Newsroom
- IR
Q1 FY2018 Financial Results
Aug 10, 2018 | Recruit Holdings Co., Ltd.
Recruit Holdings Co., Ltd. announces the consolidated financial results for the three months ended June 30, 2018 (April 1, 2018 to June 30, 2018, "Q1 FY2018"). Please see below for the details.
1.Q1 FY2018 Highlights
-
Consolidated revenue +7.8%, EBITDA +9.5%, Adjusted EPS +15.9%
-
Revenue and EBITDA increased in all three segments
: HR Technology, Media & Solutions, and Staffing
-
-
Strong YoY revenue growth continued in HR Technology
-
Revenue increase +51.7% in US dollar terms*¹
-
Revenue increased +57.6% in US dollar terms, assuming IFRS 15 applied in FY2017*¹ *²
-
-
Completed the acquisition of Glassdoor, Inc. ("Glassdoor") on June 21
-
Operating in the HR Technology segment
-
Profits and losses will impact the consolidated results from July 2018
-
*1 This is the financial results of operating companies in the HR
Technology segment, which differ from the consolidated financial
results of Recruit Holdings Co., Ltd.
*2 Assuming IFRS15 was
applied as of Q1 FY2017 on a pro forma basis.
2.Consolidated Financial Results
(in billions of yen, unless otherwise stated)
FY2017 | FY2018 | ||
---|---|---|---|
Q1 (Apr. - Jun.) |
Q1 (Apr. - Jun.) |
YoY Change |
|
Revenue | 524.3 | 565.4 | +7.8% |
EBITDA | 71.8 | 78.7 | +9.5% |
EBITDA margin | 13.7% | 13.9% | +0.2pt |
Operating income | 56.3 | 67.8 | +20.4% |
Profit attributable to owners of the parent | 40.2 | 47.3 | +17.8% |
Adjusted profit | 42.3 | 49.0 | +16.0% |
Adjusted EPS(yen) | 25.34 | 29.37 | +15.9% |
Revenue increased 7.8% year on year to 565.4 billion yen. EBITDA grew 9.5%
to 78.7 billion yen, and EBITDA margin was 13.9%.
Operating income
increased 20.4% year on year to 67.8 billion yen. This was mainly due to an
increase in EBITDA, and a non-recurring gain of 6.3 billion yen resulting
from the sale of subsidiaries in Overseas Marketing recorded in the Others
subsegment of Marketing Solutions in the Media & Solutions segment in Q1
FY2018.
Adjusted EPS, excluding non-recurring income and losses, grew
15.9% year on year.
To show the Company's earnings capability from
operations more accurately, the profits and losses associated with the
convertible bond issued by 51job, inc., an equity-method affiliate of
Recruit Holdings Co., Ltd. ("Recruit Holdings"), were included in the
adjustment items as non-recurring income or losses from this quarter,
whereas all of the profits and losses were not included in the previous
quarters. The change was made because such profits and losses are originated
from the same convertible bond from the same issuer, and the impact from the
loss which had not been included in the adjustment items is expected to
increase. Assuming this change was applied in Q1 FY2017, adjusted EPS
increased 15.5% year on year.
3.Financial Results by Segment
(in billions of yen, unless otherwise stated)
FY2017 | FY2018 | ||
---|---|---|---|
Q1 (Apr. - Jun.) |
Q1 (Apr. - Jun.) |
YoY Change |
|
Revenue | |||
Consolidated results | 524.3 | 565.4 | +7.8% |
HR Technology | 46.4 | 69.3 | +49.1% |
Media & Solutions | 165.2 | 173.5 | +5.0% |
Staffing | 318.0 | 329.1 | +3.5% |
Eliminations and Adjustments | -5.3 | -6.4 | - |
EBITDA | |||
Consolidated results | 71.8 | 78.7 | +9.5% |
HR Technology | 7.7 | 9.4 | +21.6% |
Media & Solutions | 43.1 | 47.3 | +9.8% |
Staffing | 20.6 | 24.0 | +16.7% |
Eliminations and Adjustments | 0.3 | -2.1 | - |
EBITDA margin | |||
Consolidated results | 13.7% | 13.9% | +0.2pt |
HR Technology | 16.7% | 13.6% | -3.1pt |
Media & Solutions | 26.1% | 27.3% | +1.2pt |
Staffing | 6.5% | 7.3% | +0.8pt |
All three segments delivered an increase in revenue and EBITDA. The increase in the consolidated financial results was mainly driven by the HR Technology segment which continued its strong rate of growth.
