SFTBY - Earnings call transcript Q4 2022

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Operator

[Interpreted] They will be uploaded on our corporate website after this meeting. Please wait for a moment till the start of this meeting. Thank you.

Interpreter

[Foreign Language]

Operator

[Interpreted] Just to remind you on how to ask questions. have the to from and like participants. Zoom first questions floor from then We'd Instructions]. [Operator the to refer that Please instructions earlier. we sent you refrain other to echoing. from to also any live avoid Please stream connecting can to We like per that as possible. to people up take would two from questions take person questions so as many we your Thank for corporation. you very much Again, for before while a please announcement. starting wait the earning results you. Thank waiting, Thank much for everyone. very you

XXXX. Corp. Year would we like XX, Now, ended Results Fiscal for the the Group to Announcement Earnings SoftBank March start

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

Now, I to would like invite Mr.

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

please. Son,

Masayoshi Son

name very joining Son. much My is you for Thank today. [Interpreted]

years, So been in situation the explain of manage also you impact inflation, should largely, is been seeing places to many impacted the which to presentation. confusion. we this COVID-XX, and experiencing SoftBank world, and in the Group, circumstances, and year, confusion this at Ukraine been also been we've markets experiencing do would interest market. in due the to rise with in also Equity market I Russian believe invasion inflation that world, the again from Under equity like to rate market, we the about around such we've a the has what something world two starting I we've sold that's my

earlier, we taking in Group, the my sites. circumstances, should position. In be let defense the we, into I such confusion summary, So in me mentioned SoftBank as are defense world under go

position taking moment. we clear at a this be that's So should

executing monetization COVID-XX started been Just about world, and initiative trillion we announced in seeing have in Also, years we manner. we our have ¥X.X buyback those steadily announced ago. share program. the two When

two are mode. defense One, be we things is taken mode. this again, continued There that should we believe that monetization. for Now defense this

sheet. And would make that enough So criteria. we new we have sure do the to stricter for on our to investment keep investment balance activities, cash position like

for today. summary the that's So

details, my slides you. use to For like would to I to explain

and specifically, result price I million XX invasion beginning, n invasion has of a COVID-XX, Russian been became in XXX the Ukraine. XX%, this crude COVID-XX, became raised More Russia infected a to of the the -- global this because oil prices natural And As a as with mentioned increase. gas of Ukraine, it of -- XXX% pandemic.

to we has trillion value, of have have and position. a increasing -- whereas phenomenon and price too time, people in world. at in seen of down inequity to Facts us that all, the such a fact. States manage the SoftBank, people -- record in the with This Is the are as terms Under same its consumer third Composite are level debt this XX% index So net fact. there three things holding a cash we some ¥X.X And a price loan SoftBank. situation, SoftBank, over United safe? is Index. things, such cash or that a been Those that trillion. long-term value, rest as interest is many it of is are To has rate Nasdaq situation, week ¥XX.X in about XX.X%. the we've I same seeing exchange lead been has Yen or have believe second a decline been a concern rate I another in three the And one, concerns value from much position think may

our would That the the was at trillion. for last year have from for like announced before ¥ three in o'clock -- -X.X was this three last may SoftBank. status. to And facts income, to concerns facts ¥+X detail trillion. afternoon are been that I the explain the of trillion. more those Net these And So, mainly like year you answers year, already these three has the or which that current you to ¥ we -X

X.X the had So, positive yen. several but trillion trillion negatives here, we

has value, net was from index Yen? which value. quite So, net fiscal more especially asset important gain loan X.X movements year side the to trillion that but focus full dramatic is downside, Accounting and upper negative this the were 'XX, to income for we a

two as very important these that index. are So, a see something we

trillion calculation, So, the X X trillion down value it's Yen. front vision net to asset our which from now for Yen is mainly

But X So, Yen. of we still Yen. seeing are we invested, Delta have gain is X trillion principle trillion still, the to this

Those fact. but of has this gain still or but another [Indiscernible] gain those with which in gain trillion, is still total, that's realized fact, trillion. So we increase decreased, been unrealized have still, increasing ¥X ¥X

