EHang Holdings (EH) Q2 2026 earnings call transcript

Now I will turn the call over to Angie, EHang's Senior Director of Investor Relations. Ms. Ann, please proceed. Hello, everyone. Thank you all for joining us on today's conference call to discuss the company's financial results for the second quarter of 2026. The earnings release is available on the company's IR website. Please note the conference call is being recorded, and the audio replay will be posted on the company's IR website. On the call today, we have Mr. Wu Huazhi, our founder, chairman, CEO, Mr. Feng Shui, CTO, Mr. Wang Jia, COO, and Connor Yang, CFO.

Before we continue, please note that today's discussion may contain forward-looking statements made pursuant to the Safe Harbor Provisions of the U. S. Private Securities Litigation Reform Act of 1995, I will now turn the call over to management for the next year. Let's say that otherwise.

With that, I'll turn the call to our CEO, Mr. Huaijir. Please go ahead.

Good day, everyone. Thank you for joining our Q2 earnings call. Since Q2, EHang has entered a vital strategic transition, moving beyond the certification toward operational readiness, scenario validation, capability development, and global expansion. Certification is just the entry ticket to commercial operations. What really determines whether a company can sustain flights and co-commercial operations is not just about having an aircraft or a certificate. It's about having an end-to-end operational capability, replicable solutions, a solid product pipeline, and the ability to deliver standardized solutions to global markets. We have been investing in these areas and have made meaningful progress. Of course, all of these rely on a sound regulatory environment.

That's the foundation that enables qualified, capable companies to grow. In late June, a serious accident involving a piloted light-esport aircraft in China has led regulators to adopt a more cautious approach to safety oversight. While unrelated to the EHang's pilotless videos, this has affected our human care and commercial operations approval process in Hefei, and the timeline remains uncertain. To be clear, this is a temporary industry-wide timing issue. It reflects no change in the metaphor of EHang's products, nor does it indicate any issue with our technology or safety record. Recent accidents highlight that safety, regulation, and traceability are baselines for low-altitude commercialization. EHang operates with a pilotless aircraft, preset fixed routes, intelligent fleet dispersion, centralized monitoring. Our goal is to make urban air mobility safer, more transparent, and easier to regulate.

Pilotless passenger carrying aviation fundamentally changes in how we travel. We fully understand the regulator's caution, and we respect that. It is a responsible commitment to the public's safety. However, technology innovation and regulation must evolve together. More than a century ago, when automobiles first appeared, people had similar concerns about this new form of transportation. The UK passed the Red Flag Act, which required a person to walk in front of a motor vehicle carrying a red flag to warn pedestrians and limiting vehicle speed. The law was essentially old rules over-regulating new technology. History shows that safety validation, operational rules, and regulatory frameworks for disruptive transportation technologies all take time to mature. History shows technology and regulation eventually align.

New forms of transport don't mature overnight. EHang's role isn't to sit and wait, but to proactively provide regulators with real safety data, proven operations, and reliable technology. The EH216S and its operating system have obtained all key certificates under China's Civil Aviation Regulatory Framework, TCPC, Air Weatherness Certificate, and the A Air Operator Certificate. Our entry on the system in Guangzhou and Hawaii are fully operational. Within our internal trial operations, both of us have been operating continuously and safely for around 1.5 years, With a 4.94 out of 5 passenger satisfaction score, the EH2160 series have accumulated nearly 100,000 safety flights. With the demand of product certification safety records in place, we only wait regulatory approval for public ticket sales.

Despite this critical transition point, we are confident that commercialization window will eventually open. Amidst uncertainty, EHang isn't sitting still. We're tackling challenges head on and finding new opportunities. Since Q2, we've been pushing hard on three things.

First, expanding globally on modern fronts, strengthening domestic readiness while accelerating overseas deployment. In China, we continue to strengthen our end-to-end operations, develop centerized, replicable operating models and solutions. We have completed preparations across full operating cycle, including personal training, maintenance, insurance services, aerospace coordination, and emergency response. In Guangzhou and Hefei, accumulating practical operating experience. We initiated point-to-point trial operations to build the experience in advance. Once the regulatory window opens, we will rapidly deploy and help customers operate to standard. Overseas, our footprint extended to 23 countries, adding Mexico and Switzerland since Q2. Thailand is running validating flights via sandbox, and the Civil Aviation Authority of Thailand has established a clear path forward. We're targeting a commercial approval in 2026.

