RecruitHoldings

FY2022 Q2 Consolidated Results

11. 14. 2022

Opportunitiesfor Life.

Faster, simpler andcloser to you.

01

Our Business Strategies

01

02

Simplify
HiringHelp Businesses
Work Smarter

Make it easier and faster for
people to get jobs

Improve performance andproductivity for SMEs in Japan

⼈材マッチング市場における採用プロセスの効率化

エコシステムによる⽇本国内企業クライアントの業績及び⽣産性向上

03

Prosper
TogetherSustainable growthshared by all
stakeholders
ステークホルダーとの共栄を通じた持続的な成⻑

02Consolidated Financial Results for FY2022 Q2Adjusted EBITDA1 andAdjusted EBITDA margin1

Revenue(in billions of yen)

Adjusted EPS1
(in billions of yen)(in yen)+25.3%
YoY

21.0%

18.1%
19.0%

16.5%

19.8%

12.0%

FY2021

FY2022

FY2021

FY2022

FY2021

FY2022

1: From FY2022, the Company changed the adjustment items for adjusted EBITDA and adjusted EPS. The new definition of adjusted EBITDA and adjusted EPS has been applied retroactively to
FY2021. For more detail of the change of adjustment items, please refer to “Definition of the Financial Measures” of Q2 earnings release of FY 2022
FY2022より、調整後EBITDA及び調整後EPSの調整項目をそれぞれ変更しています。 FY2021にも新計算式を適用しています。
新計算式については、2023年3月期第2四半期決算短信冒頭の各種指標の算式をご参照ください。

Recruit Holdings | Earnings Call03

Summary of FY2022 Q2 Consolidated Financial Results
Revenue 878.4bn yen, +25.3% YoY (+12.4% excluding exchange rate impact)- HR Technology led the revenue increase due to the strong demand for talent globally
Adjusted EBITDA 145.3bn yen, -1.2% YoY
Adjusted EBITDA margin 16.5%- Mainly due to strategic investments for future growth- Strategic investments in HR Technology and Matching & Solutions for 1H FY2022 were executed
as plannedFY2022 Financial Guidance remains unchanged

売上収益 8,784億円、+25.3% YoY (為替影響除きでは+12.4%)- 世界的に強い採用需要の継続によるHRテクノロジー事業の増収が全体を牽引調整後EBITDA 1,453億円 、-1.2% YoY
調整後EBITDAマージン 16.5%- 主に、将来の成長に向けた投資を実施したことが要因- HRテクノロジー及びマッチング＆ソリューションの上期の戦略投資は計画通りに実施
FY2022通期業績見通しに変更なし
Recruit Holdings | Earnings Call04

FY2022 Q2 Consolidated Financial Results
Three Months
Six Months
Ended September
30,EBITDA & Adjusted EBITDA
Ended Margin
September 30,
Adjusted(In billions of yen, unless otherwise stated)

2021

2022

YoY

2021

2022

YoYRevenue 売上収益

701.1

878.4

+25.3%

1,365.9

1,721.6+26.0%

Adjusted EBITDA1 調整後EBITDA1

147.1

145.3

-1.2%

278.5

297.6

+6.9%

Adjusted EBITDA margin1

21.0%

16.5%

20.4%

17.3%

Operating income 営業利益

118.2

108.5

-8.1%

222.9

227.9+2.3%

Proﬁt before tax 税引前四半期利益

118.4

110.3

-6.8%

223.8

230.3

+2.9%

Proﬁt for the period 四半期利益

87.4

85.8

-1.8%

165.4

170.9

+3.3%

Proﬁt attributable to owners of theparent 親会社の所有者に帰属する四半期利益

87.3

85.2

-2.3%

165.1

169.7

+2.8%

Adjusted EPS (yen)1 調整後EPS (円)1

55.06

54.70

-0.7%

104.39108.75+4.2%-109.81130.8882.61

134.03138.7693.59-

調整後EBITDAマージン1

Average exchange rate during theperiod 期中平均為替レート

USD
EUR
AUD

----

1: From FY2022, the Company changed the adjustment items for adjusted EBITDA and adjusted EPS. The new definition of adjusted EBITDA and adjusted EPS has been applied retroactively toFY2021, and year over year % change of adjusted EBITDA and adjusted EPS is calculated under the new definition
FY2022より、調整後EBITDA及び調整後EPSの調整項目をそれぞれ変更しています。 FY2021にも新計算式を適用しており、調整後EBITDA及び調整後EPSの対前期増減率は、新計算式を適用した数値を基に算出しています。

