We have disclosed the latest consolidated financial reports at 3:00 P.M. today. You can view this data on our corporate website's page for investors, along with the presentation documents used in this meeting. Please allow me to introduce the speaker, Hiroshi Mikitani. First, Mikitani will give a presentation about the latest financial results. Miki, please. Can you hear me? Yes. Good afternoon, ladies and gentlemen. There have been some staff members that have contracted COVID-19, and therefore, this is an online meeting that we have arranged at the last moment. I hope you understand. Without further ado, I would like to start the second quarter financial results meeting of Rakuten Group. First of all, highlights of the earnings, and then I will update you on the progress made in the different segments. Highlight of the results for Domestic EC e-commerce very steady, very favorable, especially in U.S. and Europe. Other global EC companies are actually struggling for the most part, but for our group, plus 12.3% year-on-year growth was registered. Compared to pre-COVID period, 17% CAGR growth has been registered every year. On a global level, Rakuten Rewards, Amazon and other companies have been struggling during this period. However, our GMS has been quite strong. Including payment, plus 23.9% year-on-year, almost 24%, is the growth that we have registered for our Global GTV. In fintech card, Ginko, bank and securities, all these fintech companies had a steady growth in terms of the cardholders as well as accounts. Card shopping, especially, by far we're the number one 28.8% growth year-over-year. For mobile business, we will come back to this, but we have cost structure that is highly efficient and new technology is leveraged that is really opening up a new horizon for the new era, and it is running stably at a very high performance level. Rakuten ecosystem is being leveraged, and that is very good in terms of winning new customers. Therefore, in the future, we will become the number one Japanese mobile player and of course, we will go overseas as well. For key KPIs, Global GTV, as I mentioned already, JPY 8 trillion, so about almost 24% year-on-year growth. Domestic e-commerce GMS, 1.3 trillion, so +12.3% year-on-year. Consolidated revenue, 13.5% year-on-year. Excluding mobile, 12.6% year-on-year. For non-GAAP operating income, that is JPY 45.2 billion, so very steady. For Rakuten Card shopping GTV, +28.8% year-on-year. For Rakuten Card issued, almost 30 million is in our horizon, in our view. 15.5% growth year-on-year. In Rakuten Securities general accounts, it's over eight million. It is actually 8.05 million, which is a growth of 28.9% year-on-year. Rakuten ecosystem is leveraged in order to increase the general account numbers. 15.4% year-on-year percentage growth for Rakuten Bank accounts, so almost 13 million now. Very steady growth here as well. I would like to focus now on the e-commerce part in Japan. 13.2% sales growth and 30.4% growth. This is the operating income that we have increased and 17.4% increase in Fintech. Operating income JPY 26.25 billion. For mobile segment, deficit of JPY 224 billion yen. This will be bottoming out this term or this quarter. From here on, there will be improvements made going forward. Excuse me. Network coverage first. Already, we have 4G, 48,000, and by year 2023, it will reach 60,000 stations. Population coverage, 99% or higher is what we are aiming for, and we are on track towards that. Finally, Rakuten Mobile. There has been some major failure or faults in other carriers, and there have been other cases of such failure. The question then is, why are we, Rakuten Mobile, have such a stable network? How is it designed to enable that? Let me explain that just a little bit. There are four parts to that. One is redundancy in the structure. We're using the cloud. Therefore, this is easily done for us, and everything is using software. Therefore, all the components and their performance can be monitored real-time and visualized real-time. Monitoring is done real-time. The third point is virtualization. Various software might go down, but replica can be made very easily. A human intervention is to be minimized as much as possible. That's our basic stance. In building Rakuten Mobile network, we have focused on four primary areas to provide the level of reliability and resiliency that is unparalleled in the world. Number one is redundancy. Our network runs on common hardware appliance, and it gives Rakuten Mobile unbelievable ability to replicate hardware architecture across all network function. Number two is observability. We are one of the few mobile operators in the world that have the ability to provide near real-time visibility to observe thousands and hundreds of thousands of network functions in our network. Number three, which is the major technology revolution that we have done, is virtualization. Through software virtualization, we're able to manage complex network architecture, manage resiliency, and deliver better reliability than existing mobile networks across the world. Number four, our relentless focus on automation. Machine-driven AI, ML models to do configuration and changes in the network avoid any manual interruption that could happen due to human error. We think this level of reliability does not exist in any of the networks worldwide. That's what makes this network unique, and we think this is the right DNA and architecture for the quality of Rakuten Mobile in Japan. Thank you, Miki. Okay. Later, if you have any further questions about this part, please do ask later. As you might know, 1 GB or less used to be for free for those users. However, as of first of September, that zero charge will no longer be the case. We are finishing that campaign. By the end of October, that will be totally gone. Well, as of now, in September, on a per-user basis, monthly sales will be improved by more than 50% compared to before. In addition, on a per-user basis, the ARPU, of course, will be increased via expansion of option plans as well as expansion of content services. These are some of the measures that we're planning on carrying out to improve the ARPU. We will come back to mobile later. Let's move on. Segment 3. As for the segment profit, comparing to the previous quarter, JPY 11 billion improvement was made. The last quarter was bottom. We are going to improve our profitability as we move forward in the next year. We want to make profit in a single month, and that is what we are aiming at. Before going to the mobile, I would like to talk about the Domestic EC and fintech. As for the Domestic EC, as I mentioned earlier, comparing to the year before, we have grown by 12.3% in the Domestic EC GMS, which is JPY 1,315 billion. More than that, sales growth, more than this GMS growth, segment revenue grew higher and which is closer to JPY 200 billion, and today it is JPY 190 billion. Among that, looking at the segment operating income, it is JPY 220 billion. The growth higher than the GMS, it must be higher than GMS. That's what I usually talk, and this is a golden formula. Now we are realizing that. Let me go into detail, each business in the Rakuten Ichiba. For the retail industry has been struggling. However, compared to them, Rakuten Ichiba grew much higher and the Rakuten Travel. The COVID, now we see some BA.5 and it spread again. However, comparing to the peak time, 2.2%, the reduction, and that is the recovery we made so far. As for the Net Super or online supermarket, well, it's performing pretty well. Rakuten Fashion. The department store and the supermarket and also the specialized stores, comparing to them, this fashion business is growing pretty well as well. Rakuten, well, cross-use is a point. Rakuten EC business, the cross-use within the Rakuten EC is growing. Rakuten Ichiba and Rakuten Travel and the users using the both services has been increasing by 56.4%. Rakuten Ichiba plus Rakuten Online Supermarket, +30.9%. The golf reservation site, GORA and Rakuten Ichiba grew by 15.1%. Hair salon or beauty salon reservation can be made as a Rakuten Beauty, and with Rakuten Ichiba combination, 13.4% plus. Rakuten Fashion and Rakuten Ichiba cross-use grew by 10.6%. Let me add and I will travel more. Today, domestic, the total reservation, the travel nights are more over 20% made through Rakuten Travel. That's our impression. 