Thank you very much for waiting. We would like to begin the SoftBank Corporation investor briefing for earnings results for the six months ended September 30, 2024. We'd like to introduce today's attendees. SoftBank Corporation Board Director, Executive Vice President, and CFO Fujihara. Finance and Accounting Division Vice President and Head Akiyama. Strategic Finance and Accounting Division Vice President Onoguchi. Corporate Planning Division Vice President Sasaki. Today's briefing will be broadcast over the Internet. Now CFO Fujihara will give an overview of SoftBank's consolidated financial results. I'm Fujihara. Thank you very much for taking the time out of your busy schedule to attend this briefing. We've just completed the presentation. Our results is very positive. We would like to touch upon the details. First. Here is the executive summary. Revenues and profits increased in all segments making good and steady progress towards full- year forecasts. For that we upwardly revised full-year forecast. The reason for this upward revision is that mobile revenue consistently showed good performance with continued year- on- year growth. Also PayPay, which we have been focusing on consolidated achieved positive operating income for two consecutive quarters. I will explain details. Please refer to this. From revenues to net income all increased and steady progress towards full-year forecast progress rate is also steady and especially operating income 13.9% year- on- year and JPY 71.5 billion year- on- year. First, revenues increased in all segments JPY 218.3 billion up year- on- year by 7.4%. The progress rate is 50.8% especially Distribution Enterprise Financial segments showed double-digit revenue growth. They are driving the entire growth. Next, Adjusted EBITDA increased in all segments up by 5.1% JPY 45.8 billion up year- on- year and the progress rate is 55.7%. As you can see, Media and EC, followed by Financial and Enterprise, these three segments recorded profit increases and achieved three-digit growth. Now I would like to talk about operating income. JPY 71.5 billion, up year-on-year by 13.9%; progress rate, it's 65.1%. Profits increased also in all segments; especially Media and EC grew by 39.9%, JPY 43.5 billion up year-on-year, which includes the one-time factors; even though we exclude that, it is increase. Let me break down by segment. First, Consumer segment, JPY 47.1 billion, up by 3.4%. Due to the mobile revenue continue to increase year-on-year, as well as sales of goods and others improved. Speaking of sales of goods and others, it's minus 3.4, 3% and the unit price. Last year revenue increased significantly, mainly from increase in mobile device unit price. This is due to reduction in discounts, increase in sales of high-end devices and so on. Therefore JPY 37.4 billion up to by 13.7% which drove the growth of Consumer segment. Electricity revenue decreased due to decrease in subscribers. As for mobile, revenue increased mainly due to increase in subscribers and so on and stabilized. Apple also contributed to this increase. Now about mobile revenue trend by quarter. This includes the consumer acquisition measures. We would like to show you on the right side, this is a mobile revenue year-on-year and as you can see it is increasing for every quarter for the past four quarters. We would like to maintain this trend. Now Consumer segment by profit so 12.5% JPY 12.5 billion up by 4%. Progress toward full- year forecast of JPY 530 billion is 60.8%. The breakdown of this, as you can see, in the middle, cost of sales of goods and others JPY 37.4 billion and cost of goods sold is minus JPY 23.3 billion and expenses minus JPY 11.3 billion. Also, as for the cost, electricity is the main and the cost of services is plus JPY 10.7 billion, which contribute to the incremental costs, so it also contributed to the profitability. As for the expenses, sales commission and the sales promotion expenses minus JPY 19.3 billion. As for the depreciation and disposal and others JPY 8.9 billion plus and others is minus JPY 12.1 billion, which includes one-time factor as well. Next, Enterprise segment, this segment JPY 44.2 billion up by 11%. For JPY 44.2 billion, among which solutions business contributed greatly. There are two new consolidations included, which are WeWork and Cubic Telecom. These two companies also JPY 22.1 billion of the impact of new consolidations, and on the right side shows the income so impact of new consolidations. As I mentioned, JPY 22.1 billion excluding this exactly the same number, so for the new consolidations are very even right now, so we would like to expect the further growth of these new consolidations and others are like cost of goods and services sold and also the rental business of mobile, so the business has improved, so as you can see, this is making steady progress towards full-year forecast. As