SFTBY - Earnings call transcript Q2 2022

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Unidentified Company Representative

Thank you very much for waiting everyone.

Now, we would like to start the SoftBank Group Corp. Earnings Results Announcement for the Six Month Period Ended September 30, 2021.

First of all, I would like to introduce today's participants. From left, we have Masayoshi Son, Chairman and CEO; Yoshimitsu Goto, Board of Director, and CFO; Kazuko Kimiwada, Senior Vice President and Head of Accounting Unit. broadcast live is announcement over Internet. Today's

would I like to Mr. invite Now,

and Son, overview. you the Mr. to earnings present Chairman CEO results and business

Son, please.

Masayoshi Son

Well, Son. much There My you so life today. are events. is interesting. is dramatic name many so Thank for very

myself time. back looked me that, ago, at is grown today ago, May, was have then, I my start and in over March back this And we That that. I two then. and Zasshonokuma Back have And let have years spent I and there said, months the announcement six the year, presentation. talked by the born next said so we for dream then. talk. about about part about XX much chapter since started in Just since is SoftBank year-end and from we other a six my And road, there. months

Blizzard, in what next are the to we blizzard. us? middle So happened chapter,

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most focus accounting compared loss ¥X big value asset time so times effectively a last, or But about ¥X here big loss, several it We the would better. effectively, is to trillion, ¥XXX loss, importantly not And income a yeah, a first I actually half net are I this have storm. I bad, it's winter say, income. in loss. was How ¥X.X mentioned, billion. means, maybe net trillion how net loss? NAV it's trillion a reduce It's

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believe And net always share many how, been we the in this I Alibaba to that describe our is extent some So to impacted the has expected, asset that graph. price value. people

occupied has XX%. it But about time down now some about been bar, orange it taking taken to has about reduced the So -- -- TNAV, right that amongst XX%.

net Vision Vision for decrease. which our not total about I've business, other taking always times it's Fund, several actually core accounted Actually asset Fund and this XX% the main explaining On value. amongst our hand, is been course, which or

net year, Alibaba same XX asset JPY blue XX%. time see year blue last ago, of increasing portion those this first about the you that value accounted bar Last So compare can as of is with for and if trillion, half just year, today was the steadily. you a or two, about

small And net JPY is SoftBank to has the part year. of portion share for Fund XX%. now Alibaba Vision a value so the Group. just to in a to This decreased relatively XX% of reduced XX% asset grown biggest of has is XX trillion, that's XX%, Now which

take a steady is Alibaba also bar. China's by blue you red China, net the so public Alibaba If Chinese a share, share some decrease growth look such as, making the States, countries, to actually at Majority of bar. Fund, by went are asset which of the portion Vision our value successfully. is there due and United portfolio Didi

seeing three those a difficulties. price. China has the Alibaba shares Didi And and its stocks share been China has high-tech some past China, is those blue in a having means at And two take which the good same decrease steadily, are portfolios United growth also in However, growth. States those with as look high-tech in you are the in others reducing in making and other been green its months. bars, But the making and when value and bars actually

SoftBank So for indicator net another is asset value But most Group. important the there thing. is

the see asset I is is to So two net two say other that the and importance. we value. indicators would value, very loan One much things,

with our divided -- In assets those is by Group managing business. amongst holding value, the SoftBank debt. So net managements are this to two, our loan

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years Group. SoftBank like when public. Mobile last been has always Since subsidiary SoftBank are has was been the under XX%. will. the you LTV LTV running was in years SoftBank side business safely then three So ago four left-hand went the And we Then XXX% On if it three how moving? of

the is That's internal discipline. In Even our XX% make XX% XX% exceed LTV. went -- that rule indicator. worst-case in in it be LTV that should by or at keep That's the of of sure XX% Either XX%. discipline holding we the we to to equity want That's level. we don't That's us. our those the want value around financial that should XX% we see down set we Looking scenario okay. won't how strict LTV. still terms for exceed we level though

last Fund Vision trillion. about about lost Now even talking three In the Vision ¥X the months Fund.

share are In lost And I Vision last most we ¥X either. that proud due again is three not of was and performance So Fund months not SoftBank either. to that Alibaba trillion the that also I'm something of said drop. of proud NAV

three ¥X So in the last trillion months. lost Vision Fund

see the since However, we ¥X of number inception Fund. looking trillion Vision the cumulative of SoftBank at gain

