Thank you so much for waiting. We will now begin the presentation of the earnings results of SoftBank Corp. for the three months ending June 30th, 2024. We would like to introduce today's attendees. SoftBank Corp. President and CEO, Miyakawa. Board Director, Executive Vice President and CFO, Fujihara. Today's presentation will be broadcast via the internet. President and CEO Miyakawa will give an overview of SoftBank's consolidated financial results and the business overview.
Hello, this is Miyakawa. Thank you for your attending. As the first quarter results have been closed, I would like to explain them. Revenue was JPY 1,535.7 billion, up 7%. This is a record high for the first quarter on the standalone basis. By business segment, revenues increased in all businesses. In particular, enterprise distribution and financial businesses, three of them posted double-digit growth. Operating income was JPY 303.9 billion, up 23%.
Operating income exceeded the level before the impact of price reductions and achieved a record high in the first quarter on a standalone basis. By segment, all of our business segments recorded profit growth, especially the financial business, which had been loss-making since the consolidation of PayPay, has finally become profitable. We have high expectations for this business as a pillar of our earnings going forward. Net income was JPY 162.5 billion, up 11%. As you can see in the consolidated results summary here, revenue and operating income were record highs, with operating income and net income growing at double-digit rates. Both operating income and net income exceeded 30%. We are pleased with the smoother start to the current fiscal year than we had expected. The progress rate by segment is as shown here.
In addition to the strong performance of the consumer business and the media and EC business, the financial business has already achieved 189% progress, with PayPay achieving profitability earlier than expected. The current medium-term management plan is the second phase of a roadmap to realize our long-term vision, and thankfully, we are making progress toward all of our goals ahead of schedule. I will now explain our performance by business segment. First, let's look at the consumer business. Revenue was JPY 681.7 billion, up 2%. Mobile revenue increased by 2% to JPY 7.6 billion. Mobile revenues were able to overcome the impact of price reductions as the sales have continued to increase since the second half of last fiscal year. Operating income was JPY 156.4 billion, up 6%. The number of smartphone subscribers grew at a steady pace with an increase of 4%.
We announced a strategic alliance with Perplexity, a provider of a conversational AI search engine, on June 17th. This is an AI search platform with multiple compatible AI models. To give you a taste of what an AI search engine is all about, we decided to offer a free one-year trial of the paid version, which is worth JPY 30,000 per year.
The number of searches has grown rapidly by 1,000% in one year, and we feel that this is one of the ways in which AI will be used in the future. Next, I'll explain enterprise business. Revenue was JPY 215.6 billion, up 10% from the previous year. Revenues of solutions and others were strong, with a 27% increase. Operating income was JPY 41.5 billion, up 3%. The solutions business is growing strongly, and we are determined to focus on its gross profit margin. To achieve this, we are looking to expand our in-house development services. Therefore, we are in the process of rapidly reinforcing the necessary human resources and building systems. We would like to build a stronger management base by absorbing such upfront investments.
Now, media and EC business segment. Revenue was up by 6% to JPY 408.3 billion.
Operating income was up by 74%, driven by steady growth of media and one-off valuation gain. Even excluding this one-time factor, operating income was up 20%. As the LY Corporation management team explained at their earnings announcement, the report on preventative actions against the data breach was submitted to Ministry of Internal Affairs and Communications on July 1st. SoftBank will continue to support them to make sure the security measures are in place. There was an announcement of TOB to stay traded on a prime market, and A Holdings decided to apply for the TOB.
The ratio of voting rights in A Holdings held by Naver Corporation and SoftBank will remain unchanged. As we have been saying, it is hard to come to a conclusion for short term as to the capital structure. We will continue discussion until we make decisions based on future business strategy of Naver Corporation and SoftBank, and LY Corporation's future.
Next, finance business. Revenue was up by 20% to JPY 63.1 billion. We posted operating income of JPY 5.7 billion. PayPay finally became profitable, showing a strong improvement. PayPay's consolidated revenue was up by 19% to JPY 57.2 billion. PayPay posted JPY 9.3 billion of consolidated EBITDA positive for two quarters in a row. GMV of SP payment service was JPY 2.3 trillion, 21% increase year-on-year. Next, let me share with you progress around our efforts to build next generation social infrastructure. As we explained, we plan to build AI data centers in a distributed manner across Japan. We have made progress around building the brain data center. We announced on June 7th that MOU was signed with Sharp Corporation for our construction of AI data center inside Sharp Corporation's Sakai plant.
