further consideration of opening up Hong Kong in addition to Macau. Thank you. Great. Thank you. mm-hmm <affirmative>. Thanks. Thank you. Your next question comes from Brian Gong from Citi. Please go ahead. Uh, thanks James, uh, Jane, Cindy and Michelle for taking my question. So my question is about domestic travel, uh, expectation. So how does management see the travel performance outlook in first quarter? Uh, ' 21 and, uh, next year for first quarter next year with some local government right now, encouraging people not to travel across regions and, uh, winter Olympic hill in March. Should we still expect domestic performance to be directed by, uh, travel restriction and also with the low base in the second half of this year, should we see, uh, more normal last year on year growth in the second half next year for domestic market? Thank you. Yeah. So what we have seen, uh, for the domestic travel, uh, is four S, uh, by saying four S, I, we have seen people are paying more attention to safety. Uh, so we encourage our suppliers to make sure, uh, they have, uh, very good safety measures such as providing, um, the, uh, hand sanitizers masks to our travelers. Uh, the second S is, uh, uh, people prefer to travel with much smaller groups, uh, rather than big groups. So normally our customized, the tool is selling very well. Uh, our customers prefer to hire car and a tool guide, uh, with, uh, family then, uh, to take their family around. Uh, the third S is with the much short booking needle, uh, because of the, uh, the virus, uh, control a lot of time we get notifications from different destinations. Uh, so the booking window we have seen is much shorter. In the last four, uh, one of the four S is short distance. So what we have seen is people prefer to travel, uh, nearby their hometown, uh, anywhere with in the 300 kilo, uh, becomes the <unk> people feel more comfortable to travel to. Uh, and also we have seen young generation, uh, prefer to travel, uh, much more. Uh, so we have seen, uh, the young, uh, spenders, uh, who are born in, uh, nineties and general Z, uh, trouble quite a lot. So these are the trend that we have seen so far. Again, I think a lot of it will be, uh, depending on how well, uh, the virus is being controlled, uh, during the first quarter and the second quarter, however, these demands are not disappearing, uh, from our data of the search customers, pandemic demand is accumulating and very strong just as what we saw in May holiday this year. Uh, the search of the, uh, demand is very strong. So we are very hopeful that, uh, uh, the vaccination rate will be continuously increasing the measures of the virus control will prove, uh, to be e- uh, effective. And then, uh, gradually the market will, uh, increase. So your, your assessment, the second half of 2022, uh, will be stronger than first half, uh, will very much hope so. Thank you. Thank you. Your next question comes from Ronald Kung from Goldman Sachs. Please go ahead. Thank you. Thank you, James, Jane, Cindy, uh, Michelle. Uh, my question is, uh, more on if, if the recent travel patterns, uh, that we saw in recent months last for longer, and with Omni- Omicron and government's dynamic zero COVID strategies, then how, how does management see the trajectory for domestic and international travel in 2022? Uh, if, if the recent trends last longer and how will we plan our costs accordingly and implications to either cash flows or margins in the next one to two years. Thank you. Uh, thank you. Yen. Uh, thank you, Ron. Uh, our margin actually decided by both the top line, as well as the, uh, cost to control, our cost to control, uh, on the top line on the revenue side. Um, uh, of course we are in the travel industry, so our performance will be pretty much decided, uh, by the industry growth. However, uh, as always we will, uh, do our best to continuously outpace the industry growth, for example, uh, in the third quarter, uh, this year, uh, we outpaced the, uh, 10 to 20% at least, uh, for different segment compared with the industry growth, uh, um, in the travel industry, uh, on the cost side, uh, we will continuously, uh, to weather the, uh, the, the COVID, to weather the storm. Uh, we have to have a very disciplined cost, uh, uh, policies, cost structures, uh, to weather the stone. Um, uh, first, firstly we have, uh, very strong cash position, uh, at the end of the, uh, Q3 we have about $10.5 billion, uh, uh, in a cash balance, uh, which, uh, probably is the best amount, one of the best in the travel industry. Um, but secondly, on the cost side, um, our total Adjusted Cost and operating expenses actually decreased by more than 35% in Q3 compared with the, uh, uh, co- uh, before COVID level, um, next to our very largely flexible cost expensive structure, and as well as efficient operating management. Um, during the past few quarters, we streamline, streamlined our operation across, uh, uh, different business lives, in addition to certain adjustments related to the COVID. And in addition, our improvements on the content cross selling and technology have further lifted the, our marketing efficiencies. Um, in terms of the cost trend, um, going forward, uh, we, uh, we will expect a very modest increase in the personnel expenses only on our international, uh, uh, markets and for the domestic market, uh, we expect our total hack count will be, uh, uh, pretty much, uh, stable, especially for our co businesses. Uh, but, uh, we need to add, uh, some investment, uh, just to capture the pan of demand, uh, that has already been seen, uh, in the, in the, in the, in the international market, uh, especially in the Europe market. Uh, on the sales marketing expenses, uh, we will continuously to adapt, adopt, an ROI driven, uh, strategy, and, um, uh, we will have a very disciplined, uh, uh, uh, uh, policies in terms of, uh, sales and marketing, uh, spendings, um, both for the domestic China market, as well as, uh, for the international market. Thank you. Thank you. Once again, if you'd like to ask a question, please press * 1 on your telephone. Your next question comes from Alex Yao from JP Morgan. Please go ahead. Uh, hi, good morning management. Thank you, uh, for taking my question, um, I have a question on the investment, um, um, activities. So in light of the potential reopening in China and also more regions and markets in the rest of the world, are you guys contemplating any additional and new investment, uh, activity to capture those reopening opportunities? Thank you. Yeah. So thanks Alex. Uh, in terms of, uh, investment strategy, uh, historically we are very disciplined. Uh, there are three principles, uh, we adhere to,