We were also selected for Hong Kong's low-altitude economy regulatory sandbox X trial project with a follow-up validation underway and a public demo coming soon. Furthermore, we advanced our global fast track program. Many countries want to bring in pilot-less sea vetoes, but lack the regulatory framework on how to build the complete path from safety validation to operational standards to commercial deployment. Drawing on a decade experience, as well as our engagement with the civilian aviation authorities in multiple countries, EHang is turning this experience into a standardized market entry framework. This is the pilot This is the basis of our global fast track program. It's not simply about selling an aircraft. EHang is providing a standardized methodology from validation to operational preparation to commercial deployment, helping local regulators and partners move more efficiently.

Sri Lanka has become the first country to join our fast track program, and we're also engaging with a multiple other countries regarding framework. This shifts our global strategy from merely selling products to exporting experience, standards, and capabilities.

Second, revenue diversification. Keeping passenger transportation as our strategic focus while developing non-passenger carrying business and a broader product portfolio. Passenger mobility remains our strategic focus while domestic passenger commercialization is still pending regulatory approval. We're actively developing logistics, firefighting, and aerial building immediate to build additional revenue streams. We're developing and Validating logistics and firefighting aircraft based on our passenger grade safety technology. These products address real needs such as forest firefighting, port logistics, and emergency response. They are moving through testing certification and customer validation with the potential for faster market deployment. Alongside a steady progress on the EH216 platform and the BT35 certification and flight test, EHang is building a multi-scenario product matrix rather than relying on a single aircraft.

Meanwhile, aerial media revenue surged over 270% a year-over-year in Q2 and now expanding to Europe, Japan, Thailand, and other overseas countries. We're expanding one-off event performances to regular on-site shows for sustainable revenue and replicable business models.

Third, improving cost efficiency and focusing on resources on long-term competitiveness. Since Q2, we streamlined the organization, refreshing talent structure, cutting on essential comebacks, improving efficiency. The outcomes will be visible in the second half. We are focusing resources on things that matter most, core product development, certification capability, We are validating our capabilities in China and scaling them. We're more deceased, two tracks reinforcing each other. The demand is real and the path is hurting out. Now we're focused on execution, converting operational capability into orders, deliveries, and cash.

Finally, EHang is leading a long-term business. We are breaking technology barriers and help shape industry rules. While navigating evolving regulatory frameworks requires careful management, Our long-term vision remains unchanged.

The end game for low-altitude mobility remains pilotless flight, but regulation and ecosystems take time to mature. Short-term friction won't alter our direction.

When the window opens, EHang will be the first to run through with the credentials, capabilities, and readiness. And the moat we're building through standardized operations will only get deeper.

The strategic direction of the low-altitude economy will not be disrupted by short-term volatility. For 12 years, EHang has focused on making safe lives accessible. We will maintain a pioneer's display and execute what needs to be done. Thank you. I would like to invite our CTO, Feng Shui, to introduce our latest progress in technology and R&D.

Thank you, Mr. Hu and all of everyone. In Q2, our R&D focused on three aspects. First, we continue to upgrade existing products and invalidate operations for current customers and scenarios.

Second, accelerated R&D for new products and new applications. Third, deepened core underlying system capabilities. These three aspects together build a more completed technology foundation for skilled commercial operations. First, upgrading existing products and operational validation. This quarter, we completed a series of upgrades and validations for EH216S route operations. We established our first point-to-point test route at our Guangzhou headquarters, continuously accumulating trial data. This marks a meaningful step, moving EH216S operations from a single point takeoff and landing toward a regular route-based operations. Our passenger experience, we completed several key updates. We validated the operational capability of our new battery cooling vehicle. Under test conditions, it increases daily orders per aircraft from about 6 to 12 to 15, a meaningful boost for daily capacity.

With the same fleet infrastructure, each aircraft can handle significantly more flights per day, which matters a lot for operational efficiency and unit economics. Additionally, our new independent air conditioning system rapidly reduced cabin temperature by 10 to 15 degrees Celsius, enhancing passenger comfort.