2019, which is a pre-COVID period, comparing to pre-COVID period, the reservation rate went up by 14.0%, so say about 25% sometimes. This, the travel nights share above the around 25% we already achieved. Now all the registration of a seventh wave of COVID-19, so we have to monitor closely, but we would like to promote this reservation mainly on the leisure. If we see more recovery, then this will all become much stronger. The next is about online supermarket, Net Super. Probably, I think we have become one of the leading companies in this area. The GMS is for 14.6% + Y-o-Y basis. Particularly, so what we jointly created with Seiyu was a logistics center, and the shipping from here, just focusing on that, is 43.6% + Y-o-Y. Then our the goal of the GMS, which will be JPY 100 billion in 2025, and comparing to that, the through to that, the goal, I would like to improve the profitability of the business from here. Now the logistics center, we have the Kashiwa in Chiba, and Yokohama in Kanagawa, and Matsudo in Chiba Prefecture. Also this year, Ibaraki City in Osaka, we have expanded our logistics center. With that, the nationwide supermarket, we are providing platform to support that. The next is about fashion. Often people refer to ZOZOTOWN in this area, and Rakuten Ichiba, Rakuten Fashion combined, two of them. The fashion-related GMS total is JPY 266 billion, and then which is about to reach JPY 300 billion soon. Not just the scale, but also we are sustaining the growth rate. In the fashion industry, Rakuten's presence become stronger. Next is about the logistics. This is a joint venture with Japan Post. As a result, we can utilize the existing JP network, and then provide services as a universal service that's ready. The Rakuten Super Logistics, this is our logistics warehouse, and there are more than 5,000 merchants are using this logistics. We have to reduce cost. So far, we tend to use the existing Japan Post system, the logistics. Recently, JP Rakuten Logistics Warehouse, which is the RFC, we make a direct delivery to the delivery station, which allow us to reduce cost substantially. The biggest growth factor is why are we able to maintain this kind of growth rate? That is the adoption of free shipping threshold. Now 93.3% of the merchants adopted this free shipping threshold. Our target was above 95% adoption rate. Once I think we want to achieve this before the end of this calendar year, this 95%. As for the shipping other cost, it's improving in the Rakuten Ichiba. I should have touched upon this. The merchants who have adopted this, comparing to those who do not adopt. 17.3 points growth rate becomes the difference between those two different types of merchants. This is one of the biggest growth driver of our businesses. Other internet services, particularly Rakuten Rewards. It's performing pretty well. The revenue is grown by 18.2%, which is about JPY 70 billion. Unfortunately, as you know, Ukraine situation, Ukraine-Russia situation, due to that, and Viber, well, we actually have the 98% penetration rate of the smartphone users in Ukraine, the Viber, and in Russia, where many users are using this Viber. However, from these two nations, well, anticipated revenue would not be generated given the situation. We initially assumed a big profit from here. However, February and onward, we were not able to generate revenue from here. If this is excluded, and then it should be about JPY 300 million above comparing to the previous year. We would see some resolution for the situation. The next is about the investment business. Rakuten Capital and venture capital is conducted under this Rakuten Capital. Comparing to the competitors, maybe the scale is very small, but about JPY 140 billion investment was made. The executed amount is about JPY 190 billion. The remaining, although the market is downtrend, we still have JPY 108 billion. Our basis, it's about 20%. In terms of our investment business, we see steady progress even under the challenging environment today. Next is FinTech. FinTech segment highlights 6.3% increase in revenue and 17% increase for the non-GAAP operating income for this segment. The golden formula that I talked about is at play. Unfortunately, when you think about GTV and credit card is steadily growing, it's not included in the golden formula. In 6.3% increase in revenue and 17% increase in the operating income, so about JPY 26.5 billion. I would say Rakuten Card shopping transaction value is doing very, very well, 28.8% year-on-year increase, so JPY 4.5 trillion almost. That is really by far the largest number I think we can share with you. In the three-year period on a continuous basis, 25.5% increase on CAGR has been realized. Not just e-commerce, but daily necessities and also housing-related or habitation-related businesses are on growth. I think the true worth of Rakuten is a combination of offline and online, and we are really leveraging that, and the results are being showing here. Now, Rakuten Bank, we have announced that we will list this, and we have announced a mid- to long-term vision as well in March this year. 12.3 million is the number, but 15% growth is expected to reach approximate 25 million. Deposit balance from JPY 7.7 trillion-JPY 20 trillion is the target. When we purchased the eBANK, it was JPY several hundred billion, I think. That was the balance back then, but it has grown so much. I think there's a lot of potential for further growth. Ordinary profit in Q3 2023 it was about JPY 106 billion, but it will reach JPY 200 billion approximately. That is the ordinary income. 20% increase CAGR is expected or the target is that for ordinary profit to reach approximately JPY 70 billion. For Rakuten Bank, for the results of the quarter, I think this is being announced or disclosed on a separate occasion. I hope you will take a closer look at it, but I can say that, it's growing very steadily. Next is Rakuten Securities. 8.50 million accounts, +34.2% year-on-year growth. Domestic equities retail trading market share in Japan is shown here. The share is already at 33.5% compared to last year. That is an increase of six point six points. Assets under management, JPY 16.5 trillion. Year-on-year growth of 28.8%. The top position has been acquired, and we would like to expand the gap with others. Rakuten Insurance Holdings. Digital transformation, DX, is being promoted. Profit-wise, we have been growing very steadily. For FinTech, well, on the surface, should I say or not, but, the balance sheet overall for the entire group is getting larger and larger. That's one fact. Also, the more capital we have, the more potential that we have for increasing our revenue and profits and income. For Rakuten Bank, already in July, that is last month, we have applied for listing of the shares with the Tokyo Stock Exchange. For Rakuten Securities Holdings, we are already preparing for the IPO. Therefore, basically in the middle of or during next year, we are targeting for an IPO. Next is Mobile. As mentioned at the beginning. The first one is about the cost structure, the world first fully virtualized technology. I will touch this upon later in Rakuten Symphony portion. Information security has become really important today. This is drawing attention from the world, Nokia, Finland, and Ericsson, Sweden and Samsung, South Korea, and Huawei and ZTE, China. When it comes to Japan and U.S., the Rakuten Symphony have the U.S. technology. I think you can think in such a way, and with that, technologies, we are challenging the software, and we have made that happen. The Rakuten Group, customer acquisition power and also the increasing network coverage, which is high quality. We have been realizing this, and with the Rakuten Card business and the card industry, we have become overwhelmingly number one, so we would like to follow the same path in this mobile industry. Rakuten Mobile, with the entrance to the market or the smartphone prices have decreased as we move into this market. Rakuten Mobile, we want to democratize the mobile market. That is what we are aiming at. What we announced in July, which is UN-LIMIT VII, and this is a big strategy turning point or the evolution, in other words. Two and a half years ago, we just started. Rakuten Mobile just started two and a half years ago, and we have to have a user. We need them to use our services. In order to export Symphony technology, it is