for the Enterprise, we are focusing on recurring revenue and non-recurring revenue as well, and especially recurring revenue and JPY 41.1 billion up by 34.9%. As for Media and EC segment, I'd like to just briefly touch upon JPY 35.6 billion, up by 4.6%, and media and commerce, as you can see, grew by 4.3%. This also focused on the selection and the focus. The one-time factors include JPY 28.6 billion, and commerce and media both grew positively and strategically as well and due to the improvement of security measures. There was some adjustment in other Financial segment. The sales expand steadily JPY 20.4 billion by 18.6%, which contributed greatly by PayPay as you can see on the right side. Segment income, the PayPay consolidated, was JPY 14.5 billion, which contributed this income incremental. I would like to talk once again about KPI and the next Distribution segment which CEO Miyakawa elaborated on this and JPY 131.4 billion up by 43.9% so which includes JPY 36.6 billion of AI Computing Platform. So still it has shown the great increase. So including the R&D upfront investment JPY 13.1 billion in the second half maybe double of this even though it is a bit behind schedule. However, in the second half of the year the R&D upfront investment will be bigger than that of first half and next net income increased led by operating income increase outpacing the full- year forecast. As for the financial income and loss, as for SoftBank devaluation losses in fiscal year 2024 and for LINE Yahoo valuation loss of put options on equity method affiliates and so on. And also the absence of gain on the change in equity interest in Webtoon recorded in fiscal year 2023 and for income taxes line of absence of deferred tax impact from business restructuring in the prior year while SoftBank had effect of deferred tax impact from business restructuring and so on. So as you can see, JPY 21.7 billion increased by 7.2%. Next, about the Capex for Consumer and Enterprise Capex progressing in line with the initial plan which was JPY 330 billion and progress toward full- year forecast is 41.6% which is very similar to the previous year progress rate and others. You can see JPY 34.7 billion which includes AI Computing Platform. I will explain details later. Next, Free Cash Flow Primary Free Cash Flow. Increased by JPY 104.7 billion by 41.8%. So we were forecasting like JPY 100 billion a year so we can say that it is a steady progress. So previously we were spending JPY 400 billion of Capex and then was reduced down and then this shows some positive result. As for LINE Yahoo dividends from LINE Yahoo share buyback is also included here and the Long- term Growth Investment and the Primary Free Cash Flow would be managed separately and for Long- term Growth Investment JPY 48.7 billion and Adjusted Free Cash Flow is JPY 306.5 billion. As I mentioned in Capex related to the investment in AI computing infrastructure as we announced repeatedly that we would be investing in the generative AI related things, so here is the status. In FY24 the first half Capex JPY 34 billion and the payment JPY 47 billion. We actually secured and procured the amount for this, so JPY 200 billion will be spent for the future investment. Net interest-bearing debt and net leverage ratio. Net interest-bearing debt remained at the same level while year- on- year this liability increased after succeeding WeWork, but EBITDA is going well so looking at net leverage ratio 2.4 x which has been improving since last year. Status of assets and equity if you look at a third line JPY 15 trillion of total assets that's the book size. Somewhere in the middle you see total equity which is JPY 2.5 trillion and net income increased even after dividend from a surplus. Net interest-bearing debt JPY 274 billion. It was increased due to PayPay's working capital and lease liability. From the WeWork Japan business succession. Talking about stocks, like CEO Miyakawa mentioned earlier in the financial results announcement, we executed a share split on October 4th. First, as of the end of September, the ratio of foreign and individual shareholders increased from 27% to 34%. Individual shareholders, we have seen the increase of that ratio. Going forward even to increase the ratio of individual shareholders, and we also issued Series 2 Bond-Type Class Shares for mid- to long-term strategic investment, and the details are shown on the right-hand side of the slide. Now let me talk about KPIs. First, telecom business. On the left-hand side, our smartphone cumulative subscribers up by 4% to 1.2 million. On the right hand side is churn rate 1.19% up by 0.17% year- on- year due to mainly Y!mobile churn in a short period of customers contract and by the quarter smartphone net adds at this current pace I think we are at a good rate towards 1 million a year up JPY 37.50 or JPY 10 yen up year- on- year we are looking at a