Q1 2024 Recruit Holdings Co Ltd Earnings Call

August 8, 2024

Unknown Executive: Thank you very much for your attendance today. Before I take your questions,

Unknown Executive: Thank you very much for your attendance today. Before I take your questions, I would like to make a few additions to the presentation we disclosed at 3 p.m. Just one hour ago.

Unknown Executive: Thank you very much for your attendance today. Before I take your questions,

Thank you very much for your attendance today.

Unknown Executive: Thank you very much for your attendance today.

Before I take your questions.

Unknown Executive: Before I take your questions, I would like to make a few additions to the presentation we disclosed at 3 p.m, just one hour ago. So three months ago, in the FY 2023 earnings announcement on May 15, Diko said the following about the positioning of the current fiscal year and the background behind FY 2024 guidance, especially for the HR technology business. So let me once again refer to that.

Unknown Executive: I would like to make a few additions to the presentation we disclosed at 3 p.m. just one hour ago. So three months ago, in the FY 2023 earnings announcement on May 15th... DECO said the following about the positioning of the current fiscal year and the background behind FY 2024 guidance, especially for the HR technology business. So let me once again refer to that. When I was thinking about this message this morning, Hiraoka-san of Nikkei... I wrote an article on the eyes from the journalist about us, and I think this article is only in Japanese.

Unknown Executive: I would like to make a few additions to the presentation we disclosed at 3 p.m. just one hour ago. So, three months ago, in the FY 2023 earnings announcement on May 15th... DECO said the following about the positioning of the current fiscal year and the background behind FY 2024 guidance, especially for the HR technology business. So let me once again refer to that. When I was thinking about this message this morning, Hiraoka-san of Nikkei... I wrote an article on the eyes from the journalist about us, and I think this article is only in Japanese.

I would like to make a few additions to the presentation. We disclosed at three P. M. Just one hour ago.

Unknown Executive: So three months ago, in the FY 2023 earnings announcement on May 15, Diko said the following about the positioning of the current fiscal year and the background behind FY 2024 guidance, especially for the HR technology business. So let me once again refer to that.

Speaker Change: So three months ago in the FY 2023 earnings announcement on May 15th.

Nicole.

Did the following.

Nicole: About the positioning of the current fiscal year and the background behind FY 2024 guidance, especially for the HR technology business.

So let me once again refer to that.

Unknown Executive: When I was thinking about this message this morning, Shirau-Kasan of Nike wrote an article on the eyes from the journalist about us. And I think this article is only in Japanese. So I hope this will be translated into English so that the overseas institutional investors can take a look.

Speaker Change: When I was thinking about this message this morning.

Unknown Executive: When I was thinking about this message this morning, Shirau-Kasan of Nike, wrote an article on the eyes from the journalist about us. And I think this article is only in Japanese. So I hope this will be translated into English so that the overseas institutional investors can take a look.

Speaker Change: <unk> of Nikkei.

Speaker Change: Wrote an article on the eyes from the journalist about us and I think this article is only in Japanese.

Unknown Executive: So I hope this will be translated into English so that the overseas institutional investors can take a look. Regarding the content that we disclosed on May 15th, our thinking behind and... My meetings in July were summarized well in the article. Exactly the message I wanted to talk about today, and so it will be redundant with that article, but let me once again mention this. What Dickel said on May 15th is...

Unknown Executive: I hope this will be translated into English so that the overseas institutional investors can take a look. Regarding the content that we disclosed on May 15th, our thinking behind and... My meetings in July were summarized well in the article. Exactly the message I wanted to talk about today, and so it will be redundant with that article, but let me once again mention this. What Dickel said on May 15th is...

Speaker Change: So I hope this will be translated into English so that the overseas institutional investors can take a look.

Unknown Executive: And regarding the content that we disclosed on May 15, are thinking behind. And my meetings in July were summarized well in the article. Exactly the message I wanted to talk about today.

Speaker Change: Yeah.

Speaker Change: And regarding the content that we disclosed on may 15th our thinking behind and.

Unknown Executive: And regarding the content that we disclosed on May 15 are thinking behind. And my meetings in July were summarized well in the article. Exactly the message I wanted to talk about today. And so it will be redundant with that article. But let me once again mention this.

Speaker Change: My meetings in July.

Speaker Change: Where are some summarized dwell in the article.

Speaker Change: Exactly the message I wanted to talk about today and so.

Diko: And so it will be redundant with that article. But let me once again mention this. What Diko said on May 15 is the following. Of course, financial market stress is increasing under high interest rate conditions. And economic uncertainties remain high as I mentioned earlier against the background that the supply of workers to the job market in the US is not increasing significantly as in the past. And even if a recession occurs, we believe that it is unlikely that the number of job openings will decline by another 3 million or so from the current level. We assume that the number of job openings in the US will hit the bottom after decreasing for another 18 or 24 months.

Speaker Change: It will be redundant with that article, but let me once again mentioned this.

Speaker Change: Nichols said on May 15th is.

Diko: What Diko said on May 15 is the following. Of course, financial market stress is increasing under high interest rate conditions. And economic uncertainties remain high as I mentioned earlier against the background that the supply of workers to the job market in the US is not increasing significantly as in the past. And even if a recession occurs, we believe that it is unlikely that the number of job openings will decline by another 3 million or so from the current level.

Unknown Executive: The following, of course, financial market stress is increasing under high interest rate conditions, and economic uncertainties remain high. As I mentioned earlier, against the background that the supply of workers to the job market in the U.S. is not increasing significantly as it has in the past, and even if a recession occurs, we believe that it is unlikely that the number of job openings will decline by another 3 million or so from the current level.

Speaker Change: The following.

Nichols: Of course financial market stress is increasing under high interest rate conditions and economic uncertainties remain high.

Speaker Change: As I mentioned earlier against the background that the supply of workers to the job market in the U S is not increasing significantly as in the past and even if a recession occurs we believe that it is unlikely that the number of job openings will decline by another $3 million or so from the current level, we assume that the number of job job openings.

Unknown Executive: We assume that the number of job openings in the U.S. will hit bottom after decreasing for another 18 or 24 months. In FY 2024, we would like to operate in the year zero of the economic cycle in the sense that the decline of job demand may bottom out, and the trend may turn up in the future.

Diko: We assume that the number of job openings in the US will hit the bottom after decreasing for another 18 or 24 months. In FY 2024, we would like to operate in the year zero of the economic cycle in the sense that the decline of job demand may bottom out and the trend may turn up in the future. By improving the efficiency of monetization, which has been our focus in recent years, we hope to return to a positive year-on-year revenue trend in the second half of the fiscal year even during a period of declining job openings.

Speaker Change: In the U S will hit the bottom after decreasing for another 18 or 24 months.

Diko: In FY 2024, we would like to operate in the year zero of the economic cycle in the sense that the decline of job demand may bottom out and the trend may turn up in the future. By improving the efficiency of monetization, which has been our focus in recent years, we hope to return to a positive year-on-year revenue trend in the second half of the fiscal year, even during a period of declining job openings.

Speaker Change: In FY 2024, we would like to operate in the ear zero of the economic cycle in the sense that the decline of job demand may bottom out and the trend may turn up in the future.

Unknown Executive: By improving the efficiency of monetization, which has been our focus in recent years, we hope to return to a positive year-on-year revenue trend in the second half of the fiscal year, even during a period of declining job openings. In other words...

Speaker Change: By improving the efficiency of monetization, which has been our focus in recent years.

Speaker Change: We hope to return to a positive year on year revenue trend in the second half of the fiscal year, even during a period of declining job openings.

Diko: So that was the message by Diko. In other words, the FY 2024 forecast for HR technology and the consolidated guidance range are based on the assumption and outlook that job demand in the US will continue to decline until mid to late FY 2024, excuse me, FY 2025, then will bottom out. Looking at the Q1 revenue for HR technology on a U.S. basis, revenue in the U.S. decreased 5.0% year-over-year. However, it increased 7.7% quarter-over-quarter. An HR technology segment revenue, including Japan and the rest of the world, decreased 2.5% year-over-year. However, it increased 7.2% quarter-over-quarter. Which means that the Q1 results are in line with the assumption we communicated on May 15th that the revenue for the first half of fiscal year 2024 will continue the trend of year-over-year decline.

Speaker Change: So that was the message by Deco.

Speaker Change: In other words.

Unknown Executive: The FY 2024 forecast for HR technology and the consolidated guidance range are based on the assumption and outlook that job demand in the US will continue to decline until mid to late FY 2024, excuse me FY 2025, then bottom out. Looking at Q1 revenue for HR technology on a US basis, revenue in the US decreased 5.0% year over year.

Unknown Executive: The FY 2024 forecast for HR technology and the consolidated guidance range are based on the assumption and outlook that job demand in the US will continue to decline until mid to late FY 2024, excuse me, FY 2025, then bottom out. Looking at Q1 revenue for HR technology on a US basis, revenue in the US decreased 5.0% year over year.

Speaker Change: The FY 2024 forecast for HR technology, and the consolidated guidance range are based on the assumption and outlook the drop demand in the U S will continue to decline until mid to late FY 2024, excuse me FY 2025, then will bottom out.

Speaker Change: Looking at the Q1 revenue for HR technology on a U S basis.

Speaker Change: Yeah.

Speaker Change: Revenue in the U S a decreased 5.0% year over year.

Unknown Executive: However, it increased by 7.7%, a quarter over quarter, and HR Technology Segment revenue, including Japan and the rest of the world, decreased 2.5% year over year, but increased 7.2% quarter over quarter, which means that the Q1 results are in line with the assumption we communicated on May 15th that the revenue for the first half of fiscal year 2024 will continue the trend of year-over-year decline. Given the current situation, we believe that there is no need to revise the four-year guidance range.

Speaker Change: However.

Speaker Change: It increased.

Speaker Change: 7.7% quarter over quarter.

Speaker Change: And HR technology segment revenue.

Diko: An HR technology segment revenue, including Japan and the rest of the world, decreased 2.5% year-over-year. However, it increased 7.2% quarter-over-quarter. Which means that the Q1 results are in line with the assumption we communicated on May 15th that the revenue for the first half of fiscal year 2024 will continue the trend of year-over-year decline.

Including Japan, and rest of World a decrease to two 5% year over year, However, increased seven 2% quarter over quarter.

Speaker Change: Yeah.

Speaker Change: Which means that the Q1 results are in line with the assumption we communicated on may 15th that the revenue for the first half of fiscal year 2024 will continue the trend of year over year decline.

Diko: Given the current situation, we believe that there is no need to revise the full-year guidance range.

Speaker Change: Given the current situation, we believe that there is no need to revise the full year guidance range.

Diko: Given the current situation, we believe that there is no need to revise the full year guidance range. However, if we determine that it is necessary to revise our guidance due to changes in the business environment, we will communicate to you at the appropriate time.

Diko: However, if we determine that it is necessary to revise our guidance due to changes in the business environment, we will communicate to you at the appropriate time.

Unknown Executive: However, if we determine that it is necessary to revise our guidance due to changes in the business environment, we will communicate that to you at the appropriate time. After the announcement, we received a number of questions from many people, so I would like to provide a response first. We will conduct a share repurchase of a maximum of 600 billion yen. We have announced such a share repurchase program, and on the first day of that announcement, we made share repurchases through the TOSNET 3. Some investors asked who actually bought the shares. I was not able to provide a response to that question, so I will continue to refrain from disclosing that information. But the day before yesterday...

Speaker Change: However, if we determine that it is necessary to revise our guidance due to changes in the business environment.

Speaker Change: We will communicate to you at the appropriate time.

Unknown Executive: After the announcement, we received a number of questions from many people, so I would like to provide a response first. We will conduct a share repurchase of maximum 600 billion yen. We've announced that such a share repurchase program, and on the first day of that announcement, we've made share repurchases through the TOSNET 3. Some investors asked who actually bought the shares. I was not able to provide a response to that question, so I will continue to refrain from disclosing that. But the day before yesterday, these sellers' earnings, the releases made a mention of that. Since it has now become public information, I would like to share information with you at this time.

Speaker Change: And after the announcement, we received a number of questions from many people so I would like to provide a.

Unknown Executive: After the announcement, we received a number of questions from many people so I would like to provide a response first.

Speaker Change: Our response first.

Speaker Change: We will conduct a share repurchase of a maximum of 600 billion yen, we've announced such a share repurchase program and on the first day of that announcement, we've made share repurchases through the tough net three some investors asked who actually bought the shares.

Unknown Executive: We will conduct a share repurchase of maximum 600 billion yen. We've announced that such a share repurchase program and on the first day of that announcement, we've made share repurchases through the TOSNET 3. Some investors asked who actually bought the shares.

Speaker Change: I was not able to.

Unknown Executive: I was not able to provide a response to that question, so I will continue to refrain from disclosing that. But the day before yesterday, these sellers earnings the releases made a mention of that. Since it has now become a public information, I would like to share information with you at this time. There have been speculations that perhaps overseas investors made a sale, but that is not the case. The entity data was the company that made a sale on TOSNET 3.

To provide a response to that question. So I will continue to refrain from disclosing that but the day before yesterday.

Unknown Executive: The seller's earnings releases made a mention of that. Since it has now become public information, I would like to share information with you at this time. There have been speculations that perhaps overseas investors made a sale, but that is not the case. Entity Data was the company that made a sale on TOSNET 3.

Unknown Executive: The seller's earnings releases made a mention of that. Since it has now become public information, I would like to share information with you at this time. There have been speculations that perhaps overseas investors made a sale, but that is not the case. Company, Entity Data, was the company that made a sale on TOSNET 3.

Speaker Change: These sellers earnings releases made a mention of that since it has now become a public information I would like to share information with you at this time there.

Unknown Executive: There have been speculations that perhaps overseas investors made a sale, but that is not the case. The entity data was the company that made a sale on TOSNET 3. This has become public, so I can share this with you now.

Speaker Change: There have been a speculation that perhaps overseas investors.

Speaker Change: Right.

Speaker Change: But that is not the case.

Speaker Change: <unk>.

Jensen: Company NTT data what is the company that made a sale on tough net three this has become public. So I can share. This with you now so now I will take your questions I will handover to use Jensen.

Unknown Executive: This has become public, so I can share this with you now. Now, I will take your questions. I will hand this over to you, Shen-san. If you have a question, please click on the Zoom raise hand button. Please unmute before asking your question. We will accept up to two questions at a time.

Unknown Executive: This has become public, so I can share this with you now.

Unknown Executive: So now I will take your questions.

Mizuho Shen: I will hand over to you, Shensan. If you have a question, please click on the Zoom, raise hand button. Please unmute before asking your question. We will accept up to two questions at a time.

Unknown Executive: So now I will take your questions. I will hand over to you, Shensan. If you have a question, please click on the Zoom, raise hand button. Please unmute before asking your question. We will accept up to two questions at a time.

Jensen: If you have a question. Please click on the zoom right hand button. Please on mute before asking your question.

Speaker Change: We will accept up to two questions at a time.

Unknown Executive: So first of all, no more securities. Almost done, please. Thank you very much. We have numerous securities.

Unknown Executive: So, first of all, Nomura Securities, Oma-san, please. Thank you very much. Can you hear me? Yes, thank you as always.

Unknown Executive: So, first of all, Nomura Securities, Oma-san, please. Thank you very much, Lee of Nomura Securities. Can you hear me?

Speaker Change: So first of all Nomura Securities on my phone.

Unknown Executive: So first of all, no more securities, almost done, please. Thank you very much. We have numerous securities.

Speaker Change: Thank you very much.