needed. Therefore, we came up with the really bold pricing strategy to that end, and these are zero-yen users, and we had many of them, but we decided not to go with this. The three segments we want to focus. One is Rakuten Group ecosystem, who purchase items in the Rakuten Ichiba and using the Rakuten Card. We have many of them, so we would add as a point to this so that we can strengthen this loyalty ecosystem users, including myself. Many users, many people use the points acquired in loyalty acquired in ecosystem and pay the mobile fee, so many of them are actually using mobile as a service for free because of using the point. Although they're zero-yen users, they can become the smart users and the people who use more than 20 GB data or actually, there are more users using above 100 GB users. Rakuten ecosystem's loyal customers and also smart users and then the heavy data users. These three segments will be our target to increase ARPU. Price advantage, and we want to improve the quality much more, and then the marketing strategy, and we will try something new. MNO, among four MNOs, our price is very low, and then after that, there are MNO sub-brands, but in the mid-priced range, and Rakuten UN-LIMIT VII is overwhelmingly the low price. Using the heavy data users, for heavy users, Rakuten UN-LIMIT VII, which is a single plan, it's easy to understand. This month, let's say, they download a very sizable game, but they usually use 7-8 GB, so it is quite attractive because they don't have to think different range of the prices. Therefore, in this context, we are democratizing the price. How much data is used? The other companies average is about 139.3 GB. That is the average of other carriers. Rakuten Mobile, which is 14.4 GB, and then the data per person is increasing. On the right hand, this is about the estimation, and this was provided by MIC, and the total data usage will be changing. The more data used, the higher the ARPU. Cost structure, comparing to the existing technology, initial CapEx 40% reduction and OpEx 30%+ reduction, we have achieved this. As for the quality, this was provided by Umlaut, the investigation results, research results data. Comparing to other countries' network situation, our network quality is very high. That is how we are evaluated by this Umlaut research. On the other hand, we need to strengthen the connectivity of indoor, and then Rakuten Casa, which is the femto, and now we are installing them. Actually, 850,000 Rakuten Casa was installed, we would like to the coverage higher than 100,000. As for the high floors, skyscraper, we see some weak network connectivity. That was a feedback we received. The high-rise buildings over 20 floors, we want to use antenna outside the building to cover the network connectivity. As for subways, we are strengthening here. Above the 95% is already supported, but we are going to support 100%. Next spring and onward, as for the capacity, we would like to expand sequentially. CapEx. 2021, as you can see from the diagram, the basic CapEx was JPY 350 billion. The rights of use asset was JPY 147 billion. About the capitalization for specified base stations, which was JPY 47 billion, but we have been promoting or progressing. This investment amount would be reducing, and this year it's about JPY 300 billion. 2023 and onward, it will be decreasing. This chart is one of the very important chart. This is based on the application. This does not include churn. As for Tokyo 23 wards, we've already achieved 9.4% of the application rate. 9.4% of the Tokyo 23-ward population subscribed to Rakuten, but the coverage is still 85%. Some areas less than 5%. The stations will be going up to 60,000. In each of the prefecture, we want to cover around 99%. This is a hypothesis, if that is the case, and then this application rate would get closer to 12 million people. This is a very important point. We've only gotten into this business 2.5 years, and I think we have been doing well so far. Once we achieve the 60,000 base stations, according to the application basis, we want to reach these 12 million people. As for the marketing, so far we have been targeting the entire nation. However, we would like to strengthen the region-specific marketing, and we did a test pilot in Shizuoka, Toyama, Ishikawa, we see the application rate increase by 24%-23%. The advertisement inside the train and also the hosting events, including these activities. We have been approaching the nationwide, but we would like to conduct the region-specific marketing as we move forward. I talked about synergy with the Rakuten ecosystem. I think this is very important. It used to be 0%, but then it has grown to 11.9%. In other words, that much people are using Rakuten Mobile, and we would like to bring it up to 30%. I think that is not unrealistic. It is something that we can envision. Synergistic effects, as I mentioned many times, Rakuten Mobile subscribers, once they become subscribers, a little more than 50% of them actually will likely to purchase in Rakuten ecosystem, or rather 40% increase rather. In any case, Rakuten Mobile subscribers, if we get 10% of the total population, then it's twelve million, and then a 15% increase in GMS in Rakuten Ichiba is expected as a result. The mobile is therefore a prime program for Rakuten overall. Among the new users, 21% of them are coming in through the Rakuten Mobile channel, so to speak. For continuous growth into the future, Rakuten Mobile will hold the key. What specific services do they use? Rakuten Mobile users or subscribers tend to— Well, actually, for these users that are new to Rakuten in the first place, 60% of those Rakuten Mobile subscribers buy in Rakuten Ichiba, 40% use Rakuten Point Card, and 20% of those people hold a Rakuten Card now and start using the card. In one year's time, more than three services are used by the same person. What we have targeted was such that it would be reverse of the mobile strategy until recently, but I think this is paying off. Now you might be wondering or concerned about the next item, and that is churn. How many have left us? Well, for those users that used to use less than 1 GB, yes, it is true that there has been some increase in the churn among these users. However, about 80% of those people who churn, data usage for them was less than 1 GB. In other words, zero- yen users are 80% of these people. Also, there are some areas where coverage is not perfect. But we are making improvements and resolving that issue of coverage. Therefore, that will be gone soon. For the paying customers, there is a net increase in such paying customers. What I'm trying to say here is there is this shift to paid users. Cost-wise, this is a plus, and also profit-wise it makes a whole lot of difference. UN-LIMIT VII was disclosed, and then after that, there are 8.3-point increase of the people who are using Rakuten Mobile as the main line, and also heavy users using 20 GB or higher has increased by 5.7 points. In other words, they are using and depending on Rakuten Mobile in earnest. The group challenge going forward is how to win young customers. Again, there's a growth, 8.5-point increase amongst those young segments, twenties and thirties. These young people tend to use a lot of data. Some people might use 100 GB or higher. For these heavy data users, JPY 2,980 per month is what we charge. In other carriers, it might be JPY 15,000 or JPY 20,000 that the carrier might charge them for the same amount of data. JPY 2,980 is what we charge. Software is what we use, therefore, new things can be tried. eSIM, for example. Rakuten Mobile can be activated in about five minutes. There were some major failure in other carriers, and so second line might become a necessity for some people. Activation on the same day of application. eSIM is also very important. If you have two lines, of course, Rakuten Mobile will be less expensive, so make Rakuten Mobile the main line, is what I would recommend everybody. Rakuten Mail is already started. Officially from October, we're starting these services for enterprise customers, but POC is already started, and we are steadily winning new corporate or enterprise customers. Now, going forward, to accelerate winning new customers, number portability is done through two steps or two stops. In other words, you have to go to the older carrier to apply for this switchover. Led by the Ministry