So Vision Fund three public Didi itself at is successfully Didi for I last looking in earlier successful. mentioned went the months like China. But example

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to gain SoftBank ¥X trillion So lost from trillion cumulatively. ¥X Fund Vision

the bar most accounts Fund Vision If indicated light you the started. blue two and look one deeper Fund for Fund they so of in is just LatAm the gain. in chart

fund Vision to Usually takes it So performance to and when years it Vision comes of Fund one Fund. has see gains. longer history three-four

Fund. So was and Fund Vision earlier Fund LatAm X than

a saw of also shock we Uber's lot like, terms failure course, pandemic. Of IPO and in you will WeWork and if events of COVID-XX

after they And a Vision Vision LatAm started building Fund tough started. over X Fund, X gone we have Fund COVID-XX, value. again But We through just and that period. the

see steadily, years in steadily. been they're believe country Vision values in in. WeWork regions, next So in growing successful despite, NAV DoorDash blue. the is U.S. of indicates again issue, By WeWork to public again, recovering U.S. Fund And COVID-XX fact three-four went U.S. IPO. or the It's and And recently. the and coming more the that in we terms going

green Europe So U.S. South is me Africa excuse And been -- doing has America. well. South Asia, and

in example, South successful. was for Coupang So Korea

been China red And the has is in months. one only is last So in the which green well. three lost, doing has

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ahead So X. Vision ticket per Fund X is of Fund Fund size Vision make Fund Vision In deal to of than more case X. want so Vision X, one-fifth

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was comes per case. ownership stake XX% was company -- or per So XX% our ownership it it when to to

easy So that to also and same at to exit makes us time. easy enter, the

And Group that in SoftBank details. still in will us to are principle, able people investor wonders does. what manage doing? we we make invest many are what And And we and in companies. So

new so said shares manage utilize, less or asset go focus divest. private be unicorns on like will and too group to and that into because go grow monetize they or we then as then the exit we investment I AI those they after companies of public, for unicorn companies mature unicorns. And we ¥X.X invested to And So once or XX% private capital and exit the would XX%. came than create on from those where that recycled shares. once we value public trillion went comes we utilize would money for far? about loan About that from is for have the money we public, those like Where monetize half trillion first that ¥X financing. or We comes that our from? that to we we

also, so more our we So can monetize. it's assets new would like issuing a that but or do within not rather recycling anything, money like bond ecosystems. to loan can making now we And we or making

months, memory proud the with ago, And I the presentation very XX But So still to to can the are in see in Chinese a have of just six as from months we creating my blizzard. six reduced years was I ago And the of later, middle seen reduction months we asset portfolio, mentioned beginning announce value. of a especially -- the for gain. in result here. compared three big something me, I and net mainly

a can there. see the see of the is That's sprout I you little bit can green coming blizzard. You the In new see out. middle, sprout something in

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trillion. doubled. And at start for working is our we PayPay. sprout one-third for assets' X And money, assets the Arm money year, NVIDIA then, utilize which one-third Arm, trillion, seeing price And to exiting with out, monetizing at recycle can we ¥X agreed cash shares. coming ecosystem when assets with However, ¥ new know, Arm those or the you those also one NVIDIA we is NVIDIA that and bought the and ecosystem. already since as about was share in valued merger

and deal when go of should NVIDIA according is trillion the price ¥X to to trillion share if So, trillion. ¥X and current closed, ¥X NVIDIA

is, that So ¥X out by considered deal. be deal deal, I what as should ¥X trillion mean trillion not

new ¥X.X to is NAV also, Alibaba trillion, mentioned about talking So including ¥X again, remind debt bud. And a you NAV, subject have of not with course, trillion about PayPay, I trillion. Fund government Vision PayPay. keep also ¥XX And and of And net And others. I'm we materialized and confident the I and about approval. to talking

at ¥XX.X be should trillion. trillion, but of ¥XX.X NAV market cap September end, as So looking the

¥XX So, XX% value about trillion, the we and of and NAV, holding discount. trillion, market see ¥XX value to compared

So XXXX, have As or can we going years as since XX has how downs. going it's last so? been you NAV the see. up ups been see And can for and steadily you

September market further. ¥X end, it of since goes Still, went And As rebounded end. said September trillion. I that even about ¥XX.X and I'm down our since cap sure then, up trillion