Nomura Securities: Numerous securities can you can you hear me, yes, thank you as always.

Unknown Executive: Can you hear me? Yes, thank you, as always. I have a question on Indeed job posting.

Junichi Arai: Yes. Thank you, as always. I have a question on Indeed job postings in July in various sectors. The index is now trending upward. So, Arai-san, if you could share with us your view on this. Is this one-off, temporary, or has it hit the bottom and is trending upward? So, that's my first question. The second question is, in the material, it says that, indeed, monetization progress compared to Q4 is starting to show results. It says, so if you could elaborate on that point, which part do you see as having some actual outcome? Thank you.

Unknown Executive: Can you hear me? Yes, thank you, as always.

Unknown Executive: I have a question on Indeed job postings in July in various sectors. The index is now trending upward. So, Arai-san, if you could share with us your view on this. Is this one-off, temporary, or has it hit the bottom and is trending upward? So, that's my first question. The second question is...

Speaker Change: I have question on indeed job postings.

Unknown Executive: I have a question on indeed job posting. In July, various sectors, the index is now trending upward. So, are I some, if you could share with us your view on this, is this one-off temporary or it has hit the bottom and is trending upward? So that's my first question.

Unknown Executive: In July, various sectors, the index is now trending upward. So, are I some, if you could share with us your view on this, is this one-off temporary or has it hit the bottom and is trending upward? So that's my first question.

Speaker Change: In July the various sectors.

Speaker Change: The index is now trending upward.

Speaker Change: Yeah.

Speaker Change: So I thought if you could share with us your view on this is this one off temporary or it has hit the bottom and is trending upward.

Speaker Change: That's my first question.

Unknown Executive: The second question is... In the material, it says, indeed, monetization progress compared to Q4, Q1 is starting to shore results, it says. So if you could elaborate on that point, which part do you see some actual outcome? Thank you.

Speaker Change: Second question is.

Unknown Executive: The second question is... In the material, it says, indeed, monetization progress compared to Q4, Q1, is starting to shore results, it says. So if you could elaborate on that point, which part you see some actual outcome?

Unknown Executive: In the material, it says that, indeed, monetization progress, compared to Q4, Q1 is starting to show results. It says, so if you could elaborate on that point, which part do you see as having some actual outcome? Thank you.

Speaker Change: In the material it is indeed monetization progress.

Speaker Change: Compared to Q4 Q1 is starting to shore result.

Speaker Change: It says so if you could elaborate on that point.

Speaker Change: Which part you see some of the actual outcome.

Junichi Arai: Thank you for the question. Thank you for looking at the data very closely. As I've mentioned in the past... We do not become overly happy or disappointed by monthly results. So, this alone cannot help us make a big decision, but the data may look flat, but the volatility is still high.

Unknown Executive: Thank you for the question. Thank you for looking at the data very closely. As I've mentioned in the past, we do not become overly happy or disappointed by monthly results. So, this alone cannot help us make a big decision, but the data may look flat, but the volatility is still high.

Speaker Change: Thank you thank.

Unknown Executive: Thank you for the question. Thank you for looking at the data very closely.

Speaker Change: Thank you for the question. Thank you for looking at the data very closely.

Unknown Executive: Thank you. Thank you for the question. Thank you for looking at the data very closely. As I mentioned in the past, we do not become overly happy or disappointed by monthly results. So this alone cannot help us making a big decision, but the data may look flat, but the volatility is still high. So in November, when we announce our second-quarter results, I would like to touch on this. We do not want to be happy or disappointed on monthly results, and just steadily do what we have to do.

Unknown Executive: As I mentioned in the past, we do not become overly happy or disappointed by monthly results. So this alone cannot help us making a big decision, but the data may look flat, but the volatility is still high.

As I've mentioned in the past.

Speaker Change: We do not become overly happy or disappointed by monthly results.

Speaker Change: Yeah.

Speaker Change: So this alone cannot help us, making a big decision.

Speaker Change: But the data may look flat.

Speaker Change: Yeah.

Speaker Change: But the volatility is still high.

Unknown Executive: So in November, when we announced our second quarter results, I would like to touch on this. We do not want to be happy or disappointed with our monthly results and just steadily work, do what we have to do. So that is my question, the answer to your first question. I do not think it has hit the bottom yet, but it is in progress. How can we offer higher-added value products and services so that more users can use our service and pay money to us? We talked about this at the March event.

Junichi Arai: So in November, when we announce our second quarter results, I would like to touch on this. We do not want to be happy or disappointed with our monthly results and just steadily work, do what we have to do. So that is my question, the answer to your first question. I do not think it has hit the bottom yet, but it is in progress. How can we offer higher-added value products and services so that more users can use our service and pay money to us? We talked about this at the March event.

Unknown Executive: So in November, when we announce our second-quarter results, I would like to touch on this. We do not want to be happy or disappointed on monthly results, and just steadily do what we have to do. So that is my question; answer to your first question.

Speaker Change: So in November when we announce our second quarter results I would like to touch on this.

Speaker Change: We do not want to be happy or disappointed our monthly results and just steadily work do what we have to do so that is my question answer to your first question I do not think it has hit the bottom yet.

Unknown Executive: So that is my question, answer to your first question. I do think we can offer higher value products and services so that more users can use our service and pay money to us. We talked about this in the March event. We are taking various initiatives and also developing and launching smaller-scale services and trying to identify what works and what doesn't. So we are trying to accumulate knowledge and experience, and as a result of that, the unit price is rising up.

Speaker Change: Yeah.

Speaker Change: And progress.

Unknown Executive: I do think we can offer higher value products and services so that more users can use our service and pay money to us. We talked about this in the March event. We are taking various initiatives and also developing and launching smaller-scale services and trying to identify what works and what doesn't. So we are trying to accumulate knowledge and experience, and as a result of that, the unit price is rising up. So what works? We will increase the scale, the area, the customers, number of customers. But we are trying to try many things and try to work what works and decide what doesn't work on a day-to-day basis.

Speaker Change: How we can offer higher value higher added value products and services.

Speaker Change: So that more users can use our service and pay money to us when we talked about this in the March event, we're taking various initiatives.

Unknown Executive: We're taking various initiatives and also developing and launching smaller-scale services to identify what works and what doesn't. So we're trying to accumulate knowledge and experience. And as a result of that, the unit price is rising. So at work, we will increase the scale, the area, and the customers. A number of customers. But we're trying to try many things and find out what works and decide what doesn't work on a day-to-day basis.

Junichi Arai: We're taking various initiatives and also developing and launching smaller-scale services to identify what works and what doesn't. So we're trying to accumulate knowledge and experience. And as a result of that, the unit price is rising. So at work, we will increase the scale, the area, and the customers. A number of customers. But we're trying to try many things and find out what works and decide what doesn't work on a day-to-day basis.

Speaker Change: And also developing and launching smaller scale services and try to identify what works and what doesn't.

Speaker Change: We're trying to accumulate knowledge and experience.

Speaker Change: And as a result of that the unit price is rising up.

Speaker Change: So work, we will increase the scale of the area the customers.

Unknown Executive: So what works? We will increase the scale, the area, the customers, number of customers. But we are trying to try many things and try to work what works and decide what doesn't work on a day-to-day basis. It is not that we are having a higher hit rate, but on a quarter-on-quarter U.S, and for the entire segment, we are trending upwards. So we can say that there are certain levels of impact. So we will continue researching and studying our initiatives.

Unknown Executive: Thank you very much.

Speaker Change: Yeah.

Speaker Change: Number of customers.

Speaker Change: But we're trying to try many things and.

Speaker Change: Tried to work what works and decide what would doesn't work on a day to day basis.

Unknown Executive: It is not that we are having a higher hit rate, but on a quarter-on-quarter U.S. And for the entire segment, we are trending upwards. So we can say that there are certain levels of impact.

Unknown Executive: It's not that we are having a higher hit rate, but on a quarter-on-quarter basis, in the U.S. And for the entire segment, we are trending upwards, so I can say that there are certain levels of impact. So we will continue researching and studying our initiatives. Thank you very much.

Junichi Arai: It's not that we are having a higher hit rate, but on a quarter-on-quarter basis, U.S. And for the entire segment, we are trending upwards, so I can say that there is a certain level of impact. We will continue researching and studying our initiatives. Thank you very much. Haruka Mori, Junichi Arai, Junichi Arai, Junichi Arai

Speaker Change: It's not that we are having a higher hit rate but.

Speaker Change: On a quarter on quarter.

Speaker Change: U S.

Speaker Change: And for the entire segment, we are trending upwards.

Speaker Change: All I can say that there are certain level of impact.

Speaker Change: Yeah.

Unknown Executive: So we will continue researching and studying our initiatives.

Speaker Change: So we will continue researching and studying.

Speaker Change: Our initiatives. Thank you very much.

Unknown Executive: Thank you very much.

Seniko Maeda: Our next SMB, Seniko Maeda-san, please.

Speaker Change: Our next.

Unknown Executive: Our next SMB Seniko Maeda-san, please. Thank you. It is perhaps similar to the previous question, but the 7.7% quarter-on-quarter increase in revenues that you mentioned earlier due to the progress in monetization and the market environment, perhaps we are seeing recovery in matching. So I would like to understand the factors are contributing to the 7.7% because you elaborate, please. And also looking at the latest employment We see that the market is on the growth trend.

Unknown Executive: SMBC NICO, Maeda-san, please. Thank you. Thank you. It is perhaps similar to the previous questioner, but the 7.7% quarterly-on-quarter increase in revenues that you mentioned earlier due to the progress in monetization and the market environment, perhaps we are seeing a recovery in matching. So, I would like to understand the factors that are contributing to the 7.7%. Could you elaborate, please?

Speaker Change: F N b cynical might offer them. Please.

Seniko Maeda: Thank you. It is perhaps similar to the previous question, but the 7.7% quarter-on-quarter increase in revenues that you mentioned earlier due to the progress in monetization and the market environment, perhaps we are seeing recovery in matching.

Speaker Change: Thank you.

Speaker Change: It is a.

Speaker Change: Perhaps a similar to the previous a question are the seven 7% quarter on quarter increase in revenues that you mentioned earlier due to the progress in monetization and.

Speaker Change: The market environment, perhaps are we are seeing a recovery in matching so I would like to understand the factors are contributing to the seven 7% could you elaborate fees and also looking at the latest employment statistics.

Seniko Maeda: So I would like to understand the factors are contributing to the 7.7% because you elaborate, please. And also looking at the latest employment, we see that the market is on the growth trend.

Unknown Executive: And also, looking at the latest employment statistics... We see that the market is on a growth trend. We have not seen any revisions to the guidance, however, but looking at the latest numbers, do you see that perhaps the numbers are trending down faster than your expectations, or is everything within your expectations? I would like to ask you about your views on the latest trends. Thank you very much for your question. I will respond to the second part of the question first.

Unknown Executive: And also, looking at the latest employment statistics... We see that the market is on a growth trend. We have not seen any revisions to the guidance, however, but looking at the latest numbers, do you see that perhaps the numbers are trending down faster than your expectations, or is everything within your expectations? I would like to ask you about your views on the latest trends. Thank you very much for your question. I would like to respond to the second part of the question first.

Speaker Change: We see that Oh, the market is on the.

Speaker Change: Our growth.

Speaker Change: And we have not seen any revisions to the guidance however, but looking at the latest.

Seniko Maeda: We have not seen any revisions to the guidance, however, but looking at the latest numbers, do you see that perhaps the numbers are trending down faster than your expectations, or is everything within your expectations? I would like to ask about your views on the latest trends.

Unknown Executive: We have not seen any revisions to the guidance, however, but looking at the latest numbers, do you see that perhaps the numbers are trending down faster than your expectations or is everything within your expectations? I would like to ask about your views on the latest trends. I thank you very much for the question. I would like to respond to the second part of the question first, so what I mentioned and also covered in the presentation, basically from what we shared in May, what we are seeing is within expectations that is contributing to the background to the numbers that we are seeing.

Speaker Change: Number is do you see that perhaps are the numbers are trending down faster than your expectations or is everything within your expectations. So I would like to ask.

Ask about your views on the latest trends I. Thank you very much for the question I would like to respond to the second part of the question first so what I mentioned and also covered in the presentation basically from.

Unknown Executive: I thank you very much for the question. I would like to respond to the second part of the question first, so what I mentioned and also covered in the presentation. Basically, from what we shared in May, what we are seeing is within expectations that is contributing to the background to the numbers that we are seeing. Therefore, we've not made any revision. It's not that our views have changed significantly or forecast will not be revised any significantly as a result of what we are seeing today. And looking at the Indeed Hiring Lab, among others, the number of job posts, both paid and free, continues to show a declining trend.

Unknown Executive: What I mentioned and also covered in the presentation basically from what we shared in May. What we're seeing is within expectations that are contributing to the background to the numbers that we are seeing, so it's not that things are moving significantly over the past several weeks. And hence we have not made any revision to the forecast. And if it's just performance, it's one thing, but if the currency exchange is moving alongside, then perhaps the story may be different.

Speaker Change: What we shared in May.

Speaker Change: What we are seeing is a within expectations are that's contributing to the background to the numbers that we're seeing so it's not that things are moving a significantly over the past several weeks and hence we have not made any revision to the forecast and if if it has just performed.

Speaker Change: It's one thing, but if the currency exchange is moving alongside and perhaps the story may be different but the exchange rate is also trending within our expectation of 145 yen to the dollar and therefore, we've not made any revision.

Unknown Executive: The exchange rate is also trending within our expectations at 145 yen to the dollar. Therefore, we have not made any revisions. It's not that our views have changed significantly or our forecast will not be revised any significantly as a result of what we are seeing today. And looking at the Indeed Hiring Lab, among other things, the number of job posts... Both paid and free continue to show a declining trend, so it's not that the market environment is improving, rather it's a result of our efforts bearing fruit in some areas.

Unknown Executive: But the exchange rate is also trending within our expectations at 145 yen to the dollar. Therefore, we've not made any revision. It's not that our views have changed significantly or our forecast will not be revised any significantly as a result of what we are seeing today. And looking at the Indeed Hiring Lab, among other things, the number of job posts... Both paid and free continue to show a declining trend, so it's not that the market environment is improving, rather it's a result of our efforts bearing fruit in some part.

Unknown Executive: Therefore, we've not made any revision. It's not that our views have changed significantly or forecast will not be revised any significantly as a result of what we are seeing today. And looking at the indeed hiring lab among others, the number of job posts both paid and free continues to show a declining trend. So it's not that the market environment is improving, rather it's a result of our efforts bearing fruit in some part.

It's not that our views have changed significantly or our forecast will.

Speaker Change: We will not be revised any significantly as a result of what we're seeing today and looking at the indeed hiring lab among others the number of job posts.

Speaker Change: Both paid and free.

Speaker Change: <unk> continues to show a declining trend.

Unknown Executive: So it's not that the market environment is improving; rather, it's a result of our efforts bearing fruit in some part. I believe that we can take this as good news, as Deco said in year zero. This is what we consider as a preparatory year towards Year One and Year Two. So we will continue to build on our efforts, and we are making preparations for our efforts to bear a fruit, a big fruit in the future.

Speaker Change: So it's not that the market environment is improving.

Speaker Change: Rather it's.

A result of our efforts.

Speaker Change: Bearing fruit in some part.

Speaker Change: I believe or we can take this as good news.

Unknown Executive: I believe we can take this as good news, as DECO said, in year zero. This is what we consider a preparatory year for year one and year two, so we will continue to build on our efforts, and we are making preparations for our efforts to bear fruit, a big fruit in the future. Thank you very much.