positive trend of ARPU which is helping us to solidify the business. If you take a look at on the right hand side full- year our forecast is there. Looking at the trend, I think we are in a good progress. So access charge at the end of the term is not reflected here but as a whole as a business we a re. In good shape, SoftBank brand and Y!mobile brand relation is shown here because of the price reduction three years ago. Y!mobile drew more customers from SoftBank brand customers, but since then Pay-toku or a large volume offering have been helping to turn the trend around. Although the number of Y!mobile customers is going well, but compared to last year it's been down. However, because of the migration from Y!mobile brand to SoftBank mobile, it helped to increase ARPU. Next, telecom and our broadband and electricity. For broadband, we are looking at gradual growth, whereas electricity is gradually decreasing in terms of the subscriber, but in electricity, since the beginning of November in Greater Tokyo region, we started accelerating sales activities. Media and EC, if you take a look at the quarterly trend in FY2023 Q1, we posted minus JPY 70 million, but since then we turned around and we posted JPY 37.8 million as of EC transaction value, and media is also going well. We decided to consolidate those e-commerce and advertising business to improve efficiency, and our decision and effort have been paying off. PayPay number of user hit 5.77 million or up by 9.6%, and number of payments actually increased by 22%. A payment count per user goes up, and GMV is a little bit better or bigger than this 22.1%. All in all, including card, GMV as payment business as a whole grew by 21.6% and top line growth is very substantial. Revenue went up by 17% to JPY 116 billion and EBITDA grew significantly. So PayPay's profitability has been bigger and bigger every quarter. PayPay, SoftBank Payment Service GMV continued double digit growth up by 21.8% and mainly driven by non telecom which is very exciting. Those are the business KPIs. In terms of ESG, we deployed evacuation center system nationwide which provides SoftBank's mobile service and free Wi-Fi in the event of a disaster. We also published Integrated Report 2024 and the Sustainability Report 2024. Last but not the least, let me share with you our upgraded full- year forecast from revenue to net income. The slide shows how much we upgraded the full-year forecast revenue by JPY 150 billion EBITDA JPY 35 billion operating income JPY 50 billion net income JPY 10 billion. That's the increase of the forecast by the segment for Consumer. It's been over 60% but forecast remain the same at JPY 530 billion. Enterprise progress is over 50% but again full-year forecasts remain the same. Distribution JPY 20 billion progress to the forecast is going well. So Consumer Enterprise Distribution are doing well against the full-year forecast. Media & EC on the other hand is going well even including one-time event. We revised forecast by JPY 20 billion. Financial business thanks to PayPay's brisk business, we raised the forecast up by JPY 17 billion. Other up by JPY 13 billion due to mitigating risk factors. All in all, we raised the full-year forecast by JPY 50 billion. 970 billion for next year is something that we need to hit, motivated by the CEO. So that's all for the financial results and we'd like to take your questions as much as possible. Thank you for your attention to the presentation. Anyway, thank you. We will now open it up to a Q and A session. First, we would like to take questions from the venue and then Zoom. If you wish to ask questions on Zoom, please access Zoom via the previously announced procedure and press the raise your hand button and wait. Once you have access to Zoom, please turn off the live webcast to prevent howling. We would like to receive as many questions as possible from as many people, so please limit your questions to two per person. Please raise your hand. Tokunaga from Daiwa Securities. I have two questions. One. So not only focusing on net additions and I think that comment made us relieved. However, my concern is that you will be also focusing on ARPU. That makes us relieved. But if you focus on ARPU, how are you going to grow in the next fiscal year or mid-term plan? And the plan like Pay-toku, if that kind of plan improves even though the ARPU increases, that the revenue may drop. So what is your opinion on that regarding net additions? It's not that we are not going to pursue net additions, but the smartphone is something it is the entry point for our entire revenues. We do not focus only on net additions. So regarding ARPU, of course we will be focusing on ARPU but mobile sales and we would like to also keep focusing on mobile sales as well. So. Increasing mobile sales is of course important. For that we need to focus on ARPU as well. So as the company's mobile