Mr. Chikahiro Terada (Terada): Thank you for participating in our financial results briefing today. I am Terada, CEO. I will explain three items, including the cumulative second quarter results.
First, let me explain the 2nd Quarter Cumulative Results for the fiscal year ending May 31, 2022. There are three highlights of the cumulative second quarter results. First, consolidated net sales increased by 25.4% year-on-year. In addition, ARR increased by 24.1% to approximately 17,935 million yen.
Secondly, the cumulative results for the second quarter showed steady progress against the full-year earnings forecast. The decrease in operating income was due to the promotion of recruitment and advertising activities aimed at achieving medium- to long-term growth.
The third point is about the cloud billing service "Bill One" and the cloud contract business service "Contract One". Bill One's MRR at the end of November 2021 continued to grow at a high rate of about 12 times year-on-year. In addition, the new service “Contract One” is starting to launch smoothly.
Page 6 shows consolidated cumulative results for the second quarter. Despite the negative impact of the prolonged COVID-19 pandemic, sales were generally favorable, rising 25.4% year on year to approximately 9,577 million yen. In addition, as a result of various investments for medium- to long-term growth, operating income decreased by approximately 820 million yen year-on-year, resulting in a loss of approximately 133 million yen.
In addition, ordinary income and net income attributable to owners of the parent have increased significantly, but as announced on July 19, 2021, this is included in non-operating income of approximately 900 million yen on the sale of investment securities. The main factor was the posting of 79 million yen.
Hashimoto will explain the details of results by segment later, but both the Sansan/Bill One business and the Eight business saw an increase in sales. The negative adjustment amount is expanding, but the main reason is the increase in various costs associated with the increase in the number of employees.
I will explain the service development in the fields of invoices and contracts. Before explaining individual services in the fields of invoices and contracts, I would first like to touch on two points of focus in our service development.
The first point is that it is a service related to "encounters". Our mission is to “create innovation from encounters”. We have developed our business with a focus on "encounters" and points of contact between people and between companies. Business cards are almost always exchanged at business encounters, while invoices and contracts serve as evidence of "meetings", the connections between companies such as transactions and contracts.
Second, from the viewpoint of "from analog to digital", we believe that there is a lot of room for efficiency improvement through digitalization for the part where analog business flow such as paper media remains. , we are focusing on such fields.
Page 10 is about our strengths. Our greatest competitive advantage in service development is our technology for digitizing analog information. "Sansan" has achieved the No. 1 share position in the business card management service market for corporations due to its convenience in meeting customer needs. We are proud to have led the market ourselves, and we believe that what has supported this is the mechanism and technology that converts large amounts of analog information into data quickly, accurately, and securely.
It is still difficult to create accurate data using only OCR, that is, machines and technology. In order to truly ensure accuracy, a combination of technology and operation that combines human manual input is absolutely necessary.
This unique operation will continue to generate correct data. The results will evolve the AI engine and AI technology, further enhancing operations. We have this kind of cycle. The digitization technology built by continuing this cycle since its foundation has become an overwhelming competitive advantage that other companies cannot follow.
In addition, "Sansan" is a business that takes care of business cards, which are important information assets of companies, and the fact that it is widely recognized as the top share of the service in Japan is a testament to the reliability of our service. contributed significantly to the acquisition.
In addition, the high level of know-how and organization in sales and marketing that we have built up as a SaaS company for 15 years is also a major strength.
The slide on page 11 is a diagram showing the development of our BtoB service. By combining the two points of focus I explained earlier with the strengths of the Sansan Group, we will evolve Sansan in the business card field, which is our core business, and expand into adjacent business fields such as invoices, contracts, and events. In response, we are working to develop new services.
Efficiency and DX called innovation are applied to various business flows that are born from encounters such as business events that are places to meet, management of business contacts after encounters, contract work, and invoice processing. We aim to create services that inspire, be used as a matter of course, and be recognized as business infrastructure.
Among them, today, I would like to talk about the details of the cloud billing service "Bill One" and the cloud contract business service "Contract One".
Starting on page 12, we will explain each service in detail. “Bill One” is a DX service that makes it possible to receive online all invoices that arrive in various formats such as paper and PDF to many bases and departments, and promotes the efficiency of invoice-related operations.
