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Thanks to our continuous cost optimization efforts and improved operational efficiency. This represent 83% year-over-year growth in our non-GAAP net profit and the second consecutive year of positive non-GAAP net profit at a group level since our the consolidation of YY Live. Second, we witness accelerating in user growth of Bigo Live as its MAU grew by 40.3% year-over-year in the fourth quarter of 2022, up from 11.9% in the last year. Such acceleration was a noteworthy. This -- as it was achieved in the backdrop of the post-COVID normalization and during a period of more disciplined marketing spending. And highlights of Bigo Live improve user acquisition capabilities, which drive by our continuous cultivation of its content offerings and the social experience.

Heading into 2023, visibility of the global macro elements remains limited and its possibility -- it's possible that micro headwinds maybe linger for another one or two quarters. However, this short-term value -- will not reverse the secure trends of using pivoting and increasing among their time and they are spending from offline to online. As we remain committed to enrich our users lives and facilitating their online activities through our products and services. We fit a market with massive growth potential. As such, we need to slight strategic balance between navigating short-term macro uncertainties and actively pursuing long-term growth. In the current macro uncertainties, we will retain our focus on the quality and profitability of our entertainment business in the near term.

This means we will continue to do better with less. We will maintain discipline in our marketing spending further refine our localized operations in order to further improve our content and social experience, and ultimately, both our product organic growth. Optimizing efforts we will continue as we strive to maintain steady high-quality growth of both our social in business and its operating cash flow. In the meantime, we will continue to try out revise our resources and investments into high potential business that in line with our long-term strategy and which will ship our core capabilities. We are confident that we can remain self sufficient in our cash flows. Reinforce our strong financial position and act swiftly to size long-term growth opportunities as the rise.

Now let's take a closer look at our products. We will start with the bigger line. In the fourth quarter, Bigo Live's obtained its strong user growth trajectory, thanks to effective logins and increase the user acquisition efficiency during the quarter, Bigo Live's MAUs increased by 18.3% year-over-year to 36.8 million notably MAUs in Southeast Asia and other emerging markets increased 21.6% year-over-year. During the 2022 World Cup, Bigo Live's rolled out one month at stake on to better engage the football players and fans around the global. The pro forma highlights Bigo Live's diverse localized content and responses with local communities. In November, Bigo Live's you might see the well-known professional football -- such as England, Kieran Trippier, and Netherlands, Wesley Sneijder to join its live interviews a group of local football creators were selected by Bigo Live as World Cup ambassadors to host live commentary sessions.

We also established the discussion groups and a chat room which support up to 500 concurrent speakers, who encourage to create and share original content. This effort successfully posted an engaging community experience on Bigo Live during the World Cup. The decision to connecting users, we remain fully dedicated to create value for our creators. In January, we hosted our first annual flagship event, the BIGO Awards Gala 2023 at Singapore's historical Capitol Theatre. During the event, Bigo Lives honored over 270 Bigo Live families hold their contribution to the community in the past year. Bigo Live also featured activity performance from top tenants from across the global with approximately 4 million viewers into the watch, further boosting our future exposure on a worldwide stage, we will continue to recognize and contribution of our creators in making our platform what is today and the Bigo award was just when is -- visit of our effort to incubate talent building communities and promote in class and in diversity on our platform.

In the fourth quarter, Bigo Live conducted a comprehensive upgrade of its live streaming tools and rooms and introduced a number of new interactive features. This improved the effectiveness of live session, recommendation and the user go-live experience. On a sequential basis, the number of live streaming -- live streamers on Bigo Live increased by 3.3% and the average during per live session increased by 4.5% in the first quarter. Turning to Bigo Live monetization. During the fourth quarter, monetization continued to be negatively impacted by micro-chains. In the Middle East, we will also negatively impact as user spending was diverted to offline entertainment activities during the world. Notably, the number of global paying user was several lines and the number of paid users in Europe and North America, have assumed sequential growth for two consecutive quarters.

