Welcome to Rakuten's 2021 first quarter financial results. We're off to a strong start for the year. Our e-commerce and fintech businesses delivered double-digit profit year-on-year growth and solid retention of new users. Our advertising business also continued to outperform, seizing the momentum driven by digital transformation. Our mobile business accelerated customer acquisition and now offers the iPhone. We also received additional spectrum from the government, having globally proved the quality and capability of a fully virtualized network. Our investments in mobile increased in line with the accelerated network build-out. This led to another consolidated operating loss. To ensure financial soundness, we raised capital through a third-party allotment of shares and issuance of permanent subordinated bonds. We continue to take bold action for future growth. Our strategic partnership with Japan Post is an online-to-offline transformation that will further power the growth of Rakuten's unique ecosystem. For the details and the strategy, you'll hear from our leaders of each core business and CFO in just a moment. But first, here's our CEO, Mickey Mikitani, who will share the group's strategy. [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] Total domestic e-commerce GMS and total shopping e-commerce GMS increased steadily in the first quarter, continuing the strong momentum from the previous quarter. Here is revenue and operating income. Anchored by Rakuten Ichiba, many businesses performed well, and in the logistics business as well. Operating income increased significantly as a result of improved profitability. Looking more closely at operating income, the marketplace-type businesses centered on Rakuten Ichiba and Rakuten Travel improved. While we continue to invest in the logistics business, we are also reducing expansion of the loss from the previous year. In recent years, digital transformation across many industries has accelerated. With the changes driven by the pandemic, society is seeing a type of transformation which only happens once a century. Rakuten is working with merchants to improve our appeal as a platform in line with our core principles of "Empowerment" and "Shopping is entertainment." In addition to accelerating digitalization, the many efforts we have made so far have been successful. We have outperformed the industry growth rate in e-commerce from the start of the pandemic to the present. We continue to increase our presence in the market. The repeat user ratio of Rakuten Ichiba continues to increase, and cross-use of our other EC services is also expanding significantly. Looking at this graph, we can see that the amount of spending per household and the growth rate for households using e-commerce accelerated from 2019 to 2020. The proportion of household consumption spent on e-commerce is also increasing. In these conditions, Rakuten Ichiba performed well, as in the previous quarter, with strong year-on-year growth in purchases and purchase frequency. In addition, in response to the acceleration of digitalization and the expansion of users' EC usage, the number of users of our various EC services is steadily increasing. With continuing digitalization, demand of e-commerce service is expected to grow. In order to fully leverage Rakuten's strengths, we will focus on building our own logistic network, which is essential to our continuous growth, while at the same time accelerating digital transformation. We will also establish a new joint venture with Japan Post to jointly operate the logistic s business. We aim to create sustainable developments through digitization by converging the strengths of Japan Post and Rakuten. At the end of April, we agreed with Japan Post to jointly establish a new company to be known as JP Rakuten Logistics. Our logistics business will be split off from the Rakuten Group in order to be operated by the new company. We are targeting July 1st for completion of investment by both parties into the new company and the transfer of our logistics operations. We have a total of eight fulfillment centers in seven locations, focused on Ichiba merchants and our first-party business, excluding Rakuten Seiyu Netsuper. We will open three new fulfillment centers in Tama, Yao, and Fukuoka by 2023. We will consolidate these fulfillment centers under the new JP Rakuten Logistics as we create an efficient logistics platform that is seamlessly combined with Japan Post delivery network. With the establishment of the new company, we look forward to accelerating the digital transformation of logistics by improving customer experience to cater to diverse delivery needs, reducing lead time for the deliveries, including same-day delivery, and introducing new technology will improve efficiencies and expand capacity. Our new platform for the digital transformation of logistics will contribute to improving the condition of the logistics industry as a whole and realizing a sustainable society. It will not only support Rakuten Ichiba, but also open up to other delivery companies and the shippers. The number of merchant and shipping volume for Rakuten Super Logistics continued to increase significantly in the first quarter. The GMS growth rate of merchant using Rakuten Super Logistics is significantly more than the average GMS growth rate of GMS of all Rakuten Ichiba stores. Using Rakuten Super Logistics