X:XX is of share, XX% again, So, expected. of per of discount -- about gain per ¥X But XX% which ¥XXXX trillion NAV as unrealized excuse XX NVIDIA and the has me, discount. ¥XX,XXX be today, widened share; per share. means to should

up should So the NAV higher. go

Of Also, that expected gain. course, grow get we PayPay don't mention we don't about NAV's on here top so should of approval, further.

me consideration into So and taking considering that for effectively XX% discount is of around NVIDIA PayPay.

we can a negative? because though snowstorm. XX% be true buds one positive a to even cetera. is this the our blizzard something the take are case, there keep seeing as -- time. the are to and XX% shareholder we are where it is is excited, maybe are the shareholders. blizzard, And shareholders' turn advantage I shareholders That's SoftBank I If into One and middle again, of myself three But I and et opposed potential. we how am that's we against of repurchase. discounted honest, way snowstorm, now saying, that SBG. am the there Again, Group, backdrop, the one discount. to I against of Message like over is So bud but not From me. of perspective, in for of in

shares. Now chance the is to repurchase

will shareholder, so am we because trillion. shares heated So, Board I a the discussion expecting I approval. Board I have so ¥X meeting excited, we repurchase agreed our a we been and at this that had am

That's of Directors trillion, share So approved one that for Board agreed can buyback how meeting. much of we ¥X and at the level purchase year? we

in taken one-year is into account. of of complete NAV our and shares NVIDIA be excuse want And period, to LTV repurchase to important opportunities, So course, ¥X at want -- also don't lose. we me, trillion. to investment we needs

NAV indicators investment we very to those for at. are So us policy, look important opportunities finance and need discount,

not one our chances So repurchase in we ¥X are, trillion of of reach year, terms in share. may

extend trillion may have trillion I may hope we year. Directors So course, ¥X complete trillion we period to even of don't may though we year, reach at one the one within than we in share ¥X though, trillion, If buyback, ¥X discussion meeting. want reach of take of But we even another one But reach not year. ¥X Board one it to longer year. in

companies point share have attention so very in, So importance wanted the trillion today to -- chances for know. we anyway, That's term may longer today. Again, and result thank presentation. and but of of Usually invested the just that my you are There the year, here I about announcement, be buyback. some much is than one buyback talk share just ¥X your the focus that in for my that's NAV. attendance we on all you earnings

Unidentified Speaker

the Yes, Instructions] row front [Operator please. very the shirt in white

Unidentified Analyst

My from Tsushin. is name Kyodo Nakajima [ph]

is company, step been – -- is that this is first for you in in Japanese not reported Japan? The it I believe What you worried accurate investment your policy to other you've that this is the Japanese such start for Japanese portfolio investing day, invested in is have company? was there and But companies. Son-san, firm

Masayoshi Son

of but that, like unfortunate. or Hopefully, been Fund. and increase pipelines, we and to made thinking the so companies this are But companies are that, our unicorns we'd AI would Japan say the we flow, really investments. able Japanese able companies, to by and to to like about in really will to see of the of on first out be the been regret we'll pipelines those small it's be more is Japan, in investment has seeing X,XXX the number of and in number I've Japanese start numbers hoping invest Yes more we Vision of increase see deal course, in increase, we

Unidentified Company Representative

question. Next

Masahiro Nakagawa

think I Nakagawa from Toyo is XXX about ¥XX – billion. About committed Keizai. amount SVF X,

at going commitment? are So much looking build how the LTV a in future, you to

Masayoshi Son

thank Well, you your for question.

Of to and other course, at them. portfolio exit and decision, performance indicator companies are of a we come the Constantly, we make are but and listed monetization. seeing from capital lot key in a LTV should looking

continue year to of So million want into of about account every we investment LTV. ¥XXX taking

Masahiro Nakagawa

the going commitment So you're every is million forward going build year? that ¥XXX to

Masayoshi Son

constantly flexibly. Yes, and

Unidentified Analyst

Ichikawa My name [ph] is from Yomiuri Newspaper.

about same What ideas more on question those. the time we believe, a So X. Chinese but investments or you early-stage But But your are number capital more home I risk-hedge is and of a investment. of reducing, can change Vision company the runs may any at your policies I have Fund considering those the market, because idea? changes. see policy

