This is Negi speaking. [Foreign language]. This is the Q3. [Foreign language]. Result. [Foreign language]. Result up by 1%. [Foreign language]. Total operating expenses were down by 1%. The resulting operating income was up by 8%. Now, operating expenses was down, which can be explained by a major factor, which will be explained later. Lower share prices resulted in lower cost related to stock options. [Foreign language]. So. [Foreign language]. The number is lower because of that, but excluding that, adjusting for that, operating income was down by about 1%. [Foreign language]. Excluding that adjustment. Ordinary income is up by 51%, but the majority of this is due to the impact of FX loss in the third quarter of the prior year. [Foreign language]. This year we have an FX gain. [Foreign language]. Net income grew by 48%, pre-GAAP grew by 5%, and pre-GAAP operating income was up by 31%. [Foreign language]. This is separating the enterprise versus consumer. [Foreign language]. As you may remember, consumer was minus 6%. This is pre-GAAP, excluding FX impact. Compared to the 6% negative, this is plus 6%. There is a big difference. [Foreign language]. Which can be explained by Digital River, consumer digital settlement. Outsourcing company in the United States went bankrupt this year. [Foreign language]. The renewal sales had to be postponed in the first and second quarters, so they had a major impact. Now we have switched to different vendors. [Foreign language]. We see increasing revenues because of the renewals that could not take place in the first and second quarters. In Japan, Windows 10 end-of-life impact resulted in higher level of PC sales. When the retail sell more PCs, we have a higher revenue. For the enterprise business, plus 2%. In the prior, this was negative, but now we have a positive number. As I have just explained, lower share prices resulted in lower related cost. You can exclude this adjustment, and you can see that the operating income after adjustment is minus 1%. [Foreign language]. This is the progress of the performance. Revenue is on the left-hand side, which is more or less in line. This is a forecast basis for delivery. JPY 274 billion, very likely to be achieved. Operating income, we are doing better than the plan. We still have another quarter to go, but we believe that this is going to go according to the expectation. This is a pre-GAAP of the last six quarters. [Foreign language]. In this fiscal year, you can see that the pre-GAAP revenue and profit were pressed down, suppressed down because of the impact of the consumer business, but now we have made a recovery. [Foreign language]. As was pointed out by some of our investors, this slide may look like a concern. Enterprise ARR growth is slowing down. Kevin Simzer will talk about more details later related to this point. Trend Vision One sales is strong. The legacy SaaS, EPICS One SaaS, and the Cloud One SaaS, these point products and solutions are now seeing lower sales. We are managing the customers to switch to Vision One, and as we continue to get revenues from Vision One, ARR growth is expected to recover. This is the cash flow. Collecting ARR, this is advancing, and we have seen a major improvement against the prior year. Headcount. Headcount is basically flat, slightly smaller now. Now organization is flatter. As I said in the previous quarter, AI technology has been introduced, and it improves the productivity and efficiency of the company. Sales revenue are increasing without hiring too many people. [Foreign language]. I don't have anything specific to comment. Second, from the top, this is stock option related, and as you can see, this is a JPY 600 million. On average, it's about JPY 2 billion. This time, because of lower stock prices, this is much smaller. Q3 highlights. Highest ever operating income for a quarter, and highest ever ordinary income as well. [Foreign language]. 2025 guidance has not changed. As I said earlier, we expect to achieve these targets. That's all from me, and I would like to provide some explanation later on during Q&A. I would like to give you an update on the Japan business update for the third quarter of fiscal year 2025. [Foreign language]. I'm having a little bit of a difficulty in moving on to the next page. [Foreign language]. This slide is what we have been sharing all the time. [Foreign language]. We are going to be doing the Vision One. This is something that I have been repeating a number of times, so let me give you an update on this. The first point is about this, the domestic enterprise business. The highlight of this business segment is that the overall enterprise revenue has increased 7% year- on- year. What is notable here is that multi-year comprehensive contract, a large-sized deal, has been growing. This has grown, increased by 112%. We are seeing the increase in a number of such kind of big deal like Amazon and AWS usage. There are a number of customers for having this multiple-year comprehensive contract. This is a good trend for us. Using our product for multiple years, they are actually committing to that. Underneath that, if we are seeing increasing use of the Vision One, we will be able to continue proposing how to use our products. As I mentioned earlier, we can actually grow our product offering