Thank you very much for waiting, everyone. We would like to now start SoftBank Group's earnings result announcement for the fiscal year ended March 31st, 2021. I would like to introduce today's participants. On your left, Masayoshi Son, Chairman and CEO, SoftBank Group. Yoshimitsu Goto, Board Director, Senior Vice President, and CFO. Kazuko Kimiwada, Senior Vice President, Head of Accounting. Today's announcement is available on broadcasting over internet. We would like to invite Masayoshi Son, Chairman and CEO, to explain you SoftBank Group's earnings result. Mr. Son, please. Masayoshi Son speaking. Thank you very much for your time today. Let me start my presentation. And I have a photo which has not too much relevant to the earnings result, as a matter of fact. This is one photo. Can you guess what it is? People here attending today or people who are listening over the internet may not know. I don't believe that there is anyone who knows about this photo. For me, this is very important one page, one photo. Back in 1981, at the year that we founded SoftBank. Actually, SoftBank did not born in Tokyo, but born in Fukuoka Prefecture, very small town called Zasshonokuma. When I was 16, I went to United States and spent time in a big city in United States. Also, saw the birth of the microchip, also big development of technology in Silicon Valley and evolvements of the technology. After I graduated, came back to Japan. At the time I went to United States, I told my mother that I will be back to Japan for sure after I graduated. At the same time as graduation, that I came back to Japan. Since then, every day, about 18 months before I founded SoftBank, I was thinking what kind of business I should be doing, what kind of entrepreneur I should be doing. What should be the vision for me to raise my business? I've been asking myself for about 18 months at this small town called Zasshonokuma, at the second floor, a very small building. In just a small room there on the second floor, I was exploring and thinking about what I should be doing. I have crossed this road several times and also waiting for the train to go through. I just remember hearing the sound of train, sound of the town. Once that this sound stops and I hear the signal, green lights, and I get the station of Zasshonokuma. After I pass this road, over there is a Hakata Station, and even further there, Tokyo Station is there. Across the train crossing, there is some dream there. Sometime I should be able to cross this train crossing with my huge passion and vision. That's the kind of time when the SoftBank was born, and two employees that I hired, two of them, at the morning session, morning meeting, I told them, although that we are starting a business at the very small town like this, but sometime in later, I will make sure to grow a business to count our market cap like JPY 1 trillion or JPY 2 trillion. Those two employees actually left the company a few days later. I have talked about this several times, and you may recall I have spoken about this, but look at this photo. This is the place. This was a town and a very small building and a guy like me that start thinking about dreaming of making our business to JPY 1 trillion -JPY 2 trillion from this such a small town in such a suburb area You don't imagine that, but actually I did. Actually, after foundation of our business, first year, we made a revenue of JPY 3.6 billion. After then, we relocated our office to Tokyo. Of course, the Tokyo office was still small, only about three staffs and me sharing the small desk all together. Sharing the office back then, of the other people's office, and start a business in Tokyo. For today's announcement, officially, I would like to announce our net income, JPY 4.99 trillion. Finally, our revenue and sales now counting JPY 1 trillion, JPY 2 trillion and so on. Just about a year ago, actually, we were making a big, huge loss. Going forward in the future, depending on the equity market, we may see some ups and downs. For SoftBank Group, the revenue profit or loss of JPY 1 trillion, it's not something surprise, actually, that that's something could happen. Today's announcement, main message summarize in this one photo, I believe. 40 years of our history, put it into one slide, one photo, and I believe this is it. Many dramas, of course, many crises. Sometimes I was so happy, sometimes I was so depressed, but this is the history of SoftBank for 40 years. Biggest revenue income or biggest loss, the evaluation by investors were not always supportive, of course. JPY 4.99 trillion net income. Many people say that one-time gain from Sprint it included. Global stock market rallied. Also in the fourth quarter, we had several large-scale IPOs. DoorDash or some others. This is just a coincidence. This is lucky plus lucky plus lucky for us, and made a one-time gain. This is just a kind of by exaggeration of luck. And of course, for me, there are many regrets as well. There are some failures in investment. For example, WeWork, Greensill, many investments which failed. Those are my regrets, but at the same time, even more regrets is that I have also missed so many great opportunities for investments. For example, put it in baseball, you just didn't hit, just didn't really swing your bat. In many ways, there are lack of systematic approach, so we would like to address such an issues sincerely. About four years ago, that we have transformed ourselves into investment company. Now that the core business is investment activities, not as an operating company or telecom business, which is operated by SoftBank Corp, led by Ken Miyauchi. Now, starting from this year that our CEO has passed the torch to Junichi Miyakawa, our new CEO. As a SoftBank Group, such Z Holdings, Yahoo, or the SoftBank Corp, there are many companies that we have underneath of us, but mainly led by SoftBank Vision Fund. We would like to continuously show our gains. Even we call ourselves as investment company, but we don't expect any gambling, just a one-time gain because of the market rallies, that we made the money one time. That's not the way that we are looking for. We like to be looking at continuous gains through AI for new technologies, new ways. We would like to start investing or turbocharging such small startup companies to develop