Recruit Holdings Co., Ltd. · TSE:6098
Recruit — FY2023 Earnings Presentation
33 slides from Recruit's earnings presentation, May 15, 2024
Slide 1: Q4 FY2023 Consolidated Results
Recruit Holdings Q4 FY2023 Consolidated Results 2024年3月期 通期決算説明 05. 15. 2024 FY2023 is the fiscal year from April 1, 2023 to March 31, 2024 FY2024 is the fiscal year from April 1, 2024 to March 31, 2025 All comparisons during this conference call are year over year unless otherwise stated. 2023年度は20
Slide 2: Hisayuki “Deko” Idekoba
いで こ ば ひさ ゆき 出木場 久征 Hisayuki “Deko” Idekoba Recruit Holdings Co., Ltd. 株式会社リクルートホールディングス Representative Director, President and CEO 代表取締役社長 兼 CEO Head of HR Technology Business HRテクノロジー 事業担当 Recruit Holdings | FY2023 Results 1
Slide 3: Job Openings in the US from 2000
Job Openings in the US from 20001 2000年以降のアメリカにおける求人件数 1 (Thousands/千) US Job Openings: Total Nonfarm | 米国の求人件数: 非農業職 1 Source: National Bureau of Economic Research. Gray bars indicate recessionary periods. 1 出典: 全米経済研究所 (NBER) グレーの棒は景気後退期を示します。 2 The chart starts in December 2000. 2 チャートの開始点は2000年1
Slide 4: Working Age Population in the US
Working Age Population in the US1 アメリカにおける生産年齢人口 1 (Millions/百万) US Working Age Population Aged 15-64 | 米国の生産年齢人口 (15-64歳) 1 Source: National Bureau of Economic Research 1 出典: 全米経済研究所 (NBER) Recruit Holdings | FY2023 Results 3
Slide 5: FY2023 Consolidated Financial Results
FY2023 Consolidated Financial Results Revenue Adjusted EBITDA1 and (in trillions of yen) Adjusted EBITDA Margin % (in billions of yen) 3.50 600 3.00 17.5% 500 15.9% 2.50 17.8% 400 2.00 300 1.50 13.6% 12.7% 200 1.00 11.9% 10.9% 0.50 100 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2017 FY2018 F
Slide 6: 60 Years of Our History
60 Years of Our History1 60年間の歴史 Revenue | 売上収益 (Billion yen / 十億円) 1 Revenues for the year in which a change in fiscal year was made are added to the previous years' revenues. 1 決算期変更があった年度の売上は、前年度に加算して表示しています。 2 Adopted International Financial Reporting Standards (IFRS) from the beginning of the F
Slide 7: Job Openings in the US from 2000
Job Openings in the US from 20001 2000年以降のアメリカにおける求人件数 1 (Thousands/千) US Job Openings: Total Nonfarm | 米国の求人件数: 非農業職 1 Source: National Bureau of Economic Research. Gray bars indicate recessionary periods. 1 出典: 全米経済研究所 (NBER) グレーの棒は景気後退期を示します。 Recruit Holdings | FY2023 Results 6
Slide 8: FY2024 = Year 0
FY2024 = Year 0 Recruit Holdings | FY2023 Results 7
Slide 9: Operational Efficiency
Operational Efficiency Recruit Holdings | FY2023 Results 8
Slide 10: HR Technology: Back to YoY revenue growth in FY2024 2H
01 Operational Efficiency HR Technology: Back to YoY revenue growth in FY2024 2H by improving monetization efficiencies (Thousands/千) US Job Openings: Total Nonfarm | 米国の求人件数: 非農業職 1 Source: National Bureau of Economic Research. Illustrative purposes only after March 2024. 1 出典: 全米経済研究所（NBER） 2024年3
Slide 11: M&S HR Solutions: Adjusted EBITDA margin at the level of HR Technology
01 Operational Efficiency HR Technology + M&S HR Solutions: M&S HR Solutions Adjusted EBITDA margin at the level of HR Technology Operate as “one team” to gain efficiency Recruit Holdings | FY2023 Results 10
Slide 12: M&S Marketing Solutions: Adjusted EBITDA margin target of 35% - 40%
01 Operational Efficiency M&S Marketing Solutions: Adjusted EBITDA margin (pre-corporate1) target of 35% - 40% 35% - 40% 40% 35% 30% 28% 30% 25% 25% 20% FY2022 FY2023 FY2024 ・・・・ Mid-term 1 Before allocating corporate overhead costs 1 本社費等考慮前 2 Forecast numbers after FY2024 2 2024年度以降は見通し数値です。 3 Adj
