SoftBank Corp. (9434) Earnings Call Transcript & Summary

Thank you so much for attending, taking time out of your busy schedule. We would like to begin SoftBank Corporation ESG Briefing Session. First, SoftBank Corporation President and CEO, Junichi Miyakawa, would like to give an opening remarks.

This is Miyakawa of SoftBank Corporation. So today is our very first ESG briefing session. First, I would like to explain our approach to ESG management. Based on our management philosophy of information evolution, happiness for everyone, and our vision of being -- becoming a corporate group needed most by people around the world, we have identified materiality and we'll respond to it through our business activities. Then we pursue to achieve both the realization of a sustainable society and enhancement of corporate value. What do we need to do to achieve this? Last May, we explained and we announced, in the long-term vision, next-generation social infrastructure essential for development of a digital society with this direction to become a company to provide it. I have been working backward from the 10-year plan that I formulated at the time of taking off as President and CEO. The reason behind this is the advent of AI co-existing society. AI continues to evolve on a second basis. Our human beings lives is going to change like an unprecedented world drastically. Behind the scenes, such a society generates huge amounts of data and requires a great deal of data processing. This graph shows the projected computing power required to process the data. In 2026 exaflops required -- 2030 1,960 exaflops will be needed, which is 300x more data processing than now. So the amount of electricity required to cover this data processing demand is equivalent to 6 large thermal power plants. So how can we realistically secure the power needed to run AI? Thermal power generation and its large amounts of carbon dioxide, a cause of global warming, which we should not be increasing anymore. Also nuclear power generation needs to be used with caution in the earthquake-prong country like Japan. The demand for data processing through AI is expected to increase and the global warming measures are also expected to be balanced. We believe that new infrastructure structures need to be created. A leading case study is China, which is attempting to solve these issues at the national level. This is called China's Eastern Data and Western Computing Project. The demand for data processing needed in the East is to be processed in the West where the potential for renewable energy is greater. So this structure is in the western part of the country where there is a high potential for the introduction of renewable energy, a green data center will be constructed. So data generated in the East is processed in the green data center in the West. By 2050, a total of JPY 60 trillion is set to be planned to be invested. This has been already processed and a lot of data centers have already been constructed in the western part. So where is Japan's potential for introducing renewable energy? As you can see, they are distributed in various regions, including Hokkaido, Tohoku and Kyushu. On the other hand, data and power consumption is concentrated in urban areas such as Tokyo and Osaka. So started from Chiba and Shima in Mie Prefecture, there are subcables constructed. So the data center started there in Japan. So you may say that why not generate renewable energy in rural areas and send it to urban areas? But the capacity of the power grid is a bottleneck, making it difficult to transmit large amounts of electricity. Therefore, it can be said that the current infrastructure has structural problems. To solve this problem, the next-generation social infrastructure that we are aiming to build is based on the concept of decentralizing data centers to regions with abundant renewable energy, such as Hokkaido and Kyushu. To achieve these technologies that are needed are being identified and worked on one by one. Last year, as a data center that will serve as a key component of next-generation social infrastructure, we announced the construction of a core brain in Hokkaido, the most energy-rich region in Japan. We plan to build a large-scale computing infrastructure for core brain and are also working on Gen AI infrastructure and research and development for the use of computers. And also, we are developing xIPF, with NEDO under METI, which is a super distributed computing infrastructure that allows DC distribute it across the country, to be viewed as if they were a single. In addition, to connect data center and data center distributed throughout the country, a high-capacity power-saving network, all optical network has been deployed nationwide. This new backbone network can communicate without converting the data from optical to electrical signals, which reducing power consumption to 1/10 of the conventional level. In addition, it is now possible to increase transmission capacity by 10x. Also for the utilization of renewable energy, long-term procurement contract with power generators have also been signed. Our current power usage for telecom operations is about 2,000 giga kilowatt. First, the contract as to secure the equivalent of this entire amount with renewable energy that will be produced in the future. We will also promote the use of renewable energy in every possible way for the necessary power generated from data processing, which will increase in the future. So what is the infrastructure needed for a next-generation social infrastructure? So this data center structure and location and the technology needed in the future, and time for development and financing plan, we have been executing one by one, aiming to become -- at the same time, management needs to be proactive in preparing for new risks associated with the advent of AI coexistence in society. Also, at this time, deep fakes, self-driving car stints, leakage of personal information, and so those various risks are anticipated. In these unpredictable times to be prepared for risks, we must be forward-looking ever evolving AI governance, that is very essential. So we had thought that this theme was very important. Among the initiatives with the University of Tokyo called Beyond AI announced in 2019, we have dealt with AI ethics, a concept that is at the heart of AI governance. The professors who are leading this research are supporting us in a wide range of areas, including formulation of our AI ethics policy and creation of rules and guidelines and educational content. The AI ethics policy has been extended not only to our company but also to 72 group companies. We have also established an operational scheme for AI governance, which is being shared to all employees through e-learning and other means. On the other hand, we encourage the active use of AI rather than bluntly restricting its use. For example, company-wide AI -- generative AI contests and development of domestic -- the development of LLM and external sales of know-how cultivated through AI implementation and so on, focusing on becoming the company that best uses AI. In this way, we are promoting responsible AI practices based on both appropriate management of AI risks and active utilization and commercialization of AI. In addition to these initiatives, we are strengthening our AI governance promotion system. In April, we are going to establish the AI Governance Committee, which includes outside experts. External experts will share their knowledge, check the operation of governance, and make recommendations for review. In this fast-changing AI domain, while receiving a variety of opinions, we will prepare for management risks by incorporating knowledge promptly, aiming for an AI governance system that continues to evolve. To briefly summarize what I discussed today here, by building next-generation social infrastructure toward the advent of an AI coexisting society, as well as by establishing an ever-evolving AI governance structure and addressing the risks, we will work to realize a sustainable society and increase corporate value. As a result, we believe that this will lead to the realization of our vision of becoming a company needed in the world, and our management philosophy, information revolution, happiness for everyone. From here, ESG and Human Resources representatives will explain more specific initiatives. Mr. Ikeda, ESG Planning and Management Senior Director, we will talk about SoftBank's ESG strategy and environment initiatives. And the Vice President, HR Division, Yasuyuki Genda, will talk about SoftBank style human capital management. Thank you so much for your attention.