Looking aside in 2023, we aim to further improve Bigo Live's penetration rates and expand a services in multiple regions around the world include, Europe, America and the Middle East, the Eastern Pacific and Southeast Asia. Improvement in user acquisition efficiency and user engagement will remain our priority, as we continue to pivot Bigo Live content and user interaction via product innovation and innovative local operations. Furthermore, Bigo Live will advance its efforts to boost the paying user and monetization growth by our users playing experience in live streaming session and brand. Net sales life tends to likely following a year of proactive optimization, like its operation loss in 2022 was in line with our expectation, narrowing by 83% year-over-year.

More importantly, Likee hit another milestone by achieving breakeven in the second half of 2022. Following the initial launch of its Loop feature, Likee has expanded its efforts to collaborate with companies from variety of industry multiples, in order to further cultivate its interest-based communities. Take the gaming community as an example, which is one of the largest interest group of Likee, with various popular games include Converse , law , live mobile and PUBG mobile to offer -- gives gamers a shared space to interact with each other. In December 2022, Likee become official streaming partners of the TIM Awards 2022 annual award ceremony honoring achievements in the video game industry. Millions of viewers from all over the world watched the event live and with each other on Likee's platform.

Boosted by Loop and the Likee's refined content offerings, we saw an increase in user interaction quality and units on Likee. In the fourth quarter, Likee's average user time spent grew by 70.4% and the 30-day user retention improved by 6.3% over the previous quarter. Looking ahead, as we enter into 2023, we intend to further implant Likee's monetization efficiency by diversified monetization models and achieve constant profitability. We will continue to prioritize creator input, as they take social interactions among our universe and further refine our local centered on interest-based communities. As we gradually improve Likee's operating cash flow, organic growth capabilities and user base, we believe, Likee's user base will gradually stabilize and the user growth will resume in certain regions over time.

Next, on Hago. During the fourth quarter, Hago's operation loss narrowed substantially over the previous quarter. In product set, as we mentioned in Hago's positioning upgrade about a year ago, substantially Hago has transitioned away from being an interactive platform, primarily focused on casual games. Now, it is a multi-user social platform, where a user can enjoy engaging interactions with a much more adverse range of ARPUs. Following the upgrade, our user socializing high patterns on Hago become clear. First, you view every opine by participating in multi-player casual games then after a few rounds of games, some users may choose to in further by joining one of Hago's social channels such as video and audio multiplayer chat rooms and Hago Space where they can interact with each other using customized 3D avatars.

With the level of interaction reach a certain level, user may choose to join the same group of families, their life mine, friends and --engage, which is other on a much more refined basis frequent basis. Hago has enhanced its monetization efficiencies throughout the process by developing a variety of monetization features as the pay to play games advertisement, live streaming and virtual items. During the fourth quarter, we optimized our recommendation algorithm to help our users in a located social rooms. This initiative drove a sequential increase in the total China's next day user retention rate by 1.5% and user plan spend by 5.3%. We also introduce a new 3D printing screen and launched the areas of optimization beginner side to Hago Space.

As a result, new user time spend on Hago Space improved by 6.5%, and the revenues from virtual items increased by 13.4% over the previous quarter. In 2023, in argument with our strategy of Likee, we intended to further enhance Hago's monetization efficiency, while maintaining our efforts to achieve consistent profitability at the product level Hago is going to optimize its futures throughout its users socializing patterns and better facilitate user interactions, such as we expect to further improve Hago user retention and organic growth capabilities, which are crucial gradual stabilization and eventual recovery of user growth over time. Finally, some updates on capital return during the fourth quarter, we qualify additional 31 points of our shares.

In the full year of 2022, we have repurchased total of $138.1 million of shares and paid cash dividends in an aggregate amount of $145.9 million. We are confident in our long-term affect and we will continue to actively utilize the remaining share purchase program to reward the long-time support of our shareholders. To conclude, effective strategy planning and strong execution drove our solid performance in 2022 despite certain macro environment. Looking ahead, we remain committed to enrich our user life and facility and improving their online activity through our diverse range of innovative products and services. With our resilient business model, strong financial position and sharpened focus on building our core capabilities, we are well-positioned to gather short-term macro headwinds, while driving long-term growth opportunities and creating lasting value for shareholders.

Now, Alex.

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Alex Liu: Thanks, David.

David Xueling Li: Now, I handover to Alex Liu.