themselves. So that we'll be able to see the many IPOs from our group companies. For that, what we need to do, we do need to have enough capability to discover and analyze those startup companies, enhance our organization, and also have a good financing structure as in our systems inside of our company. Producer of golden egg is something that we explained in the previous earnings results announcement, and that's something we would like to be more in detail. Consolidated results here. You see net income I have already touched on in earlier pages. What is more important is the NAV, net asset value. That's also been discussed at the previous earnings results announcement. This is net asset value. Those that the value of the shares that we held, we less net interest-bearing debt. That's the net asset value. About a year ago or compared to a year ago, that JPY 4.4 trillion increased compared to the last year, our net asset value has increased because of the increase of the net income. [Non-English content] What is things that not accounted into our net income calculation is Alibaba, for example. Those are equity method calculations. Some of them are calculated in assets. The net income is not 100% straight in building into net asset value, roughly speaking, that way you could say net income will be added to net asset value in here. In the past 20 years, this is the kind of movements for the net asset value for the past 20 years. A JPY 26.1 trillion as of the end of March, net asset value of SoftBank Group. Here inside, if I break down Alibaba, Vision Fund, and others, we can break into three. Just about six months ago, ratio of Alibaba was about 60% out of our total net asset value. So that many people criticize that the SoftBank Group is very heavily depending on Alibaba. As of today, Alibaba's share out of net asset value is about 43%. And also Vision Fund. About few years ago, it was just about 5%-10% out of our net asset value. But now that it's taking about 25%. Sometime near future, we believe the ratio, this blue portion out of net asset value of SoftBank Group, will be increasing and can be the biggest out of our total net asset value. That's how I expect in the future. Although that we have a lot of net asset value, but if people may also doubt or criticize that the SoftBank Group has huge debt, and want you to see the fact here. Our net interest-bearing debt, out of the total JPY 30 trillion of equity value holding, only 12% are our debt. In a normal time, we would like to manage our loan-to-value less than 25%. If we come close or being 25%, we should be slowing down the pace of investment, or we should be considering divesting some of our assets holdings. That's how we see our loan-to-value, LTV. This ratio is very important from our defensive point of view, 12%, normal case, less than 25% that we would like to operate our business. That's how I basically think. At this moment, it's 12%, which is very healthy and sound ratio. Even in abnormal case that we would like to manage less than 35% of loan-to-value. Last year, just about a year ago, we start seeing a big damage due to the COVID-19. We need to be defensive, that is why we have announced the monetizing program of JPY 4.5 trillion out of our holding assets that we would like to divest and monetize those so that we'll be able to be more defensive at the time of the risk or at the time of danger. Back then, we didn't know, we couldn't imagine how deep the value of the COVID-19 would be. Therefore, I said that we should be defensive more than necessary so that we'll be able to protect our company. So JPY 4.5 trillion program and within a year that we need to monetize. That was the announcement we made. In reality, we achieved our commitment in six months. In addition, about JPY 10 trillion of the monetization was achieved. We were able to meet our goal. Because we have announced the Arm selling to NVIDIA, that bring us to close to JPY 10 trillion. Being that I defensive, we also announced the share buyback, share repurchase, JPY 2.5 trillion buyback was also announced. Just about today, 3:00 P.M., at the time of close of market, happened to be able to complete JPY 2.5 trillion share buyback. Exactly JPY 2.5 trillion of share buyback was completed. I would like to announce that we're going to retire this amount of treasury stock. We purchase own stocks and retire them. That mean net income per share and NAV per share should go up. The number of shares decrease. By the way, average repurchase price was JPY 6,815, and currently trading at JPY 9,000 or so. As of end of March 31st, the share price was about JPY 9,300, which is about the same as the current level. [Non-English content] Since the number of shares went down, earning per share should have grown. Earning per share was a JPY 9,869 or 3.3 x, grew by 3.3 x compared to the end of March. Usually, P/E ratio, price earning ratio, 3.3 x is very low. SoftBank should last longer than three years. That means that the value is relatively cheap, but depends on how you look at, because stock market is moving ups and downs. Again, you may say that you just had one time gain. That's why our valuation was low. I understand that. Net asset per share is what, JPY 15,000, roughly as of today. Today's stock price was about JPY 9,200 at the closing of the trading today. Equity value of holdings, including Alibaba, Vision Fund, and T-Mobile, and K.K., NAV per share is JPY 15,000. From a shareholder's perspective, compared to one year ago, which was about JPY 3,000, maybe some shareholders might see it as overvalued, but don't worry. Even taking into account of debt per share, the value is JPY 15,000. In fact, bills you have in a wallet value more than the total value of the bills and wallet combined. In other words, undervalued. That's my point. 