Recruit Holdings | Earnings Call05

Summary of FY2022 Q2 Financial Results by Segment
Three Months
Ended September 30,

Six Months
Ended September 30,

Adjusted EBITDA & Adjusted EBITDA Margin

2021

2022

YoY

2021

2022

YoY

HR Technology

214.4

300.5

+40.1%

398.9

584.3

+46.5%

Revenue

Matching & Solutions

157.8

185.2

+17.3%

309.7

365.6+18.1%

売上収益

Staﬃng

335.5

400.2

+19.3%

670.7

786.0

+17.2%

Consolidated1

701.1878.4+25.3%

1,365.9

1,721.6+26.0%HR Technology

92.3

91.2

-1.2%

167.1

186.7

+11.7%

Adjusted EBITDA2

Matching & Solutions

32.4

27.9

-13.8%

64.0

59.2

-7.4%

調整後EBITDA2

Staﬃng24.0

27.9+16.2%

50.3

55.2

+9.7%

Consolidated1

147.1

145.3

-1.2%

278.5

297.6

+6.9%

HR Technology

43.1%

30.4%

-

41.9%

32.0%

-

Matching & Solutions

20.5%

15.1%

-

20.7%

16.2%

-

Staﬃng

7.2%

7.0%

-

7.5%

7.0%

-

Consolidated

21.0%

16.5%

-

20.4%

17.3%

-(In billions of yen)

Adjusted EBITDA
Margin22

調整後EBITDAマージン

1: The sum of the three segments does not correspond with consolidated revenue and adjusted EBITDA due to adjustments, such as intra-group transactions「調整額」認識後の数値を記載しているため、 各セグメントの金額合計と一致していません。
2: From FY2022, the Company changed the adjustment items for adjusted EBITDA. The new definition of adjusted EBITDA and adjusted EPS has been applied retroactively to FY2021, and year overyear % change of adjusted EBITDA is calculated under the new definition
FY2022より、調整後EBITDAの調整項目を変更しています。 FY2021にも新計算式を適用しており、調整後EBITDAの対前期増減率は、新計算式を適用した数値を基に算出しています。

Recruit Holdings | Earnings Call06

FY2022 Q2 Segment Results
HR TechnologyRevenue(in millions of USD)

1,948

1,986

2,034

Adjusted EBITDA1 andAdjusted EBITDA margin1-Revenue in JPY increased by 40.1% YoY(+11.6% YoY in USD)-

Compared to Q1, the number of job
openings posted on Indeed declined andthe number of job seekers active on
Indeed and Glassdoor increased,
reﬂecting the easing of the imbalance inthe labor market seen in the US and othercountries in Q2-

Adjusted EBITDA margin decreased by
3.3 percentage points QoQ as we
continued to aggressively invest in
headcount focused on product andtechnology initiatives-

売上収益(日本円) YoYで40.1%増収
米ドルベースではYoYで11.6%増収-

第1四半期と比較して、米国やその他の地域において労働市場における需給が緩和する中、Indeedに掲載される求人数が減少、Indeed及びGlassdoor上で積極的に求職活動を行う求職者数が増加(in billions of yen)

2,173
+11.6%
2,187
YoY
33.7%

43.1%

30.4%

+9.2%
YoY

1,683

40.6%

34.8%

32.8%

US+18.9%
YoY

Non US- 引き続き新しい商品やテクノロジー開発に
FY2021FY2022

FY2021

FY2022

1: From FY2022, the Company changed the adjustment items for adjusted EBITDA. The new definition of adjusted EBITDA and adjusted EPS has been applied retroactively to FY2021, and year overyear % change of adjusted EBITDA is calculated under the new definition
FY2022より、調整後EBITDAの調整項目を変更しています。 FY2021にも新計算式を適用しており、調整後EBITDAの対前期増減率は、新計算式を適用した数値を基に算出しています。

係る人材の積極的な採用を行ったため、調整後EBITDAマージンはQoQで3.3ポイント低下
Recruit Holdings | Earnings Call07

FY2022 Q2 Segment Results
Matching & Solutions

Revenue(in billions of yen)

180.3

Adjusted EBITDA1 andAdjusted EBITDA margin1 (in billions of yen)

185.2
+17.3%
180.4 YoY

157.8

+13.9%
YoY

21.6%

20.8%

20.5%

17.4%

MarketingSolutions

HR Solutions- Revenue increased by 22.2% YoY- Revenue in the placement service andthe job advertising businesses
increased YoY
Matching & Solutions Total- Adjusted EBITDA margin decreased by
5.4 percentage points YoY- We continued to execute strategic
marketing activities for future
growth