Unknown Executive: I believe that we can take this as good news as Deco said in year zero. This is what we consider as a preparatory year towards year one and year two. So we will continue to build on our efforts and we are making preparations for our efforts to bear a fruit, a big fruit in the future. Thank you very much. Thank you.

Speaker Change: Deco said in ear zero. This is what we consider as a preparatory ear towards ear won an ear to so we will continue to build on our efforts and we are making preparations for our efforts to bear a fruit a big fruit in the future. Thank you very much.

Unknown Executive: Thank you very much. Thank you.

Unknown Executive: Thank you. Next, B of A Securities. Nagao-san, please.

Speaker Change: Thank you next Bofa securities and that all of a sudden please.

Nadalathan: Next, B of A Securities, Nadalathan, please. Thank you very much. Nadal from B of A Securities.

Nadalathan: Next, B of A securities, Nadalathan, please. Thank you very much. Nadal from B of A securities.

Unknown Executive: Thank you very much. Nagao from B of A Securities. My first question is on HR Tech Ibita Marjin. Revenue, compared to the previous quarter or on a year-on-year basis, has recovered to a certain extent, but margin is declining. Looking at the materials.

Speaker Change: Thank you very much.

That all from Bofa Securities.

Nadalathan: My first question is on HR tech, EBITDA, margin, revenue compared to the previous quarter or on a year-on-year basis. It has recovered to a certain extent, but margin is declining. Looking at the material, your marketing investment is increasing, and indeed plus is another positive increase factor. So the intent of the marketing investment at this point in time and the plus, the increase in cost from Indeed Plus. So if you could elaborate on that point, please.

Speaker Change: My first question is on HR Tech.

Nadalathan: My first question is on HR tech, EBITDA, margin, revenue compared to the previous quarter or on a year on your basis. It has recovered to a certain extent, but margin is declining. Looking at the material, your marketing investment is increasing and indeed plus is another positive increase factor. So the intent of the marketing investment at this point in time and the plus, the increase in cost from indeed plus. So if you could elaborate on that point, please. That's my first question.

Speaker Change: EBITDA margin.

Speaker Change: Revenue.

Speaker Change: Compared to the previous quarter or on a year on year basis.

Speaker Change: Has recovered to a certain extent, but margin is declining.

Speaker Change: Looking at the material.

Unknown Executive: Your marketing investment is increasing, and Indeed Plus is another positive increasing factor. So, the intent of the marketing investment at this point in time, and the plus, the increase in cost from Indeed Plus. So, if you could elaborate on that point, please. That's my first question.

Unknown Executive: Your marketing investment is increasing, and Indeed Plus is another positive increasing factor. So, the intent of the marketing investment at this point in time and the plus, the increase in cost from Indeed Plus, so if you could elaborate on that point, please. That's my first question.

Speaker Change: And your marketing investment is increasing and indeed plus is another positive increase factor.

Speaker Change: So the intent of the marketing investment at this point in time and the plus.

Speaker Change: Our increase in costs from indeed, plus.

So if you could elaborate on that point please.

Unknown Executive: Second question is... There's an impact from Indeed Plus. So, HR, Marketing, Marketing Solutions, Ibita Margin, is improving quite significantly. Recently, the M&S TV commercial, I do not see much matching in solutions. And so Indeed Plus, the transfer portion, and the existing business advertisement promotion is probably being controlled, I think very meticulously. So if you could talk about that, two questions on margin. Thank you.

Unknown Executive: Second question is... There is an impact from Indeed Plus. So, HR, marketing, marketing solutions, EBITDA margin, is improving quite significantly. Recently, the M&S TV commercial, I do not see much matching in solutions. And so Indeed Plus, the transfer portion, and the existing business advertisement promotion is probably being controlled, I think very meticulously. So if you could talk about that, two questions on margin. Thank you.

Nadalathan: That's my first question. Second question is. There is an impact from Indeed Plus. So, marketing solutions, EBITDA margin is improving quite significantly. Recently, M&S TV commercial, I do not see much the matching in solutions. Indeed Plus, the transfer portion and the existing business, advertisement promotion is probably being controlled, I think, very meticulously. So, if you could talk about that, so two questions on margin.

Speaker Change: That's my first question.

Speaker Change: Second question is.

Speaker Change: Is.

Speaker Change: There is an impact from indeed plus.

Nadalathan: Second question is. There is an impact from Indeed Plus. So, marketing solutions, EBITDA margin is improving quite significantly. Recently, M&S TV commercial, I do not see much the matching in solutions. Indeed Plus, the transfer portion and the existing business, advertisement promotion is probably being controlled, I think, very meticulously. So, if you could talk about that, so two questions on margin. Thank you.

Speaker Change: So HR marketing marketing solutions EBITDA margin.

Speaker Change: Is improving quite significantly.

Speaker Change: Recently M N S television commercial I do not see much the matching and solutions and so indeed, plus the transfer portion and the existing business the advertising and promotion.

Speaker Change: Is probably being controlled I think very meticulously. So if you could talk about that so two questions on margins. Thank you.

Unknown Executive: Thank you.

Unknown Executive: So, to your first question, FY20-23Q-1 HR technology margin was 38.1%, and this time it is 35.2%. And so, you talked about that decline.

Unknown Executive: So, to your first question... FY 2023 Q1 HR technology margin was 38.1%, and this time it was 35.2%. And so you talked about that decline. In May... We have the second workforce reduction.

Unknown Executive: So, to your first question... FY 2023 Q1 HR technology margin was 38.1%, and this time it was 35.2%, and so you talked about that decline. In May, we had the second workforce reduction. And so they came off of the payroll reduction, but there was a time lag. And so, the contribution to the first quarter was only in June.

Speaker Change: So to your first question.

Unknown Executive: So, to your first question, FY20-23Q-1 HR technology margin was 38.1%, and this time it is 35.2%. And so, you talked about that decline. First, in May, we have the second workforce reduction. And so, they came off of the payroll reduction, but there was a time lag. And so, the contribution to the first quarter was only June. And so, from the second quarter, we will have a full contribution, the quarter that we are currently going on.

Speaker Change: FY 2023 Q1.

Speaker Change: HR technology.

Speaker Change: Margin was 38, 1% and this time it is 35, 2% and so you talked about that decline.

Unknown Executive: First, in May, we have the second workforce reduction. And so, they came off of the payroll reduction, but there was a time lag. And so, the contribution to the first quarter was only June. And so, from the second quarter, we will have a full contribution; the quarter that we are currently going on. So, that's one factor. And for the advertisement promotion, the amount is increasing. And due to the weekend, the amount is bigger on the end basis. But actual amount, compared to the previous first quarter, we are spending more; that it's a fact.

Speaker Change: First in May.

Speaker Change: We had the second workforce reduction.

Speaker Change: Okay.

Unknown Executive: And so they came off of the payroll reduction, but there was a time lag, and so the contribution to the first quarter was only for June. And so from the second quarter, we will have a full contribution, the quarter that we are currently going on. So that's one factor, and for advertising promotion. The amount is increasing. Due to the weak yen, the amount is bigger on a yen basis, but the actual amount, compared to the previous first quarter, we are spending more.

And so they came off of the payroll reduction, but there was a time lag.

And so.

Speaker Change: The contribution to the first quarter was only June.

Unknown Executive: And so, from the second quarter, we will have a full contribution, the quarter that we are currently going on. So that's one factor, and for the advertisement promotion. The amount is increasing. Due to the weak yen, the amount is bigger on a yen basis. But the actual amount, compared to the previous first quarter, we are spending more. That is a fact because we are trying many things in many areas. To prepare for the future, we had been controlling and suppressing the cost in previous years. So, we are now using an Indeed Plus contribution. Japan Business, as I mentioned on May 15. I think you remember that as Dickel's words.

Speaker Change: So.

Speaker Change: From the second quarter, we will have a full contribution of the quarter that we are currently going on so that's one factor.

Unknown Executive: So, that's one factor. And for the advertisement promotion, the amount is increasing. And due to weekend, the amount is bigger on the end basis. But actual amount, compared to the previous first quarter, we are spending more that it's a fact. Because we are trying many things in many areas to prepare for the future, we had been controlling, suppressing the cost in previous years. So, we are now using an indeed plus contribution.

Speaker Change: And for the advertising and promotion.

Speaker Change: The amount is increasing.

Speaker Change: And due to weak again.

Speaker Change: The amount is bigger on yen basis.

Speaker Change: But actual amount compared to the previous first quarter. We are spending more that is a fact.

Unknown Executive: Because we are trying many things in many areas to prepare for the future, we had been controlling, suppressing the cost in previous years. So, we are now using an Indeed Plus contribution.

Unknown Executive: That is a fact because we are trying many things in many areas. To prepare us for the future, we have been controlling, and suppressing the cost, in previous years. So, we are now using an Indeed Plus contribution. Japan Business, as I mentioned on May 15th. I think you will remember that as Dickel's words.

Speaker Change: Because we are trying many things in many areas.

Speaker Change: To prepare for the future we had been controlling suppressing.

Speaker Change: The cost.

Speaker Change: In previous years so.

Speaker Change: We are now using and indeed.

Speaker Change: Contribution.

Unknown Executive: Japan business, as I mentioned, on May 15th, I think you remember that as Dickles' words. So, there is a margin difference. So, low margin is coming to the side. And so, this is somewhat of a drag. That's what it meant. It's not that we are spending more cost on Indeed Plus. I see.

Speaker Change: Japan business as I mentioned on May 15.

Unknown Executive: Japan business, as I mentioned, on May 15th, I think you remember that as Dickles words. So, there is margin difference. So, low margin is coming to the side. And so, this is somewhat of a drag. That's what it meant. It's not that we are spending more cost on indeed plus. I see. So, that's my answer to your first question.

Speaker Change: I think you remember that.

Speaker Change: Those words.

Unknown Executive: So there's an origin difference. Low margin is coming to this side, and so this is somewhat of a drag. That's what it meant.

Unknown Executive: So there's an origin difference. So, low margin is coming to this side, and so this is somewhat of a drag. That's what it meant.

Speaker Change: So theres an origin difference.

So.

Speaker Change: Low margin is coming to this side.

Speaker Change: So this is somewhat of a drag.

Unknown Executive: It's not that we are spending more costs on Indeed Plus. I see. So that's it. My answer to your first question. And the other question was MS. Matching and Solving.

Unknown Executive: It's not that we are spending more on Indeed Plus. I see. So that's... My answer to your first question. And the other question was MF. Matching and Solution.

Speaker Change: That's what it meant its not that we are spending more costs on India plus.

Speaker Change: I see.

Unknown Executive: So, that's my answer to your first question.

Speaker Change: So that's.

Speaker Change: My answer to your first question.

Unknown Executive: And the other question was MS, matching in solutions. We continue our tight control. But, as you know, Neville Sun, and in HR, and in the marketing solutions page, I mentioned this on the material. The advertisement promotion is bigger in Q1 and Q3. So, compared to that, Q1 spending may seem smaller, and the amount is smaller. So, comparing Q4 and Q1, we do spend differently, but it's not that we're trying to control the entire amount. We continue our stance on spending where we need to.

Speaker Change: And the other question was N S.

Unknown Executive: And the other question was MS, matching in solutions. We continue our tight control. But as you know, Neville Sun, and in HR, and in the marketing solutions page, I mentioned this on the material. The advertisement promotion is bigger in Q1 and Q3. So, compared to that, Q1 spending may seem smaller and the amount is smaller. So, comparing Q4 and Q1, we do spend differently, but it's not that we're trying to control the entire amount. We continue our stance on spending where we need to.

Matching and solution.

Unknown Executive: We continue our tight control. As you know, Nagao-san, and in HR and on the Marketing Solutions page, I mentioned this in the material, the advertisement promotion is bigger in Q1 and Q3. So, compared to that... Q1, Spending may seem smaller, and the amount is smaller. So, comparing Q4 and Q1... We do spend differently. But it's not that we're trying to control the entire amount; we continue our stance on spending where we need to.

Speaker Change: We continue our tight control.

Speaker Change: But.

Speaker Change: As you know nickel Sun.

Speaker Change: And in HR and in the marketing solutions page I mentioned this on the material the advertising and promotion is.

Speaker Change: Bigger in Q1 and Q3.

Speaker Change: So compared to that Q.

Speaker Change: Q1.

So spending may seem smaller.

Speaker Change: And the amount is smaller.

Speaker Change: So comparing Q4 and Q1.

Speaker Change: We do spend differently.

Speaker Change: But it's not that we're trying to control the entire amount. We are we continue our stance on spending where we need to.

Unknown Executive: So, one quick follow-up question, if I may.

Unknown Executive: So one quick follow-up question, if I may, please. So, M.S. Advertisement promotion on a queue-on-queue basis is what you just mentioned, but on a year-on-year basis, compared to Q1 last year, has the amount gone down, or is it up? Just a moment.

Speaker Change: So one quick follow up question, if I may please.

Unknown Executive: So, one quick follow-up question if I may. So, MS, advertisement promotion on a Q1, Q basis is what you just mentioned, but on the year-on-year basis, compared to Q1 last year, the amount has gone down or is it up? Just a moment. The advertisement promotion in marketing solutions is slightly higher, but when we say advertisement, there's real advertisement and sales promotion. There are a few items here. So, comparing the entire amount, it is about the same for sales and promotion. And in HR solutions, pretty much the same. Maybe slightly lower on both sides, and that is why margin is inching up. Yes, it's not substantial. Understood.

Unknown Executive: So, MS, advertisement promotion on a Q1, Q basis is what you just mentioned, but on the year-on-year basis, compared to Q1 last year, the amount has gone down or is it up? Just a moment. The advertisement promotion in marketing solutions is slightly higher, but when we say advertisement, there's real advertisement and sales promotion. There are a few items here. So, comparing the entire amount, it is about the same for sales and promotion. And in HR solutions, pretty much the same.

Unknown Executive: Thank you very much.

Unknown Executive: So one quick follow-up question, if I may, please. So, MS... Advertising promotion on a queue-on-queue basis is what you just mentioned, but on a year-on-year basis, compared to Q1 last year, has the amount gone down, or is it up? Just a moment.

M S: So M S.

Speaker Change: Advertising and promotion on a Q on Q basis is what you just mentioned, but on a year on year basis compared to Q1 last year. The amount has gone down or is it up.

Speaker Change: Okay.

Speaker Change: Just a moment.

Speaker Change: Yeah.

Unknown Executive: The Advertising Promotion... in Marketing Solutions is slightly higher, but... When we say advertising, there's real advertising and sales promotion. There are a few items here. So, comparing the entire amount, it is about the same for sales and promotion. And in HR solutions, pretty much the same. May be slightly lower on both sides, and that is why the margin is inching up. It's not substantial. Understood. Thank you very much.

Unknown Executive: The Advertising Promotion... in Marketing Solutions is slightly higher, but... When we say advertising, there's real advertising and sales promotion. There are a few items here. So, comparing the entire amount, it is about the same for sales and promotion. And in HR Solutions, pretty much the same. Maybe slightly lower on both sides, and that is why the margin is inching up. Yes. It's not substantial. Understood. Thank you very much.

Speaker Change: The advertising and promotion.

Speaker Change: In marketing solutions is slightly higher.

Speaker Change: But.

Speaker Change: When we say advertisement there is real advertisement and sales promotion there are a few items here.

Speaker Change: Yeah.

Speaker Change: So comparing the entire amount is about the same.