Masayoshi Son

I my Vision like As a is compared making studied can times, ticket balance. per already we billion about ¥XX including But Fund are this appropriate to you cover traditional our learned at venture is and would same capital. we many and per big size I the case XX believe, X, large Medicare saw smaller, XX the say, or times size ticket. portfolio, project time is quite a sectors – this diversified in to to make we many not And would compared time, traditional presentation We we is good things. at a lessons. now. ticket But that of size fintech understand so enough lot I And swing. investment per of believe

have size, good of to was In deal The increasing And of number that dramatically. take sector, so – a big ticket placed. portfolio a we big not risk. to Steadily, system would like terms make is big in of the I think not in not detail swing, region, terms like increase. we would we diversification a

we money. marketing don't now don't the the we smaller though to external the results investors. deal for and I we So of right enough. we see cases Capital is are increase think cases, good number even have to a cases of by increasing not need outside because believe size, still that policy-wise, ask that ticket the we

we I balance think buyback. own that do share like can our But to investments. such our our we -- do, to we buy own. can sheet manage, Rather, would for still

Unidentified Company Representative

Next from floor. the question please

Unidentified Analyst

[ph] to European concerned selling In presentation, the in from press. regulators NVIDIA. Oda Jiji Arm's you are Tsushin. And some mentioned

currently, of what what's expect approval? also, impact from kind And regulatory of So you competition your newer prospect the on investment? on view

Masayoshi Son

Of second course, regulators and gone I that believe be to want examination. review that they can't very can have promise, review into of successful. promise. I completed stage carefully successfully. Nobody that believe approval still process go should but I myself should

Unidentified Analyst

What challenge security, or about issue? economic

Masayoshi Son

owns Japan though owns perspective, in terms a Even NVIDIA from think Arm at of SoftBank, security US least won't I Arm. or Arm, it difference economic big make

Unidentified Company Representative

from question, Next second top. the

Unidentified Analyst

of Business. [ph] previously, Sanda other My what to -- I about the And how like for and any other -- people or ask the would for this kind is or you program, joining believe fund. core name program are investment allocation? co-investment announced from have Nikkei I any

Masayoshi Son

we co-investments public still but program. has the company as myself or on SB that And presentation, And company is committed not the my it are other which a to close in shown moment, invest called investment XX% about in this this at for Northstar, to securities about I the I end. adjusting. Well members this but was

SB has on about made was Northstar. such So public investing been by But it SoftBank in Google, Group -- Facebook, plus/minus it's securities Amazon, zero.

we or been the investing of plus/minus Northstar, it's Amazon the At as today was about quite created. when this others loss in itself before, zero. beginning organization it So has making started big not but very a

my bit a has So investment later. little

after making was joining a gain it investment in the beginning, I start So became this but loss. big it

manager, risk was beginning loss XXX Group XXX took gain. JPY billion myself then, and it Group But loss. the Group SoftBank billion XX%. XX%; XXX% think SoftBank about made a portion SoftBank as was after in a personally. about This a But JPY about it it good making XX% I and So I so actually very

in So already -- the bucket. the was so actually came later negative I in zero. plus/minus But in total I or

goes this it I something join believe taking that when is we make So then showing -- bad a we -- here comes that that lose When well that is risk but But all management the happy. all it then it the it investment. and money. goes

So take have will for for once X, tough a very this and like able I at risk a management to that's confidence make be Vision that make to things to time happen. we something But and I do. this would risk again other the Fund to join same

If personal you money thing. taking billions is own for tens your high-risk pay risk need a very a yen several to of which

that the well do careful we So need of captain we me to But need the be do as that. this the about -- a to but coordinate and boat not XX% making we would like the -- not risk co-investment to taking for take -- am shareholders. any program of tens some I taking this program this for we are the for percent time,

finish this. why it's little bit to there of So are that taking some risk for program time is a co-investment this

Unidentified Speaker

question floor. on the Next

Unidentified Analyst

met in NHK. a conditions in startups? an start-up made investment what make Japan from Japanese Japan, And you of in possibility to in do the kind and and second third. to first investment Talking investment there about in for again? that be Japan you [indiscernible] Is should

Masayoshi Son

happening. is deal second fact In

We talking conditions. negotiating company on terms the are and with

second so later. Japan I'm sooner the other that should sure or to Japan. there And one So come potentials in more are have in we're we others companies invest more that going and

Unidentified Speaker

Next question.