Alex Liu: Yes. Thanks, David. Hello, everyone. Now let me go through the details of our financial results. Please note that the financial information and non-GAAP financial information disclosed in our earnings press release is presented operations basis, unless otherwise specifically stated. Our total net revenues following the quarter was US$604.9 million compared to US$663.7 million in the same period of 2020, primarily due to macroeconomic uncertainties and unfavorable exchange rates, which negatively affect paying user sentiment. During the quarter, we have continued to optimize the cost structure and enhance operating efficiency as and on multiple product fronts. Cost of revenues for the quarter decreased to US$392.6 million, among which sharing fees and content costs decreased to US$247.5 million.

Gross profit was US$212.3 million in the quarter, with our gross margin improved to 35.1% from 33.7% in the same period of 2021, primarily due to optimization of revenue-sharing cost and other operational original cost. Our operating expenses for the quarter were $231.2 million increased from $160 million in the same period of 2021. Among the operating expenses, sales and marketing expenses decreased to $100.2 million from million due to disciplined spending on user acquisition. R&D expenses increased to $73.6 million from $29.3 million in the corresponding period of 2021, primarily due to increased R&D personnel-related expenses of eco and -- consolidation of supply. Our GAAP operating loss for the quarter was $14.2 million compared to operating income $16.6 million period of 2021.

Our non-GAAP operating income for the quarter which excludes SBC expenses, amortization of intangible assets from business, as well as impairment of goodwill and investments and gain on disposal of subsidiaries and business, was $48 million in this quarter compared to $83.5 million in the same period of 2021. Our non-GAAP operating income margin for the quarter was 4.6% compared to 12.6% in the prior year period. GAAP net loss from continuing operations attributable to controlling interest of JOYY in the quarter was $327.5 million compared to net income of $73.2 million in the same period of 2021, primarily due to an impairment loss of $417.2 million from an equity investment recorded during the quarter. The impairment loss is excluded from our non-GAAP calculations and is not reflected of the underlying trends in our recurring operating performance.

Non-GAAP net income from continuing operations attributable to controlling interest of JOYY in the quarter was $50 million -- $98.3 million in the same period of 2021. The Group's non-GAAP net income margin was 8.3% in the quarter of 2022 compared to 14.8% in the same period of 2021. Together with our improving profitability, we have maintained a strong operating cash flow as well. For the fourth quarter of 2022, we booked net cash inflows from operating activities of $75.6 million. We remain a healthy balance sheet with a strong cash position of $4.29 billion as of December 31 of 2022. Now, I would like to briefly walk through the full-year financial highlights. Our total net revenues for the full year were US dollar -- to $411.5 million, compared to $619.1 million in 2021.

We have sustained our path to sustainable profitability at the group level for the second consecutive year. Our non-GAAP net income attributable to controlling interest and company shareholders of JOYY for the full year of 2022 was $199.3 million, up 83% from $108.9 million in 2021. Non-GAAP net income margin for the full year of 2022 was 8.3%, up from 4.2% in 2021, notably BIGO's non-GAAP net income expanded to $288 million in 2022 with its non-GAAP net income margin improved to 14.4% from 7.8% in the prior year. Importantly, we have continued to enhance returns to shareholders through dividends and share repurchase. In the full year of 2022 , we have been totally repurchased approximately $108.1 million of our shares and paid dividends in aggregate amount of $145.9 million, which altogether represent 142.5% of our non-GAAP net income.

As of the end of 2022, we still have around US$ 800 million and utilized quarter for 2021 share repurchase program. Given our current cash position, we will continue to balance between keeping sufficient cash to invest and build our linker late and enhancing return for our shareholders. For our business outlook, we expect our net revenues for the first quarter of 2023 to be between US$ 152 million and US$ 517 million. Let me wrap up with some final thoughts. In 2022, despite the fact that global macro growth -- revenue growth -- effective access to focus on high-quality growth, we have successfully enhanced our operational EBITDA resilience of our business as well as the execution capabilities of . As we head into 2023, given the low visibility around the global macro, we remain adaptive to the macro environment -- prioritize our investments in building our core capabilities.

We remain confident in the long-term potential of our global business and we will actively pursue long-term growth opportunity and generate sustainable shareholder value. That concludes our prepared remarks. Operator, we would now like to open up the call to questions. Thanks.

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