JOYY, Inc. Sponsored ADR Class A (JOYY) Q4 2025 Earnings Report, Transcript and Summary

Ladies and gentlemen, thank you for standing by, and welcome to JOYY Inc.'s Fourth Quarter and Full Year 2025 Earnings Call. [Operator Instructions] I'd now like to hand the conference over to your host today, Jane Xie, the company's Senior Manager of Investor Relations. Please go ahead, Jane.

Thank you, operator. Hello, everyone. Welcome to JOYY's Fourth Quarter and Full Year 2025 Earnings Conference Call. Joining us today are Ms. Ting Li, Chairperson and CEO of JOYY; and Mr. Alex Liu, the Vice President of Finance. For today's call, management will first provide a review of the quarter, and then we will conduct a Q&A session. The financial results and webcast of this conference call are available at ir.joyy.com. A replay of this call will also be available on our website in a few hours. Before we continue, I would like to remind you that we may make forward-looking statements, including, but not limited to, the future development of our products and businesses, the expected future financial performance of the company, our share repurchases and other future events, which are inherently subject to risks and uncertainties that may cause actual results to differ from our current expectations. For detailed discussions of the risks uncertainties please refer to our latest annual report on Form 20-F and other documents filed with the SEC. We will also discuss certain non-GAAP financial measures. They are included as additional clarifying items to aid investors in further understanding the company's performance and the impact that these items and events had on the financial results. The non-GAAP financial measures provided above should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with GAAP. You may find a reconciliation of differences between GAAP and non-GAAP financial measures in our earnings release. Finally, please note that unless otherwise stated, all figures mentioned during this conference call are in U.S. dollar. I will now turn the call over to our Chairperson and CEO, Ms. Ting Li. Please go ahead.

