Thank you very much for joining us today. Now I'd like to start Rakuten Group 2023 full year and fourth quarter financial result meeting. We have disclosed the latest consolidated financial reports at 3:00 P.M. today. You can view this data on our corporate website page for investors. In terms of audio and video, if it's interrupted, please, in the bottom, there is a button where you will be able to utilize other streaming service. Now, without further ado, we'd like to invite Mr. Mikitani. Hello everyone, and despite your busy very schedule, thank you for joining us for the FY 2023 fourth quarter and full year consolidated financial result meeting. Thank you very much for your kind participation. So first of all, at the outset, to the victims of the 2024 Noto Peninsula earthquake, those who have been victimized and the family members, we would like to extend our heartfelt sympathy and support to all of you. Without further ado, 2023 full year and the fourth quarter financial results, we'd like to offer you the summary. First of all, in terms of consolidated operating results, the sales and revenue is, as you can see, the fourth quarter is 3.3% positive. And there has been a lot of optimization that has been conducted in various needs, and consolidated Non-GAAP EBITDA, it is JPY 74.5 billion positive. So it's increased extensively, significantly for an EBITDA base. And in each of the business, as you can see on this matrix, so Internet Services segment, a consolidated 5.9% increase, and fintech is 10.4% increase, and Rakuten Mobile, 12.6%. But with that being said, Rakuten Symphony, a large, of course, significant deal has been conducted. So there are some deviations in terms of the reflected on the ledger books in the month. So Non-GAAP, so that's internet service segment, is 33.9%, and also fintechs, 34.7%, and mobile is -71.2%. So that has been the result. So as a result of that, the Non-GAAP operating profit, the fourth quarter, the -JPY 3.6 billion. So year-over-year, on the same quarter, it has been an improvement by JPY 69 billion. So in terms of the EBITDA operating profit, this is JPY + 54.5 billion, so 55.4%. So Non-GAAP EBITDA is JPY 74.5 billion, and it has been an improvement by 74.5%. So there is a significant improvement that has been made that we have been able to confirm. In terms of the consolidated revenue, as you can see here, so since the establishment, 27 consecutive months, we have been able to turn positive. So JPY 2.07 trillion we have been able to achieve. So respectively, in detail, if you can follow, in terms of the consolidated EBITDA, so as you can see, continuously, there has been an improvement. But last year, spending 12 months, the various optimization that has been extended, we have been able to surpass, achieve JPY 75.5 billion in terms of EBITDA. So on top of that, in terms of non-fintech, the fourth quarter, for this, as you can see, again, achieved surplus on EBITDA basis. And in terms of Non-GAAP operating profit, so last December, well, we'll be describing this in more detail, but it is JPY 21.2 billion in terms of positive. So Non-GAAP operating income, we have seek also profitability in this segment as well. So why has it been returning to a positive environment or internet service segment, the improvement, compared to two years ago in the fourth quarter? It is positive by 18.9% in fintech segment, also improved by positive of 13.2%, and mobile segment improvement by JPY 36.6 billion positive. So the other detail, of course, is plus by JPY 400 million, but all the segment overall, we have been able to improve the profitability. And 2022, in terms of the fourth quarter, a Non-GAAP operating profit of 72.6%. The fourth quarter last year is JPY 3.6 billion. So in terms of what we are going to achieve this year, so first of all, so full year and consolidated Non-GAAP operating profit, we're going to try to achieve profitability last December. We have achieved profitability in a single month last year, but we'd like to make sure that this is going to be achieved throughout the full year. And the other is that the cash management, we have not been putting a lot of emphasis in those areas, but the various, of course, projects to capitalize, and based on this higher, better circulation of cash, is going to be achieved. And also, as many of you are looking at in terms of Non-GAAP EBITDA for mobile, we are going to also make sure that within this year, we're going to turn this into surplus. And at the same time, the other area is how are we going to leverage AI, which is going to be the key factor moving forward for Rakuten Group. We have the so-called Triple 20 in terms of achieving a 20% increase in marketing productivity and also another 20% increase in operating productivity and client productivity, in other words, meaning that clients' operating efficiency is going to also increase by 20%. So in the midterm, this is going to be our goal. In terms of financial strategy, if I may, so this summer, in terms of the senior bond has been issued dollar-denominated. So 2025 refinance risk, therefore, has been overcome and addressed, and 2025 and after, free cash flow will be secured. And at the same time, the various, of course, improvement in terms of the funding, 2024 and after, financing status basically is not of a concern. So from here onwards, I'd like to explain by segment. First of all, domestic EC market, EC business, so three-year CAGR has improved by 10%. So we have now achieved JPY 6 trillion, especially Rakuten Ichiba and Rakuten Travel. Rakuten Ichiba, our three-year CAGR is +8.1%. Industry average is 3.5%, which means that more than 5% we have overachieved the industry average. Whereas for Rakuten Travel, in 2019, that is pre-COVID, as you can see, the GTV has increased by 42.5%. For industry, unfortunately, it's -9.5%, which means that the difference is more than 51%. We have been growing in excess of 51% compared to the market. And also, ad business revenue, industry average is 2%, and we're growing at about 17%. And card shopping, Rakuten Card has been growing nicely. So three-year CAGR is 22.6%, whereas industry average is 13.4%. In excess of 9%, we are growing faster than the average. Yesterday, we disclosed the financial results, and Rakuten Bank, the bank deposits outstanding, as well as revenue, is doing a very good job. For internet service, if I may, revenue year-on-year basis, 9.8% growth. Now we have achieved JPY 1.2 trillion. It's a big number. As for Non-GAAP operating income, grew by 18.9% year-on-year. Now we're at JPY 76.8 billion. That is the level of operating income that we have come to achieve. There are costs that we incurred and minority investment businesses. Yes? If we exclude those factors, then our operating income would have grown by 23.6%. As I mentioned about GTV, quite successful. And ad business has high profitability. Now it has achieved more than JPY 200 billion. That's up by 12.9% year-on-year basis. We've done a lot of initiatives. So, of course, support from the government and changes in the hometown tax rule and SPU 05 rule change took place as well. Here, a sustainable point strategy is something that we wanted to put together. So basically, more than 80%, they do have points. But for heavy users, we revisited somewhat. Also, this year at a Shinshun Conference, we made an announcement. Back in 1997, in the world, for the first time, we were the first one to come up with B2B2C market. Now this has evolved with various services organically connecting with each other. It has grown to become an ecosystem. From this year onwards, we are trying to evolve further into AI empowerment company. In that sense, last month, Rakuten Ichiba, we changed. We announced that there will be change in monthly merchant fee. So we