 90 days. This past two loan represent 1% of our total gross loans. These numbers were 7.3% and 1.8% for loans passed two more than 30 days. In Colombia, 5.7% of loans previously relieved that had received active payments, KL was for 90 days past two, representing 1.1% of gross loans. For 30 days past two loans, the numbers were 9.3% and 1.8%. In Central America, 2.6% of loans, please leave relief that had returned to active payments, KL was for 90 days past two, representing 0.9% of gross loans. For 30 days, 3DLs, these numbers were 5.3% and 1.8%. As mentioned before, the accumulation in relief loans was partially offset by the improvement of the rest of our loan portfolio. This resulted in the overall metrics for 30 days and 98 PLs remaining relatively stable during the quarter, our lounge coverage of 30 days and 98 PLs remained flat as well as our over the quarter. The ratio of charge jobs to average 98 PLs to that pre-COVID levels, regarding 3080 L formation, 76% was explained by retail products with credit cards and personal installment loans, contributing 28% and 20% of the L formation respectively, these pipe representing on the 80% of 5% of our gross loans. The behavior was mainly driven by relief loans that became the limit. The quality of our loan portfolio was materially stable, water on water at 4.76% under the A8 basis, and 3.42% at 98 BL basis. With the relay and 90 BL, our 30 A and 98 BL were 71 and 42 basis points higher than those I year earlier. Composition of our loan portfolio in term of stages shows an improvement in the share of stage 1 loans, one loans compensated by a decrease in stage two loans, as anticipated part of a stage two loans migrated to stage three. This improvement was mainly driven by our consumer loan portfolio in both view our groupies, which recorded a 146-paces point increase in the share of stage one loans and a 155-paces point decrease in stage two. coverage of each stage remains relatively stable compared to a water area. Cost of risk net of recoveries was 2% - 23 basis points lower than the 2.2% in the previous quarter and 11 basis points lower than the 3.1% higher area. The quarterly improvement incorporates 58 basis points decrease in retail loans and a five basis points increase in commercial loans. Oarlie cost average improved by 34 basis points in Colombia and 4 basis points in Central America. In Colombia, the cost of risk of retail loans improved in 4 basis points while that for commercial loans remains table. In Central America, the cost of risk of retail loans fell 22 basis points and increased 17 basis points for commercial loans. On page 13, we present funding and the past evolution. Funding growth through the points for the cost of the loan. Funding growth through the water continue to reflect a highly-quility environment. Our deposits to net loans, ratio, and our cash to deposit ratio remain stable over the water at 110% and 15.8% perspective. Our funding structure remain materially unchanged with deposits accounting for 78% of total funding. The deposits increased 1.7% during the water and 6.4% year and year. Colombia grew 1.4% percent during the quarter, while Central America would point 2% in dollar terms. The 12-month period, Colombia rules 3.3% and Central America 11.6% in dollar terms. And what grows, a T-positive, above the ad-up of loans, replays are conservative liquidity standing, particularly in Central America. Unpage 14, we present the evolution of our total capitalization, our trillional shareholders equity, and the capital adequacy ratios of our capital. the ratio of our backs. The only equity group 5% over the quarter and 8.2% year, on year, while our drill equity increased 5.3% and 7.6% respectively, mainly driven by our earnings. Solving the ratios under the basis of the remaining relatively stable as net income provide that support for respected assets growth over the quarter. On page 15, we present our yield and loans cost upon spread and new. The imperpulence during the quarter was reasoned by a stable Neumann loans and an improvement of Neumann investments. Neumann loans remained at 5.8% during the quarter as a spread between yielder, unknowns, and cost of funds remained flat at 6%. Neumann loans continued to keep decreasing, however, it was compensated by a similar decreasing cost of funds. Neumann investments was 1.4% the product, returning to positive ground from the minus point 4% recorded last part. The excess liquidity associated with the pregnancy-curlative standards continues to weigh on a nymph. On page 16, we present net fees and other ring cup. On this page and the following, we will present several P&L lines and metrics, which is very mind that two factors limit the comparability of our results year and year. First, a low-based line considering that the strongest effect of the pandemic and commercial activity was suffered during that quarter. And second, only one month of MFD operations was part of our second quarter 2020 PNL. Now moving to the content of this page. First half, grossing coming increased 8.7% year and year, while partly year and year growth was 17.9%. Ross Fes felt 3.6% during the quarter affected by a temporary post in recovery associated with a demonstration selling Colombia during April and May. In addition, performance-based pension management fees in Colombia and bank assurance related expenses in Central America affected these quarter's performance. Income from a non-financial sector, we've picked the stronger performance of the infrastructure and energy and gas sectors. Our infrastructure sector, Ruse 17.5% over the quarter, mainly due to the stronger performance in the construction of some of our tolerance. First half contribution from the infrastructure sector, rule 48% year and year, or leading income from infrastructure 3.8 times that higher area, when the spring Newt lockdowns experience marched to may halt that construction. The energy and gas sector contribution increased 14% over the quarter due to positive results in gas distribution and pipeline construction. First, having come from the energy and gas sector, who's 60% year-on-year, while quarterly income was 2.1 times compared to a year earlier when a decrease on an industrial gas demand during the lockdowns affected our results. The bottom of the page, the quarterly decrease in other income is explained by lower contribution of OCI realization of pervadiol, a 15-competent portfolios and biases are really high in confirmed diseases during the first water. On page 17, we present some efficiency ratios. First half, other expenses increase 2.4% year on year, while quarterly expenses grew 4.5% year on year. Year to date expenses grew 0.6% in Colombia and fell 0.2% in dollar terms in Central America excluding defect of MFG. Currently, expenses increased year and year 3.3% in Colombia and 6.7% in dollar terms in Central America, excluding the effect of MFG. Compared to first water, all your expenses increased 6.1% with Colombia growing at 6.8% and Central America growing at 1.3% in dollar terms. In addition to an increase in cost associated with higher activity, the product is provided by the remaining 50% of the penalty imposed to the Colombiana. By the Colombian superintendency of industry and commerce in relationship to the Conesesian area, Ruta and Sordos investigation. Compared to a year earlier, cost assets remain stable at 3.2% and improved 45% down from 51.3% on a cost-winged companies. Finally, on page 18, we present our net income and profitability ratios. A suitable net income for second quarter 2021 was 950 billion Colombian pesos or 42.6 pesos per share. It's best result ever for a quarter. This result was 19.9% higher than the previous quarter and to 0.9 times that I year earlier. Our return on average assets for the water was 2% and 1.9% year to date. Our return on average equity for the water was 18.2% and 16.7% year to date. I will summarize our guidance for 20.0. We expect long road to be in the 9 to 10% area. Net interest margin unknowns to be 5.8 and total net interest margin to be in the 4.8 to 5% range. Cost of risk to be in the 2.1 to 2.2% range. Net fees to grow in the 8% area are non-finance of sector to grow in the 5% area. Expenses grow to be in the 4% area and return an average equity to be in the 15 to 15 and a half percent range. We are now available to address your Questions? Thank you. If you have a question, please press star then one on your touch tone phone. If you wish to be removed from the queue, please press the pound sign or the hash key. If you're using a speaker phone, you may need to pick up the hint at first before pressing the numbers. Once again, if you have a question, please press star then one on your touch tone phone. And our first question comes from Sevastien Gallego from Credit Capital, please go ahead. Good morning. Thank you for the presentation and congratulations on various strong results. I have several questions today. First of all, you just mentioned Mr. Diego mentioned an Iroe guidance of 15 to 15.5% in 2021. Can you discuss on how sustainable are this type of returns going into 2020? to an on our long term system of delivery bases. Second, we could my attention, Mr. Riskardless, comments on the potential competition on the digital platforms and how those platforms could have trouble monetizing the users. Can you discuss a little bit more the competitive environment on that strong and why are you so confident that other players may not be able to monetize those users. And finally, if you could provide an outlook for long growth, breaking down the region and breaking down per segments given the 9 to 10 percent guidance. Thank you very much. Let me start with your question number 11 on digital. What I meant is the following. We see around the region with platforms, Fintic platforms that have been able to turn in net income is basically the not charging fees, but charging substantial interest rates in one way or another. In Colombia, as I said, it's a little bit more complicated because we have a very strict user-rate regulation. So here, when you bring on digital clients, you have to consider how you're going to monetize them. And you can massively increase your digital clients in those sort of platforms. But if in that classification you acquire a lot of digital clients that will probably not transact too much, like for example clients that just become so to receive substances from the government or other types of clients that will probably not be subject to becoming debtors in via loans. It might be a little bit harder to monetize. So I, you know, I don't have the the solution. And I am sure that everybody who is coming up with a digital platform has thought about this. And obviously most of it is going to be been on what you've custed from. who is coming up with a digital platform has thought about this. And obviously, most of it is going to be been on what your customer funds is. If you are planning to take in funds to then try to make those customers into borrowers, it also depends on your on your customer structure. And obviously, is some of these fintics which are starting from the beginning as solely digital platforms with no legacy of other types of costs. However, an easier time of keeping costs down. But all that I'm saying is, in our case when we think about massification of digital clients, we always think in terms of of what's that going to produce and with respect to net income for the company? So, in that respect, we usually say, \"Let's start with those actions that we know are going to result in evaluation. And valuation be additional net income because, as you know, we are basically valued based on a price to earnings ratio. And so, we have to produce earnings.\" And that's That's why we're saying in our strategy, we first decided we would put a lot of emphasis on being able to offer our own legacy products in a digital manner so that new clients could acquire them that way. Secondly, we've been going through the digitization of processes and operations in the banks, and that has resulted in cost savings. We will obviously not discard in any shape, the idea of massifying digital clients, but we have to make sure, and that those clients have some future in terms of producing additional revenues for the company. So that's what I was referring to when I talked about our digital strategy. And moving to your guidance questions regarding return and equity even though we're not getting guidance on 2020 to one this call. Just to give you a framework to think around it. We have a few things that are still to continue improving into the future, particularly. cost of risk still has room to improve throughout the year and in the next year. That has been part of what has helped us in sustaining our stronger results than market. And we expect to continue seeing that improvement into the future. The other parts that will be helping us as well. It is all that that is related to increased macroactivity in Colombia, regarding stronger growth, regarding increase it in rates that as you know for banks, a slight increase in rates is always positive, increase in income associated with activity. What could dampen the kind of positive numbers that I'm pointing into? It tells the tax reform. It tells building in what comes out from from that reform is still to be seen. At this point, the tax reform that is currently in Congress, the numbers might not change substantially compared to this here, but the expectation of having lower taxes into the future somehow has faded away. So we have a combination of improvement on the operational front. And then the almost on the last line we have the impact of taxes. That's a long way to tell you that even though we are not getting guidance, these kind of numbers are numbers that we could expect to continue seeing into the future. Then regarding breakdown of what is wrong, gonna happen with long growth. As mentioned, we have a much better performance from the growth perspective on the consumer front. We could expect to see something in the 12 to 14% area growth. And on the commercial front, it should be somewhere between six and seven percent. If you break down that by regions, Colombia should be in the six to eight percent area growth. and Central America should be at a similar rate if you look at it in dollar terms, but you have to build in that we have already run through a round up and 11% depreciation. I mean, not as up to the, but up to the numbers that we believe could be numbers that at end of year. So that will help and that will propel what is happening with Central America. >> Our next question comes from Adriana de los tabas, please go ahead. >> I'm glad you're nation from the results. I want to see if you can help us have a better sense of the income growth. I know in the quarter there were slight impact from the coaches, but if you can help us, is that would be great. I'm sorry were you referring to the income or to income growth? I didn't hear you properly. Well, I could be talking about normalised levels of growth, but you know, however you think it's best to formulate it. Okay, well regarding the loan side I just mentioned it before it is, volume wise we have the dynamics I just covered when referring to us. to us as the answer. Regarding Martens, we're actually moving into a better ground for Martens, given that we expect to see the sample bank increasing rates. And the fees side, we mentioned, we are slightly short from Long Road, because Long Road is starting to come stronger. Therefore, if Longs are growing in the 9% to 10% area, we could see a couple percentage points below that, and the fees side. peace still has a some room to increase particularly for two reasons. Number one on the tension side we had some impact during this quarter of a volatility that implied that some of our keys that are related to our our profitability and the funds was affected. that there's a lag between how we get those into our TNL and how they happen in the market, because we charge these after a returns have been obtained. So we have some delay there. But then, and I would say the main driver will be economic activity. We're seeing a strong pickup. We're seeing a pickup in products that are very rich in fees such as credit cards and other consumer products that in the past we had the emphasize. and at this point we're ready to start to open our risk appetite. So that will come with fees as well. I know if I covered what you weren't referring to but those are the main drivers. Thank you. And as a reminder, if you have a question, please press star then one on your touch tone phone. Our next question comes from Brian Flores from ASA Investment. Please go ahead. >> Hi, thank you for the opportunity to ask a question. Can the please confirm what was the guided series or cost of risk? And then I'll give a second question. Thank you. >> Okay, regarding cost of risk, you might have noticed that we lowered our guidance. We had previously given initially we started out with 2.5, lower that to 2.3 to 2.4. and this time around we're lowering it to 2.1 to 2.2%. The reason for that is we're seeing a much better performance on our loan portfolio, particularly on the retail side. And then given the much stronger economy that we're looking into in Colombia and San from America, the remaining of the remainder of the portfolio beyond what was a benefited from release is also performing much better. So that's the reason we're doing that. Something there that we're still holding back from being more aggressive is a provision to intent for America, particular in Panama, given that they're data in the process of finishing a release. In absence of that, we might have had a positive bias on the numbers that I mentioned. - I have a question, would be on 2022. I know it's still a bit early, but we're getting closer to it. So just thinking about your guidance. If you have any idea of how any of these lines would look like and what are you aiming for in terms of sustainable ROE, thank you very much. - I would prefer to stick to the answer to Sebastian regarding guidance and what to expect on ROE. At this point, I would say we would be very happy to be able to transfer our optimism on the economy and performance in two guidance, but we prefer to be prudent at this point. >> Thank you. Our next question comes from Yudie Fernandez from JP Morgan. >> Hi, all first. Congrats on the results. Very good quarter. I had a question on margins. actually on the live business side. I guess we are seeing long book accelerating in color, right? But my question is regarding the funding. Do you think you'll be able to keep growing the deposits at health and pays? Because over the last one, two years we saw you and color bands in general having a very good funding structure, right? Like the men deposits grow in the funding costs coming down. So my question is should we see an inflection point for first? cost and we start to see fully cost slightly moving out and how that could affect the margin. Because that could be negative if that's correct. If that assumption that made it only cost will be higher. That can analyze a little bit the means. But on the other hand, maybe stage it will all will peak and that will help a little bit. You have higher rates in Colombia. So I guess the bottle line here is what should we expect for games in the coming quarters for you? Thank you. >> Yeah, trying to, I'm going to give you for the short answer then I can go into detail. The short answer is deposit growth. We should expect to continue sustaining that. However, I mentioned somehow or I hinted twice that we've had access liquidity that had been a burden on our net in press martin. That's been a prudent way to manage it, particularly in Central America where there's no central banks. we've taken excess deposits to what would be the normal way to run the back. So, at the deposit growth, we will have at least some time where we have the leisure of having excess deposits, so we can be picky on prices and that will help us over several quarters. Regarding margins, a we suffer when rates come down, particularly those from the central bank and we benefit when those go up, something that we have already started to feel is that the IBR from that basically is the intervening rate in Colombia has already started to pick up with letting expectations and increase of profits. If you recall what we have in our commercial portfolio in Colombia is substantially floating low-space than IBR. So we started to feel that already benefiting us and expect to see that in the future. the future. The other side of deposits is a retail franchise where those deposits are not as elastic to what is happening with the self-opent. And that's the main source of improvement in margin when rates go up. There's two different types of cycles. Some cycles where rates are going up because risk is going up there or the cost of risk is built into the pricing of the facts. However, this time around we're looking into a cycle where rates are going up with an improvement in cost of risk. So I would say that will be benefiting our margins and more so our margins after cost of risk. If I may ask just not quick follow up do you have a safety activity on rates that you can provide like if there is I know is not the main is not the reference rate but just as a prox like if the rate move up 100 bits what should we see for your your names. Well, yeah, you have to build in cost of risk into that. We, in the past, we used to disclose some sort of sensitivity around the 20 basis points, or the 20 cents per dollar kind of sensitivity, but that was pure interest rates sensitivity. However, Pryping has become growing in intelligent and colonial, you have to build in as well, cost of risk into those. So that has made a difference and perhaps that was what I was pointing out before. And it says cycles where you're in increases in rates combined with improvement in cost of risk. are perhaps the most positive and more most sensitive or inastic cycles to interest rates. However, we have used to do that because of the act last factor and it depends very much on the speed at which the risk premiums are built into price. Perfect. Thank you and again congrats on the question. And our next question comes from Julia Alsteke from the Vivienne, that please go ahead. Hi everyone and first of all congratulations for the results. I would like to know if you can give us a little bit more color of your expectation for the second half of 2020. I think there are things that are going to behave the same as the first half of the year. And also I would like to know if you can give us a little bit more color about what is our jurisdiction on long growth, like if you can give us the consumption, the consumer, the market, segments, how they will grow if you have this detail. Thank you. I think we covered many of the people who are as a guidance for 20, by the way, not 20, but 20, 21, incorporate what is going to happen over the second half of the year. We are quite positive on how the second half of the year will behave as I mentioned still, on the cost of risk side. That's the reason why we're guiding into 15 to 15 and a half percent early for the year in spite of having already over performed those numbers. So we are prudent and that side because the cycle is not over yet, but we are quite positive on the core banking side of how things are behaving. And regarding the long growth just to repeat what I answered Sabastiana at the beginning, we're looking into commercial lending growing somewhere in the six to eight percent area and the consumer side, the retail side growing more in the 12 to 14 percent area. Perfect. Our next question comes from under a total from Santander. Please go ahead. Good morning, and thank you. Thank you for the presentation. My question is related to expenses. When I compare expenses this quarter with the second quarter of 2018 that is a and 14% growth. Obviously, you have inorganic growth in the middle, but still. You have a real expense growth over the period. So I would like to say that. So I would like to understand if there is any strategy to achieve efficiency in the past, you mentioned that this could be one of the communities that the digital transformation could bring to a group of out. to be a backhand integration of the different brands. So I would like to understand your thoughts about your expense performance. Well, I will start first with the quantitative discussion here and then we can move into the more strategic point regarding expense growth. I would say 19 is also a tricky year. It's a tricky year because we had a cost growth throughout the year. It was also affected by a depreciation of the US dollar and therefore we saw some effect coming from Central America that started way much more in our costs and also had the conversion. numbers when you run them, X, ATX impact are more positive than what you're looking into. And I think that's perhaps the way to look at those. Then you're absolutely right. The MFG acquisition also has some impact there because we're talking of a larger bank. Therefore perhaps the best way to look at it is more on the cost to ask it's or cost to encompass to try to have that. Having said so. part of what are the positive take away from the pandemic is we had to go back and rethink a lot of the cost that we had. The digital front that you right mentioned is something that has allowed us to bring costs down. But we have a lot of work still to do and the pandemic evidence that we have still a lot of potential to improve the costs. So we will continue working on that and the mandate for banks is basically on those lines. Digital helps us and enable us to lower costs and that's part of what we've been using. >> Okay, thank you ladies and gentlemen. I will now return a call to Mr. Sarmiento for closing remarks. >> Thank you very much. Thank you for the everybody's questions. Thank you for the attendance. We hope to keep delivering and we hope to have to start giving guidance for 2022 in our next call. Other than that, just to see you, hopefully you can attend next call as well. And thank you, Jenny, and thank you, everybody else. This concludes today's conference. Thank you for participating. You may now disconnect. 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M1\n","timeElapsedInSeconds":166.9812890291214,"timings":{"prefill":1.4066696166992188e-05,"inputAudioSeconds":2515.86,"totalLogmelRuns":101,"audioProcessing":0.06158864498138428,"decodingFiltering":0.11427032947540283,"totalDecodingFallbacks":1,"decodingPredictions":67.07421374320984,"totalEncodingRuns":101,"totalAudioProcessingRuns":101,"decodingFallback":33.49394929409027,"encoding":1.7419369220733643,"totalTimestampAlignmentRuns":0,"modelLoading":0.6706409454345703,"totalDecodingLoops":11632,"decodingNonPrediction":51.98422169685364,"decodingLoop":122.01797389984131,"decodingWordTimestamps":0,"totalDecodingWindows":101,"decodingSampling":10.082385420799255,"totalKVUpdateRuns":11515,"decodingKvCaching":3.5244044065475464,"firstTokenTime":739722353.973513,"decodingInit":0.0023649930953979492,"pipelineStart":739722353.876713,"logmels":0.8566175699234009,"audioLoading":1.028188943862915,"decodingWindowing":0.03525865077972412,"fullPipeline":122.02046191692352},"transcript":">> Here we can start, I found. I just admit to more, I think we have, we can start this only. >> Perfect. All right, so I will do the introduction. Thank you everyone for being with us today. I'm recognizing a lot of names that we have been following or a member of the team for a quarter to quarter. So I pleasure to see you again today for those of you who meet my name is Stanami and the Oco founder of the University of Vancouver. Welcome to our fourth quarter financial result and of the year and besters conference call. The review of the private office, I'll put this as a seat on the guest-gen premise for the thing that I need to do with the committee. Before we run a big efficient and safe-ish run and we'll be doing this call and English. But we will take both English and French questions at the end. Joining me today, I have usual, I have a final bid off, RTF4, and I'm just looking at my screen and I see password you'd ask, where you get there are new ex-excepts by present. During the call, we might make for looking to statements during future financial performance operations products and even. Although we believe our expectations are reasonable, we cannot guarantee these results. So again, we caution you to read and consider all the risk factors described in our last MDAA. If not, it's going to be on C-d-r pretty soon or in our annual information. information form the child violence to the Oregon. So the agenda will be quite different. Thank you, different. Sorry, I prepared the last quarter. So what we want to do is the planning will start by going to the last quarter and year and financial allies. We will talk about some business. I like as well. And then as the words what we thought that you could appreciate today because the end of the year was cutting a new year. year. We saw that, you know, we would take, let it, and do a short or a immersive deck presentation. So that, you know, we can put everyone on the same foot, in regard to our, in regard to how the management is staying, or a better or a better or a save, how we describe it, and what is, you know, our cultures and goals going forward. So without start of a bill, I will turn to call to Simon, Simon. Good afternoon everyone. We see we have a lot of participants. Investors today. So thanks for your interest in being a prison on that call today. So what I like to do is similar to what I've done in the last quarters, just maybe put some some color into the financial that were published in the press release this morning. I want to apologize. We don't have the fitter filing yet, but the French version should be available within the next hour from my friends, a great third and not telling me. Sorry, they have some quality issues, quality control issues this morning. And the English version should follow within 48 hours. That said, if you have more detailed questions, which regards to those financial statements, one of their available seed are really feel free to contact me by phone or email. And now we'll answer all questions you have with regards to our financial. So in terms of our Q4 and 2021 financial resort to start with, If we talk about revenues 40 year, we end up because of the year at slightly above 4 million, and revenues compared to 4.6 last year. So it's 11% decrease. That decrease is explained in most cases by the decrease in self-trudy photography equipment. That was expected by the way, by 600,000. If you remember last year, what we were pretty happy to have a good time. to other co-eared email services and benefits from the good solid year of demand for 3D cameras in the beginning of the pandemic. But we knew that you won't be sustainable over the year, sorry there's someone... And what's the yashis? Okay, we're back. Yeah, so that was expected. That of course will go back to a normal level of sales. What is this normal level? Maybe next year we'll get an expect some some time something around 2 to 400. dollars but not what we've seen at the beginning of the pandemic where people were at time to to buy cameras and try it and basically there was a boom but there was one time thing so we don't expect this to continue. On the side if we look at the SaaS sales we're down 7% compared to last year but Of course, we, you may know that our company is still today, mostly transactional, driven, you know, in terms of the revenue, traditional based, meaning that yes, we're progressively moving to some some revenue, recurring revenue streams with the new subscription packages that we have that just they will talk about it later. But still to deal with, we're able to eat to an additional base and the fact that the market is in terms of number of transactions in terms of number of listings is down just this year compared to last year 30 near to 30% or 23% that in Canada with centuries but in the US it's also in that range or between 25 to 30% and if you remember last year we were down 30% so if you accumulate that we're physically down 60% over two years in terms of the market. of again inventory and number of transactions. If you combine this to a very quick turnover ratio where properties and houses are sold most of the time within 24 to 38 hours, and they don't eat that much of marketing tools. That's just another factor that we're facing. We think that all this of course should be temporary. We don't have a crystal ball well. We're going to be back to a normal market. But just to put things in perspective, talking about centuries, we're right now. I think we have around 35,000 listing on centuries. We used to have 120 at that time usually. So it's of course we were affected by this. but the fact that we're 7% down in that type of market, I think it's positive. We're even gaining customers. We're not losing customers alone. We're gaining customers with our new subscription package and all different fronts. So that's why we're important to understand the market here when we look at our numbers. Also, what's important in the last quarter is that you'll see that we have our first, water of photo service. We have revenues of 307, 307,000 of photo service. We had those acquisition, if you remember, we're on June 30th, so we have only one quarter this year, but the ones that were acquired in June have maybe represented proximity 1.8 million on an annual basis of revenues. Plus, of course, the one that you've seen that we acquired in Q1, 2022, in November and December, meaning that today, I'm not here to make guidance of what's going to be our reviews next year, but based on what those all those companies that we've acquired have done in the last 12 months were as we posted on our website, we we are at the run rate revenues of approximately 11 million. And out of this, at a million, we have roughly 3 million in SAS. As I said, half a million may be in hardware. And the 7.5 million remaining is for the service. So even to 1, 2022, you can expect that we'll have maybe two, two, four weeks of revenues of those new acquisitions that were done in November December, we won't have the full effective in the Q1. We'll do that in Q2. So, and if we talk about Q4, Q4, we're revenues were 1.1 million compared to 1.4 last year. So, we're down at 24% on Q4, but we've seen that the number of things have decreased more in Q4 this year. Overall, over the year, as mentioned, we are in terms of the number of listings and inventories that was down 30% still. I think we're doing pretty good in this very challenging market. Talking about 3D tours, that's a positive thing. On our end is that we see a lot of growth in the number of 3D tours. In fact, to 1237% compared to Q4 last year, we're talking maybe $1, around roughly around $70,000. thousand dollars of new revenues of 3D stores this year. And that should continue to grow fast because we, you may have seen a few, few updates we provided before Christmas with your dark new contracts, including offer pad for instance. That should scale up and the ploy more and more cities over the months. So we should see that trench it continue to in terms of number 3 to grow fast in the next in the next month that what we expect. In terms of growth margin, we're pretty stable compared to last year. For the three months per year, we were at 61% overall compared to 63 last year. And for a year, we're at 65 compared to 68. So pretty stable. Of course, it depends on the mix of the revenues because on the the fast portion are gross margin is somewhere between 82 and 87%. And on the service, for the service, more 35 to 40. And on the equipment is a bit lower. Depending on the mix, of course, that will affect our gross margin. But basically, this should be representative of next year. And even probably we could improve that a little bit. When we're going to talk about some efficiency gain that we will have. We will have with the synergies and acquisitions that just they will cover a bit more later. In terms of net income, there's a lot of noise this year on the, you know, we can see we have a lot of 3.7 million for the year, but including 3.2 million of other expenses. expenses and now the out of that 3.2 there's 3 million or 2.9 in fact that comes from all the adjustment made with regards to the conversion of the debenture the convertible debenture that are all done as you know as of today. So this is not a recurring so won't be there next year, but there was just a one time. interest this year, but of course that that is being most of why we have that last for a year. In terms of balance sheet, we're still in pretty good shape. In fact, as you know, we did a 3 million private placement in April, we that we use for in part for our acquisitions. We, at the end of September, we had 2 million of liquidity. I can tell you that as up to day, we're near a million. So we use that an additional million for the acquisitions that were done completed in November of December. So we're still in good shape. We have enough to operate and execute our business plan. No problem there. Of course, with that million that will serve as a as a caution going forward. So we don't expect to use more than that on acquisition. Unless we, we raise additional capital or debt or some external funding. And other than that, as you know, throughout the year, we've eliminated our convertible debentures that was, we reduced our debt, and talked by 4.7 million throughout the year, including 4.5, just for the convertible debentures. So, so basically again, I think our balance sheet is in good shape. And yeah, that's pretty much the point I wanted to cover. There's in DNDNN financial, you have some information by segment where we now track 3 different segment. One is the software, one is the photography equipment, and one is the service. So again, hopefully I'll be able to post on speed or pretty soon so you can come back to me chat through your questions. And on that, I'll turn the mic to use your say if you want to be given a business update through your presentation. Absolutely, Simon, but just before we jump to the next point on the agenda, is there anyone who would like to ask a specific question about financial that the Simon just covered? Or you still think about your questions and you're going to keep it for the end. It's like you want, you know, we can take a couple of minutes just to go over and clear the financial side of it if you want or do I, you know, we're just going to be being continuing. So we're seeing a question right now. I will say it raise your hand, but you're just. Everybody is kind of holding a camera so I'm just saying everyone's anyone. I just have one. I just like to do it. I do here. I'm in the mention that you currently have about a million in cash and you're not using any more cash for acquisitions. So I always should think about the acquisition strategy going forward. There is going to decline the surprise, so maybe it's not as attractive anymore to pin share or with the regular more cash by issuing new share. So, how do you think about that? Yeah, but I mean we're not as you seen with closed eight acquisition or six acquisition just in December. So right now we're on the integration phase. It's going very well. I just now will cover that in the sec. So we're not a week or two to basically announce a new acquisition. So, and we do have a lot of things on our plate really. So we're pretty optimistic about what's coming and of course, hopefully the market will also be more on the red than on the green. So basically all to say that we by that time we were back on track with acquisition we we think and we hope that our our start price would be at higher levels. >> That's perfect, thank you. >> And if it's not that we can also kind of delay some of the deals or look for any other kind of structure to close those deals. Any other question or we move forward to just open your mic if you want to ask a question to add a assignment and just ask a question and more than welcome. And like I said, you know, we're going to keep entering questions at the end. So I promise, right? I'm going to go into a deck. Very seldom that we're doing that on the front, front, back, back, back. So I think it might be the first time if I do remember, but I promise we'll just short. I'll try to do it in 10 minutes. Hopefully, I will not lose everyone. But that's a 15 minutes just covering 15, 20 slides. And the reason why we wanted to do is that we're getting a lot of calls. And the school schools we are realizing that we often have to kind of re-align the storytelling with some investors, we're saying we're so investors think we are made of our business, some investors think that we're just about business and so on and so forth. So I think that the goal of this deck is kind of a redefining for for everyone you know I see defining for everyone you know I'm saying page what is is our business in the world. are going to be the end of the year. I'm going to share my screen in a second. I'm going to see it on your cell phone and what's on a smaller device. You might have some prompting it. I'm going to comment those slides here. Just going to kick on the. So, like Simon said, this is the way we describe a representative on the Fiat State on our website. We're basically a technological business, a technology business that provides services in the market of real estate to the Father. But it's not a word. I like to say that's where it's taxed, powered, real estate society business. That's not a which you present for a better. around the rates of $11 a day, including the fap offers, new art on their payroll, paper job and on their payroll, we're turning around one of the 15 employees. You can't do it at head office, but the developers and the management of everything, we're probably throwing around 30 employees. We're based in Montreal, and of course we'll listen to you if you can. So this is an ongoing detail, but I just want to remind people that we're not as far thought. I mean, we're been in this business for one in 10 years and the first thing that my brother and I did 10 years ago was to design this spaceship kind of prototype of milk to land camera, but it wasn't real prototype by the way. And in 2009, we tried to raise money to commercialize business and this is why in 2012, kind of jumping to the TSA adventure at that time and here in Canada in Quebec Park 3 we were adding access to a tax kind of the advantage for a investor called a re-assup to raise money but this camera never still likes the kind of create all a software surrounding Cd. Thor but you know we're not in newcomers we've been trying a lot of things in the the real estate supply for business from developing in-Chimera, stockware, business solutions, and so on. So we know the business pretty well. And some of the engineers working with me to develop those thoughts where I've been working with them for more than 25 years. So this is our staff. This is not something going to find on market, but you know, when we sit down and try to evaluate what is the site of a market? And our market is real estate or core market. Of course, at the end of the day, we'll talk about addressable markets. But our core market is real estate, photography. For the purpose of marketing, so basically, you know, to sell a house. So when we come to drink that activity for residential commercial and rentals, we are estimating that this is a niche market for a bill and dollar just in the North America. potentially in our estimation, something about seven to eight billion dollars worldwide. It's here in North America, we're submitting about 30 million shoots a year, shoot for us as a photographer, the King of Tarn Booth, Chuta House, and bring back 25-35 images with all the media that comes with that. And roughly that's provided generates a billion images per year. So that's our market. Like, I even said, this is a transaction market. I mean, our business is linked to the housing inventory. So the housing inventory. All right, we're going to ramp up. If it's going down because our business model, as we're going to see in this slide is mostly 9% transactional base. We're going to follow the trend. And unfortunately, right now, the trend is a history called. It's starting. The most of the MLSS we talked with didn't have a special low inventory of house to sell. But you know, I'm not sure I like those numbers, the web for that. Today, but those are real. The market is down 20% - Governor, Governor, we did a down 11% year over a year. And our nuclear position or our just coming to, you know, our pipeline of revenue and the last quarter. So, they just assessed, I kind of said, minus 7% overall, we feel we're winning clients. We don't feel that we're losing clients, but we're saying that our path or our clients are doing less business overall. This is why I mean, you know, it's kind of a bad place to be right now, but you know, I'm a positive person and I don't think it's going to get worse. And we're hearing that, you know, the interest rates should increase. So that will kind of hopefully slow down a little bit. You know, the, some of the interest of buyers or people sending it out. In any case that I think we kind of the where the bottom of the, of the biorek right now. So I think it's the decision would just come go start and ramping up again. Of course, like Simon said, and we potentially, a 60% down compared to what numbers should usually be in terms of lifting in terms of house-to-self. So, our vendors should follow the trend and potentially just beat the trend actually, because we believe right now we're beating, you know, we tend to succeed in that very, very difficult market. because they'll be threatening them talking to a lot of the entrepreneurs in the real state that it's based and they all on the same position right now. All right, so the thought of the business in itself, it's a business that it's transforming a lot and it's that's mostly shifting to a technology driven high volume business. So basically, you have to do a lot of transactions per day because it's a highly competitive landscape and you need to bring a lot of value in terms of technology. So basically, we kind of, you know, grab all the parts that you need to succeed in a lot of business like you need to have online booking system, you need to have the capture hardware, not just the camera, but you might need the the 3D camera, you might need a drone, so you need to have those specialized hardware. You need to post it. You're images to increase the white balance to put a blue sky on the external facade images. So you need to have this service. You need to create YouTube video slideshow because YouTube is one of the most popular search and giant real estate. Of course, you need to provide 3D storage as a must-pass today. And for plan, it's kind of, I will say, basically more important in the free course right now on the market. There's a lot of interest, even in some states, like here in Canada, for plans are mandatory. This is a common product. You know, you definitely need to provide websites, we call it \"Probably websites\", so it's a website dedicated to showcase one-house for sale. You need a system to deliver one hundred, maybe major high quality measures. You know, images cannot be just transferred by email. So you need to have some sort of a solid distance to transfer to the image. And you need a very performance payment system to get paid. When you look at all those things that you need to run a 5\/5 business today, preventive citizens, the only company offering and calling every part of the every portion, every technology required to the business. this right now. And that giving us a lot of advantages over competition. I will start from the bottom. Of course, the after self support is easier for a better attitude because we're providing each parts. We're not relying to third party for 3 tours for four plans or four additions. Everything is done internally. So of course, we have a pretty difficult to be turnaround the every time we can deliver a faster than our competitors because they're few. or parties involved. We have more flexible people, even our packages, we can offer and deal with our clients. We keep our margins pretty high for the value we're bringing. And, you know, we, we like to tell the market that we, we are one of the most competitive business right now in terms of pricing. So being a one-stop shop is definitely bringing a lot of bounce or a client. and it's positioning or a benefit for winning many deals, many contracts with the US and the farmers. So this is not going to look at each of the parts. There's some portion of those required elements of tuning to run the capacity, business that are not technology like, you know, taking a picture, you need to have a human doing that, you need to have a cop or photoidid thing in images, you know, even if AI is super well-advent and you know, a lot of people tell that they are photoididid thing in images with computer, you still have some human, a human will do a better job. And the foreclans, you need to, somebody draw to draw foreclans and put foreign interest, right, the room's name, stuff like that. those services we are offering to our clients. So we call them service on the man, and it is transactional base. So each time somebody wants to have a pathocard on sites, the client pays them to have a pathocard for something for food addition and for them. And the ramp is mostly technology, and we're still offering it. Every part, even if there's no line with the booking system, we are offering it. And it's still transactional most of the parts. So we're charging, for example, $5 to rent the site. You'll be $4 to rent the $3.50 to create a property website. And $3 to transfer the image. You need to think about this part here as a drop box, drop box kind of the platform to transfer the iClothing major. We added this here a new service that's that we have a lot of time and that really dodging the financial eye life. We call the prime subsciption. So the prime subsciption is basically $30 a month. Agents can subscribe to that land. Each time the order one of our pathophiles we're going to bundle all the technologies we can offer to them. So this is a very popular subscription right now or in what we'll talk a little bit later in the a deck about it. Diamond briefed, he talked about the distribution of revenues, so 3 million, and sat eight million dollars in services. I just want to add for this asset still serving around 17, on-drilled sales of the offer. So this number here is our end-dependent offer using our technology to serve their agents, their clients, the generating around 20,000, probably about a five per year. And there's a services. So we're talking about our We're serving around 12,000 real stages and doing around 50,000 shoots a year, put a shoots a year. So basically this is including all our acquisitions that was done during it 2021. When we talk about technology and news sites from the history of the timelines of our preventive and we started with a 360 camera design. the still passion, passion, they hot, highly passion, it's of all 3D technology will always kind of keep that in our products and really kind of the hope that some day, you know, 3D cores will get back from the market and this is this difference to what's covered in 19th, has created generated in the mental 3D cores. This is our core technology. And we believe that we have right now. One of the most complete 3D core solution on the market. If you look at it, you can see it's a lot of different things. And we believe that we have right now. One of the most complete 3D tour solution on the market. If you look at all the features we are offering, few companies can state that they have all this in their 3D solution. Of course, we're each trying withering a 3D tour. We're providing a doll house. This is the way we commonly call all this kind of 3D tour and move to meditation. We can measure on the floor and with tape. We're having our own built-in fore plan drawing software, built-in, in the 3D tour itself. So even our clients can play with it and can change the fore plan, if they want. So we're not using up a cadwin, enough using a third-party software to create our full plan. We use the AI powered classification system, that's we acquire from tourbots in 2018 to a somaticcy put a tag in rooms to save this as a fitness room and kitchen so far. We have those tag also that you can put some graphic and links from the accounting debt hotspot tree up, but this is pretty unique to our venomous it. So we are showing an address of map of people within the room. This is not picture of people. Actually it's a real video. So you can see people in their in the livestream video on the map. And of course we have the avatar. So the two these social faces where you can visit with friends and interact with them. So what are you can contract by chatting or can contract with video conferencing. The next slide is something pretty special for us because we are running at the FACO business, we are offering for the FACO services, and we want to be highly efficient. And the only way you can achieve profitability and keep your margins by going fast, you need to do a shoot, super fast, being two hours in the house, you know, it's too long. So we want our photographers to do six to seven shoots per day. And in order to do that, we've developed our own capture ask that is three times faster than anything else that we've seen on the market to scan a house. It works from iPhone. I thought if you at that computer vision alignment system, to create those map when you shoot. It's fully integrated within our workflow. So it's definitely improving the productivity of our people and also we also have some features that enables a platform to add additional information on the map for adding value in post production. We're recently launched this what we call the automated building and site and how it's equipped for. So for every tour we're providing with our time subscription, people will receive a detail report about the property. So they will know how many thanks showers, the building has how many doors outside doors inside doors and so on. So it's high detail and really appreciated with some of our clients like overpad when it sends that to our room. furnishing many of the home they're buying to resell them. This is a UNIC door of NMRSF. We call it the UI Meet 3D. Basically it's the avatar that you can see people visiting the home with you in the 3D space and we just open their video camera so it becomes some sort of a 3D view conference. I will tell you that we're presenting you I need to read it to many industry leaders and it's making a lot of noise right now and we're expecting to have some significant partnership trend on soon. Many of the people within industry and as you said, nothing that word today but we've been told and people are setting out that it might be the version 1.0 as the role of metaverse. You know, we're being able to be all together with an environment, visually interacting, where you're within the space, what you're looking at, and with the view system, it's definitely something that has a lot of value for our client partners and the lives of brokers and so on. And we have file for a professional patent on that. And basically the reason why we use a professional patent is basically because we wanted to go fast and protecting our idea and also we want to make sure that nobody will patent something on top of ideas that basically will force us to not promote this technology. So so far we have four professional patents on that. that we're working on a fifth one and basically related to the way we're presenting avatars when there's multiple people and some access. The way we're controlling user control user group, friends and so on so forth. And about a three tour, we have today what we really wanted the most complete, 3D marketing website suite on the market. So basically, those are websites dedicated to show the best with possible 3D tours. We have more than 20 customer mobile designs. We accept other media as a still picture video and so on. So it's a social that is highly appreciate at buyer clients because once you have a pre-detory we need to distribute it, we need to promote it, and we have a complete social impact. The way you know we were on that side of the house business, we were already here through February 7, 13 actually, we started developing our own business solution that ERP or CRM, whatever you want to call it, it's a system that helps managing a photography business. And today we're using it to manage our own photography business. And what is particular with the DICAR solution is that we've developed over the years, a business and diligent allowing to create and spend booking. What does it mean? It means that we can in real time without any delay, find the flow of the support office with an issue. So when an agent's come to their platform, do you want to book a offer? That's two o'clock Saturday. This system will find the right support office, but the right services for the right client as two o'clock. And the booking is confirmed. There's no other communication. They will be sure that the offers would be there. So the system calculate the the the travel time calculate the service time. And then the end of the day give us, you know, The positive key to improve the productivity of the businesses we are acquiring. To give you an example, one of the businesses we acquired, we're doing 3.5 shoots a day, and today they're running at 7 shoots a day with the system. So we feel rapidly the difference using our system. I like to say this is a autonomous algorithm. Behind that we don't choose Google map or any other software. It's our own business intelligence. In terms of armament services, it's a recap. So we are going to be scanning and product services for controlling the maintenance. and then some of them. It's all paper jobs. And in terms of photography, we have around one of the 30 real big operators. It's difficult to know, you know, the exact numbers because some factors are working 20 hours. Some factors are working 40 hours or they will time part time whatsoever. But they are offering the complete package of visual content capturing. We're designing on one appointment. They see our pathophors are are equipped. to deliver all the services of urban immersive. Forth and drawing is done, most of the foreign, foreign, is done in Paris. Ma was in most, maybe 50, 50, 50 percent of the done here in Quebec using our own software. And we like to say that we've developed some sort of of the marketplace so we can engage really rapidly new people to work on their system and to help you know with the volume. But the addition is the same. And right now as we speak, we are doubling our proglydition team and Paris. The reason is that because some of the businesses that we have acquired, we're saying they are paying with offshore companies, three time what it cuts us to post a hit this image. So we expect to increase the margins of one of our biggest acquisitions that we've done recently. All of these champions have a problem with guys. [Music] [Screaming] You found a guy? Oh, I'm trying to. Looks like you just succeeded to show the down. And we're curious to be sure about that. The first time you guys are in the game, we've been hacked on that call. I think you're hearing me? Yeah, okay. Okay, so first time, first experience, so it's not us, it's not states that have been merciful, so you know that. And hopefully those young guys that have a lot of fun, it's trying to to mute Samuel Montez, Simon, if you can I see Samuel Montez can you just say down. What? And Marie also. Yeah. So sorry for that. We're going to try to get back to meeting on the white side. we're going to have to terminate that. So are we good to continue? Are we going to have other people? It's a very important thing I think you can close and then I'm very close with them. And you stop I think I don't know how we're doing the assignment but can you stop there people getting on the call? Yep. So, all right, let's load it that assignment. Let's go to call. - You're one, and that's fine, will you? - Sure. - You're so good, kiss me. - Sure, sure, fucker. - Will you come here? - Show that call. - Goodbye. 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I'm Kristen Tinoj, your course collaborator. Welcome and thank you for joining the Trucksils Conference School in Live webcast. Please understand this cast Trucksils 3rd quarter 2021 financial results conference call. At this time, I would like to turn the conference over to Mr. Alisseldahl, that is, Investor Evations and Corporate Finance Director. Mr. Gaté, you may now proceed. Thank you, Constantine. Hello, everyone. Welcome to 2.3rd Quarter Financial Innovation and Results Call. Today is because there are our CEO, Mr. Murat Erkan and our TFO, Mr. Osmaniul Mas. They will be delivering a brief presentation and afterwards taking your questions. Before we start, I'd like to kindly remind you to leave the last page of this presentation for our staff harbor statement. Now I hand over to Mr. Erkan. Thank you, sir. Good morning and good afternoon to all. Welcome to our presentation and thank you for joining us. In the third quarter, we recorded 22.3% revenue growth and our EBTA rich 4 billion total for the first time in applying an EBTA margin of 43% for the 3.1%. Growing 18% year on year, we recorded a net income of 1.4 billion Turkish lira and all time high quarterly figures. Net income settled above 1 billion Turkish lira around 8 per quarter. Our customer sent this strategy, diversified business model, and focused on mobile and fixed network quality are the key factors of sustainable performance. which was further supported by increased mobility in the squad. This strategy has enabled us continue outstanding growth in total subscriber by 1.2 million which marked the record of the past 14 years. In the first nine months of the year, we gained a total of 2.5 million subscriber further strengthening the subscriber base for the upcoming terms. The Rputrans remain robust at 12% for mobile and 10% for residential fiber. Lastly, this quarter, the revenue share of digital channels in consumer sales rose to 17% increasing 5% this point year on year. We have also distributed the last installment of the 2021 dividend on October 27th. In consideration of these solid results, we further increase our full-year guidance, which I will celebrate on my last slide. Next slide. Here we see the operation performance of the 12th quarters. In all three phones, mobile, fixed, broadband and IPTV, we delivered a strong net at performance. On the mobile phone we gain a net 464,000 post-paid and 643,000 pre-paid subscribers. This outstanding performance was achieved through our customer focus offer in our latest service portfolio and also support by increased mobility thanks to vaccination. High net at performance In pre-paid subscriber is due to the visit of Turks living abroad after lifting the government's administration in international travel. The average amount the mobile show rate was at 1.9%, well below that of the last year. And we believe that around 2% amount the show is a healthy level in this market. Blended mobile R2R2R2R5% 5th to 5th to 5th to 5th to 5th to 5th to 12% increase, increase, thanks to higher post-based subscriber based, upsell to higher tariffs, price edge buttons and increased data and digital service users. Also, our AI based analytic capabilities, the observed sub-sell levels and the incremental that an upsell post-based customer pays in two times that have same quarter last year. In the fixed block and segment, emit the prevailing demand for high-speed connections with the back to school period with gain net 60,000 fiber subscriber with our high-speed fiber internal offers. Our roll-out plans are on track as they exceeded 400,000 new home in the first nine months. This quarter will also welcome our 2050 in our fiber network. We are pleased to register a third or 51 thousand net edition to our IPTV subscriber exceeding one million customer. IPTV's penetration within the residential fiber subscriber reach 63% accordingly. The residential fiber R per row 2, 79% total temperature on 10% growth, 13% annual fiber subscriber growth should be taken into consideration, where the aim to manage a delicate balance between R per row and net addition. Next, an update on the data is the same as the data and for an 1\/2G subscription transfer. Average mobile data usage draws 12% year on year to 13.7 GB per user. The rise in data consumption was due, made it to higher content consumption, boosted by seasonality and lifted restrictions. Out of 34 million subscribers, sign up for for an 1\/2G services, around 70% have for an of the house you compatible smartphones, still indicating growth potential for the upcoming quarters and in playing further room for growth in data consumption. All role smartphone penetration is at 84% with 92% of these units being foreign and a half-sue competitors. Moving contact phase 6. We read the benefit of our careful plan, a force to provide best-in-class services which is evident by the outstanding net-ed figures in the squad. Our well-in-mested high-quality net-tour and strong infrastructure is once again confirmed in the GSA report. With its respect of assets and well-prepared modern infrastructure, true cell is able to provide speed of up to 1.6 GB per second. Which even exceeded the 5G-speak provided by certain operators with this capability. True cell ranks among diverse top three operators and its fastest for an healthy network infrastructure in Europe. Our long-time invested customer-centered approach, which enables two-cell to provide service or this in customer-exert needs, has made us a winner at the European customer-centrister or ever. At two-cell team, we have realized over 100 projects that touched the hearts of our customers. Additionally, our key strength, including data-driven personalized offer and extensive distribution channel, both physical and digital standout as core factors in producing customer decision making. With all of EBO customers have continued to recommend to sell over the competition discordals, even extended the white gap with the second best. Next, now our strategy focus areas, let's zoom to digital services and solution. The standalone remaining from digital services and solution continued is strong growth at 31% year-old years, reaching 435 million Turkish lira. The paid user-based rich 3.6 million up 0.9 million from last year. We are delighted to have rich another remarkable milestone for digital services as the IPTV user base exceeded 1 million in September. TV+ has continued to increase its share in the TV market. Reaching just about 13% in future and it is the only TV platform have steadily increased its share for the past 12 quarters. content and product quality enable us to increase prices whereby the product enjoys rising retention levels. With it, with its robust intersection, BIP, our instant messaging platform provides seamless communication and has reached 27 million 3-month active user discorder. triple from the same quarter last year. A quarter of the active user base is abroad where the leading countries are highly populated countries like Nigeria, Indonesia and Bangladesh. Our constant effort in our digital service are improving the user experience of the application and the achieve this by responding to our customer needs. For instance, me and Fiji will be this quarter included the status posting and being the same. group called with up to 15 people on Fiji or digital music services we have added over 120 podcast series. Next slide. Next is the digital business services. We continue to lead and plan digital journey of corporate in Turkey. This has resulted in a revenue for 199 million Turkish lira from digital business services this court. Of the total revenues, 7% to 5% are service revenue, which rose by 20% year on year. From the service revenues, we have seen continuous strong demand, particularly in data center and cloud business, cyber security services and IIT. We sign 575 new contracts with the total contract value of 220 million. All roll back those from the system integration project sign to date is at 832 million Turkish lira, which will be contributing to the pipeline in the upcoming quarters. This quarter we continued our product launch in cyber security and cloud services. Watchcard is an economic and flexible fiber solution that works in physical and virtual system. And as the first in the country, object storage is a cloud-based solution for the further support, the vision of keeping corporate data in Turkey. Next slide. Last but not least in our texting focus. Texting services revenue rose to 281 billion Turkish lira on 37% year-on-year growth. Pay said so, another remarkable quarter, topping 6 million active user on a 30% rise year-on-year. The revenue saw, if you see 3% year-on-year growth, mainly with traction in the payletter product. We start to monetize post-soluption, which includes virtual and physical Android post-series. We have installed 1.7,000 devices at a local SMEs, and also launch our virtual post-soluption with 900 e-commerce merchant including to search channel. This quarter, financial sales revenue rose to undertake percent year on year. Due to higher interest rate and support for emerging insurance business. Financial continuous finance technology companies of broad range of customer, including individual residential, SME and corpus. Today, we have scored 11 million customers and we have 24% market share in consumer loans below 5,000 per kilo. One of financial key strike is the assigning right limit to the right customer based on true self-worth data. We have recently launched an even credit model based on machine learning. Initially, we result indicate higher-up movements and higher limits without negatively impacting the historic law cost of this level. Next slide. Let's look at our performance in the International segment, which now generate 10% of group revenues. In this quarter, international revenue grew by 39% year on year, thanks to the expanding subscribers in all three regions. higher mobile data consumption and the poster impact of currency movement or going crawl and excluding the currency impact was at 18%. Are you claim business has continued its operation platformers in the squarter by reaching 8.9 million mobile subscribers on a 14% rise year on year. Revenue growth in local currency terms was 24% yearly, exceeding 24% for the last four quarters. This business has seen a 4.6% response evict margin in Proummon year on year on the back of limited inter-connection cost and very controlled operation expenses. In local, during the returns, Belarus revenue declined 2%. Do you manage the lower hand said says, which on the other hand affected the ABTA margin possibly? Belarus with, in Belarus, we focus on digital subscription in the third quarter, one of one out of five new customers opted for live through digital services, this year channels. Our subsidiary in Turkish Republic of northern subprice recorded strong 24% growth with rising voice revenues and data usage due to increased mobility after the recovery of education services and tourism in dialogue. I would like to end my presentation by sharing our new guidance for the full year. Taking into consideration our sending 9-month performance and expectation for the remainder of the years, we once again revise our guidance upwards. Accordingly, we rise our revenue growth guidance to around 20%. Generating revenue growth in a high inflationary environment, we rely on nominal EBITDA expectation to arrive around 14.5 billion total. And expect to register an operational complex over sales ratio around 20 months. Lastly, as you remember, we held our last capsule market, they back in November 2019. Since then, 2019 pandemic has significantly impacted our industry and the way we do business. This necessities are to revisit our plan and target in relation to the core business and strategic focus area. We plan to organize a capsule market, they after the announcement of the new world. announcement of who year 2000s run one resource. Where we aim to reveal or revise to three year business plan and targets. We will make necessary announcement regarding the details of the event in time. I will now leave the floor to our CFO or not for the financial discussion. Thank you, Rodthay. Now let's take a closer look into our Q3 financials. In Q3 we recorded a 9.4 billion TL top line of In a 2% year on year growth, thanks to subscriber based expression, higher data and digital service revenues, coupled with contributions from international patients, takes in and equipment sales. The first line month growth exceeded to any one person. Our evically reached 4 billion TL level on an 19% increase. I think one solid at one point four billion TL marking 18% UL growth mainly driven by solid top line growth. The bottom line has settled consistently above one billion TL with the contribution of the SIPNFINATION risk management. We are to lose with our solid performance which exceeded our expectations. Next slide. Now some details on revenue and evitate developments. This quarter with contribution of all segments generated 1.7 billion TL incremental revenue. Bomb billion TL drives from toexert Turkey. This last possible with a larger subscriber base, R-progrowft and upside-upports with price adjustments. 250 million TL from international subsidies supported the top line mainly due to robust subscribe brand armed for powerful mousseff Ukraine in operations, as well as the positive impact of currency movements. Our The Texas segment had a 7 to 6-wheel nTL positive impact. Pay said, \"I'm financed, I've supported this with an annual growth of 53 and 28 percent respectively.\" The other segment contribution of 334-wheel nTL was mainly driven by increased equipment sales. This quarter, our ABT-image margin was at 43 percent per cent. The main factors behind the 1.3 percent which points margin a contraction year on year were as follows. First, minus 0.6% each point from gross margin, impacted by our energy businesses in spree cost of goods sold and rising radio cost to higher energy prices. And secondly, minus 0.7% each point from SNM expenses mainly due to increased setting expenses on back of record high net the network to the network. Now if we were to our balance sheet and leverage, our total debt increased by 700 million TL in this quarter, mainly due to the currency movements. A cash position of around 1.4 billion dollar equivalent, which is mainly in FX, covers our debt service until 2020 25. We maintained our leverage below one time in this quarter, despite the second installment of the last year's dividend amounting to 860 to 12 million TL. Excluding the financing business, this was at 0.8 times the same level as the previous quarter. We generated just our 1 billion TL of free cash, of thanks to strong cooperation and performance as well as relatively lower capex in this quarter. Next slide. Now I will go into the management of foreign currency risk. We continue to hold the bulk of our cash in hard currencies as a natural hedging tool. With hedging instruments in place, the share of FX8 declined from 83% to 51% as of the end of this cartridge. Our hedge contracts are cashable of Hs and covering the full maturity of related FX liabilities. We were in a long net FX position of 102 million dollar ZT end of Q3 and we called things to target a neutral to long FX4. position going forward. Next slide. Now let's take a closer look at our FinTech companies, Paraformus and start with our financing business finance. As we communicated before, in line with our expectations, the negative trend in finance has portfolio ended in Q2 and the growth has gradually started. The revenue is rose by 28% year on year on the back of higher average interest rate on the portfolio worth to last year and growing insurance revenue. the following issues revenue. We expect to sustain the loan portfolio at around 2 billion TL by the year end. A BTA rose by a 24% around 1002 billion TL with a margin of 73%. The 2.3% of which margin contraction is due to the base effect as we solve some of our receive of debt receivables in Q3, Q3, 2020. As a result of strong collection performance and improvements in the customer portfolio cost office has been declining since the start of this year. Cost office has remained near the unchanged at 0.3% for this quarter. Next slide. Lastly, our payments business, pay sad. In line with the global trends, pay sad users continue their payment habits in the post-pandemic period, which is reflected in pay sad solid operational and financial performance. Pay sad continue to see increase the cognition with the contribution of rising in acting costumers and merchant numbers in Q3. In fact, PACE has three-month active users, 3 to 6 million and the number of merchants hit for 14,000. The most popular product on our platform, pay later, delivered another strong carformus in Q3. Pay later volume rose by 84% to 455 million in TL year on year. Transaction volume of PESACAT has increased to 6V of the same period last year and reach 657 million TN. As you may remember at the beginning of the year, we launched Android POS for our corporate customers. Focusing on virtual POS as well, we shifted to 2 cell payment channels to 2 PESAC virtual POS providing a revenue channel for PESAC and saving for 2 PESAC. Thanks for our increased focus on this business, POS Transaction Volume Bridge 475 million TL in this quarter. Overall, in Q3, pays a revenue increase by 53% to 190 million TL, 55% of which are non-group revenues. And with the margin of what is 46% impacted by increased human capital investments and sell SMM expenditures. With its unique product range and disruptive nature, Pacer has only taken its place among regional fin tech leaders. As this goes earlier, we are seeking growth capital to scale this business further in Turkey and tank globally. These concludes our presentation. We are now ready to take your precious. Thank you very much. The first question is from the line of Kennedy Good Jonathan with JP Morgan. Please go ahead. Good evening and thanks for the opportunity to ask questions. My first question on pay sell. Could you give us a sense of what the total payment value across the platform is at the moment and the growth rate there? And then just wanted to understand why both payments have declined during the quarter. That's first question and second question. Want to understand how your pricing strategy is evolving at the moment given inflation rates and whether you can push mobile RPU growth at higher rates than what you've seen at the moment or whether that's hoping for too much interest. for too much into the new year. Okay, gentlemen, thank you very much for the first case. You know, you got in total payment, all these around 500 million Turkish lira, it's up and down, around 500 million. And the bill payment is, you know, because it moves from physical channel to the digital channel. So that's why you might see the plan, but we see growth, but when it moves to the digital channel, we can get it. For the pricing strategy, obviously, you know, to be able to grow the business, there are two options in your hand. One of them is growing subscriber based and the other one is growing to our proof. So we would like to push both of them. of them. This is our strategy since two year, two and a half years back. So we would like to push up and on the other hand, the inflation was increasing more than expected by the market. So our initial plan was in terms of inflation, it's not going to grow up that much. But we're adopting ourselves based on pricing. But as you know, we have a contract with the customer for 12 months. So, if you will take time time to catch up the real inflation, we're going to push to reach on inflationary pricing. As I mentioned, it was quite fast in terms of our expectation, but we'll catch it up. But on the other hand, I would like to emphasize our customer growth because if you want to pick one, I would prefer on the customer growth side because it then doesn't. They, we can create more value from one customer, especially if we have other business like pay-sat and financial services and so on. If we catch customers, we can easily increase their R-Polero in near term. So that's why we would like to continue from this on-pig. So regarding growth rate, it is around 85% for payment in PASA. 8-4-1 range. Sorry, I give some feedback. The first question. Yeah. The next question is from a line of Kim Ivan with Excel's capital. Please go ahead. If I, three questions for my side actually, I may. First we on 5G, auction one to expect with a georption and what's back to the soul, this is C-band and 700 megahertz. That's one, 2, on capital and tells it's in 22. So how do we think about it? Compared to 21, do you think capital and tells to increase in 22 compared to 21 given where it is? And then thirdly, I think, on B self-take rate. It's free high, 3% and 20% and like 3.5% if you look at the third quarter of 21. We're to expect that they create to evolve when it's when the business scales. Thank you. Thank you very much. You want to keep personal regarding 5G, 5G roadmap or option. Obviously there is no issue timeline for 5G, announced by the regulator. There are a number of, you know, a number of explanation or number of the announcement coming from ministry, but obviously we have to wait for official announcement. 5G is vital technology. We would like to facilitate this the only visualization of industry and contribute to the economic development of our country. However, we believe there are some issues that are need to be addressed for the healthy lunch. First is the fiber connection of base station. Sure and this similar to the low-house of penetration, fiber connectivity of base station is not enough for the full-fledged transition to 5G. Secondly, we believe we have not reached a desired localization rate in the development of 5G network equipment. We think localization rate can only be reached around 20% to 2020. This could be even lower for the core network and base station level. Therefore, we believe there are some risk for the full flash transition to the local 5G network. Regarding the licensing costs or capex type, first of all, auction structures not clearly yet. And we don't have official timeline. We should limit ourselves in making an estimate regarding the possible capex or frequency payment. The difference between field for a house to you have five sheets that pour a sheet of the great leap over 3G in terms of speed. Particular need for the individual user. Therefore we need some time to see how it's gonna end up for the for that probably end of this year. To the CupEx plan, 2022 and allocation, we have not finalized our budget planning for the next year and we will give 2020 guidance when we announce our full year result. But I don't expect major increase on the CupEx side even in a little bit decrease because we spent topics earlier than expected this year and we get positive result due to the effects fluctuation. So next year probably we're going to spend little more topics on the fixed line on the fiber side, little less on the mobile. So more or less we're going to you like to keep similar levels on the on the complex site. So, for the third question, could you repeat the third question? It was a guy who'd pay said, but I couldn't cash the third question. Yes, of course. On Paysell, I just a quick question on its day create. So, basically, we should take Paysell's revenue and divide it by total payment volume. So it's pretty high by international standards 3% and 2020 and if you look at the third or at 21, 3.5%. As I was just wondering where to expect that to settle when the business scales. Thank you. Okay, let me give the word to Osman, you'll answer the question. Actually, the pace has started. This business with business unit within the group and then it became a standalone company. expanding pace-sare venues outside of the group and now more than half of the revenues are coming out of the group. Actually, the intensity of revenues over total turnover is partly on back of the two factors. First factor is group revenues. And the second, but more important factor is our landing business. Pay later business. Many the payment companies do not have this pay later business, which is a relatively more profitable part of the FinTech. part of the FinTech business, you can see some international examples, there are companies, FinTech companies, payment service companies which are only processing payments and doing remittances. And on the other hand, there are pay later businesses which have higher property and higher growth scale. We are combination of both, we either have a high-world world internal, high turnover. On the other hand, we have a higher profitability, thanks to our strong on penetration in pay-sand network. What we are aiming going forward is to first to penetrate in overall Turkish market. We are expanding our footprint also as of Turks to the group. We are aiming to double our customer base in a couple of years. And then we want to expand regionally and then later on globally. That is why we are seeking growth capital for this business. But we will not be doing that. in the expense of negative everyday, and negative profitability. We will keep the healthy bell seat while doing this growth. - That's great. That's very helpful. Thank you. - The next question is from a line of cover check on the UBS. Please go ahead. - Hello, and thank you for the presentation. I have one follow up and three questions. The follow-up pertains to the Fiber Connect to the teo-m tower that you mentioned is a kind of prerequisite to you think running the Fiber Geoxin properly. So can you expand on that? That means perhaps that you are, you would be kind of pushing for a, to some kind of large scale of regular to Fiber Access needed, you know, across the market to connect base stations, you know, across the operators for for 5G to really be. really be successful as this what you mean. And then the free questions I believe you mentioned, 400,000 homes passed in terms of fiber year to date. Can you give us an idea in terms of the take up on that footprint so far and where this take up is coming from, whether these are, you know, greenfield customers or whether you're perhaps taking market share in some areas. Second question, If I may understand in terms of your topics, guidance, you are now guiding for the low and I know it's not a huge difference, but with the lira, I think they appreciate it again in the fourth quarter. What has changed in your plans? And third question, quick one on Ukraine, please. You know, some, or one of your appearances is looking us doing something with our towers. And in Ukraine is this also an area. I know you're doing that in and uncertainty, but it's also something that you're looking at in Ukraine. Thank you. case without fiber-x fiber reaching to the base station, it is difficult to give proper 5-inch services. On the other hand, for existing base station numbers like around 100,000 for whole-polar operator, probably the value goes to the 5-she is going to be maybe 10 times higher the base station. So the fiber connectivity and fiber reaching the fiber with the proper connection, this is mandatory. Regarding for under King Home Pass year state, so it is, yeah, we are going to see the increase demand on the fiber. So our take-up rate for this segment is around more than 20 percent for the first year, but to reach the real take-up rate is around 45 percent. So we are faster than our business case. So there are existing greenfield customer as well as the customer from the competition. So in terms of market share, I believe we have more than 50 percent in the area that we reach. For the guidance of lower topics, there are two things about topics. We did two important action for this year. First of all, we did advanced payment to do sublier by lowering the cost of achievement. So, it which help us are our carpets management. The second one is we decided to invest earlier than expected, which means 1\/2 of the this year. So, which is from loaded investment. So, this is going to help us to address the carpets guidance level. So for the CupEx guidance even though we see a dramatic increase on the FX side, we don't want to change our guidance. For the Ukraine, I actually have no idea what are the fears that are doing on the tower side. So I don't want to comment on things that I have no clue about it. Thank you very much. If I may just be quick follow-up in terms of the connected to you. You mentioned, you know, sub 50% of powers even for the incumbents for the market about 40%. But what is your proposal? And what do you think needs to be sorted for the 5G options to make sense at this stage? I would say we public the annals are proposal, Turkey needs common infrastructure company, common investment portfolio because if everybody invests on expensive fiber side, it doesn't help countries economy doesn't help for services side of it. If we invest topics on the We will probably run out of money to give services to the customers, how digital services are. So that's the, you know, this one proposal on the table, let's have common investment on fiber, let's compete on the service insight, not the infrastructure site, because infrastructure competitions, all work competition. I'm just a student. If I can say, \"Sir, you want to find a one, what do you think needs to happen for a common infrastructure company to be a reality and Turkey?\" Would you think needs to happen? Thank you. I think the wise way and intelligent way to establish this thing, I think the ministry has the vision to implement such a common intersection company and there are the intention to do so. So we'll see what's gonna happen, but I think the region is there. The region of the Prime Minister, sorry, President is there. The region of Minister of Transportation and Commission issues, so I think this is the wise way. And I hope we thank you. The conversation has answered Timothy. Recent the Minister of Communication also talked that this answer Timothy sometimes blocks some of the things. And I think you know reasonable people understand that Turkey is common-fibilence or intersection. That's clear. Thank you very much. Next question is from a line of Nagin or Alice Erstegrub. Please go ahead. >> Thank you for the presentation. I'll leave one question from my side please. Do you plan to take the fixed asset revaluation out of the new legislation? So that is that as a different vaccine companies, as we have seen in case of third-class. Thank you. Okay, let's let's all spend to take this question actually we disclose the same application in QINR22 financial and there are further opportunities on our balance sheet which we are evaluating for the address and we will decide on this issue in our year-end financial. Thank you. The next question is a follow-up question from the land of Khabicic Andre with UBS. Please go ahead. Thank you. Just one follow-up please. In terms of the other headlines that we saw today with you looking for, monetizing the defense type business. And it's still the case that you will prefer strategic partner who would help you develop this business from a minority perspective or are you, you know, are you in a different place compared to the past couple of quarters where you were kind of suggesting this would be the preferred option. Thank you. Okay, thank you. First of all regarding the monetization or strategic partnership things. It was secret. It was, you know, we were talking about super online. We were talking about our tower business. We were talking about pay sale and fin tech side. So I think this is good opportunity. and we are planning to offer minor mistakes and the partner we're looking for should ideally be able to contribute to pay such growth story. Not only provide growth capital, we should be able to share more how make expansion plans and make sure that the business further evolves and potentially get ready for an IPO in the next couple of years. Thank you. The next question is from the line of Dimirakkayahan with AK investment. Please go ahead. >> Hi, thank you very much for this presentation on the pace outside. Do you have some kind of the validation range for the state sale. And the second question related to the first remark about the equation I'm pricing and the return inflation I am I'm sorry to you expect the blinded article that means to call merge to somewhere close to the inflation. And the third question is about the opinion operation. I think for the past couple of quarters. the operations are performing quite well. I mean, could you give us some color on that? I think by future, they'll be subscribed, revisions are strong, because of the market shareings are more market growth. Thank you. Thank you, everyone. First of all, regarding PESA, obviously one of our PESA is one of our most person and very well-asset. Not just, just, but also, we have other assets as well. We disclose the companies, financial and operational metric, every quarter-year presentation and quite, we work quite, you know, open to the market as well. And we all know the fintext and payment companies around the world enjoy the quiet high multiples and thanks to their disruptive nature and unique growth profiles. And these companies are mostly having negative habitats, which makes their relation to be based on their revenues. But our place has a positive habitat margin with strong growth profile. Thanks to its diversified business model, involved in group and non-group revenue, as well as individual user and merchants. Both in terms of revenue growth and EBTM margin, pay sell is a unique business. So everybody can do the math for the valuation by using the global revenue and EBTM multiples. That's the valuation of pay pressure global average. Regarding about inflation pricing, R2GR and so on, I think I tried to explain that we would like to keep R2 in line with the inflation increase. As I said, our initial plan was not expected that much increase on the inflation side. So to be able to adapt the inflation increase, Sometimes we need time. So I believe that we're going to catch the inflation. I hope the inflation is not going to go same-sense speed as we see today. So we can catch this in a while. But on the other hand, we shouldn't forget that you're gaining customer. Two and a half million customers from year at the beginning of the year. So this customer, when we get the customer, we put them into the system and provide upsell opportunities for this customer and sell other products like pay-sell, digital services, TV, and so on. So it will take some time to get acceptable or reliable for the customer who comes recently. So we have quite important system in terms of using AI and other technologies, customer, center, and so on. We'll get to the acceptable levels. Regarding green operation, this is not the result of last quarter. We have focused on Ukraine last couple of years. We invested in the area where we have weak nettor and captured the customer. So we probably going to continue on the customer side in a similar level, but I would like to remind that our subscriber growth is 14% year old year. Our R2 growth is 9%. It's a bold information of Ukraine. Plus, we are being better than the competition and we are gaining market share in terms of revenue in terms of customer as well. And we're growing almost double personsage point versus the competition. So we're going to keep grabbing market share and our expectation is there as well. Thank you. And as I follow up on the subscribers edition of the Insta, we can return to the students' behalf of additional European press, one million, very early on the understanding of the number for the next year. To be honest, we are in telecom business, we are in technology business, we are in services business, and we are in tech field business, and so on. So to be able to successful on this area, you need to get more customers. So our gaining customers strategy will continue. We hope to see another million next year. As I mentioned this year, our funding here. And having such a customer is very important for next year, revenues as well. Because you gain this year. You spent subscribe and record this year, but you get the real revenue for next year. So I think the strategy is in line. We are executing well on the operational side and we hope to continue this level. Okay. Thank you and congratulations on the, that was outside. Thank you very much. Appreciate it. Ladies and gentlemen, there are no further questions at this time. I will now turn the conference over to the Turks of Management for any closing comments. Thank you. First of all, I would like to thank everyone to join our conference call. You know, hope to see you in our capital market days at the end of actually the beginning of next year. So thank you very much. Have a good day. So this concludes our call. Thank you for joining. Have a nice day or even in. Thank 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morning, ladies and gentlemen, and welcome to Siemens Health and Nears Conference call. As a reminder, this conference is being recorded. Before we begin, I would like to draw your attention to the Safe Harbor Statement on page 2 of the Siemens Health and Nears presentation. This conference call may include forward-looking statements. These statements are based on the company's current expectations and certain assumptions, and are therefore subject to certain risks and uncertainties. At this time, I would like to turn the call over to your host today, Mr. Mark Kubanik, head of Investor Relations. Please go ahead, sir. Thanks, operator. And welcome dear analysts and investors to today's call, also from my side. Our first quarter results were released at 7 amc.t this morning, and you can find all the material, presentation, earnings release, and the recording of the call on our IR webpage. I'm sitting here with Pat Montag, CEO of Cements Health and Years and your Herschmitz, our CFO, We will be taking you through our first quarter results in the usual detail. After the presentation, you will have the chance to ask questions. Please, may I ask you to limit yourselves to two questions each? Something's never changed. With this, I pass the word over to our CEO, that Montag bound the floor. It's yours. Thank you, Mark. Good morning dear analysts and investors. Thank you for dialing in and expressing your continued interest in Siemens Health in years. It has been a few months since we last spoke at our 2021 Capital Market Day. In case you missed it, beg then and have a few hours to spare, you can still watch it on our webpage. Let me start by shedding some light on our financial performance in Q1, which shows that we have to do with the help of our clients. been able to take the momentum from 2021 over into the new financial year despite a quite challenging environment. We increased our order backlog with an excellent equipment book to build rate at 1.2. This is for all segments roughly on the same level. Compel the revenue gross was strong with 9.5% driven by an excellent 20% growth in diagnostics, including 329 million euro of rapid antigen sales. Variant had a very solid start to the fiscal year and contributed 750 million euro to the revenue. Imaging continues to be strong with 6% compare the revenue growth and advanced therapies with 3% growth. The adjusted EBIT margin for the group came in at 17.6% in Q1. Foril exchange headwinds and currently higher procurement and logistic costs were mostly offset by a better than expected rapid antigen contribution. Our adjusted earnings per share increased year and year and was 55 euro cents in Q1. Free cash flow was strong with 556 million euro. We have raised the outlook for the group. In terms of comparable revenue, we now expect 3 to 5% growth from previous need 0 to 2. For adjusted basic earnings per share, we expect 2.18 to 2.3 euro cents from previous need 2 or 8 to 2.20. This increase is the result of higher than expected antigen revenues. We now assume 700 million of revenues out of rapid antigen testing in fiscal year 22. So while it looks like it's shaping up to be another successful year at Siemens Health Injures and Jochen will explain in more depth the numbers of this success food start. Let me recap a bit on what we told you at our capital market stay. What makes Siemens health in years so you need. The basis for our success is the set of unique capabilities which we have systematically built in the past years. A set of capabilities which we keep strengthening every day, patient-winning, position therapy, and digital data and AI. Patient-twending means adding more effective and efficient ways to accurately describe the state of an individual patient. Having the ultimate vision of a digital twin of a patient in mind, on which diagnosis, therapy selection, and response control can be based very individually. This is why we drive imaging to new levels of insights, developed new diagnostics tests, and work or making imaging and diagnostics more productive and accessible. Position therapy means using cutting edge technologies to deliver individualized therapies, often with sub-millimeter accuracy, whether it's cancer, neural or cardiac disorders. The importance of precision in treating patients is what makes variants or unique in cancer therapies. It is also why advanced therapies is focusing on making more and more procedures minimally invasive by image guidance and robotic assistance. Precision improves results reduce the side effects in short makes therapies better for patients. Our third strength is our unique competence in digital data and AI. It is key for scaling the application of technological advances for having the next patient benefiting from the knowledge generated by diagnosing and treating millions of patients before, and for connecting patient training with precision therapy. Our unique capabilities allow us to pioneer breakthrough innovations to fuel further growth. Let's look at some of the most recent examples. First, the Magnetone FreeMux, our lightest, smallest, and most cost-effective MR system. The Magnetone FreeMux comes with a basically helium-free technology that significantly reduces total cost of ownership, and therefore makes MRM more accessible and consequently improves access to high quality diagnosis globally. Since it's launched, we have seen more than 50% of systems being sold into new markets, that means into settings where MRM could not go before. By a decisions are driven by favorable infrastructure requirements and ease of use, especially for those first-time users. It was released in August 21 and we see a steady order ramp up also for the little sister, the Magnetone Free Star. The Neotom Alpha is the first FDA cleared photoam counting CT on the planet. After more than 15 years of development, over 280 patents and over 100 publications, we have successfully launched Neotom Alpha on November 18, 2021. Described by the FDA as the first major imaging device advancements for CT in nearly a decade, Neotomy Alpha is seen an impressive customer interest in both private and academic institutions. Our customers confirm that Photon County technology has the potential to become the new global technical standard in CT in the decades to come. More than 35,000 patients were already scanned using the new system as of today, and we started to book orders in fifth year 21 for a selected customer group of early adopters already. A telecast C.I. 1900 Attellica Solutions little sister is targeted towards mid-sized labs, up in spoke settings and the emerging countries. It brings the Attellica philosophy of combining quality and throughput to even more customers worldwide. Speaking of Attellica, in Q1 we were capable to sign a contract for more than 40 Attellica Solutions analyzers with assent in California, making in one of the country's largest single site at helica solution locations. During the page over to position therapy ethos, our AI-adriven adaptive radiation therapy system provides data-driven personalized cancer care, with maximum impact by minimizing side effects. Since launch, we have booked more than 110 orders for ethos already, around 15-50 systems I installed with a remarkable number of over 15,000 adaptive sessions since launch. And with core path, here on the way to advance endo-verscular robotics to better and more accessible state-of-the-art stroke treatment. All of this is enabled by the glue of digital data and AI, like our AI-Red companion or variants on Caller G as a service offering. As an example, the advanced clinical decision making with a comprehensive AI powered portfolio with our AI companions providing solutions for anatomies covering 35% of imaging procedures. By 2025, we aim to increase this number to 85%. The Espresso Innovations are our unique capabilities and the focus and scale of our broad products and solutions from for you allow us to benefit from and to contribute to the three company-wide growth vectors that we presented at our capital market day. These growth opportunities include fighting the most threatening diseases and abling efficient operations and expanding access to care. Our unique technologies and competencies are tackling exactly these opportunities and we tirelessly strengthen them even further. As a result, we will have even more impact on global healthcare and accelerated growth. And by we pursue these three company-wide growth-makers each segment keeps a razor sharp focus on its respective targets and contributes to our midterm targets that we presented at our capital market state. As a reminder, we aim to grow our comparable revenue growth by 6 to 8% per year and our adjusted EPS by 12 to 15% per year in the years from 23 to 25. Twitly turning to Raryan, I highlighted already before the incredible success of variant with the rollout of ethos taking a lead in the adaptive therapy market. However, besides this variant also delivered a very remarkable quarter. Variant had a very solid start with a very positive revenue growth across all regions, with revenues reaching 750 million euros. At the same time, variant has been capable to further expand its strung order backlog. with an equipment book to build of 1.23 in the first quarter. Documentation of this strong performance are two notable long-term partnerships we signed with the Oulu University Hospital and the US on College in network. The partnership with Oulu University Hospital in Finland is a ten-year strategic partnership to build a comprehensive digital diagnostic and therapeutic ecosystem that addresses the entire cancer treatment pathway and advances the quality of care for cancer patients in northern Finland. Through this partnership, variant and Siemens Helfinius will provide a ULU University hospital with a technology and services package. that includes both imaging and radiation therapy equipment for cancer treatment, software solutions for improved workflow and decision support, and a range of services from equipment maintenance to staff training and workforce development. This is just one of many proof points of combined deals that we have in our pipeline. So stay tuned for more combined deals to come. At the same time, during the quarter, variance signed a multi-year agreement with the US oncology network further extending the existing partnership. The US oncology network is the largest network of community oncologists in the United States. The agreement includes software service and equipment solutions across the US including service support for over 150 linear accelerators. Also in terms of profitability, variant achieved a strong quarter. Within adjusted EBIT, of 117 million euros and a margin of 15.7% variant is already right in the middle of its margin target range of 15 to 17% and therefore very well on track to deliver on what we have committed. So before I handed over to Jochen for the financials and and our updated outlook, let me just say, how proud I am on how we have achieved these challenges in China and that we consistently work and deliver on our target to pioneer brain fusion healthcare for everyone everywhere. And with this over to you, Johan. Thank you, Band. And also, good morning, everyone. Also for my side, glad that you are joining us again. Let me take you through our financials of our first quarter in fiscal year 22. As a band highlighted before, we see the momentum from fiscal year 21 to continue in the first quarter of our fiscal year 22. Let me start with giving some colour on the dynamics in the equipment orders first. We continue to pose very good equipment all in take growth in the high single digits, a very healthy dynamic both year over year as well as sequentially, underpinned by the again very good equipment book to build of 1.2 in Q1. In revenue we also continue to see good underlying review rules, growth, ie, excluding rapid undergene revenue of 4.5% growth with growth across the board. This is particularly good when you take into account that we grew by around 10% ex-antigened last year, and this again was on the last quarter in fiscal year 20, which was not impacted by the pandemic. This is for me a clear testimony not only to the accelerated gross momentum, and at the same time, S and S important to our unique resilience in extremely challenging environments. In particular, the appearance of the Omicon variant has celebrated the momentum of the antigen business in Q1 with 329 million of revenue, primarily in Imia, which brings us to the overall 9.5% Comparer revenue growth. Bear in mind that we received the EOA approval for the US market only at the end of December. Therefore, we did not see US revenue from the antigen business in Q1. I will talk later in my presentation in detail on what we have assumed for the antigen business in the remaining fiscal year. In the geographies, we also see the very good underlying momentum continuing. Also in China, which saw very tough comes in the prior year quarter. Last year in Q1, we saw significant equipment growth in China due to government backed preparations for pretend to be a good result. back preparations for potential second COVID-19 wave. In Q1 we also saw tailwind from foreign exchange translation around 3 percentage points so revenue in Q1 grew by around 12 percent if you take out portfolio effects only. This grows we saw also drop through to the bottom line with 12 percent grows on our adjusted earnings per share this quarter. Obviously there were some moving part in between. The adjusted EBIT margin came in at 17.6% below the stellar prior year quarter. Bear in mind that last year's Q1 was exceptionally good since we posted the highest margin on the fiscal year into 1 which is quite unusual so we see some degree of normalization in the Q1 margin this year. On top of this we saw two major headwinds this quarter. Headwinds from foreign exchange on the bottom line. And currently higher costs from procurement and logistics related to the current situation of global supply change in the COVID-19 pandemic. On the other side we saw tailwinds from the higher rapid antigen contribution. I will talk in more detail later in this presentation on the different profit impacts this quarter and what to expect in the course of the remaining fiscal year. Below the A bit line we posted -30 million euros of financial income, which was above our normal run rate for interest expenses due to a negative impact from the variation of smaller equity investments. We continue to expect the targeted 50-70 million expenses, financial income net for the full fiscal year unchanged to our guidance from early November. Tax rate came in at 29 percent slightly above prior year quarter. Regarding cash, with also very strong start to 50-20-22 in generating free cash rule. With a strong free cash generation of 556 million euros, Despite significantly higher bonus payouts and the ongoing changes in the supply chain with its impacts on inventory levels. This was largely driven by excellent cash collection. Now let us have a look at the dynamics in the different segments. Bear in mind that variant has no comparable prior year quarter yet and therefore is not included in the comparable gross numbers yet. We will include variant in our comparable goes from Q3 onwards. There's now a look at our segment performance. As BANTS has already covered variant, I will commend the remaining 3. Imaging continues to be strong with 6% revenue growth driven by very strong growth in molecular imaging, CT and MRI on the the back of very strong prior year growth, fueled both by healthy underlying growth in the core business, as well as some pedevic related demand. On the adjusted EBIT line, imaging showed the good performance of 20% margin. However, it was 340 base points below prior years record margin, partially due to headwinds from foreign exchange and procurement and logistics costs. our marketing and sales activities for the new proglonches in the first quarter also impacted the margin slightly negative. Diagnostics showed excellent growth driven by rapid antigen sales as well as a very solid core business growth. Given the normalization of the test volume for routine examinations, excluding the rapid antigen contribution core business, Continuous with solid growth at more than 3%. On the margin side, profitability was up by 530 base points year over year from the highly-acreative rapid-entrogen business. Excluding antigen, the core business sustained solid underlying profitability. I will give more detail what this means for the diagnostic performance going forward on the next slide. At the same time, the oil system is on impact of around 300 base point headwinds from foreign exchange and procurement and logistics costs, which were overcompensated, obviously by the antigen contribution. Advanced therapies saw 3% growth in squatter, a decent performance on a strong comparable of 6% in prior and almost 10% in Q1 of this career 20. Despite a softer growth quarter, we see advanced therapies well-entracked for growth this year with a healthy order backlog. Q1 margin in advanced therapies was down to 14.3% in Q1, versus a very strong prior year quarter, and in the guided range for this history. In this quarter, the margin was negatively impacted by the headwind from foreign exchange and procurement and logistics costs of around 150 bips and also by ongoing investments for corin�us. In our diagnostic business, we now assume a higher rapid antigen revenue contribution of 700 million euros in fiscal year 2022. up from previously communicated 200 million. Since our fiscal year 2020 to 22 outlook announced, in November, the situation has changed significantly with the Omikon variant wave. Adding to this, we have received the FDA Emergency Use Authorization Approval in the United States, states, Both was not factored into our original guidance. The team worked very hard to get the US approval and meet the additional demand which arose from this opportunity. However, the full year visibility of on the testing demand is still relatively low in the situation is still very dynamic. Based on the trends we experience over the last years we anticipate strong demand and Q1 and Q2 and then softening demand during the summer month. Additionally, pricing has come down substantially for tenders in Germany, and considering we are not the only player to receive the U.S. approval for its COVID-19 antigen test, we should see how pricing and volumes evolve over time in the United States. So the overall market becomes more and more competitive, tip, this market capacity overall. Therefore, we expect revenues to decline sharply in the second half. Profitability and development is largely a result of the development in volume and prices. We expect profit accretion from rapid antigen peaking in the first half to then decline sharply in the second half due to the expected lower demand and price erosion. Finally, a few comments on the Q1 performance of diagnostics core business. excluding rapid antigen margin and creation we continue to see that the core business is developing according to our plans with a solid underlying profitability. And this needs to be evaluated, taking into account the current global supply chain challenges. Taking everything into consideration, we can be very happy with a steady improvement in our diagnostic segment. We continue to be on track with our plans to turn around the business. Now let us have a closer look at the different profit impact that we expect to be more mature in this fiscal year. You see on this slide, the four topics that we can't really consider material, and they year over year impact on adjusted EBIT in the first half in the second half of this fiscal year. And you also see that they all have somewhat different profiles in terms of year over year comparison over the course of the year. Let me start with what we just talked about, our rapid antigen testing. We expect a very positive equation in the first half. You're turning into a very negative year we are in fact in the second half to do the slowing demand. And at the same time comparing against the very strong second half of last fiscal year. Regarding foreign exchange, as said before, We see a translational tailwind of around 3% points of the water, particularly from the strengthening of the US dollar, and we expect this to continue throughout the year. However, since we do hedging on a rolling basis for 3-6 months forward, the impact of the EBIT line is usually trading the top line impacts by the set 3-6 months. Consequently, we expect a negative impact from foreign exchange on the first-year-old. have bottom line turning in second half. The topic of impacts from incentives followed as during the course of last year. So let me start that the updated assumption for a rapid antigen for this fiscal year is already fully reflected in our books. Also group incentives related to antigen are kept this year. So any incentive impacts from antigen will be limited to the diagnostic segment from now on as the newest assumption is already beyond the set cap. For fiscal year 22 we expect an overall tailwind from incentives skewed towards the second half. We expect the tailwind in the second how the fiscal year to be larger since we booked in last year's Q4 the employee bonus provision of 56 million euros. The tailwind from incentives in Q1 was largely compensated by higher travel and marketing costs. And now to the impacts from procurement and logistics costs, we related to the current situation of global supply chains. We are aware that this is a big topic currently also in the capital market. So let me give you three main messages that sum up our current situation and what we expect for the remainder of the year. First, very important, we did not see material impacts on our revenues from supply chain issues so far and we assume that we will not see material impacts going forward. Obviously, there is uncertainty from the future development of the pandemic and for example from new variants which we cannot foresee. Second, we see the headwinds, mainly in procurement logistic cost of around a hundred base points in margins, year over year, skewed towards the first half of the fiscal year. These headwinds have two main driver. One driver is priced increases due to shortages, most notable in the electronic components and in certain raw materials like methods. The other driver is logistic cost, including structural changes, E.G. switching from C to air freight, and mitigation measures in our manufacturing to secure production. And this brings me to the third message. Thanks to our team we have been managing these challenges extremely well so far and we expect to continue to manage the situation well going forward. Our procurement, manufacturing and R&D teams were closely together on mitigation and new solutions working together with our suppliers who are closely integrated into our value chain. albeit we manage the situation relatively speaking very well. The 100 base points year we had to end now reflects the intensified global supply chain changes and of course this is also reflected in our updated outlook which brings me directly to the next chart. We raised the Outlook for fiscal year 2022 due to the new assumption of 7 million euros for rapid antigen revenues in fiscal year 2022. Consequently, we raised the revenue target for diagnostics to low single digit negative growth. This raise the Outlook for the group to 3 to 5% comparable revenue growth. We also raised the outlook for adjusted basic earnings per share. The range for the adjusted EPS is now between 2 euros and 18 cents and 2 euros and 30 cents. This new range obviously includes the different profit impact that we have discussed before. UG the headwinds from procurement and logistics costs as well as the higher rapid antigen contributions and diagnostics. This results in a net impact of around 10 cents. Higher outlook by which we increase the outlook for adjusted earnings per share. The diagnostic margin in 50 or 20\/20, 2 is now expected in the low teams driven by the higher contribution from the rapid antigen business, and all other targets for the segments, and the other items of the previous outlook remain unchanged. One comment on the margin target for imaging and the range of 22 to 23%. We currently expect the imaging margin to be around the lower end of the range. Many do to the four mentioned headwinds from procurement and loses the cost. This reflects an element of caution. in this uncertainty, especially how had winds and mitigation measures replay out in the second half of the year. Let me also add a comment on what we expect in Q2, where we have obviously better visibility, for Comproberar and New Girls, we expect momentum from Q1 to continue into Q2 for all segments. On the margin side, we expect imaging margin into Q2 to continue to be somewhat below the 22 to 23 margin, 23 margin range whereas we expect the other segments, some more pressure from procurement and logistics. So margin in the other three segments might end up around, was slightly lower compared to Q1. And with this, I close my presentation and end over to you Mark for Q&A. Thanks, Jochen. So I will be obviously managing the Q&A, but let me just hand it also briefly to the operator to start the Q&A session. Thank you gentlemen. We will start today's question and answer session where we would like to ask you to limit yourself to two questions. If you wish to ask a question, please press the star key followed by the digit 5 on your telephone keypad. Again, ladies and gentlemen, please press star 5 on your telephone keypad. So great. I see your lining up here. First call on the line would be Veronica DeBiova from Goldman Sachs. Veronica, your line should be open. Please ask your questions. Hi, guys. Good morning and thank you for taking my questions. I have two please. One is on the COVID-19 guidance. So, you've already delivered 329 million of sales in the first quarter. I'm just looking at the 700. It seems to me like there might be some room for outside, even just thinking about the second quarter. So, maybe you can give us a little bit of your thinking on why two two shouldn't be, at least, as good as two one and in that context. Why the 700 might be a bit more cautious. I know you mentioned pricing, but I'm just curious. in terms of demand if you can give us a little bit of insight into what you're seeing at the moment. That would be my first question. And then my second question is on the imaging margin, obviously coming in at around 20% in Q1 and a sum in Q2 is similar. That does leave you quite a lot of work in the second half to do how much visibility do you have on component pricing and transportation costs as you move into the second half of the year. the air have you been able to walk in some prices there that help you and therefore, you know, how the risk is that 22% on a full-year basis. Thank you. Hello, Vena Veronica. Thank you very much for the good questions. On, let me start with anti-gen first. As you know, we were always relatively conservative with assuming in our outlook an anti-genrevenue portion. And we have good visibility on the 700 million. And I would also expect to see a relatively similar level of revenue in Q2 as we saw in Q1. At least, and this leaves them some trailing our antigen revenue for the remaining quarter. That is our current thinking. There are a lot of variables still open, you have pricing, availability, channel development in the United States. Another things. which let us to give you, I would say, a very balanced guidance for $7,000,000, or a assumption for $7,000,000 in our outlook. On the imaging margin, when you asked you several questions around this, Last year, you saw quite some, I would say, spread in the margins, from 18% in Q3, up to, I think, 23%, 24% in the highest quarters. and we started now with an ended up on average with 21%. We started now with 20% with significant headwind from foreign exchange as well as for human and logistic cost. When we expect those for human logistic cost to be skewed to work the first half of the fiscal year, this is our assumption. Visibility is not super great in this regard, but this is what we can't assume. And when we have a clear plan to get to the lower end of the range as I highlighted. But visibility is beside backlog. We have good visibility strong. I would say. which says, \"This strong security on the top line.