Q1 2024 SoftBank Group Corp Earnings Call
From left.
Speaker Change: We have yeah. She meets the gold toe board director and CFO.
Speaker Change: Cosmical Accumulator corporate officer, Senior Vice President and head of accounting unit.
Speaker Change: Now need Gogo CFO SB investment advisors NSP Global advisors.
Jason Child: And last but not least Jason child Executive Vice President CFO.
Speaker Change: Thank you very much for your understanding that Jason is attending over them.
Speaker Change: Today's announcement is live broadcast over the Internet.
Speaker Change: Now I would like to invite you all she needs to go toe to present, you the earnings results and business overview.
Speaker Change: [noise] Mr. Walter please.
Speaker Change: Yeah.
Walter: Well good afternoon, everyone and thank you very much for joining our earnings announcements today.
Speaker Change: Let me see.
Speaker Change: That's.
Speaker Change: Explanation on the earnings results for the first three months period.
Speaker Change: 'twenty 'twenty four.
Speaker Change: This is the first phase.
Speaker Change: The first quarter. So this is the end of June number that the we are sharing with you.
Speaker Change: So you see that this is a mugger stay does up until the end of June that was the market. However, after this we had a big volatility in the market and this is our current estimation. So you can see.
Speaker Change: On your far left.
Speaker Change: At the end of September last year, which was the tightening Obama appeal. So studying us then.
Speaker Change: And share price.
Speaker Change: And SPG share price.
Speaker Change: And also some.
Speaker Change: Kippy our indexes.
Speaker Change: The we tried to compare those movements.
Speaker Change: You can see the that they yesterday the day before yesterday that was a big.
Speaker Change: Declines in U K since the Black Monday, and yesterday was the biggest record high increase in share price. Okay. So black Monday, if you recall.
Speaker Change: 1987 October 20th.
Speaker Change: On 1987, I graduated from college and starting April.
Speaker Change: I started working at yesterday just bank.
Speaker Change: And then.
Speaker Change: I know one of the fiber from Black Monday, and I believe people here.
Speaker Change: May not at the business circumstance.
Speaker Change: Many of the medias are related people.
Speaker Change: Those younger generations, if you see those three days in the past I understand those are the headlines for the newspaper, but from me because I experienced black Monday, I have a bit different angle because in the past 40 years.
Speaker Change: Market structure.
Speaker Change: Oh.
Speaker Change: Instruments products that are traded in the market.
Speaker Change: Or the payment speed settlement speed or the size of the payments or size of the settlement.
Speaker Change: Germany, because he changed since then along with the technology development Financial Engineering has also developed over the time. So if you only see the numbers of the decline.
Speaker Change: Then that you'd maybe very surprise, but it's not only that I believe the.
Speaker Change: There are.
Speaker Change: Many reasons for the decline and I think that we do need to analyze the market and environment and based on that.
Speaker Change: I believe that that was the reason why for the declines on the day before yesterday and the increase in the yesterday.
Speaker Change: So that will you be able to see the.
Speaker Change: Future.
Speaker Change: Under such a circumstance.
Speaker Change: What kind of.
Speaker Change: Framework are each respective company should be.
Speaker Change: Be prepared.
Speaker Change: And what the software have been preparing for.
Speaker Change: Yeah.
Speaker Change: Our business model.
Speaker Change: I believe it's one of the most unique our business model. We are investment company. We are a strategic investment company, but at the same time, we are also.
Speaker Change: Or exploring are the challenges.
Speaker Change: And the aim of the AI era to come.
Speaker Change: Yeah.
Speaker Change: And we.
Speaker Change: Do need to see the both size.
Speaker Change: Our business model itself.
Speaker Change: Does have a very affluent assets and those assets.
Speaker Change: In principle.
Speaker Change: Our.
Speaker Change: Businesses are companies, who would be able to.
Ms. Hassan: Taken advantage of that era Arrow a S S I era to come as our chairman and CEO Ms. Hassan mentioned at the AGM in our engine.
Speaker Change: This year.
Speaker Change: Also those companies with many new ideas that is going to be in our group.
Speaker Change: Sometimes that we raise them from scratch. So there are a variety of the angles that we're looking at.
Speaker Change: Yeah.
Speaker Change: So why are we monetizing and also raising those assets.
Speaker Change: Grow the business.
Speaker Change: But also.
Speaker Change: We have a shareholders' returns financial improvements.
Speaker Change: Those are.
Speaker Change: Very strong.
Financial status.
Speaker Change: And as a result, we were able to improve our balance sheet and those.
Speaker Change: As a result be able to provide us the room for re emerging did capacity.
Speaker Change: Oh, that's a that can be utilized for the bridge.
Speaker Change: At four to fill the time lag between investment and divestment and the important thing is.
Speaker Change: Yeah.
Speaker Change: So on and off or the gas and brake.
Speaker Change: That those are something that we can completely manageable by the company.
Speaker Change: So more.
Speaker Change: Simply put.
Speaker Change: In business.
Speaker Change: If we invest we need money, if we don't invest we don't need money. So.
Speaker Change: We are we can manage to.
Speaker Change: Do investment or did not do the investments.
Speaker Change: And also we can decide how far are we like to utilize our balance sheet.
Speaker Change: And.
Speaker Change: Our credit and also.
Speaker Change: Yeah.
Speaker Change: Financing possibilities with partners of the concerned parties. There are many experience that we have and most important thing is that the weekend.
Speaker Change: Be flexible based on the changes of the market and the environment.
Speaker Change: And that's the kind.
Speaker Change: Kind of uniqueness of our company.
Speaker Change: Yeah.
Speaker Change: Page six key indicators are this is to remind you once again that the net asset value.
Speaker Change: Of course.
Speaker Change: Varies based on the market set us it all goes up and goes down six months ago at the end of December our net asset value was 19 trillion yen.
Speaker Change: In six months it became doubled.
Speaker Change: Two thirty-five trade Union.
Speaker Change: In the past few weeks.
Speaker Change: What's happening here actually pushing our debt that is but you're down to 25 trillion.
Speaker Change: So in some in several months that the body is varies which is big volatility, but at the same time.
Speaker Change: If you put it into our launch about you as a key performance indicator for our balance sheet, even though it's still about 10, 9% level, which is extremely safe level.
Speaker Change: So from the end of June to today.
Speaker Change: Yeah.
Speaker Change: 10 children in net asset value.
Speaker Change: Degrees, but still the safety nets.
Speaker Change: Yeah.
Speaker Change: Unchanged immaterial way of course cash position, if you don't spend it we can maintain so that the we are.
Speaker Change: Having the same level therefore, more four six to $4 30. This is only from the foreign currency changes.
Speaker Change: So.
Speaker Change: I understand that there are kind of possibility of moving around the figures based on the volatility does in every time of the earnings.
What I am keep telling is that we are not focused on the short term volatilities, but the important thing is that what we are convinced and business models and.
Speaker Change: Target.
Speaker Change: It's gonna be consistent and be prepared for that.
Speaker Change: So.
Speaker Change: Here once again that I wanted to communicate to the safety nets or balance sheet.
Speaker Change: So we do have a very robust stability and the based on the very this such a facility where you like to strive for the Ah is a realization.
Speaker Change: So such a robustness stability.
Speaker Change: It's something that we prepare.
Speaker Change: And leader Masa.
Speaker Change: And also our.
Speaker Change: It teams.
Speaker Change: Is exploring the best way for the ASI to come.
And this is a three months highlights for the first quarter period as I mentioned earlier.
Speaker Change: Or are there you may be seeing sorry.
Speaker Change: I'm, sorry that was from the news flash that the net loss net loss, that's a kind of awards that they've been seeing on the new flash, but the.
Speaker Change: Redo, how 'bout investment gain of $559 7 billion.
Speaker Change: A spike.
Speaker Change: As of the end of June this year and it does it by their attempt to record high.
Speaker Change: We will continuously.
Speaker Change: Yeah.
Speaker Change: Pursuing the realization of ASI through these strategic investments and for the Army is very important and Fortunately performance continues very well.
I'd say to come.
Yeah.
And this is a three months highlights.
Speaker Change: And.
For the first quarter period, as I mentioned earlier.
Speaker Change: Vision fund.
Speaker Change: Yeah.
Or that they you may be seeing.
Speaker Change: Okay.
It's already there from the newest flash that the net loss net loss, that's a kind of awards that they've been seeing on the newsflash, but the.
Speaker Change: <unk> has also turned positive.
Speaker Change: From the performance point of view.
Speaker Change: <unk>.
We do have an investment gain of $559 7 billion.
Speaker Change: Loan to value.
Speaker Change: And the cash positions.
A spike.
Speaker Change: Our financial policy, we will be.
As of the end of June.
And it does it but they are achieved record high.
Speaker Change: Keeping this policy.
We will continuously.
Speaker Change: And also.
Speaker Change: Well, we do.
Speaker Change: Do keep a good balance sheet to be able to be agile in terms of the new opportunities and consolidate the results.
Speaker Change: Pursuing the realization of ASI through these strategic investments and for the arm is very important and.
Speaker Change: Quarter on quarter.
Speaker Change: Fortunately performance continues very well.
You see the positive numbers here.
Speaker Change: And.
Speaker Change: Net income.
Speaker Change: Vision fund.
Speaker Change: It's negative 174, but quarter on quarter. He has increased by 303 billion yen.
Speaker Change: Okay.
Speaker Change: Yeah.
Has also turned positive.
Speaker Change: From the performance point of view.
Speaker Change: Mainly contributed by the foreign exchange.
Speaker Change: And.
Speaker Change: Going to your Buddy.
Speaker Change: In positive point slides investment gang.
Speaker Change: And the cash positions.
Speaker Change: Our financial policy, we will be.
Speaker Change: 559 billion yen of the positive figure recorded.
Speaker Change: Keeping this policy.
Speaker Change: And also.
Speaker Change: So quarter on quarter, one point due to the union of the increase.
Speaker Change: Well, we do.
Speaker Change: Do keep a good balance sheet to be able to be agile in terms of the new opportunities and consolidate the results.
Speaker Change: Investment and net income gain and loss.
Speaker Change: Quarter on quarter.
Speaker Change: Orange lines.
Speaker Change: Gain or loss on investment you see the steady increase.
Speaker Change: You see the positive numbers here.
Speaker Change: Net income.
Speaker Change: Net income of course, this has some ups and downs because of the variety of the reasons, especially net income negative.
Speaker Change: It's negative 174, but quarter on quarter. He has increased by 303 billion yen.
Speaker Change: And part of keeping our investment this is the first quarter because the biggest discrepancy.
Speaker Change: Mainly contributed by the foreign exchange.
Speaker Change: In positive point slides investment gang.
Speaker Change: And I think that the main D. And this is also coming from the foreign exchange.
559 billion yen of the positive figure recorded.
Speaker Change: Gain and loss on investment.
Speaker Change: Reaching this means that we are seeing that our game.
Speaker Change: So quarter on quarter, one point due to union of the increase.
Speaker Change: And here.
Speaker Change: As a holding company, we do have our investments and also investments from vision fund.
Investment and net income gain and loss.
Speaker Change: Orange lines.
Speaker Change: Most of them are in positive this quarter.
Gain or loss on investment you see the steady increase.
Speaker Change: In the past one side is positive the other side is negative but this quarter finally, we see both positive.
Speaker Change: Net income of course, this has ups and downs because of the variety of the reasons, especially net income negative.
Speaker Change: Yes.
Speaker Change: Sure.
Speaker Change: Now, let me share with you our key indicators.
Speaker Change: And part of it being our investment this is the first quarter because the biggest discrepancy.
Speaker Change: NAV L T V and our cash position as of end of Virgin net asset value plenty 35, Chilean Yan.
Speaker Change: And I think that the main D. And this is also coming from the foreign exchange.
Most lately about the G. Five trillion tend to yield down, but we'll see how it goes in the market L. T V very safe level.
Speaker Change: Gain and loss on investment.
Speaker Change: Which investments that we are seeing that our game.
Speaker Change: And here.
Speaker Change: As I mentioned at the last earnings call that's down 10%.
Speaker Change: As a holding company, we do have our investments and also investments from vision fund.
Speaker Change: Yeah.
Speaker Change: From an investment company perspective, our main me me, we don't do a good job, but again. The LTV is very is a safe level and we have a plenty of cash.
Speaker Change: Both of them are in positive this quarter.
Speaker Change: In the past.
Speaker Change: One side is positive the other side as needed, but the this quarter finally, we see both positive.
Speaker Change: Yes.
Speaker Change: Sure.
With regards to the net asset value.
Speaker Change: Now, let me share with you our key indicators.
Speaker Change: Recently, we saw a 10 Chilean down.
Speaker Change: NAV L T V and our cash position as of end of June net asset value plenty 35 Chilean yen.
Speaker Change: If you go down deeper.
Speaker Change: Most lately about the two five trillion tend to yield down, but we'll see how it goes in the market L. T V very safe level.
Speaker Change: I mentioned that.
Speaker Change: It was in 1987, when I joined the bank after graduation.
Speaker Change: I majored in history and the industry.