contribute to increasing revenue and profit for the merchant by optimizing shipping costs, contributing to the further growth of Rakuten Ichiba. Rakuten Group will continue to provide logistics services that contribute to merchant growth after the new logistics company is founded. Next, I will share an update on our Rakuten Seiyu Netsuper online supermarket business. It has been over a year since the pandemic began, and while sales at the brick-and-mortar supermarket have stagnated, our online supermarket business continue to grow steadily. Rakuten Seiyu Netsuper GMS in the first quarter grew 29.9% year-on-year. The fulfillment center in Kohoku, Kanagawa Prefecture, dedicated to handling online groceries we launched in January of this year, is steadily increasing its capacity. We will also open a center in Ibaraki, Osaka Prefecture. We plan to finish preparation this year and launch full operations in 2022. This new center will greatly expand our service area in the Kansai region. In order to provide new delivery solutions, we started trialing a supermarket product delivery service for a limited time using our automated UGV delivery robot on public roads. We aim to expand these efforts, and Rakuten will continue working to provide innovative solutions to social challenges and bring greater level of convenience to consumers through next-generation technology. The strong growth of Rakuten Card has contributed significantly to the growth of fintech companies, as well as to the expansion of the Rakuten Group entire ecosystem, including Rakuten Ichiba. First, I would like to explain the performance of the fintech segment. We achieved double-digit profit growth year-on-year with the steady expansion of our customer base and the use of each service as our users' main service. Rakuten Card's shopping transaction volume continued to maintain double-digit growth, driving business performance. As a result of outperforming the industry, we expanded our market share, and as of February, our share exceeded 20%. In addition, the pace of membership acquisition has accelerated further, achieving an increase of one million members in just three months, breaking our previous record and exceeded 22 million members in February. With the progress of digital transformation during the pandemic, the spread of cashless payment had accelerated, and the number of Rakuten Card members has expanded dramatically. In our fintech business, we are building a strong ecosystem with Rakuten Card as a hub. Starting with the expansion of Rakuten Card's customer base, the number of Rakuten Bank and Rakuten Securities accounts has also expanded. As a result, it has led to the expansion of the asset business that can earn stable profit with a high margin. The growth of Rakuten Card also contributes to the high growth of Rakuten Ichiba. The ratio of Rakuten Card payment to the total GMS of Rakuten Ichiba continued to increase and reached almost 70%. In addition, our unique marketing initiatives, which offer increased reward point when using Rakuten Card for shopping at Rakuten Ichiba on days ending with zero or five, led to the growth of GMS on Rakuten Ichiba. As the trend of promoting cashless payments continue, Rakuten Pay continue its effort to consistently improve customer convenience and have established a solid position in the cashless market. We are also implementing unique and advanced initiatives, such as converting crypto asset to Rakuten Cash to shop. Fintech will continue to contribute to the growth of the Rakuten Group by creating synergy through the variety of collaborations in addition to the growth of each fintech company. Here are Rakuten Bank's financial results for the first quarter. The profits of many banks were sluggish due to the negative interest rates policy of the Bank of Japan and the influence of the pandemic, but R akuten Bank significantly increased profit by increasing service revenue through greater numbers of payment transactions. So, we continued to secure higher sales and profits. The number of transactions increased by 31% year-on-year, and the number of payroll accounts and direct debit transactions, which are directly linked to customers' daily lives, increased by 50% and 32% respectively as Rakuten Bank is increasingly becoming the main account used by customers. Increasing usage as a main account is extremely important for us and will be the basis for Rakuten Bank's future profit expansion. In January, we reached the milestone of 10 million accounts, a new record for internet banks in Japan. Since January, the number of new accounts has been accelerating due to the strengthening of group synergies. We expect to exceed 11 million accounts in the coming months. In addition, by improving customer convenience through collaboration with fintech companies, we have realized not only mutual business growth, but also mutual profit increase. Indeed, the expansion of the Rakuten ecosystem has led to the growth of each business and the improvement of profits. Rakuten Bank aims to continue expanding the number of accounts and main account usage for customers, thereby accelerating business growth and contributing to the expansion of the Rakuten ecosystem. Here are the results for the current fiscal year. Continuing from the previous quarter, the market has again been booming, and the trading volume of domestic stocks and U.S. stocks