would like to improve GMS and also reduce the operating cost of the merchants. For overseas business, back in 2022, in January, Ukraine was invaded by Russia, and there was an impact on us as well, especially Viber. In Ukraine, the utilization rate was 97% or 98%. So it has been a very popular business. Also, Russia was quite a big market for us. However, we lost the revenue from those countries. But we are quickly improving our revenue. Now, moving on to fintech segment, Rakuten Card, Rakuten Payment, these two are leading the growth. It says most services, but almost all of the major services are contributing to growth. For Non-GAAP operating income, with Rakuten Securities, Rakuten Bank, yes, they are the growth drivers. In terms of revenue, 11.2% increase year-on-year, JPY 725.2 billion. It's quite a big business for us. For Non-GAAP operating income grew by 36.8% year-on-year basis and has achieved JPY 122.9 billion. These are main KPIs. First of all, Rakuten Card, we have issued more than 30 million. So it has grown by 7.1%. And Rakuten Card shopping GTV or GMS, JPY 21.1 trillion, so 16.4% increase year-on-year. And Rakuten Securities, general accounts, the number of accounts have grown by 18.1% year-on-year basis. We have now exceeded 10 million accounts. And also, deposited assets, it is now JPY 25 trillion. So that's an increase of 37.7% year-on-year basis. So apart from commission fee, the trading fee, we have been able to successfully increase our revenue. So first of all, Rakuten Card, as I mentioned earlier, we now have exceeded 30 million, JPY 21.1 trillion, and GTV, 23.2%. So our target is to achieve 30% share. Absolute value, we're trying to achieve JPY 30 trillion, especially the operating income. As I mentioned, optimizing our point program, point initiatives, we've carried those out. So Non-GAAP operating income for fourth quarter was JPY 15.1 billion. So that's 63.6% year-on-year basis. Operating income from 11.6%, we have now grown to 17.7%, a big improvement. For Rakuten Bank, yesterday, when we announced financial results, yes, it was announced, but very briefly, ordinary income, 13.3% increase. So that's JPY 101 billion, ordinary profit, 23.4% increase, JPY 35.2 billion. And especially ROE, this is now 13.9%, so compared to other banks. Yes, we have been enjoying high ROE. And in terms of number of accounts, in January, we have achieved more than 15 million total deposit balance, JPY 10.3 trillion, expense ratio 42.9%, capital adequacy ratio 11.1%. So capital efficiency is very high with a high ordinary income and ordinary profit. Next, moving on to Rakuten Securities Holdings, so-called in-kind, well, transaction of stock. Now it is zero commission trade. And because of this, with a non-consolidated basis, JPY 560 billion decrease, 568, as it says here, and down by JPY 2 billion for commission. But however, trading income, financial revenue, all included. So as a result, Rakuten Securities Holdings, yes, it may have been a concern. However, the operating profit was JPY 3.78 billion, but now, this year, we achieved JPY 3.813 billion, and the number of accounts has been increasing. And domestic stock trades, it's now zero commission, and the general accounts is increasing. So now we have achieved more than 10 million. But not only that, but accumulation type investment trust, roughly 15 billion, 150 billion yen. So yes, it has seen an improvement. So starting from this January, there's New NISA program that has been implemented. Therefore, we have been able to enjoy a good trajectory of sales. In terms of Rakuten Securities, domestic, it's 34.4% market share, so 4.7% market share. So therefore, continuously, we would like to expand on this market share. So next is mobile segment. So Rakuten Mobile, in terms of revenue and also Non-GAAP operating income, EBITDA, all are on an increase. And Rakuten Symphony and Rakuten Energy, the operational cost optimization has been achieved. So therefore, we have been able to far extend the revenue. In terms of we have revenue of JPY 364.6 billion, +3.9% year-on-year. And Non-GAAP operating income, last previous year, we had been able to improve by JPY 141.7 billion. So in other words, overall, throughout the year, it was JPY 337.5 billion negative. Quarter by quarter, we have made a major stride in improvement. Non-GAAP EBITDA, again, JPY 159.9 billion, plus improvement on a year-on-year basis. So this is quarter by quarter. The graph, as you can see already, the Non-GAAP EBITDA in year 2022, the first quarter, it was JPY -92 billion. But now, the fourth quarter of 2023, it is JPY -29 billion. So there has been a billion. So MNO service, again, is also increasing and accelerating. The number of subscribers is 6.09 million. And the backup, of course, is still within this. But again, in terms of 5.96 million as a backup, but still of that, it is high of 6.09 million. And also, the attrition rate or churn rate is going down significantly. So 2023, the cost reduction was our main objective. On a monthly basis, we had been able to reduce the cost by -JPY 16 billion. Rakuten Symphony has been supporting the first Open RAN network in Europe. 1&1 Drillisch has started in Germany. In terms of the mobile, I would like to share you the transition where we are at in this phase, development for the strategy moving forward. In many ways, there has been a lot of debate. For us, there are two things. One is that for this business, there are social, of course, benefits that we will be able to bring about. The second is a new technology. Rakuten ecosystem will be leveraged by doing so. We would be able to create a revenue business model that's quite different from the others. Rakuten Symphony, we are going to transfer technology. It's three-phased. So in other words, it is one stone with three birds. But with that being said, we doubt the network. This is going to be undermined. So there is quite aggressive ways and means in 2022 to 2023, excuse me. We have been able to expand the foundation by 2020 to 2022. So we have been making major investments in this phase I. And of course, we have been able to achieve 96% population coverage. And now 99.9% plus, we have been able to achieve the coverage of population to this level. By doing so, we are going to utilize virtual technology. Many of the mobile phone telecommunication companies are now looking to O-RAN. And this is going to be the de facto standard by utilizing virtual technology. So Rakuten Symphony, Rakuten Mobile had been spearheading this whole effort altogether. And we have been the front-runner. Last year, we had been quite audacious in making investments. We need to make profit out of this, meaning that we decided to conduct a sort of a diet, so lean operation. Monthly, of course, cost, we have been able to reduce this by JPY 16 billion. At the same time, with KDDI, we have a looming revision of the contract. 