‭Investor Day - Simplify Hiring‬‭Rob Zandbergen‬‭- Staffing Innovation: Increasing Productivity‬‭Through Technology‬‭March 27, 2024‬‭Slide 1-8-1‬‭Rob:‬‭Hello,‬‭my‬‭name‬‭is‬‭Rob‬‭Zandbergen,‬‭I’m‬‭Head‬‭of‬‭the‬‭staffing‬‭business‬‭for‬‭Recruit‬‭Holdings.‬‭I‬‭have‬‭been‬‭ orking in the staffing industry for more than 20 years. And since 2018, I have been the CEO of RGF Staffing.‬w‭Today, I’d like to tell you about our ”Simplify Hiring” initiatives.‬‭Slide 1-8-2‬‭It‬‭is‬‭our‬‭mission‬‭to‬‭make‬‭employing‬‭easy.‬‭That‬‭is‬‭what‬‭gets‬‭us‬‭out‬‭of‬‭bed‬‭every‬‭morning.‬‭The‬‭temporary‬‭labor‬‭ arket is complex and far from efficient, for both employers as well as for employees.‬m‭Our‬‭people,‬‭who‬‭work‬‭in‬‭all‬‭our‬‭renowned‬‭local‬‭brands‬‭across‬‭the‬‭globe,‬‭put‬‭an‬‭enormous‬‭effort‬‭every‬‭day‬‭to‬‭ upport hundreds of thousands of employees and thousands of employers in organizing their work.‬s‭Helping‬ ‭to‬ ‭make‬ ‭employing‬ ‭easier‬ ‭for‬ ‭them!‬ ‭This‬ ‭is‬ ‭how‬ ‭we‬ ‭contribute‬ ‭to‬ ‭the‬ ‭prosperity‬ ‭of‬ ‭local‬ ‭working‬‭ ommunities in all the regions we’re in.‬c‭Slide 1-8-3‬‭The core of our work is placing people in temporary jobs.‬‭In‬‭2022,‬‭in‬‭any‬‭given‬‭week,‬‭an‬‭average‬‭of‬‭275,000‬‭people‬‭were‬‭working‬‭on‬‭assignments‬‭at‬‭our‬‭customers‬‭in‬‭a‬‭ ide variety of professions and industries.‬w‭In‬ ‭RGF‬ ‭Staffing,‬ ‭we‬ ‭employ‬ ‭a‬ ‭total‬ ‭of‬ ‭close‬ ‭to‬ ‭20,000‬ ‭employees.‬ ‭Currently,‬ ‭we‬ ‭have‬ ‭a‬ ‭presence‬ ‭in‬ ‭11‬
‭ ountries spread over 4 continents – Asia, Australia, Europe and North America.‬c‭In‬‭2022,‬‭we‬‭achieved‬‭annual‬‭revenue‬‭close‬‭to‬‭1.6‬‭trillion‬‭yen.‬‭Our‬‭Adjusted‬‭EBITDA‬‭grew‬‭to‬‭over‬‭100‬‭billion‬‭ en.‬y‭In‬ ‭addition‬ ‭we‬ ‭are‬ ‭also‬ ‭very‬ ‭focused‬ ‭on‬ ‭continuously‬ ‭increasing‬ ‭productivity.‬ ‭We‬ ‭measure‬ ‭this‬ ‭through‬‭ onversion ratio, which is calculated as adjusted EBITDA as a percentage of gross profit.‬c‭In 2022, our conversion ratio was 36%, which was the highest in the staffing industry.‬‭Slide 1-8-4‬‭ ere‬‭you‬‭see‬‭the‬‭ranking‬‭of‬‭the‬‭largest‬‭temp‬‭staffing‬‭players‬‭worldwide.‬‭Let’s‬‭start‬‭on‬‭the‬‭left,‬‭where‬‭revenues‬H‭are‬ ‭ranked‬ ‭in‬ ‭the‬ ‭bar‬ ‭chart‬ ‭and‬ ‭RGF‬ ‭Staffing‬ ‭ranked‬ ‭fourth.