Q1 2025 Recruit Holdings Co Ltd Earnings Call
To 1 erne conference call. This call is a simultaneous translation of the original call held in Japanese, provided solely for the convenience of investors. I'm Mizuho Shen, manager of investor relations and public relations.
Today, we will begin with a presentation by Junichi Arai, Executive Vice President and Chief Financial Officer, followed by a Q&A session. Please note that today's session, including the Q&A, will be posted on our IR website. After the event with that, we will now begin from the presentation.
I am Junichi Arai, and today I will be presenting the Recruit Holdings Q1 2025 financial results.
As previously mentioned, starting this fiscal year, we have integrated HR technology and HR solutions, which includes the job advertising business and the placement business from matching and solutions. As a result, matching and solutions now consists of Marketing Solutions, including SAS and accordingly. The segment name has been changed to Marketing Matching Technologies, or MMT, to facilitate a comparison with our FY 2025 segments, outlook, and results. We are presenting FY 2024 pro forma segment financial data, which assumes the integration of these businesses has been in effect from April 1, 2024. Unless otherwise noted, all comparisons are made against the same period of the previous year on a pro.
To form a basis for comparisons with the previous quarter, we will note appropriately. Additionally, starting this fiscal year, we have renamed our key financial metric, previously referred to as adjusted EBITDA, to EBITDA plus S. We will clearly distinguish between the two metrics by referring to the figure before adding back share-based payment expenses to EBITDA plus S as EBITDA.
Let me begin with key highlights from the Q1 2025 financial results. First, regarding the consolidated results, we will not be changing the consolidated business forecast for this fiscal year. From the disclosure on May 9th, at this time, taking into account the results of the first quarter, the workforce reduction in the HR Technology business announced on July 10th U.S. time, and the current business environment. As already communicated in the Tokyo Stock Exchange voluntary disclosure on July 11th, the financial impact of HR Technologies' workforce reduction has already been largely incorporated into the IBA Plus S outlook for HR Technology, which serves as an important component of the consolidated guidance.
The consolidated fee for Q1 2025 results were broadly in line with our expectations. While signs of recovery in U.S. job postings have yet to emerge, consolidated revenue declined by 2.5% in each segment. Particularly, MMT focused on further improving productivity, resulting in the highest ever quarterly EBITDA margin of 21.3%.
As for HR technology, supported by continued improvements in monetization on a US dollar basis, revenue in the US increased 0.9% year-over-year, reflecting seasonal trends, and increased 6.3% quarter-over-quarter. Revenue in Japan decreased 4.4% year-over-year on a Japanese Yen basis and 4.3% quarter-over-quarter. This was primarily due to the impact of Indeed Plus revenue on a net basis. As previously explained in the May segment, EBITDA Plus's margin increased from the same period last year, reaching 35.0%.
In Staffing, Japan showed steady performance, whereas in Europe, the U.S., and Australia, revenue declined by 12.2%. As a result, segment revenue decreased by 3.4%, with segment EBITDA margin of 6.6%. In Marketing Solutions, revenue increased by 7.1%.
Cash equivalents, as of the end of June, decreased to ¥563.5 billion, primarily due to the early completion of this share buyback program at this time. There is no change in our policy of reducing net cash to a level of approximately ¥600 billion by the end of March 2026. Now I will provide further details on these points.
As I mentioned earlier, we are not changing the full year consolidated earnings forecasts disclosed on May 9th. At this time, considering the first quarter results, the reduction of approximately 1,300 employees in HR technology announced on July 10th U.S. time, and the current business environment, while we do not expect a significant increase in revenue, given the ongoing uncertainty in the labor market, particularly in the U.S., we aim to increase EBITDA by pursuing operational efficiency, and ultimately seek to increase basic EPS, by also factoring in the effects of share buybacks, as already communicated in the Tokyo Stock Exchange voluntary disclosure on July 11th. The financial impact of the HR Technologies workforce reduction has already been substantially factored into the EBITDA outlook for HR technology, which was announced on May 9th and serves as an important component of the full year consult.
Consolidated guidance for this fiscal year; therefore, we are not revising our consolidated guidance at this time. Additionally, there are no changes from the main 9th forecasts regarding profit attributable to owners of the parent and basic EPS.