So of dramatically is compared trillion this to ¥X.X net negative decreasing. income,

by bigger And detail even is in accounting loss. to compared So issue that region. actually, this

all, been away, a of First seeing been going funds, showing figures decreasing. new has for risk In the investment now is studied. past here. been carefully gain has new and the have in negative digital in investment Therefore, China, managed in it has we China been and China

new -- So that's position our in current for China. investment investment

the from worldwide has are you'll great more are if and loan kind invest, from so I influencing still and saying, declining NAV setting it's a year those this companies that Europe rather results. There So keep value than those declining, companies, that those equity LTV a indicators for value, States most Group. smaller and market to In careful accounting zero of still especially steps who do Net important. are -- Russian has Ukraine, Like largely of lot of but United income relatively Asia, perspective, like invasion also also asset decreased [Indiscernible] this phenomenon size. so not funds SoftBank to important been EBITDA. has been impacted and mean for

of And every year, are NAV of holding ¥XX.X market that's of March value is trillion Equity trillion. That end NAV, NAV of discount. ¥XX.X asset evaluated minus was net does owed. not a terms ¥X.X our And experiencing we trillion. is debt, cap means XX% ¥XX.X include debt In trillion. as which

so history the asset peak, compared more hold can you as earlier, on side, have decline, you net of we we a the at to saw now lost accounted NAV. plenty accounted Alibaba seen Fund I of XX% Vision value, Alibaba NAV. of about Alibaba before, Up well. can detail still two lot. XX% And in the in for NAV, as Looking loss in terms however, value, asset NAV fund only depended accounted but years the NAV, of mentioned see, as net vision on our terms see Alibaba for until NAV for XX% our of of of ago, a

we how occupied or Alibaba reduced And huge Fund, as bigger -- to if have is been risks see chart, reasonably. and So you able take proportion total, the you can this be decline. of called China by out see a orange risks, a portion don't Vision you

again, depend a If for so SoftBank. XXX did So too dramatically, too important anymore. saying, And we and much, keep and again, are value, of again, loss LTV NAV now accordingly, will our Like been on market company we also Vision see companies, Funds indicators don't particular maybe distributing diversification. country much I or the have we we on particular but most but declined the we global include portfolio diversifying depended Alibaba, before since then.

and has NAV mobile, The Net KK, value to fact. SoftBank second by is looking history value. sold listed one part the to XX%. and The XX.X% assets. been then, We a is LTV SoftBank back or loan of divided loan shares, below LTV. the debt since that's to Again, constantly of a

people business but asset, our XX% a a low be less XX%, as and Our time want X/X policy as to again, extraordinary you our earning its we X/X now that XX% improvement. our policy. LTP decreased. Many of XX%. declined is have should we That since should as as XX%, announcement asset with even our as it made means seeing red result, XX% usual, dramatically, the of are market will. our Then we have. but that level have so in run was zone, below usual, to and should that that's equity the instead situation strict for may said last keep That's a guideline XX.X%. improved it concerns months. of the three be is business, deteriorated, is again, LTV be value of people as some Last over we we could XX%. to than the if assets loan many business But fine, if

terms cash Against to have next of double for years. is have about is policy level of our three we have than in more which enough care trillion. our sufficient over ¥X.X two position, redemption ¥X.X to cash trillion. the should bond redemption for that, talk When take position, you cash we of position, years, terms In

per when we secure buy our -- we was and business safe we to has cash and purchase in we will six our equity shares. The it won't in our and an And canceled to we shares manner. this that share now forever, important circumstance. very be shares made ¥X and to So, The are managing has so it's in after fact, year, have announcement know, And the the market good position share downward SoftBank it's buy shares. enough progress trend, to have are buyback should have price share XX% in NAV under been Consequently, downtown to by back we up that as trillion discounted, you our a November progress in decline opportunity months. down, been means better. be

been has program buyback pretty share again, well. So going

improve we me While be will able repurchasing loan how Let to we are to shares, value? explain.

us, trillion we for did new we we asked ¥X.X done of ¥X.X investment? haven't trillion. you program have you also, monetization fact, made. any investment If about But In done about

with we investment investment that and That new done is means So, we, money the monetization. new both monetized. did

kind that working low. ecosystem of So is

our that affect sure make we we won't So, debt.

make gain, comes we When So, invest first and investment. a we public with make that you monetize new we an investment, when in entities. it usually -- we to new investment,

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enough from pace manage We So, of new make we we instead randomly, have to cash we that investment. position. investment sure do? existed do making want businesses, of How

are funds more the new investment. are doing private conservative companies’ We believe are to day. data when Because our of pace every that values comes evaluated it same, why? I global this