"Bill One" receives invoices sent by mail or email attachments on behalf of customers, scans them, and converts them into data. Accurately digitized invoices can be viewed on the cloud, and various business flows such as invoice confirmation and approval can be completed on the cloud, contributing to faster monthly closing operations. Service.
In addition, billing information is centrally managed in a highly searchable database, so you can use data to control costs, create sales opportunities, and maximize future profit opportunities. .
Page 13 shows MRR and number of paid subscribers for "Bill One." MRR of “Bill One” at the end of November 2021 was approximately 61 million yen, approximately 12 times higher than the same period of the previous year, due to the acquisition of new contracts by medium-sized and large companies. In addition, the number of paid subscriptions for "Bill One" reached 575, approximately seven times the number at the end of the same period last year, and monthly sales per paid subscription increased 59.7% year-on-year to approximately 107,000 yen.
We are aiming for an ARR of 1 billion yen or more by the end of May 2022, and as of the end of November 2021, the ARR will be approximately 739 million yen, and we are making very good progress toward our goal. I believe there is.
Page 14 describes "Bill One" introduction customers and potential market size. As you can see from the many company logos on the left side of the slide, it is used by customers in various industries and business categories, including major financial institutions and food companies.
On the right side of the slide, we are talking about TAM's thinking. The large gray squares represent the number of target companies in Japan.
The number of companies participating in the network is expected to expand more than the increase in the number of "Bill One" users, because there are multiple senders for one user. As of the end of November 2021, 575 new paid contracts have been introduced, and the number of companies participating in the network is approximately 22,000. In the year and a half since we started the service, we believe that we have expanded to about 1% of domestic companies.
Page 15 is about the external environment such as legal revisions in the invoice field. In Japan, both the public and private sectors are promoting the digitization of invoices, including legal revisions, but companies are also facing new challenges.
According to the revision of the Electronic Book Preservation Law, which came into force in January this year, it was previously allowed to print and save invoices received electronically on paper, but after the revision, electronic data I was obliged to keep it as is.
In addition, it is required as a requirement for storing data that it can be confirmed that the data has not been tampered with, and that it can be searched immediately by date, amount, business partner, etc. As a result, with in-house management, the difficulty of electronic storage has risen sharply, and centralized management, including invoices received on paper, has become extremely difficult.
In addition, the invoice system, which will be introduced in October 2023, will require receipt of a qualified invoice to receive the input tax credit. On the receiving company side, additional man-hours will occur to check items such as "whether it is a qualified invoice", "whether the necessary information is stated", and "whether the stated registration number is correct".
We believe that the rapid increase in demand for services that solve these problems will serve as a tailwind for the spread and expansion of "Bill One" in the future. In addition, the revision of the Electronic Book Storage Law will also apply to contracts covered by Contract One, which will be explained on the next slide.
Explains the service overview of "Contract One". "Contract One" centrally manages all forms of contracts, from paper contracts to electronic contracts, and simultaneously achieves operational efficiency and risk management. It is possible to comprehensively DX contract work from conclusion to management, including paper contracts that require affixing, binding, and mailing work, as well as electronic contracts.
Contract-related work is still mainly paper-based, and I think the reality is that there is a lot of wasteful and inefficient man-hours such as bookbinding, stamping, and mailing. Even with the introduction of new work styles such as remote work, it has become a bottleneck in aiming to improve productivity.
Actually, due to the corona crisis, the spread of electronic contract services themselves has progressed greatly, but the spread rate has not reached the majority. On the other hand, since contract work with paper contracts will not be completely eliminated, paper and electronic contracts will coexist, making centralized management difficult. Furthermore, in terms of contracts, from the perspective of responding to the revision of the Electronic Book Storage Law, reviewing management operations and other matters has become a management issue for companies.
"Contract One" is a service that solves these problems. Specifically, as a "smart ledger" function, "Contract One" accurately converts paper contracts and electronic contracts into data and generates a ledger on the cloud in a format compatible with the Electronic Book Storage Law. In addition, with the "Smart Hanko" function, "Contract One" takes over the printing, stamping, binding, mailing, etc. that are performed when concluding a paper-based contract.
With these functions, users will be able to complete contract work online, even if the other party is paper. In addition, since it can be centrally managed on the database, it is possible to manage risks company-wide.