We can take advantage of not only the plant's already available buildings and land, but also power supply and cooling equipments, which are essential for running data centers. It should accelerate construction of our AI data center. We will see how things progress in details and make necessary decisions along the way. By actively making investment for growth, we aim to become the market leader in the era of generative AI. To solidify our financial position that allows us such investment for growth, we filed with a shelf registration for the issuance of Series 2 Bond-Type Class Shares, with plan to issue about JPY 200 billion. To summary, we post a record high revenue and operating income for the first quarter, and revenues and profit increased in all segments.
Mobile revenue continued to increase, and PayPay achieved a positive operating income for the first time on a quarterly basis.
Next generation social infrastructure initiatives are in progress. We continue to strive for information revolution, happiness for everyone. Thank you very much for your kind focus on my presentation.
We will now open it up to a Q&A session. We will take questions first from the floor, then from the Zoom media, followed by Zoom analysts, institutional investors. When you wish to ask a question via Zoom, please access Zoom via the previously announced procedure. Once you have accessed Zoom, please turn off the live webcast to prevent howling. We would like to receive as many questions as possible from as many people as possible, so please limit your questions to two per person. Once you have been designated, please state your company name and your name first. Please raise your hand if you have a question. In the right side of the area, the very front seat.
Ono from Yomiuri Shimbun. This is now related to the earnings results presentation. The Bank of Japan announced to raise the interest rate. Do you see any impact due to that? Related to that, even today, the share prices are dipping. Can you share what your thought on this impact is? The second question is that, the other day, Ministry of Internal Affairs and Communications announced the rules related to the NTT law. Moving forward, there will be the decisions to be made. Do you have any opinions on the further discussion around the NTT law?
Thank you for your questions. As you said, the share prices are going up and down. Today, only SoftBank has not been up, and I was very disappointed to see the share price chart just before coming here.
I made up my mind to report the first quarter's earnings result here on the stage with my new determination. The zero interest rate is going to end. I was thinking in that way. Our loan has been fixed, and nearly 90% has been fixed. Even with the interest rate hike, we will have no impact in the short term. However, if it continues for a long period of time, because we have a large amount of liabilities, we may have to review our business strategies. However, in the meantime, we should be okay. We are under control. I cannot tell you the root cause of this share price dip. This drastic fluctuation, causing a lot of people's confusion. I wish it wouldn't happen.
However, in a small range, it is always going up and down, so the trend should be going towards the other way, to the certain direction. Since I took this position as CEO, I was focusing on the actual power to earn, earnings power, which will lead to the growth of our company in the future. We would like to continuously pursue this. The second question about Ministry of Internal Affairs and Communications, related to the NTT law. Now they are compiling that, and since this is a very special, unique company holding a public asset, therefore, some special treatment needs to be acquired. Right now, 5G or Beyond 5G of-
We are really busy dealing with all these things. If we had spare time to discuss on such NTT law matter, we should be focusing on discussing other things for expanding and improving infrastructure for the entire communication network. The discussion on the Ministry is not really to abolish the NTT law. That is how I see. Of course, we should continue discussions, and I would not change my position.
Any other questions from the floor?
Matsuda from Nikkei Shimbun. One question about the mobile business. Rakuten has been growing in terms of the subscriber number. What is your view on that? SoftBank, you had LINEMO introducing new price plans, so I do not know if you have any plan to compete against Rakuten.
Thank you for your question.
Looking at Rakuten's move recently, especially the number of subscribers, of course, on daily basis, I have an update on MNP between those four carriers and also net adds of other carriers. Since the beginning of spring, I feel that Rakuten has been doing very well, and I am impressed with Mikitani-san's capability. The founder, like Mikitani-san, should have such a strong potential. SoftBank went through the same route and journey, and every day and night, we tried to figure out how we can grow net adds, and I believe that Mikitani-san has been so focused and put his energy in increasing the net adds. Do I feel a threat? Yes, I do. Having said that, from SoftBank's perspective, is there an impact on our business? Very few.
