Journey.com Group Ltd (NASDAQ:TCOM) Q3 2021 Earnings Name dated Dec. 15, 2021.
Company Contributors:
Michelle Qi — Investor Relations Director
James Jianzhang Liang — Co-founder, Govt Chairman of the Board
Jane Jie Solar — Chief Govt Officer, Director
Cindy Xiaofan Wang — Chief Monetary Officer, Govt Vice President
Analysts:
Thomas Chong — Jefferies — Analyst
James Lee — Mizuho Securities — Analyst
Brian Gong — Citi — Analyst
Ronald Keung — Goldman Sachs — Analyst
Alex Yao — JPMorgan — Analyst
Presentation:
Operator
Thanks for standing by, and welcome to the Journey.com 2021 Q3 Earnings Convention Name. [Operator Instructions]
I might now like handy the convention over to Michelle Qi, Journey.com IR Director. Please go forward.
Michelle Qi — Investor Relations Director
Thanks, Darcy. Thanks, all. Good morning and good night. Welcome to Journey.com’s 2021 Q3 earnings convention name. Becoming a member of me at present on the decision are Mr. James Liang, Govt Chairman of the Board; Ms. Jane Solar, Chief Govt Officer; and Ms. Cindy Wang, Chief Monetary Officer.
Throughout this name, we’ll focus on our future outlook and efficiency, that are forward-looking statements made below the protected harbor provisions of the US Personal Securities Litigation Reform Act of 1995. Ahead-looking statements contain inherent dangers and uncertainties. As such, our outcomes could also be materially completely different from the views expressed at present. A lot of potential dangers and uncertainties are outlined in Journey.com Group’s public filings with the Securities and Trade Fee. Journey.com Group doesn’t undertake any obligation to replace any forward-looking assertion besides as required below relevant regulation.
James, Jane and Cindy will share now technique and enterprise updates, working highlights and monetary efficiency for the third quarter of 2021 in addition to the outlook for the fourth quarter of 2021. After the ready remarks, we may have a Q&A session.
With that, I’ll flip the decision over to James. James, please?
James Jianzhang Liang — Co-founder, Govt Chairman of the Board
Thanks, Michelle. Thanks, everybody, for becoming a member of us on the decision at present. Within the third quarter, we have been glad to see the world proceed its transition in the direction of normalcy. Because of fast vaccine rollouts and easing of journey cuts, individuals are extra snug with touring and are capable of do extra in locations. As for the home journey markets has seen restoration [Indecipherable] and Europe and the US reopened their borders to completely vaccinated vacationers. The EU Digital COVID Certificates has helped to facilitate free motion and journey throughout the continent. We’re additionally comfortable to see many international locations have adopted journey recent [Phonetic] insurance policies to easy the trail for worldwide journey and tourism.
In China, the unfold of Delta variant starting on the finish of July disrupted the summer season trip season and therefore suppressed the journey momentum in winter. The vaccination charges within the nation continues to rise with expectation that over 85% of the Chinese language inhabitants will probably be totally vaccinated early subsequent 12 months. The excessive vaccination charges and a nationwide rollout of booster photographs will assist us construct resilience to pandemic challenges. The current discovery of Omicron variant could have began new spherical of worldwide concern and as soon as once more, given rise to all kinds of journey restrictions. Pandemic simply could proceed to be an ongoing problem for shoppers and the companies alike within the subsequent 12 months, if we consider that remaining [Indecipherable] within the face of change is a key to carry out pandemic impacts.
We are going to proceed to undertake a twin circulation technique to deal with each the Chinese language home and world journey markets. The crew sees — externally [Phonetic] sees any alternative amidst fast-changing market situations. On the China home markets, we stay targeted on fortifying provide chains and enrich our product choices to cowl extra consumer case state of affairs and leveraging our content material methods attracting youthful generations. Our content material channel is just not solely an inspiration for vacationers, however it’s additionally a platform the place enterprise companions can showcase their merchandise and work together with Journey.com Group’s prime quality customers. This 12 months, greater than 200 million customers has seen our content material. About 30% to 35% of the distinctive app guests have developed the behavior of looking our content material channel. As a number one one-stop journey platform, our content material to transaction conversion charge can be increased. Enterprise companions can take pleasure in a month-to-month conversion charge as much as 30%, encouraging them to strengthen our cooperation.