Speaker Change: For sales and promotion.

And in HR solutions pretty much the same.

Unknown Executive: Maybe slightly lower on both sides, and that is why margin is inching up. Yes, it's not substantial. Understood.

Speaker Change: Maybe slightly lower on both sides and that is why margin is inching up.

Speaker Change: Yes.

Speaker Change: It's not substantial.

Speaker Change: Understood. Thank you very much.

Unknown Executive: Thank you very much.

Speaker Change: Thank you very much.

Hosey: We believe we've received all the questions whose hands were up, but since we still have more time, we can start around two SBI Securities, hopefully some, please. Thank you. This is Hosey from SBI Securities. I have two questions.

Unknown Executive: Thank you very much. We believe we've received all the questions from those whose hands were up. But since we still have more time, we can start round two.

Speaker Change: We believe our we've received all the questions whose hands were upset but since we still have more time or we can start around to S.

Unknown Executive: We believe we've received all the questions whose hands were up, but since we still have more time, we can start around two SBI securities, hopefully some, please.

Unknown Executive: Thank you very much. We believe we've received all the questions from those whose hands were up, but since we still have more time, we can start Round 2, SBI Securities, Hosuhi-san, please. Thank you. This is Hosui from SBI Securities. I have two questions.

Unknown Executive: SBI Securities, Hosuhi-san, please. Thank you. This is Hosui from SBI Securities. I have two questions.

Speaker Change: S P I a securities <unk> San please.

Speaker Change: Yeah.

Speaker Change: Thank you. This is Jose from Spi Securities I have two questions. The first question regarding indeed, Japan business on a yen.

Unknown Executive: Thank you.

Hosey: This is Hosey from SBI Securities. I have two questions. The first question regarding indeed Japan business on a yen basis, Q1, Q we've seen 15% increase, but continuing growth from the conventional indeed and the new business, which is contributing more to this growth rate.

Unknown Executive: The first question regarding Indeed Japan's business. On a yen basis, Q1Q, we saw a 15% increase, but continuing growth from the conventional Indeed and the new business, which is contributing more to this growth rate, and also... I would like to know more about the progress of this collaboration since the last announcement. That's my first question.

Hosey: The first question regarding Indeed Japan business on a yen basis, Q1, Q we've seen 15% increase, but continuing growth from the conventional Indeed and the new business, which is contributing more to this growth rate. And also, I would like to know more about the progress of this collaboration since the last announcement. That's my first question.

Unknown Executive: The first question regarding Indeed Japan's business. On a yen basis, queue on queue, we've seen a 15% increase, but continuing growth from the conventional Indeed and the new business, which is contributing more to this growth rate, and also... I would like to know more about the progress of this collaboration since the last announcement. That's my first question.

Basis Q on Q, we've seen 15% increase but a continuing growth from the conventional indeed, and the new business, which is contributing more to this growth rate.

Speaker Change: And also.

Hosey: And also, I would like to know more about the progress of this collaboration since the last announcement. That's my first question.

Speaker Change: I would like to know more about the progress of this this collaboration are since the last announcement. That's my first question. The second question is regarding staffing service in U S and Europe.

Unknown Executive: The second question is regarding staffing services in the U.S. and Europe. Should we expect a similar decrease for this business in both Europe and the U.S., or should we expect somewhat of a recovery starting from the second half in the U.S.? Thank you.

Hosey: The second question is regarding starting service in the US and Europe. I believe should we expect a similar decrease for this business in both Europe and the US, or should we expect a somewhat of a recovery starting from the second half in the US. Thank you.

Hosey: The second question is regarding starting service in US and Europe. I believe should we expect a similar decrease for this business in both Europe and US, or should we expect a somewhat of a recovery starting from the second half in the US. Thank you.

Speaker Change: I believe this should we expect a similar decrease.

Speaker Change: For this business in both Europe, and U S or as we expect a somewhat of a recovery starting from the second half in the U S.

Speaker Change: You.

Unknown Executive: Looking at the existing Indeed Japan and Indeed Plus, which is contributing more to growth, that is a very difficult question, even internally. This is something we extensively discuss. The reason why it is difficult to say is because of the switch from Indeed Plus. Customers who have been using Indeed will continue to use the same service. In addition, we will have new customers, new users, spending more to enjoy these services. And then we have Indeed Plus, which is a new way of getting sales according to what Hosei-san said. If we look at it from a completely new sales entry point, then we can determine the contribution by business, but actually, in reality, the two are intricate; the combined, therefore it is difficult to segment and say with certainty which is contributing more.

Unknown Executive: Looking at the existing Indeed Japan and Indeed Plus, which is contributing more to growth, that is a very difficult question. Even internally, this is something we extensively discuss. The reason why it is difficult to say is because of the switch from Indeed to Indeed Plus, customers who've been using Indeed will continue to use the same service. In addition, we will have new customers and new users spending more to enjoy these services. We have Indeed+, which is a new way of getting sales, according to Hosoi-san.

Unknown Executive: Looking at the existing Indeed Japan and Indeed Plus, which is contributing more to growth, that is a very difficult question. Even internally, this is something we extensively discuss. The reason why it is difficult to say is because of the switch from Indeed to Indeed+, customers who have been using Indeed will continue to use the same service. In addition, we will have new customers and new users spending more to enjoy these services. We have Indeed+, which is a new way of getting sales, according to Hosoi-san.

Speaker Change: And looking at the existing indeed, Japan, and indeed plaza, which is contributing more to growth. So that is a very difficult question even internally.

Unknown Executive: Looking at the existing indeed Japan and indeed plus, which is contributing more to growth, that is a very difficult question, even internally. This is something we extensively discuss. The reason why it is difficult to say is Because of the switch from indeed plus customers who have been using indeed will continue to use the same service. In addition, we will have new customers, new users, spending more to enjoy these services. And then we have indeed plus, which is a new way of getting sales according to what Hosei-san said.

Speaker Change: Is that something we extensively discussed the.

Speaker Change: The reason why it is difficult to say is.

Speaker Change: Because of the switch.

Speaker Change: From indeed, two ended plus.

Speaker Change: Summers who've been using indeed and will continue to use the same service. In addition, we will have new customers new users are spending more to enjoy these services and then.

Speaker Change: We have indeed, plus which is a new way of getting a sales. According to what our wholesale Sun says if we look at that from a completely new sales entry point, then we can determine the contribution by business, but actually in reality the two are <unk>.

Unknown Executive: If we look at that from a completely new sales entry point, then we can determine the contribution by business. But actually, in reality, the two are intricate, combined; therefore, it is difficult to segment and say with certainty which is contributing more.

Unknown Executive: If we look at it from a completely new sales entry point, then we can determine the contribution by business, but actually in reality the two are intricate, the combined, therefore it is difficult to segment and say with certainty, which is contributing more. But in relation to the second part of your question, the shift is progressing well. If you ask us whether everything is going well, there are certainly some areas that still need to be worked on and some issues from the operations standpoint that still need to be addressed, but overall we see that this shift is going in the direction that we envisaged from the beginning.

Speaker Change: Sure kit.

Speaker Change: Our combined therefore, it is difficult to segment and say with certainty.

Speaker Change: Which is contributing.

Speaker Change: More.

Unknown Executive: But in relation to the second part of your question, the shift is progressing well.

Speaker Change: But in relation to the second part of your question. The shift is progressing well if you ask us whether everything is going well there are certainly some areas that still need to be worked on and some issues from the operations standpoint, there still needs to be addressed but overall, we see it.

Unknown Executive: In relation to the second part of your question, the shift is progressing well. If you ask us when everything is going well, there are certainly some areas that still need to be worked on and some issues from the operations standpoint that still need to be addressed, but overall, we see that... This shift is going in the direction that we envisaged from the beginning. Looking at the contribution from the original Indeed and the new Indeed.

Unknown Executive: If you ask us whether everything is going well, there are certainly some areas that still need to be worked on and some issues from the operations standpoint that still need to be addressed. But overall, we see that this shift is going in the direction that we envisaged from the beginning. So, looking at contribution from the original Indeed and the new Indeed Plus, since this shift is going in the right direction, we see that combined it is contributing more. We are still in the transition period, so it is difficult to segment and say with certainty this is the conventional indeed, this is the new indeed, and this is the switch.

Speaker Change: That.

Unknown Executive: This shift is going in the direction that we envisaged from the beginning. Looking at the contribution. Corporation, this interview. This will drive growth going forward. I apologize for not giving a straightforward answer and for the staffing service. minus 1.1 percent.

Speaker Change: This shift is going in the direction that we envisaged from the beginning so.

Unknown Executive: So, looking at contribution from the original indeed and the new indeed plus since this shift is going in the right direction, we see that combined it is contributing more. We are still in the transition period, so it is difficult to segment and say with certainty this is the conventional indeed, this is the new indeed and this is the switch. But from next year and onwards, within the HR and technology business, we will be able to see the US, the largest region followed by Japan, so we will be able to present more clearly the difference and changes from what it is today.

Speaker Change: Looking at our contribution.

Uh huh.

Unknown Executive: Plus, since this shift is going in the right direction, we see that combined, it is contributing more. We are still in the transition period, so it is difficult to segment and say with certainty this is the conventional Indeed, this is the new Indeed, and this is the switch. But from next year and onwards, within the HR technology business, we will be able to see the U.S., the largest region, followed by Japan, so we will be able to present the difference and changes from what it is today more clearly. But as of today, All the best. This will drive growth going forward. I apologize for not giving a straightforward answer and for the staffing service. minus 1.1 percent.

Speaker Change: From the the original indeed, and the new indeed, plus since of this shift is going in the right direction, we see that the combined it is contributing more and we are still in the transition period. So it is difficult to segment and say with certainty. This is a the conventional indeed that this is the new.

Speaker Change: Indeed, and this is the switch but from next year and onwards within the HR and technology business. So we'll be able to see the U S. The largest region followed by Japan. So.

Unknown Executive: But from next year and onwards, within the HR and technology business, we will be able to see the US, the largest region, followed by Japan, so we will be able to present more clearly the difference and changes from what it is today. But as of today, this shift or the change is happening right now, as we speak, so it is difficult to say contribution is coming from which part. And for the staffing service, minus 1.1%, and this is smaller than the negative range on a four-year basis that we presented, but there are still uncertainties. We will continue to hold on to more a tough view, a severe view on this.

Speaker Change: We will be able to present, a more clearly the difference and changes from where it is today, but as of today.

Unknown Executive: But as of today, this shift or the change is happening right now, as we speak, so it is difficult to say contribution is coming from which part. And for the staffing service, minus 1.1%, and this is smaller than the negative range on a four-year basis that we presented, but there are still uncertainties. We will continue to hold on to more a tough view, a severe view on this. We are not optimistic about this business much, particularly the US will be quite challenging.

Speaker Change: This shift or the change is.

Speaker Change: Is happening right now as we speak so it's difficult to say contribution is coming from or which part but customers say that the service has become more convenient users I find it easier to use our services. So we continue to receive a good reviews.

Speaker Change: This will drive our growth going forward I apologize for not a straightforward answer.

Speaker Change: And for the staffing service.

Speaker Change: Minus one 1%.

Unknown Executive: And this is smaller than the negative range on a four-year basis that we presented, but there are still uncertainties. We will continue to hold on to a more tough view, a severe view on this. We are not optimistic about this business. Much, particularly the U.S., will be quite challenging.

Speaker Change: And this is smaller than the negative range on a full year basis that we presented but there are still uncertainties.

Speaker Change: We'll continue to hold onto.

Speaker Change: A more.

Speaker Change: Our view of severe view on this we are not optimistic about this business.

Unknown Executive: We are not optimistic about this business much, particularly the US will be quite challenging.

Speaker Change: Much, particularly the U S will be quite challenging.

Unknown Executive: Thank you very much.

Speaker Change: Thank you very much.

Unknown Executive: Thank you very much.

Unknown Executive: I would like to ask a follow-up question in relation to my first question after the announcement of a Plus. Indeed, share in the HR market or the presence of Indeed, I believe, is increasing combined with the conventional Indeed. Is that a true assessment? On a young basis, we've seen a 45% increase in revenue year over year. This is including Indeed Plus. So, if that is the case, then it is true that our presence is increasing and we need to do more to further increase our presence.

Unknown Executive: Thank you very much. I would like to ask a follow-up question. In relation to my first question, after the announcement of PLOS... The Indeed share in the HR market or the presence of Indeed, I believe, is increasing combined with conventional Indeed. Is that a true assessment? On a yen basis, we've seen... Thank you. It is true that our presence is increasing, and we need to do more to further increase our presence. Thank you very much. That's all from me. Thank you.

Speaker Change: I would like to ask a follow up question.

Unknown Executive: I would like to ask a follow-up question in relation to my first question after the announcement of a plus. The Indeed Share in the HR market or the presence of indeed, I believe, is the increasing, combined with the conventional indeed, is that a true assessment. On a yen basis, we've seen 45% increase in revenue year over year, this is including indeed plus. So if that is the case then, it is true that our presence is increasing and we need to do more to further increase our presence.

In relation to my first question after the announcement of a plus.

Speaker Change: The AE indeed, a share in the HR market or the presence of indeed, I believe is increasing combined with the conventional indeed is that a true assessment on a yen basis, we've seen.

Speaker Change: 45% increase in revenue year over ear this is including indeed plus.

Speaker Change: So if that is the case then.

Speaker Change: It is true that our present presence is increasing and we need to do more to further increase our presence.

Unknown Executive: Thank you very much.

Speaker Change: Thank you very much that's all from me. Thank you.

Unknown Executive: That's all from me. Thank you.

Unknown Executive: Thank you very much, that's all for me.

Unknown Executive: Thank you.

Unknown Executive: Thank you very much.

Unknown Executive: Thank you very much. Next, CLSA Securities, Kato-san, please. Yes, Kato from CLSA Securities.

Speaker Change: Thank you very much next CLSA Securities couple of Sun. Please.

Unknown Executive: Next, CLSA Securities. Couple of fun, please. Yes, couple from CLSA Securities. Yes, thank you.

Kapo: Thank you very much, next CLSA Securities, Kaposan, please. Yes, Kapo from CLSA Securities. Yes, thank you.

Speaker Change: Yes, cutover from CLSA Securities, Yes. Thank you.

Unknown Executive: HR tech, Japan is my question. 29% increase. First quarter was good. Four year, you're aiming for 70%.

Unknown Executive: Yes, thank you. HR Tech Japan is my question. 29% increase, first quarter was good. Four years, you're aiming for 70%. And so are you off to a slower start, or the MD plus impact will be on the second half? How do I, how should I interpret this?

Unknown Executive: Yes, thank you. HR Tech Japan is my question. 29% increase. First quarter was good. Four years, you're aiming for 70%. And so are you off to a slower start, or the MD plus impact will be on the second half? How should I interpret this?

Speaker Change: HR Tech Japan is my question, 29% increase the first quarter was good a full.

Unknown Executive: HR Tech Japan is my question. 29% increase, first quarter was good, full year, you're aiming for 70% and so you off the slower start or the indeed plus impact will be on the second half, how do I, how should I interpret this? First, FX is one factor. There are a few other factors too. So it's not that we can push this up in a linear fashion. I think we will gain momentum more, but this started from launched on January 30th.

Speaker Change: Full year, you're aiming for 70% and so are you off to a slower start or the indeed, plus the impact will be on the second half how do I, how should I interpret this.

