{"product_id":"softbank-bcg-matrix","title":"Softbank Boston Consulting Group Matrix","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eActionable Strategy Starts Here\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eCurious where SoftBank’s businesses sit — Stars, Cash Cows, Dogs, or Question Marks? This brief snapshot teases the competitive shape, but the full BCG Matrix gives you quadrant-level placements, clear data-backed recommendations, and a tactical roadmap for capital allocation and portfolio pruning. Buy the complete report for a polished Word narrative plus an actionable Excel summary you can use in board decks and investor conversations. Get instant access and stop guessing — plan with confidence.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eS\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003etars\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-Stars-Star-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eArm Holdings\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eArm Holdings sits as a Star in SoftBank’s BCG matrix: it powers over 90% of smartphone CPUs, enjoyed an IPO valuation near 54.5 billion in 2023, and saw 2024 momentum as server and AI designs ramp, unlocking high-growth end markets. Its licensing flywheel drives high-margin cash conversion and pricing leverage, but continued reinvestment in IP, tools, and developer ecosystems is required. Hold the lead now to let it mature into a massive cash engine.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-Stars-Star-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePayPay (Japan)\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003ePayPay is a Stars business for SoftBank as explosive digital payments adoption and daily-use frequency drive strong network effects; it reported over 50 million registered users and around 3 million merchant touchpoints by 2024, with GMV growing double digits year-on-year. The expanding cashless market in Japan supports further penetration, but PayPay must sustain heavy promotions, merchant enablement, and strategic partnerships to lock in share. Strategy: scale now, harvest later.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-Stars-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-Stars-Star-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCoupang (stake)\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eCoupang sits in SoftBank’s BCG matrix as a high-growth Star: Korea e-commerce and logistics continue expanding and Coupang reported a \u0026gt;$20B revenue run-rate in 2024 with rising operating leverage. Its own logistics and same‑day\/overnight network, handling millions of daily deliveries, creates a strong customer-experience moat. The model requires ongoing capex to widen the moat and expand categories. Sustained market share could flip it to a cash cow.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-Stars-Star-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eAI compute \u0026amp; platforms (VF)\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eSoftBank's Stars: AI compute \u0026amp; platforms (VF) — heavy exposure to AI infrastructure, foundation models, and developer tooling; category growth is blistering while capital intensity remains high; back winners early and scale distribution; firms that lock developer mindshare (NVIDIA exceeded $1T market cap in 2024) become long-term leaders.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eExposure: AI infra, foundation models, tooling\u003c\/li\u003e\n\u003cli\u003eChallenge: high capital intensity, scaling costs\u003c\/li\u003e\n\u003cli\u003eStrategy: early capital, distribution support\u003c\/li\u003e\n\u003cli\u003eWin condition: developer mindshare → durable leadership\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-Stars-Star-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eAutoStore \u0026amp; automation plays\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eAutoStore sits in SoftBanks Stars quadrant as warehouse automation captures e-commerce growth and reshoring demand; the global warehouse automation market was about $17B in 2024 (Grand View Research) and growing at double-digit CAGR. High switching costs and a SaaS-like service layer make installations sticky, enabling reinvestment in product roadmap and global channel partners. With share defended, operating margins compound over time.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eMarket: ~$17B (2024)\u003c\/li\u003e\n\u003cli\u003eDrivers: e-commerce growth, reshoring\u003c\/li\u003e\n\u003cli\u003eMoat: high switching costs, recurring services\u003c\/li\u003e\n\u003cli\u003eStrategy: fund R\u0026amp;D and global channels\u003c\/li\u003e\n\u003cli\u003eOutcome: defended share, margin compounding\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-Stars-Star-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eArm, PayPay, Coupang, AutoStore — dominant share, scale \u0026amp; sticky automation\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eSoftBank Stars: Arm — \u0026gt;90% mobile CPU share, IPO value ~$54.5B (2023) and 2024 AI\/server adoption; PayPay — \u0026gt;50M users, ~3M merchants (2024), accelerating GMV; Coupang — \u0026gt;$20B revenue run-rate (2024) with improving leverage; AutoStore — warehouse automation market ~$17B (2024), high switching costs.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eAsset\u003c\/th\u003e\n\u003cth\u003e2024 metric\u003c\/th\u003e\n\u003cth\u003eMoat\u003c\/th\u003e\n\u003cth\u003eStrategy\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eArm\u003c\/td\u003e\n\u003ctd\u003e90%+ mobile CPUs\u003c\/td\u003e\n\u003ctd\u003eIP\/licensing\u003c\/td\u003e\n\u003ctd\u003eInvest R\u0026amp;D\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePayPay\u003c\/td\u003e\n\u003ctd\u003e50M users\u003c\/td\u003e\n\u003ctd\u003eNetwork effects\u003c\/td\u003e\n\u003ctd\u003eScale\/partnerships\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCoupang\u003c\/td\u003e\n\u003ctd\u003e$20B+ rev run-rate\u003c\/td\u003e\n\u003ctd\u003eLogistics\u003c\/td\u003e\n\u003ctd\u003eCapex to expand\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAutoStore\u003c\/td\u003e\n\u003ctd\u003eMarket ~$17B\u003c\/td\u003e\n\u003ctd\u003eSticky installs\u003c\/td\u003e\n\u003ctd\u003eGlobal channels\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eBCG snapshot of SoftBank’s portfolio—identifies Stars, Cash Cows, Question Marks, Dogs and recommended moves.