from one to multiple. There is an opportunity for that when the customer has this multiple-year contract with us. Also, the ASP, the spend by customer can increase during this contracted period. This is a good thing. The second point, the revenue of the trend of Vision One, it has grown by 51% year on year. We call it the legacy of the existing users. We are seeing the accelerated rate of a migration from the existing customers' legacy product to the new one. From next year and onward, we are expecting to see that the further acceleration speed up to happen. [Foreign language]. There is a trend of Vision One credit. This is the new scheme that we have from selling a product one by one, but we are going to be counting with a service usage. This is more like a consumption kind of a thing. This is growing nicely as well. To buy a certain product and then to consume them. That kind of users are growing by 66% from the previous year. This is going to be a revenue for the future. The number of the customers of the trend of Vision One, this number is growing as well, up by 30% from the last year. CREM, customer numbers, is growing also. Visualization and security operation, those mindset has increased. This customer number has grown by 107% from the previous year. On the other hand, low light, the Vision One attach rate is sluggish. What I mean by here is that compared against the global market, Japan looks low. However. [Foreign language]. We are having a lot of customers on an enterprise basis through our partners. Large-sized companies are implementation rate. They have global average 47%, but Japan market has other than such kind of customers. The migration rate of that part of the customer is still low, but they will be coming over and migrating. It is not as if we are losing our customers, but we are expecting to see that this attach rate to go up in the future. Next is domestic SMEs. The highlight here is that the overall revenue has grown by 11% from the last year, especially. company, especially the UTM, the Cloud Edge Box, it sells and delivers to the customers, it is growing too. Just with the UTM alone, we are seeing 50% growth from the previous year. The large-sized partners, they are leading the business, and the number of the customers has grown by 2% too. It is consistently growing, but the SaaS type of endpoint security customer number too has grown by 5% too. The managed service provider partners, XDR service customer numbers, this business has started from two years ago, but it is growing nicely, and it has increased by 105% from the previous year. The number of XSP partners is growing too. Grown by 15% from the previous year. In low light, so the small amount of business deal. What I mean by here is below JPY 500,000. In Japan, this kind of smaller size deal is quite a lot in Japan. [Foreign language]. We have to make sure that the relationship with the partners to recover so that we will be able to catch up on this small amount of businesses. We would like to make sure that we can increase this base customers. We consider this to be the low light. Lastly, this is consumer business. In 2025, beyond expansion of Beyond. [Foreign language]. Device business, we are trying to expand this. As a result of that, the Device business, we are trying to expand this. As a result of that, the third quarter result, beyond the device security area, as Kevin mentioned earlier, we are following the global trend. We have seen the sales ratio of the beyond device security to be 32%, and we are seeing the increasing number of the customers who are using the anti-fraud measures. The number of customers is 1.3x of the previous quarter. This Fraud Buster, the number of downloads is growing too. [Foreign language]. There are about five types of the fraud case short story of the drama available on YouTube. [Foreign language]. We are recreating the actual broadcasts that happen in this drama, and we are distributing this on YouTube. There are quite an amount of young people watching this. As mentioned by Negi-san, there is an end-of-life for Windows 10. With that, we have started to see the increase in the sales of the PC. In accordance with that, the products of ours that are selling together with the PCs have seen the increase of 65% from the previous year. This will contribute to the anti-fraud products as well. We have been doing these enlightenment activities on security. Out of the 47 prefectures in Japan, we already have collaborated with 46 prefectural police. We think that we will be able to cover all the 47 prefectures by the end of the year. A notable thing is that for the six cases, police do not tend to mention the number of private companies, but just say that people need to be on alert against the fraud. That will not prevent people from falling victim to these fraud cases. What the police have been doing is allowing us to have this trial coupon for the Trend Micro Fraud Buster. In Fukuoka City, in its application, they are introducing this Trend Micro Fraud Buster, and they are distributing this trial coupon. In collaboration with JCB, we announced that using the JCB application, our products have been used to identify fraudulent messages coming in via mail, SMS, and SNS. Many people recognize these Fraud Busters, and they are trying to