99.9% population coverage has been achieved. Also, new marketing methodology has been implemented yesterday. We also had made a Saikyo Kazoku, strongest family program announcement. At the same time, B2B service for the enterprise institution, we have launched this service. We have been able to see an increase in the numbers of subscribers. This year and after, we like to go into the next phase for growth. So in other words, the general users, we like to increase them and also enhance the institution. So EBITDA is going to be in black and to be a domestic number one mobile carrier. So this is a phase in order to embrace in creating the trajectory moving forward. And specific target, as you can see, in terms of subscribers target, there are some sort of a width, but 8 million-10 million. And ARPU is JPY 2,500-JPY 3,000. The cost, as of now, we would like to contain our cost as much as possible, as we have done. And that, I think, is going to be the key to success. In terms of the subscriber acquisition, we have stopped zero fee. And it's, again, coming back to the original growth trajectory once again. So we have various, of course, surveys that have been conducted. We have, of course, third-party research institution that help us. And, of course, price, the awareness, it's Rakuten Mobile with price. And also, in transition into other mobile, we are number one candidate. And also, satisfaction level is also number one. And in terms of the quality of the signals, no signal availability, as you can see here, is that we have made a major improvement in this area. So ABC companies, as you can see in comparison, it's quite close in terms of no signal availability competitiveness. So the latency, this is literally latency. When you're looking at YouTube, how can you be snappy in looking at YouTube? We are already second in the industry. So we have high-quality network that we have been able to offer to the community. As a result of that, after adjustment, so in one month, those people who are aggressively going after the points and the churn rate is 1.1%. So 7% at a time was the highest. But compared to that, there has been a dramatic improvement that's been made. So we believe that this is going to be an important KPI for customer satisfaction. So at the same time, being subscribed to our mobile network and the fact that the churn rate is dropping, that, of course, equation is both important, the increase and the decrease of churn rate. And also, in terms of some of the, of course, churn rate for the technological aspect is reducing. Network-related churn is declining. And new roaming network optimization with KDDI has been concluded. And there has been some time lag. But for the metropolitan area, this has been already finished and completed in the month of February. Besides, from the other areas, so to speak, of is already we have been able to complete the first phase. Those users, the network itself has made a major improvement. And that is something that they are feeling. We believe that we will be able to make further progress in this area as well. As you can see here, area by area, in terms of quality of connectivity, this is a detailed transparency. In 21 prefectures, the connection is the best, is a result that we have been able to be evaluated. The end users, there may be some gap, but we believe that we'll be able to improve the recognition and awareness about our brand. In December, in terms of subscribers, it's the end of the year. So therefore, there are big, of course, deals that have been concluded. And including these big deals, we have been smoothly increasing the number of subscribers. And at the same time, as I mentioned, the ecosystem enhancement, which is one of the three goals that we have hosted, so Rakuten membership and Rakuten merchant. And this is the number of, of course, the users, so to speak. We like to increase the numbers overall. And just as a reference, the Rakuten Mobile, by joining Rakuten Mobile, what effect would you be able to enjoy is in the center, Rakuten Ichiba, the GMS is per user base is about 60% +, meaning that more purchases are being made on Rakuten Ichiba. Rakuten Travel GTV, it is close to double the usage or spend on Rakuten Travel. Towards the right, once you become a subscriber, compared to before subscribing, 2.56 average increase in service usage of MNO users in one year. In total, 13.3 million more users. So 13.3 million services. Group overall contribution was JPY 10 billion and EBITDA, JPY 6 billion. That's a total of JPY 24 billion EBITDA contribution. We are adding a lot of services. First referral campaign has been upgraded. Those who subscribe Rakuten Mobile, if he or she introduces somebody, then you can get 7,000 points. For MNP transfers, 13,000 points. If it's a new number, then 6,000 points. These are the points given. From yesterday, it has been well-accepted, Saikyo Family Program. So basically, up to 20 lines and fee will come down by JPY 100, up to 3 GB, then JPY 880. And referral campaign, you can combine, which means that a family of six, and then in total, you'll be able to get 100,000 points. And if you are using unlimited data and voice, then within a family, you'll be able to save about JPY 360,000 per year. So this will be a great benefit for the users. And when it comes to B2B, so for corporate subscribers, so we are accelerating going after major companies. And by area, we have put together a team and gaining Rakuten Travel and Rakuten Ichiba merchants. We are gaining their support to enhance acquisition. And also through agencies and resellers, we hopefully like to increase acquisition. And for ARPU, because of the increase in B2B, it is roughly JPY 2,000 now. Going forward, we will enrich services even more so that we will be able to achieve in the range of JPY 2,500-JPY 3,000. For cost reduction, let me explain. At this point, a dramatic decrease has been achieved over the year, JPY 39 billion per month. We promised that we will reduce this by JPY 16 billion. More than what we had committed, it is now JPY 23 billion. In total, that is the reduction by about JPY 200 billion. In terms of investment with a new roaming agreement using KDDI's network that included, the CapEx has come down significantly. For the future, the Platinum Band, yes, we are virtualized. Dramatic cheap fee can be achieved. Finally, about mobile, this is an important point that I would like to make. There has been a discussion about NTT Law recently. I would like to make a brief comment. Rakuten Mobile, with the introduction, there has been price competition. Meanwhile, so unknowingly, should I say, but NTT Docomo with NTT Group has become 100% a subsidiary. So there has been a vertical consolidation, very strong consolidation, and very broadly, very cheap and with freedom, being able to access to wireless. In order to create such kind of environment, NTT has, of course, succeeded the national asset like buildings, utility poles, and pipelines. And the optical fiber, utilizing these assets should be accessible by everyone in a fair manner. And of course, this is governed by NTT Law. So in other words, this is like a constitution of communication industry. So to abolish this NTT Law is very dangerous. So it may lead to NTT coming back to their original position. And now the mobile phone charges have come down. But once again, it may go up, which means that this will lead to an increase in the burden of the users, the general public. So very prudent discussion is necessary. LDP and MIC should not nonchalantly discuss, but it should be discussed within the public domain. So now, from here onwards, I'd like to shift the gear a little bit to talk about financial strategy. So I'd like to hand over to our CFO. Hi. I am Hirose, in charge of CFO. Let me talk about financial strategy. As Mikitani-san mentioned, we have addressed fiscal year 2024 bond risk. We raised $1.8 billion USD-denominated senior notes. Last December, there was JPY 60 billion of Rakuten Bank and Rakuten Securities. We have secured necessary cash up to this point. Also, with the issuance of bond, the demand for new senior bond has exceeded $10. This showed that we have a stronger investor base. Now you can see the three pillars of our disciplined financial policy. We are seeking financial soundness in the medium term. But first, profitability improvement. Regarding this year, Non-GAAP operating income, annual consolidated profitability. Also, on a monthly EBITDA basis, we should bring Rakuten Mobile to profitable in this year and also 2025 as well. Also, efficiency improvement. We have engaged in company-wide cost reduction and SPU revision. For this fiscal year, we