12 months ago, most people were worried about our performance of Vision Fund. One year ago when we made an earnings announcement, I said that we were in red ink. Our books were red ink all over. We had net loss, huge net loss, two consecutive terms or so. For example, WeWork and Uber, those shares were really underperforming, and we suffered a loss. At the latest quarter, we made JPY 3 trillion of income. If you take a look at this graph, you see ups and down. In the last 12 months, we recorded JPY 6.3 trillion of gain. Some people criticize Masa's view or insights are not always correct, but I'm not overjoyed or depressed so easily. Just stay calm. Coupang, we invested about JPY 300 billion. The gross gain to Vision Fund 1 was about JPY 28 billion. View also grew by 0.4 x. Compass grew by 1.9 x. Zymergen also grew by 2.3 x compared to the investment that we made. We've got Vision Fund 1 and 2. Blue buckets are listed, public investment. The left-hand side is investment cost. Right-hand side is gross return as of end of March. We invested JPY 1.7 trillion. Now the gross return is JPY 6.7 trillion, which means JPY 5 trillion increase. Likewise, Vision Fund 2, JPY 500 billion gain was achieved. There were some unlisted stock investments, but as far as listed companies go, compared to investment cost, gross return grew for both Vision Fund 1 and 2. Vision Fund 1 was JPY 10 trillion fund, as you remember. Of that JPY 10 trillion, SoftBank 's own money was JPY 3 trillion out of JPY 10 trillion of the fund. But 60% of the gain should go into our SoftBank Group. Of JPY 10 trillion, JPY 4 trillion is preferred equity portion. It's not borrowing, but kind of close to borrowing. The remaining JPY 6.5 trillion is equity portion. Of equity, about half, JPY 3 trillion, was financed by SoftBank Group. Of the gain SoftBank Vision Fund made, about 40% would go to our partners. From limited partners' perspective, return to investment per year is shown here. For equity, 30% IRR. Preferred equity, 7% IRR. It's a fixed distribution. Blended IRR, 22%. The partners that invested together with us should get 22% of return annually. From SoftBank Group's perspective, again, those numbers I just shown are from partners' perspective. From SoftBank Group's perspective, net equity IRR is 39%. Why? We have performance-based distribution. Since the performance was pretty good, we enjoyed much better return. One year ago, we suffered a huge loss, but compound gain or return of the four-year term IRR is roughly 40%. Looking back, Fund I's performance was pretty good. By the time we started Fund II, which was about 12 months ago, we invited partners, but we were not popular at all. Nobody came to us. We started Vision Fund 2 with our own money, 100%. The gain from SoftBank Vision Fund 2 should go 100% to SoftBank Group. Net equity IRR of Fund 2 is 119%. We just started Fund 2. This over 100% IRR is not going to stay forever, but we made a pretty good start, and currently we are looking at 119% of IRR. Combining Fund 1 and Fund 2, net equity IRR is 43%. By the way, other than Vision Funds, entities like Yahoo and SoftBank K.K., Alibaba, Supercell, and Sprint, we invested in those businesses. Over the last 20 years or so, SoftBank recorded about 40% or so. In equity IRR of SoftBank Vision Fund I plus II, 43%, and SoftBank's own investments IRR is also about 43%. Again, this should go up and down depending on the environment, so we should not be overjoyed, understand. LatAm Fund we launched quite recently, led by Marcelo and his team. This LatAm Fund made a good start as well. They invested JPY 288 billion and also made huge gain. Of the 10 top unicorn companies in Latin America, LatAm Fund invested in six companies on the list. In LatAm Fund, we own 100%, no other partners. LatAm Fund net equity IRR is 62%. Again, good start. The size is still small. If you combine Vision Fund 1, 2, and LatAm Fund together, IRR is about 40-something percent. As investment company, IRR is the most important measure. [Non-English content] Vision Fund 1 + 2's IRR, 43%, and SoftBank Group's IRR, 39%, and all combined, 43%. I kept talking about percentage of return, and you may say that now Masa is just a gambler. Well, that may be true, so I don't disagree or deny such a view, but I'm not just interested in money. I am interested in most advanced technologies, AI, and business model driven by AI. Those are the things that I'd like to dig deeper and bring them into our group to deliver synergies. How AI's technical revolution go, and what kind of evolution, revolution are taking place, and computing evolution, those are the things that I am strongly interested in, and I keep learning to sharpen my insights. The most important in AI world is GPU performance. GPU performance, the biggest company in the world for this one is NVIDIA. Selling Arm to NVIDIA, it's like sales, but at the same time, we will be receiving NVIDIA shares, so that we will become the leading shareholder of NVIDIA. This advancement of GPU is also equivalent to the advancement of our group as well, and 13 x in five years also for sure that the autonomous driving is coming. High tech representative was the smartphone. Smartphone becoming, also bringing the Apple to the market cap global number one company. Smartphone is the advanced or the core of the high-tech technology, high-tech device. Going forward, I believe autonomous driving will be also one of such an advancement. Autonomous driving is kind of becoming the core, not the level 2 or level 3, but rather level 4 above will be available to the market in the future. The basic for that is the dedicated chip for autonomous driving, which will be mounted in the car. In six years it becomes about 1,000 x. By 2024, Atlan will have a capacity of 1,000 x. About last month, NVIDIA announced its Grace. Compared to the traditional chip, AI learning speed became 1/10. I think this Grace was very important announcement because number one of GPU, NVIDIA, using Arm CPU design, taking advantage of such technology, and powered by Arm GPU, will be building cloud servers. Will be the latest edge technology, which was just announced. NVIDIA + Arm announcing such Arm-based CPU so that a chip dedicated to AI or a chip for computing platform for AI. This will be very essential. This merger still under process for the regulatory approval, and I'm convinced that we'll be able to receive such approval. The engineer from NVIDIA and Arm, by collaborating each other, they will be the strongest chip dedicated for AI or building great performance of the platform. At the same time continuously will be able to serve for the clients. For the industry, all, we believe that will be a great news. For AI, just the beginning. AI is disrupting every industry and making even more developments. Vision Fund 1, 