Speaker Change: As I mentioned at the last earning call less than 10%.
Speaker Change: And.
Speaker Change: Maybe.
Speaker Change: Yeah.
Speaker Change: From an investment company perspective, our main me, meaning we don't do a good job, but again. The LTV is very is a safe level and we have a plenty of cash.
Speaker Change: Yeah.
Speaker Change: I didn't know.
Speaker Change: Why ended up are working and our financial business.
But again as you can see since the 2000 what.
Speaker Change: With regards to the net asset value.
Speaker Change: What happened.
Speaker Change: In the era of a 2000.
Speaker Change: Recently, we saw a 10 Chilean down.
Speaker Change: Their us.
Speaker Change: If you go down deeper.
Speaker Change: So called a net the bubble.
Speaker Change: Or dot com bubble.
Speaker Change: Yeah.
Speaker Change: Back then.
Speaker Change: Left and there's a chart you'll see a small.
Speaker Change: I mentioned that.
Speaker Change: It was in 1987, when I joined the bank after graduation.
Speaker Change: Hill.
Speaker Change: But back then we thought the heel.
I majored in history and the industry.
Speaker Change: Looks like a mountain.
Speaker Change: And.
But now we are seeing similar ups and downs.
Speaker Change: Maybe.
Speaker Change: I didn't know.
Speaker Change: I think that there are similarities in the ear of 2000 and now.
Why ended up are working and our financial business.
Speaker Change: But again as you can see since the 2000 what happened in.
Speaker Change: So what drove the.
Speaker Change: In the era of at 2000.
Speaker Change: The increase and decrease.
Speaker Change: Their us.
Speaker Change: In the year or two the patent.
Speaker Change: Called a net the bubble.
Speaker Change: How much power for the Internet doors.
Speaker Change: Or dot com bubble.
Speaker Change: Back then.
Speaker Change: And.
Speaker Change: Left and there's a chart you'll see a small.
Speaker Change: How much.
Speaker Change: Value that's in Internet could create.
Speaker Change: Hill.
Speaker Change: But back then we thought the heel.
Speaker Change: Our people are watching the upside of the internet and the capability of the Internet.
Speaker Change: Looks like a mountain.
Speaker Change: And then.
Speaker Change: But now we are seeing similar ups and downs.
Speaker Change: Yeah.
The value went up but now.
Speaker Change: I think that there are similarities in the ear of 2000 and now.
Uh huh.
Speaker Change: Looking at E. L. I I, thank our investors and people are looking at that trend in a similar angle.
Speaker Change: Yeah.
Speaker Change: So what drove the.
Speaker Change: The increase and decrease.
Speaker Change: Yeah.
Speaker Change: In the year or two with ardent.
Speaker Change: Yeah.
Speaker Change: How much power for the Internet doors.
Speaker Change: Yeah, I, sometimes you mentioned.
Speaker Change: And.
Speaker Change: How much.
Speaker Change: Yeah.
Speaker Change: Technology advances.
Speaker Change: Value that internet could create.
Speaker Change: And once technology advances technology.
Speaker Change: Our people are watching the upside of the internet and the capability of the Internet.
Speaker Change: Who did not go back so.
Speaker Change: And then.
Speaker Change: So technology advancement of the lead ship.
Speaker Change: The value went up but now.
Speaker Change: Added about it we don't know how long it takes before the add the valley is tele BARDA, but definitely advancement of a technology should create added value.
Speaker Change: Uh huh.
Speaker Change: Looking at E. L. I I, thank our investors and people are looking at that trend in a similar angle.
Speaker Change: Looking at the far right of the chart.
Speaker Change: F 'twenty 'twenty four Oh it was on the far left of the chart and aim.
Speaker Change: 20 years time.
Speaker Change: Yeah.
Speaker Change: I think that we will see the similar picture.
Speaker Change: Yeah.
Speaker Change: Sometimes you mentioned.
Speaker Change: I experienced a tough time seeing step a block on Monday, and then also I experienced the so called the Lehman shock.
Speaker Change: Technology advances.
Speaker Change: And once technology advances technology.
Speaker Change: Who did not go back so.
Speaker Change: Yeah.
Speaker Change: So technology advancement to lead a chip.
Speaker Change: And the reasons, we're clear back then.
Speaker Change: Add to the value, we don't know how long it takes before the add the valley is daily BARDA, but definitely advancement of the technology should create added value.
Speaker Change: The other issue was longer.
Speaker Change: And by the Asia was carried it artificially that was when a black Monday happened and one of them.
Speaker Change: Looking at the far right of the charge.
Speaker Change: F 'twenty 'twenty four well was on the far left of the chart and aim.
Speaker Change: Lehman shock happened.
Speaker Change: So compared to those are two big events.
Speaker Change: 20 years time.
Speaker Change: Internet Dot com a bubble in the year 2000 and.
Speaker Change: I think that we will see the similar picture.
Speaker Change: I experienced a tough time seeing stuff Black Monday, and then also I experienced the so called the Lehman shock.
Speaker Change: Historic decline of the market that we are looking at recently.
Speaker Change: The situation is not bad actually from the history perspective.
Speaker Change: And the results were clear back then.
Speaker Change: Yeah.
Speaker Change: On Black Monday.
Speaker Change: The issue was longer.
Speaker Change: Yeah.
Speaker Change: Traders or using our fingers and hands for a transaction in trading but now it is completely different fixture anyway my message is.
Speaker Change: And by the issue was carried it artificially that was when a black Monday happened and one of the.
Speaker Change: Our market moves.
Speaker Change: Lehman shock happened.
Speaker Change: In a very short period of time, and we have to take into account when we see the market.
Speaker Change: So compared to those are two big events.
Speaker Change: Internet Dot com a bubble in the ear 2000 and.
Speaker Change: Our forex.
Speaker Change: 10, you move it it was seen in the last three months.
Speaker Change: Historic decline of the market that we are looking at recently.
Speaker Change: Yeah.
Speaker Change: What impact this could have on our about you is it positive or negative or weaker yen actually is a positive a y because as an investment company.
Speaker Change: The situation is not the bad actually from the history perspective.
Speaker Change: Yeah.
Speaker Change: On Black Monday.
Speaker Change: Yeah.
Speaker Change: Asset or asset value is.
Speaker Change: Traders or using our fingers and hands for a transaction in trading but are now is completely different fixture anyway. My message is.
Speaker Change: As a centered around the dollar so a weaker yen had a positive impact on that Nava 2.1 children NIM from accounting perspective, a positive impact on equity, but negative impact on our consolidated net income and by the way if you look at a very.
Speaker Change: Our market moves.
Speaker Change: In a very short period of time, and we have to take into account it wouldn't be you see the market.
Speaker Change: Great number 144, 98 yen, which was as of yesterday.
Speaker Change: Our forex.
Speaker Change: 10 million mover, who I've seen and I've asked a three months.
Speaker Change: So yen.
Speaker Change: Got a strengthened.
What impact this could have on our about you is it positive or negative or weaker yen actually is a positive a y because as an investment company.
Speaker Change: As much as 15 yen in very short of a time.
Speaker Change: If you have a plus 15 P M.
Speaker Change: It could have a mean 600 billion yen of a positive.
Speaker Change: Asset or asset value is.
Speaker Change: Is centered around the dollar so a weaker yen had a positive impact on that Nava 2.1 children him from accounting perspective, a positive impact on equity, but negative impact on our consolidated net income and by the way if you look at a very.
Speaker Change: Anyway, so a forex move it has an impact on on.
Speaker Change: P L and equity and NAV.
Speaker Change: Okay.
Speaker Change: Loan to value lowest leverage ever.
Speaker Change: Great number 144, 98 yen, which was as of yesterday.
Speaker Change: Or the.
Speaker Change: Steve.
Speaker Change: T level is the highest so maybe they have to do more.
Speaker Change: Oh yeah.
Speaker Change: Got a strengthened.
Speaker Change: Our job at cash, but you shouldnt maintain heightened level about 4.3 Chilean E M.
Speaker Change: As much as 15 yen in very short of a time.
Speaker Change: If you have a plus 15 P M.
Speaker Change: This chart shows the change in competition of asset held.
Speaker Change: It could have a mean 600 billion yen of a positive.
Speaker Change: Okay.
Speaker Change: We have been.
Speaker Change: So anyway.
Patricia: Decreasing alibaba, but as Patricia.
Speaker Change: Oh Forex moves it has an impact on us.
For some time.
Speaker Change: P L and.
Patricia: And we had over 51% of Alibaba four years ago, but now we have over 50% of our I mean as of June and so that shows how we are positioned against that and I'm and change in regional competition.
Speaker Change: Our equity and NAV.
Speaker Change: Okay.
Speaker Change: Loan to value lowest leverage ever.
Speaker Change: Or the.
Speaker Change: Steve.
Speaker Change: G level is the highest so maybe they have to do more.
Patricia: As shown here.
Patricia: Four years ago.
Speaker Change: Doing our job at cash budget Shouldnt maintain heightened level about four three trillion yen.
Patricia: I mean, we're concentrated on China.
Patricia: Namely Alibaba, but now we are looking at the Europe.
Speaker Change: This chart shows the change in competition of asset held.
Patricia: More than any other region. So it would be.
Speaker Change: We have been at.
Speaker Change: Decreasing Alibaba if its position for some time.
Patricia: Mitigated the risk of a China centric our position.
Speaker Change: And.
Patricia: And our liquidity.
Speaker Change: We had over 51% of Alibaba four years ago, but now we have over 50% of our I mean as of June and so that shows how we are positioned against E ink I'm and change in regional competition is shown here.
Patricia: It's shown are presented as a percentage of our listed or shifts in our portfolio.
Patricia: As of end of Virgin over 80%.
Patricia: Every year.
Speaker Change: Four years ago.
Patricia: Sure of this share has been going down for three years, but are in the meantime, we.
Speaker Change: My work concentrated on China.
Namely Alibaba, but now we are looking at the Europe.
Patricia: So the down Alibaba its position and a V have a gains in cash which is safe.
Speaker Change: More than any other regions so it would be.
Speaker Change: Mitigated the risk of a China centric our position.
Speaker Change: But for investors who are.
Speaker Change: And our liquidity.
Speaker Change: Concerned about a percentage of listed a sure I believe that that they are happier now looking at the current percentage.
Speaker Change: It's shown are presented as a percentage of our listed as shifts in our portfolio.
And here on a we would like to explain you about though you said you have to realize their site back.
As of end of the June over 80%.
Jim Masa: Bugging, Jim Masa.
Speaker Change: Sure his thoughts.
Speaker Change: Every year.
Speaker Change: At the general shareholders meeting.
Speaker Change: Sure of this share has been going down for three years, but are in the meantime, we.
Speaker Change: Here once again to confirm.
Speaker Change: This is a.
Speaker Change: His kind of comments not me at the quite a big mission of that group that though we are driving evolutions.
Speaker Change: So the down Alibaba its position and a V have a gains in cash which is safe.
Speaker Change: Oh humanity.
Speaker Change: And of.
Speaker Change: But for investors who are.
Speaker Change: That's right, where you would like to realize their side to fulfill our mission.
Speaker Change: And to realize that we would like to drive forward with group wide airports.
Speaker Change: Concerned about a percentage of listed a sure I believe that that they are happier now looking at the current percentage.
Speaker Change: In this air force, especially where you would like to focus on those three areas.
Speaker Change: And here on a where you like to explain you about though you shouldn't you have to realize is high.
Chip: Yeah, chip, which is going to be even more developing armed to be leading that in a data center.
Jim Masa: Fucking Jim Masa.
Chip: It is also essential to develop their I.
Speaker Change: Sure his thoughts.
Chip: N.
Speaker Change: At the general shareholders meeting in.
Chip: How that AI can be helpful.
Speaker Change: And here once again to come from.
Chip: In People's lives and probably the most easiest to see is robots. So those are the main focus for us in the group or for the AI.
Speaker Change: This is a.
Speaker Change: His kind of comments not me at the quite a big mission of a group that though we are driving evolutions.
Chip: And Softbank group as I mentioned in the very beginning of this presentation. I believe is very unique company. This is really difficult to find the peers or the similar company. When we have a dialogue with investors I believe this is one of the agenda because I often asked the questions I got how it.
Speaker Change: Humanity.
Speaker Change: And.
Speaker Change: That's right, where you would like to realize their side to fulfill our mission.
Speaker Change: And to realize that we like to drive forward with group wide airports.
Speaker Change: In these airports, especially where you would like to focus on those three areas.
Chip: Can we compare is if you would like to compare with somebody who would be the company that you pick up but really I cannot really think of any company, that's comparable to our business or.
Chip: Yeah, chip, which is going to be even more developing arm to be leading that yeah data center.
Chip: It's also essential to develop their I.
Chip: N.
Chip: How that AI can be helpful.
All the business model.
Which makes us very unique in the cluster of number one strategy is something that there must have been explaining to you and in this current status.
Chip: In People's lives and probably the most easiest to see is robots. So those are the main focus for us in the group or for the AI.
Chip: This group strategy.