‬ ‭Our‬ ‭revenue‬ ‭was‬ ‭roughly‬ ‭half‬ ‭of‬‭the‬‭average‬‭revenue of numbers two and three. When looking at EBITDA, on the right, we see a different picture.‬‭RGF‬ ‭Staffing’s‬‭adjusted‬‭EBITDA‬‭is‬‭close‬‭to‬‭number‬‭two.‬‭This‬‭reflects‬‭our‬‭focus‬‭on‬‭continuous‬‭improvement‬‭ nd operational excellence, which has brought us to an exceptionally high level of productivity.‬a‭ e‬ ‭can‬ ‭see‬‭this‬‭in‬‭the‬‭chart‬‭in‬‭the‬‭middle.‬‭It‬‭shows‬‭that‬‭RGF‬‭Staffing’s‬ ‭conversion‬‭ratio‬‭was‬‭36%‬‭in‬‭2022,‬W‭more‬‭than‬‭double‬‭the‬‭average‬‭of‬‭our‬‭peers.‬‭This‬‭is‬‭an‬‭important‬‭performance‬‭indicator‬‭within‬‭our‬‭staffing‬‭unit‬‭that we continuously measure and aim to improve.‬‭This transcript is provided for the convenience of investors only.‬‭1‬‭Our‬ ‭dedication‬ ‭to‬ ‭continuous‬ ‭improvements‬ ‭and‬ ‭pursuit‬ ‭of‬ ‭operational‬ ‭excellence‬ ‭has‬ ‭made‬ ‭our‬ ‭operating‬‭ ost levels highly competitive.‬c‭Slide 1-8-5‬‭ ompared‬ ‭to‬ ‭industry‬ ‭peers,‬ ‭RGF‬ ‭Staffing‬ ‭has‬ ‭the‬ ‭most‬ ‭competitive‬ ‭cost‬ ‭ratio.‬ ‭In‬ ‭2022,‬ ‭SG&A‬ ‭as‬ ‭a‬C
‭percentage‬ ‭of‬ ‭revenue,‬ ‭amounted‬ ‭to‬ ‭approximately‬ ‭11%.‬ ‭Among‬ ‭competitors,‬ ‭this‬ ‭percentage‬ ‭was‬ ‭much‬‭higher, estimated to be between approximately 14 and 19%.‬‭Over the years we have consistently been able to grow our adjusted EBITDA.‬‭Slide 1-8-6‬‭At‬‭first,‬‭also‬‭driven‬‭by‬‭acquisitions‬‭to‬‭establish‬‭a‬‭global‬‭position,‬‭but‬‭since‬‭our‬‭last‬‭material‬‭acquisition‬‭of‬‭USG‬‭ eople in 2016, adjusted EBITDA growth was mainly driven by organic growth and increased productivity.‬P‭Even‬‭though‬‭we‬‭have‬‭not‬‭made‬‭any‬‭acquisitions‬‭in‬‭the‬‭past‬‭five‬‭years,‬‭our‬‭adjusted‬‭EBITDA‬‭has‬‭increased‬‭by‬‭ pproximately 40% during this period.‬a‭Slide 1-8-7‬‭Also towards the future, we will focus on continuously increasing productivity and efficiency.‬‭In‬‭the‬‭past‬‭years‬‭we‬‭did‬‭this‬‭as‬‭a‬‭stand-alone‬‭business‬‭unit.‬‭However,‬‭for‬‭our‬‭next‬‭steps,‬‭we‬‭will‬‭leverage‬‭the‬t‭echnology developed within Recruit, such as an unparalleled matching engine.