are improving working capital and further productivity improvement with AI. For financial soundness, we have reduced interest-bearing debt. We also worked proactively to manage debt maturity. Going forward, credit rating improvement, consolidated equity ratio of 10% and net debt EBITDA 5 times. With this target, we will make sure to make our finance sound. You can see the track record of equity financing and divestiture. So we have, in April, Rakuten Bank's IPO followed by an IPO third-party allotment of Rakuten. Seiyu's stake was sold. Rakuten Bank additional sale and Rakuten Securities followed. Going forward, we would like to also make sure that we do monetization of capital portfolio and improve working capital. As you can see, for the necessary fund, we will self-fund. That's our basic policy. So cash flow, fintech, and with the working capital, we will self-fund and accelerate self-funding going forward as well. And for the bonds that will mature in 2025 as quickly as possible, we would like to proactively manage. And the retail bond refinancing, there has been some concern raised. However, our basic policy is that, as much as possible, reduce the debt. So we have been doing that as much as possible. And part of retail bond will be refinanced. We will consider that. But as you know, the retail market or bond market in Japan has depth. So we believe that the market should be able to refinance our bonds. And as you can see, there has been some large financing by a company with the same rating as us. In 2024, in terms of the final, of course, bottom line, in terms of increase of expense and also reflective of interest rate and the bank bond in terms of the concern that they have. Based on that Non-GAAP operating profit, in terms of making sure that the operating income is going to be significantly improved. We're going to make sure that, in terms of the major improvement, will be made on this term's profitability. I must say, in terms of the dividend, I feel regrettable to the fact that it is going to be zero. Our most important priority is to establish a sound and robust foundation of finances in terms of return to investment grade rating, reduced cost of capital, and enhanced shareholder value. By doing so, we'd like to further enhance the shareholders, of course, asset. In terms of the benefit plan for the shareholder, we have made an announcement to make change in this. All the shareholders, Rakuten Mobile service, in order to enhance understanding of our service offering, all the shareholders, 30 GB per month, and voice data, we also like to offer a SIM card. And we'd like to provide them to our shareholders. That will be all for the financial strategy. Now, I would like to move into the AI strategy. Ting Cai, please. Good afternoon, everyone. I'm Ting Cai, Chief Data Officer for Rakuten Group. AI is touching every aspect of our lives. Today, I'd like to share how we are infusing AI into everything we do at Rakuten in an effort called AI-nization. Our vision is to augment human creativity with the power of AI. Rakuten is uniquely positioned to fulfill this vision because of three core strengths. First is our unique data, which includes customer context from billions of interactions, domain knowledge from years of experience, and world knowledge from our collaboration with OpenAI. Second is our ability to reach millions of people online and offline, including 6 million locations where Rakuten Pay, Rakuten Edy, and Rakuten Point Card can be used in Japan. Lastly is our execution capability to build a growth flywheel, where every interaction is started with AI, reviewed by professionals, or validated by customers. This unique combination of artificial intelligence and human intelligence helps to make our models faster and cheaper with every interaction. These strategies come to life in three waves of execution. In wave one, we built a deep learning platform. One of the key technologies enabled by our deep learning foundation is semantic search, which uses AI to understand what you mean, not just what you say. We launched this technology recently in Rakuten Fashion and saw immediate impact. We're building on that success by rolling out semantic search for Rakuten Ichiba. Here, we're able to reduce the zero-hit ratio by 98.5% and show more relevant results for our customers. Search result clicks increased 6.8%. As a result, users are searching more and purchasing more. The most important metric on this slide is the smallest number, 0.2% increase of session per user. I have worked on search for many years. This metric is so hard to move. This means users are happier with our search experience and are coming back more often. They are becoming our fans. That translates to more sales for merchants and more revenue for Rakuten. It's great for everyone in the ecosystem. We're looking forward to bringing this technology to all our services soon. As I said earlier, AI-nization is brought to life in three waves of execution. We completed wave one with the deployment of our deep learning foundation and several successful launches, including semantic search for Rakuten fashion and Rakuten Ichiba, as well as deep learning-based recommendation for Rakuten Rakuma and Rakuten Ichiba. Now, we are ready to scale deep learning to all Rakuten Group services. In wave two, we unveiled the Rakuten AI for Business platform in November of last year and recently announced Rakuten AI for Merchants and Rakuten AI for Hotels. There's more to come on this front. In parallel, we are incubating Rakuten AI for Consumers with the latest advances in Gen AI in wave three. We believe Rakuten can lead the way and empower everyone with Rakuten AI. We are committed to bring value to our business partners, to all our services and benefit our customers, and improve marketing, operation, and client productivity. Good afternoon, everyone. That was. Last week, I was in San Francisco meeting with OpenAI and other high-tech team. And I was concerned that I may not be able to make it back to Tokyo for this important meeting. So I thought about hiring a professional, but it would have been very expensive and time-consuming. So I recorded a 30-second video, submitted a transcript, and AI generated this video for us. This is only one of the examples of how we leverage AI to improve productivity. At Rakuten, we are on a journey of AI-nization. Thank you for joining us. I hope to build a future with you. Thank you. [Foreign language]. So this was a true Ting Cai or virtual Ting Cai, but we don't know. But Japanese is, in a way, a little not fluent, but I have my own version of AI. So I would like to run this video as well. Thank you. Hello, this is Mickey Mikitani from Rakuten. Have you already started using Rakuten Mobile? With Rakuten Mobile, no matter how much data you use, the price is a flat rate of JPY 2,180, and for the months you use less data, it automatically becomes cheaper, making it a very simple and easy-to-understand plan. Also, with Rakuten Link, you can make unlimited phone calls for free. Plus, you get 2 GB of data that can be used overseas. We have further improved our network quality, allowing customers to enjoy our service everywhere they go, thanks to our 4G population coverage rate of 99.9%. Network quality assessments by third-party organizations also demonstrate the competitive quality of our network. Please try our service for yourself and experience firsthand the high level of our network quality. Starting February 21, we will also introduce the Saikyo Family Program. It's a simple step to make the plan even more economical, so please recommend Rakuten Mobile to your family members as well. By the way, if you apply for Rakuten Mobile through the QR code shown now, those switching from another company will