Recruit Holdings Co., Ltd. · TSE:6098
Recruit — FY2024 Earnings Presentation
47 slides from Recruit's earnings presentation, May 9, 2025
Slide 1: FY2024 Full-year Consolidated Results
Recruit Holdings FY2024 Full-year Consolidated Results 2025年3月期 通期決算説明 May 09, 2025 FY2024 is the fiscal year from April 1, 2024 to March 31, 2025. FY2025 is the fiscal year from April 1, 2025 to March 31, 2026. All comparisons during this conference call are year over year unless otherwise stated.
Slide 2: Hisayuki Idekoba, President and CEO
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 Chief Executive Officer 代表取締役社長 兼 Chief Executive Officer Head of HR Technology Business HRテクノロジー 事業担当 Recruit Holdings | FY2024 Q4 Results 2
Slide 3: HR Technology: Back to YoY revenue growth in FY2024 2H
Recap: FY2023 Results Presentation on 05/15/24 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. 2 Ass
Slide 4: FY2024 Outcome: US job openings declined
01 Operational Efficiency FY2024 Outcome: US job openings declined (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 2025. 2 Assuming no sharp deterioration in the economic environment, including the la
Slide 5: FY2024 Consolidated Financial Results
FY2024 Consolidated Financial Results Revenue Adjusted EBITDA1 and (in trillions of yen) Adjusted EBITDA Margin % (in billions of yen) 1 From FY2022, the Company changed the adjustment items for adjusted EBITDA. New definition of adjusted EBITDA has been applied retroactively to FY2018 through FY202
Slide 6: FY2025 Outlook: Continued decline in US job openings
01 Operational Efficiency FY2025 Outlook: Continued decline in US job openings (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 2025. 2 Assuming no sharp deterioration in the economic environment, incl
Slide 7: FY2025 Guidance for Consolidated Financials
FY2025 Guidance for Consolidated Financials Revenue1 Adjusted EBITDA1,2 and (in trillions of yen) Adjusted EBITDA Margin % (in billions of yen) 1 The foreign exchange rate assumptions for FY2025 as of 05/09/2025 are 145 yen per US dollar, 158 yen per Euro and 92 yen per Australian dollar. 2 From FY2
Slide 8: Recruit Holdings | FY2024 Q4 Results
Recruit Holdings | FY2024 Q4 Results 8
Slide 9: Please click here to watch the video
Please click here to watch the video Recruit Holdings | FY2024 Q4 Results 9
Slide 10: Recruit Holdings | FY2024 Q4 Results 10
Recruit Holdings | FY2024 Q4 Results 10
Slide 11: Please click here to watch the video
Please click here to watch the video Recruit Holdings | FY2024 Q4 Results 11
Slide 12: Recruit Holdings | FY2024 Q4 Results 12
Recruit Holdings | FY2024 Q4 Results 12
Slide 13: Junichi Arai, CFO
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 Executive Vice President and Chief Financial Officer 常務執行役員 兼 Chief Financial Officer Financial Management Division 執行役員 ファイナンシャル・マネジメント本部 出木場 久征 Recruit Holdings | FY2024 Q3 Results
Slide 14: FY2024 Annual Results and FY2025 Full-year Guidance
FY2024 Annual Results and FY2025 Full-year Guidance 1. Executive Summary 2. FY2024 Consolidated Financial Results 2025年3月期通期連結実績 3. Segment Results and Full-year Outlook セグメント別2025年3月期度実績と2026年3月期通期業績予想 • HR Technology • Staffing • Matching & Solutions (“M&S”) / Marketing Matching Technologies (“MMT
Slide 15: FY2024 Annual Results and FY2025 Full-year Guidance
FY2024 Annual Results and FY2025 Full-year Guidance HR Technology Staffing Marketing FY2024 Matching Technologies Pro Forma M&S HR HR Technology Placement (“MMT”) FY2025 - Job Advertising “Help Businesses HR Matching: “Simplify Hiring” Work Smarter” HR Technology Matching & Solutions Staffing FY2017