of Internal Affairs and Communications, MIC, it will be switched to a one-stop mobile number portability procedure. This is data on churn. Of course, before July, there were zero-yen users, but they left us. However, that has settled quite a bit already, and in November this year, or by November, it will go back to how it was before. There will be less churn going into the future. As for the profit and loss, as I said before, quarter one was the bottom. As we promised you for Q2, we have improved by JPY 11 billion. There are some elements for improvements, further improvements. The so-called zero-yen services is now stopped. There is expansion of option services, and that is doing very well. Improvement in network translating into subscription acquisition. Six to seven percent of the total traffic is through roaming, but 5 GB is the maximum, the upper limit. That is one factor behind, but we are expanding our own Rakuten network, so there will be no such upper limits. Roaming cost will be dramatically reduced as a result as well. These are the factors. Last but not least, Rakuten Symphony. It drew attention from global market. In 2019, world-first fully virtualized cloud-native network was launched and running on software, in other words. Aligned with that, we acquired Innoeye. This is a network management or design, software and operation. Our Altiostar mainly for the base station. Application-related things or sign-up experiences, which is done by Aquafadas. The various application, including link to mobile operators, SMob. In the last year, edge cloud architecture, the cutting edge, the company Robin.io. These companies were acquired. As a result of this is a great chart. Maybe it might be difficult to understand through the investor's point of view, but usually operators outsource to other company and partner with them to work. However, in case of Rakuten Mobile, Rakuten Symphony full— They have almost full stack of the software and then achieve high-performing solution. This is one of the biggest thing that we can highlight, and cloud network and various software to be linked on this Symworld platform. To users, let's say, charging to users or customer handling interface. Digital experience now it's enriched. Overseas, like AT&T, are paying attention in this intelligent operation, and they are actually using this intelligent operation. This is the SaaS or software network the player who can represent Japan, and I think we have become that position. Well, today, about 115 pipeline we have and e xisting customers is 13. Among that, 1&1, this is a German company, and they are using the Rakuten technology end to end. This is a big project. In other words, this is the pipeline by region. Both the existing customers and pipeline by region. Just for your information, this 1&1 company, so the real test friendly user trial started. Software Open RAN in a real context, commercialized basis, this is the world's first case, I believe. They've achieved the speed, which is 1 Gbps. Latency time 3 milliseconds. Unbelievable speed was achieved through the software architecture. Sometimes, when investors ask what the Rakuten Symphony's technology is about, they inquire us. From my point of view, we have agreed that the cost efficiency and the performance, and then AI-RAN stable operation has been achieved through this technology. Overseas in the contents business, as you can see from here, Rakuten TV, we have about 60 million users and +64% YoY. Viki, this is also profitable business, and the number of registered users +32.6% YoY, which is about 60 million. The Kobo, about 60 million. Viber, about 1.4 billion. Particularly these days, we see a good performance in Southeast Asia. However, unfortunately, Ukraine, the revenue is not growing, although the number of users has been increasing. We have to understand the situation. The Rakuten Rewards, and then GMV +5%. The Q2, well, as introduced to the analyst already. Overseas, the U.S. major EC providers are struggling. However, as for the Rakuten Rewards, we grew steadily. The last but not least, sustainability. ESG is a topic before closing the presentation. The United Nations Global Compact, we joined this. The second one is the Ukraine humanitarian aid. Already as a donation it went beyond JPY 1.3 billion, and that we made this amount of the donation already. Then we have been selected as a constituent of global major ESG indices. This is a social responsibility as a company, and also for the pride of our employees, and also the branding to our end users. Including this, meaning this is really important to be selected as a constituent of global major ESG. On a continuous basis, the alternative energy, the shift to alternative energy, including in that not just for the Rakuten Group, including our partners, we're going to promote this, the eco-friendly things. Last but not least, the plan, 2030. We want to make further growth toward 2030, and we are developing the plan to that end. Sorry for a long presentation. This concludes my presentation. Thank you very much. Thank you very much for listening. Thank you. This is the end of the Financial Results Briefing section. Thank you very much. Ladies and gentlemen, thank you very much for joining us on the second quarter 2022 Rakuten Group Financial Results Briefing Session. From here on, we would like to have a Q&A session with the press. I'd like to introduce the people on stage. Hiroshi Mikitani, Kenji Hirose, Masayuki Hosaka, Kentaro Hyakuno, Kazunori Takeda. These are the five members from the management team. I'd like to now explain how this will proceed. Question and answer session will be simultaneously translated. Please choose the language of your choice from the menu bar. Please do not choose to mute the original audio. During translation, the speaker's volume will go down, and the interpreter's voice will be the main sound that you will hear. Please download the relevant material from the website if you need to look at English material. Please raise your hand if you would like to ask a question if you're using PC. For smartphones, click on More, and then raise the hand using that function. Also, make sure that you're unmuted before asking a question after your name is called. Also for the press, you can actually input your question in the Q&A form as well, which is shown at the very bottom of the screen. Please ask questions regarding the financial results only. Also please limit your question to two, and please ask them at one time. If you have any question, please raise your hand. Thank you. Mr. Hatani of NewsPicks, please. Hatani from NewsPicks. I have one question to Mr. Mikitani. First of all, progress of mobile business. As you mentioned earlier, zero- yen plan has been discontinued maybe, but I think the number of subscriber compared to last year is down. What is your evaluation of the current level of the number of subscribers? And one other question is Rakuten Bank and Securities IPO, the thinking behind. They have been announced already, so parent subsidiary IPO or, you know, being listed for... In terms of governance, maybe the investors don't like that, but despite that, you're doing it, and I think the share price is about half of what it used to be last year. Maybe is it because of the cancellation of the conglomerate structure or what is the reason? Okay. Mobile, as you know, the zero-yen users, there used to be quite a lot of such users, but excluding that. About 30% is the growth rate, that is a real subscription base. Of course, we started our network from scratch, so we had to start by offering very generous plans. But we would like to make it more true to life. Zero-yen users excluded, it's 30% plus increase. It's not like total transformation of the customer base, but I think the users that we will have going forward will be really sound users, so to speak, for our business. I think that was a good step. As I mentioned earlier, there are some differences among different areas. There's more concentration in the urban areas, so area network of course will be improved further. Also area-specific marketings will be promoted and strengthened so that JPY 12 billion per subscriber is what we would like to realize as soon as possible. Parent subsidiary, you know, listing, there are different aspects here. I think Rakuten Group is really diversified now, and each of the companies