Operating expenses. Operating expenses were ￥254,600 million for the year ended March 31, 2024, an increase of Y32,858 million, or Provision for loss allowance: Provision for loss allowance increased by ￥7,819 million, or 51.5%, from ?15,187 million for the year ended March 31, 2023 to Y23,006 million for the year ended March 31, 2024. The increase was due to higher bad debts in PayPay Card advances, resulting from our initiative to assume greater credit risk to support purchase growth and enhancing PayPay Card Employee benefit expenses: Employee benefit expenses increased by Y7,288 million, or 23.9%, from Y30,476 million for the year ended March 31, 2023 to ￥37,764 million for the year ended March 31, 2024. The increase was due mainly to the expansion of our workforce to support the growth of our business. License fees: License fees increased by ￥4,766 million, or 42.8%, from ￥11,133 million for the year ended March 31, 2023 to with PayPay Card and the PayPay app, which primarily resulted from the increase in GMV. Professional and outsourcing services expenses: Professional and outsourcing services expenses increased by Y4,253 million, or 13.9%, from Y30,547 million for the year ended March 31, 2023 to Y34,800 million for the year ended March 31, 2024. The increase system and outsourcing of call center operations. Depreciation and amortization: Depreciation and amortization increased by Y3,697 million, or 26.7%, from ￥13,852 million for the year ended March 31, 2023 to ￥17,549 million for the year ended March 31, 2024. The increase in depreciation and amortization was https://www.sec.gov/Archives/edgar/data/2080845/000119312526047933/d941409df1.htm