To be very honest with you, maybe there is a market where I did not pay attention to, and that market is where Rakuten is getting a lot of our customers. My view is, there are a lot of opportunities for anybody to gain business, and I welcome their effort. Hopefully, Rakuten will be the fourth most powerful carrier in Japan. That should lead to a healthy competition in the Japanese market. About LINEMO Best Plan that we announced, we often hear is that a competitive plan against Rakuten, and the answer is yes. From my experience, unlimited is something that we should be very careful about. But for users who prefer a mid-range of volume as opposed to high data volume, we decided to introduce a plan to gain traction of those users, and it has been running well, better than we anticipated.
We are running a lot of advertisements. I think that is one of the reasons why it is performing well. That is the current status. Thank you so much.
Next question from the left side of the floor.
Nagoshi from NHK. Thank you for this opportunity. I have two questions. First, SoftBank, you had some network failure this month and last month. Can you tell us the root cause of that? Also, this kind of network failure has been happening worldwide. Is it because of the increase of traffic? I would like to hear your opinions. The second question is about total energy committee. You have also had the opportunity to mention your opinions, and what are your opinions regarding the data center constructions nationwide?
First, about the network failure, we deeply apologize for the inconvenience it caused to all the users.
There were three incidents continuously. It started on July 23rd, 28th, and most recently, August 2nd. Each one we recovered from the failure. These three were not connected in terms of the system. However, in the telecommunications industry, one failure happens, it leads to one after another. There are some causes. The first one in July and the most recent one on August 2nd, is due to the volt switchers, seem to be the problem. However, they were completely different switchers. Also, in the switches in the MME in West Japan. The different causes were discussed. I think it was due to the summer heat fatigue. If we had ourselves tightened more, then we could have dealt with this incident much faster.
We are now reviewing to find out the root cause and make sure that we prevent it from the recurrence. About the energy sources. Right now in Japan, we do not have sufficient, or we do not have abundant electric power. However, in this advancement of AI, we cannot avoid facing the vast volume of energy consumption. When AI does learning, it consumes a lot of energy. Once it goes to the inference phase, it doesn't consume as much. Right now in the phase of learning. Japan wants to create the sufficient and strong brain as the other countries are doing. Even larger energy consumption is expected. Therefore, we would like to construct data centers in the regional areas.
However, the computing infrastructure built overseas, if we are trying to build the same scale as what overseas companies are doing, then we need to secure enough energy sources. That's why I attended the committee and made my speeches. Of course, we cannot really burn coals from here now on. We would like to construct a data center in a harmless way. We are coming up with different ideas so that we can sustain ourselves in terms of energy sources. AI itself would become national power. Therefore, if we were to contribute to enhance our power as a nation, then we would like to do so in different ways. I think there are many different ways by different Japanese companies, and we would like to become one of those to contribute to the further enhancement. Thank you.
Next question from the venue.
Seki, freelance writer. I have a question about PayPay. PayPay became profitable earlier than we thought, you mentioned, as you keep saying. IPO, I don't know what's your view on PayPay's potential IPO now that PayPay became profitable. What are your expectation from PayPay going forward? Thank you.
Of course, I expected PayPay to be profitable this fiscal year. But it became profitable earlier than I thought in terms of quarter. I am happy. I was hoping PayPay would become- performing well the last half of the fiscal year, but again, they became profitable earlier.
Once PayPay or somebody has a certain amount of users, the company should not lose momentum pretty soon. I believe that PayPay will play the leading role for us to perform even better and grow even further. I keep saying that PayPay should not go public until PayPay becomes profitable. Fujihara-san kept warning me that a question about IPO should come once PayPay became profitable. Again, that's up to PayPay to decide when and how PayPay wants to be in terms of IPO. I believe there is an opportunity for them to grow further, and they don't have to be in a hurry in terms of financing. Once they feel more comfortable about the future, then PayPay might start thinking about IPO more seriously.
We will see how it goes, to be very honest with you.
Thank you so much. The center of the floor.
I am Asano, freelancer. Two questions. First, NTT started a new plan, just like PayPay's PayToku plan. What do you think about that? The second is that the churn rate is pretty high in the first quarter. That is because of the fierce competition of the same contract. What do you see as the cause of the churn rate hike?
First question is about Poi-katsu. eximo Poi-katsu of Docomo is very similar to PayToku unlimited plan. Now we are all in the phase to compete in terms of expandability of ecosystem of each carrier. There are a certain percentage of PayPay point used to be returned. That's what we started as PayToku. I have a feeling that PayToku is easier to use, so each carrier within their own ecosystem would be providing their own plan. We, SoftBank, also want to pursue and explore, like, the second PayToku plan. The second question is about churn rate. A certain volume of users would swap in the short-term. That is true. The layer that does not get affected by the different plans.