So it the -- corrected day. every values is are when but their comes issue to evaluated businesses every but day, almost not private

most difficult to they the that it's the private change the mindset into of have they values in So, have. companies that

businesses So, those wish it but if their the investors would companies, then, at to are back to new in higher day, higher invest listed difficult since value, was it's values valued they value every attract comes investment. when

but Venture only the equity meantime, be So circumstances. growing. three should businesses years keep will companies, funds ahead, and market the SoftBank, also in same again, year private and are the one in ahead, improved But private listed two, Capitals equity in not

investment opportunity opportunities So, comes, X, an and values listed should X, companies. in in the come resume once balance, years, X we can our and

are So, opportunistic are on we we circumstances, again. depending the flexible,

Now have before, Fund, fact a Vision we have to and of to strong time trend. defense amount of business number position. companies, smaller. for XX XXX to That's the the comes ticket Fund, Vision s growing IPOs be view. when And last portfolio doubled. and us Number investment size per it in compared the is That's been every is year five for last But smaller. will years, IPO have my being conservative the recent in of months, approved

wonder can return some them see, is may So gain? we sold distribution ¥X cumulative In ¥X.X way gain, cash share going to to distribution Fund have those of that that trillion. us, the But Vision our Fund trillion. X keep are and the and It's of because coming been Vision about conservatively actually trillion has in we not partners. X business. are as you run are and the the of all-unrealized actually, partially the and again, ¥X.X you all total the total,

such others, to ¥XX.X or So SoftBank Fund portion. X and Vision and years, in securities you or will Sprint, first ownership, already monetization. return but our orange the those receiving, in Not on our equity sold only LPs or portion either we yellow also be there Group and And after monetized. distribute trillion also are to other are Those total based and Vision can we have see, distribution. we then T-Mobile, total being four the X fiscal public in as 'XX Fund as are that some as past assets sales the monetized on

So money modes more new of new comes we are that way to conservatively investment, with that the it so our we these existing those like keep to investment, are when monetized going. being decent that recycling you on assets,

the so can also, a So, LTV, that our so to make will that of and we criteria monetization of we would to be of sure driving stricter like manner continued, not we business. exceed see investment safely XX% have

about okay? like want more not So you it's up side. this You page, SoftBank, your not Masa, don't to here, like speak may are other to disappoint it's you

also annual Automotive, this Auto about our XX%, same, kept this our chips. business, of money was to market, was right this was we is back growing each what. we almost don't each XX Without from mobile we and case, four you five-years and became that we how is business though as ago, Group that company had from sector going XXX% And years I started. do is as here, mind we owner, when on have to and use group Arm like been to with this and much frame billion the with Arm much So unit that of But share In we're like in has Fund and in forget IoT, was opportunity coming SoftBank Arm markets overall But Version higher was terms Vision we shipped in years. to these became mainly five also chips continuously And of actually XX% In we that when In arms. something what IoT using that's X when acquired possible, is year invested opportunities, growing SoftBank to compared like you this very or Actually, new acquired of loyalty. these we from the have company. believe Arm-based also share. actually, after so going a Version products Version zero then. -- Version chip was price the even market same, mobile large to exponentially, grow X much acquire. past X was X which fully then R&D back compared starting to shipment [Indiscernible] taking smaller, acquisition Cloud. share per segment the Cloud, would

is this cloud Version of to this chip or is usage applied second year. used shipping chip, same for to phone terms and X using X is -- the half, from to this this has segments year high-quality example, starting it last using increasing, we XG high expect in farther almost for that X, is it auto which So, will be and year but even sales, proportion dramatically and mobile function, increasing actually next been grow Version that also of so these Version flat and

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version So, eight, from to nine. version

you So, version, you When can -- the to it's piston. make for multi-core. hear further products. one engine this used But is of various the in key for one growth to in each a you core, interpret version, upgrading been

became became eight two one-core cores, cores, four became cores. So,

core has been the So, increasing.

engines case. So, automotive automobile in it's like eight -- pistons

So it years single-core. about just XX ago, was

to have update. number so XXX been has quad-core, much So, single-core version Cloud a cores used with actually And increasing now starting that from it's has and dual-core, this becoming now those much, of function, along hyperscale being that automobile, cores. higher for

installed. per cores -- XXX chip, are one for So,

that's product So a towards kind to of a use the Cloud.