‬‭ e‬ ‭are‬ ‭now‬ ‭in‬ ‭the‬ ‭unique‬ ‭position‬ ‭of‬ ‭having‬ ‭access‬ ‭to‬ ‭the‬ ‭capabilities‬ ‭and‬ ‭technologies‬ ‭within‬ ‭our‬ ‭entire‬W‭Recruit‬‭group.‬‭With‬‭this,‬‭we‬‭will‬‭increase‬‭our‬‭focus‬‭on‬‭leveraging‬‭data‬‭and‬‭further‬‭automating‬‭our‬‭end-to-end‬‭process‬ ‭through‬‭incremental‬‭innovations.‬‭These‬‭innovations‬‭will‬‭lead‬‭to‬‭even‬‭greater‬‭competitiveness‬‭and‬‭a‬‭distinctive, excellent experience for customers and temporary workers.‬‭We aspire to be the number one, most innovative platform in the staffing market.‬‭Slide 1-8-8‬‭Our markets offer plenty of opportunities for growth.‬‭ he‬ ‭temporary‬ ‭staffing‬ ‭market‬ ‭is‬ ‭approximately‬ ‭40%‬ ‭of‬ ‭the‬ ‭HR‬ ‭Matching‬ ‭total‬ ‭addressable‬ ‭market.‬ ‭This‬T‭makes‬ ‭it‬‭the‬‭largest‬‭segment‬‭with‬‭a‬‭size‬‭of‬‭128‬‭billion‬‭US‬‭dollars‬‭in‬‭terms‬‭of‬‭gross‬‭margin.‬‭The‬‭countries‬‭in‬‭which‬ ‭RGF‬ ‭Staffing‬ ‭is‬‭present‬‭cover‬‭approximately‬‭3‬‭quarters‬‭of‬‭the‬‭total‬‭staffing‬‭market,‬‭equal‬‭to‬‭a‬‭market‬‭size of approximately 100 billion USD.‬‭This‬‭market‬‭is‬‭still‬‭very‬‭fragmented.‬‭The‬‭largest‬‭players‬‭have‬‭only‬‭a‬‭few‬‭percent‬‭market‬‭share‬‭and‬‭there‬‭are‬‭ any players in the market with low productivity levels and limited technological capabilities.‬m‭We believe out-innovating competitors will enable RGF Staffing to take market share in its existing markets.‬I‭n‬ ‭addition‬ ‭within‬ ‭our‬ ‭current‬ ‭markets,‬ ‭Temporary‬ ‭Staffing‬ ‭penetration‬ ‭is‬ ‭still‬ ‭limited.‬ ‭The‬ ‭Temp‬ ‭staffing‬‭workforce‬ ‭represents‬ ‭approximately‬ ‭2.5%‬ ‭of‬ ‭the‬ ‭total‬ ‭workforce.‬ ‭Automation‬ ‭and‬‭the‬‭use‬‭of‬‭technology‬‭will‬‭make‬ ‭the‬ ‭temporary‬ ‭market‬ ‭more‬ ‭efficient‬ ‭and‬ ‭more‬ ‭attractive.‬ ‭We‬ ‭believe‬ ‭the‬ ‭penetration‬ ‭can‬ ‭grow‬ ‭and‬‭increase the overall addressable market in the longer term.‬‭Slide 1-8-9‬‭Today’s‬‭staffing‬‭processes‬‭are‬‭still‬‭inefficient‬‭and‬‭complex.‬‭The‬‭staffing‬‭business‬‭still‬‭has‬‭many‬‭labor‬‭intensive‬‭ nd complex processes with a lot of human interactions and manual work.‬a‭This transcript is provided for the convenience of investors only.‬‭2‬‭Slide 1-8-10‬I‭n‬ ‭our‬ ‭core‬ ‭staffing‬ ‭operations,‬ ‭there‬ ‭are‬ ‭still‬ ‭many‬ ‭opportunities‬ ‭to‬ ‭further‬ ‭improve‬ ‭processes‬ ‭through‬ ‭the‬‭effective‬‭use‬‭of‬‭data‬‭and‬‭AI.