in the group are profitable. So-called internet conglomerate, I don't think there is any such conglomerate. Analysts, investors, for these people as well, we're trying to make things easier and clearer to see, so that's one objective. Rakuten Bank especially, by having more capital, we can actually expand the scope of our business, is what we're trying to realize. The interest rate now is 0%, we want to take necessary measures not to really have too high risk, but a little risk and a little return. Well, we're trying to make sure that there's going to be the synergy within Rakuten Group. Of course, the data can be leveraged, not about individual brands or shares, but hotel finance, for example. Rakuten Travel data can be leveraged so that there can be an overwhelming differentiation realized. Rakuten Mobile data can be used to understand the demographic trends. In other words, data has the great advantage and also synergy with Rakuten Card. But of course, because we're talking about a bank, so we have to have this arm's length relationship. Especially for finance, fintech companies, the rigid financial services agencies' guidance is there. Therefore, it is an independent company. Therefore, with all these in consideration, we have decided to have this IPO and securities, similar story. But I think we want to make things clearer and easier to understand. Thank you. Okay. Next, there's from Yomiuri Shimbun, Nishikawa-san, please start your question. Nishikawa from Yomiuri Shimbun. I have two questions related to mobile business. The first question is, in your presentation, zero- yen termination, and then you mentioned that the profitability improved. What about the range of profitability improvement? Maybe you cannot mention about the absolute amount, so is there any referential data that you can share with us? Then the inflow and outflow, flow in and flow out, what would be your estimation? That is the first question. The second question is about mobile business contribution to other businesses. You talked about the cross-use, and then the spending amount is highest among other users. Looking at the mobile business only, probably you still have a negative number. Looking at the cross-use with other businesses, I believe there is some contribution. If you have any image to share, please let us know. Could you look at the page 58? 58. Comparing to the year before, JPY 11 billion profit improvement was made. From November and after. We had the same cash back and the point back in September and October, so they don't have to pay virtually. After November, they have to pay JPY 980 for monthly charge. Probably some the churn may happen with that, but we will be able to see a good profit improvement at that timing. About the roaming cost, well, it's getting expensive. Today, the 7% of the data usage is roaming. It has become the 6% or so. Before that, 78% was roaming, the ratio. Now we reduced it to this level. As for the churn, the roaming, there is a limitation of 5 GB usage. If it goes beyond, and then the speed would slow down by 1 Mbps. This is a service for the roaming. This portion, by reducing the roaming area, we want to eliminate this portion. With that, we would like to reduce the churn rate. The reason of churn, there are two things. As mentioned in my presentation, first of all, roaming area, there is a limitation of 5 GB data usage. That is, one. The second reason is about even regardless of the roaming, our network coverage is not sufficient enough. By covering it, 99%, we want to eliminate this portion. I would like media to draw attention here. In September, AST SpaceMobile satellite will be launched. With that, from the sky or the space, for Rakuten Mobile. Their population coverage is about 99%, but when it comes to the mountainous area or depopulated area, they cannot go into that area. That is not the case to us. From the geographical point of view, we can cover 100% with this satellite launch. This is another big differentiation factor. These are the two problem that we can resolve, and then we can reduce the portion of the churn. What would be the battlefield is who can use the unlimited data usage? Who can provide that? Application basis, it went up to 10%, and that is a big reason. We want to expand this to the nationwide and cover more. What was your second question? Sorry. The second question is about mobile business, contribution to other businesses. We are actually quantifying that, but it's not disclosed to the outside. It's growing largely. In the future? ARPU basis above JPY 1,000 or high. I think we can reach that level. Including this ARPU portion, and then how should we allocate from the profitability point of view, and it's not decided yet. Profit contribution from the mobile business is very big. New users to the Rakuten ecosystem, 20% of them are from the Rakuten Mobile. Once they join from the mobile, then they will become a loyal user to our ecosystem. Not just for the 12 million users, maybe the 15 or 20 million users will be living in the Rakuten ecosystem. Mobile, with the JPY 2,980, and then they have the points, like the JPY 1,000 or so they can use actually the free for the mobile services because they have a lot of points to cover that. Thank you very much. Thank you. Next. Kawanishi-san from Tsūhan Shimbun Newspaper, please. Kawanishi from Tsūhan Shimbun. I have two questions. First, about Domestic EC. Global EC companies are struggling, but you're doing very well. Now, I think that is partly due to Rakuten Travel. But shopping EC, for example, what is the situation surrounding a shopping EC? Maybe the numbers might be difficult for you to disclose, but please answer that. Also, there is logistics efficiency improvements, and I think Mr. Mikitani showed his willingness to do same-day delivery, for example. If you have any prospects for that, please share that with us too. Takeda-san? This is Takeda speaking. I'm in charge of e-commerce. About your first question about e-commerce, yes, it is true that, in travel, it's back to 2019 level. During the COVID period, what used to be offline shifted to online. In other words, people are making online reservations. The number there, since we have less, you know, constraints, it is increasing. Also because of the campaigns by the government. Kenmin wari, that is in Japanese, that also had a positive effect. In the second quarter, this proved to be really positive. Not only that, when people go out of their houses or travel, e-commerce, you might think that it might become sluggish as a result. Now, actually, during the COVID-19 period, we actually developed this customer base, which is quite strong. In addition, people experienced the fact that it is very convenient. They're used to that convenience, and that is becoming the norm for many of them. As a result, in terms of the number of purchases made as well as the unit purchase that they make, they have increased in both. Rakuten Travel as well as Rakuten Ichiba, Rakuten, you know, e-commerce merchandise are being purchased online. Leisure-wise, golf or beauty-related businesses. Again, people are going out more than before. For example, playing golf, that is becoming more popular. In beauty, again, people go out, then they have to take care of their hairstyles. All of these come into play. Overall, e-commerce has grown quite steadily as a result. That's what you see in the results of Q2. As for logistics, there are different steps that we have taken so far. Japan Post, we have a joint venture with them. As a result, the number of shipment points, so to speak, have been increased. Because Japan Post post offices are the different locations around Japan, and we can cover the entire land of Japan. At the same time, warehouse. Not just in Kanto area, but Osaka area or Kansai area, as well as in Kyushu. We have different warehouses being built in different regions so that inventory can be stored closer, physically closer to the destinations, the users. Delivery efficiency and speed efficiency increase was realized. This direct shipment between the warehouse and the shipment outpost. Last one mile is the final step. We have taken all these steps gradually so that at the end of the day, there will be safe and secure distribution or delivery to the customers. I'm not gonna talk about the specific period, but in 2- to 3-year period, we will clear all these steps so