To explain a bit further. The workforce reduction of HR technology, will positively impact, our Consolidated ibitta and margin due to reduced employee benefit expenses. However, as I just noted, this was already factored into our main 9th full year outlook for HR technology as part of operating expenses. Additionally, while we expect share-based payment expenses to be lower than initially projected the resulting impact on our Consolidated Evita plus s. And its margin is limited as these 2 effects. Largely balanced each other out as a result, we have determined not to revise. The current full year Consolidated. Ebita plus s guidance of 697 billion yen up, 2.7% year-over-year with a margin of 19.8%.
Regarding the Q1 consolidated results, they were broadly in line with our expectations at the beginning of the fiscal year, while revenue and marketing matched technologies. Increase revenue in HR. Technology grew on a US dollar basis but declined on a Japanese yen basis, and staffing also saw a revenue decrease. As a result, total consolidated revenue decreased by 2.5%.
Gross profit decreased by 1.7% to ¥521.8 billion, with a gross margin of 59.4%, flat compared to the same period last year. Revenue decreased by 5% to ¥878.8 billion.
As a result of continued efforts to improve productivity ebita plus s was 187.1 billion yen which is equal to an increase of 4.5% resulting in the highest ever quarterly, IBA plus s margin of 21.3% supported by margin expansion. In mmt, ebita increased 1.3% to 163.5 billion yen and the IBA margin increased compared to the same period last year reaching 18.6%.
Profit attributable to owners of the parent increased by 13.6% to ¥120.9 billion. Basic EPS increased by 21.5% to ¥83.97.
Now, I will explain the first quarter results for each SBU. First, I will talk about the HR Technology segment. Revenue for Q1 FY 2025 increased by 3.6% to $2.36 billion compared to Q4 FY 2024. Revenue increased by 5.9% on a Japanese Yen basis. Segment revenue decreased by...
To decline in line with our initial assumptions, even amid such conditions, while hiring demand from small and medium-sized businesses, had shown particular weakness, in March, and April. We saw the trend in hiring demand among these employers improve late in q1. As the US economic Outlook, improved amid this environment Revenue in the US increased by 0.9% year-over-year to 1.26 billion US Dollars driven by ongoing development in monetization as the rate of increase in Revenue per paid job ads more than offset, the rate of decrease in the number of paid job ads, quarter over quarter us, Revenue increased by 6.3% on a US dollar basis supported in part by typical q1 seasonality Revenue in Europe, and others grew by 12.6% to 476 million us, which is a 11.8% increase compared to Q4 fee. 2024, in addition to a weaker,
The US dollar region benefited from strong performance in the UK, partially driven by a favorable comparison with the prior year for Japan. This was the first quarter following the integration of HR Solutions from Matching and Solutions. Revenue in Japan was ¥90.2 billion, a 4.4% decrease, broadly in line with our initial expectations, including the impact of Indeed Plus revenue on a net basis. Compared to Q4 fiscal year 2024, this...
Represented a decrease of 4.3%.
Segment EBITA plus S for Q1 was ¥119.4 billion, an increase of 1.4%. Segment EBIT to plus margin increased to 35.0%. Segment IBIDA was ¥96.3 billion and segment IBA margin was 28.2%. As Deco has previously communicated, our assumption remains unchanged that hiring demand in the U.S. will continue to decline by approximately an additional 10% from the level at the beginning of this fiscal year and is likely to bottom out in the second half of the year. We are operating under the expectation that it will still take some time before job demand fully bottoms out.
As for Staffing, segment Revenue in q1, decreased by 3.4% to 48.1 billion yen. In Japan, Revenue increased by 6.3% to 212.8 billion yen. Driven by continued growth, in demand, for temporary, staffing services, and an increase in the number of temporary staff on assignment. However, in Europe, us and Australia Revenue declined by 12.2% to 195.3 billion yen reflecting ongoing weakness in demand, for temporary staffing services, amid uncertain, economic conditions, segment ebita, plus s decreased by 6.2% to 26.8 billion yen.
Resulting in a segment EBITA plus S margin of 6.6%.
Next, I will discuss the results of Marketing Matching Technologies. The business environment in Japan remained stable, with revenue growth across all three sub-segments. Segment revenue increased by 7.1%, to ¥136.8 billion. Revenue in lifestyle, which consists of beauty, travel, dining, and SaaS solutions, increased by 9.7% to ¥70.1 billion. In beauty, revenue increased due to continued growth. In new business, client revenue and travel increased as the trend of high unit prices for lodging continued due to domestic travel demand during the Golden Week holidays and increased inbound tourism. Revenue in housing and real estate increased by 3.7% to ¥37.5 billion, primarily due to higher advertising demand driven by an increase in the supply of existing condominiums. Revenue in others, which includes car and bridal, was ¥29 billion.