‬‭Our‬‭current‬‭high‬‭level‬‭of‬‭productivity‬‭is‬‭largely‬‭related‬‭to‬‭well-organized‬‭traditional‬‭business operations.‬‭ hen‬‭we‬‭consider‬‭the‬‭current‬‭state‬‭of‬‭automation‬‭and‬‭digital‬‭channels,‬‭there‬‭is‬‭still‬‭a‬‭long‬‭way‬‭to‬‭go.‬‭A‬‭lot‬‭of‬W‭manual‬‭effort‬‭is‬‭still‬‭required‬‭at‬‭various‬‭steps‬‭in‬‭the‬‭process.‬‭We‬‭focus‬‭on‬‭accelerating‬‭the‬‭process‬‭from‬‭job‬‭opening to employment at our local companies by leveraging technology.‬‭For‬‭example:‬‭Improve‬‭the‬‭speed‬‭and‬‭quality‬‭of‬‭matching,‬‭increase‬‭retention‬‭of‬‭workers‬‭and‬‭automate‬‭manual‬‭ rocesses.‬p‭Basically,‬ ‭we‬ ‭are‬ ‭gradually‬ ‭transferring‬ ‭the‬ ‭core‬ ‭business‬ ‭towards‬ ‭automated‬ ‭and‬ ‭AI‬ ‭supported‬ ‭processes‬‭ ith less human interactions.‬w‭Slide 1-8-11‬‭ s‬ ‭part‬ ‭of‬ ‭Recruit‬ ‭Group‬ ‭with‬ ‭our‬ ‭HR‬ ‭Technology‬ ‭and‬ ‭Matching‬‭&‬‭Solutions‬‭SBUs,‬‭we‬‭believe‬‭we‬‭are‬‭in‬‭a‬A‭good‬ ‭position‬ ‭to‬ ‭‘out-innovate’‬ ‭traditional‬ ‭staffing‬ ‭competitors‬ ‭and‬ ‭make‬ ‭a‬ ‭meaningful‬ ‭contribution‬ ‭to‬ ‭the‬‭further development of a more efficient and more flexible labor market.‬‭Within‬‭Recruit‬‭we‬‭have‬‭a‬‭whole‬‭range‬‭of‬‭innovative‬‭companies‬‭and‬‭billions‬‭of‬‭insights‬‭to‬‭draw‬‭upon‬‭to‬‭bring‬t‭emp workers and companies together.‬‭This offers the opportunity to leverage and scale digital and analytical solutions across our group.‬‭Slide 1-8-12‬‭Through our collective efforts and innovations, we can boost speed in the process and accuracy of matching.‬‭ irstly,‬‭we‬‭have‬‭Indeed‬‭Flex,‬‭as‬‭Chris‬‭already‬‭mentioned.‬‭This‬‭is‬‭a‬‭joint‬‭initiative‬‭of‬‭Indeed‬‭and‬‭RGF‬‭Staffing,‬F‭which‬‭offers‬‭temporary‬‭staffing‬‭services‬‭from‬‭a‬‭digital‬‭marketplace.‬‭After‬‭starting‬‭this‬‭initiative‬‭in‬‭2019,‬‭Indeed‬‭Flex has been operational in the US for some time now.‬‭ econdly,‬ ‭we‬ ‭started‬ ‭working‬ ‭to‬ ‭leverage‬ ‭the‬ ‭best‬ ‭matching‬ ‭technology.‬ ‭We‬ ‭explore‬ ‭the‬ ‭use‬ ‭of‬ ‭matching‬S‭technologies‬‭and‬‭knowledge‬‭to‬‭make‬‭matches‬‭better‬‭and‬‭faster.‬‭We‬‭do‬‭this‬‭step-by-step‬‭through‬‭many‬‭local‬‭initiatives.