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eOne-page overview placing SoftBank business units in a quadrant to end strategic guesswork.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eC\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eash Cows\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-CashCows-Icon-Dollar-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSoftBank Corp. (telecom JP)\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eSoftBank Corp. is a mature, high-share telecom with about 46 million mobile subscribers and a large broadband base, generating steady operating cash flows even as revenue growth slowed to roughly 1% year-on-year in FY2024. Reported ARPU near ¥4,000 and disciplined cost control underpin reliable cash generation while group-level overhead and debt service absorb sizable portions. Management directs cash to selective strategic bets and reported capex of about ¥350 billion in FY2024; further network efficiency gains are targeted to lift free cash flow.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-CashCows-Icon-Dollar-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eArm royalties (mature cores)\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eLegacy Arm IP generates recurring, high-margin royalties that require minimal incremental sales cost per unit, delivering durable cash flow. SoftBank bought Arm for $32bn in 2016 and saw a ~54.5bn valuation at the 2023 IPO, underpinning the asset’s cash-cow role. Growth lags new segments, but predictable royalties are ideal to finance risk-on portfolio moves. As of 2024 SoftBank still holds a material stake.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-CashCows-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-CashCows-Icon-Dollar-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eVision Fund fee income\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eVision Fund fee income derives mainly from management fees and carried interest on roughly $100 billion AUM as of March 31, 2024, driven by third-party LP capital rather than SoftBank equity. This stream is not hyper-growth but shows relative stability versus mark-to-market swings, funding corporate costs without heavy reinvestment. Maintaining fee discipline and LP trust is essential for longevity.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-CashCows-Icon-Dollar-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLY Corp. ads \u0026amp; commerce\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eLY Corp ads \u0026amp; commerce centers on Japan-focused ads, payments and commerce with entrenched LINE\/PayPay user bases. Market growth is modest but monetization held steady, with LY reporting continued ad revenue resilience and positive operating cash flow in 2024. Incremental product tweaks lift margins more than flashy spend, making it a reliable cash cow while larger bets gestate.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eJapan digital ad market ~2.5 trillion JPY (2024)\u003c\/li\u003e\n\u003cli\u003eLINE+PayPay combined users \u0026gt;80 million (2024)\u003c\/li\u003e\n\u003cli\u003eSteady ad ARPU, improving margins via product tweaks\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-CashCows-Icon-Dollar-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eAsset recycling gains\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eAsset recycling gains: selective stake sales, securitizations and monetizations when markets are open replenish SoftBank’s war chest; not glamorous but reliably refreshes liquidity. These are low-growth, high-utility moves that shore up the balance sheet and fund high-conviction bets. Timing is critical to preserve value and avoid market discounting.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eFocus: stake sales \u0026amp; securitizations\u003c\/li\u003e\n\u003cli\u003eUtility: balance-sheet liquidity\u003c\/li\u003e\n\u003cli\u003eGrowth: low, predictable\u003c\/li\u003e\n\u003cli\u003eExecution: market-timing sensitive\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-CashCows-Icon-Dollar-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eTelco cash flow, chip royalties and VC fees fund bold risk bets\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eSoftBank cash cows—SoftBank Corp., Arm royalties, Vision Fund fees, LY ads\/commerce and asset recycling—deliver steady free cash flow to fund risk-on bets: SoftBank Corp. ~46m mobile subs, ARPU ≈¥4,000, capex ~¥350bn (FY2024); Arm royalty stream durable after 2023 IPO valuation ~$54.5bn; Vision Fund fees on ~$100bn AUM (Mar 31, 2024).\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eCash Cow\u003c\/th\u003e\n\u003cth\u003eKey metric\u003c\/th\u003e\n\u003cth\u003e2024 figure\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eSoftBank Corp.\u003c\/td\u003e\n\u003ctd\u003eSubscribers \/ ARPU \/ Capex\u003c\/td\u003e\n\u003ctd\u003e46m \/ ¥4,000 \/ ¥350bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eArm\u003c\/td\u003e\n\u003ctd\u003eIPO valuation \/ royalties\u003c\/td\u003e\n\u003ctd\u003e$54.5bn \/ recurring\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eVision Fund\u003c\/td\u003e\n\u003ctd\u003eAUM\u003c\/td\u003e\n\u003ctd\u003e$100bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLY\/PayPay\u003c\/td\u003e\n\u003ctd\u003eUsers \/ market\u003c\/td\u003e\n\u003ctd\u003e\u0026gt;80m \/ ¥2.5tn ad market\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAsset recycling\u003c\/td\u003e\n\u003ctd\u003eLiquidity source\u003c\/td\u003e\n\u003ctd\u003eSelective stake sales\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003eFull Transparency, Always\u003c\/span\u003e\u003cbr\u003eSoftbank BCG Matrix\u003c\/h2\u003e\n\u003cp\u003eThe file you're previewing is the final SoftBank BCG Matrix you'll receive after purchase. No watermarks or demo placeholders—just the polished, market-tested matrix tailored for strategic decisions. It arrives ready to edit, present, or print, so you can plug it straight into planning or investor decks. No surprises—exactly what you see is what you get.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"PortersFiveForce","offers":[{"title":"Default Title","offer_id":55674547896697,"sku":"softbank-bcg-matrix","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0914\/5276\/8633\/files\/softbank-bcg-matrix.png?v=1755791493","url":"https:\/\/portersfiveforce.com\/products\/softbank-bcg-matrix","provider":"Porter's Five Forces","version":"1.0","type":"link"}