Now SoftBank's medium- to long-term growth through ESG strategy and environment initiatives will be presented by Masato Ikeda, ESG Planning and Management Senior Director and CSR Division Head.

Good afternoon, everyone. My name is Ikeda responsible for ESG Planning and Management. Let me dig deeper into our ESG strategy and environmental initiatives. As Miyakawa mentioned earlier, corporate philosophy and vision and growth strategy and materialities are what I'm going to talk about in detail. When it comes to materiality, we have 6 areas. On top are materialities that we address through businesses. And bottom are the materialities that we address through our corporate activities. So a materiality is a compass that links corporate philosophy to growth strategy, that's our view. And where we are going to is specifically explained in materiality. And ESG is the core of long-term vision and medium-term management plan. Horizontal line showed short, medium and long-term plan. And vertical line shows ESG Index, international standard, international report and experts that are external importance. And as you can see, top right, those are important areas from external importance perspective and internal importance perspective. We identified them through a lot of discussions and looking at over 3,000 corporate activities. Let me share with you 2 specific examples. First, building society and industry through digital transformation. This is very important for our business. And also, this is very important for Japan and the global community. So from external perspective -- importance perspective and internal importance perspective, this is very important. And likewise, when it comes to environment, as Miyakawa mentioned earlier, through our corporate businesses activities, we use a lot of energy. That's why this is very significant to us as a company and also to the world. Not only those 2 actions, but also we have set KPIs to all the other actions to make sure that employees can easily participate in contributing to achieving those goals. And KPIs are linked to executive compensation to make sure that not only rank-and-file employees, but the management level, work together to address the needs. Again, it is essential to have all employees involved in ESG promotion initiatives. So not only KPIs, but also other things through which we communicate how important ESG is to employees. We have been promoting ESG initiatives since 2020 -- excuse me, 2016. And now about 2.5x bigger number of employees take ownership of ESG promotion since FY 2020. So we will continue to work toward achieving ESG goals. When it comes to ESG governance structure, we have set ESG Promotion Committee as an advisory body to the Board of Directors. Not only working together with the Board of Directors, when it comes to execution, CEO Miyakawa takes a lead, supported by promotion officers. And also, we assigned promotion officers in our subsidiaries to execute ESG initiatives. We also have perspectives from intellectuals and experts outside the company. And also we have internal audit and third-party assurance to make sure that we have objectivity of doing and working on ESG initiatives. And also, we want to ensure reliability and trustworthiness of our initiatives by taking in external views. Also, we give awards to actions taken and show exemplary results. Now let me talk about environmental issues. As we all know, the International Committee is raising the alarm around the global world. We have seen a lot of abnormal weather conditions. And in Japan, we need to raise more awareness to 2 environmental issues. Climate change and natural capital resource circulation are very important areas that we have to focus on because these are very important for our business. Let me elaborate on that. First, climate change. Electricity is essential for the sustainability of our business because our core business is to deliver telecommunications and the Internet. So SoftBank's responsibilities include promoting endorsement of Paris Agreement and actions towards its achievement and disclosure based on the recommendation of TCFD. Climate change not only poses risk, but it also poses opportunities for us. So we take a look at not only risk but also opportunities in terms of climate change. Our current greenhouse gas emission status is shown on those charts. Blue indicate Scope 1 and 2 greenhouse gas emissions. 