Impact to Segment EBITDA due to Change in Intra-Group Transactions
Due
to the group reorganization, the treatment of intra-group transactions such
as management service fees and general administrative fees was changed at
the beginning of Q1 FY2018, positively impacting EBITDA in some segments.
Excluding this impact, EBITDA of all segments and subsegments increased year
on year.
There is no impact on the HR Technology segment and overseas
operations of the Staffing segment from this change in treatment of
intra-group transactions.
(in billions of yen, unless otherwise stated)
FY2017 | FY2018 | ||||
---|---|---|---|---|---|
EBITDA | Q1 Results (A) |
Q1 Adjusted *¹ (B) |
Q1 Results (C) |
YoY Change (C)/(A) |
YoY Change Adjusted *¹ (C)/(B) |
Consolidated results | 71.8 | - | 78.7 | +9.5% | - |
HR Technology | 7.7 | - | 9.4 | +21.6% | - |
Media & Solutions | 43.1 | 44.6 | 47.3 | +9.8% | +6.0% |
Marketing Solutions | 24.7 | 25.5 | 27.9 | +13.1% | +9.3% |
HR Solutions | 20.7 | 21.1 | 23.3 | +12.4% | +10.4% |
Eliminations and Adjustments | -2.3 | -2.0 | -3.9 | - | - |
Staffing | 20.6 | 21.2 | 24.0 | +16.7% | +13.4% |
Japan | 11.3 | 11.9 | 13.4 | +18.1% | +12.2% |
Overseas | 9.2 | - | 10.5 | +15.0% | - |
Eliminations and Adjustments | 0.3 | -1.7 | -2.1 | - | - |
*1 Results assuming the change in intra-group transactions from the beginning of Q1 FY2018 was applied and impact to FY2017 results. Calculated based on managerial accounting figures.
HR Technology
(in billions of yen, unless otherwise stated)
FY2017 | FY2018 | ||
---|---|---|---|
Q1 (Apr. - Jun.) |
Q1 (Apr. - Jun.) |
YoY Change | |
Revenue | 46.4 | 69.3 | +49.1% |
Reference: Revenue in US dollars*¹
(in millions of US dollars) |
418 | 634 | +51.7% |
Reference: Revenue in US dollars IFRS15 applied(1)(2) (in millions of US dollars) |
402 | 634 | +57.6% |
EBITDA | 7.7 | 9.4 | +21.6% |
EBITDA margin | 16.7% | 13.6% | -3.1pt |
In
the HR Technology segment, revenue was up 49.1% year on year. On a US dollar
basis, year-on-year revenue growth was 51.7%. Assuming IFRS 15 was applied
in Q1 FY2017 on a pro forma basis, year-on-year revenue growth was 57.6% on
a US dollar basis.
This growth was mainly due to new customer
acquisition and expanding spend from existing customers against the backdrop
of a favorable economic environment and strong labor
market.
Segment EBITDA increased 21.6% year on year. To support
future revenue growth, the HR Technology segment is strategically making
investments in its sales force, in marketing activities to acquire new users
and customers, and in product enhancements to increase user and customer
engagement. These investments will continue to fluctuate throughout the
year. Additionally, segment EBITDA was negatively impacted by one-time costs
of 1.19 billion yen associated with the acquisition of Glassdoor. As a
result, EBITDA margin was 13.3%, remaining within the target range of 10%
and 20%. Excluding the impact of the one-time costs associated with the
acquisition of Glassdoor, EBITDA margin was 15.0%.