On the worldwide entrance, Asia-Pacific and Europe will proceed to be our key focuses. In APAC market, our world model Journey.com has been gaining share in markets corresponding to Hong Kong, Singapore, Japan, and South Korea. With growing model consciousness and app utilization, in the course of the pandemic, Journey.com swiftly tailored to satisfy completely different calls for and targeted on holidays by strengthening native resort choices.
In Europe, all of our manufacturers had been carefully collaborating all through the earlier quarters, giving a powerful enhance to Journey.com’s product competitiveness within the area. In the long term, Journey.com will proceed to boost its product providing and leverage Skyscanner’s sturdy visitors and strengthening its market presence in Europe.
Briefly, native focus, world imaginative and prescient will proceed to be our core technique in coming years. We are going to stay targeted on strengthening the Group’s competitiveness and can put together to embrace the worldwide journey revival and tourism growth. We hope to see such inputs begin to bear fruit and to be mirrored within the efficiency of our enterprise over the subsequent three to 5 years.
With that, I’ll flip the decision over to Jane for operational highlights.
Jane Jie Solar — Chief Govt Officer, Director
Thanks, James. Good morning, everybody. I want to begin with a quick overview of our efficiency prior to now quarter and replace on our strategic focuses. Within the third quarter, our complete internet income remained steady year-over-year and decreased by 9% quarter-over-quarter, primarily as a result of pure disasters and new rounds of infections, which have an effect on a number of provinces in China. We’re glad to see the world shifting forward in normalizing worldwide tourism. But, the street to world restoration is just not with out ups and downs. The efficiency of journey markets in main economies has been divergent. The China journey market has been regularly interrupted by the resurgences of COVID circumstances. It has witnessed a powerful restoration in July, till pure disasters and the Delta variant emerged to gradual it down.
Business clever, the resort occupancy charges and air ticket bookings in Q3 have been down by round 30% when in comparison with the pre-COVID 2019 degree for market performances. Nonetheless, our home resort enterprise was capable of outpace the market efficiency by 20% to 25%, and our home air ticket reserving restoration was a lot increased than the market ranges as nicely.
The worldwide market alternatively has been making nice progresses in returning to normalcy, particularly in Europe and United States. Air ticket bookings in these markets made some main strides in the direction of pre-pandemic ranges prior to now months, whereas the worldwide flight quantity was nonetheless under 2019 degree. Journey.com’s total worldwide air ticket reserving has elevated by round 40% quarter-over-quarter, with air ticket bookings in Europe rising by 170%. Skyscanner additionally noticed air ticket bookings improve by roughly 100% year-over-year and round 35% quarter-over-quarter.
Whereas COVID-19 pandemic has negatively affected the journey business, there is no such thing as a doubt the business will emerge out from the trenches and are available again stronger. We hope to see the journey business take off in mid-2022 as vaccination degree rise in the important thing markets and vacationers turn into used to some degree of journey restrictions and really feel extra snug reserving journeys once more.
Trying past 2021, our long-term mission is to pursue the right journey for a greater world and it has by no means modified. As James simply talked about, we’ll proceed to stay to our technique of native focus, world imaginative and prescient and deal with the next areas. First, constructing sturdy consumer circumstances and make touring a part of our day by day lives. Because the pandemic consequence — and the ensuing well being and journey measures make individuals draw back from lengthy distance journeys, weekend, regional, and trip journey has turn into extra standard and frequent. In Q3, we have been glad to see our intra-province resort reserving develop by roughly 35% and our native resort bookings grew by greater than 60% in comparison with the identical interval pre-COVID in 2019.
With a purpose to construct sturdy consumer circumstances to draw and inspire customers, we collaborated with greater than 6,000 five-star resorts to supply value-added resort packages, which included catering and plenty of different in-hotel companies. Such packages contributed round 30% to our gross sales of those associate resorts. We try to grab this chance to draw younger generations and to assist customers improve journey as a part of their day by day lives. In response to addressing the necessity for inspiration for short-haul and the native journeys, we proceed to make strong progress in our content material technique. The full quantity of content material printed on our platform elevated by 100% year-over-year. In comparison with Q2, our variety of KOLs have sequentially elevated by 35%. The quantity of customers who interacted with our content material elevated by 20% and the month-to-month content material to transaction conversion charge reached 30% in July.