The corporate logos on the slide on page 17 are those of seven companies that provide major electronic contract services that are scheduled to be linked with "Contract One". . "Contract One" is a service that enables centralized management of all contracts, and is not in a competitive relationship with existing electronic contract services of other companies, but in a mutual relationship.
"Contract One" allows for the analog state of paper-based contract work, while making it possible to transition to digital, so from the perspective of promoting the digitization of contracts, We have received support from companies that provide electronic contract services.
Although it was just pre-launched in July 2021, the number of contracts for “Contract One” has reached 45 without marketing. Compared to the past “Sansan” and “Bill One”, the launch is comparable, and acquisition is progressing at a high pace. I am very much looking forward to the future of this service.
I will explain the consolidated earnings forecast. Results up to the second quarter are progressing smoothly, and there is no change to the full-year earnings forecast announced at the beginning of the fiscal year. Although the state of emergency declaration was lifted in October 2021, there is still no prospect of an end to the corona crisis due to concerns over the spread of infection of Omicron stock, etc. from the third quarter onwards. I don't see any change happening.
Although we posted an operating loss in the cumulative second quarter results, this is the result of investments aimed at realizing medium- to long-term sales growth, and we are operating as expected in line with our earnings forecasts. It is a proven track record. This concludes my presentation. Next, CFO Hashimoto will explain the three-month results for the second quarter.
Muneyuki Hashimoto (Hashimoto): I am Hashimoto, CFO. Now, I will explain the three-month results for the second quarter.
See page 22 for the 3-month results for the second quarter. Net sales increased by 25.5% year-on-year to approximately 4,979 million yen. As for profit and loss at each stage, due to the execution of growth investment, operating income was minus about 31 million yen, ordinary income was minus about 111 million yen, and net income attributable to parent company shareholders was about minus 78 million yen.
Page 23 explains the factors of changes in consolidated operating income. In the second quarter, we made various growth investments aimed at accelerating sales growth over the medium to long term.
Specifically, as a result of continuing to strengthen company-wide recruitment from the previous fiscal year, the number of consolidated employees increased by 288 compared to the end of the same period last year to 1,069, and personnel expenses increased by about 513 million compared to the same period last year. 10,000 yen increase. In addition, as a result of promoting marketing activities for "Bill One," advertising expenses increased by approximately 396 million yen year-on-year.
I will explain the results by segment. Please see page 24. First, let me talk about the results of the Sansan/Bill One business. Net sales increased by 23.8% year-on-year to approximately 4,387 million yen, backed by the steady growth of Sansan and Bill One.
Sales of “Sansan” were strong, with a 19.6% year-on-year increase in sales, despite the negative impact of COVID-19. Although the growth rate has slowed compared to the previous quarter, this is due to the negative impact of the declaration of a state of emergency until the end of September 2021.
In addition, sales of “Bill One” increased approximately 14 times compared to the same period of the previous year, continuing high growth. In addition, the growth rate of other sales has increased significantly, but this is due to “Contract One”.
Operating income decreased 21.5% year-on-year to approximately 1,228 million yen due to an increase in personnel expenses due to recruitment and an increase in advertising expenses due to the strengthening of marketing activities for "Bill One". .
Please see page 25. Sansan stock sales increased by 19.8% year-on-year due to the steady accumulation of Sansan contracts and the fact that the churn rate remains low.
In addition, the number of “Sansan” contracts increased by 13.2% year-on-year to 8,186. Monthly stock sales per contract increased 4.5 percent year-over-year.
Please see page 26 for the average monthly churn rate for "Sansan" for the last 12 months. Through various initiatives, we continue to maintain a low level of 1% or less.
Please refer to page 27 for the Eight Business. Sales increased by 30.0% year-on-year to approximately 552 million yen due to an increase in BtoB services. 8 million yen. The number of Eight Team contracts increased by 27.3% year-on-year to 2,481.
Page 28 is about trends in sales and the number of Eight users. Sales from B2B services increased 37.1% year-on-year due to continued strong growth in businesses such as Eight Team, a business card management service for companies, and Eight Career Design, a professional recruitment service, and the holding of business events. I was.
The number of users of "Eight" exceeded 3 million, an increase of 200,000 compared to the end of the same period last year.
See page 29. The network of "Eight" is characterized not only by the large number of users, but also by the fact that each user's registered profile generated from business card information has a high affinity with the business scene, and various BtoB services that utilize this network. We aim to increase profitability by developing
Among them, business events are expanding services by combining the business network of "Eight" and unique technology and holding events with various themes and formats.