Profits and losses
from Glassdoor's operations will impact the HR Technology segment's results
from July 2018.
*1 This is the financial results of operating companies in the HR Technology segment, which differ from the IFRS-based consolidated financial results of Recruit Holdings Co., Ltd.
Media & Solutions
(in billions of yen, unless otherwise stated)
FY2017 | FY2018 | ||
---|---|---|---|
Q1 (Apr. - Jun.) | Q1 (Apr. - Jun.) | YoY Change | |
Revenue | |||
Segment total | 165.2 | 173.5 | +5.0% |
Marketing Solutions | 91.7 | 93.6 | +2.1% |
Housing and Real Estate | 24.6 | 24.2 | -1.7% |
Bridal | 13.8 | 13.9 | +0.3% |
Travel | 13.6 | 14.0 | +2.8% |
Dining | 8.8 | 9.2 | +4.6% |
Beauty | 15.0 | 17.2 | +14.2% |
Others | 15.6 | 15.0 | -4.1% |
HR Solutions | 71.2 | 79.0 | +10.9% |
Recruiting in Japan | 66.3 | 70.2 | +6.0% |
Others | 4.9 | 8.8 | +76.9% |
Eliminations and Adjustments | 2.1 | 0.8 | -62.6% |
EBITDA | |||
Segment total | 43.1 | 47.3 | +9.8% |
Marketing Solutions | 24.7 | 27.9 | +13.1% |
HR Solutions | 20.7 | 23.3 | +12.4% |
Eliminations and Adjustments | -2.3 | -3.9 | - |
EBITDA margin | |||
Segment total | 26.1% | 27.3% | +1.2pt |
Marketing Solutions | 27.0% | 29.9% | +2.9pt |
HR Solutions | 29.2% | 29.6% | +0.4pt |
In the Media & Solutions segment, revenue increased 5.0% year on year, EBITDA grew 9.8% and EBITDA margin was 27.3%. Excluding the impact of the change in the treatment of intra-group transactions, EBITDA increased 6.0%.
Revenue in Marketing Solutions increased 2.1%, and EBITDA increased 13.1%
year on year with an EBITDA margin of 29.9%. Excluding the impact of the
change in the treatment of intra-group transactions, EBITDA increased
9.3%.
Revenue in the Beauty business, the fastest growing subsegment in
Marketing Solutions, increased 14.2% year on year, due to an increase in the
number of online beauty salon reservations made through the platform, as
well as an increase in the number of beauty salon clients located in
non-urban areas and the outskirts of metropolitan areas.
In the Dining
business, restaurant operators continued to face a challenging environment,
mainly due to the workforce shortage in Japan. In these conditions, the
Dining business focused on strengthening relationships with clients by
offering operational solutions such as Air Series, a cloud-based operational
support package. As a result, revenue in the Dining business increased 4.6%
year on year.
Revenue in the Travel business increased 2.8% year on
year, driven by an increase in both the number of hotel guests and the price
per night of hotels booked through the online reservation platform.
In
Housing and Real Estate, revenue in the independent housing and leasing
divisions grew as a result of the sales initiatives to offer solutions to
clients and efforts to attract more users to the platform. Meanwhile,
overall subsegment revenue declined by 1.7% year on year, primarily due to
the sale of a subsidiary during the third quarter of FY2017. Excluding this
one-time impact, revenue was up 5.5% year on year.
Revenue of the
Others subsegment decreased 4.1% year on year, primarily due to the sale of
subsidiaries in Overseas Marketing. Excluding the one-time impact of the
sale of the subsidiaries, revenue increased by 5.6% year on year.