Reo Otsubo

can also believe can big I there is super as and this question up. you. we Otsubo But I Newspaper. that the believe name be sprout I apps are as have amongst same LINE PayPay time, And But at about Sankei be you Arm. My in the a May well. expect PayPay. have from super same a many

the concept? type of super on strategy any app have you do So

Masayoshi Son

well. And I downloads with Amongst convinced and taking these app of one PayPay growing days. number amount growing. be actually is And big. other a Number confident number created all to number am it's category Holdings. can is that see is as SoftBank phenomena Z sector position is PayPay going sectors Corp. us for apps in quite which the actually of a Group, one or amongst downloads, transaction and together countries. PayPay for payment increasing SoftBank of you even not these Number that has the all is of

sure so that Right this they is now am loss. making I So growing. still are

as to when So turn margin-wise needs margin. as this early but see it into -- I profitable want are so to making said loss now possible they to and gross that be comes to money turning gross I making in loss, profitable.

still net enough they cost such they're a yet we'll all the not in net group. same income not have not So are on the less, still so but --

make those collaboration to So I is that companies. believe the a super amongst going it good app with

Reo Otsubo

IPO that? how or about value Shareholders'

Masayoshi Son

when the motivated. the time timing, early this see, value to that But at company Sometime can it's too or I really going moment. public. I believe And discuss hope comes, the I we the

Unidentified Company Representative

So, three the, more venue. people from

Wataru Suzuki

Nikkei from in bit mentioned be listed, lower than presentation the in should little valuation-wise, Paytm, believe, target Suzuki certain So or and of level. India, them I your to maybe companies be ¥XX one billion so? you a Asia,

your on So that kind that? future? So -- view what's view market you. expectation your of potential is the in Paytm Thank what's of on

Masayoshi Son

when Well, cost I we And on it made investors' and course, than valuation that believe, appetite. that we should of bigger, way, I spend valuation-wise, depends grow condition believe investment. significantly. Paytm the market should an Either be

but that a believe that of. Paytm, I we they be high-expectation their are So only expectation, the event. great grow should going for us, businesses there Not value forward. can have IPO And also other

to has Number of I'm So looking for possibilities. growing. forward potentials, been those year-end and early next the IPO year,

you very Thank much. hit. big a make some And

Eriko Wada

My name from Wada Newspaper. is Nikkei

of your Is some Fund is some there management the true? media-rights this leaving And, employment also Visual that those is company. talents? what policies maintain to So are,

Masayoshi Son

Japanese turnover. at see. any the the are always is, kind a of the Valley, of there culture Silicon view, culture's Google, feel some look companies. actually point is replacements whatever of There in are turnovers always we turnover people. sad happening you see Facebook But that's of sometimes Silicon Valley. Apple, From happening we to the And the company assumption or When have anyway. that

coming people leaving would So but to us. there and each cared, capability, such grow. it's asking not to that like but organization structure. us, organizational also in organization, there individual And be that see to capability, needs for are some an are of we Strengths people as

all So time. that's happening the

member level So is of are or taking believe or, our other as fund our an there the that competitor attracts great momentum us some offer new track new actually talent in interested well. record actually in because track is the I manager record

too. knocking are they So doors our

that So situation, the in Thank organization you. strong. hope we'll able make we to be such

Unidentified Company Representative

floor And last please. from question the

Megumi Fujikawa

Fujikawa from have the companies environment about Wall Street And in of Journal, that of technology impact China, what expect a regulatory against should impact in technology question future? companies? you especially would for what China in kind startups kind

Masayoshi Son

in happening your little concerned also am China, AI for about what's related you are Thank up. question. but a companies I coming bit

like we continue we to invest in companies So every do AI day.

In the fact, been a exponentially. has that in the company growing with Chinese morning, I Zoom, call a over had

China. in grow that up they're related are China. believe technology in and that potential continue those AI will companies further we grow. I I to coming companies hope even In in revolution, those AI companies related going So I that sense, emerging will in hope And AI to that China. invest

Unidentified Company Representative

So that's all the questions from floor. from

from questions now Zoom take So participants.

much now Zoom from So please other understanding. taking any very to your connecting we from echoing. stream for are live Thank you avoid participants, that refraining

ahead. question is Please question. Please Inagaki-san Financial one start question go from and So, Times. person. from unmute first Please per make it your

Kana Inagaki

Inagaki Ms. Yes. would This the ask I Financial about to buyback. is you from like Times.

have by asset Fund, would buyback at big announcement about that You enterprise of increasing but this enhance But possibility, reduction value. corporate a or Vision still this value the timing? mentioned why value at this of this time to you to you like at course, in the net come moment, the