Unknown Executive: So, you off to a slower start or the Indeed Plus impact will be on the second half. How should I interpret this? First, FX is one factor. There are a few other factors, too. So, it's not that we can push this up in a linear fashion. I think we will gain momentum more, but this started from launched on January 30th. So, we think we will gain momentum and gain speed as we go by. We're not concerned. So, my image is that it will increase more in the second half. That is original projection. So, we are not concerned about that.

Unknown Executive: FIRST FX is one factor. There are a few other factors too. So it's not that we can push this up in a linear fashion. I think we will gain more momentum, but this started from... Launched on January 30th.

Unknown Executive: FIRST FX is one factor. There are a few other factors too. So it's not that we can push this up in a linear fashion. I think we will gain more momentum. But this started from, launched on January 30th.

Speaker Change: First FX is one factor there are a few other factors too.

Speaker Change: So it's not that we can push this up.

Speaker Change: Linear fashion I think we will gain momentum more but this started from.

Launched on January 30th.

Unknown Executive: So we think we will gain momentum and gain speed as we go by. We're not concerned. So my image is that it will increase more in the second half. That is the original projection. So we are not concerned about that. Thank you very much.

Unknown Executive: So we think we will gain momentum and gain speed as we go by, but we're not concerned. So my image is that it will increase more in the second half. That is the original projection. So we are not concerned about that. Thank you very much.

Speaker Change: So we think we will gain momentum and gain speed as we go by.

Unknown Executive: So we think we will gain momentum and gain speed as we go by, but we're not concerned. So my image is that it will increase more in the second half, that is our original projection. So we are not concerned about that. Thank you very much. On Japanese yen basis, it is 45% year all year, 45% up year on year. So we're not concerned. On the full year, 70% is US dollar base? Yes. And that is based on $140 yen to $1.25 yen to a dollar.

Well, we're not concerned.

Speaker Change: Yeah.

Speaker Change: So my image is that it will increase more in the second half that is original projections. So we are not concerned about that.

Unknown Executive: Thank you very much. On Japanese yen basis, it is 45% year-all-year. 45% up year-on-year.

Thank you very much.

Unknown Executive: On a Japanese yen basis, it is 45% year-on-year, 45% up year-on-year, so we're not concerned. On the full year, 70% is based on U.S. dollars? Yes, and that is based on 140 yen to a dollar or 145 yen to a dollar.

Speaker Change: And Japanese yen basis, it is 45% year over year, 45% up year on year. So we're not concerned.

Unknown Executive: So, we're concerned. On the full year, 70% is US dollar-based? Yes. And that is based on 145 yen to $1. 45 yen to $1.

Speaker Change: On a full year or 70% is U S dollar basis, yes.

Speaker Change: And that is based on 140 yen to a dollar wanted to 45 yen to a dollar.

Unknown Executive: So, the other question is staffing in Japan, 7.5% in full year, 5%. And so, is it going better than you thought, or do you expect a deceleration in the second half? What is your image? Well, it's too early to decide. It's only three months into the year. But, with the current pace, we think it will be stronger than our projection. Of course, because we have high quality candidates, we are introducing strong staffing temporary workers. But this is because many workers are active on assignment. In Japan, the renewal is three months. And so, this gives us a better visibility.

Unknown Executive: So the other question is staffing in Japan, 7.5%. In the full year, 5%. And so, is it going better than you thought, or...? Do you expect a deceleration in the second half? What is your view?

Unknown Executive: So, the other question is staffing in Japan, 7.5%. In the full year, 5%. And so, is it going better than you thought, or...? Do you expect a deceleration in the second half? What is your view?

Speaker Change: So the other question is staffing in Japan seven 5%.

Unknown Executive: So the other question is staffing in Japan, 7.5% and full year, 5% and so is it going better than you thought or do you expect a deceleration in the second half? What is your image? Well, it's too early to decide it's only three months into the year, but with the current pace, we think it will be stronger than our projection. Of course, because we have high quality candidates, we are introducing strong staffing.

Speaker Change: In full year, 5%.

And so is it going better than you thought or.

Speaker Change: Do you expect a deceleration in the second half what is your image.

Speaker Change: Oh.

Unknown Executive: It's too early to decide. It's only three months into the year, but... At the current pace, we think it will be stronger than our projections. Of course, because we have high-quality candidates. We are introducing strong staffing, temporary workers, but... This is because many workers are active on assignments. In Japan, the renewal period is three months, and so this gives us better visibility. But there is still high volatility, so it is hard to say what will happen at the end of the year.

Speaker Change: It's too early to decide it's only three months into the year, but.

Speaker Change: With the current pace, we think it will be stronger than our projection.

Speaker Change: Of course, because we have high quality candidates.

Speaker Change: We are introducing strong staffing a temporary workers, but.

Speaker Change: This is because of many workers are active on assignment.

Unknown Executive: This is because many workers are active on assignment. In Japan, the renewal is three months, and so this gives us a better visibility. But there's still high volatility, so it is hard to say what will happen at the end of the year. We cannot be too bullish. But if the current phase continues, it may be higher than our projection. But it's hard to say. Thank you.

Speaker Change: In Japan the update the renewal is three months and so this gives us better visibility.

Unknown Executive: But there's still high volatility, so it is hard to say what will happen at the end of the year. We cannot be too bullish. But if the current phase continues, it may be higher than our projection. But it's hard to say.

Speaker Change: But theres still high volatility so.

Speaker Change: It is hard to say what will happen at the end of the year, we cannot be too bullish, but if the current pace continues.

Unknown Executive: We cannot be too bullish, but if the current pace continues... It may be higher than our projection, but it's hard to say. Thank you. This 7.5%, if you break this down to volume and unit price, it's volume, as you mentioned, more staff are on assignment. Are you negotiating for the price increase, or is it difficult? We are modest and humbled, so we don't do that.

Speaker Change: It may be higher than our projection, but it's hard to say thank you.

Unknown Executive: Thank you.

Unknown Executive: Thank you very much.

Seven 5% if you break this down to volume and unit price. It's volume as you mentioned it's volume.

Speaker Change: More staff are on assignment.

Unknown Executive: Are you negotiating for the price increase, or is it difficult? We are modest. We are humbled, so we don't do that.

Speaker Change: Are you are negotiating for the price increase or is it difficult.

Unknown Executive: Are you negotiating for the price increase, or is it difficult? We are modest. We are humbled, so we don't do that. Thank you very much.

Speaker Change: We are a modest they were humbled. So we don't do that thank you very much.

Unknown Executive: Thank you very much.

Unknown Executive: Thank you. Thank you very much. Next, Mizuho Security, Sir Kishimoto-san, please.

Unknown Executive: Thank you. Thank you very much. Next, Mizuho Security, Sakishimoto-san, please.

Thank you. Thank you very much next Mizuho securities such as Shimada San please.

Unknown Executive: This is Kishimoto from Mizuho Securities. Thank you for the explanation. I have a question regarding matching and solutions.

Shimada San: This is kitchen motto from Mizuho securities. Thank you for the explanation.

Shimada San: I have a question regarding matching and solutions I have two questions, but the first one is on M. M. S N. The marketing solutions by vertical so I would like to.

Unknown Executive: I have two questions, but the first one is on M&S. In marketing solutions by verticals, I would like to get some color by vertical for the first quarter results, and what are your expectations for growth rates for each vertical from the second quarter onward? A dining perhaps is doing better than others? What was the driver for the growth for dining in particular? That's my first question. And the second question is, in the fall, you plan to launch a spot work business. How is this business going to be launched? I apologize for this rather vague question, but I'd like to know more about this.

Unknown Executive: I have two questions, but the first one is on M&S. In marketing solutions by verticals, I would like to get some color by verticals for the first quarter results, and what are your expectations for growth rates for each vertical from the second quarter onward? Restaurants... A dining, perhaps, is doing better than others. So what was the driver for the growth for dining in particular? That's my first question.

Speaker Change: <unk> got some color vibe articles for the first quarter results and.

Speaker Change: What are your expectations for growth rates for each of our vertical from second quarter onwards, our restaurants.

Speaker Change: A dining it perhaps is doing better than others. So what was the driver for the growth for dining in particular, that's my first question and the second question is in the fall you plan to launch a spot work business.

Unknown Executive: And the second question is, in the fall, you plan to launch a spot work business. How is this business going to be launched? I apologize for this rather vague question, but I'd like to know more about that.

Speaker Change: How is this business going to be launched I apologize for this a rather vague question, but I would like to know more about this is it going to be like a blockbuster type of launch.

Unknown Executive: Is it going to be like a blockbuster type launch? So in the short term, margins may be low, but first, you want to establish a substantial volume. Is that how you imagine this business will be launched, or is it going to be a soft launch? And then, depending on the customer's inquiries or leads from customers, you will see the revenues and the mix gradually increase. I would like to see how this business will be launched in the fall. Those are the two questions I have.

Unknown Executive: Is it going to be like a blockbuster type launch? So in the short term, margin may be low, but first you want to establish a substantial volume. Is that how you imagine this business will be launched? Or is it going to be a soft launch?

Unknown Executive: Is it going to be like a blockbuster type of launch? So, in the short term, margin may be low, but first you want to establish substantial volume. Is it how you imagine this business will be launched? Or is it going to be a soft launch? And then, depending on the customer's inquiries or leads from customers, you will see the revenues and the mix gradually increase.

Unknown Executive: Is it going to be like a blockbuster type of launch? So in the short term, margin may be low, but first you want to establish substantial volume. Is it how you imagine this business will be launched? Or is it going to be a soft launch? And then, depending on the customer's inquiries or leads from customers, you will see the revenues and the mix gradually increase.

Speaker Change: So in the short term margin, maybe low but first you want to establish a substantial volume is it how you imagine this business won't be launched or is it going to be a soft launch and then depending on the customers' inquiries leads from customers you will see them.

Unknown Executive: I would like to see how this business will be launched in the fall. Those are the two questions I have. Thank you very much.

Unknown Executive: And then, depending on the customer's inquiries or leads from customers, you will see the revenues and the mix gradually increase. I would like to see how this business will be launched in the fall. Those are the two questions I have. Thank you very much.

Speaker Change: The.

Speaker Change: The revenues and the mix are gradually increase I would like to see how this business will be launched in the fall. Those are the two questions I have thank you very much regarding marketing solutions and your first question.

Unknown Executive: I would like to see how this business will be launched in the fall.

Unknown Executive: Those are the two questions I have.

Unknown Executive: Thank you very much. Regarding marketing solutions in your first question. On May 15th, we said the rate of increase of sales; we provided a range from 1.5 to 9%. So based on this assumption, we want to increase the margin, excluding corporate overhead costs, to 30% range. We will continue to work on the two pillars in the marketing solutions. We continue to see good progress with regards to these two pillars. Unless there is any negative change, then we believe growth within the range that I presented for this fiscal year is possible.

Unknown Executive: Thank you very much. Regarding marketing solutions, in your first question, on May 15th, we said the rate of increase in sales. We provided a range from 1.5 to 9%, so... Based on this assumption, we want to increase the margin excluding corporate overhead costs to the 30% range.

Unknown Executive: Regarding marketing solutions, in your first question, on May 15th, we said the rate of increase in sales. We provided a range from 1.5 to 9%, so... Based on this assumption, we want to increase the margin excluding corporate overhead costs to the 30% range.

Unknown Executive: Regarding marketing solutions in your first question. On May 15th, we said the rate of increase of sales, we provided a range from 1.5 to 9%. So based on this assumption, we want to increase the margin, excluding corporate overhead costs to 30% range. We will continue to work on the two pillars in the marketing solutions. We continue to see good progress with regards to these two pillars. Unless there is any negative change, then we believe growth within the range that I presented for this fiscal year is possible.

Speaker Change: On May 15.

Speaker Change: Yeah.

Speaker Change: We said the rate of increase of sales.

Speaker Change: We provided a range from one 5% to 9% so.

Speaker Change: Based on this assumption.

Speaker Change: Yeah.

Speaker Change: We want to increase the margin, excluding corporate overhead costs to 30% range.

Unknown Executive: We will continue to work on the two pillars of marketing solutions. We continue to see good progress with regard to these two pillars. Unless there is any negative change, then we believe growth within the range that I presented for this fiscal year is possible. That's the first thing.

We will continue to.

Speaker Change: Work on the two pillars in the marketing solution. So we continue to see good progress with regards to these two pillars unless there is any negative change then we believe our growth within the range that I presented for this fiscal year is.

Speaker Change: Possible that's the first thing.

Unknown Executive: That's the first thing. So, in my presentation, I gave a comment on this, for example, travel. We have seen a certain period in which the unit price remains stable, so this is a factor contributing to the sales in this business, but looking at the different verticals, the housing, housing, real estate, and beauty businesses account for a large portion, so they will continue to drive the sales of this business. If we continue to build sales from these two areas, then it is likely that we will be able to land within the range that I presented. I can go on for more.

Unknown Executive: That's the first thing. So, in my presentation I gave a comment on this, for example, travel. We have seen a certain period in which the unit price remains a stable, so this is a factor contributing to the sales in this business, but looking at the different verticals, the housing, housing, real estate and beauty businesses account for a large portion, so they will continue to drive the sales of this business. If we continue to build sales from these two areas, then it is likely that we will be able to land within the range that I presented.

Speaker Change: Okay.

Unknown Executive: So in my presentation, I gave a comment on this, for example, travel. We have seen a certain period in which the unit price remains stable, so this is a factor contributing to the sales in this business, but looking at the different verticals, the housing, house, and real estate, and beauty businesses account for a large portion, so they will continue to drive the sales of this business, and if we continue to build sales from these two areas, then it is likely that we will be able to land within the range that I presented. I can go on for more.

Speaker Change: So in my presentation I gave a comment on this.

Speaker Change: For example travel.

Speaker Change: Yeah.

Speaker Change: Well, we have seen a certain period in which the unit price remains a stable. So this is a factor contributing to the sales in this business.

Speaker Change: But looking at the different verticals the housing housing real estate and beauty businesses account for a large portion. So they will continue to drive the sales of this business.

Speaker Change: We.

Speaker Change: Continue to build sales from these two areas then it is likely that we will be able to land within the range that I presented I can go on for more it's not that we are seeing any negatives in the verticals are all the areas.

Unknown Executive: It's not that we are seeing any negatives in the verticals. All the areas are growing and contributing to the sales increase in the first quarter. And the summer season will, of course, further drive demand in travel and other verticals, and then it will subside. So we are not optimistic that this level will continue throughout the year, but at the moment, we don't have any bad news.

Unknown Executive: I can go on for more. It is not that we are seeing any negatives in the verticals, all the areas are growing and contributing to a sales increase in the first quarter. And the summer season will of course for the drive demand in travel and other verticals and then it will subside, so we are not optimistic that this level will continue throughout the year, but at the moment we don't have any use, negative news, as for the spot work business.

Unknown Executive: It is not that we are seeing any negatives in the verticals; all the areas are growing and contributing to a sales increase in the first quarter. And the summer season will, of course, drive demand in travel and other verticals, and then it will subside. So we are not optimistic that this level will continue throughout the year, but at the moment we don't have any use negative news as for the spot work business.

Unknown Executive: It's not that we are seeing any negatives in the verticals. All the areas are growing and contributing to the sales increase in the first quarter. And the summer season will, of course, further drive demand for travel and other verticals, and then it will subside.

Speaker Change: Our growing and contributing to our sales increase in the first quarter.

Speaker Change: And the summer season, we'll of course for the drive.

Speaker Change:

Speaker Change: Demand in in travel and other verticals and then it will subside. So we are not optimistic that this level will continue with the wealthier but at the moment, we don't have any use a negative news as for the spot work business.