Second, tightening our relationship with enterprise companions by empowering them to optimize buyer construction and enhance effectivity. Not solely as an inspiration hub for customers, our content material channels additionally function the go-to platform the place suppliers are empowered to enhance making efficiencies and gaining tractions with Journey.com Group’s high-quality customers. As an vital a part of our content material technique, StarHub goals to assist enhance suppliers’ conversion charge and the data feed to extend their publicity. We’ve seen the variety of the professionally generated content material, content material publicity, and content material GMV will increase by month-to-month common of fifty% for previous consecutive seven months.
With a purpose to assist increase our companions’ buyer base, we’re additionally capable of — pushing ahead with a number of co-brand membership packages the place customers are entitled to learn from each events. There are actually greater than 30 million co-branded members between Journey.com Group and our resort companions. And this quantity has grown by about 6 occasions since 2019. We additionally strengthened our partnership with airways to assist them with working efficiencies and improve our development within the first and enterprise class bookings.
Third, strengthening the synergy amongst all manufacturers of our Group of Journey.com Group to extend our market response to world areas. In strengthening the synergies amongst our Group corporations globally, the strengthening of the synergy amongst our Group corporations globally has repeatedly earned objective [Phonetic] for the previous quarters. Leveraging the sturdy mixed model consciousness and a worldwide presence, we’re capable of set up nearer relationships with native suppliers and to fill the Skyscanner and Journey.com with improved competitiveness, enhanced product choices and repair reliability, greedy the chance presence by the pandemic. We launched a collection of value-added companies to handle our world clientele for consumer friendliness and suppleness. We consider these will allow us to raised reply to the post-pandemic vacationers’ evolving calls for and additional acquire market share. A robust native provide chain and bolstered product capabilities will allow Journey.com to raised make the most of Skyscanner’s sturdy visitors in Europe.
Fourth, company accountability. Following up our rural revitalization initiatives, on prime of the Journey.com Group nation retreats that have been already opened in enterprise in Q2, two extra have been opened this quarter. Our facility in any provinces has now grown right into a basis of our rural revitalization academy, co-created with the native authorities. By on-line and offline channels, we offer native expertise with professionally coaching and develop abilities and contribute to improved world companies high quality. On prime of the growing rural tourism, the nation retreats additionally assist facilitate the gross sales of native merchandise past neighborhood as a method to enhance native financial system and livelihoods. With a powerful, numerous workforce, Journey.com Group additionally attempt to create an inclusion — inclusive and pleasant working surroundings. We undertake a transparent code of conduct to help working moms and look after pregnant staff.
In October, we have been comfortable to obtain the Girls’s Empowerment Ideas Award by UN Girls China as a recognition of our efforts in selling gender equality and feminine empowerment. The journey business has confirmed its resilience over the time from 9/11 to SARS and we’ve got undoubtedly weathered the storm of COVID-19 as nicely. With disaster comes alternative. Remaining agile within the face of the problem will assist us to grab alternatives and are available again stronger and reestablish confidence in vacationers and to pursue the right journey for a greater phrase as our mission acknowledged.
With that, I’ll now flip the decision over to Cindy.
Cindy Xiaofan Wang — Chief Monetary Officer, Govt Vice President
Thanks, Jane. Good morning, everybody. For the third quarter of 2021, Journey.com Group reported internet income of RMB5.3 million — billion, representing a 2% lower year-over-year and 9% lower quarter-over-quarter, primarily because of the affect of pure disasters and new rounds of pandemic upgrades in a number of areas of China.
Lodging reservation income for the third quarter of 2021 was RMB2.2 billion, representing an 11% lower year-over-year and an 11% lower quarter-over-quarter, recovering to 53% of the 2019 degree. It is a internet results of a gradual development in July, offset by the disruption of pure disasters and resurgence of COVID circumstances spreading over a number of provinces starting on the finish of July.
Our China home resort bookings have been — have seen excessive single-digit development year-over-year, whereas ADR and blended take charge are each affected by the depressed demand. Transportation ticketing income for the third quarter of 2021 was RMB1.8 billion, representing a 5% lower year-over-year and a 12% lower quarter-over-quarter, recovering to 49% of the 2019 degree, amongst which home transportations restoration momentum was disrupted by pure disasters and resurgence of COVID circumstances in summer season, whereas worldwide air ticket bookings elevated by roughly 40% when in comparison with the earlier quarter, primarily contributed by the restoration in Europe.