‬‭Lastly, as a third layer, we work together to further develop automation of our workflow.‬‭So,‬‭we‬‭act‬‭on‬‭several‬‭levels‬‭at‬‭the‬‭same‬‭time.‬‭As‬‭an‬‭example,‬‭let’s‬‭watch‬‭a‬‭short‬‭video‬‭in‬‭which‬‭Milly‬‭explains‬‭ ow Indeed Flex helps her find work easily.‬h‭<video start>‬‭Milly‬‭:‬ ‭I‬ ‭decided‬ ‭to‬ ‭use‬ ‭Indeed‬ ‭Flex‬ ‭because‬ ‭I‬ ‭was‬ ‭in‬ ‭between‬ ‭jobs‬ ‭at‬ ‭that‬ ‭time,‬ ‭and‬ ‭my‬ ‭friend‬‭suggested‬I‭ndeed Flex just to fill in that gap. So, I tried a few shifts. I really loved it.‬I‭‬ ‭find‬ ‭the‬ ‭app‬ ‭really,‬ ‭really‬ ‭easy‬ ‭to‬ ‭use.‬ ‭Even‬‭when‬‭I’m‬‭explaining‬‭the‬‭app‬‭to‬‭somebody‬‭else,‬‭it‬‭takes‬‭them‬‭seconds‬ ‭to‬ ‭understand‬ ‭it‬ ‭because‬ ‭it’s‬ ‭just‬ ‭very,‬ ‭very‬ ‭straightforward.‬ ‭I‬ ‭like‬ ‭the‬‭fact‬‭that‬‭it’s‬‭very‬‭innovative.‬‭Every‬ ‭few‬ ‭months‬ ‭there’s‬ ‭a‬ ‭new‬‭update.‬‭It‬‭even‬‭makes‬‭it‬‭even‬‭easier‬‭to‬‭use.‬‭For‬‭instance,‬‭lately‬‭there‬‭has‬‭been‬ ‭an‬ ‭update‬ ‭about‬ ‭flexible‬ ‭earnings,‬ ‭so‬ ‭you‬ ‭can‬ ‭claim‬ ‭part‬ ‭of‬ ‭your‬‭income‬‭right‬‭after‬‭you’ve‬‭done‬‭your‬‭shift.‬‭This transcript is provided for the convenience of investors only.‬‭3‬‭ ‬ ‭couple‬ ‭of‬ ‭years‬ ‭ago,‬ ‭I‬ ‭decided‬ ‭to‬ ‭branch‬ ‭out‬ ‭on‬ ‭my‬ ‭own‬ ‭and‬ ‭I‬ ‭started‬ ‭my‬ ‭own‬ ‭travel‬ ‭website,‬ ‭So‬ ‭it’s‬A‭seasonal‬ ‭work.‬ ‭December‬ ‭is‬ ‭very‬ ‭busy,‬ ‭and‬ ‭then‬ ‭when‬ ‭it‬‭comes‬‭to‬‭February,‬‭it’s‬‭less‬‭busy.‬‭So‬‭that’s‬‭when‬‭Indeed‬‭Flex‬‭comes‬‭in.‬‭When‬‭I‬‭have‬‭less‬‭traction‬‭within‬‭my‬‭business,‬‭I‬‭get‬‭to‬‭do‬‭a‬‭shift‬‭within‬‭Indeed‬‭Flex‬‭to‬‭supplement my income.‬‭ ne‬‭thing‬‭I‬‭love‬‭the‬‭most‬‭about‬‭Indeed‬‭Flex‬‭is‬‭the‬‭fact‬‭that‬‭even‬‭though‬‭you’re‬‭not‬‭part‬‭of‬‭a‬‭team,‬‭it’s‬‭not‬‭the‬O‭case.‬‭Because‬‭when‬‭you‬‭turn‬‭up‬‭to‬‭a‬‭shift,‬‭even‬‭if‬‭it’s‬‭a‬‭very‬‭new‬‭employer,‬‭you‬‭see‬‭other‬‭Indeed‬‭Flex‬‭people‬‭that‬ ‭you’ve‬ ‭seen‬ ‭before‬ ‭and‬ ‭you’ve‬ ‭actually‬ ‭built‬ ‭a‬‭relationship‬‭with.‬‭So‬‭you’re‬‭never‬‭really‬‭alone‬‭in‬‭a‬‭shift.‬‭And that’s the one thing I love the most about Indeed Flex.‬‭<video end>‬‭ ob‬‭:‬‭You‬‭heard‬‭from‬‭Milly‬‭how‬‭she‬‭turns‬‭to‬‭Indeed‬‭Flex‬‭during‬‭low‬‭seasons‬‭to‬‭boost‬‭her‬‭income‬‭and‬‭support‬R‭her‬ ‭venture.