97% of electricity is GHG emission in terms of Scope 1 and 2. In Scope 3, by delivering services and products, including our devices, we emit green gas -- greenhouse gas, excuse me. So purchased items and services and product use are the major sources of GHG emissions in scope 2. Our target is to achieve 0 GHG emission by 2030 and achieving 0 GHG emissions by 2050 for Scope 3. We set specific targets for Scope 1, 2 and Scope 3 targets, so that we can achieve carbon neutrality in 2030. For Scope 1 and 2, we have those initiatives to achieve the carbon neutrality by 2030. For example, renewable energy and energy efficiencies are what we are working on to address greenhouse gas emission issues. So through those initiatives, we want to achieve 100% carbon neutrality in FY 2030. And like Miyakawa mentioned earlier, we signed long-term agreement with power producers to ensure stable usage and supply of power. And when it comes to power saving, this Takeshiba building, for example, is a smart office building with our technologies implemented. In this building, compared to Shiodome building where we have had office before, we can save 60%, 70% of power consumption. And 60% of our electricity is used by our cell sites. So by implementing new technologies like HAPS, we want to make sure that we use electricity or power more efficiently and effectively. The other day, we released a press release on joining RE100. In order to achieve 100% Net Zero by 2050, we have set and clarified a lot of initiatives. 2050 is far ahead. And instead of being tactical, we want to be strategic. For example, we work together with Ministry of Environment to develop a road map of Scope 3. And this is the first edition of the road map. Depending on how things go, environment and community, we will continue communicating with the stakeholders to see how this road map should be revised and updated going forward. With regards to emission of greenhouse gas emission, this can be an opportunity for our business. For example, smart building solutions and sustainable data center and ESG data visualization SaaS, those are the products and services that we can deliver to customers to help them reduce greenhouse gas emissions. And also climate change can be an opportunity for us running our businesses to be helpful to our community. And new idea, new initiatives like carbon credit, we are very open. For GX and NCCC, we play a key part in promoting these activities. Together with the University of Tokyo, we participate in ETI-CGC. This ETI-CGC is to work together to figure out energy transition strategy and future vision strategy. And top 12 companies in each industry, including SoftBank, works together and provide ideas and suggestions to global standardization bodies. We enhanced partnership towards a decarbonized society. Next, let me talk about the natural capital and resource circulation. We talked about greenhouse gas emission before. But for natural capital and resource circulation, particularly nature positive is the idea that we strongly support. Because in telecom sector, land and resources are something that we need to use to run the business. That's why. The impact mitigation to land development and number of recycle and reuse are shown here. About impact of natural capital for SoftBank, we adopt LEAP approach to start from top priority issues in addressing those priorities. For example, sometimes we need to build cell sites in environmentally protected areas. Then in exchange for that, our effort is to plant trees to bring back the nature. Not only land use, but also water use and contamination. In other areas we will continue working on. And we comply with the TNFD disclosure standard so that we can communicate clearly to our stakeholders about what we are doing. There are other initiatives that we are working on for biodiversity, for example, future and coral project, Shizen-Denki initiative, “Furano Nature School for our employees and families, and environmentally-friendly materials in business tools. So for -- through those initiatives, we want to contribute to biodiversity. And when it comes to resource circulation, we want to promote reuse or recycle of smartphones. And we want to provide educational opportunities to talk about recycling. There are a lot of initiatives taking place globally. So we work together with them, and we disclose our efforts to make sure that people in the committee are well aware of what we are doing. Through our initiatives and through different kinds of disclosures, we have been recognized by a lot of domestic and global rating organizations. For example, we were given Nikkei SDGs Management Award, and we are included in the DJSI World. So we will continue are implementing ESG initiatives through running businesses and transparent disclosures. These actions and initiatives are all linked to our corporate vision and philosophy becoming a corporate group needed most by people around the world. And your continued support will be appreciated. And any feedback from you, any suggestion, ideas are always welcome from you. Thank you very much.