Speaker Change: And Softbank group as I mentioned in the very beginning of this presentation. I believe is very unique company. This is really difficult to find the peers or the similar company. When we have a dialogue with investors I believe this is one of the agenda, because oh I often asked the questions I got how it.
Speaker Change: Still are applied.
Speaker Change: So not that we are not the group only with capital or partnership, but we have business partnerships or the.
Speaker Change: Sharing the visions or the emissions.
Speaker Change: Can we compare is if you would like to compare with somebody who would be the company that you pick up but really I cannot really think of any company, that's comparable to our business or the business model.
Speaker Change: So there are many relationships partnership that we tried to.
Speaker Change: Grasp of all our efforts so that we can create the organic or.
Speaker Change: Which makes us very unique in the cluster of number one strategy is something that they must have been explaining to you.
Speaker Change: Connections with those cause people.
Speaker Change: If you look into one by one for the more specifics.
And in this current status.
Speaker Change: This group strategy.
Speaker Change: Companies.
Speaker Change: These are the companies do we start.
Speaker Change: Still are applied.
We've been investing.
Speaker Change: So not that we are not the group only with capital or partnership, but we have business partnerships or the.
Leigh: These this is leigh.
Leigh: Aim.
Speaker Change: <unk> is one of the company he they specialists at designing developing and commercializing chips for AI and machine learning.
Speaker Change: Yeah.
Speaker Change: Sharing the visions or the emissions.
Speaker Change: It, especially the engineers' resources are very much rich in this company.
So there are many relationships partnership that we tried to.
Lee: Sure Lee.
Lee: Very happy to be able to.
Speaker Change: Grasp.
Speaker Change: Our efforts so that we can create the organic goal.
Have them he never group too.
Lee: Several potential collaborations in partnership with such company.
Speaker Change: Connections with those cause people.
Yeah.
Speaker Change: If you look into one by one for the more specifics.
Lee: And it would be energy.
Lee: In the United States, mainly in United States.
Speaker Change: Companies.
Speaker Change: These are the companies do we start.
Lee: They are pursuing renewable energy platforms.
Speaker Change: We've been investing.
Leigh: These this is leigh.
Lee: And there are already in operations, which is two gigawatts and in conceptual one gigawatt and also they are expanding.
Aim.
Speaker Change: <unk> is one of the company E D specialists are designing developing and commercializing chip for AI and machine learning.
Lee: Okay.
Lee: So currently it's only solar power, but those all exploring the optionality of that.
Speaker Change: It, especially the engineers' resources are very much rich in this company. So are we.
Lee: Energy source.
Lee: In Japan.
Speaker Change: I'm very happy to be able to.
Lee: Our energy business has been sold.
Speaker Change: Hub group too.
Speaker Change: Uh huh.
Speaker Change: I have several potential collaborations in partnership with such company.
Speaker Change: Last year, but the in United States, where you would like to maintain this.
Speaker Change: Yeah.
Speaker Change: And it would be energy.
Speaker Change: Agenda.
Speaker Change: With this company.
Speaker Change: In United States, mainly in United States.
SoftBank Corp.: And for Softbank Corp.
Speaker Change: They are pursuing renewable energy platforms.
SoftBank Corp.: Yeah.
Speaker Change: This is one of the good examples for our airports for ASI.
Speaker Change: And there are already in operations, which is two gigawatts and in conceptual one gigawatt and also they are expanding.
SoftBank Corp.: Softbank Corp. Other telecommunication operator is mainly D thing this datacenter business.
Speaker Change: Okay.
Speaker Change: So currently it's on the solar power, but those'll exploring the Optionality DS.
SoftBank Corp.: Okay, though and also also got so Gary plant a body shop has already been announced.
Speaker Change: Energy source.
Speaker Change: In Japan.
SoftBank Corp.: And utilizing those in variety of the places in Japan.
Speaker Change: Our energy business has been sold.
Speaker Change:
SoftBank Corp.: Or the focus area.
Speaker Change: Last year, but the in United States, where you would like to maintain this.
Speaker Change: Yeah It base.
Speaker Change: Is located.
Speaker Change: Agenda.
Speaker Change: With this company.
Speaker Change: And the way I also like to be the lead.
SoftBank Corp.: And for Softbank Corp.
Speaker Change: The AI data center business and saw that we were able to accumulate.
SoftBank Corp.: Yeah.
Speaker Change: This is one of the good examples for our airports for ESI.
Speaker Change: No House index expertise.
Speaker Change: Robots.
Speaker Change: Softbank Corp. Other telecommunication operator, it's mainly leading this datacenter business.
Speaker Change: There are several investments that we have done and being announced and shared with you at the earnings results announcement.
Speaker Change: Cajun <unk>.
Speaker Change: Okay, though and also also gossip Godley plant a body shop has already been announced.
Speaker Change: If you look back 10 years ago 2014, Pippa was launched.
Speaker Change: Goodbye now.
Speaker Change: And utilizing those in.
Speaker Change: Not only in Japan, but also in the worldwide there he is.
Speaker Change: D of the places in Japan.
Speaker Change: He or she the paper is working.
Speaker Change: Or the focus area.
Speaker Change: And I, sometimes surprise the bump into the pits are in a very unexpected place.
Speaker Change: I base.
Speaker Change: Is located.
Speaker Change: And it is also evolving.
Speaker Change: And the way I also like to be the lead for the AI data center business and saw that we were able to accumulate a know hows index expertise.
Speaker Change: But not only that we have some.
Speaker Change: Areas, such as cleaning robots, well serving robots being also the area that the Softbank robotics are working on and I think that that you've been seeing these are robots. These days if I go Gulf coast that are happened to see the third being robots are the restaurants.
Speaker Change: Robots.
Speaker Change: There are several investments that we have done and being announced and shared with you at the earnings results announcement occasion.
Pippa: If you look back 10 years ago 2014, Pippa was launched.
Speaker Change: Or cleaning robots.
Speaker Change: And our eyes start seeing them more often.
Speaker Change: Goodbye now.
Speaker Change: Not only in Japan, but also in the worldwide there he is.
Speaker Change: When the time is really that I also like to share.
Speaker Change: He or she the paper is working.
Speaker Change: The market shares of those products and so on when but I think they are doing pretty good in shares as well and now that we've been seeing logistics automation.
Speaker Change: And I, sometimes surprise the bump into a pit by in a very unexpected please.
Speaker Change: Is also evolving.
Speaker Change: But not only that we have some.
Speaker Change: Or are you well books or the autonomous driving a those are the kind of a path that we are looking at from the talks about our group's robot robotics business.
Speaker Change: Areas, such as cleaning robots was serving robots being also the area that the Softbank robotics are working on and I think that that you've been seeing these are robots. These days if I go Gulf coast that are happened to see the thought being robots are the restaurants or.
Speaker Change: More specifically these are the industries for the robotics business Valeo Synbiotics.
Speaker Change: Green books, a JV or store Berkshire Gray.
Speaker Change: Cleaning robots.
Speaker Change: And our eyes start seeing them more often.
Speaker Change: So distribution solutions warehouse solutions that though we are partnering are working together to develop the business further.
Speaker Change: When the time is really that I also like to share.
Speaker Change: The market shares of those products and so on when but I think they are doing pretty good in shares as well and now that we've been seeing in logistics automation.
Speaker Change: Okay.
Speaker Change: Oh, okay.
Speaker Change: He made an announcement on Tempus and press conference or whether that's by Mr. Song. Please I'll take a look at the video first Ono, how disorienting it can be when you're diagnosed with the disease.
Speaker Change: Or are you well books or the autonomous driving a those are the kind of a path that we are looking at from the thought about our group's robot robotics business.
Speaker Change: Either your own or that have someone you love, it's like walking in a forest went away feels lost.
Speaker Change: More specifically these are the industries.
Speaker Change: Six of trial and error.
Valeo Synbiotics: For the robotics business Valeo Synbiotics.
Speaker Change: Patients of opinion.
Speaker Change: But what if there was a different clearer path.
Valeo Synbiotics: Green books of JV.
Speaker Change: All store Berkshire Gray.
Speaker Change: Unfortunate by the millions who have come before.
Speaker Change: So distribution solutions.
Speaker Change: Today, an unprecedented amount of data that's being contributed in near real time by physicians researchers and patients around the world.
Speaker Change: Your house solutions that though we are partnering are working together to develop the business further.
Speaker Change: Okay.
Speaker Change: Tampa is at the center of this medicine, we have developed a novel technology that collect structures and analyzes vast amounts of data clinical data source from electronic health care of course.
Speaker Change: Oh, okay.
Speaker Change: You made an announcement on tempus and.
Speaker Change: A press conference or whether that's by Mr. Song. Please I'll take a look at the video first Ono, how disorienting it can be when you're diagnosed with the disease.
Speaker Change: Imaging data from pathology slides and radiology scans.
Speaker Change: Data generated at a scale that was unimaginable just a few short years ago.
Speaker Change: Your own or that have someone you love, it's like walking in a forest went away feels lost.
Speaker Change: I should make all of this data accessible and useful.
Speaker Change: Six of trial and error.
Speaker Change: Managed to put the power of AI, we have developed a platform that is designed to accelerate the discovery of novel target.
Speaker Change: Oceans of opinion.
Speaker Change: But what if there was a different clearer path.
Speaker Change: One forged by the millions who have come before.
Speaker Change: Predicting effectiveness of treatment.
Speaker Change: An unprecedented amount of data is being contributed in near real time by physicians researchers and patients around the world.
Elliot: By lifesaving clinical trials, even diagnose disease Elliot.
Elliot: This groundbreaking technology is being used today by thousands of physicians and oncology cardiology neurology and other disease areas.
Speaker Change: <unk> is at the center of this movement, we have developed a novel technology that collect structures and analyzes vast amounts of data clinical data source from electronic health care Records.
Elliot: But this is just the beginning.
Elliot: Through AI enabled diagnostics, we hope to route every individual to their own unique and optimal therapy.
Speaker Change: Imaging data from pathology slides and radiology scans.
Elliot: And help shape the treatments of tomorrow.
Speaker Change: Molecular data generated at a scale that was unimaginable just a few short years ago. It's our mission to make all of this data accessible and useful.
Elliot: [music] imagine a world devoid of the diseases that have plagued us for millennia.
Elliot: Imagine prolonged life expectancy.
Speaker Change: Just to put the power of AI, we have developed a platform that is designed to accelerate the discovery of novel target.
Elliot: In the end of trial and error.
Elliot: This is data driven precision medicine. This is the future of health care. This is campus.
Predicting effectiveness of treatment.
Speaker Change: Identify lifesaving clinical trials, even diagnose disease earlier.
Elliot: Yeah.
Elliot: Yeah.
Speaker Change: This groundbreaking technology is being used today by thousands of physicians and oncology cardiology neurology and other disease areas.
Elliot: As you can see on the slide.
Elliot: And the United States temper us as a partner in that walk a truth out in hospitals.
But this is just the beginning.
Elliot: And.
Speaker Change: Through AI enabled diagnostics, we hope to route every individual to their own unique and optimal therapy.
Elliot: You've got the seven 7 million number of cancer of course in the U S.
Speaker Change: Imaging data sample sequences and D N a N R and data they have got a plenty of data and of course, they expanded dataset.
Speaker Change: And help shape the treatments of tomorrow.
Speaker Change: [music] imagine a world devoid of the diseases that have plagued us for millennia.
Speaker Change: So that they can build a leading AI enabled diagnostic platform in Nevada, it's still progressing.
Speaker Change: Imagine prolonged life expectancy.
Speaker Change: The end of trial and error. This is data driven precision medicine. This is the future of health care. This is tempus.
Speaker Change: And are there are opportunities for them to play a key role.
Speaker Change: Yeah.
Speaker Change: They have a three product offerings genomic testing medical data aggregation and analysis and our insights and therapy selection.
Speaker Change: As you can see on the slide.
Speaker Change: And the United States temper us as a partner and that's the work of truth out in hospitals and are they have got the seven points of a million number of cancer of course in the U S.
Speaker Change: Yeah.
Speaker Change: And.
Speaker Change: Imaging data sample sequences and D N a N R and data they have got a plenty of data and of course, they expanded dataset.
Speaker Change: People.
Speaker Change: And the medical field are working so hard.
Speaker Change: And I believe that.
Speaker Change: This kind of technology help them to reduce their workload and work time it.
Speaker Change: Yeah.
Speaker Change: So that they can build the leading AI enabled diagnostic platform in the water it's still.
Speaker Change: And the Tempus business should play a key role and that's a process.
Speaker Change: Progressing.
Speaker Change: And are there are opportunities for them to play a key role.
Speaker Change: And.
Speaker Change: We established a joint company S B Tempest.
Speaker Change: They have a three product offerings genomic testing medical data aggregation and analysis and our insights and therapy selection.
Speaker Change: Softbank group.
Speaker Change: While investing in 10, plus AI also invest it.
Speaker Change: And SP Tampa, Likewise, Tempus invested a N S b tempus and they will start in full operation as of August 1st They started full scale operations as of August the first.
Speaker Change: Yeah.
Speaker Change: Yeah.
Speaker Change: And.