Hello, everyone. I'm Li Ting. Thank you for joining us today. In 2025, our group revenue and social entertainment business regained growth momentum since Q2, and we saw meaningful progress in our segment growth curve of ad tech and other emerging areas. Together, these results are sharing our clear strategic framework as a global technology company with multiple growth engines. Let me start with an overview of our results. In Q4, live streaming maintained a sequential recovery trend where our advertising platform saw accelerated top line growth. Meanwhile, non-GAAP operating profit and cash flow remained robust. In the fourth quarter, total revenue reached $581.9 million, up 7.7% Q-o-Q and 5.9% year-on-year, representing our further positive year-on-year growth since the second half of 2024. Live streaming revenue was $394.4 million, up 1.5% Q-o-Q, marking 3 consecutive quarters of sequential growth. BIGO Ads, including both first and third-party ads generated $128.1 million in revenue, up 61.5% year-on-year with third-party Audience Network revenue growth accelerating to 82.5% year-on-year. Overall, non-live streaming business contributed 32.2% of total group revenue. Non-GAAP operating profit stood at $40.8 million, and operating cash flow totaled $115 million. For the full year, total revenue was $2.12 billion. Live streaming contributed $1.53 million, while BIGO Ads contributed $398.5 million, a 38.5% year-on-year. In particular, BIGO Ads third-party ad revenue, Audience Network, delivered 56.3% year-on-year growth. Non-live streaming businesses represented 28% of total revenue, an increase of 7.9 percentage points compared with 2024. In 2025, non-GAAP operating income and non-GAAP EBITDA were $150.8 million and $189.8 million, up 10.8% and 10.9% year-on-year, respectively. As of December 31, we held $3.26 billion in net cash. Our strong operating cash flow and balance sheet continue to support consistent shareholder returns. In 2025, we returned $332 million through share repurchases and dividend. We've improved business visibility and ongoing operational optimization. We are confident we will continue to deliver solid performance. In light of our strong performance and continued double-digit non-GAAP operational profitability improvements in 2025, the Board has approved additional cash dividend of approximately USD 20 million, representing approximately 10% of the total cash dividend declared for the year of 2025. On top of company's regular quarter dividend schedule, this demonstrates our ongoing commitment to drive operational improvement and enhance shareholder returns. Next, let me share our strategic forecast and outlook. We are currently evaluating refinements to our segment reported structure, and we are considering to report our results under 3 major business segments: social entertainment, ad tech and e-commerce SaaS beginning since the first quarter of 2026. This new structure will make it easier to see and understand the progress we make within each business. Our social entertainment business remains the cornerstone of our profitability and cash flow. Meanwhile, BIGO Ads and Shopline are building our next stage of growth with improving mid- to long-term economics and expanding profitability potential. Together, this business has positioned JOYY for a return to sustainable and profitable growth. From a long-term perspective, their combined strengths and synergies will serve as an [ on-field ] engine through which we can eventually penetrate addressable market beyond what would be possible for each business individually. We believe 2026 will be a landmark year for JOYY, marking the resolute beginning of our renewed growth journey and the defining step toward becoming a global diversified multi-engine technology company. Now let's turn to our operating update. In Q4, our core social entertainment business achieved its third consecutive quarter of sequential recovery. Global social MAUs reached 272.1 million, up 2.2% quarter-over-quarter. Traffic from our instant message increased 4.5% Q-o-Q, driven by high user stickiness and user organic growth. Both average user time spent and the retention improved year-on-year. On the revenue side, group live streaming revenue rose to $394.4 million, up 1.5% Q-o-Q. Developed market recorded a strong recovery with revenue climbing 3.5% -- 3.4% Q-o-Q. BIGO's total paying user rose 1.5% Q-o-Q. Okay. On our current [4 ] flagship products, we further enhanced our streamer incentive structure and the integrated AI-driven features across critical stage of the user journey, boosting both engagement and payment efficiency. For example, by integrating LLM architecture and incorporating multi-modal information into our recommendation system, we improved our ability to understand both live streaming content and user interest. The optimized recommendation precision and distribution efficiency led to a 5.6% Q-o-Q increase in Bigo Live's, average viewing time per user in Q4. Furthermore, user adoption of AI-generated virtual gifts continued to grow. As of January 2026, the consumption of AI interactive gifts on Bigo Live has surpassed 30% of total virtual gift consumption. We are making solid progress on our new product lineup, leveraging our established capability and product development, content, payments infrastructure and local operations. We are expanding new product incubation and growth. In Q4, revenue from new products increased 37.9% Q-o-Q, setting new monthly record. In 2026, we expect continued recovery. The paying users are approved for our flagship product, driven by ongoing operational refinement. Meanwhile, we anticipate our new product lineup will sustain robust growth and bring further incremental live streaming revenue. We are confident our social entertainment segment will regain growth momentum, delivering healthy profitability and cash flow for the group. Turning to BIGO Ads. In Q4, BIGO Ads delivered $128.1 million in advertising revenue, up 61.5% year-on-year and 23.3% Q-o-Q. Third-party ad revenue, Audience Network, grew 82.5% year-on-year and 27.3% Q-o-Q, demonstrating accelerated growth momentum on a sequential basis for the third consecutive quarter. We fueled this growth through broader traffic coverage, multi-vertical advertiser expansion and ongoing algorithm optimization. First-party traffic expanded steadily supported by higher MAUs and ad fill rates that drove sequential revenue and profit growth. Third-party traffic also increased with SDK requests growing by 166% year-on-year and 23% Q-o-Q. Our diversified vertical strategy across insurance, e-commerce and IAA games broadened market coverage and allowed us to capture seasonal advertising demand more effectively. Q4 was the peak season for U.S. insurance advertising and the prime [ outright ] for e-commerce campaigns such as Black Friday web-based demand primarily from insurance, and B2C e-commerce advertisers grew 20%, contributing to a boost in revenue. Enhanced placement performance led IAA vertical, primarily casual games, to a 39% sequential increase. Overall, the number of key cohorts increased by 29%, and the total spending of key cohort climbed 34%. [ By writing ], we believe the market continued to be our priority with North America up over 21% Q-o-Q and Western Europe rising 46% Q-o-Q. To take advantage of exciting momentum, we will depend our presence in key verticals, including lead generation ad, e-commerce and games. This multi-vertical approach will serve as our structure and disruptive competitive edge over the mid- to long term. And currently, we will expand our advertiser base and penetrate deeper into development countries while continuously optimizing our algorithm. We have established a 3-year road map for the BIGO Audience Network, targeting a revenue milestone of $1 billion by 2028, accompanied by steady improvement in economics. Finally, a word on Shopline. Beginning in 2026, we are considering to report Shopline as a separate business segment to reflect our confidence in its growth prospects. Over the past year, Shopline maintained double-digit revenue growth, driven by cross-border merchant basis here, double-digit expansion and its rising contribution to revenue. While we have normalized Shopline's R&D spending backed by steady top line and gross profit gains, we see a clear and achievable path for Shopline to reach breakeven while sustaining a double-digit revenue growth trajectory. Turning to capital return. In Q4, we repurchased $67.4 million of shares. For the full year, total repurchases reached $134.6 million with momentum accelerating in the second half. We believe our current valuation does not fully reflect our intrinsic value. We remain committed to actively utilizing our buyback program. Looking ahead, as we continue to scale our business and strengthen our operating profitability, we will work closely with the Board to explore possible measures to further enhance our shareholder return mechanism. In summary, our strategic blueprint and ecosystem potential are only beginning and unfolding. We view 2026 as a fresh start toward our next phase of growth. We remain focused on execution, and we are confident that sustained growth and the profitability improvements will demonstrate our true value, leveraging our integrated ecosystem, which remains committed to strengthening joint position and delivering long-term value for our shareholders. Now that's beginning for Alex Liu.