Unknown Executive: So we are not optimistic that this level will continue throughout the year, but at the moment, we don't have any news, negative news, as for the spot work business. We are a latecomer to this area, so we need to do our homework and do more research so that we can provide a service that fits the expectations and needs of our users and customers. So we are still in the study phase; we are still working on this. Business, and legally as well. There are...

Unknown Executive: As for the spot work business, we are a latecomer to this area, so we need to do our homework and we need to do more research so that we can provide a service that fits the expectations and needs of our users and customers. So we are still in the study phase; we are still working on this business, and legally as well. There are...

Speaker Change: Yeah.

Unknown Executive: We are late-comer in this area, so we need to do our homework and we need to do more research so that we can provide service that fits the expectations and needs of our users and customers. So we are still in the study phase; we are still working on this business and legally as well. There are established rules and regulations that need to be observed. And since we are coming into this market late, we need to make sure that we don't inconvenience other people, other stakeholders. We want to make sure that we follow the rules, and as a team working on the designing of this business, we are paying attention to all these things and going through a due process.

We are a latecomer in this area.

Unknown Executive: We are late-comer in this area, so we need to do our homework and we need to do more research so that we can provide service that fits the expectations and needs of our users and customers, so we are still in the study phase, we are still working on this business and legally as well. There are established rules and regulations that need to be observed. And since we are coming into this market late, we need to make sure that we don't inconvenience other people, other stakeholders. We want to make sure that we follow the rules and as a team working on the designing of this business, we are paying attention to all these things and going through a due process.

Speaker Change: So we need to do our homework and we need to do more research. So that we can provide a service that fits their expectations and needs of our users and customers. So we are still in the study.

Speaker Change: So we are still working on this.

Speaker Change: Our business.

Speaker Change: And legally as well.

Speaker Change: There are.

Unknown Executive: Establish rules and regulations that need to be observed, and since we are coming into this market late, we need to make sure that we don't inconvenience other people, other stakeholders; we want to make sure that we follow the rules. As a team working on the design of this business, we are paying attention to all these things and going through due process. I apologize for also giving you a vague answer, but when the right time comes, we hope we'll be able to provide you with more information. Thank you very much.

Unknown Executive: Establish rules and regulations that need to be observed, and since we are coming into this market late, we need to make sure that we don't inconvenience other people, other stakeholders. We want to make sure that we follow the rules. As a team working on the design of this business, we are paying attention to all these things and going through due process. I apologize for also giving you a vague answer, but when the right time comes, we hope we'll be able to provide you with more information. Thank you very much.

Speaker Change: And established rules and regulations.

Speaker Change: Regulation sudden D to be observed and since we are coming into this market of late.

Speaker Change: We need to make sure that we don't inconvenience.

Speaker Change: Other.

Speaker Change: People other stakeholders are we want to make sure that we follow the rules and.

Speaker Change: As a team are working on the designing of this business, we are paying attention to all these things and going through due process.

Unknown Executive: I apologize for also giving you a vague answer, but when the right time comes, we hope we will be able to provide you with more information.

Speaker Change: I apologize therefore also giving you a vague answer but when.

Unknown Executive: I apologize for also giving you a vague answer, but when the right time comes, we hope we will be able to provide you with more information. Thank you very much.

Speaker Change: When the right time comes we hope we'll be able to provide you with more information. Thank you very much.

Watanabe: Thank you very much. Thank you very much, Mito Securities.

Unknown Executive: Thank you very much. NITO Securities, Watanabe-san, please. Watanabe from Mito Securities.

Watanabe San: Thank you very much Mito Securities Watanabe San please.

Watanabe: Watanabe-san, please. Watanabe from Mito Securities. Can you hear me? Yes. So, indeed. Adaisan, you earlier said that you are making small efforts, and this is bearing fruit. So you talked about many things, but I want you to elaborate on that. And you talked about workforce reduction. Are you okay with the left head count? And why are you sufficiently doing this under the law and regulations? No problems there.

Watanabe: Thank you very much, Mito Securities. Watanabe-san, please. Watanabe from Mito Securities.

Speaker Change: Well I don't have it for Mito Securities can you hear me yes.

Unknown Executive: Can you hear me? Yes. So, indeed. Adaisan, you earlier said that you are making small efforts and this is bearing fruit. So you talked about many things, but I want you to elaborate on that. And you talked about workforce reduction. Are you okay with the left head count? And why are you sufficiently doing this under the law and regulations? No problems there. Could you elaborate?

Unknown Executive: Can you hear me? Yes. So, indeed. Arai-san, you earlier said that you were making small, small efforts, and this is bearing fruit. You talked about many things, but...

Speaker Change #100: So indeed.

Unknown Executive: Can you hear me? Yes. So, indeed. Arai-san, you earlier said that you were making small, small efforts and this is bearing fruit, so you talk about many things, but... I want you to elaborate on that, and you talked about workforce reduction. Are you okay with the lower head count? And why are you efficiently doing this under the laws and regulations? No problems there. Could you elaborate? Can you hear me? Can you hear me?

Speaker Change #101: And I saw you earlier said that you are making smaller small efforts and this is bearing fruit. So you talked about many things but I.

Unknown Executive: I want you to elaborate on that, and you talked about workforce reduction. Are you okay with the lower head count? And why are you efficiently doing this under the laws and regulations? No problems there. Could you elaborate? Can you hear me?

Speaker Change #102: I want you to elaborate on that and you talked about workforce reduction.

Speaker Change #103: Are you, okay with the less head count.

Speaker Change #103: Okay.

Speaker Change #104: And a y R.

Speaker Change #105: Our used efficiently doing this are under the laws and regulations no problems there could you elaborate.

Unknown Executive: Could you elaborate? Can you hear me? Yes, so I understand you have two questions. First is elaborate on the small efforts, and the other is, are we okay with the left head count? So let me answer your second question first. We are making sure that we can operate with your head count. You may remember when I said May for faster action, faster decision making. We are trying to become a more lean structure to prepare for a year, one and year two. So that is the purpose of the head count reduction. So we are not losing any function or losing speed.

Speaker Change #106: Can you here can you hear me.

Unknown Executive: Can you hear me? Yes, so I understand you have two questions. First is elaborate on the small efforts and the other is, are we okay with the left head count? So let me answer your second question first. We are making sure that we can operate with your head count. You may remember when I said May for faster action, faster decision making. We are trying to become a more lean structure to prepare for a year, one and year two.

Unknown Executive: Yes, so I understand you have two questions. The first is, uh, elaborate on the small effort. And the other is, are we okay with less headcount? So, let me answer your second question first.

Speaker Change #107: Yes, so I understand you have to go to questions.

Speaker Change #108: First is our elaborate on the small efforts and the other is are we okay with it less head count.

Speaker Change #108: Okay.

Speaker Change #109: So let me answer your second question first.

Unknown Executive: We are making sure that we can operate with your headcount. You may remember when I said in May... For faster action, faster decision making, we are trying to become a more lean structure to prepare for year one and year two. So that is the purpose of the headcount reduction. So we're not losing any function or losing speed. We're trying to become faster.

Speaker Change #110: We are making sure that we can operate with your head count.

Speaker Change #110: You may remember when I said in May.

Speaker Change #110: Yeah.

Speaker Change #110:

Speaker Change #110: Oh for faster action faster decision, making we are trying to become a more lean structure to prepare for year, one and year two.

Speaker Change #110: So that is the purpose of the head count reductions so were not losing any function or losing speed.

Unknown Executive: So that is the purpose of the head count reduction. So we are not losing any function or losing speed. We are trying to become faster. So it is a head count reduction to become speedier. So we hope this will be positive for us. That is our structural design and that is what we are executing. So we have no worries there. Please rest assured. And to your first question, the small efforts, what are they?

Unknown Executive: We are trying to become faster. So it is a head count reduction to become speedier. So we hope this will be positive for us. That is our structural design, and that is what we are executing. So we have no worries there. Please rest assured.

Speaker Change #110: We're trying to become faster.

Unknown Executive: So it's a headcount reduction to become speedier, so we hope this will be positive for us. That is our structural design, and that's what we are implementing, so we have no worries there. Please rest assured.

Speaker Change #110: So it's a head count reduction to become speedier. So we hope this will be positive for us and that is a structural design and that's what we are executing so we have no worries there. Please.

Unknown Executive: And to your first question, the small efforts, what are they? It is in multiple industries, but we want to raise the quality of the applicants. If the clients want higher-quality applicants... We will say yes, we will do that if you could pay a little more. We will make sure you can find and meet such candidates. So we're continuing such screening and tuning to introduce such candidates, so we're testing such a service.

Unknown Executive: And to your first question, the small efforts, what are they? They are in multiple industries, but we want to raise the quality of the applicants. If the clients want higher-quality applicants, we will say yes, we will do that if you could pay a little more. We will make sure you can find and meet such candidates. So we're continuing such screening and tuning to introduce such candidates, and we're testing such a service. And if the clients like it, they will be happy to pay you more.

Speaker Change #110: Please rest assured and to your first question of the small efforts what are they.

Unknown Executive: And to your first question, the small efforts, what are they? It is in multiple industries, but we want to raise the quality of the applicants. If the clients want higher quality applicants, we will say, "yes, we will do that." If you could pay a little more, we will make sure you can find and meet such candidates. So we are continuing such screening and tuning to introduce such candidates. So we are testing such service. And if the clients like it, then they will be happy to pay more. So those are some fruits that we are starting to see.

But is in multiple industry, but.

Unknown Executive: It is in multiple industries, but we want to raise the quality of the applicants. If the clients want higher quality applicants, we will say, yes, we will do that. If you could pay a little more, we will make sure you can find and meet such candidates. So we are continuing such screening and tuning to introduce such candidates. So we are testing such service. And if the clients like it, then they will be happy to pay more.

Speaker Change #110: Well, we wanted to raise the quality of the applicants if the clients want higher quality applicants we.

Speaker Change #110: We will say, yes, we will do that if you could pay a little more.

Speaker Change #110: We will make sure you can find and meet such candidate.

Speaker Change #110: We're continuing such screening and tuning to introduce such candidates. So we're testing such service.

Unknown Executive: And if the clients like it, then they will be happy to pay us more. So those are some fruits that we're starting to see. So they may be small-scale now, but if they work, they may become bigger. So, yes, understood. So with fewer people, you are working, you're functioning well, and the quality that you mentioned last time is now showing results in Q1. Well, it's not a big result in terms of numbers, but... Once we have more successful initiatives, it will also show a number the second time.

Speaker Change #110: And if the clients like it then they will be happy to pay more.

Unknown Executive: So those are some fruits that we're starting to see. So they may be small-scale now, but if they work, they may become bigger.

Speaker Change #111: So those are some fruits that we were starting to see so they may be small scale now.

Unknown Executive: So those are some fruits that we are starting to see. So they may be small scale now, but if they work, they may become bigger. So yes, understood. So with fewer people, you are working your functioning well. And the quality that you mentioned last time is now showing results in Q1. Yes. Well, it is not a big result in terms of numbers, but once we have more successful initiatives, it will also show a number for initiatives. It will also show a number for initiatives. It will also show a number second time.

Unknown Executive: So they may be small scale now, but if they work, they may become bigger. So yes, understood. So, with fewer people, you are working your functioning well. And the quality that you mentioned last time is now showing results in Q1. Yes. Well, it is not a big result in terms of numbers, but once we have more successful initiatives, it will also show a number for initiatives. It will also show a number for initiatives. It will also show a number second time.

Speaker Change #111: But if they work they may become bigger.

Speaker Change #112: So yes understood.

Unknown Executive: So with fewer people, you are working, you're functioning well, and the quality that you mentioned last time is now showing results in Q1. Well, it's not a big result in terms of numbers, but once we have more successful initiatives, it will also show a number of full initiatives. It will also show a number of full initiatives. Second time.

Speaker Change #113: So with your people you are working your functioning well and the quality that you mentioned last time.

Speaker Change #113: Is now showing results in Q1.

Speaker Change #113: Yes.

Speaker Change #114: Well, it's it's not a big a result in terms of numbers, but.

Speaker Change #114: Once we have more successful.

Speaker Change #114: Initiatives. It will also show in them for initiatives. It will also showing them for initiatives. It will also show a second time.

Unknown Executive: Go in number 2nd time. I would like to ask about the collaboration. You mentioned that one of the management themes is to increase efficiency, among other things, looking at the sales structure and organization. Have you made any progress in the first quarter?

Unknown Executive: The number you have dialed is currently unavailable at this time. Please try again later. I would like to ask about the collaboration. You mentioned that one of the management themes is to increase efficiency, among other things, looking at the sales structure and organization. Have you made any progress in the first quarter? And also, to be more specific, if you have any milestones that you are currently working towards, we'd like to know more about them. Thank you. On May 15th, Kitamura and Deko talked about this.

Unknown Executive: I would like to ask about the collaboration you mentioned that one of the management themes is to increase efficiency, among others. Looking at the sales structure and organization, have you had any progress in the first quarter? And also, to be more specific, if you have any milestones that you are currently working towards, I'd like to know more about them. Thank you. On May 15th, Akitamura and Deco talked about this, and also I believe it was during the fireside chat that they talked about this. Indie Plus is currently running ahead, and going forward, the Japan HR business and HR technology business will increase in their affinity. We are currently considering the appropriate organization or structure to further drive, but I believe that was mentioned.

Speaker Change #115: I would like to ask about the the collaboration you mentioned that one of the management teams is to increase efficiency. Among others are looking at the sales structure organization have you had any progress in the first quarter.

Unknown Executive: I would like to ask about the collaboration you mentioned that one of the management themes is to increase efficiency among others, looking at the sales structure, organization, have you had any progress in the first quarter, and also to be more specific if you have any milestones that you are currently working towards, I'd like to know more about them. Thank you. On May 15th, Akitamura and Deco talked about this, and also I believe it was during the fireside chat that they talked about this.

Unknown Executive: And also, to be more specific, if you have any milestones that you are currently working towards, we'd like to know more about them. Thank you. On May 15th, Kitamura and Deko talked about this.

Speaker Change #115: And also to.

Speaker Change #115: To be more specific if you have any milestones or that you're currently working towards a we'd like to know more about them. Thank you.

Speaker Change #115: On may 15th.

Deco: And Deco.

Speaker Change #116: <unk> talked about this in.

Unknown Executive: And also, I believe it was during the fireside chat that they talked about Indy Plus, which is currently running ahead, and going forward, the Japan HR business and the HR technology business will increase in their affinity, and we are currently considering the appropriate organizational structure to further drive that. I believe that was mentioned. The Educational Program for Government Safety and Security. There are things that go well that do not go so well, bad connectivity, among other issues, so we are starting to identify them.

Unknown Executive: And also, I believe it was during the fireside chat that they talked about Indy Plus, which is currently running ahead and going forward, the Japanese HR business, and the HR technology business. Thanks. We are currently considering the appropriate organizational structure to further drive that. I believe that was mentioned. So the evolution of Japanese business, this includes the evolution of the products, the services, the operations, and also the margin, will eventually also be evolving.

Speaker Change #116: And also I believe it was during the fireside chat that they talked about this.

Speaker Change #116: Indeed, plus.

Unknown Executive: Indie Plus is currently running ahead and going forward the Japan HR business, and HR technology business, will increase in their affinity, and we are currently considering the appropriate organization or structure to further drive, but I believe that was mentioned. So, evolution of the Japanese business, this includes evolution of the products, the services, the operations, and also the margin eventually will also be evolved. So, we are working on this, and there are things that go well, that do not go so well, bad collectivities among other issues.