revenue increment is something that we also focus on moving forward as well. So in that case in the next two or three fiscal years. What do you think about the trend of ARPU? So I think there are some factors. So if the growth rate of net addition slows down, then it would also impact ARPU. So if the lower price brand the users increase, then of course it would also impact. My second question is about upward revision. So JPY 50 billion Media EC and financial segments are the core. But it looks like LY and others. Can you explain about LY and others and also the mitigation of risk factors. You also mentioned about that. Can you elaborate on that? Yes. So as I mentioned PayPay and LINE Yahoo JPY 35 billion. So. The remaining is on the SoftBank side. Regarding the risk factors, of course there are some factors of the valuation. And also, of course if we could accelerate the generative AI related businesses, we would like to accelerate as much as possible to mitigate other risks. If something happens in one segment, it would also impact the other segments as well. Over the half year, each segment has become solid. Therefore we decided to revise upwardly this time. Any other question from the venue? If not, we'd like to start taking questions from participants on Zoom. If you have a question, please press raise hand button. The first, Satoru Kikuchi-san from SMBC Nikko Securities. Please unmute and speak. Thank you. I have two questions. First, Enterprise business, you posted a good income year- on- year for the first half and also looking at the full- year forecast, consolidation contributed to income just by half but standalone. I'm sure that you are growing organically. I wonder if there is anything one-time impact included. If not in the last half, can we expect the same level of income or profitability of enterprise business? Thank you. Thank you. Mainly growth of solution business contributed to the brisk business performance and mobile rental business, cost of the used device market. And market change. We saw a positive trend of mobile rental business that was included but it was not something like a one-time impact. So solution is I think mainly a recurring business. So in the last half maybe JPY 50 billion segment income can be expected. Do you think? For full- year our guidance is JPY 170 billion. Against that I think progress-wise we are doing well. So if it's JPY 170 billion in the last half, so this JPY 70 billion and in the last half you expect loss in income. But last year a one-time impact was included. So compared to last year's last half, this year's last half may not see as good as last year's one-time effect fact. And we listened to Miyakawa's presentation earlier and Miyakawa-san mentioned that he would not focus too much on net adds by spending acquisition costs. But if you change the market or industry itself could change as well. If that's the truth. I think that would be a big impact. In fact, Docomo, KDDI. Do you think? That. You cannot bring customers from KDDI or NTT. They would not stop introducing competitive pricing offer. So I think a huge movement in the market. But I think that Fujihara-san is saying that you are not too much focusing on net adds. Or who should we believe? Fujihara-san or others. I'm not different from Miyakawa's statement. Again, my message, Miyakawa's message was we would not focus too much on net adds. Of course, better higher is better in terms of net adds, but we don't want to spend too much acquisition cost ineffectively, and we want to run the business in a healthy manner. The fact of the matter is costs are going up, and we are facing a cost pressure. So again, finance team and Miyakawa-san are on the same page. I think what we are doing, what we have been doing, is very excessive, like JPY 3 or JPY 1, and you're not going to do something too eccentric. If that's the case, net adds would be 500,000. But do you have a target of 1 million for the full- year? Or you don't have to necessarily hit 1 million target a year. If you committed to 1 million target a year from our perspective, maybe it's too too much. So again my question is do you change your pace of plan? Well, again, we don't want to be unhealthy and you just wanted to run the business in a healthy manner. Next, Citigroup Securities. Please unmute and ask your questions, please. I have two questions again. I want to also ask about net additions. So initially this fiscal year there is a target of net additions is like 1 million 1.5 million and now it is closer to 1 million which is a little lower than your initial target. What made this different? Is it due to the competition or price, pricing or any other factors? And so next fiscal year you're targeting 1 million, is it feasible? So because the target is getting lower. So initially when we announced the middle and long term business plan, the 1 million of net additions we announced, so that is what we were aiming for and the last fiscal year it exceeded and that's why you feel that now what we have achieved now seems lower, but around 1 million. 