In November 2021, we will hold a large event “Climbers 2021-Autumn-” where top runners from various fields will give lectures for business people, mainly young executives and business owners, and target corporate leaders and above. We held a training-type business conference “DX CAMP 2021 zero +”.
This fiscal year, we are planning to hold multiple business events in the second half, and the total number of visitors to the events is expected to be one of the largest. As a result of working to strengthen these services, we achieved profitability in November 2021, albeit on a single month basis. Going forward, we will aim for an early return to profitability for the full year.
This concludes the presentation.
Questioner 1: Regarding the first point, regarding “Contract One” and “Bill One”, especially “Bill One" was explained a little, but again, how should we perceive the size of TAM? Also, please tell us if your company's view of TAM and amount has changed compared to the past. Could you please
Looking at page 14, there are about 2 million companies in Japan for "Bill One", and will the number of paid contracts increase in the same balance as now? I think so, so please tell me if TAM can be obtained by multiplying the size as it is.
In addition, you explained the outline of the "Contract One" service, but please tell us about the market size and sales.
The second question is about "Sansan". Regarding the number of contracts of 8,186 on page 25 and the monthly stock sales of approximately 164,000 yen, I think that the monthly figures in particular were probably the same as in the first quarter, so it is better to regard this as a plateau. Could you please tell us about the growth in the number of contracts, how the progress is compared to the plan, and your outlook for the future?
Terada: Then, I would like to answer the first question and Hashimoto about the second question.
I think it's a TAM question about "Bill One" and "Contract One". It is essential for corporate business activities and is used regardless of industry, business type, or scale. Therefore, when compared with "Sansan", I believe that "Bill One" will have an equal or larger market size.
Theoretically, if there are about 2 million companies in Japan, there is a possibility that all companies will use it. I don't think so, but it's just started as a business, and TAM thinks that there is still a huge amount left.
I think the same can be said for Contract One. It's difficult to say for certain because we just launched the public yesterday and it's still in the early phase, but in the sense that contracts are also used by most companies, there is a possibility that all companies in Japan will use them. .
However, when considering the characteristics of business cards, invoices, and contracts, invoices are generated monthly in any company, but when it comes to contracts, there are so many depending on the size of the company. sometimes not. Therefore, we believe that how far we can realize the potential of TAM will depend on how the business model and product are assembled from here.
Hashimoto: Now, let me explain the second question, the number of contracts for the "Sansan" service and the trends in stock sales.
The number of contracts is 8,186, and if you look at the quarterly differences and additions, it seems that it has slowed down slightly compared to the first quarter or last year. In fact, looking at the accumulated number of growth contracts excluding the number of cancellations, rather than the net increase, I have the impression that the number is steadily accumulating with almost no change in the trend over the last 12 months.
Regarding the churn rate, the rate has not changed from the past. I think that if we strengthen our customer success efforts, we will be able to hold back a little more.
On the other hand, ARPU is about 164,000 yen, which is almost flat from the first quarter figures. There are several reasons for this, but I think the biggest factor is that our sales to the enterprise market did not go so smoothly.
When selling to enterprises, there is a point that the lead time is relatively long. The state of emergency around this summer's Olympics was so long that the enterprise sales were inevitably weak.
I think it will take a little more time for this to recover, and on the contrary, we see more recovery in the medium-sized business than in the enterprise business, so such a trend will continue in the future. I understand that
Questioner 2: Regarding the first point, regarding sales per contract that you just talked about, what is the impact of cross-selling?
I think that if it is difficult to acquire new enterprises from large companies, it will be a movement to firmly cross-sell to existing enterprises. When I look at the sales per contract, it is slightly flat, so I feel that not only new sales but also cross-selling are not going very well.
Terada: What you are looking at is the product that you are looking at, and "Sansan," "Bill One," and "Contract One" are, of course, cross-selling.
"Bill One"'s smooth launch is largely due to the approach of "Sansan" to existing customers and the development of "Sansan" with its sales resources. Therefore, we will introduce "Contract One" to existing customers in the same way, and we will already introduce "Bill One" and "Contract One" at the same time, "Sansan", "Bill One" and "Contract One". There are some customers who want to put everything in, so I think it depends on how they are counted.
In any case, we believe that cross-selling new products, including existing customers, is an important part of growing our business.