\" I think we still have some limited visibility on certain cost items. But I'm still confident that we can reach the lower end of the bed. Very clear. Thank you so much, Yohan. Thanks, Veronica. So then I would head over to the next, first on the line, this would be Patrick Wood from Bangalore, Patrick, you should be live now. These ask your questions. Perfect. Thank you very much for taking my questions. I guess the first one predicts the on the margin side. I'm just curious is to, you know, you clearly have quite a lot of offset work going on within the business to manage some of those increased costs. Just curious what are some of the things that you're actually doing within the business offset those costs? some details that would be great. The other side may be actually on the demand side of things, you know, the near-tom, good to know it's in the early, early launch phases with early adopters. But if you were asked when should we expect it to become more in a full commercial launch? Is that a, you know, really back off of this year or, you know, when do you feel you're going to be able to put more, more of the pedal down and push the product in a more aggressive way? Thanks. You're petrary. So maybe I will rephrase the question here. How do we offset the cost any the other thing is also how do we how do we preserve margins here because margin is the difference of price and cost and. And I mean one big topic is of course to very carefully manage pricing, yeah, and also to make sure that we use our pricing power. And there I have good signals that we also make good progress on that front. I mean we see it also in the order book that pricing quality is good. So I'm don't only look at the cost right here. And when it comes to the component supply aspect, I believe that we are getting into more. stable waters, which will also help to ease the effect from there. But in the end, I mean, I think please bear in mind two things on the one hand. I think we did a great job. Also compared to some of our competitors in safeguarding the top line, which is I think the first and the top pick to achieve here. And secondly, we will manage very carefully the cost implications, but on the other hand, there is a big topic in the in the in the in the income supply sink power. And also passing some of these effects on sort to say. When it comes to the photon counting, I mean this year is the year of a rollout to selected customers. There we will, so that the, I mean early commercial rollout I would say, the full commercial effect you will see in the next fiscal year. But what we see so far in terms of interest in terms of also real demand, but also in terms of price realization is very, very encouraging. maybe one other aspect on that margin topic. We have made a deliberate decision to have a clear prioritization to be able to deliver our products to our customers. can't be that this doesn't come for free. We need to be clear about this. This is a deliberate decision. And that's also why we can't do not see any material impact on the top line. Because of the strength of our team, but also based on the decision we made. And I think we feel so far relatively in a relatively terms speaking comfortable with that decision. And we will obviously observe it very very carefully. If things would get out of control in this regard, we might need to do the different things differently, but we don't expect this to happen. - Thank you. - Thanks, technical questions. - Okay, questions. So, next one on the line would be Lisa Clive from Bernstein, Lisa. Line should be open. Please ask a questions. - Hi, there, I have two questions on that. I need business. First, on your U.S. and to the Gene revenues, are you selling to specific government programs? programs, or are you going to pharmacies more of a sort of direct to consumer approach, just curious to the channels and whether you may expand that over time. And then second question just on the IDD business ex. And Jen, night to hear that there's some decent revenue growth and margin improvement there. If we think about the underlying demand for sort of routine task. How close are we to getting back to normal volumes or we at sort of 85%. or that more or less than that, thanks. Let me go first here. I mean the primary customer group when it comes to intelligent testing or rapid testing the United States is, it's, it's a large customers, you know, and we are not, we don't have the channels here and not the ambition year to go into a scattered, real retail space. So number one is of course the big government programs and this is also what our strength is and has been in Europe. We have the claim to fame after a few years as a super-agical company was to make sure to deliver big quantities of super reliable tests with high confidence and certainty. So in terms of millions of tests which need to be delivered at once and this is also one aspect we are now living up to in the US when it comes to the government program. We are also looking at larger retail chains and we'll see how that how that market develops. But that is currently baked into our into the forecast of the 700 million. When it comes to the core business, I mean yes, it had a in diagnostics. I'm very happy with the with the start we had here. It shows a nice continuous. of the trend of a step by step. Improvement towards the targets we have set for this business. When it comes to how close this business is to the let's say pre-pandemic levels. I think it's pretty, I can't give you a clear number. I mean, number. I mean, it is more in the in the in the 92 to 100% normal. Yeah. But what you still see and which is which is when you double click on it is. That when it comes to the testing menu, yeah, there might be some shifts. Yeah, compared to what normally has been done compared to two years ago. ever, maybe two years ago, more wellness tests. And now there are still more secondary COVID related tests, which are baked in, because of some COVID related comorbidities, also. But overall, we are largely back to normal situation in that business. Okay, thanks for that. Okay, next one on the line should be James from Jeffries. James, your line should be open, so please ask your questions. I thank so much. It's a James A. and Tim Piss from Jeffries. Two questions, please. So, just on procurement and logistics, and you mentioned you don't have a lot of visibility, so I'm just curious what's changed in the past three months when you first gave guidance, you know, where were the additional pressures which weren't initially anticipated. And without that visibility, how do you have confidence, we weren't the additional pressures in the second part of the year. And then my second question is just on very, actually, I think, you know, you said it's gonna be, you know, include in comparable sales growth from Q3 this year. I think we just looked back a bit. I think in Q3, before I think you said it around 17%, I can't remember the Q4 number of stuff in my head, but from April, I think you sort of slow teens to expect. So just want to be in your perspective, what about what was in Q1? So we can see the trajectory for that. Thank you. Thanks for the question James. I think what has changed since the initial assumption was that I think we we saw would say the shortages and the necessity to buy At sport rates certain components has increased. You know, but if to where we stand at early November Secondly, as I said before and we deliberately made the decision to prioritize the ability to be able to deliver to our customers. And by this we had to do because of the difficulties, because it's not only price of components, right? When you have shortages, you also need to be super agile and flexible in your internal processes, which sometimes also lead to, I would say, to certain disruptions in your internal processes. which might also lead to later ability to manufacture things. And therefore you also have certain logistics challenges following up. And that's also why it's that structural changes from C to air freight and things like this. And I would say the tension just increased across the board. But as Bern said, to have what we currently see is that we see a stabilization of some in particular in on the supply side of component, which gives us, I would say, some confidence in being able even to manage that even even better than we have already managed it today. And there's also the learning curve, we can't leave walk through, we are being under this pressure in the organization, it's helping to optimize our internal processes according to the challenging environments. On the very inside on a pro-former basis, the growth rate on revenue and into one was in the low teens again. And yeah, that's why it's super strong start. Fully in line what we have guided for, for varying for the full fiscal year. - That's great thinking. - Thanks James. So next one online should be Julianne Dunwoa, make sense to you, you should be live. - Hello, good morning, darling. Good morning, your own things. Thanks for taking my questions. I have to the first one and sorry if you mentioned and your credit remark, but then the line was a bit patchy, but it relates to the diagnostic margin excluding the COVID contribution. I think you have a guidance for fiscal year 2022, which is to reach a mid-singled digit to high-singled digit margin for the underlying diagnostic business. So just curious whether that was in the Q1 margin was in line with that guidance or maybe marginally above, and any help in understanding the profit of each of the COVID tests. In Q1, we would also be helpful. I think you had previously indicated that the pricing had been really hard, so in some instances, we would just need to understand what the profit of the underlying business and the COVID test is possible. And second question relates, sorry for that again, to the logistics and procurement costs. It's small looking at the midterm guidance that you have indicated that your capital market is the back in November. You have said that you expect an improvement on that side in age 2. So, you would say that there is nothing strict role there that could prevent you from reaching your meet-to-end items both in ageing and diagnostics for the next few years. Thanks for the questions. As you rightly said, our guidance for the diagnostic business, our core business, for this fiscal year is on the profitability side, mid-singer digit to higher single digit. And we were at the lower end of this range in the range, but at the lower end also due to the fact that we had significant as we highlighted, significant headwind from foreign exchange. from foreign exchange as well as the procurement and logistics cost behind. In diagnostics, it's primarily the registered cost calendar. And we feel well on track to get to stay in that line and see progress as we proceed through the year. On the procurement and logistics front. I do not see this as a critical item for the business. or midterm targets. We consider this temporary problem which should be dealt with over time. And as Band already said before and we have also mitigation measures when you extend this topic, not only to COVID-19 but also to the inflation topic that we can also in a very meaningful way address it by by significant price discipline. And we have initiated the measures and we will see we expect to see also benefits from this kicking in in the in the in the in the in the in the in the in the in the in the according to when the the all this coming in and turn it into revenue and more in the later end of this fiscal year and then in the next year. Yeah. Okay, thanks for your. Then I would pass it over now to. Asam from Barclays. Asam your line should be open. I can't hear you. So, I'm just a second. I don't know if we have any technical issues here. Maybe just a second. Hassan, I hope we get you into the line in a second or two. Please record your name after the tone and press the pound key. The conference is in presentation mode. Okay, so we try it again. - Is in the conference. - Your life now, Hassan? Give us-- - Yes, I can hear you now, Mark. Thank you. Brilliant. I have two questions please. So firstly, just to follow the comments on the top line, your competitors have clearly seen Edwin's and have talked about this third installation. Is this something that you're seeing at all, or is this getting worse in fiscal Q2? And then second, could you elaborate on your comments on pricing, but then whether you have a meaningful ability to offset, costing increases and pass them on the customers or are using overall level of pricing deflation? Thank you, Hassan. I mean, first of all, and here I coming back to your points point, I will say, we've made a decision to deliver on the other hand. I have the ability to deliver him, which is I think something which sets us apart. And because here really this organization does a wonderful job in extremely quickly reacting new to new situations. I mean it's similar to us or what we do in the antigen tests and so on. Yeah, so it is very very encouraging and I'm very proud how the organization is. So it is very, very encouraging and very proud how the organization is dealing with the topics. When it comes to, I mean, your question is more about, I understand as outbound logistics, yeah, the question of is customers ready to take the orders and so on. So here we are very flexible and reacting and prioritized one customer over the other. We see the confidence when it comes to the visibility we have in turning the order book into revenue. also in the short term that this challenge is not increasing. So, and you can trust us here, the way we were able to handle it and can continue and here we really stand out in the market and to some extent our ability to deliver helps us to even gain share. Yeah, because some of the delivery times of competitors are just not what the market accepts. And that brings me also to the other topic and it comes to pricing. It is, of course, the sum of the pricing, which we have, is set by the point of the order and take. And as you know in our business, typically on the imaging side, orders the time between order and revenue between book and bill is in the range of 6 to 9 months. So that means that pricing measures, which we have initiated and which we see in the order book here, will also materialize towards the second half of the year. And we see a good acceptance of this book entirely so to say in the Salesforce but also that when it comes to customers. So, as a last point, please also bear in mind here, about 50% or more, 55% of our revenue is recurring revenue. and especially when it comes to the service aspects here, we have also price adjustment clauses and so on and are also protected. When it comes to inflationary tendencies here. - Thank you so much. - Thanks, Hassan. Sorry for the technical problems. So now we hand over to Daniel Vendorf. You're the second but last one on the queue. Daniel, your line should be open. He's asking questions. - Yes, good morning everyone. I hope you can hear me well. Thanks for taking my questions. I have a question, the first question on the variant top line development. Maybe you can tell us a bit how the combination now with very important part of the mincelle finiers helped. To that, if at all, and maybe give a few examples of what really drove the revend line, if it was a bit odd, but being part of the mincelle finiers. And then I have a question on the Attelica loader with throughput solution, the CI 1,900. And what is the key marketing message you would cast a mess here on this front, given that the, then market is like a different competition is slightly different. So what is really the key thing standing out for the Attelica solution in the net to load to meet the segment. Thank you. So I think you're looking at Adverian. There is on the one hand when it comes to the revenue development. Very very very strong. A recovery of the business. They are coming from from from the pandemic. And which which on the one hand is triggered by. by very, very strong competitive situation of variant as a important quote, stand alone business. But in addition, and that's what we see on the order book. We see many deals, some of them have already been booked here, like the one example I gave on Oulu in Finland, but many are in what we call the funnel, which is the project, the Salesforce is working on, where there is a super-encouraging, and momentum across the entire globe in the sales teams to team up and to work jointly on opportunities. And that goes in both directions. This can be a specialty on quality customers who are strongly tied to variant, or have strong connections, who now want to go into the relationship to imaging. And it can be using the strength we have in sea level relationships as Seemma's health in your classic, if you wish, to pull in the variant team and to use this additional, additional effect. It is using our strength as Seemma's health in your classic, again, in parts of the the world where variant hasn't been as strong, in terms of sales presence sometimes not even having a direct sales force. So here we are extremely positive about the internal momentum and it also shows in the numbers and looking at the order book we see. I mean, it's not only a very strong start on the revenue site in in in in variant with the 750. But you need to look at the book to build of 1.23 years, so that the orders have been even 23% more than that. So here, I can't really vary very strong and I'm very very bullish when it comes to this. Second question was, I have to see, what is the position of the product? Basically, it expands the philosophy of a tele-colution, which is highest throughput, highest quality, so highest quality test in high throughput. portia, so the unique mix we bring as Siemens Helfiniers as an engineering company in the lab, to new customer groups. And these are on the one hand, the mid-sized labs in the developed countries. Very importantly, help and spoke deployments that means hospital networks, who use, the quantum called big atelica atelica solution in the hub and the small atelica in the associated spoke places, which brings them on the one hand. So called recitaled concordance, the same test reciles, but also allows them to purchase the same reagents and so on. So this is a big requirement in the market. And the third. topic is an ideal system for labs in the emerging countries. Very good. Thank you. So now we and go to the last one for today that should last but not least. Farco Fidries from Deutsche Bank. Farco you should be live now. Thank you. Good morning. I have two questions. Well, please. Firstly, on your new imaging launches, how would you describe the replacement behavior of your customers in light of these launches? So is it that the replacement cycles might actually be shortened a bit now because your customers really want to get their hands on this new technology? Or is there not really the case? And then secondly, on advanced therapies, I can just provide a bit more colour on the underlying trends you see. at the moment with regard to the recovery from the pandemic and potential customer wins. And also, was there anything specific that stood out in the court? That caused the very strong performance in the Americas. Thank you. Okay, thank you, FICO on the imaging launches. I think they are coming in two different buckets here. On the one hand, when it comes to the, what we do with the magnitude of free max and also free star, which is the smaller version of it, this is about creating new markets for MRI. And it's bringing MR-2 places where they're very good and go before. So from that point of view, it is independent of replacement cycles. Yeah, to answer your question. Yeah, because it's so to say comes on top of the normal course of business. And we are very happy with what we are seeing that the products. Exactly. Do that. Yeah, bringing. MR to the outpatient clinic which so far only had CT or bringing MR to places in emerging countries which didn't do it or bringing MR to clinical specialties outside radiology. So irrespective of replacement cycle, this is typically installations where there is no MRI before. On the The photon counting CT, this is, I mean, I commented before I added that this is in the early phase of launch, where we have a lot of excited and exciting customers who are coming either from the academic medical center. either from the academic medical centers or in their repostigious private institutions. Here, the topic of a shortening a replacement cycle can definitely happen because one of the reasons to buy the product is to stay at the forefront of medical research. Yeah, this is more the academic medical center type of thinking or to be a quality leader in terms of what type of diagnosis you can offer as a private imaging center. Yeah. So, and when your business model is to be competitive and in early adopter because you are an innovator as an healthcare provider, it shortens the replacement cycle. And the good thing is, that this effect of shortening the replacements like will over time migrate into broader segments of the market. Yeah, because I sometimes use this a little bit maybe trivial analogy of comparing photon quantity to flag panel TV or to HD TV. When a technology like this is available, people make the decision to go to the next level product earlier, then the next generation offers just a little improvement. Maybe answer your question on the Americas. You just highlighted that the 80-edits strong quarter in the Americas. I think that is also, as you know, this is not a book and build business, business so it was nothing which happened at the end of the day in the quarter from a market success. This is success. We had over the last years with the strong order intake also on the AT side which then materialized in in the quarter as revenue and by the way it was across the board of America. This was was not US only. It also on on a much lower scale. Yeah, very good revenue growth in Latin America on the AT side. Yeah. So I think nothing what you can really point out to particular in the quarter, but it was a particular driver of the revenue line in the quarter. Okay, thank you. So this ends our call for today. Thanks for your participation for your continued interest in Siemens Hatheneers and your questions in today's call. look forward to seeing some of you on our roadshow in the next days or at the London Conferences early March or at the Barclays Conference and Florida in person maybe. Till then, stay healthy, you'll have to n' you're seen. That will conclude today's conference call. Thank you for your participation, ladies and gentlemen. A recording of this conference call will be available on the investor relations section of the The Seaman's Health and Use website. The website addresses, corporate.semen-healthandears.com\/investor-relations. [ Silence ] Please record your name after the tone and press the pound key. The conference is in presentation mode. The conference is in presentation mode. The conference will be on. healthenures.com\/investor-relations. Be available on the Investor Relations section of the city. Stay healthy. You'll have some esteem. That will conclude today's conference call. Thank you for your participation ladies and gentlemen. A recording of this conference call will be available on the Indian Ocean. 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and gentlemen, it is now time to start Sony Group Corporations F-I-213-3rd Quarter earning announcement. I'm Oka Da corporate communication. I'll be serving as Master Semonies today. The session is being held for journalist analysts and institutional investors to whom we have sent out invitations in advance. This session will be live well-cast through our investors' work. relations website. First, we have with us Mr. Totoki, Executive Deputy President and CFO, the Exchange Third Quarter, if I 21, consolidated results and focused for consolidated fiscal 2020-21 results. The duration is about 70 minutes, Mr. Totoki, in the following years. Thank you. I will cover the topics written here today. FI-21, 23 consolidated cells increased 13% compared to the same quarter of the previous fiscal year to 3 trillion 31.3 billion yen and consolidated operating income increased the significance 100 and the third-since, 0.3 billion yen, yield on year to 465.2 billion yen, both were record highs for the third quarter. Income before income taxes increased 77.8 billion yen, year on year, to 461.6 billion yen, a net income attribute vote to Sony Group Corporation shareholders increased 35.4 billion yen to 346.2 billion yen. Please see pages 3 to 6 of the presentation materials for a depiction of each profit metric adjusted to exclude one-time items. This slide shows the results by segment for FI-2123. Next, I will show the consolidated results forecast for if I 21. Consolidate the sales are expected to remain unchanged from our previous forecast of 9,900 billion yen, while operating income is expected to increase 160 billion yen to 1,200 billion yen. We have also upwardly revised our forecast for income before income tax to 1,155 billion yen. and a forecast for netting a matchebute would to Sony group corporations' shareholders to 860 billion yen. A forecast for consolidated operating cash flow, excluding the financial services segment has increased 50 billion yen to 940 billion yen. This slide shows our forecast by segment for FI-21. I will now explain the situation in each of our business segment. This game and network service segment, if I 21Q3 sells decrease to 813.3 billion yen, 8% lower than the same quarter of the previous fiscal year in which we launched the PlayStation 5 and sold major titles in conjunction with the launch. Operating income increased 12.1 billion yen year on year, to 92.9 billion yen, primarily due to a decrease in selling general and administrative expenses and an improvement in PS1. implement in PS5 hardware profitability, partially offset by a decrease in software sales. If I 21 sales I expected to decrease 170 billion yen compared to our previous focus to 2,3,730 billion yen, and operating income is expected to increase 20 billion yen compared to the previous focus to 345 billion yen. Total gameplay time of PlayStation users in December 21 was 20% longer than the same month of the previous year, which was immediately after the release of PS5, but gameplay time increased approximately 7% from December 2019, for quarter in which there were only a few major titles released within this was sorted performance. In the full quarter and March 31, 2022, we expect use engagement to increase further because the major first party titles horizon for being west and grand tourism a seven will be released. The PC version of God of War with the East in January 2022 has received high acclaim among the PC gaming community of training Metacritics Metascore of 93. Unfortunately, due to limitations on the supply of components, especially semi-conductors, and increase in delivery times, resulting from the disruption of the global distribution supply chain, we have revised our FI21 unit sales forecast for PS5 hardware to 11.5 million units. Demetations on the supply of components are expected to continue going forward, but we are continuing to exert every foot to meet the strong demand for PS5. On January 31st in the US, Sony interactive entertainment entered into definitive agreement to Aguaya Banji Inc. one of the world's leading independent game developers. With more than 900 creative people on staff, Banji has a track record of creating blockbuster titles such as Herald and Destiny. As a long-time partner of Banji, we have discussed various forms of collaboration with them in the past. Ultimately, we decided to pursue an acquisition because we gained confidence that we could grow even more by combining the corporate cultures of both companies as well as of a strength in the creative space. Once part of SIE, BANGI will operate as an independent studio and will continue to publish its content on platforms other than PlayStation. The total consideration for the acquisition is $3.6 billion and the completion of the acquisition is subject to certain closing conditions including regulatory approvals. calendar year 2014 to calendar year 2021, the size of the global game content market doubled. Driven by add-on content revenue from live game services, which grew at an average annual rate of 15% during this period. We expect this trend to continue going forward. Bandir has capitalized on this opportunity from an early stage by incorporating live game services into its premiere franchise Destiny, and it has accumulated a wealth of experience and superb technology in the space. The strategic significance of this acquisition dies not only in obtaining the highly successful Destiny franchise, as well as major new IP that the BNG is currently developing, but also incorporating into the Sony Group, the expertise and technologies that BNG has developed in the live gaming services space. We intend to utilize these strengths when developing game IP at the PlayStation Studios as we expand into the live game services area. Through close collaboration between BANG and the PlayStation Studios, we aim to launch more than 10 live service games by the fiscal year and in March 31, 2020. In addition, we view the deployment of a game IP on multiple platforms as a major growth opportunity for Sony, as has been the evidence by the successor PC version of the God of War, and the God of War and other first-party games through this acquisition we intend to acquire new users in increased engagement on platforms other than PlayStation, which were enabled to significantly advance our long-term growth strategy for further expanding ecosystem over game business. Cut the lies by the acquisition of Bungie, we intend to accelerate the growth of our first party games of 12-year-old, aiming to more than double the current amount by FY25. Now, I will use this conceptual diagram to explain at the high level how this acquisition will be treated from an accounting perspective. Bungie is a private company, the majority of food shares owned by its employees. So the payment of the consideration is structured to incentivize the shareholders and other creative talent to continue working at Bungie after their acquisition closes. Approximately one third of the 3.6 billion US dollar consideration for the acquisition consists primarily of different payments to employee shareholders. Conditional upon their continued employment and other retention incentives. These amounts will be paid over the course of several years after the acquisition closes and will be recorded as expenses for accounting purposes. We expect about two thirds of these different payments and other retention incentives to be experienced in the first few years after their position closes. Next is the music segment with those sales of visual media and platform decreased. If I 21Q3 sales increased, 12% year on year, to 295.9 billion yen, primarily due to an increase in screening. Despite the impact of the increase in sales or recorded music, operating income decreased, 4.0 billion yen, year on year, to 55.5 billion yen, primarily due to the impact of the decrease in sales of visual media and platform. The contribution to the operating come over the quarter from Visual Media and Platform accounted for the meeting is percentage of the operating income of the segment. If I turn to our sales expect the T-Inquiz, 20 billion yen compared to our previous forecast to 130 billion yen, an operating income is expected to increase five billion yen compared to our previous forecast to 205 billion. streaming revenue in Q3 continued to grow at high rate. 29% to ear on ear in record music and 27% ear on ear in music publishing. The recorded music business continued to generate major hits with an average of 36 songs ranking in Spotify's global top 100 songs during the quarter. Glover superstar, singer, songwriter, Adele's album, 30, became historic hit, remaining number one on the Billboard chart, who were consecutive eight weeks after it released in November. Next is the picture segment. If we're 21, 23 sales increased, as significant, 1141% ear on ear, to 461.2 billion yen. The primary duty to block-possure hit, spider-man, no-way home, emotion pictures, and the licensing of the popular US-Series, five-eld intervention productions, operating income. increased, a significant 121.1 billion yen year to 149.4 billion yen primarily due to the impact of the increase in sales and according to the 7.2 billion yen gain from the transfer of GSN gains which closed on December 6, 2021. If what 21 sales are expected to increase, 40 billion yen compared to our previous forecast, to 1222 billion yen, and operating income is expected to increase, 97 billion yen compared to our previous forecast, to 105 billion yen. Even when one time items like school that operating income this fiscal year is expected to be the highest ever for the picture segment. Spiderman, no way home was released across the US on December 17, 2021, and went on to record the second highest ever opening box office revenue nationwide. According to the most recent data, its cumulative worldwide box office revenue is 6 highest ever at approximately 1.7 billion US dollars. And it holds the record for highest crossing film in history of Sony pictures and entertainment. Other French researchers, Vino Mnet, they are being punished, contributed significantly to our financial results. And we are looking forward to the release this month of Uncharted, which is a movie version of a popular PlayStation game title. title. Despite our success, we will continue to pursue a flexible, really strategic going of world, as we have done by postponing the US release of Mobius, a new film from the Sony Pictures Universe of a Marvel characters from January day prog. this year. On December 22nd, 2021, Sony Pictures Networks India, a subsidiary of SPE signed a definition of agreement emerge. to merge SP and I with G into the dependent price. The merger represents an opportunity to further accelerate expansion and digitalization of our business by using the strength of both companies to strengthen our digital distribution service in rapid-ighoring India media market. We expect that the transaction will close in the Lada Hauhobi-Sviska year ending March of 31st, 2023 after obtaining approval of the G-Sciarholders and regulatory authorities after the transaction closes its view, will own the majority of the shares of the merged entity. Then the next is the Exonic product solutions segment despite the favorable impact on sales from foreign exchange rate to 3 sales decrease, 2% ear on ear, to 280-6.9 billion in primarily due to a decrease in the unit sales about products resulting from a decline in stay-at-home demand and a shortage in supply of components, despite the favorable impact of foreign exchange rates and an improvement in product mix operating income decreased. 23.3 billion yen a year on year to 80 billion yen primarily due to the impact of decrease in sales. If we are 21 sales expected to increase 80 billion yen compared to our previous focus to 2,3,6 billion yen and operating incomes expected to increase 20 billion yen compared to our previous focus to 2,10 billion yen. operating comm margin for this fiscal year is expected to exceed 8%. The efforts we have been making to improve up a hood review are steadily bearing crude. During quarter three, the impact of the rapid decline in TV panel prices on consumer market prices for TV was more limited than we originally anticipated and the shift to large size TVs increased primarily in the US, Europe and China. As a result, we are able to maintain the average selling price of TV as a fishery, the same level at the second quarter and the September 30, 2021. Nevertheless, we can continue to be unable to fully meet market demand in multiple categories, due to severe intentions on the supply of components. We expect this situation to continue to impact us in the fourth quarter and in March 3, 2022. We will continue to exert every effort to procure components as that will be one of the highest properties for this segment next fiscal year. Next is the imaging and sensing solution segment. If I 21Q3 cells increase significantly 22% year on year to 324.8 billion yen, primarily due to an increase in cells of high-end image sensors for more products. Operating incoming increased 13.3 billion yen year to year to 64.7 billion yen primarily due to the impact of the increase in cells or FY21 cells expected to decrease 30 billion yen compared to our previous focus, one trillion 70 billion yen. The FY21 operating can focus remains unchanged from the previous focus. Despite secure conditions in this smartphone market such as witnessed in the Chinese market and shortage of components, especially set of countries, the effort we have made here to expand and diversify with more of a census customer base as well as to cover our markets share on a volume basis or having some success. However, it is taking longer than expected to introduce the high performance high resolution custom sensors that we have been working on with Chinese smartphone market. So the speed of a development, resulting from an increase in added value products going into an extra school year will be slightly lower than the originally planned. Additionally, the train toward the Chinese smartphone market purchasing larger size segments for the high and products is improving after having segment. Due to the contraction of a business with a certain Chinese customers, expect the Chinese smartphone market to normalize in the second half of the next fiscal year. Since we feel better about the possibility of sales growth and the further market share expansion next this year, we will focus even more on increasing the added value of our products and the strive to improve profitability. On January 25, 2022, Sony's semiconductor solution corporation completed its initial investment in Japan and the NSEC, my manufacturing company, limited as my Nordic issue holder, Sony will support JASM by assisting with the startup of this new launch Quay for Factory, which aims to begin mass production during calendar year 2020. Last is the financial service segment, fiscal year 21Q3, financial service revenue increased 11% year on year 211.3 billion yen. Primarily due to an increase in the net gains on investments in the separate account at Somey Life Insurance Company Limited. Operating income decreased 4.7 billion year to 35.2 billion yen, primarily due to the duration in valuation on securities at our venture capital business and at Sony Bank. bank. May a policy amount in force at Sony life during Q3, due at a higher rate than our competitions. During the primary by our priority focus area of selling insurance to corporations. F-I-21 financial service revenue is expected to increase 120 billion yen compared to our previous focus to 1-3 and 6-10-B and N, or if I 21-operating-con focus remains unchanged from the previous focus. Now I'd like to update you on our strategic investments. The amount of tough to allocate it to strategic investments, including the acquisition of the Bungi, which I explained earlier, and the reproaches is the Sony stock from the beginning of the fiscal year on today, and increasing acquisition and asset purchase that have closed as well as those that have been decided but not closed for the Kubeh approximately at 150 billion yen. This slide shows that breakdown of the segments and areas in which we have located investment. The music cement portion of the chart does not include approximately 100 billion yen we have invested in music agricultural catalogs because the amount is including the in neighboring cash flow under IFRS. We are making a set of progress in accordance with our current mid-range plan of making tutoring on or more of strategic investment. As we believe that we believe that the evolution of our business portfolio aimed at the real-life long-term growth is progressing well as emissions, at the previous earnings announcement, we aim to accelerate the cycle whereby we We translated from progress in best-known China, used to invest in growth, thereby realizing long-term growth. At SES 2020, last month, President Yoshida announced that the will will establish Sony mobility in the spring of this year and will will explore the possibility of introducing our vision as the market. The vision is initially arranged to create a new value and contribute to the evolution of the mobility by leveraging Sony's various technology and content and by adding new and contaminant elements to a safe and secure. of moving space going forward, we will proceed with our exploration under the assumption that the will collaborate and lie ourselves with multiple partners that is the conclusion on my remarks. Thank you very much. It was Mr. Totoki, Executive Deputy President and the Chief Chief Financial Officer, from 355, we have Q&A session for Media and from 420 Q&A by Investors and Analysts. We set aside 20 minutes each for Q&A. Those journalists, investors, analysts, we have already registered for questions in advance. Please be connected to the designated telephone number in advance. And also, who have not made a registration in advance, you can continue to listen to the Q&A session through Internet webcast. Please wait until the session is resumed. (gentle music) (upbeat music) (gentle music) [MUSIC PLAYING] [Music] We'll begin Q and A session for Media shortly, which you can relate to until the Q and A session begins. [BLANK_AUDIO] We are going to enter the questions from the media. This one that is R, Mr. Hiroki talked about the depth of the present and the T-finish officer. Now, Mi-Matsoka is a senior vice president in charge of corporate planning, control, finance, and IR. If you have questions, please press a strict followed by number. followed by number one when your turn comes, I'll call your name. So please identify yourself and your affiliation before you ask your questions. Like that, give the kindly limited questions to two. Also, you know that to prevent feedback of the sound, please be sure to switch off the volume of your peripherals. Your cooperation is very much appreciate. In the event that your voice is disrupted, the because of the communication environment we may have to move on to the next questions. Next person. And if you would like to cancel your question please press Astric followed by number two. Now we would like to begin Q&A session. If you have any question please press Astric followed by one. The first question is, \"Masala San from Nikai, Simbu, Newstaper, Masala San, please?\" \"Masala San, can you hear me?\" \"Can you hear us?\" \"Yes, I can hear you.\" \"I have two questions.\" \"First question is you're thinking about strategic investment.\" Yeah, the day you have made the acquisition and I think that you have made an estimate, going forward, AV and the semiconductors, you will be coming up with new strategies and for each exercise of investment will become larger going forward. So, our management, you think that it is necessary to make large investments and investment deals, you have the seeding or the meat of two trillion, but is that going to be exceeding two trillion or the acquisition in the orders of hundreds of billions of yen? Thank you for your question. I was thinking behind the strategic investment was the question that you have raised. Currently, as you know, three years need to range plan. Strategic investment, we will be allocating two trillion for strategic investment. And as I mentioned in my speech earlier, 850 billion and we made decisions up until 850 billion. And this framework work, we don't think that we need to change in a major way this framework. And we, in this, we will be making for looking positive investment. So areas of investment priority area is IPDTC and technology. And this is priority area remain unchanged. That's all from me. So we'd like to entertain the next question. From Masahi, Susikisam, please. Thank you for giving me the floor. I'm Susikiyo, Masahi. I hope you can hear me. Yes. Go ahead, please. Thank you. I have two parts of question. First is image sensor. That the us to this pigment to chip with the Taiwanese CMC is the company. that you expected to entrust to the supply. According to some reports, I said this, a bigum, and the ship that, like for iPhone and other applications that in the further high level of sophisticated cameras, do you intend to further the ask them to manufacture on the Havaswani? Because this a couple of couple of connections is different, but as to some the fundamental technologies is maintained by your company, so on. But I think the chips are maybe likely to be entrusted to the TSMC and so on to produce from the healthcare in conjunction. The TSMC will have a new plant in Kumamoto, melodic wave of a recovery that has been the missing piece so that the Japanese government is likely to give subsidy to that new plant in Kumamoto. But it's expected that this new, the chip for the pigment, the softwares, is likely to be producing more with the flow. Now, turning to E-Rexic vehicle, that the president decided on the mobility, new area, and the new Sony mobility company is likely to establish in the spring. But you might have hired the details. They have like the scale of this new company as well. They exact timing to establish new company because they're talking. As to the new mobility company together as a college son. I understand that you have some chat with him about the rich trigger. The user, the founder of Sony Bank and other, a new business is in the past. So, what are new companies to be subs? Are you going to nurture this Sony Mobile thing to be a big company? As one of the pillars, I like to hear you do on the meet-to-long term in terms of how to nurture Sony Mobile thinking. So, turn to the first question about this, the image sensor. That you are likely to entrust the production to this TSMC, but actually it's not announced by us, but I don't have direct answer to that. But any ask to the external production by the proposal like TSMC, that the logic is mostly to be produced outside, but it's called the master of the process. As to the master process to get strata outside, it's quite limited because as of now that we do not intend to increase at the image such that this master process will not intend to ask the outside company to produce much of them. As to your second question, Sony mobility, when would I be built, it's a string of 2022 that has been mentioned by a present CEO, you should ask you the exact timing. timing when the company will be established, we have to scrutinize and consider the details of this new company. So after that is decided, after the opening of timing, we like to publish that information. Let me add to that. So Sunni Mobility Inc will be established, and we will consider to be engaged in the Mobility sector. That was at the sex we announced. So we didn't exact decide on the exact entry into that sector. As do the automobile industry, there are lots of things we have to study about the automobile industry. So as to this establishment of Sony Mobility Inc. which is the first step. And that for an air was to further deepen the study and consideration. That's what we mean by building a new company. Of course, for the long term future, we might have to do that. And that's what we mean by building a new company. For the long-term future, we might like to nurture this company as a hope. To nurture it as an important big company. But specifically, what would that be, specific business, scale, business, and other things? Well, it's too premature to mention the details of this new company. Thank you. Next question. We have Nishida-san freelance reporter. This is Nishia speaking. Can you hear me? Yes, we can. Please go ahead. I have two questions. First question is that the semiconductor device is the topic. PlayStation 5 and EPNLS products have impact from the shortage and there are any change in the product mix as a result or any change in the product line for to ensure the performance and also that may have an impact on platform. So if you could expand more on the impact of the supply short-term. on new performances. And next on the game business, your rival Microsoft has announced the large scale purchase. Is there any plan to have a purchase of a large publisher type supplier? And also, is there any impact on your game business, who, because of that kind of a publisher type position by your competitor. Thank you. First about the semiconductor shortage. And too that we do have a variety of impacts on our businesses and largely we have shortage of components. So we need to put high priority on the high value at products. That is not something new to us though that the when the semiconductor shortage started. We made a lot of adjustments to change the product mix and allocate to different product lines. And we're going to PS5. In terms of a short-term profit promotion cost was saved or high logistics cost has been saved. because of the decline in the units, that leads to the decline in expenses. But we hope to, as many units as we can. So we will exert our efforts. Now, in terms of the impact on the long-term platform that the right now under the limited shipping capability, I think that's a short term impact. we think we can catch up and from PS4 the when we moved from one console generation to the next. There was a large change drop in engagement and also sales and the profit changes drastically. So there was a very sharp, cyclical phenomena that has softened recently. And obviously we hope to see a quicker recovery, but we also see the situation is rather limited in terms of the impact. Now, the in terms of the acquisition by our competitor, we're not in the position to make any comments. So it is difficult for us to say anything. But. They have announced the intention to purchase, but that has not been completed yet. And what kind of business model change will take place is something we don't have a clear picture yet. So for the computer's large scale M&A we do not want to speculate. And rather we want to pursue. and execute our strategy at a right timing. And we want to focus on that, that's it. And they knew the device VR2 was announced on the other hand, environmentally, competitors, are increasing their units and investing about a amount of money and the momentum is currently VR business. How what did you view about promoting VR business going for it? And second, mobile games. Currently, Sony Music is a main player, but this I-E itself will be considering a mobile game business. So what is the direction that you have in mind? Thank you. Your first question regarding VR. PSVR2, at SES, we have already explained. The user has the sense of image. So set up itself, it will be simplified. And HESAT will be evolving and will be evolving HESATs. And already this is announced. solution of head, head, head, the set, 4K, HR, disk, disk, display with wider viewing angle and the movement of the eye of the player is detected, looking at certain directions and it's possible to manipulate the, so for the, be it, rendering, the high resolution for sensor of the view and external then lower resolution. By that high quality image experience can be given to the users such technology is introduced. Also the, the, the, the, more of vibration ahead, head, head, head and haptic head set, feedback. This will be introduced as a technology as we already made this system. The relation to VR already is further technological evolution. There's room for evolution, hardware, and software. And with this evolution of technology, it is expected that market is also going to expand. So, we are horizon call of the mountain. The first part title is already announced simultaneously. So in this way, we have a technology and content that we have, and ecosystem movie, it's beverage, and we are going to enhance the presence in this market. And then the second question, mobile games. Mobile game market itself is a growth area, and PlayStation IT can be used by more users, and this is a great opportunity for us. great opportunity for us. That's what the timing is very hard to say exactly when, but PlayStation IP will be deployed for the IPs. So I believe that we can grow this study. So these are attempts and the specifics. When the appropriate timing comes, then we are going to explain to you more clearly. Thank you. I have two parts of questions. The first is about the performance and achievement because the results are very good. Frank, I like to ask your Frank interpretation of the laws. Despite the COVID-19, you had achieved well. So taking into account this difficult environment, what kind of good measures you have implemented to achieve such a good results? That's one question. The second question is about EV. So, and a few times in this month, and in terms of the 23 and end for this decision, this decision didn't refer to EV. but this spring, new company will be established and then maybe the different conservation we made. In that strategic investment framework of two, three, and yet that will that include EV, you intend to spend money for EV or you rather than tapping onto that budget, that maybe the more the game will be the focus of spending money for strategic investments, what do you think of this? Now, thank you for your question. As to the discussion, because this asked the third quarter, the results, what is my impression, my comments, as you mentioned, despite the COVID-19 discolting, the logistics of the advanced impact and semiconductor and other device components supply was limited for a long time. In many areas, this problem lasted for a long time. To cope with that situation, for each business segment, they would like to focus what will happen next by basically on that good forecast. They take proactive measures to prepare for the discontent. So that is why I think that we achieve the record high results that the sales and the profit in this That's how it's called. But not everything is a row Z in good because PS5 is a big demand. We couldn't supple enough to the increasing demand as an image sensor to prove stability that recovery did not progress as soon as we had expected those other challenges we identified and would like to consider that for the future. The second question, that this investment idea toward EV, well about that EV, as has been mentioned earlier, we assume that we like to start with the asset right condition with possible partners to ally with us to our concept for example. We might not have that big production facility or the developer own battery. That kind of capital intensity is not likely to be considered in a business model. Without such a capital investment as an assumption, we would like to achieve the vision we have advocated. So that's how you're considering the EV business. So what's your vision to a EV? Let me repeat. That the mobility environment space should be evolved into a more entertainment space. So the new kind of customer experience and values should be provided through that. Thank you. Now, it is time to close the Q&A session for media people. We changing our responders, so the Q&A session for analyst will start at 420. (gentle music) (gentle music) (gentle music) (upbeat music) (gentle music) (upbeat music) (gentle music) Now we'll be starting the Korean decisions for the investors and analysts. Please wait for a few more seconds. Thank you. [BLANK_AUDIO] Thank you for waiting. We'll like to start the Q&A session for investors and analysts. My name is Hayakawa, in charge of financial services and I are observing it. The moderator. As responders, we have a lot of information about the Q&A session. As responders, we have Mr. Hiroki Toto-ki, exactly the deputy president and CFO, and Ms. Naumi Matoka, SVP for corporate planning and control and finances and IR, and also SVP accounting, Mr. Ido Toshikone-Naga. If you have questions, please press the Asterisk N number one on your phone and we will name you. And we ask you to limit your questions up to two questions and to prevent the halving and please make sure to turn off the volume of the devices around you. And if the line gets chopped and because of the time concern we move on to the next person with a question. And if you want to cancel your request for question, please press the \"Srisk N2\". Now, I'll start the queue in decision. Once again, if you have a question, please press the \"Srisk N1\" at your form. We have from Moguselnai. Oh, Mr. Ono, thank you. And regarding the games, I have two questions. The first question is that the PlayStation 5, what is your focus for the future from the second quarter, total distance speaking tone from the 14.8 million original target to that has been set back. and especially this time, reviews of Sonshili. And what's your focus for the next quarter in May, last year, Mr. Jim Lajian, was saying that he hopes to shoot for the record high. And 22, 23 million, I believe, was the target. What is your feel for the demand? And also, what is your prospect for the next quarter? 110 billion yen or so to invest. And what is your criteria for investment decisions for them? For, for, game, when you invested in their game, that was a small game house. And there was a investment for content IP that was your priority. But this time you have a thorough, honest, and we will intend to retain the subscription or you want to improve your first party development capability or what is your criteria of all investment decision. Thank you for your questions. The first question was that the PS5 expectation for the next fiscal year. And in the past, the record was the 22.6 million yen, the first presentation, I believe, it was a single year, unit. And that is what we were saying that they will try to copy again. But in terms of the next year, the market demand is very high that could allow us to make a record high. So now our partner companies supplying us components. We are working closely with them collaborating, negotiating and working with them closely. And we hope we can make that happen. But in terms of PS. There was a, we believe that the next year, I think it's safe to say that we'll continue to have supply disruption in terms of the components globally because of the distribution problem and so on. So we can't say for sure what is exactly the demand for next year. But having a high target, we have, and if we bring it down, we may ease ourselves to go for the lower target. And so I think it is good to maintain the high target. So in the consolidated performance report, we will have a more exact forecast for the fiscal year 22. And so that's the first question. The second question was about our concept of strategic investment. And in the past, we were investing in IP. And that's what we've been saying. And we will, and obviously, IPs have market prices as fair values. So we tend to look for the future upside. potential with our involvement and that is our criteria for investment decision. I think that we improve our investment efficiency and also we'll generate a premium and how we can and rationalize that premium. And in terms of the scale of the investment, we don't have a clear criteria in terms of the size of the investment, but looking at our balance sheet and also financial capabilities. So capabilities and risk will be studied very closely to decide any investment. And also you use an example, \"Pushal\" purchase or total purchase. You mentioned and we need to work with our partner. We cannot decide single-handly ourselves if it is a good company. We wish to purchase 100%, but if we are out of mind about 100%, we may have difficulty having a good alliance. So we will give considerations for long-term partnership and alliance that's all. >> Let's move on. Katura, some from SMB's Nico. Thank you. I have two questions. First, about the impact of the shortage of components, next is visionS. The first one impacts the shortage of components. In the supplementary materials number page 7, the inventory asset included if you can respond. Show the edge of components and cost increase and impact of that. What kind of impact was there? EPNS and GNS as well. Can you please enlighten me and quote \"titatively explained\"? Q, EPNS, 60 to 70 billion of buffer are risk was incorporated and this time applied revision of 20 billion for profit. So compared to second quarter it turned out. The trade was better, slightly better, but on the other hand, situation is such that it is prolonged. What is your thinking behind this? This is a first question. Second question. Earlier, the question by the media people talked about Sony in the mobility. And I said light is your poster. In the equity market, the former TV business, there is a concern. As this case of TV business, you will suffer from long term losses. So, Sony is a big part of this. So, Sonia Mobility Inc. What kind of risk we return are you thinking about and also investment of the manager or resources? The situation in the past and going forward to the extent that you can share with us please enlighten me. Thank you. Thank you very much. First, the shortage of components and impact of the cost increase, including inventory level. and you asked me to explain first of all this fifth career as a end of third quarter, eventually level. I think it's good to talk about inventory level. By category if I may explain, game network service with the holiday season there's a decrease in inventory level. and PS5, it showed itself a component which resulted in decrease in the inventory, so there's not sufficient level of inventory. EPNS with the holiday season, the decrease of the completed products, with the increase in TV panel, and this is the key, and in preparing for the shortage of materials, strategic stockpiling is being done. Next fiscal year also to a certain extent. We are anticipating shortage especially in the first half. We can then expect that for some of the products. So gradually we are building up of inventory. Therefore, although there was a decrease in the inventory of the complete products because of the holiday season, but with stock filing of its strategic stock filing and the confusion of the supply chain, there is a delay of the delivery period. So these two factors are offsetting one another. The level of panel inventory is a profit level. INSS. As you all know, in China, smart-form market recovery is lower, and there's increased in the level of inventory in the market, which resulted increase in the level of inventory, but the demand forecast for next fiscal year and production capacity, considering that and building up the strategic inventory to the end of the fiscal year. and this policy remains unchanged. Therefore, it's very difficult to say in a summary fashion, but next fiscal year, looking at the business for next fiscal year, as for the inventory that is deemed to be necessary, as we move toward the end of this fiscal year, we are going to build up the level of inventory that is a basic thinking. And then, visionS. Risk return and investments of manager resources, we are not at a stage where we can give you a clear cut answer yet. And as has been repeated in ancient, I said light is what we have in mind. So, we are not thinking of making big investment into this area more specifically, development of battery or development, having the manufacturing facility for the vehicles itself, or cells infrastructure, or maintenance infrastructure to be held by us, we are not thinking of doing this. Basically, we tap upon partnerships or similar relationship. And we are going to be as asset light as possible, and with evolution of vehicles, with our technological element, we are going to contribute. And as a long term vision, the space of vehicles are to be turned into new entertainment space. That is our long term vision. Therefore, for example, in the mid-range plan period, two trillion strategic investment is that including that, we are not thinking about investment at that scale. And this is not realistic. Please understand in that way. Thank you. in North America in case of a company that game hardware of the software and the music and pictures as well as the electronics and you cover everything hardware software and contents very comprehensive. So they fan you summarise the all activities of that fiscal year and then this taking into account inflation as well as a change of the interest rates and so on. What is your view of the summary as well the first half of the next year? What is the overall perspective according to each segment? If not, please tell us some of the highlights of the situation. Thank you. about the question is about North American demand and the business outlook. Well, I'm quite concerned about its outlook in North America. And you say that the interest rates policy is at the turning point to be changed and geopolitical risks are now increasing and the midterm election is scheduled to be held. So all these are stable elements like these to be influential. And the cleaning up on the station may be demand might be affected. And I'm getting the latest information, not debating that understanding from different business segments. But for the time being, there's no clear trend of this disseleration in the North America market. That's my Frank perspective right now. However, especially in terms of, you know, good TV, doing a lot of, of course, the Europe and the Japan compared to the previous year. There's sort of a sign of dissoloration or slowdown. A little bit, but has been expected. But in terms of North America, better than we had expected, than in the strengths, seems to be maintained. And the momentum is kept in the North America. What about entertainment? Generally speaking, entertainment is doing well in general. However, the COVID-19 impact that this theoretical release would be several times too. to impact. If the number of the infected patients increases that they have to revise, this is a theoretical release, that's a flexible implementation of the policy. So it's likely to have an up and down, but the general demand of entertainment per se is not likely to go through major change according to my interpretation. So in terms of North America, things are going steady, it seems steady. Is it really true that you will never go through variation? Of course, I'm personally always concerned about that any potential. I'm always keeping an eye on. So this is something that some negative signs observed and the data sets are really to take quick countermeasures and take action accordingly. Thank you. We are running short of time so we'll make the next question, next person to be the last and we have a Maida Sun up JP secretis JP Morgan. I had a son, rather. I have two questions regarding Banji. First question is that the India Oligos Light. You explained how you will be treated in terms of accounting. The 3.2 billion yen, 1\/3 is about for retention purpose expenditure, about $1.2 billion. And of the 1.2 billion, the 2\/3 will be used up in the first two years. So that's about $0.4 billion or $400 million annually. And also intangible assets about 20% about a 700 to 800 million dollars. How do you plan to depreciate that in terms of the term period? Over which period? As long as the best estimate you have will be fine. And I know it's still pending on the irregularity authorities approval. And so if we have any prospect that will be appreciated. And also second question is about Mr. Tavoki mentioned about the in the future that the you can get the upside. That will be the decision criteria. And what is the case for Bungi? And also for Bungi, what is the upside for them to work with to become a part of Sony? And also upside for Sony to acquire is that simply increasing the users or all kind of KPIs you expect to get gains from this investment. Okay? The first question as we explained that the one third will be referred payment for retention purpose. for specific numbers we still need to scrutinize and this time we're just giving you the rough image. So that is the extent we hope you will understand. We will examine more closely and if we have update we'll be sharing with you. and for the it will be included in the forecast for the next year. So we'll be updating that number. Now in terms of in times of voice it. We are actually studying examining that right now. So generally speaking we look at about 10 years or so for depreciation. And but that depends on the content. of such in-touchable assets. So Kure Nangasa, do you have any comment on that? Let me add some comments. The, what will be treated as expenditures? expenses? Will be, uh, treated in two years, and that will be one third of the investment. And there are a lot of conditions for that though and how you will be allocated for the first year and the second year that will may not be 50\/50. And necessarily. And also in terms of the depreciation of the intangible assets, we will be allocating the purchase price to a variety of things. assets and we will identify the price tags for each one of them and then decide the depreciation period down the road. Okay, and the second question was that the case of Bungie. What? As I commented in my speech, they are platforms capabilities rather. ability to distribute to a variety of platforms and also live service they have a capability to develop and that's those are something we have lots to learn from them and therefore our studios will learn from Bungi and that is a very strong wish we have and the The Bandji side is willing to work closely with us. In the first year, we would believe we'll put together a good plan and drive that and I believe we'll generate outside from that kind of work. Now from the other side, the Bandji, the Bandji, we will have a lot of fun. The Bungi, the personal retention and recruiting, I think we can help them and support them, and we hope to be able to do so. And also, not just for gaming area, but the multi-using of IP and much of the IPs, like good title, maybe game title, maybe put into the pictures, movies. And Bungie, you want to nurture the IP they have in the multi-dimensional manners, and that's their hope. And for that, we believe we can help that. We have pictures and music, and Bungie can use leverage or platform so that their IP can flourish and grow big. big and that's all. The time has come to close Sony Group corporations earnings announcement. 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afternoon ladies and gentlemen, and welcome to the MT and Donna 2020 Annual Results School. Please note that all participants are currently in this in only mode. There will be an opportunity to ask questions later during the conference. If you should need assistance during the call, do you signal an operator by pressing star then one? star then zero. Please note that the call is being recorded. I would now like to turn the conference over to Jeremiah Obole, please go ahead, sir. Okay, good afternoon everyone and I'd like to apologize for the long hold. There are call-up pre-ta-hat technical problems. So let's begin the call. I apologize again. I'd like to thank everyone for joining us today to discuss MCNGan that I love results for the year and that that he friends December 2020. I'm Jeremy O'Poeku, Investor Relations Manager for MCNGan. with me on the call today after the Madalifor, CEO of MCN Ghana, Koblad and GNCHO, Actancy of WMCN Ghana, and Tatumotlandi, group executive for investor relations. So, Salom will speak about empty-end COVID initiatives and provide updates on some regulatory three methods. After which he will delve into the company's unlocker formals and outlooks, before we move on to the Q&A session, which will be facilitated by the call. I'll cooperate then. So, with that, I'll work with you, Salom. Thank you very much, Jeremy. Good afternoon to everyone. And, you know, thank you for making time to join us on this call today and I'd like to again you know, apologize for the delay due to technical issues. We'll try to extend the call for a few minutes over to build our commemorative delay and as a result of that. As I mentioned, you know, we'll talk about our initiative support the fight against COVID-19 and then update you in our parishionals performance as well as touch on some regulatory issues and before look at that, you know, the outlook for 2021. In 2020, you know, the economic and business performance, was influenced by the spread of the COVID-19 pandemic, would devastate an impact across the globe. In Ghana, where experience, ex-significant contraction in the best half of the year, with some signs of improved economic activity in the second. Indeed, the impacts of the pandemic has been felt by everyone, and many of us have loved ones who are bit affected by COVID-19. M10 Gunner and our staff have also been impacted by COVID-19 not expanding the initiatives who put in place to ensure the safety of our people. On the yesterdays day, the Minister of Information, Gunner has had 8,000 20 and 45 on the firm's cases, 6,000, 614 of which are still active, and 584 on fortunately there. For us at MTN Ghana we have had a total of 1,58 of our staff who tested positive with COVID-19, where thankful that 80 of those have since recovered all those sadly one employee has passed. Our thoughts are with the faculty of our lost colleague and with a nation as we go through these tough times together. It's in life of these challenges that we at MTN launched our Yellow Hole Venitiatives to provide support to our people, our customers, our partners, our partners and to the governments of Ghana. In support of our customers, we zero rated all more money to PPSPA, transphets, up to a value of 100 Ghana cities per day, from March 2020. This did not only save our customers over 94 million Ghana cities in fees, but also facilitate a greater social distance and deep and financial inclusion to increase the adoption of digital currency. We're happy to announce that this offer is still active. To fed us support government efforts, BNTN, Ghana Foundation, the NATED-5 million GANFB's web of PPEs, and other research else of the government's COVID-19 trust fund for all one distribution to foreign-line medical workers. We also deployed PPEs and sanitizers, as well as ensure the adherence to all COVID-19 safety protocols across our branch network and offices. We'll continue to prioritize the safety of our our customers and our people, through this period and beyond. In support of the efforts of government agencies, we zeroed at several public websites providing health and not a COVID-19-related information. We also provided free access to over 200 websites for our academic use by public and private education institutions and committed to providing this until the end of the pandemic. M.T. and Ghana supported with other initiatives, targeted at education institutions, government agencies, and various ministries at a forefront of the fight against COVID-19. The details of which are included in the sense release documents. In August 2020, we launched the BY's campaign to encourage the end to where the FB's masks, end to where them correctly. And this transition into M.T. and Skloval, where is for me, campaign? to build awareness around the importance of correctly wearing a face mask to combat the spread of the virus. The fight against the pandemic continues in 2021, an M.T.N. remains committed to provide an ongoing support to combat COVID-19. In January 2021, M.T. and Rupert nouns are $25 million donation to support the African Union's COVID-19 vaccination program. The donation would help secure out to 7 million doses of the vaccine for health workers across the continent, contributes into the vaccination initiative of the African Census for the V-Squintral and Prevention. N10 Vana is pleased to play its part in this initiative to support the governments of Ghana. At the end of December 2020, the cumulative value of N10 Ghana's efforts to fight COVID-19 was 1,39 billion Ghana seeds. As we progress through 2021, we will remain focused on supporting our people, our partners, and our customers while ensuring network resilience and efficiency in delivering our quest to make the lives of our customers, our whole life brighter. I will now attend to our parishioner results for the year 2020. We'll please with all of our all performance in a very challenging period. But good growth in our subscriber base, which was helped by the heights in need for reliable and resilient data and digital services in this area of the pandemic. To help maintain the quality for availability of service for our data and more of our many customers, we invested 1.5 billion going to 1.5 billion going to cities in network capacity and infrastructure expansion. As part of this, we ruled out 202G 203G and 95DLT sites, which helped relieve the pressure on our infrastructure. And significantly enhanced our service delivery across the nation. Our SmartPapX deployment helps support a 15% growth in data traffic and reach 1.875 to a 4G site nationwide. That's 1,800 in 5,800 in 5,800 in 5,800 in 5,800 in 5,800 in 5,800. This done looped it to a 7,1.740 population coverage and were committed to a mission of having 4G on every site in a coming year. 7th revenue growth remains in the double visits, expanded by 16.4% zero year driven by good growth in voice, beta and more low money and digital. Voice revenue grew by 8.1 to 100 years and was supported by 23.4% increased in our subscriber base, as well as various customer value management initiatives, which help money's trend and improve usage. The contribution to service revenue from voice continues to be climbed region 41.8% from 45% in the year in the year prior. as others say that this has increased their contribution in line with those strategies to diversify our revenue. Growth in data revenue was strong at 21.3% year and a year. This was used to grow in our active data subscribers by 32.4% a high number of smartphones on the network and the general increase in usage. As mentioned earlier, the high-IG stage was partly due to shifts in consumer behavior, brought a bad bite of pandemic, and enhanced networking infrastructure. Data revenue contribution to save is revenue increase from 28.4% to 29.6% year and year. Will my revenue grew by 32.2% year and year, as a number of active users increased by 16.3%. This was the result of various promotions in the year increased peer-to-peach transaction activity, and the upper of more advanced services such as retail merchant payments and its national revincences. In line with our revenue diversification strategy, normally you're revenue contribution to service revenue rules from 18.6% to 21.2% year and year. Visual revenue declined by 6.2% year and year. This was used at an impact of applying a principle basis agent, account in standard across the M.T. and Group in 2020 with zero impact on the butterfly line. For a likeful like comparison, digital revenue would have grown by 34.5% year on year. We're kind of a long way in our digital journey and we're pleased to report at 3 to 8% surge in a number of active subscribers, falling to some enhancements in our video and gaming offerings, major in the period. We also observe the increase of adoption of our business. of the brief introduction of my MTN and our U of S.U. graphs, and we intend to employ strategies to continue this growth. The digital revenue contribution to service revenue decline accordingly from 3.9% to 3.1% year and year. Our reported earnings before interest tax depreciation and amortization grew by 20.8% with a corresponding margin expansion of 1.9% to 52.7%. We continue to money down cost efficiently and benefited from up-ex reductions arising from COVID-19 impact in digital distribution efficiency. This resulted in healthy expansion of our EBITDA and EBITDA margin. The overall improvement in our revenue lines coupled without prudent cost management and efficiency, resulted in a figure 0.4% growth in profit after tax, and after reviewing the full year performance. As we have recommended, a final dividend both Ghana CD-0.05 pay share. So that's five Ghana Pistwa's Pistwa's Pistwa. We're going to total dividend for 2020 to 8 Ghana Pistwa's Pistwa's share. This represents 70.5% of profit after tax and it's 33.3% increase in dividend pay share compared to 2019. Now touch on some regulatory updates, key ones would be the SMP and localization. In terms of SMP, we continue to have productive and constructive engagements with our regulators and our policy observators. However, due to the elections in December and the ongoing investment and and appointments of the substantive ministries. These discussions have stalled since late November to early December. We're optimistic that we'll continue these discussions to influence the implementation of the remedies to achieve SMP going forward. Our primary objective is to ensure that the remedies that are implemented have a long term impact on the sustainability of the industry. In terms of local regulations were committed to continue to progress localization to achieve a 25% localization target agreed with the government of Ghana. In the last year, Zema 2020, we launched an employee share options program which is committed an additional 4.41% towards localization. So that brings out total percent localization to 16.9 of which 12.5% was also resolved over the IPO intercepted of 2018 and the 4.41 additional commitments from the Employee Share option program in December last year. Will I bet you substitute the plans to achieve the remainder of the localization as we go through it a year? In terms of mobile money payment systems and services act, the localization requirements which you have 30% localization by the end of December 2020 has also been revised. The central bank has recently informed us by extending the timeline from December 2020 to January 2022. We continue to work with our drivers, in developing the plans to build an execute plan to achieve the set targets of 30% of the liabilities for the more money limited entity. and wholly on subsidiary of Skantcompiel. We look forward to providing further updates on our progress in subsequent releases. Just a quick update on MTN Ghana's twin-fifth anniversary, the year 2021 must a significant milestone in the journey of MTN Ghana's contribution to providing vital telecommunication and digital services in Ghana. As part of our twin-fifth I'd invest, we're committent, equivalent of $25 million US dollars, which is approximately wanted in 16 million Ghana City to fund supporting Ghana's post-profit 19 recovery efforts. Emitting Ghana would also work to deepen its strategic partnership with the Government of Ghana through investments in video-tell=system projects as part of the Government's long-term transformation agenda. We're excited about this development and grateful to our customers and stakeholders for their support, more details will be shared as discussions and agreements progress with governments and our partners. In terms of the outlook, the outlook for 2021 will be shaped by the extended impact of the pandemic, while economic growth projections by entities such as the World Bank and the IMF are optimistic, remain cautious due to the potential long-term dampening effect of COVID-19 on the Ghana economy. As a business, we remain focused on our people, our customers, and on supporting government through the provision of a resilient network to support economic growth. We continue to target service revenue growth within our guidance, range of 13 to 15 percent, and employ prudent cost strategies to continue to improve our margins and finance your growth in our bottom line. M10 Ghana will continue to prioritize its investment in infrastructure expansion to meet the needs of Ganyans in this era of accelerated digitalization. Continued growth in service revenue would rise if it driven by data, more of financial services and digital. In 2021, we will continue our journey from a traditional mobile telecoms operator, 20 imagine digital operator. Revephal designated 2021, that's the year of the customer, the digital experience. I will now hand over to the conference call operator for questions and answers. Thank you very much. Ladies and gentlemen, at this stage if you would like to ask a question, please press star and then one now. If you decide to withdraw the question, please press star and then two. Again, if you would like to ask a question, please press star and then one. The first question we have is from John Kim from UBS. >> Hi everybody, I'm Dr. E. Ophartunity. >> Two unrelated questions please. Firstly, cash flow to the group level. We should be thinking about the management fee as well as the dividend. All the dividend counts we should be using about 83% if I heard you correctly. The collective dividend up to group question mark. Second question. I know that there's been some legal process. legal process around Antiett Gana being declared dominant. That's done and does it? Have you seen any remedies? Or do you know of one's to come? Thank you. Okay. Thank you for your question. Can you just clarify the very first question about a possible group? I wasn't sure if it was just a statement or a question. I wasn't quite sure what the question itself was. Sure, my understanding is that Ghana pays a management fee to group and it's also entitled to a share of the dividend at the Genei and level and my understanding from what you said earlier is that's about an 83% of our show. question work. Okay. So what was the question you want us to clarify that or because you restate to the facts and it's correct. I'm not sure what you what exact the question is. All right. Sorry. Could you quantify that for us any other RAN, CD or more dollars please? Okay, on the total dividend, the money management fee paid up to group. Please. Okay. All right. So I'll hand the question over to, to call the he was the action. See if we'll before call becomes in. Let me just answer the question on on SMP. And yes, you know, you know, you know, in what's the call as a significant market column market player in July 2020. As soon as an 11 number of development, at this stage in October 2020, we implemented one of the seven remedies that were imposed on us, and which was a 30% reduction in asymmetric and the trajectory. And we can clear to have dialogue and discussions with the regulators. Why to look at the implementation of the remaining six remedies. Our primary objective is to get to a point where the remedies that are implemented have a long-term impact on this sustainability of the industry. It's really important because that would ensure that the objectives of S&P are meant to be, as opposed to a reduction in NMTN to perform based, but minimally impact on the industry. So that really was a discussion that are about. And the engagement so far have been encouraging, however, you know, it's stall to some degree, following a election in December, and beyond going process to appoint the substantive minister for communication and digital. One that processes concluded will be able to resume discussion and then progress and will be able to give an update at the next quarterly, investor call. I'll hand over to Cobi now to give it a number of business details for their dividend and management seat. It up to please. Thanks. Okay. This is Kobe for dividend and for dividend and the the money jeans fee that we expect to pay. It comes up to 9 and a 49 million Ghana cities. We are paying dividend of 840 $. Thank you. The next question we have is from my your interview. I'm from Nupra. Hi guys, thanks for watching this app questions. First question is about the interconnect traffic regulations and SMP. We saw that the voice revenue increase wasn't great actually with a decrease system sort in the fourth quarter if I get my numbers right. How much of the asymmetric cut to the bottom of this? Or is it purely just custom behavior and? and it was an additional competitive pressure or anything like that. Because you added subscribe, I'm just trying to understand what other dynamics behind this. Some colour would be useful. And the second question is, excluding your wonderful product in Wiles, Dorthband, 6th Dorthband, what's the average data usage per megabird per in megabird per custom? Thank you. Okay, well thank you very much. Let me start with the average data usage customer. And we're currently seeing somewhere between 3.5 gakes per customer per month to the amount for four gakes per customer per month. And so that's the average that consumers are using. Obviously that that number has increased during the year based on the demand for data and the difficult services as a result of COVID-19. Not a question you asked on your voice. If the voice trends, if we look at the voice, brand calls for a call that will point the cleanly. You would see a decline from a two-one into two-four. However, the two-four trend is actually a bit of an anomaly, because there's some one-time adjustment effects that are taken place. So that's where it goes up to the top line revenue as well, to look at their year and year performance. In terms of voice, just to give you some conflicts, what we're seeing in two one, at least in generating so far, the double digit growth, year, and year for the month. So again, just to put that number into context, the way some one-off adjustments into connect will release its event. And in the second component, which is not a one-time, and when a permanent adjustment will be the SMP. However, the SMP effect is less than 1% or total revenue, which about 0.6% and so that effect is not just the most significant driver of the trend we're seeing. So we would expect to come back to our normal trends around, you know, late thing or to early double digits, you must try to avoid the voice growth here in your go. Great. Just to come back on the data usage per subscriber, is that cleaner have to forebeek for more birth subscriber, or that also contains the denominator, your fixed wireless LTE productive was. It's just once a third. No, it's a more than all of the birth subscribers. That's pretty good. Thank you so much. Thank you. The next question we have is from Prishandron, Odaia, of Nip Inc. Hi everyone. Congratulations on the results and thanks to the opportunity of questions. I've got two quick ones. I think the bits of it has been answered, but just on your cue for operating metrics. So, you know, you're reviewing an ever dark. It's used to slow down in the last quarter. Now, I know you're on the last question on your inspiration. You mentioned that there were some one of the adjustments. Was there anything else that was causing the slow down? Because you know, up until September it was looking pretty strong. both in terms of like I said, revenue and margin, but protocol is quite weak and is huge slow down. And in the second question if I can, I know you guys announced the buyback of 1.1 million shares in December. And I think this has a deadline to get KYC for the subscribers done by the 2030, which was about two days ago. Is there any updates on that on how much you guys have to do and how does that impact your overall localization to get to 25%. Thanks. Okay, thank you very much. Let me take a first question and I'll have Kobe answer the question and a buyback and what the implications are for look like. for the look of the Asian. So in temper of the place where I think you know that's who we've been. When you look at those overall performance, you mentioned revenue and EBITDA. I believe that the answer I gave, you know, previously on the revenue side should satisfy the revenue print. And I would like to look at the EBITDA trends as well, you know, to work some impact and you know, and up here on for the slowdown. The reason for that is primarily. And once we had ease and up, ease and up, of supply chains, we're able to accelerate, or Fedorax to the rate, our copyc deployment, and that has a direct impact on our A\/B\/DAS. So for the previous quarter, because of that slowdown, we're not at the moment in a couple of pins, I think we would know what we mean. And a lot of that kind of things have been spent in Q4. So that's the nation for the bottom line side. My previous answer should hopefully address the revenue side of that as well. My garden is playing below here. I'll go ahead. Okay. So on on the on the my back. It's it's beautiful to grow to IC issues as you are aware. We have managed this process would be a regulator. So we are going through the process of updating the KYC of the really kept parties. But in the end of the process, where the astounded one, we can report but and so on onto the market. So that is a position. Yeah, it has no effect on the 12.5%. Because that one is loved. I'll pay the IPO in the IPO that we had. That's not my slot. It doesn't have any impact on that. >> Can you give us an indication of how many of those that 1.1 million share subscribers have actually done the KYC? So is the impact going to be a lot less than the 1.1? of the last trip of its thousand four million 20 potential who does of the idea of the ELA course in that. Okay. All right. Thank you very much, gentlemen. Welcome. Thank you. The next question we have is from Jonathan Kennedy Good from JP Morgan. Good afternoon. I just wanted to come back to your revenue guidance of 13 to 15%. You mentioned that voice was growing double digits so far this year and the other lines are all growing 20% and north of that. So just trying to understand why the conservative guidance is there potentially more competitive pressure on the voice horizon given changes in termination rates. And then, second question, just on your digital revenue, could you tell us how many are you all the users you actually have and what kind of revenue opportunities you see in there, whether that's starting to scale somewhat. So, let me just try to give some context first of all on the voice side. Yes, we're seeing the double digit voice growth. So far this year, it's one month in the year. However, what I said before was that we expect only voice growth here on the summer between the high single digits to the early double digits, right? Voices is something like 40% for the 1% of total revenue. So a single digit, late single digits for early double digits, the only egg growth will pull down the ball of the total revenue. So that's the fact we even want the estimate is a bit interdisciplinary to the extent. The second component is that one SMP deployment or remedy implementation has only started, so there will be some incremental or best MPs encounter where we land with a ministry, which, well, a new development before we gave our estimates of 13 to 15, we've maintained the estimates of 13 to 15, despite the impact, the incremental impact of some of the SMP measures. So I think it's a reasonable assessment of where we believe we'll run by the end of the year. In terms of Ayurveda users, we ended last year over 700,000 Ayurveda users and in terms of revenue today. I mean, we're not really generating revenue from Ayurveda. It's a platform strategy that we haven't mind. Ayurveda is intended to be a super app. So at this stage, it's really driving adoption and building a usage behavior. and monetization will be at another state. And so for now, revenue is not a primary focus, which is building a base, but that we can expand and then platform capabilities of a year, but of our long-term strategy. - Thank you. - Thank you. The next question we have is from Samil Rajpur, from HSBC. Please go ahead. - Hi. - I just want to check on now. the regulatory developments. I know there's some some some some positions of the right now and the more it what is your based row the discussions better on going with the regulator and do expect any more. Any more new rules coming up on this regard. Okay, thanks for your question. I think the first thing to point out is that there were seven remedies that were imposed at the time of, you know, sending us the SMP and designation. And of those, only one has been implemented. While our discussions have been encouraged and would expect, you know, a few more to be implemented through the year. What we're focused on currently in our engagement is really their implementation, the best initiatives of those specific remedies to ensure that the broader objective of SNP is achieved. And, you know, those discussions like I said have stalled in the elections, and once the substantive minister is put in place, we will resume those discussions and progress and progress through it to a point where we can give you something more specific probably at the next quarterly update. But now we will remember the one with very percentage reduction in asymmetric interconnect and we'll continue to monitor that as we go forward. And maybe if I can just follow up on some important, would you think that the main implications would be given that the government there is planning to apply or propose to a acquire one of these smaller operators there. So what I have potential implications these will see there from that moment. It's a very difficult question to answer. And because there has really been very little shed on this acquisition by government of AOTL TIGO. Now just to point out, you know, typically in a situation where there's a neck position for my buyer, you would understand the investment appetite, the ambition of the new buyer. If it's really, you know, just to hold the same position, if it's really to challenge for number one number two, if it's really to build scale. And based on that understanding, we'll do it to model a potential impact. At this point, the only thing that has been shared is a fact that government interest is to ensure that jobs are secured and jobs are saved. However, on the business side, there's been no indication of the ambition and no indication of the potential investment strategy of a potential new buyer. And we also understand that governments role may be just to hold and the tracks new invest this. So we're still at a very early stage as far as what they're What that outcome of this process would look like and based on that would have a much more concrete sense of impact. So I apologize. I'm going to give you a real sense and but we've confused the money to this and to the extent that we can share so it's an impact we will. Sure. Thank you Thank you. The next question we have is from Nick Paget from to a capital. No, I mean, thank you for all the opportunity to speak with you. I again want to apologize. I again want to ask about revenue that some of the other questioners have asked about undoubtedly in total. It was a great year for 2020. But as others have mentioned, you know, Q4 the revenue pace was a little softer and I've heard everything you've said so far. but I saw a few uncertainties about the Q4 number. So my observation is that, sequentially, if we look at the two prior years, you're going back to 2018, Q4 revenue was 15% higher than Q3, and then 2019 it was 9% higher. But this year it was basically flat. I heard you say there were some one-offs, but that would be quite a bit of one-off to be that to explain all of that. to explain all of that difference. So I wonder, is there something else like, you know, COVID really, I think helped your revenue in the first three quarters could it be that things are normalizing. And so the slower growth is the result of the normalization, although your guidance, you know, as mentioned is sort of unchanged. So that maybe is counter to that point or was there just anything else unique about. You for other than the one answer, maybe the one answer bigger than I thought. I'm just still still looking for some of the more kind of clarity on that if you could explain Q4. Let me let me start by saying if we if we normalize the effects. for the adjustments that we've made, kill for over Q3 would have been about a 9% year in your group. So it would have been in line with 2019 as you mentioned. So that's a starting point, right? And if I take the second point or are we seeing a change in trend from a consumer behavior standpoint? The answer is yes. I mean, we're seeing a lot more people using data and digital. As far as the pandemic goes, the changes in behavior from people going to physical school and now at home work it. But if I look at the Q1 to Q4 trend, it doesn't suggest that there is a specific issue. If we look at what we're having in Q4, most of our schools went back and therefore the usage of data from home would have gone down. But they'll be compensated for by either behavior. So there's quite a lot going on in terms of shifts in behavior. And one of the easy of the restrictions that's unfold, those behaviors changes that we saw in Q2, Q3 would be reversed as well. So there's quite a lot of mixed going on. But organically, yes, we're seen a slow-agreuth invoice done we're seen for the inner areas, which is expected. But not to be extent that the numbers will depict you because if we normalize we're seen something like in 19th century and junior group. Okay. 9% sequential from Q3 to Q4. XRA1OS. Okay. So that's, thank you for clarifying that. That's more than I would have guessed. And maybe you said that number at the beginning and I missed it. But then up. So what, what, I mean, given that is such a large number, what kind of one-offs, what kind of adjustments would these be? I guess that. clarifies one answer and raises a new question of just what what are those I wouldn't guess that kind of one-off's could occur. Sure so outside of outside of SMP and those into connect and those also a principle agent adjustments on the digital side of that factor the overall total total business and perhaps we can go offline and go into a more detailed on this if you would like the fine on this team can work you through this. Okay, but those are the two areas that we made you, Jeff. Okay. Um, we're these, I get so I'm going to ask this because I think it's it's on my mind and probably others and I understand you probably won't give me a. I'm not going to be able to answer it. I'll just ask anyway for the benefit of everyone. Sometimes we see when a company has a great nine months, you know, they take the foot off the accelerator bit and they still report a very good year. Or, you know, discretionary items that don't necessarily have to be recognized are recognized to. So I just can't help wondering if that's the case of maybe the Q4 you report is a bit of a low aberration because you could still have a great year anyway and that just set you up for another good gruss year next year. Now it's a creative question but no the answer is no we had to make these adjustments and we should see uneven and out of these through the year. Okay. >> Thank you for answering. You're welcome. >> Thank you. The next question we have is from Annie, nurse here from Budge's. >> Hi, fellow, I'm Steve. Thank you for the opportunity. I just have the questions around mobile please. Maybe starting with the structure of any potential transactions that takes local ownership to 30% by the new timeline. Just curious, how do you ensure that the interests of the Indian Ganges shareholders are not only protected but maximized in case of the transaction and how do you do you know what kind of transaction options do you foresee to get the 30%? Okay, so at this point I mean it's a bit early for us to tell. However, what I can say is if you look at the scan-come levels, the scan-come is it, what will be all in the, you know, very more money limits is a whole new one of C-daryos scan-come. We're able to achieve the 25% of Skanko and split the shareholder in a cross-marmony limited. We would have achieved 25% of the shareholder. The question you're asking really applies to the 5% surplus above the 25%. We find the structure for that as yet. But the digestive sort of explained the components of the 30% that will be impacted by the question, It would be the 5% that remains. You know, once make progress on this, we'll share, which we'll share that with you. But again, that's a very dangerous level. Yeah. The interest of share will absolutely be sent into consideration for effect which I've said, new share and things like that. I'm sure that's where the question is going. Yeah, I didn't even think about the indirect, so I really, I just found that point. But, ESA, will that need to invest in 2021 for the Trump as local shares? Or does it have a longer invest duration? There has a longer investment duration, and so they have two components there and it's about three years to five years. Okay, so you would recognize the local, I guess you'd recognize these shares as they've as they've counted local shares, right? That's right, but the allocation may not end with the word, but it would become real shares one of the best. Yeah. Okay, and just operationally on Tom Momo, the monetization has been really impressive, if you look at this, rather than the average user. Can you just talk about some of the initiatives that you've put in place this year? Or whether consumers have changed the way they use our animal that have driven that monetization. And then second part of the question is, I've noticed that the subscriber growth and mono and live voice and data in the year. And I was wondering, you know, what do you think is preventing faster adoption and penetration among your voice users? Okay. I think I think a way to think about that. Let me just start with the growth in Momo. You know, both Momo and data have about the same number of active users, you know, 10.7, 10.8. So the difference is not really significant. If you really think about the need for data versus the need for moment in a year like we've just had, then it's actually quite impressive that Mommu is keeping the same, it's keeping pace with these growth in terms of subscribers. So I think, you know, we may have on index in days and previous years and Mommu may have done better, which is why you've seen it at, you know, slight difference in the percentages. But if you look at the actual numbers, Mommu and active days are exactly the same reason the MPM definition, which for me suggests that Mommu is actually you do quite well. So that's the fast point. In terms of monetization and number of things have happened, you know, one we've increased up by about 60% but we've also seen a significant increase in usage in average transactions per user. And it's really important because if you look at Adam Mark as a, you know, much show can have for example, the biggest driver of Apple growth is increase frequency of transaction and increase frequency of transactions across a broader base of subproducts within the normal money suite. When we think about advanced services, things like our loan products, the national remittances, payment services, those new products allow users to have a higher level of stickiness and subsequently higher level of usage pay user per month. So we've seen significant and growth their upwards of five transactions a month last year, where sort of around the 44.5. So, it's you know, 20% of increase in usage frequency as well. So those are the primary drivers. And you know, as we continue to expand our product, but full you, which should continue to see these usage frequency, the increase over the coming year. That's also the context of zero rating on the 100, that's kind of real. That's correct. That's the real. Okay. Okay. Okay. Just some other point. So, I'm going to see the money. As if if you look forward, or maybe just 30 or 20, 20, how does this fit out between peer to peer and some of the new products that are, you know, more or sticky nature. So if I take our advanced services in Toulteau, where we're talking 12 to 15% in terms of the sense of revenue. So it's still growing, you know, rather than mix the product mixes concern, and the level of adoption there is also still growing. But if we think of the future, advanced services really represents the future of more money because the basic transactions, PTP, Cation, Cashout will perhaps normalize in terms of incremental growth. So for us it's really building the foundations for the future and making sure that mix, we get that mix right so that we can continue to sustain the growth as we go forward. So that's really, really their response to that. Good, last one, just on this, just related to the float size, which you show on the balance sheet. I think you've exceeded the billion dollars. It's about doubled versus the 2019 December closed. And I calculate that, I don't know if this is the right way of doing it, but if you look at kind of an average wallet size, it's now over 100 US dollars about 100 and seven. And I was just wondering if that is consistent to what you observe or am I looking at things, you know, some of the counting bases, because it's a good thing. That seems like a big number for Donna in the wallet price. - Sure, and I think the first thing to note is that the flows cover a couple of different areas. It covers our merchant, it covers our consumers, they cover our agents. And I believe sort of the bank flows maybe part of that as well. So it's hard to take that number and just divide it by the number of customers and get the one-ed size. - Yeah, that's what I thought. Okay, that's all. Thank you for that clarification. You're welcome. Thank you. So we have a few more questions on the conference call. You have time to take a few. Yeah, hi, maybe we can. that's the most important and then we can end up all. Not a little bit. But this one, Darren, just from 3-3-7, right here, tap it down. Hi, good afternoon, good morning, congrats on the great results. A couple of questions for me. Could you just talk about the growth in both voice and data you're seeing? Do you have any indication if these are market share gains? Is the market growing as quickly as you guys? And could you talk a little bit about sort of any kind of push back from your two competitors? And it sounds like as you said, T. Go and, uh, let's say, a bit more complicated, but I'm just any update on competition with the helpful. Um, also the 139 million CDs that you guys books as related to, uh, sort of COVID initiatives. I'm assuming that's on the income statement, and it is is it fair to assume that a lot of that comes out in 2021 or these going to be recurring expenses? And then the last question, I just want to confirm you said you're at the advanced services in Milmo is around 12 to 13% of revenue. In that last year, I think that was you guys were closer to like maybe two or three percent in that line. am I right in saying that and can you just unpack that a little bit where is the where is the the growth and that advanced services coming from the towns sounds like you guys are gaining good momentum there. Okay thanks thanks for the question. Let me have a run. I was it and last year we're just around 10% not 3% so we've seen something like a you know 40 to 350% growth in that line. In terms of the present of moment of moment of moment of revenue. So that's just a clarify and the numbers you have. And the growth is really coming from pain. Where, you know, we've continued to explain the number of matchups we had. We came out of last year with about 150,000 in the next year. And this year, we ended this year with over 100,000 matchups. And we're continue to see increased activity at various matchups point. So the expansion of the matchups increases the opportunity to use. to use and you're opportunity to use your mobile money wallet. And we're able to prevent it where there've been a lot of restrictions and things like that. But that's also actually a reason to help accidentally change in behavior. The relationship, the MTM group announced master cars. Is that being implemented in Ghana as well? Is that, that's a global view for us. So yes, they will have an implication for Garner as well. Okay. Now, just your second question was, you know, the 1.59 million. And just to break it down, this is, you know, the, the COVID impact for us in terms of what we spend in cash, but also what we've given up in revenue. So the 1.59 and keep is a 94 million of T to P for more money limited and the balance of the, that's what we spend in cash, which would show up in our income statements. And so yes, we've continued. So yes, we've continued a P to P, the free P to P 400 Ghana cities. We've continued that so far, in 2021. And in terms of the spend, we will continue to spend on COVID until we get to a point where we don't have any. So these numbers will be baked into 2021 as well. God. So the first question was on voice and data and it was being market share growth. I think in voice, in market share has been marginally growing, but it's fairly flat. But in terms of data we've seen some market share growth. Unfortunately, we haven't had a recent. A recent release from the NCA, our regular data on the industry position, and the numbers we have are quite old, so until it received that it's hard to give a very concrete sense of whether we're seeing market share and data or not. I know all of your prices are an industry that was a series in demand for data. And therefore, to the extent that you're able to provide a capacity you'd see growth, especially during the COVID period. I don't expect that you know, market share may have grown marginally in detail or we remain about flux in a little bit. The dollar has been an entire industry effect from COVID-19. >> Got it. >> It's sort of long. >> I don't know. >> That's just go ahead. >> No, no, you continue on. No, I'm just going to say in terms of competition, I mean, And that makes an marketplace have been linked to the acquisition or the exit of AETL and potentially middle income from the market. And like I said before, we'll have enough deep build to really ascertain and assess what this means for our business going forward. And as soon as we have more information, we'll be able to share that. Our focus continues to be ensuring that we invest margin. We continue to focus on resilience and quality of service. And the world's so expanded in our technology so that we can have four year in every site in the coming years and that continues to be our focus and and also build out our home network and where we see a lot of opportunity in the future. Can I just one related question on competition and mobile money. I mean are you seeing is there any competitive response there? I mean you guys, I understand. I mean, a bit of digging, I can do to try to understand sort of the distribution and agent network for Votacom and Piertel T-Go. I mean, it seems very, very limited. I mean, are they even trying in mobile money at this point or or is it is the game yours right now? You know, it absolutely was. And, you know, for us, if you think about moving on money today, I mean, you know, we're talking by the empty end definition about 10 million customers. We have a population of about 80, 2, 31 million. So, I mean, that's only 30% of the total population from an active one when you use that penetration standpoint. From that perspective, I mean, I think there is a lot of opportunity to continue to drive financial inclusion, you know, point one. But if you look at the frequency of transactions, it's still in single digits where we should be in double digits. Now, to really get to double digits, you need an industry ecosystem, mature, you could let allows that to happen. For which we would need the other players in the market, to continue to drive behaviors to a different level of development. drives behaviors towards electronic currency, more money currency, things like that. So when extend at this stage of the game, any effort from our competitists would help accelerate the growth in the industry because it's such a nascent stage. I mean even though you have seen, note numbers of six billion above, I mean, we're at a very, very young stage in terms of the more money opportunity. So we don't see growth from our competitors as compromising the pie. We really see as accelerates in the growth of the pie and we can have a much larger share of that growth. In terms of the, in terms of the growth of the pie, we can have a much larger share of that incremental growth. So we encourage it. We also do think there is an innovation engine that's lacking in the market place and some of the initiatives from the central bank to try to license these smaller players. All of that will continue to drive innovation within the ecosystem to allow us to reach the maturity that we require to continue to grow faster. So a lot of opportunities, I mean we don't see that as negative at all, we would encourage more people to invest because the drives that will market. They've filled 90% of cash usage and gun at the moment, despite the pandemic and all of that. There's a lot of work to be done and if we all bring out an ed together at the industry we'll get the ecosystem to grow and we'll view it all benefit from that. All right, thanks so much and congrats again on this great results. You're welcome. Thank you. Final question is from Brad Bridge, see you from Equinox Partners. Thank you for giving me the chance to ask the question. I have two questions. The first is, in the comments, you talk about investing a billion and a half CD and network expansion, whereas the cap extra the year is a rough around the world. I've roughly around a billion. So I assume that, you know, the incremental half of billion CDs came out of the income statement. I'm curious sort of what what part of network expansion you capitalize and what part you expense. And then the second question is, so you talk about 2021 being the year of the digital or year digitalization. What specific initiatives are you doing around that and what is that? So, in the last part of your question you went, you sort of dropped off. If you can just stop from the year of the customer and what initiatives? Yeah, what specific initiatives are you doing around that this year? What is it really really mean that the year it is all possible? Okay. All right. So I'll take the second question and the copy will answer the question on the cupcakes where we look at the core topics versus the rest. You can give it a details there. Let me start with a year of the customer. So when we talk about the year of the customer there and number of different things that we look at we have about six pillars. That we've developed in terms of digitized and out business and you know one of them is you know, parations internally trying to automate and digitize a lot of our process internally a lot of us are working from home now and therefore it's not only a good to have or a nice to have. But it's a need to have so that we can continue to work effectively and support the business. So that's the phase component that I want to well too much. You know what that means, but we can go into the details there. The second one is read on our product side where today, the look at some of the initiatives we've launched we've gone from using scratch cards. You know 15 20% of our reach out sales came from scratch cards two years ago and we've dropped that to about 5% last year and we're saying we're going to get to zero by the end of this year. And again, that's, you know, part of digitizing our sales channel, our primary sales channel on reach edge, where you have new channels that can support that transaction. So you have my antenna app for example, we have, you know, electronic electronic sales of reach edge, as far as agent goes. And you have these sort of different channels that you can purchase reach edge from, you'd have online channels as well website channels and things like that. When we think about becoming a platform player in the next three to five years, then the foundation for that is really being built from out perspective around opening API for mobile money where we can have customers access in our API is and connects into us without having significant interaction with us. looking at how I owe you a bunch of things, which started off as a message in up, but we're looking at implementing micro apps. I'm saying to think of wechat in Asia. That's really what I owe but looks like. So currently we have about six or seven micro apps already implemented and we'll continue to expand on that. looking at relevant local apps that can sit within a yoga ecosystem and continue to expand that. So it's a very exciting time for us. We're bringing a lot of things together. We see ourselves as a central player where we can be the core of a lot of these transactions and the innovation from the stop-up industry can be on the outside of that core and connect to that core to be able to provide their services to get the end. But we think about customer experience. There is a lot of opportunity there as well. Today, I mean, we have a lot of people have to call into our whole sentests. They have to work to our smallest to get basic service. And a lot of these things can be done. If you have it, if you have the right digital platform. So my MTN is really the pivot for that, where we're seeking to allow people to do things themselves. We want to increase the percent of self-servous interactions without we're not supporting. and that's the big focus for us this year. So the number of initiatives around that, looking at things like chat votes, looking at AI, that can support customers remotely, looking at the IVR solutions as well, which already have in place, but we need to expand the usage of these two customers because our customers tend to be a bit shy of adopting some of these solutions that we haven't placed. And so that's just to list a few of them. But there's several other things that we're doing beyond, just, you know, support beyond just sales channels on a product side, simplification about the full new digitized and their interactions, console debates, now a short code. These are all things we're doing simplified and genuinely experienced for our customers. And finally on the technology side, and ensuring that our technology platforms and infrastructure support and digital ecosystem. So the next work, this is why having for you and and to look at modernized and our eye systems so that we can have the right environment from a security standpoint from an operational standpoint and from a reliability standpoint for the liver on these digital services. So there's quite a lot of bait that we're working on. We're going to be very busy this year. All right, so on the -- yeah, on the two packs side, just to clarify, all kpx spent, uh, satellites within the year the okay. So non, non is satisfied for any other. And the own that's the the call kpex, um, is the H5H. Maybe lead refers to, but the top kpx was getting thinking, um, When you check it on the IRFR16 was 1.489 and under IR17 is 1.397. So that's our capacity details. So all of them are capitalized within the 50\/50 year. And just to add that the difference between the core and the total will be things like licenses right, or because that's yeah licenses as a software that are really definitely network. with those games. Sorry, can you clarify on the campus question? So the number that I saw was, it was, even when you add the licenses and whatnot, it was still only just over one. Yes, overall. Because we have strict rooms as well as call networks assets. The rooms were about 30 or 60 million. So those are the plus other software and licenses. So maybe they will have to look at what you are looking at and give you fed apply to. But. And in just one quick while upon that is how much of your capex would you consider to be growth capex relative to maintenance capex? >> Come again, I didn't quite touch what you said. How much of your practice? Would you consider maintenance of the existing network versus? >> Maintenance? Mentilons, you said that's a little bit. So, maintenance doesn't form up those two things. >> I think to clarify, I think the question is, you know, we have a maintenance cupcakes which would be we need to implement that to keep the network going with the existing capacity. And then they increment like a copy and copy. I didn't copy it to like the same network. Yeah. We can take that offline and look at the breakdown if I made so just yeah that's what I was just so so maybe we'll pick it up. I'm going to take notes and then let's get about to him on the details. Okay thank you. First appreciate it. Thank you. So do you have any clues in comments? Yeah please. So I'd like to thank everyone for making time to join us today for this call. Again I'd like to apologize for the long hold. Had the start of fall and the extension of the time of the call as a result of this poll. I know there are quite a number of questions in the queue, but our big glad is if you can reach out to me, then I can I first shoot with your answer questions. You can also visit the investor page on our website that ntn.com.ght to download our financial and access any other relevant investment information, which includes the transcript and audio for this call. which I'll be adding up in the comment week. So thank you and you may now end up all. Thank you. Ladies and gentlemen, that then comes to today's conference. Thank you for joining us. You may now disconnect your lines. 