Packaged tour income for the third quarter of 2021 was RMB392 million, representing a 20% improve year-over-year and a 7% improve quarter-over-quarter, recovering to 24% of the 2019 degree. This was contributed by a rise of leisure journey demand in July earlier than the brand new spherical of pandemic outbreak.
Company journey income for the third quarter of 2021 was RMB338 million, representing a 20% improve year-over-year and a 13% lower quarter-over-quarter, barely increased than 2019 degree. This phase continues to achieve momentum because of the increasing consumer base and enhancing cross-selling from transportation to lodging.
Gross margin was 77% for the third quarter of 2021, reducing from 79% within the earlier quarter, primarily as a result of lowered prime line restoration interrupted by new wave of infections. Excluding share-based compensation prices, our adjusted working bills decreased by 32% in comparison with the identical interval in 2019.
Adjusted product growth bills for the third quarter elevated by 20% from the identical interval in 2020 and elevated by 2% from the earlier quarter, primarily reflecting the overall improve in wage of product growth personnel. We continued to run lean and keep a steady headcount within the groups. It’s a saving of 19% when in comparison with the identical interval in 2019. Adjusted gross sales and advertising and marketing bills for the third quarter decreased by 10% from the earlier quarter as we swiftly adapt to the altering market situations and adopted a extra prudent spending protocol in response to the uncertainty led to by the pandemic. This displays a saving of 49% when in comparison with the identical interval in 2019. Adjusted G&A bills for the third quarter decreased by 5% from the earlier quarter. It additionally elevated by 83% year-over-year, primarily as a result of a reversal of dangerous debt provision within the third quarter of 2020 for the corporate’s journey suppliers and it’s a saving of 20% when in comparison with the identical interval in 2019.
Adjusted EBITDA for the third quarter was RMB537 million in comparison with RMB916 million in earlier quarter. Adjusted EBITDA margin was 10% for the third quarter in comparison with 16% within the earlier quarter. Diluted loss per abnormal share and per ADS have been RMB1.32 or US$0.20 for the third quarter. Excluding share-based compensation prices and truthful worth modifications of fairness securities investments and exchangeable senior notes, non-GAAP diluted incomes per abnormal share and per ADS have been RMB0.81 or US$0.13 for the third quarter.
As of September 30, 2021, the stability of money and money equivalents, restricted money, short-term investments, held to maturity time deposit and monetary merchandise was RMB67.6 billion or US$10.5 billion. We redeemed early US$500 million of the 2025 Reserving and Hillhouse notes in third quarter and one other US$500 million of the identical convertible notes in December, decreasing a possible dilution of 14.6 million abnormal shares.
Turning to the fourth quarter of 2021, we want to share some colour of our enterprise. In China, in the course of the Nationwide Day vacation, our home resort reservations reached double-digit development in the course of the starting of the vacation, whereas transportation reservations near the pre-COVID degree. A number of rounds of COVID circumstances that started in mid-October have unfold to greater than 20 provinces, largely influence your complete China home journey business. In November, the business degree resort occupancy charge was down by 30% to 40% and air ticket passengers down 50% to 60%, each in contrast with the identical interval in 2019.
Journey.com Group was additionally affected, however we continued to guide market efficiency by at the very least 10% to twenty%. Outbound journey stay moderately muted in present situations, whereas exterior of China, the restoration momentum in Europe and the US continues to hold over to October with elevated flight phase benefiting from the relief of journey restrictions and vaccine rollouts. The trail to world restoration is about, however not with out ups and downs. We are going to proceed to be adaptive and conscious of altering market situations and be versatile and agile to grab alternatives to create worth for our customers and companions.
With that, operator, please open the road for questions.
Questions and Solutions:
Operator
Thanks. [Operator Instructions] Your first query comes from Thomas Chong from Jefferies. Please go forward.
Thomas Chong — Jefferies — Analyst
Hello, James. Jane, Cindy. Good morning. Thanks for taking my questions. Are you able to share some colour in regards to the firm’s spend for the worldwide enterprise? How do you concentrate on the tempo of restoration in outbound journey because the restrictions are elevate? Thanks.