Next, SoftBank style human capital management will be presented by Vice President, HR Division Head and Wellbeing Promotion Office Director, Yasuyuki Genda.

So I'm in charge of HR of SoftBank, Genda. I would like to talk about SoftBank style human capital management, including these 3 points First, about linkage between management strategy and human resources strategies, which we believe is very important. As our CEO explained, due to advent of AI coexisting with society and building next-generation social infrastructure, these are 2 major management strategies. So here, you can see at the bottom, base images of employee. Number one challenge, backward thinking, speed and persistence. These are the messages that we address to employees to be able to work and to challenge more proactively as an opportunity. And above this shows required talent groups, optimized portfolio, which we required before. But moving forward, the need of this optimized portfolio will be needed more and more. In order to realize this, in the middle, you can see. So we can optimize and improve efficiency of operation due to AI, but we would like to musculize more and more by utilizing generative AI. And of course, we would like to consider recruitment from outside, but we would like to focus on training and reskilling of internal employees. So the business fundamental elements, which are recruitment, training and reskilling, evaluation and compensation, and we also like to optimize within the group as well as management structure and organization development. And we also like to maximize necessary elements of employee performance through DE&I, optimal way of working and well-being. So now I would like to talk about our human capital management and its social background. As you may know, the importance of adding value through human capital investment was emphasized in the basic policy on economic and fiscal management and reform. And so due to the lifetime employment, here is the depopulization since 2010. And so most recently, due to the COVID pandemic, the way of work has drastically changed in the past few years. So under such circumstances, there are some changes in HR and individual and company relationships. So you can see as HR role, management of human resources to maximizing human capital. And as for career enhancement, each individual should be able to design own career and also to encourage employees to become more proactive and take initiative. So here's the generational and value changes, millennium and those younger generations, how to solve the issues in front of you and how they can contribute to change the company. We would like to become a company of choice for the new generation as well. We believe to maximize human capital equals employee growth. When employee grows, company grows. And when company grows, there will be more and more opportunities be expanded. So in order to realize this human capital management, I would like to talk about our initiatives on the very right side, talking about strategies. First, an autonomous growth support measures. This is our policy. Two, we provide opportunities to those who raise their own hands. We're rigorously committed to employee independence. Let me talk about 3 things here. As growth support measures. First is university. So we provide Voluntary training 67 courses, so everyone can raise their hands to take the courses they are interested in. And also position-based trainings are provided. And also the second one is SoftBank University. We focus on technology. So here is the SBU Tech outline to nurture technology specialized talent. And in the middle, you can see AI especially. So within AI campus, we have different levels. And so we provide content widely for these different levels. And another feature to point out is that we provide SoftBank University recognition system, which means in-house instructors supporting training. And by providing such a system, we can introduce more practical case studies. And satisfaction level is also very high and as well as cost efficiency as well. So for SoftBank University, annually, almost 17,000 to 20,000 people can take. And let me talk about SoftBank Academia. And this was established to nurture a successor of Mr. Masayoshi Son. The students are around 300 people. And half of them are internal students. And external students include company executives, lawyers, and also the parent students as well. So within this unique community students are fighting against each other and grow together. So this is the successor fighting program under Masayoshi Son. So we also focus on generating new business opportunities. And the next is about SoftBank InnoVenture. This is for employees are able to propose their own new business ideas and which is supported by InnoVenture Lab. And we have nearly 6,000 registered people. And also, our group company employees can join like ZOZO and others so that they can learn through this lab and also establish a new team. So we provide such platform for employees throughout Group companies as well. And also 21 projects have already been commercialized. And this one, other initiatives, very left one, JP, means job posting. This is done