2, and LatAm Fund in total. [Non-English content] Number of total companies are 224, including those approved by our investment committee. Just about three months ago, when we announced our earnings, it was 164 companies. We have added about 60 companies in three months. Vision Fund 1 has already finished its investment period so that it will be supported by IPOs and other event. Fund 2 is now just begun, so that number of the company-wise, it's already exceeded the number of company, which is 95 in Vision Fund 2, compared to 92 in Vision Fund 1. Fund 2 just has begun. Because SoftBank doesn't have money and you cannot really invite third-party investors, that the people may say that we just are the slowing down, slow start for Vision Fund 2. Many people may think that way. Actually Vision Fund 2 has already invested more the number of companies than Vision Fund 1. In addition, LatAm has also invested in 37 companies and also growing together with others, 224 companies. Over last year, 14 companies went public. Before then, six companies went public. Is 14, that's how we see the increase of the number of companies went public in 2021. Actually, we believe we'll be able to see more IPOs than the last year or this last fiscal year. Has already been seeing outlines of those IPOs with specific companies that we are expecting that they are preparing for going public. By increasing such more companies or the investment companies number increase, the more that we invest, the more we see the IPOs. So it's not the luck. It's not the bad luck or good luck, but it's just a matter of certain possibilities that we believe we'll be able to see the good work out of our ecosystem. That's what I have said in the beginning. I said that the lack of a systematic approach, that was missing, and that was my regret in the past. That's something that I would like to strengthen and enhance so that we'll be able to improve and even develop further. Out of 224 companies, I cannot go every company to introduce to you. I would like to pick up some interesting one for you as an example. Gopuff. You may not know, I believe, the name of the company. Simply put, online convenience store. It's like a micro warehouse that you put the inventory in the warehouse. There are about 3,000 items. If you receive your order, in average 23 minutes or so that you'll be able to deliver to your home. About 20- 25 minutes. I will say, as of today, 23 minutes or so. Also, we ask for delivery fee for about $1.95. The subscription fee is $5.95 per month. We have quite a robust business model here. Also have a very good high margin. It's very good business in terms of profitability. I want you to see some video here. Using your smartphone, you'll be able to pick up. It's like a convenience stores for you. Like you usually shop, you'll be able to deliver to you, to your home. Also you can inform you'll be receiving information that your stuff has arrived, and you'll be able to be receiving. After you shop, you'll be able to deliver. It's not the next day or it's not 24 hours. It's about immediately, almost immediately. That's the Gopuff. The base for logistics, micro warehouse, there are about 450 locations with 650 cities in United States, and these days are now expanding to Europe. They have a partner brands where that has a convenience stores that they are the partners. They limited to the number of SKU instead of expanding to million, 2 million, anything. Rather, limited to most frequently purchased goods. That's the model for Gopuff. Using AI, you'll be able to see the user contribution, regionalities, day of the week, time of the day, event. Those data's accumulated in the AI will forecast the demands real-time by time, by store, by locations, and analyze those in deep so that you'll be able to optimize the inventory in the warehouse so that you'll be able to deliver in 20-25 minutes, which is making a rapid growth Better. This just announced last night of Japan time that the merger of SPAC has just announced yesterday, last night. A mortgage loan. People purchasing home, house is the biggest shopping of your life, I believe, for most people, and when you purchase house, there are many complicated processes in the United States. If you have about 10 x of sales and buy, then that's going to be slow or tedious, many complicated registration process. If then that will allow you to do on one stop, all online in AI, so that you don't need to transact with people. Also loan process is very quick and not asset heavy in the financing as institution or banks can be arranged with low interest rate and immediate loaning process can be matched to the client. Matching engine is run by AI. From banks or financial institutions point of view, they don't need to do the interview with clients, check the paperworks, insurance, all those things that's not really needed. Just a one package, Better, will do it for you in just banks or financial institutions. Based on the client's credit scoring that you'll be able to tell the value of the housing itself, matching all those that you'll be able to make the process complete so that the hours per loan estimate 122 and also hours per funded loan 1/3. That at the same time, loan per month has increased by 2.5 x In the labor cost has decreased to one third. As a result, loan origination has increased from JPY 4.9 billion -JPY 24.2 billion. It's not the Better balance sheet using, but Better is just introducing to banks, financial institutions. It's a kind of agent in matching between clients and financial institutions. The sales from that matching comes 10 x in one year and has already making JPY 876 million of net revenue. I have a high expectation on this company. Jellysmack, this is the 21st century type of creator group. Creator groups like Hollywood movie stars, musicians, those people are the group of creators, and the people manage such creator group is, for example, Universal Music, Sony Pictures. They're also such management company and also distribute such products to people. In 21st century type of creator is the Jellysmack here. I want you to also see the video here again. [Non-English content] Longer than TV, Instagrams, TikToks, there are a variety of the short clips are now available, and the young generations are spending more time in short clips