Speaker Change #116: Is that currently running ahead.

Speaker Change #118: Go ahead.

Speaker Change #118: And going forward, the Japan HR business.

Speaker Change #118: And HR technology or business.

Will.

Speaker Change #119: A little more increase in their affinity.

Speaker Change #119: And we are currently considering the appropriate organizational structure to further drive that I believe that was mentioned.

Unknown Executive: So, evolution of the Japanese business, this includes evolution of the products, the services, the operations, and also the margin eventually will also be evolved. So, we are working on this, and there are things that go well, that do not go so well, bad collectivities, among other issues. So, we are starting to identify, but in any way we are looking into this, and we are eliminating the negative or issues one by one in order to realize this integrated management. So, once we realize that we will be able to enter the next step, evolve, and we believe we will be able to present figures that will be appreciated by the market participants.

Speaker Change #119: No.

Speaker Change #119: Evolution of the Japanese business. This includes the evolution of the products.

Speaker Change #119: Services operations.

Speaker Change #119: And also the margin eventually of also the evolved so we are working on this end.

Unknown Executive: So we are working on this. Thank you. There are things that go well that do not go so well, bad connectivity, among other issues.

Speaker Change #120: There are things that go well that do not go so well bad activities. Among other issues. So we are starting to identify but in any way.

Unknown Executive: So we are starting to identify them. But in any way, we are looking into this, we are studying more about this, and we are eliminating the negatives or issues one by one in order to realize this integrated management. So once we realize that, we will be able to enter the next step, evolve, and we believe we will be able to present figures that will be appreciated by the market participants. Thank you very much. I have one more question, if I may. Yes, please, go ahead. Thank you.

Unknown Executive: So, we are starting to identify, but in any way we are looking into this, and we are eliminating the negative or issues one by one in order to realize this integrated management. So, once we realize that we will be able to enter the next step, evolve, and we believe we will be able to present figures that will be appreciated by the market participants. Thank you very much.

Speaker Change #120: We are looking into this we're studying more into this and.

Unknown Executive: But in any way, we are looking into this, we are studying more about it, and we are eliminating the negatives or issues one by one in order to realize this integrated management. So once we realize that, we will be able to enter the next step, and we believe we will be able to present figures that will be appreciated by the market participants. Thank you very much. I have one more question, if I may.

Speaker Change #120: We're eliminating the negative so issues one by one in order to realize this integrated management. So once we realized that we will be able to enter the next step.

Unknown Executive: I have one more question if I may. Yes, please go ahead. Thank you.

Speaker Change #120: Evolve and we believe we will be able to present, our figures that would be appreciated by the market.

Speaker Change #120: Participants.

Unknown Executive: Thank you very much.

Speaker Change #121: Thank you very much I have one more question if I may yes. Please go ahead. Thank you.

Unknown Executive: I have one more question, if I may. Yes, please go ahead. Thank you.

Unknown Executive: Regarding Indeed, for example, Indeed apply ATS connection.

Unknown Executive: Regarding Indeed, For example, Indeed, Apply, and ATS Connection. Have you had any additional experiences that you can share with us? Well, there are some things that are reflected in numbers; some are not.

Unknown Executive: Yes, please, go ahead. Thank you. Regarding Indeed, For example, Indeed, Apply, and ATS Connection. Have you had any additional events that you can share with us? Well, there are some things that are reflected in numbers, and some are not.

Speaker Change #122: Riding indeed.

Unknown Executive: Regarding indeed, for example, indeed apply ATS connection. Have you had any additional events that you can share with us? Well, there are some things that are reflected in numbers, some are not, back in March on the product and also product and service development. We talked about this back in March. We do not have plans to do something similar next year, but we announced the results for the third quarter.

Speaker Change #123: For example, indeed apply.

Speaker Change #124: T S a connection.

Unknown Executive: Have you had any additional events that you can share with us? Well, there are some things that are reflected in numbers; some are not. Back in March on the product and also product and service development. We talked about this back in March.

Speaker Change #125: Have you had any additional.

Speaker Change #126: Our events.

Speaker Change #127: That you can share with us.

Speaker Change #127: Yeah.

Speaker Change #128: Well there are some things that are reflected in numbers and some are not back in March on the product and also product and service development, we talked about this back in March.

Unknown Executive: Back in March, we talked about product innovation and also product and service development. We do not have plans to do something similar next year, but we announced the results for the third quarter. If there are any new service announcements or if there's going to be any evolution that we can share with regards to the existing products and services or with regard to any new business that we will be able to share with you if we have any when we announce the third quarter results.

Unknown Executive: We do not have plans to do something similar next year, but we announced the results for the third quarter. If there are any new service announcements, or if there is going to be any evolution that we can share with regards to existing products and services, or with regards to any new business, we will be able to share with you if we have any when we announce the third quarter results.

Speaker Change #128: We do not have plans to do something similar next year, but when.

Speaker Change #128: When we announced the results for the third quarters. If there are any new service announcement or if theres going to be any ever.

Unknown Executive: If there are any new service announcement, or if there is going to be any evolution that we can share with regards to existing products and services, or with regards to any new business, we will be able to share with you if we have any when we announce the third quarter results. Thank you.

Speaker Change #128: Evolution that we can share with regards to the existing products and services or with regards to any new business that we will be able to share with you. If we have any when we announced the third quarter results.

Unknown Executive: JPMorgan Securities, Mori san, please. Thank you. I have two questions. I may overlap with the earlier questions, I'm sorry, but first, HR technology, and US trends. In May...

Unknown Executive: JPMorgan Securities, Mori-san, please. Thank you. I have two questions. I may overlap with the earlier questions, I'm sorry, but first, the HR technology US trend. In May...

J P Morgan Securities Mori San please.

Unknown Executive: Thank you.

Speaker Change #129: U S.

Unknown Executive: I have two questions. I may overlap with the earlier questions. I'm sorry, but first, HR technology, US trend in May. So you said that you are moving in line with your projections in May. Any changes in the client's sentiment, customer's sentiment? So, is it in line with your cautious outlook or not? Macro data is starting to move as we saw from last week. Recruiter, I know they are different from you, but they were cautious in third quarter in their projection. So indeed, there's no change, or it has changed, but within your expectation. So my first question is about your nuance.

Unknown Executive: I have two questions. I may overlap with the earlier questions.

Speaker Change #130: I have two questions.

Speaker Change #131: I may overlap with the earlier questions I am sorry, but first HR technology U S trend.

Unknown Executive: I'm sorry, but first, HR Technology, US Trend in May. So you said that you are moving in line with your projections in May. Any changes in the client's sentiment, customer's sentiment? So is it in line with your cautious outlook or not? macro data is starting to move as we saw from last week. Recruiter, I know they are different from you, but they were cautious in third quarter in their projection.

Speaker Change #132: In may.

Speaker Change #132:

Unknown Executive: So you said that you were moving in line with your projections in May. Any changes in client sentiment? Customer Sentiment, so is it in line with your cautious... Outlooks or not? Macro data is starting to move, as we saw last week, and ZipRecruiter, I know they are different from you, but they were cautious in the third quarter in their projections.

Unknown Executive: So you said that you were moving in line with your projections in May. Any changes in client sentiment? Customer Sentiment, Tafu Wari, Junko. So is it in line with your cautious... Outlooks or not? Macro data is starting to move, as we saw from last week, and ZipRecruiter, I know they are different from you, but they were cautious in the third quarter, in their projections.

Unknown Executive: So indeed, there's no change, or it has changed, but within your expectation, so my first question is about your nuance.

Speaker Change #133: So you said that you are moving in line with your projections in knee.

Speaker Change #133: Any changes in the.

Speaker Change #133: Client sentiment.

Speaker Change #134: Or sentiment.

Speaker Change #134: Oh, where he so is.

Speaker Change #134: Is it in line with your crusher.

Speaker Change #134:

Speaker Change #134: Outlook or not.

Speaker Change #135: Macro data is starting to move as we saw from last week.

Speaker Change #136: Recruiter I know they are different from you, but they were cautious in third quarter.

Unknown Executive: So indeed, there's no change, or it has changed but within your expectation. So my first question is about your nuance. And what is your second question? Thank you. My second question is about matching and solutions.

Unknown Executive: So indeed, there's no change, or it has changed but within your expectations. So my first question is about your nuance. And what is your second question? Thank you.

Speaker Change #137: In their projection. So indeed, there's no change or it has changed but within your expectation. So my first question is about your new ones.

Unknown Executive: And what is your second question?

Speaker Change #138: And what is your second question.

Unknown Executive: And what is your second question? Thank you. Second question is on matching and solution. Another repetitive question, but your profit was quite big, but the marketing solutions revenue is growing steadily. So on a quarterly basis, the advertisement and promotion is one factor, but any way are you finding better ways to maintain and increase revenue in a more efficient way. Should we just understand that the advertisement promotion was lower this quarter?

Unknown Executive: Thank you.

Unknown Executive: The second question is on matching and solutions. Another repetitive question, but your profit was quite big. But the marketing solution's revenue is growing steadily. So on a quarterly basis, advertisement and promotion is one factor, but... Ayano Senaha, Jun Kato, Jun Kato, Jun Akiyama, Shinji Tanioka, Shinji Tanioka, Jun Akiyama, Minami Munakata, Shinji Tanioka, Jun Akiyama, Are you finding better ways to maintain and increase revenue in a more efficient way?

Speaker Change #138: Thank you.

Unknown Executive: Second question is on matching and solution. Another repetitive question, but your profit was quite big, but the marketing solutions revenue is growing steadily. So, on a quarterly basis, the advertisement and promotion is one factor, but any way are you finding better ways to maintain and increase revenue in a more efficient way. Should we just understand that the advertisement promotion was lower this quarter?

Speaker Change #141: Question is on matching and solution.

Unknown Executive: Another repetitive question, but your profit was quite big. But the marketing solution's revenue is growing steadily. So on a quarterly basis, advertising and promotion is one factor, but... Are you finding better ways to maintain and increase revenue in a more efficient way? Or should we just understand that advertising and promotion was lower this quarter? So your second question is on a full year basis. The corporate profit before corporate overhead cost margin is aimed at 30% for marketing and solutions.

Speaker Change #142: Another repetitive question, but your profit was quite big.

Speaker Change #142: But the marketing solutions revenue is growing steadily so on a quarterly basis. So the advertising and promotion is one factor but.

Speaker Change #142: Yeah.

Any.

Speaker Change #142: Way are you finding better ways to maintain and increase revenue in a more efficient way or should we just think.

Unknown Executive: Should we just understand that the advertisement promotion was lower this quarter? So your second question is on a full year basis. The corporate profit before corporate overhead cost margin is aimed at 30% for marketing and solutions.

Speaker Change #143: Understand that the advertising and promotion was a was lower this quarter or so your second question is on a full year basis.

Unknown Executive: So your second question is on a full-year basis. Before corporate overhead cost, margin is aimed at 30% for the marketing and solutions. And so towards that target, we are reducing where we can, but in Q4, we will use what we need to use. So all inclusive, we will save where we can to achieve the target number, and the result is the result of our efforts. It's not that we have given up on the revenue and started focusing on the cost. We have such intention, but operating in a natural way and bearing this result. So I think we are in a positive position.

Unknown Executive: So your second question is on a full-year basis. Before corporate overhead cost, margin is aimed at 30% for the marketing and solutions. And so towards that target, we are reducing where we can, but in Q4, we will use what we need to use. So all inclusive, we will save where we can to achieve the target number, and the result is the result of our efforts. It's not that we have given up on the revenue, and started focusing on the cost. We have such intention, but operating in a natural way, and bearing this result.

Speaker Change #144: The corporate overhead before corporate overhead cost margin is aimed at 30%.

Speaker Change #144: For the marketing and solutions.

Unknown Executive: And so, towards that target, we are reducing where we can. But in Q4, we will use what we need to use. So, all-inclusive.

Speaker Change #144: And so towards that target.

Speaker Change #145: We are reducing where we can.

Speaker Change #145: But in Q4, we will use what we need to use.

Speaker Change #145: So all inclusive.

Unknown Executive: We will save where we can to achieve the target number, and the result is... the result of our efforts. It's not that we have given up on revenue and started focusing on the cocks. We have such intentions, but operating in a natural way and bearing this result, so I think we are in a positive position. And to your first question, yes, we understand ZIPS, ZIP recruiters, and projections, but we are different from them. We are in line with our expectations. So, sudden market improvement or not. Sudden Customers, HALT, is unlikely from what we saw in July. So we are in line with our outlook. Thank you.

Speaker Change #145: We will save a where we can to achieve the target number and the result is.

Speaker Change #145: The result of our efforts, it's not that we have given up on the revenue.

Speaker Change #145: And started focusing on the cost.

Speaker Change #146: Well, we have such intention, but operating in a natural way and bearing this result, so I think we are in a positive position.

Unknown Executive: So I think we are in a positive position. And to your first question, yes, we understand zip recruiters' projection, but we are different from them. We are in line with our expectation. So sudden market improvement or sudden customers' help is unlikely from what we saw in July. So we are in line with RL.

Unknown Executive: And to your first question, yes, we understand Zip Recruiter's projection, but we are different from them. We are in line with our expectation. So sudden market improvement or sudden customers' help is unlikely from what we saw in July. So we are in line with RL.

Speaker Change #147: And to your first question, yes, we understand that.

Speaker Change #148: ZIP recruiters.

Unknown Executive: projections, but we are different from them. We are in line with our expectations. So sudden market improvement or, Sudden Customers, HALT, is unlikely from what we saw in July. So we are in line with our outlook. Thank you.

Speaker Change #148: Projection, but we are different from them we are in line with our expectation.

Speaker Change #148: So sudden market improvement or.

Speaker Change #148: <unk> customers are how.

Speaker Change #148: Yeah.

Speaker Change #149: Is unlikely from what we saw in July.

Speaker Change #149: So we are in line with our outlook.

Speaker Change #150: Thank you.

Yeah.

Unknown Executive: Shin-san, should we ask more questions? Did we cover the second question? Yes, I answered the second question first.

Unknown Executive: Shin-san, do we have more questions? Did we cover the second question? Yes, I answered the second question first. My apologies. Okay, so we still have more time, so Nagaoka-san from B of A, please. Nagaoka-san, I believe he's not online.

Unknown Executive: Shinsan, should we take more questions? Did we cover the second question? Yes, I answered the second question first. My apologies.

Samsung should we take more questions did.

Unknown Executive: Shinsan, should we take more questions? Did we cover the second question? Yes, I answered the second question first.

Speaker Change #151: Did we cover the second question, Yes, I answer the second question first my apologies. Okay. So we still have more time, so knock on wood costs down from B of a please.

Unknown Executive: My apologies.

Unknown Executive: My apologies. Okay, so we still have more time, so Nagaoka-san from B of A, please. Nagaoka-san, I believe he's not online.

Nadalathan: Okay, so we still have more time, so Nagaoka-san from B of A, please. Nagao-san, I believe he's not online; I see. Nagao-san, I see his hand up again. Nagao-san, please. Sorry, thank you. Thank you for picking me. I pressed the wrong button because I was nervous, so you picked me.

Nagao: Okay, so we still have more time, so Nagaoka-san from B of A, please.

Speaker Change #151: Nicolas I believe he not online I see.

Unknown Executive: Nagao-san, I believe he's not online, I see.

Unknown Executive: I see. Nagao-san, I see his hand up again. Nagao-san, please. Sorry, thank you for picking me. I pressed the wrong button because I was nervous that you picked me.

