Boyd Haynes: Can you speak to my question about the margins? I know that your overall margin for the year in all divisions, your pre-tax margins are approximately 54%, which is a stunning number in terms of its profitability. You also sort of referenced in your guidance that you expect the healthy net margins to continue, although you didn’t really give us a numerical value, so I guess this is sort of a two-part question. One is asking about what are the margins you’re getting in your ecommerce division, and how is that going to contribute to fiscal year ’24, then in general, as part of your guidance for the healthy margins to continue, does that mean that you expect margins to exceed what you achieved in fiscal year ’23?
Ning Tang: Do we have such details, and can you please–?
Mei Zhao: Yes, like Mr. Ning just mentioned, we have some kind of membership, like IT or some sort of–. I think with the margins, like Mr. Ning just mentioned, like 40 or something, I think that’s–yes, mm-hmm. That’s a range. Thank you.
Boyd Haynes: Okay, thanks. I have nothing further.
Operator: Your next question comes from David Tufts [ph], a private investor. Please go ahead.
David Tufts: Yes, good morning from Santa Barbara. My question really is very similar to two other callers before, and just to put a fine point on it. You’ve got a roughly $800 million in cash, you’re selling at less than two times earnings. I’ll repeat what both of these callers said – if you instigated a dividend, the last caller said $0.50, something like that, what effect would that have? It would diminish your capital by 5%, by nothing, but it would telegraph to the world that you were a real company, that you did not have – and I was happy to hear this from the last caller – you were not constrained by your government to not pay out that money, so that’s good. I mean, I hope that’s true. But it would do–what it would do would be to attract a great deal number more of investors, which would enable you to buy back more stock, which would dramatically accelerate the price of your stock.
Now, you say, well, you want to attract institutional investors. Well, institutional investors would get interested if that happened, but right now they’re less than 5% of your shareholders, less than 5%. Focus on the 95% of your shareholders, and everything else will follow. All the good stuff you’re saying–you’re doing a great job with the AI and all that stuff. All of that will become known if you do this simple thing. It’s beyond me why you’re not doing that. Other than that, keep on doing what you’re doing, but please consider this other change, okay?
Ning Tang: Thank you, we took your point.
Operator: Thank you. Your next question comes from Andre Julian Hudu [ph] with Julian [ph]. Please go ahead.
Andre Julian Hudu: Hello, so [indiscernible] and also congratulations. I have been a shareholder for some time also. I wanted to clarify for other investors and also ask you some questions. Looking at the other earnings calls [indiscernible], which I have been present also too, you have two speakers mostly, two questions, so clearly there are newer investors which have found your company, as you already, I think understand for the [indiscernible] asking a question, and usually you had one person or two people asking questions. Also, the fact that Mr. Ning Tang is not here, and I want to congratulate him also, is not a problem in my opinion because maybe he has personal life issues or other stuff, but again the last quarter, I’m looking, and all earnings calls [indiscernible], you can check it online, Mr. Ning Tang, the CEO was present for all of them, so now maybe he’s seeing the stock price has increased a bit so he’s free to, I don’t know, go on vacation or something, which is his right.
For newer investors, because they are on this call, I would like to say that that Mr. Ning Tang was in every earnings call and he had quite insightful questions and answers with the one analyst which was talking, a guy from Morgan Stanley, which I really appreciate also. Now on the question part, I want to also, before asking your staff, I want to state that this is a Cayman-based company but also Tencent, Alibaba which Charlie Munger owns, Warren Buffet’s partner, they’re all Cayman-based companies, so this is a trait of Chinese companies, so it’s not a problem that YRD, Yiren Digital is a Cayman-based company, because all the major companies are Cayman-based companies. Furthermore, I would like to congratulate the fact that you’re still growing at 30% even to–20%, actually, growth in the new range in the guidance, and 39% is the growth in the revenue for 2024 at the upper bound, so that’s great growth after growing 50%, 100% per year in the last two years, or something like that.
I would like to ask you–the last thing, sorry, I’m stating facts, 2,100 employees or something like that, 2,500 employees you have, I would like the investors also to search in Chinese or on the Chinese side, there are posts of the employees having team building and other activities, so this company is legit and has tons of employees, 2,500 or something, if you can satisfy. I found it on the Chinese side of your investor relations, and it’s quite hard to find but you can search LinkedIn and all that and you will see that this company is very nice. Okay, my last question–and my question, actually, is the dividend, of course everybody is thinking about a dividend. I appreciate how–your performance financially and I understand that you want to invest into growth opportunities and also into AI, you’re an AI company, and you’re already using AI before it was popular.