than TV. The creators, so many creators in Jellysmack has been viewed. Here, 200 people, popular creator is in this group and dedicated contract like Hollywood, 200 top creators are dedicated to Jellysmack, and their sales comes in certain ratio out of their sales is coming to Jellysmack. And the YouTuber, for example, it's a very popular YouTuber. In the YouTube, about the 1 million followers, if you have 1 million followers, once you become popular, you may be able to get the revenue of about JPY 1 million, but that's coming from the advertisement revenue share will be distributed to YouTubers. Even they become a star in YouTube, about 80% is stopped at YouTube. They cannot go over cross-sell sales like Facebook, Snapchat, TikTok, Instagram. Only about 20% can do the cross-sell to the other SNS, which is very hard job, hard work. For creators, the most complicated part is editing for their content. This editing, probably shooting the video is not that hard, but you have to do the good quality of editing, otherwise that you cannot really bring impressive short clips. YouTubers is 10 minutes. Facebook, that's about three minutes or so. TikTok, about 15 seconds. For those that are for 10 minutes has to be edited again for three minutes or 15 seconds. The editing process every time is very hardworking, and also you need a know-how for that. As a result, you'll be only sticked at the one content. That's about 80% of YouTubers. Cross-selling requires tools, technologies, consultations, or the charged advertisement and increase. That's what the Jellysmack does. For example, Brad, who is popular in United States, he has a follower of about 1 million or 2 million in YouTube, but by belonging to Jellysmack that they'll be here, he became increasing the number of followers. Further cross-sell with the advice and support by Jellysmack, he has now that 9.7 million followers in Facebook. In addition, Snapchat, he acquired about 4.5 million followers. If you are only receiving JPY 1 million per month, and now that you'll be able to increase your revenue by 10 x, 100 x, and so on. For those who are popular in YouTube, the AI every day, real time that checking new stars, discover those great talents in YouTube dedicated. They are asking those popular YouTubers introducing to Jellysmack. Now that the Jellysmack total the followers of 360 million and more than 10 billion monthly viewer. Number of viewers, it's already number three out of total number of viewers. First is Disney, second is Viacom. Much more than Fox and Comcast. This Jellysmack can be viewed as media. It's huge. Trax can image recognition, as you know. Recognizing images doesn't mean a lot. The image should be used effectively for sales guys to secure shelf space. For example, one of the most important responsibilities that sales guys should bear is to make sure that you've got shelf space at retail shops. You need to negotiate with the owners of the shops, and you need to go through some investigations and surveys, and also you need to check prices of competitors. Just show you a video. Started Trax with a big ambition to help every manufacturer and retailer maximize the value of every shelf and every store. And so we pioneered a new way forward for the industry. We built a breakthrough computer vision and analytics platform that digitizes every product in every aisle by using cameras here, and here. We capture images of what's happening on the shelf and turn them into granular actionable insights at global scale. Trax delivers a single source of shelf truth that empowers the world's brands to perfect their shelf execution and store visits, and retailers to enhance their [Non-English content]. For example, some products are in short supply. New ways to improve the way products perform on the shelf in real time. The right products are in the right positions at the right price. Promotions work more effectively. When SoftBank was doing publishing business and selling software at retail shops, I visited shops every day, and it's important to secure the space, location of shelves to catch customers' eyes, and also space close to cashiers are very important. Not taking notes, but just shooting image and upload to Trax. Then Trax can give you advice by processing images. Cost of inference reduced dramatically from JPY 1 million to only JPY 3 in two years. AI contributed a huge cost reduction. Sales guys go out there and take photos and upload the images to this Trax. Brand, package, category, amount, price, size should be analyzed by AI. Effects of AI use will be like this. For example, stock out duration reduced dramatically, shelf audit time down dramatically, number of stores per sales team grew dramatically, and revenue grew by 1.2 x. [Non-English content] Revenue grew by 1.2x, profit should be doubled. Very household name of the brands, American brands, want to sign a deal with Trax because they can expect better cost performance and better sales and profit. From retail's perspective, they can reduce the time to manage shelves and to prevent shelves from being empty. I think this is going to redefine how the sales guys work. [Non-English content] Recently, automatic process is taking place and Trax is growing exponentially. JobandTalent is AI talent matching. Part-time workers are temp workers for a shorter period of time. Even though the term is very short, you have to go through face-to-face interviews and paperwork processing and decentralized information. That's a traditional way, with AI, everything can be matched. Currently, 95,000 workers signed a contract with this JobandTalent. Over 1,000 employers are using this platform. Worker satisfaction increased, worker retention increased. Again, big brand names like Walmart, Sysco, and Pfizer, those companies are using JobandTalent for talent matching. The list goes on and on. I review those companies that invested in every day. The number of companies grew by 20 per month. We are making investment decisions almost every day. So again, to summarize, I showed you a lot of numbers like NAV, net income, LTV, and IRR. A lot of numbers I talked about in this presentation. The most important thing is summarized here on this one photo. Over the rail crossing, there's a huge dream. Grab that dream no matter what it takes. The sound of the signal