receive 14,000 Rakuten points, and applicants opening up a new line will receive 7,000 Rakuten points. We're looking forward to serving you. Thank you for that. This is real me presenting. This is my last day to present on a real basis, and we created this AI avatar of mine. So that concludes. I'm sorry for a very lengthy presentation, but we would like to conclude our part of the presentation. Thank you very much for your kind. [Foreign language]. Thank you very much for joining us for the FY 2023 fourth quarter and full-year consolidated financial results meeting. From here onwards, we'd like to accept questions from the media. Today, there will be seven people who will be appearing to answer your questions. For Q&A today, these will be the proceedings. There will be simultaneous translation into Japanese to English, English to Japanese. From your Zoom screen, please select your preferred language. You can also avoid muting the original audio. At the same time, if there is an interpretation, the interpretation audio will be larger than the original. At the same time, from the website, please download the necessary information which has been presented today. Those who are participating in PC, as you can see, please click the raise your hand button. Those of you participating with smartphone, there will be a detail, and then there will be a hand-raise button after pressing this button. So if your name has been called, please unmute yourself and ask the question. So the question we'll be accepting is only regarding the financial result. At the same time, please ask a maximum of two questions at one time. Thank you for your kind understanding. So please, those of you who have questions, please kindly raise your hand. [Foreign language]. Thank you. Next, Makoto Sanada from NewsPicks. Thank you. There are two questions. One is that mobile ARPU, the first time, for the quarter-over-quarter basis, it has been declined from the last quarter, the ARPU. But as Mikitani-san mentioned, JPY 2,500-JPY 3,000, what are the rollback in order to bring this ARPU? This is the first question. The second question, the overall, of course, revenue, and it needs to be a two-digit percentage in terms of growth that has been enjoyed. 7.8% compared to the past, it seems as though the growth rate is a little slow. So what is your explanation on this? Thank you. Well, first of all, this is B2B. The corporate or institution has been the major deal and which has been a major, of course, effect, as you can see the effect on the slide. The other is it's growing very smoothly and soundly. But JPY 2,500 and above, bring it to that level, then more additional services have to be offered. At the same time, we'll not be able to disclose all the strategy and tactics, but there are some, of course, programs that we are preparing to launch. Especially add, of course, revenue in the link is going to increase, and we believe that is going to take place. Already, for iPhone, basically, it's going to be open on RCS. So there will be some revenue that we'll be able to drive out of this. So we have high expectation on this. In the future, per capita, JPY 300 per month in terms of ad revenue is what we are trying to achieve, and we would like to do it most. In terms of growth rate, well, basically, as I had mentioned in my presentation, the revenue and also the quality of the services, we have various marketing programs and a point optimization program and making significant improvement. And in terms of hometown tax, in September, the hometown tax has completed its one phase. And the effect of that, there is a horde sort of buying at the very last minute, and that has been a major impact. So therefore, Q3, the third quarter, the hometown tax, the sales in terms of the transaction, and the card commission, those have been reflected on Q3 and brought forward, in othe r words. So that is the biggest, of course, reason why. Thank you very much. That's all from me. [Foreign language]. Thank you. Thank you. So we have a hand from Yomiuri Shimbun. Ono-san, please. This is Ono. I have two questions. First, yesterday, you made an announcement about a family program and minus JPY 100. This will be negative on your ARPU. So what is your target? You are trying to increase the number of users. And also, B2B, you are successful, but for B2C, it seems like you have room to grow. What is your take? And number two, regarding the refinancing, you have made an announcement the other day. And for this year, the equity financing? So now you have concluded and will not do the similar financing for some time. Well, for Rakuten Mobile, I have been approaching various people to sign up for Rakuten Mobile. And well, we have a family plan of SoftBank, KDDI, or Docomo. There were quite a few people who responded in such a way. I mentioned that why don't you transfer as a family? Perhaps younger people, when it comes to data usage, I think they use more data. They use Instagram, games, TikTok, and so forth. Young people, in order to attract these people, or if they use, it's 2,880 JPY and also unlimited call and voice and so forth. If you think about it, then ARPU will not necessarily come down. And I'm sure there are people who have signed up for a family plan. The fee is 100 JPY, yes, with four people using the referral program. Then the first person can get 13,000 points, and then it will be 20,000 points for second, third, fourth family member. That's in total 73,000 points. As a family, you'll be able to get these many points, which means that it is quite significant. And once you start to use this service, maybe one or two people within the family are using unlimited service, and this JPY 5,000 will become much cheaper. So this is quite impactful. That's all. And regarding the finance, let me respond. For this fiscal year, so asset monetization. Regarding asset monetization, yes, we are considering flexibly. But those equity financing, which will entail dilution, yes, as you said, right, we do not have any plans at this point in time. That's all. Thank you very much. [Foreign language]. So, freelance Ishino-san, thank you for raising your hand, please. Thank you. My name is Ishino. I'm a freelance. So in terms of the Saikyo Kazoku Program, the strongest family program, you talked about effect on ARPU. But the churn rate, I think, is going down at the moment. But are you expecting to further reduce the churn rate? Do you have that expectation from this program? Is the first question. And the second question is, again, I'm sorry, again, regarding ARPU. So in terms of target of JPY 3,000, if you exceed JPY 3,000, meaning that everyone is going to utilize them to the maximum level, at the same time, have them participate in the options. So as an option, I believe your service for the option offering is a little limited. So are you going to increase the option? Do you have the plan to do so? So Mikitani-san, you mentioned you have hinted that, alluded that. So if you have any thoughts, please, I would like to know that in detail. Kono-san. The Saikyo Kazoku Program, the strongest family program, the effect of that, please. Well, thank you very much for the question. As Mr. Mikitani mentioned, many people have the so-called family discount program. And as you may know, our company, Rakuten Mobile, the most effective, of course, path for acquisition of the user is a referral campaign. And there's a referral campaign. There are already 250,000 under the referral program. And this user, approximately 49%, has introduced their families. And this strongest family program, Saikyo Kazoku Program, this is going to further accelerate. So as a result of that, in terms of the acquisition rate, it will go up. As they mentioned, the lifetime value, it's going to be effective for