Speaker Change: People.
Speaker Change: And the medical field are working so hard.
Speaker Change: And I believe that.
Speaker Change: This kind of technology help them to reduce their workload and work time it.
Speaker Change: Okay.
Speaker Change: And looking at the numbers invested amount for the first quarter was about 91.9 Julian.
Speaker Change: And the temp business should play a key role and that's a process.
Speaker Change: Significant increase from the past two quarters looking back at the history, usually Q1.
Speaker Change: And.
Speaker Change: We established a joint company S B Tempest.
Speaker Change: Had a heavy investment quarter.
SoftBank Group: Softbank group.
Speaker Change: Because.
While investing in 10, plus AI also invest it.
Some deals.
SoftBank Group: S B tempus Likewise tempus invested in S. B tempus and they won't start in full operation as of August 1st They started full scale operations as of August the first.
Speaker Change: Sure done earlier than planned until the March and our numbers or our reveal what was it in April and or worse in any case, all we have been building our investments are in a steady manner.
Speaker Change: Talking about the divestments and monetization huh.
SoftBank Group: And looking at the numbers invested amount for the first quarter was about $91 nine Julian.
Speaker Change: The contingent capital recycling.
SoftBank Group: Significant inquiries from the past two quarters looking back at the history, usually Q1 had a heavy investment quarter.
Speaker Change: Yeah.
Speaker Change: For T mobile shares.
Speaker Change: $6 7 million of T mobile share sold to Deutsche Telekom for monetization and also all interest in force yourself or sold.
SoftBank Group: Because.
SoftBank Group: Some deals or done earlier than planned until the March and our numbers or our reveal what was it in April and or worse in any case, all we have been building our investment.
Speaker Change: But group.
Speaker Change: And also likewise Softbank vision fund.
Speaker Change: Oh, so the investments, including a sense time and pay T M.
Speaker Change: The purpose of monetization. So all in all about 400 billion yen that was monetized in FY 'twenty for export that one let me talk about now.
SoftBank Group: In a steady manner.
Speaker Change: Talking about the divestments and monetization huh.
Speaker Change: The contingent capital recycling.
Speaker Change: First our revenue.
Speaker Change: Yeah.
Speaker Change: Continuous a record high.
Speaker Change: Yeah.
Speaker Change: 14, most yes.
Speaker Change: In fact above analyst consensus of one nine.
Speaker Change: $6 7 million of T mobile share sold to Deutsche Telekom for monetization and also all interested in thoughts yourselves or sold at you, but there are a group.
Speaker Change: 3 million operating income.
65% year on year.
Speaker Change: Yeah.
Speaker Change: Yeah.
Speaker Change: At $448 million.
Speaker Change: And also likewise Softbank vision fund.
Speaker Change: The other day when arm.
Speaker Change: Sold investments, including a sense time and pay T M.
Speaker Change: Now it's their financial results.
She had a guide us.
Speaker Change: For the purpose of monetization. So all in all about 400 billion yen that was monetized in FY 'twenty for export that one let me talk about all of them now.
Speaker Change: Yeah.
Speaker Change: Revenue for the second quarter guidance is 780 million to $830 million.
Speaker Change: For the full year guide.
Speaker Change: First our revenue.
Speaker Change: Guidance stayed the same.
Speaker Change: Continuous a record high.
Speaker Change: From a conservative perspective.
Speaker Change: In fact above analyst consensus of 190 Threep.
Speaker Change: Is growing steadily.
Speaker Change: 3 million operating income.
Speaker Change: And in healthy manner.
Mr Song: And Mr song has beam.
Speaker Change: 65% year on year.
Speaker Change #101: We're growing out our growth strategy for our on it.
Speaker Change: Yeah.
Speaker Change: At $448 million.
Speaker Change #102: And he places army.
Speaker Change: The other day.
Speaker Change: In arm a announce their financial results they shed a guide us.
Speaker Change #101: At the center of the group strategy.
Speaker Change #101: And.
Speaker Change: Yeah.
Speaker Change #101: Going forward.
Speaker Change: Revenue for the second quarter guidance is 780 million to $830 million.
Speaker Change #101: [laughter].
Speaker Change #101: We want to make sure that.
Speaker Change #101: Yeah.
Speaker Change #103: We eat girl or them as a business to deliver a specific cash for them.
Speaker Change: For the full year.
Speaker Change: Guidance stayed the same.
Speaker Change #103: And.
Speaker Change: From a conservative perspective.
Speaker Change #103: Alright, the timing I believe that will B E.
Speaker Change: Is growing steadily.
Speaker Change #103: Appreciate it and evaluate it accordingly.
Speaker Change: And in healthy manner.
Mr Song: And Mr song has beam.
Speaker Change #103: In the last quarter.
Speaker Change: Figuring out a growth strategy for our on it.
Speaker Change #104: Microsoft announced in May.
And he places army.
Speaker Change #104: Copilot, plus Pcs for high AI performance integrating arm based chips for announced.
Speaker Change: At the center of the group strategy.
Speaker Change: And.
Speaker Change #104: Yeah.
Speaker Change: Going forward.
Speaker Change #104: And.
Speaker Change #104: On this chart if you take a look at the far left arm a V nine contribution.
Speaker Change: We want to make sure that.
Speaker Change #104: Royalty revenue is a very predictable a steady revenue that can be expected them and arms. The nine based chips contributed 25% to the.
Speaker Change: We eat girl are on as a business to deliver a specific cash for them.
Speaker Change: And.
Speaker Change: Alright, the timing I believe that <unk> will be.
Speaker Change: Appreciate it and evaluate it accordingly.
Speaker Change #105: Urban you and also.
Speaker Change #105: Shouldn't it million developers.
Speaker Change: In the last quarters.
Speaker Change: Microsoft announced in May.
Speaker Change #105: Accelerating our software development on our I mean.
Speaker Change #105: It was our fifth Jim Maria the last time, we shared with you at our number now nearly 20 million developers are helping arms of growth.
Speaker Change: Copilot, plus Pcs for high AI power foremost integrating arm based chips were announced.
Speaker Change: Yeah.
Speaker Change: And on this chart if you take a look at the far left AMA V nine contribution.
Speaker Change #105: And major hyper scaler.
Speaker Change #105: Yeah.
Tim: The Mega companies in the I T a sector Tim.
Speaker Change: Royalty revenue, it's a very predictable a steady revenue that can be expected them and arms the nine based chips.
Tim: Tim Hyperscale Earth adopt a chip for their data center.
Tim: Building.
Speaker Change: Contributed a 25% to the.
Tim: And.
Speaker Change #107: Implementation I believe that on or a father of growth for a long time.
Speaker Change: Urban you and also.
Speaker Change #108: Next is built on fund so.
Speaker Change: 2 million developers.
Speaker Change #109: Gain or loss on investment in quota they basis it turned to a positive this time.
Speaker Change: Yeah.
Speaker Change: Accelerating our software development on our I mean are.
Speaker Change #108: And.
Jim Maria: It was our fifth Jim Maria the last time, we shared with you. The number now nearly 20 million developers are helping arms of growth.
Speaker Change #108: Gain or loss.
Speaker Change #108: Cumulative gain and loss on investments.
Speaker Change #110: You see either almost flat.
Speaker Change #111: And I believe we are on the path to the improvements you don't find one and two if you breakdown is you'll find one for this quarter was very good.
Jim Maria: And a major hyperscale theirs.
Jim Maria: The Mega companies in the I T a sector.
Jim Maria: Hyperscale Earth.
Speaker Change #111: Two to about.
Speaker Change #111: Two point atrium.
Speaker Change: A chip.
Speaker Change: For their data center.
Speaker Change #111: Visual one too.
Speaker Change: Building and.
Speaker Change #111: Because the timing of the investment.
Implementation, I believe that on or off or the AR growth for a long time.
Speaker Change #112: What was.
Speaker Change #112: Relatively high in the.
Speaker Change: Nick says, we don't fund so gain.
Speaker Change #112: Book value.
Speaker Change: Gain or loss on investment in quarterly basis, it turned to a positive this time.
Speaker Change #112: And also we still haven't spent enough time seen them stay in business.
Speaker Change: And.
Speaker Change #112: So I believe that the mutual fund too.
Speaker Change: Gain or loss.
Speaker Change: Cumulative gain and loss on investments.
Speaker Change #112: 101 Hudson recovered over time, so I believe that the visual one too.
Speaker Change: You see he the almost flat.
Speaker Change #112: So it takes some time, including some new investments that we would like to follow or they're good pets to the improvements and our cumulative investments region 89 point might be the on the other investment costs and now its cumulative members familiar with $109 1 billion.
Speaker Change: And I believe we are on the path to the improvements you don't find one and two if you break down did you find one for this quarter was very good.
Speaker Change: Due to about.
Speaker Change: Three atrium.
Speaker Change #113: You don't want to.
Speaker Change: Visuals on too.
Speaker Change #113: Investment cost $53 billion.
Speaker Change: Because the timing of the.
Speaker Change: The investment.
Speaker Change #113: Cumulative investment return $31.1 billion.
Speaker Change: What was.
Speaker Change: Relatively high in the.
Speaker Change #114: So where you would like to make sure to fulfill the discrepancy here.
Book value.
Speaker Change: And also we still haven't spent enough time soon and stay in business.
Speaker Change #114: Yes.
Speaker Change #115: In the indices or the portfolio companies state does this quarter.
Speaker Change: So I believe that the mutual fund too.
Speaker Change #115: We had one.
Speaker Change: 101 has recovered over time, so I believe that the visual one too.
Crystal: Crystal by.
Crystal: Went public this quarter.
Speaker Change: So it takes some time, including some new investments are that we would like to follow or they're good pets to the improvements in the cumulative investment region 89.2, IBD and other investment costs and now its cumulative investment and we've done $109 1 billion.
Crystal: And other than that.
Mainly they stage.
Crystal: Your portfolio companies are.
Crystal: Yeah.
Crystal: Good in times of possibilities in <unk> B.
Crystal: Becoming a public company and now we are very excited to see those.
Speaker Change: You don't want to.
Speaker Change: Investment cost $53 billion.
Crystal: Yes.
Crystal: And these are good examples of the investments that they don't want me to be suddenly mutual fund to mate.
Speaker Change: Cumulative investment return $31.1 billion.
Speaker Change: So where you would like to make sure to fulfill the discrepancy here.
Speaker Change #117: She is a very tough time.
Speaker Change: Yes.
Speaker Change #117: Last year that we have shifted to the offense mode again.
Speaker Change: And investees or the portfolio companies seek does this quarter.
Speaker Change #117: And we.
Speaker Change #117: Back to the investment mode, but at the same time, we are very selective and also very careful in discussion that the investment committee.
Speaker Change: We had one.
Crystal: Crystal by.
Crystal: When public this quarter.
Crystal: And other than that.
Crystal: Mainly they stage.
Speaker Change #117: To make sure that the carefully selecting the industries from the vision fund two.
Crystal: The portfolio companies are.
Crystal: Yeah.
Crystal: Good in times of possibilities in.
Speaker Change #117: Last but not least our financial strategy.
Crystal: Becoming a public company and now we are very excited to see those.
Speaker Change #117: Past three months rating.
Speaker Change #118: How it's been.
Speaker Change #118: A very positive.
Crystal: Yes.
Speaker Change #119: For our company of course, we took some time to come this way, but the G E R.
Speaker Change: And these are good examples of the investments that they don't want me to be suddenly mutual fund to mate.
Speaker Change #119: First upgrade in 12 years.
Speaker Change: She is a very tough time.
Speaker Change #119: S M T.
Speaker Change: Last year that we have shifted to the offense mode again.
Speaker Change #119: There are some discussions that I also shared with you in earnings result announcement, but the year ago because of the Arista chess. She has a visit that's the shares are what's the reason to downgrade it but these are recovered and back upgraded in just one year.
Speaker Change: And we.
Speaker Change: Back to the investment mode, but at the same time, we are very selective and also very careful in discussion that the investment committee to make sure that the carefully selecting the investees are from the vision fund two.
Yeah.
Speaker Change #119: Many changes happening, but our financial policy never change.
Speaker Change: Last but not least our financial strategy.
Speaker Change: Past three months rating.
Speaker Change: How it's been.
Speaker Change #119: So this is our most our highest priority and while keeping this financial policy, then that we'd be able to keep our investments amount and our strategy too.
Speaker Change: A very positive.
Speaker Change: For our company of course, we took some time to come this way, but the dizzy or.
Speaker Change: First upgrade in 12 years.
Speaker Change #119: In.
Speaker Change: S M P.
Speaker Change #120: Equity market could it market wholesale retail in divide the varieties of the aspects. We also like to make sure that we can build and cheap the good relationship with those investors.
Speaker Change: Okay.
Speaker Change: There are some discussions that I also shared with you in earnings result announcement, but the year ago because of the Arista chess. She has a visit that's the shares are what's the reason to downgrade it but these are recovered and back upgraded in just one year.
Speaker Change #120: And for that Investor Relations will be also a we were making efforts in investments relation activities.
So once again no change in our financial policy financial strategy for fiscal 2024 two.