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M1\n","wer":0.31000225784601493,"date":"2024-06-10T14:44:15Z","model":"tiny","timeElapsedInSeconds":97.65256595611572,"transcript":"Hello ladies and gentlemen, thank you for standing by for RLX Technology X 3rd quarter 2021, our name's conference hall. At this time, all participants are in listen only mode. After management remarks, there will be a question and answer session. Today's conference hall is being recorded and is expected to last for about 45 minutes. or now turn the call over to your host, let's just answer. Have some of the best relations of the company. Please go ahead and say them. Thank you very much. Hello everyone and welcome to our Expendology third quarter 2021 earnings conference call. The company's financials and operational results were released through P.L. News via Services earlier today and have been made available online. available online. You can also build the earnings pass release by a first time the I\/O section of a website and I\/O thoughts with that time dot com. Participants on today's call will include our co-founder, chairperson of the board of directors and chief executive officer, in case when chief financial officer, Mr. Chao Lu, and myself, Sam Sam, had a few lesser relations. Before we continue, please know fast today's discussions. Will contain forward-looking statements made under the face-harber provisions of the U.S. private securities litigation reborn after 1995. These statements specifically contain words such as \"main\" will express target estimate in 10, release, potential, continue, or other similar expressions. Forgiveness payments involve inherent risk and uncertainties. The accuracy of these payments to the impact by a number of business grace and uncertainties that could cause error results to differ from a period of time. different material from those protected or anticipated. Many of which factors are beyond our control. The company is a fillet at five-source representatives and underwriters to not undertake any applications to update this for looking information. Accept as required under the applicable law. Please note that our accept logies are linked to the data. press release and this conference call include discussions of an audit of GAP financial measures, as well as an audit of long GAP financial measures. Our express release contains and reconciliation of the unaudited long GAP measures to the unaudited GAP measures. I will now turn the call over to Ms. Kate's land. Please go ahead. Thank you, Sam, and can everyone for making time, store in our conference call today. In the second half of the third quarter, there have been proactive regulatory developments through the global delivery space, including in China. Last Friday, November 26th, 2021, the State Council announced its decision to amend the detailed implication of the tobacco monopoly of the people's Republic of China by adding rule 65, which states that implementation rules for next generation to back up product. the BACO product, including these cigarettes, shall refer to as relevant rules with respect to cigarettes on the implementation regulation of the tobacco, and off the level. On Tuesday, November 30, 2021, the state to BACO monopoly of administration released a consultation paper in Taito, E-Lectonic cigarettes. On national public service path-women for standards information, on their website, and the administration for market regulation. Thinking public comment regarding nationally that tonic cigarette per-ducks standards. Yesterday, December 2nd, 2021, the state tobacco and awfully administration released a consultation paper entitled on the administrative measures for electronic cigarettes. They can probably comment regarding the administrative measures electronic cigarettes, covering various aspects, improving production, distribution, and the retail sales, report and export and inspections. We firmly support this amendment to the detailed implementation regulations and have begun making any required attempts to free compliance with the new regulations. and the Minister for his measures. We believe the amendment will pave the way for long-term, and sustainable growth in the sector. We are also aware of meaningful work-wide regulatory development, which was the similar trend globally, in the United States. The FDA has made substantial progress with viewing PMP applications, and when it's first e-bipropart of authorization, being October. Demonstrating its recommendations of certain evaproproducts, harm reduction in facts. We, quote, play follow global regulatory developments and use this regulation of evaproproducts as the global trend in view. to grow as countries worldwide recognize you with the products harm reduction benefits for adult smokers. These regulatory developments, especially in China, we believe the sector will enter a new era of development. era, markets, mocked by enhanced products, 15, and quality, of mandate, social responsibility, and improved electoral property production. As some of you may be aware, the third quarter was challenging on the commercial front for the entire industry battle chain. Which had been reflected in our key biochimponder financial results previously. These information from temporary, active, public, key-hung with e-vapers etter, and the walling-coring-19 restrictions in response to outbreak in China, which we discussed during the last quarter's early call as a significant adverse impact on the real sales and product procurement, that will bring it forward since the letter, and the report. half with second quarter. As a result, we have record, a 30th worker send quarter or quarter decline, you know, are not revenue. But we believe this revenue decline to be temporary and have a clean plan, clear plan to achieve long-term healthy goals, which child will expand in detail later. Despite those industry patterns, we continued to focus on building a solid foundation for its attainable success. In the third quarter, we re-developed all of scientific research efforts in a continued to attract and recruit top talent to strengthen ourselves, supply and change and R&D capabilities. We are committed to providing adult workers with innovative harm reduction products of the high-tech quality. Also at the IRS, we also plan and act for the Lonton. Coverage social responsibilities have been an integral part of values since day one. In the third quarter, we unwilled our 2020-2221 corporate socialist functionality report. Therein we shared our progress with respect to our CSR initiatives. Some highlights you called our industry leading age verification system, sound flowers of 3.0, with the enhanced features to prevent Android use. Our Redact Care Community Service program to promote role, revitalization, and common prosperity. These accomplishments are attachments to our dedication to preserving our social responsibilities. We've tried to possibly impact our users in Pau-E and communities in which we lived. With that, I will now turn the call over to our Seattle child rule. He will liberate some of our lack-quality initiatives and go over our operation on the financial without seeing more detail. How please go ahead. Thank you Kate and hello everyone. I will start by sharing some of this quote as major in initiative and development and then walk you through our key financial metrics. We believe that offering the right product to the right user segments. So the optimal route to market will be the key to our sustainable high quality world. To this end, we continue to expand our product's offerings to meet the needs of diverse user segments, and optimize our distribution and retail networks to ensure quality world. With respect to products, we are focused on offering better and more tailored vacant products for various user groups to help engage new users with the right products. This product, we introduced ECU, a new brand targeting adult smokers with the long history of smoking. Our goal is to recreate an authentic smoking experience for adult smokers by launching eight tobacco flow with cartridges in our initial stage. At the same time, we further upgraded Qing Feng a more accessible product line catering to price sensitive users need. We also recently re-lunched Stella or Xinxuo in Chinese, a premium device line with upscale style signing including leather, lace and other fashionable materials. We will continue to monitor user experiences very closely and launch innovative targeted products at the right time. We also make several advancements in user retention and engagement during the quarter. We successfully upgraded our membership system, enabling members to enjoy more benefits as they accumulate reward points. A growing number of users are scanning the QR codes on their cartridges to collect reward points, which will allow us to empower users with instant product authentication. Separately, we have established more effective communication channels to provide unbiased, fact-based, scientific evapot product information to our users and the community. Finally, we are concentrating on distribution and retail channel optimization. Instead of engaging more distributors and expanding the number of our relaxed-branded stores, this quarter we prioritized our existing distributors organizational upgrade. We encourage our distributors to high exceptional talents and refine their team structure within each department. We optimize existing relaxed branded partners towards vocation by identifying areas with high retail sales potential and encourage our own as to adjust for their operations accordingly. In addition, we provided online and offline training for store owners and sales personnel, to enhance their communication skills and enrich their product knowledge. In order to counter the adverse effect for misinformation, resulting from periodic negative publicity on our categories. We have also upgraded our digitalization system for branded partners' goals, providing improved some functionality and additional use of portals to assist store owners and sales personnel in their daily operations. For our other retail outlets, our focus in the third quarter was to identify prime outlets for expansion through trials and various channels. The U.S. Triunals resulted in several initial successes, including strong momentum in lifestyle channels and other key accounts. In addition to our emphasis on high quality growth, we are deeply committed to fulfilling our corporate social responsibility. We believe the healthy relationships between our products, users, shareholders, and the community has been essential to the growth we have achieved over the relationship for years history. With this in mind, we will tirelessly introduce new technologies to tackle industry ten points. For example, minor protection is one of the relationship's highest priority. We've found no efforts in our minor protection initiatives. From product labels to trade channels and technology innovation. In June 2021, we began upgrading some cloud system. Our technology driven minor protection system to version 3.0. and currently quit all of our branded store with the upgraded software. On the Soundflower System 3.0, all uses are required to compete name plus ID number, but face recognition, three steps verification before purchasing. After the amendments to China's national standards become effective, we will strictly complies with any upgraded product requirements. For example, we are prepared to include minor protection features such as child safety locks, similar to the feature which we have incorporated into our relaxed ice product line back in 2019. As the company that values long term, high quality growth, our commitment to social corporate responsibility is at the core of our daily operation. The echo what Kate has pointed out previously, our game has entered the second half. With the state council's decision to amend the detailed implementation regulations of the tobacco monopoly ball, And the subsequent release of a consultation paper regarding national electronic cigarette products standards by the state tobacco monopoly administration, as well as last night's release of a consultation paper regarding administrative measures on electronic cigarettes covering various aspects including production, distribution and retail sales, import and export and inspection. Different from the first half of the game, when the effects are lack clear, regulatory guidelines. The second half is marked by enhanced products quality, safety and quality, augmented social responsibility, and improved intellectual property protection. The investments we made in products, talents, research, and compliance in the third quarter and beyond, will place us in an advantageous position of the new regulatory paradigm. We expect these investments to Yale study and sustainable growth soon and to reward us in our shareholders in the long term. Turning to our financial results for the third quarter of 2021. Net revenue is decreased by 34% to RMB 1.68 billion. Equivalent to US dollar to RMB 60.2 million. In the third quarter of 2021, from RMB 2.54 billion in the second quarter of 2021. The decrease was the result of volatile market conditions, including one, negative EVA plane, the public city, since the latter half of a second quarter. To the fact that the new, the drafts, new rules announced on March 22, 2021 have not been formally confirmed, and no new implementation details have been revealed during the quarter. And three, the Bolven restrictions in response to COVID-19 outbreaks in China, which had a burst impact on ourselves and channel inventory management. Growth profit equates by 42.8% to R&B 656 million, equivalent to US dollar, 111.8 million in the third quarter of 2021. From R&B 1.15 billion in the second quarter of 2021. Growth margin was 39.1% in the third quarter of 2021, compared to 54, so 45.1% in a second quarter of 2021. The decrease was primarily due to one, an increase in direct cost related to promotional activities, and to an increase in inventory provision. operating expenses will pass if if R and B 241.3 minute equivalent to US dollar 37.5 million in the third quarter of 2021, representing a decrease of 244.4 percent from R and B 167.2 million in the second quarter of 21.1. This significant decrease in operating expenses was primarily due to the recognition of share-based compensation expenses. Of positive R&B 523.7 million equivalent to US$81.3 million. The system of one share-based compensation expenses of positive R&D-90.8 million equivalent to US$14.1 million, recognizing sending sentences. Two share-based compensation expenses of positive R&D-320.1 million equivalent to US$14.7 million, recognizing general and administrative expenses. And three surveys compensation expenses of positive R&B, 112.8 million equivalent to US dollar, 17.5 million, recognized in research and development expenses. The significant fluctuations in share-based compensation expenses will primarily due to the changes in the value of the share incentive award that the company granted to employ you as affected by significant fluctuations of the company's share price. The second sentence secreted 55.1% to R&B stricted 6.5 million, equivalent to U.S. dollar 8.8 million, in third-border 2021. From R&B 1206 million in the second quarter of 2001. The decrease was primarily driven by first, the fluctuation of share-based compensation expenses. And second, a decrease in salaries and welfare benefits, partially offset by an increase in brand-new material. General and administrative expenses decreased by 649 from the 8% to positive R&B 253.2 million. Equivalent to US dollar 39.3 million in third quarter of 2021. from R&B 406.1% in the second quarter of 2011. The decrease was primarily driven by the fluctuation of share-based compensation expansion and the decrease in salaries and welfare benefits. Research and development expenses increased by 880.3% to positive R&B 44.6 million, equivalent to US$6.9 million. In the third quarter of 2021, from positives R&B 4.9 million in the second quarter of 2021. The decrease was managed by the fluctuation of the share-based compensation expenses and a decrease in salaries and welfare benefits partially offset by the loss. An increase in software and technical expenses and second increase in consulting standards. Income from more questions was R&B 8097.3 million equivalent to US dollar 139.3 million in the third quarter of 2021. Compared with R&B 909.3 million in the second quarter of 2021. In contact with the expenses was RLB 121.4 million equivalent to USD18.8 million in the third quarter of 2021 compared to RLB 204.2 million in the second quarter of 2021. The decrease was primarily due to a decrease in tax volume income. U.S. Gap net income was R&B 976.4 million equivalent to U.S. dollar 159, 151.5 million in the third quarter of 2021. Compared to R&B 824.3 million in the second quarter of 2000. Now, on GAP, Net Net Income, what are the 452.7 million equivalent to US dollars, 70.3 million, in the third quarter of 2021. Representing a decrease of 30.5 percent from RMB 651.8 million in the second quarter of 2021. US gas-based and diluted net income per ADS were R&B 0.724 equivalent to US dollars, 0.112. And R&B 0.717, it equivalent to US dollar, 0.111, respectively, in the show's order of 2021. Compared to US gas-based and diluted net income per ADS of R&B 0.595, and Rmb 0.591 respectively in a second quarter of 2011. Now I'm got basic and diluted netting compare ADS work Rmb 0.336 equivalent to U.S. dollar 0.052. And Rmb 0.333 equivalent to U.S. dollar 0.052, respectively. In the third quarter of the year, we have a number of two. In 3-3 weeks, it prevalent to U.S. dollar 0.052, respectively, in the third quarter of 2021. Comparing to non-gaps basic and diluted net income per ADS of R&B 0.470 and R&B 0.467, respectively in the third quarter of 2021. As of September 30, 2021, a company has cash and cash with equivalent, with strict cash, short-term bank deposit, short-term investment, and short-term bank deposit of RME 14.72 billion. Equivalent U.S. dollar 2.28 billion. Compared to RME 14.88 billion as of June 30, 2021. As of September, 3221, approximately US$1.64 billion equivalent to R&D 10.59 billion was it was denominated in US$1.00. For the third quarter ended September 32, 2021, net cash used in upgrading activities was RMB 142.9 minutes, equivalent to USD$22.2 minutes. This concludes our prepared remarks today. We will now open the call to question. I'll pray to. Please go ahead. Thank you. We will now begin the question and answer session. Dr. Ask a question. You may first start with one of your touchstone flannel. If you're using a speaker for whom we ask you, please pick up your hands that before pressing the keys. To a joyer question, please press star then too. And for the benefit of all participants on today's call, if you wish to ask you a question of the management in Chinese, please immediately repeat your question >> Hi everyone. I have the six management and the four-declad presentation and this is the gathering from CD. I have two questions. My first question is given the reason to raise your. they develop a mindset. We would do like to share with us how we your products portfolio involved going forward. And watch changes can we expect you see in your existing product portfolio. And my second question is, so we saw this load out for a further show that in the third quarter. So could you actually share more colour on your first quarter to date operations trend and also your altruic for next year. given the current regulation, updates, and also the cobbled situation. Thank you. >> Thank you very much, Olivia. So regarding our first question regarding our product portfolio, so we do have a right clear and a product development strategy. As mentioned in the open and remas, we try to offer device products to the right future statements for the optimal route to market channel. So we do aware of the press conference held by the State to vacuum on uply administration yesterday, and also the announce public consultation of the National Youth Chronicles progress across standards. So if you think the transition period for new requirements to become effective, it will stressfully comply with the regulatory guidelines. So regarding what would we change to our current product offerings, if and\/or when the graph, a national electronic cigarettes, car standards become effective, we anticipate we may need to modify some of our current offerings. However, we are very confident that such changes won't be complex for a company kind of co-eat and we believe that our small credit will still continue to stick out and use our products. and harm with such alternatives. So regarding your second question about the product outlooks and 2020. So we currently do not have a guidance for the quarter together with next year. So we hope to share more than we have that clarity. Thank you. I was like, I've had my expenses in the agricultural and farming center in San Marana, so please go ahead. Thank you, management, to take my questions. I have two questions here. The first one is, could you please share your observations on the current competitive escape for this industry? there are any changes compared to the first problem this year. And also what are you thoughts on the retail pricing for in a priority environment? So that's the first question. And my second question is, I've got a single sales. So what are the single sales real extra branded pop stores for now? From your perspective, if you consider to be a healthy, low-store sales level, thank you very much. Thank you very much, Charlie. So I mean there are two patients, one is on the compactive science gate and the order one is on a real spread of commerce course. So I mean on the first one, as mentioned before, during the lack of of the second quarter, we do see that the industry debunkness did not progress as expected. So indeed, these has carried into the third quarter, when we do see that there are external factors affecting the entire industries, including our company and also our peers, to very quickly. But indeed regarding some passive landscape, we have observed results in this recommendation as compared to this first half of 2021. So regarding like retail price that you have mentioned, so we do have increased promotional assets in the third quarter. are trying to drive our retail sales and reveals infantry pressure of our Reddoll chain. We have also seen that given the first quarter decline in general consumer spending in China, many order companies similarly in tremendous subsidies or other sales incentives. So the overall amount of fuel or how subsidies are promotional efforts is relatively insignificant compared to the Art of Consumer Groups Company in China. And we have started already reducing its further. So going forward, we will continue to monitor our infantry level, a together with the Army and adjust our promotional efforts promptly to maintain reasonable retail price for our end uses. So regarding your second question about the single-star sales and also how we mentioned, in the case of. So in the single star cells together with the property and after the operating microids has been a really core focus in our data operations. As we also aware of the industry wide deep in retail cells starting in the second half of 2021. But however, we also see that they have been recovery for many of our stores in recent months. As our source operating in a wide variety of locations, some are done in shopping malls, and some are done on the streets. And they also face different local environments. We believe each source situation is very unique. So indeed, the entire thing will not have a healthy parameter for single source cells, as we look at it one by one. So for a friendly labor company, we have been developing resources and tools to assist Star owners and South personnel in their data operations. Include providing training materials, PLSM training resources, digitalization tools, and enhanced Star site selection assistance. So in and the 40s quarter we have also launched a certain renewal product and also upgraded our membership system to drive user engagement and retention better. So with these initiatives, we believe we can and we will continue to drive single-star South of relaxed-friendly fund stores. Thank you very much. Thank you. Thank you. My questions are coming from Luis Lee, a part of America. Please go ahead. Hi. I'm Edith. Thank you for teaching my questions. My question is only for the, also for the shoe for outlook. I'm a set that you don't have big items, but we just mentioned that you have things that we're covering. doing that past the mouth, mouth, mouth. So could we be good-ish in ways as more color on that recovery in terms of the single store sounds? And what is the store count as for now? What is our target for the year end? And also what is the key goes driver for the recovery in Cuba? Frank Keremich, Luis, so based on operating the military, across the base data, we do see substantial improvements in retail south and also channeling the improvements. So we could share more across our strategies in the thought aspects. So for our relaxed brand of plan of stores, for quarter-day we have been focusing on increasing single-store south throughout the initiative, have been mentioned and up till now is we do see the initial success. And for our return, we do see strong work momentum in start counts in multiple channels. And our retail channel has become more diversified from quality dates. But of course, we are also keenly aware of the recent developments in regulatory funds, especially yesterday's press release held by the state tobacco monopoly administration. So it was great to be followed to any new regulations and administrative measures. Thank you very much. Thank you. Or my questions today comes from panel overview with CICC please go ahead. Hi, dear matchments and payhongly at CICC. I have one question is that what is the outlook for carcest development and that the nicotine and the nicotine to ligate of 2% thank you very much. Thank you very much. Thank you very much, Jen. How? So I believe you are actually referring to the true state path in the current cigarettes product standards. So indeed, as a global FAM, US-based child company, we have been long been aware of product requirements globally, including in the European Union and also in in the use of graph of national product standards. So looking at the well-developed market's penetration, we believe lowering NickelTon concentration will affect some of your social statements satisfaction. However, most of the else no-course could still satisfy the special NickelTon content or limits in the long run. So from the perspective of product environments or technology developments, We have picked off products ready to low-necultine concentration at the satisfaction since 2019 and we do have the kind of paniconal health and product reserves. So currently, as you may know, most of our hydrogen-necultine concentration is 3%. If such national standards become effective, it's basically a comply with auto requirements, at least on the national product standards, including on equity and content. Thank you very much. >> Thank you. It was a gentleman who says there's a question and answer session. I would like to turn the conference back to the company for final remarks. Thanks for once again for joining us today. If you'll have further questions, please feel free to contact our expert knowledge in the best of relations team. Through the contact information provided on our website, our TPG Mest of Relations. Thank you, ladies and gentlemen, this is the best of all from all. 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M1\n","transcript":"in the name of the team and press the pound or hash key. Please wait for the tone. Then say your company name or affiliation and press the pound or hash key. Thank you. This statement should be taken in conjunction with the additional information about risk and uncertainty set for in CCU's Anna Report in form 20F file with a U.S. Security and Exchange Commission, and in the Anna Report submitted to the CMS and available on our website. It is now my pleasure to introduce Patricia Hothats. Thank you, Carl. Claudia, and thank you all for joining us today. In the second quarter of 2021, the one previously you continue it with a positive momentum by posting a strong improvement in volumes and financial results, not only versus last year, but also versus pre-pandemic figures. The later has been the result of our capability to adapt and operate in a challenging scenario with the COVID-19 pandemic through the execution of a regional plan with three points. The safety for people, operation, continuity and financial health, and the successful implementation of our strategy which focus in maintaining, and gain, business, scale and market share, along with a graduate recovery in profitability. As we have shown since the fourth quarter 2020. Regarding our consolidated performance, revenues jumped 14.6% during the quarter, both stood by a 30.5% growth in volumes, and 13.2% higher average prices in trillion pesos. The sharp volume expansion was explained by a recovery and consumption, a solid sales execution, and the strength of our portfolio of brands. In terms of a financial results, consolidated the DBA more than triple versus last year, an BDA marketing in Pro from 6.2 to 13.1%. The better financial result was mainly driven by the increase in consolidated volumes of mentioned about, efficiency gains from the excellent CCU program with MFDNA expenses, support centage of net sales, decreasing from 45.8 to 39.6%. And 463 basis points expansion in Gross margin, mainly due to positive mix effects and the implementation of revenue management initiatives. And positive net external effects from the appreciation of the Chilean peso against the US dollar, affecting favorally, our US dollar denominated cost, partially compensated by one expert revenue in foreign currencies, and a higher cost in raw material, you'll line with the short rally of the commodities during the year. In all, nothing come totalized again of 18,968 million children pesos versus a loss last year. The Chile operating segment, our top line expanded 54.3% due to 40.2% growth in volumes, driven by all main categories, and 10.1% higher average prices. The high average prices were associated with both positive mixifect mainly based on a stronger performance of premium brands in beer and revenue management initially. Gross prices were used 65.7% and gross marketing improved from 46.1 to 49.5%. Mainly as a result of the revenue expansion mentioned about efficiencies in manufacturing and the positive it next turnily effect from the appreciation of the Chilean peso. Again, it's the US dollar. Effective favorably, our US dollar denominated cost. This was partially offset by higher cost in raw material. MSDNA expenses grew 32.3% consistent with the higher volume and marketing activities in line with prepandemic levels. Although a percentage of net sales MSDNA improved from 42.4 to 36.6% to the excellent CCU program. In all, it is the expanded 136 points on the 6th, the expanded 136 points on the 6th, the expanded 136 points and the Marding in 12 to 18 points, the additional business operational business operating segment, which includes Argentina, Bolivia, Paraguay and Uruguay, and Uruguay. In addition, the business operates in international business operating segment, which includes Argentina, Bolivia, Paraguay and Uruguay, posted 58.2% rising revenues due to an increase of 39.1% in average prices in Chile and pesos and 13.7% higher volumes. Volume growth was mostly driven by Argentina. Also, all the other countries posted positive growth. The better average prices in Syrian pesos were explained by a revenue, management initiative and positive mix effects in the portfolio, which more than offset negative currency translation effects. In addition, our efforts in pricing allowed us to compensate higher US$, denominated costs from the depreciation of the Argentine peso against the US$ and higher cost in raw materials. Posting a gross profit expansion of 114.4% and an improvement in gross marketing from 32.7% to 44.3%. MSDNA expenses are a percentage of net sales, improved from 69% to 54.4%. Due to efficiencies from the excelent CCCU program. all together if it is a improved team point 2% versus last year. The wine operating segments report and 11% rising revenue due to a 7.4 expansion in volumes and a 3.4% growth in average prices. Volumes were driven by domestic markets and exports, both posting middle-singed, middle-singered, single-big-it-glogged, the higher price, until in pesos, were mainly a consequence of a profit. of a better mix, which more than offset the appreciation of the trillion pesos, again, the US dollar, and its negative impact on experts revenue. growth profit were 36.56 and growth margin decreased from 39.5% to 37.9%. In line with a high cost of wine, due to the harvest level of 2020. MADNA expenses of a percentage of net sales improves from 26.8% to 25.6%. Thanks to efficiencies given by the CELENCESIU program. In all, TVDA recorded a 4.1% increase, while a TVDA margin decreased from 17.8 to 16.7%. In Colombia, finally, where we have a joint venture with Postobone, we finished a positive first half of the year with a volume expansion over 40%. Gains in market share and improvement in our financial results. Specifically, during the quarter, we expanded volumes over 50%. growth in all main grants and categories, standing out the performance in premium bid beer. Now I will be glad to answer any questions you may have. >> Thank you. If you would like to ask a question, you may signal by pressing star 1 on your telephone keypad. If you are using a speaker, please make sure your mute function is turned off to allow your signal to reach our equipment. Once again, star one for questions. We'll take our first question from Fernando Alivia with Bank of America. I have to find a way to be a person related to Chile. In your opinion, what explains the silly building growth in the world is a big problem. You know, in line with these, things become a wooden building growth, you know, called the \"Mapriches\" and how you stand up to be Hey, you're making a video. I have another question. I'll wait. Thank you for not the. I listen. You're going to the lot of. It's. It's a question. Yeah. He's asking about our solid growth in the. You're in the quarter. I think. Fernando. And on the other hand. I think. How. How we. Thanks for the rest of the year. Okay. Okay. Thank you. Again. I listen to you with a lot of. Thank you. There is a reason for the. I didn't understand this, I didn't understand you perfectly. But I mean, as you know, for Nanda, and all the group, the Chilean Consumers and the Chilean population, I have been receiving a lot of money in our pockets for two reasons. the one because of all the expense of the government and the direct subsidies to people. And secondly, because we have been allowed to retire money or to withdraw money from our pension fund. All together, I mean, paying money with our pension funds, has been $50 billion. And the subsidies from government around $20 billion. So together, $70 billion is equivalent to the total expenses of government in a regular year prepandemic. So it's a lot of money. On one hand, and on the other hand, there are many expenses that have been restricted of restaurants, troubles, vacations, etc. So most of that money has been concentrating on consumption. And this reason why our volumes have been extraordinary high. I mean at the same time of course we are doing we are doing our job, we are executing the correctly we are keeping and gaining market share in the different categories, but the real reason behind the behind these expansions for time explaining how much it is going to is going to last probably for probably for semester. I hear 18 months, but no more than that. So I think that it's wise to imagine that these friends will not continue in the future. Having said that, we are gaining scale and we expect to keep our scale. I'm not to lose our scale. I'm going to make our best effort in able to continue growing. But I think that small wise and serious tool to imagine that this trend probably is going to last in Q3, P-Vencering Q4, but for 2022, my recommendation is to be much more careful regarding this. Okay, I hope you hear me better. Can you hear me better? Yes, I'm listening. I'm listening you perfectly. >> Okay, thank you. And in that sense, can you comment with the growth between our policy and the public beverages? >> Yes. We know we present the segment Chile, the Chilean segment together because we operate Chile as one segment, the multi-categories themselves, Salesforce, same track, same managers, managers. Having said that we are growing a lot in both segments in Q2 we grew a little bit less than 40% in B, a little bit more than 40% in non-local hallics. Okay. And my second question is related to cost. Can you comment what is your outlook for the meaning of the year and 2022 and what are the different measures that you are implementing to mitigate the increase in the wrong attitude of cost? I will give you a general answer, then I will ask Felipe to discuss on the details on cost. I mean I see no perfectly enough I mentioned in my introduction. We are facing strong pressures on cost of raw material on one hand. I know that it changed rate or on the other I mean it changed rate in Qt and Qt was not to high. But today it changed rate in Qt before the beginning of this conference with the children. So it was $785, I mean to buy a dollar, which is very high. And in all the two offset this, we need to do revenue management initiatives. Number one, to improve our makes number two, and to be very efficient in terms of MS DNA. And we have doing this. I mean, as we know that the current level of volume is something transitory. and that sooner or later will move to a much normal world, we have been very careful on this, on high in people, on keeping our MSD and the type control of C. I mean, we are managing MSD and an AC for us, if we are not growing in our volumes, you know, to be prepared for the future. And regarding the rate cost also we are doing our best effort in order to make revenue management initiative in terms of promotions discounts to increase the percentage of premium products in our portfolio. As an example, here I have the figures, pre-maniation. For example, in Q2, here I have in BINT, premium account for more than 40% of our volumes, while in Q2 of 2020, we presented just 23% of our volumes. And same thing in all the different categories. Because again, we need to be prepared for future scenarios, which is not going to be the same. which is not going to be as good as 2021. But having said that and we got particularly, particularly, Brawmati really to so Felipe you to discuss this. As you probably know Fernando is a global pressure on Brawmati real cost. For example, a minimum year in year in 360 percent, TT or racing, more than 40 percent, And so on, you have also international threats, increasing a lot. We saw containers from China, the actual cost is about $10,000 per container. So this will last at least for more than one year. This is what we expect. So this is how to. Along with these, we are facing a convertible here, a more favorable exchange rate that somewhat compensate that, but is not in our control. But by saying that especially the TLP, so also the Argentine peso are very volatile. So the exchange rate in TLP is volatile for other causes more than international. So at the end we will continue to face inflationary pressures due to Roma deals. So, and the actions are the ones that Patvishio highlighted. Great. Great. Thank you so much. Thank you Fernando. We'll take our next question from Felipe, your cross with Scott Shabank. Well, that Patricia Felipe is equal to congratulations on the results. Maybe let me start with one on the implied price mix. And maybe I can follow up on Chile market shares. So on the first one, obviously, very solid on your international operation. When I look at it on a currency basket basis, it looks like you were able to increase prices in Argentina very aggressively. But obviously, there's also a mix effect in there. So I was just wondering if you could break that out for us and give us a bit of color on what's happening on price enforcement or controls in Argentina and then I'll follow up with you and market share thanks. Yes, I mean in Argentina, in Argentina, thank you, Philippe, for your question. Argentina, we have been able to cope with with inflation in our structural prices. Another thing that we're improving, we are improving our mix. both premium with this growing and we have a shift from returnable boat to cans and cans are more expensive to leader than returnable boat of as you know. But the margin is less attractive than the onboard. So, together we are moving along with inflation along with our costs. Excellent and maybe on Tula Market shares just wondering I know this is difficult because Nielsen and the other surveyors are having a tough time delivering an Apple's to Apple's comparison. But just wondering how you're seeing the market share picture and beer in Tula given the distribution changes at your competitor. Thanks. Yes, you're right, I mean, it's not completely precise because they have a good reading on what happens in supermarkets, but not the best they're reading on what happens in Naman Path. Having said that, if you compare our market chain Q2 2021, it's slightly higher than our market chain Q2 2020. But I prefer to say that our market share has been stable in the last many months and years. And we have been able to call again the competition with its new distribution. >> Excellent, Colors. Thank you. And you know what, I'll stop it here. So, other analyst can ask questions. And maybe I'll get back on the queue if they don't ask my third question. Thank you. >> Indeed. Thank you, Felipe. >> As a reminder, Star one, if you would like to ask a question, we'll take our next question from Mohammed Amit with FGP. >> Come in. >> Hi guys, what you got at all well. Thank you for taking my question. Just comparing to 2019, I know you answered through the release date that you're stable. So, partly known, crossing the answer already. But if you could get some of the volume changes versus 2019, due to, but actually for a cap 2019 versus first cap 2021, the first cap 2021. because even there I see 18% growth which is in process and you give a reason for it. But I just want to go to the market and grow that much or maybe in certain segments you grow faster to get that many numbers particularly year versus more year. Yes, indeed, look in the Chile operating segment, we grew our volumes. This is first half known. Yes, first half, six months to send it on your key, I have that. Here I have the answer Muhammad. Regarding volumes from the Chile operating segment, this is non-alcoholic beer and spirit, first half of 2021 compared with the first half of 2019, we grew our consolidated volumes by 17.7%. In international business by 2% and in the wine operating segment by 16.8%. And in Chile, the operating segment was up stable margins of the market through that much. So, is stable market share? Yes, market share, and as well as slightly higher, we have been brothers tabling the year growing a little bit on... on nonalcoholic. In fact, do we have the breakdown of this sigas in India and nonalcoholic here? A gentleman? Okay, let me check. But we have grown more in India than in nonalcoholic, have instead that. Because the peckabita Sophia has been growing. Yes, yes, but in both in nonalcolic and and beer we are growing Muhammad against 2019 in fact Now here we here have in beer we have rose in two years Roughly speaking a little bit more than 40 percent Okay, 20-20 >> Thank you. >> And this is the second question. >> And this is the second question. This is quarter two. 2021 compared with 2019 quarter two. And here today, fourth and here today, 31. The first semester compared to the session yesterday, 31. code to convert with quarter four to one. Okay, sorry, the voice was breaking up a little bit. So, am I to understand that you said, be here is grown 31% versus first half of 2019? Yes. Yes. And no one's calling. Roughly 11%. That's it. I remember there, Mohameer, that no non alcolic suffer much than fear last year. Well, we also have steel. Well, hello, yes. >> Okay, that's okay. Thank you. I'll figure it out for you. I'll get back in. Okay. Perfect. Thank you. >> Once again, star one for questions. We'll take a follow up from Fully Bay, you cross with special bank. >> Great, thanks guys. So I can do a follow-up. Maybe I'm Columbia. You guys had very strong results on the operation with a very strong rise in volume. So I was just wondering if you can give us a little more of color on what's going on in the ground there in terms of market share price and maybe utilization of the plant. Although, so be a great if we could get some color. Thank you. Thank you, Felipe, as we mentioned, when we entered into Colombia, we designed our plan for a 3.2, 3.3, 3.4 depending on mix, volume or hectaliters of total volume. And we are running this year, but a little bit more than two million hectalitors. Now this is what we expect to sell in this year. So we have a 60% utilization of the plant. We have been growing market share as I mentioned before. Margines are good in the industry prices growing in line with inflation. And again, we are doing our best effort to increase our volumes and to complete the capacity of the plants. Because if we do this, we will be having a good profitability. That was the kind of separation. The longer purpose, we are moving in the right direction. Okay, great. Thanks for the color guys. Congratulations again. Thank you, Felipe. Remember that in Colombia we operate in two segments. Beer and malt. Beer, representing the 80 more than 80 percent of the total volume and malt less than 20 percent. When I say that this is the total volume, this is the total volume of the plant for both categories. Beer and malt. I would actually like to ask you. Good. Thank you. We'll take our next question from Antonio Women with Lorraine Val. Thank you for taking my question, but I was also wanting to know, you know, a little bit more about it than the other. I think that everything is clear. Thank you. Thank you Antonio. Thank you Antonio. With no additional questions in queue, I'd like to turn the call back over to our speakers for any additional closing remarks. Thank you very much for browsing or like to say that during the second quarter of 2021, in a steel talent in the scenario due to the pandemic, and you delivered a solid performance in volumes and financial results, improving versus both last year and pre-pandemic figures. Looking ahead, we will continue investing in the key aspects of the business, in order to keep executing the strategies that we have been carrying out, which is, The unobilting strong grants and portfolio and putting our Air Force in maintaining and gaining business scale on market share. While recovering profitability, related to revenue management and initiative, inefficiencies, particularly in an inflationary scenario. Thank you very much again. That will conclude today's call. We appreciate your 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M1\n","audioFile":"\/var\/folders\/66\/34xtdsy93zvbh8mhwp1w_1_r0000gn\/T\/huggingface\/datasets\/argmaxinc\/whisperkit-test-data\/4479944.mp3","transcript":"ADC and gentleman, good evening and welcome to HTSC Band Limited QC FY 2020 to earnings conference call on the financial results presented by the management of HTSC Bank. As a reminder, on participle lines will be in the list in only mode and there will be an opportunity for you to ask questions after the brief commentary by the management. Should you need assistance during the Concentration Council, please signal and update our by-pressing stars and we don't want you to touch the phone. Please note that this content is being recorded. I would now like to hand the Council over to Mr. Shaina Vassan by Jonathan, Chief Financial Officer, HTSB Bank. Thanks for your attention. So, beginning at a warm welcome to all the participants. Such to start with the environment and the policies that we operated in the court where conducive for growth with good tailwinds from monetary and fiscal policy. You all know about the active indicators, bearing better in Q3 like the PMI, GST, collections, e-wables, etc. They are also up to date about the CPI, or the policy rates, transfer and the liquidity conditions. Now, in that backdrop, the e-culti capital the cost of robust in the quarter, private issue is raising almost 32000 crores, we were mandated for eight IPOs. Indian bond market also saw total fund rates of approximately 1.87 lakh crores in the quarter, the bank maintained its ranking is one of the top three ranges in the IRNR bond market. Now, with that let's go through five teams at a high level, before we delve into the quarter financials. One on the banks balance sheet continues to get stronger. For instance, the capital adequacy ratios at 19.5 percent, C-T1 at 17.1 percent. Liquidity is strong as reflected in our average LCR for the quarter at 1.3 percent. Balochid remains resilient. The GNP ratio is at 1.26 percent. Protein and contingent provisions are aggregating through the 10,100 crores as to be risking the balance sheet and positioning for crores. 2. Inverse with Sinki, Enable of Surficking Up in Expected New York Strategy. We opened 93 branches in the quarter, 171 branches here today, 9 months period. To give additional context, we have added 525 branches over the past 21 months that is dealing the COVID period positioning us for capitalizing the opportunity. We onboarded the more than 5,000 people in the quarter, 14,300 plus people during the 9 months period. We have onboarded about 17,400 people in the past 20 years period. the cost from P1 months during the COVID period to get the people ahead on the predictive ticker that they call me 'accurate for them'. There is a growing impetus on digital and we have taken the steps necessary to ensure our customers are great in consistent experience in whatever channels they choose to bank with us. Key Initiatives like a streamlined modern customer experience of allowing access to content across channels and devices will be introduced soon. We are also So, committed to continuously enhancing the digital experience for our customers through a fully revamp payment offering. We have taken multiple steps to ensure and ensure robust, scalable and secure technologies that are strengthened even further. Some key initiatives include capacity for UPS, been triple, net banking and mobile banking capacity has been doubled to manage 90,000 users' concurrency. agency, a significant step as most of our customers now rely on digital channels for banking needs. The bank has migrated to a data centers in Bangalore and Mumbai state of the art facilities. The bank is moving to next level of disaster recovery, with the automation and implementation of RTR, active active setup for key applications. Significant upgrades in network and security infrastructure to support our exponential growth in digital transactions. Our digital capability is coupled with rich data and customer behaviour. Take for instance, take for instance the traditional retail product wherein close to 80% you loans both with digital score cards are automated underwriting. In Q3 we received the total of 244,45 million visits on our website, averaging 31 million unique customers per month. As per our analysis we add 30 to 70% more visits on our website. with our way public private sector peers across the 60 percent of the visits were through mobile device, indicating the mobile sensitivity of the footforce. Three, on customers, acquiring new library relationship with setting new high, preparing for broad-basing and deepening relationship and thanks to come. During the quarter we opened about 2.4 million new library relationships, 6.4 million new library relationships during the nine months period of this financial year, year, a limiting the growth of 29% over the same period last year. For market leadership, digitizing economy is a new high. In Q3, we achieved the highest level issue and thought with 9.5 like car issue and this. Since late August when we recommanded the issue and of new cars, we are so far issued 13.7 like cars. Credit cars spend for the bank as grown 24% year on year. And debit cars spend as grown 14% year on year. The the spend growth reflect both increased customer engagement and economy improvement from the consumption perspective. In similar lines to the CSC partnership and the scale of our business for that, they have signed MOUs with two large payment banks for distributing certain products. This opens up further opportunities to scale among other places growth in the urban and rural areas, leveraging partner distribution access point and feed on straight. The further scale emerging growth segments such as EZEMI, consumer durable, targeting or proposed customers through segmented sales and marketing, consumer finance business has one plus one-light plus active distribution points. We have over 5 million customers with EZEMI options. The banks, merchant offering is scaling to provide an and value of its services across various segments. The bank has 2.85 million acceptance pointers of December, with a year and a year on year growth of 35%. The bank's acquiring market share stands at approximately 47% with 19% share and terminals, processing about 300 million transactions per month. Bank has been focusing in surrogation and is investing in training and offering signals to fixed solutions, over 50% of new merchant sourcing is from surrogation. Asset volumes are gaining momentum to reach new heights, driven through relationship management, digital offering and wealth of products. In the wholesale segment, topics continue to generate strong cash flows across sectors, the sensing and fair degree of pre-payments. Trade continued to be an opportunity for credit growth, factoring, invoice financing, expo financing, info financing, or some of the projects we've concentrated into growth. They're also making progress in the immensely segment of the ambition to be the largest player of the space. covered banking and other wholesale loans grew by 7.5 percent over fire years and 4.4 percent over fire products. On the retail as a one, the momentum picked up observed, pickup observed during Q2 continued its stride in Q3 as well, witnessing the robust sequential asset growth of 4.7 percent and year on year growth of 13.3 percent. This has been, has been on the back of a strong incrementally dispersal during the project. Commercial and rural banking decisions are robust growth discolter, registering a sequential growth of 6.1% and year on year growth of 29.4% reflecting underlying economic activity and continued market share gains. Now let's start on start with natural venues. Next revenues grew by 12.1% to 26.6% before growth driven by an advances growth of 16.5% in the capacity growth of 13.8%. It interest income for the growther, which is at 69% of net revenues grew by 13 percent year on year and registered a sequential growth of 4.3 percent. The curve net interest margin for the quarter was at 4.1 percent. This is in the similar range of previous growth. Net interest income growth is reflective of underlying shift from unscuted lending essentially gravitating towards higher rated segments in the COVID period. This is also represented in our ratio of net interest income to RWA which is consistent at around 6 percent. moving on to details of other income, which is at 8,184% for top 9.9% versus prior year and up 10.6% versus prior further. Feet and Commissioning income, constituting about 2\/3 of other income, was at 5,75% and grew by 2% compared to prior year and 2.6% compared to prior quarter. retail constitutes approximately 93% and wholesale constitutes 7% of retail comes in the car. Feets excluding payment products grew year on year by 17% and feeds on the payment products these will year on year due to lower fees on card loan products, cash advancements, over-limit fees, reflective of or cautious approach to card based lending as well as customer preferences. However, card sales, AR and interchange of common or come out robustly which positions us for future growth and the customer propensity to use card product for loans and the walls are increases. In addition during the festive period, we offered certain free wavers for incentivized customer engagement. Effects and derivatives income are 9 out of 49 close, but higher by 69 person compared to prior year, reflecting pick up the active piece and spread. Creating income was 1000-party six-course for the quarter, prior year was at 1000-100 and 9-course. The prior quarter was at 600 and 26-growth, some of the gains from investments were monetized in line with our strategy. Other million is income of 1,113 crores includes recoveries from written-off accounts and dividends from substitutes. Now moving on to expenses for the quarter at 9,815 crores and increase of 14.9% over previous year. Here on year we added two hundred and ninety four branches bringing the total branches to 5,079. Since last year we added 1,6978M cash deposit and withdrawal machines taken the total to 17,238. We have 15,000,436 business corresponding managed by common service centers which is higher by about 109,000 and right slightly over 109 and right, compared to the same time last year. Our student come ratio for the quarter was that 37 percent which is similar to the prior year level. As previously mentioned, when technology investments are further stepped up and retail segments pick up further, We anticipate the spend levels to increase even by incremental volumes, sales and promotional acting teeth and other discretionary points. Moving on to accessibility, gene peer issue was at 1.26% of gross advances has compared to 1.35% in prior quotas and 1.38% on a performer basis in prior year. It is pertinent to note that of the 1.26% gene period issue about 18 basis points are standard. These are included by SMA and PA as one of the other facility of the borough of SMA. Net in PA ratio was a 0.37% of advances net advances preceding total was a 0.4. The annual slipage ratio for the current quarter is at 1.6, about 4,600 crores, and against 1.8% in prior quarter. Every seasonally, as contributed approximately 1000 crores to slipage are about 25 basis points annually straight. During the quarter, recoveries and upgrades were about 2,400 crores are approximately 25 basis points. The right half in the couple by 2002, the course approximately 23 basis points. Sail of MPA, about 260, approximately 2 basis points in the club quarter, included in one of the categories about. Now, looking at checkpoints and restructuring and so on. The checkpoints rate continues to improve in December across most of the retail products, and is not only back to pre-pandemic level, but are also marginally better. The early January bomb trade shows continued improvement. Similarly, demand resolution at 97-98% for most of the products is back to pre-fold level and in some cases, better than pre-coveri levels. The better improvement in the demand resolution rates at aggregate level amongst other things illustrates the overall portfolio quality. The restructuring under RBA resolution framework for COVID-19 as of December end stands at 137 basis points. This is at the border level and includes approximately 28 days of points of other facilities of the same border which are not restricted but included here. It gives some color on restricted accounts. 40% are secured with good collateral and with predominant good civil scope which we feel is confident. Of the unsecured portion approximately 2-3% are surveyed customers and about 40% are good civil scope more than 700. The demand resolution is showing increasing trends. COVID-19 is structuring as we have been in enable of overall customers to tie over the uncertainty in the last few quarters. Eresha indicators suggest that most of these customers are now pushing to resume their payment with minimal impact overall quality of the advances of the back. As mentioned previously, in part of restructuring on our GNP ratio could not, can be 10 to 20 basis points at any given in-given quarter. We talked about it last quarter and mentioned that. The core provisions, the core The course specific launch for non-love proteins for a quarter, the 1121 crore, as against 2,286 crores during the prior quarter. So, to corrosion reported with 2,9994 crores, again 3,9924 crores during the prior quarter. So, to corrosion in the current quarter included additional contingent proteins of approximately 900 crores. The specific corrosion coverage ratio was a 71 percent, There are no technical writers or head office and bank books are fully integrated. At the end of current co-oper, contingent portion to its loans were approximately $80,600. The bank's floating portion remained at $1400. And general portions were at $6000. So, this protein is comprising specific floating contingents and general proportions were 170% of gross non-performing loss. This is an addition to security health as collateral is several of a case. Looking at through another limit, floating contingents and general proportions were 1.27% of gross advances as of December program. Now, coming to credit cost ratios, the core credit cost ratio that is the specific loan loss ratio is that 57 days is points for the quarter against 76 basis points for the prior quarter. and 115 basis points on a perform of basis for prior years. Recovery is considered recorded as miscellaneous income amount to 25 basis points of gross advances for the quarter against 23 basis points in the prior quarter. Total annualized credit cost for the quarter was at 94 basis points which includes impact of contingent provision of approximately 30 basis points. Prior year was at 125 basis points prior quarter was at 130 basis points. Net profit for the quarter at 10,000 300 and 42 closed, grew by 18.1% over 5 years. We will give you some balance sheet items, color on some balance sheet items. Total deposits amounting to 14 lakhs, 45,000 9 and 18 closed, up 15.8% over 5 years. This is an addition of approximately 40,000 crores in the quarter and 1 lakh 75,000 crores in the prior year. Retail constituted about 83% of total deposits and contributed to the entire deposit growth in the last year. The process is registered, the above growth of 25.6% year on year, ending the quarter at 6\/81,000, 25\/25 growth, with savings account deposits at 4\/71,000, the current account deposits are 2\/10,000. Time deposits at 7\/64,693 growth, grew by 5.6% or previous year, 10 deposits in retail segment, by 8.3 percent. Time deposit will wholesale signal and decreased by 2.8 percent year on year. Causes comprise 47 percent of total deposits as of December grain. Total advances were 20,633 crores, grew by 5,2 percent sequentially and 16,5 percent per prior year. This is an addition of approximately 62,000 crores during the quarter and 1,799,000 crores in prior year. Moving on to capa, we check how it is the beginning. Total, a code of the Basel 3 guidelines, total capital adequacy, 19 and a person. Here, 1, 18.4% CT at 17.1%. The check how it is previously. Now, getting on to some highlights on HTB SS, this will be on India space. The total loan book as on December 31st to the 60,078 row, with a secured loan book comprising 72% of the total law. conservative underwriting policies on new custom or acquisition which was implemented during COVID continues to be in place and will be reviewed in new course based on external environmental. The development of Victor Finfield 3 growing 9% Cotron, Cotron and 11% here on here. For the Cotron, STB FSL's net revenues were 1,982 crores at growth of 15%. Crores and contingencies for the Cotron, where at 540 crores, including 9-11 crores of management of the population. to relate against 1204 pros for prior year. Profit of the tax for the quarter for 3 and within 4 pros compared to a loss of 1406 pros for the prior year quarter and a profit of the tax are 190 to close for the sequential quarter. At of December end, growth stage 3 stood at 6.05% flat sequential quarter. It is a couple of the stage 3 book is secure carrying erosion coverage of about 41 percent as of present-by-end and fully collateralized. 20 percent of the stage three book which is unscreduted at a frozen coverage of 84 percent. Nickeletic coverage ratio was strong at 22 percent. ESTV is funded with a cost of funds of 5.9 percent. Corporal capital adequacy ratio is at 20.3 with a tier 1 at 14.9. With markets opening up and customer accessibility improved to near-free, near-free COVID levels, we believe the company is well-poised for a healthy growth from here on subject to any impact on further ways of COVID. Now, if you work on HSL again on India's basis, HSL is security submitted with its wise network persons of 130 branches and 140 cross-hundred-partisan cities and towns in the country, a shown increase of 58 percent of the year on India in total revenue to 536 crores. net profit of the tax of gold and 58 crores in Q3 is an increase of 58 percent year on year. It is a digital account opening journeys are running successfully. There has been a significant increase in overall climate based to 3.4 million customers are suffering. In December, an increase of 50 percent over prior year. In summary, we have recently overcome the effects of pandemic over the past 21 months across or fronters of the IHG TNL and human capital, while the effect of the latest COVID wave is not clear, which we love to watch out over the next few weeks to see a very term. We are confident of navigating through this, applying our learning from past ways. I would go to taxol rating, leveraging on our people's product distribution and technology. The total results reflect the percent growth of 14 percent, advances growth of 16 percent, The profit attacks increased by 18 percent delivering the turn on asset over 2 percent, earnings per share in the quarter of 2018.7, book while you per share increase in the quarter by 2019.4 to 4 and 14.3. With that, thank you very much. Whether it may request the operator to open up for questions please. Thank you very much. Ladies and gentlemen, we will now begin the question on the session. Anyone who wishes to ask the question, may press star and one on the touch room telephone. If you wish to remove yourself from the question, you may press star and two. Participants are requested to use transess while asking a question. Ladies and gentlemen, we will be for the moment. Well, the question to the standards. [ Pause ] >> The first question is from the line of Maru Kajania, some inala capacity. Please go ahead. >> Hello, congratulations. My first question is on credit cost. So, the circuit credit for including contingencies has come below 100 after many quarters, around 3 years. Now, assuming that there is no further forward wave, is that the new normal we have here like we can see over the next few quarters? Thank you. I hope I can. Excuse me sir. So sorry to interrupt me. Please request to speak close. That the phone sir your audio is not clearly audible. Okay. I moved my chair. I moved my chair. I am not a thank you. Yes. I have a valid question and I will create a thanks for asking that. We are coming from a COVID cycle. cycle where our booking have been from a retail point of view have been benigned. Second, from a wholesale point of view which we have shown very highly rated carcasses. So, we come through the cycle and now starting to begin to get the retail. The recent contagious, when we look at the recent in-page performance. They are far superior, both the entry levels course and the customer profile in terms of how we opened up and started, they are superior. And whether this is a new norm, I will not say that this is a new norm. This is you have to look at critical, normally over a bike or period of period of a few years. You have to look through a cycle. And that's how you need to look at it. But if you look at our NPA, to NPA, 1.26 can bounce around at any time, 10 to the basis points up and down, 2 quarters ago, 1.47 now 1.2, 6. So, it can go up and down within the small range that's where it can come. From a critical point of view, we are not given a particular outlook at such, but we have average in the past, call it 1.2, 1.3, they are about the kind of range at which the total cost of So, that is the call is the little lower than that. So, in a broad range, if you think about 100 to 120 kind of a way to spot that sphere in a last go back to pre-covid, that's the kind of range at which we have operation. And if the critical sort of lower, then you know the way we look at it is it calls calls, the year operations. And if the credit costs are lower, then you know the way we look at it is, it calls for experimenting a few things. It calls for opening up for policy. So that is the policy reaction that comes in. right. There is always that the full impression between the business and the credit that happens. So, I will will take that 50 or 60 basis points, total credit costs or the specific losses or a total cost of 95 basis points is a good standard for long time to come. But this is the current cost as there we are. Okay, thank you so in my next question, Rizan's feed, you did mention that they meant and credit card related seeds decline. But, what they had even enough, I mean, you could give more color, was there any one of the time promotional expenses which won't reach us? So, there are no, all begin, you know, get up here, I'll close on the trajectory in the next few quarters. Okay, yeah, again, good question. Thank you. See the fees 5,000 or growth that we reported is 2% right. In the past we have done we have done we have done we have done we have done we have done we think about it before there were very well comes on and so forth. We have done to the R percent of state. We have consistently said the way to think about the fees. Somewhere where it is settled is mutual high teams kind of places where it can settle right now. power mail. And again, this quarter, if you think about excluding the payment products, it is an about 17%. Payment products has been initially in low. There are a few things to think about on the payment products. One, as I alluded to, we offered certain fee waivers to incentivize customer engagement. So that's one thing, which doesn't need to record every quarter, but it can happen every other quarter depending on what programs we have. But that's part of running the business and that's part of growing the franchise, right? So that's one thing to think about. Second, even from a card's point of view, from a credit, I think I alluded to in terms of how customer behavior from a late payment point of view, right? is that the customers are paying very much on time so that is reflected there too. So, the opportunity that we used to get from a late payment does not come to. Customers used to pay cash advances that is on a lower end. So, the cycle has to turn little more on that and so you need some cash advances are coming through. And from a policy point of view, until recently we were tied on the credit limits, right? So there is a credit limit over the credit limit. There is a computer will come. And there is also lower because from a policy point of view we've been cautious on that, right? But as we speak now, the policy is a big and playtime. We are getting to business as usual subject to another way of what it does and so on, right? So that is that is one aspect that we think in terms of the impact. the broader conflicts is required in terms of what is the overall. So if you think about the customer itself, particularly I am talking with the payment products the car customers, right? The critical in utilization, is that a low, it is like a piece of like on KDEX of the pre-pandemic level. So the while the spend levels are up, 24 percent and the interchange is quite robust and good, we would have good the in the cricket on that. But the critical in utilization has got much more to go to get back to the pre-pandemic level. So that's one thing on the people who are spending. So the thing they are paid. And then if you think about if they are all paying what is happening to their world worthout, right? That is also at about 0.7 to 0.8 top the pre-covers levels in terms of the revolving on car. So there is much more room for people to get into those revolver type, right? So that's part of what the strong quality of the book that exists today, right? And that is part of of what some of the fees that come are also muted, which are connected connected to that. I will give you another perspective to think about on the cars, the system, right, on the customer's liquidity. Deployed balances, you know, most of our car customers, you know, have liability relationships with us, right. We have good amount of liability relationships. Car customers, contributed almost 4x is this is pre-coded. If x is the adverance, x is the a and r of cards, which is the card loans on both. At an aggregated level. At an aggregated level, the liability balance of the card customers were typically 4x, right now this 5x. So, which means customers are sitting in good amount of deposits and liability balance with that. So this is the economy is come down, now with the huge amount of liquidity and cash shape to sponsor with people. Now we're starting to pick up on Go. And so this is part of the cycle growth that we expect that to come back to a reversion. So from a long term point of view, mid-team to high teams is what we have said in the past that's what we want to expect from a of the classies point of view. But how in your assessment how many quarters would it take to reach that also? The combination of both the environment, the economic activity in the environment and the customer behavior to get on with that could be two, three, four quarters. I would expect that I don't want to venture to predict exactly what it is because there is no exact signs that tells the characters. But typically that is what you see that it takes for a maturity model to operate. And similarly the same thing applies, same thing applies to if you think about the PPP, it is very similar, right? Whether I ask the loan growth, get back the PPP issues more or less mimic the loan growth. historically that we have shown that is very�ivier performed, right. That is the kind of what the loan growth is the headline. That's what more of most of the lines operate tends tend to be similar as you know. Okay, thanks. Thanks a lot. Thanks. Thank you. The next question is from the line of alpashmata. Some ISL security please go ahead. So, thanks for taking my question and comments on the recent set of questions. Now the first question is about the reconciliation between the on the receptor bloats. What we see in the votes to a concert once out we are going to do a rounddown. And, let us see a 1.3 thousand votes out. We are on our readingthousand. So, how do you reconcile both these numbers? Okay. Well, you see what we said. Then I see no two accounts, the total number was also to be around 80,000 rooms plus there was a R1 number. So both put together is around 25 900. No two accounts also mentioned that the double counting between R1 and R2 is around 2,700 crores or something like that. So the next number was out to around 23,200 crores. where they are commanding the issue of data in the rounds I have been doing 200 so that is the gap of these are everything. Okay, so got a credit question. See it is based on what the template, right somebody signed the template and we fill the template up and put up there. So that's something different. So good point that you raised right. The 25,000 what was there. is what did you grant as a restructuring in R1 and R2 when you add up that is what it is. And if you eliminate the double curves it is like 22,000 right. This is originally granted in several points in time. That means whenever it was granted that those points in time right what was the number that was what you see that. The September, we reported 18,000 crores last September. And currently we say 1.37 that is 17,000, 500 crores are so fast. So first, the 18,400 to 17,500, the woman, the call that about 900 crores or woman, that half of it is moved to MPA half of it is a neck of various recoveries and I just want. So that is part of what, from September to December, things are moved, right? But between the 22 to what we reported in September 18000, that is the net of whatever happened before September which is between what happened to NPA, what happened to various recoveries and adjustment around that time, right as we speak in September. That's part of, I think some of some of you picked up the number of what was originally granted, but what was outstanding as a September 18000 and now is the 17000 pi wonder. So, she just correct me if I am gone if I look at the Sufftember Disclosure R I V R 1 plus R 2 minus the double counting, the S 2 the no extra counts was around 20,500 of course that were nts and the amount rebate of the R 1 amount that you mentioned in the no extra counts, so that number of around 20,400 whereas that's where you are disclosure in Sufftember was 18,200. So, the 2000s of the difference between the amount which was reported as of September and between the of result date is that my understanding correct. Correct, very, very, so the recovery is another thing that can until the reporting date. Okay, okay and right now also is the similar situation wherein you have not reported the NPS and the replayed on the out of R1 and R2. do. So, the S. was the notes to account it could be around 23,200 euros, but the after the recovery and PLs everything and the repayment etc. It is around 7,000. This quarter note stock account simply calls for, this again mandate as right, calls for reporting only R2. As originally granted, which is reflecting 18,000 crores or something in the notes. 18,000 crores is not the outside, it is 17,000 512 South Spanish. So whatever was mandated to show is a note that is what we show, but both we when I talked and I gave the 1.37 that is the 17,000 512 which is R1 R2 whatever is the recent hearing outstanding on the balance sheet that is the number that you are mentioning that that is correct that is correct. Okay. So the second question on the can it is give some qualitative comments related to the the 10 year of this book you mentioned as one of your comment that 10 20 this is point to be shift into cross and p and at any given point in time when that would be a situation that almost 25 30 percent of this book can sleep over a period of next one year. So, then we are talking about 10 20 which is point of that particular order or over the 10 year of the book. So, for example, with around 1.37 then out of this 1.37 only 20 basis points can keep into and kill category. I just want to clarify that. Okay, by the way there is no particular fine percent 20 or something, this is based on what our analytics comes up to say based on what experience we have seen based on the customer profile which I alluded to to say for example. The one that I gave about 40% are secure, right? So, we collect the lives and we with the good good the civil score which we feel very comfortable. Then on the unsacrupated portion we said about calling for two thirds or so or Saturday customers where we feel quite comfortable. And then on the balance where we keep watch about 40 percent or so good civil scores. to do more than 700 of them. So based on various these kind of analysis, that is where we should said we feel comfortable that tend to the basis points that any particular point in time, that can be within our tolerable range. And from a restructuring point of view, generally the restructuring can run up to two years. And again, if there was a run here or a low lift and two your granted now the person has got it for over three years to go. Okay. So again, just again, clarifying the relationship always almost 15 to 20 percent of the book can create as far your analytic. Is that the number correct now that 10 to 20 basis points is this of 1.37 percent. So it's around whatever that's around to 15 percent of the book can be based on your analytics or the customer data that you have. I don't want to mention in to extrapolating the 10-prity business points into various time created. Yeah I got it got it. Okay. The second question is related to the credit growth. So, historically we had a multiple X-multicon of the system credit growth that we always is used to guide about, but as just an indicated number. But now when I see at the system level, because of the consolidation in the larger segment, within the PSU blind, the system may be growing at X-person, but the private sector by sub-growing much faster than that. And some of our larger players are also growing at a significantly higher rate than that of the system. How do we see are credited growth, do we still maintain that x-forcentile that we used to talk about in the past or we can have a better opportunity to grow much faster and gain market share. Secondly, your comments on the three specific products, one is payment for us, second one is the commercial and rural scientific is growing very fast and almost 30 goes in my opinion. And lastly, corporate and whole thing, 19th is we have developed quite a bit of quiet capabilities over the last two years and grown in more contracting, have a shadow over on low mood. So, good for my question. Thank you. Okay, thank you. Long question, but I'll try to be a short and crispy possible. So, you know, if you think about the loan growth and the market share, one thing is that, you know, our loan growth is consistent, right? Consistently growing, including during the COVID period. And one has to look at it, not one quarter to quarters, but over a longer period of time, one has to look at how we are growing rather than one period. So essentially looking at the consistency of growth over a longer period. For example, you can take a two year growth, right? longer period and that includes the code period too. We have grown at 35 percent that call it high deal annual that kind of a growth rate that's why. So I and similarly you can go back five years, five years correct between 2016 to 2021 or something like that again about two plus the little more than double call it high deal type of growth. That's what we have at that time. So one has to evaluate in the current circumstances one also has to evaluate based on the incremental basis right what is what we have grown. We believe based on an incremental basis we have a share of more than 25% of so on an incremental basis right from what is happened. We think about it a Latin 29,000 crores in the past 12, 12 months, a three lakhs from the 5,000 crores in 24 months right. And again, we focus on appropriate products you touched upon the categories of commercial and rural or wholesale and retail. Yes, at some point in time, we did grow good amounts of wholesale. This is a good demand. We were there for the customers to support them in terms of the whole day, very highly rated. And now we see a lot of pre-payment happening in the work, 7% percent of what year on the air we see in the wholesale. the whole state. On the commercial and rural, enormous opportunity and very fast growing, you know, about the third of the country's GDP is contributed but that kind of a segment, right? That segment. And we want to participate more vehemently in that group in the segment and we will continue to bounce on that one. On the retain, we were subdued rightfully so from a policy point of view, we are back and that is what we are seeing in the sequential growth that foreign to our personal business. So, Netanyard comes coming that to the same summary which is now one quarter or two quarters doesn't establish what the growth is, it's about the consistency of growth and over period of time. And so that's what you have to look at it in terms of how growth and we will continue to capture market share. And again, in a balanced portfolio across secured and secured and greeted across commercial and rural and wholesale. So across various products spectrum, customer spectrum. Thank you. The next question is from the line of our community. Karkar from Goldman Sachey's cover here. Thanks. Hi, Cini. Good evening. You're up with here. A couple of questions. the first one on the asset quality bed, just one of the confirm, was there a new restructuring that did it with order? No, no new structuring, but part of that the next change that I gave you, I will not close the trust plus and the minus, made up 500, which is whatever was in the pipeline that came through, that was about 500 course, also that new that came in, but that was not a new granted application granted whatever was in the pipeline that came. then the pay-downs and other things that happen. So, let it is that 17,500 on point 3,000. And so, thank you. Second, but you know, only slipages and you know credit costs, I think I think Maru cost us is my question. On the credit cost also 95 basis point and clip the zero. So, are one of the lowest that you seen the last few quarters. I mean no pandemic impact, you think, you know, this could be a new normal over the next few quarters. And then in that context, how do you plan to build a PCR buffer from here? Shelby, can you have to see more and more coding to be in the computer? Okay, this is a good good good question. Use to touch upon another aspect of, you know, as a bank, we don't need one particular outlook or a forecast in terms of how to look at the credit that's on the market. that the credit that all I can point you is to historical to say that in the recent COVID time period, we operated 1.2, 1.3 percent kind of thing. If you go to little before the COVID period, 120 basis points, somewhere there we operated, currently including the COVID, the contingent process, about 95 basis points. But yes, over period of time again when we look at it, So, we should be able to look at it, we should be able to look at it, we should be able to do that kind of a what was the pre-COVID mean type of a mean reversion should happen towards there, right? And current, current code is reflective of what we have booked because the recent quintages, call it the 18 months or 15, 18, 21 months type of quintages that we have booked, across various segments, right, across various segments, they are also very good quality. retail books, you know, is typically two years on average retail books and the very good quality. And our reservation lab is working on several things including opening up new to bank, right? So that means what previously that we had about quality 80 percent of existing to existing bank, a personal loan or call it two thirds to 70 percent existing to bank, card loans. Now innovation lab is making progress to a using alternative data from the market to see how new to bank could be as efficiently school and pathed through the master on the scoring models to get it. So yes, I wouldn't ask you to project based on the current quarter, but think about it from a pre-goate norm, what it is and that's the kind of. The second aspect of the question on the building of the oceans and so on, right. See, our build up of the contingent progeny goes back several quarters and much before the onset of the co-equality, right. So for example, if you look at June, June 19 or so, when we initiated the build of our contingent progeny, that was to argument our counter-cycle group progeny's death, right. At that time, the contingent progeny's were less than 1000 crores, right. Today it's built up, it's more than 8,500 crores, right, or about 70 cases points. of grass and wandses are 80 basis points including floating production. The way, whatever way you look at it, right. What it does is that it takes the ball, it makes the ball sheet much more resilient for a niche off and certainty, pandemic can bring and such a what the such is the resiliency do. It supports good execution on the front line for our growth, including making several experiments in our last as I alone. So that's all we should think about. We The evaluated culture to Cotter, there is no pre-planned eye for how the front, we take it as it comes in the culture and evaluate it. But it changes to move questions. The other question was on the credit card of the payment for a profitability. You laid out a few points why it was you picked this quarter. But when you think about the structural profitability of this product, and also what regulates you are thinking, and it's hard to understand how we should think about what are the components that would still remain the administrative, while the components which could be less, you know, some pressure, you pointed about the fee they were, you know, the hidden and fee, etc., you know, sort of coming down. So how should you think about more from a one to two years of success? good question right, we will come to that the regulatory or any other thing that we will come to that. But from a overall buoyancy point of view, see that there was a first aspect of a car and about the spent and the spend is quite, quite picked up 24% or so year on year. So that is that is something that has happened. And the next thing as the spend goes up the critical and utilization used to go up as I said, the critical and use utilization due to the spend is that. coming down or the period of the code can come. Now it needs to go up at the still clinical and utilization that about 0.8 of the fee pandemic level. So that should start to go up. And then along with that gets to the revolving and so on and so forth. There's the path. Right. And from a from a fee charging point of view. There's various various fees. The final period type of fees or incentive type of fees or or or alone. Origination kind of fees. Those are the team and then will happen. moves on as the values come up. Any other type of fees that there can be a regulatory constraint, also comes to that cost. So that means you need to think about not just the fee, it is also you need to think about the cost that goes to the fee. For example, if there are certain fees that goes up, there has to be certain cost also that goes up. And what are the type of cost that can go up? You see there is a balance between what you earn on the fee and what you spend on the expenses, call it the rewards, call it the cash type, call it the sales promotion, the marketing promotion. They all have some linkages across the PNM, right from top to bottom. These are the kind of linkages. One cannot look at only one isolation as a structural change, right? There is no such structural change, but if there were to be a structural change, one has to look at it across all the PNM, the length in terms of what is discretionary and what supports what, right? And then accordingly, one I want to have to model. But from aggregates then, the cost profitability model should remain intact to respect to all four of us. Okay. Now, the question of the digital strategy, you know, you even also partnership with the future entities. So, you're going to just talk about this partnership with sentai from the entity that you're moving about and how does it sort of feeds into your digital tools or to strategy to a coherent in the customers and also from uploading a rich fund of the last question. Thank you, Shikar. Okay, thank you. I know this is a more of a, you know, the key question in getting talked about everywhere in terms of partnerships and how you think about and the cost to income and so on so forth. maybe it's a time I take two three minutes or so to describe right how we think about it and you can see whether it fits in with what you are all thinking. In a banking you will have to look at things in three different kind of activity, call it like that. One is the customer acquisition, the second one is the customer service thing and third one is relationship management. So, this is the continuum of how one engages with the customer at work shop. The various things take from the partnerships that we are all talking about is on the front end there, on the customer acquisition side. We have several channels for a decision. We have a virtual relationship model. We have a feed on street model. We have a physical day as they model. And then now we have a digital marketing model developed over the last three years. They are analytic. And now we have a partnership model. the market, that is, call it a fill-take partnership for the end of the type of partnership that is think about that is another model. And and we do get, I gave you some kind of going terms of regard in 2.4 million live utilization chips. That's the key ingredient that comes in, there's some which every other product starts to work on that, right. And so that is the kind of inflow of customers. So you get little more accelerated customer acquisition at the end of the day you measure the effectiveness of that through the better terms of the market. to the better cost of a position, which is the optimal cost of a position that is where it graduated to. If our branch brings in the counts, brings in relationships and a cost that is much better than the fin take or better than a partnership that is where things graduated to. That is part of the cost of a position models that is think about that. In certain other fin take or a service or a mobile buying team feature or or very other things that go that goes in customer service. Is that is enabling customers to do things that are not. to do things where it can be done on cell service or where it is done through a relationship management, how on a straight through basis on a paperless basis that we execute. That way you measure that to a cost to income, whether are you at an optimum level in a cost to income where you are able to support the customers that you see in an optimum manner. So, is that that is that you measure through how we are executing on that aspect of it. Now, on the relationship management, which is where the most of the money, right, which somewhere in the parts we have done, we have said in the last year I think you mentioned it, call it about the third, less than a third, this is less than 30% of customers provide more than two thirds of value to the fact, right. And 30% of customers are the ones where we have relationship malica. So at the end of the day, you can bring in any customers through any channel of the customer acquisition, you service them through digital approach to any way. At the end of the day the value it comes through a nation shift management. That is what at least in our case we have published that and we have talked about this in the past. So it is about the relationship management that brings it. Now there are there are certain things in relationship management. For example, in the relationship management you we've been implemented we talked about the last 12 months actually during the course period. The analytics date engagement with the customer the next best action. That we that we implemented, right in terms of. how it it rank orders customer preferences based on products behavior and the intent to purchase and that the recommendations that come we have for 20 million customers. We have recommendations that we we have an engagement with month again. It is digitally driven proprietary driven internally through analytics technology helps there, but the delivery is to relationship management. So this is. can't be delivered through a mobile banking or an internet banking or a internet partnership or any other partnership can't be delivered right. It gets delivered through because that's where the value comes through a relationship approach, right. So that is that is something that the capability is coming from there. So that's I probably leave it there. I've taken a minute or two more than what I said I will you on that. No, but that gives the perspective of how we think about. Yes, yes. Thank you so much. We really, really take it off. Thank you. Thank you. Thank you. The next question is from the line of Torah from J.B. Morgan please tell me. Hi good evening Shini. So just one question. This is on your net interest margin. So how should we think about the progression from here? The book makes clearly seem to be getting better. And you know if the rate rise you clearly seem to be better position. So would you expect that the nins should go up from here and in that context? You know, your comment that the portal grow in line with loan growth. should ideally this goes better. Thanks. Okay. So, let's see. So, those thanks for asking again, very key part of the part of the dynamics from the P&L to think about, right. See, historically, or period of 3 years, 5, 10, 15, right. We have seen all of those with GEOC into. The bank was operated in the band of call it 3.94 to 4.45 right 4.44.5 percent that is a band at which by the way that is based on average that is not interesting as because you want to get confused with the denominator being what it is denominator in this case that I quoted the numbers is average access because there is a process to think in the industry about using interesting assets that is a different matter. Now, 3.94 through 4.4.4.5, that is the band package. Currently, we are the low end of the band, because the retail products where we see much more yield coming, much more of a spread coming, and it comes with higher RWA, right? It comes with the higher risk rating, all those, right? of the comes here. We brought that down and then this is the numbered party and it is starting to take its own legs and start to grow. So, one is that it needs to take its time to grow back to what it was called it two years ago. So, that is the journey and the journey is you look at the sequential that you see about 4 and a half percent, quality 18 percent are so as the growth on the retail portfolio. And the next part of that could also be on the retail front itself, the mix of the retail front, whether in the current rates scenario, what sort of loans that that even, right? It also depends on the segment in which we operate. In the recent past, we have had a good growth in retail, this quarter, four point five, last quarter, also it was four something, right? So, it's going to take a few quarters for that to come back to life. But within that, as we came out of COVID and started to focus on this, we have five categorization for the the carpet salary segment which were many of our high yield products are targeted to, right. Category A, B, C, D, E, right. And category A, B, C, C, C, C, C, C, C, C, C, C, C, kind of a very popular, where we have had a group such such to start with right now. And we should have broad ways as we go along with battery yield and rates also going up. So that is something to keep in mind that the other aspect of it is also the government signal. The government segment in our analytic groups, commentate model can typically be a lower risk relative to the rest. And we will come in a risk-based pricing model, it will come with a lower yielding rate. So that is something also we have focused and contribute to focus on that also. So at the end of the day, it will take few quarters for this mix of retail and within the mix of retail, we much more broad based across all the segments within the region that we are talking about to come up. So that is one aspect of what you can think about the nin coming up. The other aspect of the name is also about the rate itself. If you think about the repo rate, loans link to repo rate, slightly under a third right now, right about 3132. 32, right, slightly under one third of our long book is linked to a repo rate and about the little mid single digit are so linked to theaters, right. And so which is if you go back to three years ago when we were in the mid to high end of the name range. the components that that means the composition of these two they're very meaner, right, very low, call it, would be call it single digit but very low it was. So it is it is moved up and now the rate starts to move up that is going to give something. And of course the cost of a rate starts to move with that will have an impact on the cost of on the two. But the cost of funds can come with a lag and I'm saying the process is not necessarily on the time deposit which can come with a lag. So that's the kind of way you think about it saying one is the rate environment and another is the rate mix of retail that can come and bring in that. >> The garnish, you know, so I really it should move up so that's what I was coming to that if your N.I.M. can to move up, shouldn't you're operating profit be better than don't you. to this preliminary point of a standard attack. Sorry, it was a good point that you say, right, but from a from a risk my point of view my perspective I will tell you that you you need to be continuously investing. Right. And when you make those continuous investments, then that is where you get to the long term. So in a static book, what you say is right, right, if you look at it in the short term, they don't make any other change. Just allow these two changes. Sting the mix on the loans and change. the segments between retail, get to higher end segments and should that be, yes, it will be. But you know that this is not a unidemensional model, right? It should be a dynamic model with you, you inverse for the future. That's why I alluded to in my, in my opening remarks that about the branch investments, about the people investments, about the technology investment, we need to do that for the future. You don't see it, you don't know how it today. You will see the result on it in a couple of years time, right? as a branch maturity model takes anywhere from two to three years to be in the reasonable state, and between 5 to 10 years to get to the robust state. Same with people productivity. And so you need to make those continuous investments on those. And so that is why the ones that I mentioned that the pre-provision operating problems are ppOP and making kind of a lending growth rate. that is how historically we have added branches. So, if you think about in the last five billion years we added 2,000 different branches in the last five billion. In the last, so, once the three years we added 1,100 branches. And so, that these are the kind of investments continuously we do to model so that it is dynamically maintained for a longer term to come. You know, thank you, Shini. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. The next question is from the line of the race company from Makwari. Please go over here. Yeah, hi. She's a, I have a question on these on the feet of the payment products. In the sense that are you seeing pressure on interchange, these are the MDR levels coming down. No, the reason why I'm asking this question is that's what's of course we can just tell us what has been the experience. And secondly, from a new digital payment paper, I know it's always difficult. the second guess what the regulator is thinking. But you really change there can be further reduction with respect to MDRs and debit cards, can there be something on credit cards, can you PRB monetizable? I'm just asking all these questions because everything has got to do with the payment related fee. So, if the regulator is thinking only in one direction less to bring down the transaction cost, then this is not going to be one sort of phenomenon. You're going to be prepared for subsequent several quarters. I was a management thinking about taking care of some of the regulatory challenges. I will explain it to you. Thanks so much. Thank you. Thank you for your consideration. It is indeed important to address it and think about what we think. There are two aspects to this. One is the experience itself in terms of what we see on the interchange or the interchange or the MDR. There is there is no pressure on interchange or MDR from a rate point of view. It has been quite steady and quite nice. So that is that is one of the things that we have done. something from our recent experience that has not been inhibiting our kind of a feel like. The rate is quite all right. Now, when the MDR, we will address that because it is easy to address, we will come to interchange. See, MDR, we do not make, on a next basis, we do not make much, we do not make anything on MDR. that means if it is an internal customer that means if we have an issuing card, our MDR business pay is interchange to the issuing card. Right, so I am the business third party card, office card, our MDR business pay is interchange to a third party. issue. So, MPR business has such a pretty neutral, but we still very very vehemently pursue MPR relationship or merchant relationship to point 8, 8, 5, and then continuously grow that because of the time with strategy, which is, along with that comes the liability and comes the assets value, right? Which, we, liability we already started and assets, we are working on the model. come to reasonable value. We still have to do a lot to grow there, but the part of that strategy is so that India has such there is nothing to take it away on India because nothing is there to take it away. So that's one. Now coming to the interchange is being held steady. If there is any other pressure on interchange, a situation is alluded to if you're looking for some other context of the question, which is, see, the interchange and isolation perhaps should not be looked at. be looked at, interchange should be looked at in the context of what is the rewards that is the novel on the car. What is the reward? What is the reward point? Cost of the cash that points that cash that cost which is there. Cost of the sales and promotion marketing type of cost that are there, right? So, if you when you draw a P&L only on the sales, so that means keep the It all works to the side. Keep those people who do the, the cash advancements, who do the limit announcements or spend more than the limit than do. I have it in the way they can keep them to the side, right. And it's a pure pure transactors, if you see and you draw a fee into the conceptors, it is like that MDR, a sandwich strategy. You keep the customer in the edge because you've got a load on the library side of the customer. and you are able to choose certain types of the asset side of the customer. So, if the interchange for any reason, right, which you can't predict for the any reason that has to move up for the, then you get the other levels on the field and get the operator, right, which is, then you look at the loss and you look at your castor, then you look at your marketing and sales promotion. And so you look at all of those and try to manage the PNL do profit. Okay, okay. Thank you. Thank you. Thank you. Thank you. Ladies and gentlemen, that was the last question for today. Who would now like to have the conference over to Mr. Vajianathan? So, please come in. Okay, thank you, David. Thanks for all the participants for dialing in today. We appreciate your engagement. And if you do have anything more that we could help you from the understanding of a jeet chatty in our English regulations will be available to talk at some point in time. some point at the time of the future please say that for the thank you. Thank you on behalf of HTST Bank Ltd that concludes this conference. Thank you all for joining. You may now disconnect your lines. 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\ No newline at end of file diff --git a/Tests/WhisperKitTests/RegressionTests.swift b/Tests/WhisperKitTests/RegressionTests.swift index 71b81f98..8f64e415 100644 --- a/Tests/WhisperKitTests/RegressionTests.swift +++ b/Tests/WhisperKitTests/RegressionTests.swift @@ -13,7 +13,6 @@ final class RegressionTests: XCTestCase { override func setUp() { super.setUp() - if self.audioFileURLs == nil || self.metadataURL == nil || self.testWERURLs == nil{ let expectation = XCTestExpectation(description: "Download test audio") downloadTestAudio { success in @@ -185,6 +184,10 @@ final class RegressionTests: XCTestCase { let json = RegressionStats(testInfo: testInfo, memoryStats: memoryStats, latencyStats: latencyStats) resultJSON.append(json) + + if !overEntireDataset{ + break + } } do { @@ -212,7 +215,7 @@ final class RegressionTests: XCTestCase { while currentDevice.last?.isWhitespace == true { currentDevice = String(currentDevice.dropLast())} do { allModels = try await WhisperKit.fetchAvailableModels() - allModels = ["tiny", "base"] + allModels = ["base"] } catch { XCTFail("Failed to fetch available models: \(error.localizedDescription)") } @@ -222,7 +225,7 @@ final class RegressionTests: XCTestCase { try await testAndMeasureModelPerformance( model: model, device: currentDevice, - overEntireDataset: true + overEntireDataset: false ) } catch { failureInfo[model] = error.localizedDescription @@ -275,4 +278,22 @@ final class RegressionTests: XCTestCase { let ops = hirschberg(Array(s1.unicodeScalars), Array(s2.unicodeScalars)) XCTAssert(ops.count == 228) } + + func testSpeculativeDecoding(){ + var oracleModel = "large-v3" + var draftModel = "distil-large-v3" + //1. Load oracle model + //2. Load draft decoder + //3. for encoded input, run draft decoder lambda times, generating lambda tokens + //4. Do one forward pass on oracle decoder with the lambda tokens. Keep confirmed tokens and continue + + //5. How to blend it with eager mode. Eager first or Speculative first ?? + // Eager -> Use wordtimestamps to confirm generated audio results and avoid recomputing the whole audio segment + // Speculative -> Decode multiple tokens with draft, keep confirmed by usoing oracle and keep going + + //Predict tokens eagerly by using the draft model up until window is complete + //For each batch of predicted tokens, confirm on the prediction by using oracle model + //If correct, keep going + //If incorrect, throw away the current predicted tokens and start from scratch + } } From 3fceef3af4dff424bccafa7c447f334d48f3faf7 Mon Sep 17 00:00:00 2001 From: Abhinay1997 Date: Tue, 6 Aug 2024 18:33:58 +0530 Subject: [PATCH 22/28] --- Tests/WhisperKitTests/Evaluate/Fraction.swift | 248 ------------------ 1 file changed, 248 deletions(-) delete mode 100644 Tests/WhisperKitTests/Evaluate/Fraction.swift diff --git a/Tests/WhisperKitTests/Evaluate/Fraction.swift b/Tests/WhisperKitTests/Evaluate/Fraction.swift deleted file mode 100644 index a38b5325..00000000 --- a/Tests/WhisperKitTests/Evaluate/Fraction.swift +++ /dev/null @@ -1,248 +0,0 @@ -// Simple Fraction implementation for the normalization code. -// Doesn't do everything the python module fractions can do. -import Foundation - -struct Fraction{ - var numerator: Int - var denominator: Int - - var description: String { - "\(numerator)/\(denominator)" - } - - init?(numerator: Int, denominator: Int){ - guard denominator != 0 else { return nil } - guard numerator > Int.min, denominator > Int.min else { return nil } - - self.numerator = numerator - self.denominator = denominator - if denominator < 0{ - self.numerator = -1 * self.numerator - self.denominator = -1 * self.denominator - } - self.simplify() - } - - init?(_ value: Double){ - if value == Double.infinity || value == Double.nan{ - return nil - } - if value == 0.0{ - self.init(numerator: 0, denominator: 1) - } - else if let (n,d) = Double.toIntegerNumberRatio(value: value){ - self.init(numerator: n, denominator: d) - }else{ - return nil - } - } - - init?(_ value: Float){ - self.init(Double(value)) - } - - init?(_ value: String){ - let rationalFormatPattern = """ - \\A\\s* - (?[-+]?)? - (?=\\d|\\.\\d) - (?\\d*|\\d+(_\\d+)*)? - (?:\\.(?\\d+(_\\d+)*))? - (?:\\s*/\\s*(?\\d+(_\\d+)*))? - (?:E(?[-+]?\\d+(_\\d+)*))? - \\s*\\Z - """ - - let regex = try? NSRegularExpression(pattern: rationalFormatPattern, options: [.allowCommentsAndWhitespace, .caseInsensitive]) - guard let regex = regex else { return nil} - let range = NSRange(location: 0, length: value.utf16.count) - var matches : [String:String] = [:] - if let match = regex.firstMatch(in: value, options: [], range: range) { - let groups = ["sign", "num", "denom", "decimal", "exp"] - for group in groups { - if let range = Range(match.range(withName: group), in: value) { - matches[group] = String(value[range]) - } - } - } - if matches.count == 0{ return nil} - // catch overflow if matches[num] will exceed size of Int64 - if matches["num"]?.count ?? 0 > 19{ return nil} - var numerator = Int(matches["num"] ?? "0")! - var denominator: Int - - if let denom = matches["denom"]{ - denominator = Int(denom)! - } - else{ - denominator = 1 - if var decimal = matches["decimal"]{ - decimal = decimal.replacingOccurrences(of: "_", with: "") - let scale = Int(pow(Double(10), Double(decimal.count))) //10**len(decimal) - guard let d = Int(decimal) else {return nil} - numerator = numerator * scale + d - denominator *= scale - } - - if matches["exp"] != nil, let exponent = Int(matches["exp"]!){ - if exponent >= 0{ - numerator *= Int(pow(Double(10), Double(exponent))) - }else{ - denominator *= Int(pow(Double(10), Double(-exponent))) - } - } - } - if matches["sign"] == "-"{ - numerator = -numerator - } - - self.init(numerator: numerator, denominator: denominator) - } - - static func gcd(lhs:Int,rhs:Int) -> Int{ - var a = lhs - var b = rhs - while b != 0 { (a, b) = (b, a % b) } - return a - } - - static func lcm(lhs:Int,rhs:Int) -> Int{ - return (lhs * rhs / gcd(lhs:lhs, rhs:rhs)) - } - - mutating func simplify(){ - var divisor = Fraction.gcd(lhs: numerator, rhs: denominator) - if divisor < 0 { divisor *= -1 } - self.numerator = Int(numerator / divisor) - self.denominator = Int(denominator / divisor) - } - - static func +(lhs: Fraction, rhs: Fraction) -> Fraction?{ - let na = lhs.numerator - let nb = rhs.numerator - let da = lhs.denominator - let db = rhs.denominator - let g = Fraction.gcd(lhs: da, rhs: db) - if g == 1{ - return Fraction(numerator: na * db + da * nb, denominator: da * db) - } - let s = da / g - let t = na * (db / g) + nb * s - let g2 = Fraction.gcd(lhs: t, rhs: g) - if g2 == 1{ - return Fraction(numerator: t, denominator: s * db) - } - return Fraction(numerator: t / g2, denominator: s * (db / g2)) - } - - static func -(lhs: Fraction, rhs: Fraction) -> Fraction?{ - let na = lhs.numerator - let nb = rhs.numerator - let da = lhs.denominator - let db = rhs.denominator - let g = Fraction.gcd(lhs: da, rhs: db) - if g == 1{ - return Fraction(numerator: na * db - da * nb, denominator: da * db) - } - let s = da / g - let t = na * (db / g) - nb * s - let g2 = Fraction.gcd(lhs: t, rhs: g) - if g2 == 1{ - return Fraction(numerator: t, denominator: s * db) - } - return Fraction(numerator: t / g2, denominator: s * (db / g2)) - } - - static func *(lhs: Fraction, rhs: Fraction) -> Fraction?{ - return Fraction(numerator:lhs.numerator * rhs.numerator, denominator:lhs.denominator * rhs.denominator) - } - - static func /(lhs: Fraction, rhs: Fraction) -> Fraction?{ - return Fraction(numerator:lhs.numerator * rhs.denominator, denominator:lhs.denominator * rhs.numerator) - } - -} - -extension Fraction: Equatable{ - static func == (lhs: Fraction, rhs: Fraction) -> Bool{ - if lhs.numerator == rhs.numerator, lhs.denominator == rhs.denominator{ - return true - } - return false - } -} - -// MARK: Fraction operations with Int's -extension Fraction{ - static func +(lhs: Int, rhs: Fraction) -> Fraction?{ - guard let lhsFraction = Fraction(numerator: lhs, denominator: 1) else {return rhs} - return lhsFraction + rhs - } - - static func +(lhs: Fraction, rhs: Int) -> Fraction?{ - guard let rhsFraction = Fraction(numerator: rhs, denominator: 1) else {return lhs} - return lhs + rhsFraction - } - - static func -(lhs: Int, rhs: Fraction) -> Fraction?{ - guard let lhsFraction = Fraction(numerator: lhs, denominator: 1) else {return rhs} - return lhsFraction - rhs - } - - static func -(lhs: Fraction, rhs: Int) -> Fraction?{ - guard let rhsFraction = Fraction(numerator: rhs, denominator: 1) else {return lhs} - return lhs - rhsFraction - } - - static func *(lhs: Fraction, rhs: Int) -> Fraction?{ - guard let rhsFraction = Fraction(numerator: rhs, denominator: 1) else {return lhs} - return lhs * rhsFraction - } - - static func *(lhs: Int, rhs: Fraction) -> Fraction?{ - guard let lhsFraction = Fraction(numerator: lhs, denominator: 1) else {return rhs} - return lhsFraction * rhs - } - - static func /(lhs: Fraction, rhs: Int) -> Fraction?{ - guard let rhsFraction = Fraction(numerator: rhs, denominator: 1) else {return lhs} - return lhs / rhsFraction - } - - static func /(lhs: Int, rhs: Fraction) -> Fraction?{ - guard let lhsFraction = Fraction(numerator: lhs, denominator: 1) else {return rhs} - return lhsFraction / rhs - } -} - -extension Double{ - static func toIntegerNumberRatio(value: Double) -> (Int,Int)?{ - var floatPart: Double = value.significand - var exponent: Int = value.exponent - var numerator: Int - var denominator: Int - - for _ in 0..<300 where floatPart != floatPart.rounded(.down){ - floatPart *= 2.0 - exponent -= 1 - } - - if floatPart == Double.infinity || floatPart == Double.nan{ - return nil - } - - numerator = Int(floatPart.rounded(.down)) - denominator = 1 - - if exponent > 0{ - numerator <<= exponent - } - else{ - denominator <<= -exponent - } - return (numerator, denominator) - } -} - - - From ad4c7f5af3ed89418ec02a03fc00ceaf7fece8d3 Mon Sep 17 00:00:00 2001 From: Abhinay1997 Date: Tue, 6 Aug 2024 18:34:04 +0530 Subject: [PATCH 23/28] PR Clenup: * Remove Fraction.swift * Remove commented out redundant code --- .../Evaluate/NormalizeEn.swift | 12 ------- Tests/WhisperKitTests/RegressionTests.swift | 36 +------------------ 2 files changed, 1 insertion(+), 47 deletions(-) diff --git a/Tests/WhisperKitTests/Evaluate/NormalizeEn.swift b/Tests/WhisperKitTests/Evaluate/NormalizeEn.swift index 0a74fa01..6fada9d5 100644 --- a/Tests/WhisperKitTests/Evaluate/NormalizeEn.swift +++ b/Tests/WhisperKitTests/Evaluate/NormalizeEn.swift @@ -269,7 +269,6 @@ class EnglishNumberNormalizer{ if currentWithoutPrefix.range(of: #"^\d+(\.\d+)?$"#, options: .regularExpression) != nil { // arabic numbers (potentially with signs and fractions) - // if let f = Double(currentWithoutPrefix) if let f = Decimal(string: currentWithoutPrefix) { if var v = value, v.hasSuffix(".") { v = v + current @@ -279,7 +278,6 @@ class EnglishNumberNormalizer{ results.append(output(v)) } prefix = hasPrefix ? String(current.first!) : prefix -// value = f.denominator == 1 ? String(f.numerator) : currentWithoutPrefix value = f.isInteger ? f.floored().toString() : currentWithoutPrefix } else { fatalError("Converting the fraction failed") @@ -303,9 +301,7 @@ class EnglishNumberNormalizer{ value = v + String(ones) } } else if ones < 10 { - //if var v = value, Int(v) != nil, Int(v)! % 10 == 0 if var v = value, let f = Decimal(string: v), f.remainder(dividingBy: 10) == 0 { - //value = String(Int(v)! + ones) value = (f + Decimal(ones)).integerPart() } else { value = value! + String(ones) @@ -329,17 +325,13 @@ class EnglishNumberNormalizer{ results.append(output("\(v)\(ones)\(suffix)")) } } else if ones < 10 { -// if let v = value, Int(v)! % 10 == 0 if let v = value, let f = Decimal(string: v), f.remainder(dividingBy: 10) == 0 { -// results.append(output("\(Int(v)! + ones)\(suffix)")) results.append(output("\((f + Decimal(ones)).integerPart())\(suffix)")) } else { results.append(output("\(value!)\(ones)\(suffix)")) } } else { -// if let v = value, Int(v)! % 100 == 0 if let v = value, let f = Decimal(string: v), f.remainder(dividingBy: 100) == 0{ -// results.append(output("\(Int(v)! + ones)\(suffix)")) results.append(output("\((f + Decimal(ones)).integerPart())\(suffix)")) } else { results.append(output("\(value!)\(ones)\(suffix)")) @@ -352,9 +344,7 @@ class EnglishNumberNormalizer{ } else if let v = value, !v.isEmpty { value = v + String(tens) } else { -// if let v = value, Int(v)! % 100 == 0 if let v = value, let f = Decimal(string: v), f.remainder(dividingBy: 100) == 0{ -// value = String(Int(v)! + tens) value = (f + Decimal(tens)).integerPart() } else { value = value! + String(tens) @@ -364,10 +354,8 @@ class EnglishNumberNormalizer{ if value == nil { results.append(output("\(tens)\(suffix)")) } - // else if let v = value, !v.isEmpty else if let v = value, !v.isEmpty, let f = Decimal(string: v){ if f.remainder(dividingBy: 100) == 0 { -// results.append(output("\(Int(v)! + tens)\(suffix)")) results.append(output("\((f + Decimal(tens)).integerPart())\(suffix)")) } else { results.append(output("\(value!)\(tens)\(suffix)")) diff --git a/Tests/WhisperKitTests/RegressionTests.swift b/Tests/WhisperKitTests/RegressionTests.swift index 8f64e415..d3ca355c 100644 --- a/Tests/WhisperKitTests/RegressionTests.swift +++ b/Tests/WhisperKitTests/RegressionTests.swift @@ -215,6 +215,7 @@ final class RegressionTests: XCTestCase { while currentDevice.last?.isWhitespace == true { currentDevice = String(currentDevice.dropLast())} do { allModels = try await WhisperKit.fetchAvailableModels() + // TODO: Remove after testing allModels = ["base"] } catch { XCTFail("Failed to fetch available models: \(error.localizedDescription)") @@ -243,24 +244,6 @@ final class RegressionTests: XCTestCase { } } - - - func testFractions(){ - XCTAssert(Fraction(numerator: 10, denominator: 0) == nil) - XCTAssert(Fraction(numerator: 10, denominator: 10) != nil) - XCTAssert(Fraction("3/7") == Fraction(numerator: 3, denominator: 7)) - XCTAssert(Fraction("1/2") == Fraction(numerator: 2, denominator: 4)) - XCTAssert(Fraction("100") == Fraction(numerator: 100, denominator: 1)) - XCTAssert(Fraction(numerator: 5, denominator: -8) == Fraction(numerator: -5, denominator: 8)) - XCTAssert(Fraction(numerator: -5, denominator: -8) == Fraction(numerator: 5, denominator: 8)) - XCTAssert(Fraction("3.1415") == Fraction(numerator: 6283, denominator: 2000)) - XCTAssert(Fraction("-47e-2") == Fraction(numerator: -47, denominator: 100)) - XCTAssert(Fraction(2.25) == Fraction(numerator: 9, denominator: 4)) - XCTAssert(Fraction(2.25)! * Fraction(numerator: 100, denominator: 5)! == Fraction(numerator: 45, denominator: 1)) - XCTAssert(Fraction(2.25)! * 100 == Fraction(numerator: 225, denominator: 1)) - XCTAssert(Fraction(2.25)! + Fraction(1.25)! == Fraction(numerator: 7, denominator: 2)) - } - func testLargeWER(){ let texts = getWERTestData() if let originalText = texts.0, let generatedText = texts.1{ @@ -279,21 +262,4 @@ final class RegressionTests: XCTestCase { XCTAssert(ops.count == 228) } - func testSpeculativeDecoding(){ - var oracleModel = "large-v3" - var draftModel = "distil-large-v3" - //1. Load oracle model - //2. Load draft decoder - //3. for encoded input, run draft decoder lambda times, generating lambda tokens - //4. Do one forward pass on oracle decoder with the lambda tokens. Keep confirmed tokens and continue - - //5. How to blend it with eager mode. Eager first or Speculative first ?? - // Eager -> Use wordtimestamps to confirm generated audio results and avoid recomputing the whole audio segment - // Speculative -> Decode multiple tokens with draft, keep confirmed by usoing oracle and keep going - - //Predict tokens eagerly by using the draft model up until window is complete - //For each batch of predicted tokens, confirm on the prediction by using oracle model - //If correct, keep going - //If incorrect, throw away the current predicted tokens and start from scratch - } } From 525657baf1679fe6fd4472533caf2769f7a1b98f Mon Sep 17 00:00:00 2001 From: Abhinay1997 Date: Mon, 12 Aug 2024 22:10:50 +0530 Subject: [PATCH 24/28] Adds system memory, disk space and battery level tracking. --- Tests/WhisperKitTests/MemoryTestUtils.swift | 223 +++++++++++++++++++- Tests/WhisperKitTests/RegressionTests.swift | 49 ++++- 2 files changed, 261 insertions(+), 11 deletions(-) diff --git a/Tests/WhisperKitTests/MemoryTestUtils.swift b/Tests/WhisperKitTests/MemoryTestUtils.swift index ab974fe8..b403fa88 100644 --- a/Tests/WhisperKitTests/MemoryTestUtils.swift +++ b/Tests/WhisperKitTests/MemoryTestUtils.swift @@ -1,5 +1,7 @@ import Foundation import WhisperKit +import MachO +import CoreML // MARK: RegressionStats @@ -7,11 +9,20 @@ class RegressionStats: JSONCodable { let testInfo: TestInfo let memoryStats: MemoryStats let latencyStats: LatencyStats + let staticAttributes: StaticAttributes + let systemMeasurements: SystemMeasurements - init(testInfo: TestInfo, memoryStats: MemoryStats, latencyStats: LatencyStats) { + init(testInfo: TestInfo, + memoryStats: MemoryStats, + latencyStats: LatencyStats, + staticAttributes: StaticAttributes, + systemMeasurements: SystemMeasurements + ) { self.testInfo = testInfo self.memoryStats = memoryStats self.latencyStats = latencyStats + self.staticAttributes = staticAttributes + self.systemMeasurements = systemMeasurements } func jsonData() throws -> Data { @@ -85,6 +96,36 @@ class Stats: JSONCodable { } } +// MARK: StaticAttributes +class StaticAttributes: Codable{ + let osVersion: String + let isLowPowerMode: String + let encoderCompute: String + let decoderCompute: String + + init(encoderCompute: MLComputeUnits, decoderCompute: MLComputeUnits){ + let version = ProcessInfo.processInfo.operatingSystemVersion + self.osVersion = "\(version.majorVersion).\(version.minorVersion).\(version.patchVersion)" + self.isLowPowerMode = ProcessInfo.processInfo.isLowPowerModeEnabled ? "Enabled" : "Disabled" + self.encoderCompute = encoderCompute.stringValue + self.decoderCompute = decoderCompute.stringValue + } +} + +class SystemMeasurements: Codable{ + let systemMemory: [SystemMemoryUsage] + let diskSpace: [DiskSpace] + let batteryLevel: [Float] + let timeElapsed: [TimeInterval] + + init(systemMemory: [SystemMemoryUsage], diskSpace: [DiskSpace], batteryLevel: [Float], timeElapsed: [TimeInterval]) { + self.systemMemory = systemMemory + self.diskSpace = diskSpace + self.batteryLevel = batteryLevel + self.timeElapsed = timeElapsed + } +} + // MARK: LatencyStats class LatencyStats: Stats { @@ -157,7 +198,7 @@ extension Data { // MARK: - SystemMemoryChecker @available(macOS 13, iOS 16, watchOS 10, visionOS 1, *) -class SystemMemoryChecker: NSObject { +class AppMemoryChecker: NSObject { static func getMemoryUsed() -> UInt64 { // The `TASK_VM_INFO_COUNT` and `TASK_VM_INFO_REV1_COUNT` macros are too // complex for the Swift C importer, so we have to define them ourselves. @@ -182,3 +223,181 @@ class SystemMemoryChecker: NSObject { return usedMB } } + +@available(macOS 13, iOS 16, watchOS 10, visionOS 1, *) +class SystemMemoryCheckerAdvanced: NSObject { + + static func getMemoryUsage() -> SystemMemoryUsage { + // Get total and available memory using host_statistics64 + var stats = vm_statistics64() + var count = mach_msg_type_number_t(MemoryLayout.size(ofValue: stats) / MemoryLayout.size) + let hostPort = mach_host_self() + let result = withUnsafeMutablePointer(to: &stats) { statsPtr -> kern_return_t in + statsPtr.withMemoryRebound(to: integer_t.self, capacity: Int(count)) { intPtr in + host_statistics64(hostPort, HOST_VM_INFO64, intPtr, &count) + } + } + + guard result == KERN_SUCCESS else { + return SystemMemoryUsage(totalAvailableGB: 0, totalUsedGB: 0, appAllocatedGB: 0, appUsedGB: 0, swapUsedGB: 0) + } + + let pageSize = UInt64(vm_kernel_page_size) + let totalMemory = Float(ProcessInfo.processInfo.physicalMemory) / 1024 / 1024 / 1024 + let freeMemory = Float(stats.free_count) * Float(pageSize) / 1024 / 1024 / 1024 + let inactiveMemory = Float(stats.inactive_count) * Float(pageSize) / 1024 / 1024 / 1024 + let availableMemory = freeMemory + inactiveMemory + let activeMemory = Float(stats.active_count) * Float(pageSize) / 1024 / 1024 / 1024 + let wiredMemory = Float(stats.wire_count) * Float(pageSize) / 1024 / 1024 / 1024 + let usedMemory = totalMemory - availableMemory + + // Get task-specific memory footprint using task_info + let TASK_VM_INFO_COUNT = mach_msg_type_number_t(MemoryLayout.size / MemoryLayout.size) + guard let offset = MemoryLayout.offset(of: \task_vm_info_data_t.min_address) else { + return SystemMemoryUsage(totalAvailableGB: 0, totalUsedGB: 0, appAllocatedGB: 0, appUsedGB: 0, swapUsedGB: 0) + } + let TASK_VM_INFO_REV1_COUNT = mach_msg_type_number_t(offset / MemoryLayout.size) + var info = task_vm_info_data_t() + var countInfo = TASK_VM_INFO_COUNT + let kr = withUnsafeMutablePointer(to: &info) { infoPtr in + infoPtr.withMemoryRebound(to: integer_t.self, capacity: Int(countInfo)) { intPtr in + task_info(mach_task_self_, task_flavor_t(TASK_VM_INFO), intPtr, &countInfo) + } + } + + guard + kr == KERN_SUCCESS, + countInfo >= TASK_VM_INFO_REV1_COUNT + else { + return SystemMemoryUsage(totalAvailableGB: 0, totalUsedGB: 0, appAllocatedGB: 0, appUsedGB: 0, swapUsedGB: 0) + } + + let appAllocatedBytes = UInt64(info.phys_footprint) + let appAllocatedGB = Float(appAllocatedBytes) / 1024 / 1024 / 1024 + + let appUsedBytes = UInt64(info.resident_size) + let appUsedGB = Float(appUsedBytes) / 1024 / 1024 / 1024 + + // Get swap memory usage + let swapUsedBytes = UInt64(stats.swapouts) * pageSize + let swapUsedGB = Float(swapUsedBytes) / 1024 / 1024 / 1024 + + return SystemMemoryUsage(totalAvailableGB: availableMemory, totalUsedGB: usedMemory, appAllocatedGB: appAllocatedGB, appUsedGB: appUsedGB, swapUsedGB: swapUsedGB) + } +} + +import Foundation +#if canImport(UIKit) +import UIKit +#endif + +#if canImport(IOKit) +import IOKit.ps +#endif + +class BatteryLevelChecker: NSObject { + static func getBatteryLevel() -> Float? { + #if os(iOS) || os(watchOS) + UIDevice.current.isBatteryMonitoringEnabled = true + let batteryLevel = UIDevice.current.batteryLevel + UIDevice.current.isBatteryMonitoringEnabled = false + return batteryLevel >= 0 ? batteryLevel * 100 : nil + #elseif os(macOS) + return getMacOSBatteryLevel() + #else + return nil + #endif + } + + private static func getMacOSBatteryLevel() -> Float? { + let snapshot = IOPSCopyPowerSourcesInfo().takeRetainedValue() + let sources = IOPSCopyPowerSourcesList(snapshot).takeRetainedValue() as [CFTypeRef] + for ps in sources { + if let description = IOPSGetPowerSourceDescription(snapshot, ps).takeUnretainedValue() as? [String: Any] { + if let currentCapacity = description[kIOPSCurrentCapacityKey] as? Int, + let maxCapacity = description[kIOPSMaxCapacityKey] as? Int { + return (Float(currentCapacity) / Float(maxCapacity)) * 100 + } + } + } + return nil + } +} + +struct DiskSpace: Codable { + let totalSpaceGB: Float? + let freeSpaceGB: Float? +} + +struct SystemMemoryUsage: Codable { + let totalAvailableGB: Float + let totalUsedGB: Float + let appAllocatedGB: Float + let appUsedGB: Float + let swapUsedGB: Float +} + +class DiskSpaceChecker: NSObject { + static func getDiskSpace() -> DiskSpace { + #if os(iOS) || os(watchOS) + return getiOSOrWatchOSDiskSpace() + #elseif os(macOS) + return getMacOSDiskSpace() + #else + return DiskSpace(totalSpaceGB: nil, freeSpaceGB: nil) + #endif + } + + private static func getiOSOrWatchOSDiskSpace() -> DiskSpace { + let fileManager = FileManager.default + do { + let attributes = try fileManager.attributesOfFileSystem(forPath: NSHomeDirectory()) + if let totalSpace = attributes[.systemSize] as? NSNumber, + let freeSpace = attributes[.systemFreeSize] as? NSNumber { + return DiskSpace( + totalSpaceGB: Float(truncating: totalSpace) / 1024 / 1024 / 1024, + freeSpaceGB: Float(truncating: freeSpace) / 1024 / 1024 / 1024 + ) + } + } catch { + print("Error retrieving file system attributes: \(error)") + } + return DiskSpace(totalSpaceGB: nil, freeSpaceGB: nil) + } + + private static func getMacOSDiskSpace() -> DiskSpace { + let fileManager = FileManager.default + do { + let homeDirectory = fileManager.homeDirectoryForCurrentUser + let attributes = try fileManager.attributesOfFileSystem(forPath: homeDirectory.path) + if let totalSpace = attributes[.systemSize] as? NSNumber, + let freeSpace = attributes[.systemFreeSize] as? NSNumber { + return DiskSpace( + totalSpaceGB: Float(truncating: totalSpace) / 1024 / 1024 / 1024, + freeSpaceGB: Float(truncating: freeSpace) / 1024 / 1024 / 1024 + ) + } + } catch { + print("Error retrieving file system attributes: \(error)") + } + return DiskSpace(totalSpaceGB: nil, freeSpaceGB: nil) + } +} + + +private extension MLComputeUnits{ + var stringValue: String { + switch self { + case .cpuOnly: + return "CPU Only" + case .cpuAndGPU: + return "CPU and GPU" + case .all: + return "All" + case .cpuAndNeuralEngine: + return "CPU and Neural Engine" + @unknown default: + return "Unknown" + } + } +} diff --git a/Tests/WhisperKitTests/RegressionTests.swift b/Tests/WhisperKitTests/RegressionTests.swift index b51f0ef4..e61b583d 100644 --- a/Tests/WhisperKitTests/RegressionTests.swift +++ b/Tests/WhisperKitTests/RegressionTests.swift @@ -110,7 +110,7 @@ final class RegressionTests: XCTestCase { for audioFilePath in audioFilePaths{ let startTime = Date() - var currentMemoryValues = [Float]() + var currentAppMemoryValues = [Float]() var currentTPSValues = [Float]() let memoryStats = MemoryStats( @@ -129,29 +129,45 @@ final class RegressionTests: XCTestCase { let callback = { (result: TranscriptionProgress) -> Bool in count += 1 - let currentMemory = SystemMemoryChecker.getMemoryUsed() + let currentMemory = AppMemoryChecker.getMemoryUsed() let timeTaken = CFAbsoluteTimeGetCurrent() - lastTimeStamp lastTimeStamp = CFAbsoluteTimeGetCurrent() let currentTPS = Double(1/timeTaken) if currentMemory != 0 { - currentMemoryValues.append(Float(currentMemory)) + currentAppMemoryValues.append(Float(currentMemory)) } if !currentTPS.isNaN { currentTPSValues.append(Float(currentTPS)) } if count % 100 == 1 { let timeElapsed = Date().timeIntervalSince(startTime) - memoryStats.measure(from: currentMemoryValues, timeElapsed: timeElapsed) + memoryStats.measure(from: currentAppMemoryValues, timeElapsed: timeElapsed) latencyStats.measure(from: currentTPSValues, timeElapsed: timeElapsed) - currentMemoryValues = [] + currentAppMemoryValues = [] currentTPSValues = [] } return true } let whisperKit = try await WhisperKit(model: model) - memoryStats.preTranscribeMemory = Float(SystemMemoryChecker.getMemoryUsed()) + memoryStats.preTranscribeMemory = Float(AppMemoryChecker.getMemoryUsed()) + + var systemMemory: [SystemMemoryUsage] = [] + var diskSpace: [DiskSpace] = [] + var batteryLevel: [Float] = [] + var timerTimeElapsed: [TimeInterval] = [] + // DispatchSourceTimer to collect memory usage asynchronously + let timerQueue = DispatchQueue(label: "com.example.SystemStatTimerQueue") + let timer = DispatchSource.makeTimerSource(queue: timerQueue) + timer.schedule(deadline: .now(), repeating: 1.0) + timer.setEventHandler { + systemMemory.append(SystemMemoryCheckerAdvanced.getMemoryUsage()) + diskSpace.append(DiskSpaceChecker.getDiskSpace()) + batteryLevel.append(BatteryLevelChecker.getBatteryLevel() ?? -1) + timerTimeElapsed.append(Date().timeIntervalSince(startTime)) + } + timer.resume() let transcriptionResult = try await XCTUnwrapAsync( await whisperKit.transcribe(audioPath: audioFilePath, callback: callback).first, @@ -159,7 +175,7 @@ final class RegressionTests: XCTestCase { ) XCTAssert(transcriptionResult.text.isEmpty == false, "Transcription failed") - memoryStats.postTranscribeMemory = Float(SystemMemoryChecker.getMemoryUsed()) + memoryStats.postTranscribeMemory = Float(AppMemoryChecker.getMemoryUsed()) var wer = -Double.infinity if let filename = audioFilePath.split(separator: "/").last,let originalTranscript = getTranscript(filename: String(filename)){ @@ -181,8 +197,23 @@ final class RegressionTests: XCTestCase { transcript: transcriptionResult.text, wer: wer ) - - let json = RegressionStats(testInfo: testInfo, memoryStats: memoryStats, latencyStats: latencyStats) + let staticAttributes = StaticAttributes( + encoderCompute: whisperKit.modelCompute.audioEncoderCompute, + decoderCompute: whisperKit.modelCompute.textDecoderCompute + ) + let systemMeasurements = SystemMeasurements( + systemMemory: systemMemory, + diskSpace: diskSpace, + batteryLevel: batteryLevel, + timeElapsed: timerTimeElapsed + ) + let json = RegressionStats( + testInfo: testInfo, + memoryStats: memoryStats, + latencyStats: latencyStats, + staticAttributes: staticAttributes, + systemMeasurements: systemMeasurements + ) resultJSON.append(json) if !overEntireDataset{ From 83ffc3f181dc0d568e9f1caa1dedf73797986154 Mon Sep 17 00:00:00 2001 From: Abhinay1997 Date: Mon, 12 Aug 2024 22:16:10 +0530 Subject: [PATCH 25/28] Remove sample JSON --- ...24-06-10T140042Z_1_0866FFBE-F6C9-4DF5-9CF1-A3361D214752.json" | 1 - ...24-06-10T140042Z_1_6675CCD5-6DA1-4304-B7B8-73ADDE601421.json" | 1 - 2 files changed, 2 deletions(-) delete mode 100644 "Apple M1\n_summary_2024-06-10T140042Z_1_0866FFBE-F6C9-4DF5-9CF1-A3361D214752.json" delete mode 100644 "Apple M1\n_tiny_2024-06-10T140042Z_1_6675CCD5-6DA1-4304-B7B8-73ADDE601421.json" diff --git "a/Apple M1\n_summary_2024-06-10T140042Z_1_0866FFBE-F6C9-4DF5-9CF1-A3361D214752.json" "b/Apple M1\n_summary_2024-06-10T140042Z_1_0866FFBE-F6C9-4DF5-9CF1-A3361D214752.json" deleted file mode 100644 index 93bec19f..00000000 --- "a/Apple M1\n_summary_2024-06-10T140042Z_1_0866FFBE-F6C9-4DF5-9CF1-A3361D214752.json" +++ /dev/null @@ -1 +0,0 @@ -{"failureInfo":{},"device":"Apple M1\n","modelsTested":["tiny"]} \ No newline at end of file diff --git "a/Apple M1\n_tiny_2024-06-10T140042Z_1_6675CCD5-6DA1-4304-B7B8-73ADDE601421.json" "b/Apple M1\n_tiny_2024-06-10T140042Z_1_6675CCD5-6DA1-4304-B7B8-73ADDE601421.json" deleted file mode 100644 index a736f1aa..00000000 --- "a/Apple M1\n_tiny_2024-06-10T140042Z_1_6675CCD5-6DA1-4304-B7B8-73ADDE601421.json" +++ /dev/null @@ -1 +0,0 @@ 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Good day and thank you for standing by. Welcome to the source system 2021, Food Quarter and 4-year earnings presentation call. At the exam, Open the Scipient Time, Lason, or Limout. After the speaker's presentation, the will be the question and answer session. To ask a question, during the session, you will need to press star and one on your telephone keypad. Please be advised that today's conference is being recorded. If you require any further assistance over the phone please press star zero. I would now like to hand the conference over to your first speaker today, Franchois Baudonado. Please go ahead. Thank you, Nadia. Thank you for joining us on our fourth quarter and fiscal year 2021, Bernie's Conference School with Ben Ashales by Chairman and CEO, as stand at those chief operating officer and moving the demand chief financial officers. We also join us, Tharak Sherry, Chairman, that's what he's saying, the likes and answers and health care. That's what he's saying, results are prepared in a cordon. It's hyper-res. No, of the financial figures. This goes on this conference goal on a non-hyper-resquated, with revenue growth rate in constant currency and less otherwise melted. Some of our comments on this goal contain forward-looking statements, which could differ materialism. Please refer to today's press release and the risk factors section of our 2020 EU and the so-called \"Regionalism\". all earnings material are available on our website and this prepare remarks will be available shortly after this call. We are now, you're from Israel. Thank you very much for the sake. Good morning and good afternoon to all of you on Sankeu for joining us. It's always a pleasure to review our full year result with you. We had an excellent 2021 year with a strong finish to the year. The total revenue rose 11% for the year, driven by a broad based demand across our markets. The majority of which are growing double digit by the way. Our strategy grows drivers perform the well through the experience of a new increased 15% with cloud growth. We've clouded revenue rising 23%. Our 3D experience platform has been a competitive advantage driving new client wins. The cloud is about inclusiveness and providing additional value to clients. around improshing increased 26%, songs to good over new growth on high profitability. For 2022, we have said the target for 9 to 10% top line growth. As you can see, we have delivered very good results, but more importantly, we have the key elements in place to support sustainable growth. Our technology are changing the game for clients across our three major sector of the economy. We are expanding our footprint, deepening existing partnerships on adding new clients. We have invested in our team establishing the next generation of leaders. The stage is set therefore for a good future. Now I'd like to share some perspective on our vision and strategy for the coming years. You remember us 10 years ago, in February 2012, we unveiled a new prawn identity for our company, the 3D experience company, on our corporate purpose, with the run our analyzing product nature on life. Today the significance of our strategy is clear, our clients and partners have embraced the experience economy. They are transforming all sectors on industries with sustainability on human, some creativity, as central pillars of a new era. The experience economy accelerated by the pandemic triggers new categories of expectations. from citizens' passion consumers even workers. This is apparent in our everyday life. To more responsibilities no longer are matter of vehicles, it's a matter of desirable sustainable mobility experiences. To most and scale is much more than the architects, it's about the passion journey on precision medicine. To more Because cities are not only a collection of building streets and facilities, it's about quality of life, on quality of service. As a consequence, all our clients need to reimagine their offer. Our answer is the systematic use of virtual twin experience based on modeling, simulation, on real world evidence in this merger between the virtual world. between the virtual under your world. Our ambition therefore to help our Thailand, imagine creating produced experiences for their own clients. Unlike Metavers, we use virtual world 3D virtual world experiences to improve the real world. Only them the possibility of harmonizing product nature on life we emerge. I believe that the innovators of two murals and we see them. After thing in terms of universe is there, that is to say, in terms of organic systems of systems that create produce on play experience in a circular economy. With the 3D experience platform, we are creating this if we loop, we can provide this holistic view, combining value creation, on value experience, design on usage to cover the full experience life cycle. We can extend virtual twin experiences across universes. It's about continuity of what the offer, the how, how you make it, on the use of it by people. This is a new revolutionary approach to innovation. It's in some way the next generation of PLN. As we have done in the past with the earlier adopters, we will pave the way for the future across the three sectors of the economy we serve. Let's quickly look at implications for example in life sciences. Clinical research has moved beyond the hospitals on labs. labs. As more and more technologies use to decentralize tribes, the entire clinical trial experience is transformed for all people involved. Persians can now participate in a trial from anywhere, especially from all doctors and researchers can now collect more data in different ways. If we connect the dots across the world, we can see that the data is not connected to the data. If we connect the dots across clinical twice data, real-world data, on research on the development, we can close the loop on make precision medicine reality. As a consequence, elevate the passion journey. That's so system will be the only one capable of supporting end-to-end solution in life science. The ongoing advancement toward the Sustainable Economy will mark this century also. We can reveal some of the dynamics we see progressing. I think it's clear that our passion for science-based people's center innovation on the The commitment we have for our very loyal clients is the catalyst of that transformation. Let's have a few illustration of how we are enabling such kind of transformation today. And I think from there you will see a lot of good reasons to believe. In the consumer industry, we have a very successful partnership with IKEA. With the 3xBeyons by Ne platform, Kitchen, Kitchen, Planner, On the Cloud, Ikea is enabling customers to use virtualization to design their own dreamtitions. The pandemic has led individuals to invest in their homes. And as acted as an accelerator for e-commerce, the 3D-expand by Neatat Form Kitchen Planner has a load, IK, to take full advantage of this trends. In some way, the by Neat Kitchen platform was used by 1 million people only a few months after in deployed. And today, as rich over 4 million users making it, the most popular 3D consumer application in the world, this is the cloud advantage, but it also, the mobile advantage. In mobility and also sector of the industry, purely is pursuing increasingly challenging goals in terms of sustainability, working on innovative materials, on cutting edge production processes. They have selected smart tires on the 3DX1s platform. They will leverage the capability of the virtual twin to foster innovation, reduce cost, increase circularity, and of course they use time to market through simulation modular design. It's great to be part of Pirely's adventure to move everyone forward through technology and social progress. In the L-Scare, I could take the example of Perigo because the L-Scare affordability is becoming essential. Today, the cost of L-Scare is growing twice as fast as the overall economy. Here we go, 100-on-30 years old company has been improving passion lives with affordable, sense-care products. The company is deploying several of our solutions. For example, license to Q, perfect formulation, perfect package. On our 3D experience platform, as you notice, the you are not describing the function, we are describing the value even in the way we name our solutions. The goal is to increase efficiency quality on time to market. We are very pleased to help you to help you to get positive impact on the positive. Now, you have some proof points. It's plain to see virtual twin experiences powered by the 3D experience platform, helping all our customers, evolve on transform. We recently celebrated our 40th anniversary and the system. Two generation of innovators have revealed the power of virtual works to imagine create disruptive innovation. And this is a fact in all sectors we serve. Now we are focused on our next horizon. our objective is to do is to be the leader of in sustainable innovation, on to continue to position our clients, at the one group of progress across manufacturing industries, life science on the scale as well as infrastructure on cities. To support our long-term initiatives, we have established the next generation of executive leadership. I'm so happy to have Pascal the law is now fully focused on his mission as chief of garraking officer to connect all the dots on elevate and expand the value we provide to our clients, on power, new generation of leaders along the lines that I just described. At the same time, I'm I may equally delight it to welcome Ruben Berman to the executive committee of the SOS system as chief financial officer. Ruben has played a critical role in integrating mid-Data, he has held the COO on CFO, titers, and brings a mastering of financial matters related to software on cloud business model. Over, it's wonderful to have you here. Thank you for being here. It's giving us more time to meet with customers. Ultimately, all progress is human investing on our people and culture is at the core of what we do, our M&A activities are driven by both innovation capabilities as well as talent on as you all know. After many years of observing the system, it has always been essential for us. We are focused on enabling teams to transform revealed talents. When we are quite many data in 2019, just two years ago, Tariq and I Steeam, which we share with Glenn, is body. created this incredible reason to believe that we could have a future together. I'm extremely proud of the significant innovation, strong culture, on leadership, mediator, as brought to the life science sector. We have been able to integrate, scale rapidly, actually grows on the liberal excellent result on a poor old, have fun being together. It's a great pleasure now to have online direct by body. We now the chairman of the Lifestyle sector on this KFO for the system. On TRIK, would you like to say a few words? Thank you Bernard. It's thank you for the kind words and it's really a pleasure to be with all of you today in my role, it's been a few years since I've been on an earnings call. And as you say, it's a lot of fun. So it's been more than two years since we announced coming together. And honestly, I can't be more excited about what we've been able to accomplish and the progress we've made since that time. It's been an incredibly challenging environment as you all know. integrations are never easy and doing it on a global scale is even more difficult and then doing it in the midst of a pandemic. Isn't even more difficult. But I would say that the integration has been a tremendous success and I really want to thank Bernard and Pascal for all the support that they have given us and our teams. And I don't I'd like to also thank you our teams who have come together focused on creating value for our customers and ultimately for patients. You know, our teams are delivering amazing innovation and execution to advanced clinical trial and new treatments for patients during what's been an unprecedented time. And it feels like we're just getting started given the tremendous opportunities that we see ahead of us. Our impact on improving the patient's experience and scaling precision medicine has never been clearer. You know, at the end of the day it's what Glenn and I always dreamed about and we're convinced we would be able to do one day and it's what brought us together as organizations in the first place and it's becoming a reality. As many of you know, we suffered the tragic loss of Glenn de Vries, my best friend and our co-founder late last year. He helped transform our industry and his vision has always been an inspiration for all of us. Glenn helped set the highest standards for Medi-David, did I know? And he drove us to innovate and solve the most complex problems with energy and creativity. And I am absolutely convinced that we will pursue progress in life sciences and healthcare with the same passion that he had. and we have an amazingly strong team to support that. By continuing to do everything we can do to support the business, we are honoring Glenn Fuelegasey, and we will ultimately ensure help your lives for patients everywhere. We have a strong leadership in place today, and they will help carry us into the future, and together with Bernard and Pascal and now Ruben, I share the conviction and confidence in our promise of future. I want to hand the call back to your Bernard. Thank you, darling. Thank you my friend for your leadership. Also, the incredible moment we had all of us together when we decided in less than one hour that the future was together on that was only two years ago. So I am also confident that we can make the difference. And we have now an incredible connection between people and ten members of opportunities to provide great solutions for our customer. So with that Pascal, you are the frog. Thank you very much. Hello everyone. I hope you are doing well and thank you for joining us today. So turning to our financial results, the strong business momentum we experience throughout the year continuing to the first quarter, resulting in the performance well aligned with our guidance. So let's start with a Q4 top lines, your over your comparisons. To draw a revenue group 10% to 1 billion's 370 million, above our 7 to 9% range. The software revenue also grew 10% and all organically. Liesense and other revenues rose 15% to 340,8 million, well above the guidance and we are back to 2019 levels. subscription and support revenue increase 8% driven by the high the budget subscription gross. reflecting strong military performance, but also the 3D experience momentum. And the recurring revenue represents 72% of the software revenue. Doing on services, services was up 10% and we achieve a services gross margin of 27.1% substantially better compared to last year and it's coming mainly from the effort we made to improve the efficiency when we were in the middle of the pandemic, from say 18 months ago. From a profitability standpoint, in the first quarter, we delivered a Q4, a strong operating margin of 36.8%. This was well aligned with our guidance of 36.4, when taking it to account the transient packs of 40-bit response. If you have grew 17% to 29 cents compared to our guidance of 27 to 28 cents. Few words on the outcomes, it's an important topic. I know you have questions usually on this. So in terms of account we are well aligned with our objectives, we saw strong airing activity again in Q4 and lower our attrition and overhaul, 8.04% and research and development was up to 6%. So I think even our track ritual of innovation and our mission driven culture, we are confident in our ability to continue to attract and retain top talents over the mid to long term and this is still a priority for 2020. Let's us take a deep dive into our revenue performance first and let's zoom on the software revenue by Geo. The Americas grew 7% during the forced quarter, driven by solid subscription growth, which is definitely key trend in North America. In 2021, the region's benefit from strong performance in eye-tech, transportation and mobility and life sciences at large, and now America represents 38% of the total software revenue. Europe increased 10%, signed to a strong resiliency throughout the world. the regions and in 2021, transportation and mobility and industrial equipment grew the world-digit Europe represented 37% of software revenue in 2021. Asia rose 12% driven by market expansion in Japan, India and South Sea of Asia and in 2021 China grew 19% and Asia at large, represent 25% of the software revenue. Let's take you work on the product line performance. In just one innovation software revenue wrote 8% to 6, under the 82.3 million in Q4. This growth has been driven specifically by C.M. and D.M.R. where the growth is exceeding the budget and it's mainly due to a large part to last client wins we did in Q4. Inoviashul also has strong subscription growth, which is against new trend. And I think this subscription model is relatively suitable for all the collaborative set of solution we have. And Katia finally is back to 2019 levels, so I think we are again on our trajectory. LISAMC software revenue reached 245.1 million in Q4 and increase of 9%. MediaData grew over 15% on the back of a strong comparison base if you remember. And we continue to see a very good momentum across the MediaData portfolio, including MediaData RAV, the core products, MediaData AI, knows a diversification in the analytics and artificial intelligence, and made it as a passion club which is the effect of standard for the decentralized clinical trial. This momentous is also visible in all the across the hand markets we are serving. So not only the pharmaceutical and biology companies but also the contract research organization and the medical devices company. So we saw high double-gigros in attached rate against this quarter which is extremely important because not only we are capturing new customers but we are growing inside those customers. From a product-line perspective, we saw strong BD data performance was partially of said someone, by a lower-end expecting bio-revenue. This was driven by the delay of two large renewals, but we expect to sign both renewals during the first-alt so it's really a temporary impact. If we step back a little bit, you know, we are one year after we have decided to create the life science engagement, which is nothing more than combining all the different capabilities and resources we have to address these markets. And this has been done through the leadership of the Mededata Management team, especially Michael Prey and for that, Michael, thank you. We did extremely well. And now we are confident that this being in place with the strategy we have to provide life science industry, an end-to-end solution that connects dots between ideation, development, manufacturing, commercializations. Almost what we did in other industry, like I always face decades ago, I think it's pretty unique on the market place and we will make the differentations. Moving now on to the mainstream innovations software revenue rose 14% to 300 to 12.2 million in Q4. Solid works first deliver a strong result with software revenue growing high-single digits and we continue to see other options of our three-example works family, you know, the cloud based solution during this period. The centric pre-lem is performing extremely well with high double digit. I should say close to triple digit revenue growth. And not only it's delivering the numbers but in term of FKPI's we are now reaching more than 550 customers representing more than 4,500 brands and with an extreme high level of satisfaction. Not only it's true in the fashion industry but since almost two years, centric p.m. since to Chris Grove, is expanding into new vertical such as the foot and the rage, cosmetic and personal care and other consumer segments. So, again, the replays by this move and it's paying off. Good result is also when the strategy is working and as you know we have two KPIs to merge with this. The first one is the drag coming from the 3D experience and the full year for 2021. The 3D experience revenue goes 15%. Driven by strong substitution growth and now it's account for 30% of the total software revenue which is an increase of 200.080 compared to last year. In 2021, the cloud revenue, which is the other one, KPI we are monitoring, increased 23%. Driven by the continued lengths in life sciences, of course, but not only, but also and more and more by the 3DX talents. And cloud now account for 20% of our software revenue had 200 billion spent compared to last year. All the clients, you know, we have across all the sectors are transforming extremely rapidly and they are turning to the system to help them to adopt new business model, accelerating innovation on bracing sustainability and putting consumer patient and citizen at the sense of experience. And our strategy is really to enable them those transformations with cloud native applications, or cloud extension to an existing on-premise investment. And our 3D expense platform has been developed to make both. All those good results are also reflected into the cash flow and for the fiscal year 2021, the cash flow from a operation was 30% your over year to 1.6 million, 13.000, which is a converting 33% of the revenue to operating cash flow. Cash, which need to be less than 3 billion to billion 980 million, an increase of 831 billion versus an increase of 204 million last year. And finally our net financial debt position at the end of the year, decreased by 1,552 million to less than 9,5 million to be precise 890 million. And it has to be compared with a 2 billion 4 we had in December 31st in 2020. This in a net is putting us a year more than a year in fact a head of our schedule on our delivering objectives. Now to discuss the 2022 objectives, I'm very pleased to introduce Ruben Batman, our new chief financial officer and as Bernard mentioned, Ruben has played a vital role in integrating midi data and has been a real pleasure to work together for the last two years and it's a successful partnership I think. So Ruben, we are delighted to have you with us Ruben, you have the flow. Thank you, Pascal and hello everyone, also from my site. And before I would start to outline the financial objectives for 2022, I also want to share that I am thrilled and very happy to be here today with you in this new role. I really enjoyed your opportunity to meet with some of you already and learn from many colleagues at Dasso Systems in particular U.P.C.R.S. in the air position of many data. which as you know is completed more than two years ago. And now with the successful integration, I'm looking forward to getting to know all of you and the broader investment community during this year. And I know we already have concrete plans to do that. So with this, let me turn to the Fulia Financial for 2022, our financial objectives. As discussed, we expect the broad-based dynamics we experience in the fourth quarter and 2021 to continue into 2022. You're focused on driving durable long-term growth. Our growth drivers are well established as highlighted by the NAN+CAR. First, we are enhancing our leadership position across our major plans. Second, we are accelerating the momentum with 3D experience and industry solution experiences and we are winning new customers as well expanding within our installed base. And third, we are focused on delivering new experience and value with cloud. So we will continue the momentum of metadata and metadata patient cloud. We will also expand the user base with a 3D experience work family in the mainstream market and deliver new value at scale with large enterprise partnerships like what you see happening with Renault or brief construction. Now with this in mind, we are targeting for full year 2022, total revenue growth of 9 to 10 percent and software revenue growth in the same range. When thinking about our software revenue growth, Let's keep in mind that last year we had a very strong year of license growth, this 23% year on year, which brought us back ahead of 2019 levels. And now for this year, you expect to continue healthy double-ditched growth at around 10% of up to 12%. Which reflects continued strong demand within our installed base. This trend is more in line with what we saw in our performance in the fourth world. We anticipate recurring software revenue to increase by 9.5%. The next generation of 100 to 150 basis points was last year. Turned by continued momentum and subscription growth with cloud and solid improvement in support revenue, also residing from the very good license growth we experienced throughout last year. For service this revenue we are projecting to grow between 8 to 9 percent, reflecting the increased activity levels of delivering innovation to our clients across all segments with solid margin performance. From a profitability perspective, this past year we demonstrated the long-term scale of long-term scale ability inherent to our business model. As we said throughout 2021, we plan to accelerate investments into our business and re-engage activities which were impeded by the pandemic. Accelerating the growth in our workforce, in line with our long-term plan, is our top priority. And as such, we anticipate the non-IFIAS operating margin to be in the range of 32.7 to 33.1%. Again, this is consistent with our prior communication. Now, let me continue with our proposed objectives for earnings per share. We expect non-IFIAS to grow between 3 to 6% reaching 1 year at the high end. This EPS guidance assumes a text rate in line with 2021 levels of about 23.2%. Our financial objectives is UMA0 to U.S. dollar conversion of 1.17. Now I will provide some additional color on what to expect for Q1. As you are aware, our business has some seasonality and the expect to see growth rates progressing throughout the year. Expect you want to order revenue growth of 7 to 9%. This software revenue increasing in the same range when services revenue up to 5 to 7%. Turn by continued product based momentum across our juice. The expect you operating margin at a range of 32.3% with an EPS growth of 3 to 7% versus last year. As you heard from us, during this call. They are confident in the long-term opportunity ahead and we look forward to keeping you oppressed of all progress throughout the year. And now Pascal, I'll hand the call back to you. That you have advanced to summarize, I think, the stage is set for the future of growth. On one hand, our long-term strategic vision has been validated. In this month we made 10 years ago to a net the expensive economy are paying off. And whatever you take the platform, the virtual twin experiences, the industry solution we have and the club, there are the rebel competitive advantage. In parallel, that's what Bernace, we are helping our clients also to transform to a sustainable economy. And this is becoming a affordable and significant opportunity to deepen and expand our partnership and our impacts. This, you combine the two, will be a strong cycle of drivers to end up feeling growth across all the three sectors of the economy we are serving. In addition to this, I think we have the right leadership in place to execute the tremendous opportunity before us. And we, our commitment to clients to drive our strategy will continue and we thank them for their continued trust. Finally, I think, over an eye will be extremely pleased to see you in person when we will have the ability to go back on the road, but I think it has been so long when we haven't seen each other. I think Bernard Ruben, it's correct, of course. You know, really the time to take the questions. >> Thank you. The participants will now begin the question and answer session as you remind that if you wish to ask a question, please press star and one on the top on keypad and wait for a name to be announced. question comes a line of Nicholas David from Odo B.H.F. to this ask your question. Yes, hi. Good afternoon, Benar, Pascal and another one. I guess well. Thank you for taking my question. My first one is regarding license is gross. You unspaded double to this gross of license is in 2022. So for the second year in a row. So congrats for that. Because I think that that was a. an ambition to sustain such a growth of licenses. My first question is, do you think that such growth is sustainable beyond 22? And if so, or so do you think that this improved growth trend in licenses is more linked to the momentum of your product cycle, so internal to your company, or more linked to the consequences of the of the send-by-crisis we're leaving right now. and it's more a macro impact you are building. Of, and my second question is, still regarding license is a self-civil software players, including some of your competitors mentioned that, the difficulties the clients have had in hiring have led to some delayed in launching projects, and then having negative impact on license self. So my question is, to what extent you may have, you may suffer from this kind of impact, regarding your relationship, and the coming quarters. Thank you. Ovan, you want to take the first one? Yes, happy to. Yeah, so I think the best way to conceptualize this Nikola, thank you for the question. Yes, we had in 2021, there is from license performance, it's 23% for the full year. Of course, this was worth a lower comparable base in 2020. Q4, 15% growth, again, I think a good comparability, Q4 of 2020, we saw the rebound starting to happen. And so it was a real proof point for us in the fourth quarter to achieve double it should go. And that trend is what we continue to forecast into 2022 with 10 to 12%. And I think the area, the sources of growth for that supports that underpins this assumption, is that we have developed that list in an operating model between capex and opx for our customers. We are serving industries where we have significant installed basis. Get our transforming to the cloud to the subscription model that it will take time. And we are committed to support our customers and support them in a way where their preferences are in terms of how they want to spend and make the investment. You know, these are very sticky investments, very long-term relationships where our customers are capitalizing on their investments for decades. They continue to innovate and so that's our right value. And I think with its three-day experience and the Paul Bay extension that we deliver, we make these investments also really valuable and ready for the future. On the second part of the question Pascalic I make. on is the Clion Arring Challenge, having an impact on our license. I will see the total opposite way, because the nature of our audience is changing. For years we have been all week on to you to focus on engineering, production. But now we just really experience that form. We also reach supply management, costing, on many of those functions within the company. The example Adorno is really amazing in terms of size, that Toyota motor or also a mini-osa clients that I could name. So the intent with the platform phenomenon, the 3D experience platform, is to reach audience that we could not reach before. As a matter of fact, the 3D experience colab collaborative environment is now being used by clients to evaluate materials, cost, weight, supply efficiency, all based on the 3D universe. Not on number of dashboards, but on the real product itself of all the way you produce it. So we see this as a long lasting growth factor on Pascal mentioned that it's not disabled in even in with our business applications that we call now on the category of inovia where we deliver business experiences of program management project management costing even for ESG reporting. or CO2 reporting because that performance is capability. So we don't see the negative effect. That's a very quick follow-up from my site. It's a very quick follow-up from my site. It's a very serious attitude. But do you think that you need also to increase the volume of shares granted to employees in the two to research the attribution. So any, any, any, any, any, I think we have. Yeah. Yeah. Oh, please, please, there. Not. It's by can answer. I was the vice chairman of the board. Yeah. Because that's not on the budget side. It's on the show on the side. No, we have, we have, I think we have a very stable, predictable. For you, for allocation. And we think that it, it provides a good compelling, in San Tifo people and we created this together mother last year which was really to provide an option for people to share that the certain discount on Guanti the result over a first few certain number of years. various successful programs but we integrated that allocation as part of the overall policy so so that there is no deviation I would say if I'm going to answer. Oh I think you know, because I know the first time we discussed this, I think we are extremely, we have a lot of discipline on this. Why so? Because if you want this to be long term and not only one of you need to integrate it in your business model. If I compare with the competitors or the peers, usually they allocate an envelope which could be sometimes three times bigger. However, I think it's not sustainable over the time. Especially if you look at the end, how much of the operating profits goes through this, I think. Do your job, do the sanity check, you will see its balance, its fair, its unrivaled and sustainable, and that's basically our philosophy and our principle. So you could come upon us to continue what we did in the same manner. That's clear. Thank you, and congratulations for the visit. Thank you. Thank you. Thank you. The next question comes to a land of child's bread and from Jeffrey. Please ask your question. Great. Good afternoon. Thanks for taking my question. Hopefully it's second time lucky. across the industry we're seeing this cloud momentum gather pace and it's reference in your statement with some of your legacy customers moving to the cloud. So I was running for a guest asked for questions related to the cloud. The first of which is just in terms of your product portfolio, can you remind us how much is native cloud versus available on the cloud via extensions? Secondly, I think you traditionally said that the move to the cloud or growth in the cloud would be largely incremental to your core business. But certainly this morning you were talking about product lines like a Navy or solid works moving to the cloud. Those are both traditional license product lines. And I'm just wondering if we're starting to get to the stage where you're starting to see traditional licenses cannibalized by the cloud. Thirdly, it feels like some of your competitors are being a little bit more progressive in driving this agenda. I'm just wondering what it would take for you to be a little bit more proactive in forcing a shift to the cloud. You're obviously doing that in the life sciences vertical. I guess Rubens well placed to manage a more progressive cloud transition. I'm just wondering what the catalyst would be for you to go down that route. And very lastly, on M&A, I guess traditionally we see a bigger transaction from DASO every couple of years. I guess we must be getting into the window where we're due the next one. Should we assume that any future M&A from here will be of a cloud-based business model? And is that one of the catalysts that's going to get you to the target, so having 30% of the revenues in the cloud. Thank you. We could do probably the rest of the color. That's your question. Charlie, but then I want to take the first turn. I could come on on the platform for you on the Pascal, of course stepping. First of all, we have Richard Point where, first of all, the cloud approach for us, above all, is a way to reach new category of users. Second, the cloud approach for us is about providing new delivery system for the capabilities we have, roles, process and solution. Why? Having browser native services, on mobile tablets and PCs, is a big thing for the nature of software we do. And the idea story with 4 million users in a few months is an illustration exactly of that. It's all going through browser based, same as you mentioned, chart on the sneakartry. But we are doing that also for design. And we are doing that on a matter of fact, the portfolio intro, as Richard Point, where we are now. There are more solutions or examples on the cloud native than we have on premise. However, I want to make sure it's clear. We love the on premise. The programs on the on premise will become private clouds. There will become absolutely private clouds. And we are going to do that to do so with customer impact. We have started to do it for highly sensitive program. Because the value of doing that is so well organized by clients. So, we value this hybridation to reach the audience and provide really a 3D for all approach, that will make the defense on Accelerate the platform phenomena across all functions. If you think about people now doing supply negotiation in the past, they were using ERP dashboards. Now they are looking at the product itself and they have the price on the pot. And they know where it's sourced from. It's a new word from them. We do metaverse before metaverse. Because they see what's happening. So enough said, but let's do some kind of validation. I see massive componentarity on that point. And just to echo what you say, Bernan, you were mentioning in Edovia. Again, you still have time to understand what Edovia is about today. Edovia is not anymore on the list of product life cycle management capability. It's as Bernan said, it's a set of business applications, you know, lowering the procurement to source, to cost, to negotiate, to contract. A lowering program manager to run their program to do their review, to manage their supply chain. This is what we are talking about, and it's an extension compared to what we used to do. So that's just an example, and on solid works, we are talking about the works family. We are not talking only about solid works. And the works family, you have similar works, you have then their works, you have in-of-your-works. And those set of services are not well-deployed in the mainstream market right now. On my way on the works family, they are all cloud-nitty, they are all cloud. All is no one premise anymore, all of them are all cloud. So that's the reason why it's really an extension and it's still an extension compared to. There is maybe some of our expertise quite a little bit. Now coming back to what could be the shift to force the subscription model. But that's not our way of thinking. We are here to serve our customers to transform them and to evolve their business model. So what is the point to impose your business model when it's not aligned with your customers business model? Knowing at the end, the license or subscription we are doing a good profitability with both. We will notice. So I think our thinking process is much more the transformation of what we do. We will lead automatically to a subscription model for many things we do, but we want to do it in concert with a lot of alignment with our customers. That I think making big difference compared to many of our competitors. And last but not least, the question relative to M&A, I mean you noticed that we will be the leverage almost in six months from now, so which gives us the ability to do as all the move if we want. The cloud is not, I will say, the purpose. The purpose is ready to extend what we do, having the ability to expand the addressable market and maybe change the nature of what we do. For example, if we want to focus on the data centricity of our solutions and technology, for sure the cloud is probably the way to do it. But again, it's a means, it's not the goal. So that's what I can say at this stage. It's probably too early to speak about it and maybe I don't know at the time of the capital market day. In June, we could probably discuss much more opening to this topic. Perfect. Thanks, March. Thank you, Charles. Next question, please. Thank you. The next question comes from line of J. Bliche Howard from Griffin Security. Please ask your question. Thank you, hello, everyone. I'll ask all my questions at the same time, just given the time, many, I'm a call. First, could you talk about the performance in 2021 and what your expectations might be for 2022, which respect to your two principal sales channels, now call CSE and CPE, you know, formerly BPMBS of course, could you comment on those two channels and anything you might be doing to invest in or alter perhaps, either of those channels. Secondly, one thing we see among a number of your principal competitors is a implementation of a little plant implement. a faster product release cadence. We see this in both in CAD and Fiat Lymphode Chapel. And I'm wondering if in lieu of your historical summer and winter releases, which is done for many many years, there might be some rationale for accelerating your product release cadence, particularly in alignment with your cloudy business. Thirdly on 3DX, one thing that seems to be occurring is that within the overall 3DX number, while an ovus seems still to be the largest part of it as it's been, other brands like the TIV6 are growing their contribution. If you could comment on that and whether you think that brands other than an ovia might eventually account for the majority of the 3DX business. And lastly, on 3DX works. I understand it's so quite early, of course, only six quarters in market. But do you think that you have any visibility to penetrating, let's say, more than 10% of the solid workspace, wifery exports, and thereby make it an increasingly material business? Thank you. A few clarification on the Pascal-Feymei, I believe, is a first world. That system is providing, and not anymore, functionalities, but we are providing roles, processes, and industry solutions. So when we deliver roles, again, as a price on the roles, that is a price on the process to do the job. And we do it by industry and industry separate. This is unique on no one of the competitors are doing that. So, it's important to understand it. The second thing is on the NAWLet Pascal Command on the channel performance. The second remark is, we do six weeks cadence delivery on the cloud. So, Jay please notice that for a large percentage of our install days, we are already there. Every six weeks, the world is getting new capabilities on its working extremely well with an SLI which is very hard on providing satisfaction. Some large companies are already there. We have took an example of a week, it's all cloud, 100%. We are all ready in a big way. All cloud are following that cadence. So I think we are faster than most of the other players on that standpoint. So just topic for clarification. On last, we don't count, we don't count Katia on the 3D experience like, for surpassing Klan on Ogunganx, we count Katia for Katia, we count Delford Delford, Delford, each bronze for what they are, no matter if they are independent or if they are based on the 3D experience platform. So we continue to keep that integral key in the way we report. Now, on last thing about of the 3D experience works, it should be noticed that outside the story works. Everything new is native cloud. Similarly, our work is native cloud. On only cloud for solidoscocustomers. On we have also now a full suite of 3D of solid works of the native, that are the river on the browser. on this explains the incredible success of cloud in China. Believe it or not, more than in every other countries because I think in China they have we have the approval to run cloud or own licenses on really distributed in a big way. So that's all what I wanted to clarify and Pascal maybe you want to put them more. On the channel maybe I can see if you were so first of all you You know, the website where says the performance of the channel is really to look at the incremental revenue and the license is still probably a good indicator across all the different engagement model. Right. So if you follow me on this, all of them are growing higher than 20%. So when I say it's a broad base, it's really a broad base. And it's what we call the process channel. which has the best performance in terms of new license this year. In 2021. So by this being more close to 30 to 20%. So, and it's not to surprise when you think about it because during the pandemic, the direct sales resisted relatively well. The main screen, the series also. The process, the supply chain, we are really the one being on the pressure. and we have been able to almost catch up the like in 2020, in 2021. So I think we are already nearly on the good path. To complement what Bernard said on the 3D experience, distributed across all the brands, you are to be a little bit careful. This is true that in Ovia, for 4 in Ovia almost too served of the revenue of Enovia is 3D experience based, but it's a sub more than a sub for them, yeah. Also for Ketia. So it's not the only one. Okay, if I may quickly, my annual question on solid works, Unid volume. My calculation is that it looks like you're 2021 solid works, new commercial seed volume was similar to perhaps slightly better than where you were in 2019. So perhaps just around 7, 6,000 or so. And not quite back to where you were in 2018 just yet. This is true, but with one big difference, the average seed price increase, which means we are more and more capable to enrich the package. And one of the reasons you should remember, Jay. I will say 60% of the time. And I will say, 60% of the units are coming from existing customers. So they are the one not buying anymore, the base package, or the one buying the full package. That's the reason why you have such a gross. It's a combination of units and a spreadsheet. Yes. Okay. Also by the way, thank you for the head count and higher in comments. So, always useful inside. Thank you, Jay. By the way, you will have a neighbor because of the oven. Famini is still in New York for a few months and you will probably fly to New York in the coming weeks. So that's right. Great. I'll pick you up at the airport. Okay. Maybe later for a coffee. Next question please. Thank you. The next question comes to the land of New steer from Redburn, please ask the question. Hi, thanks very much. I just have a couple of quick ones. The first one is just looking at some sales and marketing expenses and I suppose the off-ex cost ratio is in general. Quite clearly as we've gone through the pandemic because of travel and also hiring. You're running with thousand marketing around about three to four hundred stations, point below where we were sort of pre-pandemic. I'm just wondering, would you expect over the next couple of years for that to pick up to closer to the sort of 29-30 percent cost ratio that we've seen in the past? Are there structural reasons to why hence for thousand marketing should be at sort of a structural level? That's the first question. Need a Pascal, we'll also have to discuss. So, you know, as the chief operating officer, I learned something during the pandemic. We have been capable to grow without having more resources. And give it or not, we have increased dramatically the productivity. If I compare to 19, it's per head, per sense people, it's more than 11%. So why I'm seeing this? Because it's going to be a combination between obviously more resources, because we need to reinforce the coverage we have in certain region of the world of certain verticals. But at the same time, I still believe in we still have, we still continue to improve the productivity. Maybe we will not at this level every year, at least a few percentage points, it's probably something we could be able to achieve. So, and this will give probably the ability for us to finance a different go-to market. Because we are talking about the traditional one, but there are activities where we need to invest because it's a different way to go to market and still on Brianic and we still need to invest. So the net is, it will not be maybe, you know, to have a big difference. However, we have some lever to expand the different nature of the go to market we have. That's probably the way to get it. So, that's the clarify. You suggest that we will see quite an over the next couple of years. The sales and marketing costs ratio will go back up, but perhaps not back up to the 30% level or are you suggesting it's more sustainable at the sort of 25 or 26% level? No, no, it would increase because I say to you, we did not hire almost one single person each one last year. I mean, it's not sustainable. However, if you do the math, you have to include some productivity effects, because we have some productivity these last two years. And now it's part of my duty to make sure that we grow the coverage, but at the same time we are also improving the productivity. Okay, thank you. And just zeroing in on life science is obviously taking all the commentary together with regards to the growth in meditation, so forth. It looks to say the softness that you saw in cue for quite clearly with the original accelerative business is. Is that a little bit surprising? That's more on the discovery side, I think, that product. So, have you actually signed the deferral there? Or is that sort of, if you like a term that deferred and you'll never fully recover that revenue as we go through? revenue as we got through the 2022 year. Well, you got happy happy to, so you know the impact that we had in the fourth quarter's temporary. These are two renewals that they are actively working on. Two close and I would say early 2022. It could be the first quarter. It could be the second quarter. Yeah. These are two major custom also. We have a stopper relationships and it's only a question of time. I think the other part that I would like to add to the biovier business as well and life sciences, we are also aggressive retransforming by are you here towards a more subscription model and what it used to be because it was heavily dependent on licenses and that creates some very ability from time to time. So that's another factor. That we will talk about throughout 2022. Thank you. Thank you. One final question. This is on Nania. Yes, of course the last final questions come for run of Jason Selena from KBCM. Please ask the question. Great. Thanks for fitting me in just a couple of quick ones on a couple of the brands. First on Somalia. You know it's nice to see double the jick wrote there. It's been doing quite well for the past few quarters from what I can remember. You know, so my question here is, you know, the strength we're seeing, you know, from share games, for this simulation competitive market, or is it more broader industry strength recovery from that? Simulia, I think what is there are two major factors where basically we create the game-changer situation. Number one, on the Solid Works install base, customer way I use to use our competitor, product on desktop. Now we are offering cloud-based similea, extremely successful, easier to provision, on to put in operation, and it has created a very nice dynamic in the work-same. And John Powell is doing a very great job at the Paolo Basie on the on the stop picking fact is going to work on the full works family and not only so the works and we have just announced that the new CEO of solid works is Manish Kumar but John Powell is taking the full scope, responsibility for 3D advanced works. That's one driver. On the second one is multi-physical platform based integration, which is connecting the power flow, the emag, the stress, and all of this together in a consistent environment. And we see a lot of customers moving from isolated simulation to integrated system simulation. I think it's unstoppable in my mind. And we are plenty of opportunities to continue to sustain strong growth in this area. Perfect. And then maybe one quick final one, you know, solid works. Maybe earlier in 2021, had some pretty robust growth, you know, possibly from the pent up the man. You know, this quarter 8% growth, you know, feels quite good, normal, maybe close to what we were saying, pre-pandemic. You know, that's the right way to think about the solid work business, you know, normalizing from these levels. I think so. You're right. I mean if you remember, so the world was really the first product line to recover. Yeah. And there is no base effect compared to that here. And the 8% 829 is a good number. Okay. Thank you all and I would get up and end. Thank you. Everyone for participating. It's always a great pleasure to extend with you and to let your questions on that year. No, that Pascal and Rouver now committed to do road show. on visit you as quickly as possible as soon as possible, not fully face to face. With that, thank you very much. Enjoy your day on top to you soon. That's conclude of a conference for today. Thank you for participating. You may all this connect. Have a nice day. 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M1\n","transcript":"Ladies and gentlemen, thank you for standing by. I'm Christian Dinosaur Corescola operator. Welcome and thank you for joining me. The head has been a rather conference call and a lab webcast to present in the behalf of the second quarter 2021 financial results. or participants will be listened on a mode and the conference is being recorded. The presentation will be followed by a question and answer session. Students who then wanted their assistance to the conference call you may signal an operator by pressing star and zero on your telephone. At the start, I would like to turn the conference over to Mr. Interic Bilek in Best Or Relations Director. Mr. Bilek, you may now proceed. Thanks for present. Thank you for joining us today for Hector Brothers second quarter 2021, Ernest Call. I'm pleased to be joined on the call today by our CEO, Murat, Inerdal and our TFO, Kordhan Perth. The following discussions including responses to your questions reflect management views as of today's date only. We do not undertake any obligations to update or revise the information, except as required by law. Certain segments may also be called \"Our forward working statements\". Actually, the document is confirmed material from this forward working statement. Please refer to today's earnings release as well as the rate factor described in the state-harbert slide of today's presentation. to raise press release the six gates in our prospective files with the ACT-ONJLIS first 2021 and other ACT findings for information about factors which could cause our actual results to differ material from these forward-looking statements. Also, we will reference certain non-AIR press measures during today's call. Please refer to the attendance of our supplemented slide deck as well as today's earnings press release for a presentation of the most direct comparable IFR's measure. As well as the relevant IFRS to none of my friends to your considerations. As every minor, I will replay all of this call will be available on the Immacivation stage of Hicks to Brothers website. With that, I will hand it over to our CEO Murat. Thankfully, we are so excited to have our first early school ever as the only NSF searches company. Before we dive into the second quarter results, I would like to take a moment to give an overview of our super-active system, and focus on some of the chief fundamentals that contribute to the success of FC brother. Hefti brother is a homegrown company that has played a fundamental role in the development of E-commerce in Turkey over the last 20 years. Our name has to be brought up, literally means everything is here. And its significance with a timid online shopping experience and benefits from very strong brand awareness. Our reason is to lead visualization of commerce. To that end, we have evolved from an e-commerce platform in the integrated ecosystem of products and services, centered on making people daily life easier. The operate in a attractive market that has a large, young, urbanized and tax-stabby population. The Turkish market is at an inflation point, with a growing e-commerce penetration expected to exceed 20 percent within total retail by 2025. That says roughly 90 percent of total retail is still offline, opening a large opportunity for growth. Our super app is a potential of our value proposition and act as one stop shop for customers by offering a broad range of products and services and by creating different cities-udric periods. Today we are a one-stop shop for customers every day need from product and services to groceries and payments. We constantly see new ways to differentiate our our cosmic period with valid services such as friction, return, pickup, exercises, delivery services, card splitting, instant card terminal loan and our loyalty club offering. also the continued expand into new strategic assets including help to extract our own demand growth with delivery service, helps to pay our digital world companion solution, helps to apply our A-line ticket sales platform and help to global our inbound and cost-border business. With our Grow for reality with model will record the G&V growth at 64% KG between 2015 and 2020, as with this closed in our IPR prospectus. Our Solis operation execution, chapter efficiency, robot logistics network, deep technology capabilities, How does brand name, hybrid business model, and integrated ecosystem, has positioned us as a home-grown company to emerge as the first ever, not like this Turkish company? Let me stop here and now turn to our second quarter result. Next slide please. In the second quarter, our G&V grew by 38% compared to the same period of last year to 5.9 billion 30-year-old in line with our plan. This performance brings the first G&V grow to 58% on a yearly basis. Total number of orders in the second quarter were 13.1 million, which is the highest we have recorded today in a single quarter. It is important to highlight that these results have been against a strong base on the effect of COVID-19 pandemic last year. And are driven by a greater active customer base or the frequency active version base and total number of its use compared to the second quarter of last year. Tested jet or in-house last mile delivery service achieved, present in every city in Turkey by the end of June 2021. Tables are super-avocosystem value proposition, the continuously invested and scale are strategic assets. Articularly, have sex spread and has to pay, which are run position for strong growth. Between that context, the launch are visual wallets, have to pay to the sonum and better than have to brother in June 2021. One, Hestac Express, our own demand grocery delivery service has expanded its partner network to over 40 brands across over 1800 stores. A world, this is our indicates, our ability to deliver strong growth across the ecosystem. Let's have a detailed look into T-arte. Be operate a large, fast and sustainable in-house logistics network with last-mile deliveries to film and operations capabilities powered by our proprietary technologies. We believe that our nationwide logistics network is key to our success. The operate six fulfillment centers covering more than 120,000 square meters, strategic located at the close Turkey. In the second quarter, has to just achieved presence in air-insteading Turkey. Ritzen's 137 cross-stacks were as the month, a nationwide speaker-end robot network, Expand to more than 1,500 branded peak of end-robable points across markers, partner vocal stores, gas stations and retailers. As a result of its expansion, taxing it conducted more of retail deliveries and more of market-related rings in Q2-231, compared to the same piece of that year. With S.J. we are able to offer a variety of valuable services, including N.J. in next day delivery options, delivery by appointment including weekend and pretty similar return, which is S.J. picking up your return from your door as your preferred schedule. In line with our efforts to enrich values and services, has to yet also begin, rolling out two-man cargo handling service in YouTube, addressing the need for high quality and reliable service in the German categories. You may leave that our robots logistics network gives us a significant competitive edge in offering strong customer experience. Let's take a look at another strategy concept. Help the extract. As test extract, the aim to become a mainstream grocery shopping destination, and better the history of the super-a-taste extract offers both instant and casual delivery options options at red and gross relief for only men and plants grossly shopping. By the end of second quarter of 2021, test experts have become one of the strong players in this market with around 2600 outsourced pitting and delivery agents and has expanded its ecosystem to over 40 grand and roughly 1800 stores with present equals more than 50 cities in Turkey. VivoLive has expressed VivoLive a key in English to attract new customers to engage our existing audience and to unlock further synergies across services in HDB. Press the Javugas Casipay. Casipay is designed to be a companion wallet to spend, say, and mobilize money in a flexible way across online and offline channel. Having acquired its life in 2016 has been very much an important milestone by launching Textive-based Gisnome which I will refer to as \"Hestive-Ae Wallace\" and an embedded visual Wallace product on our platform on the 10th of June. It is a daily penetration among eligible audience has been fasted as anised expectations. \"Hestive-Ae Wallace\" enabled in some returns, and cash-pack. Along with HSTP-AWOLIS, HSTP-AWOLIS has to pay all the interviews HSTP-AWOLIS, a cash-pack points program that allowed customers to earn and redeem points during purchases with the wallet on the HSTP-Rodot platform. The HSTP-AWOLIS program has been instrumental in the rapid growth of HSTP-AWOLIS. HSTP-AWOLIS enables peer-to-peer manufacturers and build constantly explored new use cases across online and offline. I will now leave the floor to core-hung our CSO to run you through the financial performance in YouTube. Thank you, Murat and hello. What inspires us in our mission of being reliable, innovative, and sincere companion in people's daily lives? In our view, this prohibition boils down to focusing on P3 aspect of online shopping, selections, price and delivery. On selection without compelling rapid propositions, the doubles are active merchant's base as of June 30th compared to the same day a year ago. This is reflected in our offering to customers as almost doubling our SQUs on our platform during the same period. On pricing, we seek to provide the best value for our customers by offering competitive prices which you have continued to uphold in future. On the delivery, our large, fast and scalable in-house logistics network stands out as one of the key strengths which we have done. we have done by increasing our overall footprint across Turkey. These key sites have been instrumental in driving continuous customer growth on our platform as well as higher orders frequency on a yearly basis. As such, our total number of orders do by 38% reaching a record 13.1 million in the second quarter. A combination of these factors has resulted in 38% GMD growth in the second quarters. The performance was achieved against an already strong second quarter of 2020, the future A-Sight Effect of COVID-19. To normalize this effect on broad figures, we have shown here two-year compounded growth rates. So for the first and second quarter of 2021, compared to the same period last year, compounded two-year growth rates were 68% and 86% respectively indicating a continuous quarter over quarter momentum. It is worth mentioning that we will continue to see the baseline effect of light-teach on the growth figures for the upcoming two courses as well. Let me now walk you through our part of business model. Our part of business model offers a health-to-combination of retail and marketplace. Having launched our market price six years ago, we have gradually increased its contribution to G&B, bringing it to 69% in the second quarter of 2021. Hence, the G&B sheet to 3P is expected to have strategic advantages on our business in the long term. Setsun taking a wider selection, a way to build a team, and a competitive pricing. Since our launch of the marketplace, we have always regarded our merchants as our long-term business partners. With this mindset, we have focused on creating value-added services for our merchants. We empower them with our comprehensive and trans-solutions to try digitally, our settle-advant-tools and services include the merchant portal with merchant store management tools and advanced data analytics. In future, we upgraded our merchant portal by introducing new modules that further contributed to overall efficiency by increasing sub-survices actions. We also offer them a despising services to HCA, so that they can effectively advertise, insight and outside HCA to drive their sales. We give the max that to our let-mile delivery service as well as our full-fuelment service as the logistics where we can pay several storage, handling and checking of the merchandise on their behalf. We also have done get-tatter with e-commerce by providing comprehensive training sessions through our training court of. Last but not least, we provide them with financing options to help them in their effective working capital management. In 2020, our financing program exceeded 1.3 billion services in volumes, with an 11.4 times grow in merchants and supply financing from 2018 to 2020. All these other services have contributed to HECSBRADA, shaking into one of the most attractive digital platforms for merchants to access 33 million members on our platform as of flat year ends. We will continue to work towards global our merchant faith through our through the capabilities. Now, let's take a look at our G&V and Revenue Growth in the second quarter. And we have space of already our G&V growth plus 38.2%, whether our Revenue Group by 5.2% in the second quarter compared to the same period 2020. RG and V refers to the total value of oldest products, so through R-class from over a given period of time, including value added tax, without detecting return-like transformations, including cargo income and excluding other service revenues and transaction feed charge to our merchants. Our revenue consists of failure load goods which is our retail model and we refer to it as bumpy, flat, market rate revenue, which is our marketplace model and we refer to it as 3p plus delivery service revenue and other revenues. In direct sale of goods, which is retail, the acts as a feasible and initial-magic of my Zellanyu on a gross basis at the time of the video of the goods to our customers. In the market price, railing news are recorded on the next pages, mainly consisting of marketplace commissions, transaction fees and other contractual charges to our merchants. Our revenue grew by 5.2% into 2221 compared to the second quarter of last year. This part named the driven by a 6.7.2% increase in altitude. or this is, and other revenue, and a 2.3% growth in our marketplace revenue, where the revenue generated from save of goods which is retail, remain as flat also detail in the next slide. On the upper part of this slide, we show the dynamics and factors that have had an impact on our revenue growth in the second quarter. Now our genially grew by 38.4% into 2021. Our revenue growth was 5.2%. Reflecting the 11% touch points right in the share of marketplace genially. Please note that marketplace revenue are recognized on the net pages, ID, representing commissions and other fees, whereas the The direct sailboat goods that is retail is recognized on a gross basis. The contribution of the electronics domain to overall GME was around the same level as the same period last year. However, we saw more electronics including applying this mobile and technology through marketplace into 2021 than the same period of last year. We continue to widen our connections with expanding merchant faith and competitive prices in the market by our strategic margin investment, as well as these accounts given to our customers for temporary marketing campaigns. Accordingly, we invested in certain non-electronic categories such as supermarkets to drive all the frequency, and also invested in electronic categories to justify our market position. Additionally, we observe highly customer demand for lower margin products across different categories, such as digital products, gadgets and appliances, including accessories, Bluetooth devices and global perfume creamers. There is 60% increase in delivery service revenue compared to the second quarter of last year, but primarily at GPUs to 38% right in number of orders as the list, high-risk delivery service revenues generated from third-party operations during the same period. At the bottom part of this slide, we disclose the EDDA as a percentage of GR leverage between 2220 and 2221. EDDA was negative 189 million T.A. compared to positive 71 million T.A. into 2220. This corresponds to a total 4.9% exchange point decline into 2201 compared to the same period in EBTA as a person-fich of Gambi, which is driven by 2.4% exchange point decrease in gross contribution margin, 1.5% exchange points rise in advertising expenses, and approximately 1% exchange points rise in other of Xi's exchange points. other of excitements, including the cost of inventory sold and depreciation and amount of basis. The 2.4% which point decline in gross contribution margin is driven by strategic margin in that means the system electronic GME to 3D and the discount given to our customers for temporary marketing campaigns, offset by other revenues. Negative 1.5% per cent of foreign margin impacts through advertising expenses, wants to accelerate two group growth drivers in core business and also to scale needs strategic assets. We consider the demand that an investment in our long-term growth while strengthening our market position. Negative 0.7% per cent of point margin impact through shipping and packing expenses was mainly driven by changing some of our individual partner needs to improve customer experience and around 23 drive percent driving unit costs. Negative 0.4 percentage point margin impact through payroll and also static expenses was mainly due to to additional around 1200 employees over the past year, along with the impact of any of the results in February 2021. As a result, the BTA at the percentage of CME resulted as negative 3.2%, amounting to negative 180 million CL. Now let's have a look at our networking capital and in-frent test flow generation in the next slides. This quarters, we generated a song-operating test flow through effective working capital management. Accordingly, net test provided by operating activities increased by 595 new year, reaching 749 new year in 22 2021. This increase, but primarily, due, increase in changing working capital through changing trade receivables of 365 new GNTR which is mainly driven by credit card receivables changing in the series of 300 1 million TR and changing trade tables and tables to merchants by negative 1967 million TR. All of the net And Cappex is 44 million CR in Q2 2021. During this period, our investments were mainly in product development at growth at website and mobile platforms as a result of our growing operations. And first of property and equipment mainly consists of hardware and intangible assets, writing from website development course. As a result, our pre-cache flow increased to 5609 million TL as of 22201 from 136 NewVMTS E-Romir. Now I will leave the flow back to Murat to share our guidance. Now let's look at the head to the second half of the year. As the second half of the year began, the 30C commerce market had encountered several challenges. These include a nationwide extension of the bank hole they issued during the celebration of 8 and a month in July, and the list of lockdown measures as of July 1st, both of which adversely impacted consumer behavior in online shopping. The strategic watch fires on the mid-range and close-up Turkey, and later the devastating flood in the Black Sea region, have altered the priorities of the public agenda in a real good. Why are these adverse circumstances impacting markets? We will continue to provide GMV growth in the second half of 2021. We believe this to be a special importance given the seasonality of our market which favors the second half of the year. As a result, our key principle remains to prioritize growth to create long-term value by attracting more customers, increasing order frequency, adding more merchants, expanding our selection of chatelog, maintaining price competitiveness and scaling our news strategic assets. We are committed to investing and determining strong full-year G.R.D. within 28-29 billion Turkish zero range. With this, we end our presentation. We can now open the line for questions. Thank you for listening. Ladies and gentlemen, this time we will begin the question and our session. And when who wishes to ask a question, you're crystal full of my one on their telephone. If you wish to remove yourself from the question, you then you may press star and two. Please use your hand to when asking your question for better quality. And when was a question, you're crystal one at this time. One moment for the first question please. The first question is from a Lano Stedon says are with Banco from America. Please go ahead. Yes, I, good morning or good afternoon everyone. Thanks for the core and the opportunity to, to get questions. I have four questions sorry about that. The first one is on the, uh, out to for the market in, uh, into H, uh, by reading the press release and also from there for it from your comments. Do I understand correctly that the outlook for H2 seems to be a little bit tougher than what you expected probably one of the months ago and that you need to invest more than expected to achieve the same GMD number and it is on the to trackify and this is that that right. And second question will be on the on the thick rate for compute and you'll be given some indication on the on the thick rate and also help us from the understanding too. So I can't interrupt a little bit. So, the question would be on the contribution margin comments from the press release. Just wanted to understand better dimension of the details that you've given to your customers for temporary marketing campaigns. If you can help with that. And then the last question would be on the-- on the mention from the press release that you observed some increased demand for a lower margin products. We wanted to understand if that has reversed into K3 and what you actually did to this to thank you so much. And sorry for the many questions. Thank you. Thank you, sir. for your question, for the first time, or the other, that is also a blue supper order. While the recent chance of search, the observed in Q2 and early Q2 are reflected on the alphabet as well as the system of our markets, which favors the second half of the year. And the Turkish market is an effective point, and this is the right time for us to prioritize our growth. that is by the rate of traffic laws and are focused on investing in and delivering zone-turned-value creation. In terms of the state-trade, our growth contribution margin decline 2.4% to 0.4% percentage points to 8.3% compared to the second-confero class here. May in this year's underlying kinetics in Zannigrohs. This two-comps 4-tg decline in growth contribution margin is driven by as you set strategic margin in investments in certain categories like electronics to fortify our market positions and in non-electronics to drive perverse frequency by our customers and also in Shuse CRM which you call this as temporary-rate margin in investment and this will be grandity. to reduce the charge of the time. And also shifting electronic G&D into 3D mean it marketplace. We saw more electronics from the marketplace unit and therefore these affected our gross contributions. And finally, the discounts given to our customers to widen and sorry, put to continue, widen our selection with expanding merchant pay and compacted pay in the markets, by our strategic margin investment as well as discounts given to our customers for 10 to the market in 10 days. In terms of lower margin product, those low margin products are mainly tested at larger, bloated devices and robots, but computers and also plant-based, bumpy, and electronic products Chisns of the GND, most people's products consist of appliances, mobile devices, and technology devices, which are lower, large and compact, non-electroids. Well, depending on the market version, the expected chart map may continue in the third quarter of the result, but you have always been prioritizing our growth to create long-term value by attracting more customers, increasing our order frequency and adding more merchants expanding our selection of chatlog, maintaining trust, competitiveness and scaling our new strategic assets. Thank you. Thank you. Next question is something that I've had this time here. We have with Morgan Stanley. Please go ahead. Hi everyone. Thanks for taking my questions. I feel just following up on the Tidcreate. So you mentioned that you've seen a shift from an iconic from one piece of poopy. There's wondering what has been driving that and did you see that specifically as a permanent shift? And then also just on the discounts that you also mentioned as well, how much of this was sort of driven by any competitive pressures, what were the more competitive pressures than you anticipated at the start of the quarter. And if you could just comment on the current competitive environment that you've seen at the moment. And then finally just on the payments, I think you mentioned there that it was the development of the health expectations. If you could just be a bit more colour on that, that would be great. Thank you. Thank you, Liam. For the state rights, we continue to rise mass collection with expanding motion phase and competitive prices in the market by our strategic margin investments, as well as discounts, given for our customers for campaigns. According to the invested in certain unelectronic categories, such as supermarkets to drive our order frequency and also invested in electronic category to fortify our market position. Please note that there are very strong intellectual needs and in electronics the bigger support change is come from offline. On the competitive environment let me hand those over to Murat. Thank you, Kurran. Let me just quickly ask this competition and let me take this question. Let me remind you that we operate in this attractive market that is a large, young, organized and fixed-divided population. The air has been operating in this market a long-witted level of players for many years and proven out of growth trajectory. So the detergent market is an inflation point with a growing e-commerce transformation, expected to exceed 20 percent, which in total retail by a 20-35. That test, roughly 90 percent of total retail is still offline. 