Arm of the actually electricity. So, CPU, low consumption

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we're that trends the looking are those at. So

defensive. So, it's said I for the earlier, growth. --now should key under Like a the Arm SoftBank SoftBank that be for time to trend, be

SBG. important not that additional Arm it's So, capital requirement, capital does need required from

myself offensive and so personality regulators, time, out taking how time I can were growth the my Vision about my But that Fund So, from we we NVIDIA. when opportunity, since Arm further. perspective, Arm setting best We sometimes defensive, to lot and figure to I talking always, I fact, of and grow me in about as energy the think opportunities, leader, invite spend Arm's growth strategy. to not business get couldn't but next Arm be being from want a the spend

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Arm's So good and place, again, Arm first ago. was reason five-years not Arm going There's the why public. no performance in is listed

Arm's equity with and holding -- stop our I forward, we going keep By So of meet the our that but and long-term, group companies. will assets procedures revolution in will well, information way defense, saying proceed IPO.

am about that of business. future confident things have, those No, forever. the the future our uncertain For I we is

XX grew XXXX. years. Internet me sometime was explain grew confident. why make net the up. by that value one, In companies years, would around went why revolution XX of less Let index back XX then There many XX were but Internet the times did Internet people That's bubble. value less than times. to I'm industry in by The profits, started valuation If than not say their net bubble, that

back many people So then was say that crazy.

tanked. the fact, market In

XX the total, was valuation to in who Lehman to compared businesses to the XX in is XX call Anyway, again, X,XXX, people years, one but XXX. to am Again, another Lehman the but XX, shock, the grew a cap to from grew a market XX but when in those XX been people one. cap less careless, XXX, I perspective, it the time one, market now. times businesses worse XX compared It from after years, and XXX, call the times but XX sold XX. that So, not to me am XX to from XX it But while shock, to maybe times time it XX the not from grew from a times of But internet big than bigger. down less who is XXX. from bit XX industry X,XXX we And bought liar. it from over XX than tanked one, grew a what at at time the of XX XX the people from get still to this. but than Internet X,XXX grew maybe XX to it X/X, In compared the years liar. in market was bigger XX little than to And someone down another end. to well, years, from bad, in cap I peak grew But went like to bold liar. and one down XX later might years, picture And

to seen period, declined the or So, in were seen stocks. middle their stocks we history, those variation Fund brave sell the from those the pink the in to from X,XXX SoftBank doing but or but whether and we And NAV, decline, worth that. have you Vision three times stocks, want those bravery buy the perspective, have pink Buying was X,XXX. of people

will progress users, increasing revolution AI exponentially Arm Why? power, it's chipset me, on from peanut. further. believe things and have exponentially. I penetration, AI base that now these been computing For grew a Because information all

market effective of change value of computing should fundamentally, rate not of power So, price, it's comes technology period in time, it longer of More change or of for foreign period time one time. and employment cloud, short take exchanges. of won't But or be evolution them Exchange change, users evolution. and and a place number of by interest a to fluctuation when stop. rate,

look at go position defense LTV trees. defensive we ¥XX.X To the and new is Without NAV, So, at money, is XX.X% trillion, two for at and We amount trillion, the revolution. and the forest, double will continue cash committed to summarize, spending long-term moment. offensive. believe, also SoftBank's the of bond years. look evolution information ¥X.X which position we redemption next not

So, without position, while spending money, new and everyone. keeping we for go happens keep we offense defense Thank committed much. to revolution information very you

Operator

[Interpreted] Now, questions. like will to take would we

First, wait people per from floor. many the like to we to name as possible. would and to affiliation. We take we so take the microphone questions like as would Instructions]. take to questions can up questions Please your for that [Operator person, from and two start

Now, Please raise take have any. we floor. hand to the if like your would you from question

Unidentified Analyst

cover [Interpreted] to policy. investment I like Thank ask you for about your presentation, you from would each the Yomiuri Newspaper.

is another measures those market, you And think equity can I your fiscal for volatility any for defense. businesses, have -- being understand situation. mode if keep I is and that the year, help of that's new How especially high to the to any on next this -- do from and actually you are it that? results. you going damage fiscal So, question because you me year going defense But you for that

However, believe the I unvolatility such concerns there seeing are by shareholders.

portfolio public you you plan any -- are steady, do have your keep securities? have increase to actually your in So, to performance