Slide 16: Executive Summary: Consolidated FY2024 Results and FY2025 Guidance
1. Executive Summary Consolidated FY2024 Results and FY2025 Full-year Guidance 1. FY2024 Consolidated Financial Results: Increased both revenue and profit, a record high in adjusted EBITDA and margin 2025年3月期通期連結実績は増収増益、調整後EBITDAは過去最高益、マージン過去最高水準 2. FY2025 Consolidated Full-year Guidance: Slight dec
Slide 17: Executive Summary: Consolidated FY2024 Results and FY2025 Guidance
1. Executive Summary Consolidated FY2024 Results and FY2025 Full-year Guidance Revenue (in trillions of yen) Adjusted EBITDA (“EBITDA+S”) Basic EPS (yen) and Margin % (in billions of yen) +8.7% Margin % over Yen/US Dollar 144.6 152.6 145.0 Gross Profit 30.5% 32.6% 33.6% Please see footnotes in the a
Slide 18: Executive Summary: FY2025 Segment Full-year Outlook
1. Executive Summary FY2025 Segment Full-year Outlook 3. HR Technology: Despite a further decline in job postings in the US, continued developments of monetization are expected to keep the US revenue flat. Segment adjusted EBITDA (“EBITDA+S”) margin from 33.0% to 34.5% with further cost control init
Slide 19: HR Technology Segment: FY2024 Results and FY2025 Outlook
1. Executive Summary HR Technology Segment: FY2024 Results and FY2025 Full-year Outlook Revenue in US dollar Revenue in Japanese Yen Adjusted EBITDA (“EBITDA+S”) (in billions of dollars) (in billions of yen) and Margin % (in billions of yen) +2.4% YoY 10.9% +2.4% Stock-based Japan Japan compensation
Slide 20: Staffing Segment: FY2024 Results and FY2025 Outlook
1. Executive Summary Staffing Segment: FY2024 Results and FY2025 Full-year Outlook Revenue (in billions of yen) Adjusted EBITDA (”EBITDA+S”) and Margin % (in billions of yen) Europe, US, Australia Japan Please see footnotes in the appendix. Recruit Holdings | FY2024 Q4 Results 20
Slide 21: M&S / MMT Segment: FY2024 Results and FY2025 Outlook
1. Executive Summary M&S / MMT Segment: FY2024 Results and FY2025 Full-year Outlook Revenue (in billions of yen) Adjusted EBITDA (“EBITDA+S”) Others and and Margin % (in billions of yen) Eliminations +5.1% HR Solutions Marketing Solutions Lifestyle (Beauty, Dining, Housing Others & Travel, SaaS) & R
Slide 22: Capital Allocation Strategy
1. Executive Summary Capital Allocation Strategy 6. Total Payouts to shareholders of 859.1 billion yen (total payout ratio of 210.3%) in FY2024 2024年度は総額8,591億円の株式配当及び自己株式取得を実施 (総還元性向は210.3%) 7. Net cash and cash equivalents was 822.7 billion yen as of March 31, 2025, reduced 312.6 billion yen from
Slide 23: Capital Allocation Strategy
1. Executive Summary Capital Allocation Strategy Total payouts to shareholders1 Year end net cash and cash Equity attributable to owners Total payout ratio2 % equivalents3 of the parent and ROE4 (in billions of yen) (in billions of yen) (in billions of yen) 200.0% 100.0% 0.0% Please see footnotes in
Slide 24: Consolidated Operating Performance
2. FY2024 Consolidated Financial Results Consolidated Operating Performance Revenue Gross Profit and % of Revenue (in trillions of yen) + (in trillions of yen) +6.2% Recruit Holdings | FY2024 Q4 Results 24
Slide 25: Consolidated Operating Performance
2. FY2024 Consolidated Financial Results Consolidated Operating Performance Adjusted EBITDA (“EBITDA+S”) (in billions of yen) Adjusted EBITDA before Stock-based (in billions of yen) and Margin % Compensation (“EBITDA”) and Margin % +13.5% + Margin % over Margin % over Gross Profit 31.0% 27.3% 30.5%