10. Our largest opportunity is offline review. And we would like to capitalize on the opportunity and create long-term values by standing our customer base, order frequency, virtual base, our selection and maintaining our price competitiveness and scaling our new strategy to get this. And of course, our solid operational execution, chapter division C, robots, logistics, network, deep technology, capabilities, how-of branding, how-it-biddle model, and integrated ecosystem, those positions as four-structors. Third question if I'm not mistaken is about H-D-P-A. Participate is correct. So, if the day is designed to be a companion wallet to spend, stay, and mobilize in money in a flexible way across online and offline. Having acquired a flight into a 16, has to pay much, this important milestone by launching this due standard, has to pay a wallet, as an embedded visual wallet, water on our class 1 on the 10th of June. As said at the event, the daily penetration among eligible audience has been faster than our expectations. But yet it's too early to disclose numbers. But if you pay the wallet, enable it in return, cancelation, and cash cash. I learned we have to pay The AI Wallet has to be also introduced a parallel program, a cash-rate points program that allows customers to earn reading points during purchases with the Wallet on our platform. As the Bayfield enabled, peer to peer in my channel first and build corporate-take-floor, new use-case scenarios across online and offline. Actually, in 9-minar super-abadi-providitions, we'll continue to invest and scale our strategic asset to the benefits of our customers, including half-de-paid, which is valid positions for strong, long-term growth. So that's great. Thank you very much. Thank you. The next question is from a line of sincere, actually, with Goldman Sachs, please go ahead. I thank you very much for the presentation and congratulations on the first step of the results for your IPO. I have a couple of questions. First on the after-user base, are you able to share some sort of granularity around the actual growth rate as it will be imported to chart anything sort of anecdotal would be would be helpful as well. I know that there were a couple of questions on the take rates, but I couldn't hear clearly really my line was breaking up. So the implied secret for the second quarter is quite low. In the future, Nick's effects or if there you change in the take rate across categories, potentially you do some competitive pressure, then is that something that will imply lower take rates going forward for the rest of the year, and potentially beyond that. And my next question is, what are your expectations on for the rest of the year, where do you see most of the pressure coming from and related to that? How is that for the property profile across your new business line especially on taxi Express? Take your output, automatically use the base, unfortunately, you do not share our active user base on a code to the basis, but we will share everything by the end of the years as a unit figure. However, our active user base actually can be fixed for increasing. I can use this guidance. On the margin, margin, ematmum, and the phase-grade effect, I can say our growth contribution margin, declines by 2.4% of the points, reaching 8.3% compared to the second quarter of last year. And which is mainly due to dynamism generally gross. There is a 2.5% percentage point, the plan in gross contribution margin, driven by surface margin in investments, and because of the theorem, it is equal to 10 trillion margin in investment. and those sufficient margin in that room are found to fortify our market positions and in non-alternate units to drive 3.4D to bring additional GME for our company. The continued wagon or selection with expanding virtual space and competitive prices in the market by our a stage of marketing investment, as well as these counts, given from our top commercial course, temporary trade campaign. And accordingly, the invested in certain categories, monalectronic and an electronic category, such as supermarkets and some electronic categories, please note that we are getting strong in electronics and in electronics, there is a big to purchase these comes from offline. In order to capture this offline part, the most reagent making on a note page is margin in reference to gain additional GRV. On the third question, expectations about the proxibilty, the third is that a inflection point, and this is the right time for us to prioritize our growth. That is why he raised capital and our focus on investing in, and, and delivering bombs to value creation. And that's how our key principle remains to prioritize the laws to create bombs to value by extracting more customers, including all the security and adding more merchants on our platform. And the next question, maybe I can't take the next question. It was about the purpose of the new businesses, right? Let me remind you, as has expressed, we aim to to become a mainstream grocery shopping destination. Or have to pay, it is designed to be a companion wallet to spend, stay, and mobilize money in a flexible way across online and offline. So with this strategic mindset, you will search in a productized growth for our strategic assets. In line with our super-avadiated proposition, you will continue to invest in and scale our strategic assets to the better-view of our customers. and if the experts are particularly important to us because they are very positioned for strong long-term growth. Okay, thank you. So basically, from my understanding these strategic marginal investments, sort of the temporary distance, down state, could continue as long as you see the growth opportunities from these? Exactly. Exactly. Exactly. If you see the growth opportunities, you can continue at all those campaigns and marginal investments. The team, principle, always will remain that we're going to increase our customer base, version base, frequency, selection, and that is our core principle. Thank you. And going forward somewhat I understand sorry for the further follow-up. So you will be tracking, we will be tracking growth in GMD, obviously, but we will be seeing disclosure from here on the total orders rather than break down of things like active use of ASEAN and the frequency. We will see the total order numbers. That is true by the event, it will be sharing our customers' bathing crews and its frequency numbers in detail. But on the course of the basis, we don't disclose the only GTO role profile. Okay, thank you. Thank you. The next question is from the Lann of GTO. Can I come to the WJP Morgan, please go ahead? Thank you for the presentation, Major, of my questions, there are that I have some more. The first one is about competition. How are you planning to respond to a federated, flat, mind and performance in the semifinals by Triangle? I think they are now much bigger than you all the filter one side. And how many months have you been already the onboard for those who are familiar with the filter? Because you have given some sort of statistics to the IPO. And I just want to do a little bit more. and what is the shadow of total orders that the work might have to be shared? What is the progress here? If you also mentioned about pharmaceutical incentives, management, I think which is not included in your payroll course in the second quarter. Can you please see some details about this? And finally about your work in capital, that would be clearly in the second quarter. So, are you interesting about these developing in the second column from a threshold perspective? Thank you. >> Yeah, let me take the first question. Maybe that is the first reminder. Are they defined as a result of process plan? As you remember, we have a very strong, We can also verify the use of proceed, which includes exploration of our growth plybeum, getting of our strategic asset, investing and getting our operations, logistics and technology infrastructure, and of course driving for the challenge. Between that contact as it is cut pretty so far, we also definitely invest and scale our capabilities across this line. I will create a large, fast and scalable in-house logistics network with Lafinal deliveries, full film and operational capabilities powered by our proprietary technology. I mean, as you remember, I've mentioned, as a result of its expansion, now has this jet achieved present in every city in Turkey. The 137 crore star, whereas at the most, our nation-wide pickup and robot network, expanded to more than 1,600 pickup and robot points across the country. And as a result of its expression, at the jet, contract more of retail deliveries and more of market-places deliveries in Q2 compared to the same pace of last year. And hopefully at the jet, it are logistics care of the group, the A-Root offer a variety of value services, especially Christians return, deliberately by appointment, same day and next day delivery options. And also let me remind you, at the next internet survey, at the International Business Awards in 2021, people are awarded with a goal award for our Christian's return service in the best user experience category. So we believe our robot will fix this work. These are the significant competitive edge, you know, pretty strong, accumulate period, and we continue to do so. >> And we want to say thank you. But it is possible for you to share some statistics there because I really want to understand the upside in a hexade. So what is the current status about the state of the country? I mean on the last mile, I'm working with share of several other state of advice by Hector Chef. And how many merchants have you already downloaded for the full film and services to understand their potential growth? Yes, thank you so much for the question. Let me tell you, Hector Chef actually, as you remember, also, shared in the prospectors, is in the early phase of his journey. And it keeps getting the number of merchants, giving all the money. of merchants are getting on boarded. On the other hand it has this jet. It's kept increasing. It's contribution to reasonable deliveries, as well as market-play deliveries. Compared to the same place of last year. So it's just growing year over year. It's respect to the future. Both in one P and 3 P contribution was in terms of number of deliveries. Hopefully it was helpful. And the next question for The next question is about the measurements in terms of plan and how much we will be cognizing our channel. It is a correct answer. Yes, that is correct. Okay, in total we have 132 million recognites in our channel as a measurement in terms of plan excite. The Autos with 98 million sources there is based on this counter-touch payments which is projected through the term given use 2021. And the second part is 34 million. It's based on share-based payments which will be made within the next 18 plus 12 months according to our plan. So, in total, the EDCob9-132 and the counter-cash payments, 928 shared a payment for the port, this is the complex based on that thing's line, it closed in the actions. All the working capital sites, yes, are working capital deals keep on improving in this second half. Due to the fact that our GME will be due to continue to grow in this second half. And the development management, the impact to influence or creating cash flow in the second half. Okay, so that garish doesn't be any seasonal in the inside thing, the working capital flow, right? So, I think that's the first time I've seen the first time I've seen the second half of the year. So, each of the similar type of proteins have to manage them. The third phase is melting in the second half, especially in the fourth quarters, having said that our procurement increases significantly. And we are growing significantly in the first quarters, and based on this, it's melting extremely in the past. Next step, Deb is networking chapter 2 by the end of Q4. It's an improved version. Thank you very much. And it's a lot of trying. They asked about the Hicks. They expressed you said you mentioned about new brands to be on board and go for the delivery board. If there are any national brands here that you managed to on board, please. Because we are referring to Chiu-Tu results, you cannot actually discuss in your future or forward-looking plan at this point, but I can tell you, as the spread already actually achieved over 40 grand and roughly 1800 stores with more than 50 cities. And also, as you remember, we launched water service, water delivery service as well. Thank you very much, Marley. Thank you. That's very mind-resue of lack to ask the question. Please first start on one on your telephone. Once again to register full question, please go ahead and start on one on your telephone. Other formally wanted to register full question, please go ahead and start on your telephone. Ladies and gentlemen, there are no further questions at this time. I will now turn the conference over to my management for any closing comments. Thank you, operator. I would like to recap what you have heard from us today. Our vision is to lead this division of commerce. Today we are one top shelf where our customers, everyday needs from product and services to groceries and payment solutions. Our solving operation for execution, tabular efficiency, robots, logistics, networks, these technology capabilities, and technology capabilities. The household brand name, harvest business model, and integrate the ecosystem has positioned us as a homegrown company to emerge as the first ever national business church company. The operation in attractive markets, this is a large, young, urbanized and takes daily populations. Again, that doesn't remind you, the 30th market is at an inflation point, with a global income administration expected to exceed 23% within total retail by 2025. That said, roughly 90% of total retail is below-flying. Offering a wider opportunity for growth and business right-time for us to capitalize on the low-portunity. Our key principle remains to provide our growth to create long-term value by attracting more customers, including our audit frequency, adding more motions, expanding our selection of catalog, maintaining our price competitiveness, and scaling our new strategic assets. With the use of funds raised in our recent IPO, and our strong diversity, it will continue to invest in our regions. Thank you for everyone for your time today and we look forward to speaking with you again next 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Flight Plan event in Emberar's second quarter 2021 financial results. Thank you for standing by. I'm Philippe Causada and I'll be your host for today. At this time, all participants will watch our financial results presentation. Right after we'll conduct a question and answer session at instruction to participate, we'll be given at that time. If you should require any assistance during the event, You can do so using the chat box on the platform. As a reminder, this presentation is being recorded and webcasted at writer's platform. Before we begin, just a legal statement. This conference call includes forward looking statements or statements about events or circumstances which have not occurred. And where has bays this forward-looking statements largely on its current expectations, and projections about future events and financial trends affecting the business and its future financial performance? This forward-looking statements are subject to risks and certainties and assumptions, including among other things, general economic, political and business conditions, in Brazil and in other markets where the company spreads. The words believes may, will, estimates, continues, anticipates, intends, expects, and similar words are intended to identify those forward-looking statements. Embraer undertakes no obligations to update publicly, or revise any forward-looking statement because of new information, future events, or other factors. In light of this risks and uncertainties, the forward-looking events and circumstances discussed on this conference call might not occur. And the company's actual results, the difference substantially from those anticipated in the forward-looking statements. Participants on today's conference are Francisco Gomez-Natu, President and CEO Antonio Carlos Garcia, Chief Financial Officer and procurement and Eduardo Bucolter, director of investor relations. And now I would like to turn the conference over to Francisco Gomez Nat. Please go ahead Francisco. Thank you Philippe. Good morning to all and thank you for joining our call today. I hope that all of you are well and safe and thank you for your interest in our company. As you will see in Antonio's presentation, our results for the quarter were strong. The Q2 results are a clear example that our strategic planning has been done. remaining has been well executed with the right focus and discipline showing significant improvement in our financial performance. Before we go into more details regarding the Q2 results, I'd like to highlight the good moment of we are going in the different business segments. In commercial aviation, we announced it a new firm order for third and third of the year. E1-95E2 jets from the Canadian Porter Airlines with purchase rights for 50 more aircraft. We also announced new firm orders for 34E1-75 jets to horizon air and sky west to be operated for Alaska Airlines and Delta Airlines. This and the waters and other activity campaigns rate the continuous interest in the EJAT family as the best option in the regional aviation market. In this activity we keep up the momentum with the record sales in the quarter. We maintain it, our price, discipline, strategy, and had a strong backlog growth with book to build in excess of 2-1 for this business. In the sense of insecurity, we delivered 7 super-to-kano aircraft in the first half of the year. Also, we had strong performance in our cybersecurity and systems integration companies. With double-digit revenue growth in the first half of this year, compared to the first half of last year. Further, in the second quarter, the KC-390 millennium reached an important milestone by successfully performing on pay-voted runaway tests. Although we are currently in negotiations with the Brazilian Air Force on the KC-390 million on contract, we continue to be focused on the new export sales campaigns for this aircraft, as well as the Super Tokano. In services and support, we are pleased with the strong second quarter results, with better revenues and higher margins. A strategy recovery and a strong momentum and effective growth, 55% revenue growth in the second quarter. It is exciting to see the continued positive sales activity in services. With deals centered with several important customers across all markets in at Odma, driving backlog expansion for this segment during the period. This was further highlighted by the contract we signed it with Porter Airlines for a 20 year total support program. With respect to innovation we continue to make progress on partnerships in the urban and mobility ecosystem through our subsidiary is in a segment with strong growth potential in the years to come. In addition, our service collaborative platform Beacon, signed a agreement with key customers such as Republic for its maintenance applications. Finally, on the operations front, we continue to see great improvements. We expect a 16% increase in even Tori turns compared to 2020. And a 20% reduction in production cycle time of our aircraft this year, positively impacting, working capital and production costs. I will now hand it over to Antanucarcia our CFO to give further details on the financial results and I will return in the end. Thank you. Thank you Francisco, and good morning everyone. I will start before our backlog for the quarter. On July 7, the graph shows we ended the second quarter at 59 billion, up 1.7 billion or 12% from the prior quarter. This represent a return to the same 15.9 billion we were at in 2020, before the pandemic began. In our commercial aviation business, we close 48 aircraft sales in the quarter, spread across several different airlines. In the executive aviation, we had to record second-part sales, a solid backlog as demand for lights, and larger business gets continued to grow. Backlog in service and support and defense security also grew from the prior quarters level. In summary, it was the best sales quarters in mid-19, 2019. This gives us confidence in our plans for future revenue growth and improvements. Moving to slide 8, you can see the continuous improvement in aircraft delivers, compared less, here and both commercial aviation as active aviation. In commercial aviation, we delivered 40 aircrafts in the quarter. This represents 56% increase compared to the prior quarter and 250% increase compared to the second quarter in 2020. Here today the levers we were at 23. Almost 2.5 times higher than the same period in the prior year. of these 23 delivers, 14 were itchus, compared to 4 itchus in the same period last year. Seyus continues to perform very well for the two as the most efficient right side of the single-io aircraft for the world post-pandemic. In the executive aviation, with the liver 12 jets, light jets and late larger jets, for a total of 20 aircrafts in the second quarter. This represents 54% increase compared to both, first, 4, 2021 and the second, 4 of the prior year. Here, today, the Libre Executive Aviation Delivery 33 aircraft, a 50% increase compared to the first half of 2020. As noted in the guideline to the guide of 2021, it will publish this morning, we expect the levers of commercial jets to reach between 45 to 50 aircrafts and the ZXV jets to reach between 90 to 95 aircrafts. What is like 9 we show a rare net revenue? A rare head of sun is having a growth in the The quarter S-O for business units rebroned is strong from the pandemic. Our top line more than doubles compared to the second quarter of last year. Groves came primarily from higher delivers in commercial aviation, although all are segmented show at much improved growth during the quarter. year-to-date net revenue was just under 2 billion, as 767 million or 65% increase over 2020. Net revenue breakdown by business show-embrower diversification, with commercial aviation representing 34% of the total revenues. The service support 28, as active aviation 22 and defense 16%. It's important to highlight the strong recovery in commercial aviation as this business was severely impacted by the pandemic last year. is like 10? SGNA expenses reduction continues to train very favorably over the last six quarters. We will may highly focus on SGNA efficiencies that are being implemented since the company's restructuring last year. Although, the second quarter had the flight increase in GNA. This was primarily driven by increase in provision for prof cheering and performance-based incentives program, due to better expected results for the company 2021, as compared to 2020. Combine with the consolidation of expenses from tempest, our new cybersecurity company acquired in the end of 2020. Cendac's remains at historical low levels. Comparing to the prior quarters, Cendac's expenses increased 4% while natural revenue increased over 40% sequentially. As per Cendac's job, natural revenue, Cendac's expenses was 4.2% in the second quarter, compared to 5.7% in the first quarter. We achieve these results by leveraging our sales activity as volume increase combined with some more cost efficiency digital sales effort. is like 11 shows are adjusted the beat and adjusted the beat today. We are very encouraged by the strong margin performance across all business segments in the second quarter. Our adjusted a bit margin was 9.3% up 13% of the points over the first quarter. Our adjusted a bit of the margin was in double digits at 14% or up over 16% of the points from the first quarter. Both of these profitability metrics had recovered to the levels not seen before 2020. For the first half or 2021, our adjusted a beat margin was 3.9% and our adjusted a beat margin was 9.2%. Both were both prior years level. The improvements comes from several factors, including higher delivers, result higher revenue, better gross margin on improved pricing, mix, production efficiency, and the same amount of revenue. production efficiency, 6-cloth leverage on higher volumes, and favorable tax obligation, reversal of the quarter of approximately 25 million. All of our segments have much better performance in the second quarter. A just a bit margin by the segments in the second quarter were as follows. Commercial aviation was at 1.7% negative, which although negative shows a great improvement from last year. As active aviation was at positive 8% with a strong price discipline and consistent profitability. The defense security was at positive 25% led by super-tukernodilivers along with positive adjustments on certain defense contracts. And serves and support was at 19% as a strongly contribution from his fair-pired programs. If like 12 shows our adjusted net income, it was positive, 44 million or 24 cents per day in the second quarter. This represents the first net profit on a quarterly basis since 2018. The recovering adjusted net income is primarily driven by improvement operating margins. Reduction in financial leverage also contribute to improved profitability and any future that's reduction with the naturally have an additional positive impact on earnings. movie true is like 13, I'd like to begin with freak ash roll. Freak ash flow in the second quart was positive 45 million. 272 million higher than first quart and 570 million higher than the same period of last year. This is a remarkable achievement. Although here today the cash flow is negative 181 million. This is compared with a frequent ruleboard of Iran's abelion of the 1st half of 2018. We expect positive frequent rule from the 2nd half of the year of the 2020 on, as indicated in the this morning guidance. Now to investments. Our total investment were 50 million in the second quarter and 89 million year-to-date, both of which are in line with less year-levels. This is important because it shows the continued investor of future. We have been very short-distance in balance. The need to invest to our future with the needed to preserve the cash. It's like 14 sholes are a cash and liquidity position. We ended the quater with 2.49 billion cash and cash equivalents. I've liked increase from the end of the first quarter. Our debt balance was at 4.3 billion. I've liked decrease from 3 months ago. Our average debt maturity remains at 4 years. We expect to consider the second half of 2021 and beyond so our leverage will naturally decrease. This will correspond to reduce our net interest and expensive and have an additional positive impact on that income. Finally, movie Juliet's life is 16. Abraham has published 2021 financial delivers guidance for the first time since the start of the pandemic. Despite risks of the economic recovery, vaccination rates around the world, and with a solid first half, and good visibility for the remaining of the year, We decided to share the marked our targets for 2021. We expect to deliver between 54 to 50 commercial jets, just to correct, 44, 45 to 50 commercial aircraft each 1221 and 95 is activity in the year. We have a good confidence in those figures as our target is. skyline are red-fielded for both segments. Combine with the growth and defense security and continue to recover in the service support stress. Recover globally, we expect cause solidator revenues to be between 4 to 4.5 billion dollars this year. Represent a low double GBT growth at the mid-point compared to the last year. Adjusted the BAT margin should be in the range of 3 to 4% and adjusted the BT for 2021 should be between 8.5 to 9.5%. In Breyer has had in the first half of 2020, margin in these ranges has we expect this good margin to repeat in the second half of the year. It's important to mention that those margins include cost related to the Hatergresh of commercialization as well as expenses related to their iteration process. Finally, our free cash flow guidance is for is a range from 3 cash flow usage of 150 million to a break even for 2021. We had 181 million of free cash flow users in the first half of the year, so we are anticipating the number to generate up to 180 million cash in the second half of 2021, without any cash inflows for M&A permits. With that, I conclude my presentation and handed it back over to Francisco for his final remarks. Take very much. Thanks Antonio. The second quarter results and the guidance for the year reinforce our confidence in our strategy. And this confidence motivates us to accelerate the performance improvements in the delivery of our long-term strategic plan, with focus and discipline. As I have mentioned in the past, this year is one of recovery. And next year, in Beyoncé, we plan to capture Ember Airs full potential to grow with profitability. Looking ahead, we foresee in the middle term the potential to double the size of the company. And that doesn't include new strategic projects. We are going to be bigger and stronger, focusing not only on the top line but also much higher profitability. We are already showing some positive results of the hard work, our united and motivated teams of employees have done over the past several months. with expectation for positive operating profit this year and much better free cash flow performance with a clear potential to be giving for the year. This will be implemented by partnerships and new programs to drive even higher growth opportunities. We are also advancing on our ESG journey. And right after the Q&A session, we will share with you our new ESG commitments. I invite everyone, therefore, to remain in line for this ESG events, which we will start just after the results Q&A. Also, we are looking forward to a new chapter of Embraier, with our extraordinary shareholder meeting, scheduled for next Monday. We expect our shareholders to approve the election of two international board members, with extensive global aerospace industry experience. Following constructive feedback from analysts, and shareholders to improve our corporate governance. These candidates have deep technical knowledge, strategic profiles, and an innovative thought process. Finally, I will close you today by thanking everyone for this strong quarter. It always starts with our people and their focus and passion on executing our strategic planning. As I mentioned to you in the last earnings call, we are a different company today. We are in a process of transformation and we are moving fast. Thank you for your interest and confidence in our company. Over to you, Felipe. Thank you very much Francisco and before we continue we'd like to show you a video. Check this out. The world is a different place to a year ago. Industry have changed. Aviation perhaps more than any other. Embraer has changed too. One leaner, more agile and fit for growth. We're already on a path that will make you feel happy. bigger and stronger. And with an all new product portfolio that are the most efficient and technologically advanced in their class. All built with a passion to improve sustainability, economics, costs of efficiencies and driving new innovations. We're better adapted to the challenges and opportunities of now. Like our customers, we're always looking above and beyond what was previously thought possible. That's why the world looks to him. We are right for the world ahead. Right now. Then, prayer. Challenge. Create. Outperform. And now, let's move on to our questions and answer session. We are preparing this set here and remember that questions can only be sent through the writer's platform. It will be our moderator and he already has some questions with him. It will over to you. Thanks. Thanks. Thanks, the lift we start now the Q&A. So let me see the questions that we have. First question we have is, can you give an update on the spack negotiations with Eve? I don't know, from CISC or Antonio. wants to take that? Yes, thank you. I do thanks for the question. I mean at this point of time we can say that the negotiation is moving very well. I would say we have a optimistic with this process. Okay. Move it on the questions. Second question we have. What work. What work has in-grayer been doing to develop electric aircraft and making this product more viable for customers. Thank you, also a good question. Well, we had our first technical flight recently with the Ipanema Fouletric. And we hope to present the aircraft to the to the public soon and continue it to invest in this liturification field as one of the one of the innovations innovation fronts that we have to be in line with the ESG activities that we are moving to. >> The question we have from investors is from Vitor Misosaki from Bradesco. He said the fans show the material gross margin expansion in the second quarter. Can you give more details about that? Victor, thanks for the question. We had in the second quarter. Two main effects on the defense side. First one was the super kind of deliver that we were not able to deliver in Q1. That flows to the Q2 figures. In addition to it, we have the adjustment and the defense contract. We have in the local Kura symbol, I would say. Both effects higher the levels in super-tocano and the adjustment the contracts lead us to this 25% margin in future. Okay, very good. Next question comes from UBS. Could you comment on the 25 million reversal mentioned in the press release? also what was the positive cost-based revision related on the results? So thanks for the question. First point, we built up a provision to 2018. For the Brazilian guys here, this is a Russian de-Fuilet that we have a claim. discussed, being discussed since 2018, and we were able to gain this disclaimer in second quarter. That's why we reversed the text position. That was also read the just it. In 2018, that's why we also consider in our results. And the second question was in the regards to the contracts, we have an adjustment here around $10 million. And the second quart. that are both effects. It's important also to mention that even that we have this text reversal, 25-minute, let's put first quarter, and second quarter. We do have other types of costs that we are not a justi, that's also not, for example, a integration of commercial aviation and abitration costs, which is more left, net, this 25-minute. say, the numbers we are seeing right now would say, \"Combine, Q1, Q2\" is really for me, describe the real performance of the company. We have several questions about EVE, I will try to summarize them so basically any general updates on your EV tall initiatives would be very helpful, particularly on negotiations with Zenite. We already talked a little bit, but maybe an update of the vital for Cisco and time. >> Well, as I said, we are very excited with this initiative, with this product. I mean, we had the first flight with a prototype, SKU 1-3, a successful test, by the way. Now we are preparing the next test with the prototype SK01-1. And technically it's moving very well. We are planning the certification by 2025 and entering service in 2020-26. And about the negotiation with Anayata mentioned already that's moving very well. Okay, very good. Now moving to business jets. We have a question from credit suisse. business jet has been very strong and on the first quarter results you mentioned half of the levers were for first time buyers in the second quarter how much were first time buyers maybe we can give an overview of the business jet market. - I would say today in our backlog, the portion of first time buyers, I would say, is a third, something like 30% in your backlog and deliver for the whole year. We are talking about 30% first time buyers, and we are going with the marks if you see the industry, book to be between 1 to 5 to 1, 1 to 5 to 1 and 2 to 1, And we are, I'll say, a little bit above that. And it's doing pretty well, but for sure the first by is pushing also the back especially the light jets category. Now there is a question on commercial from CREDIT SWEET. Your guidance for commercial delivers of 45 to 50 seems low given your, you have already delivered 23 jets. Are there any supply chain issues that could prevent you from being above that range? Also, they are asking, what do you see in terms of the levers for 20, 20, any color and that? Let's take it to account that commercial VH is too suffering for the pandemic. What we are giving as the guidance to deliver this year is a little bit higher to less year. we deliver 44 and for sure we are selling more but it's going to impact more 2022 and the fact that we deliver at the 23 aircraft is because it's so divided through all the year that's why the 47 I would say between 45 to 50 is the number we are having. And we do see, I would say, around 30% for an next year, between 65 to 70 aircraft. But as to be confirmed, but it's more or less the number you're seeing. It's important to mention, we do see commercialization coming back to historical levels of the chamber, for 2300 yards. We are selling more, but the sales country are closing right now is going to fulfill this kind of line. Start it to 2022 and 2021 is more or less the same level from 2020. If you are long, I'd like to make a link between this answer and the result of the company. It is true that in this first half of the year, comparing to the first half of last year, we did much better in terms of deliveries in terms of results, the numbers speak by themselves. But if you look at the guides for the entire year, you see that, no, as planet, we want to see huge increase in volumes in the commercial or executive. Yes, we have seen some growth, moderate growth this year compared to the last year, but the improvements in their results. I mean, either the EBIT come from almost minus 3% to last year to something between 3 and 4% this year. But the free cash flow from minus 9 million last year to something between minus 115 and 0 this year. all this good performance is came from efficient gains, pure efficient gains. We really did a good right size in the organization. We are improving a lot of activities on cost reduction, on inventory reduction, in all the company, you know, I mean pushing sails for the future. So again, I mean to next year on, We expect that with the stronger growth in the volumes, in all the business units, and we this more efficient and agile company than we see much better performance. So that's why our result is coming from this year, from efficient gains, from some additional sales, of course, but mailing from efficient gains. >> I just want to complete the question for supply change. we are putting the guide us in what we agreed with our customer for this year. At least for the commercial vehicle having not seen any supply or chain out say problems this year. We have several other questions. So the next one is related to margins and free cash flow. So the question is how do we see margins per business in the long term? And in what sort of free cash flow conversion, it'd be dying to free cash flow conversion, that's embryo, expect. So he guards too margin. We do see, that's in a long-term perspective. We do see service and support that double-dict as it is today. We do see a zective in the sense, single-hire-dict. we are more or less in also today. And we see the commercial aviation. I would say a mid-single ditched across between 3 to 5% in the long term. That's what we see in regards to the cost of the company. And in regards to the cash, the conversion from EBITDA to EBITDA would prefer to talk we are For each day, a 50% conversion from a bit to cash flow. We're in a stilledity to improve something, but as more or less the match with them using internally, we do see today in the long run, 50% of their BIT being converted into cash for the extra come. So the next question is from JP Morgan, Marcelo Monta. Any update on the sales campaigns for commercial aviation? Could we see more orders during the second quarter? >> Good question. Yes, we have a lot of active sales campaigns on going. Now, our commercial aviation. We just announced this as sales for its QIOS, with 16 aircraft. And yes, we have more to come. by the way, the Sky West, it's not part of the backlog in Qtuna. We are going to book this Savity Aircraft's Inquiry. 30 aircrafts, correct? I think you're my turn. There is a question here from Lucas from Santander talking about inflation. Can you please comment on how the company seeing the raw material inflation and how is the company offsetting this impact? We do see in our final products inflation, I would say, all index we have with our suppliers between two to three percent for next year, and to the customer side. We have also the real adjustment clause with the index. I would say, our. take away for next year is a balance between what to have internal inflation and the pastoral to the customer base. That's more or less what you are seeing, but there is insunded indicators spike in the inflation index for next year that we are going to discuss for our customer base moreover. We did this year and we are doing this year and we do have also a lot of a lot of design to the electives inside the air to reduce the base of the cause we have to leave. Without any impact on any inflation or indicators. Very good. So now moving to new projects, there is a question from heuverge investigators, any updates on the partnerships for the TOOBO PROP Aircraft. I was a good question. Well, this front is also moving very well, especially with the recent interest of US airlines in that product. So we see that product as a good alternative for that market and other market as well. And also as a preparation for new technology in the future. So we are very optimistic and working hard to accelerate this. Accelerated this partnership front. Okay, I think we have at least one final question. It's back to commercial aviation. What do you expect? It's from a WTS. What do you expect in the midst of long term in commercial aviation? As we are seeing recovering demand for flights and also renewal for having more sustainable fleets. Thank you. So again, we have, I mean, globally, 94% of the Emirates fleet back in these guys in the US and the 97% of the Emirates fleet is flying again. So it shows that the recovery in the domestic market really is coming. And that's why we are working in very, very, very, say, a lot of sales campaigns in that segment for you once and it too as well. So we are working hard to take advantage of this moment as Antonio mentioned that we see volumes growing. I mean, 2020, but it's strongly from 2022, but strongly from 2023 onwards. I think a final question. It's related to defense. Can you please comment on the expectations for new KC390 orders? As I said in the opening, we are working in many, many sales campaigns for, for import sales campaigns for the KC390 and also. I mean, we are working in the developing partnerships that will help us to open new markets for that great aircraft. I think that's what we had on the Q&A. So I think that concludes the Q&A. I want to thank you all for the questions in the time. So now, Antonio Francisco, no comments. Thank you all. Thanks a lot. Thanks a lot. So thanks for for a meeting in supporting our company. We are leaving a really special moment as I said before this year of recovery, the year of turner round and our framework here. And the numbers as I said before is picking by themselves. We expect to have a much better year in 2021 comparing to the two last year coming from a very tough crisis as you know. know and we hope to know we expect to capture the new in-brahe potential from to grow from 2020 to 111. So thank you very much for your support. So this concludes today's Q&A session. That in turn concludes Amber's second quarter 2021 financial results presentation. Thank you very much for your 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M1\n","transcript":"[Music] Good morning and welcome everyone. Together with our CFO, Lisa Mortensen, we are team. We would like to wish everybody a happy new year and hope you and your families are healthy and safe. As always, we will start this conference called with a short presentation on our recent quarters results. In addition, this time we would like to also take the opportunity to present our new science-based climate targets that were published in November. This will take approximately 20 minutes and then we will move on to Q&A. Before we begin, please take notice of the state's harbour statement on slide 2. Let's learn to slide three please. Trisha Hansen delivered a solid start to the fiscal year 22 with 9% organic growth with Euro growth rich 10%. Growth was fully volume-driven and supported by solid growth in food cultures and enzymes, as well as a strong rebound in health and nutrition. Our EBIT margin before special items was 24.4%, compared to 25.2% last year, excluding HMO, which was not fully reflected in Q1 last year. We would have seen a margin improvement, a scalability from solid sales performance, more than offset, the inflationary pressure and the general ramp up of activities. Absolute EB before special items amounted to 65 million euro, up 7% from the euro 61 million in Q1 last year. 3 cash flow before acquisitions and special items was 55 million euro compared to -7 million euro last year. Let's turn to slide for for the strategic and operational highlights. During the first quarter, in-person engagement with customer speak top again, and we saw good traction on our commercial pipeline and strategic initiatives. Our core businesses, food courses and enzymes, human health, and animal health, grew 7% where our growth areas which account for approximately 10% of group revenue. By your protection, fermented plant-paces, plant health in HMO, grew 35%. Lighthouses are expected to outgrow the the core business for the year, but please note that the very strong growth in Q1 was in part positive due to other timing. In line with our 2020-25 strategy, we continue to reinvest in our core business and leverage our technology platforms to expand into new areas, while further reaping the benefits of our recent acquisitions. Let me briefly comment on the key highlights for the quarter. In food culture, in enzymes, we saw very good cell project execution in a mere, as well as continuous strong growth in the cheese market in North America, which led to very solid volume growth in Q1. Human health exceeded our expectations for the first quarter, and the liver in very strong start to the year, supported by a rebound in the traditional cell's channel in Europe and North America and positive or their timing from Q4 further. I am pleased that with our expanded strain to solution offering and our strong supply chain performance, we were able to mitigate supply trains successfully and win your business, which will have a positive impact in the first half of the year. Our HMO business, also report the good progress in the first, with the first long time. of the 5HMO mix in the US market. We have an extraordinary impact in Q1 as customers rampoped the head of the product launches. And lastly, Plan Health entered into a partnership with the Indian Ag Player UPL to develop and commercialized microbial crop protection solutions. Another highlight to recue one was related to bacteria, our young bench with lungs, please turn to slide five. In November, bacteria find the commercial manufacturing agreement with certain therapeutics. It's an important milestone, and therefore allow me to say a few words about the agreement. After we have successfully established our setup in HERSLOM and Basel, to service customers in the clinical supply market, we are now accelerating investments into commercial manufacturing capabilities based on the long-term commitment from service therapeutics whose lead candidate, service 109, has the potential to become the first ever live by a therapeutic product in the market. As part of the agreement, we will build a new production site in this Switzerland, which is expected to be inaugurated in 2024. While the commercial supply market is materializing faster than we expected, we are seeing that the clinical supply market is developing slower due to the lace in clinical trials and patient intake during the COVID pandemic. These developments will require additional funding into bacteria, but we are very confident in our ability to establish a living player in the field which can count on our expertise and capabilities from both JV partners. With these words, let's turn to slide sticks to dive a bit more into the sense performance during the first quarter. If we look at the top line performance across the segment, the segments, growth was fully volume-driven. Food cultures and enzymes deliver 7% organic growth in Q1, driven by volume and which solid growth in dairy and very strong growth in food and beverages. The contribution from Europe rising was insignificant. Health and nutrition, recovered after a very soft quarter, reaching 13% organic growth in Q1. Human health and HMO delivered very strong growth. As already mentioned, the Rebound was largely driven by human health, well, in HMO, was in line with expectations. That said, I'm very pleased that a large part of our fiscal year, 22, or the year, for HMO is already seeking to long-term contracts. If our animal and plant health business, growth was solid and driven by plant health, we benefited from early orders while animal health is a tough comparable from last year. Across our businesses, we are in close collaboration with our customers to implement price adjustments to reflect the current inflationary pressures. They The implementation is progressing as planned, and we will start to see the impact here from the beginning of Q2. If we look at the regional picture, please turn to next slide slide seven. Growth was largely driven by developed markets. Europe, Middle East and Africa, the liver 10% organic growth supported by good execution of the cell-spide plan in food cultures and enzymes, and a recovery of the traditional dietary supplement channel in Europe. North America grew strongly, with 12% growth in health and nutrition was positively impact by other timing as Q4 was very soft. The already mentioned launches in HMO, while FCN continued to benefit from continued solid momentum in the cheese market. Latin America reported 8% organic growth of which approximately 1\/3 came from Europe rising. Food cultures and enzymes grew solidly despite continued software-mented milk markets. And health and nutrition was driven by very strong plant health. Last, in Asia Pacific, after a soft year end, we return to growth driven by food cultures and enzymes that so a positive growth in China. The fermented meal market in China though is still not developing favorably. And our outlook for China is still to be flat to slightly positive in fiscal year 22, driven by the low comparable from last year and specific customers. specific customer projects. Health and nutrition wasn't part of last year both human health and animal health faced a tough comparable baseline from last year. In total, this resulted in 4% organic growth for Asian Pacific. And with these comments, I would like to hand over to Lisa for the financial review. Thank you Mauricio and welcome also for my side. Please turn to slide eight. Looking at the development on profitability, the A bit margin ended at 24.4% for Q1 down from 25.2% last year. The drop was in line with our guidance driven by first the full inclusion of ATMO, which was only partly reflected in last year's numbers as the acquisition closed mid-Augtober. Secondly, the general wrap-up of activities including travel and thirdly higher input cost from the inflationary pressure, which we only expect to see recovered in sales price increases as we progress through due to. This was then partly upset by a positive contribution from production efficiencies and scalability from the sales growth combined with the energies from our probiotics acquisitions. If we exclude the impact of from HMO, then the AVID margin would have been above last year by approximately half a percentage point. Total AVID before special amounted to 65 million euros, which is 7% up compared to last year, By food cultures at N-SIMS, while a bit in health and nutrition was at the same level as in Q1 of last year due to the negative impact from HMO. If we look at the segments, food cultures at N-SIMS, a bit before special items was 38% and on par would last year. with production efficiency and scalability effects from volume growth being offset by higher input cost not yet reflected in the sales prices and a general ramp up of activities. Health and Nutrition EBIT margin before special items was 11.9%, which is 1.7% at least below last year driven by HMO. Excluding HMO, our health and nutrition EBIT margin would have been above last year. The profitability improvements were driven by scalability effects and acquisition amenities that were partly offset by higher input cost and the general ramp of activities. Let's look at the cast on the next slide slide 9. The free Tesla before a decision and specializing came in 65 million euro compared to a negative of 7 million euro in Q1 of last year. The increase was due to both an improved cash flow from operating activities and lower operational investments. The increase in the operating Tesla was driven by improved operating profit and a positive impact from working capital compared to Q1 of last year. And Caslow used for operational investing activities was 18 million euros down from 52 million euros in FY21. The decrease in spending was driven by the acquisition of the kelombol facility last year. The return on invested capital exclude was 20.0% compared to 20.6% last year and the decrease was driven by health and nutrition due to the inclusion of HMO. While the return on invested capital in food cultures and enzymes was hard with Q1 from last year. And with these remarks, let's move to next slide like 10 to recap our guidance for the year. Following the Encouraging First Quarter, we keep the outlook for the year. Group organic growth is expected to be in the range of 5-8% and will last the volume prevent of with some positive impact on pricing to reflect the inflationary development. Food cultures and enzymes is expected to deliver solid, mid-singual teachers organic growth throughout the year, and despite an insignificant contribution from Euro-based pricing. Organic growth in health and nutrition is still expected to be volatile across the quarters, but is now expected to be more front-end loaded than earlier estimated. As already mentioned, plant health benefited from very orders in the first quarter, which will negatively affect you too. For HMO, SQ1 benefited from customers ramping up for the US launches. The growth momentum will be lower, the rest of the year, those still, in a range above 20%. And for human health, our ability to serve customers has resulted in some extraordinary winter Q1, and we also see good momentum going into Q2. When it comes to A bit margin before special items, this is still expected to be around the same level as last year between 27 and 28%. As cost synergies from the probiotics and precautions, production efficiencies and a small positive impact from the US dollar exchange rate will be accessed by a continued ramp of activities, investments into HMO business and the inflationary pressure on certain input cost. The latter we expect to largely recover during the course of the year as price adjustments become effective. The free cash flow before speculating is expected to be around 140 to 170 million euros. As improved operating profit is expected to be more than offset by a significant increase in taxes paid. That's if Y21 was positive, the impact it by a Christian related one-ups. The free casual outlook assumes a capx in line with Y21. As you remember, we updated our long-term financial ambition last quarter to reflect the divestment of natural colors and the acquisition of Genoine. And I would like to emphasize once more that Christian Hansen remained committed to delivering industry-leading profitable growth and a strong haslo with focus on spending distance and capital efficiency. Until FY 25, we aim to deliver. Mids to high single digit organic growth average over the period. And increase in APID margin before special items over the period to above 30% and average growth in free cashflow before special items to grow farther than APID before special items. And with this, I would like to hand back over to Mauricio to present our new climate topics. Thank you, Lisa. I'm very happy to present Christian Hansen's new carbon reduction targets that were published in November 2021 following the validation by the science-based target initiative. Please turn to slide 11. Christian Hansen's microbial solutions and it will help your living for humans, animal, and plants. Leaving a positive handbrain in society and our planet. At the same time, we are committing to reducing our footprint. Taking climate action that is rooted in the less-designed TV sensors is a natural next-step for Christian Hansen. 2030, Christian Hansen aims to reduce its scope and to emissions by 42% and its scope 3 emissions by 20%. To reach these ambitions goals, we have launched a new program called \"Think Climate Naturally\". On the which, we will pursue a number of initiatives, including converting all electricity supply to renewables, reaching 100% recyclability of our key packaging materials and 100% circular management of our bio waste, working smarter with hits, supply and switching to refrigerants with limited climate impact, engaging with suppliers to address local armed practices and renewable energy and by minimizing air freight and moving to sea freight and pursuing partnerships on low carbon fuels. Some of these initiatives are already paying off not only on our footprint but also on our cost, converting to renewable energy sources like sonal panels here in Denmark. For example, has kept the negative impact from the energy prices down. And with this, let me wrap up this presentation and summarize that Christian Hansen delivered a encouraging start to the fiscal year 2022 and will keep our outlook unchanged. 2021-22 is a year of execution for Christian Hansen and will remain focused on advancing our 2020-25 strategic agenda. Driving commercialization of the innovations and delivering synergies from our recent acquisitions, while mitigating any potential disruptions from supply chain constraints and implementing price adjustments in close collaborations with customers to offset inflationary pressures. times continue to be uncertain with high volatility from COVID-19, increase focus from customers on business continuity and cost savings. Potentially, new travel restrictions will could impact our ability to advance our commercial pipeline and low visibility to end market demand. But I am optimistic that as a competition Hansen is well positioned to deal with these challenges, thanks to our work. for both University and Business Moller. Thank you for your attention, and with these, I would like to hand over to the Q&A. Thank you. If you have a question for this week, please press 0-1 on your telephone key, pads, and the key. Once your name is announced, you can ask your question. If you find your question has been answered before, or its yours turn to speak, you can dial zero to two to cancel. In the interest of fairness and time, please limit yourselves to two questions per turn. You can then rejoin the keys or the further questions if you need to. Please hold for the first question. And our first question comes from the line of Surren Sample of SCP. Please go ahead to your line, is open. Yes, good morning. >> Everyone, two questions first regarding the input cost, if you could say what is the negative impact of input cost in Q1 versus last year. And then, secondly, if you can comment on the price increases, you're seeing the level of price increases, which you'd expect. And what will be the effect of that down on EVID will that all be absorbed by input cost increases? How do you see it? Thank you. Thank you, Soran and good morning. I will pass some of the just recap in your question. Is about the input cost or process for pricing crisis and I would just say we have a very strong methodology overall to reflect pricing crisis with customers and we expect to fully pass on the inflationary pricing crisis. two customers so we have no margin dilution. I will pass it on to release it to comment on, you know, your specific question about input costs. Well, so on into cost and the inflationary pressure is obviously something that is unprecedented and that we are observing very closely. We have seen a higher cost and it's also impacted our results for Q1. We do not wish at this point in time to be very specific on it. But it is part of the view that we look at landing the 24.4% for Q1. One, and it's also important to say that we are very happy to see that if we exclude AIMO, we have been able to offset inflationary pressure and other cost coming from the high activity level through our productivity and scalability efforts. Okay, thank you. Thank you and our next question comes from the line of last top-on of Carnegie. Please go ahead to your line. It's open. Yes, hello, congrats with the various strong quarter. Quite impressive and good to see. A couple of questions on on on on my side. So, looking at your unchanged fully a guidance you need to grow 4% to 7% for the rest of the year. And given you probably get 1% to 2% from pricing, that means organic growth will only have to be 2% to 6%. So just wonder when you don't lift the lower end of your guidance range. is any specific we simply can't see or is a more function of you preferring to be conservative in a scenario where visibility might not be so big. And then I have a question on HMOs because Apple has launched their 5 HMO similar products, which you supply, I suppose, that's the big thing for the other side of the project. the big thing for your HMO business in the quarter. First of all I would like to understand when you sell to a product that contains 2FL and then instead sell to a product that contain all 5 HMOs. How much does your, what would you say your revenue proportion increase is it? Five times up or is two of those still the main revenue contribution. Then I wonder what this implies for the HMO revenue in the quarter. You mentioned lighthouses are 10% of sales. If we assume by a projections and plant health is a plant there is 10% of food projects and enzymes, that means plant health and HMO has a lot of food. us to be 10% of health and nutrition. I just wonder how that is split between plants and HMOs. Thank you. Good morning, Lars, thanks for your positive comments on the encouraging start of the year. So, two questions you had on guidance and on HMO. Let me try to provide some light into those. So for sure, a encouraging start of the year with good momentum across our two business areas. And as I stated in the call, we also see good momentum going into Q2. But you are right, this still a very volatile environment. So I think we're only, let's say, three months into the year of 12 months. And I think it's good to recognize that while we are in a good position in Q1, we maintain our guidance for the year. And that is a position. Yes, you know, pricing. We expect the growth to be mainly volume driven. rising will contribute, you know, north of the 1.5% around the 2% that you mentioned, but we expect to continue to see a good performance of our fish test and hope that provides some visibility into our current guidance. Now on HMO, so HMO, the HMO mix tries to reflect more the physiological level of the five different HMOs. So, you know, without going into confidentiality or disclosure, we expect the different HMO mixes for different customers may have a slight different component. To a fell is the largest component of the mixes, but we see good presence of the other HMO ingredients there. And talking about the lighthouses, all of them contributed to the strong performance of 35% in Q1. But obviously, as we mentioned, particularly plant health and HMO benefit from other diming in Q1. Yeah, that understand my question is if plant health and HMO is 10% of health and nutrition turnover, that is 9 million euros combined. if it's 50\/50, then HMOs contributed $4.5 million euros. And you have a big product launch from Apple. So, given that in Q2 and Q4 last year HMOs were 6 and 7 million in revenue respectively, I just wonder if sort of the underlying run rate for HMOs was in fact weak. Given that you have this big product launch from Ebert. I'm just trying to open to understand the numbers. So a couple of comments I think I think your calculation of HMO is not 100% correct HMO was more than that, but also consider that while we had the launch of HMO in the US, Abut has not yet done a national launch. is it was launched online and it was let's say what would be called a pre-launch. So we do not consider the HMO performance to be below expectation, is on target and we are confident to deliver the above 20% growth for the year, based most of those orders being secured by our long-term contracts. That's very clear, Mauritius. Thank you very much. Thank you, Lars. Thank you. My question comes from the line of Christian Realme of not being a market, please go ahead. Your line is open. Hi, good morning and thank you for taking my questions. I have to as well. The first is a clarification on the HMO topic that we just touched on. Can you clarify whether in terms of absolute revenues. Q1 here was your best quarter yet for HMO revenues. And then my second question goes to the sort of guidance for the Health and Nutrition Business Wells, where in the stand did you say that they growth will now be more front and low, it's for the full year. And should we understand that to be a reflection of some pull forward of demand for the following quarters. or from the following for the next quarters, or should we merely understand this as a reflection of a high growth rate in Q1 that will not necessarily repeat in subsequent quarters, but not a matter of growth having been pulled forward. Thank you. Yes, so first question on HMO. I will pass them on to Lisa. I think it's been important to clarify if you're talking sort of the absolute, in absolute, there and being the largest quarter in imposing that we have had. And then to help an nutrition, I will take that on. So, you know, health nutrition had a strong start of the year, 13% stronger that we expected, basically driven by the good momentum reopening of the traditional self-channel in North America and Europe. And also, by our ability to win a new project based on the good execution of our supply chain. As I said, we go into Q2 with a good momentum in health and nutrition. And that's why we said that the growth will be front and loaded, because we expect a solid first half of the year for health and nutrition. And while some people think that are low comparables in the second half of the year, I would just remind everyone that the low comparables in the second half of the year was for our Christian Hansen business, but that our acquired business, that were not part of organic growth in age 2, had a very strong performance. So the comparables are not as easy as people might think. Lisa, on to you for the question of our HMO. Yes. And let's be clear. We would like to avoid to keep you absolute numbers on the revenue from HMO. What we can confirm is that the ambition for this year is a 20% plus organic growth on the baseline from last year. And yes, we do. We did see some impact from positive order timing in into one. Okay, but you cannot say whether to say to one was better than to four in terms of revenue for the HMO business. No. Okay, thank you. Here, our next question comes from the line of Georgina Fraser to Goldman Sachs. Please go ahead. Your line is open. I could thank you for taking my questions morning. So my first question is if you're able to quantify to any extent just how much of the organic growth in human health was run and loaded in the first quarter, think it would be quite helpful to have that kind of aggregate number. And then my second question is, I noticed that you have reduced your market expectations for for a human health of really course of 2020 to 2025, on the back of lower infant formula outlook. And can you explain why that assumption has not changed your expectations for the total addressable market for HMOs? Thanks. - Hi, Georgina. Good morning. I'll take the first part of your question in relation to what part of the growth on health and nutrition, what sort of underlying growth versus a one-to-one. of and then I'll pass it on to Lisa in relation to the infant formula and market potential. So, you know, most of our in human health, as I said, came from the strengthening of the momentum, given the positive development, we saw in the traditional sales channel in North American in Europe as well as the new wings. So, you know, order of magnitude less than one-third of the health and nutrition growth would be related to one of benefits related to Q4 orders that we were able to fulfill in Q1 or other non-repitable. And most of the growth came from this momentum that we have seen in Q1 and we see Manteign going into Q2. >> Yeah, you know, when we think about it, I think it's important to recognize that the penetration is very, very low. This is a business and the market that's only growing and emerging knowledge we speak. And we do still believe that as this is, you know, the secret ingredient that the IF players are definitely looking into with high interest, it will be the ingredient that creates the premium product. We still believe in the full potential. But it is, you know, coming from a very low penetration. Okay, that was really helpful. Thank you. And that is consistent with what we have said both for HMO and probiotics. That obviously, you know, a better momentum in infant formula growth will always be positive. But let's say, our business uplands are based on the penetration of probiotics and HMO into the existing volumes of infant formula. Great. Thank you both. Thank you. Our next question comes from the line of Heidi Sternen of Exan B. and B. Paraba. Please go ahead. You all line is open. Good morning. I've got two questions. We see that milk and animal production is slowing. Religious to last year and bird flu is emerging. Is this a concern at all in either segments? What are your expectations? And then secondly, we saw that some new research. We saw that pricing was negative and health and nutrition. Could you explain why that was and will that improve it? As you have been in the coming quarters. Thanks. >> Hi, good morning. I'll take the first one on animal health and then pass it to Lisa on the pricing for that. important contribution that was more related to one of situations which we can explain. So the good questions, thank you for that. So you know we have seen pretty strong development in dairy farming. So we have not seen that impact our business in cattle and particular in dairy farming for animal has been strong and I think it's driven basically by the innovation and the products we have put out particularly in our probiotics solutions. I think on Asian swine fever, there you're right, you know, animal health had a very strong quarter in the Q1 last year. As the population of swine in China was growing again, on the better health conditions where our probiotics have played a role. and now face a larger comparable to that with definitely an effect of the African swine fever. Lisa, do you want the pricing question on health and nutrition? Yes, Heidi. It is related to the agreement we have on plant health with our partner, isn't she? It's just a consequence out of the regular kind of settlements that we make with them. And agreement regards to how we recognize the revenues. So it's a one of for this quarter. So I would definitely not read from that anything in relation to our pricing ability or pricing past through for our business. As Lisa said, it's more related to a one of in connection to the settlement in plant health with FMG. Just just on my first question, both of us see milk production is slowing. And you know, cheeses in very strong for you and recent quarters could that have an impact in a FBNE? Or is that not a concern for this year? We don't view that as a concern for this year, high-dip but we closely monitor the trends in the development both for cheese and for the fermented segment. Thank you. Thank you. Now, next question comes from the line of Alex Sloan at Barclay. Please go ahead. You will line it open. Yeah, hi. Good morning. Congrats on the, the solid, two questions from me. The first one just on pricing to offset input cost inflation. I guess given the, you know, the small cost percentage and strategic nature of your ingredients wouldn't be, you know, too much trouble to land pricing crisis with customers. But on the other side, I wonder, what is your base case expectation in terms of your customers pricing action to offset inflation and could that have any drag on FC and E and market volume growth for this year? You're expecting any pockets of slow down due to this inflation at all. And the second question just going back to HMOs and the 5 HMO mix, I wonder, I mean it's obviously early days but if you could give any color on how that product is actually performing on shelf in the US where it has been launched and more broadly on HMOs, are there any regulatory milestones that we might expect globally this year, that we should be looking out for an any prospect of that 5HMO mix, you know, being launched in in further new markets over the next 12 months. Thank you. Thank you Alex for your questions. I'll take those up to myself. So, you know, on your question, Ron, pricing. Yes, we have a very strong pricing with the Volology and in close collaboration with our customers. Or I would say is like the pricing negotiations are advancing, ask plan and on target and we track those to you know conclusion of the negotiations and completion of the pricing crisis and that is tracking on plan and on target. You know I don't want to mean it is lead to you. I mean pricing negotiations with customers are never easy but I think we have a very positive collaboration with customers on the understanding of the input cost and how then to isolate into pricing crisis. But please, very pleased on how our organization is managing that and confident that we will deliver on the pricing crisis targets that we have internally. On HMO, indeed, to tell on cell true, you know, probably you follow that market very closely, you'll be able to get a better read from the reports from our customers. I think what we are very pleased from the 5 HMO mixes that everything that we expected on this being a front panel ingredient and position as the, let's say, important ingredient to make, infant formula, closer to modern smoke that has been very clearly communicated in the product launches, which I think is positive for the HMO market overall. On regular theory, I think the bigger the biggest next step will be the regular theory approval of HMOs in China. We are working on that, but as we have stated, we expect that to date place in 2020-23-2024. Thank you. Thank you. Our next question comes from the line of Matthias Hercplum of Handel Spanken. Please go ahead. Your line is open. Good morning, two questions, please. So first of the coming back to the dynamics in the global property of the equipment market, which benefited from the rebound, which you mentioned. So obviously, consensus expected to percent organic growth for health and nutrition in the quarter. You came up strong as 13%, you talk about volatility to remain, but you also said, if I heard you correct that momentum from human health, into Q2 remains strong. So what the visibility do you have and maybe help me frame what volatility here means. For example, can we rule out another negative quarter as we're or in Q4 last year, just to put the volatility into perspective. And then secondly, if you can set some light of historical growth rate for the lighthouses, just to put the 35% growth rate into context, we talked about that not being representative for the full year, but for the court, we've seen a specific number for this, so maybe help me understand how strong that number is. Thank you. Absolutely, thank you, Matthias. So, you know, health and nutrition, indeed we had a strong quarter, we see a good momentum going into the second quarter, but when we talk about volatility, it's usually because it's a more concentrated business and the way that orders for into one quarter, or another can sometimes make a quarter stronger or weaker. I would not mention specific typically could you see a negative quarter. I think the benefit that we have now that the acquisitions are to integrate that into our organic growth is we definitely have a much better balance in our total portfolio of, you know, end markets, portfolio of strengths and channels. you would still see more volatility in health and nutrition as compared to food cultures and enzymes. - Maybe adding to it, it's also important again to highlight that the very strong execution we were able to deliver and supply in Q1 was also part of the success formula so to say of human health. And when we look back at into four, one of the things we were caught by was a raw material shortage, so that we actually kind of left the business on the table that we couldn't execute on. And that's part of our upside now. So we do have a dependency on our ability to supply, doing COVID in general. We've been quite successful, but also we are not immune in the world we are operating in. And I think that's also talking a little bit to the uncertainty, that we're looking into through the rest of the year, but we are not having any concrete pointers. It's just that this is in the environment where we are operating in. Just remind me, Mattias, was there a second part to your question that we have another question? Sorry. - Yeah, well, well, maybe you have to put the 35% growth rates for the lifetime of the life houses. So, so you know what we have always said is that the life houses have a potential to reach, you know, a hundred million and we grow faster than the core business. So that, you know, if you gotta make, if you want to make an assumption on the life houses, I always talk about the life houses being double digit growth rate, the niche of thieves. for us. And if you see, you know, for example, by your protection, by your protection, you something that has, you know, consistently been growing above 10%. I don't know that I would go when, you know, qualify as specific quarter on, on the lighthouses, because these are very, still very small businesses. So, you know, percentage on a quarterly basis can be, can be misleading, but we are focus on delivering double growth rate for our life houses year over year. That's very clear. Thank you. Thank you. Now next question comes from the line of Miracle Peroco of Vancouver, America. Please go ahead, your line is open. Yep, morning everyone. Thanks for my questions. So just a clarification on my side if you can. No, you've mentioned benefits from time ago orders in plant health and prolaquants is in HMOs. So if you can clarify if there is any unwind here to be expected in Q2 or if it was just normal repeatable benefits in Q1, plant health and HMOs as I understand human health is just a one time benefit there. And also if you can give us an indication on the performance of bioprotation in the quarter it would be great. Thanks. I will take the one on by a protection and pass it on to Alicia to comment on the one of the timing of orders. So by a protection girl around 15% in the first quarter, which is solid, I would remind you that even though we launched in spring, the generation tree, We are working in projects with customers and we should not expect a larger contribution for the first generation, for the third generation of bioprotection before our second half of the year. Yes, and building on your first question, you know, if we look at what was the one-off in human health in 21 that will impact the rest of the year as we said, Planned Health, there was definitely a one-off in Q1 and we expect to see a negative side of that in Q2. For HMO, there was some order timing benefiting in Q1 which will just level out over the year, but ending the Fugilea at the 20+% that we talked to. And apart from that, I would say from the rest of the rebound of a human health. It was a lot of new business opportunities that materialized and we don't anticipate the negative side of it the rest of the year. And just following up on this, on the plant health, I think you mentioned overall the one of where one third of the performance in health nutrition, how much would that one third was the one of him plant in plant health? It's not big. It's not big and it also thing when you think about one-ups also think about into that we also include the benefit we have from two to four right? So it's not the largest. It helps. Okay. Thank you. Thank you. And our next question comes from the line of Charles Eden, the F's, please go ahead. Your line is open. Hi, good morning. Marisa, good morning, Marisa. Two questions from me please. Firstly, can you quantify the China growth you saw in SNA in T1? And maybe you can remind us we can parasymp or at least sort of a range a bit decline in the prior quarter. And then my second question is just a clarification to you response on one of the earlier questions I'm pricing to issue. I think you said there will be no margin impact from the price it. I just wanted to check I heard that right. Because digital pricing model protects the gross profit or the gross profit margin, but I thought it was a former, but maybe I'm incorrect, so just want to clarify. Thank you. Thank you, Charles, for the good questions. So on China, China had a solid growth against a low comparable from last year. And that was mainly because you know, a Q1 of last year for FNE was particularly soft. So, so I wouldn't read it. I wouldn't read much more into that from China, but I do believe our feeling is consistent with what we communicated in Q4, saying that we expect China to be flat, to slightly positive for us for the year. The spite, the continued negative development of the fermented category in China. I will pass it on to Lee said to comment on margin, but just to clarify my comment, I said, when we pass prices with price up, on prices to make sure that we protect our profitability. So, if you think about the pricing impact and looking at our financial position for this year, I think it's important to also call out that our pricing increases does come with some delay. The ambition is that we can increase the prices to offset not only just the cost but also the margin impact but it will come with some delays this year. And what do we base this on? We base this on that this is what we have usually done and we are in a very good collaboration with the customers on it. Okay, thank you. Maybe I can just follow quickly. So do you think the U.A. were to say when you think your pricing will be in a position given where woman so today to fully offset the headwind? U.A. were to give that detail. Well, of course, depends on whether we know the full magnitude of the headwind set this phone in time. It is very unprecedented times. So I think, you know, the overall conclusion is that what we are doing here is speaking to our appetit guidance for the year. for the year, which is a landing corridor between 27 and 28%. And we see around the quorum relay between, you know, our inflation cost input and our negotiations with customers. I think on their more normal conditions, we would usually have one brown on top of negotiation with customers as inflation development continues to be more fluid. this year we may have several negotiations of pricing with customers. Thank you. Thank you. Next question comes from the line of Andre Tomman of dance group. Please go ahead. You all line is open. Hello. Thank you. First of all, in terms of this, good momentum you mentioned, human health. I wonder if you could elaborate a bit on this momentum and also on whether this is driven by the EU-WayS combination that has happened. And my second question is in terms of food cultures and enzymes, from this strong performance that you have seen, whether there is some kind of re-obinating effect that has affected this number of positive. That's my question for the thanks. Yes, so let me start with human health. I'm not much more than I can do what we said. I mean the strong performance in human health was really driven by the reopening of the traditional cells, China, in North American growth. We are benefiting from our strength, pollution, astrology and the broader portfolio. that we have in human health where we are now able to commercialize across the combined units, the Christian Hansen legacy highly documented probiotics and the addition of the strength from both HS and UAS labs. large women, but I would say a strong execution of our human health abuse. We also highlight that, when I will repeat that again, that we have a strong supply chain performance that enabled us to capture these men and have new women. Why also could be the others that were not able to continue to support? And that combination, a hoots of also in a strong position. with human health into the second quarter of. In FCLI, you know, it was mainly volume driven, and mainly volume driven, and mainly in the market. So, very strong performance of projects in Europe, whereby the way we were able to be more present with customers, and the cheese market in North America, partly driven by, you know, you know, a larger press is in food services well, but we see some cheap types like what are they like continue to perform very strongly. So maybe we have time for one more question before we will talk to you. Thank you. There is anyone further question in the key. That's from the line of the sir on SAMSA and CP. Please go ahead. Your line is open. Yes, I just had one follow-up regarding the lighthouse projects, where you can say you have earlier been quite concrete under absolute potential of these, while you now seem to be less concrete, which I can't please understand. But maybe you can comment a bit. You might have been some delays in delivering on these sort of a wall of efficiency of head there because of COVID. Maybe you can elaborate a little bit more on what we should expect in the long term. I of course I was not sure if this is quite uncertain, but maybe give some of your thoughts there. And then, secondly, on animal health, which I understand was quite weak in Q1 actually, I can remember well that's because of some particular high comparables or all the time, but just comment what's the momentum and animal health in the underlying business going into Q2. Thank you. So, sorry, on animal health, animal health basically say a difficult comparable. And the only thing that we mentioned as well was that in swine, particularly, we had a high comparable from Q1 last year because of the storm moment of rebuilding the swine population. In China, versus now a little bit of a return of African soy and fever, but I think you could expect a normal moment from animal health going into PQ2. And we have seen a strong performance on animal health throughout the last couple of years. So I'm very pleased with the, you know, how the team has turned the innovation into market execution and commercialization. On the Lighthouse, in our capital markets day, we basically provided what we view as the potential of those lights. And then left it open to what our market would be. And I think that is a much better way to present these that are really business development opportunities, where we leverage microbial implementation technologies that we know very well into new commercial spaces. So, it's business building, it's business building from a very slow base, but we're areas where we see a larger opportunity and we're very excited about. So, you know, I would repeat what I just said, that the best way to think about our lighthouse is businesses that will grow faster than our core business, and what we can expect, you know, double digit growth rates, year or year on year, for sure you may have quarters that are higher or lower, but I hope that you know, provide some perspective, otherwise, you know, we'd be able to elaborate on this further, as we are, to go forward. - Okay, thank you for that. Thank you. So without these concludes today conference call and Q&A session, thank you for being a new, we look forward to continue our dialogue during the or upcoming virtual road shows. Thank you all. 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Welcome to Group of our second quarter 2021 Consolidated Resolve Conference Call. My name is Janian Abir operator for today's call. Group of Alexionesi Valoras SA Group of Val is an issue of securities in Colombia and in the United States. As such, it's subject to compliance with securities regulation and Colombia and applicable U.S. securities regulations. Groups of bodies also subject to the inspection and supervision of the superintendency of finance as holding company of the of financial conglomerate. The consolidated financial information included in this document is presented in accordance with IFRS, as currently issued by the IASB. Details of calculations of non-gap measures such as ROLA and ROLAE among others are explained when required in this report. This report includes forward-looking statements and some cases you can't identify these forward-looking statements by wearing a case. for doing our second floor to fast-shot. -Expike's plans anticipate beliefs estimate estimates predicts potential or continue. Or the negative of these and other comparable words. Actual results and events made different materially from both anticipated here and as a consequence of changes in general economic and business conditions. Changes in interest and currency rates and other risks described from time to time in our filings with the Hustrel Nasu Na'da Valoriz, Yemi Sotiz in the SEC. in the second. Recipkins of this document are responsible for the assessment and use of the information provided here. Matters described in this presentation and our knowledge of them may change extensively and materially over time. But we expressly disclaim any obligation to review, update or crack them for a mission provided in this report. Including any forward-looking statements and do not intend to provide any update for such material development prior to our next earnings report. The content of this document and the figures included here are intended to provide a summary of the subject discussed rather than a comprehensive description. When applicable in this document, we've referred to billions and thousands of millions. At this time, all participants are in a listen only mode. Later, we will conduct a question and answer session. I want to answer an all over to Mr. Lees Carlos, Herr Minto Guadieras, Chief Executive Officer, Mr. Sarmanto, who may begin. >> Good morning and thank you all for joining our second quarter 2021 conference call. I trust that all of you and your families are keeping healthy. Today it is by pleasure to present our strongest or ever. In doing so I will cover the following and update on the macroeconomic environment of the regions where we operate. The status of the loan reliefs granted to our clients, the progress of our digital efforts and the main highlights of our financial performance. Let's start with a macroeconomics scenario of the last few months. During the second quarter of the year the global economy continued to recover. There are however material differences in the recovery of countries depending on the effectiveness of these countries vaccination programs. Additionally, new variants of the virus such as the Delta Plus and more recently the gamma variant continue to appear. For now, it is apparent that the vaccinations being administered are effective against these new variants. However, where this not the case, economic repoveries would be pertailed. In any case, pure evidence of the effectiveness of the vaccination programs, recites in the fact that although people continue to be infected, the lethality of the virus has drastically dropped. Colombia has not been the exception to the economic recovery or to a well-administered vaccination program. To date, more than 30 million doses have been administered and more than 13 million people have been fully immunized. This progress in the vaccination program, along with better external conditions, have boosted the recovery of the Colombian economy. This recovery has not been devoid of headwinds, specifically the violent demonstrations and strikes that plagued the country mostly during the months of April and May. However, after a drop in consumer confidence, not surprisingly during April and May, a subdualite this indicator has recovered and is now at its highest level since the struggle of the pandemic, supported by the progress of the vaccination campaign, better on employment numbers, renewed commercial activity and higher prices affects opportunities such as coffee and oil. High frequency data such as energy demand suggests that business activities advancing towards its pre-contentant level. As a result, analysts have continued to raise their estimates of the GDP growth forecast for Colombia during 2021. The OECD for example now forecast a GDP growth of 7.6% for 2021 in the IMF is expected to raise its projections in August given the positive outcome of recent months. It is latest meeting the Central Bank revised its own growth forecast from 6.5% to 7.5%. And in a while we now forecast that the economy will grow approximately 7% in 2021. Moving on to the labor market in June the unemployment rate fell to 14.4% and the number of jobs increased by 161,000. The average unemployment rate during the second quarter was 15% compared to 15.8% during the first quarter and 20.3% a year earlier. Of course, there is still a long way to go on this front. Despite the mentioned improvement, there are still approximately 1.4 million jobs that still need to be recovered to bring us back to the pre-pandemic levels of employment. If these jobs were recovered, the country would experience a drop of between 6 and 7% in unemployment. For now, as a recovery process continues, we expect a further decline in the unemployment rate to 12% by years end, reaching an average of 14.8% for 2021. In June, 12 months inflation reached 3.63%. 204 basis points higher when compared to inflation during 2020. This year's number has been driven mainly by supply factors and by statistical base effect. In fact, the search of food prices of 5.5% in May was triggered by the disruptions of supply and logistics that arose from the strikes. at some July 12 month inflation had risen by 34 basis points versus June to 3.97%. This increases driven by food prices which rose by 40 basis points and by higher prices in service sectors. That's a result of higher activity in leisure industries such as restaurants, hotels, recreation and culture. We expect that inflation for For 2021, we'll reach 4% as food prices revert, offset by the past through of higher commodity prices and as shipping costs. Although medium term inflation expectations remain well anchored at 3%, given the recent searching consumer prices, the weaker peso and the growth prospects, we expected the central bank will start a monetary policy patent cycle in the last quarter. high probability of 2 25 basis point heights before the end of the year. In that scenario, the repo rate will increase to 2 and a quarter percent from its current 1.75 percent level. Regarding the exchange rate, in the last few weeks the peso has weakened 2 as high as 4,000 pesos per dollar due to the strengthening of the dollar in international markets. As investors seek shelter in save asset caused by the renewed uncertainty all into the spread of the Delta variant, and also due to the increasing Columbia's risk premium. However, with a projection that the central bank will start the new monetary titan cycle and if, as expected, Congress approves the proposed tax reform to which I will refer in a minute. It is likely that the Columbia Pesso will seek a level close to $3700 per dollar in the next few months. The government has presented a new tax reform that seeks to increase tax revenues by 15 trillion bezels or 1.2% of GDP. The additional revenue would mean you'll originate from increasing the corporate tax rate to 35% starting 2022. Instead of reducing it to 30% as approved in the 2019 tax reform. The financial sector, however, will continue to pay at 3% surcharge over the corporate rate until 2025. The searcher was expected to see is by 2023. Other components of the tax reform include reducing tax deductible expenses, a strengthening legal measures to fight taxidation, and a freezing government spending. The Theotax reform has greater political support and is expected to be approved in Congress in the next few months. In the meantime, the government expects the fiscal deficit to reach 2021 at 8.6% of GDP with a primary deficit of 5.3% of GDP. Regarding the current account, deficit, it is expected to widen to 4.4% of GDP by years and up from the 3.3% of GDP observed at the end of 2020. Pent up demand should translate into a larger trade deficit that will be partially of stead by larger and better-priced oil and coffee exports. With respect to Central America, the IMF expects a 5.7% growth of the region's economy in 2021. As discussed in the past, Central America greatly benefits from the recovery of the U.S. economy as certain Central American countries are highly dependent on cash remittances in coming from the United States. Economic growth of the region should be positively impacted by the infrastructure sector as these countries were affected by storms, ADA and Ayoda need to invest heavily in the reconstruction works. During the first two months of the second quarter, Panama estimated an annual GDP growth of 16.5% and during the same period because the rate has estimated GDP growth of 12.3%. Panama benefits from the reactivation of global trade and foreign investment, given its role as a global maritime transportation hub, and the consequential increase in canal activity. In Costa Rica, six out of 15 economic sectors reached pre-pandemic production levels. Remittances have searched year and year, 55% in a salary, 43% in Guatemala, and 44% in Honduras. And nearly, economic growth estimated for the first two months of the second quarter was 28.1% in in Salvador, 15.8% in Guatemala, and 28.4% in Honduras. Guatemala and Honduras girls would be boosted, as I said before, by increasing in fiscal spending to reconstruct damage infrastructure after for the mentioned storms. Finally, based on leading indicators, URA economic estimated growth reached 15.2% in Nicaragua during the first two months of the second quarter. Despite internal and external favorable economic conditions, growth in Nicaragua could be limited by the challenging political context. Moving on to the status of our long-release programs, as a June, we had active reliefs were presented approximately 11.5% of our total consolidated loan portfolio or approximately 24.5 trillion pesos in loans. In Colombia, as of June 30, active relief amounted to 8 trillion pesos or 5.9% of the Colombian loan portfolio, including 7.7 trillion in structural agreements with clients. In Central America, reliefs amounted to 16.5 trillion pesos representing 20.5 trillion dollars. investors representing 20.9% of the regions portfolio. These releasing Central America, we're driven by Panama, which accounted for more than half of the regions active reliefs. Of all loans in both geographies that have concluded the relief periods, those currently past do 90 days or more represent only 1% of our total consolidated loan portfolio, and those currently past do 30 days or more represent 1.8% of our total consolidated loan portfolio. Our cost of risk, as it's been booked, reflects our estimation of losses related to the complete unwinding of these relief programs. We continue to execute our digital strategy in accordance with our expectations, allow me to elaborate. As I have mentioned before, we have prioritized the transformation of our core products into digital solutions, and the digitalizations of core processes in our backs. We believe that both those efforts will yield additional net income via additional sales revenues and cost savings. We have successfully concluded the digitization of most of our retail bank products products in our now in the process of rolling those out to our banks. This is let us to increase our digital retail sales substantially. In Colombia, 60% of all sales are retail products, for which a digitalized solution has been developed, are currently conducted through the digital applications and 40% of those are in the twin digital sales without human intervention. These sales represent almost 40% of our total digitalized and non-digitalized retail products sold. In Central America, approximately 25% of total sales are sales of digitalized products. As part of our IT transformation process, our digitalization effort is cloud based, allowing us to scale up faster and cheaper than with traditional IT infrastructure models. Allow me to explain. First, all of our digital products are already 100% in the cloud or cloud-native. As a result, we do not need to further invest to migrate the infrastructure of our digital products to the cloud because we're already there. Secondly, our centralized data platforms in our digital labs, such as Augusta and Matilda, are also in the cloud, allowing us to be more efficient in our processes, reduce operational costs and increase our client penetration. But building is a marketing platform, which has allowed us to acquire new digital clients at what we currently believe is the lowest acquisition cost in the market. These adds to the capabilities of our data platform Augusta, which has allowed us to improve our cost of client acquisition, cross-selling, customer retention, and risk mitigation among others through advanced analytical models. As of June 2021, our active digital clients totaled 5.2 million increasing approximately 31% in the last 12 months. Even though adding active digital clients is a necessary step for digital transformation, obtaining long-term sustainable value as a result of this effort is the primary objective. Tirequisition costs, updated or clients have led us to be watchful of where we have denominated, net loss growth associated with one transaction users or those that lack potential to be monetized. in Colombia, a country with very strict user-reweight restrictions, transactional platforms with low or no fees will find it difficult to sell profitable banking products regardless of their number of digital customers. We have been working in a turner-to-waquire new digital clients that meet our profitability criteria, leveraging ecosystems that provide services that are valuable to our clients and work-profit products of our banks, are part of the solution. Among those first in Colombia, I wanted to dig into the lab as been working to redesign popular existing websites such as Caroya, Metro Guadal, and Elimbleo, and to add to those ecosystems additional products, including banking digital products to further our goal of adding profitability to digital growth. Being part of these ecosystems afford our bank's the opportunity to increase digital clients through our loans, more with this payroll loans and other products. These ecosystems currently serve over 10 million users. In Central America, we recently launched cash with a K. A transactional app available across the region that already has 100,000 digital clients, 70% of which are not back clients, with more than 350,000 transactions to date. Soon, family remittances will be available to our cash app. This will allow us not only to acquire at least 500,000 additional profitable digital clients by year-end, but also to increase our remittances fee income and to make our app profitable. Finally, in Colombia we're improving our digital channels to better fit our customers' needs. Vancouver popular launched recently its banking app at the beginning of the year and we expect Vancouver accident in Vancouver we just to launch their new apps in the next couple of months. These apps have a more modern, intuitive and secure design that will contribute to a better customer experience. In Central America, our focus has been primarily in customer service. In 2021, 54% of client interactions have been conducted through digital channels and 46% through our call centers and others. Customers have quickly adopted the mobile channel as a preferred means to make the requests. Almost 20% of those queries, queries are picked up and handled by chat bots and resolved without human intervention. To finish, we're talking our financial results, the error will refer next to the detail to our financial performance during the second quarter of 2021. However, allow me to highlight the following. To start with Grupo Al Registrate, it's best results ever for a quarter with a true-edible attributable netting done of approximately 950 billion passes. Allowance attributable netting for the first half of 2021 was 1.7 trillion pesos. This result in a return on average equity for the quarter of 18.2% and of 16.7% during the semester. Among the principal reasons for these results, I would include the following. First, 2021 has been a year with excellent results in the pure banking business, where we have been been able to defend our intermediation spread mainly to pricing discipline while successfully growing our loan books. Our loan portfolio has been behaving better than expected, resulting in better cuts of risk. In fact, cuts of risk has moved to near-prepandemic levels. Thirdly, we have benefited from a world structure fixed in-tempofolio in terms of durations and yields. Fourthly, our non-financial sector was able to quickly regain momentum and return to pre-pandemic activity within a very short period, resulting in the recovery of significant income contribution to our bottom line. Next, our patient fund manager has been successful in defending its market leadership, in managing costs, and in obtaining healthy yields from the portfolios and administrators. Lastly, throughout all our companies, we continue to stress the importance of a past containment and\/or cost reduction culture. I do thank you for your attention and now I'll pass on the presentation to the adult who will explain in detail our business results. You have a good day. Thank you, Riskarnos. I will now move to the consolidated results of Blue Power Island under IFRS. Before covering the following pages, bearing mind that as of 2021, MFG no longer affects the comparison of our volumes relative to a year earlier, given that its acquisition was completed on May 2020. However, the year-on-year comparisons of our PLNL lines are still affected given that the second quarter of 2020 only included one month of MFG's operations. Now, starting on page 9, our assets group 2.2% over the quarter and 3.4% year and year. Columbia NASA, RELLSE, continuous strengthening, recording 2.3% increased during the quarter and 3.4% year and year. Well, central American assets recorded a.1% quarterly and a 3.6% year and year growth in dollar terms. quarterly depreciation of 1.9% and a 12-month appreciation of 0.2% take quarterly and annuled growths in pesos of Central America to 2% and 3.4% respectively. The share of Central America in our book remained at 36%. Moving to page 10, Long Road continued to show a positive trend that now includes a rebound in Central America. In Colombia, the state growth of high quality retail lending products was partially dampened by a sealed sluggish growth of commercial loans. The social unrest experienced ring-a-plane made in Colombia temporarily held back loan-neurutination. Our total loans grew to 21% of the quarter and 2.2% year and year. Colombian gross loan portfolio increased 1% during the quarter, like these stolen a quarter earlier, while 12-month growth was 1.5%. The amount of consumer loans remain high in Colombia resulting in a 1.7% increase during the water and 11.3% year and year. Competition remains high in low risk products such as payroll loans. However, as a newly relevant, On the current products have started to regain traction over the past couple months. This may signal an increase in the risk appetite of banks. per-ending that accounts for 61% of our Colombian consumer portfolio, 3.1% of the water and 21.3% year, and year, contrast all the performing better than a quarter, a year, credit cards contracted 1.6% and personal loans remain relatively stable. These products account for 12% and 20% of our Colombian consumer portfolio resets. As seen in other secure retail products in Colombia, more gathers remain dynamic, expanding 3.1% of the quarter and 12% year and year. Our Colombian corporate portfolio continued its mild recovery, growing at a still-shy 0.4%. Our growth versus data of our peers continues to benefit by our pricing discipline, where we privilege profit-level customer relationships over market share. Humility 12-month growth was negative at minus 4.4% with a spill-high comparison based a year ago. Moving to central America, our growth loan portfolio increased 2% of the water and 3.6% year-unnearing dollar turns. Quarterly performance in Central America's strongest since fourth quarter 2019 was given by a 2.9% 12th of consumer loans. These performance resulted from a 4.4 growth in credit cards and a 1.3% growth in payroll loans. loans. Early growth, included cards to pay year on year growth to 5.8 percent, the first positive figure in second quarter 2020. Commercial loans and mortgages grew 1.7 percent and 1.1 percent respectively during the quarter in Central America. Looking forward, fundamentals for long growth continues to strengthen involved geographies, with expect commercial loan growth to be supported by by implementing economic activity and business confidence. The retail lending front, we expect that the increased investment in employment outlook will continue to allow and increase in advance risk-capitizing products that were de-empathised through the shop. On pages 11 and 12, we present several loan portfolio quality ratios. The COVID-19 credit juncture continues on winding and winding favorably for our banks during the second quarter, driven by a stronger and faster recovery in both economies than initially forecasted that has been stated into a better evolution of release and a stronger performance of the rest of our portfolio. This has resulted in a lower cost of risk than initially forecasted. Lone release continued to expire and return to active payments kels. As expected, these loans have higher the in consideration than the average. In contrast, the remainder of our loan portfolio, it is 0.5% continuous to improve in line with a stronger economy, upsetting the burden of the relief loans. As a June 30, we had 3% of our total gross loans under payment holidays, and a 0.5% under structural payment programs, together accounting for 11.5% of our loan portfolio. In Colombia, 5.9% of our loans have some types of loans. have some type of relief. Only 0.2% of our Colombian gross loans are still under payment holidays that remaining release our under structural payment products. In Central America, 20.9% of our loans still have some type of relief with 7.8% of gross loans under payment holidays, and 13.2% under structural payment programs. Payment holidays persist mainly in Panama, that account accounts for 94% of those in the region. At end of period 4.2% of our total loans that in the past had benefited either from payment holidays or were mispractor and that had returned to active payments cables were passed two more than 90 days. This past two loan represent 1% of our total gross loans. These numbers were 7.3% and 1.8% for loans passed two more than 30 days. In Colombia, 5.7% of loans previously relieved that had received active payments, KL was for 90 days past two, representing 1.1% of gross loans. For 30 days past two loans, the numbers were 9.3% and 1.8%. In Central America, 2.6% of loans, please leave relief that had returned to active payments, KL was for 90 days past two, representing 0.9% of gross loans. For 30 days, 3DLs, these numbers were 5.3% and 1.8%. As mentioned before, the accumulation in relief loans was partially offset by the improvement of the rest of our loan portfolio. This resulted in the overall metrics for 30 days and 98 PLs remaining relatively stable during the quarter, our lounge coverage of 30 days and 98 PLs remained flat as well as our over the quarter. The ratio of charge jobs to average 98 PLs to that pre-COVID levels, regarding 3080 L formation, 76% was explained by retail products with credit cards and personal installment loans, contributing 28% and 20% of the L formation respectively, these pipe representing on the 80% of 5% of our gross loans. The behavior was mainly driven by relief loans that became the limit. The quality of our loan portfolio was materially stable, water on water at 4.76% under the A8 basis, and 3.42% at 98 BL basis. With the relay and 90 BL, our 30 A and 98 BL were 71 and 42 basis points higher than those I year earlier. Composition of our loan portfolio in term of stages shows an improvement in the share of stage 1 loans, one loans compensated by a decrease in stage two loans, as anticipated part of a stage two loans migrated to stage three. This improvement was mainly driven by our consumer loan portfolio in both view our groupies, which recorded a 146-paces point increase in the share of stage one loans and a 155-paces point decrease in stage two. coverage of each stage remains relatively stable compared to a water area. Cost of risk net of recoveries was 2% - 23 basis points lower than the 2.2% in the previous quarter and 11 basis points lower than the 3.1% higher area. The quarterly improvement incorporates 58 basis points decrease in retail loans and a five basis points increase in commercial loans. Oarlie cost average improved by 34 basis points in Colombia and 4 basis points in Central America. In Colombia, the cost of risk of retail loans improved in 4 basis points while that for commercial loans remains table. In Central America, the cost of risk of retail loans fell 22 basis points and increased 17 basis points for commercial loans. On page 13, we present funding and the past evolution. Funding growth through the points for the cost of the loan. Funding growth through the water continue to reflect a highly-quility environment. Our deposits to net loans, ratio, and our cash to deposit ratio remain stable over the water at 110% and 15.8% perspective. Our funding structure remain materially unchanged with deposits accounting for 78% of total funding. The deposits increased 1.7% during the water and 6.4% year and year. Colombia grew 1.4% percent during the quarter, while Central America would point 2% in dollar terms. The 12-month period, Colombia rules 3.3% and Central America 11.6% in dollar terms. And what grows, a T-positive, above the ad-up of loans, replays are conservative liquidity standing, particularly in Central America. Unpage 14, we present the evolution of our total capitalization, our trillional shareholders equity, and the capital adequacy ratios of our capital. the ratio of our backs. The only equity group 5% over the quarter and 8.2% year, on year, while our drill equity increased 5.3% and 7.6% respectively, mainly driven by our earnings. Solving the ratios under the basis of the remaining relatively stable as net income provide that support for respected assets growth over the quarter. On page 15, we present our yield and loans cost upon spread and new. The imperpulence during the quarter was reasoned by a stable Neumann loans and an improvement of Neumann investments. Neumann loans remained at 5.8% during the quarter as a spread between yielder, unknowns, and cost of funds remained flat at 6%. Neumann loans continued to keep decreasing, however, it was compensated by a similar decreasing cost of funds. Neumann investments was 1.4% the product, returning to positive ground from the minus point 4% recorded last part. The excess liquidity associated with the pregnancy-curlative standards continues to weigh on a nymph. On page 16, we present net fees and other ring cup. On this page and the following, we will present several P&L lines and metrics, which is very mind that two factors limit the comparability of our results year and year. First, a low-based line considering that the strongest effect of the pandemic and commercial activity was suffered during that quarter. And second, only one month of MFD operations was part of our second quarter 2020 PNL. Now moving to the content of this page. First half, grossing coming increased 8.7% year and year, while partly year and year growth was 17.9%. Ross Fes felt 3.6% during the quarter affected by a temporary post in recovery associated with a demonstration selling Colombia during April and May. In addition, performance-based pension management fees in Colombia and bank assurance related expenses in Central America affected these quarter's performance. Income from a non-financial sector, we've picked the stronger performance of the infrastructure and energy and gas sectors. Our infrastructure sector, Ruse 17.5% over the quarter, mainly due to the stronger performance in the construction of some of our tolerance. First half contribution from the infrastructure sector, rule 48% year and year, or leading income from infrastructure 3.8 times that higher area, when the spring Newt lockdowns experience marched to may halt that construction. The energy and gas sector contribution increased 14% over the quarter due to positive results in gas distribution and pipeline construction. First, having come from the energy and gas sector, who's 60% year-on-year, while quarterly income was 2.1 times compared to a year earlier when a decrease on an industrial gas demand during the lockdowns affected our results. The bottom of the page, the quarterly decrease in other income is explained by lower contribution of OCI realization of pervadiol, a 15-competent portfolios and biases are really high in confirmed diseases during the first water. On page 17, we present some efficiency ratios. First half, other expenses increase 2.4% year on year, while quarterly expenses grew 4.5% year on year. Year to date expenses grew 0.6% in Colombia and fell 0.2% in dollar terms in Central America excluding defect of MFG. Currently, expenses increased year and year 3.3% in Colombia and 6.7% in dollar terms in Central America, excluding the effect of MFG. Compared to first water, all your expenses increased 6.1% with Colombia growing at 6.8% and Central America growing at 1.3% in dollar terms. In addition to an increase in cost associated with higher activity, the product is provided by the remaining 50% of the penalty imposed to the Colombiana. By the Colombian superintendency of industry and commerce in relationship to the Conesesian area, Ruta and Sordos investigation. Compared to a year earlier, cost assets remain stable at 3.2% and improved 45% down from 51.3% on a cost-winged companies. Finally, on page 18, we present our net income and profitability ratios. A suitable net income for second quarter 2021 was 950 billion Colombian pesos or 42.6 pesos per share. It's best result ever for a quarter. This result was 19.9% higher than the previous quarter and to 0.9 times that I year earlier. Our return on average assets for the water was 2% and 1.9% year to date. Our return on average equity for the water was 18.2% and 16.7% year to date. I will summarize our guidance for 20.0. We expect long road to be in the 9 to 10% area. Net interest margin unknowns to be 5.8 and total net interest margin to be in the 4.8 to 5% range. Cost of risk to be in the 2.1 to 2.2% range. Net fees to grow in the 8% area are non-finance of sector to grow in the 5% area. Expenses grow to be in the 4% area and return an average equity to be in the 15 to 15 and a half percent range. We are now available to address your Questions? Thank you. If you have a question, please press star then one on your touch tone phone. If you wish to be removed from the queue, please press the pound sign or the hash key. If you're using a speaker phone, you may need to pick up the hint at first before pressing the numbers. Once again, if you have a question, please press star then one on your touch tone phone. And our first question comes from Sevastien Gallego from Credit Capital, please go ahead. Good morning. Thank you for the presentation and congratulations on various strong results. I have several questions today. First of all, you just mentioned Mr. Diego mentioned an Iroe guidance of 15 to 15.5% in 2021. Can you discuss on how sustainable are this type of returns going into 2020? to an on our long term system of delivery bases. Second, we could my attention, Mr. Riskardless, comments on the potential competition on the digital platforms and how those platforms could have trouble monetizing the users. Can you discuss a little bit more the competitive environment on that strong and why are you so confident that other players may not be able to monetize those users. And finally, if you could provide an outlook for long growth, breaking down the region and breaking down per segments given the 9 to 10 percent guidance. Thank you very much. Let me start with your question number 11 on digital. What I meant is the following. We see around the region with platforms, Fintic platforms that have been able to turn in net income is basically the not charging fees, but charging substantial interest rates in one way or another. In Colombia, as I said, it's a little bit more complicated because we have a very strict user-rate regulation. So here, when you bring on digital clients, you have to consider how you're going to monetize them. And you can massively increase your digital clients in those sort of platforms. But if in that classification you acquire a lot of digital clients that will probably not transact too much, like for example clients that just become so to receive substances from the government or other types of clients that will probably not be subject to becoming debtors in via loans. It might be a little bit harder to monetize. So I, you know, I don't have the the solution. And I am sure that everybody who is coming up with a digital platform has thought about this. And obviously most of it is going to be been on what you've custed from. who is coming up with a digital platform has thought about this. And obviously, most of it is going to be been on what your customer funds is. If you are planning to take in funds to then try to make those customers into borrowers, it also depends on your on your customer structure. And obviously, is some of these fintics which are starting from the beginning as solely digital platforms with no legacy of other types of costs. However, an easier time of keeping costs down. But all that I'm saying is, in our case when we think about massification of digital clients, we always think in terms of of what's that going to produce and with respect to net income for the company? So, in that respect, we usually say, \"Let's start with those actions that we know are going to result in evaluation. And valuation be additional net income because, as you know, we are basically valued based on a price to earnings ratio. And so, we have to produce earnings.