James Jianzhang Liang — Co-founder, Govt Chairman of the Board
Within the current months, many international locations have adopted border reopening plans to loosen up journey restrictions. Increasingly individuals are again on the street and journey additional. Although some international locations have tightened restrictions lately because of the Omicron variant, the momentary turbulence won’t change the last word development of journey restoration. Below regular situations, we might even see China steadily loosen up inbound and outbound journey insurance policies within the second half 2022. The method of reopening is predicted to start with Mainland China reconnecting with Hong Kong after which conditional openings with different worldwide markets. The tempo is definitely largely relying on vaccination charges and the pandemic management functionality in associated markets. We are going to proceed to boost our product and repair competitiveness within the home market and totally put together for the restoration of worldwide markets. Prior to now two years, Journey.com Group has demonstrated its resilience, main the business restoration regardless of COVID headwinds, making us a stronger firm. We consider in our native focus, world imaginative and prescient technique will drive our sustainable development in the long term.
Operator
Thanks. Your subsequent query comes from James Lee from Mizuho. Please go forward.
James Lee — Mizuho Securities — Analyst
Nice. Thanks for taking my questions. Two fast ones right here. Hello, Jane. How ought to we take into consideration possibly the journey exercise heading into Chinese language New Yr, that being first. And second for, I feel, outbound journey to Hong Kong. Any early learn that you just’re seeing on shopper demand and conduct there? Thanks.
Jane Jie Solar — Chief Govt Officer, Director
Certain. Thanks, James. The opening up of Macau actually gives an excellent main indicator for additional consideration of Hong Kong. So we have been simply in Macau holding our International Partnership Assembly. And the management of the virus over there’s being carried out very nicely. So that gives everybody within the journey business some expertise as to what’s going to occur if Hong Kong opens up. So we’re very a lot trying ahead to an excellent management of the virus in Hong Kong repeatedly. And with that situation, there is perhaps a superb consideration for opening up of Hong Kong. And that additionally connects to our plan for the Chinese language New Yr. Traditionally, these — Hong Kong is a very talked-about journey vacation spot for Chinese language New Yr as individuals attempt to go go to completely different cities and doing a little purchasing in Hong Kong. So hopefully there will probably be sufficient supporting proof as to the well-controlled surroundings each in Mainland China and in Hong Kong, which give us the help to additional consideration of opening up Hong Kong along with Macau. Thanks.
James Lee — Mizuho Securities — Analyst
Nice. Thanks.
Operator
Thanks. Your subsequent query comes from Brian Gong from Citi. Please go forward.
Brian Gong — Citi — Analyst
Thanks, James, Jane, Cindy and Michelle for taking my query. So my query is about home journey expectation. So how does administration see the journey efficiency outlook in fourth quarter ’21 and subsequent 12 months, for first quarter subsequent 12 months, with some native authorities proper now encouraging individuals to not journey throughout areas and Winter Olympics held in March, ought to we nonetheless count on home efficiency to be dragged by journey restrictions? And likewise with a low base within the second half of this 12 months, ought to we see a extra normalized year-on-year development within the second half subsequent 12 months for home market? Thanks.
Jane Jie Solar — Chief Govt Officer, Director
Sure. So what we’ve got seen for the home journey is 4 S. By saying 4 S, we’ve got seen — individuals are paying extra consideration to security. So we encourage our suppliers to ensure they’ve excellent security measures corresponding to offering the hand sanitizers, masks to our vacationers. The second S is, individuals choose to journey with a lot smaller teams moderately than large teams. So usually, our custom-made device is promoting very nicely. Our clients choose to rent automobile and tour bike with household than to take their household round. The third S is, with a lot quick reserving window. Due to the virus management, plenty of time we’ll get notifications from completely different locations. So the reserving window we’ve got seen is way shorter. And the final 4 — one of many 4 S is brief distance. So what we’ve got seen is individuals choose to journey close by their hometown, anyplace throughout the 300 kilo turns into radius, individuals really feel extra snug to journey to.
And likewise, we’ve got seen younger era choose to journey rather more. So we’ve got seen the younger spenders who have been born in 90s and era Z journey quite a bit. So these are the tendencies we’ve got seen up to now. Once more, I feel plenty of it is going to be relying on how nicely the virus is being managed in the course of the first quarter and the second quarter. Nevertheless, these calls for aren’t disappearing. From our knowledge of the search, clients’ pent-up demand is accumulating and really sturdy. Simply as what we noticed in Might vacation this 12 months, the search of the demand could be very sturdy. So we’re very hopeful that the vaccination charge will probably be repeatedly growing. The measures of the virus management will show to be efficient after which steadily the market will improve. So your evaluation the second half of 2022 will probably be stronger than the primary half, we very a lot hope so. Thanks.