promote that together with us. The low light, the number of the downloads has increased. However, the conversion to the paid business is still low. How we will be able to let the people become the paid user is the key. We would like to communicate the value of using this anti-fraud product. Our challenge is to increase this conversion rate. The smartphone carriers, proprietary security NTT Docomo and au by KDDI, they do have these security products of their own, and they are trying to sell their own products and promoting their agencies to sell their products. Against this backdrop, how can we sell our valuable products? [Foreign language]. We try to communicate the true value of our products so that the user will be willing to purchase our products. This is the low light for us. That concludes my presentation or update on the Japanese market. Thank you. [Foreign language]. Vision One is growing strongly, as you have explained, Kevin, but total ARR is flat for the enterprise. Why is this happening? [Foreign language]. Vision One's current strategy, existing customers are switching to Vision One, and maybe you're not getting a lot of new business. Is that the correct conclusion? Do you have any specific numbers you can share with us about new versus existing customers for Vision One? How many of them are switching from existing customers, and how many are brand new customers coming onto Vision One? That's my first question. Kevin, you're good to take that? Yeah. Yeah. Yeah. Yeah. Thanks. I'll start, and perhaps Mahendra or Omikawa-san will also jump in and add color. From a strategy perspective, we already laid out, and I hope you're seeing it, but maybe I'm not doing a good job. The entire company is rallying around our Vision One platform. It's not just us saying good things about it. It's all these industry analysts. We think we have something very special in this platform. We are fixated on driving both new business, but also upgrading existing customers onto the Vision One platform. We're seeing the results with 74% year-over-year growth. It continues to grow at very high double-digit levels. We're doing it for the right reasons, not only because our customers get more value out of the platform, but the NRR is substantially higher at 136%. The GRR on the Vision One platform is several percentage points better. For all those reasons, that's why we have the strategy in place. In order to get a customer to upgrade, sometimes we have to do certain things around making the deal size acceptable to the customer. We are offering up, in some cases, some aggressive discounts. We are encouraging multi-year transactions. Our multi-year transaction count is up, percentage is up, fairly substantially. We are, in fact, doing things in order to get customers there that are not helping with our ARR. We are taking the long-term approach, and we think that this is the right thing for us to be doing for our customers is to get them upgraded onto the Vision One platform with all different means possible. Another one that we did not talk about on this call, but we did talk about on the previous call, on the Q2 call, is that we have even been so bold as we are end-of-sale the SKUs, the license SKUs for our non-Vision One SaaS offerings. Another mechanism that we put in place, that end-of-sale happens on December 31 of this year. That is another mechanism that we are using in order to convince customers that they ought to be moving on to this flagship unified cybersecurity platform with AI built-in. We have a number of different things that we are doing. [Foreign language]. [Foreign language]. [Foreign language]. I'm going to send her that answer question. [Foreign language]. Yes, it's fine. [Foreign language]. You are not disclosing the number for the new logos, but you are getting new logos, is that right? The most important for us right now is to make sure that the existing users upgrade. This is why we have smaller numbers for new logos, but it is not zero. Kevin already shared some examples, as you could see. Right. Some of the old services will be discontinued end of January, as of end of December. We want to see the trend in January and February to see whether some of the conventional customers will not switch out to your competitor but just go to Vision One. Yes, that is exactly right. That is all from me. Thank you. Thank you very much. Right now, it seems like the government is about to reopen, but how do you see this? This is my first question. Also, in addition to that, Yeah, you specifically mentioned U.S. government, but overall, I was highlighting that we've seen government procurements in the West. Overall, we've seen sales cycles extended. We've seen just procurements, just, yeah, taking a lot longer. The reasons are the ones you cited. We've seen the impact at the start of the year from DOGE. The U.S. government still does not have a CISO. There are just so many open vacancies and people changes that have made procurements just that much slower across the U.S. government. We've seen the impact of tariffs as a result of that. More recently, with the shutdown, it's too early to tell what the impact is of the shutdown specifically. We have our fingers crossed that it does, in fact, open up and that things resume fairly quickly within Q4. The