\" And that's That's why we're saying in our strategy, we first decided we would put a lot of emphasis on being able to offer our own legacy products in a digital manner so that new clients could acquire them that way. Secondly, we've been going through the digitization of processes and operations in the banks, and that has resulted in cost savings. We will obviously not discard in any shape, the idea of massifying digital clients, but we have to make sure, and that those clients have some future in terms of producing additional revenues for the company. So that's what I was referring to when I talked about our digital strategy. And moving to your guidance questions regarding return and equity even though we're not getting guidance on 2020 to one this call. Just to give you a framework to think around it. We have a few things that are still to continue improving into the future, particularly. cost of risk still has room to improve throughout the year and in the next year. That has been part of what has helped us in sustaining our stronger results than market. And we expect to continue seeing that improvement into the future. The other parts that will be helping us as well. It is all that that is related to increased macroactivity in Colombia, regarding stronger growth, regarding increase it in rates that as you know for banks, a slight increase in rates is always positive, increase in income associated with activity. What could dampen the kind of positive numbers that I'm pointing into? It tells the tax reform. It tells building in what comes out from from that reform is still to be seen. At this point, the tax reform that is currently in Congress, the numbers might not change substantially compared to this here, but the expectation of having lower taxes into the future somehow has faded away. So we have a combination of improvement on the operational front. And then the almost on the last line we have the impact of taxes. That's a long way to tell you that even though we are not getting guidance, these kind of numbers are numbers that we could expect to continue seeing into the future. Then regarding breakdown of what is wrong, gonna happen with long growth. As mentioned, we have a much better performance from the growth perspective on the consumer front. We could expect to see something in the 12 to 14% area growth. And on the commercial front, it should be somewhere between six and seven percent. If you break down that by regions, Colombia should be in the six to eight percent area growth. and Central America should be at a similar rate if you look at it in dollar terms, but you have to build in that we have already run through a round up and 11% depreciation. I mean, not as up to the, but up to the numbers that we believe could be numbers that at end of year. So that will help and that will propel what is happening with Central America. >> Our next question comes from Adriana de los tabas, please go ahead. >> I'm glad you're nation from the results. I want to see if you can help us have a better sense of the income growth. I know in the quarter there were slight impact from the coaches, but if you can help us, is that would be great. I'm sorry were you referring to the income or to income growth? I didn't hear you properly. Well, I could be talking about normalised levels of growth, but you know, however you think it's best to formulate it. Okay, well regarding the loan side I just mentioned it before it is, volume wise we have the dynamics I just covered when referring to us. to us as the answer. Regarding Martens, we're actually moving into a better ground for Martens, given that we expect to see the sample bank increasing rates. And the fees side, we mentioned, we are slightly short from Long Road, because Long Road is starting to come stronger. Therefore, if Longs are growing in the 9% to 10% area, we could see a couple percentage points below that, and the fees side. peace still has a some room to increase particularly for two reasons. Number one on the tension side we had some impact during this quarter of a volatility that implied that some of our keys that are related to our our profitability and the funds was affected. that there's a lag between how we get those into our TNL and how they happen in the market, because we charge these after a returns have been obtained. So we have some delay there. But then, and I would say the main driver will be economic activity. We're seeing a strong pickup. We're seeing a pickup in products that are very rich in fees such as credit cards and other consumer products that in the past we had the emphasize. and at this point we're ready to start to open our risk appetite. So that will come with fees as well. I know if I covered what you weren't referring to but those are the main drivers. Thank you. And as a reminder, if you have a question, please press star then one on your touch tone phone. Our next question comes from Brian Flores from ASA Investment. Please go ahead. >> Hi, thank you for the opportunity to ask a question. Can the please confirm what was the guided series or cost of risk? And then I'll give a second question. Thank you. >> Okay, regarding cost of risk, you might have noticed that we lowered our guidance. We had previously given initially we started out with 2.5, lower that to 2.3 to 2.4. and this time around we're lowering it to 2.1 to 2.2%. The reason for that is we're seeing a much better performance on our loan portfolio, particularly on the retail side. And then given the much stronger economy that we're looking into in Colombia and San from America, the remaining of the remainder of the portfolio beyond what was a benefited from release is also performing much better. So that's the reason we're doing that. Something there that we're still holding back from being more aggressive is a provision to intent for America, particular in Panama, given that they're data in the process of finishing a release. In absence of that, we might have had a positive bias on the numbers that I mentioned. - I have a question, would be on 2022. I know it's still a bit early, but we're getting closer to it. So just thinking about your guidance. If you have any idea of how any of these lines would look like and what are you aiming for in terms of sustainable ROE, thank you very much. - I would prefer to stick to the answer to Sebastian regarding guidance and what to expect on ROE. At this point, I would say we would be very happy to be able to transfer our optimism on the economy and performance in two guidance, but we prefer to be prudent at this point. >> Thank you. Our next question comes from Yudie Fernandez from JP Morgan. >> Hi, all first. Congrats on the results. Very good quarter. I had a question on margins. actually on the live business side. I guess we are seeing long book accelerating in color, right? But my question is regarding the funding. Do you think you'll be able to keep growing the deposits at health and pays? Because over the last one, two years we saw you and color bands in general having a very good funding structure, right? Like the men deposits grow in the funding costs coming down. So my question is should we see an inflection point for first? cost and we start to see fully cost slightly moving out and how that could affect the margin. Because that could be negative if that's correct. If that assumption that made it only cost will be higher. That can analyze a little bit the means. But on the other hand, maybe stage it will all will peak and that will help a little bit. You have higher rates in Colombia. So I guess the bottle line here is what should we expect for games in the coming quarters for you? Thank you. >> Yeah, trying to, I'm going to give you for the short answer then I can go into detail. The short answer is deposit growth. We should expect to continue sustaining that. However, I mentioned somehow or I hinted twice that we've had access liquidity that had been a burden on our net in press martin. That's been a prudent way to manage it, particularly in Central America where there's no central banks. we've taken excess deposits to what would be the normal way to run the back. So, at the deposit growth, we will have at least some time where we have the leisure of having excess deposits, so we can be picky on prices and that will help us over several quarters. Regarding margins, a we suffer when rates come down, particularly those from the central bank and we benefit when those go up, something that we have already started to feel is that the IBR from that basically is the intervening rate in Colombia has already started to pick up with letting expectations and increase of profits. If you recall what we have in our commercial portfolio in Colombia is substantially floating low-space than IBR. So we started to feel that already benefiting us and expect to see that in the future. the future. The other side of deposits is a retail franchise where those deposits are not as elastic to what is happening with the self-opent. And that's the main source of improvement in margin when rates go up. There's two different types of cycles. Some cycles where rates are going up because risk is going up there or the cost of risk is built into the pricing of the facts. However, this time around we're looking into a cycle where rates are going up with an improvement in cost of risk. So I would say that will be benefiting our margins and more so our margins after cost of risk. If I may ask just not quick follow up do you have a safety activity on rates that you can provide like if there is I know is not the main is not the reference rate but just as a prox like if the rate move up 100 bits what should we see for your your names. Well, yeah, you have to build in cost of risk into that. We, in the past, we used to disclose some sort of sensitivity around the 20 basis points, or the 20 cents per dollar kind of sensitivity, but that was pure interest rates sensitivity. However, Pryping has become growing in intelligent and colonial, you have to build in as well, cost of risk into those. So that has made a difference and perhaps that was what I was pointing out before. And it says cycles where you're in increases in rates combined with improvement in cost of risk. are perhaps the most positive and more most sensitive or inastic cycles to interest rates. However, we have used to do that because of the act last factor and it depends very much on the speed at which the risk premiums are built into price. Perfect. Thank you and again congrats on the question. And our next question comes from Julia Alsteke from the Vivienne, that please go ahead. Hi everyone and first of all congratulations for the results. I would like to know if you can give us a little bit more color of your expectation for the second half of 2020. I think there are things that are going to behave the same as the first half of the year. And also I would like to know if you can give us a little bit more color about what is our jurisdiction on long growth, like if you can give us the consumption, the consumer, the market, segments, how they will grow if you have this detail. Thank you. I think we covered many of the people who are as a guidance for 20, by the way, not 20, but 20, 21, incorporate what is going to happen over the second half of the year. We are quite positive on how the second half of the year will behave as I mentioned still, on the cost of risk side. That's the reason why we're guiding into 15 to 15 and a half percent early for the year in spite of having already over performed those numbers. So we are prudent and that side because the cycle is not over yet, but we are quite positive on the core banking side of how things are behaving. And regarding the long growth just to repeat what I answered Sabastiana at the beginning, we're looking into commercial lending growing somewhere in the six to eight percent area and the consumer side, the retail side growing more in the 12 to 14 percent area. Perfect. Our next question comes from under a total from Santander. Please go ahead. Good morning, and thank you. Thank you for the presentation. My question is related to expenses. When I compare expenses this quarter with the second quarter of 2018 that is a and 14% growth. Obviously, you have inorganic growth in the middle, but still. You have a real expense growth over the period. So I would like to say that. So I would like to understand if there is any strategy to achieve efficiency in the past, you mentioned that this could be one of the communities that the digital transformation could bring to a group of out. to be a backhand integration of the different brands. So I would like to understand your thoughts about your expense performance. Well, I will start first with the quantitative discussion here and then we can move into the more strategic point regarding expense growth. I would say 19 is also a tricky year. It's a tricky year because we had a cost growth throughout the year. It was also affected by a depreciation of the US dollar and therefore we saw some effect coming from Central America that started way much more in our costs and also had the conversion. numbers when you run them, X, ATX impact are more positive than what you're looking into. And I think that's perhaps the way to look at those. Then you're absolutely right. The MFG acquisition also has some impact there because we're talking of a larger bank. Therefore perhaps the best way to look at it is more on the cost to ask it's or cost to encompass to try to have that. Having said so. part of what are the positive take away from the pandemic is we had to go back and rethink a lot of the cost that we had. The digital front that you right mentioned is something that has allowed us to bring costs down. But we have a lot of work still to do and the pandemic evidence that we have still a lot of potential to improve the costs. So we will continue working on that and the mandate for banks is basically on those lines. Digital helps us and enable us to lower costs and that's part of what we've been using. >> Okay, thank you ladies and gentlemen. I will now return a call to Mr. Sarmiento for closing remarks. >> Thank you very much. Thank you for the everybody's questions. Thank you for the attendance. We hope to keep delivering and we hope to have to start giving guidance for 2022 in our next call. Other than that, just to see you, hopefully you can attend next call as well. And thank you, Jenny, and thank you, everybody else. This concludes today's conference. Thank you for participating. You may now disconnect. 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M1\n","timeElapsedInSeconds":166.9812890291214,"timings":{"prefill":1.4066696166992188e-05,"inputAudioSeconds":2515.86,"totalLogmelRuns":101,"audioProcessing":0.06158864498138428,"decodingFiltering":0.11427032947540283,"totalDecodingFallbacks":1,"decodingPredictions":67.07421374320984,"totalEncodingRuns":101,"totalAudioProcessingRuns":101,"decodingFallback":33.49394929409027,"encoding":1.7419369220733643,"totalTimestampAlignmentRuns":0,"modelLoading":0.6706409454345703,"totalDecodingLoops":11632,"decodingNonPrediction":51.98422169685364,"decodingLoop":122.01797389984131,"decodingWordTimestamps":0,"totalDecodingWindows":101,"decodingSampling":10.082385420799255,"totalKVUpdateRuns":11515,"decodingKvCaching":3.5244044065475464,"firstTokenTime":739722353.973513,"decodingInit":0.0023649930953979492,"pipelineStart":739722353.876713,"logmels":0.8566175699234009,"audioLoading":1.028188943862915,"decodingWindowing":0.03525865077972412,"fullPipeline":122.02046191692352},"transcript":">> Here we can start, I found. I just admit to more, I think we have, we can start this only. >> Perfect. All right, so I will do the introduction. Thank you everyone for being with us today. I'm recognizing a lot of names that we have been following or a member of the team for a quarter to quarter. So I pleasure to see you again today for those of you who meet my name is Stanami and the Oco founder of the University of Vancouver. Welcome to our fourth quarter financial result and of the year and besters conference call. The review of the private office, I'll put this as a seat on the guest-gen premise for the thing that I need to do with the committee. Before we run a big efficient and safe-ish run and we'll be doing this call and English. But we will take both English and French questions at the end. Joining me today, I have usual, I have a final bid off, RTF4, and I'm just looking at my screen and I see password you'd ask, where you get there are new ex-excepts by present. During the call, we might make for looking to statements during future financial performance operations products and even. Although we believe our expectations are reasonable, we cannot guarantee these results. So again, we caution you to read and consider all the risk factors described in our last MDAA. If not, it's going to be on C-d-r pretty soon or in our annual information. information form the child violence to the Oregon. So the agenda will be quite different. Thank you, different. Sorry, I prepared the last quarter. So what we want to do is the planning will start by going to the last quarter and year and financial allies. We will talk about some business. I like as well. And then as the words what we thought that you could appreciate today because the end of the year was cutting a new year. year. We saw that, you know, we would take, let it, and do a short or a immersive deck presentation. So that, you know, we can put everyone on the same foot, in regard to our, in regard to how the management is staying, or a better or a better or a save, how we describe it, and what is, you know, our cultures and goals going forward. So without start of a bill, I will turn to call to Simon, Simon. Good afternoon everyone. We see we have a lot of participants. Investors today. So thanks for your interest in being a prison on that call today. So what I like to do is similar to what I've done in the last quarters, just maybe put some some color into the financial that were published in the press release this morning. I want to apologize. We don't have the fitter filing yet, but the French version should be available within the next hour from my friends, a great third and not telling me. Sorry, they have some quality issues, quality control issues this morning. And the English version should follow within 48 hours. That said, if you have more detailed questions, which regards to those financial statements, one of their available seed are really feel free to contact me by phone or email. And now we'll answer all questions you have with regards to our financial. So in terms of our Q4 and 2021 financial resort to start with, If we talk about revenues 40 year, we end up because of the year at slightly above 4 million, and revenues compared to 4.6 last year. So it's 11% decrease. That decrease is explained in most cases by the decrease in self-trudy photography equipment. That was expected by the way, by 600,000. If you remember last year, what we were pretty happy to have a good time. to other co-eared email services and benefits from the good solid year of demand for 3D cameras in the beginning of the pandemic. But we knew that you won't be sustainable over the year, sorry there's someone... And what's the yashis? Okay, we're back. Yeah, so that was expected. That of course will go back to a normal level of sales. What is this normal level? Maybe next year we'll get an expect some some time something around 2 to 400. dollars but not what we've seen at the beginning of the pandemic where people were at time to to buy cameras and try it and basically there was a boom but there was one time thing so we don't expect this to continue. On the side if we look at the SaaS sales we're down 7% compared to last year but Of course, we, you may know that our company is still today, mostly transactional, driven, you know, in terms of the revenue, traditional based, meaning that yes, we're progressively moving to some some revenue, recurring revenue streams with the new subscription packages that we have that just they will talk about it later. But still to deal with, we're able to eat to an additional base and the fact that the market is in terms of number of transactions in terms of number of listings is down just this year compared to last year 30 near to 30% or 23% that in Canada with centuries but in the US it's also in that range or between 25 to 30% and if you remember last year we were down 30% so if you accumulate that we're physically down 60% over two years in terms of the market. of again inventory and number of transactions. If you combine this to a very quick turnover ratio where properties and houses are sold most of the time within 24 to 38 hours, and they don't eat that much of marketing tools. That's just another factor that we're facing. We think that all this of course should be temporary. We don't have a crystal ball well. We're going to be back to a normal market. But just to put things in perspective, talking about centuries, we're right now. I think we have around 35,000 listing on centuries. We used to have 120 at that time usually. So it's of course we were affected by this. but the fact that we're 7% down in that type of market, I think it's positive. We're even gaining customers. We're not losing customers alone. We're gaining customers with our new subscription package and all different fronts. So that's why we're important to understand the market here when we look at our numbers. Also, what's important in the last quarter is that you'll see that we have our first, water of photo service. We have revenues of 307, 307,000 of photo service. We had those acquisition, if you remember, we're on June 30th, so we have only one quarter this year, but the ones that were acquired in June have maybe represented proximity 1.8 million on an annual basis of revenues. Plus, of course, the one that you've seen that we acquired in Q1, 2022, in November and December, meaning that today, I'm not here to make guidance of what's going to be our reviews next year, but based on what those all those companies that we've acquired have done in the last 12 months were as we posted on our website, we we are at the run rate revenues of approximately 11 million. And out of this, at a million, we have roughly 3 million in SAS. As I said, half a million may be in hardware. And the 7.5 million remaining is for the service. So even to 1, 2022, you can expect that we'll have maybe two, two, four weeks of revenues of those new acquisitions that were done in November December, we won't have the full effective in the Q1. We'll do that in Q2. So, and if we talk about Q4, Q4, we're revenues were 1.1 million compared to 1.4 last year. So, we're down at 24% on Q4, but we've seen that the number of things have decreased more in Q4 this year. Overall, over the year, as mentioned, we are in terms of the number of listings and inventories that was down 30% still. I think we're doing pretty good in this very challenging market. Talking about 3D tours, that's a positive thing. On our end is that we see a lot of growth in the number of 3D tours. In fact, to 1237% compared to Q4 last year, we're talking maybe $1, around roughly around $70,000. thousand dollars of new revenues of 3D stores this year. And that should continue to grow fast because we, you may have seen a few, few updates we provided before Christmas with your dark new contracts, including offer pad for instance. That should scale up and the ploy more and more cities over the months. So we should see that trench it continue to in terms of number 3 to grow fast in the next in the next month that what we expect. In terms of growth margin, we're pretty stable compared to last year. For the three months per year, we were at 61% overall compared to 63 last year. And for a year, we're at 65 compared to 68. So pretty stable. Of course, it depends on the mix of the revenues because on the the fast portion are gross margin is somewhere between 82 and 87%. And on the service, for the service, more 35 to 40. And on the equipment is a bit lower. Depending on the mix, of course, that will affect our gross margin. But basically, this should be representative of next year. And even probably we could improve that a little bit. When we're going to talk about some efficiency gain that we will have. We will have with the synergies and acquisitions that just they will cover a bit more later. In terms of net income, there's a lot of noise this year on the, you know, we can see we have a lot of 3.7 million for the year, but including 3.2 million of other expenses. expenses and now the out of that 3.2 there's 3 million or 2.9 in fact that comes from all the adjustment made with regards to the conversion of the debenture the convertible debenture that are all done as you know as of today. So this is not a recurring so won't be there next year, but there was just a one time. interest this year, but of course that that is being most of why we have that last for a year. In terms of balance sheet, we're still in pretty good shape. In fact, as you know, we did a 3 million private placement in April, we that we use for in part for our acquisitions. We, at the end of September, we had 2 million of liquidity. I can tell you that as up to day, we're near a million. So we use that an additional million for the acquisitions that were done completed in November of December. So we're still in good shape. We have enough to operate and execute our business plan. No problem there. Of course, with that million that will serve as a as a caution going forward. So we don't expect to use more than that on acquisition. Unless we, we raise additional capital or debt or some external funding. And other than that, as you know, throughout the year, we've eliminated our convertible debentures that was, we reduced our debt, and talked by 4.7 million throughout the year, including 4.5, just for the convertible debentures. So, so basically again, I think our balance sheet is in good shape. And yeah, that's pretty much the point I wanted to cover. There's in DNDNN financial, you have some information by segment where we now track 3 different segment. One is the software, one is the photography equipment, and one is the service. So again, hopefully I'll be able to post on speed or pretty soon so you can come back to me chat through your questions. And on that, I'll turn the mic to use your say if you want to be given a business update through your presentation. Absolutely, Simon, but just before we jump to the next point on the agenda, is there anyone who would like to ask a specific question about financial that the Simon just covered? Or you still think about your questions and you're going to keep it for the end. It's like you want, you know, we can take a couple of minutes just to go over and clear the financial side of it if you want or do I, you know, we're just going to be being continuing. So we're seeing a question right now. I will say it raise your hand, but you're just. Everybody is kind of holding a camera so I'm just saying everyone's anyone. I just have one. I just like to do it. I do here. I'm in the mention that you currently have about a million in cash and you're not using any more cash for acquisitions. So I always should think about the acquisition strategy going forward. There is going to decline the surprise, so maybe it's not as attractive anymore to pin share or with the regular more cash by issuing new share. So, how do you think about that? Yeah, but I mean we're not as you seen with closed eight acquisition or six acquisition just in December. So right now we're on the integration phase. It's going very well. I just now will cover that in the sec. So we're not a week or two to basically announce a new acquisition. So, and we do have a lot of things on our plate really. So we're pretty optimistic about what's coming and of course, hopefully the market will also be more on the red than on the green. So basically all to say that we by that time we were back on track with acquisition we we think and we hope that our our start price would be at higher levels. >> That's perfect, thank you. >> And if it's not that we can also kind of delay some of the deals or look for any other kind of structure to close those deals. Any other question or we move forward to just open your mic if you want to ask a question to add a assignment and just ask a question and more than welcome. And like I said, you know, we're going to keep entering questions at the end. So I promise, right? I'm going to go into a deck. Very seldom that we're doing that on the front, front, back, back, back. So I think it might be the first time if I do remember, but I promise we'll just short. I'll try to do it in 10 minutes. Hopefully, I will not lose everyone. But that's a 15 minutes just covering 15, 20 slides. And the reason why we wanted to do is that we're getting a lot of calls. And the school schools we are realizing that we often have to kind of re-align the storytelling with some investors, we're saying we're so investors think we are made of our business, some investors think that we're just about business and so on and so forth. So I think that the goal of this deck is kind of a redefining for for everyone you know I see defining for everyone you know I'm saying page what is is our business in the world. are going to be the end of the year. I'm going to share my screen in a second. I'm going to see it on your cell phone and what's on a smaller device. You might have some prompting it. I'm going to comment those slides here. Just going to kick on the. So, like Simon said, this is the way we describe a representative on the Fiat State on our website. We're basically a technological business, a technology business that provides services in the market of real estate to the Father. But it's not a word. I like to say that's where it's taxed, powered, real estate society business. That's not a which you present for a better. around the rates of $11 a day, including the fap offers, new art on their payroll, paper job and on their payroll, we're turning around one of the 15 employees. You can't do it at head office, but the developers and the management of everything, we're probably throwing around 30 employees. We're based in Montreal, and of course we'll listen to you if you can. So this is an ongoing detail, but I just want to remind people that we're not as far thought. I mean, we're been in this business for one in 10 years and the first thing that my brother and I did 10 years ago was to design this spaceship kind of prototype of milk to land camera, but it wasn't real prototype by the way. And in 2009, we tried to raise money to commercialize business and this is why in 2012, kind of jumping to the TSA adventure at that time and here in Canada in Quebec Park 3 we were adding access to a tax kind of the advantage for a investor called a re-assup to raise money but this camera never still likes the kind of create all a software surrounding Cd. Thor but you know we're not in newcomers we've been trying a lot of things in the the real estate supply for business from developing in-Chimera, stockware, business solutions, and so on. So we know the business pretty well. And some of the engineers working with me to develop those thoughts where I've been working with them for more than 25 years. So this is our staff. This is not something going to find on market, but you know, when we sit down and try to evaluate what is the site of a market? And our market is real estate or core market. Of course, at the end of the day, we'll talk about addressable markets. But our core market is real estate, photography. For the purpose of marketing, so basically, you know, to sell a house. So when we come to drink that activity for residential commercial and rentals, we are estimating that this is a niche market for a bill and dollar just in the North America. potentially in our estimation, something about seven to eight billion dollars worldwide. It's here in North America, we're submitting about 30 million shoots a year, shoot for us as a photographer, the King of Tarn Booth, Chuta House, and bring back 25-35 images with all the media that comes with that. And roughly that's provided generates a billion images per year. So that's our market. Like, I even said, this is a transaction market. I mean, our business is linked to the housing inventory. So the housing inventory. All right, we're going to ramp up. If it's going down because our business model, as we're going to see in this slide is mostly 9% transactional base. We're going to follow the trend. And unfortunately, right now, the trend is a history called. It's starting. The most of the MLSS we talked with didn't have a special low inventory of house to sell. But you know, I'm not sure I like those numbers, the web for that. Today, but those are real. The market is down 20% - Governor, Governor, we did a down 11% year over a year. And our nuclear position or our just coming to, you know, our pipeline of revenue and the last quarter. So, they just assessed, I kind of said, minus 7% overall, we feel we're winning clients. We don't feel that we're losing clients, but we're saying that our path or our clients are doing less business overall. This is why I mean, you know, it's kind of a bad place to be right now, but you know, I'm a positive person and I don't think it's going to get worse. And we're hearing that, you know, the interest rates should increase. So that will kind of hopefully slow down a little bit. You know, the, some of the interest of buyers or people sending it out. In any case that I think we kind of the where the bottom of the, of the biorek right now. So I think it's the decision would just come go start and ramping up again. Of course, like Simon said, and we potentially, a 60% down compared to what numbers should usually be in terms of lifting in terms of house-to-self. So, our vendors should follow the trend and potentially just beat the trend actually, because we believe right now we're beating, you know, we tend to succeed in that very, very difficult market. because they'll be threatening them talking to a lot of the entrepreneurs in the real state that it's based and they all on the same position right now. All right, so the thought of the business in itself, it's a business that it's transforming a lot and it's that's mostly shifting to a technology driven high volume business. So basically, you have to do a lot of transactions per day because it's a highly competitive landscape and you need to bring a lot of value in terms of technology. So basically, we kind of, you know, grab all the parts that you need to succeed in a lot of business like you need to have online booking system, you need to have the capture hardware, not just the camera, but you might need the the 3D camera, you might need a drone, so you need to have those specialized hardware. You need to post it. You're images to increase the white balance to put a blue sky on the external facade images. So you need to have this service. You need to create YouTube video slideshow because YouTube is one of the most popular search and giant real estate. Of course, you need to provide 3D storage as a must-pass today. And for plan, it's kind of, I will say, basically more important in the free course right now on the market. There's a lot of interest, even in some states, like here in Canada, for plans are mandatory. This is a common product. You know, you definitely need to provide websites, we call it \"Probably websites\", so it's a website dedicated to showcase one-house for sale. You need a system to deliver one hundred, maybe major high quality measures. You know, images cannot be just transferred by email. So you need to have some sort of a solid distance to transfer to the image. And you need a very performance payment system to get paid. When you look at all those things that you need to run a 5\/5 business today, preventive citizens, the only company offering and calling every part of the every portion, every technology required to the business. this right now. And that giving us a lot of advantages over competition. I will start from the bottom. Of course, the after self support is easier for a better attitude because we're providing each parts. We're not relying to third party for 3 tours for four plans or four additions. Everything is done internally. So of course, we have a pretty difficult to be turnaround the every time we can deliver a faster than our competitors because they're few. or parties involved. We have more flexible people, even our packages, we can offer and deal with our clients. We keep our margins pretty high for the value we're bringing. And, you know, we, we like to tell the market that we, we are one of the most competitive business right now in terms of pricing. So being a one-stop shop is definitely bringing a lot of bounce or a client. and it's positioning or a benefit for winning many deals, many contracts with the US and the farmers. So this is not going to look at each of the parts. There's some portion of those required elements of tuning to run the capacity, business that are not technology like, you know, taking a picture, you need to have a human doing that, you need to have a cop or photoidid thing in images, you know, even if AI is super well-advent and you know, a lot of people tell that they are photoididid thing in images with computer, you still have some human, a human will do a better job. And the foreclans, you need to, somebody draw to draw foreclans and put foreign interest, right, the room's name, stuff like that. those services we are offering to our clients. So we call them service on the man, and it is transactional base. So each time somebody wants to have a pathocard on sites, the client pays them to have a pathocard for something for food addition and for them. And the ramp is mostly technology, and we're still offering it. Every part, even if there's no line with the booking system, we are offering it. And it's still transactional most of the parts. So we're charging, for example, $5 to rent the site. You'll be $4 to rent the $3.50 to create a property website. And $3 to transfer the image. You need to think about this part here as a drop box, drop box kind of the platform to transfer the iClothing major. We added this here a new service that's that we have a lot of time and that really dodging the financial eye life. We call the prime subsciption. So the prime subsciption is basically $30 a month. Agents can subscribe to that land. Each time the order one of our pathophiles we're going to bundle all the technologies we can offer to them. So this is a very popular subscription right now or in what we'll talk a little bit later in the a deck about it. Diamond briefed, he talked about the distribution of revenues, so 3 million, and sat eight million dollars in services. I just want to add for this asset still serving around 17, on-drilled sales of the offer. So this number here is our end-dependent offer using our technology to serve their agents, their clients, the generating around 20,000, probably about a five per year. And there's a services. So we're talking about our We're serving around 12,000 real stages and doing around 50,000 shoots a year, put a shoots a year. So basically this is including all our acquisitions that was done during it 2021. When we talk about technology and news sites from the history of the timelines of our preventive and we started with a 360 camera design. the still passion, passion, they hot, highly passion, it's of all 3D technology will always kind of keep that in our products and really kind of the hope that some day, you know, 3D cores will get back from the market and this is this difference to what's covered in 19th, has created generated in the mental 3D cores. This is our core technology. And we believe that we have right now. One of the most complete 3D core solution on the market. If you look at it, you can see it's a lot of different things. And we believe that we have right now. One of the most complete 3D tour solution on the market. If you look at all the features we are offering, few companies can state that they have all this in their 3D solution. Of course, we're each trying withering a 3D tour. We're providing a doll house. This is the way we commonly call all this kind of 3D tour and move to meditation. We can measure on the floor and with tape. We're having our own built-in fore plan drawing software, built-in, in the 3D tour itself. So even our clients can play with it and can change the fore plan, if they want. So we're not using up a cadwin, enough using a third-party software to create our full plan. We use the AI powered classification system, that's we acquire from tourbots in 2018 to a somaticcy put a tag in rooms to save this as a fitness room and kitchen so far. We have those tag also that you can put some graphic and links from the accounting debt hotspot tree up, but this is pretty unique to our venomous it. So we are showing an address of map of people within the room. This is not picture of people. Actually it's a real video. So you can see people in their in the livestream video on the map. And of course we have the avatar. So the two these social faces where you can visit with friends and interact with them. So what are you can contract by chatting or can contract with video conferencing. The next slide is something pretty special for us because we are running at the FACO business, we are offering for the FACO services, and we want to be highly efficient. And the only way you can achieve profitability and keep your margins by going fast, you need to do a shoot, super fast, being two hours in the house, you know, it's too long. So we want our photographers to do six to seven shoots per day. And in order to do that, we've developed our own capture ask that is three times faster than anything else that we've seen on the market to scan a house. It works from iPhone. I thought if you at that computer vision alignment system, to create those map when you shoot. It's fully integrated within our workflow. So it's definitely improving the productivity of our people and also we also have some features that enables a platform to add additional information on the map for adding value in post production. We're recently launched this what we call the automated building and site and how it's equipped for. So for every tour we're providing with our time subscription, people will receive a detail report about the property. So they will know how many thanks showers, the building has how many doors outside doors inside doors and so on. So it's high detail and really appreciated with some of our clients like overpad when it sends that to our room. furnishing many of the home they're buying to resell them. This is a UNIC door of NMRSF. We call it the UI Meet 3D. Basically it's the avatar that you can see people visiting the home with you in the 3D space and we just open their video camera so it becomes some sort of a 3D view conference. I will tell you that we're presenting you I need to read it to many industry leaders and it's making a lot of noise right now and we're expecting to have some significant partnership trend on soon. Many of the people within industry and as you said, nothing that word today but we've been told and people are setting out that it might be the version 1.0 as the role of metaverse. You know, we're being able to be all together with an environment, visually interacting, where you're within the space, what you're looking at, and with the view system, it's definitely something that has a lot of value for our client partners and the lives of brokers and so on. And we have file for a professional patent on that. And basically the reason why we use a professional patent is basically because we wanted to go fast and protecting our idea and also we want to make sure that nobody will patent something on top of ideas that basically will force us to not promote this technology. So so far we have four professional patents on that. that we're working on a fifth one and basically related to the way we're presenting avatars when there's multiple people and some access. The way we're controlling user control user group, friends and so on so forth. And about a three tour, we have today what we really wanted the most complete, 3D marketing website suite on the market. So basically, those are websites dedicated to show the best with possible 3D tours. We have more than 20 customer mobile designs. We accept other media as a still picture video and so on. So it's a social that is highly appreciate at buyer clients because once you have a pre-detory we need to distribute it, we need to promote it, and we have a complete social impact. The way you know we were on that side of the house business, we were already here through February 7, 13 actually, we started developing our own business solution that ERP or CRM, whatever you want to call it, it's a system that helps managing a photography business. And today we're using it to manage our own photography business. And what is particular with the DICAR solution is that we've developed over the years, a business and diligent allowing to create and spend booking. What does it mean? It means that we can in real time without any delay, find the flow of the support office with an issue. So when an agent's come to their platform, do you want to book a offer? That's two o'clock Saturday. This system will find the right support office, but the right services for the right client as two o'clock. And the booking is confirmed. There's no other communication. They will be sure that the offers would be there. So the system calculate the the the travel time calculate the service time. And then the end of the day give us, you know, The positive key to improve the productivity of the businesses we are acquiring. To give you an example, one of the businesses we acquired, we're doing 3.5 shoots a day, and today they're running at 7 shoots a day with the system. So we feel rapidly the difference using our system. I like to say this is a autonomous algorithm. Behind that we don't choose Google map or any other software. It's our own business intelligence. In terms of armament services, it's a recap. So we are going to be scanning and product services for controlling the maintenance. and then some of them. It's all paper jobs. And in terms of photography, we have around one of the 30 real big operators. It's difficult to know, you know, the exact numbers because some factors are working 20 hours. Some factors are working 40 hours or they will time part time whatsoever. But they are offering the complete package of visual content capturing. We're designing on one appointment. They see our pathophors are are equipped. to deliver all the services of urban immersive. Forth and drawing is done, most of the foreign, foreign, is done in Paris. Ma was in most, maybe 50, 50, 50 percent of the done here in Quebec using our own software. And we like to say that we've developed some sort of of the marketplace so we can engage really rapidly new people to work on their system and to help you know with the volume. But the addition is the same. And right now as we speak, we are doubling our proglydition team and Paris. The reason is that because some of the businesses that we have acquired, we're saying they are paying with offshore companies, three time what it cuts us to post a hit this image. So we expect to increase the margins of one of our biggest acquisitions that we've done recently. All of these champions have a problem with guys. [Music] [Screaming] You found a guy? Oh, I'm trying to. Looks like you just succeeded to show the down. And we're curious to be sure about that. The first time you guys are in the game, we've been hacked on that call. I think you're hearing me? Yeah, okay. Okay, so first time, first experience, so it's not us, it's not states that have been merciful, so you know that. And hopefully those young guys that have a lot of fun, it's trying to to mute Samuel Montez, Simon, if you can I see Samuel Montez can you just say down. What? And Marie also. Yeah. So sorry for that. We're going to try to get back to meeting on the white side. we're going to have to terminate that. So are we good to continue? Are we going to have other people? It's a very important thing I think you can close and then I'm very close with them. And you stop I think I don't know how we're doing the assignment but can you stop there people getting on the call? Yep. So, all right, let's load it that assignment. Let's go to call. - You're one, and that's fine, will you? - Sure. - You're so good, kiss me. - Sure, sure, fucker. - Will you come here? - Show that call. - Goodbye. 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I'm Kristen Tinoj, your course collaborator. Welcome and thank you for joining the Trucksils Conference School in Live webcast. Please understand this cast Trucksils 3rd quarter 2021 financial results conference call. At this time, I would like to turn the conference over to Mr. Alisseldahl, that is, Investor Evations and Corporate Finance Director. Mr. Gaté, you may now proceed. Thank you, Constantine. Hello, everyone. Welcome to 2.3rd Quarter Financial Innovation and Results Call. Today is because there are our CEO, Mr. Murat Erkan and our TFO, Mr. Osmaniul Mas. They will be delivering a brief presentation and afterwards taking your questions. Before we start, I'd like to kindly remind you to leave the last page of this presentation for our staff harbor statement. Now I hand over to Mr. Erkan. Thank you, sir. Good morning and good afternoon to all. Welcome to our presentation and thank you for joining us. In the third quarter, we recorded 22.3% revenue growth and our EBTA rich 4 billion total for the first time in applying an EBTA margin of 43% for the 3.1%. Growing 18% year on year, we recorded a net income of 1.4 billion Turkish lira and all time high quarterly figures. Net income settled above 1 billion Turkish lira around 8 per quarter. Our customer sent this strategy, diversified business model, and focused on mobile and fixed network quality are the key factors of sustainable performance. which was further supported by increased mobility in the squad. This strategy has enabled us continue outstanding growth in total subscriber by 1.2 million which marked the record of the past 14 years. In the first nine months of the year, we gained a total of 2.5 million subscriber further strengthening the subscriber base for the upcoming terms. The Rputrans remain robust at 12% for mobile and 10% for residential fiber. Lastly, this quarter, the revenue share of digital channels in consumer sales rose to 17% increasing 5% this point year on year. We have also distributed the last installment of the 2021 dividend on October 27th. In consideration of these solid results, we further increase our full-year guidance, which I will celebrate on my last slide. Next slide. Here we see the operation performance of the 12th quarters. In all three phones, mobile, fixed, broadband and IPTV, we delivered a strong net at performance. On the mobile phone we gain a net 464,000 post-paid and 643,000 pre-paid subscribers. This outstanding performance was achieved through our customer focus offer in our latest service portfolio and also support by increased mobility thanks to vaccination. High net at performance In pre-paid subscriber is due to the visit of Turks living abroad after lifting the government's administration in international travel. The average amount the mobile show rate was at 1.9%, well below that of the last year. And we believe that around 2% amount the show is a healthy level in this market. Blended mobile R2R2R2R5% 5th to 5th to 5th to 5th to 5th to 5th to 12% increase, increase, thanks to higher post-based subscriber based, upsell to higher tariffs, price edge buttons and increased data and digital service users. Also, our AI based analytic capabilities, the observed sub-sell levels and the incremental that an upsell post-based customer pays in two times that have same quarter last year. In the fixed block and segment, emit the prevailing demand for high-speed connections with the back to school period with gain net 60,000 fiber subscriber with our high-speed fiber internal offers. Our roll-out plans are on track as they exceeded 400,000 new home in the first nine months. This quarter will also welcome our 2050 in our fiber network. We are pleased to register a third or 51 thousand net edition to our IPTV subscriber exceeding one million customer. IPTV's penetration within the residential fiber subscriber reach 63% accordingly. The residential fiber R per row 2, 79% total temperature on 10% growth, 13% annual fiber subscriber growth should be taken into consideration, where the aim to manage a delicate balance between R per row and net addition. Next, an update on the data is the same as the data and for an 1\/2G subscription transfer. Average mobile data usage draws 12% year on year to 13.7 GB per user. The rise in data consumption was due, made it to higher content consumption, boosted by seasonality and lifted restrictions. Out of 34 million subscribers, sign up for for an 1\/2G services, around 70% have for an of the house you compatible smartphones, still indicating growth potential for the upcoming quarters and in playing further room for growth in data consumption. All role smartphone penetration is at 84% with 92% of these units being foreign and a half-sue competitors. Moving contact phase 6. We read the benefit of our careful plan, a force to provide best-in-class services which is evident by the outstanding net-ed figures in the squad. Our well-in-mested high-quality net-tour and strong infrastructure is once again confirmed in the GSA report. With its respect of assets and well-prepared modern infrastructure, true cell is able to provide speed of up to 1.6 GB per second. Which even exceeded the 5G-speak provided by certain operators with this capability. True cell ranks among diverse top three operators and its fastest for an healthy network infrastructure in Europe. Our long-time invested customer-centered approach, which enables two-cell to provide service or this in customer-exert needs, has made us a winner at the European customer-centrister or ever. At two-cell team, we have realized over 100 projects that touched the hearts of our customers. Additionally, our key strength, including data-driven personalized offer and extensive distribution channel, both physical and digital standout as core factors in producing customer decision making. With all of EBO customers have continued to recommend to sell over the competition discordals, even extended the white gap with the second best. Next, now our strategy focus areas, let's zoom to digital services and solution. The standalone remaining from digital services and solution continued is strong growth at 31% year-old years, reaching 435 million Turkish lira. The paid user-based rich 3.6 million up 0.9 million from last year. We are delighted to have rich another remarkable milestone for digital services as the IPTV user base exceeded 1 million in September. TV+ has continued to increase its share in the TV market. Reaching just about 13% in future and it is the only TV platform have steadily increased its share for the past 12 quarters. content and product quality enable us to increase prices whereby the product enjoys rising retention levels. With it, with its robust intersection, BIP, our instant messaging platform provides seamless communication and has reached 27 million 3-month active user discorder. triple from the same quarter last year. A quarter of the active user base is abroad where the leading countries are highly populated countries like Nigeria, Indonesia and Bangladesh. Our constant effort in our digital service are improving the user experience of the application and the achieve this by responding to our customer needs. For instance, me and Fiji will be this quarter included the status posting and being the same. group called with up to 15 people on Fiji or digital music services we have added over 120 podcast series. Next slide. Next is the digital business services. We continue to lead and plan digital journey of corporate in Turkey. This has resulted in a revenue for 199 million Turkish lira from digital business services this court. Of the total revenues, 7% to 5% are service revenue, which rose by 20% year on year. From the service revenues, we have seen continuous strong demand, particularly in data center and cloud business, cyber security services and IIT. We sign 575 new contracts with the total contract value of 220 million. All roll back those from the system integration project sign to date is at 832 million Turkish lira, which will be contributing to the pipeline in the upcoming quarters. This quarter we continued our product launch in cyber security and cloud services. Watchcard is an economic and flexible fiber solution that works in physical and virtual system. And as the first in the country, object storage is a cloud-based solution for the further support, the vision of keeping corporate data in Turkey. Next slide. Last but not least in our texting focus. Texting services revenue rose to 281 billion Turkish lira on 37% year-on-year growth. Pay said so, another remarkable quarter, topping 6 million active user on a 30% rise year-on-year. The revenue saw, if you see 3% year-on-year growth, mainly with traction in the payletter product. We start to monetize post-soluption, which includes virtual and physical Android post-series. We have installed 1.7,000 devices at a local SMEs, and also launch our virtual post-soluption with 900 e-commerce merchant including to search channel. This quarter, financial sales revenue rose to undertake percent year on year. Due to higher interest rate and support for emerging insurance business. Financial continuous finance technology companies of broad range of customer, including individual residential, SME and corpus. Today, we have scored 11 million customers and we have 24% market share in consumer loans below 5,000 per kilo. One of financial key strike is the assigning right limit to the right customer based on true self-worth data. We have recently launched an even credit model based on machine learning. Initially, we result indicate higher-up movements and higher limits without negatively impacting the historic law cost of this level. Next slide. Let's look at our performance in the International segment, which now generate 10% of group revenues. In this quarter, international revenue grew by 39% year on year, thanks to the expanding subscribers in all three regions. higher mobile data consumption and the poster impact of currency movement or going crawl and excluding the currency impact was at 18%. Are you claim business has continued its operation platformers in the squarter by reaching 8.9 million mobile subscribers on a 14% rise year on year. Revenue growth in local currency terms was 24% yearly, exceeding 24% for the last four quarters. This business has seen a 4.6% response evict margin in Proummon year on year on the back of limited inter-connection cost and very controlled operation expenses. In local, during the returns, Belarus revenue declined 2%. Do you manage the lower hand said says, which on the other hand affected the ABTA margin possibly? Belarus with, in Belarus, we focus on digital subscription in the third quarter, one of one out of five new customers opted for live through digital services, this year channels. Our subsidiary in Turkish Republic of northern subprice recorded strong 24% growth with rising voice revenues and data usage due to increased mobility after the recovery of education services and tourism in dialogue. I would like to end my presentation by sharing our new guidance for the full year. Taking into consideration our sending 9-month performance and expectation for the remainder of the years, we once again revise our guidance upwards. Accordingly, we rise our revenue growth guidance to around 20%. Generating revenue growth in a high inflationary environment, we rely on nominal EBITDA expectation to arrive around 14.5 billion total. And expect to register an operational complex over sales ratio around 20 months. Lastly, as you remember, we held our last capsule market, they back in November 2019. Since then, 2019 pandemic has significantly impacted our industry and the way we do business. This necessities are to revisit our plan and target in relation to the core business and strategic focus area. We plan to organize a capsule market, they after the announcement of the new world. announcement of who year 2000s run one resource. Where we aim to reveal or revise to three year business plan and targets. We will make necessary announcement regarding the details of the event in time. I will now leave the floor to our CFO or not for the financial discussion. Thank you, Rodthay. Now let's take a closer look into our Q3 financials. In Q3 we recorded a 9.4 billion TL top line of In a 2% year on year growth, thanks to subscriber based expression, higher data and digital service revenues, coupled with contributions from international patients, takes in and equipment sales. The first line month growth exceeded to any one person. Our evically reached 4 billion TL level on an 19% increase. I think one solid at one point four billion TL marking 18% UL growth mainly driven by solid top line growth. The bottom line has settled consistently above one billion TL with the contribution of the SIPNFINATION risk management. We are to lose with our solid performance which exceeded our expectations. Next slide. Now some details on revenue and evitate developments. This quarter with contribution of all segments generated 1.7 billion TL incremental revenue. Bomb billion TL drives from toexert Turkey. This last possible with a larger subscriber base, R-progrowft and upside-upports with price adjustments. 250 million TL from international subsidies supported the top line mainly due to robust subscribe brand armed for powerful mousseff Ukraine in operations, as well as the positive impact of currency movements. Our The Texas segment had a 7 to 6-wheel nTL positive impact. Pay said, \"I'm financed, I've supported this with an annual growth of 53 and 28 percent respectively.\" The other segment contribution of 334-wheel nTL was mainly driven by increased equipment sales. This quarter, our ABT-image margin was at 43 percent per cent. The main factors behind the 1.3 percent which points margin a contraction year on year were as follows. First, minus 0.6% each point from gross margin, impacted by our energy businesses in spree cost of goods sold and rising radio cost to higher energy prices. And secondly, minus 0.7% each point from SNM expenses mainly due to increased setting expenses on back of record high net the network to the network. Now if we were to our balance sheet and leverage, our total debt increased by 700 million TL in this quarter, mainly due to the currency movements. A cash position of around 1.4 billion dollar equivalent, which is mainly in FX, covers our debt service until 2020 25. We maintained our leverage below one time in this quarter, despite the second installment of the last year's dividend amounting to 860 to 12 million TL. Excluding the financing business, this was at 0.8 times the same level as the previous quarter. We generated just our 1 billion TL of free cash, of thanks to strong cooperation and performance as well as relatively lower capex in this quarter. Next slide. Now I will go into the management of foreign currency risk. We continue to hold the bulk of our cash in hard currencies as a natural hedging tool. With hedging instruments in place, the share of FX8 declined from 83% to 51% as of the end of this cartridge. Our hedge contracts are cashable of Hs and covering the full maturity of related FX liabilities. We were in a long net FX position of 102 million dollar ZT end of Q3 and we called things to target a neutral to long FX4. position going forward. Next slide. Now let's take a closer look at our FinTech companies, Paraformus and start with our financing business finance. As we communicated before, in line with our expectations, the negative trend in finance has portfolio ended in Q2 and the growth has gradually started. The revenue is rose by 28% year on year on the back of higher average interest rate on the portfolio worth to last year and growing insurance revenue. the following issues revenue. We expect to sustain the loan portfolio at around 2 billion TL by the year end. A BTA rose by a 24% around 1002 billion TL with a margin of 73%. The 2.3% of which margin contraction is due to the base effect as we solve some of our receive of debt receivables in Q3, Q3, 2020. As a result of strong collection performance and improvements in the customer portfolio cost office has been declining since the start of this year. Cost office has remained near the unchanged at 0.3% for this quarter. Next slide. Lastly, our payments business, pay sad. In line with the global trends, pay sad users continue their payment habits in the post-pandemic period, which is reflected in pay sad solid operational and financial performance. Pay sad continue to see increase the cognition with the contribution of rising in acting costumers and merchant numbers in Q3. In fact, PACE has three-month active users, 3 to 6 million and the number of merchants hit for 14,000. The most popular product on our platform, pay later, delivered another strong carformus in Q3. Pay later volume rose by 84% to 455 million in TL year on year. Transaction volume of PESACAT has increased to 6V of the same period last year and reach 657 million TN. As you may remember at the beginning of the year, we launched Android POS for our corporate customers. Focusing on virtual POS as well, we shifted to 2 cell payment channels to 2 PESAC virtual POS providing a revenue channel for PESAC and saving for 2 PESAC. Thanks for our increased focus on this business, POS Transaction Volume Bridge 475 million TL in this quarter. Overall, in Q3, pays a revenue increase by 53% to 190 million TL, 55% of which are non-group revenues. And with the margin of what is 46% impacted by increased human capital investments and sell SMM expenditures. With its unique product range and disruptive nature, Pacer has only taken its place among regional fin tech leaders. As this goes earlier, we are seeking growth capital to scale this business further in Turkey and tank globally. These concludes our presentation. We are now ready to take your precious. Thank you very much. The first question is from the line of Kennedy Good Jonathan with JP Morgan. Please go ahead. Good evening and thanks for the opportunity to ask questions. My first question on pay sell. Could you give us a sense of what the total payment value across the platform is at the moment and the growth rate there? And then just wanted to understand why both payments have declined during the quarter. That's first question and second question. Want to understand how your pricing strategy is evolving at the moment given inflation rates and whether you can push mobile RPU growth at higher rates than what you've seen at the moment or whether that's hoping for too much interest. for too much into the new year. Okay, gentlemen, thank you very much for the first case. You know, you got in total payment, all these around 500 million Turkish lira, it's up and down, around 500 million. And the bill payment is, you know, because it moves from physical channel to the digital channel. So that's why you might see the plan, but we see growth, but when it moves to the digital channel, we can get it. For the pricing strategy, obviously, you know, to be able to grow the business, there are two options in your hand. One of them is growing subscriber based and the other one is growing to our proof. So we would like to push both of them. of them. This is our strategy since two year, two and a half years back. So we would like to push up and on the other hand, the inflation was increasing more than expected by the market. So our initial plan was in terms of inflation, it's not going to grow up that much. But we're adopting ourselves based on pricing. But as you know, we have a contract with the customer for 12 months. So, if you will take time time to catch up the real inflation, we're going to push to reach on inflationary pricing. As I mentioned, it was quite fast in terms of our expectation, but we'll catch it up. But on the other hand, I would like to emphasize our customer growth because if you want to pick one, I would prefer on the customer growth side because it then doesn't. They, we can create more value from one customer, especially if we have other business like pay-sat and financial services and so on. If we catch customers, we can easily increase their R-Polero in near term. So that's why we would like to continue from this on-pig. So regarding growth rate, it is around 85% for payment in PASA. 8-4-1 range. Sorry, I give some feedback. The first question. Yeah. The next question is from a line of Kim Ivan with Excel's capital. Please go ahead. If I, three questions for my side actually, I may. First we on 5G, auction one to expect with a georption and what's back to the soul, this is C-band and 700 megahertz. That's one, 2, on capital and tells it's in 22. So how do we think about it? Compared to 21, do you think capital and tells to increase in 22 compared to 21 given where it is? And then thirdly, I think, on B self-take rate. It's free high, 3% and 20% and like 3.5% if you look at the third quarter of 21. We're to expect that they create to evolve when it's when the business scales. Thank you. Thank you very much. You want to keep personal regarding 5G, 5G roadmap or option. Obviously there is no issue timeline for 5G, announced by the regulator. There are a number of, you know, a number of explanation or number of the announcement coming from ministry, but obviously we have to wait for official announcement. 5G is vital technology. We would like to facilitate this the only visualization of industry and contribute to the economic development of our country. However, we believe there are some issues that are need to be addressed for the healthy lunch. First is the fiber connection of base station. Sure and this similar to the low-house of penetration, fiber connectivity of base station is not enough for the full-fledged transition to 5G. Secondly, we believe we have not reached a desired localization rate in the development of 5G network equipment. We think localization rate can only be reached around 20% to 2020. This could be even lower for the core network and base station level. Therefore, we believe there are some risk for the full flash transition to the local 5G network. Regarding the licensing costs or capex type, first of all, auction structures not clearly yet. And we don't have official timeline. We should limit ourselves in making an estimate regarding the possible capex or frequency payment. The difference between field for a house to you have five sheets that pour a sheet of the great leap over 3G in terms of speed. Particular need for the individual user. Therefore we need some time to see how it's gonna end up for the for that probably end of this year. To the CupEx plan, 2022 and allocation, we have not finalized our budget planning for the next year and we will give 2020 guidance when we announce our full year result. But I don't expect major increase on the CupEx side even in a little bit decrease because we spent topics earlier than expected this year and we get positive result due to the effects fluctuation. So next year probably we're going to spend little more topics on the fixed line on the fiber side, little less on the mobile. So more or less we're going to you like to keep similar levels on the on the complex site. So, for the third question, could you repeat the third question? It was a guy who'd pay said, but I couldn't cash the third question. Yes, of course. On Paysell, I just a quick question on its day create. So, basically, we should take Paysell's revenue and divide it by total payment volume. So it's pretty high by international standards 3% and 2020 and if you look at the third or at 21, 3.5%. As I was just wondering where to expect that to settle when the business scales. Thank you. Okay, let me give the word to Osman, you'll answer the question. Actually, the pace has started. This business with business unit within the group and then it became a standalone company. expanding pace-sare venues outside of the group and now more than half of the revenues are coming out of the group. Actually, the intensity of revenues over total turnover is partly on back of the two factors. First factor is group revenues. And the second, but more important factor is our landing business. Pay later business. Many the payment companies do not have this pay later business, which is a relatively more profitable part of the FinTech. part of the FinTech business, you can see some international examples, there are companies, FinTech companies, payment service companies which are only processing payments and doing remittances. And on the other hand, there are pay later businesses which have higher property and higher growth scale. We are combination of both, we either have a high-world world internal, high turnover. On the other hand, we have a higher profitability, thanks to our strong on penetration in pay-sand network. What we are aiming going forward is to first to penetrate in overall Turkish market. We are expanding our footprint also as of Turks to the group. We are aiming to double our customer base in a couple of years. And then we want to expand regionally and then later on globally. That is why we are seeking growth capital for this business. But we will not be doing that. in the expense of negative everyday, and negative profitability. We will keep the healthy bell seat while doing this growth. - That's great. That's very helpful. Thank you. - The next question is from a line of cover check on the UBS. Please go ahead. - Hello, and thank you for the presentation. I have one follow up and three questions. The follow-up pertains to the Fiber Connect to the teo-m tower that you mentioned is a kind of prerequisite to you think running the Fiber Geoxin properly. So can you expand on that? That means perhaps that you are, you would be kind of pushing for a, to some kind of large scale of regular to Fiber Access needed, you know, across the market to connect base stations, you know, across the operators for for 5G to really be. really be successful as this what you mean. And then the free questions I believe you mentioned, 400,000 homes passed in terms of fiber year to date. Can you give us an idea in terms of the take up on that footprint so far and where this take up is coming from, whether these are, you know, greenfield customers or whether you're perhaps taking market share in some areas. Second question, If I may understand in terms of your topics, guidance, you are now guiding for the low and I know it's not a huge difference, but with the lira, I think they appreciate it again in the fourth quarter. What has changed in your plans? And third question, quick one on Ukraine, please. You know, some, or one of your appearances is looking us doing something with our towers. And in Ukraine is this also an area. I know you're doing that in and uncertainty, but it's also something that you're looking at in Ukraine. Thank you. case without fiber-x fiber reaching to the base station, it is difficult to give proper 5-inch services. On the other hand, for existing base station numbers like around 100,000 for whole-polar operator, probably the value goes to the 5-she is going to be maybe 10 times higher the base station. So the fiber connectivity and fiber reaching the fiber with the proper connection, this is mandatory. Regarding for under King Home Pass year state, so it is, yeah, we are going to see the increase demand on the fiber. So our take-up rate for this segment is around more than 20 percent for the first year, but to reach the real take-up rate is around 45 percent. So we are faster than our business case. So there are existing greenfield customer as well as the customer from the competition. So in terms of market share, I believe we have more than 50 percent in the area that we reach. For the guidance of lower topics, there are two things about topics. We did two important action for this year. First of all, we did advanced payment to do sublier by lowering the cost of achievement. So, it which help us are our carpets management. The second one is we decided to invest earlier than expected, which means 1\/2 of the this year. So, which is from loaded investment. So, this is going to help us to address the carpets guidance level. So for the CupEx guidance even though we see a dramatic increase on the FX side, we don't want to change our guidance. For the Ukraine, I actually have no idea what are the fears that are doing on the tower side. So I don't want to comment on things that I have no clue about it. Thank you very much. If I may just be quick follow-up in terms of the connected to you. You mentioned, you know, sub 50% of powers even for the incumbents for the market about 40%. But what is your proposal? And what do you think needs to be sorted for the 5G options to make sense at this stage? I would say we public the annals are proposal, Turkey needs common infrastructure company, common investment portfolio because if everybody invests on expensive fiber side, it doesn't help countries economy doesn't help for services side of it. If we invest topics on the We will probably run out of money to give services to the customers, how digital services are. So that's the, you know, this one proposal on the table, let's have common investment on fiber, let's compete on the service insight, not the infrastructure site, because infrastructure competitions, all work competition. I'm just a student. If I can say, \"Sir, you want to find a one, what do you think needs to happen for a common infrastructure company to be a reality and Turkey?\" Would you think needs to happen? Thank you. I think the wise way and intelligent way to establish this thing, I think the ministry has the vision to implement such a common intersection company and there are the intention to do so. So we'll see what's gonna happen, but I think the region is there. The region of the Prime Minister, sorry, President is there. The region of Minister of Transportation and Commission issues, so I think this is the wise way. And I hope we thank you. The conversation has answered Timothy. Recent the Minister of Communication also talked that this answer Timothy sometimes blocks some of the things. And I think you know reasonable people understand that Turkey is common-fibilence or intersection. That's clear. Thank you very much. Next question is from a line of Nagin or Alice Erstegrub. Please go ahead. >> Thank you for the presentation. I'll leave one question from my side please. Do you plan to take the fixed asset revaluation out of the new legislation? So that is that as a different vaccine companies, as we have seen in case of third-class. Thank you. Okay, let's let's all spend to take this question actually we disclose the same application in QINR22 financial and there are further opportunities on our balance sheet which we are evaluating for the address and we will decide on this issue in our year-end financial. Thank you. The next question is a follow-up question from the land of Khabicic Andre with UBS. Please go ahead. Thank you. Just one follow-up please. In terms of the other headlines that we saw today with you looking for, monetizing the defense type business. And it's still the case that you will prefer strategic partner who would help you develop this business from a minority perspective or are you, you know, are you in a different place compared to the past couple of quarters where you were kind of suggesting this would be the preferred option. Thank you. Okay, thank you. First of all regarding the monetization or strategic partnership things. It was secret. It was, you know, we were talking about super online. We were talking about our tower business. We were talking about pay sale and fin tech side. So I think this is good opportunity. and we are planning to offer minor mistakes and the partner we're looking for should ideally be able to contribute to pay such growth story. Not only provide growth capital, we should be able to share more how make expansion plans and make sure that the business further evolves and potentially get ready for an IPO in the next couple of years. Thank you. The next question is from the line of Dimirakkayahan with AK investment. Please go ahead. >> Hi, thank you very much for this presentation on the pace outside. Do you have some kind of the validation range for the state sale. And the second question related to the first remark about the equation I'm pricing and the return inflation I am I'm sorry to you expect the blinded article that means to call merge to somewhere close to the inflation. And the third question is about the opinion operation. I think for the past couple of quarters. the operations are performing quite well. I mean, could you give us some color on that? I think by future, they'll be subscribed, revisions are strong, because of the market shareings are more market growth. Thank you. Thank you, everyone. First of all, regarding PESA, obviously one of our PESA is one of our most person and very well-asset. Not just, just, but also, we have other assets as well. We disclose the companies, financial and operational metric, every quarter-year presentation and quite, we work quite, you know, open to the market as well. And we all know the fintext and payment companies around the world enjoy the quiet high multiples and thanks to their disruptive nature and unique growth profiles. And these companies are mostly having negative habitats, which makes their relation to be based on their revenues. But our place has a positive habitat margin with strong growth profile. Thanks to its diversified business model, involved in group and non-group revenue, as well as individual user and merchants. Both in terms of revenue growth and EBTM margin, pay sell is a unique business. So everybody can do the math for the valuation by using the global revenue and EBTM multiples. That's the valuation of pay pressure global average. Regarding about inflation pricing, R2GR and so on, I think I tried to explain that we would like to keep R2 in line with the inflation increase. As I said, our initial plan was not expected that much increase on the inflation side. So to be able to adapt the inflation increase, Sometimes we need time. So I believe that we're going to catch the inflation. I hope the inflation is not going to go same-sense speed as we see today. So we can catch this in a while. But on the other hand, we shouldn't forget that you're gaining customer. Two and a half million customers from year at the beginning of the year. So this customer, when we get the customer, we put them into the system and provide upsell opportunities for this customer and sell other products like pay-sell, digital services, TV, and so on. So it will take some time to get acceptable or reliable for the customer who comes recently. So we have quite important system in terms of using AI and other technologies, customer, center, and so on. We'll get to the acceptable levels. Regarding green operation, this is not the result of last quarter. We have focused on Ukraine last couple of years. We invested in the area where we have weak nettor and captured the customer. So we probably going to continue on the customer side in a similar level, but I would like to remind that our subscriber growth is 14% year old year. Our R2 growth is 9%. It's a bold information of Ukraine. Plus, we are being better than the competition and we are gaining market share in terms of revenue in terms of customer as well. And we're growing almost double personsage point versus the competition. So we're going to keep grabbing market share and our expectation is there as well. Thank you. And as I follow up on the subscribers edition of the Insta, we can return to the students' behalf of additional European press, one million, very early on the understanding of the number for the next year. To be honest, we are in telecom business, we are in technology business, we are in services business, and we are in tech field business, and so on. So to be able to successful on this area, you need to get more customers. So our gaining customers strategy will continue. We hope to see another million next year. As I mentioned this year, our funding here. And having such a customer is very important for next year, revenues as well. Because you gain this year. You spent subscribe and record this year, but you get the real revenue for next year. So I think the strategy is in line. We are executing well on the operational side and we hope to continue this level. Okay. Thank you and congratulations on the, that was outside. Thank you very much. Appreciate it. Ladies and gentlemen, there are no further questions at this time. I will now turn the conference over to the Turks of Management for any closing comments. Thank you. First of all, I would like to thank everyone to join our conference call. You know, hope to see you in our capital market days at the end of actually the beginning of next year. So thank you very much. Have a good day. So this concludes our call. Thank you for joining. Have a nice day or even in. Thank 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morning, ladies and gentlemen, and welcome to Siemens Health and Nears Conference call. As a reminder, this conference is being recorded. Before we begin, I would like to draw your attention to the Safe Harbor Statement on page 2 of the Siemens Health and Nears presentation. This conference call may include forward-looking statements. These statements are based on the company's current expectations and certain assumptions, and are therefore subject to certain risks and uncertainties. At this time, I would like to turn the call over to your host today, Mr. Mark Kubanik, head of Investor Relations. Please go ahead, sir. Thanks, operator. And welcome dear analysts and investors to today's call, also from my side. Our first quarter results were released at 7 amc.t this morning, and you can find all the material, presentation, earnings release, and the recording of the call on our IR webpage. I'm sitting here with Pat Montag, CEO of Cements Health and Years and your Herschmitz, our CFO, We will be taking you through our first quarter results in the usual detail. After the presentation, you will have the chance to ask questions. Please, may I ask you to limit yourselves to two questions each? Something's never changed. With this, I pass the word over to our CEO, that Montag bound the floor. It's yours. Thank you, Mark. Good morning dear analysts and investors. Thank you for dialing in and expressing your continued interest in Siemens Health in years. It has been a few months since we last spoke at our 2021 Capital Market Day. In case you missed it, beg then and have a few hours to spare, you can still watch it on our webpage. Let me start by shedding some light on our financial performance in Q1, which shows that we have to do with the help of our clients. been able to take the momentum from 2021 over into the new financial year despite a quite challenging environment. We increased our order backlog with an excellent equipment book to build rate at 1.2. This is for all segments roughly on the same level. Compel the revenue gross was strong with 9.5% driven by an excellent 20% growth in diagnostics, including 329 million euro of rapid antigen sales. Variant had a very solid start to the fiscal year and contributed 750 million euro to the revenue. Imaging continues to be strong with 6% compare the revenue growth and advanced therapies with 3% growth. The adjusted EBIT margin for the group came in at 17.6% in Q1. Foril exchange headwinds and currently higher procurement and logistic costs were mostly offset by a better than expected rapid antigen contribution. Our adjusted earnings per share increased year and year and was 55 euro cents in Q1. Free cash flow was strong with 556 million euro. We have raised the outlook for the group. In terms of comparable revenue, we now expect 3 to 5% growth from previous need 0 to 2. For adjusted basic earnings per share, we expect 2.18 to 2.3 euro cents from previous need 2 or 8 to 2.20. This increase is the result of higher than expected antigen revenues. We now assume 700 million of revenues out of rapid antigen testing in fiscal year 22. So while it looks like it's shaping up to be another successful year at Siemens Health Injures and Jochen will explain in more depth the numbers of this success food start. Let me recap a bit on what we told you at our capital market stay. What makes Siemens health in years so you need. The basis for our success is the set of unique capabilities which we have systematically built in the past years. A set of capabilities which we keep strengthening every day, patient-winning, position therapy, and digital data and AI. Patient-twending means adding more effective and efficient ways to accurately describe the state of an individual patient. Having the ultimate vision of a digital twin of a patient in mind, on which diagnosis, therapy selection, and response control can be based very individually. This is why we drive imaging to new levels of insights, developed new diagnostics tests, and work or making imaging and diagnostics more productive and accessible. Position therapy means using cutting edge technologies to deliver individualized therapies, often with sub-millimeter accuracy, whether it's cancer, neural or cardiac disorders. The importance of precision in treating patients is what makes variants or unique in cancer therapies. It is also why advanced therapies is focusing on making more and more procedures minimally invasive by image guidance and robotic assistance. Precision improves results reduce the side effects in short makes therapies better for patients. Our third strength is our unique competence in digital data and AI. It is key for scaling the application of technological advances for having the next patient benefiting from the knowledge generated by diagnosing and treating millions of patients before, and for connecting patient training with precision therapy. Our unique capabilities allow us to pioneer breakthrough innovations to fuel further growth. Let's look at some of the most recent examples. First, the Magnetone FreeMux, our lightest, smallest, and most cost-effective MR system. The Magnetone FreeMux comes with a basically helium-free technology that significantly reduces total cost of ownership, and therefore makes MRM more accessible and consequently improves access to high quality diagnosis globally. Since it's launched, we have seen more than 50% of systems being sold into new markets, that means into settings where MRM could not go before. By a decisions are driven by favorable infrastructure requirements and ease of use, especially for those first-time users. It was released in August 21 and we see a steady order ramp up also for the little sister, the Magnetone Free Star. The Neotom Alpha is the first FDA cleared photoam counting CT on the planet. After more than 15 years of development, over 280 patents and over 100 publications, we have successfully launched Neotom Alpha on November 18, 2021. Described by the FDA as the first major imaging device advancements for CT in nearly a decade, Neotomy Alpha is seen an impressive customer interest in both private and academic institutions. Our customers confirm that Photon County technology has the potential to become the new global technical standard in CT in the decades to come. More than 35,000 patients were already scanned using the new system as of today, and we started to book orders in fifth year 21 for a selected customer group of early adopters already. A telecast C.I. 1900 Attellica Solutions little sister is targeted towards mid-sized labs, up in spoke settings and the emerging countries. It brings the Attellica philosophy of combining quality and throughput to even more customers worldwide. Speaking of Attellica, in Q1 we were capable to sign a contract for more than 40 Attellica Solutions analyzers with assent in California, making in one of the country's largest single site at helica solution locations. During the page over to position therapy ethos, our AI-adriven adaptive radiation therapy system provides data-driven personalized cancer care, with maximum impact by minimizing side effects. Since launch, we have booked more than 110 orders for ethos already, around 15-50 systems I installed with a remarkable number of over 15,000 adaptive sessions since launch. And with core path, here on the way to advance endo-verscular robotics to better and more accessible state-of-the-art stroke treatment. All of this is enabled by the glue of digital data and AI, like our AI-Red companion or variants on Caller G as a service offering. As an example, the advanced clinical decision making with a comprehensive AI powered portfolio with our AI companions providing solutions for anatomies covering 35% of imaging procedures. By 2025, we aim to increase this number to 85%. The Espresso Innovations are our unique capabilities and the focus and scale of our broad products and solutions from for you allow us to benefit from and to contribute to the three company-wide growth vectors that we presented at our capital market day. These growth opportunities include fighting the most threatening diseases and abling efficient operations and expanding access to care. Our unique technologies and competencies are tackling exactly these opportunities and we tirelessly strengthen them even further. As a result, we will have even more impact on global healthcare and accelerated growth. And by we pursue these three company-wide growth-makers each segment keeps a razor sharp focus on its respective targets and contributes to our midterm targets that we presented at our capital market state. As a reminder, we aim to grow our comparable revenue growth by 6 to 8% per year and our adjusted EPS by 12 to 15% per year in the years from 23 to 25. Twitly turning to Raryan, I highlighted already before the incredible success of variant with the rollout of ethos taking a lead in the adaptive therapy market. However, besides this variant also delivered a very remarkable quarter. Variant had a very solid start with a very positive revenue growth across all regions, with revenues reaching 750 million euros. At the same time, variant has been capable to further expand its strung order backlog. with an equipment book to build of 1.23 in the first quarter. Documentation of this strong performance are two notable long-term partnerships we signed with the Oulu University Hospital and the US on College in network. The partnership with Oulu University Hospital in Finland is a ten-year strategic partnership to build a comprehensive digital diagnostic and therapeutic ecosystem that addresses the entire cancer treatment pathway and advances the quality of care for cancer patients in northern Finland. Through this partnership, variant and Siemens Helfinius will provide a ULU University hospital with a technology and services package. that includes both imaging and radiation therapy equipment for cancer treatment, software solutions for improved workflow and decision support, and a range of services from equipment maintenance to staff training and workforce development. This is just one of many proof points of combined deals that we have in our pipeline. So stay tuned for more combined deals to come. At the same time, during the quarter, variance signed a multi-year agreement with the US oncology network further extending the existing partnership. The US oncology network is the largest network of community oncologists in the United States. The agreement includes software service and equipment solutions across the US including service support for over 150 linear accelerators. Also in terms of profitability, variant achieved a strong quarter. Within adjusted EBIT, of 117 million euros and a margin of 15.7% variant is already right in the middle of its margin target range of 15 to 17% and therefore very well on track to deliver on what we have committed. So before I handed over to Jochen for the financials and and our updated outlook, let me just say, how proud I am on how we have achieved these challenges in China and that we consistently work and deliver on our target to pioneer brain fusion healthcare for everyone everywhere. And with this over to you, Johan. Thank you, Band. And also, good morning, everyone. Also for my side, glad that you are joining us again. Let me take you through our financials of our first quarter in fiscal year 22. As a band highlighted before, we see the momentum from fiscal year 21 to continue in the first quarter of our fiscal year 22. Let me start with giving some colour on the dynamics in the equipment orders first. We continue to pose very good equipment all in take growth in the high single digits, a very healthy dynamic both year over year as well as sequentially, underpinned by the again very good equipment book to build of 1.2 in Q1. In revenue we also continue to see good underlying review rules, growth, ie, excluding rapid undergene revenue of 4.5% growth with growth across the board. This is particularly good when you take into account that we grew by around 10% ex-antigened last year, and this again was on the last quarter in fiscal year 20, which was not impacted by the pandemic. This is for me a clear testimony not only to the accelerated gross momentum, and at the same time, S and S important to our unique resilience in extremely challenging environments. In particular, the appearance of the Omicon variant has celebrated the momentum of the antigen business in Q1 with 329 million of revenue, primarily in Imia, which brings us to the overall 9.5% Comparer revenue growth. Bear in mind that we received the EOA approval for the US market only at the end of December. Therefore, we did not see US revenue from the antigen business in Q1. I will talk later in my presentation in detail on what we have assumed for the antigen business in the remaining fiscal year. In the geographies, we also see the very good underlying momentum continuing. Also in China, which saw very tough comes in the prior year quarter. Last year in Q1, we saw significant equipment growth in China due to government backed preparations for pretend to be a good result. back preparations for potential second COVID-19 wave. In Q1 we also saw tailwind from foreign exchange translation around 3 percentage points so revenue in Q1 grew by around 12 percent if you take out portfolio effects only. This grows we saw also drop through to the bottom line with 12 percent grows on our adjusted earnings per share this quarter. Obviously there were some moving part in between. The adjusted EBIT margin came in at 17.6% below the stellar prior year quarter. Bear in mind that last year's Q1 was exceptionally good since we posted the highest margin on the fiscal year into 1 which is quite unusual so we see some degree of normalization in the Q1 margin this year. On top of this we saw two major headwinds this quarter. Headwinds from foreign exchange on the bottom line. And currently higher costs from procurement and logistics related to the current situation of global supply change in the COVID-19 pandemic. On the other side we saw tailwinds from the higher rapid antigen contribution. I will talk in more detail later in this presentation on the different profit impacts this quarter and what to expect in the course of the remaining fiscal year. Below the A bit line we posted -30 million euros of financial income, which was above our normal run rate for interest expenses due to a negative impact from the variation of smaller equity investments. We continue to expect the targeted 50-70 million expenses, financial income net for the full fiscal year unchanged to our guidance from early November. Tax rate came in at 29 percent slightly above prior year quarter. Regarding cash, with also very strong start to 50-20-22 in generating free cash rule. With a strong free cash generation of 556 million euros, Despite significantly higher bonus payouts and the ongoing changes in the supply chain with its impacts on inventory levels. This was largely driven by excellent cash collection. Now let us have a look at the dynamics in the different segments. Bear in mind that variant has no comparable prior year quarter yet and therefore is not included in the comparable gross numbers yet. We will include variant in our comparable goes from Q3 onwards. There's now a look at our segment performance. As BANTS has already covered variant, I will commend the remaining 3. Imaging continues to be strong with 6% revenue growth driven by very strong growth in molecular imaging, CT and MRI on the the back of very strong prior year growth, fueled both by healthy underlying growth in the core business, as well as some pedevic related demand. On the adjusted EBIT line, imaging showed the good performance of 20% margin. However, it was 340 base points below prior years record margin, partially due to headwinds from foreign exchange and procurement and logistics costs. our marketing and sales activities for the new proglonches in the first quarter also impacted the margin slightly negative. Diagnostics showed excellent growth driven by rapid antigen sales as well as a very solid core business growth. Given the normalization of the test volume for routine examinations, excluding the rapid antigen contribution core business, Continuous with solid growth at more than 3%. On the margin side, profitability was up by 530 base points year over year from the highly-acreative rapid-entrogen business. Excluding antigen, the core business sustained solid underlying profitability. I will give more detail what this means for the diagnostic performance going forward on the next slide. At the same time, the oil system is on impact of around 300 base point headwinds from foreign exchange and procurement and logistics costs, which were overcompensated, obviously by the antigen contribution. Advanced therapies saw 3% growth in squatter, a decent performance on a strong comparable of 6% in prior and almost 10% in Q1 of this career 20. Despite a softer growth quarter, we see advanced therapies well-entracked for growth this year with a healthy order backlog. Q1 margin in advanced therapies was down to 14.3% in Q1, versus a very strong prior year quarter, and in the guided range for this history. In this quarter, the margin was negatively impacted by the headwind from foreign exchange and procurement and logistics costs of around 150 bips and also by ongoing investments for corin�us. In our diagnostic business, we now assume a higher rapid antigen revenue contribution of 700 million euros in fiscal year 2022. up from previously communicated 200 million. Since our fiscal year 2020 to 22 outlook announced, in November, the situation has changed significantly with the Omikon variant wave. Adding to this, we have received the FDA Emergency Use Authorization Approval in the United States, states, Both was not factored into our original guidance. The team worked very hard to get the US approval and meet the additional demand which arose from this opportunity. However, the full year visibility of on the testing demand is still relatively low in the situation is still very dynamic. Based on the trends we experience over the last years we anticipate strong demand and Q1 and Q2 and then softening demand during the summer month. Additionally, pricing has come down substantially for tenders in Germany, and considering we are not the only player to receive the U.S. approval for its COVID-19 antigen test, we should see how pricing and volumes evolve over time in the United States. So the overall market becomes more and more competitive, tip, this market capacity overall. Therefore, we expect revenues to decline sharply in the second half. Profitability and development is largely a result of the development in volume and prices. We expect profit accretion from rapid antigen peaking in the first half to then decline sharply in the second half due to the expected lower demand and price erosion. Finally, a few comments on the Q1 performance of diagnostics core business. excluding rapid antigen margin and creation we continue to see that the core business is developing according to our plans with a solid underlying profitability. And this needs to be evaluated, taking into account the current global supply chain challenges. Taking everything into consideration, we can be very happy with a steady improvement in our diagnostic segment. We continue to be on track with our plans to turn around the business. Now let us have a closer look at the different profit impact that we expect to be more mature in this fiscal year. You see on this slide, the four topics that we can't really consider material, and they year over year impact on adjusted EBIT in the first half in the second half of this fiscal year. And you also see that they all have somewhat different profiles in terms of year over year comparison over the course of the year. Let me start with what we just talked about, our rapid antigen testing. We expect a very positive equation in the first half. You're turning into a very negative year we are in fact in the second half to do the slowing demand. And at the same time comparing against the very strong second half of last fiscal year. Regarding foreign exchange, as said before, We see a translational tailwind of around 3% points of the water, particularly from the strengthening of the US dollar, and we expect this to continue throughout the year. However, since we do hedging on a rolling basis for 3-6 months forward, the impact of the EBIT line is usually trading the top line impacts by the set 3-6 months. Consequently, we expect a negative impact from foreign exchange on the first-year-old. have bottom line turning in second half. The topic of impacts from incentives followed as during the course of last year. So let me start that the updated assumption for a rapid antigen for this fiscal year is already fully reflected in our books. Also group incentives related to antigen are kept this year. So any incentive impacts from antigen will be limited to the diagnostic segment from now on as the newest assumption is already beyond the set cap. For fiscal year 22 we expect an overall tailwind from incentives skewed towards the second half. We expect the tailwind in the second how the fiscal year to be larger since we booked in last year's Q4 the employee bonus provision of 56 million euros. The tailwind from incentives in Q1 was largely compensated by higher travel and marketing costs. And now to the impacts from procurement and logistics costs, we related to the current situation of global supply chains. We are aware that this is a big topic currently also in the capital market. So let me give you three main messages that sum up our current situation and what we expect for the remainder of the year. First, very important, we did not see material impacts on our revenues from supply chain issues so far and we assume that we will not see material impacts going forward. Obviously, there is uncertainty from the future development of the pandemic and for example from new variants which we cannot foresee. Second, we see the headwinds, mainly in procurement logistic cost of around a hundred base points in margins, year over year, skewed towards the first half of the fiscal year. These headwinds have two main driver. One driver is priced increases due to shortages, most notable in the electronic components and in certain raw materials like methods. The other driver is logistic cost, including structural changes, E.G. switching from C to air freight, and mitigation measures in our manufacturing to secure production. And this brings me to the third message. Thanks to our team we have been managing these challenges extremely well so far and we expect to continue to manage the situation well going forward. Our procurement, manufacturing and R&D teams were closely together on mitigation and new solutions working together with our suppliers who are closely integrated into our value chain. albeit we manage the situation relatively speaking very well. The 100 base points year we had to end now reflects the intensified global supply chain changes and of course this is also reflected in our updated outlook which brings me directly to the next chart. We raised the Outlook for fiscal year 2022 due to the new assumption of 7 million euros for rapid antigen revenues in fiscal year 2022. Consequently, we raised the revenue target for diagnostics to low single digit negative growth. This raise the Outlook for the group to 3 to 5% comparable revenue growth. We also raised the outlook for adjusted basic earnings per share. The range for the adjusted EPS is now between 2 euros and 18 cents and 2 euros and 30 cents. This new range obviously includes the different profit impact that we have discussed before. UG the headwinds from procurement and logistics costs as well as the higher rapid antigen contributions and diagnostics. This results in a net impact of around 10 cents. Higher outlook by which we increase the outlook for adjusted earnings per share. The diagnostic margin in 50 or 20\/20, 2 is now expected in the low teams driven by the higher contribution from the rapid antigen business, and all other targets for the segments, and the other items of the previous outlook remain unchanged. One comment on the margin target for imaging and the range of 22 to 23%. We currently expect the imaging margin to be around the lower end of the range. Many do to the four mentioned headwinds from procurement and loses the cost. This reflects an element of caution. in this uncertainty, especially how had winds and mitigation measures replay out in the second half of the year. Let me also add a comment on what we expect in Q2, where we have obviously better visibility, for Comproberar and New Girls, we expect momentum from Q1 to continue into Q2 for all segments. On the margin side, we expect imaging margin into Q2 to continue to be somewhat below the 22 to 23 margin, 23 margin range whereas we expect the other segments, some more pressure from procurement and logistics. So margin in the other three segments might end up around, was slightly lower compared to Q1. And with this, I close my presentation and end over to you Mark for Q&A. Thanks, Jochen. So I will be obviously managing the Q&A, but let me just hand it also briefly to the operator to start the Q&A session. Thank you gentlemen. We will start today's question and answer session where we would like to ask you to limit yourself to two questions. If you wish to ask a question, please press the star key followed by the digit 5 on your telephone keypad. Again, ladies and gentlemen, please press star 5 on your telephone keypad. So great. I see your lining up here. First call on the line would be Veronica DeBiova from Goldman Sachs. Veronica, your line should be open. Please ask your questions. Hi, guys. Good morning and thank you for taking my questions. I have two please. One is on the COVID-19 guidance. So, you've already delivered 329 million of sales in the first quarter. I'm just looking at the 700. It seems to me like there might be some room for outside, even just thinking about the second quarter. So, maybe you can give us a little bit of your thinking on why two two shouldn't be, at least, as good as two one and in that context. Why the 700 might be a bit more cautious. I know you mentioned pricing, but I'm just curious. in terms of demand if you can give us a little bit of insight into what you're seeing at the moment. That would be my first question. And then my second question is on the imaging margin, obviously coming in at around 20% in Q1 and a sum in Q2 is similar. That does leave you quite a lot of work in the second half to do how much visibility do you have on component pricing and transportation costs as you move into the second half of the year. the air have you been able to walk in some prices there that help you and therefore, you know, how the risk is that 22% on a full-year basis. Thank you. Hello, Vena Veronica. Thank you very much for the good questions. On, let me start with anti-gen first. As you know, we were always relatively conservative with assuming in our outlook an anti-genrevenue portion. And we have good visibility on the 700 million. And I would also expect to see a relatively similar level of revenue in Q2 as we saw in Q1. At least, and this leaves them some trailing our antigen revenue for the remaining quarter. That is our current thinking. There are a lot of variables still open, you have pricing, availability, channel development in the United States. Another things. which let us to give you, I would say, a very balanced guidance for $7,000,000, or a assumption for $7,000,000 in our outlook. On the imaging margin, when you asked you several questions around this, Last year, you saw quite some, I would say, spread in the margins, from 18% in Q3, up to, I think, 23%, 24% in the highest quarters. and we started now with an ended up on average with 21%. We started now with 20% with significant headwind from foreign exchange as well as for human and logistic cost. When we expect those for human logistic cost to be skewed to work the first half of the fiscal year, this is our assumption. Visibility is not super great in this regard, but this is what we can't assume. And when we have a clear plan to get to the lower end of the range as I highlighted. But visibility is beside backlog. We have good visibility strong. I would say. which says, \"This strong security on the top line.