Second, new product development and scenario expansion. For the VT35, we completed a truck wind tunneling testing and the lightning direct effects and LIE protection testing for key components alongside a multiple flight test in China to support aerodynamic calibration and airworthiness validation. Meanwhile, we're extending our technology into new applications. For forest firefighting, we're testing Airbus delivery system with our existing product to enable early stage crown fire response. Based on the certified EH216S platform we also developing a cargo version Adapting this mature platform is expected to shorten development and certification timelines Our prior work on the EH216L will also be integrated into this new configuration ensuring logistic capability continuity Third, deepening core systems. On the operational system front, we're building differentiated product capabilities for two key customer types.

First, low altitude operations control system for operators and aircraft consumers. Second, city level low altitude integrated supervision platform for government agencies. The letter covers aircraft use applications, plan filing and review, airspace designation, real-time monitoring, information publication. This quarter, we focus on two key areas.

First, improving our platform's situational awareness, tiered supervision, and emergency response efficiency. Second, deepening system integration with the Huffey Government Flight Service Center. We've developed a set of framework documents covering aerospace designation, operational standards, and service process, helping the Huffey Flight Service Center build a city-level load to do the supervision system. Think of it as a software plus hardware foundation for future larger scale high density urban operations. We'll continue holding our product and system development to aviation grade standards, translating technological breakthrough into a tested, validated, and deliverable commercial capability to sustain EHang's long-term leadership in global altitude of mobility market.

Next, I'll turn the call over to our CEO for sales and operational updates. Thank you.

Thank you, Mr. Phelan, and hello, everyone. I'll discuss our Q2 operational progress and how we are approaching lean operations, product diversification, operations markets, and safety systems. In Q2, we delivered 35 units of EH16S and one VT35. On Aeromedia's site, we completed 22 Aeromedia shows and delivered 520 units of GD4 drones. Beyond these, the numbers want to be transparent about our current environment.

This year, China's low-altitude economy entered a more cautious phase across safety oversight, airworthiness management, and operational regulation. This has been reinforced by the new airworthiness frameworks and civil aviation laws. Recent industry safety incidents have heightened regulation and public attention on low-altitude flight safety, leading to intensifying the safety The inspections of general aviation and low-attitude economy operators, aircraft, and operational projects. As a result, a slows down approach delivers acceptance and commercial operations for some projects, and a passenger carrying commercial operations for low-attitude aircraft has also been affected. So we are being more cautious about our operational expectations and resource allocations. Our CFO will address our adjusted full-year revenue guidance shortly. However, we firmly believe that in passenger aviation, safety and compliance must always precede commercial speed.

To be clear, only the local timeline for commercialization has shifted, not launcher market demand or EHang's competitiveness. Going forward, we'll keep the market informed with clear operational progress updates. Mr. Hu talked about our three strategic priorities, global expansion, revenue diversification, and cost efficiency. On the operational level, our approach covers the following areas.

First, improving internal efficiency through lean management and AI integration. During the period of external adjustment, we haven't been waiting passively. We have been proactively streamlining organization and focusing our resources. On R&D, we're concentrating our core talent, improving technology reuse across platforms. On the digital side, we're integrating EA tools into R&D, knowledge management, cross-functional workflow to shorten development cycles and boost productivity. Our rule is simple. Cost reduction will never compromise safety, product quality, or quarantine. We won't sacrifice long-term competitiveness for short-term financials, but we're strictly scrutinizing expenses to strengthen cash reserves and ensure sustainable operations.

Second, strengthening our operational foundation for passenger commercialization. Our Guangzhou and Hefei sites continue to refine flight operations, ground support, emergency response, and regulatory data integration through internal trial operations. We're accumulating real operational data to ensure we're ready to start safe and stable commercial operations as soon as regulatory approved. We're also building pilot to point capabilities in advance, including route planning, vertical coordination, ground support, and more aircraft to dispatch, contingency handling, and passenger services. These are fully, full operational capabilities for future low-attitude transport. Take the Air High Lake project. Ground trip across the lake takes an hour. Our plan will reduce the time to about 10 minutes. The Hainan Linggao Cross Sea Low-Altitude Corridor Project has also broken ground.

This is the first project under our strategic partnership with the China State of Construction Engineering Corporation, Six Viewer. The key flight, first key flight station, the Wing Hop South Sea is currently under construction. Together we're building a close loop out to the economy that combines infrastructure and operations. For local governments and partners, EHang delivers more than just an EH216S. We'll provide a comprehensive solution, including aircraft, command and control systems, scenario planning, route design, board report infrastructure planning, and personal training, maintenance, regulatory coordination, and safety assurance.