Slide 26: Consolidated Operating Performance
2. FY2024 Consolidated Financial Results Consolidated Operating Performance Non-GAAP Operating Income Operating Income (in billions of yen) (in billions of yen) + +21.9% Recruit Holdings | FY2024 Q4 Results 26
Slide 27: Consolidated Operating Performance
2. FY2024 Consolidated Financial Results Consolidated Operating Performance Profit attributable to owners of the parent Basic EPS (in billions of yen) (yen) +15.5% + Recruit Holdings | FY2024 Q4 Results 27
Slide 28: HR Technology Segment - Quarterly Results
3. Segment Results and Full-year Outlook HR Technology Segment - Quarterly Results Revenue in US dollar (in millions of dollars) Adjusted EBITDA (“EBITDA+S”) YoY and Margin % (in billions of yen) Japan Europe & Others US FY2023 FY2024 FY2024 Stock-based compensation Please see footnotes in the appen
Slide 29: HR Technology Segment Historical Annual Revenue and Adjusted EBITDA Margin
3. Segment Results and Full-year Outlook HR Technology Segment Historical Annual Revenue and Adjusted EBITDA (“EBITDA+S”) Margin % (in millions of dollars) YoY Japan Europe & Others Non-US US Please see footnotes in the appendix. Recruit Holdings | FY2024 Q4 Results 29
Slide 30: HR Technology Segment Historical Annual Adjusted EBITDA and Margin
3. Segment Results and Full-year Outlook HR Technology Segment Historical Annual Adjusted EBITDA (“EBITDA+S”) and Margin % (in billions of yen) Stock-based compensation Please see footnotes in the appendix. Recruit Holdings | FY2024 Q4 Results 30
Slide 31: HR Technology Segment
3. Segment Results and Full-year Outlook HR Technology Segment Revenue in US dollar Revenue in Japanese Yen Adjusted EBITDA (“EBITDA+S”) (in billions of dollars) (in billions of yen) and Margin % (in billions of yen) +2.4% YoY 10.9% +2.4% Stock-based Japan Japan compensation Europe & Europe & Others
Slide 32: Staffing Segment
3. Segment Results and Full-year Outlook Staffing Segment Revenue (in billions of yen) Adjusted EBITDA (“EBITDA+S”) (in billions of yen) and Margin % Europe, US, Australia Japan Please see footnotes in the appendix. Recruit Holdings | FY2024 Q4 Results 32
Slide 33: Matching & Solutions / Marketing Matching Technologies Segment
3. Segment Results and Full-year Outlook Matching & Solutions / Marketing Matching Technologies Segment Revenue (in billions of yen) Adjusted EBITDA (“EBITDA+S”) (in billions of yen) Others and Eliminations and Margin % +5.1% HR Solutions Marketing Solutions Lifestyle (Beauty, Dining, Housing Others
Slide 34: FY2025 Consolidated Full-year Guidance
4. FY2025 Consolidated Full-year Guidance Revenue (in trillions of yen) Gross Profit (in trillions of yen) Adjusted EBITDA (“EBITDA+S”) And Margin % (in billions of yen) -0.5% Margin % over Yen/US Dollar 144.6 152.6 145.0 Gross Profit 30.5% 32.6% 33.6% Please see footnotes in the appendix. Recruit H
Slide 35: FY2025 Consolidated Full-year Guidance
4. FY2025 Consolidated Full-year Guidance Operating Income (in billions of yen) Profit attributable (in billions of yen) Basic EPS (yen) to owners of the parent +8.7% + Please see footnotes in the appendix. Recruit Holdings | FY2024 Q4 Results 35
Slide 36: FY2024 Total Payouts to Shareholders and Capital Efficiency