\" I think we still have some limited visibility on certain cost items. But I'm still confident that we can reach the lower end of the bed. Very clear. Thank you so much, Yohan. Thanks, Veronica. So then I would head over to the next, first on the line, this would be Patrick Wood from Bangalore, Patrick, you should be live now. These ask your questions. Perfect. Thank you very much for taking my questions. I guess the first one predicts the on the margin side. I'm just curious is to, you know, you clearly have quite a lot of offset work going on within the business to manage some of those increased costs. Just curious what are some of the things that you're actually doing within the business offset those costs? some details that would be great. The other side may be actually on the demand side of things, you know, the near-tom, good to know it's in the early, early launch phases with early adopters. But if you were asked when should we expect it to become more in a full commercial launch? Is that a, you know, really back off of this year or, you know, when do you feel you're going to be able to put more, more of the pedal down and push the product in a more aggressive way? Thanks. You're petrary. So maybe I will rephrase the question here. How do we offset the cost any the other thing is also how do we how do we preserve margins here because margin is the difference of price and cost and. And I mean one big topic is of course to very carefully manage pricing, yeah, and also to make sure that we use our pricing power. And there I have good signals that we also make good progress on that front. I mean we see it also in the order book that pricing quality is good. So I'm don't only look at the cost right here. And when it comes to the component supply aspect, I believe that we are getting into more. stable waters, which will also help to ease the effect from there. But in the end, I mean, I think please bear in mind two things on the one hand. I think we did a great job. Also compared to some of our competitors in safeguarding the top line, which is I think the first and the top pick to achieve here. And secondly, we will manage very carefully the cost implications, but on the other hand, there is a big topic in the in the in the in the income supply sink power. And also passing some of these effects on sort to say. When it comes to the photon counting, I mean this year is the year of a rollout to selected customers. There we will, so that the, I mean early commercial rollout I would say, the full commercial effect you will see in the next fiscal year. But what we see so far in terms of interest in terms of also real demand, but also in terms of price realization is very, very encouraging. maybe one other aspect on that margin topic. We have made a deliberate decision to have a clear prioritization to be able to deliver our products to our customers. can't be that this doesn't come for free. We need to be clear about this. This is a deliberate decision. And that's also why we can't do not see any material impact on the top line. Because of the strength of our team, but also based on the decision we made. And I think we feel so far relatively in a relatively terms speaking comfortable with that decision. And we will obviously observe it very very carefully. If things would get out of control in this regard, we might need to do the different things differently, but we don't expect this to happen. - Thank you. - Thanks, technical questions. - Okay, questions. So, next one on the line would be Lisa Clive from Bernstein, Lisa. Line should be open. Please ask a questions. - Hi, there, I have two questions on that. I need business. First, on your U.S. and to the Gene revenues, are you selling to specific government programs? programs, or are you going to pharmacies more of a sort of direct to consumer approach, just curious to the channels and whether you may expand that over time. And then second question just on the IDD business ex. And Jen, night to hear that there's some decent revenue growth and margin improvement there. If we think about the underlying demand for sort of routine task. How close are we to getting back to normal volumes or we at sort of 85%. or that more or less than that, thanks. Let me go first here. I mean the primary customer group when it comes to intelligent testing or rapid testing the United States is, it's, it's a large customers, you know, and we are not, we don't have the channels here and not the ambition year to go into a scattered, real retail space. So number one is of course the big government programs and this is also what our strength is and has been in Europe. We have the claim to fame after a few years as a super-agical company was to make sure to deliver big quantities of super reliable tests with high confidence and certainty. So in terms of millions of tests which need to be delivered at once and this is also one aspect we are now living up to in the US when it comes to the government program. We are also looking at larger retail chains and we'll see how that how that market develops. But that is currently baked into our into the forecast of the 700 million. When it comes to the core business, I mean yes, it had a in diagnostics. I'm very happy with the with the start we had here. It shows a nice continuous. of the trend of a step by step. Improvement towards the targets we have set for this business. When it comes to how close this business is to the let's say pre-pandemic levels. I think it's pretty, I can't give you a clear number. I mean, number. I mean, it is more in the in the in the 92 to 100% normal. Yeah. But what you still see and which is which is when you double click on it is. That when it comes to the testing menu, yeah, there might be some shifts. Yeah, compared to what normally has been done compared to two years ago. ever, maybe two years ago, more wellness tests. And now there are still more secondary COVID related tests, which are baked in, because of some COVID related comorbidities, also. But overall, we are largely back to normal situation in that business. Okay, thanks for that. Okay, next one on the line should be James from Jeffries. James, your line should be open, so please ask your questions. I thank so much. It's a James A. and Tim Piss from Jeffries. Two questions, please. So, just on procurement and logistics, and you mentioned you don't have a lot of visibility, so I'm just curious what's changed in the past three months when you first gave guidance, you know, where were the additional pressures which weren't initially anticipated. And without that visibility, how do you have confidence, we weren't the additional pressures in the second part of the year. And then my second question is just on very, actually, I think, you know, you said it's gonna be, you know, include in comparable sales growth from Q3 this year. I think we just looked back a bit. I think in Q3, before I think you said it around 17%, I can't remember the Q4 number of stuff in my head, but from April, I think you sort of slow teens to expect. So just want to be in your perspective, what about what was in Q1? So we can see the trajectory for that. Thank you. Thanks for the question James. I think what has changed since the initial assumption was that I think we we saw would say the shortages and the necessity to buy At sport rates certain components has increased. You know, but if to where we stand at early November Secondly, as I said before and we deliberately made the decision to prioritize the ability to be able to deliver to our customers. And by this we had to do because of the difficulties, because it's not only price of components, right? When you have shortages, you also need to be super agile and flexible in your internal processes, which sometimes also lead to, I would say, to certain disruptions in your internal processes. which might also lead to later ability to manufacture things. And therefore you also have certain logistics challenges following up. And that's also why it's that structural changes from C to air freight and things like this. And I would say the tension just increased across the board. But as Bern said, to have what we currently see is that we see a stabilization of some in particular in on the supply side of component, which gives us, I would say, some confidence in being able even to manage that even even better than we have already managed it today. And there's also the learning curve, we can't leave walk through, we are being under this pressure in the organization, it's helping to optimize our internal processes according to the challenging environments. On the very inside on a pro-former basis, the growth rate on revenue and into one was in the low teens again. And yeah, that's why it's super strong start. Fully in line what we have guided for, for varying for the full fiscal year. - That's great thinking. - Thanks James. So next one online should be Julianne Dunwoa, make sense to you, you should be live. - Hello, good morning, darling. Good morning, your own things. Thanks for taking my questions. I have to the first one and sorry if you mentioned and your credit remark, but then the line was a bit patchy, but it relates to the diagnostic margin excluding the COVID contribution. I think you have a guidance for fiscal year 2022, which is to reach a mid-singled digit to high-singled digit margin for the underlying diagnostic business. So just curious whether that was in the Q1 margin was in line with that guidance or maybe marginally above, and any help in understanding the profit of each of the COVID tests. In Q1, we would also be helpful. I think you had previously indicated that the pricing had been really hard, so in some instances, we would just need to understand what the profit of the underlying business and the COVID test is possible. And second question relates, sorry for that again, to the logistics and procurement costs. It's small looking at the midterm guidance that you have indicated that your capital market is the back in November. You have said that you expect an improvement on that side in age 2. So, you would say that there is nothing strict role there that could prevent you from reaching your meet-to-end items both in ageing and diagnostics for the next few years. Thanks for the questions. As you rightly said, our guidance for the diagnostic business, our core business, for this fiscal year is on the profitability side, mid-singer digit to higher single digit. And we were at the lower end of this range in the range, but at the lower end also due to the fact that we had significant as we highlighted, significant headwind from foreign exchange. from foreign exchange as well as the procurement and logistics cost behind. In diagnostics, it's primarily the registered cost calendar. And we feel well on track to get to stay in that line and see progress as we proceed through the year. On the procurement and logistics front. I do not see this as a critical item for the business. or midterm targets. We consider this temporary problem which should be dealt with over time. And as Band already said before and we have also mitigation measures when you extend this topic, not only to COVID-19 but also to the inflation topic that we can also in a very meaningful way address it by by significant price discipline. And we have initiated the measures and we will see we expect to see also benefits from this kicking in in the in the in the in the in the in the in the in the in the in the according to when the the all this coming in and turn it into revenue and more in the later end of this fiscal year and then in the next year. Yeah. Okay, thanks for your. Then I would pass it over now to. Asam from Barclays. Asam your line should be open. I can't hear you. So, I'm just a second. I don't know if we have any technical issues here. Maybe just a second. Hassan, I hope we get you into the line in a second or two. Please record your name after the tone and press the pound key. The conference is in presentation mode. Okay, so we try it again. - Is in the conference. - Your life now, Hassan? Give us-- - Yes, I can hear you now, Mark. Thank you. Brilliant. I have two questions please. So firstly, just to follow the comments on the top line, your competitors have clearly seen Edwin's and have talked about this third installation. Is this something that you're seeing at all, or is this getting worse in fiscal Q2? And then second, could you elaborate on your comments on pricing, but then whether you have a meaningful ability to offset, costing increases and pass them on the customers or are using overall level of pricing deflation? Thank you, Hassan. I mean, first of all, and here I coming back to your points point, I will say, we've made a decision to deliver on the other hand. I have the ability to deliver him, which is I think something which sets us apart. And because here really this organization does a wonderful job in extremely quickly reacting new to new situations. I mean it's similar to us or what we do in the antigen tests and so on. Yeah, so it is very very encouraging and I'm very proud how the organization is. So it is very, very encouraging and very proud how the organization is dealing with the topics. When it comes to, I mean, your question is more about, I understand as outbound logistics, yeah, the question of is customers ready to take the orders and so on. So here we are very flexible and reacting and prioritized one customer over the other. We see the confidence when it comes to the visibility we have in turning the order book into revenue. also in the short term that this challenge is not increasing. So, and you can trust us here, the way we were able to handle it and can continue and here we really stand out in the market and to some extent our ability to deliver helps us to even gain share. Yeah, because some of the delivery times of competitors are just not what the market accepts. And that brings me also to the other topic and it comes to pricing. It is, of course, the sum of the pricing, which we have, is set by the point of the order and take. And as you know in our business, typically on the imaging side, orders the time between order and revenue between book and bill is in the range of 6 to 9 months. So that means that pricing measures, which we have initiated and which we see in the order book here, will also materialize towards the second half of the year. And we see a good acceptance of this book entirely so to say in the Salesforce but also that when it comes to customers. So, as a last point, please also bear in mind here, about 50% or more, 55% of our revenue is recurring revenue. and especially when it comes to the service aspects here, we have also price adjustment clauses and so on and are also protected. When it comes to inflationary tendencies here. - Thank you so much. - Thanks, Hassan. Sorry for the technical problems. So now we hand over to Daniel Vendorf. You're the second but last one on the queue. Daniel, your line should be open. He's asking questions. - Yes, good morning everyone. I hope you can hear me well. Thanks for taking my questions. I have a question, the first question on the variant top line development. Maybe you can tell us a bit how the combination now with very important part of the mincelle finiers helped. To that, if at all, and maybe give a few examples of what really drove the revend line, if it was a bit odd, but being part of the mincelle finiers. And then I have a question on the Attelica loader with throughput solution, the CI 1,900. And what is the key marketing message you would cast a mess here on this front, given that the, then market is like a different competition is slightly different. So what is really the key thing standing out for the Attelica solution in the net to load to meet the segment. Thank you. So I think you're looking at Adverian. There is on the one hand when it comes to the revenue development. Very very very strong. A recovery of the business. They are coming from from from the pandemic. And which which on the one hand is triggered by. by very, very strong competitive situation of variant as a important quote, stand alone business. But in addition, and that's what we see on the order book. We see many deals, some of them have already been booked here, like the one example I gave on Oulu in Finland, but many are in what we call the funnel, which is the project, the Salesforce is working on, where there is a super-encouraging, and momentum across the entire globe in the sales teams to team up and to work jointly on opportunities. And that goes in both directions. This can be a specialty on quality customers who are strongly tied to variant, or have strong connections, who now want to go into the relationship to imaging. And it can be using the strength we have in sea level relationships as Seemma's health in your classic, if you wish, to pull in the variant team and to use this additional, additional effect. It is using our strength as Seemma's health in your classic, again, in parts of the the world where variant hasn't been as strong, in terms of sales presence sometimes not even having a direct sales force. So here we are extremely positive about the internal momentum and it also shows in the numbers and looking at the order book we see. I mean, it's not only a very strong start on the revenue site in in in in variant with the 750. But you need to look at the book to build of 1.23 years, so that the orders have been even 23% more than that. So here, I can't really vary very strong and I'm very very bullish when it comes to this. Second question was, I have to see, what is the position of the product? Basically, it expands the philosophy of a tele-colution, which is highest throughput, highest quality, so highest quality test in high throughput. portia, so the unique mix we bring as Siemens Helfiniers as an engineering company in the lab, to new customer groups. And these are on the one hand, the mid-sized labs in the developed countries. Very importantly, help and spoke deployments that means hospital networks, who use, the quantum called big atelica atelica solution in the hub and the small atelica in the associated spoke places, which brings them on the one hand. So called recitaled concordance, the same test reciles, but also allows them to purchase the same reagents and so on. So this is a big requirement in the market. And the third. topic is an ideal system for labs in the emerging countries. Very good. Thank you. So now we and go to the last one for today that should last but not least. Farco Fidries from Deutsche Bank. Farco you should be live now. Thank you. Good morning. I have two questions. Well, please. Firstly, on your new imaging launches, how would you describe the replacement behavior of your customers in light of these launches? So is it that the replacement cycles might actually be shortened a bit now because your customers really want to get their hands on this new technology? Or is there not really the case? And then secondly, on advanced therapies, I can just provide a bit more colour on the underlying trends you see. at the moment with regard to the recovery from the pandemic and potential customer wins. And also, was there anything specific that stood out in the court? That caused the very strong performance in the Americas. Thank you. Okay, thank you, FICO on the imaging launches. I think they are coming in two different buckets here. On the one hand, when it comes to the, what we do with the magnitude of free max and also free star, which is the smaller version of it, this is about creating new markets for MRI. And it's bringing MR-2 places where they're very good and go before. So from that point of view, it is independent of replacement cycles. Yeah, to answer your question. Yeah, because it's so to say comes on top of the normal course of business. And we are very happy with what we are seeing that the products. Exactly. Do that. Yeah, bringing. MR to the outpatient clinic which so far only had CT or bringing MR to places in emerging countries which didn't do it or bringing MR to clinical specialties outside radiology. So irrespective of replacement cycle, this is typically installations where there is no MRI before. On the The photon counting CT, this is, I mean, I commented before I added that this is in the early phase of launch, where we have a lot of excited and exciting customers who are coming either from the academic medical center. either from the academic medical centers or in their repostigious private institutions. Here, the topic of a shortening a replacement cycle can definitely happen because one of the reasons to buy the product is to stay at the forefront of medical research. Yeah, this is more the academic medical center type of thinking or to be a quality leader in terms of what type of diagnosis you can offer as a private imaging center. Yeah. So, and when your business model is to be competitive and in early adopter because you are an innovator as an healthcare provider, it shortens the replacement cycle. And the good thing is, that this effect of shortening the replacements like will over time migrate into broader segments of the market. Yeah, because I sometimes use this a little bit maybe trivial analogy of comparing photon quantity to flag panel TV or to HD TV. When a technology like this is available, people make the decision to go to the next level product earlier, then the next generation offers just a little improvement. Maybe answer your question on the Americas. You just highlighted that the 80-edits strong quarter in the Americas. I think that is also, as you know, this is not a book and build business, business so it was nothing which happened at the end of the day in the quarter from a market success. This is success. We had over the last years with the strong order intake also on the AT side which then materialized in in the quarter as revenue and by the way it was across the board of America. This was was not US only. It also on on a much lower scale. Yeah, very good revenue growth in Latin America on the AT side. Yeah. So I think nothing what you can really point out to particular in the quarter, but it was a particular driver of the revenue line in the quarter. Okay, thank you. So this ends our call for today. Thanks for your participation for your continued interest in Siemens Hatheneers and your questions in today's call. look forward to seeing some of you on our roadshow in the next days or at the London Conferences early March or at the Barclays Conference and Florida in person maybe. Till then, stay healthy, you'll have to n' you're seen. That will conclude today's conference call. Thank you for your participation, ladies and gentlemen. A recording of this conference call will be available on the investor relations section of the The Seaman's Health and Use website. The website addresses, corporate.semen-healthandears.com\/investor-relations. [ Silence ] Please record your name after the tone and press the pound key. The conference is in presentation mode. The conference is in presentation mode. The conference will be on. healthenures.com\/investor-relations. Be available on the Investor Relations section of the city. Stay healthy. You'll have some esteem. That will conclude today's conference call. Thank you for your participation ladies and gentlemen. A recording of this conference call will be available on the Indian Ocean. 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and gentlemen, it is now time to start Sony Group Corporations F-I-213-3rd Quarter earning announcement. I'm Oka Da corporate communication. I'll be serving as Master Semonies today. The session is being held for journalist analysts and institutional investors to whom we have sent out invitations in advance. This session will be live well-cast through our investors' work. relations website. First, we have with us Mr. Totoki, Executive Deputy President and CFO, the Exchange Third Quarter, if I 21, consolidated results and focused for consolidated fiscal 2020-21 results. The duration is about 70 minutes, Mr. Totoki, in the following years. Thank you. I will cover the topics written here today. FI-21, 23 consolidated cells increased 13% compared to the same quarter of the previous fiscal year to 3 trillion 31.3 billion yen and consolidated operating income increased the significance 100 and the third-since, 0.3 billion yen, yield on year to 465.2 billion yen, both were record highs for the third quarter. Income before income taxes increased 77.8 billion yen, year on year, to 461.6 billion yen, a net income attribute vote to Sony Group Corporation shareholders increased 35.4 billion yen to 346.2 billion yen. Please see pages 3 to 6 of the presentation materials for a depiction of each profit metric adjusted to exclude one-time items. This slide shows the results by segment for FI-2123. Next, I will show the consolidated results forecast for if I 21. Consolidate the sales are expected to remain unchanged from our previous forecast of 9,900 billion yen, while operating income is expected to increase 160 billion yen to 1,200 billion yen. We have also upwardly revised our forecast for income before income tax to 1,155 billion yen. and a forecast for netting a matchebute would to Sony group corporations' shareholders to 860 billion yen. A forecast for consolidated operating cash flow, excluding the financial services segment has increased 50 billion yen to 940 billion yen. This slide shows our forecast by segment for FI-21. I will now explain the situation in each of our business segment. This game and network service segment, if I 21Q3 sells decrease to 813.3 billion yen, 8% lower than the same quarter of the previous fiscal year in which we launched the PlayStation 5 and sold major titles in conjunction with the launch. Operating income increased 12.1 billion yen year on year, to 92.9 billion yen, primarily due to a decrease in selling general and administrative expenses and an improvement in PS1. implement in PS5 hardware profitability, partially offset by a decrease in software sales. If I 21 sales I expected to decrease 170 billion yen compared to our previous focus to 2,3,730 billion yen, and operating income is expected to increase 20 billion yen compared to the previous focus to 345 billion yen. Total gameplay time of PlayStation users in December 21 was 20% longer than the same month of the previous year, which was immediately after the release of PS5, but gameplay time increased approximately 7% from December 2019, for quarter in which there were only a few major titles released within this was sorted performance. In the full quarter and March 31, 2022, we expect use engagement to increase further because the major first party titles horizon for being west and grand tourism a seven will be released. The PC version of God of War with the East in January 2022 has received high acclaim among the PC gaming community of training Metacritics Metascore of 93. Unfortunately, due to limitations on the supply of components, especially semi-conductors, and increase in delivery times, resulting from the disruption of the global distribution supply chain, we have revised our FI21 unit sales forecast for PS5 hardware to 11.5 million units. Demetations on the supply of components are expected to continue going forward, but we are continuing to exert every foot to meet the strong demand for PS5. On January 31st in the US, Sony interactive entertainment entered into definitive agreement to Aguaya Banji Inc. one of the world's leading independent game developers. With more than 900 creative people on staff, Banji has a track record of creating blockbuster titles such as Herald and Destiny. As a long-time partner of Banji, we have discussed various forms of collaboration with them in the past. Ultimately, we decided to pursue an acquisition because we gained confidence that we could grow even more by combining the corporate cultures of both companies as well as of a strength in the creative space. Once part of SIE, BANGI will operate as an independent studio and will continue to publish its content on platforms other than PlayStation. The total consideration for the acquisition is $3.6 billion and the completion of the acquisition is subject to certain closing conditions including regulatory approvals. calendar year 2014 to calendar year 2021, the size of the global game content market doubled. Driven by add-on content revenue from live game services, which grew at an average annual rate of 15% during this period. We expect this trend to continue going forward. Bandir has capitalized on this opportunity from an early stage by incorporating live game services into its premiere franchise Destiny, and it has accumulated a wealth of experience and superb technology in the space. The strategic significance of this acquisition dies not only in obtaining the highly successful Destiny franchise, as well as major new IP that the BNG is currently developing, but also incorporating into the Sony Group, the expertise and technologies that BNG has developed in the live gaming services space. We intend to utilize these strengths when developing game IP at the PlayStation Studios as we expand into the live game services area. Through close collaboration between BANG and the PlayStation Studios, we aim to launch more than 10 live service games by the fiscal year and in March 31, 2020. In addition, we view the deployment of a game IP on multiple platforms as a major growth opportunity for Sony, as has been the evidence by the successor PC version of the God of War, and the God of War and other first-party games through this acquisition we intend to acquire new users in increased engagement on platforms other than PlayStation, which were enabled to significantly advance our long-term growth strategy for further expanding ecosystem over game business. Cut the lies by the acquisition of Bungie, we intend to accelerate the growth of our first party games of 12-year-old, aiming to more than double the current amount by FY25. Now, I will use this conceptual diagram to explain at the high level how this acquisition will be treated from an accounting perspective. Bungie is a private company, the majority of food shares owned by its employees. So the payment of the consideration is structured to incentivize the shareholders and other creative talent to continue working at Bungie after their acquisition closes. Approximately one third of the 3.6 billion US dollar consideration for the acquisition consists primarily of different payments to employee shareholders. Conditional upon their continued employment and other retention incentives. These amounts will be paid over the course of several years after the acquisition closes and will be recorded as expenses for accounting purposes. We expect about two thirds of these different payments and other retention incentives to be experienced in the first few years after their position closes. Next is the music segment with those sales of visual media and platform decreased. If I 21Q3 sales increased, 12% year on year, to 295.9 billion yen, primarily due to an increase in screening. Despite the impact of the increase in sales or recorded music, operating income decreased, 4.0 billion yen, year on year, to 55.5 billion yen, primarily due to the impact of the decrease in sales of visual media and platform. The contribution to the operating come over the quarter from Visual Media and Platform accounted for the meeting is percentage of the operating income of the segment. If I turn to our sales expect the T-Inquiz, 20 billion yen compared to our previous forecast to 130 billion yen, an operating income is expected to increase five billion yen compared to our previous forecast to 205 billion. streaming revenue in Q3 continued to grow at high rate. 29% to ear on ear in record music and 27% ear on ear in music publishing. The recorded music business continued to generate major hits with an average of 36 songs ranking in Spotify's global top 100 songs during the quarter. Glover superstar, singer, songwriter, Adele's album, 30, became historic hit, remaining number one on the Billboard chart, who were consecutive eight weeks after it released in November. Next is the picture segment. If we're 21, 23 sales increased, as significant, 1141% ear on ear, to 461.2 billion yen. The primary duty to block-possure hit, spider-man, no-way home, emotion pictures, and the licensing of the popular US-Series, five-eld intervention productions, operating income. increased, a significant 121.1 billion yen year to 149.4 billion yen primarily due to the impact of the increase in sales and according to the 7.2 billion yen gain from the transfer of GSN gains which closed on December 6, 2021. If what 21 sales are expected to increase, 40 billion yen compared to our previous forecast, to 1222 billion yen, and operating income is expected to increase, 97 billion yen compared to our previous forecast, to 105 billion yen. Even when one time items like school that operating income this fiscal year is expected to be the highest ever for the picture segment. Spiderman, no way home was released across the US on December 17, 2021, and went on to record the second highest ever opening box office revenue nationwide. According to the most recent data, its cumulative worldwide box office revenue is 6 highest ever at approximately 1.7 billion US dollars. And it holds the record for highest crossing film in history of Sony pictures and entertainment. Other French researchers, Vino Mnet, they are being punished, contributed significantly to our financial results. And we are looking forward to the release this month of Uncharted, which is a movie version of a popular PlayStation game title. title. Despite our success, we will continue to pursue a flexible, really strategic going of world, as we have done by postponing the US release of Mobius, a new film from the Sony Pictures Universe of a Marvel characters from January day prog. this year. On December 22nd, 2021, Sony Pictures Networks India, a subsidiary of SPE signed a definition of agreement emerge. to merge SP and I with G into the dependent price. The merger represents an opportunity to further accelerate expansion and digitalization of our business by using the strength of both companies to strengthen our digital distribution service in rapid-ighoring India media market. We expect that the transaction will close in the Lada Hauhobi-Sviska year ending March of 31st, 2023 after obtaining approval of the G-Sciarholders and regulatory authorities after the transaction closes its view, will own the majority of the shares of the merged entity. Then the next is the Exonic product solutions segment despite the favorable impact on sales from foreign exchange rate to 3 sales decrease, 2% ear on ear, to 280-6.9 billion in primarily due to a decrease in the unit sales about products resulting from a decline in stay-at-home demand and a shortage in supply of components, despite the favorable impact of foreign exchange rates and an improvement in product mix operating income decreased. 23.3 billion yen a year on year to 80 billion yen primarily due to the impact of decrease in sales. If we are 21 sales expected to increase 80 billion yen compared to our previous focus to 2,3,6 billion yen and operating incomes expected to increase 20 billion yen compared to our previous focus to 2,10 billion yen. operating comm margin for this fiscal year is expected to exceed 8%. The efforts we have been making to improve up a hood review are steadily bearing crude. During quarter three, the impact of the rapid decline in TV panel prices on consumer market prices for TV was more limited than we originally anticipated and the shift to large size TVs increased primarily in the US, Europe and China. As a result, we are able to maintain the average selling price of TV as a fishery, the same level at the second quarter and the September 30, 2021. Nevertheless, we can continue to be unable to fully meet market demand in multiple categories, due to severe intentions on the supply of components. We expect this situation to continue to impact us in the fourth quarter and in March 3, 2022. We will continue to exert every effort to procure components as that will be one of the highest properties for this segment next fiscal year. Next is the imaging and sensing solution segment. If I 21Q3 cells increase significantly 22% year on year to 324.8 billion yen, primarily due to an increase in cells of high-end image sensors for more products. Operating incoming increased 13.3 billion yen year to year to 64.7 billion yen primarily due to the impact of the increase in cells or FY21 cells expected to decrease 30 billion yen compared to our previous focus, one trillion 70 billion yen. The FY21 operating can focus remains unchanged from the previous focus. Despite secure conditions in this smartphone market such as witnessed in the Chinese market and shortage of components, especially set of countries, the effort we have made here to expand and diversify with more of a census customer base as well as to cover our markets share on a volume basis or having some success. However, it is taking longer than expected to introduce the high performance high resolution custom sensors that we have been working on with Chinese smartphone market. So the speed of a development, resulting from an increase in added value products going into an extra school year will be slightly lower than the originally planned. Additionally, the train toward the Chinese smartphone market purchasing larger size segments for the high and products is improving after having segment. Due to the contraction of a business with a certain Chinese customers, expect the Chinese smartphone market to normalize in the second half of the next fiscal year. Since we feel better about the possibility of sales growth and the further market share expansion next this year, we will focus even more on increasing the added value of our products and the strive to improve profitability. On January 25, 2022, Sony's semiconductor solution corporation completed its initial investment in Japan and the NSEC, my manufacturing company, limited as my Nordic issue holder, Sony will support JASM by assisting with the startup of this new launch Quay for Factory, which aims to begin mass production during calendar year 2020. Last is the financial service segment, fiscal year 21Q3, financial service revenue increased 11% year on year 211.3 billion yen. Primarily due to an increase in the net gains on investments in the separate account at Somey Life Insurance Company Limited. Operating income decreased 4.7 billion year to 35.2 billion yen, primarily due to the duration in valuation on securities at our venture capital business and at Sony Bank. bank. May a policy amount in force at Sony life during Q3, due at a higher rate than our competitions. During the primary by our priority focus area of selling insurance to corporations. F-I-21 financial service revenue is expected to increase 120 billion yen compared to our previous focus to 1-3 and 6-10-B and N, or if I 21-operating-con focus remains unchanged from the previous focus. Now I'd like to update you on our strategic investments. The amount of tough to allocate it to strategic investments, including the acquisition of the Bungi, which I explained earlier, and the reproaches is the Sony stock from the beginning of the fiscal year on today, and increasing acquisition and asset purchase that have closed as well as those that have been decided but not closed for the Kubeh approximately at 150 billion yen. This slide shows that breakdown of the segments and areas in which we have located investment. The music cement portion of the chart does not include approximately 100 billion yen we have invested in music agricultural catalogs because the amount is including the in neighboring cash flow under IFRS. We are making a set of progress in accordance with our current mid-range plan of making tutoring on or more of strategic investment. As we believe that we believe that the evolution of our business portfolio aimed at the real-life long-term growth is progressing well as emissions, at the previous earnings announcement, we aim to accelerate the cycle whereby we We translated from progress in best-known China, used to invest in growth, thereby realizing long-term growth. At SES 2020, last month, President Yoshida announced that the will will establish Sony mobility in the spring of this year and will will explore the possibility of introducing our vision as the market. The vision is initially arranged to create a new value and contribute to the evolution of the mobility by leveraging Sony's various technology and content and by adding new and contaminant elements to a safe and secure. of moving space going forward, we will proceed with our exploration under the assumption that the will collaborate and lie ourselves with multiple partners that is the conclusion on my remarks. Thank you very much. It was Mr. Totoki, Executive Deputy President and the Chief Chief Financial Officer, from 355, we have Q&A session for Media and from 420 Q&A by Investors and Analysts. We set aside 20 minutes each for Q&A. Those journalists, investors, analysts, we have already registered for questions in advance. Please be connected to the designated telephone number in advance. And also, who have not made a registration in advance, you can continue to listen to the Q&A session through Internet webcast. Please wait until the session is resumed. (gentle music) (upbeat music) (gentle music) [MUSIC PLAYING] [Music] We'll begin Q and A session for Media shortly, which you can relate to until the Q and A session begins. [BLANK_AUDIO] We are going to enter the questions from the media. This one that is R, Mr. Hiroki talked about the depth of the present and the T-finish officer. Now, Mi-Matsoka is a senior vice president in charge of corporate planning, control, finance, and IR. If you have questions, please press a strict followed by number. followed by number one when your turn comes, I'll call your name. So please identify yourself and your affiliation before you ask your questions. Like that, give the kindly limited questions to two. Also, you know that to prevent feedback of the sound, please be sure to switch off the volume of your peripherals. Your cooperation is very much appreciate. In the event that your voice is disrupted, the because of the communication environment we may have to move on to the next questions. Next person. And if you would like to cancel your question please press Astric followed by number two. Now we would like to begin Q&A session. If you have any question please press Astric followed by one. The first question is, \"Masala San from Nikai, Simbu, Newstaper, Masala San, please?\" \"Masala San, can you hear me?\" \"Can you hear us?\" \"Yes, I can hear you.\" \"I have two questions.\" \"First question is you're thinking about strategic investment.\" Yeah, the day you have made the acquisition and I think that you have made an estimate, going forward, AV and the semiconductors, you will be coming up with new strategies and for each exercise of investment will become larger going forward. So, our management, you think that it is necessary to make large investments and investment deals, you have the seeding or the meat of two trillion, but is that going to be exceeding two trillion or the acquisition in the orders of hundreds of billions of yen? Thank you for your question. I was thinking behind the strategic investment was the question that you have raised. Currently, as you know, three years need to range plan. Strategic investment, we will be allocating two trillion for strategic investment. And as I mentioned in my speech earlier, 850 billion and we made decisions up until 850 billion. And this framework work, we don't think that we need to change in a major way this framework. And we, in this, we will be making for looking positive investment. So areas of investment priority area is IPDTC and technology. And this is priority area remain unchanged. That's all from me. So we'd like to entertain the next question. From Masahi, Susikisam, please. Thank you for giving me the floor. I'm Susikiyo, Masahi. I hope you can hear me. Yes. Go ahead, please. Thank you. I have two parts of question. First is image sensor. That the us to this pigment to chip with the Taiwanese CMC is the company. that you expected to entrust to the supply. According to some reports, I said this, a bigum, and the ship that, like for iPhone and other applications that in the further high level of sophisticated cameras, do you intend to further the ask them to manufacture on the Havaswani? Because this a couple of couple of connections is different, but as to some the fundamental technologies is maintained by your company, so on. But I think the chips are maybe likely to be entrusted to the TSMC and so on to produce from the healthcare in conjunction. The TSMC will have a new plant in Kumamoto, melodic wave of a recovery that has been the missing piece so that the Japanese government is likely to give subsidy to that new plant in Kumamoto. But it's expected that this new, the chip for the pigment, the softwares, is likely to be producing more with the flow. Now, turning to E-Rexic vehicle, that the president decided on the mobility, new area, and the new Sony mobility company is likely to establish in the spring. But you might have hired the details. They have like the scale of this new company as well. They exact timing to establish new company because they're talking. As to the new mobility company together as a college son. I understand that you have some chat with him about the rich trigger. The user, the founder of Sony Bank and other, a new business is in the past. So, what are new companies to be subs? Are you going to nurture this Sony Mobile thing to be a big company? As one of the pillars, I like to hear you do on the meet-to-long term in terms of how to nurture Sony Mobile thinking. So, turn to the first question about this, the image sensor. That you are likely to entrust the production to this TSMC, but actually it's not announced by us, but I don't have direct answer to that. But any ask to the external production by the proposal like TSMC, that the logic is mostly to be produced outside, but it's called the master of the process. As to the master process to get strata outside, it's quite limited because as of now that we do not intend to increase at the image such that this master process will not intend to ask the outside company to produce much of them. As to your second question, Sony mobility, when would I be built, it's a string of 2022 that has been mentioned by a present CEO, you should ask you the exact timing. timing when the company will be established, we have to scrutinize and consider the details of this new company. So after that is decided, after the opening of timing, we like to publish that information. Let me add to that. So Sunni Mobility Inc will be established, and we will consider to be engaged in the Mobility sector. That was at the sex we announced. So we didn't exact decide on the exact entry into that sector. As do the automobile industry, there are lots of things we have to study about the automobile industry. So as to this establishment of Sony Mobility Inc. which is the first step. And that for an air was to further deepen the study and consideration. That's what we mean by building a new company. Of course, for the long term future, we might have to do that. And that's what we mean by building a new company. For the long-term future, we might like to nurture this company as a hope. To nurture it as an important big company. But specifically, what would that be, specific business, scale, business, and other things? Well, it's too premature to mention the details of this new company. Thank you. Next question. We have Nishida-san freelance reporter. This is Nishia speaking. Can you hear me? Yes, we can. Please go ahead. I have two questions. First question is that the semiconductor device is the topic. PlayStation 5 and EPNLS products have impact from the shortage and there are any change in the product mix as a result or any change in the product line for to ensure the performance and also that may have an impact on platform. So if you could expand more on the impact of the supply short-term. on new performances. And next on the game business, your rival Microsoft has announced the large scale purchase. Is there any plan to have a purchase of a large publisher type supplier? And also, is there any impact on your game business, who, because of that kind of a publisher type position by your competitor. Thank you. First about the semiconductor shortage. And too that we do have a variety of impacts on our businesses and largely we have shortage of components. So we need to put high priority on the high value at products. That is not something new to us though that the when the semiconductor shortage started. We made a lot of adjustments to change the product mix and allocate to different product lines. And we're going to PS5. In terms of a short-term profit promotion cost was saved or high logistics cost has been saved. because of the decline in the units, that leads to the decline in expenses. But we hope to, as many units as we can. So we will exert our efforts. Now, in terms of the impact on the long-term platform that the right now under the limited shipping capability, I think that's a short term impact. we think we can catch up and from PS4 the when we moved from one console generation to the next. There was a large change drop in engagement and also sales and the profit changes drastically. So there was a very sharp, cyclical phenomena that has softened recently. And obviously we hope to see a quicker recovery, but we also see the situation is rather limited in terms of the impact. Now, the in terms of the acquisition by our competitor, we're not in the position to make any comments. So it is difficult for us to say anything. But. They have announced the intention to purchase, but that has not been completed yet. And what kind of business model change will take place is something we don't have a clear picture yet. So for the computer's large scale M&A we do not want to speculate. And rather we want to pursue. and execute our strategy at a right timing. And we want to focus on that, that's it. And they knew the device VR2 was announced on the other hand, environmentally, competitors, are increasing their units and investing about a amount of money and the momentum is currently VR business. How what did you view about promoting VR business going for it? And second, mobile games. Currently, Sony Music is a main player, but this I-E itself will be considering a mobile game business. So what is the direction that you have in mind? Thank you. Your first question regarding VR. PSVR2, at SES, we have already explained. The user has the sense of image. So set up itself, it will be simplified. And HESAT will be evolving and will be evolving HESATs. And already this is announced. solution of head, head, head, the set, 4K, HR, disk, disk, display with wider viewing angle and the movement of the eye of the player is detected, looking at certain directions and it's possible to manipulate the, so for the, be it, rendering, the high resolution for sensor of the view and external then lower resolution. By that high quality image experience can be given to the users such technology is introduced. Also the, the, the, the, more of vibration ahead, head, head, head and haptic head set, feedback. This will be introduced as a technology as we already made this system. The relation to VR already is further technological evolution. There's room for evolution, hardware, and software. And with this evolution of technology, it is expected that market is also going to expand. So, we are horizon call of the mountain. The first part title is already announced simultaneously. So in this way, we have a technology and content that we have, and ecosystem movie, it's beverage, and we are going to enhance the presence in this market. And then the second question, mobile games. Mobile game market itself is a growth area, and PlayStation IT can be used by more users, and this is a great opportunity for us. great opportunity for us. That's what the timing is very hard to say exactly when, but PlayStation IP will be deployed for the IPs. So I believe that we can grow this study. So these are attempts and the specifics. When the appropriate timing comes, then we are going to explain to you more clearly. Thank you. I have two parts of questions. The first is about the performance and achievement because the results are very good. Frank, I like to ask your Frank interpretation of the laws. Despite the COVID-19, you had achieved well. So taking into account this difficult environment, what kind of good measures you have implemented to achieve such a good results? That's one question. The second question is about EV. So, and a few times in this month, and in terms of the 23 and end for this decision, this decision didn't refer to EV. but this spring, new company will be established and then maybe the different conservation we made. In that strategic investment framework of two, three, and yet that will that include EV, you intend to spend money for EV or you rather than tapping onto that budget, that maybe the more the game will be the focus of spending money for strategic investments, what do you think of this? Now, thank you for your question. As to the discussion, because this asked the third quarter, the results, what is my impression, my comments, as you mentioned, despite the COVID-19 discolting, the logistics of the advanced impact and semiconductor and other device components supply was limited for a long time. In many areas, this problem lasted for a long time. To cope with that situation, for each business segment, they would like to focus what will happen next by basically on that good forecast. They take proactive measures to prepare for the discontent. So that is why I think that we achieve the record high results that the sales and the profit in this That's how it's called. But not everything is a row Z in good because PS5 is a big demand. We couldn't supple enough to the increasing demand as an image sensor to prove stability that recovery did not progress as soon as we had expected those other challenges we identified and would like to consider that for the future. The second question, that this investment idea toward EV, well about that EV, as has been mentioned earlier, we assume that we like to start with the asset right condition with possible partners to ally with us to our concept for example. We might not have that big production facility or the developer own battery. That kind of capital intensity is not likely to be considered in a business model. Without such a capital investment as an assumption, we would like to achieve the vision we have advocated. So that's how you're considering the EV business. So what's your vision to a EV? Let me repeat. That the mobility environment space should be evolved into a more entertainment space. So the new kind of customer experience and values should be provided through that. Thank you. Now, it is time to close the Q&A session for media people. We changing our responders, so the Q&A session for analyst will start at 420. (gentle music) (gentle music) (gentle music) (upbeat music) (gentle music) (upbeat music) (gentle music) Now we'll be starting the Korean decisions for the investors and analysts. Please wait for a few more seconds. Thank you. [BLANK_AUDIO] Thank you for waiting. We'll like to start the Q&A session for investors and analysts. My name is Hayakawa, in charge of financial services and I are observing it. The moderator. As responders, we have a lot of information about the Q&A session. As responders, we have Mr. Hiroki Toto-ki, exactly the deputy president and CFO, and Ms. Naumi Matoka, SVP for corporate planning and control and finances and IR, and also SVP accounting, Mr. Ido Toshikone-Naga. If you have questions, please press the Asterisk N number one on your phone and we will name you. And we ask you to limit your questions up to two questions and to prevent the halving and please make sure to turn off the volume of the devices around you. And if the line gets chopped and because of the time concern we move on to the next person with a question. And if you want to cancel your request for question, please press the \"Srisk N2\". Now, I'll start the queue in decision. Once again, if you have a question, please press the \"Srisk N1\" at your form. We have from Moguselnai. Oh, Mr. Ono, thank you. And regarding the games, I have two questions. The first question is that the PlayStation 5, what is your focus for the future from the second quarter, total distance speaking tone from the 14.8 million original target to that has been set back. and especially this time, reviews of Sonshili. And what's your focus for the next quarter in May, last year, Mr. Jim Lajian, was saying that he hopes to shoot for the record high. And 22, 23 million, I believe, was the target. What is your feel for the demand? And also, what is your prospect for the next quarter? 110 billion yen or so to invest. And what is your criteria for investment decisions for them? For, for, game, when you invested in their game, that was a small game house. And there was a investment for content IP that was your priority. But this time you have a thorough, honest, and we will intend to retain the subscription or you want to improve your first party development capability or what is your criteria of all investment decision. Thank you for your questions. The first question was that the PS5 expectation for the next fiscal year. And in the past, the record was the 22.6 million yen, the first presentation, I believe, it was a single year, unit. And that is what we were saying that they will try to copy again. But in terms of the next year, the market demand is very high that could allow us to make a record high. So now our partner companies supplying us components. We are working closely with them collaborating, negotiating and working with them closely. And we hope we can make that happen. But in terms of PS. There was a, we believe that the next year, I think it's safe to say that we'll continue to have supply disruption in terms of the components globally because of the distribution problem and so on. So we can't say for sure what is exactly the demand for next year. But having a high target, we have, and if we bring it down, we may ease ourselves to go for the lower target. And so I think it is good to maintain the high target. So in the consolidated performance report, we will have a more exact forecast for the fiscal year 22. And so that's the first question. The second question was about our concept of strategic investment. And in the past, we were investing in IP. And that's what we've been saying. And we will, and obviously, IPs have market prices as fair values. So we tend to look for the future upside. potential with our involvement and that is our criteria for investment decision. I think that we improve our investment efficiency and also we'll generate a premium and how we can and rationalize that premium. And in terms of the scale of the investment, we don't have a clear criteria in terms of the size of the investment, but looking at our balance sheet and also financial capabilities. So capabilities and risk will be studied very closely to decide any investment. And also you use an example, \"Pushal\" purchase or total purchase. You mentioned and we need to work with our partner. We cannot decide single-handly ourselves if it is a good company. We wish to purchase 100%, but if we are out of mind about 100%, we may have difficulty having a good alliance. So we will give considerations for long-term partnership and alliance that's all. >> Let's move on. Katura, some from SMB's Nico. Thank you. I have two questions. First, about the impact of the shortage of components, next is visionS. The first one impacts the shortage of components. In the supplementary materials number page 7, the inventory asset included if you can respond. Show the edge of components and cost increase and impact of that. What kind of impact was there? EPNS and GNS as well. Can you please enlighten me and quote \"titatively explained\"? Q, EPNS, 60 to 70 billion of buffer are risk was incorporated and this time applied revision of 20 billion for profit. So compared to second quarter it turned out. The trade was better, slightly better, but on the other hand, situation is such that it is prolonged. What is your thinking behind this? This is a first question. Second question. Earlier, the question by the media people talked about Sony in the mobility. And I said light is your poster. In the equity market, the former TV business, there is a concern. As this case of TV business, you will suffer from long term losses. So, Sony is a big part of this. So, Sonia Mobility Inc. What kind of risk we return are you thinking about and also investment of the manager or resources? The situation in the past and going forward to the extent that you can share with us please enlighten me. Thank you. Thank you very much. First, the shortage of components and impact of the cost increase, including inventory level. and you asked me to explain first of all this fifth career as a end of third quarter, eventually level. I think it's good to talk about inventory level. By category if I may explain, game network service with the holiday season there's a decrease in inventory level. and PS5, it showed itself a component which resulted in decrease in the inventory, so there's not sufficient level of inventory. EPNS with the holiday season, the decrease of the completed products, with the increase in TV panel, and this is the key, and in preparing for the shortage of materials, strategic stockpiling is being done. Next fiscal year also to a certain extent. We are anticipating shortage especially in the first half. We can then expect that for some of the products. So gradually we are building up of inventory. Therefore, although there was a decrease in the inventory of the complete products because of the holiday season, but with stock filing of its strategic stock filing and the confusion of the supply chain, there is a delay of the delivery period. So these two factors are offsetting one another. The level of panel inventory is a profit level. INSS. As you all know, in China, smart-form market recovery is lower, and there's increased in the level of inventory in the market, which resulted increase in the level of inventory, but the demand forecast for next fiscal year and production capacity, considering that and building up the strategic inventory to the end of the fiscal year. and this policy remains unchanged. Therefore, it's very difficult to say in a summary fashion, but next fiscal year, looking at the business for next fiscal year, as for the inventory that is deemed to be necessary, as we move toward the end of this fiscal year, we are going to build up the level of inventory that is a basic thinking. And then, visionS. Risk return and investments of manager resources, we are not at a stage where we can give you a clear cut answer yet. And as has been repeated in ancient, I said light is what we have in mind. So, we are not thinking of making big investment into this area more specifically, development of battery or development, having the manufacturing facility for the vehicles itself, or cells infrastructure, or maintenance infrastructure to be held by us, we are not thinking of doing this. Basically, we tap upon partnerships or similar relationship. And we are going to be as asset light as possible, and with evolution of vehicles, with our technological element, we are going to contribute. And as a long term vision, the space of vehicles are to be turned into new entertainment space. That is our long term vision. Therefore, for example, in the mid-range plan period, two trillion strategic investment is that including that, we are not thinking about investment at that scale. And this is not realistic. Please understand in that way. Thank you. in North America in case of a company that game hardware of the software and the music and pictures as well as the electronics and you cover everything hardware software and contents very comprehensive. So they fan you summarise the all activities of that fiscal year and then this taking into account inflation as well as a change of the interest rates and so on. What is your view of the summary as well the first half of the next year? What is the overall perspective according to each segment? If not, please tell us some of the highlights of the situation. Thank you. about the question is about North American demand and the business outlook. Well, I'm quite concerned about its outlook in North America. And you say that the interest rates policy is at the turning point to be changed and geopolitical risks are now increasing and the midterm election is scheduled to be held. So all these are stable elements like these to be influential. And the cleaning up on the station may be demand might be affected. And I'm getting the latest information, not debating that understanding from different business segments. But for the time being, there's no clear trend of this disseleration in the North America market. That's my Frank perspective right now. However, especially in terms of, you know, good TV, doing a lot of, of course, the Europe and the Japan compared to the previous year. There's sort of a sign of dissoloration or slowdown. A little bit, but has been expected. But in terms of North America, better than we had expected, than in the strengths, seems to be maintained. And the momentum is kept in the North America. What about entertainment? Generally speaking, entertainment is doing well in general. However, the COVID-19 impact that this theoretical release would be several times too. to impact. If the number of the infected patients increases that they have to revise, this is a theoretical release, that's a flexible implementation of the policy. So it's likely to have an up and down, but the general demand of entertainment per se is not likely to go through major change according to my interpretation. So in terms of North America, things are going steady, it seems steady. Is it really true that you will never go through variation? Of course, I'm personally always concerned about that any potential. I'm always keeping an eye on. So this is something that some negative signs observed and the data sets are really to take quick countermeasures and take action accordingly. Thank you. We are running short of time so we'll make the next question, next person to be the last and we have a Maida Sun up JP secretis JP Morgan. I had a son, rather. I have two questions regarding Banji. First question is that the India Oligos Light. You explained how you will be treated in terms of accounting. The 3.2 billion yen, 1\/3 is about for retention purpose expenditure, about $1.2 billion. And of the 1.2 billion, the 2\/3 will be used up in the first two years. So that's about $0.4 billion or $400 million annually. And also intangible assets about 20% about a 700 to 800 million dollars. How do you plan to depreciate that in terms of the term period? Over which period? As long as the best estimate you have will be fine. And I know it's still pending on the irregularity authorities approval. And so if we have any prospect that will be appreciated. And also second question is about Mr. Tavoki mentioned about the in the future that the you can get the upside. That will be the decision criteria. And what is the case for Bungi? And also for Bungi, what is the upside for them to work with to become a part of Sony? And also upside for Sony to acquire is that simply increasing the users or all kind of KPIs you expect to get gains from this investment. Okay? The first question as we explained that the one third will be referred payment for retention purpose. for specific numbers we still need to scrutinize and this time we're just giving you the rough image. So that is the extent we hope you will understand. We will examine more closely and if we have update we'll be sharing with you. and for the it will be included in the forecast for the next year. So we'll be updating that number. Now in terms of in times of voice it. We are actually studying examining that right now. So generally speaking we look at about 10 years or so for depreciation. And but that depends on the content. of such in-touchable assets. So Kure Nangasa, do you have any comment on that? Let me add some comments. The, what will be treated as expenditures? expenses? Will be, uh, treated in two years, and that will be one third of the investment. And there are a lot of conditions for that though and how you will be allocated for the first year and the second year that will may not be 50\/50. And necessarily. And also in terms of the depreciation of the intangible assets, we will be allocating the purchase price to a variety of things. assets and we will identify the price tags for each one of them and then decide the depreciation period down the road. Okay, and the second question was that the case of Bungie. What? As I commented in my speech, they are platforms capabilities rather. ability to distribute to a variety of platforms and also live service they have a capability to develop and that's those are something we have lots to learn from them and therefore our studios will learn from Bungi and that is a very strong wish we have and the The Bandji side is willing to work closely with us. In the first year, we would believe we'll put together a good plan and drive that and I believe we'll generate outside from that kind of work. Now from the other side, the Bandji, the Bandji, we will have a lot of fun. The Bungi, the personal retention and recruiting, I think we can help them and support them, and we hope to be able to do so. And also, not just for gaming area, but the multi-using of IP and much of the IPs, like good title, maybe game title, maybe put into the pictures, movies. And Bungie, you want to nurture the IP they have in the multi-dimensional manners, and that's their hope. And for that, we believe we can help that. We have pictures and music, and Bungie can use leverage or platform so that their IP can flourish and grow big. big and that's all. The time has come to close Sony Group corporations earnings announcement. 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afternoon ladies and gentlemen, and welcome to the MT and Donna 2020 Annual Results School. Please note that all participants are currently in this in only mode. There will be an opportunity to ask questions later during the conference. If you should need assistance during the call, do you signal an operator by pressing star then one? star then zero. Please note that the call is being recorded. I would now like to turn the conference over to Jeremiah Obole, please go ahead, sir. Okay, good afternoon everyone and I'd like to apologize for the long hold. There are call-up pre-ta-hat technical problems. So let's begin the call. I apologize again. I'd like to thank everyone for joining us today to discuss MCNGan that I love results for the year and that that he friends December 2020. I'm Jeremy O'Poeku, Investor Relations Manager for MCNGan. with me on the call today after the Madalifor, CEO of MCN Ghana, Koblad and GNCHO, Actancy of WMCN Ghana, and Tatumotlandi, group executive for investor relations. So, Salom will speak about empty-end COVID initiatives and provide updates on some regulatory three methods. After which he will delve into the company's unlocker formals and outlooks, before we move on to the Q&A session, which will be facilitated by the call. I'll cooperate then. So, with that, I'll work with you, Salom. Thank you very much, Jeremy. Good afternoon to everyone. And, you know, thank you for making time to join us on this call today and I'd like to again you know, apologize for the delay due to technical issues. We'll try to extend the call for a few minutes over to build our commemorative delay and as a result of that. As I mentioned, you know, we'll talk about our initiative support the fight against COVID-19 and then update you in our parishionals performance as well as touch on some regulatory issues and before look at that, you know, the outlook for 2021. In 2020, you know, the economic and business performance, was influenced by the spread of the COVID-19 pandemic, would devastate an impact across the globe. In Ghana, where experience, ex-significant contraction in the best half of the year, with some signs of improved economic activity in the second. Indeed, the impacts of the pandemic has been felt by everyone, and many of us have loved ones who are bit affected by COVID-19. M10 Gunner and our staff have also been impacted by COVID-19 not expanding the initiatives who put in place to ensure the safety of our people. On the yesterdays day, the Minister of Information, Gunner has had 8,000 20 and 45 on the firm's cases, 6,000, 614 of which are still active, and 584 on fortunately there. For us at MTN Ghana we have had a total of 1,58 of our staff who tested positive with COVID-19, where thankful that 80 of those have since recovered all those sadly one employee has passed. Our thoughts are with the faculty of our lost colleague and with a nation as we go through these tough times together. It's in life of these challenges that we at MTN launched our Yellow Hole Venitiatives to provide support to our people, our customers, our partners, our partners and to the governments of Ghana. In support of our customers, we zero rated all more money to PPSPA, transphets, up to a value of 100 Ghana cities per day, from March 2020. This did not only save our customers over 94 million Ghana cities in fees, but also facilitate a greater social distance and deep and financial inclusion to increase the adoption of digital currency. We're happy to announce that this offer is still active. To fed us support government efforts, BNTN, Ghana Foundation, the NATED-5 million GANFB's web of PPEs, and other research else of the government's COVID-19 trust fund for all one distribution to foreign-line medical workers. We also deployed PPEs and sanitizers, as well as ensure the adherence to all COVID-19 safety protocols across our branch network and offices. We'll continue to prioritize the safety of our our customers and our people, through this period and beyond. In support of the efforts of government agencies, we zeroed at several public websites providing health and not a COVID-19-related information. We also provided free access to over 200 websites for our academic use by public and private education institutions and committed to providing this until the end of the pandemic. M.T. and Ghana supported with other initiatives, targeted at education institutions, government agencies, and various ministries at a forefront of the fight against COVID-19. The details of which are included in the sense release documents. In August 2020, we launched the BY's campaign to encourage the end to where the FB's masks, end to where them correctly. And this transition into M.T. and Skloval, where is for me, campaign? to build awareness around the importance of correctly wearing a face mask to combat the spread of the virus. The fight against the pandemic continues in 2021, an M.T.N. remains committed to provide an ongoing support to combat COVID-19. In January 2021, M.T. and Rupert nouns are $25 million donation to support the African Union's COVID-19 vaccination program. The donation would help secure out to 7 million doses of the vaccine for health workers across the continent, contributes into the vaccination initiative of the African Census for the V-Squintral and Prevention. N10 Vana is pleased to play its part in this initiative to support the governments of Ghana. At the end of December 2020, the cumulative value of N10 Ghana's efforts to fight COVID-19 was 1,39 billion Ghana seeds. As we progress through 2021, we will remain focused on supporting our people, our partners, and our customers while ensuring network resilience and efficiency in delivering our quest to make the lives of our customers, our whole life brighter. I will now attend to our parishioner results for the year 2020. We'll please with all of our all performance in a very challenging period. But good growth in our subscriber base, which was helped by the heights in need for reliable and resilient data and digital services in this area of the pandemic. To help maintain the quality for availability of service for our data and more of our many customers, we invested 1.5 billion going to 1.5 billion going to cities in network capacity and infrastructure expansion. As part of this, we ruled out 202G 203G and 95DLT sites, which helped relieve the pressure on our infrastructure. And significantly enhanced our service delivery across the nation. Our SmartPapX deployment helps support a 15% growth in data traffic and reach 1.875 to a 4G site nationwide. That's 1,800 in 5,800 in 5,800 in 5,800 in 5,800 in 5,800 in 5,800. This done looped it to a 7,1.740 population coverage and were committed to a mission of having 4G on every site in a coming year. 7th revenue growth remains in the double visits, expanded by 16.4% zero year driven by good growth in voice, beta and more low money and digital. Voice revenue grew by 8.1 to 100 years and was supported by 23.4% increased in our subscriber base, as well as various customer value management initiatives, which help money's trend and improve usage. The contribution to service revenue from voice continues to be climbed region 41.8% from 45% in the year in the year prior. as others say that this has increased their contribution in line with those strategies to diversify our revenue. Growth in data revenue was strong at 21.3% year and a year. This was used to grow in our active data subscribers by 32.4% a high number of smartphones on the network and the general increase in usage. As mentioned earlier, the high-IG stage was partly due to shifts in consumer behavior, brought a bad bite of pandemic, and enhanced networking infrastructure. Data revenue contribution to save is revenue increase from 28.4% to 29.6% year and year. Will my revenue grew by 32.2% year and year, as a number of active users increased by 16.3%. This was the result of various promotions in the year increased peer-to-peach transaction activity, and the upper of more advanced services such as retail merchant payments and its national revincences. In line with our revenue diversification strategy, normally you're revenue contribution to service revenue rules from 18.6% to 21.2% year and year. Visual revenue declined by 6.2% year and year. This was used at an impact of applying a principle basis agent, account in standard across the M.T. and Group in 2020 with zero impact on the butterfly line. For a likeful like comparison, digital revenue would have grown by 34.5% year on year. We're kind of a long way in our digital journey and we're pleased to report at 3 to 8% surge in a number of active subscribers, falling to some enhancements in our video and gaming offerings, major in the period. We also observe the increase of adoption of our business. of the brief introduction of my MTN and our U of S.U. graphs, and we intend to employ strategies to continue this growth. The digital revenue contribution to service revenue decline accordingly from 3.9% to 3.1% year and year. Our reported earnings before interest tax depreciation and amortization grew by 20.8% with a corresponding margin expansion of 1.9% to 52.7%. We continue to money down cost efficiently and benefited from up-ex reductions arising from COVID-19 impact in digital distribution efficiency. This resulted in healthy expansion of our EBITDA and EBITDA margin. The overall improvement in our revenue lines coupled without prudent cost management and efficiency, resulted in a figure 0.4% growth in profit after tax, and after reviewing the full year performance. As we have recommended, a final dividend both Ghana CD-0.05 pay share. So that's five Ghana Pistwa's Pistwa's Pistwa. We're going to total dividend for 2020 to 8 Ghana Pistwa's Pistwa's share. This represents 70.5% of profit after tax and it's 33.3% increase in dividend pay share compared to 2019. Now touch on some regulatory updates, key ones would be the SMP and localization. In terms of SMP, we continue to have productive and constructive engagements with our regulators and our policy observators. However, due to the elections in December and the ongoing investment and and appointments of the substantive ministries. These discussions have stalled since late November to early December. We're optimistic that we'll continue these discussions to influence the implementation of the remedies to achieve SMP going forward. Our primary objective is to ensure that the remedies that are implemented have a long term impact on the sustainability of the industry. In terms of local regulations were committed to continue to progress localization to achieve a 25% localization target agreed with the government of Ghana. In the last year, Zema 2020, we launched an employee share options program which is committed an additional 4.41% towards localization. So that brings out total percent localization to 16.9 of which 12.5% was also resolved over the IPO intercepted of 2018 and the 4.41 additional commitments from the Employee Share option program in December last year. Will I bet you substitute the plans to achieve the remainder of the localization as we go through it a year? In terms of mobile money payment systems and services act, the localization requirements which you have 30% localization by the end of December 2020 has also been revised. The central bank has recently informed us by extending the timeline from December 2020 to January 2022. We continue to work with our drivers, in developing the plans to build an execute plan to achieve the set targets of 30% of the liabilities for the more money limited entity. and wholly on subsidiary of Skantcompiel. We look forward to providing further updates on our progress in subsequent releases. Just a quick update on MTN Ghana's twin-fifth anniversary, the year 2021 must a significant milestone in the journey of MTN Ghana's contribution to providing vital telecommunication and digital services in Ghana. As part of our twin-fifth I'd invest, we're committent, equivalent of $25 million US dollars, which is approximately wanted in 16 million Ghana City to fund supporting Ghana's post-profit 19 recovery efforts. Emitting Ghana would also work to deepen its strategic partnership with the Government of Ghana through investments in video-tell=system projects as part of the Government's long-term transformation agenda. We're excited about this development and grateful to our customers and stakeholders for their support, more details will be shared as discussions and agreements progress with governments and our partners. In terms of the outlook, the outlook for 2021 will be shaped by the extended impact of the pandemic, while economic growth projections by entities such as the World Bank and the IMF are optimistic, remain cautious due to the potential long-term dampening effect of COVID-19 on the Ghana economy. As a business, we remain focused on our people, our customers, and on supporting government through the provision of a resilient network to support economic growth. We continue to target service revenue growth within our guidance, range of 13 to 15 percent, and employ prudent cost strategies to continue to improve our margins and finance your growth in our bottom line. M10 Ghana will continue to prioritize its investment in infrastructure expansion to meet the needs of Ganyans in this era of accelerated digitalization. Continued growth in service revenue would rise if it driven by data, more of financial services and digital. In 2021, we will continue our journey from a traditional mobile telecoms operator, 20 imagine digital operator. Revephal designated 2021, that's the year of the customer, the digital experience. I will now hand over to the conference call operator for questions and answers. Thank you very much. Ladies and gentlemen, at this stage if you would like to ask a question, please press star and then one now. If you decide to withdraw the question, please press star and then two. Again, if you would like to ask a question, please press star and then one. The first question we have is from John Kim from UBS. >> Hi everybody, I'm Dr. E. Ophartunity. >> Two unrelated questions please. Firstly, cash flow to the group level. We should be thinking about the management fee as well as the dividend. All the dividend counts we should be using about 83% if I heard you correctly. The collective dividend up to group question mark. Second question. I know that there's been some legal process. legal process around Antiett Gana being declared dominant. That's done and does it? Have you seen any remedies? Or do you know of one's to come? Thank you. Okay. Thank you for your question. Can you just clarify the very first question about a possible group? I wasn't sure if it was just a statement or a question. I wasn't quite sure what the question itself was. Sure, my understanding is that Ghana pays a management fee to group and it's also entitled to a share of the dividend at the Genei and level and my understanding from what you said earlier is that's about an 83% of our show. question work. Okay. So what was the question you want us to clarify that or because you restate to the facts and it's correct. I'm not sure what you what exact the question is. All right. Sorry. Could you quantify that for us any other RAN, CD or more dollars please? Okay, on the total dividend, the money management fee paid up to group. Please. Okay. All right. So I'll hand the question over to, to call the he was the action. See if we'll before call becomes in. Let me just answer the question on on SMP. And yes, you know, you know, you know, in what's the call as a significant market column market player in July 2020. As soon as an 11 number of development, at this stage in October 2020, we implemented one of the seven remedies that were imposed on us, and which was a 30% reduction in asymmetric and the trajectory. And we can clear to have dialogue and discussions with the regulators. Why to look at the implementation of the remaining six remedies. Our primary objective is to get to a point where the remedies that are implemented have a long-term impact on this sustainability of the industry. It's really important because that would ensure that the objectives of S&P are meant to be, as opposed to a reduction in NMTN to perform based, but minimally impact on the industry. So that really was a discussion that are about. And the engagement so far have been encouraging, however, you know, it's stall to some degree, following a election in December, and beyond going process to appoint the substantive minister for communication and digital. One that processes concluded will be able to resume discussion and then progress and will be able to give an update at the next quarterly, investor call. I'll hand over to Cobi now to give it a number of business details for their dividend and management seat. It up to please. Thanks. Okay. This is Kobe for dividend and for dividend and the the money jeans fee that we expect to pay. It comes up to 9 and a 49 million Ghana cities. We are paying dividend of 840 $. Thank you. The next question we have is from my your interview. I'm from Nupra. Hi guys, thanks for watching this app questions. First question is about the interconnect traffic regulations and SMP. We saw that the voice revenue increase wasn't great actually with a decrease system sort in the fourth quarter if I get my numbers right. How much of the asymmetric cut to the bottom of this? Or is it purely just custom behavior and? and it was an additional competitive pressure or anything like that. Because you added subscribe, I'm just trying to understand what other dynamics behind this. Some colour would be useful. And the second question is, excluding your wonderful product in Wiles, Dorthband, 6th Dorthband, what's the average data usage per megabird per in megabird per custom? Thank you. Okay, well thank you very much. Let me start with the average data usage customer. And we're currently seeing somewhere between 3.5 gakes per customer per month to the amount for four gakes per customer per month. And so that's the average that consumers are using. Obviously that that number has increased during the year based on the demand for data and the difficult services as a result of COVID-19. Not a question you asked on your voice. If the voice trends, if we look at the voice, brand calls for a call that will point the cleanly. You would see a decline from a two-one into two-four. However, the two-four trend is actually a bit of an anomaly, because there's some one-time adjustment effects that are taken place. So that's where it goes up to the top line revenue as well, to look at their year and year performance. In terms of voice, just to give you some conflicts, what we're seeing in two one, at least in generating so far, the double digit growth, year, and year for the month. So again, just to put that number into context, the way some one-off adjustments into connect will release its event. And in the second component, which is not a one-time, and when a permanent adjustment will be the SMP. However, the SMP effect is less than 1% or total revenue, which about 0.6% and so that effect is not just the most significant driver of the trend we're seeing. So we would expect to come back to our normal trends around, you know, late thing or to early double digits, you must try to avoid the voice growth here in your go. Great. Just to come back on the data usage per subscriber, is that cleaner have to forebeek for more birth subscriber, or that also contains the denominator, your fixed wireless LTE productive was. It's just once a third. No, it's a more than all of the birth subscribers. That's pretty good. Thank you so much. Thank you. The next question we have is from Prishandron, Odaia, of Nip Inc. Hi everyone. Congratulations on the results and thanks to the opportunity of questions. I've got two quick ones. I think the bits of it has been answered, but just on your cue for operating metrics. So, you know, you're reviewing an ever dark. It's used to slow down in the last quarter. Now, I know you're on the last question on your inspiration. You mentioned that there were some one of the adjustments. Was there anything else that was causing the slow down? Because you know, up until September it was looking pretty strong. both in terms of like I said, revenue and margin, but protocol is quite weak and is huge slow down. And in the second question if I can, I know you guys announced the buyback of 1.1 million shares in December. And I think this has a deadline to get KYC for the subscribers done by the 2030, which was about two days ago. Is there any updates on that on how much you guys have to do and how does that impact your overall localization to get to 25%. Thanks. Okay, thank you very much. Let me take a first question and I'll have Kobe answer the question and a buyback and what the implications are for look like. for the look of the Asian. So in temper of the place where I think you know that's who we've been. When you look at those overall performance, you mentioned revenue and EBITDA. I believe that the answer I gave, you know, previously on the revenue side should satisfy the revenue print. And I would like to look at the EBITDA trends as well, you know, to work some impact and you know, and up here on for the slowdown. The reason for that is primarily. And once we had ease and up, ease and up, of supply chains, we're able to accelerate, or Fedorax to the rate, our copyc deployment, and that has a direct impact on our A\/B\/DAS. So for the previous quarter, because of that slowdown, we're not at the moment in a couple of pins, I think we would know what we mean. And a lot of that kind of things have been spent in Q4. So that's the nation for the bottom line side. My previous answer should hopefully address the revenue side of that as well. My garden is playing below here. I'll go ahead. Okay. So on on the on the my back. It's it's beautiful to grow to IC issues as you are aware. We have managed this process would be a regulator. So we are going through the process of updating the KYC of the really kept parties. But in the end of the process, where the astounded one, we can report but and so on onto the market. So that is a position. Yeah, it has no effect on the 12.5%. Because that one is loved. I'll pay the IPO in the IPO that we had. That's not my slot. It doesn't have any impact on that. >> Can you give us an indication of how many of those that 1.1 million share subscribers have actually done the KYC? So is the impact going to be a lot less than the 1.1? of the last trip of its thousand four million 20 potential who does of the idea of the ELA course in that. Okay. All right. Thank you very much, gentlemen. Welcome. Thank you. The next question we have is from Jonathan Kennedy Good from JP Morgan. Good afternoon. I just wanted to come back to your revenue guidance of 13 to 15%. You mentioned that voice was growing double digits so far this year and the other lines are all growing 20% and north of that. So just trying to understand why the conservative guidance is there potentially more competitive pressure on the voice horizon given changes in termination rates. And then, second question, just on your digital revenue, could you tell us how many are you all the users you actually have and what kind of revenue opportunities you see in there, whether that's starting to scale somewhat. So, let me just try to give some context first of all on the voice side. Yes, we're seeing the double digit voice growth. So far this year, it's one month in the year. However, what I said before was that we expect only voice growth here on the summer between the high single digits to the early double digits, right? Voices is something like 40% for the 1% of total revenue. So a single digit, late single digits for early double digits, the only egg growth will pull down the ball of the total revenue. So that's the fact we even want the estimate is a bit interdisciplinary to the extent. The second component is that one SMP deployment or remedy implementation has only started, so there will be some incremental or best MPs encounter where we land with a ministry, which, well, a new development before we gave our estimates of 13 to 15, we've maintained the estimates of 13 to 15, despite the impact, the incremental impact of some of the SMP measures. So I think it's a reasonable assessment of where we believe we'll run by the end of the year. In terms of Ayurveda users, we ended last year over 700,000 Ayurveda users and in terms of revenue today. I mean, we're not really generating revenue from Ayurveda. It's a platform strategy that we haven't mind. Ayurveda is intended to be a super app. So at this stage, it's really driving adoption and building a usage behavior. and monetization will be at another state. And so for now, revenue is not a primary focus, which is building a base, but that we can expand and then platform capabilities of a year, but of our long-term strategy. - Thank you. - Thank you. The next question we have is from Samil Rajpur, from HSBC. Please go ahead. - Hi. - I just want to check on now. the regulatory developments. I know there's some some some some positions of the right now and the more it what is your based row the discussions better on going with the regulator and do expect any more. Any more new rules coming up on this regard. Okay, thanks for your question. I think the first thing to point out is that there were seven remedies that were imposed at the time of, you know, sending us the SMP and designation. And of those, only one has been implemented. While our discussions have been encouraged and would expect, you know, a few more to be implemented through the year. What we're focused on currently in our engagement is really their implementation, the best initiatives of those specific remedies to ensure that the broader objective of SNP is achieved. And, you know, those discussions like I said have stalled in the elections, and once the substantive minister is put in place, we will resume those discussions and progress and progress through it to a point where we can give you something more specific probably at the next quarterly update. But now we will remember the one with very percentage reduction in asymmetric interconnect and we'll continue to monitor that as we go forward. And maybe if I can just follow up on some important, would you think that the main implications would be given that the government there is planning to apply or propose to a acquire one of these smaller operators there. So what I have potential implications these will see there from that moment. It's a very difficult question to answer. And because there has really been very little shed on this acquisition by government of AOTL TIGO. Now just to point out, you know, typically in a situation where there's a neck position for my buyer, you would understand the investment appetite, the ambition of the new buyer. If it's really, you know, just to hold the same position, if it's really to challenge for number one number two, if it's really to build scale. And based on that understanding, we'll do it to model a potential impact. At this point, the only thing that has been shared is a fact that government interest is to ensure that jobs are secured and jobs are saved. However, on the business side, there's been no indication of the ambition and no indication of the potential investment strategy of a potential new buyer. And we also understand that governments role may be just to hold and the tracks new invest this. So we're still at a very early stage as far as what they're What that outcome of this process would look like and based on that would have a much more concrete sense of impact. So I apologize. I'm going to give you a real sense and but we've confused the money to this and to the extent that we can share so it's an impact we will. Sure. Thank you Thank you. The next question we have is from Nick Paget from to a capital. No, I mean, thank you for all the opportunity to speak with you. I again want to apologize. I again want to ask about revenue that some of the other questioners have asked about undoubtedly in total. It was a great year for 2020. But as others have mentioned, you know, Q4 the revenue pace was a little softer and I've heard everything you've said so far. but I saw a few uncertainties about the Q4 number. So my observation is that, sequentially, if we look at the two prior years, you're going back to 2018, Q4 revenue was 15% higher than Q3, and then 2019 it was 9% higher. But this year it was basically flat. I heard you say there were some one-offs, but that would be quite a bit of one-off to be that to explain all of that. to explain all of that difference. So I wonder, is there something else like, you know, COVID really, I think helped your revenue in the first three quarters could it be that things are normalizing. And so the slower growth is the result of the normalization, although your guidance, you know, as mentioned is sort of unchanged. So that maybe is counter to that point or was there just anything else unique about. You for other than the one answer, maybe the one answer bigger than I thought. I'm just still still looking for some of the more kind of clarity on that if you could explain Q4. Let me let me start by saying if we if we normalize the effects. for the adjustments that we've made, kill for over Q3 would have been about a 9% year in your group. So it would have been in line with 2019 as you mentioned. So that's a starting point, right? And if I take the second point or are we seeing a change in trend from a consumer behavior standpoint? The answer is yes. I mean, we're seeing a lot more people using data and digital. As far as the pandemic goes, the changes in behavior from people going to physical school and now at home work it. But if I look at the Q1 to Q4 trend, it doesn't suggest that there is a specific issue. If we look at what we're having in Q4, most of our schools went back and therefore the usage of data from home would have gone down. But they'll be compensated for by either behavior. So there's quite a lot going on in terms of shifts in behavior. And one of the easy of the restrictions that's unfold, those behaviors changes that we saw in Q2, Q3 would be reversed as well. So there's quite a lot of mixed going on. But organically, yes, we're seen a slow-agreuth invoice done we're seen for the inner areas, which is expected. But not to be extent that the numbers will depict you because if we normalize we're seen something like in 19th century and junior group. Okay. 9% sequential from Q3 to Q4. XRA1OS. Okay. So that's, thank you for clarifying that. That's more than I would have guessed. And maybe you said that number at the beginning and I missed it. But then up. So what, what, I mean, given that is such a large number, what kind of one-offs, what kind of adjustments would these be? I guess that. clarifies one answer and raises a new question of just what what are those I wouldn't guess that kind of one-off's could occur. Sure so outside of outside of SMP and those into connect and those also a principle agent adjustments on the digital side of that factor the overall total total business and perhaps we can go offline and go into a more detailed on this if you would like the fine on this team can work you through this. Okay, but those are the two areas that we made you, Jeff. Okay. Um, we're these, I get so I'm going to ask this because I think it's it's on my mind and probably others and I understand you probably won't give me a. I'm not going to be able to answer it. I'll just ask anyway for the benefit of everyone. Sometimes we see when a company has a great nine months, you know, they take the foot off the accelerator bit and they still report a very good year. Or, you know, discretionary items that don't necessarily have to be recognized are recognized to. So I just can't help wondering if that's the case of maybe the Q4 you report is a bit of a low aberration because you could still have a great year anyway and that just set you up for another good gruss year next year. Now it's a creative question but no the answer is no we had to make these adjustments and we should see uneven and out of these through the year. Okay. >> Thank you for answering. You're welcome. >> Thank you. The next question we have is from Annie, nurse here from Budge's. >> Hi, fellow, I'm Steve. Thank you for the opportunity. I just have the questions around mobile please. Maybe starting with the structure of any potential transactions that takes local ownership to 30% by the new timeline. Just curious, how do you ensure that the interests of the Indian Ganges shareholders are not only protected but maximized in case of the transaction and how do you do you know what kind of transaction options do you foresee to get the 30%? Okay, so at this point I mean it's a bit early for us to tell. However, what I can say is if you look at the scan-come levels, the scan-come is it, what will be all in the, you know, very more money limits is a whole new one of C-daryos scan-come. We're able to achieve the 25% of Skanko and split the shareholder in a cross-marmony limited. We would have achieved 25% of the shareholder. The question you're asking really applies to the 5% surplus above the 25%. We find the structure for that as yet. But the digestive sort of explained the components of the 30% that will be impacted by the question, It would be the 5% that remains. You know, once make progress on this, we'll share, which we'll share that with you. But again, that's a very dangerous level. Yeah. The interest of share will absolutely be sent into consideration for effect which I've said, new share and things like that. I'm sure that's where the question is going. Yeah, I didn't even think about the indirect, so I really, I just found that point. But, ESA, will that need to invest in 2021 for the Trump as local shares? Or does it have a longer invest duration? There has a longer investment duration, and so they have two components there and it's about three years to five years. Okay, so you would recognize the local, I guess you'd recognize these shares as they've as they've counted local shares, right? That's right, but the allocation may not end with the word, but it would become real shares one of the best. Yeah. Okay, and just operationally on Tom Momo, the monetization has been really impressive, if you look at this, rather than the average user. Can you just talk about some of the initiatives that you've put in place this year? Or whether consumers have changed the way they use our animal that have driven that monetization. And then second part of the question is, I've noticed that the subscriber growth and mono and live voice and data in the year. And I was wondering, you know, what do you think is preventing faster adoption and penetration among your voice users? Okay. I think I think a way to think about that. Let me just start with the growth in Momo. You know, both Momo and data have about the same number of active users, you know, 10.7, 10.8. So the difference is not really significant. If you really think about the need for data versus the need for moment in a year like we've just had, then it's actually quite impressive that Mommu is keeping the same, it's keeping pace with these growth in terms of subscribers. So I think, you know, we may have on index in days and previous years and Mommu may have done better, which is why you've seen it at, you know, slight difference in the percentages. But if you look at the actual numbers, Mommu and active days are exactly the same reason the MPM definition, which for me suggests that Mommu is actually you do quite well. So that's the fast point. In terms of monetization and number of things have happened, you know, one we've increased up by about 60% but we've also seen a significant increase in usage in average transactions per user. And it's really important because if you look at Adam Mark as a, you know, much show can have for example, the biggest driver of Apple growth is increase frequency of transaction and increase frequency of transactions across a broader base of subproducts within the normal money suite. When we think about advanced services, things like our loan products, the national remittances, payment services, those new products allow users to have a higher level of stickiness and subsequently higher level of usage pay user per month. So we've seen significant and growth their upwards of five transactions a month last year, where sort of around the 44.5. So, it's you know, 20% of increase in usage frequency as well. So those are the primary drivers. And you know, as we continue to expand our product, but full you, which should continue to see these usage frequency, the increase over the coming year. That's also the context of zero rating on the 100, that's kind of real. That's correct. That's the real. Okay. Okay. Okay. Just some other point. So, I'm going to see the money. As if if you look forward, or maybe just 30 or 20, 20, how does this fit out between peer to peer and some of the new products that are, you know, more or sticky nature. So if I take our advanced services in Toulteau, where we're talking 12 to 15% in terms of the sense of revenue. So it's still growing, you know, rather than mix the product mixes concern, and the level of adoption there is also still growing. But if we think of the future, advanced services really represents the future of more money because the basic transactions, PTP, Cation, Cashout will perhaps normalize in terms of incremental growth. So for us it's really building the foundations for the future and making sure that mix, we get that mix right so that we can continue to sustain the growth as we go forward. So that's really, really their response to that. Good, last one, just on this, just related to the float size, which you show on the balance sheet. I think you've exceeded the billion dollars. It's about doubled versus the 2019 December closed. And I calculate that, I don't know if this is the right way of doing it, but if you look at kind of an average wallet size, it's now over 100 US dollars about 100 and seven. And I was just wondering if that is consistent to what you observe or am I looking at things, you know, some of the counting bases, because it's a good thing. That seems like a big number for Donna in the wallet price. - Sure, and I think the first thing to note is that the flows cover a couple of different areas. It covers our merchant, it covers our consumers, they cover our agents. And I believe sort of the bank flows maybe part of that as well. So it's hard to take that number and just divide it by the number of customers and get the one-ed size. - Yeah, that's what I thought. Okay, that's all. Thank you for that clarification. You're welcome. Thank you. So we have a few more questions on the conference call. You have time to take a few. Yeah, hi, maybe we can. that's the most important and then we can end up all. Not a little bit. But this one, Darren, just from 3-3-7, right here, tap it down. Hi, good afternoon, good morning, congrats on the great results. A couple of questions for me. Could you just talk about the growth in both voice and data you're seeing? Do you have any indication if these are market share gains? Is the market growing as quickly as you guys? And could you talk a little bit about sort of any kind of push back from your two competitors? And it sounds like as you said, T. Go and, uh, let's say, a bit more complicated, but I'm just any update on competition with the helpful. Um, also the 139 million CDs that you guys books as related to, uh, sort of COVID initiatives. I'm assuming that's on the income statement, and it is is it fair to assume that a lot of that comes out in 2021 or these going to be recurring expenses? And then the last question, I just want to confirm you said you're at the advanced services in Milmo is around 12 to 13% of revenue. In that last year, I think that was you guys were closer to like maybe two or three percent in that line. am I right in saying that and can you just unpack that a little bit where is the where is the the growth and that advanced services coming from the towns sounds like you guys are gaining good momentum there. Okay thanks thanks for the question. Let me have a run. I was it and last year we're just around 10% not 3% so we've seen something like a you know 40 to 350% growth in that line. In terms of the present of moment of moment of moment of revenue. So that's just a clarify and the numbers you have. And the growth is really coming from pain. Where, you know, we've continued to explain the number of matchups we had. We came out of last year with about 150,000 in the next year. And this year, we ended this year with over 100,000 matchups. And we're continue to see increased activity at various matchups point. So the expansion of the matchups increases the opportunity to use. to use and you're opportunity to use your mobile money wallet. And we're able to prevent it where there've been a lot of restrictions and things like that. But that's also actually a reason to help accidentally change in behavior. The relationship, the MTM group announced master cars. Is that being implemented in Ghana as well? Is that, that's a global view for us. So yes, they will have an implication for Garner as well. Okay. Now, just your second question was, you know, the 1.59 million. And just to break it down, this is, you know, the, the COVID impact for us in terms of what we spend in cash, but also what we've given up in revenue. So the 1.59 and keep is a 94 million of T to P for more money limited and the balance of the, that's what we spend in cash, which would show up in our income statements. And so yes, we've continued. So yes, we've continued a P to P, the free P to P 400 Ghana cities. We've continued that so far, in 2021. And in terms of the spend, we will continue to spend on COVID until we get to a point where we don't have any. So these numbers will be baked into 2021 as well. God. So the first question was on voice and data and it was being market share growth. I think in voice, in market share has been marginally growing, but it's fairly flat. But in terms of data we've seen some market share growth. Unfortunately, we haven't had a recent. A recent release from the NCA, our regular data on the industry position, and the numbers we have are quite old, so until it received that it's hard to give a very concrete sense of whether we're seeing market share and data or not. I know all of your prices are an industry that was a series in demand for data. And therefore, to the extent that you're able to provide a capacity you'd see growth, especially during the COVID period. I don't expect that you know, market share may have grown marginally in detail or we remain about flux in a little bit. The dollar has been an entire industry effect from COVID-19. >> Got it. >> It's sort of long. >> I don't know. >> That's just go ahead. >> No, no, you continue on. No, I'm just going to say in terms of competition, I mean, And that makes an marketplace have been linked to the acquisition or the exit of AETL and potentially middle income from the market. And like I said before, we'll have enough deep build to really ascertain and assess what this means for our business going forward. And as soon as we have more information, we'll be able to share that. Our focus continues to be ensuring that we invest margin. We continue to focus on resilience and quality of service. And the world's so expanded in our technology so that we can have four year in every site in the coming years and that continues to be our focus and and also build out our home network and where we see a lot of opportunity in the future. Can I just one related question on competition and mobile money. I mean are you seeing is there any competitive response there? I mean you guys, I understand. I mean, a bit of digging, I can do to try to understand sort of the distribution and agent network for Votacom and Piertel T-Go. I mean, it seems very, very limited. I mean, are they even trying in mobile money at this point or or is it is the game yours right now? You know, it absolutely was. And, you know, for us, if you think about moving on money today, I mean, you know, we're talking by the empty end definition about 10 million customers. We have a population of about 80, 2, 31 million. So, I mean, that's only 30% of the total population from an active one when you use that penetration standpoint. From that perspective, I mean, I think there is a lot of opportunity to continue to drive financial inclusion, you know, point one. But if you look at the frequency of transactions, it's still in single digits where we should be in double digits. Now, to really get to double digits, you need an industry ecosystem, mature, you could let allows that to happen. For which we would need the other players in the market, to continue to drive behaviors to a different level of development. drives behaviors towards electronic currency, more money currency, things like that. So when extend at this stage of the game, any effort from our competitists would help accelerate the growth in the industry because it's such a nascent stage. I mean even though you have seen, note numbers of six billion above, I mean, we're at a very, very young stage in terms of the more money opportunity. So we don't see growth from our competitors as compromising the pie. We really see as accelerates in the growth of the pie and we can have a much larger share of that growth. In terms of the, in terms of the growth of the pie, we can have a much larger share of that incremental growth. So we encourage it. We also do think there is an innovation engine that's lacking in the market place and some of the initiatives from the central bank to try to license these smaller players. All of that will continue to drive innovation within the ecosystem to allow us to reach the maturity that we require to continue to grow faster. So a lot of opportunities, I mean we don't see that as negative at all, we would encourage more people to invest because the drives that will market. They've filled 90% of cash usage and gun at the moment, despite the pandemic and all of that. There's a lot of work to be done and if we all bring out an ed together at the industry we'll get the ecosystem to grow and we'll view it all benefit from that. All right, thanks so much and congrats again on this great results. You're welcome. Thank you. Final question is from Brad Bridge, see you from Equinox Partners. Thank you for giving me the chance to ask the question. I have two questions. The first is, in the comments, you talk about investing a billion and a half CD and network expansion, whereas the cap extra the year is a rough around the world. I've roughly around a billion. So I assume that, you know, the incremental half of billion CDs came out of the income statement. I'm curious sort of what what part of network expansion you capitalize and what part you expense. And then the second question is, so you talk about 2021 being the year of the digital or year digitalization. What specific initiatives are you doing around that and what is that? So, in the last part of your question you went, you sort of dropped off. If you can just stop from the year of the customer and what initiatives? Yeah, what specific initiatives are you doing around that this year? What is it really really mean that the year it is all possible? Okay. All right. So I'll take the second question and the copy will answer the question on the cupcakes where we look at the core topics versus the rest. You can give it a details there. Let me start with a year of the customer. So when we talk about the year of the customer there and number of different things that we look at we have about six pillars. That we've developed in terms of digitized and out business and you know one of them is you know, parations internally trying to automate and digitize a lot of our process internally a lot of us are working from home now and therefore it's not only a good to have or a nice to have. But it's a need to have so that we can continue to work effectively and support the business. So that's the phase component that I want to well too much. You know what that means, but we can go into the details there. The second one is read on our product side where today, the look at some of the initiatives we've launched we've gone from using scratch cards. You know 15 20% of our reach out sales came from scratch cards two years ago and we've dropped that to about 5% last year and we're saying we're going to get to zero by the end of this year. And again, that's, you know, part of digitizing our sales channel, our primary sales channel on reach edge, where you have new channels that can support that transaction. So you have my antenna app for example, we have, you know, electronic electronic sales of reach edge, as far as agent goes. And you have these sort of different channels that you can purchase reach edge from, you'd have online channels as well website channels and things like that. When we think about becoming a platform player in the next three to five years, then the foundation for that is really being built from out perspective around opening API for mobile money where we can have customers access in our API is and connects into us without having significant interaction with us. looking at how I owe you a bunch of things, which started off as a message in up, but we're looking at implementing micro apps. I'm saying to think of wechat in Asia. That's really what I owe but looks like. So currently we have about six or seven micro apps already implemented and we'll continue to expand on that. looking at relevant local apps that can sit within a yoga ecosystem and continue to expand that. So it's a very exciting time for us. We're bringing a lot of things together. We see ourselves as a central player where we can be the core of a lot of these transactions and the innovation from the stop-up industry can be on the outside of that core and connect to that core to be able to provide their services to get the end. But we think about customer experience. There is a lot of opportunity there as well. Today, I mean, we have a lot of people have to call into our whole sentests. They have to work to our smallest to get basic service. And a lot of these things can be done. If you have it, if you have the right digital platform. So my MTN is really the pivot for that, where we're seeking to allow people to do things themselves. We want to increase the percent of self-servous interactions without we're not supporting. and that's the big focus for us this year. So the number of initiatives around that, looking at things like chat votes, looking at AI, that can support customers remotely, looking at the IVR solutions as well, which already have in place, but we need to expand the usage of these two customers because our customers tend to be a bit shy of adopting some of these solutions that we haven't placed. And so that's just to list a few of them. But there's several other things that we're doing beyond, just, you know, support beyond just sales channels on a product side, simplification about the full new digitized and their interactions, console debates, now a short code. These are all things we're doing simplified and genuinely experienced for our customers. And finally on the technology side, and ensuring that our technology platforms and infrastructure support and digital ecosystem. So the next work, this is why having for you and and to look at modernized and our eye systems so that we can have the right environment from a security standpoint from an operational standpoint and from a reliability standpoint for the liver on these digital services. So there's quite a lot of bait that we're working on. We're going to be very busy this year. All right, so on the -- yeah, on the two packs side, just to clarify, all kpx spent, uh, satellites within the year the okay. So non, non is satisfied for any other. And the own that's the the call kpex, um, is the H5H. Maybe lead refers to, but the top kpx was getting thinking, um, When you check it on the IRFR16 was 1.489 and under IR17 is 1.397. So that's our capacity details. So all of them are capitalized within the 50\/50 year. And just to add that the difference between the core and the total will be things like licenses right, or because that's yeah licenses as a software that are really definitely network. with those games. Sorry, can you clarify on the campus question? So the number that I saw was, it was, even when you add the licenses and whatnot, it was still only just over one. Yes, overall. Because we have strict rooms as well as call networks assets. The rooms were about 30 or 60 million. So those are the plus other software and licenses. So maybe they will have to look at what you are looking at and give you fed apply to. But. And in just one quick while upon that is how much of your capex would you consider to be growth capex relative to maintenance capex? >> Come again, I didn't quite touch what you said. How much of your practice? Would you consider maintenance of the existing network versus? >> Maintenance? Mentilons, you said that's a little bit. So, maintenance doesn't form up those two things. >> I think to clarify, I think the question is, you know, we have a maintenance cupcakes which would be we need to implement that to keep the network going with the existing capacity. And then they increment like a copy and copy. I didn't copy it to like the same network. Yeah. We can take that offline and look at the breakdown if I made so just yeah that's what I was just so so maybe we'll pick it up. I'm going to take notes and then let's get about to him on the details. Okay thank you. First appreciate it. Thank you. So do you have any clues in comments? Yeah please. So I'd like to thank everyone for making time to join us today for this call. Again I'd like to apologize for the long hold. Had the start of fall and the extension of the time of the call as a result of this poll. I know there are quite a number of questions in the queue, but our big glad is if you can reach out to me, then I can I first shoot with your answer questions. You can also visit the investor page on our website that ntn.com.ght to download our financial and access any other relevant investment information, which includes the transcript and audio for this call. which I'll be adding up in the comment week. So thank you and you may now end up all. Thank you. Ladies and gentlemen, that then comes to today's conference. Thank you for joining us. You may now disconnect your lines. 