Thanks, Ms. Li. Hello, everyone. In the fourth quarter of 2025, we recorded total net revenues of $581.9 million, securing a year-over-year growth of 5.9% and quarter-over-quarter growth of 7.7%. This marks an inflection point above our top line trend on a year-over-year base since the third quarter of 2024. Our live streaming business delivered its third sequential recovery with its live streaming revenue increasing by 1.5% quarter-over-quarter. Our advertising business, in particular, BIGO Ads, continued to deliver exceptional growth with its revenue up by 61.5% year-over-year and 23.3% quarter-over-quarter. Our operating cash flow remained strong at $116 million in Q4, and we ended the quarter with roughly $3.26 billion in net cash. As previously communicated, we accelerated share buyback during the quarter, buying back 67.4 million, most of our shares, nearly doubling our Q3 share repurchase volume. For the full year of 2025, we booked total net revenues of $2.12 billion. In particular, BIGO Ads booked $398.5 million in total revenue, delivering 38.5% year-over-year growth. Third-party BIGO Audience Network achieved impressive growth of 56.3% while sustaining profitability. Our non-GAAP operating income was $150.8 million, up by 10.8% year-over-year, and our operating cash flow was $305 million. So after the year of 2025, our total capital return to shareholders including cash dividends reached $332 million, which represent 108.8% of our operating cash flow. I will now dive deeper into our detailed financial performance. Looking at our live streaming business, our total live streaming revenues was $394.4 million for the fourth quarter. $331.8 million of which was from BIGO segment, both up quarter-over-quarter. Our refined streamer incentive and continued AI-driven optimization of our content distribution and paying user experience have contributed to improved paying user sentiment. The BIGO's total paying users increased by 1.5%. Live streaming revenue from developed countries increased by 3.4% quarter-over-quarter. Our total non-live streaming base revenues were $187.5 million during the fourth quarter, up by 47.6% year-over-year. Non-live streaming now contribute 32.2% of our total group revenues, up from only 23.1% contribution in the same period last year. BIGO's advertising revenues increased by 61.5% year-over-year and 23.3% quarter-over-quarter to $128.1 million. In particular, our third-party ad revenue, BIGO Audience Network, delivered exceptional results, recording 82.5% year-over-year and 27.3% sequential growth. On the traffic front, SDK network ad requests was up by 166% year-over-year and 23% quarter-over-quarter in Q4. We continued to tweak and optimize our algorithm to further improve our campaign performance with strong advertiser spending. In Q4, the number of key cohorts was up by 29% quarter-over-quarter, with total spending from key cohorts up by 34% quarter-over-quarter. Our multi-industry strategy has helped us capture helped broader market opportunities. Web-based demand was up by 20% quarter-over-quarter. Mobile-based demand continue to be strong with IAA spending up by 39% quarter-on-quarter. We have outlined our 3-year strategic goal for BIGO Audience Network, which is maintaining high-velocity growth and reaching 3-year revenue milestone of $1 billion. In the near term, this means that we need to invest in the expansion of our R&D and sales capabilities as well as our network and computing infrastructure. But given the health economics of Audience Network at this stage, we are confident that, as we scale, we will remain profitable and potentially further enhance all these network economics in the midterm. Group's gross profit was $205.6 million in the quarter with a gross margin of 35.3%. BIGO's gross margin was down quarter-over-quarter due to a shift in our revenue mix, which saw an increased contribution from our lower-margin network [ ad ] revenues. Our other segment's gross margin was up by 5.1 percentage year-over-year to 46.7%, primarily due to growth in high-margin non-live streaming revenues. Our group's operating expenses for the quarter were $187.8 million. Our operating expenses were higher last year due to certain noncash goodwill impairment charges. Sales and marketing expenses were higher year-over-year as our ROI-focused user acquisition returned to normalized level following one-off advertising savings associated with temporary App Store interrupted in Q4 last year. For our R&D and G&A expenses, we maintained prudent and disciplined in our total spending through enhanced resources sharing and operating synergies across different business units. While strategically allocating incremental share of our R&D resources towards BIGO Ads, our group's non-GAAP operating income for the quarter was $40.8 million. Our non-GAAP operating income was lower this year, primarily due to the impact of one-off advertising savings last year. Non-GAAP net income attributable to controlling interest of JOYY in the quarter was $70.3 million. The group's non-GAAP net income margin was 12.1% in the quarter. Our non-GAAP net income was lower due to the impact of one-off advertising savings last year and higher FX loss due to weakening dollar this year. For the fourth quarter of 2025, we booked net cash inflows from operating activities of $160 million. Our balance sheet remains healthy with a strong net cash position of $3.26 billion as December 31, 2025. Shareholder return continues to be an important component of our capital allocation strategy. We have returned $197.3 million to our shareholders through dividends and repurchased $134.6 million worth of our shares during the year. We believe we are still sustainably undervalued. We will continue to actively utilize our buyback program in 2026. Additionally, in light of our strong performance and continued double-digit non-GAAP operating profitability improvement in 2025, the Board has approved an additional cash dividend of approximately $20 million, representing approximately 10% of the total cash dividends declared for the year of 2025, on top of the company's regular quarterly dividend schedule. This demonstrates our until commitment to drive operational improvement and enhance shareholder returns. Turning now to our business outlook. At the group level, we expect our net revenues for the first quarter of 2026 to be between $538 million and $548 million. This implies an 8.8% to 10.9% year-over-year growth for the group's revenue in quarter 1, with live streaming revenues back to positive year-over-year growth, while BIGO Ads delivered mid-double digits year-over-year growth in the first quarter despite the impact of seasonality. As Ms. Ting Li just mentioned, beginning in the first quarter of 2026, we are evaluating certain refinements to our segment reporting, and we are considering to report our results in 3 business segments, which include social entertainment, BIGO Ads and e-commerce SaaS. We believe the new segment will make it easier to see and understand our operational progress, particularly our new initiatives. Looking ahead, we are extremely excited about their tremendous synergy potential and the powerful flywheel momentum that our business segment will deliver in the medium to long term. That concludes our prepared remarks. Operator, we would now like to open up the call to questions. Thanks.