In
HR Solutions, revenue increased 10.9% year on year, EBITDA increased 12.4%,
and EBITDA margin was 29.6%. Excluding the impact of the change in the
treatment of intra-group transactions, EBITDA increased 10.4%.
In the
Recruiting in Japan subsegment, the professional recruiting businesses saw
particularly strong performance supported by the continued favorable
business environment in the Japanese labor market. Revenue in Recruiting in
Japan of HR Solutions was affected by two one-time factors. The first factor
had a negative impact on revenue due to the transfer of the recruiting
assessment business, which was previously managed in the Recruiting in Japan
subsegment, to the Others subsegment during the first quarter. The second
factor positively impacted revenue due to the transfer of the placement
business for the medical industry to the Recruiting in Japan subsegment,
which was previously recorded in Corporate Expenses / Elimination (renamed
this quarter to Eliminations and Adjustments) in Media & Solutions.
Excluding these one-time factors, revenue increased 8.6%.
The Others
subsegment in HR Solutions increased 76.9% due to the transfer of the
recruiting assessment business to this subsegment.
Staffing
(in billions of yen, unless otherwise stated)
FY2017 | FY2018 | ||||
---|---|---|---|---|---|
Q1 (Apr. - Jun.) |
Q1 (Apr. - Jun.) |
YoY Change |
|||
Revenue | |||||
Segment total | 318.0 | 329.1 | +3.5% | ||
Japan | 125.7 | 135.6 | +7.9% | ||
Overseas | 192.3 | 193.4 | +0.6% | ||
EBITDA | |||||
Segment total | 20.6 | 24.0 | +16.7% | ||
Japan | 11.3 | 13.4 | +18.1% | ||
Overseas | 9.2 | 10.5 | +15.0% | ||
EBITDA margin | |||||
Segment total | 6.5% | 7.3% | +0.8pt | ||
Japan | 9.1% | 9.9% | +0.9pt | ||
Overseas | 4.8% | 5.5% | +0.7pt |
Staffing revenue was up 3.5% year on year, EBITDA increased 16.7%, and EBITDA margin was 7.3%. Excluding the impact of the change in the treatment of intra-group transactions, EBITDA increased 13.4%.
The
Japanese staffing market continued to expand as evidenced by the continued
strong demand for agency workers and the number of active agency workers
remained at a high level. In this environment, the Japan operations focused
on extending new and existing staffing contracts. There was also the
positive impact of investment to attract more agency workers in Q4 FY2017.
As a result, revenue in the Japan operations increased 7.9% year on
year.
EBITDA in the Japan operations increased 18.1% year on year, and
EBITDA margin was 9.9%. Excluding the impact of the change in the treatment
of intra-group transactions, EBITDA increased 12.2%.
In the overseas
operations, revenue increased 0.6%, EBITDA increased 15.0% and EBITDA margin
was 5.5%. The positive effect of foreign exchange rate movements on overseas
staffing revenue during the first quarter was 4.6 billion yen. Excluding
this impact, quarterly revenue decreased 1.8% year on year, primarily due to
the application of IFRS 15, where a portion of revenue from some
subsidiaries is recognized on a net basis as opposed to a gross
basis.
On the other hand, EBITDA margin increased in the overseas
operations due to its operating focus on profitability based on the Unit
Management System, and a positive impact from the application of IFRS
15.
4.FY2018 Consolidated Financial Forecast
The FY2018 full year forecast has not changed since the announcement on May 15, 2018.