9.1 billion yen, an increase of 5.4% in the segment. EBITDA margin expanded by 4.9 percentage points to 31.6%, driven by appropriate cost control, principally related to service outsourcing expenses.
8 million shares were purchased via market transactions through an appointed securities dealer with transaction discretion for ¥351.4 billion on March 24, 2025. We retired 85.9 million shares, equivalent to the number of shares repurchased over approximately the preceding year, as of June 30, 2025. The total issued shares were 1,563.9 million, of which approximately 4.9% were shares directly held by Recruit Holdings and 3.7% represented trust holdings allocated for share-based payment expenses.
Based on our consolidated earnings guidance disclosed on May 9, 2025, shares repurchased as of June 30 this year and the total share dividend amount expected in FY 2025, the total payout ratio of this fiscal year is projected to be 84.5%. Consolidated net cash as of June 30, 2025, decreased to ¥563.5 billion, less than half of the amount as of March 31, 2024. We have not changed our target announced in May 2024 to reduce net cash to approximately ¥600 billion over the 2 years ending March 2026, while considering options for strategic M&A. We will closely monitor changes in the economic and capital market environments.
And based on our company's financial outlook, we will assess whether or not to proceed with share repurchases. This concludes my presentation.
Now, we would like to proceed to the Q&A session.
If anybody has a question, please click on the Zoom raise hand button. Please unmute before asking your question.
We will take 1.
A question.
Goldman Sachs, please.
Thank you for this opportunity. I am munekata from Goldman Sachs.
So, 1 question.
On HR Tech, please.
In your presentation, you mentioned that you did the workforce reduction.
So what was the background to this?
Including macroeconomic factors, the internal resource allocation is changing. Your policy is changing with the AI if the macroeconomic situation improves.
The drastic workforce increase will not happen. Can we expect that? If you could elaborate, please.
Thank you very much.
In May.
Theo explains this point.
How we become more efficient and more productive.
In our operation.
Uh, including the environment.
and after that,
The goal.
Uh, returned as the CEO of indeed.
So HR technology, especially in the US.
Is to repeat myself.
Regardless of the environment.
We will take new initiatives one by one. In other words, the new services. Great contents.
That will, uh, please our customers who will use our, uh, service more so that we can monetize further. So we are in that process.
And how we leverage the opportunity is the key. As we mentioned in May,
Back in May.
We had the coding for new service development. I think we said 30%. 30% is already digitalized.
And this is making progress.
Of course, we use external technologies, and we pay, uh, in some cases.
But how we reduce our cost, how we maintain our efficiency is the baseline. Under those circumstances,
Will try to optimize the number of headcount.
and,
uh,
decide whether we should increase or reduce the number of people engaging in R&D.
So that was the thought process.
So, of course, we will increase the headcount if we need more to increase our revenue, but in the HR technology framework, how we digitalize, introduce more automation, and produce more efficiently and effectively is the key. So, the sales side is usually where we need more people when we want more revenue.
so,
How do we make our development more efficient?
This is not necessarily directly related to revenue increase, but as we already mentioned,
This year.
U.S. HR technology revenue increase is not expected to grow much.
If there are some big changes and revenue increases.
Rapidly.
Will we recruit regain all the uh people that we let go? No, that is not likely not a high possibility. Thank you very much so when you develop a new Services you will continue pursuing higher efficiency. I understand 1, follow up question. If I may
So you are now improving your monetization steadily.
In Q1, HR Tech U.S. revenue on a dollar basis is solid, I think given the external environment.
So, in your monetization measures, the unit price increase, uh, you offset the volume decline. So, monetization measures.
Are they on the extension of what you mentioned in Q4 results?
Or, uh, is there any updates you could share with us?
So, basically, we are doing things on the extension of what we said in May, maybe in September. Indeed, for Future Works, we may be able to say something new.
Or say something, uh, say that we are enriching, uh, what we are working on. But basically, we are doing things on the extension of what we've already shared with you. Thank you very much.
Thank you.
Next time from Securities, please.