Operator
Thanks. Your subsequent query comes from Ronald Keung from Goldman Sachs. Please go forward.
Ronald Keung — Goldman Sachs — Analyst
Thanks, James, Jane, Cindy, and Michelle. My query is extra on — if the current journey patterns that we noticed in current months final for longer and with Omicron and authorities’s dynamic zero-COVID methods, then how does administration see the trajectory for home and worldwide journey in 2022 if the current tendencies last more? And the way will we plan our prices accordingly and implications to both money flows or margins within the subsequent one to 2 years? Thanks.
Jane Jie Solar — Chief Govt Officer, Director
Thanks. Sure, thanks, Ron. Our margin truly determined by each the highest line in addition to the fee management — our value management. On the highest line, on the income facet, in fact, we’re within the journey business, so our efficiency will probably be just about determined by the business development. Nevertheless, as at all times, we’ll do our greatest to repeatedly outpace the business development. For instance, within the third quarter this 12 months, we outpaced 10% to twenty% at the very least for various segments in contrast with the business development within the journey business.
On the fee facet, we’ll repeatedly — to climate the COVID, to climate the storm, we’ve got to have very disciplined value insurance policies, value buildings to climate the storm. Firstly, we’ve got a really sturdy money place. On the finish of Q3, we’ve got about US$10.5 billion in money stability, which most likely is one of the best amongst — probably the greatest within the journey business. Then secondly, on the fee facet, our complete adjusted value and working bills truly decreased by greater than 35% in Q3 in contrast with the — earlier than COVID degree, because of our very largely versatile value and bills construction and in addition to environment friendly working administration. Throughout the previous few quarters, we streamlined our operations throughout completely different enterprise traces along with sure changes associated to the COVID. And as well as, our enchancment on the content material, cross-selling and know-how have additional lifted our advertising and marketing efficiencies.
By way of the fee development going ahead, we’ll count on a really modest improve within the personnel bills solely on our worldwide markets. And for the home market, we count on our complete headcount will probably be just about steady, particularly for our core companies, however we have to add some funding simply to seize the pent-up demand that has already been seen within the worldwide market, particularly within the Europe market. On the gross sales and advertising and marketing bills, we’ll repeatedly to adapt — undertake an ROI-driven technique, and we may have a really disciplined insurance policies by way of gross sales and advertising and marketing spendings, each for the home China market in addition to for the worldwide market.
Michelle Qi — Investor Relations Director
Thanks.
Operator
Thanks. [Operator Instructions] Your subsequent query comes from Alex Yao from JPMorgan. Please go forward.
Alex Yao — JPMorgan — Analyst
Hello, good morning, administration, and thanks for taking my query. I’ve a query on the funding actions. And so in gentle of the potential reopening in China and likewise extra areas and markets in the remainder of the world, are you guys considering any further and new investments exercise to seize these reopening alternatives? Thanks.
Jane Jie Solar — Chief Govt Officer, Director
Sure. So thanks, Alex. By way of funding technique, traditionally, we’re very disciplined. There are three ideas we adhere to. To begin with, it must be very carefully associated to our core competence. And secondly, we have to actually search for the businesses that’s primary or quantity two of their verticals. And thirdly, the valuation must be very affordable. So traditionally, we’re very, very selective and really cautious by way of our funding. Nevertheless, by way of our natural investments in our core competence for the long-term investments corresponding to know-how and companies and merchandise, we’re making the most of this gradual season to ensure we deal with the initiatives, which have been strengthening our competitiveness within the long-term. So with restricted sources, we’re additionally prioritizing our inside initiatives to ensure we give the precedence for the initiatives which can lengthen our competence in the long term. Thanks.
Operator
Thanks. There aren’t any additional questions presently. I’ll now hand again for closing remarks.
Michelle Qi — Investor Relations Director
Thanks. Thanks, everybody, for becoming a member of us at present. You’ll find the transcript and webcast of at present’s name on buyers.journey.com. We stay up for talking with you on our fourth quarter 2021 earnings name. Thanks, and have a superb day.
Jane Jie Solar — Chief Govt Officer, Director
Thanks very a lot.
Cindy Xiaofan Wang — Chief Monetary Officer, Govt Vice President
Thanks.
Operator
[Operator Closing Remarks]