[Operator Instructions] Your first question today comes from Thomas Chong with Jefferies.

[Foreign Language] I have 2 questions. The first one is about the live streaming business. Can management talk about the key factors for recovery? And how should we think about the long-term trend? And my second question is about the 2026 outlook. Can management talk about the full year revenue and profit guidance?

[Foreign Language]

[Interpreted] Thank you, Thomas. This is Li Ting. I will take your first question. In the fourth quarter, our live streaming business continued its sequential recovery with both paying users and ARPU up sequentially. On operational side, we continue to make progress across several areas, including refining our streamer incentive system, strengthening our content offerings and also applying AI optimizations across content distribution, content consumption and also the overall paying experience of our VIP. And these AI-driven optimizations have continued to translate into meaningful and sustainable improvements in our paying conversion efficiency. Geographically speaking, this recovery has been primarily driven by the developed market. Our new product lineup continue to grow at a healthy rate and deliver solid Q-o-Q growth. And we expect these products to continue to bring in incremental revenue as well. Looking ahead, as we have mentioned, these one-off operational adjustments had been fully implemented, and we no longer expect, though, to have any negative impact on our performance for the new year. And we will continue to advance refined user segmentation and also incentive upgrades, expand our high-quality content, global content offerings and also better strengthen our global payment infrastructure. And we also expect growing incremental contribution from our new product lineup. So on this basis, we expect our live streaming revenue to be back to steady positive year-over-year growth in the year 2026.