increased, resulting in continuous growth in both revenue and profits. The number of new account openings accelerated even further, with 250,000 monthly accounts opened in March and 650,000 opened over the three-month period of January through March. As a result, the number of accounts has risen to the number two position in the industry with 5.72 million accounts, and t he gap between Rakuten Securities and the industry leader is rapidly closing. As a result of industry-leading measures which allow Rakuten Points to be used for investment, Rakuten Securities has succeeded in attracting beginner investors and expanding its asset business. With the trend toward free stock commissions, expanding the asset business, which generates stable profit, is an important strategy. The number of Tsumitate-NISA accounts has also increased, and our market share is 29%, the highest among domestic financial institutions. Tsumitate-NISA accounts are used by investors who desire long-term asset formation, and retail investors are only able to create one Tsumitate account at one financial institution. Due to the synergy effect at Rakuten, the number of people choosing us is rapidly increasing. The number of investment trust reserve accounts set with Rakuten Card payments exceeded 1 million in April. Users have chosen Rakuten Card because of the high point redemption rate and the convenience of not requiring advance payment. In addition, the amount of investment trust reserves has exceeded JPY 45 billion per month, the highest standard in the industry. Rakuten Securities will continue to be customer- oriented with a focus on services that take advantage of synergies within the Rakuten ecosystem. We'll continue to strive to be the most selected online broker for a wide range of people, from general consumers to day traders. Here's the earning performance of the insurance business. Sales of life insurance and pet insurance expanded steadily, while sales of non-life insurance decreased slightly year-on-year due to careful selection of contracts to improve profitability. Operating income increased by JPY 1 billion year-on-year due to improved insurance underwriting income and cost reduction. We are now in a position to generate stable profit. After the introduction of Rakuten Points into Rakuten Insurance, online-based insurance sales have increased significantly. In the first quarter, Rakuten General Insurance auto insurance and fire insurance each increased by more than 100% year-on-year, and Rakuten Life Insurance also increased by 25% year-on-year. Rakuten General Insurance won first place in the automobile insurance satisfaction survey last year conducted by J.D. Power. This year, Rakuten Life Insurance won first place in the Oricon customer satisfaction survey in female segment. We gained approval from customers for its affordable premium and robust coverage. In addition, through our ongoing efforts, we have consolidated our office from nine to two that were based in large cities such as Tokyo and Osaka to Nagasaki and Matsuyama. We expect this consolidation to not only reduce cost but also improve productivity and employee skills. Going forward, we will expand our alliance with the Japan Post Group in the insurance business as well. We will continue to create new value in the future through collaboration between the Japan Post Group and Japan Post Insurance. The Rakuten Insurance Group will continue to empower people and society so that customers can lead their daily lives with peace of mind. Rakuten Payment is working to improve customer convenience with our industry-first service, point payment instant charging, launched in November 2020. Over- the- counter payments can be completed simply by presenting your Rakuten Point Card. This has both reduced the burden on users and affiliated stores and has further increased the level of convenience provided by Rakuten Points. In the past, when trying to make payments using points, it was necessary to make up for any shortfalls in point balance with cash or other payment methods. This service instantly charges Rakuten Cash on the spot and enables payment even when the user's point balance is insufficient. Strategically, it means replacing payment methods provided by businesses other than Rakuten with Rakuten services, thus expanding the Rakuten ecosystem. In January, it became possible to make instant payments from Rakuten Bank accounts using the Rakuten Pay app. Instant payments by bank account via QR payment is one of the factors that differentiates us from other companies. This service provision makes full use of Rakuten fintech assets, which also contribute to the value proposition of Rakuten Bank. In addition, this February, we released a function through Rakuten Wallet that allows customers to charge Rakuten Cash with cryptocurrency such as Bitcoin and Ethereum without any handling fees. This is a cutting-edge initiative that converts a customer's crypto assets to Rakuten Cash, allowing it to be used for purchases at the stores affiliated with Rakuten Pay and Rakuten Point Card nationwide, as well as a variety of Rakuten services. We will continue to create services that meet the diverse needs of customers. Rakuten Mobile celebrated the first anniversary in April. We continued to disrupt the mobile industry and launch Rakuten UN-LIMIT VI service plan in January. With a simple fee structure that