Speaker Change #152: And thank all the fans I see his hand up again Nobel families.

Nagao: Nagao-san, I see his hand up again. Nagao-san, please. Sorry, thank you, thank you for picking me. I pressed the wrong button because I was nervous, so you picked me.

Speaker Change #152: Yeah.

Nicolas: Sorry. Thank you. Thank you for picking me I pressed the wrong button, because I was nervous so you picked me.

Unknown Executive: I would like to ask a rather difficult question. Looking at your company and how you generate profits, there is a technical element, but in times of recession, you're active; you're active in cutting costs, cutting costs to maintain profitability. That is my view of the company; of course, it's difficult to tell the future, but if there's going to be a hard landing with regards to the US economy, you talk about zero, you're zero, and you are now making preparations for the next step. It's possible to make that drastic change in one go. What is the sense of urgency shared among the management?

Unknown Executive: I would like to ask a rather difficult question. Looking at your company and how you generate profits, there is a technical element, but in times of recession, you're active; you're active in cutting costs, cutting costs to maintain profitability. That is my view of the company. Of course, it's difficult to tell the future, but if there's going to be a hard landing with regard to the U.S. economy, you talk about zero year, zero, and you are now making preparations for the next step. Is it possible to make that drastic change in Japan?

Unknown Executive: I would like to ask a rather difficult question. Looking at your company and how you generate profits, there is a technical element, but in times of recession, you're active; you're active in cutting costs, cutting costs to maintain profitability. That is my view of the company. Of course, it's difficult to tell the future, but if there's going to be a hard landing with regard to the U.S. economy, you talk about zero year, zero, and you are now making preparations for the next step. Is it possible to make that drastic change? In one go? What is the sense of urgency shared among the management? Perhaps you are shifting your gear into neutral.

Speaker Change #154: I would like to ask a rather difficult question.

Unknown Executive: I would like to ask a rather difficult question. Looking at your company and how you generate profits, there is a technical element, but in times of recession, you're active, you're active in cutting costs, cutting costs to maintain profitability, that is my view of the company, of course, it's difficult to tell the future, but if there's going to be a hard landing with regards to the US economy, you talk about zero, you're zero, and you are now making preparations for the next step.

Speaker Change #155: Looking at your company and how you generate profits there is a cyclical element, but in times of recession. So youre active your practice in cutting costs cutting costs.

Speaker Change #156: To maintain our profitability that is my view of the company of course.

Speaker Change #157: It's difficult to tell the future, but if.

Speaker Change #158: There's going to be a hard landing with regards to the U S. Economy, you talk about zero ear zero and you are now making preparations for the next step.

Speaker Change #158: Is it possible to make that drastic change.

Unknown Executive: It's possible to make that drastic change in one go. What is the sense of urgency shared among the management? Perhaps you are shifting your gear into neutral? I guess the other way of asking this is there more room to cut costs? Are you ready to implement such action? What are your views and assessment of this right now? Since the last week, I've been talking about this with Deco, looking at the current labor environment, focusing on the labor market, it appears that things have not gone wrong or gone in strange directions.

Speaker Change #159: In one go what is the sense of urgency is shared among the management, perhaps you're shifting your gear into neutral.

Unknown Executive: Perhaps you are shifting your gear into neutral? I guess the other way of asking this is, is there more room to cut costs? Are you ready to implement such action? What are your views and assessment of this right now?

Unknown Executive: I guess the other way of asking this is, is there more room to cut costs? Are you ready to implement such an action? What are your views and assessment of this right now? Since last week, I've been talking about this with DECO, looking at the current labor environment, focusing on the labor market. It appears that things have not gone wrong or gone in strange directions, and based on that, we have not changed the range, the guidance range that we presented earlier. But at times,

Speaker Change #160: I guess the other way of asking this is is there more room to cut costs are you ready to implement such action what are your views and assessment of this right now.

Unknown Executive: Since the last week, I've been talking about this with Deco, looking at the current labor environment, focusing on the labor market. It appears that things have not gone wrong or gone in strange directions. Based on that, we have not changed the guidance range that we presented earlier. At times, for example, the financial market is affecting the real economy in adverse ways, and then we enter into a negative cycle. If that were the case, then we need to be prepared to also change our forecast and guidance as well. Right now, we have not seen anything like that.

Deco: Since our last week I've been talking about this with Deco looking at the current labor environment by focusing on the labor market.

Speaker Change #161: It appears that.

Speaker Change #161: Things have not gone.

Deco: Wrong or gone and the strange of directions and based on that we have not changed the range the guidance range that we presented earlier.

Unknown Executive: Based on that, we have not changed the guidance range that we presented earlier. At times, for example, the financial market is affecting the real economy in adverse ways, and then we enter into a negative cycle. If that were the case, then we need to be prepared to also change our forecast and guidance as well. Right now, we have not seen anything like that. For HR technology, the SGNA expenses, the large items are people and advertising and promotion costs.

Unknown Executive: But, at times, for example, the financial market is affecting the real economy in adverse ways, and then we enter into a negative cycle. So if that were the case, then we needed to be prepared to also change our forecast and guidance as well. But right now, we have not seen anything like that. And for HR technology... The large items are people and advertising and promotion costs.

Deco: At times.

Unknown Executive: For example, the financial market is affecting the real economy in adverse ways, and then we enter into a negative cycle. So if that were the case, then we needed to be prepared to also change our forecast and guidance as well. But right now, we have not seen anything like that. And for HR technology... The large items are people and advertising and promotion costs.

Deco: For example, the financial market is affecting the real economy in adverse ways and then we enter into a negative.

Deco: Our cycle.

Deco: Yeah.

Deco: So if that were the case, then we needed to be prepared to also change our forecast and guidance as well, but right now we have not seen anything like that and for HR technology.

Unknown Executive: For HR technology, the SGNA expenses, the large items are people and advertising and promotion costs. If things turn up, if we expect to hire revenues, if we see more capabilities for us to do a lot of things, then we will start to use advertisement. We will start to make advertisement investments, and we will start hiring more. And we can achieve higher revenues, and margin will also follow. So that's what we are aiming for, and that's what we expect to happen in year one and beyond. If we continue the current operations and if we further make cost cuts, we don't think this is necessary at this time.

Speaker Change #162: The SG&A expenses are the large items are people and advertising and promotion cost.

Unknown Executive: So if things turn out... If we expect higher revenues, if we see more capabilities for us to do a lot of things, then we will start to use advertisements, we will start to make advertising investments, and we will start hiring more, and we can achieve higher revenues, then the margin will also follow. So that's what we are aiming for and that's what we expect to happen in year one and beyond. If we continue the current operations and if we further make cost cuts... We don't think this is necessary at this time.

Speaker Change #162: So if things turn up.

Unknown Executive: If things turn up, if we expect to hire revenues, if we see more capabilities for us to do a lot of things, then we will start to use advertisement. We will start to make advertisement investments and we will start hiring more. And we can achieve higher revenues and margin will also follow, so that's what we are aiming and that's what we expect to happen in year one and beyond. If we continue the current operations and if we further make cost cuts, we don't think this is necessary at this time.

Speaker Change #162: It's where we expect higher revenues are if we see more.

Speaker Change #163: Our capabilities for us to do a lot of things then we will start to use.

Speaker Change #163: Advertisement, we will start to make advertisement investments and we will start hiring more.

Speaker Change #163: And we can achieve higher revenues than margin will also follow so that's what we are aiming and that's what we expect to happen in Iran and beyond.

Speaker Change #163: If we continue the current operations and if we further make cost cuts.

Speaker Change #163: Yeah.

Speaker Change #164: We don't think this is necessary at this time, what <unk> said is that for the next 18 to 24 months.

Unknown Executive: What DECO said is that for the next 18 to 24 months, job openings will continue to decline gradually. If we see a sudden decline, as we saw in the first months of the COVID pandemic, then things will be different. But our current expectation is different; it will be a gradual decline. If that is the case, then we will continue to work on our planning. Of course, we need to be flexible. Thank you very much.

Unknown Executive: What DECO said is that for the next 18 to 24 months, job openings will continue to decline gradually. If we see a sudden decline, as we saw in the first months of the COVID pandemic, then things will be different. But our current expectation is different. It will be a gradual decline. If that is the case, then we will continue to work on our planning. But, of course, we need to be flexible. Thank you very much.

Unknown Executive: What Deco said is that for the next 18 to 24 months, the job openings will continue to decline gradually. If we see a sudden decline, as we saw in the first months of the COVID pandemic, then things will be different; but our current expectation is different: it will be a gradual decline. If that is the case, then we will continue to work on our planning. Of course, we need to be flexible if things change, and we believe we have the capabilities to adapt to change. Deco has a great sense in making such assessments, so I'm not worried.

Unknown Executive: What Deco said is that for the next 18 to 24 months, the job openings will continue to decline gradually. If we see a sudden decline, as we saw in the first months of COVID pandemic, then things will be different but our current expectation is different, it will be a gradual decline. If that is the case, then we will continue to work on our planning. Of course, we need to be flexible if things change and we believe we have the capabilities to adapt to change. Deco has a great sense in making such assessments, so I'm not worried. Thank you. It's clear. Thank you very much. Thank you. We may perhaps take one more question, but are we okay?

Speaker Change #165: The job openings are will continue to decline gradually if we see a sudden decline as we saw in the first months of Covid pandemic, even things will be different but our current expectation is different it will be a gradual decline if that is the case then we will.

Speaker Change #165: We continue to work on our planning.

Speaker Change #165: But of course, if we need to be flexible if.

Things changes and we believe we have the capabilities to.

Speaker Change #166: To adapt to change or they go has a great sense in making such assessments. So I'm not worried. Thank you that's clear thank you very much.

Unknown Executive: Thank you.

Unknown Executive: It's clear.

Unknown Executive: Thank you very much. Thank you.

Speaker Change #166: Okay.

Unknown Executive: We may perhaps take one more question, but are we okay? It seems okay, so it's a bit before time, but Arai-san, could you give us the last remarks? Thank you very much again for today.

Unknown Executive: Thank you. We may perhaps take one more question, but are we okay? It seems okay, so it's a bit before time, but Arai-san, could you give us the last remarks? Thank you very much again for today.

Speaker Change #166: Thank you we may perhaps take one more question, but are we okay.

Unknown Executive: We may perhaps take one more question, but are we okay?

Unknown Executive: It seems okay, so it's a bit before time, but I son, could you give us the last remarks? Thank you very much again for today. So, last but not least, we will have indeed future works on September 26th, 2024, on September 26th, in Dallas, Texas. So we would like you to come to the venue or online. It's also welcome. After that, October 1st, morning, Japan time, we will invite the analysts to share with you indeed product strategy and the product update that we explain in the indeed future works. So we'll do product demo and Q&A.

Speaker Change #167: It seems okay.

Unknown Executive: It seems okay, so it's a bit before time, but I son, could you give us the last remarks?

Speaker Change #168: So it's a bit before time, but I son could you give us the last two remarks.

Unknown Executive: So last but not least... We will have Indeed Future Works 2024 on September 26, in Dallas, Texas. So we would like you to come to the venue, or online is also welcome. And after that, on October 1st... morning, Japan time.

Speaker Change #169: Thank you very much again for today, so last but not least.

Unknown Executive: Thank you very much again for today, so last but not least, we will have indeed future works on September 26th, 2024, on September 26th, in Dallas, Texas. So we would like you to come to the venue or online. It's also welcome. After that, October 1st, morning, Japan time, we will invite the analysts to share with you indeed product strategy and the product update that we explain in the indeed future works. So we'll do product demo and Q&A.

Unknown Executive: We will have Indeed Future Works 2024 on September 26, in Dallas, Texas. So we would like you to come to the venue, or online is also welcome. And after that, on October 1st... morning, Japan time.

Speaker Change #170: We will have indeed future works 2024.

Speaker Change #171: September 26.

Speaker Change #171: In Dallas, Texas.

Speaker Change #171: So we would like you to come.

Two the venue or online is also welcome.

Speaker Change #171: And after that.

Speaker Change #171: Our first morning, Japan time, we will invite the analysts are too.

Unknown Executive: We will invite the analysts to... Share with you Indeed's product strategy and the product update that we explain in Indeed Futureworks. So we'll do a product demo and Q&A. So, like Watanabe-san said, what we are doing these days. I hope we could explain our initiative. So you could listen firsthand what is going on.

Unknown Executive: We will invite the analysts to share with you Indeed's product strategy and the product update that we explain in Indeed Futureworks. So we'll do a product demo and Q&A. So, like Watanabe-san said, what we are doing these days. I hope we could explain our initiatives. So you could listen firsthand what is going on.

Speaker Change #171: I'm sure with you indeed product strategy.

Speaker Change #171: And the product update that we explain in the indeed future works. So we will do product demo and Q&A.

Unknown Executive: So like Watanabe-san said, what we are doing these days, I hope we could explain our initiatives, so you could listen firsthand to what is going on. We will let you know the details in September by email, so I hope you could look forward to that. And the individual and group and large IR meetings will continue.

Speaker Change #171: So like Watanabe, San said are what we are doing these days I hope we could explain our initiatives.

Unknown Executive: So like Watanabe-san said, what we are doing these days, I hope we could explain our initiatives, so you could listen firsthand what is going on. We will let you know the details in September by email, so I hope you could look forward to that. And the individual and group and large IR meetings will continue. In September, first week, we have a few Tokyo conferences, which we will also take part in. And with Nagasan, we are finding a fireside chat. So I hope you could come. We welcome the institutional investors, so thank you very much. Thank you very much.

Speaker Change #172: So you could listen firsthand, how and what what is going on.

Unknown Executive: We will let you know the details in September by email, so I hope to look forward to that, and the individual and group and large IR meetings will continue in September. In the first week of September, we have a few Tokyo conferences, which we will also take part in, and Nagao-san, with Nagao-san, we are planning a fireside chat. I hope you could. Come, we welcome institutional investors.

Unknown Executive: We will let you know the details in September by email, so I hope to look forward to that, and the individual and group and large IR meetings will continue in September. In the first week of September, we have a few Tokyo conferences, which we will also take part in, and Nagao-san, with Nagao-san, we are having a fireside chat. I hope you could... Come, we welcome institutional investors, so thank you very much. Thank you very much. We will close with a financial results briefing.

Speaker Change #171: We will let you know.

Speaker Change #172: The details in September.

Speaker Change #172: By email so I hope could look forward to that.

Speaker Change #172: In the individual and group in large IR meetings will continue in September.

Unknown Executive: In September, first week, we have a few Tokyo conferences, which we will also take part in. And with Nagasan, we are finding a fireside chat. So I hope you could come. We welcome the institutional investors, so thank you very much.

Speaker Change #172: First week, we have a few of the Tokyo conferences, which we will also take part in and.

Another IL sung with marathon, we are finding a fireside chat.

Speaker Change #172: So I hope you could.

Speaker Change #173: We welcome the institutional investors. So thank you very much.

Unknown Executive: Thank you very much.

Unknown Executive: So thank you very much. Thank you very much. We will close the financial results briefing today. Thank you for joining us today. And thank you, I ask you for your continuous support.

Speaker Change #173: Thank you very much we will close the financial results briefing today. Thank you for joining us today and thank you I ask you for your continuous support.

Unknown Executive: We will close the financial results briefing today. Thank you for joining us today, and thank you. I ask you for your continuous support.

Unknown Executive: We will close the financial results briefing today. Thank you for joining us today and thank you.

Unknown Executive: I ask you for your continuous support.

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