It's time to start ZOZO's Q&A session for the first quarter of FY2024 for institutional investors. We have on the call Director, Executive Vice President and CFO, Koji Yanagisawa from the announcements, announcements presentation. We also have VP of Strategic Planning and Development Department, Yusuke Kobayashi. [Foreign language] Also Fuminori Hirose, who is the Director and COO. If you have questions, please raise your hand with a button. When you are appointed, please unmute, inform us of your company, your name, followed by your questions. Okay, Mr. David Gibson, go ahead. Hi, it's David Gibson from MST Financial. Thanks very much for your time and the questions. Two questions. Could you talk about depreciation? It went down sequentially. Could you explain why that was? And then what does that mean for what you see depreciation charge in the second quarter? The second question is on actually the average age. It looks to be 33.3 years, down from 34.9. I think the biggest and the lowest it's been in about 4 years. Could you talk about the driver of that fall in the average age of a user base, and do you think that's sustainable going forward? Thank you. Hi, David Gibson. Okay, Mr. David Gibson, go ahead. Hi, it's David Gibson from MST Financial. Thanks very much for your time Hi, it's David Gibson from MST Financial. Thanks very much for your time and the questions. Two questions. Could you talk about depreciation? It went down sequentially. Could you explain why that was? And then what does that mean for what you see depreciation charge in the second quarter? The second question is on actually the average age. It looks to be 33.3 years, down from 34.9. I think the biggest and the lowest it's been in about four years. Could you talk about the driver of that fall in the average age of a user base, and do you think that's sustainable going forward? the questions. Two questions. Could you talk about depreciation? It went down sequentially. Could you explain why that was? And then what does that mean for what you see depreciation charge in the second quarter? The second question is on actually the average age. It looks to be 33.3 years, down from 34.9. I think the biggest and the lowest it's been in about four years. Could you talk about the driver of that fall in the average age of a user base, and do you think that's sustainable going forward? the questions. Two questions. Could you talk about depreciation? It went down sequentially. Could you explain why that was? And then what does that mean for what you see depreciation charge in the second quarter? The second question is on actually the average age. It looks to be 33.3 years, down from 34.9. I think the biggest and the lowest it's been in about four years. Could you talk about the driver of that fall in the average age of a user base, and do you think that's sustainable going forward? the questions. Two questions. Could you talk about depreciation? It went down sequentially. Could you explain why that was? And then what does that mean for what you see depreciation charge in the second quarter? The second question is on actually the average age. It looks to be 33.3 years, down from 34.9. I think the biggest and the lowest it's been in about four years. Could you talk about the driver of that fall in the average age of a user base, and do you think that's sustainable going forward? the questions. Two questions. Could you talk about depreciation? It went down sequentially. Could you explain why that was? And then what does that mean for what you see depreciation charge in the second quarter? The second question is on actually the average age. It looks to be 33.3 years, down from 34.9. I think the biggest and the lowest it's been in about four years. Could you talk about the driver of that fall in the average age of a user base, and do you think that's sustainable going forward? the questions. Two questions. Could you talk about depreciation? It went down sequentially. Could you explain why that was? And then what does that mean for what you see depreciation charge in the second quarter? The second question is on actually the average age. It looks to be 33.3 years, down from 34.9. I think the biggest and the lowest it's been in about four years. Could you talk about the driver of that fall in the average age of a user base, and do you think that's sustainable going forward? the questions. Two questions. Could you talk about depreciation? It went down sequentially. Could you explain why that was? And then what does that mean for what you see depreciation charge in the second quarter? The second question is on actually the average age. It looks to be 33.3 years, down from 34.9. I think the biggest and the lowest it's been in about four years. Could you talk about the driver of that fall in the average age of a user base, and do you think that's sustainable going forward? the questions. Two questions. Could you talk about depreciation? It went down sequentially. Could you explain why that was? And then what does that mean for what you see depreciation charge in the second quarter? The second question is on actually the average age. It looks to be 33.3 years, down from 34.9. I think the biggest and the lowest it's been in about four years. Could you talk about the driver of that fall in the average age of a user base, and do you think that's sustainable going forward? the questions. Two questions. Could you talk about depreciation? It went down sequentially. Could you explain why that was? And then what does that mean for what you see depreciation charge in the second quarter? The second question is on actually the average age. It looks to be 33.3 years, down from 34.9. I think the biggest and the lowest it's been in about four years. Could you talk about the driver of that fall in the average age of a user base, and do you think that's sustainable going forward? the questions. Two questions. Could you talk about depreciation? It went down sequentially. Could you explain why that was? And then what does that mean for what you see depreciation charge in the second quarter? The second question is on actually the average age. It looks to be 33.3 years, down from 34.9. I think the biggest and the lowest it's been in about four years. Could you talk about the driver of that fall in the average age of a user base, and do you think that's sustainable going forward? the questions. Two questions. Could you talk about depreciation? It went down sequentially. Could you explain why that was? And then what does that mean for what you see depreciation charge in the second quarter? The second question is on actually the average age. It looks to be 33.3 years, down from 34.9. I think the biggest and the lowest it's been in about four years. Could you talk about the driver of that fall in the average age of a user base, and do you think that's sustainable going forward? Thank you. Hi, David Gibson. Okay, Mr. David Gibson, go ahead. Hi, it's David Gibson from MST Financial. Gibson from MST Financial. Thanks very much for your time and the questions. Two questions. Could you talk about depreciation? It went down sequentially. Could you explain why that was? And then what does that mean for what you see depreciation charge in the second quarter? The second question is on actually the average age. It looks to be 33.3 years, down from 34.9. I to be 33.3 years, down from 34.9. I think the biggest and the lowest it's been in about 4 years. Could you talk about the driver of that fall in the average age of a user base, and do you think that's sustainable going forward? Thank you. you think that's sustainable going forward? Thank you. Hi, David Gibson. Okay, and yeah, perhaps on the marketing. Yeah. Can you talk about you were targeting younger people and moms in particular. Did you see any success with that targeting in the quarter? Thank you. [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] Hello, thank you. Another question on shipping. Just want to understand if this is the right way to think about it. Your volumes were up 4% and your shipping cost is up 6.9%. So it seems like you paying about the 3% more to Yamato. Is that the right way to understand this? And, I think you said this is an annual contract. So when would you be negotiating the next shipping contract? And do you think it will continue to go up something like this or higher or lower? Thank you.