Thank you. This is an honor from Nomura Securities for indeed and.
plus the management structure.
Currently.
The, uh, basically, uh, people who are already on, uh, will stay, or will there be succession? I would like to understand better about the management structure, uh, going forward.
I,
Think you are talking about Deco. If that is the case, then currently, we are not calling it interim; he himself considers the current period to be a crucial period.
and therefore,
or whether things, uh, go successfully or not, uh, at this time, timing, uh, will create a huge difference for the company. So, he's, uh, putting himself close to the field.
Every day, I listen to people and make decisions. Uh, every day.
So, I don't know what will happen 5 years or 10 years from now. But for the time being.
This is not a temporary structure until we have someone new, but rather we are focused on what we can do today to be successful in the future. I think that's a better understanding of the structure today.
What about glass door?
Uh, for glass door.
In July, we talked about this.
It's been, uh, some time since the acquisition.
and,
Istics, and may contribute.
if I may quickly regarding mmt,
For cost management. I have a question.
What are some cost items where you see huge room for improvement? Are they mostly outsourcing costs, or are there other items?
well generally overall uh we will um cost where we can and of course at the same time we hope to increase uh revenues
so that's our approach, so,
For certain Focus areas that's been the policy and our approach. Uh, what structure should we have for these specific areas that have been identified? Uh, we will, uh, have the best structure, uh, for each respective Fields. Uh, looking at the past spending, uh, we will eliminate waste, so we will no longer have unnecessary costs, of course. So this is a given, but, uh, we will have a more full control over the cost and we will invest, uh, where is necessary and, uh, control Investments where it is not as crucial.
and by taking these measures,
as we've been saying, since before, we believe this leads to margin Improvement together with a sales and revenue increases,
This is a capable.
I see. Thank you.
Thank you.
So, we will wait for the next hand to come up.
You will have any questions, please.
Show us your hand.
No more questions.
Oh, we can end early today.
We are trying to be clear, and maybe that is bearing fruit. Yes. So on the sound from the word 'securities,' your second time, please.
Oh yes, great opportunity. So thank you for giving me. The second opportunity earlier, you talked about Workforce reduction, you mentioned that your automation is progressing.
so, in coding,
Part of your workflow is automated. Aside from that, do you have any other areas that you're making progress on? Anything you could share with us?
Of course, the internal efficiency.
I mentioned earlier when I asked, uh, answered the previous question.
By utilizing that.
We are trying to develop new services.
So,
Anywhere, anywhere, we're not trying to reduce people everywhere we can, and that's not what we are doing.
At 1 Point.
uh,
After the rebound from COVID, we increased our headcount, and then we had two rounds of reductions. This is the third headcount reduction.
Thinking of many factors and trying many things.
We, uh, thought about how we can become a more lean structure.
And automate and digitalize ourselves.
And we're making progress.
So we will continue exploring what the best format is for us.
In some areas, we may hire in other areas.
We may pursue further automation and digitalization.
So I cannot specifically mention what we are doing this and that but we will continue thinking of our best format optimal format.
So, I cannot mention any particular areas.
But our policy remains unchanged.
Thank you very much.
In the US.
AI related service deployment.
What are the necessary pieces parts?
For you to do that.
So, uh, do you just need time for R&D? Is it just a matter of time, or do you need partnership collaboration?
including that, you will, uh,
Develop your own resources.
How can you come up with a breakthrough AI service if you are discussing this internally? Could you share that with us?
We have a 2-sided Marketplace.
We are located in 2 CID Marketplace.
So, how can the convenience of job seekers be enhanced, and how can it benefit corporate clients?
Convenience can be enhanced and enhanced the man matching enhance the quality of matching and pursue, and improve our monetization. So I hope all 3 parties can enjoy the benefit.
That is what we are trying to do. So if one piece is missing, this will not materialize.
So how do we automate, where, and where should we not automate? What can we do to the extent we are trying and doing trial and error to move forward?
So, of course, if we can do everything in-house, that's the best.
but, on the other hand,
We may in some cases. Leverage, What? Other companies have developed?
If that is the best, maybe it will be quicker than using doing everything by ourselves.
so, we
Do not have the initiative of renewing, the AI. We're trying to do is how can uh, service can be uh, utilized more.
so,
I think the seeds and drivers will come from many areas. We will not do everything, may not do everything by ourselves, but we will not be over reliant on other parties.