So, when we look at a certain layer, which tends to have the shorter period of contract, we believe that it does not affect our business result as a whole. It does not affect in terms of the business figure. However, structure-wise, some users who make a contract just for SIM and after three, four months, they cancel the contract and then have another contract. There is a certain number of users like that. Honestly speaking, we also like to deal with such things. The incentives have a certain limit. What we need to do is that we should stop providing SIM alone. However, it's really challenging for a single carrier to start such initiative. We would like to see how it goes and then find out a right way and timing to deal with that. Thank you.
Next question from the venue.
Ishikawa, freelance writer. About the PayToku you mentioned, looking at the mobile business, operating income, and revenue, you see growth in those areas. Again, that kind of price plan, high-end price plan, how much positive impact that kind of price plan has had on the better performance. Second, Rakuten's platinum band. They launched a platinum band based service, and maybe they had only one sales site that runs on the platinum band. I wonder what's your view on Rakuten's platinum band effort?
Thank you. First, PayToku's impact on ARPU, was that the first question? Of course, PayToku is a high ARPU service offering. We offer points or loyalty for those users, but still, that's a high ARPU users or high ARPU plan. There are different brands, LINEMO, and our performance is based on the mixture of those offerings.
ARPU times the number of users is the source of our revenue, and fixed expense should not be impacted so much with 1 million users more. We need more users, and we need to maintain ARPU, so we have to figure out the best mixture of different offerings, including LINEMO and PayToku. It's not PayToku standalone that has had an impact on ARPU. The second question is about the platinum band. Yes, that's a competitor's effort, so I don't want to make a strong comment, but just one thing. Like I keep saying for a long time, as an MNO that was given a spectrum, which is limited resource by the government, that MNO should be responsible. At the moment, maybe they have not fulfilled their obligation and responsibility as an MNO to fully leverage the spectrum that was given to MNO.
Any other questions from the floor? From the left side of the venue.
Sugiyama from Nikkei Business. Two questions related to AI. First question, recently Gen-AX led, what sort of potential deals are available right now? The CEO, Makoto, of KDDI, also mentioned about AI as a new pillar and a major pillar of the business growth. What do you think about that? The second question is what do you think about the risks of AI-related investment? Due to the share prices dip recently, your CapEx will be also used for telecommunications area. It is not limited to AI investment, but GPU is extremely expensive. I believe that a majority of the CapEx will be spent for AI-related things. What do you think about that?
The first question is about Gen-AX. Yes, we have a lot of inquiries. You also mentioned, but yes, there are a number of inquiries around Gen-AX. Now GPT-4o is available, which is very similar to human response even more than before. Which will be appropriate for call centers. Due to the advent of 4o, it could be used for call centers. There is a number of inquiries related to that. Our project is also to automate call center. I believe this is one of the most difficult areas. Of course, it is possible to respond, but the content of the response is really important, and that is critical. If the content of the response is too long, the user would cut off the call. It is very difficult to cut in the conversation or the questions being asked.
It cannot be easily replaced by computers. How we can make it as close as human beings response, that is what we have been working on seriously.
Sometimes there is an incoming call just to let us know when the payment has been done through ATM. That kind of thing, and internal systems, we do have 400 different systems, and this has to be also linked with the older systems. The backyard system has to be dealt with first. There are some hurdles to overcome. The corporate manuals have to be first digitalized, then AI can understand. A digital transformation has to be done first internally, then AI would be fully promoted. It has to take each step by step. For that, Gen-AX. Each company's tasks to be automated or, sorry, digitized, and that should be the first step, and then annotation will be the next step. This team is not to build AI algorithm, but this is to support, to connect internal tasks and AI.
One more question about the risk of investment in AI related. I am not certain about that either, because I know, I am sure that AI is going to be penetrated more and more. The question is that the direction of AI we are investing in is right or wrong. First, data center construction. The cooling system, rack, and all these facilities for a data center, this is not a risk because the volume of AI will be more and more, and means that data centers will be in higher competition. Now electricity is in high demand, high competition. Next is data centers. If there was a risk, then GPU performance. The performance of GPU is advancing really fast. The GPU chips that we purchased two years ago are already obsolete.