Speaker Change: Many changes happening, but our financial policy never change.
Speaker Change #120: Today, we also announced a share buyback.
So this is our most our highest priority and while keeping this financial policy, then that we'd be able to keep our investments amount and our strategy too.
Speaker Change #120: Yeah.
Speaker Change #121: Of course, there are many agenda to discuss for this matter, but that our board there are enough discussion mate.
Speaker Change #121: And we believe this is a time too and we were able to choose the best timing to decide this at this time, we decided 500 billion yen or by one year.
Speaker Change: In.
Speaker Change: Equity market could it market wholesale retail in divide the varieties of the aspects. We also like to make sure that we can build and cheap the good relationship with those investors.
Speaker Change #121: To execute.
Speaker Change #122: In what way in how we.
Speaker Change #122: We.
Speaker Change: And for that Investor Relations will be also a we would make an enforcement ambitions relation activities.
Speaker Change #123: To put this is a lot of discretion.
Speaker Change #123: Once again, our first quarter summary.
Speaker Change: So once again no change in our financial policy financial strategy for fiscal 2024 two.
Speaker Change #123: As you can see from the number one to number six a day busy body, we're able to cover these agenda in our presentation of course market. This stuff, but our financial state is very robust and stable and.
Speaker Change: Today, we also announced a share buyback.
Speaker Change: Yeah.
Speaker Change: Of course, there are many agenda to discuss for this matter, but that our board there are enough discussion mate.
Speaker Change #124: Uh huh.
Speaker Change #125: Aim is say.
Speaker Change #126: That's the way you would like to bring it happen as early as possible. So that we would be able to provide we will not just support providing.
Speaker Change: And we believe this is the time too and we were able to choose the best timing to decide this at this time, we decided 500 billion yen or by one year.
Speaker Change #127: ASI services and at the same time, we would like to lead such a movement.
Speaker Change: To execute.
Speaker Change #127: As a softbank group.
Speaker Change: In what way in how we.
Speaker Change #127: That concludes my presentation for today, Thank you very much.
Speaker Change: We.
Speaker Change: To put this is a lot of discretion.
Speaker Change #127: Now I would like to take questions.
Speaker Change: Once again, our first quarter summary.
Speaker Change #128: First we'd like to take questions from the floor.
Speaker Change: As you can see from the number one to number six a day busy body, we're able to cover these agenda in our presentation of course market. This stuff, but a lot of financial state is very robust and stable and.
Speaker Change #129: Please wait for the microphone and start with your name and affiliation.
Speaker Change #130: For those who are on Jimmy Please press raise hand, the baton and wait for your name is called.
Speaker Change: Uh huh.
Speaker Change: Aim is say.
Speaker Change: That's the way you would like to bring it happen as early as possible. So that we would be able to provide we will not just support providing.
Speaker Change #130: Yeah.
Speaker Change #130: Yeah.
U S services and at the same time, we would like to lead such a movement.
Speaker Change #130: If you'd like to enjoy a question please press la hand about them.
Speaker Change: As a softbank group.
Speaker Change: That concludes my presentation for today, Thank you very much.
Speaker Change #130: Please also refrain from connecting to other live stream to avoid any echoing if your access to the Japanese Jimmy Please ask a question in Japanese we'd like to take up to two questions per person. So that we can take questions from as many people as possible.
Speaker Change: Now I would like to take questions.
Speaker Change: First we'd like to take questions from the floor.
Speaker Change #100: Please wait for the microphone and start with your name and affiliation.
For those who are on June please press raise hand, the baton and wait for your name is called.
Speaker Change #131: First from the floor.
Speaker Change #130: Yeah.
Speaker Change #130: Yeah.
Speaker Change #130: Yes.
Speaker Change #132: Oh, no former Yomiuri paper two questions.
Speaker Change #133: Looking at the latest of market condition.
Speaker Change #100: Yeah.
Speaker Change #100: Yeah.
Speaker Change #134: You mentioned that your financial policy remains the same at but Joe I Wonder if it could have an impact on your investment policy neither.
Speaker Change #100: If you'd like to enjoy a question please press la hand about them.
Speaker Change #100: Please also refrain from connecting to other live stream to avoid any echoing if your access to the Japanese Jimin. Please ask a question in Japanese we'd like to take up to two questions per person. So that we can take questions from as many people as possible.
Speaker Change #135: Goes down a little bit are you going to be a more cautious or careful and the share price goes down and that could be an opportunity for you to make any investment would you like to accelerate the pace of the investment what's your views are.
Speaker Change #101: First from the floor.
Joe: In terms of the market condition versus the impact on your policy and the second question.
Speaker Change #101: Yeah.
Speaker Change #134: Yeah.
Speaker Change #101: Yeah.
Speaker Change #136: Kudos I mentioned that.
Speaker Change #102: Oh, no former Yomiuri paper two questions.
Speaker Change #138: At the I T bubble in 2000, and every center situation are similar and you mentioned that our situation is not bad could you elaborate on that.
Speaker Change #101: Yeah.
Speaker Change #103: Looking at the latest of market condition.
Speaker Change #104: You mentioned that your financial policy remains the same but I wonder if it could have an impact on your investment policy neither.
Speaker Change #139: Compared to the Lehman shock and Black Monday.
Speaker Change #140: Because you have high expectations to AI for example that it is more real.
Speaker Change #105: Goes down a little bit are you going to be a more cautious or careful and the share price goes down and that could be an opportunity for you to make any investment would you like to accelerate the pace of the investment. What's your views are in terms of the market condition versus the impact on your part.
Speaker Change #141: Is that why you mentioned that that the.
Speaker Change #142: This situation is not that bad.
Speaker Change #143: So again, if you could elaborate on your view when you mentioned the situation right now is not that thank you very much for a question. The first question.
Speaker Change #106: Let's see and the second question.
Speaker Change #105: Yeah.
Speaker Change #142: Yes.
Speaker Change #107: Kudos I mention that.
Speaker Change #144: Well the day before yesterday the biggest.
Speaker Change #108: At the I T bubble in 2000, and a recent Oh situations are similar and you mentioned that our situation is not bad could you elaborate on that.
Speaker Change #144: Depth and history, Andy yesterday biggest arise in history. The market is so volatile and there'll be of course a cautious.
Speaker Change #109: Compared to the Lehman shock and Black Monday.
Speaker Change #145: How the market react.
Because you have high expectations to AI for example that it is more real.
Speaker Change #146: Could lead it to abolish them when it comes junior investment I think in.
Speaker Change #110: Is that why you mentioned that that the the.
Speaker Change #147: In a sense, maybe we should be.
Speaker Change #146:
Speaker Change #111: This situation is not the badger.
Speaker Change #148: Protective and conservative, but in general I think it's a good opportunity for our investment in General for example, we have a full three towards the end of our cash position people asking Oh, how are you going to use the cash position.
Speaker Change #112: So again, if you could elaborate on your view when you mentioned the situation right now is not bad. Thank you very much for a question. The first question.
Speaker Change #111: Yes.
Speaker Change #113: Well the day before yesterday the biggest.
Speaker Change #149: We have a 4.3 trillion on our balance sheet, which means we have a very healthy financial position. So we already have.
Speaker Change #113: Depth and history, Andy yesterday biggest arise in history. The market is so volatile and there'll be of course a cautious.
Speaker Change #149: Our final show Healthiness.
Speaker Change #149: When you make an investment or the health he ness gets.
Speaker Change #113: How the market reacts.
Speaker Change #149: Before I send it but we need to figure out are the best bad we want to make a new investment and also we want to focus on return to our shareholders.
Speaker Change #114: Could lead it to evolve Ishum when it comes junior investment I think in.
Speaker Change #115: In a sense, maybe we should be.
Speaker Change #149: We've made an estimate of the share buyback for example, because we thought now is a good time.
Speaker Change #114:
Speaker Change #115: Protective and conservative but in general I think that's a good opportunity for our investment in General for example, we have a full 0.3 trillion up a cash position people asking Oh, how are you going to use the cash position.
Speaker Change #149: Yeah.
Speaker Change #149: We're in the market.
Speaker Change #149: Trend is downward that could have a that could pose an opportunity for investment but again.
Speaker Change #115: We have a full 0.3 trillion on our balance sheet, which means we have a very healthy financial position. So we already have such a financial healthiness.
Speaker Change #149: Since the market is so volatile or we have to be careful but in general a good opportunity for new investment in general Germany.
Speaker Change #115: When you make an investment or the health he ness gets.
Speaker Change #150: To your next question.
Speaker Change #115: Before I send it but we need to figure out are the best balance we want to make a new investment and also we want to focus on return to our shareholders.
Speaker Change #150: Yeah.
Speaker Change #151: So I don't want to elaborate too much on what I said.
Speaker Change #151: But.
Speaker Change #151: When the dot com.
Speaker Change #152: Bubble bursted.
Speaker Change #115: We've made enough so much of the share buyback for example, because we thought now is a good time.
Speaker Change #152: The leading companies back then one Amazon Microsoft and.
Speaker Change #115: We're in the market.
Speaker Change #115: Trend is downward that could have a that could pose an opportunity for investment but again.
Speaker Change #152: Google that emerge it later.
Speaker Change #152: In fact that those companies.
Speaker Change #115: Since the market is so volatile that we have to be careful but in general a good opportunity for new investment in general Germany.
Speaker Change #152: Are the top 10.
Speaker Change #152: In terms of our market cap now.
Speaker Change #152: But then you didnt really appreciate of their value.
Speaker Change #117: Sure. Your next question.
Speaker Change #152: And the year 2000.
Speaker Change #152: Something was on Korea, but we had hikes would take expectation to the internet, but we didn't know exactly how much additive value are the internet could create.
Speaker Change #117: Yeah.
Speaker Change #117: So I don't want to elaborate too much on what I said, but.
Speaker Change #118: And then on the Dot com.
Speaker Change #119: Bubble bursted.
Speaker Change #152: Yeah.
Speaker Change #119: Yeah.
Speaker Change #152: Let's say we have property.
Speaker Change #119: The leading companies back then one Amazon Microsoft and.
Speaker Change #152: And how much of the property.
Speaker Change #119: Google that emerge it later.
Speaker Change #152: Cost.
Speaker Change #119: In fact that those companies.
Speaker Change #152: There was a truly bubble and that when it comes to speculative investment.
Speaker Change #119: Are the top 10.
Speaker Change #119: In terms of our market cap now.
Speaker Change #153: Yes body for sure.
Speaker Change #119: Back then we didn't really appreciate of their values.
Speaker Change #152: Yeah.
Speaker Change #152: But.
Speaker Change #119: In the year 2000.
Speaker Change #152: In the era of bubble.
Speaker Change #152: And in the era of evaluation Oh for the future opportunity there might be an odd differences between those AR days.
Speaker Change #119: Something was on Korea, but we had hikes would take expectation to the internet, but we didn't know exactly how much additive value are the internet could create.
Speaker Change #154: Next question.
Speaker Change #119: Yeah.
Speaker Change #119: Let's say we have property.
The role long, Steve White shirt person please.
Speaker Change #119: And how much of the property.
Speaker Change #119: Our cost.
Scott: My name is Scott from Nikkei newspaper I have two questions. Please first.
Okay.
Speaker Change #120: There was a truly bubble and when it comes to speculative investment.
Speaker Change #156: Current equity and credit volatility globally.
Speaker Change #120: Yes body for sure.
Speaker Change #157: What do you think is happening.
Speaker Change #158: That's something I would like to ask you and also your financing.
Speaker Change #120: But.
Speaker Change #159: Does it gotta be impacted I believe that the you are raising in yen and the investing in overseas.
Speaker Change #120: In the era of bubble.
Speaker Change #120: And in the era of a.
Speaker Change #120: Evolution.
Speaker Change #160: The right long or refinancing bond issuance will continuously address those.
Speaker Change #121: Well for the future opportunity there might be an odd differences between those AR days.
Speaker Change #161: My second question is about buyback.
Speaker Change #120: Well next question.
Speaker Change #162: It is.
Speaker Change #122: The role long, Steve White shirt person please.
Speaker Change #163: I believe you do the maths I referred to so masayoshi discount, but is this because of the too much discount is it something that the trigger us to come to this end and also share price sharp decline was that the main reason for your buyback execution.
Speaker Change #122: Okay.
Scott: My name is Scott from Nikkei newspaper I have two questions. Please first.
Speaker Change #124: Current equity and credit volatility globally.
Speaker Change #164: So market volatility reason.
Speaker Change #124: What do you think is happening.
Speaker Change #126: That's something I would like to ask you and also your financing.
Speaker Change #165: I believe there are.
Speaker Change #166: Many scholars.
Speaker Change #127: Does it gotta be impacted I believe that the you are raising in yen and the investing in overseas.
Speaker Change #167: In the world. So maybe I can only see those read those.
Speaker Change #128: The right long or refinancing bond issuance will continuously address those.
Speaker Change #168: Okay that makes our people also explaining analyzing.
Speaker Change #169: But sometimes I may not show that the those are the for example, the employments carry trade. There are many aspects can be a reason for that but in the past two days below D. D D.