‬ ‭I‬ ‭really‬ ‭like‬ ‭her‬ ‭story.‬ ‭It‬ ‭is‬ ‭just‬ ‭one‬ ‭of‬ ‭many‬ ‭examples‬‭in‬‭which‬‭a‬‭marketplace‬‭model‬‭can‬‭help‬‭organize work and offer opportunities.‬‭Also,‬ ‭we‬ ‭are‬ ‭working‬ ‭on‬ ‭several‬ ‭initiatives‬ ‭to‬ ‭leverage‬ ‭the‬ ‭best‬ ‭matching‬ ‭technology‬ ‭and‬ ‭automate‬ ‭our‬‭ rocesses to improve workflows.‬p‭Slide 1-8-15‬‭ or‬ ‭example,‬ ‭tests‬ ‭are‬ ‭currently‬ ‭underway‬ ‭at‬ ‭one‬ ‭of‬ ‭our‬ ‭major‬ ‭Japanese‬ ‭operating‬ ‭companies‬ ‭to‬ ‭start‬F‭implementing‬ ‭Recruit’s‬‭AI-based‬‭matching‬‭engine.‬‭In‬‭my‬‭nearly‬‭25‬‭years‬‭of‬‭experience‬‭in‬‭staffing,‬‭this‬‭is‬‭an‬‭exciting, innovative step forward. So far, the early results are very encouraging.‬‭ he‬ ‭data‬ ‭shows‬ ‭that‬‭the‬‭number‬‭of‬‭applications‬‭increased‬‭by‬‭90%‬‭after‬‭the‬‭implementation‬‭of‬‭the‬‭AI-based‬T‭matching‬ ‭engine.‬ ‭These‬ ‭are‬ ‭certainly‬‭promising‬‭initial‬‭results,‬‭especially‬‭considering‬‭that‬‭we‬‭are‬‭already‬‭far‬‭more productive than the competition.‬‭This brings me to the end of my presentation. Let's close with some key takeaways:‬‭Slide 1-8-16‬‭Our growth has been driven by our commitment to operational excellence and increased productivity.‬‭The‬‭large,‬‭highly‬‭fragmented‬‭temporary‬‭staffing‬‭market‬‭covers‬‭only‬‭a‬‭very‬‭small‬‭part‬‭of‬‭the‬‭working‬‭population‬‭ nd is prime for growth and disruption from a tech-led provider.‬a‭We‬ ‭are‬ ‭uniquely‬ ‭positioned‬ ‭to‬ ‭transform‬ ‭temporary‬ ‭staffing‬ ‭with‬ ‭the‬ ‭use‬ ‭of‬ ‭technology‬ ‭and‬ ‭collaboration‬‭ cross Recruit.‬a‭Our‬ ‭initial‬ ‭cross-Recruit‬ ‭initiatives‬ ‭have‬ ‭shown‬ ‭promise,‬ ‭and‬ ‭we‬ ‭see‬ ‭many‬‭opportunities‬‭to‬‭further‬‭increase‬‭ roductivity and temp work efficiency, the key to our future.‬p‭Now I will hand it over to Deko to provide a recap of the day.‬‭ eko‬‭:‬ ‭Thank‬ ‭you‬ ‭for‬ ‭your‬ ‭time‬ ‭today.‬ ‭We‬ ‭hope‬ ‭you‬ ‭have‬ ‭gained‬ ‭a‬ ‭better‬ ‭understanding‬ ‭of‬ ‭the‬ ‭long‬ ‭term‬D‭opportunity‬ ‭in‬ ‭the‬ ‭HR‬ ‭Matching‬ ‭market‬ ‭and‬ ‭how‬ ‭Recruit‬ ‭is‬ ‭well‬ ‭positioned‬ ‭to‬ ‭use‬ ‭its‬ ‭data‬ ‭and‬ ‭technology‬‭across our entire organization to help job seekers and employers.