Third, we're leveraging the mature safety architecture of the EH216S to accelerate the non-passenger products and its specialized applications. Passenger carrying operations are our core direction, but they're not our only growth plan, our path. We are leveraging the EH216 mature aviation-grade safety architecture, including its flight control, powertrain, redundancy design, and command and control for logistics, firefighting, air-remedian products, building a diversified portfolio, less relying on passenger commercial approval.

Eight-wheel media remains a key revenue driver in Q2, completed 22 shares, and delivered 520 units of GT4 joints. The business is evolving from a one-time event to regular outside services. Projects like Chongqing Media Group and Xinyin Shanxi are helping us to build experience in continuous operations, content production, fleet management, and outside support. Regular commercial shares improve equipment utilization, customer stickiness, and revenue predictability. Overseas, we also deployed a GD4 drones across Japan, Thailand, and Europe, accelerating international expansion. On firefighting and logistics, we're working with the customers on product customization, advancing T30 firefighting drone prototypes and logistics aircraft, and trial flagship scenarios in forest firefighting and port logistics.

Fourth, we're accelerating centerdive overseas commercial Cinebax deployment to build a replicable international pathway. Overseas markets are key part of a long-term strategy and an important platform for validating adaptability, regulatory coordination, and business models. In Hong Kong, we're selected as an early participant in the regulatory Cinebax X trial project. We've chosen subreport as our first Cinebax site. Test fly started this month with a public We could demo coming soon. An additional flight of validation and is now deployment will follow under regulatory oversight. In Thailand, we have established efficient communication coordination with the CAET, our targeting commercial operations, certificate in 2026, and this work will proceed according to CAET's review process with a final time last object to the regulator's schedule.

Based on the Centerback's experience, we launched at the Global Fast Track program, a four-stage framework of regulatory alignment, a centerbox build-out, validation flights, and commercial launch designed to compress the timeline from market entry to commercial operations. Sri Lanka is the first country to formally adopt the program. Over the coming months, we will accept the project deployment in Sri Lanka according to the Fast Track roadmap. This track does not bypass local regulatory processes or lower safety or whatever the standards. Instead, it reduces technical documentation, safety data, and our accumulated operational experience to reduce duplication and improve the efficiency of a project preparation, regulatory engagement, and local operational setup. Beyond Sri Lanka, we are also exploring this program in Central Asia.

Through the program, we aim to transform individual versus projects into a standardized replicable capability, Providing a clear, compliant, and efficient implementation pathway for more countries and regions to introduce pilotless vehicles.

Fifth, we are building operational centers and a safety foundation to convert our first mover advantage into a sustainable competitive mode. Over the years, we have accumulated nearly 100,000 safe flight records. These supplies span of diverse geographies, weather conditions, terrain application scenarios, and operating environments, providing a critical data foundation for continuous improvement in aircraft performance, operational procedures, and command and control systems.

We are working with airworthiness and operational experts to advance air operator certification standards. The goal is to turn our accumulated flight experience and internal operational capabilities into standardized, verifiable, reputable operational benchmarks and industry can use. At the same time, we're building comprehensive after sales support network covering delivery, personal training, spare parts, maintenance, data support, and emergency response. We need to have the organization systems and service capability in place to support scaled operations before commercial scale up actually begins. While this may not immediately reflect in short-term revenue, establishing these scalable service capabilities now ensures we can rapidly capture market demand once the commercial window We will continue translating investments into efficiency, building quality products, and closing the loop on operations by enforcing lean management, diversifying revenue, and establishing robust safety standards.

We will build a sustainable competitive advantage and earn investor trust with verifiable results. Thank you. Next, I'll pass the floor to our CFO for financial updates.

Hello, everyone. I am Connor, CEO of EHang. Before I go into details, please note that all numbers presented are in RMB unless otherwise stated. A detailed analysis is available in our earnings press release on the IRR website.