Slide 13: Capital Efficiency
Capital Efficiency Recruit Holdings | FY2023 Results 12
Slide 14: Net Cash and Cash Equivalents: Target of ¥600 billion by end of FY2025
02 Capital Efficiency Net Cash and Cash Equivalents1: Target of ¥600 billion by the end of FY2025 (in billions of yen) 1,200.0 900.0 600.0 300.0 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 1 Calculated by subtracting subtracting interest bearing debt from cash and cash equivalents. 1 現金及び現金同等物から社債及び借入
Slide 15: Operational Efficiency and Capital Efficiency summary
Operational Efficiency Capital Efficiency HR Technology Consolidated M&S HR Technology + Cash and Marketing Solutions M&S HR Solutions cash equivalents M&S HR Solutions: Adj. EBITDA margin Back to Adj. EBITDA margin of 35% - 40% ¥600 billion YoY revenue growth at the level of (pre corporate) by the
Slide 16: Junichi Arai
あら い じゅん いち 荒井 淳一 Junichi Arai Recruit Holdings Co., Ltd. 株式会社リクルートホールディングス Senior Vice President 執行役員 Corporate Strategy and Investor Relations 執行役員 経営企画本部 経営戦略、 IR 出木場 久征 Recruit Holdings | FY2023 Results 15
Slide 17: FY2023 Consolidated Financial Results
FY2023 Consolidated Financial Results FY2022 FY2023 Adjusted EBITDA & Adjusted EBITDA Margin (in billions of yen, unless otherwise stated) Actual Guidance Actual YoY Revenue 売上収益 3,429.5 3,400.0 3,416.4 -0.4% Adjusted EBITDA 調整後EBITDA 545.0 585.0 598.3 +9.8% Adjusted EBITDA margin % 調整後EBITDAマージン %
Slide 18: FY2023 Consolidated Financial Results: Adjusted EBITDA
FY2023 Consolidated Financial Results Adjusted EBITDA Adjusted EBITDA & Adjusted EBITDA Margin (in billions of yen) FY2022 FY2023 YoY Operating income 営業利益 344.3 402.5 +16.9% Operating Margin % 営業利益率 % 10.0% 11.8% - Other operating income/expenses その他営業利益・費用 49.3 40.6 - Non-GAAP operating income Non
Slide 19: Consolidated Balance Sheet as of March 31, 2024
Consolidated Balance Sheet as of March 31, 2024 As of As of Variance (in billions of yen) March 31, 2023 March 31, 2024 Assets Cash and Cash Equivalents 877.3 1,136.8 +259.4 Total current assets (Excluding Cash and Cash Equiv.) 587.9 625.8 +37.9 Total non-current assets 1,327.9 1,381.9 +53.9 Total a
Slide 20: The Number of shares as of March 31, 2024
The Number of shares as of March 31, 2024 As ofEBITDA & AdjustedAs of Margin (shares in millions) Adjusted March 31, 2023 EBITDA March 31, 2024 Variance Number of issued shares 期末発行済株式数 1,695.9 1,649.8 -46.1 Number of treasury stock 期末自己株式数 Treasury stock directly held by Recruit Holdings 49.0 50.4
Slide 21: Consolidated FY2024 Guidance
Consolidated FY2024 Guidance FY2023 FY2024 Adjusted EBITDA & Adjusted EBITDA Margin Guidance (in billions of yen, unless otherwise stated) Actual Low High YoY Revenue 売上収益 3,416.4 3,300.0 - 3,500.0 -3.4% - +2.4% Adjusted EBITDA 調整後EBITDA 598.3 570.0 - 675.0 -4.7% - +12.8% Adj. EBITDA margin % 調整後EBI
Slide 22: Consolidated FY2023 Results and FY2024 Guidance
Consolidated FY2023 Results and FY2024 Guidance Revenue (in trillions of yen) Adjusted EBITDA and (in billions of yen) Adjusted EBITDA margin % 3.50 700 3.00 600 19.3% 2.50 500 17.5% 17.3% 2.00 15.9% 400 1.50 300 1.00 200 0.50 100 FY2022 FY2023 FY2024 FY2022 FY2023 FY2024 Low High Low High Recruit H
Slide 23: Consolidated FY2023 Results and FY2024 Guidance
Consolidated FY2023 Results and FY2024 Guidance Operating income (in billions of yen) Profit attributable (in billions of yen) to owners of the parent 500 400 400 300 300 200 200 100 100 FY2022 FY2023 FY2024 FY2022 FY2023 FY2024 Low High Low High Recruit Holdings | FY2023 Results 22