and the sound of my heartbeat were in sync. I had such motivation and drive and excitement, like a chemical reaction. That excitement still is inside of me, and so long as I have this passion, excitement, and heartbeat, I will keep chasing my dream over the rail cross. I will keep chasing bigger dream and achieve the goal. That drive, motivation, and excitement are the most important weapon and asset for SoftBank. No matter how many shares we have, no matter how much profit we delivered, that's probably one snapshot, but I'm not satisfied with JPY 5 trillion, JPY 6 trillion, or even with JPY 10 trillion. I keep going so long as I am excited. That's my passion. Yes, there are some regrets and lessons learned, but there is an opportunity for growth so long as we learn a lesson. Not gambling, not one-time gain. We have a systematic approach in place so that we can be a true producer of golden eggs. AI revolution has just begun. I talked a lot about money, but money is just a tool. From SoftBank's perspective, what matters most is our vision that has been remaining the same since the foundation of the company. Information revolution, happiness for everyone. Reduce sorrow, increase happiness. That's our ultimate vision. Thank you very much for your attendance and participation. Thank you. [Non-English content] Thank you. Let's have a question and answer session. We take questions from those on-site, and we will bring you a microphone. If you have a question, raise your hand and state your name and the company. People online, please access the Zoom webinar and press the raise hand button and hold on for a moment until you're called. If you want to withdraw your question, please make sure to press retract question. We take one question per person, so that we can take as many questions as possible. Participants from the site, please. [Non-English content] Thank you very much. My name is Wada from the Nikkei. SoftBank Vision Fund 2, I have a question. You have already spent $30 billion. Do you have any plan to invite third-party investors in the future? And are you planning to provide a fixed fee like you did in SoftBank Vision Fund 1? The number of the company invested has increased than Vision Fund 1. But is it the smaller size of the investment per company, or have you changed your investment policy compared to Vision Fund 1? We have spent about a few months after launch of SoftBank Vision Fund 2 and doing pretty good. In the beginning, we were inviting many outside investors. Nobody actually joined, we have started by ourselves. But actually, after we started it, we thought, hey, it's okay only with us do this fund, because just about a year ago, we have announced the JPY 4.5 trillion monetization program, actually that we have raised or achieved about JPY 10 trillion monetization. About half of those are from the sales of Arm, of course. So that is still waiting for the approval by the regulators. Money-wise, we have quite enough cash in hand. Only by our cash, we could do our investment activities by ourselves. Therefore, right now, we would like to continue investing using our own cash. Fund 1, we will see the exit, like by investment or sales of the shares after they go public, so that we'll be able to receive the distributions. That we believe that we'll be able to recycle those money for the new investment That's the status we have already achieved. The situation has changed since then. Having said that, it's not that we don't invite at all from the third-party investor. But we don't have to beg for participation. It doesn't necessarily mean that we don't ask any other third-party participation. At this moment, we just would be able to run our investment business by our own money. [Non-English content] Next question from the floor. Thank you very much. Ichikawa from Yomiuri Shimbun. Question about mid-to-long-term growth strategy. Looking at the latest profit, you are level as big as Berkshire Hathaway, for example. Berkshire, their market cap is much better than their profit level. Of course, you have different portfolio and history from Berkshire Hathaway. For you to grow further as an investment company, what kind of strategy of view or investment policy you have for mid-to-long-term? Thank you. NAV, which excludes debt, is about 1.5 x bigger than market cap, which from my perspective is undervalued. In order for us to be properly valued, we need to learn a lot of lessons, and we need to keep improving ourselves so that we make a lot of people comfortable and confident with what we are doing, how we are doing. We make gain sustainably, not just by one time. Then at some point, I believe that we will enjoy premium on our value. Until then, we keep just going forward and keep working on ourselves. Once we are properly valued, that would make us happy. Even if that's not the case, what I do will remain the same, and we will continue striving for the better days. Hopefully, eventually, so long as we keep striving for better, we will see some good results. Next question, please. Wall Street Journal, [Devora]. My name is [Devora] from Wall Street Journal. I have one question. The investment vision for the future, I would like you to elaborate a bit. For example, will you be creating another fund like Vision Fund 2, or are you going to create Vision Fund 3 or 4 inviting third-party money? As I mentioned earlier, in Vision Fund 2, 100% our own money. We've been doing our good investment. We still have some room there, and also we will be able to expect distribution from Vision Fund 1 and 2 by portfolio going public and so on, so that at this moment, I think we will be able to continue the current status. In the future, we may consider inviting third-party money, but we don't know yet at this moment. At this moment, we just like to continue what we are doing right now as the current structure. A 60 companies added in three months. We believe that we'll be able to continuously doing the same. [Non-English content] Next question on the floor. Kikuchi from Toyo Keizai. Question about Vision Fund 2. As of end of December, commitment was JPY 1 trillion, and as of May, JPY 3 tr illion. You said you added 60 companies on your portfolio in just a few months. What kind of view you have in terms of the size of investment? Since we have plenty of cash