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M1\n","wer":0.31000225784601493,"date":"2024-06-10T14:44:15Z","model":"tiny","timeElapsedInSeconds":97.65256595611572,"transcript":"Hello ladies and gentlemen, thank you for standing by for RLX Technology X 3rd quarter 2021, our name's conference hall. At this time, all participants are in listen only mode. After management remarks, there will be a question and answer session. Today's conference hall is being recorded and is expected to last for about 45 minutes. or now turn the call over to your host, let's just answer. Have some of the best relations of the company. Please go ahead and say them. Thank you very much. Hello everyone and welcome to our Expendology third quarter 2021 earnings conference call. The company's financials and operational results were released through P.L. News via Services earlier today and have been made available online. available online. You can also build the earnings pass release by a first time the I\/O section of a website and I\/O thoughts with that time dot com. Participants on today's call will include our co-founder, chairperson of the board of directors and chief executive officer, in case when chief financial officer, Mr. Chao Lu, and myself, Sam Sam, had a few lesser relations. Before we continue, please know fast today's discussions. Will contain forward-looking statements made under the face-harber provisions of the U.S. private securities litigation reborn after 1995. These statements specifically contain words such as \"main\" will express target estimate in 10, release, potential, continue, or other similar expressions. Forgiveness payments involve inherent risk and uncertainties. The accuracy of these payments to the impact by a number of business grace and uncertainties that could cause error results to differ from a period of time. different material from those protected or anticipated. Many of which factors are beyond our control. The company is a fillet at five-source representatives and underwriters to not undertake any applications to update this for looking information. Accept as required under the applicable law. Please note that our accept logies are linked to the data. press release and this conference call include discussions of an audit of GAP financial measures, as well as an audit of long GAP financial measures. Our express release contains and reconciliation of the unaudited long GAP measures to the unaudited GAP measures. I will now turn the call over to Ms. Kate's land. Please go ahead. Thank you, Sam, and can everyone for making time, store in our conference call today. In the second half of the third quarter, there have been proactive regulatory developments through the global delivery space, including in China. Last Friday, November 26th, 2021, the State Council announced its decision to amend the detailed implication of the tobacco monopoly of the people's Republic of China by adding rule 65, which states that implementation rules for next generation to back up product. the BACO product, including these cigarettes, shall refer to as relevant rules with respect to cigarettes on the implementation regulation of the tobacco, and off the level. On Tuesday, November 30, 2021, the state to BACO monopoly of administration released a consultation paper in Taito, E-Lectonic cigarettes. On national public service path-women for standards information, on their website, and the administration for market regulation. Thinking public comment regarding nationally that tonic cigarette per-ducks standards. Yesterday, December 2nd, 2021, the state tobacco and awfully administration released a consultation paper entitled on the administrative measures for electronic cigarettes. They can probably comment regarding the administrative measures electronic cigarettes, covering various aspects, improving production, distribution, and the retail sales, report and export and inspections. We firmly support this amendment to the detailed implementation regulations and have begun making any required attempts to free compliance with the new regulations. and the Minister for his measures. We believe the amendment will pave the way for long-term, and sustainable growth in the sector. We are also aware of meaningful work-wide regulatory development, which was the similar trend globally, in the United States. The FDA has made substantial progress with viewing PMP applications, and when it's first e-bipropart of authorization, being October. Demonstrating its recommendations of certain evaproproducts, harm reduction in facts. We, quote, play follow global regulatory developments and use this regulation of evaproproducts as the global trend in view. to grow as countries worldwide recognize you with the products harm reduction benefits for adult smokers. These regulatory developments, especially in China, we believe the sector will enter a new era of development. era, markets, mocked by enhanced products, 15, and quality, of mandate, social responsibility, and improved electoral property production. As some of you may be aware, the third quarter was challenging on the commercial front for the entire industry battle chain. Which had been reflected in our key biochimponder financial results previously. These information from temporary, active, public, key-hung with e-vapers etter, and the walling-coring-19 restrictions in response to outbreak in China, which we discussed during the last quarter's early call as a significant adverse impact on the real sales and product procurement, that will bring it forward since the letter, and the report. half with second quarter. As a result, we have record, a 30th worker send quarter or quarter decline, you know, are not revenue. But we believe this revenue decline to be temporary and have a clean plan, clear plan to achieve long-term healthy goals, which child will expand in detail later. Despite those industry patterns, we continued to focus on building a solid foundation for its attainable success. In the third quarter, we re-developed all of scientific research efforts in a continued to attract and recruit top talent to strengthen ourselves, supply and change and R&D capabilities. We are committed to providing adult workers with innovative harm reduction products of the high-tech quality. Also at the IRS, we also plan and act for the Lonton. Coverage social responsibilities have been an integral part of values since day one. In the third quarter, we unwilled our 2020-2221 corporate socialist functionality report. Therein we shared our progress with respect to our CSR initiatives. Some highlights you called our industry leading age verification system, sound flowers of 3.0, with the enhanced features to prevent Android use. Our Redact Care Community Service program to promote role, revitalization, and common prosperity. These accomplishments are attachments to our dedication to preserving our social responsibilities. We've tried to possibly impact our users in Pau-E and communities in which we lived. With that, I will now turn the call over to our Seattle child rule. He will liberate some of our lack-quality initiatives and go over our operation on the financial without seeing more detail. How please go ahead. Thank you Kate and hello everyone. I will start by sharing some of this quote as major in initiative and development and then walk you through our key financial metrics. We believe that offering the right product to the right user segments. So the optimal route to market will be the key to our sustainable high quality world. To this end, we continue to expand our product's offerings to meet the needs of diverse user segments, and optimize our distribution and retail networks to ensure quality world. With respect to products, we are focused on offering better and more tailored vacant products for various user groups to help engage new users with the right products. This product, we introduced ECU, a new brand targeting adult smokers with the long history of smoking. Our goal is to recreate an authentic smoking experience for adult smokers by launching eight tobacco flow with cartridges in our initial stage. At the same time, we further upgraded Qing Feng a more accessible product line catering to price sensitive users need. We also recently re-lunched Stella or Xinxuo in Chinese, a premium device line with upscale style signing including leather, lace and other fashionable materials. We will continue to monitor user experiences very closely and launch innovative targeted products at the right time. We also make several advancements in user retention and engagement during the quarter. We successfully upgraded our membership system, enabling members to enjoy more benefits as they accumulate reward points. A growing number of users are scanning the QR codes on their cartridges to collect reward points, which will allow us to empower users with instant product authentication. Separately, we have established more effective communication channels to provide unbiased, fact-based, scientific evapot product information to our users and the community. Finally, we are concentrating on distribution and retail channel optimization. Instead of engaging more distributors and expanding the number of our relaxed-branded stores, this quarter we prioritized our existing distributors organizational upgrade. We encourage our distributors to high exceptional talents and refine their team structure within each department. We optimize existing relaxed branded partners towards vocation by identifying areas with high retail sales potential and encourage our own as to adjust for their operations accordingly. In addition, we provided online and offline training for store owners and sales personnel, to enhance their communication skills and enrich their product knowledge. In order to counter the adverse effect for misinformation, resulting from periodic negative publicity on our categories. We have also upgraded our digitalization system for branded partners' goals, providing improved some functionality and additional use of portals to assist store owners and sales personnel in their daily operations. For our other retail outlets, our focus in the third quarter was to identify prime outlets for expansion through trials and various channels. The U.S. Triunals resulted in several initial successes, including strong momentum in lifestyle channels and other key accounts. In addition to our emphasis on high quality growth, we are deeply committed to fulfilling our corporate social responsibility. We believe the healthy relationships between our products, users, shareholders, and the community has been essential to the growth we have achieved over the relationship for years history. With this in mind, we will tirelessly introduce new technologies to tackle industry ten points. For example, minor protection is one of the relationship's highest priority. We've found no efforts in our minor protection initiatives. From product labels to trade channels and technology innovation. In June 2021, we began upgrading some cloud system. Our technology driven minor protection system to version 3.0. and currently quit all of our branded store with the upgraded software. On the Soundflower System 3.0, all uses are required to compete name plus ID number, but face recognition, three steps verification before purchasing. After the amendments to China's national standards become effective, we will strictly complies with any upgraded product requirements. For example, we are prepared to include minor protection features such as child safety locks, similar to the feature which we have incorporated into our relaxed ice product line back in 2019. As the company that values long term, high quality growth, our commitment to social corporate responsibility is at the core of our daily operation. The echo what Kate has pointed out previously, our game has entered the second half. With the state council's decision to amend the detailed implementation regulations of the tobacco monopoly ball, And the subsequent release of a consultation paper regarding national electronic cigarette products standards by the state tobacco monopoly administration, as well as last night's release of a consultation paper regarding administrative measures on electronic cigarettes covering various aspects including production, distribution and retail sales, import and export and inspection. Different from the first half of the game, when the effects are lack clear, regulatory guidelines. The second half is marked by enhanced products quality, safety and quality, augmented social responsibility, and improved intellectual property protection. The investments we made in products, talents, research, and compliance in the third quarter and beyond, will place us in an advantageous position of the new regulatory paradigm. We expect these investments to Yale study and sustainable growth soon and to reward us in our shareholders in the long term. Turning to our financial results for the third quarter of 2021. Net revenue is decreased by 34% to RMB 1.68 billion. Equivalent to US dollar to RMB 60.2 million. In the third quarter of 2021, from RMB 2.54 billion in the second quarter of 2021. The decrease was the result of volatile market conditions, including one, negative EVA plane, the public city, since the latter half of a second quarter. To the fact that the new, the drafts, new rules announced on March 22, 2021 have not been formally confirmed, and no new implementation details have been revealed during the quarter. And three, the Bolven restrictions in response to COVID-19 outbreaks in China, which had a burst impact on ourselves and channel inventory management. Growth profit equates by 42.8% to R&B 656 million, equivalent to US dollar, 111.8 million in the third quarter of 2021. From R&B 1.15 billion in the second quarter of 2021. Growth margin was 39.1% in the third quarter of 2021, compared to 54, so 45.1% in a second quarter of 2021. The decrease was primarily due to one, an increase in direct cost related to promotional activities, and to an increase in inventory provision. operating expenses will pass if if R and B 241.3 minute equivalent to US dollar 37.5 million in the third quarter of 2021, representing a decrease of 244.4 percent from R and B 167.2 million in the second quarter of 21.1. This significant decrease in operating expenses was primarily due to the recognition of share-based compensation expenses. Of positive R&B 523.7 million equivalent to US$81.3 million. The system of one share-based compensation expenses of positive R&D-90.8 million equivalent to US$14.1 million, recognizing sending sentences. Two share-based compensation expenses of positive R&D-320.1 million equivalent to US$14.7 million, recognizing general and administrative expenses. And three surveys compensation expenses of positive R&B, 112.8 million equivalent to US dollar, 17.5 million, recognized in research and development expenses. The significant fluctuations in share-based compensation expenses will primarily due to the changes in the value of the share incentive award that the company granted to employ you as affected by significant fluctuations of the company's share price. The second sentence secreted 55.1% to R&B stricted 6.5 million, equivalent to U.S. dollar 8.8 million, in third-border 2021. From R&B 1206 million in the second quarter of 2001. The decrease was primarily driven by first, the fluctuation of share-based compensation expenses. And second, a decrease in salaries and welfare benefits, partially offset by an increase in brand-new material. General and administrative expenses decreased by 649 from the 8% to positive R&B 253.2 million. Equivalent to US dollar 39.3 million in third quarter of 2021. from R&B 406.1% in the second quarter of 2011. The decrease was primarily driven by the fluctuation of share-based compensation expansion and the decrease in salaries and welfare benefits. Research and development expenses increased by 880.3% to positive R&B 44.6 million, equivalent to US$6.9 million. In the third quarter of 2021, from positives R&B 4.9 million in the second quarter of 2021. The decrease was managed by the fluctuation of the share-based compensation expenses and a decrease in salaries and welfare benefits partially offset by the loss. An increase in software and technical expenses and second increase in consulting standards. Income from more questions was R&B 8097.3 million equivalent to US dollar 139.3 million in the third quarter of 2021. Compared with R&B 909.3 million in the second quarter of 2021. In contact with the expenses was RLB 121.4 million equivalent to USD18.8 million in the third quarter of 2021 compared to RLB 204.2 million in the second quarter of 2021. The decrease was primarily due to a decrease in tax volume income. U.S. Gap net income was R&B 976.4 million equivalent to U.S. dollar 159, 151.5 million in the third quarter of 2021. Compared to R&B 824.3 million in the second quarter of 2000. Now, on GAP, Net Net Income, what are the 452.7 million equivalent to US dollars, 70.3 million, in the third quarter of 2021. Representing a decrease of 30.5 percent from RMB 651.8 million in the second quarter of 2021. US gas-based and diluted net income per ADS were R&B 0.724 equivalent to US dollars, 0.112. And R&B 0.717, it equivalent to US dollar, 0.111, respectively, in the show's order of 2021. Compared to US gas-based and diluted net income per ADS of R&B 0.595, and Rmb 0.591 respectively in a second quarter of 2011. Now I'm got basic and diluted netting compare ADS work Rmb 0.336 equivalent to U.S. dollar 0.052. And Rmb 0.333 equivalent to U.S. dollar 0.052, respectively. In the third quarter of the year, we have a number of two. In 3-3 weeks, it prevalent to U.S. dollar 0.052, respectively, in the third quarter of 2021. Comparing to non-gaps basic and diluted net income per ADS of R&B 0.470 and R&B 0.467, respectively in the third quarter of 2021. As of September 30, 2021, a company has cash and cash with equivalent, with strict cash, short-term bank deposit, short-term investment, and short-term bank deposit of RME 14.72 billion. Equivalent U.S. dollar 2.28 billion. Compared to RME 14.88 billion as of June 30, 2021. As of September, 3221, approximately US$1.64 billion equivalent to R&D 10.59 billion was it was denominated in US$1.00. For the third quarter ended September 32, 2021, net cash used in upgrading activities was RMB 142.9 minutes, equivalent to USD$22.2 minutes. This concludes our prepared remarks today. We will now open the call to question. I'll pray to. Please go ahead. Thank you. We will now begin the question and answer session. Dr. Ask a question. You may first start with one of your touchstone flannel. If you're using a speaker for whom we ask you, please pick up your hands that before pressing the keys. To a joyer question, please press star then too. And for the benefit of all participants on today's call, if you wish to ask you a question of the management in Chinese, please immediately repeat your question >> Hi everyone. I have the six management and the four-declad presentation and this is the gathering from CD. I have two questions. My first question is given the reason to raise your. they develop a mindset. We would do like to share with us how we your products portfolio involved going forward. And watch changes can we expect you see in your existing product portfolio. And my second question is, so we saw this load out for a further show that in the third quarter. So could you actually share more colour on your first quarter to date operations trend and also your altruic for next year. given the current regulation, updates, and also the cobbled situation. Thank you. >> Thank you very much, Olivia. So regarding our first question regarding our product portfolio, so we do have a right clear and a product development strategy. As mentioned in the open and remas, we try to offer device products to the right future statements for the optimal route to market channel. So we do aware of the press conference held by the State to vacuum on uply administration yesterday, and also the announce public consultation of the National Youth Chronicles progress across standards. So if you think the transition period for new requirements to become effective, it will stressfully comply with the regulatory guidelines. So regarding what would we change to our current product offerings, if and\/or when the graph, a national electronic cigarettes, car standards become effective, we anticipate we may need to modify some of our current offerings. However, we are very confident that such changes won't be complex for a company kind of co-eat and we believe that our small credit will still continue to stick out and use our products. and harm with such alternatives. So regarding your second question about the product outlooks and 2020. So we currently do not have a guidance for the quarter together with next year. So we hope to share more than we have that clarity. Thank you. I was like, I've had my expenses in the agricultural and farming center in San Marana, so please go ahead. Thank you, management, to take my questions. I have two questions here. The first one is, could you please share your observations on the current competitive escape for this industry? there are any changes compared to the first problem this year. And also what are you thoughts on the retail pricing for in a priority environment? So that's the first question. And my second question is, I've got a single sales. So what are the single sales real extra branded pop stores for now? From your perspective, if you consider to be a healthy, low-store sales level, thank you very much. Thank you very much, Charlie. So I mean there are two patients, one is on the compactive science gate and the order one is on a real spread of commerce course. So I mean on the first one, as mentioned before, during the lack of of the second quarter, we do see that the industry debunkness did not progress as expected. So indeed, these has carried into the third quarter, when we do see that there are external factors affecting the entire industries, including our company and also our peers, to very quickly. But indeed regarding some passive landscape, we have observed results in this recommendation as compared to this first half of 2021. So regarding like retail price that you have mentioned, so we do have increased promotional assets in the third quarter. are trying to drive our retail sales and reveals infantry pressure of our Reddoll chain. We have also seen that given the first quarter decline in general consumer spending in China, many order companies similarly in tremendous subsidies or other sales incentives. So the overall amount of fuel or how subsidies are promotional efforts is relatively insignificant compared to the Art of Consumer Groups Company in China. And we have started already reducing its further. So going forward, we will continue to monitor our infantry level, a together with the Army and adjust our promotional efforts promptly to maintain reasonable retail price for our end uses. So regarding your second question about the single-star sales and also how we mentioned, in the case of. So in the single star cells together with the property and after the operating microids has been a really core focus in our data operations. As we also aware of the industry wide deep in retail cells starting in the second half of 2021. But however, we also see that they have been recovery for many of our stores in recent months. As our source operating in a wide variety of locations, some are done in shopping malls, and some are done on the streets. And they also face different local environments. We believe each source situation is very unique. So indeed, the entire thing will not have a healthy parameter for single source cells, as we look at it one by one. So for a friendly labor company, we have been developing resources and tools to assist Star owners and South personnel in their data operations. Include providing training materials, PLSM training resources, digitalization tools, and enhanced Star site selection assistance. So in and the 40s quarter we have also launched a certain renewal product and also upgraded our membership system to drive user engagement and retention better. So with these initiatives, we believe we can and we will continue to drive single-star South of relaxed-friendly fund stores. Thank you very much. Thank you. Thank you. My questions are coming from Luis Lee, a part of America. Please go ahead. Hi. I'm Edith. Thank you for teaching my questions. My question is only for the, also for the shoe for outlook. I'm a set that you don't have big items, but we just mentioned that you have things that we're covering. doing that past the mouth, mouth, mouth. So could we be good-ish in ways as more color on that recovery in terms of the single store sounds? And what is the store count as for now? What is our target for the year end? And also what is the key goes driver for the recovery in Cuba? Frank Keremich, Luis, so based on operating the military, across the base data, we do see substantial improvements in retail south and also channeling the improvements. So we could share more across our strategies in the thought aspects. So for our relaxed brand of plan of stores, for quarter-day we have been focusing on increasing single-store south throughout the initiative, have been mentioned and up till now is we do see the initial success. And for our return, we do see strong work momentum in start counts in multiple channels. And our retail channel has become more diversified from quality dates. But of course, we are also keenly aware of the recent developments in regulatory funds, especially yesterday's press release held by the state tobacco monopoly administration. So it was great to be followed to any new regulations and administrative measures. Thank you very much. Thank you. Or my questions today comes from panel overview with CICC please go ahead. Hi, dear matchments and payhongly at CICC. I have one question is that what is the outlook for carcest development and that the nicotine and the nicotine to ligate of 2% thank you very much. Thank you very much. Thank you very much, Jen. How? So I believe you are actually referring to the true state path in the current cigarettes product standards. So indeed, as a global FAM, US-based child company, we have been long been aware of product requirements globally, including in the European Union and also in in the use of graph of national product standards. So looking at the well-developed market's penetration, we believe lowering NickelTon concentration will affect some of your social statements satisfaction. However, most of the else no-course could still satisfy the special NickelTon content or limits in the long run. So from the perspective of product environments or technology developments, We have picked off products ready to low-necultine concentration at the satisfaction since 2019 and we do have the kind of paniconal health and product reserves. So currently, as you may know, most of our hydrogen-necultine concentration is 3%. If such national standards become effective, it's basically a comply with auto requirements, at least on the national product standards, including on equity and content. Thank you very much. >> Thank you. It was a gentleman who says there's a question and answer session. I would like to turn the conference back to the company for final remarks. Thanks for once again for joining us today. If you'll have further questions, please feel free to contact our expert knowledge in the best of relations team. Through the contact information provided on our website, our TPG Mest of Relations. Thank you, ladies and gentlemen, this is the best of all from all. 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M1\n","transcript":"in the name of the team and press the pound or hash key. Please wait for the tone. Then say your company name or affiliation and press the pound or hash key. Thank you. This statement should be taken in conjunction with the additional information about risk and uncertainty set for in CCU's Anna Report in form 20F file with a U.S. Security and Exchange Commission, and in the Anna Report submitted to the CMS and available on our website. It is now my pleasure to introduce Patricia Hothats. Thank you, Carl. Claudia, and thank you all for joining us today. In the second quarter of 2021, the one previously you continue it with a positive momentum by posting a strong improvement in volumes and financial results, not only versus last year, but also versus pre-pandemic figures. The later has been the result of our capability to adapt and operate in a challenging scenario with the COVID-19 pandemic through the execution of a regional plan with three points. The safety for people, operation, continuity and financial health, and the successful implementation of our strategy which focus in maintaining, and gain, business, scale and market share, along with a graduate recovery in profitability. As we have shown since the fourth quarter 2020. Regarding our consolidated performance, revenues jumped 14.6% during the quarter, both stood by a 30.5% growth in volumes, and 13.2% higher average prices in trillion pesos. The sharp volume expansion was explained by a recovery and consumption, a solid sales execution, and the strength of our portfolio of brands. In terms of a financial results, consolidated the DBA more than triple versus last year, an BDA marketing in Pro from 6.2 to 13.1%. The better financial result was mainly driven by the increase in consolidated volumes of mentioned about, efficiency gains from the excellent CCU program with MFDNA expenses, support centage of net sales, decreasing from 45.8 to 39.6%. And 463 basis points expansion in Gross margin, mainly due to positive mix effects and the implementation of revenue management initiatives. And positive net external effects from the appreciation of the Chilean peso against the US dollar, affecting favorally, our US dollar denominated cost, partially compensated by one expert revenue in foreign currencies, and a higher cost in raw material, you'll line with the short rally of the commodities during the year. In all, nothing come totalized again of 18,968 million children pesos versus a loss last year. The Chile operating segment, our top line expanded 54.3% due to 40.2% growth in volumes, driven by all main categories, and 10.1% higher average prices. The high average prices were associated with both positive mixifect mainly based on a stronger performance of premium brands in beer and revenue management initially. Gross prices were used 65.7% and gross marketing improved from 46.1 to 49.5%. Mainly as a result of the revenue expansion mentioned about efficiencies in manufacturing and the positive it next turnily effect from the appreciation of the Chilean peso. Again, it's the US dollar. Effective favorably, our US dollar denominated cost. This was partially offset by higher cost in raw material. MSDNA expenses grew 32.3% consistent with the higher volume and marketing activities in line with prepandemic levels. Although a percentage of net sales MSDNA improved from 42.4 to 36.6% to the excellent CCU program. In all, it is the expanded 136 points on the 6th, the expanded 136 points on the 6th, the expanded 136 points and the Marding in 12 to 18 points, the additional business operational business operating segment, which includes Argentina, Bolivia, Paraguay and Uruguay, and Uruguay. In addition, the business operates in international business operating segment, which includes Argentina, Bolivia, Paraguay and Uruguay, posted 58.2% rising revenues due to an increase of 39.1% in average prices in Chile and pesos and 13.7% higher volumes. Volume growth was mostly driven by Argentina. Also, all the other countries posted positive growth. The better average prices in Syrian pesos were explained by a revenue, management initiative and positive mix effects in the portfolio, which more than offset negative currency translation effects. In addition, our efforts in pricing allowed us to compensate higher US$, denominated costs from the depreciation of the Argentine peso against the US$ and higher cost in raw materials. Posting a gross profit expansion of 114.4% and an improvement in gross marketing from 32.7% to 44.3%. MSDNA expenses are a percentage of net sales, improved from 69% to 54.4%. Due to efficiencies from the excelent CCCU program. all together if it is a improved team point 2% versus last year. The wine operating segments report and 11% rising revenue due to a 7.4 expansion in volumes and a 3.4% growth in average prices. Volumes were driven by domestic markets and exports, both posting middle-singed, middle-singered, single-big-it-glogged, the higher price, until in pesos, were mainly a consequence of a profit. of a better mix, which more than offset the appreciation of the trillion pesos, again, the US dollar, and its negative impact on experts revenue. growth profit were 36.56 and growth margin decreased from 39.5% to 37.9%. In line with a high cost of wine, due to the harvest level of 2020. MADNA expenses of a percentage of net sales improves from 26.8% to 25.6%. Thanks to efficiencies given by the CELENCESIU program. In all, TVDA recorded a 4.1% increase, while a TVDA margin decreased from 17.8 to 16.7%. In Colombia, finally, where we have a joint venture with Postobone, we finished a positive first half of the year with a volume expansion over 40%. Gains in market share and improvement in our financial results. Specifically, during the quarter, we expanded volumes over 50%. growth in all main grants and categories, standing out the performance in premium bid beer. Now I will be glad to answer any questions you may have. >> Thank you. If you would like to ask a question, you may signal by pressing star 1 on your telephone keypad. If you are using a speaker, please make sure your mute function is turned off to allow your signal to reach our equipment. Once again, star one for questions. We'll take our first question from Fernando Alivia with Bank of America. I have to find a way to be a person related to Chile. In your opinion, what explains the silly building growth in the world is a big problem. You know, in line with these, things become a wooden building growth, you know, called the \"Mapriches\" and how you stand up to be Hey, you're making a video. I have another question. I'll wait. Thank you for not the. I listen. You're going to the lot of. It's. It's a question. Yeah. He's asking about our solid growth in the. You're in the quarter. I think. Fernando. And on the other hand. I think. How. How we. Thanks for the rest of the year. Okay. Okay. Thank you. Again. I listen to you with a lot of. Thank you. There is a reason for the. I didn't understand this, I didn't understand you perfectly. But I mean, as you know, for Nanda, and all the group, the Chilean Consumers and the Chilean population, I have been receiving a lot of money in our pockets for two reasons. the one because of all the expense of the government and the direct subsidies to people. And secondly, because we have been allowed to retire money or to withdraw money from our pension fund. All together, I mean, paying money with our pension funds, has been $50 billion. And the subsidies from government around $20 billion. So together, $70 billion is equivalent to the total expenses of government in a regular year prepandemic. So it's a lot of money. On one hand, and on the other hand, there are many expenses that have been restricted of restaurants, troubles, vacations, etc. So most of that money has been concentrating on consumption. And this reason why our volumes have been extraordinary high. I mean at the same time of course we are doing we are doing our job, we are executing the correctly we are keeping and gaining market share in the different categories, but the real reason behind the behind these expansions for time explaining how much it is going to is going to last probably for probably for semester. I hear 18 months, but no more than that. So I think that it's wise to imagine that these friends will not continue in the future. Having said that, we are gaining scale and we expect to keep our scale. I'm not to lose our scale. I'm going to make our best effort in able to continue growing. But I think that small wise and serious tool to imagine that this trend probably is going to last in Q3, P-Vencering Q4, but for 2022, my recommendation is to be much more careful regarding this. Okay, I hope you hear me better. Can you hear me better? Yes, I'm listening. I'm listening you perfectly. >> Okay, thank you. And in that sense, can you comment with the growth between our policy and the public beverages? >> Yes. We know we present the segment Chile, the Chilean segment together because we operate Chile as one segment, the multi-categories themselves, Salesforce, same track, same managers, managers. Having said that we are growing a lot in both segments in Q2 we grew a little bit less than 40% in B, a little bit more than 40% in non-local hallics. Okay. And my second question is related to cost. Can you comment what is your outlook for the meaning of the year and 2022 and what are the different measures that you are implementing to mitigate the increase in the wrong attitude of cost? I will give you a general answer, then I will ask Felipe to discuss on the details on cost. I mean I see no perfectly enough I mentioned in my introduction. We are facing strong pressures on cost of raw material on one hand. I know that it changed rate or on the other I mean it changed rate in Qt and Qt was not to high. But today it changed rate in Qt before the beginning of this conference with the children. So it was $785, I mean to buy a dollar, which is very high. And in all the two offset this, we need to do revenue management initiatives. Number one, to improve our makes number two, and to be very efficient in terms of MS DNA. And we have doing this. I mean, as we know that the current level of volume is something transitory. and that sooner or later will move to a much normal world, we have been very careful on this, on high in people, on keeping our MSD and the type control of C. I mean, we are managing MSD and an AC for us, if we are not growing in our volumes, you know, to be prepared for the future. And regarding the rate cost also we are doing our best effort in order to make revenue management initiative in terms of promotions discounts to increase the percentage of premium products in our portfolio. As an example, here I have the figures, pre-maniation. For example, in Q2, here I have in BINT, premium account for more than 40% of our volumes, while in Q2 of 2020, we presented just 23% of our volumes. And same thing in all the different categories. Because again, we need to be prepared for future scenarios, which is not going to be the same. which is not going to be as good as 2021. But having said that and we got particularly, particularly, Brawmati really to so Felipe you to discuss this. As you probably know Fernando is a global pressure on Brawmati real cost. For example, a minimum year in year in 360 percent, TT or racing, more than 40 percent, And so on, you have also international threats, increasing a lot. We saw containers from China, the actual cost is about $10,000 per container. So this will last at least for more than one year. This is what we expect. So this is how to. Along with these, we are facing a convertible here, a more favorable exchange rate that somewhat compensate that, but is not in our control. But by saying that especially the TLP, so also the Argentine peso are very volatile. So the exchange rate in TLP is volatile for other causes more than international. So at the end we will continue to face inflationary pressures due to Roma deals. So, and the actions are the ones that Patvishio highlighted. Great. Great. Thank you so much. Thank you Fernando. We'll take our next question from Felipe, your cross with Scott Shabank. Well, that Patricia Felipe is equal to congratulations on the results. Maybe let me start with one on the implied price mix. And maybe I can follow up on Chile market shares. So on the first one, obviously, very solid on your international operation. When I look at it on a currency basket basis, it looks like you were able to increase prices in Argentina very aggressively. But obviously, there's also a mix effect in there. So I was just wondering if you could break that out for us and give us a bit of color on what's happening on price enforcement or controls in Argentina and then I'll follow up with you and market share thanks. Yes, I mean in Argentina, in Argentina, thank you, Philippe, for your question. Argentina, we have been able to cope with with inflation in our structural prices. Another thing that we're improving, we are improving our mix. both premium with this growing and we have a shift from returnable boat to cans and cans are more expensive to leader than returnable boat of as you know. But the margin is less attractive than the onboard. So, together we are moving along with inflation along with our costs. Excellent and maybe on Tula Market shares just wondering I know this is difficult because Nielsen and the other surveyors are having a tough time delivering an Apple's to Apple's comparison. But just wondering how you're seeing the market share picture and beer in Tula given the distribution changes at your competitor. Thanks. Yes, you're right, I mean, it's not completely precise because they have a good reading on what happens in supermarkets, but not the best they're reading on what happens in Naman Path. Having said that, if you compare our market chain Q2 2021, it's slightly higher than our market chain Q2 2020. But I prefer to say that our market share has been stable in the last many months and years. And we have been able to call again the competition with its new distribution. >> Excellent, Colors. Thank you. And you know what, I'll stop it here. So, other analyst can ask questions. And maybe I'll get back on the queue if they don't ask my third question. Thank you. >> Indeed. Thank you, Felipe. >> As a reminder, Star one, if you would like to ask a question, we'll take our next question from Mohammed Amit with FGP. >> Come in. >> Hi guys, what you got at all well. Thank you for taking my question. Just comparing to 2019, I know you answered through the release date that you're stable. So, partly known, crossing the answer already. But if you could get some of the volume changes versus 2019, due to, but actually for a cap 2019 versus first cap 2021, the first cap 2021. because even there I see 18% growth which is in process and you give a reason for it. But I just want to go to the market and grow that much or maybe in certain segments you grow faster to get that many numbers particularly year versus more year. Yes, indeed, look in the Chile operating segment, we grew our volumes. This is first half known. Yes, first half, six months to send it on your key, I have that. Here I have the answer Muhammad. Regarding volumes from the Chile operating segment, this is non-alcoholic beer and spirit, first half of 2021 compared with the first half of 2019, we grew our consolidated volumes by 17.7%. In international business by 2% and in the wine operating segment by 16.8%. And in Chile, the operating segment was up stable margins of the market through that much. So, is stable market share? Yes, market share, and as well as slightly higher, we have been brothers tabling the year growing a little bit on... on nonalcoholic. In fact, do we have the breakdown of this sigas in India and nonalcoholic here? A gentleman? Okay, let me check. But we have grown more in India than in nonalcoholic, have instead that. Because the peckabita Sophia has been growing. Yes, yes, but in both in nonalcolic and and beer we are growing Muhammad against 2019 in fact Now here we here have in beer we have rose in two years Roughly speaking a little bit more than 40 percent Okay, 20-20 >> Thank you. >> And this is the second question. >> And this is the second question. This is quarter two. 2021 compared with 2019 quarter two. And here today, fourth and here today, 31. The first semester compared to the session yesterday, 31. code to convert with quarter four to one. Okay, sorry, the voice was breaking up a little bit. So, am I to understand that you said, be here is grown 31% versus first half of 2019? Yes. Yes. And no one's calling. Roughly 11%. That's it. I remember there, Mohameer, that no non alcolic suffer much than fear last year. Well, we also have steel. Well, hello, yes. >> Okay, that's okay. Thank you. I'll figure it out for you. I'll get back in. Okay. Perfect. Thank you. >> Once again, star one for questions. We'll take a follow up from Fully Bay, you cross with special bank. >> Great, thanks guys. So I can do a follow-up. Maybe I'm Columbia. You guys had very strong results on the operation with a very strong rise in volume. So I was just wondering if you can give us a little more of color on what's going on in the ground there in terms of market share price and maybe utilization of the plant. Although, so be a great if we could get some color. Thank you. Thank you, Felipe, as we mentioned, when we entered into Colombia, we designed our plan for a 3.2, 3.3, 3.4 depending on mix, volume or hectaliters of total volume. And we are running this year, but a little bit more than two million hectalitors. Now this is what we expect to sell in this year. So we have a 60% utilization of the plant. We have been growing market share as I mentioned before. Margines are good in the industry prices growing in line with inflation. And again, we are doing our best effort to increase our volumes and to complete the capacity of the plants. Because if we do this, we will be having a good profitability. That was the kind of separation. The longer purpose, we are moving in the right direction. Okay, great. Thanks for the color guys. Congratulations again. Thank you, Felipe. Remember that in Colombia we operate in two segments. Beer and malt. Beer, representing the 80 more than 80 percent of the total volume and malt less than 20 percent. When I say that this is the total volume, this is the total volume of the plant for both categories. Beer and malt. I would actually like to ask you. Good. Thank you. We'll take our next question from Antonio Women with Lorraine Val. Thank you for taking my question, but I was also wanting to know, you know, a little bit more about it than the other. I think that everything is clear. Thank you. Thank you Antonio. Thank you Antonio. With no additional questions in queue, I'd like to turn the call back over to our speakers for any additional closing remarks. Thank you very much for browsing or like to say that during the second quarter of 2021, in a steel talent in the scenario due to the pandemic, and you delivered a solid performance in volumes and financial results, improving versus both last year and pre-pandemic figures. Looking ahead, we will continue investing in the key aspects of the business, in order to keep executing the strategies that we have been carrying out, which is, The unobilting strong grants and portfolio and putting our Air Force in maintaining and gaining business scale on market share. While recovering profitability, related to revenue management and initiative, inefficiencies, particularly in an inflationary scenario. Thank you very much again. That will conclude today's call. We appreciate your 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M1\n","audioFile":"\/var\/folders\/66\/34xtdsy93zvbh8mhwp1w_1_r0000gn\/T\/huggingface\/datasets\/argmaxinc\/whisperkit-test-data\/4479944.mp3","transcript":"ADC and gentleman, good evening and welcome to HTSC Band Limited QC FY 2020 to earnings conference call on the financial results presented by the management of HTSC Bank. As a reminder, on participle lines will be in the list in only mode and there will be an opportunity for you to ask questions after the brief commentary by the management. Should you need assistance during the Concentration Council, please signal and update our by-pressing stars and we don't want you to touch the phone. Please note that this content is being recorded. I would now like to hand the Council over to Mr. Shaina Vassan by Jonathan, Chief Financial Officer, HTSB Bank. Thanks for your attention. So, beginning at a warm welcome to all the participants. Such to start with the environment and the policies that we operated in the court where conducive for growth with good tailwinds from monetary and fiscal policy. You all know about the active indicators, bearing better in Q3 like the PMI, GST, collections, e-wables, etc. They are also up to date about the CPI, or the policy rates, transfer and the liquidity conditions. Now, in that backdrop, the e-culti capital the cost of robust in the quarter, private issue is raising almost 32000 crores, we were mandated for eight IPOs. Indian bond market also saw total fund rates of approximately 1.87 lakh crores in the quarter, the bank maintained its ranking is one of the top three ranges in the IRNR bond market. Now, with that let's go through five teams at a high level, before we delve into the quarter financials. One on the banks balance sheet continues to get stronger. For instance, the capital adequacy ratios at 19.5 percent, C-T1 at 17.1 percent. Liquidity is strong as reflected in our average LCR for the quarter at 1.3 percent. Balochid remains resilient. The GNP ratio is at 1.26 percent. Protein and contingent provisions are aggregating through the 10,100 crores as to be risking the balance sheet and positioning for crores. 2. Inverse with Sinki, Enable of Surficking Up in Expected New York Strategy. We opened 93 branches in the quarter, 171 branches here today, 9 months period. To give additional context, we have added 525 branches over the past 21 months that is dealing the COVID period positioning us for capitalizing the opportunity. We onboarded the more than 5,000 people in the quarter, 14,300 plus people during the 9 months period. We have onboarded about 17,400 people in the past 20 years period. the cost from P1 months during the COVID period to get the people ahead on the predictive ticker that they call me 'accurate for them'. There is a growing impetus on digital and we have taken the steps necessary to ensure our customers are great in consistent experience in whatever channels they choose to bank with us. Key Initiatives like a streamlined modern customer experience of allowing access to content across channels and devices will be introduced soon. We are also So, committed to continuously enhancing the digital experience for our customers through a fully revamp payment offering. We have taken multiple steps to ensure and ensure robust, scalable and secure technologies that are strengthened even further. Some key initiatives include capacity for UPS, been triple, net banking and mobile banking capacity has been doubled to manage 90,000 users' concurrency. agency, a significant step as most of our customers now rely on digital channels for banking needs. The bank has migrated to a data centers in Bangalore and Mumbai state of the art facilities. The bank is moving to next level of disaster recovery, with the automation and implementation of RTR, active active setup for key applications. Significant upgrades in network and security infrastructure to support our exponential growth in digital transactions. Our digital capability is coupled with rich data and customer behaviour. Take for instance, take for instance the traditional retail product wherein close to 80% you loans both with digital score cards are automated underwriting. In Q3 we received the total of 244,45 million visits on our website, averaging 31 million unique customers per month. As per our analysis we add 30 to 70% more visits on our website. with our way public private sector peers across the 60 percent of the visits were through mobile device, indicating the mobile sensitivity of the footforce. Three, on customers, acquiring new library relationship with setting new high, preparing for broad-basing and deepening relationship and thanks to come. During the quarter we opened about 2.4 million new library relationships, 6.4 million new library relationships during the nine months period of this financial year, year, a limiting the growth of 29% over the same period last year. For market leadership, digitizing economy is a new high. In Q3, we achieved the highest level issue and thought with 9.5 like car issue and this. Since late August when we recommanded the issue and of new cars, we are so far issued 13.7 like cars. Credit cars spend for the bank as grown 24% year on year. And debit cars spend as grown 14% year on year. The the spend growth reflect both increased customer engagement and economy improvement from the consumption perspective. In similar lines to the CSC partnership and the scale of our business for that, they have signed MOUs with two large payment banks for distributing certain products. This opens up further opportunities to scale among other places growth in the urban and rural areas, leveraging partner distribution access point and feed on straight. The further scale emerging growth segments such as EZEMI, consumer durable, targeting or proposed customers through segmented sales and marketing, consumer finance business has one plus one-light plus active distribution points. We have over 5 million customers with EZEMI options. The banks, merchant offering is scaling to provide an and value of its services across various segments. The bank has 2.85 million acceptance pointers of December, with a year and a year on year growth of 35%. The bank's acquiring market share stands at approximately 47% with 19% share and terminals, processing about 300 million transactions per month. Bank has been focusing in surrogation and is investing in training and offering signals to fixed solutions, over 50% of new merchant sourcing is from surrogation. Asset volumes are gaining momentum to reach new heights, driven through relationship management, digital offering and wealth of products. In the wholesale segment, topics continue to generate strong cash flows across sectors, the sensing and fair degree of pre-payments. Trade continued to be an opportunity for credit growth, factoring, invoice financing, expo financing, info financing, or some of the projects we've concentrated into growth. They're also making progress in the immensely segment of the ambition to be the largest player of the space. covered banking and other wholesale loans grew by 7.5 percent over fire years and 4.4 percent over fire products. On the retail as a one, the momentum picked up observed, pickup observed during Q2 continued its stride in Q3 as well, witnessing the robust sequential asset growth of 4.7 percent and year on year growth of 13.3 percent. This has been, has been on the back of a strong incrementally dispersal during the project. Commercial and rural banking decisions are robust growth discolter, registering a sequential growth of 6.1% and year on year growth of 29.4% reflecting underlying economic activity and continued market share gains. Now let's start on start with natural venues. Next revenues grew by 12.1% to 26.6% before growth driven by an advances growth of 16.5% in the capacity growth of 13.8%. It interest income for the growther, which is at 69% of net revenues grew by 13 percent year on year and registered a sequential growth of 4.3 percent. The curve net interest margin for the quarter was at 4.1 percent. This is in the similar range of previous growth. Net interest income growth is reflective of underlying shift from unscuted lending essentially gravitating towards higher rated segments in the COVID period. This is also represented in our ratio of net interest income to RWA which is consistent at around 6 percent. moving on to details of other income, which is at 8,184% for top 9.9% versus prior year and up 10.6% versus prior further. Feet and Commissioning income, constituting about 2\/3 of other income, was at 5,75% and grew by 2% compared to prior year and 2.6% compared to prior quarter. retail constitutes approximately 93% and wholesale constitutes 7% of retail comes in the car. Feets excluding payment products grew year on year by 17% and feeds on the payment products these will year on year due to lower fees on card loan products, cash advancements, over-limit fees, reflective of or cautious approach to card based lending as well as customer preferences. However, card sales, AR and interchange of common or come out robustly which positions us for future growth and the customer propensity to use card product for loans and the walls are increases. In addition during the festive period, we offered certain free wavers for incentivized customer engagement. Effects and derivatives income are 9 out of 49 close, but higher by 69 person compared to prior year, reflecting pick up the active piece and spread. Creating income was 1000-party six-course for the quarter, prior year was at 1000-100 and 9-course. The prior quarter was at 600 and 26-growth, some of the gains from investments were monetized in line with our strategy. Other million is income of 1,113 crores includes recoveries from written-off accounts and dividends from substitutes. Now moving on to expenses for the quarter at 9,815 crores and increase of 14.9% over previous year. Here on year we added two hundred and ninety four branches bringing the total branches to 5,079. Since last year we added 1,6978M cash deposit and withdrawal machines taken the total to 17,238. We have 15,000,436 business corresponding managed by common service centers which is higher by about 109,000 and right slightly over 109 and right, compared to the same time last year. Our student come ratio for the quarter was that 37 percent which is similar to the prior year level. As previously mentioned, when technology investments are further stepped up and retail segments pick up further, We anticipate the spend levels to increase even by incremental volumes, sales and promotional acting teeth and other discretionary points. Moving on to accessibility, gene peer issue was at 1.26% of gross advances has compared to 1.35% in prior quotas and 1.38% on a performer basis in prior year. It is pertinent to note that of the 1.26% gene period issue about 18 basis points are standard. These are included by SMA and PA as one of the other facility of the borough of SMA. Net in PA ratio was a 0.37% of advances net advances preceding total was a 0.4. The annual slipage ratio for the current quarter is at 1.6, about 4,600 crores, and against 1.8% in prior quarter. Every seasonally, as contributed approximately 1000 crores to slipage are about 25 basis points annually straight. During the quarter, recoveries and upgrades were about 2,400 crores are approximately 25 basis points. The right half in the couple by 2002, the course approximately 23 basis points. Sail of MPA, about 260, approximately 2 basis points in the club quarter, included in one of the categories about. Now, looking at checkpoints and restructuring and so on. The checkpoints rate continues to improve in December across most of the retail products, and is not only back to pre-pandemic level, but are also marginally better. The early January bomb trade shows continued improvement. Similarly, demand resolution at 97-98% for most of the products is back to pre-fold level and in some cases, better than pre-coveri levels. The better improvement in the demand resolution rates at aggregate level amongst other things illustrates the overall portfolio quality. The restructuring under RBA resolution framework for COVID-19 as of December end stands at 137 basis points. This is at the border level and includes approximately 28 days of points of other facilities of the same border which are not restricted but included here. It gives some color on restricted accounts. 40% are secured with good collateral and with predominant good civil scope which we feel is confident. Of the unsecured portion approximately 2-3% are surveyed customers and about 40% are good civil scope more than 700. The demand resolution is showing increasing trends. COVID-19 is structuring as we have been in enable of overall customers to tie over the uncertainty in the last few quarters. Eresha indicators suggest that most of these customers are now pushing to resume their payment with minimal impact overall quality of the advances of the back. As mentioned previously, in part of restructuring on our GNP ratio could not, can be 10 to 20 basis points at any given in-given quarter. We talked about it last quarter and mentioned that. The core provisions, the core The course specific launch for non-love proteins for a quarter, the 1121 crore, as against 2,286 crores during the prior quarter. So, to corrosion reported with 2,9994 crores, again 3,9924 crores during the prior quarter. So, to corrosion in the current quarter included additional contingent proteins of approximately 900 crores. The specific corrosion coverage ratio was a 71 percent, There are no technical writers or head office and bank books are fully integrated. At the end of current co-oper, contingent portion to its loans were approximately $80,600. The bank's floating portion remained at $1400. And general portions were at $6000. So, this protein is comprising specific floating contingents and general proportions were 170% of gross non-performing loss. This is an addition to security health as collateral is several of a case. Looking at through another limit, floating contingents and general proportions were 1.27% of gross advances as of December program. Now, coming to credit cost ratios, the core credit cost ratio that is the specific loan loss ratio is that 57 days is points for the quarter against 76 basis points for the prior quarter. and 115 basis points on a perform of basis for prior years. Recovery is considered recorded as miscellaneous income amount to 25 basis points of gross advances for the quarter against 23 basis points in the prior quarter. Total annualized credit cost for the quarter was at 94 basis points which includes impact of contingent provision of approximately 30 basis points. Prior year was at 125 basis points prior quarter was at 130 basis points. Net profit for the quarter at 10,000 300 and 42 closed, grew by 18.1% over 5 years. We will give you some balance sheet items, color on some balance sheet items. Total deposits amounting to 14 lakhs, 45,000 9 and 18 closed, up 15.8% over 5 years. This is an addition of approximately 40,000 crores in the quarter and 1 lakh 75,000 crores in the prior year. Retail constituted about 83% of total deposits and contributed to the entire deposit growth in the last year. The process is registered, the above growth of 25.6% year on year, ending the quarter at 6\/81,000, 25\/25 growth, with savings account deposits at 4\/71,000, the current account deposits are 2\/10,000. Time deposits at 7\/64,693 growth, grew by 5.6% or previous year, 10 deposits in retail segment, by 8.3 percent. Time deposit will wholesale signal and decreased by 2.8 percent year on year. Causes comprise 47 percent of total deposits as of December grain. Total advances were 20,633 crores, grew by 5,2 percent sequentially and 16,5 percent per prior year. This is an addition of approximately 62,000 crores during the quarter and 1,799,000 crores in prior year. Moving on to capa, we check how it is the beginning. Total, a code of the Basel 3 guidelines, total capital adequacy, 19 and a person. Here, 1, 18.4% CT at 17.1%. The check how it is previously. Now, getting on to some highlights on HTB SS, this will be on India space. The total loan book as on December 31st to the 60,078 row, with a secured loan book comprising 72% of the total law. conservative underwriting policies on new custom or acquisition which was implemented during COVID continues to be in place and will be reviewed in new course based on external environmental. The development of Victor Finfield 3 growing 9% Cotron, Cotron and 11% here on here. For the Cotron, STB FSL's net revenues were 1,982 crores at growth of 15%. Crores and contingencies for the Cotron, where at 540 crores, including 9-11 crores of management of the population. to relate against 1204 pros for prior year. Profit of the tax for the quarter for 3 and within 4 pros compared to a loss of 1406 pros for the prior year quarter and a profit of the tax are 190 to close for the sequential quarter. At of December end, growth stage 3 stood at 6.05% flat sequential quarter. It is a couple of the stage 3 book is secure carrying erosion coverage of about 41 percent as of present-by-end and fully collateralized. 20 percent of the stage three book which is unscreduted at a frozen coverage of 84 percent. Nickeletic coverage ratio was strong at 22 percent. ESTV is funded with a cost of funds of 5.9 percent. Corporal capital adequacy ratio is at 20.3 with a tier 1 at 14.9. With markets opening up and customer accessibility improved to near-free, near-free COVID levels, we believe the company is well-poised for a healthy growth from here on subject to any impact on further ways of COVID. Now, if you work on HSL again on India's basis, HSL is security submitted with its wise network persons of 130 branches and 140 cross-hundred-partisan cities and towns in the country, a shown increase of 58 percent of the year on India in total revenue to 536 crores. net profit of the tax of gold and 58 crores in Q3 is an increase of 58 percent year on year. It is a digital account opening journeys are running successfully. There has been a significant increase in overall climate based to 3.4 million customers are suffering. In December, an increase of 50 percent over prior year. In summary, we have recently overcome the effects of pandemic over the past 21 months across or fronters of the IHG TNL and human capital, while the effect of the latest COVID wave is not clear, which we love to watch out over the next few weeks to see a very term. We are confident of navigating through this, applying our learning from past ways. I would go to taxol rating, leveraging on our people's product distribution and technology. The total results reflect the percent growth of 14 percent, advances growth of 16 percent, The profit attacks increased by 18 percent delivering the turn on asset over 2 percent, earnings per share in the quarter of 2018.7, book while you per share increase in the quarter by 2019.4 to 4 and 14.3. With that, thank you very much. Whether it may request the operator to open up for questions please. Thank you very much. Ladies and gentlemen, we will now begin the question on the session. Anyone who wishes to ask the question, may press star and one on the touch room telephone. If you wish to remove yourself from the question, you may press star and two. Participants are requested to use transess while asking a question. Ladies and gentlemen, we will be for the moment. Well, the question to the standards. [ Pause ] >> The first question is from the line of Maru Kajania, some inala capacity. Please go ahead. >> Hello, congratulations. My first question is on credit cost. So, the circuit credit for including contingencies has come below 100 after many quarters, around 3 years. Now, assuming that there is no further forward wave, is that the new normal we have here like we can see over the next few quarters? Thank you. I hope I can. Excuse me sir. So sorry to interrupt me. Please request to speak close. That the phone sir your audio is not clearly audible. Okay. I moved my chair. I moved my chair. I am not a thank you. Yes. I have a valid question and I will create a thanks for asking that. We are coming from a COVID cycle. cycle where our booking have been from a retail point of view have been benigned. Second, from a wholesale point of view which we have shown very highly rated carcasses. So, we come through the cycle and now starting to begin to get the retail. The recent contagious, when we look at the recent in-page performance. They are far superior, both the entry levels course and the customer profile in terms of how we opened up and started, they are superior. And whether this is a new norm, I will not say that this is a new norm. This is you have to look at critical, normally over a bike or period of period of a few years. You have to look through a cycle. And that's how you need to look at it. But if you look at our NPA, to NPA, 1.26 can bounce around at any time, 10 to the basis points up and down, 2 quarters ago, 1.47 now 1.2, 6. So, it can go up and down within the small range that's where it can come. From a critical point of view, we are not given a particular outlook at such, but we have average in the past, call it 1.2, 1.3, they are about the kind of range at which the total cost of So, that is the call is the little lower than that. So, in a broad range, if you think about 100 to 120 kind of a way to spot that sphere in a last go back to pre-covid, that's the kind of range at which we have operation. And if the critical sort of lower, then you know the way we look at it is it calls calls, the year operations. And if the credit costs are lower, then you know the way we look at it is, it calls for experimenting a few things. It calls for opening up for policy. So that is the policy reaction that comes in. right. There is always that the full impression between the business and the credit that happens. So, I will will take that 50 or 60 basis points, total credit costs or the specific losses or a total cost of 95 basis points is a good standard for long time to come. But this is the current cost as there we are. Okay, thank you so in my next question, Rizan's feed, you did mention that they meant and credit card related seeds decline. But, what they had even enough, I mean, you could give more color, was there any one of the time promotional expenses which won't reach us? So, there are no, all begin, you know, get up here, I'll close on the trajectory in the next few quarters. Okay, yeah, again, good question. Thank you. See the fees 5,000 or growth that we reported is 2% right. In the past we have done we have done we have done we have done we have done we have done we think about it before there were very well comes on and so forth. We have done to the R percent of state. We have consistently said the way to think about the fees. Somewhere where it is settled is mutual high teams kind of places where it can settle right now. power mail. And again, this quarter, if you think about excluding the payment products, it is an about 17%. Payment products has been initially in low. There are a few things to think about on the payment products. One, as I alluded to, we offered certain fee waivers to incentivize customer engagement. So that's one thing, which doesn't need to record every quarter, but it can happen every other quarter depending on what programs we have. But that's part of running the business and that's part of growing the franchise, right? So that's one thing to think about. Second, even from a card's point of view, from a credit, I think I alluded to in terms of how customer behavior from a late payment point of view, right? is that the customers are paying very much on time so that is reflected there too. So, the opportunity that we used to get from a late payment does not come to. Customers used to pay cash advances that is on a lower end. So, the cycle has to turn little more on that and so you need some cash advances are coming through. And from a policy point of view, until recently we were tied on the credit limits, right? So there is a credit limit over the credit limit. There is a computer will come. And there is also lower because from a policy point of view we've been cautious on that, right? But as we speak now, the policy is a big and playtime. We are getting to business as usual subject to another way of what it does and so on, right? So that is that is one aspect that we think in terms of the impact. the broader conflicts is required in terms of what is the overall. So if you think about the customer itself, particularly I am talking with the payment products the car customers, right? The critical in utilization, is that a low, it is like a piece of like on KDEX of the pre-pandemic level. So the while the spend levels are up, 24 percent and the interchange is quite robust and good, we would have good the in the cricket on that. But the critical in utilization has got much more to go to get back to the pre-pandemic level. So that's one thing on the people who are spending. So the thing they are paid. And then if you think about if they are all paying what is happening to their world worthout, right? That is also at about 0.7 to 0.8 top the pre-covers levels in terms of the revolving on car. So there is much more room for people to get into those revolver type, right? So that's part of what the strong quality of the book that exists today, right? And that is part of of what some of the fees that come are also muted, which are connected connected to that. I will give you another perspective to think about on the cars, the system, right, on the customer's liquidity. Deployed balances, you know, most of our car customers, you know, have liability relationships with us, right. We have good amount of liability relationships. Car customers, contributed almost 4x is this is pre-coded. If x is the adverance, x is the a and r of cards, which is the card loans on both. At an aggregated level. At an aggregated level, the liability balance of the card customers were typically 4x, right now this 5x. So, which means customers are sitting in good amount of deposits and liability balance with that. So this is the economy is come down, now with the huge amount of liquidity and cash shape to sponsor with people. Now we're starting to pick up on Go. And so this is part of the cycle growth that we expect that to come back to a reversion. So from a long term point of view, mid-team to high teams is what we have said in the past that's what we want to expect from a of the classies point of view. But how in your assessment how many quarters would it take to reach that also? The combination of both the environment, the economic activity in the environment and the customer behavior to get on with that could be two, three, four quarters. I would expect that I don't want to venture to predict exactly what it is because there is no exact signs that tells the characters. But typically that is what you see that it takes for a maturity model to operate. And similarly the same thing applies, same thing applies to if you think about the PPP, it is very similar, right? Whether I ask the loan growth, get back the PPP issues more or less mimic the loan growth. historically that we have shown that is very�ivier performed, right. That is the kind of what the loan growth is the headline. That's what more of most of the lines operate tends tend to be similar as you know. Okay, thanks. Thanks a lot. Thanks. Thank you. The next question is from the line of alpashmata. Some ISL security please go ahead. So, thanks for taking my question and comments on the recent set of questions. Now the first question is about the reconciliation between the on the receptor bloats. What we see in the votes to a concert once out we are going to do a rounddown. And, let us see a 1.3 thousand votes out. We are on our readingthousand. So, how do you reconcile both these numbers? Okay. Well, you see what we said. Then I see no two accounts, the total number was also to be around 80,000 rooms plus there was a R1 number. So both put together is around 25 900. No two accounts also mentioned that the double counting between R1 and R2 is around 2,700 crores or something like that. So the next number was out to around 23,200 crores. where they are commanding the issue of data in the rounds I have been doing 200 so that is the gap of these are everything. Okay, so got a credit question. See it is based on what the template, right somebody signed the template and we fill the template up and put up there. So that's something different. So good point that you raised right. The 25,000 what was there. is what did you grant as a restructuring in R1 and R2 when you add up that is what it is. And if you eliminate the double curves it is like 22,000 right. This is originally granted in several points in time. That means whenever it was granted that those points in time right what was the number that was what you see that. The September, we reported 18,000 crores last September. And currently we say 1.37 that is 17,000, 500 crores are so fast. So first, the 18,400 to 17,500, the woman, the call that about 900 crores or woman, that half of it is moved to MPA half of it is a neck of various recoveries and I just want. So that is part of what, from September to December, things are moved, right? But between the 22 to what we reported in September 18000, that is the net of whatever happened before September which is between what happened to NPA, what happened to various recoveries and adjustment around that time, right as we speak in September. That's part of, I think some of some of you picked up the number of what was originally granted, but what was outstanding as a September 18000 and now is the 17000 pi wonder. So, she just correct me if I am gone if I look at the Sufftember Disclosure R I V R 1 plus R 2 minus the double counting, the S 2 the no extra counts was around 20,500 of course that were nts and the amount rebate of the R 1 amount that you mentioned in the no extra counts, so that number of around 20,400 whereas that's where you are disclosure in Sufftember was 18,200. So, the 2000s of the difference between the amount which was reported as of September and between the of result date is that my understanding correct. Correct, very, very, so the recovery is another thing that can until the reporting date. Okay, okay and right now also is the similar situation wherein you have not reported the NPS and the replayed on the out of R1 and R2. do. So, the S. was the notes to account it could be around 23,200 euros, but the after the recovery and PLs everything and the repayment etc. It is around 7,000. This quarter note stock account simply calls for, this again mandate as right, calls for reporting only R2. As originally granted, which is reflecting 18,000 crores or something in the notes. 18,000 crores is not the outside, it is 17,000 512 South Spanish. So whatever was mandated to show is a note that is what we show, but both we when I talked and I gave the 1.37 that is the 17,000 512 which is R1 R2 whatever is the recent hearing outstanding on the balance sheet that is the number that you are mentioning that that is correct that is correct. Okay. So the second question on the can it is give some qualitative comments related to the the 10 year of this book you mentioned as one of your comment that 10 20 this is point to be shift into cross and p and at any given point in time when that would be a situation that almost 25 30 percent of this book can sleep over a period of next one year. So, then we are talking about 10 20 which is point of that particular order or over the 10 year of the book. So, for example, with around 1.37 then out of this 1.37 only 20 basis points can keep into and kill category. I just want to clarify that. Okay, by the way there is no particular fine percent 20 or something, this is based on what our analytics comes up to say based on what experience we have seen based on the customer profile which I alluded to to say for example. The one that I gave about 40% are secure, right? So, we collect the lives and we with the good good the civil score which we feel very comfortable. Then on the unsacrupated portion we said about calling for two thirds or so or Saturday customers where we feel quite comfortable. And then on the balance where we keep watch about 40 percent or so good civil scores. to do more than 700 of them. So based on various these kind of analysis, that is where we should said we feel comfortable that tend to the basis points that any particular point in time, that can be within our tolerable range. And from a restructuring point of view, generally the restructuring can run up to two years. And again, if there was a run here or a low lift and two your granted now the person has got it for over three years to go. Okay. So again, just again, clarifying the relationship always almost 15 to 20 percent of the book can create as far your analytic. Is that the number correct now that 10 to 20 basis points is this of 1.37 percent. So it's around whatever that's around to 15 percent of the book can be based on your analytics or the customer data that you have. I don't want to mention in to extrapolating the 10-prity business points into various time created. Yeah I got it got it. Okay. The second question is related to the credit growth. So, historically we had a multiple X-multicon of the system credit growth that we always is used to guide about, but as just an indicated number. But now when I see at the system level, because of the consolidation in the larger segment, within the PSU blind, the system may be growing at X-person, but the private sector by sub-growing much faster than that. And some of our larger players are also growing at a significantly higher rate than that of the system. How do we see are credited growth, do we still maintain that x-forcentile that we used to talk about in the past or we can have a better opportunity to grow much faster and gain market share. Secondly, your comments on the three specific products, one is payment for us, second one is the commercial and rural scientific is growing very fast and almost 30 goes in my opinion. And lastly, corporate and whole thing, 19th is we have developed quite a bit of quiet capabilities over the last two years and grown in more contracting, have a shadow over on low mood. So, good for my question. Thank you. Okay, thank you. Long question, but I'll try to be a short and crispy possible. So, you know, if you think about the loan growth and the market share, one thing is that, you know, our loan growth is consistent, right? Consistently growing, including during the COVID period. And one has to look at it, not one quarter to quarters, but over a longer period of time, one has to look at how we are growing rather than one period. So essentially looking at the consistency of growth over a longer period. For example, you can take a two year growth, right? longer period and that includes the code period too. We have grown at 35 percent that call it high deal annual that kind of a growth rate that's why. So I and similarly you can go back five years, five years correct between 2016 to 2021 or something like that again about two plus the little more than double call it high deal type of growth. That's what we have at that time. So one has to evaluate in the current circumstances one also has to evaluate based on the incremental basis right what is what we have grown. We believe based on an incremental basis we have a share of more than 25% of so on an incremental basis right from what is happened. We think about it a Latin 29,000 crores in the past 12, 12 months, a three lakhs from the 5,000 crores in 24 months right. And again, we focus on appropriate products you touched upon the categories of commercial and rural or wholesale and retail. Yes, at some point in time, we did grow good amounts of wholesale. This is a good demand. We were there for the customers to support them in terms of the whole day, very highly rated. And now we see a lot of pre-payment happening in the work, 7% percent of what year on the air we see in the wholesale. the whole state. On the commercial and rural, enormous opportunity and very fast growing, you know, about the third of the country's GDP is contributed but that kind of a segment, right? That segment. And we want to participate more vehemently in that group in the segment and we will continue to bounce on that one. On the retain, we were subdued rightfully so from a policy point of view, we are back and that is what we are seeing in the sequential growth that foreign to our personal business. So, Netanyard comes coming that to the same summary which is now one quarter or two quarters doesn't establish what the growth is, it's about the consistency of growth and over period of time. And so that's what you have to look at it in terms of how growth and we will continue to capture market share. And again, in a balanced portfolio across secured and secured and greeted across commercial and rural and wholesale. So across various products spectrum, customer spectrum. Thank you. The next question is from the line of our community. Karkar from Goldman Sachey's cover here. Thanks. Hi, Cini. Good evening. You're up with here. A couple of questions. the first one on the asset quality bed, just one of the confirm, was there a new restructuring that did it with order? No, no new structuring, but part of that the next change that I gave you, I will not close the trust plus and the minus, made up 500, which is whatever was in the pipeline that came through, that was about 500 course, also that new that came in, but that was not a new granted application granted whatever was in the pipeline that came. then the pay-downs and other things that happen. So, let it is that 17,500 on point 3,000. And so, thank you. Second, but you know, only slipages and you know credit costs, I think I think Maru cost us is my question. On the credit cost also 95 basis point and clip the zero. So, are one of the lowest that you seen the last few quarters. I mean no pandemic impact, you think, you know, this could be a new normal over the next few quarters. And then in that context, how do you plan to build a PCR buffer from here? Shelby, can you have to see more and more coding to be in the computer? Okay, this is a good good good question. Use to touch upon another aspect of, you know, as a bank, we don't need one particular outlook or a forecast in terms of how to look at the credit that's on the market. that the credit that all I can point you is to historical to say that in the recent COVID time period, we operated 1.2, 1.3 percent kind of thing. If you go to little before the COVID period, 120 basis points, somewhere there we operated, currently including the COVID, the contingent process, about 95 basis points. But yes, over period of time again when we look at it, So, we should be able to look at it, we should be able to look at it, we should be able to do that kind of a what was the pre-COVID mean type of a mean reversion should happen towards there, right? And current, current code is reflective of what we have booked because the recent quintages, call it the 18 months or 15, 18, 21 months type of quintages that we have booked, across various segments, right, across various segments, they are also very good quality. retail books, you know, is typically two years on average retail books and the very good quality. And our reservation lab is working on several things including opening up new to bank, right? So that means what previously that we had about quality 80 percent of existing to existing bank, a personal loan or call it two thirds to 70 percent existing to bank, card loans. Now innovation lab is making progress to a using alternative data from the market to see how new to bank could be as efficiently school and pathed through the master on the scoring models to get it. So yes, I wouldn't ask you to project based on the current quarter, but think about it from a pre-goate norm, what it is and that's the kind of. The second aspect of the question on the building of the oceans and so on, right. See, our build up of the contingent progeny goes back several quarters and much before the onset of the co-equality, right. So for example, if you look at June, June 19 or so, when we initiated the build of our contingent progeny, that was to argument our counter-cycle group progeny's death, right. At that time, the contingent progeny's were less than 1000 crores, right. Today it's built up, it's more than 8,500 crores, right, or about 70 cases points. of grass and wandses are 80 basis points including floating production. The way, whatever way you look at it, right. What it does is that it takes the ball, it makes the ball sheet much more resilient for a niche off and certainty, pandemic can bring and such a what the such is the resiliency do. It supports good execution on the front line for our growth, including making several experiments in our last as I alone. So that's all we should think about. We The evaluated culture to Cotter, there is no pre-planned eye for how the front, we take it as it comes in the culture and evaluate it. But it changes to move questions. The other question was on the credit card of the payment for a profitability. You laid out a few points why it was you picked this quarter. But when you think about the structural profitability of this product, and also what regulates you are thinking, and it's hard to understand how we should think about what are the components that would still remain the administrative, while the components which could be less, you know, some pressure, you pointed about the fee they were, you know, the hidden and fee, etc., you know, sort of coming down. So how should you think about more from a one to two years of success? good question right, we will come to that the regulatory or any other thing that we will come to that. But from a overall buoyancy point of view, see that there was a first aspect of a car and about the spent and the spend is quite, quite picked up 24% or so year on year. So that is that is something that has happened. And the next thing as the spend goes up the critical and utilization used to go up as I said, the critical and use utilization due to the spend is that. coming down or the period of the code can come. Now it needs to go up at the still clinical and utilization that about 0.8 of the fee pandemic level. So that should start to go up. And then along with that gets to the revolving and so on and so forth. There's the path. Right. And from a from a fee charging point of view. There's various various fees. The final period type of fees or incentive type of fees or or or alone. Origination kind of fees. Those are the team and then will happen. moves on as the values come up. Any other type of fees that there can be a regulatory constraint, also comes to that cost. So that means you need to think about not just the fee, it is also you need to think about the cost that goes to the fee. For example, if there are certain fees that goes up, there has to be certain cost also that goes up. And what are the type of cost that can go up? You see there is a balance between what you earn on the fee and what you spend on the expenses, call it the rewards, call it the cash type, call it the sales promotion, the marketing promotion. They all have some linkages across the PNM, right from top to bottom. These are the kind of linkages. One cannot look at only one isolation as a structural change, right? There is no such structural change, but if there were to be a structural change, one has to look at it across all the PNM, the length in terms of what is discretionary and what supports what, right? And then accordingly, one I want to have to model. But from aggregates then, the cost profitability model should remain intact to respect to all four of us. Okay. Now, the question of the digital strategy, you know, you even also partnership with the future entities. So, you're going to just talk about this partnership with sentai from the entity that you're moving about and how does it sort of feeds into your digital tools or to strategy to a coherent in the customers and also from uploading a rich fund of the last question. Thank you, Shikar. Okay, thank you. I know this is a more of a, you know, the key question in getting talked about everywhere in terms of partnerships and how you think about and the cost to income and so on so forth. maybe it's a time I take two three minutes or so to describe right how we think about it and you can see whether it fits in with what you are all thinking. In a banking you will have to look at things in three different kind of activity, call it like that. One is the customer acquisition, the second one is the customer service thing and third one is relationship management. So, this is the continuum of how one engages with the customer at work shop. The various things take from the partnerships that we are all talking about is on the front end there, on the customer acquisition side. We have several channels for a decision. We have a virtual relationship model. We have a feed on street model. We have a physical day as they model. And then now we have a digital marketing model developed over the last three years. They are analytic. And now we have a partnership model. the market, that is, call it a fill-take partnership for the end of the type of partnership that is think about that is another model. And and we do get, I gave you some kind of going terms of regard in 2.4 million live utilization chips. That's the key ingredient that comes in, there's some which every other product starts to work on that, right. And so that is the kind of inflow of customers. So you get little more accelerated customer acquisition at the end of the day you measure the effectiveness of that through the better terms of the market. to the better cost of a position, which is the optimal cost of a position that is where it graduated to. If our branch brings in the counts, brings in relationships and a cost that is much better than the fin take or better than a partnership that is where things graduated to. That is part of the cost of a position models that is think about that. In certain other fin take or a service or a mobile buying team feature or or very other things that go that goes in customer service. Is that is enabling customers to do things that are not. to do things where it can be done on cell service or where it is done through a relationship management, how on a straight through basis on a paperless basis that we execute. That way you measure that to a cost to income, whether are you at an optimum level in a cost to income where you are able to support the customers that you see in an optimum manner. So, is that that is that you measure through how we are executing on that aspect of it. Now, on the relationship management, which is where the most of the money, right, which somewhere in the parts we have done, we have said in the last year I think you mentioned it, call it about the third, less than a third, this is less than 30% of customers provide more than two thirds of value to the fact, right. And 30% of customers are the ones where we have relationship malica. So at the end of the day, you can bring in any customers through any channel of the customer acquisition, you service them through digital approach to any way. At the end of the day the value it comes through a nation shift management. That is what at least in our case we have published that and we have talked about this in the past. So it is about the relationship management that brings it. Now there are there are certain things in relationship management. For example, in the relationship management you we've been implemented we talked about the last 12 months actually during the course period. The analytics date engagement with the customer the next best action. That we that we implemented, right in terms of. how it it rank orders customer preferences based on products behavior and the intent to purchase and that the recommendations that come we have for 20 million customers. We have recommendations that we we have an engagement with month again. It is digitally driven proprietary driven internally through analytics technology helps there, but the delivery is to relationship management. So this is. can't be delivered through a mobile banking or an internet banking or a internet partnership or any other partnership can't be delivered right. It gets delivered through because that's where the value comes through a relationship approach, right. So that is that is something that the capability is coming from there. So that's I probably leave it there. I've taken a minute or two more than what I said I will you on that. No, but that gives the perspective of how we think about. Yes, yes. Thank you so much. We really, really take it off. Thank you. Thank you. Thank you. The next question is from the line of Torah from J.B. Morgan please tell me. Hi good evening Shini. So just one question. This is on your net interest margin. So how should we think about the progression from here? The book makes clearly seem to be getting better. And you know if the rate rise you clearly seem to be better position. So would you expect that the nins should go up from here and in that context? You know, your comment that the portal grow in line with loan growth. should ideally this goes better. Thanks. Okay. So, let's see. So, those thanks for asking again, very key part of the part of the dynamics from the P&L to think about, right. See, historically, or period of 3 years, 5, 10, 15, right. We have seen all of those with GEOC into. The bank was operated in the band of call it 3.94 to 4.45 right 4.44.5 percent that is a band at which by the way that is based on average that is not interesting as because you want to get confused with the denominator being what it is denominator in this case that I quoted the numbers is average access because there is a process to think in the industry about using interesting assets that is a different matter. Now, 3.94 through 4.4.4.5, that is the band package. Currently, we are the low end of the band, because the retail products where we see much more yield coming, much more of a spread coming, and it comes with higher RWA, right? It comes with the higher risk rating, all those, right? of the comes here. We brought that down and then this is the numbered party and it is starting to take its own legs and start to grow. So, one is that it needs to take its time to grow back to what it was called it two years ago. So, that is the journey and the journey is you look at the sequential that you see about 4 and a half percent, quality 18 percent are so as the growth on the retail portfolio. And the next part of that could also be on the retail front itself, the mix of the retail front, whether in the current rates scenario, what sort of loans that that even, right? It also depends on the segment in which we operate. In the recent past, we have had a good growth in retail, this quarter, four point five, last quarter, also it was four something, right? So, it's going to take a few quarters for that to come back to life. But within that, as we came out of COVID and started to focus on this, we have five categorization for the the carpet salary segment which were many of our high yield products are targeted to, right. Category A, B, C, D, E, right. And category A, B, C, C, C, C, C, C, C, C, C, C, C, kind of a very popular, where we have had a group such such to start with right now. And we should have broad ways as we go along with battery yield and rates also going up. So that is something to keep in mind that the other aspect of it is also the government signal. The government segment in our analytic groups, commentate model can typically be a lower risk relative to the rest. And we will come in a risk-based pricing model, it will come with a lower yielding rate. So that is something also we have focused and contribute to focus on that also. So at the end of the day, it will take few quarters for this mix of retail and within the mix of retail, we much more broad based across all the segments within the region that we are talking about to come up. So that is one aspect of what you can think about the nin coming up. The other aspect of the name is also about the rate itself. If you think about the repo rate, loans link to repo rate, slightly under a third right now, right about 3132. 32, right, slightly under one third of our long book is linked to a repo rate and about the little mid single digit are so linked to theaters, right. And so which is if you go back to three years ago when we were in the mid to high end of the name range. the components that that means the composition of these two they're very meaner, right, very low, call it, would be call it single digit but very low it was. So it is it is moved up and now the rate starts to move up that is going to give something. And of course the cost of a rate starts to move with that will have an impact on the cost of on the two. But the cost of funds can come with a lag and I'm saying the process is not necessarily on the time deposit which can come with a lag. So that's the kind of way you think about it saying one is the rate environment and another is the rate mix of retail that can come and bring in that. >> The garnish, you know, so I really it should move up so that's what I was coming to that if your N.I.M. can to move up, shouldn't you're operating profit be better than don't you. to this preliminary point of a standard attack. Sorry, it was a good point that you say, right, but from a from a risk my point of view my perspective I will tell you that you you need to be continuously investing. Right. And when you make those continuous investments, then that is where you get to the long term. So in a static book, what you say is right, right, if you look at it in the short term, they don't make any other change. Just allow these two changes. Sting the mix on the loans and change. the segments between retail, get to higher end segments and should that be, yes, it will be. But you know that this is not a unidemensional model, right? It should be a dynamic model with you, you inverse for the future. That's why I alluded to in my, in my opening remarks that about the branch investments, about the people investments, about the technology investment, we need to do that for the future. You don't see it, you don't know how it today. You will see the result on it in a couple of years time, right? as a branch maturity model takes anywhere from two to three years to be in the reasonable state, and between 5 to 10 years to get to the robust state. Same with people productivity. And so you need to make those continuous investments on those. And so that is why the ones that I mentioned that the pre-provision operating problems are ppOP and making kind of a lending growth rate. that is how historically we have added branches. So, if you think about in the last five billion years we added 2,000 different branches in the last five billion. In the last, so, once the three years we added 1,100 branches. And so, that these are the kind of investments continuously we do to model so that it is dynamically maintained for a longer term to come. You know, thank you, Shini. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. The next question is from the line of the race company from Makwari. Please go over here. Yeah, hi. She's a, I have a question on these on the feet of the payment products. In the sense that are you seeing pressure on interchange, these are the MDR levels coming down. No, the reason why I'm asking this question is that's what's of course we can just tell us what has been the experience. And secondly, from a new digital payment paper, I know it's always difficult. the second guess what the regulator is thinking. But you really change there can be further reduction with respect to MDRs and debit cards, can there be something on credit cards, can you PRB monetizable? I'm just asking all these questions because everything has got to do with the payment related fee. So, if the regulator is thinking only in one direction less to bring down the transaction cost, then this is not going to be one sort of phenomenon. You're going to be prepared for subsequent several quarters. I was a management thinking about taking care of some of the regulatory challenges. I will explain it to you. Thanks so much. Thank you. Thank you for your consideration. It is indeed important to address it and think about what we think. There are two aspects to this. One is the experience itself in terms of what we see on the interchange or the interchange or the MDR. There is there is no pressure on interchange or MDR from a rate point of view. It has been quite steady and quite nice. So that is that is one of the things that we have done. something from our recent experience that has not been inhibiting our kind of a feel like. The rate is quite all right. Now, when the MDR, we will address that because it is easy to address, we will come to interchange. See, MDR, we do not make, on a next basis, we do not make much, we do not make anything on MDR. that means if it is an internal customer that means if we have an issuing card, our MDR business pay is interchange to the issuing card. Right, so I am the business third party card, office card, our MDR business pay is interchange to a third party. issue. So, MPR business has such a pretty neutral, but we still very very vehemently pursue MPR relationship or merchant relationship to point 8, 8, 5, and then continuously grow that because of the time with strategy, which is, along with that comes the liability and comes the assets value, right? Which, we, liability we already started and assets, we are working on the model. come to reasonable value. We still have to do a lot to grow there, but the part of that strategy is so that India has such there is nothing to take it away on India because nothing is there to take it away. So that's one. Now coming to the interchange is being held steady. If there is any other pressure on interchange, a situation is alluded to if you're looking for some other context of the question, which is, see, the interchange and isolation perhaps should not be looked at. be looked at, interchange should be looked at in the context of what is the rewards that is the novel on the car. What is the reward? What is the reward point? Cost of the cash that points that cash that cost which is there. Cost of the sales and promotion marketing type of cost that are there, right? So, if you when you draw a P&L only on the sales, so that means keep the It all works to the side. Keep those people who do the, the cash advancements, who do the limit announcements or spend more than the limit than do. I have it in the way they can keep them to the side, right. And it's a pure pure transactors, if you see and you draw a fee into the conceptors, it is like that MDR, a sandwich strategy. You keep the customer in the edge because you've got a load on the library side of the customer. and you are able to choose certain types of the asset side of the customer. So, if the interchange for any reason, right, which you can't predict for the any reason that has to move up for the, then you get the other levels on the field and get the operator, right, which is, then you look at the loss and you look at your castor, then you look at your marketing and sales promotion. And so you look at all of those and try to manage the PNL do profit. Okay, okay. Thank you. Thank you. Thank you. Thank you. Ladies and gentlemen, that was the last question for today. Who would now like to have the conference over to Mr. Vajianathan? So, please come in. Okay, thank you, David. Thanks for all the participants for dialing in today. We appreciate your engagement. And if you do have anything more that we could help you from the understanding of a jeet chatty in our English regulations will be available to talk at some point in time. some point at the time of the future please say that for the thank you. Thank you on behalf of HTST Bank Ltd that concludes this conference. Thank you all for joining. You may now disconnect your lines. 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\ No newline at end of file From 2f3be5119569063d15035b118d41abafbb054610 Mon Sep 17 00:00:00 2001 From: Abhinay1997 Date: Mon, 12 Aug 2024 22:37:41 +0530 Subject: [PATCH 26/28] Fix compilation on non macOS --- Tests/WhisperKitTests/MemoryTestUtils.swift | 15 +++++++++++---- 1 file changed, 11 insertions(+), 4 deletions(-) diff --git a/Tests/WhisperKitTests/MemoryTestUtils.swift b/Tests/WhisperKitTests/MemoryTestUtils.swift index b403fa88..8dc31f06 100644 --- a/Tests/WhisperKitTests/MemoryTestUtils.swift +++ b/Tests/WhisperKitTests/MemoryTestUtils.swift @@ -297,7 +297,7 @@ import IOKit.ps class BatteryLevelChecker: NSObject { static func getBatteryLevel() -> Float? { - #if os(iOS) || os(watchOS) + #if os(iOS) || os(watchOS) || os(visionOS) UIDevice.current.isBatteryMonitoringEnabled = true let batteryLevel = UIDevice.current.batteryLevel UIDevice.current.isBatteryMonitoringEnabled = false @@ -309,6 +309,7 @@ class BatteryLevelChecker: NSObject { #endif } + #if os(macOS) private static func getMacOSBatteryLevel() -> Float? { let snapshot = IOPSCopyPowerSourcesInfo().takeRetainedValue() let sources = IOPSCopyPowerSourcesList(snapshot).takeRetainedValue() as [CFTypeRef] @@ -322,6 +323,7 @@ class BatteryLevelChecker: NSObject { } return nil } + #endif } struct DiskSpace: Codable { @@ -339,8 +341,8 @@ struct SystemMemoryUsage: Codable { class DiskSpaceChecker: NSObject { static func getDiskSpace() -> DiskSpace { - #if os(iOS) || os(watchOS) - return getiOSOrWatchOSDiskSpace() + #if os(iOS) || os(watchOS) || os(visionOS) + return getMobileOSDiskSpace() #elseif os(macOS) return getMacOSDiskSpace() #else @@ -348,7 +350,8 @@ class DiskSpaceChecker: NSObject { #endif } - private static func getiOSOrWatchOSDiskSpace() -> DiskSpace { + #if os(iOS) || os(watchOS) || os(visionOS) + private static func getMobileOSDiskSpace() -> DiskSpace { let fileManager = FileManager.default do { let attributes = try fileManager.attributesOfFileSystem(forPath: NSHomeDirectory()) @@ -364,7 +367,9 @@ class DiskSpaceChecker: NSObject { } return DiskSpace(totalSpaceGB: nil, freeSpaceGB: nil) } + #endif + #if os(macOS) private static func getMacOSDiskSpace() -> DiskSpace { let fileManager = FileManager.default do { @@ -382,9 +387,11 @@ class DiskSpaceChecker: NSObject { } return DiskSpace(totalSpaceGB: nil, freeSpaceGB: nil) } + #endif } + private extension MLComputeUnits{ var stringValue: String { switch self { From d9bc43bd8a2496cc400ef7641fc8c518ed2137c4 Mon Sep 17 00:00:00 2001 From: Abhinay1997 Date: Mon, 12 Aug 2024 23:14:44 +0530 Subject: [PATCH 27/28] Fix battery checks for watchOS --- Tests/WhisperKitTests/MemoryTestUtils.swift | 5 ++++- 1 file changed, 4 insertions(+), 1 deletion(-) diff --git a/Tests/WhisperKitTests/MemoryTestUtils.swift b/Tests/WhisperKitTests/MemoryTestUtils.swift index 8dc31f06..22f824d0 100644 --- a/Tests/WhisperKitTests/MemoryTestUtils.swift +++ b/Tests/WhisperKitTests/MemoryTestUtils.swift @@ -297,11 +297,14 @@ import IOKit.ps class BatteryLevelChecker: NSObject { static func getBatteryLevel() -> Float? { - #if os(iOS) || os(watchOS) || os(visionOS) + #if os(iOS) || os(visionOS) UIDevice.current.isBatteryMonitoringEnabled = true let batteryLevel = UIDevice.current.batteryLevel UIDevice.current.isBatteryMonitoringEnabled = false return batteryLevel >= 0 ? batteryLevel * 100 : nil + #elseif os(watchOS) + let batteryLevel = WKInterfaceDevice.current().batteryLevel + return batteryLevel >= 0 ? batteryLevel * 100 : nil #elseif os(macOS) return getMacOSBatteryLevel() #else From c99bd94c60d5946bc5514fb55fb169e70a8b284f Mon Sep 17 00:00:00 2001 From: Abhinay1997 Date: Mon, 12 Aug 2024 23:21:00 +0530 Subject: [PATCH 28/28] Fix imports --- Tests/WhisperKitTests/MemoryTestUtils.swift | 21 ++++++++++++--------- 1 file changed, 12 insertions(+), 9 deletions(-) diff --git a/Tests/WhisperKitTests/MemoryTestUtils.swift b/Tests/WhisperKitTests/MemoryTestUtils.swift index 22f824d0..62eaab04 100644 --- a/Tests/WhisperKitTests/MemoryTestUtils.swift +++ b/Tests/WhisperKitTests/MemoryTestUtils.swift @@ -3,6 +3,18 @@ import WhisperKit import MachO import CoreML +#if canImport(UIKit) +import UIKit +#endif + +#if canImport(IOKit) +import IOKit.ps +#endif + +#if os(watchOS) +import WatchKit +#endif + // MARK: RegressionStats class RegressionStats: JSONCodable { @@ -286,15 +298,6 @@ class SystemMemoryCheckerAdvanced: NSObject { } } -import Foundation -#if canImport(UIKit) -import UIKit -#endif - -#if canImport(IOKit) -import IOKit.ps -#endif - class BatteryLevelChecker: NSObject { static func getBatteryLevel() -> Float? { #if os(iOS) || os(visionOS)