1 million net addition is reasonable, so the next fiscal year onwards, it depends how it goes in terms of the circumstances, and we would like to acquire and we would like to target acquiring a certain volume. However, as the CEO mentioned, that excessive is something that we would like to avoid, so the full- year forecast is upwardly revised as you did so, and let me confirm with your comment how do you so how did you consider the competition in the second half of the year fiscal year, and so JPY 530 billion is within our achievable target, and due to the future competition we believe that we have assumed that, and anyways we would like to continue our momentum towards the next fiscal year as well. Next, Masuno-san from Nomura Securities, please unmute and speak. I have two questions. First, about the Consumer Y!mobile price plan competitiveness of the price plan UQ mobile Komikomi Plan will be launched next week, so compared to that, I don't think LINEMO price plan is competitive enough, like a 2 GB option was launched and discount of electricity and PayPay Card everything. Thus, of course, Y!mobile price plan it looks cheaper, but if not, so I wonder. The price-sensitive users are the only target of that Y!mobile new price plan. UQ's plan, however, doesn't offer discount, but catalog offer, if you will, is reasonable enough. So again Y!mobile price plan. I don't know if it's enough competitive enough, especially when next week UQ mobile will launch new plan and Miyakawa-san mentioned that the new price plan was the weapon against ahamo. So I wonder next week and onwards do you think you sustain. Of course we need to keep watching how customers or users go and LINEMO. We took actions with LINEMO as well so we'll see how things go in the market. The second question other segment aside from like adjustment factors, and R&D expenses and GPU data center depreciation and LLM which I think is included in R&D. So what are included in others and what are not included in others. For example, data center, which I believe is included in telecom business, but once, for example, Sakai Data Center is built, it would be included not in the telecom sector but in other sections. So what are included in other. Well, R& D gen AI are main items and other, for example, depreciation of gen AI infrastructure or AI call center expenses they are included so anything related to AI HAPS are included in other talking about a segment going forward, I think segment structure might change as we grow but at the moment it's more like research and development. But at some point which segment leads or drives growth we will see. Maybe not as early as next year, but the year ahead maybe we might consider segment change or reshuffling segment. So we are looking at a lot of options at the moment in terms of which one should be included in which segment. At the moment data center is included? Yes, for now. Yes. Those data centers. Not all of them go up and running at the same time. So we are looking at the timing of those assets operation. Thank you so much. If you have any questions from Zoom, Citigroup Securities Tsuruo, please unmute, and I have two more questions. One is about next fiscal year's business forecast. Considering the result of this fiscal year or the progress of this fiscal year, I don't see any risk. But where you're focusing on especially for the next fiscal year, well considering the next fiscal year. So looking at this fiscal year, first half and the second half and R&D and gen AI related things that would be enhanced even more which also include Sakai Data Center things. So we would like to absorb all this and then establish a solid bottom. That is our focus which we believe that is something that we should be focusing on towards the next fiscal year. The second question if possible we would like to hear your answer is for LINE Yahoo. By the end of next fiscal year they will be spending JPY 365 billion which will be used for share buyback and so what is your outlook on that? Yes, I cannot give you decisive answer for that but this time there is a special reason and factor for the primary market. For LINE Yahoo this is a very important matter and needs to be solved carefully. Therefore at JPY 350 is something that they accepted. Of course, the higher share price is the better and. A Holdings and LY and we would like to have a thorough discussion and we would like to come to the decent outcome. Thank you. That concludes the Q and A session. Thank you very much for joining us. Earnings results announcement for the six months ended September 30, 2024. Investor briefing. This investor briefing will be distributed on demand on our corporate website. Thank you very much.