And to come up with the best format.
Thank you. Thank you very much.
Thank you.
Thank you next from Goldman Sachs Securities please.
This is my second time. Thank you.
I want to come back to HR Tech again.
In your presentation, um, in the beginning of this session, perhaps you've touched upon this a little bit, but, um, Europe and other regions, uh, in terms of topline, appear strong to me.
So I would like to better understand the background and sustainability of this uh, strong performance at the beginning of the year. You said, uh, regions besides the US in terms of improvements of a monetization, they would uh be catching up. Uh, they would lag behind. So that presents a bigger room for improvements. Is that the contribution we are seeing what is the background? Yes. So you're right, there is a time lag to some extent.
In our approach. So,
if you consider the US situation last year, I think it gives you a better um image and also in Europe countries like the UK the last year's
Um, a situation was not so favorable. So this year,
We have been making recovery, and we are seeing good performance. So, in terms of improvement or growth, that appears higher. It's not that the situation is outstandingly great; it's just that last year, things were unfavorable. The launch pad was placed at a lower point.
Ground and also the exchange rate in relation to the dollar. This is another factor or contributing to the performance. But as for the business trends,
Volume.
Even if it does not recover, um, substantially, uh, we can still compensate through improvements in monetization and if volume, uh, is is at the expected level. Then we can uh, go for an upside for this year. I see. Thank you as for Japan.
For HR Tech, uh, still for Japan.
I understand this is in line with the expectation. But, uh, lately, recently, investors...
Uh, or maybe it is taking longer for the Indeed Plus to penetrate.
Uh, I have received such questions from investors recently. So honestly, should we be concerned about these um matters. What are your views in your comment on this please?
Yes, in May, what we said was that this year?
We are not.
Uh, expecting anything drastic, we will not have any drastic, uh, change. Rather, we want to stabilize the new operations.
So for next year, and in the year after that, um, this is, um, us making preparations for, uh, the leap.
To come in the next year and Beyond. So, in the meantime, if a competitors
Are increasing their performance. If they are doing better, of course these um, uh, expected. It's possible, but we are not swayed by that. Uh, we had a separate operations. We are focused on integrating them, uh, facing in the same direction among the different, uh, teams. So, those are our Focus areas and, uh, of course, we have to do
More to become number one, but this year.
We are not expecting any outstanding performance. Rather our focus is to establish a stable operations. That is our priority for this year. So, uh, we will steadily make your efforts to make sure that is realized. And of course, uh, we will make sure we respond to our customers clients
From the initial year, of course, it would be nice if we have, um, a very um, robust performance. But these are operations, and there are people behind them. So.
We have new people, um, coming in in the field.
And it is not easy to have established a stable operation from day one. Um, but we are, uh, staring at the situation. After 3 months, after 6 months, and, um, at the turn of the year, we expect things to be more stabilized and, um, uh, fully ready to launch. Personally, I am very excited, uh, in terms of the operations.
I see, it's very clear. So after next, fiscal year and Beyond,
You are making preparations for the future growth.
And the things are according to plan. I see. Thank you very much. Yes, thank you.
Thank you very much.
So, we will wait for other.
Questioners from Jeffrey's Securities, please.
Thank you very much. This is Olla from Jeffrey.
So in s are pay, the profit contribution is my question.
In our case.
We have sub segments, uh, the business profit and margin.
We have not shown the breakdown from the past, and this time we have the new MMT.
This is one new segment and here.
We have no plan of sharing the profit margin of each business.
So,
In s in our strategic positioning.
The area with frequent transactions, for example, lifestyle.
Lifestyle business. So we are in that area.
and so, as we have mentioned, from the past,
How the path business products and services.
Can.
Uh, in travel.
for example, in our lifestyle business,
Or beauty, how can [it] contribute to these lifestyle businesses?
We hope to provide a service that can increase their revenue.
so,
This may be viewed as a cost.
So,
In.
How to grow the lifestyle business, as a whole?
Is the highest priority.
That is the positioning.
Of course.
Backed by the economic circumstances, this business.
Uh, in Q1 then, others and MMT growth was strong. So we hope to keep the momentum.
So that more business clients can use our products and services.
So we are not talking about a margin going up or down rather than the talking about margin per se. We want think by doing what we had just mentioned, we can aim for higher Revenue.
So I think that is the right way, the right approach of ours business. Yes, understood. Thank you very much.