Masayoshi Son

actually, We you are didn't and stop smaller. or question. we -- for stars a our There thank just your make some there. shining here don't we We [Interpreted] challenge, stop

year SoftBank have portfolio we So, And been activities. we've be for the selective fiscal we umbrella Fund. companies of on, our -- XXX next for end Vision investment

also companies being in those for grow can fruitful results. a the So

to So, last we new still this the or later, to the going that are for to we may to to pipeline that have be public that come again. able year. We fiscal fiscal market my convinced. personal view. IPO I one we'll think we the believe moment, be offense market two able But the mode believe from recover year not And to is years a once

way like for loan plan managing we had in securities situation, such you loan well a Therefore, public see actually public going actually, situation is more to diversification above, instead, defense commitment securities. XX% to I decrease would our that Rather, so, seen a result have value, like question the from And and in Alibaba still keeping result, in to diversify our Because these do [Indiscernible]. on the that would have a based called be having the is the offense or mode are decrease by was same. think keeping something private is mode even markets this holdings. mode changing So, to there we do several change. LTV, invested need manage this to to portfolio, that a the one your the while so our That's public to We very have SV that do focus the value as to any and important. keep financial in hit we was and value discipline and we or activities. or [Indiscernible] have the of private that that compared that of similar. we to while But for securities discipline we and concentration vehicle why volatility have if we kept Alibaba. ratio But the the to markets SV decrease average ratio portfolio, is

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Operator

[Indiscernible]. [Interpreted] Next question, please. the From

Unidentified Analyst

[Interpreted] Bloomberg. very from Yee Thank Question you much. about pace investment. of

an said investment more You conservatively. you'd that make

of with me, terms the you. how and you And compared that much now, and you valuation pace first question. in share could that'll great. is year, previous much how expecting if Timing the down slow you views in of Thank to Arm IPO. be That's If the are about investment? pace the your terms second of amount

Masayoshi Son

year, We to [Interpreted] Compared decline I say the of previous the we you last be half small it of the quarter. opportunities. the amount was And to made QX. Compared it half to March. to X than growth we to the We smaller. would in from in huge a could But level balance QX. quarters, you or new and the lower investment when or strike I making previous to last compared investment. as made could have the trillion. to investment quarter see But latest depends year, QX, would investment investment a of about as earlier the it year, be compared December Compared remember say course, I showed our even half LTV investment. Peak made comes on

a talking as keep expecting. so performance the say lot Arm, before for Thank hard Arm's won't their time, IPO, give about I'd About But well, I my investment not again, us comment legal pretty me you. of future. possible, are team. early Now I from but expectation's giving timing That's on would is say, I we just Otherwise, banks the foreseeable say good. specifically. can we're as would again I'd the again, well, more team IPO. preparing valuation feedback legal my rather valuation, while that But get strong

Operator

[Interpreted] The next question.

Unidentified Analyst

questions. Toyocase, have [Interpreted] I My name two is Nakagawa

you regarding NorthStar. mentioned First, earlier SB

release press a today. you So, issued

X/X billion, from ¥XXX which is So, unrecoverable is you. and

criteria to also, it investment ask -- think comes more by the portfolio? is end? would criteria? more you you you, it part like what make And when and there securities like I of So this Nasdaq, strict the second public investment I district any down-round And financial question, to do is to comes to specifically why to

Masayoshi Son

is established NorthStar two for years we The Alibaba body because almost [Interpreted] ago total reason XX% accounted of SB asset. the

with to in diversify. But diversify we also should public private securities And the as securities diversify investment ways is like Vision well. one can we So, we of SoftBank by the Fund.

So know establishing, was for stuff. the as background that we

initiative that that stock as have risks. investment was And also, SoftBank well. public some Group However, a new for

So the share damage, -- share should Alibaba that I took X/X ratio to X/X decline And also the because if then. is should quite activity. why such price keep of Alibaba, in about concentrating amount know the that to can holding we the get declined this did carefully we same been even we so but manage the of Alibaba based ratio be on be if we risk or large. on of some back compared keep price has Therefore, Alibaba,

amongst the must regardless long term NorthStar market has the in mid and NorthStar experienced SB be we a be In once more role that we equity should private there the of that start declines So, I situation, overall SB or a period, level of the then opportunities, same of playing. public, that believe that more declines the to believe seeing value.