[Foreign Language]

[Interpreted] And this is Alex. I will take your second question. Let's first take a quick recap of Q4. Our group revenue in Q4 delivered a very solid growth both year-over-year and Q-o-Q, with live streaming continuing its sequential recovery for third consecutive quarters and our ad tech business continuing accelerating its year-over-year growth. For Q1, our current guidance implies a year-over-year growth rate of 8.8% to 10.9% for group's total revenue. Looking at live streaming, we expect live streaming revenue to be back to positive year-over-year growth since in Q1, but on a sequential basis, considering that the Lunar New Year and Ramadan both fall in Q1 of the year, similarly as last year, we expect there will be a similar seasonal softness for live streaming on a sequential basis. For advertising, Q1 is also usually a softer quarter for advertising as well, but we still expect very robust performance from BIGO Ads. And our current guidance implies mid-double-digit year-over-year growth for BIGO Ads. For the full year, based on the current momentum that we're observing across the 3 business units, we are very confident that we'll be able to achieve positive year-over-year revenue growth for the group in 2026. On live streaming, as we previously mentioned, those one-off adjustments from last year have been fully implemented, and we expect our revenues to return to steady year-over-year growth. On ad tech, entering into the year '26, we continue to see traffic expansion, deepening penetration across multi-verticals and also ongoing model optimization to drive our revenue growth in year '26. And these drivers are mutually reinforcing, and together, we believe that they support our expectation for a very strong double-digit year-over-year growth for BIGO Ads for the full year of '26. On our e-commerce SaaS business, we continued product capability development, rapid penetration in cross-border merchants in key markets and also our gradual expansion into certain new markets in the new year. We expect our SaaS revenue to sustain its double-digit growth as well. Taken together, we believe that these 3 engines will put our top line back to a very stable and positive year-over-year growth trajectory and enabling us to tap into the massively broader long-term market opportunities as well. Looking at our profitability outlook for the year '26, we expect stable operating profit contribution from live streaming. With live streaming now returns to growth, along with continued cost optimization, we expect live streaming continue to generate a stable improving profit, although we do expect to selectively reinvest some of our incremental profits into the new social product lines. Our ad tech business, particularly our third-party app revenue, Audience Network, is still in a high-velocity growth phase. And in the near term, this means that we will need to invest in the expansion of our R&D and sales capabilities in addition to our network and computing infrastructure. But given the healthy unit economics of Audience Network at this stage, we are very confident that we will remain profitable. And as we scale, we believe that we can potentially further enhance Audience Network's economics in the midterm. Looking at our e-commerce SaaS, we expect, as revenue continues to grow, we can continue to narrow its operating losses and that its loss reduction trajectory is very clear on track. And put it in all together, we expect the group's non-GAAP operating income and EBITDA to continue our improving trend similarly as '25 and deliver a steady year-over-year growth in the teens in 2026.

Your next question comes from Yuan Liao with CITICS.

[Foreign Language] Congratulations on the strong results. And my question is regarding your advertising business. So in last quarter, both our first-party and third-party advertising business achieved accelerated growth. And you also guided that in the first quarter 2026, you will realize mid-double-digit growth rate in your advertising business. So could management elaborate the -- on the key drivers of your advertising growth rate in the first quarter 2026?

[Foreign Language]

[Interpreted] Thank you for your question. This is Li Ting. As we mentioned in the prepared remarks, our advertising mix is well diversified across different industries, including lead generation ads for insurance direct to customer e-commerce and also IAA, et cetera. Our current advertiser mix means that seasonality pattern could be very obvious as shown in our sequentially very robust ad spend from e-commerce and interim lead generation ads in Q4, while Q1 is typically sequentially softer, particularly due to our Q4 high comparison base. That said, we kept upgrading our core algorithms in Q4. We focused on improving our ROAS and CTR models by additional AI signals and also multichannel user behavior data while refining our targeting and delivery strategies. We also expanded our algorithm optimization across specific industries, across lead gen, IAA and also e-commerce, to boost efficiency. These improvements have lifted our advertiser retention rate, our average ad spend per advertiser and also attracted new advertisers during the quarter. Such optimization also enabled us to effectively reach more traffic and also increase our monetization capability for publishers, which creates a flywheel effect. And we believe that, that creates a solid foundation for Q1. That's why even in a seasonally softer quarter, we still expect BIGO Ads to deliver mid-double-digit year-over-year growth as implied in our current Q1 guidance.

Your next question comes from Brian Gong with Citi.

[Foreign Language] Congratulations on solid results. I think management mentioned that [ 3PS ] scale is expected to reach over USD 1 billion in 2028, which is a very, very positive number. What are drivers behind these numbers? And how should we think about long-term profitability of [ 3PS ] business?