flexibly adjusts in line with customer data use, we are supporting the diverse needs of all users, and this has been very well- received. As you can see, applications have accelerated since the announcement of Rakuten UN-LIMIT VI. Even when other carriers launched new competitive service plans in mid to late March, the pace of applications for Rakuten Mobile was not impacted. In fact, the ratio of users from other carriers is increasing. As part of our business alliance with Japan Post, we plan to set up application counters for Rakuten Mobile at event spaces within the nationwide network of post offices. This will also drive expansion of our service to customers looking for more offline support. In April, we announced that Rakuten Mobile will begin offering iPhone, and also that we will support all models of iPhone running iOS 14.4 or later. Rakuten Mobile continues to offer more attractive services for all customers and is working to further expand its customer base. At the same time, we are rapidly expanding our own network area so that users can experience the benefits of unlimited data usage. As for 4G population coverage, we achieved our initial target of reaching 80% by March. We are on track to achieve 96% population coverage this summer. As for 5G, we started limited service in all prefectures in March. In April, we received additional 5G spectrum from the government. This will enable us to expand our 5G service coverage and accelerate deployment of our 5G service to mobile users. In the first quarter, base station-related costs increased in line with our aggressive base station deployment plans. Roaming costs also increased due to the rapid acceleration in customer acquisition. With the end of the one-year free campaign period, we expect more revenues from the second quarter onward. With population coverage of 96% to be achieved this summer, base station-related costs and roaming costs will be reined in. Mobile business losses are expected to decline gradually after 2021. Finally, as you can see in this graph, compared to the users' data traffic in the month following the application, the users' traffic in the ninth month has increased by more than 40%. This increase in data usage demonstrates how users are becoming more accustomed to the benefits of unlimited data. It also shows the competitiveness of Rakuten Mobile and sets the stage for our ability to drive increases in average revenue per user. Rakuten Mobile is strengthening 4G and 5G networks and expanding attractive services to all customer groups. By continuing to grow our subscriber base, we aim to achieve breakeven in fiscal year 2023. Our vision is turning into reality. Key innovations we introduce in our network at Japan are disrupting the global telecom industry. Examples of these innovations are complete adoption of Open RAN across 100% of the network, the implementation of highly advanced edge network platform architecture, l ast but not least, full automation in our network operation, resulting in significant reduction of our operational expenditures. I am very pleased with our network performance so far. However, I am more pleased with the speed of improvements. For example, we have been leading at uplink throughput experience in Japan, and now, we are also leading in voice application experience, which is a testament of our network quality and resiliency for our cloud-native platform architecture. However, we're not stopping there. We see further improvements in the future to achieve our aspiration goal to lead the mobile market within Japan. Our unique architecture of distributed mobile edge network will enable enhanced experiences of our customers. Those edge centers are enabling unique mobile services that serve consumers and enterprises for low latency and real-time applications. Automation is usually an afterthought in traditional mobile network. However, it is in our DNA. Just last week, we were recognized as the best automated network leader in the industry after just one year of commercial service. We are not stopping here. My vision for the network is to achieve a Class 4 autonomous network maturity by enabling a true auto-scaling, auto-healing, self-optimizing, and self-organizing network across all of our network domains. Our adoption of Rich Communication Services for basic voice and messaging is getting accolades in terms of experience and performance. More than 85% of calls in our network are being made through Rakuten Link app. We're not stopping there. Rakuten Link super app is continuing to evolve, enabling richer and more immersive experience for our users. We are introducing numerous Rakuten ecosystem services in Rakuten Link, but we're also opening the platform to third-party companies. We are leading the world not only in technology architecture, but also in business model development. Our vision is to take our innovative model in Japan to the rest of the world. I am very pleased with the progress we have made introducing RCP into the telco industry. Many telcos around the world are starting to adopt our architecture. From a specific model domain, such as OSS and our end-to-end platform stack, the Rakuten model is becoming de facto industry reference for next generation cloud native telco networks. Thank you very much. Amid changing the lifestyles during the pandemic, Rakuten continued to grow significantly in the first quarter. The