Speaker Change #129: My second question is about buyback.
Speaker Change #129: It is.
Speaker Change #130: I believe you do the maths I referred to so masayoshi discount.
But is this because of the too much discount is it something that the trigger to come to this end in there.
Speaker Change #169: May not be the or.
Speaker Change #131: Also a surprise sharp decline was that the main reason for your buyback execution.
Speaker Change #169: On the reasons why.
Speaker Change #170: So you can't really calculate that.
Speaker Change #169: And.
Speaker Change #169: There are speculations.
So market volatility reason.
Speaker Change #169: Or in the past six months of D.
Speaker Change #132: I believe there are.
Speaker Change #169: Market movements.
Speaker Change #133: Many scholars.
Speaker Change #169: And in this does.
Speaker Change #134: In the world. So maybe I can only see those read those.
Speaker Change #169: What kind of activity they should be doing and that judgment has been amplified.
Speaker Change #135: Got it makes our people also explaining analyzing.
Speaker Change #169: And that's somehow that I see the current situation for financing.
Speaker Change #135: But sometimes I may not show that the those are the for example, the employments carry trade. There are many aspects can be a reason for that but in the past two days below D. D D.
Speaker Change #171: At this moment, we don't really see any big change we've been.
Speaker Change #171: Following the credit market and looking at the secondary market and the C. D S, but I haven't seen any.
Speaker Change #135: May not be the or hmm.
Speaker Change #135: On the reasons why we.
Speaker Change #171: Material issues of material situations for those market, if you see credit point of view.
Speaker Change #136: We can't really calculate that.
Speaker Change #136: And.
Speaker Change #136: There are speculations.
Speaker Change #136: Oh in the past six months of D.
Speaker Change #171: Of healthiness or soundness of the balance sheet is the most important and that actually hasn't really changed our tone is our balance sheet has not really changed even though we see such a market volatility.
Speaker Change #136: Market movements.
Speaker Change #136: And in this does.
What kind of activity they should be doing and the judgment has been.
Speaker Change #171: And for the credit investors or analyst and myself I believe we are on the same page from that understanding what was your second question once again sorry.
Speaker Change #136: Amplified.
Speaker Change #136: And that's somehow that I see the current situation for financing.
Speaker Change #137: At this moment, we don't really see any big change we've been following.
Speaker Change #171: Our buyback.
Speaker Change #172: For the decision on buyback.
Speaker Change #137: Although in the credit market and looking at the secondary market and the C. D S, but I haven't seen any.
Speaker Change #173: There are many agenda when it comes to buyback like you said.
Speaker Change #172: Not net asset value discount.
Material is.
Speaker Change #172: Is one aspect.
Speaker Change #137: Issues of material situations for those market, if you see credit point of view.
Speaker Change #172: Share price itself is also on our agenda.
Speaker Change #172: [noise] environment.
Speaker Change #137: Of healthiness or soundness of the balance sheet is the most important and that actually hasn't really changed our tone is our balance sheet has not really changed even though we see such market volatility.
Speaker Change #172: When it moves dramatically how it goes.
Speaker Change #172: It can be.
Speaker Change #172: In the past two weeks ago, our share price those are like 10000 yen and all of the sudden went down to 6000 yen and how they're going to move.
Speaker Change #138: And for the credit investors or other leased and myself I believe we are on the same page from that understanding what was your second question was again sorry.
Speaker Change #172: It's not that logical figures for our share price, but the market itself is also the Ova sure thing or Dallas, you didn't get it goes ups and downs, sometimes it declines continuously sometimes it's not so we whenever we have such a worst case scenario.
Speaker Change #138: Our buyback.
Speaker Change #139: For the decision on buyback.
Speaker Change #140: There are many agenda when it comes to the buyback like you said.
Speaker Change #141: Not net asset value discount.
Speaker Change #142: Is one aspect.
Speaker Change #172: Ill.
Speaker Change #172: Then.
Speaker Change #142: Share price itself is also on our agenda.
Speaker Change #172: We decide what can we do for the stakeholders and we do believe that that needs to be communicated to the market. What is our preparations what is the framework that we are preparing for but at the same time in the previous question that can be a good opportunity for investment as well and if this confusion even goes farther than that.
Speaker Change #143: Uh huh.
Speaker Change #143: Environment.
Speaker Change #144: When it moves dramatically how it goes.
Speaker Change #143: It can be.
Speaker Change #143: In the past two weeks ago, our share prices are like 10000 yen and all of the sudden went down to 6000 yen and how theyre going to move.
Speaker Change #174: Even more important thing is our balance sheet soundness. So we would like to take a good balance in between those two and decided on this 500 be the onion of the buyback.
Speaker Change #143: It's not that logical figures for our share price, but the market itself is all because of the all of US should things go down she didn't get in it goes ups and downs, sometimes it declines continuously sometimes it's not so we whenever we have such a worst case scenario.
Speaker Change #174:
Speaker Change #175: Of course.
Speaker Change #175: Yeah.
Return to shareholders.
Speaker Change #176: Is one where an agenda for us as well. So the answer is not one answer there are many are kind of agenda and.
Speaker Change #143: Ill.
Speaker Change #143: Then.
Speaker Change #176: And come to this conclusion about announcing this buyback program.
Speaker Change #145: We decide what can we do for the stakeholders and we do believe that that needs to be communicated to the market. What is our preparations what is the framework that we are preparing for but at the same time in the previous question that can be a good opportunity for investment as well and if this confusion even goes farther than that.
Speaker Change #176: Sure.
Speaker Change #176: Yeah.
And it was evident that come to your thoughts on the buyback decision.
Speaker Change #177: And besides El do you mean.
Speaker Change #146: Even more important thing is our balance sheet soundness, So where you would like to take a good balancing between those two and decided on this 500 billion yen of the buyback.
Speaker Change #178: I don't discuss.
Speaker Change #179: Any specific communication with specific emphasis important thing is our decision is made by ourselves that's all.
Speaker Change #145:
Speaker Change #145: Of course.
Speaker Change #179: I think that the.
Speaker Change #145: Yeah.
Speaker Change #180: And our next question from the floor.
Speaker Change #145: Return to shareholders.
Speaker Change #145: Is one one agenda for us as well so the answer is not one answer there are many are kind of agenda and.
Speaker Change #180: [noise].
Speaker Change #145: And come to this conclusion about announcing this buyback program.
Speaker Change #180: And Jay from the Bloomberg.
Speaker Change #145: Sure.
Jay: Again about the buyback.
Speaker Change #145: Yeah.
Speaker Change #182: So communication with Elliott or opinion earlier did not have an impact on the decision of the share buyback I guess just two.
Speaker Change #145: And it was if it come to your thoughts on the buyback decision.
Speaker Change #182:
Speaker Change #147: And besides El do you mean.
Ask you again like I said I don't discuss with you about a specific a dialogue with a specific investor.
Speaker Change #148: I don't discuss.
Any specific communication with specific emphasis important thing is our decision is made by ourselves that's all.
Speaker Change #182: And I mean, you iterate for this decision of the share buyback, we have made our own decision after discussion at the board level.
Speaker Change #148: I think that the.
Speaker Change #149: And our next question from the floor.
Speaker Change #183: So we are not a company that.
Speaker Change #149: Okay.
Speaker Change #183: Has to make a decision after the impact from somebody else.
Speaker Change #149: And Jay from the Bloomberg.
Speaker Change #184: And then a question.
Jay: Again about the buyback.
Speaker Change #184:
Speaker Change #185: The first quarter's investment went up so much compared to the previous fiscal year, sorry, if it's a first quarter second for the full year the group and the vision fund.
Speaker Change #151: So communication with Elliott or opinion earlier did not have an impact on the decision of the share buyback I guess just two.
Speaker Change #151:
Speaker Change #151: Ask you again like I said I don't discuss with you about a specific a dialogue with a specific investor.
Speaker Change #186: Did you have a comment from the group called the son and the vision fund from another need maybe how much investment are you planning for the full year, but you don't have a budget for the ear. When it comes to investment then we discover new opportunities, we make investment, but that's how simple it is.
Speaker Change #152: And I mean, he can rate for this a decision of the share buyback we have made our own decision after discussion at the board.
Speaker Change #151: Bo.
Speaker Change #187: And how much.
Speaker Change #151: So we are not a company that.
Speaker Change #188: Well mixed.
Speaker Change #189: What the sized the amount of investment they have a finance partnership of course, a loan to value our cash, but you show them.
Speaker Change #151: It has to make a decision after the impact from somebody else.
Speaker Change #151: And then of course gender.
Speaker Change #151:
Speaker Change #153: The first quarter's investment went up so much compared to the previous fiscal year, sorry, if it's a first quarter second for the full year the group and the vision fund.
Speaker Change #190: Those are all key indicators in EG.
Speaker Change #190: <unk> maintained a.
Speaker Change #191: First desktop our highest in a priority then that could lead a chair.
Speaker Change #154: Could you have a comment from the group core Tucson and vision fund from another need maybe how much investment are you planning for the full year, but you don't have a budget for the ear when it comes to investment when we discover new opportunities we make investment that that's how simple it is.
Speaker Change #192: Investment capacity that have them into antigen to cheer attentive 23 about 3 billion investment wasn't made irrespectively.
Speaker Change #193: From our experience perspective.
Speaker Change #193: This kind of a speed of investment could be or the base, but if we find more opportunities we have a good capacity for investment so.
Speaker Change #155: And how much.
Speaker Change #155: Yeah.
Speaker Change #156: Well mixed.
Speaker Change #157: What the size the amount of investment they have a finance partnership of course, a loan to value our cash, but you show them.
Speaker Change #194: [noise] meals.
Speaker Change #194: See whether all those good opportunities will emerge.
Speaker Change #158: Those are key indicators and E G.
Speaker Change #195: Thank you.
Being maintained.
Speaker Change #195: Any other questions.
First desktop our highest in a priority then that could lead to cheer up.
Speaker Change #196: The person in the front row.
Speaker Change #159: Investment capacity that have them into antigen to cheer attentive 23 about 3 billion investment wasn't made irrespectively.
Speaker Change #197: None have been from us he newspaper.
Speaker Change #198: So the previous question, maybe similar to the earlier question.
Speaker Change #198: Okay.
Speaker Change #199: Few days go Intel a shock.
Speaker Change #160: From our experience perspective.
Speaker Change #200: It's cold in U S equity market Intel share price declined by 20% or so.
Speaker Change #161: This kind of a speed of investment could be or the base, but if we find the more opportunities we have a good capacity for investment so.
Speaker Change #201: That was our adult cut came along with D. A.
Speaker Change #202: Head count reduction and also the delay in the semi conductor those are the kind of bar people's expectations not on the Intel, but the others are.
Speaker Change #162: [noise] meals.
Speaker Change #162: See whether all those good opportunities will emerge.
Speaker Change #163: Thank you.
Speaker Change #202: Semi conductor names are declining same as.
Speaker Change #164: Any other questions.
Speaker Change #165: The person in the front row.
Speaker Change #202: Under such on the environment I.
Speaker Change #203: I mean, how do you see such a situation.
Speaker Change #166: None have been from us he newspaper.
Speaker Change #204: Is it a a bubble.
So the previous question, maybe similar to the earlier question.
Speaker Change #204: Oh.
Speaker Change #204: Semi conductor.
Speaker Change #166: Okay.
Speaker Change #167: Few days go Intel a shock.
Speaker Change #204: Investment.
Speaker Change #204: Or the Nvidia itself.
Speaker Change #168: It's cold in U S equity market Intel share price declined by 20% or so.
Speaker Change #204: Maybe bubble those than there are people, saying that to and how do you see the situation.
Speaker Change #169: That was a little cut came along with D. A.
Speaker Change #204: And.
Speaker Change #205: Would that be impacting to your investment strategy.
Speaker Change #169: Head count reduction and also the delay in the semi conductor those are the kind of bar people's expectations not on the Intel, but the others are.
Speaker Change #206: Would you please answer those.
Speaker Change #207: Intel shock.
Speaker Change #207: Yeah.
Speaker Change #207: Yeah.
Speaker Change #208: There are many people, saying about the reasons why or what.
Speaker Change #169: Semiconductor names are declining same as.
Speaker Change #208: I read those two and also in the past few weeks in the media as many names semiconductor names.
Speaker Change #169: And I'll touch on the environment I.
Speaker Change #170: I mean, how do you see such a situation.
Speaker Change #208: In Japan in your overseas showing some declines and there are many insights.
Speaker Change #171: Is it a bubble.
Speaker Change #171: Oh.
Speaker Change #208: Insights and each irrespective insights has a good reason, but the movement was large and sudden.
Speaker Change #172: Semi conductor.
Speaker Change #172: Investment.
Speaker Change #172: Or the Nvidia itself.
Speaker Change #172: Maybe bubble those than there are people, saying that to and how do you see the situation.
Speaker Change #208: And then in the past six months I believe.
Speaker Change #208: They have increased.
Speaker Change #208: So that there was room to decline as well and the increase was probably because of positive by the Asia.
Speaker Change #172: And.