When we compete performance with what we purchased two years ago, with the most recent one by Nvidia, then it is 10 times more in terms of performance of GPU. Now in the phase of GPU growth and how much investment should be made on GPU, we have to carefully watch the balance between demand and supply of GPU, because in only a few years, what we have bought now will be obsolete. We need to see the right direction on which area of AI we are investing in.
Another question from the floor.
Sekiguchi from Keitai Watch. I have two questions. First, for the first quarter, Y!mobile had a 10-year anniversary in the first quarter, so could you let us know the latest number of the users? LINEMO is affordable, and LINEMO has been performing well, and switching from LINEMO to SoftBank brand is also going. I wonder, do you have any plan to stimulate switching from LINEMO to SoftBank brand? Second question, looking at KDDI's earning result, President Makoto mentioned that on-device AI and cloud, hybrid of them, will be very important. On-device AI is area where chip makers and device makers have been focusing on for some time. On-demand, on-device AI or edge AI, do you have any plan with regards to service offering, whether it for consumers or enterprises?
The first question is about the number of users of LINEMO. Is it disclosable or not? Fujihara-san?
About 12 million. 12 million. Just roughly. I will follow up. Again, 10-year anniversary. Y!mobile and Willcom were merged, and they have been growing since. In the same network, there is a SoftBank brand and Y!mobile brand, and they are using the same network resources, but they have different price plans. We try to identify differentiation between Y!mobile and SoftBank, and Y!mobile brand and SoftBank brand. We have been focusing both in the last 10 years to figure out the best way for those two brands and their positioning. For Y!mobile, the target users are low, mid ARPU users. For high ARPU users, that's a SoftBank brand. The volume that we offer or service, content that we offer are something that we use as a differentiation.
From Y!mobile to SoftBank and vice versa, from SoftBank to Y!mobile, like an in-house MNP, if you will, is happening, has been happening. In the last quarter, it was about half and half. Of course, it depends on quarterly, quarter by quarter, but for the first quarter, it was almost half and half. SoftBank has been solidifying its position. It takes 10 years, but we have been handling different brands better than before. Now we have PayPay and LINE, different brands in our group, and we are trying to develop products and services by utilizing those different brands. Next 10 years will be easier for us to come up with new plans. In the cloud, AI is generated in a cloud. That's a traditional AI. Also AI will be implemented in the edge, like devices.
For example, Samsung's smartphones have implemented AI, and maybe, of course, AI will be implemented in cars and also consumer electronics. On the more and more edge side, AI will be incorporated to make people's life even better. What I want to do is as follows. I casually mentioned that I wanted to build AI smartphone. That was my first personal thought. I want to build a vertical AI platform. We have been building data centers, and we want to have cell sites powered by AI. We are looking at AI RAN to design AI RAN and cell site powered by AI. Then we can build a vertical integration from cloud to edge. That would be our unique position in terms of AI offering, different from GAFA. From edge to core, we want to build AI and implement AI in different areas.
That's our strategy.
Thank you for your answer. You mentioned from edge to core. Edge, you are talking about is devices included?
Yes.
Thank you so much.
Due to the interest of time, we would like to take questions from two more persons from the floor.
Nagata from Nikkei xTECH. In April, a Thuraya incident, related to the Thuraya incident happened in April this year. Why at the end of this month, why you are going to stop that service? And related to some warranty to the users. What will be the impact to your business?
Yes, we need to first of all apologize to the users due to the Thuraya satellite failure. It suddenly linked down, and there are some Thuraya satellites, and above Japan is the-
A communication satellite, and that communication was cut. The supplier told us to wait for a little longer so that they would fix the issue. There may be some cases that sometimes pass and not, so we could not continue discussions. Therefore, we decided to stop providing the service any longer. The monthly fee and also that discount rate and all these things, we have been working around that. As of end of August, why we decided to do so at this timing is that we wanted to reset this so that we could provide something in a different manner. The satellite failure is happening far, and is 36,000 kilometers far, which we sometimes have no control over it. But we sincerely apologize for the inconvenience caused to the users. I believe that this was very helpful to the Noto Peninsula earthquake.