that e-commerce share will be 10% or higher. In other words, like towards that, we would like to make sure that logistics will contribute to realizing that goal. Okay. Let me add to that. One element there is the free shipment threshold was introduced, and I think that had a major impact. With that, of course, there were many various measures taken, and so 99% or so has been covered by that threshold. In terms of genre, Netsuper included, food is doing very well. Fashion, in the past, it used to struggle a little bit, but Rakuten Fashion now has become a high brand site. Rakuten Fashion Week Tokyo is realized as well or carried out, and that is adding on to that. Eight point six is the number you see here. What used to be the supply chain issue leading to some struggles in the home appliances segment. Because of the really hot summer, there are goods for to prevent heat or protect ourselves against heat that has added on to that. Cosmetics, super high brand cosmetics are already included. People are traveling or going out, so all of these are positives. Packaged media, Rakuten Books Network is the wholesale company, and that is doing well, okay, as well. All of them are doing quite fine. Therefore, overall, we're doing very well, I would say. Okay. It is almost time to close the first part, so let us take two more questions. Freelance Ishikawa-san, please start your question. This is Ishikawa, freelance. From April, about 220,000-230,000 you reduced, but is this higher than your expectation or lower than your expectation? That is the first question. About the 230,000, the churned users, do you have any message to them? Zero- yen users, actually they left. Among them, actually, no usage at all. They didn't use our service at all, some of them also. Then, we want to convert the users to paid users, so we accepted a certain amount of churn. Also who left the Rakuten Mobile, but we are evolving, and the 5G is coming, so we are using the cutting-edge technology. You can acquire points among the Rakuten ecosystem, and we increased it. Looking at this in a comprehensive, the picture, and when the timing comes, I would like the, those people to consider coming back to Rakuten Mobile. That's my feeling today. Thank you very much. Final question from Nihon Keizai Shimbun Newspaper, Saiki-san, please. Okay. Saiki from Nikkei Shimbun. I have two questions. One question is, so churn after stopping this zero- yen plan. As you explained earlier, for segments other than zero- yen, maybe just partially, but there were like 20% or so defecting or churn from those segments as well. What do you think about those people who are paying but still leaving Rakuten? What do you think? You mentioned you're targeting 12 million subscribers. By when do you think you want to reach that level? Can you elaborate a little more about your targets, please? Okay. Those people who are leaving us or have left us, the reasons I already touched on. Maybe there are people who are in the roaming areas. 5 GB is the upper limit, and once they go beyond that, network speed will go down. Maybe that's one reason for the churn. Therefore, Rakuten's own network has to be built out. That should be sped up, accelerated. These people leaving us, of course, there are different carriers that they might have gone to, DOCOMO, Rakuten, KDDI. Of course, there are people who are switching from one carrier to another. The paying customers, I think, there has not been or there is no change from how things were before. Further decline in those segments, actually, 97% is the population coverage now, but 99% coverage is what we're trying to realize in order to keep them with our subscriber base. As for subscribers, of course, they are expected to grow with the expansion of the population coverage, the build-out of the network. Also for marketing, we are having area or region-specific marketing strategies. At the right timing, we will announce such targets for new customer acquisitions. It's nearing 30 million Rakuten Cardholders, and compared to that as well, I think the speed is much faster with Rakuten Mobile customer acquisition. Therefore, at an earliest possible timing, 12 million or even 15 million is what we're planning on or would like to reach. But we haven't really announced the exact schedule for that. So please forgive me, I cannot share that with you. Thank you. This concludes our Q&A session for the media. Thank you for joining our live question and answer session on Rakuten Group's 2022 Second Quarter Financial Results. Now we would like to entertain questions from investors and the analysts. Please allow me to introduce the people on the stage. Hiroshi Mikitani, Kenji Hirose, Masayuki Hosaka, Kentaro Hyakuno, Kazunori Takeda. These five people. Let me talk about how we proceed this Q&A session, and this Q&A session will be simultaneously translated into English and Japanese. Please select the language you would like to hear in your audio feed from the Zoom nav bar at the bottom of your screen. Please do not select Mute Original Audio. When the interpreter speaks, the original volume will be lowered, and you will hear the interpreter's voice overlaying the speaker. The presentation material shown have been aligned with Japanese. If necessary, please download the presentation material from the Investors page on the corporate site. For those joining, either from their PC beneath the Participant Gallery view, you will find the Zoom tab viewer. Please click Raise Hand to ask a question. If you are joining from your mobile phone, please tap More, and then tap Raise Hand in order to ask a question. If your name is called, please make sure your microphone has been unmuted before asking your question. If you are joining by phone, please tap the star key followed by nine to raise your hand. We will unmute you so that you can ask a question. You can also inquire by Q&A form at the bottom of Zoom screen. If you have any question, please raise your hand. Okay. From Citigroup, Tsuruo-san, please unmute yourself and ask your question. Citi Securities, Tsuruo. Thank you very much for giving me an opportunity to ask a question. The first one is a mobile future profitability improvement outlook. Looking at your chart today in Q4, the loss would become to around JPY 100 billion in your chart, the JPY 20 billion improvement, JPY 25 billion improvement. What would be the contribution factor to make this happen? What would be the idea, specifically the ARPU and roaming cost, how will it be changing toward that? That is the first question. Second question is about the free cash flow situation. In Q2, you had a very big negative free cash flow in non-financial areas, about JPY 490 billion. How do you see the future? What will be your option to resolve this funding option? These are the two questions. As for the specific number, we do not disclose the specific number to outside. Which is about JPY 100 billion or so. I cannot mention anything because we don't disclose the information. As shown on the chart, ARPU improvement. Because of having no zero-yen user, that would happen November and after, and then that will be improving after that. However, even today, data usage volume has been increasing. We see some natural improvement in the acquisition of subscribers. As I spoke to the media previously, zero-yen user, excluding zero-yen user, about the 30% plus, profitability had 30% plus increase comparing to the year before. That is another contribution factor to profitability. Since we launched this UN-LIMIT VII, we have some heavy users from the beginning. The roaming cost in Q2, the roaming percentage is about 6%-7%. We are using the KDDI roaming for that. Today, it is 6%-7%. The action we have been gradually reducing the roaming usage and that everything is not reflected into the Q2. I think that is another big factor. Free cash flow, may I ask Hirose-san to talk about that? Hirose is speaking. As for the free cash flow outlook, the Rakuten Mobile in 2023, the profit in a single month is what we are aiming at, and that is communicated. Of course, the depreciation cost must be built. EBITDA, the profit would happen before that. Other business, including other businesses and overall cash flow will become the positive. The timing is not so far future. The mobile CapEx, which is needed before the end of the year, we've already funded. From the financial point