U.S. government overall within our business is within the Americas. It's around 10%, so it's not a huge amount. If it does go on in a protracted way where we can't, in fact, do any U.S. government business, then we'll see. We're not envisioning that. As your second question, Kikuchi-san, for the post-GAAP, when would that be reflected? I think that is your question. This is 100% deferred. The pre-GAAP, even if it grows, is not going to be 100% post-GAAP in the next year. The order of quarter will be recovered. The gradual impact, understood. What is recovering is only a part. For the fourth quarter and next fiscal year, the pre-GAAP, can I expect that the pre-GAAP will come back in the consumer business? For the consumer business, in the first half, and it will be deferred, and it will happen in the fourth quarter. The regular one, regular business, the new business, in case of Japan, the Windows 10 end-of-life. A benefit is what Japan is experiencing, but it will not continue forever. The new issue will remain. As Omikawa-san mentioned earlier, the Fraud Buster, and overseas, we think that it is a challenge for us to further increase this new business. What I would like to check with you is that when is it going to be coming back? I was thinking that even if the decrease in consumer would not affect your overall business, if that decrease by 30% or 50%, it is not going to be negligible. That is what I have learned from this time. [Foreign language]. If it's not as the number of customers is halved or gone, then I'm sure that the special impact is happening in the non-Japanese area. In case of Japan, the population is decreasing, and the number of users is decreasing because of that. The next market that is an anti-fraud market, if we can capture the business there, then we will be able to once again see the rebound in the number of customers, users. Overseas, we think there is an opportunity. As was mentioned in Kevin's slide, we partner with the U.K. Consortium to tackle this fraud. There is a possibility for that. In total, I think it is possible to increase the number of users overseas. In case of Japan, because of the demographic situation, we need to put a further effort into trying to increase the number of customers. The second question is for you, Negi-san, about the cost. When you revised the other day, you mentioned that there is a very big impact from the foreign exchange. It has come back this time. On the cost side, I was expecting not to this degree. The number that you showed over that third quarter was less than what I had anticipated. In clearing the stock option, I am thinking that the cost is not that big. I believe the salary benefit will grow because of seasonality. With this earnings result, if that bonus will not grow as we have seen in last year, is there any cost item that is going to grow from the third quarter in the fourth quarter? You mentioned that it is as expected. On the cost side, is there any special cost items that I may see increase in the fourth quarter? One is the personnel cost. We are doing some adjustment on the full year. That is one thing. The second thing is about the cloud cost. As Kevin mentioned, we are seeing the increase in the number of Vision One users. If that realizes, then the cloud cost may go up. Kikuchi-san mentioned that we may not pay bonus, but if possible, we would like to remunerate our staff with a bonus if their performance is up to that level. Pre-GAAP or the ARR, the growth will determine the amount of the bonus. If we have paid the bonus, then there must be some increase in the revenue. The third quarter pre-GAAP. You really have to work extremely hard in a fourth quarter. Otherwise, the pre-GAAP will not go up. Okay. That's all from me. Thank you. Thank you very much. Thank you very much. Going on to the next question. [Foreign language]. This is Henderson, JP Morgan. Can you hear me? Yes. [Foreign language]. Thank you. [Foreign language]. I have two questions. [Foreign language]. First of all, you have announced share buyback. [Foreign language]. There was a delay, and you made this announcement in the third quarter. [Foreign language]. Can you please explain why at this timing? [Foreign language]. I think the original plan was to do this before the end of the year anyway. [Foreign language]. You shifted the timing of a buyback announcement. My impression is that usually there is a buyback in the beginning of the fiscal year. How does it affect the timing of share buyback of next fiscal year? [Foreign language]. Can you please explain the background of why the timing is different this year and does it have an impact for next year? Thank you. Share buyback is one of the measures of shareholder return. As we have already communicated, we have a policy. And the result of that policy. This has not really changed, and it will be the same next fiscal year as well. As far as timing is concerned, it is not like we are trying to respond to the share price, but what is the return earnings this year, what is the profit for this fiscal year? We need to take a look at those numbers first. I believe that the share buyback will probably take place in the second half of the year rather than the first. After the March AGM, dividend will be paid out. Considering that, I think it's probably better to separate them rather than doing everything at once. I see. Thank you. Second question. [Foreign language]. but legacy US standalone services。 [Foreign language]. Will be discontinued in September for new sales, and also the renewal would be terminated in December. [Foreign language]. I think you're communicating with customers and also vendors about this. How are they responding? How are the customers responding? Especially the users and vendors within Japan. Are they responding differently from overseas users and vendors? [Foreign language]. Maybe a surprise? Are they resisting to this change? The phase-out plan that you announced in the second quarter, how are customers and vendors responding right now? Can you please share that information with us? Kevin, that's for you, I think. Yeah. From a platform perspective, it's actually quite a nice story that we get to tell to customers whenever we approach them about upgrading onto the Vision One platform. Our Vision One platform actually has all of the same functionality that the non-Vision One platform has and a lot more. It is an easy story for us to be able to tell. It really comes down to a question of, on a customer-by-customer basis, whether they have the bandwidth to go through the upgrade process. We have automated the upgrade process in a very innovative way. We make it quite easy for them, but it is still something that a customer will have to go through and some training on the new platform. So far, the customers that we get to engage with, they have really embraced it. You see that in the ARR growth numbers. Customers are, in fact, upgrading onto the platform. We're sitting at 46% attachment rate of our 25,000. The fact that we have that many, we have a plan that we're methodically walking through with each one of those non-Vision One customers. Our customer success teams are working them through that upgrade process. [Foreign language]. For enterprise, can I ask a follow-up question? [Foreign language]. Maybe this is successful in Japan, but when I listen to the system integrators, I understand there is a very strong demand for security. That's true. What the system integrators are implementing are basically best of breed. They're basically selecting multiple services for a customer. I think this is still a strong practice in Japan. Maybe the platform adoption is different from one region to another. Maybe some regions are lagging behind, and some regions are maybe leading in terms of adoption. Would that be true? If I listen to Japanese system integrators, they do not implement a lot of platforms. They are still doing best of breed, collection of different products and services. What is the current status of platform adoption? Yeah. We definitely see different geographies have different levels of platform adoption. That's a true statement. Perhaps in the West, it's much higher. We're having a lot of success in Japan itself. I wouldn't want you to just believe me, but you can just listen to the latest Gartner 2026. Industry analyst firm Gartner, they have their 2026 technology roadmap laid out for CISOs. One of the top things that they talk about is customers being advised to adopt a platform approach. It is happening. We're having a lot of success. We're seeing the success in the Japan market specifically. We had a bit of a slow start, but it's really coming on quite strong right now. That's really what has been helping us drive the higher growth rates that we've been getting in the Japan market in enterprise. I'll add one footnote just, and I don't want to speak. Global systems integrators are big partners of ours. We are working with sort of the top 10, two of them being Japanese global SIs. They are definitely doing projects with our Vision One platform. Yeah, we are seeing success across the globe and in Japan about adopting our platform. It's good to add that. Whatever they have in their environment, they want to be able to use one single monitor to look at everything and also proactively understand the risks. This is what we can provide they appreciate. We have unique features of the platform, and that can be incorporated into what they're doing. The system integrators, actually, Vision One is being sold to mid-sized companies as well. Subpartners are strong in this mid-size segment. In that case, they know that it's more efficient to implement the whole platform rather than trying to do a combination of different services. We are beginning to see more partners pushing for the platform approach. Industry by industry, there are supply chain risks that can be evaluated, and there's some guidance coming from the top. Some of the vendors are actually trying to fit our proposal to that situation as well. Depending on the type of the customer, the type of partner that is strong in the segment is different for mid-size market. I think they find it easier to make a platform proposal. Larger system integrators tend to have a bigger portfolio of offerings. How can they use our platform to increase the efficiency of their services? That would be their interest. The way our solution is used is different from one segment to another. Anyway, it is appreciated in various ways, and we are seeing growth. That is a fact. Thank you very much. That is very clear. That is all from me.