‬‭ ooking‬‭ahead,‬‭we‬‭are‬‭optimistic‬‭that‬‭the‬‭next‬‭decade‬‭will‬‭witness‬‭advancements‬‭in‬‭technology,‬‭especially‬‭AI,‬L‭that‬‭will‬‭transform‬‭the‬‭job‬‭search‬‭experience‬‭into‬‭something‬‭completely‬‭different‬‭from‬‭what‬‭it‬‭is‬‭today.‬‭We‬‭are‬‭committed to leading this transformation and will do so with a deep sense of responsibility.‬‭This transcript is provided for the convenience of investors only.‬‭4‬‭A‬ ‭job‬ ‭is‬ ‭important‬ ‭for‬ ‭everybody.‬ ‭Our‬ ‭goal‬ ‭is‬ ‭to‬ ‭ensure‬ ‭that‬‭everyone‬‭can‬‭find‬‭not‬‭just‬‭a‬‭job,‬‭but‬‭a‬‭job‬‭that‬‭ parks passion and changes lives.‬s‭[END]‬‭Forward-Looking Statements‬‭ his‬‭document‬‭contains‬‭forward-looking‬‭statements,‬‭which‬‭reflect‬‭the‬‭Company's‬‭assumptions‬‭and‬‭outlook‬‭for‬T‭the‬ ‭future‬ ‭and‬ ‭estimates‬ ‭based‬ ‭on‬ ‭information‬ ‭available‬ ‭to‬ ‭the‬ ‭Company‬ ‭and‬ ‭the‬ ‭Company's‬ ‭plans‬ ‭and‬‭expectations‬ ‭as‬ ‭of‬ ‭the‬ ‭date‬ ‭of‬ ‭this‬ ‭document‬ ‭or‬ ‭other‬ ‭date‬ ‭indicated.‬ ‭There‬ ‭can‬ ‭be‬ ‭no‬ ‭assurance‬ ‭that‬‭the‬‭relevant forecasts and other forward-looking statements will be achieved.‬‭ lease‬ ‭note‬ ‭that‬ ‭significant‬ ‭differences‬ ‭between‬ ‭the‬ ‭forecasts‬ ‭and‬ ‭other‬ ‭forward-looking‬ ‭statements‬ ‭and‬P‭actual‬ ‭results‬ ‭may‬ ‭arise‬ ‭due‬ ‭to‬ ‭various‬ ‭factors,‬ ‭including‬ ‭changes‬ ‭in‬ ‭economic‬ ‭conditions,‬ ‭changes‬ ‭in‬‭individual‬ ‭users’‬ ‭preferences‬ ‭and‬ ‭business‬ ‭clients'‬ ‭needs,‬ ‭competition,‬ ‭changes‬ ‭in‬ ‭the‬ ‭legal‬‭and‬‭regulatory‬‭environment,‬ ‭fluctuations‬ ‭in‬ ‭foreign‬ ‭exchange‬ ‭rates,‬ ‭climate‬ ‭change‬ ‭or‬ ‭other‬ ‭changes‬ ‭in‬ ‭the‬ ‭natural‬‭environment,‬‭the‬‭impact‬‭of‬‭the‬‭spread‬‭of‬‭COVID-19,‬‭the‬‭occurrence‬‭of‬‭large-scale‬‭natural‬‭disasters,‬‭and‬‭other‬‭factors.‬‭ ccordingly,‬ ‭readers‬ ‭are‬ ‭cautioned‬ ‭against‬ ‭placing‬ ‭undue‬‭reliance‬‭on‬‭any‬‭such‬‭forward-looking‬‭statements.‬
A‭The‬‭Company‬‭has‬‭no‬‭obligation‬‭to‬‭update‬‭or‬‭revise‬‭any‬‭information‬‭contained‬‭in‬‭this‬‭document‬‭based‬‭on‬‭any‬‭subsequent developments except as required by applicable law or stock exchange rules and regulations.‬‭This transcript is provided for the convenience of investors only.‬‭5‬