in hand, so long as there is investment opportunity, we will put together the money that is needed. Depending on how much we have in our hands and what kind of investment opportunities out there. So far, we have been seeing and discovering great AI companies, and those AI companies that deserved for the investment. So long as we have cash in hand, we want to keep investing in those potential businesses. We get return from exit and other ways, then we should be able to see further growth. For example, like you mentioned, from JPY 1 trillion to JPY 3 trillion, we grew by size, but we will continue doing that so long as there are opportunities. My name is Takagi from Sankei Shimbun. At the European Committee, that there were regulatories for the control over AI and also some regulations over the platform. There are some movements on the enhancement of restrictions on such AI. Does that impact to your vision on AI for the future? I believe we need the regulations on that. If there is no regulation at all, leak of privacy informations, antitrust issues. There are many aspects of issues which may arise in the society. Regulation itself is, I believe, necessary for such a new industry in any country, that always needs to address the new arising issues whenever there is new industry. Society requires such new regulations, but at the same time, development of the AI technology is advancing rapidly so that the regulations or the rules within such umbrella, we believe that the development of technology will continue. Therefore, opportunities for that will be even more in the future. That's how I see. [Non-English content] One more. Two more from the floor. Akato from NHK. Follow-up on that question. Regulation and investment policy, especially in China, regulations on IT companies are stricter and stricter. Due to that, I wonder if you have different view from investment policy perspective, for example. Right. Not only in China, but Western countries, are new regulations are coming up. Like I said earlier, new issue needs to be addressed by new regulation. I think in principle, it's good for healthy growth of the society, so I welcome such regulations. From our perspective, I don't expect that would have an impact on our investment policy, especially since we are looking at unicorn, not giants like GAFA companies. We are looking at new pioneers that would explore new fields. The current regulation discussions are probably different from what we are looking at. [Non-English content] My name is Goto from Mainichi Shimbun. I want to ask you about the holding policy for Alibaba share. Alibaba, some incidents, some news coverage, and so on, but business performance-wise, actually, they are providing necessary service for the people so that business performance is actually growing, continuously growing. Our policy of Alibaba is in principle, no change. Hi. Gentleman over there. [Non-English content] Sam from Reuters. Bitcoin. Question about Bitcoin. Tesla, Nexon, they made an investment in Bitcoin. Under the background, have you ever thought about investing in Bitcoin? Well, Bitcoin per se, whether it's good or bad, there are a lot of debates going on. How much Bitcoin has in value? Is it a bubble or not? To be honest, I don't know. I also know that there are a lot of people who want to own Bitcoins, or those virtual currencies. Platform or infrastructure that delivered things like Bitcoin, probably are growing because there are a lot of people out there who are investing in Bitcoin, like investing in gold, stocks, and bonds. We still have a discussion with my team whether or not we invest in Bitcoin or not. So now we'd like to take questions from people online. The first question is Inagaki-san from Financial Times. [Non-English content] Now that we would like to take questions from the Zoom. To avoid any echoing, please make sure to disconnect the live streaming other than Zoom webinar. Now that we would like to take a question from Inagaki-san from Financial Times. Yes, this is Inagaki from Financial Times. Mapbox that invest in my SoftBank Vision Fund, and the SPAC by SoftBank Group merger and going public, that was a news coverage that I saw, or news coverage. For the way of using SPAC to list Vision Fund company, are you going to use the SPAC that is established by SoftBank Group? Is that something healthy way to do the IPO? That's something that I would like to ask you your view on that. Possibility-wise, yes. Which means, in any companies, we have invested 20%, 30%, or 40%. More than 51% or majority is not the way that we invest in such companies. In each company, for example, Mapbox that you just mentioned, I don't believe that there is any official announcements or anything like that. Even if there is such a discussion going on, but each company, in their own board meeting, analyze many offers out of many SPACs. Any proposal or offer from the Vision Fund SPAC should be the good one from such company. Even from our point of view, if it is attractive, the size or the company's status in many terms are satisfied. In both way, if it's a win-win relationship, that kind of matching could happens. I don't deny that possibility. We have about 224 companies under our umbrella. Even we do the SPAC, it's only going to be just a handful of SPAC. Majority of the companies will be going public in traditional way. That's the main route that we are looking at. Just a part of those can be, we may be the spons or for the SPAC side. It's all case by case. It's not violating any rules or it's not unhealthy or anything. It's just the company itself decide based on the offer from many SPAC proposal. In the board meeting of that such company decide our taking our offer, if we are proposing that can be the competition amongst the SPAC sponsors. If we are the only sponsor for the SPAC, for the offer, may not be the case for many cases, from my understanding. That could be very unhealthy. That we will not be the only offer or only sponsor candidates for the SPAC. Amongst the many offers, or the proposals by the sponsor candidates of SPAC, we may be also the one. That's one possibility we don't deny. Thank you. Thank you very much. Next question is from Bloomberg. Mr. or Ms. Pavel. Please unmute, Pavel. I have a question about share buyback. The existing program should