5. Capital Allocation Strategy FY2024 Total Payouts to Shareholders and Capital Efficiency Total payouts to shareholders1 Year end net cash and cash Equity attributable to owners Total payout ratio2 % equivalents3 of the parent and ROE4 (in billions of yen) (in billions of yen) (in billions of yen)
Slide 37: FY2024 Total Payouts to Shareholders and Capital Efficiency
5. Capital Allocation Strategy FY2024 Total Payouts to Shareholders and Capital Efficiency • Total Payouts to Shareholders of 859.1 billion yen (total payout ratio of 210.3%) in FY2024 2024年度は総額8,591億円の株式配当及び自己株式取得を実施 (総還元性向は210.3%) • Net cash and cash equivalents was 822.7 billion yen as of March 3
Slide 38: Capital Allocation Strategy FY2025
5. Capital Allocation Strategy FY2025 • No change in targeted 600 billion yen of net cash on March 31, 2026 2026年3月末までにネットキャッシュを6,000億円程度の水準に調整する考えに変更なし – 42.5 million shares repurchased for 340.6 billion yen or 75.7% of the announced 450 billion yen share repurchases as of April 30, 2025 2025年4月30日
Slide 39: Appendix: FY2024 Consolidated Financial Results
Appendix: FY2024 Consolidated Financial Results FY2023 FY2024 Actual Guidance in Actual YoY (in billions of yen, shares in millions, unless otherwise stated) Feb, 2025 Revenue 3,416.4 3,560.0 3,557.4 +4.1% Adjusted EBITDA (“EBITDA+S”) 598.3 673.0 678.8 +13.5% Adjusted EBITDA (“EBITDA+S”) margin % 17
Slide 40: Appendix: FY2024 Adjusted EBITDA
Appendix: FY2024 Adjusted EBITDA (“EBITDA+S) (in billions of yen) FY2023 FY2024 YoY Adjusted EBITDA & Adjusted EBITDA Margin Operating income 402.5 490.5 +21.9% + Other operating income/expenses 40.6 36.4 - Non-GAAP operating income 443.1 526.9 +18.9% + Depreciation and amortization1 75.8 71.4 - Adj
Slide 41: Appendix: Consolidated Balance Sheet as of March 31, 2025
Appendix: Consolidated Balance Sheet as of March 31, 2025 As of As of As of March 31, March 31, March 31, Variance (in billions of yen) 2023 2024 2025 Assets Cash and Cash Equivalents 877.3 1,136.8 808.6 -328.2 Total current assets (Excluding Cash and Cash Equiv.) 587.9 625.9 661.7 +35.8 Total non-c
Slide 42: Appendix: The Number of shares as of March 31, 2025
Appendix: The Number of shares as of March 31, 2025 As of March As of March As of March 31, 2023 31, 2024 31, 2025 Variance (shares in millions) Number of issued shares 1,695.9 1,649.8 1,563.9 -85.9 Number of treasury stock Shares directly held by Recruit Holdings 49.0 50.4 36.4 -14.0 Shares held by
Slide 43: Appendix: FY2025 Consolidated Full-year Guidance
Appendix: FY2025 Consolidated Full-year Guidance FY2024EBITDA & Adjusted EBITDA Margin Adjusted FY2025 (in billions of yen, unless otherwise stated) Actual Guidance YoY Exchange rate per US Dollar (Yen) 152.6 145 - Revenue 3,557.4 3,520.0 -1.1% Adjusted EBITDA (“EBITDA+S”) 678.8 697.0 +2.7% Adj. EBI
Slide 44: Appendix: FY2025 Full-year Segment Outlook
Appendix: FY2025 Full-year Segment Outlook FY2024 FY2024 FY2025 YoY (in billions of yen) Actual Pro Adjusted Forma EBITDA Outlook & Adjusted EBITDA Margin HR Technology 1,126.5 1,372.2 1,334.4 -2.8% Staffing 1,666.9 1,666.9 1,640.0 -1.6% Revenue Marketing Matching 816.0 539.5 567.0 +5.1% Technologie
Slide 45: Appendix: Footnotes
Appendix: Footnotes Page 16-21, 31-35, 43, 44 The foreign exchange rate assumptions for FY2025 as of 05/09/2025 are 145 yen per US dollar, 158 yen per Euro and 92 yen per Australian dollar. Page 17-21, 25, 28-34, 39, 40, 43, 44 Adjusted EBITDA (EBITDA+S) = Operating income + depreciation and amortiz
Slide 46: 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 47: 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