Questioner 2: How about cross-selling within Sansan business services?
Hashimoto: I understand that you are asking about selling a combination of various options, such as the anti-social check option. The number of contracts for the anti-social check option is steadily increasing, and it is currently being used by hundreds of companies.
Also, although it wasn't in this presentation, sales in the event tech field called "Seminar One" have also been able to acquire triple-digit contract numbers, and I think they are doing well. I'm here.
I think that the way APRU looks is largely due to the mix of the number of contracts that can be obtained, or the mix of small, medium, and large scale that can be obtained. Therefore, as I explained earlier, if there is any concern for us, I think it is how the enterprise recovers.
Questioner 2: How much difference is there in the efficiency of CAC between "Sansan" and "Bill One"? , If you invest 100 million yen in CAC cost for each, how much LTV can be expected, and based on that, which product is more efficient to invest in at the moment? Please tell us from the perspective of comparing LTV/CAC in
Hashimoto: We are considering and managing based on various indicators in-house, but "Bill One" has been a little over a year since the service was launched, and in fact there have been almost no cancellations. . There are about 1 or 2 cases. Therefore, I think it's a little difficult to measure LTV, and I don't think I can give a fair figure at this stage.
On the other hand, for example, when comparing "Bill One" and "Sansan" in terms of how many orders can be taken per sales person, so to speak, "Bill One" is overwhelmingly higher. situation. Therefore, starting in July, we have changed the sales system, etc., and have shifted resources such as how to spend time to "Bill One".
Questioner 2: When you say "overwhelming", how much is it in terms of scale?
Hashimoto: It's an image that it won't go up to several times.
Questioner 2: Could you explain a little about "Contract One" this time, and hear that it is interrelated with other companies' electronic contract services? I was. As future possibilities, if there are already many customers at the end of the existing mutually related services, such as OEM supply or forming some kind of partnership, the question is how to take in the customers that other companies have. I think that is one of the themes.
If that goes smoothly, Contract One will no longer have to do business on its own, so I think it will start up very quickly. Could you tell us about the sales strategy of Contract One and what other possibilities there are?
Terada: We definitely want to strengthen our alliances with existing electronic contract companies, and we would like to explore not only product collaboration but also sales collaboration. In terms of partners, we already have resale partners for Sansan and Bill One, so we are still trying to proceed with the assumption that such companies will also sell Contract One.
On the other hand, while we have been operating various cloud services and SaaS businesses for a long time, the most important thing is direct sales. I think it will work.
For this reason, I also think that for the time being, we should focus on how we can grow direct sales of "Contract One" and how much traction we can achieve in the early stages.
Questioner 2: I think that the sales force is different between "Bill One" and "Sansan", but in the medium term, your company will strengthen the sales structure that can sell multiple products. Or will the sales organization be different for each product?
Terada: In the first place, the sales organization is now integrated under the umbrella of the business headquarters. We have a dedicated sales team for "Bill One", but basically we have a system to proceed with operations in cooperation with general "sales that sells anything".
Regarding "Contract One", there is already a system for existing sales to sell. While thinking about what is the best mix, we are trying to maximize by combining general sales methods that propose various products to accounts while assigning sales representatives who are familiar with products. I want to come
Questioner 3: In your presentation, you mentioned strengthening advertising for "Bill One", but overall advertising expenses 400 million yen has increased to about 900 million yen, and how much of that is spent on advertising for "Bill One"?
Also, how do you see the pace of further strengthening advertising in line with the increase in sales of "Bill One" in the future?
Hashimoto: Advertising expenses are about 900 million yen for the three months of the second quarter, but they are about double that for the first half, about 1.7 billion to 1.8 billion yen. In the first half of this fiscal year, slightly less than half of the amount was spent on advertising for "Bill One."
Of course, there are also company-wide advertisements, so it is difficult to classify, but the allocation of advertising expenses has clearly shifted to the direction of placing more emphasis on "Bill One" than on the business card management service. about it. We expect this trend to continue in the second half as well.
Questioner 3: In the previous question, regarding Sansan's business card business, what was offset by the mix of customer sizes? There are parts that have been closed, but on the other hand, there was a story that in the enterprise, anti-social checks and event tech are growing. In that sense, is it correct to think that the contract unit price, or ARPU, is growing within the framework of the enterprise?