(in billions of yen, unless otherwise stated)
FY2017 | FY2018 | ||
---|---|---|---|
Full-year | Full-year | YoY Change | |
Revenue | 2,173.3 | 2,302.0 | +5.9% |
EBITDA | 258.4 | 285.0 | +10.3% |
Operating income | 191.7 | 210.0 | +9.5% |
Profit attributable to owners of the parent | 151.6 | 153.0 | +0.9% |
Adjusted profit | 144.9 | 170.0 | +17.3% |
Adjusted EPS(yen) | 86.74 | 101.76 | +17.3% |
Profit available for dividends | 131.8 | 153.0 | +16.1% |
Dividend per share(yen) | 23.00 | 27.00 | - |
Even though the acquisition of Glassdoor was completed during Q1 FY2018 which is earlier than previously anticipated, the full-year forecast for FY2018 has not changed since the announcement on May 15, 2018.
* Assumed foreign exchange rates for FY2018: 106 yen per US dollar, 131 yen per Euro, 84 yen per Australian dollar.
5.FAQ's for Q1 FY2018
Financial Results for Q1 FY2018
Consolidated Results
Q1:
Why did consolidated operating income increase 20.4% year on
year, while consolidated EBITDA increased 9.5%?
A1:
This was mainly due to an increase in other operating income
of 6.6 billion yen, which consists mainly of a non-recurring gain of 6.3
billion yen resulting from the sale of subsidiaries in Overseas
Marketing in the Others subsegment in Marketing Solutions in Media &
Solutions. Please refer to the following link for further details on the
sale of subsidiaries.
Notification of Change in Consolidated
Subsidiary (Transfer of Shares and Holdings) (January 5,
2018)
https://recruit-holdings.com/en/newsroom/20180105_8093/
Q2:
Why did year-on-year growth rate of EBITDA increase to 9.5%
in Q1 FY2018, while year-on-year growth rate of EBITDA was 0.2% in Q4
FY2017?
A2:
The year-on-year EBITDA growth rate was higher in Q1 FY2018
compared to Q4 FY2017, mainly due to an accelerated level of investment
in advertisements to attract users during Q4 FY2017, to drive future
growth.
Q3:
Why was year-on-year growth rate of adjusted profit lower
than that of profit attributable to owners of the parent in Q1
FY2018?
A3:
This was mainly due to a non-recurring gain resulting from
the sale of subsidiaries in Overseas Marketing in Q1 FY2018, which led
to lower growth rate of adjusted profit compared to that of profit
attributable to owners of the parent.
Please refer to the
following definition of adjusted profit and adjustment items;
-
Adjusted profit = profit attributable to owners of the parent ± adjustment items* (excluding non-controlling interests) ± tax reconciliation related to certain adjustment items
*Adjustment items = amortization of intangible assets arising due to business combinations ± non-recurring income/losses
Q4:
What was the impact of the completion of the acquisition of
Glassdoor Inc. ("Glassdoor") to the consolidated financial results for
Q1 FY2018.
A4:
Glassdoor was consolidated as of the end of Q1 FY2018,
resulting in an increase in goodwill of 132.4 billion yen in the
consolidated financial statement. Recruit Holdings, Co., Ltd. ("Recruit
Holdings") plans to complete the classification of intangible assets and
goodwill related to the acquisition during Q2 FY2018, based on the fair
value.
Profits and losses from Glassdoor's operations will impact
the HR Technology segment's results from Q2 FY2018. One-time costs of
1.19 billion yen associated with the Glassdoor acquisition were recorded
in the consolidated financial statement in Q1 FY2018.
Q5:
How much was the impact of foreign exchange rate movements on
consolidated revenue?
A5:
The positive impact of foreign exchange rate movements on the
consolidated revenue for Q1 FY2018 was 3.5 billion yen.
Q6:
What was the reason for the change in adjustment items to
calculate adjusted profit and adjusted EPS? Why were adjusted profit and
adjusted EPS in the previous quarters not changed retroactively?
A6:
The convertible bond which was issued by 51job, Inc.
("51job"), an equity-method affiliate of Recruit Holdings from 2006, of
which we own 37.8% shares as of the end of FY2017, can be converted to
equity after October 2018 for market price of 51job at the time of
conversion. This may result in an increase in our shareholding ratio
which would positively impact to profit, which will be recorded as
non-recurring income in the adjustment items.