Speaker Change #173: Would that be impacting to your investment strategy.
Speaker Change #174: Would you please answer those.
Speaker Change #208: Accumulated.
Speaker Change #175: Intel shock.
Speaker Change #208: In the past six months that built such a movement in share price and maybe right now is that kind of a timing to revisit the valuations of those.
Speaker Change #175: Yeah.
Speaker Change #175: Yeah.
There are many people, saying about the reasons why or what.
Speaker Change #175: I read those two and also in the past few weeks in the media as many names semiconductor names.
Speaker Change #208: Of course in the past six months the market judges.
Speaker Change #208: Those are about the Asians and now that people start revisiting.
Speaker Change #175: In Japan, and overseas showing some declines and there are many insights.
Speaker Change #209: Little bit a great critical ways or ticking.
Speaker Change #175: The insights and each irrespective incidence has a good reason, but the movement was large and sudden.
Speaker Change #209: Whether that's a.
Speaker Change #210: Real variations of course, we are.
Speaker Change #175: And then in the past six months I believe.
Speaker Change #210: Supporting <unk> and we are a believer for a to be changing peoples lifestyles and.
Speaker Change #175: They have increased.
Speaker Change #175: So that there was room to decline as well and the increase was probably because of positive by the Asia.
Speaker Change #211: We are very much be the budget that they aren't going to be change of course that the timelines a bit different we timeline maybe needed longer than we expected and in the meantime market like of Internet bubble at the year 2000 has some kind of a bullet D. D D. There and the same good things could happen. So we.
Speaker Change #175: Accumulated.
Speaker Change #175: In the past six months that built such a movement in share price and maybe right now is that kind of a timing to revisit the valuations of those.
Speaker Change #175: Of course in the past six months at the mugger judges.
Speaker Change #211: How about kind of a very sound balance sheet and company. So that we can take time to look at those movements, we don't want to.
Speaker Change #175: Those are about the Asians and now that people start revisiting.
Speaker Change #176: Little bit a good critical ways or ticking.
Speaker Change #211: Do any extreme things when the situation is volatile.
Whether that's a.
Speaker Change #177: Real variations of course, we are.
Speaker Change #177: Supporting <unk> and we are a we believe a four two.
Speaker Change #211: Yeah.
Speaker Change #212: Thank you any other questions from the floor.
Speaker Change #177: To be changing People's lives.
Speaker Change #177: Lifestyles and.
Speaker Change #177:
Speaker Change #212: Yeah.
We are very much be the budget that they are going to be change of course that the timelines a bit different we timeline maybe needed longer than we expected and in the meantime market like of Internet bubble at the year 2000 had some kind of a volatility there and the same good things could happen. So we.
Speaker Change #213: Thank you.
Speaker Change #213: Richard Firmed, a writer I have one question.
Speaker Change #214: How about the share buyback.
Speaker Change #215: Oh, sorry to ask you again about the share buyback.
Speaker Change #216: Going forward or do you have a plan to.
Speaker Change #217: Increased volumes.
Speaker Change #177: How about kind of a very sound balance sheet and company. So that we can take time to look at those movements, we don't want to.
Speaker Change #218: And what kind of discussion was made at the board level.
Speaker Change #218: Yeah.
Speaker Change #218: So this amount or the size.
Speaker Change #177: Do any extreme things went the situation is volatile.
Speaker Change #218: Well, it's also discussed at the board of Directors meeting.
Speaker Change #177: Yeah.
Speaker Change #219: That wasn't being one of the main agenda.
Speaker Change #178: Thank you any other questions from the floor.
Speaker Change #219: And then we have a good discussion there and we come to the conclusion to come to this sides.
Speaker Change #178: Yeah.
Speaker Change #219: Not increasing from here, but we may consider.
Speaker Change #179: Thank you.
Rigid firmed: Rigid firmed, a writer I have one question.
Speaker Change #219: Our new program when necessary.
Speaker Change #219: This time, we've come to this conclusion, but are in the board of directors meeting, we always are keeping our return to shareholders is a very important agenda to discuss we've been contingency discussing that at this time.
Speaker Change #180: How about the share buyback.
Speaker Change #182: Oh, sorry to ask again about the share buyback.
Speaker Change #183: Going forward do you have a plan to incur.
Increased volume.
Speaker Change #184: And what kind of discussion was made at the board level.
Speaker Change #219: <unk>.
Speaker Change #219: Although that this happens a while.
Speaker Change #184: Yeah.
Speaker Change #219: Last time was a bit a while ago, but still that every board meeting we always having this discussion.
Speaker Change #185: So this amount or the size.
Speaker Change #184: Well, it's also discussed at the board of Directors meeting.
Speaker Change #220: Does that.
Speaker Change #221: Thank you very much and you had a question formula for us.
That wasn't being one of the main agenda.
Speaker Change #184: And then we have a good discussion there and we come to the conclusion to come to this sides.
Speaker Change #221: If not.
Speaker Change #184: Not increasing from here, but we may consider.
Speaker Change #222: Now, we'd like to take questions from the Zuma participant.
Speaker Change #184: A new program when necessary.
Speaker Change #223: Again, please refrain from a connecting to other life is trained to avoid any occurring.
Speaker Change #184: This time, we come to this conclusion, but the in the board of Directors meeting, we always are keeping our return to shareholders is a very important agenda to discuss we've been contingency discussing that at this time.
nagao San: Again, if you access to a Japanese German please asked question in Japanese first nagao San from NHK, Please mute and its peak.
Speaker Change #184: Yeah.
Speaker Change #186: Although that that this happens a while.
Speaker Change #186: Last time was a bit a while ago, but still that every board meeting we always having this discussion.
Yeah.
Speaker Change #186: Yeah.
Speaker Change #225: Can you hear me, yes, we can.
Speaker Change #187: Thank you very much and your other question Formula for Us.
nagao San: Again my name is bankruptcy from an N H K I have two questions maybe similar questions.
Speaker Change #188: It's not.
Speaker Change #226: In 2017, Softbank vision Fund's are established and are you at transfer out of from a mobile business to investment business. It's been in several years you have been focusing our investment in AI and AR will still perform us where should I look.
Speaker Change #189: Now, we'd like to take questions from the Zuma participants.
Speaker Change #190: Again, please refrain from a connecting to Ah that life is trained to avoid any occurring.
Speaker Change #191: Again, if you access to a Japanese too. Please ask question in Japanese first nagao San from NHK. Please mute N S peak.
Speaker Change #227: If you want to see the performance of your investment in AI sector. That's the first question and it's a second a S. I you often talk about the S. I.
Speaker Change #227: S I is not materialized yet.
Speaker Change #190: Yeah.
Speaker Change #192: Can you hear me, yes, we can.
Speaker Change #228: And also you mentioned Internet bubble in 2000, and there were a Google and Microsoft like back then.
Michael she: Again my name is Michael she from it and etch K I have two questions maybe similar questions.
Speaker Change #229: That's very often know now and if he Oh boy I Google.
Speaker Change #194: In 2017, Softbank vision Fund's are established and are you at transfer out of from a mobile business true investment the business. It's been in several years. He has been focusing on investment in AI and AR will still perform us where should I look if you want to.
Speaker Change #229: Leading the S I O AI sector. So.
Speaker Change #229: What kind of a rule that the Softbank group wants to play in the era of a S. I E.
Speaker Change #231: If you could elaborate on that please. Thank you, yes vision fund US started in 2017 and you asked about the performance.
Speaker Change #195: See the performance of your investment in AI sector. That's the first question and it's a second a S. I you often talk about the S. I.
Speaker Change #232: Investment and performance of course, you want to say to perform us because it's a fun business.
Speaker Change #195: S I is not materialized yet.
Speaker Change #196: And also you mentioned Internet bubble in 2000, and there were a Google and Microsoft like back then.
Speaker Change #233: At the time of attentive 17.
Speaker Change #233:
Speaker Change #197: That's right now now and we are all born AI Google.
Speaker Change #234: The AI Laura that back then and today a eye world that Avi I think now is very different.
Speaker Change #197: Leading the S I O AI sector. So.
Speaker Change #233: Yeah.
Speaker Change #235: Vision Fund Army intend to 'twenty, four and Softbank group intend to 'twenty four.
Speaker Change #198: What kind of a rule that the Softbank group wants to play in the era of a S. I.
Speaker Change #199: If you could elaborate on that please. Thank you, yes vision fund US started in 2017 and you asked about the performance.
Speaker Change #236: Third the vision fund, we have been trying to future markets, we have been working carra, Jim making investments for the future and we have been building our expertise through the course.
Speaker Change #199: Okay.
Speaker Change #200: Investment and performance of course, you want to say to perform us because it's a fun business.
Speaker Change #236: And that's a journey.
Speaker Change #237: He had seen ups and downs.
Speaker Change #201: At the time of attentive 17.
Speaker Change #237: But our investment in AI.
Speaker Change #202: The AI Laura that back then and today a eye world that Avi I think now is very different.
Speaker Change #238: How to just start it.
Speaker Change #238: And failure investment isn't good experience.
Speaker Change #201: Yeah.
Speaker Change #203: Vision Fund Army intend to 'twenty, four and Softbank group in 'twenty to 'twenty four.
Speaker Change #238: So we want to take it as an asset.
Speaker Change #238: Sure.
Speaker Change #238: So that we can leverage the expertise that we have built a for a future investment and expertise that we have built is the biggest asset.
Speaker Change #204: So the vision fund, we have been trying to future markets, we have been working carra, Jim making investments for the future and we have been building our expertise through the course.
Speaker Change #239: That'll be have a and what was the second question again sorry.
Speaker Change #240: A S I, yes S I.
Speaker Change #204: And that's a journey.
Speaker Change #204: He had seen ups and downs.
Speaker Change #240: The concept of a S I.
Mr Song: Of course, Mr song and us have been talking about the concept of a S. I I'm not an engineer background and I am a finance guy So I am learning.
Speaker Change #204: But our investment in AI.
Speaker Change #205: How to just start it.
Speaker Change #205: And failure investment isn't good experience.
Speaker Change #205: So we want to take it as an asset.
Speaker Change #241: S. A in fact, we are all in the learning process, who could be the leader of ASI nobody knows.
Speaker Change #205: Sure.
So that we can leverage the expertise that we have built a for a future investment and expertise that we have built is the biggest asset.
Speaker Change #241: Some potential leaders are there.
Speaker Change #241: Including the names that you mentioned.
Speaker Change #206: That would be have a and what was the second question again sorry.
Speaker Change #241: Those companies are should be able to lead it.
Speaker Change #242: S I and communication with the management team of the those companies should help us to learn more and my son in fact, I mentioned at the AGM. He talks about some of the open AI and our leaders of the hyper scalar is he has been talking with those.
Speaker Change #207: A S I, yes S I.
Speaker Change #207: The concept of a S I.
Mr Song: Of course, Mr song and us have been talking about the concept of a S. I I'm not an engineer background and I am a finance guy So I am learning.
Speaker Change #242: Leaders and we again still in the learning process, but at the same time.
Speaker Change #242: We have a chance there'd be hand opportunity if fora.
Speaker Change #208: S. A in fact, we are all in the learning process, who could be the leader of ASI nobody knows.
Speaker Change #242: Ah trial and error.
Speaker Change #242: We can accept are some risks.
Speaker Change #208: Some potential leaders are there.
Speaker Change #242: Because we are still at an early stage so.
Speaker Change #208: Including the names that you mentioned.
In that process.
Speaker Change #208: Those companies are should it be able to lead it.
Speaker Change #242: We'll see what we should do to capture the potential of a S. I. If I may ask you a follow up question.
Speaker Change #209: S I and communication with the management team of the those companies should help us to learn more and most of that in fact I mentioned at the AGM. He talks about some of the open AI and our leaders of the hyper scaler. He has been talking with are those.
Speaker Change #243: You talked about the graph core in your presentation and I'm sure that you have in AMR are leading a business you acquired a graph quora, but for ASI.
Speaker Change #244: Put a semi conductor at the center.
Leaders and we again still in the learning process, but at the same time.
Speaker Change #243: Yeah.
Speaker Change #245: For MSI or AI itself, when you talk about the AI the heart of a I definitely is the chip.
Speaker Change #209: We have a chance that'd be hand opportunity if fora.
Speaker Change #209: Ah trial and error.
Speaker Change #245: And as semiconductor and chip.
Speaker Change #209: We can accept some risks.
Speaker Change #245: And.
Because we are still at an early stage so.
Speaker Change #246: Arm is that leader absolute davita.
Speaker Change #209: In that process.
Speaker Change #247: <unk> of the market in terms of a chipset.
Speaker Change #209: We'll see what we should do to capture the potential of ASI. If I may ask you a follow up question.
Speaker Change #247: In the brain of the AR AI.
Speaker Change #247: Sure.
Amit: Naturally Amit.
Speaker Change #249: Please a key role in our our AI strategy.
Speaker Change #210: You talked about the graph core in your presentation and I'm sure that you have in AMR are leading.
Speaker Change #250: You'll see additional cat.
Speaker Change #210: And as you acquire the Ah graph quora, but for ASI.