Masayoshi Son

value Because for the the current understand timing situation. shareholder. current is I That's of That's for discount of price the belief. buy my I believe for share increased net how asset

came this So conclusion. we why to that is

new want investment to opportunities, course, miss those. don't we Of

available for So value need make capital we to that new loan to our the than at those enough -- XX%. manage sure less opportunities time and same

redemptions always discipline. would we to like equivalent also for make to sure that cash So would the of to this cash bond. sure And to make keep cover position we in two-year like

So ¥X discipline of announce we financial that and trillion can keeping such a we in position that this the are buyback. still we level think

we why this conclusion. that's to So come

Unidentified Company Representative

Next Bloomberg. Hyuga-san from

Takahiko Hyuga

of something investor Thank are about price you turn China question. continue share stocks to they Bloomberg. advantage you to is, it investment When and talk taking My is of Group, Hyuga positive? name you My for from SBG. you SoftBank not lower because just repurchase, institutional Like invest were we taking question talking reason big for mentioned about in of concerned you and to share but Chinese risk why mentioned a that about accounts is XX%, companies. Chinese my

buyback it share Our for successful of you went interpreted share as would -- at ¥X.X by be trillion think monetization time price down? program or was a being, but don't that So investors? risk

Masayoshi Son

just ago, it for year of dramatically. XX%, investing you the though Alibaba we down us. especially Chinese I XX%, cloud mentioned the maybe Vision terms NAV. your Fund, in in for percentage China of is again while is Also, only that invested gone accounted But so NAV one companies even percentage to down If just presentation, in I has China and earlier risk Thank now over Like by mentioned terms XX% a still companies, China, is of Chinese in continue of NAV huge companies XX%. XX% question.

think from huge. so perspective, risk don't China I So is that that

I think again, in that healthy and it's the ticket we make that level. a manageable. sure manageable very something we small is company invest is size and And

Unidentified Company Representative

BP. and from is Owada-san, unmute question Next your start Nikkei question. Please

Naotaka Owada

is This Owada speaking.

share Japan, your question is idea? early. still that six ventures can About has since months a new But us too AI I So investment grow AI it's but mentioned venture have you ideas passed, six Japan. have ago, you to in with the in months about what you

Masayoshi Son

We are on. still working

and one found terms. to So through made now working second we the that in in a pipelines, one first the investment discuss Vision Japan. and we Fund, the are have first We we

believe steadily can one is our we increase easy believe that another. increase. Japan, to by any believe unicorns to I we like it step I make that's but way in So, don't would AI there current we status,

Unidentified Company Representative

question from [indiscernible] Shimbun. Kogyo from Next Nikkan is

Unidentified Analyst

Japanese so think? in Japan in on There Japanese view capitals. moment, many are market there not about many reality? And environment startups, you so what's not do around opportunities Japan the Talking what's you that at view startups? on And What were your your that venture wanted to invest in.

Masayoshi Son

successful US, are a lot of especially bad, in mentioned spun company earlier, Thank or companies there a big you good the of Silicon I like Valley out Google. giant the like question. or for Well whether businesses

US. spin of so So dynamic rotation in or out that's the kind that very

So will talented when shoot new technology, green then comes people a up, accordingly. move in terms the of

even spend to around. same a so Japan, that business to in hard they grow often in the about Japan. many well So, moving want to not venture traditionally new or so and directly. company, say a management for And think, I startup, Japan in it's indirectly, in very talented new workers years capital In they are coming young startup talking contribute Japan

investment they are pure in for Japan. So, not hungry

or been competitive or Japan. also, entrepreneurs very And many well used environment AI well so are So in has not investors known in or technology not Japan.

of are Having there I So, lot a begin potentials. in said see to challenges Japan. that,

young So story follow more believe once success there, that I is people and more to want suit.

Unidentified Company Representative

you much. the the question Zoom. last is from That very Thank

your answers my presentations So, questions. for thank you all and for very much. That's

I three an the also comes admit declined. So no excuse I And once that has opportunity. months, will admit asset -- net value that's past blizzard with

and working have I happen. like ups it hopefully, But confidence And have we keep we we hard. to downs. that do make can So,

concludes our announcement today. for much. you that So Thank very

Unidentified Company Representative

concludes SoftBank period This September the results XXXX. Corp earnings for Group announcement six-month you. ended XX, Thank

SoftBank (SFTBY) 8 Nov 212022 Q2 Earnings call transcript