Hashimoto: I don't know because I don't have the numbers on hand, but I can feel it growing. In particular, for enterprises, rather than the emergence of multiple services, it is more likely that things that were limited to internal use will be expanded to the entire company in stages. Not likely.
Questioner 3: I would also like to ask, where do you expect the number of enterprise contracts to accelerate further in the future?
Terada: “Sansan” itself has continued to evolve as a result of the corona crisis that has lasted for the past year or two. In addition to paper business cards, we also offer functions such as online business card exchange and smart signature capture.
The product "Sansan" mainly provides a business card management function, but rather seeks to evolve as a database. I think that there is a high possibility that this will regain further growth as it approaches the final form in terms of product, appeal, and license, and I would like to do my best to achieve that. has the current status.
Questioner 4: Regarding the number of employees, I believe it is steadily increasing as you explained. In terms of this breakdown, are you sure that your company is hiring the people you need? Can you tell us about your understanding of whether there are any part-timers in the personnel composition that will become a bottleneck in aiming for further growth?
Terada: Regarding recruitment, we have set goals for the people we should hire and hired them, or we have strategically said, "Let's hold down this part and hire this one." rice field. With that intention, looking at the quantitative number of recruits and the distribution of the types of jobs that we are recruiting, I think we have become able to recruit the necessary personnel.
I think that each company is the same about hiring engineers, but basically it is a very fierce competition. It's a competition to see how many people can be hired while always doing their best, but for other occupations, especially sales, we have a goal of ``Let's hire this many in this quarter.'' I think the team is able to move accordingly.
Questioner 5: You said that your company's business was greatly affected by the Corona Crisis. This time, the financial results were until November, but how did your company's perception change before and after the declaration of a state of emergency on October 25, whether there were any changes due to the external environment? can you tell me about
Terada: I don't feel that anything has changed at once since the declaration of a state of emergency has ended, and I feel that things are slowly returning toward the end of the year. Even within our company, we were taking actions to return to normal mode, including work styles, so there was a sense that we were returning including such things. However, the spread of the Omicron strain has now begun, and to be honest, I think the outlook, including the current situation, is uncertain.
Questioner 5: You introduced your company's mission and vision on page 31. From my point of view, in addition to the mission and vision, I believe that the value is connected to this organizational structure with a sense of speed, for example, the ability to steadily release products.
I would like to ask President Terada about the mission, vision, and values of this company.
Terada: Our company is aiming for mission-driven, vision-driven, and value-driven organizational management. Perhaps even compared to other companies of the same size, I believe that we have historically spent a lot of time and energy on discussing things with all of our employees.
We are proud of ourselves, and we also enjoy it, but rather than saying, "This market is growing, let's win here." There is a way of thinking to create a market by providing a continuous service, thereby defining a new area.
In that sense, it is not just about looking at the market, looking at the market environment, and looking at the macroeconomics. I believe that it is important to conceive of everything from the perspective of what to achieve.
For this reason, even in our basic management strategy, we assume that our mission, vision, and values are of high importance, and we have spent time on them and managed based on them, which has led to the current situation.
Questioner 6: Regarding the 22,000 companies participating in the "Bill One" network, this is the free version for the time being. Can you tell us if you plan to have people use it for a long time, or if you are considering moving to a paid version in the future?
Terada: I'm thinking about various possibilities. At present, 22,000 customers basically participate in the network after receiving an invitation from the invoice recipient, but of course, among them, there is a desire to "send invoices to other companies." Since it has been released, we are currently at the stage of various verifications, such as experimentally releasing functions in such places.
In addition, the billing data that is flying around is related to money transactions, and we are currently conducting various researches, including experiments, to find out what we can do to improve the quality of the information in the first place.
We call it "Billing Network", but we would like to aim for a world where the act of billing is done through "Bill One", and we would like to maximize business opportunities within that. .
Questioner 7: This is a small detail, but due to the recent shortage of semiconductors, it is difficult to obtain servers for some companies. I have heard that there is a shortage of equipment. Whether there will be an impact on your business, for example, you can't include hardware in sales, but your company's development will be affected, and there will be a shortage of servers for supply. Can you tell me if you have any stories like that?
Terada: So far, I haven't felt much of an impact. If there are some, we have the component of providing customers with scanners and tablets. So far, I don't feel that it will have an impact on business growth.