Next, let me walk you through the key financial data for Q2. In Q2, revenues were 77.9 million, down from 113.3 million in Q2 2025, but up significantly by 203 from 25.7 million in Q1 2026. The sequential increase was mainly driven by higher sales volume of the EH216 series, and with additional contribution from VT35 aircraft, the year-over-year decline was due to lower sales volume of the EH216 series compared to the same period last year. Gross margin in Q2 was 61.2% compared with 61.5% in Q2 2025, and 62.5 in Q1 2026. Overall, gross margin remained stable. So our stable margin profile reflects the competitiveness of our products as well as our continuous strength in manufacturing efficiency and supply chain management, despite changes in quarterly revenue and product mix.

Turning to operating expenses, adjusted operating expenses defined as the total operating expenses excluding share-based compensation were 112.7 million in Q2, representing a 16.9% increase year-over-year, And a 11.5% increase quarter of a quarter. Increasing operating expenses primarily reflects the combined effect our space to strategic business investments and the transition costs associated with organizational optimization during a period.

We continue to make targeted investments in commercialization, global expansion, and R&D to reinforce our long-term competitiveness. It's worth noting that the Q2 expenses haven't yet fully reflected the outcomes of our organizational optimization and CAPEX control measures. As these initiatives were mostly rolled out during the quarter, we expect the outcomes to gradually show in the coming quarters. Going forward, while protecting our core R&D airworthiness, operating in a global expansion capabilities will continue to improve resource efficiency and reduce non-essential spending And maintain strict cash discipline. As we continue to invest in our future growth, our Q2 profitability was affected by both revenue scale and operating expenses. Adjusted operating loss in Q2 was 62 million, compared to 77.1 million in Q1 2026.

The adjusted net loss was 58 million compared to 75 million in Q1 2026 As of June 30th 2026 our combined cash and cash equivalents short and treasury investments totaled 929 million RMB This healthy cash position provides strong support for our continued commercialization efforts corporate development global expansion and day operations Turning to our full year guidance, given that the regulatory policies and supporting mechanisms for low-altitude of human care and commercial operations are still evolving, there remains uncertainty around the timing of domestic commercial operations. Accordingly, the company has decided to withdraw its previously issued a 2026 annual revenue guidance of 600 million RMB. The company will not provide a replacement of full-year revenue guidance at this time.

As the regulatory environment and business visibility become clear, we'll provide an updated outlook to the market when appropriate. In the meantime, the company will continue to provide a transparent and timely updates on key operating milestones.

This includes preparation for an approval process of domestic commercial operations process in international markets, product development, orders, and deliveries for non-passenger carrying business, such as logistics, firefighting, and aerial media, as well as continued improvements in operating efficiency in our cash position. Going forward, we'll stay focused on driving commercialization and core tech development. We'll continue to improve operating efficiency and resource allocation.

We believe these efforts will strengthen our foundation for long-term growth and create sustainable value for our shareholders. Thank you all.

Thank you.

Thank you. This is a very important thing to say. I'd like to calculate the management of a management system. What will have led to the real impact of the management of the management sector? Thank you. This means that our EVITO is a new flight to be a new flight to be a new flight to be a new flight. Although we can't sell it, we can make it a new flight to be a new flight.

Before I am going to be able to get a new flight to be a new flight to be a new flight.

Let me take your first question. We are deploying both passenger-carrying and non-passenger-carrying operations in Thailand in parallel. On the passenger-carrying side, we have further clarified the approval pathway for flight qualifications with the Thailand Civilization Authority, and we expected to obtain an experimental flight permit in Q3, And we also expected to secure a formal commercial operations certificate by the end of the year. By then, we'll start. So by that milestone, it represents that our EVTO will be officially registered within the Thailand Civil Aviation Authority, though we may not be able to directly sell tickets to the public. But that is indeed a milestone that we are hoping to achieve within the year.

So we are striving to secure the operational certificate in Thailand by the end of the year. And we are working with the local civilization regulator to plan 10 routes that will cover Bangkok, Phuket, Sumay Island, and Bhatia. Official deliveries of our EH216 models will start sometime next year. According to the plans, each location will require at least five units of EH216S. So we are going to see a significant increase in our video deliveries in next year.

On the non-passenger side of the company has shipped over 1000 GT4 formation drones by sea to the Thai market, and we plan to launch regular drone light show operations in Bangkok and Pattaya. I will now turn the second question. This is a important investigation and process. We still keep the first view of the company's autonomous vehicles, the The manned light sport aircraft incident in China at the end of June was indeed primarily caused by human factors.