Now, another topic, if I may, or should I step down once? No, please go ahead. Yes.
So us indeed business.
Agency, recruiters wallet, share.
Uh, you’re taking wallet share of agency recruiters.
Agency recruiters.
Robert Walter.
And other players.
so yes, the placement
so, from other companies,
Are you taking volunteers from others?
placement business model and indeed,
Maine area.
Business models are slightly different. So how we make money is different.
so,
It's not that we start the placement business and it takes the market share of the incumbents.
so, business clients,
How, what percentage of their business do they use for placement and advertisement, and how much do they use for Indeed?
Their wallet.
Is allocated so, in the overall wallet.
we have some share and
other players other services have other other shares and we are competing with where the market share, but the way we raise money is different. And when is Success, based, 1 is advertisement basis.
so,
of course, we compete to gain customers wallet.
but,
That is secondary.
If customers want to use more money for us, then yes, uh, more money will come to us and that is the secondary benefit that we expect but due to the difference in the business model, we are not directly competing with them head on understood. Thank you very much.
Thank you.
Thank you.
Yes. Is there anyone else I would like to ask questions? Yes.
Please.
Sorry. Um it's me again. Um, thank you uh regarding Capital allocation I have a question.
The net cash level is below ¥600 billion initially by the end of March. Next year, you are targeting to reach ¥600 billion. That was an ambitious target, but you are now much better positioned.
Uh, ahead of the schedule. And, um, before, when I asked questions.
Um, there seemed to be certain m&a potential, uh, companies that you were considering based on the comments that we received. So, again,
Going forward. What is your approach to share repurchases m&a. What is uh the policy on Capital. Allocation if you could give us updates, I would appreciate that. Yes. Um, as of the end of June, um, the level was below, uh, 600 billion, uh, somewhere in the range of 560 billion yen.
and,
Luckily for us, it is not. We are not in an environment where Revenue continues to increase as steadily, but cash coming from the operations to continue to the, um, robust. So
The uses of cash.
Of course, uh, going forward, uh, we will have more, uh, cash and, and deposits, uh, to accumulate. So going back to my presentation earlier by the end of March,
600 billion. That's where we would like to learn about that time. And of course there will be, if there will be m&as.
Then of course there will be certain spending. But of course, this is contingent on um relationships as well as the business environment. So if there are no m&as, of course, if you leave this untouched then uh cash and deposits would continue to accumulate towards the end of March.
Luckily for us, at any given time, if the business environment is not favorable, then...
Perhaps it's better, uh, to have more cash and deposits on hand. That may be a decision to be reached, but if that is not the case, then at some time maybe it is better to implement the share repurchase programs. So those are our views, but depending on the stock price.
If the stock price surges then do we want to, uh, implement the share repurchases. That's another discussion given the economic situation, uh, the stock price of the company, and also business, uh, situations, um, spending, um, possibilities where we would like to spend the next year and also progress in m&as. So there are 4 or 5 different, uh, factors different uses of cash and we will determine the best optimal, um, spending
And hopefully, that will be something that contributes to our future. That's where we would like to spend. So 560, um, some billion yen just because we are now below the 600 targeted level. It's not that, um, we can, um, immediately take action. So we will continue to Target. Um, uh, the range around 600 billion.
That's very clear. Thank you. Thank you very much.
Thank you very much. Any other questions?
Thank you very much.
So, as June mentioned earlier, uh, we provide an announcement regarding indeed's events scheduled for next month. June, please go ahead.
Yes.
So, we are pleased to announce this year's Indeed Future Works, which is the largest event.
The Future Works.
Will be held.
In New Orleans on September 10th and 11th.
Us local time with a hybrid format, combining both in-person and online participation. As in previous years, we will have the
Indies, uh, talk about Indeed's latest products and existing hiring solutions through detailed product demonstrations, highlighting their practical benefits for corporate recruiters and their recruitment activities.
So presentations and demonstrations and exchange of views will be held.
so,
Uh, if you could come to the site, that's great. But if you still would like to listen in, uh, that will also be possible.
So, uh, if you could register.
In advance and listen in, or listen in person.
or listen to the recorded audio later on.
so you could experience our Evolution and progress and the types of services we are planning to offer to our
Clients and customers. So, thank you very much.
Thank you very much. We would now like to close. Thank you for joining
Thank you very much.