be completed by the end of this day, today. You spent about JPY 200 billion per month to repurchase shares. I wonder if there will be another commitment, or if not, how much do you think you can support a share price going forward? At an appropriate time, we may make an announcement of further share buyback. At the moment, there's no decision made with regards to further share buyback. You mentioned that supporting share price. Once you make announcement and do share buybacks, in many cases, share price may go up. Supporting share price is not the goal. If you think it's beneficial for us to buy back shares, we will do. At the same time, we need to keep looking at investment opportunities and also need keep looking at LTV and balance sheet. If share price remained underperformed for a long time, yes, we will consider buying back our own shares. We are looking at a lot of options and balances and make appropriate decisions accordingly. Next question, please. Thank you very much. We will take a question from Owada-san from Nikkei BP. Thank you. Can you hear me okay? Yes. Thank you. I would like to ask you the utilization of digitalization in Japan. Digital Agency has established, and now that digitalization is ongoing in Japan, but at the same time, the benefits distributions has been complicated. Vaccination systems still have a challenge in IT side. You must add that the mention that Japan should be advanced country in digital, or digitalization, or IT. To increase such an capability, what we should do? You, the IRR, 43%, how can you contribute to Japanese society in terms of digitalization? I believe there are about 1,000 unicorns around the world, especially focusing AI. In Japan, there are only three companies. Definitely, we are behind in terms of AI revolution, that's the fact. Digital transformation, or in the next steps, AI transformation is waiting for us, ahead of us. Digital is already the common sense. If it's not digitalized already, we are not in the starting line yet. There are many people still using facsimile for sharing the result of PCR testing, for example. That's very embarrassing. Even cannot talk about that. That digital transformation is, of course, we have to do. On top of that, now that the global society is now competing against AI technology, we should be on the same starting line, not behind the starting line. We have to be on the same stage with the other countries. If there's 1,000 companies around the world, we should have about 100, 10% should be coming from Japan. That means that concerns me a lot as well. At the same time, I'm not a politician. I am not a decision-making body or process person or anything. What we're doing as one company, we're just showcasing our success track record by doing our businesses, investing in global companies, hoping that we'll be able to, Japan will be motivated to do the same. Hoping that we'll be able to have good unicorns to be raised in Japanese market as well. I'm thinking, how can we set the environment? I do have some ideas, but it's too early to tell. Hope that we'll be able to have a ground so that the Japanese unicorn be able to raise in Japanese market. Probably, it's too early to discuss at this moment regarding what kind of idea I have at this moment. I'm pretty sad to see the current situation of Japan. Thank you. Next question is from Yamamoto-san from Asahi Shimbun. Thank you very much for taking my question. Yamamoto from Asahi Shimbun. Looking at the earnings results, you mentioned that some people may see it as by accident, but also you said that you're not satisfied with five, six, JPY 10 trillion. You delivered the biggest income amongst the Japanese companies, and in the past, Toyota had been the top on the list in terms of income, but you are exceeding Toyota. What's your view? Yes. JPY 6 trillion of net income, just actually by accident, broadly speaking. We are not over proud of that, but we achieved that, and I don't want it to be just one time. I want to make sure that we can go further with systematic approach. Again, we have a lot of learnings and regrets. So long as we learn from those lessons, we have opportunity for improvement and growth. Eventually, many people hopefully will stop saying that, oh, it's just one time by accident. We will definitely be a sustainable profit maker. That's our passion. Thank you very much. We are about time. Next question will be the last question. Now that we would like to take a question from Ishikawa-san from Freelance. Yes, this is Ishikawa-san speaking. So 40 years of history in SoftBank Group, there are NTT, MIT, or MIC that you've been battling or competing, that there are some entertainment dinner issue between NTT and MIC. How did you take that discussion? Our supervised agency writes that we are not receiving any parachuting from such supervising agency. We have been communicating internally and externally. Dinner or entertainments with supervising agency should not be happening. We don't do that. Actually, even more bigger issue is JPY tens of millions paid to receive parachuting from a supervising agency. That can be a human resource issue. It's a human resource bribery. A JPY 50,000, JPY 10,000 dinner is rather small amount. Actually, tens of millions of yen parachuting from such government agency, taking the position in the company just about two years in between and continuously receive such parachuting resources from governmental offices. That's, if not a bribery, what is? Why people don't really doubt about or ask about it? It's not only the certain company, but it's actually industry, in any industry. That's structural issue. I believe that we should be more upset about. Vaccinations, for example, pharmaceutical companies, or there are so many things that I would like to discuss here, but today is just an earnings results announcement. I shouldn't be off the course, in terms of such discussions. Also, if I say one word, SoftBank Corp employees, managements, it will be negatively received. I always put up is whatever I want to say because it's going to be negatively damaged to our SoftBank Corp managements. But sometimes I may need to say a thing, but for today, this is earnings results announcements, and very end of my presentation, I don't want to make any off-the-course discussion or speech.