On the other
hand, 51job recorded a significant level of revaluation loss due to an
increase in 51job's share price recently. Recruit Holdings recorded this
revaluation loss in proportion to its shareholding ratio in 51job under
the equity-method, but this loss was not included in the adjustment
items in the previous quarters.
This profit and loss above are
originated from the same convertible bond from the same issuer, and the
record of revaluation loss is associated with a possible increase in
profit upon conversion. Therefore, we decided to include the loss
related to revaluation of the convertible bond issued by 51job in the
adjustment items as non-recurring loss, considering the loss is
originated from the same origin as the profit we have already included
in the adjustment items, and the impact from the loss which had not been
included in the adjustment items is expected to increase.
While
this change was reflected to the adjustment items for Q1 FY2018,
adjusted profit and adjusted EPS for FY2017 were not changed
retroactively as the impact of this change was not significant in the
previous fiscal year.
[reference: adjusted EPS assuming
the change was applied in the previous years]
-
FY2016: 80.32 yen, an increase of 0.3% from 80.06 yen as disclosed.
-
FY2017: 88.61 yen, an increase of 2.2% from 86.74 yen as disclosed.
[reference: adjusted EPS in Q1 FY2018]
-
Q1 FY2018: 29.37 yen, an increase of 8.3% from 27.12 yen, adjusted in the same items as the previous quarters
HR Technology
Q7:
Quarterly revenue on a US dollar basis increased 51.7% year
on year in HR Technology. What drove the continued strong revenue
growth?
A7:
The strong revenue growth was mainly due to new customer
acquisition and expanding spend from existing customers, against the
backdrop of a favorable economic environment and strong labor
market.
Q8:
Why did quarterly EBITDA margin in HR Technology decrease to
13.6%, compared to 16.7% in Q1 FY2017.
A8:
EBITDA for Q1 FY2018 was negatively impacted by one-time
costs of 1.19 billion yen associated with the acquisition of Glassdoor,
which was completed on June 21, 2018. Excluding this one-time impact,
EBITDA margin in HR Technology for Q1 FY2018 was 15.3%. While we expect
EBITDA margins will fluctuate throughout the year based on the timing of
investments, our expected target range remains 10% to 20% on an
annualized basis.
Q9:
What was the difference in revenue growth rates between the
US and Non-US?
A9:
HR Technology continued to achieve strong revenue growth in
the US. Additionally, due to the earlier stages of the market
development, the revenue growth rate in non-US markets continued to
outpace the US, driven by strong performance in Japan, UK, Canada and
Germany. Overall, the Non-US revenue growth rate is following a similar
trajectory to what the US experienced a few years ago. We do not
disclose revenue by regions.
Q10:
How many unique visitors did Indeed reach? Please also
provide an update on the number of resumes, employees and
offices.
A10:
Indeed attracts more than 200 million unique visitors per
month and continued to extend its traffic leadership position, achieving
double digit traffic growth year on year in Q1 FY2018. Indeed's resume
database grew year on year with over 120 million resumes uploaded to its
platform. As of the end of June 2018, Indeed had 6,700 employees and 27
offices globally.
Media & Solutions
Q11:
Why did quarterly EBITDA in Marketing Solutions increase
13.1% year on year?
A11:
There was a positive impact on quarterly EBITDA since the
treatment of intra-group transactions such as management service fees
and general administrative fees was changed at the beginning in Q1
FY2018, due to the group reorganization which was put into action from
last year. EBITDA was also driven by increased EBITDA in each subsegment
in Marketing Solutions. Excluding the impact of the change in the
treatment of intra-group transactions, EBITDA increased 9.3% year on
year.
Q12:
Why did quarterly revenue and EBITDA in HR Solutions
increase 10.9% and 12.4% year on year, respectively?