Rakuten ecosystem, which enhances synergies between services, has been clearly successful. While the number of monthly active users of the Rakuten Group is growing strongly, the percentage of users who use two or more services also continue to increase steadily. With the addition of Rakuten Mobile, the Rakuten ecosystem will become even stronger. One year has passed since the service launch, and t he Rakuten Mobile's customer base is expanding. The contribution of Rakuten Mobile to the ecosystem has gradually become apparent. This data shows that Rakuten Mobile is one gateway to the ecosystem for those who have never used Rakuten before. Currently, nearly 20% of total Rakuten Mobile subscribers are new users of the ecosystem. You can see how, over time, the mobile business is capturing an increasing number of the people from outside of ecosystem. Furthermore, within six months to a year after joining Rakuten Mobile, one in three people starts using the Rakuten Ichiba, one in six starts using Rakuten Pay, one in seven starts using Rakuten Card, and one in 10 starts using Rakuten Bank for the first time. In this way, it can be seen that the Rakuten Mobile subscriber has already begun cross-use with many services in a short period of time. Also, looking at the usage status focused on the fintech services, as of March, 65% of the total use Rakuten Card, more than 30% are using Rakuten Bank, and Rakuten Pay and Rakuten Securities is also used by as many as 70% of users. Hence, you can see the affinity between Rakuten Mobile and our fintech businesses. Rakuten Mobile provide ideal price for everyone, and it expected not only to function as an entrance to the ecosystem, but also to encourage the cross-use. We expect that this will further accelerate the growth of each service and further expand the Rakuten ecosystem. At Rakuten, we have a huge amount of user data generated by over 100 million IDs. This data enables us to provide unique and rapidly growing ad business. Ad revenue in the first quarter grew steadily, mainly by the strong performance of Rakuten Ichiba, driven by digitalization. We strongly outperformed the growth rate of the whole internet ad industry. This is a breakdown of our ad revenue growth rate in the first quarter. The growth rate of Rakuten's own internal ad inventory on the left side of the chart accelerated due to our EC growth. Also, in the area of external advertisers and ad inventory at the top right of the chart, LinkShare Japan, which provides affiliate-oriented marketing services, performed very well. As a result, ad sales growth for external advertisers are particularly noteworthy. Specifically, our major clients, including major consumer goods manufacturers, accelerated their advertising on Rakuten Ichiba, which resulted in the expansion of our ad sales. We are currently providing online sales channels and marketing solutions for public sectors, such as local governments, to support revitalization of local regions. It also contributes to the expansion of our external advertisers revenue. In 2020, the internet ad market remained strong while the entire ad industry was stagnant due to COVID. In particular, ad spending on e-commerce platforms grew significantly by 24.2% year-on-year. Rakuten own the significant market share in this area, and we will keep on leading it going forward. Here are the results for the first quarter. Revenue increased by double-digit year-on-year due to strong growth at Rakuten Ichiba and our fintech businesses. In the mobile business, depreciation expense increased due to acceleration of base station construction. Non-GAAP operating income decreased, but if we exclude mobile logistics and investments, it showed a strong year-on-year increase. Here is a waterfall chart of non-GAAP operating income trends. Domestic e-commerce and fintech increased profits and drove our business performance. Rakuten Ichiba continues to enjoy a strong, loyal user base and as a result of favorable growth in purchasers and purchase frequency, domestic EC operating income increased 19% year-on-year. In fintech, profits increased by double digit as each businesses expanded their customer base and strengthened their position as their customers' main service. While overall profit declined due to upfront investment in the mobile businesses, base station construction is progressing well, and our coverage area is steadily expanding towards a population coverage rate of 96% this summer. Here are the details from non-GAAP operating income to net income. This valuation gain was recorded in financial income, and negative goodwill of approximately JPY 20 billion was recorded in equity method investment gains and losses when Seiyu became an equity method affiliate on March 1st. As a result, net loss improved by more than JPY 10 billion year-on-year. In March 2021, we issued new shares and disposed of treasury stock through a third-party allotment. We raised JPY 242.3 billion that is planned for use as a capital investment in the mobile businesses. In particular, the construction of base station for the future. Through our strategic alliance with Japan Post Group, we continue to promote the corporate value of the both groups. We announced on April 28th that we will jointly establish a new company in which both Japan Post and Rakuten will invest. We will continue to promote efficient logistics businesses operations