throughout the company. This is a system that allows employees to voluntarily raise their hands and transfer to a division or Group company of their choice. The second is a side business outside the company, to support personnel growth with new stimulation from outside the company and creating new innovations. As HR, we would like to support and provide opportunities to those who raise their own hands. Now let me talk about initiatives for generative AI, Needless to say, this is a very important technology. For us, we would like to create an environment for all the employees to be able to use and -- make full use of AI. And we also develop a platform for AI utilization and also establish basic regulations of AI governance. And for those who want to learn more about how to use AI, we also provide training course. And through these training courses, once employees learn how to use it, and we also provide utilization contests of generative AI. So far, approximately 150,000 proposals have been submitted. And the first prize, JPY 10 million. So it's a very strong impact. So of course, this is a very eye-catchy amount. But all employees have been stimulated not only by this amount of prize money but also to be able to contribute to company's business growth. So we have established the AI specialized office under -- directly under CEO recently. And we are promoting to make these proposals into actual commercialization. Now let me talk about recruitment. So after the COVID, situation has become more fierce. So especially in IT industry is very competitive. So as for engineers, it's 13x. As for recruitment initiatives, we also have individual approach, not only relying on recruiting vendors. We also recruit through our own network as well. So we also have internship initiatives. You can see job match internship. So last year, there are 6,900 people registered. And so when a student took internship in a certain division or team, and then if they would like to actually work in that area, then we try to offer that position as well, which will maintain a high retention rate. We also provide local development internship as well. Now let me talk about treatment of high market value personnel. We have a mission grade system. So we have annual changeover for higher levels. So this year, the manager level may have a lower grade following the year or the other way around. Here is the personnel system overview. We have a grade-based salary level and balanced with bonus. We also have a further balance with stock option. We have provided a stock option to all the employees. Other than these, high market value personnels in IT areas, AI area, especially, so we will offer a professional contracting system or some special individual systems to offer and to maintain a retention rate. Now let me talk about the promotion of women's activities. Our target is to promote women's activities. So the first step is to promote women's activities. We have a committee for the promotion of women in the workplace, with CEO Miyakawa as Chairperson, with directors of each division, and we also have external advisers. Ms. Koshi is our external adviser, but we also have other external experts. We have -- by FY 2035, we have the target for women in management positions as 20%, which is higher than other companies. So based on our current situation, we should be able to achieve this target. So it will be a -- right now, it will be like 19%. And the women's activities in workplace is improving more and more. So we have a number of initiatives, as you can see. And next is about health management. We have health management map, by utilizing technology and to monitor thoroughly to set up health management. For example, like improvement of diet, exercise habit and the reduction in smoking rates, and all these items are set and taking initiatives one by one. And also, we conduct engagement surveys to monitor individual and organization situations. Especially for individuals, we also focus on balancing between work and life, private life. And also each department has its own initiatives due to its departmental nature. We also focus on well-being and performance. So there is a data that higher well-being, higher performance. So as for SoftBank, higher well-being level, higher performance also practiced in our company. So lastly, I want to talk about pursuing of optimal work styles. So during the COVID pandemic, we have said that best mix between office and work-from-home, satellite offices, the best work style. And nearly 70% are working remotely. And also, we focus on the importance of gathering in the office, by having direct discussions face to face. Therefore, we would like to promote best mix of work style moving forward. Lastly, we have received many external evaluations in health management and work style. We also like to keep improving this and we would like to make a working environment where all employees would like to keep working in this company. Once again, our SoftBank style human capital management is to focus on employee growth, which will lead company growth. So this concludes my presentation on SoftBank style human capital management. Thank you so much for your attention.