watching We markets industry, So not seizing and is big NorthStar we're making just and it but to would carefully or then a when time like about to not company time comes, investment the like right, portfolio SB the in the this keep anything. company. through our We when move. the we open peers that When again, the diversify criteria. public In Securities, we our Securities Public question SB is second stricter if a any in your there NorthStar. with invest Private which

value such should growth what how trend, So, That's when much you securities, the comp. compared their any company. have called public be for a peers in we to ratio there

that That should the do, far issue. surveys is the we that our is, peer that that company plan plan, do trust it or trustful research. we compare business this business some we And it So business How value. dependable plan or also, term we some our their check company that have can. with business

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So, criteria. reduced been investment a it such has of strict because

Wataru Suzuki

[Interpreted] Two Nikkel Wataru questions. from Paper.

First, program. Back it's ¥X.X not this good monetization either performance and not a good, your trillion was did year. then, XXXX you March

not have if monetization a do wonder LTV then, Back plan to you plan? I big was another tie. So,

Now the may valuation. equity what's that fiscal able you the Do year the plan listed or Thank difference year the The end by timeline weak, not since is to and a between about then? make question now I maybe extend you it believe IPO. market XXXX. for to IPO, be next further? But of plan is you expect On you. to second have high

Masayoshi Son

[Interpreted] Thank you.

announcement the much trillion or ¥X ¥X.X the First, two have existed trillion See time slide being X.X of new something, we made And trillion. please. or monetized investment we, investment years also you ago. of of as made as made at as we but trillion Two time, monetization again, but is same program monetization We ¥X.X trillion of though ¥X.X we trillion can program, we monetized this monetization even don't ¥X.X announced such trillion. we years ¥X.X ago, announcement, see, while done.

And like been do new mentioned to ecosystem criteria. making monetization. an even for earlier, new We without investment, starts it investment, stricter comes when I official we have again, working So, constantly announcement.

have and on year cash the perspective, period, do continues. improve investment. resources, slide should achieve position So, value the and to in make yellow have we that loan this should an smaller From enough financial -- go one blue and we enough

even we to usual ago, two without announcement years when did unofficial now, monetization. it's it such business So as comes like

understand the Arm So it exceeding extremely obvious but our IPO. of that's is is budget plan, the question -- pace market even works. second to you Again, I performance how about at And would moves. like low internal

market the months, the time don't a then extend is we may good by IPO, of So, the critical not three months, we enough, timeline six target. if at have maybe

So, Arm's should we Thank well business is you. be any time IPO. for going Arm's and performance ready

Operator

please. Next [Interpreted] question,

Unidentified Analyst

My presentation. Sheen you. [Interpreted] for Thank TV you name Thank is from Asahi. your

from Shanghai being You the mentioned down Chinese is and But to or lock impact Chinese seeing change. see of believe rate you progress. a any economy status? business about performance economy the uncertain. That's rate. interest long-term such your kind you onetime in we've in Do China, in the been very But Chinese exchange

Masayoshi Son

other portfolio, XX% decreasing Actually, Alibaba beginning XX%. Actually, accounted portfolio XX% and when total, in other if is just also in fund Yes, than accounted visual is we it for than Alibaba digital too. holdings for two as well. but COVID-XX, Chinese the of companies of for investments start majority was our ago, fund now is Chinese our China [Interpreted] assets a it's years portfolio

past asset future, is and I asset to value net But as go those the to for private is situation asset situation. very calculation, calculating China our China Arm quite how security Arm loan Net will for from a has value or improved. Chinese we now. conservative and is value the amongst now don't see much portfolio. other the so That's the too [Indiscernible] value in Actually, public, much convinced. calculation have dependency reason we the believe been a Once we the what be value, Therefore, about large China for worry China. two majority in [Indiscernible]. then exposure because and that impact we've So, than actually, receiving years, this because its net the we value, reduced have

Arm going concentration. So I exposure actually going our largest probably, the that assume -- to to will be proportion to Because it's I Arm is be amongst compared taking portion. that more Chinese be believe

Unidentified Analyst

Kilimoto Nikkei from Paper, two questions. [Interpreted]

risk. China First

And financial impact of after your to So, is a Arm your And be you What's have don't you like plan how the terms what might position. reduce view? will secondly, in keep further China have on control second most you anticipate? would much IPO Even And appropriate question IPO. exposure. regions? distribution and of to IPO