and further strengthen collaboration in fields such as mobile, digital transformation, fintech, and e-commerce. In April, we issued foreign currency denominated subordinated bond, raising approximately JPY 320 billion. The subordinated debt has a certain level of capital in terms of credit ratings and is 100% capital in IFRS accounting. We will continue to pursue a financial strategy with due attention to ensuring financial soundness. In addition, the group will promote further expansion of Rakuten ecosystem outside the group through collaboration with partner companies. We have decided to transfer and consolidate our restaurant-related businesses to Gurunavi b y promoting cross-use of services, including eat-i n reservations, delivery, and takeout. We look forward to further improving the value of this business. We will continue to collaborate with Gurunavi by use of Rakuten IDs and Rakuten Points, aiming to further expand the Rakuten ecosystem. Membership value, which Rakuten Group has set as an important index, is steadily expanding towards our target of JPY 10 trillion, due to the contribution of an increase in active users on Rakuten Ichiba and Rakuten Securities, and an increase in the lifetime value of our users. Due to the initial one-year free campaign in the mobile businesses, the number of paying user is currently limited. While we are not yet adding mobile to the calculation of membership value, we believe that it will be central to ongoing use of our services and its contribution to the ecosystem is very high. In the future, we will continue to enhance disclosure about the contribution of mobile to the Rakuten ecosystem. The Rakuten Group aims to continue to expand its ecosystem and increase corporate value Thank you for watching our 2021 first quarter financial results. As we drive digital transformation through strategic partnerships in our core businesses, one thing will not change. That is our founding mission to empower society through innovation. We'll continue to walk together with all stakeholders to ensure sustainable growth of our Rakuten ecosystem. Please feel free to reach out with any questions. Thank you again for joining. Just welcoming everybody back. We're going to start the question-and-answer session. In just three months, Rakuten took many bold initiatives to expand its unique ecosystem, aspiring to create an ecosystem premium. Now, we're expecting a lot of questions from all of you and have all of our top executives here today ready to answer them. Let's get started. Next, we will answer the questions from investors and analysts. You can use the Q&A form at the bottom of your screen to ask your question. Please ask the questions only related with the other financial results, and one person to ask two questions. We already received hands. SBI Securities. Moriyuki-san, please unmute yourself and ask your question. SBI Securities, Moriyuki is speaking. The Rakuten Mobile is my question. In your presentation, the data usage per person is about 40%. That was what you mentioned in your presentation. So, overall, the data usage is increasing, or is it bipolar like that the one use, the large volume and one use less volume? I think the entire level up contributes to the other profit. What about the level of this, Kono-san? I would like to answer to your question. The data use, t he data usage when you made a subscription, and since then, every month, it's increasing. That's been seen in our data. Is it bipolarized? That was your second question. All users, as time goes by, the data use is going up. The 5G is expected in the future, t herefore, the data usage per subscribers would be expected to increase. That's all. Thank you very much. Thank you very much. I have another question. Again, Mobile, and you will start charging. When you start charging, and then the users, the use style may change. As of today, the user for the free use means a user use less than 1 GB. How many percentage of the users are under that category, less than 1 GB? Well, we started this new pricing plan in a few periods, so w e don't have any solid data yet. We cannot disclose any information today, this point in time. Sorry. Having said that, very small. We expected more people go under that 1 GB data usage, however, i t's much lower than our expectation. This is a good sign. It's a good result, means most of the users are spending more than 1 GB. That's what we see. Well, there are some idle user or inactive users. Those inactive users will quit our services at some point in time because it will incur some management cost. Therefore, I personally am really relieved because not so many people are using less than 1 GB. The last question here. The price, I think the ARPU may go down, so w hat will be the acquisition cost per user? I think you h ave some device, the fee here, and I think the acquisition cost is becoming lower. What is your impression about that? Kono would answer and explain about this. The acquisition cost and customer acquisition cost is your question. As for this CAC, as you just mentioned, from last year, every month it's becoming decreased month by month because the network coverage has been spread. Also, the recognition of the Rakuten Mobile is improving, and t hat's why we see a good growth. Thank you very much. Hi. Okay. Next from Citigroup Securities, Tsuruo-san, please. Thank you. Can you hear me? Thank