of view, there is no big burden. On the other hand, as you know. We have been working on the IPO bank, the financial position improvement will be done through that. That's all from me. Thank you very much. Thank you very much. Thank you. Next, Bank of America Securities, Nagao-san, please. I have two questions as well. First question, the domestic e-commerce, GMV, GMS, I think, it was quite steady, but can you elaborate on that? You did talk about that to a certain extent, but can you be more specific? For example, is it the frequency that is increasing, or is it the unit price or ARPU? Is it a point program that is leading to enhanced frequency? I think other competitors are actually strengthening their point programs as well. Were there any impact in that area or not? That sort of details will be appreciated. My second question is the following. It's also about mobile. In the past, I think, in the latter half of 2023, on a operating income basis, I think you were trying to be in the black on a monthly basis. You changed the strategy this time, and therefore this standalone profitability schedule or timeline, has there been any change in your prospects or not? That's my second question. Okay. Takeda-san should answer the first question, please. Okay. Yes. Takeda in charge of commerce. E-commerce. You're asking for more details. Regarding accounts, of course, cross usage and also mobile, among others, we see increasing trends there. For cross usage, I talked about this, or we talked about this already, but Ichiba at the very center. There are cross use with other services within the ecosystem, and we're running through various campaigns to promote such cross use. As a result, many new subscribers, but not just them, but the wallet share in each of the users have been improved or increased as well. As for frequency, well, during the COVID pandemic, the users became more loyal to us. They are what we call diamond users. Such diamond users are on the increase. In other words, the frequency of purchase is for sure increasing for these people. Especially on a regular basis, we have super sale and marathon campaigns and other campaigns, and there's higher recognition for such campaigns. These people are registered every time, and such registered users are increasing as well. Overall, the total number of users is increasing, the frequency is increasing. We talked about the different genre or segments where the increase has been witnessed as well. Mikitani-san talked about that. For each of the areas or segments, the purchase amount per transaction is increasing. Each might be small increase. However, it has added up to a major increase that we have announced. Thank you. If I may add, on page 21 of the appendix, it talks about mobile. 81.2% is the number that is shown there. These users are actually purchasing on a regular basis. New customers, maybe the unit purchase price might not be increasing that much. However, still overall, it is increasing. There are more and more people who purchase everything online in Rakuten, and so cross-use is really impactful in this regard. Rakuten Point contribution is really big, I think. For mobile to standalone profitability, of course, we have our strategies for turning into the black. Of course, there are things that we can disclose and things that we cannot disclose yet. Sometime in the future, of course, we will disclose what we can disclose. These are some of the things that we have been doing. ARPU, the data usage being increased is what we are trying to realize so that ARPU overall will be increased. For enterprise customers, there's a lot of interest and there are a lot of inquiries. In other carriers, I think, maybe the contribution level by enterprise customers is not so high. However, when the cost is low for us, our carrier, I think, this is a really strong, attractive point for potential enterprise customers, and there's a lot of interest. Of course, they have ongoing contracts, so they cannot switch over overnight. However, when we meet with them, about one-fourth of the potential customers actually decide that they will switch to Rakuten. We have more than 400,000 customers of Rakuten, so we are running our marketing or sales activities focusing on those customers. The other companies were not able to do that, very condensed kind of enterprise contract, or it was not really practiced by other carriers. I think enterprise or corporate market is going to be quite large. Finally, we have come to this stage where we can carry out such sales activities with the enterprise customers. Thank you. Okay, next is from HSBC. Neale, please. Good afternoon. I have two questions, please, both on mobile. The first one relates to data traffic costs. I understand that the roaming costs payable to KDDI are declining. Previously you've mentioned that the increase in traffic has increased costs. Now it sounds as though you're aiming for higher value users. Your data usage is already higher than peers. Can you give us any guidance on how you expect that to evolve? The second one relates to that, it's about 5G. Now, I assume that you would like to move as many users as possible to 5G as quickly as possible. It's more efficient. Are you able to give any detail on what your current 5G coverage is, and where you expect it to be by the end of the year? Thank you. Hear me? Yes, yes. Go ahead. Okay. The KDDI roaming forecast is a little bit difficult because of not only our decision, but like a discussion with KDDI. Our aggressive target is, of course, we can reduce as much as possible. Right now, as Miki mentioned about current total traffic is almost 7%. Like still some of the area total traffic is 6%, total area is still remaining in the rural area and also a part of like inside building in the urban area as well. Our penetration building construction, the antenna penetration is going forward to the rural area right now. A little bit difficult to say right now, but like, our passion is we want to reduce as much as possible in near future. It is okay? Yeah. I think it's, you know, dramatically going down. We do not re-disclose the number. Obviously, data usage is growing. I think the now, the, it is going down significantly. At the same time, we cannot talk about too much about details of our roaming agreement, but we have some kind of fixed cost coverage, we have to pay to KDDI. Anyhow, it's going down dramatically. With regard to 5G, like we said, I think this is a bilateral agreement with KDDI, so please, you know, understand we cannot tell you how much we are paying to KDDI, right? I think that's a significant amount. Then it's coming down dramatically. With regard to 5G, we have built— Yes. 12,000 5G radio stations. Please be careful when you talk about 5G. There is two type of 5G. One is what we call, like, a big 5G, with low band, like a platinum band and midband, they converted to 5G, and we do not really gain any benefit, basically. When we're talking about, like, sub-6 5G and mmWave. We believe that this is very, very important to offload the traffic, because we have much bigger bandwidth. One of the obstacle, this is not only for Rakuten Mobile, but this is also true for other carriers, key carriers, that there is an interference issue with the satellites base station of the satellite broadcasting companies. You know, we have to power down our 5G radio stations, especially in Tokyo. That kind of restriction is gone in most of the western part of Japan. That will be gone in June of 2023. After that, I think we're gonna have more 5G coverage. You know, I think we are carefully planning smartly where we wanna build 5G. Traffic-wise, it's the same for other carriers too, but it's not that significant yet. Thank you. The area where we have the Massive MIMO being formed in 5G, like our own sub-6 station and so forth, more than 50% of traffic is going to 5G. Yeah. Thank you. Tareq, do you have any comment about this 5G issue? I would add, just I wanna elaborate about efficiency. For us, whether it is 4G or 5G, it really is not a large obstacle to move customers from one technology to the other. I think we've talked about this before. The nature of this virtualization of the infrastructure gives really unparalleled efficiency, and our ability to fast-track the deployment on 5G is also really not a very significant effort. You know, we've deliberately selected to