We'd like to begin Q&A session now. We have Miyakawa, CEO, Genda and Ikeda, and also [ Marie Koshihara ], Head of IR, are going to address those questions. [Operator Instructions] First, from the floor, do you have any question? There is a gentleman on the front row raising hand.

From Yomiuri newspaper. First question about AI Governance Committee that Miyakawa-san mentioned in your presentation. Could you -- specifically what the committee is doing? And AI-related risks are discussed here and there. And the government and organizations try to develop rules as soon as possible. Miyakawa-san from your view, your committee, AI committee that you have built, are there any immediate issues that you want to address in that committee?

Thank you for your question. Like I mentioned in my presentation, AI is evolving quickly every second. Whatever you decide now, we don't know whether it works next year. So while we are working on issues, we need to make sure that AI is evolving. So check and control should be in place from different angles. But when it comes to the ethics, there is a professor in University of Tokyo who was completely against the idea of AI. But that professor is now joining hands with us to discuss what we want to do in AI at SoftBank, and what could be impacted by those AI activities. And then what should be compromised? So that kind of discussion on study has been done in a study group of SoftBank and University of Tokyo. And now we have set up an internal committee to enhance those efforts. We have external experts involved in that communication and discussion. Especially we need to ensure a diversity when we're discussing AI. We don't want to use an excuse like in Japan we do this, in Japan we do that. So we want to have non-Japanese experts are involved and also intellectuals involved in our discussion.

Any other questions from the floor? Please raise your hand.

I am Chiba, freelancer. I have one question. Last year, I may not sure if this links directly to the point here, but nationwide digital -- total guidance of the nationwide and under the government, they say that it should be controlling it. So such as data center, solar power generations should be established throughout Japan. So I think -- I wonder if you have an idea about that. And what SoftBank is working on is under any idea related to digital lifeline maintenance plan. Because the other day, when I met the Governor of Hokkaido, the network and network connections and even power generation is made, in Hokkaido, it's very -- it should be very difficult to distribute to other regions in Japan. So that's why I heard from the Governor of Hokkaido, there are some difficulties.

So regarding digital lifeline plan, I do not have idea in details. But what the Prime Minister mentioned, digital power source initiative. So each area started some committees. I also belong to one of those. So since you talked about Hokkaido, let me answer to that point first. Speaking of Hokkaido, also from the perspective of renewable energy, Hokkaido has high potential, but if you try to bring the power generated in Hokkaido to Tokyo, there are some bottlenecks. So it will take so much time and it will cost vastly. Let's say, from Hokkaido to Tokyo, the distance, if you try to build transmission network by ourselves, it would cost JPY 5 trillion to JPY 10 trillion, and it would take so much time. And so that is actually the end of ordinary discussions. So my idea is that both demand and supply should be consumed at each local area, each region, which means the power or the needs of digital processing in Hokkaido should be for people in Hokkaido and made in Hokkaido. So we would like to target whatever is made in Hokkaido should be consumed in Hokkaido. So the data center in Hokkaido will be also providing services to the people in Hokkaido. I believe that is a true local -- the balance between local demand and supply. So before, and it was different before, so therefore, we would like to go through once again one by one, and then to realize what the system that I have just talked about, one example in Hokkaido.

Thank you for your explanation. But for now, demand, not SoftBank, but what -- Daiwa House is building a lot of data centers. I talked to President of Daiwa House, Mr. Yoshii and asked, are you making data centers where there is no demand? And he said that, because there is no demand, not making in local areas. So that's why I also wondered it is very difficult to make balance -- keep balance.

So those who are creating such demand have to go to that place to generate demand. So we are going to Kyushu, we are going to Hokuriku regions to generate more demand. That's what we would like to do. Thank you.

Thank you very much. Do you have any more questions on the floor?

Masuno from Nomura Securities. Miyakawa-san, about the next-generation infrastructure. We know that you're going to build a next-generation infrastructure that requires CapEx. And by saving traditional infrastructure, you want to build a next-generation infrastructure to -- not to increase CapEx total. Initially, you may need to lose money for R&D activities, for example. And timing of making money is the time when your next generation structure will be successful. So the CapEx level and timing of having the effort successful.

Thank you for your question. Let me share with you my frank view, which I don't usually do at financial results call. In our mid- long-term business plan, we position ESG as one of the important points. So we built that business plan taking into account of ESG from the start. So we are committed to ESG initiatives. And when it comes to investment, we don't -- that does not mean we spent a lot in ESG area. Since we are running a business we need to see cost benefit and recoup from the investment. Currently, we are spending CapEx for 5G and we need investment for 6G and going forward. So we are not going to give up. But additionally, we think about building new data centers. But the question is, do we keep spending CapEx, let's say, JPY 100 billion every year? Do we keep doing that? I don't think we can afford that. So we need to strike a good balance in terms of CapEx allocation. We have a 10-year plan because, for the first 2, 3 years, we planned strictly. And later, when we have more luxury or more freedom or more leeway, we want to figure out in what more areas we want to invest in, including generative AI. So again, we want to strike a balance. So please be assured.

Thank you so much.

Thank you very much for participating ESG Briefing for SoftBank. Again, we appreciate your attendance today. Thank you. [Statements in English on this transcript were spoken by an interpreter present on the live call.]