you for this opportunity. I have two questions. First question is the following. On an annual basis, mobile subscriber acquisition, maybe in a range is okay, but if you can tell me how much it is, how much you're getting new subscribers. That one year free plan is over and last minute subscription happened, it's been over as well. How many subscribers do you expect to be able to win in one quarter, for example? In a range would be acceptable, if you can share with me any information. Second question, also about mobile RCP platform. As of now, how much or how should we look at the contribution it will be making to the profit? Is it something that is major or just limited to the technology, or can you share with me? Okay, first question is on new subscribers that will be acquired per year. I'm not disclosing that, but after this one-year free campaign, we have the three-month free campaign that is still going on. We are having steady increase in the subscribers, and the baseline is higher, much higher than in the past. 96% coverage is expected. That's population coverage in this upcoming summer. I think things are going quite steadily there. Also, carrier aggregation, iPhone, we are already starting that. Word of mouth is important. When I talk with people around me, some people have not decided, although they hear good things about Rakuten. I think word of mouth is paying right now because a lot of people around them will tell them that Rakuten seems to be good, and Rakuten Card is now a number one credit card. In a similar fashion, maybe with a speed of three times as fast, of course, we would like to have a threefold speed compared to the growth of Rakuten Card in seeing the mobile adoption. Did it take 11 years then? One-third of that time is what I would like to see happen. RCP, you know, kind of sales forecast or so forth? Yes. We believe RCP is going to have a significant impact, not little impact, but a significant impact in terms of revenue projection. The total addressable market is a very large market, as you know, especially for 5G. Through looking at any analyst report, we estimate that there is about $1 trillion that will be spent on 5G, and a good portion of that is the market that we're going to go after for RCP. Hopefully, in the near future, we'll be able to share a little bit more specifics on what is the revenue forecast for the entire platform. Today, Rakuten owns OSS, BSS, orchestration and the cloud and infra that we are marketing and selling to global operators. Stay tuned. I think this is going to be a very, very large business for us. Yes. The company that we acquired is called Innoeye, and Altiostar is another one. It's not a complete 100% acquisition, but it's a partial acquisition. These two companies, to a great extent, are actually selling software to large global telcos and companies. With these as a starting point, software that we develop in RCP platform overall will be sold to different entities. That's what we're starting to do. I think a good news will be able to be shared with you in the future. In that sense, in the telecom industry of Japan, something really epoch-making is to happen. That is what we're expecting. In conjunction with that, revenue will be positively and greatly impacted. That's the view we have in running this project. Thank you very much. Hi. Next from Nomura Securities, Nagao-san. Please confirm your microphone is unmuted and ask your question. Thank you very much. Nagao from Nomura Securities. I have two questions, mainly for commerce. The first question, in your presentation material, page nine, the user retention rate. In the April or the June period, you have disclosed that, the 75%, it's a quite high retention rate. From next April, June month, you will compare the performance under the COVID-19. Can you expect any change of this user, the retention percentage, or is there any trend of acceleration? What about e-commerce activity today? I would like to know that. This is my first question. The second question is, page 18 of your material about the fulfillment sites enrichment enhancement, and p reviously at a Rakuten conference, and as for the logistics, you will make investment about JPY 200 billion. Then, you will be adding three sites, including that. What about the investment? How do you view your investment in these logistics sites? Those are the two questions from me. Takeda is speaking. To your first question, we see quite a good situation. This is not just because of COVID-19, but with that COVID-19, we had some new customers, and then they wanted to buy some masks or other sanitary products, so this is an urgent need. That's why they became our customers. Actually, once they purchase the product and receive the items, after that, they have less opportunities to buy the items in a physical shop, and then they used our EC site for the purchase. Then, they have been expanding the purchase, the route to other sites. Within the Rakuten Ichiba, the cross-use within the Rakuten Ichiba is increasing. Also, with that, usually a person purchase item on a monthly basis, but now, they purchase twice in a month, or increasing the frequency, the purchase in a month. We are not just reacting to the market situation, we are introducing the new products or items in a campaign, and also leveraging the Super Campaign so that we can raise the satisfaction level of the customers using our EC site. I think that is working quite well. Your second question, Komori-san will answer. Thank you very much for your question. Your second question about the investment in logistics. In 2018, January, I talked about the One Delivery as a concept, and then, w e want to enhance the fulfillment platform. Since then, as written on page 18, so far, we have eight sites that's under operation. 