Masayoshi Son

than dependency smaller. that declined [Interpreted] China of exposure That's to and believe to even and from for XX% mostly XX%. The new XX% I Vision of again as China Fund now, our China, cumulatively investment less first Alibaba, to

and be and China bigger bigger. other on keeps less dependency again, will So less portion and

good. Arm, And piled will our further, is strict up. six cash trillion. position even IPO is investment, And For business Arm's criterion performance we if capital for new gets delayed even months, a months, so pretty keep have by three excess ¥X.X

that half So After Arm the even as Arm deal. what? which IPO Vision delayed, IPO held XX%, holding. From don't Fund, stock. IPO, believe, all SoftBank big by not it's XX%, SoftBank Vision And common is my again, I so if timing even but gets gets current a about delayed, that's perspective Fund,

there So even control be after IPO. should SoftBank's

stake still So, after by even SoftBank be IPO. will majority kept

Operator

[Interpreted] questions So, After questions take to I'll floor. from then more the that Zoom. would take the like we two from

Keidai Sanda

would My make regarding from confirmation, name two first is Business. the Sanda is [Interpreted] as questions well, I have technical Nikkei financial to policy. I like

us, how can after cash would In is to volatile ¥X.X fiscal future. you're of view. much trillion, as there with hear. for of today. with That's question LTV, So, the year, at share this line? you were a is if and latest us that's the and page very like for looking can set I presentation, My big LTV you market April taking a the last And If something commitment the are you bird of second helpful, question. figure, picture share very a of big

economies a be revolution? comes a situation, months, framework or of for those picture or Will your gas So, past the a when may because in break the your or big economics for such to securities it revolution three Ukraine AI change. AI

Masayoshi Son

[Interpreted] We For basis. disclosed quarter LTV. every

a So the that's policy for company.

with That's now. of share don't today, as term. the of and you we as say So, middle difference. in of the for can not March, what But I much

used but by it's anything. may haven't the So, situation. cash. if lines see cease billion heavily to under any even credit Russia, able we term to be for the -- we And Actually, currency And term, to improve dollar commitment ¥XXX not continue. fire the long can lines economic expecting credit that and or we're long About sanction they're in Japanese Yen mid lines. some for deteriorating of

that something those may in situation, I believe not see such sudden building the way. the We is of inflate source of this expect new I continue. disappear. all do a starts So, how --inflation increasing for in circumstance And continuous rate. conservative Under or of like supply world shell market type facts energy this oil. new That's

that's happening, going be in to shifting coming of So the a years. three one kind gas, to two, electricity is oil,

or adopting to such and continue, a those situation, come new situations volatility energy world the going is the Then to down. new new source assuming be is stall, methodology. going base New

have that's So we past. the seen in something that

forward. we the demand or the entertainment. online will education, that, has kind having be adjusting I that such I situation, online dramatically, so more. don't is time, I online increasing this more be developed believe So, After That going is be to and irreversible in that be online things use revolution so but solve hit, said of using to evolved on of to increased technology much Metaverse, going start when methods to Even and people believe shopping, even same online further to revolution believe based information is in But we change -- will this used traditional this going. industry, short-term future at That basis. developed ecosystems, forever, way. comes be why or COVID the depending I will in need need see the pessimistic more developed new on or think, in think not to period. those the be That's traditional I I to in why people's online other wisdom a That's to and will going is defensive revolution, mode I how or replaced don't the that meantime. believe is that also be it going

I go think is why role I Internet importance will Ai's going evolution on. be greater. to or the That's think Arm's even

Operator

from Our Oda (ph) from last the Press Gigi question floor. (ph).

Unidentified Analyst

Press. Two questions. [Interpreted]

have First, for But hit the your the we said you market, pessimistic forever. market have been companies prospects be dramatically. that don't in Nasdaq to tech

-- going do how So are how they you first to improved? you it long and our are going question. That's will take get think to

The second About Musk. bought Elon Twitter by question.

possibility as whether your investor? that investment And your view an you it's any an So, engaged get is perspective, not? from what's or there