[Foreign Language]

[Interpreted] Thank you, Brian. This is Li Ting. I will take your question. Yes, I just mentioned our midterm strategic goal for BIGO Ads. As we -- when we were talking about our Q1 outlook earlier, I mentioned the flywheel effect and the mutual reinforcement and continuous improvement across traffic, advertiser demand and algorithm, and also our monetization strategies will continue to be long-term drivers throughout the entire development of BIGO Ads. And to be specific, on traffic side, first, we expect further organic traffic growth as we are being integrated with a rising number of SDK publisher partners and also mediation platforms. We'll also continue to expand multichannel traffic and also iOS traffic. And second, we will accelerate our penetration into U.S., Europe and Japan and also potentially other new regions. On demand side, in addition to our current verticals, we're simultaneously exploring new verticals, including sub-verticals of lead generation ads, IAP and e-commerce, and we expect to further increase both the number of clients and also our customer density within each vertical. On platform side, with the rapid expansion in traffic and also in demand, we are continuously iterating and optimizing our algorithm and data capabilities, driving more vertical-specific optimizations and enhancing our bidding and delivery strategies. We believe that all of these initiatives are moving forward in parallel and they reinforce each other. So this is the first time we are disclosing our midterm strategic goals for BIGO Ads. The team is exceptionally talented and also the company has dedicated additional resources to work together to that goal as well. And we deliver outstanding results in the year '25. Right now, the team and the company is fully committed and pushing forward aggressively toward our strategic targets for the year '26 and beyond. We remain highly confident in the continued high velocity growth of BIGO Ads, particularly the third-party Audience Network proportion.

The next question comes from Xueqing Zhang with CICC.

[Foreign Language] My question is on Shopline. Can management provide more color on the current business momentum of Shopline and the key drivers behind its growth? And how should we think about the path towards narrowing losses and eventually achieving breakeven both in terms of strategy and the time line?

[Foreign Language]

[Interpreted] Thank you. This is Li Ting. I will take this question. We remain optimistic on the long-term prospects of the SaaS-based e-commerce sector. Unlike walled garden marketplace platforms, Shopline provides an open and extensive solution to merchants through which the merchants can have full data ownership for advanced operations. And also quite distinctive to traditional SaaS monetization model, we don't charge by usage per person. We charge by -- we realize our value through empowering our merchants to capitalize GMV growth, and our monetization is based on the take rate of that growing GMV. In the past several years, Shopline's core mission has been product excellence, and we've made substantial investments in our R&D to evolve from a storefront builder to a full stack e-commerce ecosystem, seemingly -- seamlessly combining SaaS infrastructure, payment and also integrate the marketing tools into one powerful closed loop. And since last year, our R&D investment have greatly stabilized our cross-border merchants, particularly brand customers have grown rapidly, and our revenue and gross profit growth have driven on improving operating leverage, resulting in our significant reduction of -- in Shopline's operating losses. We believe that we are past the stage of business model validation. And now our rising gross profit has put us on a clear and sustainable path to breakeven. We look forward to and remain fully committed to achieving breakeven for Shopline in 2028.

The final question today comes from Raphael Chen with BOCI Research.

[Foreign Language] We noticed that company distributed an additional cash dividend this quarter. Could management share the underlying considerations behind this? Also, given current valuation, does the company intend to further accelerate share buyback?

[Foreign Language]

[Interpreted] Thank you, Raphael. This is Alex. I will take your question. First, looking back at 2025, capital return execution has been very, very robust. Under our current shareholder return program, we paid out approximately $197 million in dividends and repurchased approximately $135 million worth of shares throughout the year, bringing our total shareholder returns to surpassing $330 million. That represents around 10.9% of our current market cap, which we believe is a very, very competitive level within the industry. Additionally, in light with our strong operating performance and double-digit improvement in our non-GAAP OP in '25, the Board has approved an additional cash dividend of approximately $20 million on top of our regular quarterly dividend schedule. This demonstrates our strong confidence in operating performance and also our ongoing commitment to drive operational improvement and enhance shareholder returns. On buyback, we nearly doubled our repurchase execution in Q4, buying back additional $67.4 million in 1 quarter in Q4. We believe we're still undervalued, and we will continue to actively execute our buybacks going forward. So looking forward, we are entering into the new phase of growth with our revenue back to growth and also operating profits continuing to improve. We believe that our shareholders can look forward to sharing in the greater returns. Okay. So that was the last question. Thank you so much for joining this call. We look forward to speaking with everyone next quarter. Thank you.

This conference has now concluded. Thank you for attending today's presentation. You may now disconnect. [Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]