Speaker Change #249: Thank you.
Speaker Change #211: Put a semi conductor at the center.
Speaker Change #249: No.
Speaker Change #251: Next question from Mr.
Speaker Change #211: Yeah.
Speaker Change #249: Mr Muslim from Nomura Securities. Please.
Speaker Change #211: Four if I or AI itself. When you talk about the AI the heart of a I definitely is the chip and.
Speaker Change #249: Okay.
Massimo: Yes. This is Massimo speaking one question or a graph go a condition objective of default condition I have only you did just a newspaper article.
Speaker Change #211: And semiconductor and chip.
Speaker Change #211: And.
Microsoft: And Microsoft who didn't use.
Speaker Change #212: Arm is that leader absolute davita.
Speaker Change #212: <unk> of the market in terms of a chipset.
Speaker Change #254: So that has to reduce the head count and so on.
In the brain of the AR AI so.
Speaker Change #255: And I believe.
Speaker Change #212: And actually are on it.
Speaker Change #255: Securing the head counts.
Speaker Change #212: Police a key role in our our AI strategy.
Speaker Change #256: Because do her by an engineer, but they excluding softbank side does not have enough engineer. So I thought that you tried to lock in those number of engineers by through the air condition of graph guar only reading the articles.
Speaker Change #212: You'll see additional cat.
Speaker Change #213: Thank you.
Speaker Change #213: Yeah.
Speaker Change #213: No.
Speaker Change #214: Next question from.
Speaker Change #214: Mr Muslim from Nomura Securities. Please.
Speaker Change #256: Those employees a graph guar those stock options.
Massimo: Yes. This is Massimo speaking one question or graph go a condition objective of default condition I have all you did just a newspaper article.
Speaker Change #257: And Oh I Wonder is that the Cal you retain those employees.
Speaker Change #258: Retentions of the employees, how you collaborate with engineer.
Microsoft: And Microsoft who didn't use.
Speaker Change #259: That I wanted to hear your objective of the acquisition of a golf car investment in Grad School.
Speaker Change #217: So that has to reduce the head count and so on.
Speaker Change #218: And I believe.
Speaker Change #258: Yeah.
Speaker Change #219: Securing the head counts.
Speaker Change #258: So as I mentioned earlier Grad school.
Speaker Change #220: Because do her by an engineer, but they excluding softbank side does not have enough engineer. So I thought that that you tried to lock in those number of engineers by through the air condition of graph guar only reading the articles.
Speaker Change #258: In E E.
Speaker Change #258: Development.
Speaker Change #258: We do.
Speaker Change #258: Require lots of resources with expertise on this area, but not only the graph guar, but though we do a lot of M&A transaction with many companies in the past.
Those employees a graph guar lost stock options.
Speaker Change #221: And Oh, he wonders at the Cal you retain those employees.
Speaker Change #258: People is the most important thing so when we acquire or invest in any company.
Speaker Change #222: Retentions of the employees, how you collaborate with engineer.
Speaker Change #258: Having such resources, having such a people is the main reasons for the business.
Speaker Change #223: That I wanted to hear your objective of the acquisition of a golf car investment in Grad School.
You mentioned about the some articles about the.
Speaker Change #223: Yeah.
Speaker Change #260: That's the end that we would like to make sure. We have a good day AR technology and also people who support this technology that wasn't me objective for such transaction.
Speaker Change #223: So as I mentioned earlier Grad school.
Speaker Change #223: In E E.
Speaker Change #223: Development.
Speaker Change #260: And so our AGM Martha.
Speaker Change #223: We do.
Speaker Change #223: Require lots of resources with expertise on this area, but not only the graph guar, but though we do a lot of M&A transaction with many companies in the past.
Martha: Said he found the missing piece.
Martha: This graph is that he referred to Grad school.
Speaker Change #262: That's we have to ask Martha.
Speaker Change #223: People is the most important thing so when we acquire or invest in any company.
Speaker Change #263: Okay understood. Thank you. Thank you very much.
Speaker Change #262: I think that's it thank.
Speaker Change #262: Thank you.
Having such resources, having such a people is the main reasons for the business.
Speaker Change #264: The next question is from Mr. Heuga Bloomberg.
Speaker Change #262: Yeah.
Speaker Change #224: You mentioned about the some articles about the.
Speaker Change #265: Can you hear me, yes. Thank you.
Speaker Change #224: That's the end that we would like to make sure. We have a good day AR technology and also people who support this technology that was our main objective for such transaction.
Speaker Change #266: The earnings result of the first quarter, our bottom line was a negative about for the full era.
Speaker Change #225: Thing so I E G M Masa.
Masa: Said he found the missing piece.
Speaker Change #267: Negative numbers for three consecutive quarters.
Speaker Change #227: This graph is that he referred to Grad school.
Speaker Change #266: Yeah.
Speaker Change #268: But are you posted a net loss for the first quarter and as Stan Dx Foundation of Nab, but for a general investors with a company makes a loss or gain a very important for a general investors, including retail investors.
Speaker Change #228: That's we have to ask them author.
Speaker Change #229: Okay understood. Thank you. Thank you very much.
Speaker Change #229: I think that's it thank.
Speaker Change #229: Thank you.
Speaker Change #230: The next question is from Mr. Heuga Bloomberg.
Speaker Change #269: So what's your view on the net loss you posted for the first quarter.
Mr. Heuga: Can you hear me, yes. Thank you.
Speaker Change #270: And our second quarter can we expect a gain as opposed to loss.
Speaker Change #271: Thank you for your question.
Speaker Change #232: The earning results of the first quarter, our bottom line was a negative but for the full era.
Speaker Change #272: We communicate with investors.
Speaker Change #273: And how I feel how we feel by communicating with investors is as follows investors view net asset value as our most important can't be I of course profit.
Speaker Change #233: Negative numbers for three consecutive quarters.
Speaker Change #233: Yeah.
Speaker Change #234: But are you posted a net loss for the first quarter and as Stan Dx donation of Nab, but for a general investors with a company makes a loss or gain a very important for a general investors, including retail investors.
Speaker Change #273: It is important.
Speaker Change #273: And ups and downs of profit is the.
Speaker Change #273: Measurement what decision for their investment I think they're looking at the net asset value.
Speaker Change #235: So what's your view on the net loss you posted for the first quarter.
Speaker Change #273: As a tool for that I'm, making a judgment of the investment as opposed to.
Speaker Change #236: And our second quarter can we expect a gain as opposed to loss.
Speaker Change #273: Net gain for the.
Speaker Change #273: Current quarter I cannot I'm, making a comment on our expectation of the net income of course.
Speaker Change #237: Thank you for your question.
Speaker Change #238: We communicate with investors.
Speaker Change #239: And how I feel how we feel by communicating with investors is as follows investors view net asset value as our most important can't be I of course profit.
Speaker Change #273: There is something that we can control and there's something we cannot control for example, forex.
Speaker Change #273: Yeah.
Speaker Change #273: V.
Speaker Change #239: It is important.
Speaker Change #274: No doubt there are different opinions.
Speaker Change #239: And ups and downs of profit is the.
Speaker Change #274: But again I cannot make any comment on the expected income or loss for the quarter related of course, Joe when you turn a positive or would you do you want to emphasize our the positive number but when it comes to a negative of numbers.
Speaker Change #239: Measurement for decision for their investment I think if they are looking at the net asset value.
Speaker Change #239: <unk> as a tool for that are making a judgment of the investment as opposed to.
Speaker Change #239: Net gain for the current quarter I cannot I'm, making a comment on our expectation of the net income of course.
Speaker Change #275: You may want to when you may touch upon share buyback. For example, you mentioned net asset value is very important to keep the eye, but we doubt a share buyback.
Speaker Change #239: There is something that we can control and there's something we cannot control for example, forex.
Speaker Change #275: Yeah.
Joe: I assume that you might make a different a mover for investment without a share buyback.
Speaker Change #239: V.
Joe: Okay.
Speaker Change #276: It's difficult for us to understand your performance.
Speaker Change #240: No doubt there are different opinions.
Speaker Change #240: But again I cannot make any comment on the expected income or loss for the quarter related of course, Joan when you turn a positive or would you do you want to emphasize that our the positive number but when it comes to a negative number is.
Speaker Change #277: So in order for us to or help us to understand are your performance.
Speaker Change #278: Positive or negative it as the bottom line is I think very important so again for the outlook for the current quarter.
Speaker Change #279: There are a lot of uncertainties. So you may not you may not be able to say in exact numbers, but the directional wise.
Speaker Change #241: You may want to Oh, you may touch upon share buyback. For example, you mentioned net asset value is very important to keep be I do without a share buyback.
Yeah.
Speaker Change #280: I understand you're of course, there's a good.
Joan: I assume that you might make a different a mover for investment without a share buyback.
Speaker Change #280: There are investors.
Speaker Change #280: There were different asset classes, so again.
Joan: Yeah.
Speaker Change #243: It's difficult for us to understand your performance.
Speaker Change #281: Could you.
Speaker Change #244: So in order for us to or help us to understand your performance.
Speaker Change #281: Show us direction about expected.
Speaker Change #281: And as a result.
Speaker Change #245: Positive or negative it as the bottom line is I think very important so again for the outlook for the current quarter.
Speaker Change #281: Like I said earlier.
Speaker Change #282: I cannot make any comment unexpected at all.
Speaker Change #281: Bottom line.
Speaker Change #246: There are a lot of uncertainties. So you may not you may not be able to say in exact numbers, but the directional wise.
Speaker Change #282: Or outlook.
Speaker Change #283: We don't disclose outlook because.
Speaker Change #283: We know that Oh, our bottom line changes depending on the market condition and other conditions that to me that's why B E don't disclose the guidance.
Speaker Change #247: I understand you're of course, there's a good.
Speaker Change #247: There are investors.
Speaker Change #283: And whether positive or negative.
There were different asset classes, so again.
Speaker Change #283: I'm sure that there are people interested in the positive or negative, but again, our investors I believe.
Speaker Change #248: Could you.
Speaker Change #283: Yeah.
Speaker Change #248: Show us direction about expected.
Speaker Change #283: When you see stocks.
Speaker Change #283: Our success as an investment company I believe that our investors are looking at Nava to see whether we are successful or not and I hope that Ah I I answer to your question. Thank.
Speaker Change #249: Earning result.
Speaker Change #248: Like I said earlier.
Speaker Change #249: I cannot make any comment unexpected at all.
Speaker Change #248: Bottom line.
Speaker Change #284: Thank you just to follow up looking at the IPO market.
Speaker Change #248: While outlook.
Speaker Change #251: We don't disclose outlook because.
Speaker Change #284: The market is very volatile and a turmoil and very difficult to go I P. O. In fact, I P. O numbers are going down so from the recoup of investment perspective, or monetization of investment or exit from the investment perspective.
Speaker Change #251: We know that Oh, our bottom line change is depending on the market condition and other conditions that to me that's why B E don't disclose the guidance.
Speaker Change #251: And whether positive or negative.
Speaker Change #251: I'm sure that there are people interested in a positive or negative, but again, our investors I believe.
What's your outlook for this quarter.
Speaker Change #251: <unk>.
Speaker Change #251: When you see the.
Speaker Change #285: Again outlook I cannot make a comment on the outlook sorry about that.
Speaker Change #251: Our success as an investment company I believe that our investors are looking at Nava to see whether we are successful or not and I hope that Ah I I answer to your question. Thank.
Speaker Change #284: Thank you.
Speaker Change #286: For the interest of time.
Speaker Change #287: This was the last question for this meeting.
Speaker Change #288: Thank you very much this concludes the Softbank group.
Speaker Change #252: Thank you just to follow up looking at the IP or market.
Speaker Change #288: Earnings results announcement for three months period ended June 32024. Thank you. Thank you again.
Speaker Change #252: The market is very volatile in a turmoil and very difficult to go I P. O. In fact, I P. O numbers are going down so from the recoup of investment perspective, or monetization of investment or exit from the investment perspective.
Speaker Change #288: Stage of this meeting will be distributed on my own demands from our corporate website.
Speaker Change #288: Thank you very much once again for joining Softbank Group Corp earnings results announcement for three months period ended June 30 is 2024.
Speaker Change #252: Yeah.
Speaker Change #253: What's your outlook for this quarter.
Speaker Change #254: Again outlook I cannot make a comment on the outlook sorry about that.
Speaker Change #254: Thank you.
Speaker Change #255: For the interest of time.
Speaker Change #256: This was the last question for this meeting.
Speaker Change #257: Thank you very much this concludes the Softbank group.
Speaker Change #257: Earnings results announcement for three months period ended June 32024. Thank you. Thank you again.
Speaker Change #257: The stage of this meeting will be distributed on my own demands from our corporate website.
Speaker Change #257: Thank you very much once again for joining Softbank Group Corp earnings results announcement for three months period ended June 30 is 2024.
Speaker Change #257: Yeah.
Speaker Change #257: Yeah.
Speaker Change #258: Total nuts cocoa he took too much too soon.
Speaker Change #258: Oh the script they loosen.
George.
Speaker Change #259: I think that that was a mistake.