reducing the churn rate. Because of that, as a result, the overall effect on the ecosystem could also be achieved. So that is the nature of our program. The other options, well, I must say, as you have pointed out, there are several options that we are considering as of now. Like the other company's program, but something that is unique to Rakuten, we also like to offer additional programs. So if you'd be kind, be patient with that. Thank you. That will be all. [Foreign language]. Well, if I can add, in terms of ad revenue, it could be enlarged quite extensively. So within the Link, there are a lot of different promotions utilizing AI. And I think it's going to be quite a significant portion of that. [Foreign language]. Thank you very much for the answer. Thank you. [Foreign language]. Next, yes, from NHK, Nishigata. [Foreign language]. Yes, this is Nishigata from NHK. I have one question. Mobile cost reduction is my question. In December 23, on a monthly basis, a JPY 16 billion decrease. So going forward, a cost reduction pace. So are you going to maintain this reduction rate, or the current investment, will it be maintained? So can I ask for your comment in this regard? Yes. This reduction of JPY 15 billion, this has become a standard. So this level will be maintained, and at the same time, further cost improvement initiative is already underway. So per person, including per user, cost reduction, we will maintain the level of December. And this year, we would like to reduce 10% or 15%. And the initiatives are underway. Okay. Thank you very much. [Foreign language]. We do have time limitations. So we will take the final question from the media. Yes, we see a hand. Ishikawa-san, a freelancer, please. This is Ishikawa. I'm a freelancer. This time, you've launched a family program. And other companies with New NISA, they have come up with a new plan, including financial products. So you have banks and securities. So are you considering any mobile plan, including those financial services? And also, KDDI has invested, Lawson. And if you could comment about this case, although this is irrelevant from today's announcement. I am Hosaka, in charge of finance. And yes, New NISA is gaining traction. And therefore, going forward, combining with our mobile, yes, we are thinking of starting to consider about potential offerings. And one more thing. Late last year, it was quite successful, but card and mobile tie-up. So adding 30,000 points, including TV commercial films. This was aired. We promoted, and this was quite successful in two fronts. One was this is a new card members through mobile. They have signed up. And also, Rakuten Card, the current card members, they have now signed up for mobile. So they can get 20,000 points. So this year, throughout the year, we would like to carry this out so that we will be able to strongly support mobile. Do you have anything to add? Well, for other competitors' strategy, we're not in a position to make any comments. So regarding Lawson's case, I will refrain from making comments. Thank you. [Foreign language]. That concludes a Q&A session from the media. Thank you very much for joining us. [Foreign language]. Despite your very busy schedule, thank you for joining us for the Rakuten Group's 2023 full year and fourth quarter financial result. Thank you kindly for your participation. We now like to invite Q&A for analysts and investors. Today's presenters are the three members on the screen. Followingly, for today's Q&A, I would like to give you a housekeeping announcement. It is going to be conducted by simultaneous English and Japanese translation. So please select your preferred language from the Zoom screen. And do not select mute original audio. During the interpretation, the interpreter's speech will be the main audio. At the same time, of course, the posted document will be in Japanese. If you do need the English version, please download them from the web page. At the same time, if you have a problem, please click the raise your hand button if you're asking a question. Also, for the mobile users, please select detail and then select raise your hand. If you are being appointed, make sure that you unmute yourself to ask a question. Now, we would like to offer a Q&A session for the analysts and also for the investors. UBS Securities, Ms. Kasuya, please ask your question. UBS. Maya Kasuya from UBS Securities. Thank you very much for this opportunity today. I would like to ask two questions. The first question is that already there has been a question in the media, the ARPU of mobile and the number of subscribers. Today, in the presentation today, it seems as though that 8 million to 10,000 million, excuse me, target are too low. It seems as though they're going to supersede this number of 8-10 million. And the number of subscribers, if this is achieved, you talked about ad in terms of JPY 1,500 ARPU. I think that is more realistic with the ad revenue. So for us in the future, 8-10 million, how fast are you going to exceed this number? Is the area where we need to focus on? So once again, what would be your priority? I would like to ask what the priorities will be. So this is the first question. The second question is that this year, Non-GAAP operating profit, it is going to be on a surplus this year. And next year, the mobile business on Non-GAAP EBITDA, you're also going to achieve surplus. So meaning that this year, in the consolidated EBITDA, you need to exceed JPY 300 billion. And next FY, the EBITDA basis, you will be able to earn more. And with that being said, from this year to next year, the power and competency to earn profit is going to further accelerate. And especially in mobile, from here onwards, it seems as though the grandchildren will pay back to the original business. I'm sorry for the lengthy question. But in terms of the competency to earn, the fact that we can foresee in the next 2, 3 years to earn more, Mikitani-san, from here onwards, what would be your interest? How are you going to navigate this company forward? I would like to hear that from you. So this is my second question. Thank you. The first question, again, in terms of the number line and ARPU, it's really a balance of that. Obviously, the effective ARPU increase, not just increasing the price, but effective increase of ARPU with a set of value needs to be achieved. So again, seeking for higher revenue. And the major strategy moving forward is, again, is ad revenue. So that's one thing. And at the same time, optical fiber, optical, bundle them together. And CPE, the Rakuten Turbo, utilizing Rakuten Turbo for one thing. We need to achieve upsell and ad revenue. So JPY 200-JPY 300, we're going to increase ad revenue and upsell JPY 200. We can increase them. So we believe that we will be able to achieve that goal. And in terms of the number of the lines, of course, we are seeing a snowball effect, so to speak. So Rakuten, okay, it could have a wide coverage. And in terms of the points, you can accumulate good points. So that is not widely reckoned still yet. And that is a high probability. So we need to disseminate this information more widely. So we need to, in good balance, strike a good balance for this. And this time, in 2023, FY23, it's simply Rakuten Mobile on a multi-basis, reducing them to JPY 16 billion. But all the business, the sound growth trajectory and the revenue generation, EBITDA generation, I think it was a good opportunity for us to reflect back on our business model overall. An SPU of 0 after 0, the many users, they're extensive users. But unfortunately, for us, there are many customers who are deeply in red deficit. So we need to take appropriate measures towards that. At the same time, the other users, we need to bring a lot of benefit. And that will lead to