2022 or 2023, the three sites to be added. Then, we will complete this investment for the amount by that timing. Now, we have the joint venture with Japan Post, and we will transfer this to that joint venture. We see the huge order increase than our expectation. In order to support that, these 11 sites would not be sufficient enough to support those demands. Now, we will have new joint venture with Japan Post. We need to think about additional investment for that joint venture. On top of that, on those 11 sites and the sites for the Net Super, as disclosed, we have Kohoku in Kanagawa and Osaka. We have two sites for the Net Supermarket, and then, automation is an investment area for that. For the logistics like this, we will continue our investment. [Non-English content] Okay. Yes, thank you very much. Next, from a Q&A form, there is a question submitted. I would like to read that. Mr. Oliver Matthew. What impact will this have on your mobile business, and was it in your plan? Does it change the ability to get to breakeven in 2023? Apple has a very high requirements for the quality of network and services. We are happy that we got to reach to the agreement with Apple, because 50% of the Japanese mobile users are using iPhones. Not only we can sell iPhones, but because of the carrier aggregation, it is going to be much easier for existing iPhone users to switch from the other telecom services to Rakuten Mobile. This is a huge impact. We are very, very delighted. With iPhone, the license, and ability to sell iPhone directly to the consumer, is going to make a huge difference. Not only iPhone, but including the Apple Watch and other accessories, I think we're going to just keep strengthening that as well. That's a huge plus for us. Particularly, I think iPhone users tend to use more data than others, I think. That's another contribution as well. They will probably use more Rakuten ecosystem services, including shopping and so forth. I think this is a big milestone we have achieved. Thank you, Mickey. Thank you very much. Due to the time constraint, if you have any more question, please ask to IR and PR division, and we would like to get the closing comments from Mikitani-san. Well, thank you very much for joining this, our conference today. The COVID-19, we want to conquer data, the COVID-19, and that's my heartfelt hope. Under such an environment, we are demonstrating the strengths of Rakuten Group. The balance of business portfolio is contributing pretty well, and then the close to 20% growth is something we are demonstrating today. It's not written here, but the business in the U.S., or Viber, or Kobo, they grow pretty well and contribute to our revenue and profit. The profit-making business is stable, and the fintech business is performing super well, and a big investment for logistics. Now, we have a partnership with Japan Post and establish joint venture with them. The overall cost would be decreasing and increase the service level, t hat is possible. In a fintech area, we can stimulate the economy. Those who are not internet- friendly would become our target customer. In the area of consumer finance, so probably in the online or internet, we are number one. Even excluding internet, I think we have quite a strong presence. As for mobile business, as mentioned earlier, with this, we use totally new technology. Including FCC of the United States, we receive high evaluation, and starting from the first one, the company, and expand the sales to the others. When we do this, then the deal size would become over JPY 100 billion. We can expect the higher the revenue comparing to the conventional mobile business. Our initial target of the mobile service here in Japan, that can contribute to the overall business here in Japan of Rakuten. Using the fully virtualized environment is proven to be worked. Has much higher service quality comparing to the conventional technology, and we see some recognition. O-RAN, or the virtualization, are well-known today. Rakuten is a global leader, and we are about to receive that recognition. I want you to have expectation on our mobile business. One of the questions, I think someone mentioned about the sports, and I think I didn't answer to that question. Unfortunately, about our sports business, well, this year, still loss-making. The state of emergency declaration is one of the things to finish, and also the vaccination, the progress, which is very, very slow. We want to contribute to the government; this is a very rigid process to become flexible so that we can promote vaccination. We want to work or do some lobbying activity to support that. Well, thank you very much for joining the conference, video conference. We made it easier for your understanding, and we will make our heart effort, so please stay tuned with us. Thank you very much for today. Thank you very much. That's all for today, and we want to finish the Rakuten Group's financial announcement. Thank you very much for your attendance.