A12:
Revenue increased in Recruiting in Japan as a result of
solid performance in the professional recruiting business. In addition,
quarterly revenue and EBITDA increased due to the transfer of the
placement business for the medical industry to the Recruiting in Japan
subsegment, which was previously recorded in Corporate Expenses /
Elimination (renamed this quarter to Eliminations and Adjustments).
Excluding the impact of the change in intra-group transactions described
in Q11, quarterly EBITDA increased 10.4% year on year.
Q13:
Why did quarterly revenue in the Housing and Real Estate
subsegment decrease by 1.7% year on year?
A13:
While revenue in the independent housing division and
leasing division increased, quarterly revenue in this subsegment
decreased primarily due to the absence of revenue from Recruit Forrent
Insure Co., Ltd., a subsidiary which was sold in October 2017. Excluding
this one-time impact of 1.6 billion yen, quarterly revenue increased
5.5% year on year.
Q14:
Why did quarterly revenue in the Others subsegment in
Marketing Solutions decrease 4.1% year on year?
A14:
As mentioned in Q1, the sale of subsidiaries in Overseas
Marketing in this subsegment impacted quarterly revenue negatively.
Excluding this one-time impact of 1.4 billion yen, quarterly revenue
increased 5.6% year on year.
Q15:
Why did quarterly revenue in the Others subsegment in HR
Solutions increase 76.9% year on year?
A15:
This increase was mainly due to the transfer of the
recruiting assessment business, which was previously managed in the
Recruiting in Japan subsegment, to the Others subsegment in HR
Solutions.
Staffing
Q16:
Why did quarterly EBITDA increase 18.1% year on year in
Japan operations in Staffing, while revenue in Japan operations
increased 7.9%?
A16:
This was mainly due to the improvement of productivity in
the business operation, and the change in the treatment of intra-group
transactions as mentioned in Q11. Excluding the impact of the change in
intra-group transactions, EBITDA increased 12.2%.
Q17:
Why did quarterly revenue in overseas operations in Staffing
increased 0.6% year on year?
A17:
The application of IFRS 15 resulted in a negative impact on
quarterly revenue in some overseas subsidiaries, which was recognized on
a net basis instead of a gross basis. Revenue was also impacted by a
decrease in transactions with existing clients due to the ongoing focus
on increasing productivity and profitability by executing the principles
of the Unit Management System, and the challenging business environment
in the Staffing market in the United States, resulting in year-on-year
revenue increase of 0.6%.
Additionally, foreign exchange rate
movements positively impacted quarterly revenue by 4.6 billion yen.
Excluding this impact, quarterly revenue decreased 1.8% year on
year.
Q18:
Why did quarterly EBITDA in overseas operations in Staffing
increase 15.0% year on year?
A18:
EBITDA increased year on year due to a focus on cost
reduction driven by the implementation and execution of the Unit
Management principles and guidelines that prioritize productivity and
profitability over a focus on revenue growth. As a result, although
revenue increased by only 0.6%, EBITDA increased by 15.0% due to
improved operating leverage. EBITDA margin also expanded year on
year.
6. Video
7. Results Materials
Latest Investors' Kit for Q1 FY2018(1.3 MB)(ZIP)
Earnings Release for Q1 FY2018 (681 KB)
Presentation Material for Q1 FY2018
Disclaimer
In preparing these materials, Recruit Holdings Co., Ltd.
relies upon and assumes the accuracy and completeness of all available
information. However, we make no representations or warranties of any kind,
express or implied, about the completeness and accuracy. This presentation
also contains forward-looking statements. Actual results, performance and
achievements are subject to various risks and uncertainties. Accordingly,
actual results may differ significantly from those expressed or implied by
forward-looking statements. Readers are cautioned against placing undue
reliance on forward-looking statements.
Third parties are not permitted
to use and/or disclose this document and the contents herein for any other
purpose without the prior written consent of Recruit Holdings Co.,
Ltd.