higher, of course, top and bottom line. And in terms of financials, besides from what I have said, there are new initiatives that we are undertaking as of now. And for instance, that is, in various ways and means, cash flow, the working capital has been improved. And in the past, we are a cash-rich company. So we did not work too hard in this area. But now, we're looking into this very closely. And the other thing is AI. There are two things in AI. One is that our own deep learning machine language, deep learning and machine large language model, LLM, we need to develop our own large language model. And the other is by utilizing, leveraging this, more specifically, lowering the operational cost, seeking higher productivity, and increasing the marketing cost, best use of marketing cost. And the corporate, of course, is increasing as of now. But there are many corporate parties who we transact with. And those people are more of e-commerce service or travel that we have offered to them. But in the future, outside of that, let's say offering more better connectivity or offering AI. And we believe we'll be able to do so. And that is our belief. So, last but not least, Rakuten Mobile, the other, of course, ambition that we do have is that all the software that we have nurtured, we would like to sell them outside of Japan. Because Japanese software enterprises, there are a lot of large companies, of course. But they have not been able to achieve their objective. So Rakuten, the venture company, is trying to achieve that goal. So Rakuten Mobile, making sure that our business is going to turn into black and surplus. The next, of course, Rakuten Symphony, the software that we have developed in a true sense, we would like to sell to the global mobile company. And we would like to put our effort in those areas. Thank you. [Foreign language]. Yes, we have a hand. HSBC Securities, Neale-san, please confirm that you are unmuted. Thank you. Good afternoon. I have two questions, please, both relating to mobile. The first one is on the subscriber acquisition cost for consumers. Obviously, you've had a big change in strategy moving away from a store-based approach and television commercial. So I wonder if you can compare what your per-subscriber cost is, say, for this year, compared to over the past two years where you had a different approach. The second question also is related to that. Can you update us on the status of the one-click sign-up? Is that now fully operational? Is that now how you're onboarding most of your new customers? Thank you. [Foreign language]. Yes. I will not be able to disclose specific numbers. But CAC acquisition cost, compared to two, three years ago, and compared to last year, it has come to roughly 50%. We've been talking about ARPU and the number of subscribers. And as we launched the e-service, it's close to four years. And we have carried out various campaigns and initiatives, tried to acquire users. And which campaign and which layer of customers can we reduce the cost and also get high ARPU? We have been analyzing. So going forward, I'm sure we will see further improvements. In reality, I need to guess because we do not know exactly what their customer acquisition cost of other mobile companies are. But I suppose probably it is definitely below 50%, most likely one-third of the cost of our, especially for online sign-up, is low. But Neale, I think our store is very, very strategic. And now, when they walk in, they convert close to over 70% of the people convert to sign-up. So I think now our stores are super stores. And they are very, very efficient. And so we are selectively deciding where we should have a store and make it more efficient. What was the second question? Sorry. It was on the one-click application process. Oh, one-click. Yeah, yeah, yeah, yeah, yeah. It's about still not the majority, not the majority for sure. Maybe it's less than 20, around 10%-20%, I think. The challenge is still we need to clear with MIC that people who have a Rakuten Card can also do one-click. Now, it's limited to Rakuten Bank and also Rakuten Securities, kind of. So we would like to expand to Rakuten Card. And we are in a negotiation with MIC to do it. But on top of that, I still believe our UX for the sign-up is a little bit complicated, to be very honest. So I'm in the process of improving this conversion rate on the app as much as possible. So we need to re-improve UX of the sign-up, which we're going to do within one month or so. So I'm hoping that our conversion rate will dramatically improve. Understood. Thank you. [Foreign language]. Thank you. [Foreign language]. CLSA Securities, Oliver. Mr. Oliver, please make sure you unmute yourself and please ask your question. Thank you. I have two questions. First question on mobile. I've been using the service. Reception's very good in Tokyo. Thank you. But I'd like to check what you mean about the ad revenue. I don't really see ads. So could you explain more about how it works or how you think it will work? That's the first question. Oliver, you use iPhone, right? I. No, I'm actually using the Xiaomi Redmi. Okay. So now, we introduced the Rich Communication Service called Link. So people who call on Link, who message on Link, it is SMS and also the free voice. And then, in exchange, we have two things. We can utilize their data. And also, we will be able to display the ads. And we are really personalizing ads based on our C-DNA database called we have a consumer database for everybody. And that and Rakuten Ichiba display ad are connected, number one. And we are sending so much traffic to our ecosystem. And if you calculate that. So if you calculate the gross revenue we are making from our ecosystem, it is already JPY 2,769, which we are now counting as our app, right? So maybe we can make this affiliate model a little bit because we are creating a lot of the value to the other services. So basically, ads and also, we periodically send an email to Rakuten Mobile users. In the future, probably, we will integrate the Rakuten Pay SDK into Rakuten Link app. So Rakuten Link app will become a super app for the Rakuten ecosystem. There are so many display opportunities because 40 million people a day will come to our website. And we also can include the link. Let's just say, I assume the LINE app, which most of the money is coming from ads and maybe some a little bit of stamp, is about JPY 300 per sub, I think. So I think it's kind of reasonable, say, we can probably get close to what LINE is making using our data and the engagement level. Okay. So I get it. I haven't been using the link. I'm not making the calls. Please, please, please call it. Okay. Second question. Could we hear your thoughts about the e-commerce? You can get a free voice. Free voice. All right. Thank you. For e-commerce, could you talk about your thoughts, trends in the market, and these logistics issues? Do you think they're going to have much impact on the general market or Rakuten specifically? Thank you. So during 2023, we had many, many things coming in. So one of the things is the post-COVID. So the travel industry goes up. But on the other hand, the purchase behavior is not so grow as it was during the COVID time. But we had a very great ecosystem to cover everywhere. So our total GMS regarding e-commerce-related is going up. But on the other hand, there was a big, as I said, hometown tax difference, which we changed the regulation from September. Japanese people are very keen about such kind of changes. So they rather want to spend at the end of the year but spend on the end of September. And also, there are several other things that we have to cover. It's the climate. Japan, this year, was very warm temperature. So the seasonal changes, which may happen during autumn to