deploy Massive MIMO as a standard technology for 5G, and that's having significant benefit. As Miki said, keep in mind that in Tokyo itself, we still need to operate at max output power to realize full efficiency of this 100 megahertz spectrum that we have in Sub-6. You know, I think our plan is progressing well, but we need to really remove this restriction from the earth satellite interference to deliver on max capability for true 5G performance in Tokyo area specifically. That's just a matter of time. Okay, let's move on. Okay, i n the interest of time, next will be the final question. Credit Suisse, Kazahaya-sama. Kazahaya-san, please. Kazahaya from Credit Suisse. Mr. Mikitani, thank you. In the interest of time, I will just ask you one question about mobile. In the synergy effect of Rakuten Mobile to the ecosystem is of interest to me. In the media part of the Q&A, you said ARPU 1,000 JPY approximately is the number you gave. Now, let's say ARPU 1,000 JPY is the synergistic effect. That would be on an annual basis 12,000 JPY per person, and if you have 5 billion. Then with the number, it might be JPY 120 billion if you have that many customers. JPY 1,000, it is based on gross profit, or what is the prospect, or the expectation that you can draw from this? I'd like to hear more about that. Okay. There are two parts to that. One is ostensible contribution on the surface. That is Rakuten Ichiba, maybe JPY 1,000, or rather JPY 6,000 more purchased by one person. And then the ratio would be multiplying that by 10%, that would be JPY 600. That's one way of thinking, but is it a JPY 600 total that translates into profit? No, it's not going to be a 100% profit. What's the ratio that you apply is the question. Gross profit is not what we're basing it on, but rather operating income contribution. How much contribution is it, is what we are going to need to capture. On the surface, about 50% increase means JPY 12,000 going up by JPY 6,000 to JPY 18,000. Travel, card, all of these included, of course, JPY 600. I think, if you just add them all together, it will be over JPY 1,000 on a gross profit level. But of course, you have to think about the marginal profit before tax. How much increase we will have is what we're really focusing on. In addition, what is the target that we should focus on is one thing. Setting that aside for now, for now, of course there are different ways that you can get a profit. Of course, there are competitive situations that was not so clear in the past. Amazon Live video or doing shopping using Amazon and others. There are different things that emerge that we were not aware of in the past. With agreement, of course, how we can make contribution to the distribution or the GMS, and also opportunities for advertisements is another area. Rakuten Mobile users, the loyalty level is very high. Unbelievably high. Therefore, if it's an increase of 15%, then Rakuten Ichiba may be increased by JPY 20 billion-JPY 30 billion is what you might get as a result. Okay. Mobile alone, on a standalone basis, tends to draw attention. You think, you have to think about the profits that you can make in the entire ecosystem, and that is a unique strength of Rakuten Group. I hope you will give us more detailed explanation in the next briefing session or beyond. Thank you very much. Yes. From next time on, we will try to include that information. Low price is one, of course, one piece, but was it in September or October? Mobile will have SBA, SPU, so Super Point Up. Mobile used to be outside of that campaign, but it will be included. Once it is subject to SPU, the card, the bank, the security, they benefited from SPU, Super Point Up, and mobile will join that group. I think there will be inflow as a result of that, mobile joining SPU. Okay, thank you very much. I look forward to the future developments. Thank you very much. Now we would like to finish the Q&A session for the investors and the analysts. Thank you very much. We would like to have Mikitani-san to make a closing comment. Well, to be honest, the Rakuten stock price is valued very low. There are two factors that is undervalued. First one is the Rakuten Mobile to deliver. Investors concern to Rakuten Mobile, that is one reason. This is a profitable business and a great business, and I want them to get the confidence, so we would like to enrich the disclosure of the information related to this business. On the other hand, the technology itself, it's very great. The world mega carriers are interested in our technology. Amazon, AWS, e-commerce, they have double wheel, and just like that, Rakuten, the mobile is Rakuten subscription and Symphony, these are the two wheels to run, and that's what we would like to do in this mobile. One deal may be at the several hundred billion JPY level. What I want you to understand is why Rakuten Mobile is successful with virtualized technology, and please come over to our laboratory, and then you will understand what is different from others. Basically, the Rakuten Mobile this is a test drive to improve this basic technology, and other companies went failure. Why? Why all of them went failure? Because they do not have the people, and also they do not have any test drive. Only Rakuten Mobile develop technology by them itself and then run it, and then sell that complete technology to other companies, because we have established this business model. Then including the US, the world, the large operators are paying attention on our technology. Sometimes, the operator criticize our technology because it may disrupt their business, but 1&1 in the achieved a latency 3 milliseconds and the speed, and this is just like a Guinness record result they made. Looking at the fact what they have achieved, this will make a great difference. As for the business contract, if we carry our technology, even if we cannot reach 25% overnight, it is possible for us to reach around 10% in a near future. Today, what we haven't covered is the advertisement business, which is at 26%. It's still growing +26% Y-o-Y. I should have mentioned this. The entire ecosystem, the source is arbitrage. Where do we generate the source is a question. One of that is, you can define what you want to find and easy to purchase. That is one thing. The biggest thing is utilizing the data and then develop appropriate advertisement, and we have like JPY 160 million or JPY 170 million of advertisement revenue. We want to grow it up to JPY 300 billion-JPY 400 billion is possible. In order to do so, the O2O strategy must be developed with, including ACU, Net Super and Mobile. How can we make this business into the profit? I think it's important to you, however, if we can reach that 12 million subscriber or 20 million subscribers, how much the profit can or revenue can we generated? Maybe you can do the math using the spreadsheet. At this point in time, what we can say is in the past 2.5 years, we have the less than 6 million subscriber. This is quite a remarkable result. We have some external environmental factors, but please believe in our ecosystem power. It's a matter of time that we go surpass the 10 million, 12 million. What is very important, we have to establish the end-to-end base station. That is really important. The coverage is important. If we have a good cost structure, it will win. Why Rakuten Card win? I think the same factor applies to Rakuten Mobile. Why the Rakuten Bank now have the 30 million accounts and the JPY 70 million profit? Because the— Sorry, Rakuten Mobile will be generating more profit than the existing businesses. As I mentioned before, the contribution to the entire Rakuten ecosystem is profound. In this context, Rakuten Bank, we are going to list Rakuten Bank. The Rakuten conglomerate, we want to surface how much we are discounted. Through that we can promote the understanding of our businesses among the investors and then having heavy capital so we can have the profit contribution above the dilution. It's possible, 30% dilution, and then if we can double the profit, we can have a big contribution to the parent company. Specific capital gain from there will become big. That's how we see. Net-net, I would like you to look at our business in a comprehensive manner. Thank you very much. That's. Thank you very much. This concludes the Rakuten Group's 2022 Q2 financial result briefing session. Thank you very much for your attendance.