The subsequent regulatory tightening has been noticeable, particularly around manned aircraft and their pilots. We continue to hold our original view. Our unmanned, pre-programmed, fixed-route, fleet-oriented, coordinated operating model has inherent safety advantage, and stricter safety regulation is not positive for us in the long run. Thank you.

Regarding the change in our outlook on the OC, Operator Certificate Timeline, however, the regulatory response has been far, more far reaching than we expected. Initially anticipated, this incident has prompted regulators to adopt a more cautious stance toward the entire low altitude industry. Although it is not directly related to our unmanned evitos, the overall cautious regulatory environment has indeed slowed the approval timeline for domestic carrying commercial operations. Specifically, the commercial operation approval process for the Huffey project has been delayed. And the timing of regulatory clearance remains uncertain.

Thank you. So our assessment is that the actual regulatory tightening, you know, at the enforcement level, and this is not a rejection of our technology pathway, but rather a periodic, temporary impact on the approval cadence across the industry. We respect and understand the regulators' strong And commitment to public safety. At the same time, we hope that the regulators would provide reasonable policies while ensuring safety.

And for us, we're going to focus on executing what can be done from our side. In the meantime, we are proactively pursuing our global or overseas initiatives so that we can move the industry forward. Just to, just a quick add. We are working with the local civil aviation authorities to clarify validation pathways and shorten the time from validation to market access through our overseas fast track program That the end Next question, please.

I will now turn the call over to management for management. The total revenue rate will be improved by the current rate of management. Thank you.

Non-passenger revenue is expected to trend upward, both in percentage as a share of the total revenue, as well as the absolute amount in the second half of the year, Driven mainly by increased deliveries of formation drones, as well as a small number of other model deliveries, such as firefighting series. Passenger business revenue will continue to dominate, largely depending on the pace of commercial operation launches on passenger routes in Guangzhou and Halefei, as well as overseas market expansion. The company will continue to advance both passenger commercial operations and non-passenger use case expansion in parallel, with a specific revenue mix evolving dynamically as each business line progresses. Thank you. In the second quarter, the company recognized revenue for a portion of the EH216 series aircraft that had been previously delivered.

And going forward, we will recognize revenue as the contracts meet the certain criteria according to applicable accounting policies, and the company will disclose them to the market in a timely fashion. Thank you.

Thank you for your attention. Thank you. Next, we will continue to use the current market. So we will continue to use our運營, especially the law of the law of the government.

Now let me take your questions. First, the review and approvals are conducted with a strong emphasis on ensuring safety. So there are still ongoing reviews. It doesn't mean that the review and approvals have completely come to a ground halt because, you know, the low altitude economy represents a worldwide trend. And with regard to operations, we are still advancing our operation capabilities. And the operational model will still need to be reviewed and approved. And for approval to become normalized, our operational model needs to be passed regulatory review and enter regulatory operations. Thank you. But the security of the management for the security of the management. So when this industry continues to advance, our customers will get a huge increase.

I think to see full scale back to normal review and approval condition, We need to see that the trial operations that we have in Hervé are moving into routine operations, and then we will establish this routine operation, this site, as a role model for other operators, even industry benchmark. So, currently, we are helping our customers putting together related documents and et cetera. As regulatory clearance clears its way and the industry goes back to its normal cadence of review and approval, and then our customers will be able to expedite their approval process and move into routine operations.

Thank you. There is real demand. Well, there is clear and genuine demand across all of these areas, and EHang has a deep tech And we are reusing some of our technologies from the human carrying products onto the non-human carrying products. And to give you some examples, there are some short range emergency logistics and long range logistics and et cetera. And those are some of the critical use cases where we can use our products. And looking into the second half of the year, we're also going to ship firefighting products, and there's quite a very promising prospect for the orders of these products.

I will continue to increase the price of the market. Thank you. And this is exactly where our strategy is. This year, we're going to continue to focus on diversifying use cases, particularly in terms of the revenue mix. As you already see, non-passenger business has already reached 80% of the total revenue, and we expected this to further expand and the share to continue to grow as our business progresses. Thank you.

Thank you all.

Given the time is limited, let me turn the call back to Ms. Ann for closing remarks. Thank you for your attention. We hope that the next time we will see you again. Thank you. Thank you.

Thank you once again. Bye.