winter, did not happen radically. That means the consumption regarding the preparation for the cold weather, like a fashion or kind of home appliance kind of thing, did not sell well compared to the other years. Also, the big electrical refrigerator and the warm appliances did not sell well. But we did many things to cover it. So that's why we are ahead of others. We kept such kind of slow but still moving forward. For this year, we have several challenges to go over. Especially, it's said to have a big logistic crisis not crisis, but changes in 2024. So in order to adopt that, we have been already preparing such kind of changes with several merchants to get the very high-quality, last one-mile delivery. In order to do that, most of the merchants are already under the preparation. We will start such kind of very user-friendly, such as scheduled delivery or early delivery or door-front delivery or such kind of several actions to enhance this e-commerce. Regarding travel, inbound is coming. We are now doing with hotels and many other travel industry people to accept most of the inbound travelers with more high-average rate. These are the things that we are doing. Yeah. Oliver, so in terms of. That's great. Thank you. The logistics, I think the fact that we made a very big strategic alliance with JP is really meaningful. We can jointly develop a more efficient approach of delivering the product, like re-bundling the delivery again, just how do you call it, drop it at the front door. The fact that the marketplace makes sense because we have so many different varieties of the product. But we have a possibility to improve the delivery operation. So I think that's going to be our advantage. Warehouse management, we wanted to really make sure that we are proceeding automation as much as possible so that we do not need to ask people to pick and pack. So that is going to be also the key. But I think the fact that we made this massive investment for logistics, including building, I think, now 6 big warehouses all over Japan, is going to be very, very more. [Foreign language]. The big ones are 6, but we have more than that. So it is very, very important for us. Thank you. No one mentioned raising the bar for the kind of free delivery cost, so that you're happy at the current level, minimum order for the free delivery. We do not have any plan to raise up the free shipping line, which is not reinforced to the merchant but highly recommended. For the new merchants, we made it mandatory that we accept Hokkaido and Okinawa. If people buy more than JPY 3,980, the shipping fee needs to be free and included. Thank you. [Foreign language]. Thank you. Due to time limitation from the institutional investors, the next question will be the last question. BofA Securities, Nagao-san, please. Hello, this is Nagao. Thank you for pointing me. I am from BofA Securities. I have two questions. I'm sorry to be particular, but it's about ARPU. The idea towards ARPU seems to be changing at Rakuten. Data, voice, so communication, ARPU is being controlled at a low level. But billing, ad ecosystem, ARPU, I think there are ways of describing, but other competitors cannot do. Perhaps you will be putting together ARPU strategy where only Rakuten can do. So I'd like to know about the way forward, the idea towards ARPU. And second is carrier competition. Competition was based on price, the quality, or internet on the services. But now, you have the additional big piece of finance. So you seem to have a stronger competitive advantage. So I was wondering how you are to combine finance, the financial service, and telecom, the mobile. Yes. I think it's okay where ARPU comes from. But data-heavy users, we're seeing more and more. So we would like to have more ARPU from data as well. And the main difference, one of the differences compared to other competitors, is whether or not we can monetize the data that we capture. So in a sense, this 25 million or 20 million, these loyal users, if we can create the customer base, then the ecosystem of Rakuten will become solid. And maybe achieving a revenue of JPY 1 trillion will be possible in the future. So in the midterm, okay, are we going to gain profit from mobile? Maybe outside of mobile. Maybe that's one idea. For now, we are looking to make mobile profitable, standalone mobile profitable. So including ads, it's based on EBITDA. But within this year, yes, we would like to achieve this business to be positive. And the synergy with financial service arm, with Rakuten Mobile, why do people buy more than 60% at Rakuten Ichiba? But I guess one thing is brand share increases. And with points, you'll be able to pay the subscription fee. Or more than that, by becoming a subscriber, you become conscious that you are a Rakuten member. So point magic and Rakuten magic, perhaps, is working even more strongly. So now, connectivity into financial service. With points, they are already connected. But how to go about utilizing data, so that's one thing. So if we think about synergy with finance arm, well, there are different banks. And basically, the service needs to be robust. That's important. If you come to Rakuten and if you do everything at Rakuten using Rakuten Bank and carry the card and sign up for Rakuten Insurance and also have an account at Rakuten Securities, then perhaps you'll be able to pay for all the communication fee. So where to lay arbitrage, that's one thing. And RCS strategy. In the world, I think Rakuten is the only player with successful strategy. So about the quality, yes, we've gone through this so many times. And another major thing is for iPhone users, they cannot receive the call. Or even if they want to make another call, they were not able to see in the history. But now, we are improving. We are going to make SMS open. And we're negotiating that for voice, we can make it open. Then, we will be able to go after iPhone users as well. So the concept of communication, this has to be changed. And also, the cash, the point, the sending money, the transfers, and being able to pay Dutch. And also, 30 million for Rakuten Bank, from 15 million to 30 million. So various communication and money transfers, money payment, combining these services. And one of the keys is this app called Link. Okay, I've understood very well. Thank you very much. Thank you. [Foreign language]. That concludes the Q&A session for the analysts and also the investors. Thank you very much. So Mikitani-san will be concluding the session. Well, once again, thank you very much for joining us quite a long hours with us now. And for one thing, I would like to make the promise that Rakuten Mobile and Rakuten Group, the significant operational optimization, I believe that we were able to make this promise. At the same time, avoiding term investment costs of mobile, we have been able to reduce extensively. At the same time, the roaming had been utilized effectively as well. So network improvement had also been realized. And we need to, of course, work a bit harder, of course. But that's where we are. And in the meantime, a very meticulous analytics and action list, we were able to create this and compile this. In terms of financial risks, it's close to being zero as of now. This is our belief. In the future, based on this foundation, sound growth has to be achieved. This is what we are trying to pursue. Not a superficial GMS or superficial sale revenue or meaningful, robust business have to be pursued in the future. For us, for Rakuten Group, we will need to evolve. We are in the process of evolving. I hope that we'd like to seek your feedback, your insight, and we'd like to make further improvement. Thank you very much. Thank you very much. That concludes Rakuten Group 2023 full year and the fourth quarter result meeting.