Slide 24: HR Technology Segment FY2023 Results and FY2024 Guidance
HR Technology Segment FY2023 Results and FY2024 Guidance Revenue in US dollar (in millions of dollars) Adjusted EBITDA and (in billions of yen) 8,243 YoY Adjusted EBITDA margin % 0.0% - +9.5% 33% - 36% $8,000 US 400 7,004 US $6,000 300 30.7% 34.0% $4,000 200 Japan $2,000 Non-US 100 RoW FY2022 FY2023
Slide 25: Matching & Solutions Segment by Sub Segment
Matching & Solutions Segment FY2023 Results and FY2024 Guidance by Sub Segment HR Solutions (in billions of yen) Marketing Solutions (in billions of yen) Revenue Revenue YoY +1.5% - +9.0% 500 500 492.4 400 400 YoY 300 -23.0% - -10.0% 300 200 200 100 100 FY2022 FY2023 FY2024 FY2022 FY2023 FY2024 Low
Slide 26: Marketing Solutions - FY2023 Revenue Breakdown
Matching & Solutions Segment Marketing Solutions - FY2023 Revenue Breakdown (in billions of yen) Total: 492.4 YoY +9.0% Others (Car + Educations + Bridal + Others) 101.8 20.7% YoY Beauty + Travel + Dining Approx. +2% + SaaS Solutions 246.9 YoY Approx. +15% 50.1% 143.6 Beauty YoY 106.7 Housing & Real
Slide 27: Matching & Solutions Segment FY2023 Results and FY2024 Guidance
Matching & Solutions Segment FY2023 Results and FY2024 Guidance Revenue (in billions of yen) Adjusted EBITDA and (in billions of yen) YoY Adjusted EBITDA margin % -7.7% - +1.8% 800 200 20% - 23% 600 150 20.3% 400 100 14.4% 200 50 FY2022 FY2023 FY2024 FY2022 FY2023 FY2024 Low High Low High Recruit Ho
Slide 28: Staffing Segment FY2023 Results and FY2024 Guidance
Staffing Segment FY2023 Results and FY2024 Guidance Revenue (in billions of yen) Adjusted EBITDA and (in billions of yen) Adjusted EBITDA margin % 1,585.2 1,634.2 5.5% - 6.0% 100 1,500 YoY YoY Japan +5.0% +5.0% 6.5% 6.0% 75 1,000 Europe 50 US YoY YoY Australia -4.0% -2.5% 500 25 FY2022 FY2023 FY2024
Slide 29: Capital Allocation Policy
Capital Allocation Policy Aim 600.0 Billion Yen of Net Cash and Cash Equivalent at FY2025 Year End Total payouts to shareholders Year end net cash and cash equivalents2 Total payout ratio1 % (in billions of yen) (in billions of yen) 250 1,000 72.0% 200 750 150 69.5% 53.5% 500 100 85.0% 250 50 FY2020
Slide 30: Appendix: FY2023 Result by Segment
Appendix: FY2023 Result by Segment (in billions of yen) FY2022 FY2023 Adjusted EBITDA & Adjusted EBITDA Margin YoY HR Technology 1,116.1 1,011.8 -9.3% Revenue Matching & Solutions 760.6 807.8 +6.2% 売上収益 Staffing 1,585.2 1,634.2 +3.1% Consolidated1 3,429.5 3,416.4 -0.4% HR Technology 342.3 344.3 +0.6
Slide 31: Appendix: Global HR Matching Businesses + Marketing Solutions Business in Japan
Appendix: Global HR Matching Businesses + Marketing Solutions Business in Japan (in billions of yen) FY2016 FY2023 1,602.4 784.2 Staffing HR 285.6 Technology Staffing 132.7 193.4 Marketing HR Technology HR Solutions Solutions 1,011.8 281.9 492.4 Marketing Solutions 369.6 HR Solutions 305.0 1 To indi
Slide 32: Disclaimer
Disclaimer Forward-Looking Statements This material contains forward-looking statements, which reflect the Company’s assumptions, estimates and outlook for the future based on information available to the Company and the Company’s plans and expectations as of the date of this material unless the con
Slide 33: 免責条項
免責条項 将来見通しに関する注意事項 本資料には、将来の見通しに関する記述が含まれています。将来の見通しに関する記述には、別段の記載がない限り本資料の発表日現在における当 社が入手可能な情報並びに当社の計画及び見込みに基づいた当社の想定、将来の見通し及び推測が含まれますが、これらが達成される保証はありま せん。経済状況の変化、個人ユーザーの嗜好及び企業クライアントのニーズの変化、他社との競合、法令、ソフトロー又は実務慣行の変化を含む法規 制の変化、為替レートの変動、気候変動を含む地球環境の変化、大規模自然災害の発生その他の様々な要因により、将来の予測・見通しに関する記 述は実際の業績と大幅に異