This was not used by the Ministry of Internal Affairs and Communications. In case of natural disasters, yes, we lend it out in case of the natural disasters, but I believe that we have done so, but we are looking for alternatives. We would like to take the last person for questions. Ishikawa, freelance writer again. Sharp Sakai plant is going to be utilized for your data center. At the same time, KDDI made a similar announcement. What is the difference between KDDI plan and your plan? Next, SoftBank network is highly recognized by Opensignal, but also KDDI announced to use the Sub-6 to make it two blocks for speeding up. I wonder, what is your plan on that? About the Sakai's data center, I was actually surprised. Actually, sometime around January, we wanted to kick off and made a data center into AI data center.
We started our study in January, and March, we made a preliminary agreement. We signed a non-binding preliminary agreement in March, and we had continued discussion. Then before we knew it, KDDI made an announcement, and we called Sharp immediately and started a discussion with Sharp again. We switched from non-binding to binding agreement before we made an announcement. The Sakai plant is a vast land, and LCD plant was a plant that we wanted to take advantage of. They have got a vast land and big buildings. KDDI utilized the other buildings and other piece of the land, and maybe many carriers will start building in the Sakai plant, and Sakai site can be concentrated at data centers for carriers.
It seems that Sharp, we are checking with Sharp and others if we could continuously utilizing their resources, and we will figure out the best decision based upon that study. Next question is about network connectivity, and we ran a very impactful advertisement, as you may know. Our sales team suggested such a provocative advertisement, and I gave green light to them. We have plenty of the sites, and capacity-wise in Tokyo, it has been helping us. We do not suffer from the lack of capacity. That is why we can offer or deliver good coverage and capacity, which is highly appreciated, I believe. But when a killer app is launched or when a new use case emerges, not only downlink, but also uplink capacity may be needed going forward. Maybe in the future, we may need more capacity for uplink than the downlink.
We may need to review the network design. At the moment, we are enjoying a great review, but we are not complacent, and we stay vigilant. Whatever KDDI tries to do for their better performance, we want to learn from them, and likewise, the Docomo and NTT, we want to learn from them. I think a healthy competition is good for all of us. We want to proudly compete in such a competitive market.
Thank you so much.
Now we would like to take questions from Zoom analysts and institutional investors. Please click the Raise Your Hand button if you have a question. Daisaku San from Nomura Securities, please unmute and ask your question.
This is Masuno. I have two questions. One is about PayPay. The JPY 10 billion of operating income was what we predicted this year. It is coming closer. In the next five years, I believe that JPY 10 billion of operating income would be possible for achieving. When the PayPay had a remeasurement, I believe that just their earnings, the PayPay could achieve a JPY 10 billion of operating income. What is your expectation on that?
Let me answer one by one. Thank you so much for your question, Masuno San. This fiscal year, JPY 10 billion, but I also believe that only PayPay payment transactions business, I think it could achieve close to JPY 10 billion or so with a payment transaction business alone. As you mentioned, payment business, the companies which are doing only payment business, their market capitalization is going down.
That is why we need to leverage our strong customer foundation to strengthen our business foundation. Different kinds of businesses will be accumulated and so that we could achieve some JPY 10 billion scale of business. To that, we would like to nurture this business.
Thank you. My second question is about AI-related investment.
At this time, JPY 43 billion of operating income is added, and which was not included in the initial forecast. By accelerating the AI investment, I think it is still approachable. JPY 43.9 billion of investment, and if you multiply by three times or four times, how fast you are thinking about doing this growth investment, is it only for growth investment? You are making investment and getting some burden on at this moment, so you cannot keep just loss-making. Originally, under others category, mostly R&D cost, is it?
On top of the R&D, the investment on AI infrastructures, total about JPY 60 billion, we wanted to do so. Whether we are going to consume all or not, we may not consume all. As we see the result of first quarter, but we see that we would be consuming close to JPY 60 billion. It actually depends on what we would do with the Sakai Data Center. It would be close to JPY 60 billion. It depends when we would start the construction of Sakai Data Center. We are not saying that we would like to keep loss-making by doing this spending CapEx, but if we spend more on the investment related to AI, then it would be profitable in the near future. Thank you so much for your questions.
Any more question from Zoom participants? If you have, please press raise hand button. If not, that concludes a question and answer session. Thank you very much for joining the earning results for the three months ended June 30, 2024, announcement by SoftBank. This session will be available on demand on our corporate website. Again, thank you very much for joining us, our earning results announcement for the three months ended-