Masayoshi Son

previous down to bulk equity [Indiscernible] of First net market It your those the volume? The much went to question by and are X/X forecast. about markets huge events. companies How or [Interpreted] the lost got X/X, leverage industries traditional even peak. better And they multiple. companies compared to rebounded remarkably. high-tech rebounded in got the Growth of rebounded further industries, to have from and but terms

so next peak. back tech a to companies peak. dramatically Corona will those stabilized. tech may comes back Because years, adopted the in believe normal, more in rebounding, chaos, even traditional that terms new they be industries, companies to be -- to the before. were should they pandemic when rebounded But for even re-bonded growth hard they're when continues compared again, looking previous than But it of get stocks, they got so rebounded get than previous to got a the more the get pandemic but dramatically. it for hard. two further, or hit So, only that, hit one, may Well, again, to I things get market harder value after coming but COVID-XX

view. is think own the entrepreneur one whether Now, from and direct any me. he or But Mr. not, SoftBank's about grow don't -- perspective, at it's I a way. respectful entrepreneurs and Twitter is I moment, the think in plan his Musk I investment can Mr. a Musk, he to have or And most Twitter great of any

Operator

Zoom. [Interpreted] avoid to other Now agent question live you To connect nine please all participants. taking from any echoing, sure than streaming that other don't make

So, like would we to a take from question [Indiscernible].

Unidentified Analyst

[Interpreted] Yes. is Thank [Indiscernible] This you. speaks.

SoftBank them. Vision have about X, a I question Fund

seems status so the far? Looking statements, Fund Vision or how requisite is like what that? about the results feel And the -- after it amount at the performance Well, financial negative. for of investment also, do activity X is how you

Masayoshi Son

in had public decrease if of along negative, in down is because haven't they companies the even comparison. principle is but voluntarily because, X private round, but In I think. Fund a with a securities, the value declining any value we disappear Vision slightly investing market financial [Interpreted]

or months for that Vision XX So investment XX since because on investment conservative the the new they for rounds and or that reduced six made calculation, was we months any X, Fund X values had our up Vision are in months that's we Fund views the yet. and the haven't

with along meaning any comparison the that. rounds, So, is situation But when in up names you have evaluation public flat. new don't peer reduced

in negatives So that's why you the see results. some

after some Fund they experienced X, so rounds have IPO four that have Vision up or to three For already investments, events. our years spent they

it's just that's not So it's spent time. -- some X negative. Fund that because enough yet why in Vision But they resulting

along comparison, we this value compared increased the that's of those. that with peers have So why

Operator

you. Thank [Interpreted]

the Mr. Next Nikkei from Zoom, Owada BP. from

Naotaka Owada

war help, to information everyone. people's Thank much technology COVID-XX, that the you. comes To other everyone, and that for fundamentally you happiness when them but [Interpreted] because view contribute it happy? evolving, How how happiness About What's your happy? are around struggling you of make technologies do mentioned there the world? making keep for to relation, people can

Masayoshi Son

always occur solving may in with accident, pleasant. pace. those something diseases, challenges [Interpreted] act in issues are or some like or wars. problems at like end There revolutions But Every humans, happy by higher those for not problems traffic information and problems

faster I think problems better. information help in and revolution should solving

takes U.S. COVID-XX. less of drugs Without bought, For could example, wider drugs test. as for they in Usually, period authorization very the five-years, development by vaccine had for which wider. regulators the less be accident we COVID-XX not got of example, one or autonomous will without better. and long it successful have year traffic and as for And of for Thanks medical developed and AI the COVID-XX was but to went [Indiscernible] have through COVID-XX. information driving vaccine and and vaccine the development deeper the we revolution, and than developed. shorter goes AI technology. time. The was believe company for they've gets and deeper that they in vaccines And drugs or

example, a people, and aged lot by accidents. a person. And may AI Japan, of traffic button of the pressing drivers can cause we're technology, weapon without autonomous in For even with a but traffic done driving accident, a aged drivers drive is causing

war. on But people So be long as contribute hope revolution, people's and information to should always earth, I believe a are we'll I the happiness. maybe they

Operator

you. much. [Interpreted] very Thank Thank you

Thank of For very last you interest your you. much participation. for for Thank this today. the the time, question was

corporate ended video this demand Corp for the our the announcement for website. The earnings XXst, much Thank distributed again from the Group concludes be XXXX. this of once results So, footage much meeting Corp earnings much will SoftBank very XX, year ended the for Group fiscal results on fiscal SoftBank XXXX. year you joining announcement

Interpreter

[Foreign Language]

SoftBank (SFTBY) 12 May 222022 Q4 Earnings call transcript