168.5
151.8

Marketing Solutions- Revenue increased by 13.9% YoY- Revenue in all verticals increased YoY

15.1%

販促領域
- 売上収益 YoYで13.9%増収- 全ての分野で前年同期から増収
人材領域- 売上収益 YoYで22.2%増収- 人材紹介サービス・求人広告サービス共に増収+22.2%YoY
HRSolutions

Others &Elimination

1.3%

FY2021

FY2022

FY2021

FY2022

マッチング&ソリューション事業全体- 調整後EBITDAマージンはYoYで5.4ポイント低下- 将来の成長に向けた積極的なマーケティ
ング活動を実施

1: From FY2022, the Company changed the adjustment items for adjusted EBITDA. The new definition of adjusted EBITDA and adjusted EPS has been applied retroactively to FY2021, and year overyear % change of adjusted EBITDA is calculated under the new definition
FY2022より、調整後EBITDAの調整項目を変更しています。 FY2021にも新計算式を適用しており、調整後EBITDAの対前期増減率は、新計算式を適用した数値を基に算出しています。

Recruit Holdings | Earnings Call08

FY2022 Q2 Segment Results
Staffing

Revenue(in billions of yen)

400.2
+19.3%
385.7
YoY
357.7
335.1

335.5

349.9

Adjusted EBITDA1 andAdjusted EBITDA margin1
26.2
7.8%

28.6
8.0%
24.0
7.2%

Japan

27.9
7.0%

10.1%

9.0%

8.7%

14.3
4.1%

Japan

6.8%

+23.3%
YoYEuropeUSAustralia

5.5%5.5%

6.0%

FY2022

FY2021

Europe, US, and Australia- Revenue increased by 23.3% (+7.8%2)
YoY- Adjusted EBITDA margin 5.5%
- Demand for staﬃng business continued- Personnel costs increased due to theimpact of inﬂationary eﬀects andincreased headcount日本- 売上収益 YoYで14.0%増収- 調整後EBITDAマージン 9.0%
- 派遣スタッフ数の増加が継続

4.8%

5.4%
EuropeUSAustralia

FY2021

27.2
7.1%

9.5%

11.0%
+14.0%YoY(in billions of yen)Japan
- Revenue increased by 14.0% YoY- Adjusted EBITDA margin 9.0%
- Number of assigned temporary staﬀ
increased YoY

2.9%

FY2022

欧州、米国及び豪州- 売上収益 YoYで23.3%増収 (7.8%増収2)- 調整後EBITDAマージン 5.5%
- 人材派遣需要が引き続き増加- インフレ影響や従業員増加により人件費が増加

1: From FY2022, the Company changed the adjustment items for adjusted EBITDA. The new definition of adjusted EBITDA and adjusted EPS has been applied retroactively to FY2021, andyear over year % change of adjusted EBITDA is calculated under the new definition
FY2022より、調整後EBITDAの調整項目を変更しています。 FY2021にも新計算式を適用しており、調整後EBITDAの対前期増減率は、新計算式を適用した数値を基に算出しています。
2: Excluding the impact of the exchange rate fluctuations
為替影響を除く。

Recruit Holdings | Earnings Call09

FY2022 Consolidated Forecasts - Unchanged
Adjusted EBITDA and
Adjusted EBITDA margin1

Adjusted EPS1

1

Revenue(in trillions of yen)

3.30

3.50

3.00

(in billions of yen)

520.0
15.8%

600

500

511.8
17.8%

2.87

(in yen)170.65200

188.94

150

2.50
2.39

400
2.26

2.00
300
1.50

326.7
13.6%

100

111.19

246.9
10.9%

200

74.19

1.00
50

1000.50

FY2019FY2020

FY2021

FY2022Guidance

FY2019FY2020

FY2021

FY2022Guidance

1: From FY2022, the Company changed the adjustment items for adjusted EBITDA and adjusted EPS respectively. The new definition of adjusted EBITDA and adjusted EPS has been applied
retroactively to FY2019 through FY2021
FY2022より、調整後EBITDA及び調整後EPSの調整項目をそれぞれ変更しています。 FY2019以降過年度に新計算式を適用しています。

FY2019FY2020

FY2021

FY2022
Guidance

Recruit Holdings | Earnings Call

10

Interim Dividend and Share Repurchase Program
In line with our capital allocation policy,- The interim dividend per share for FY2022 is 11.00 yen as forecasted in May- Share repurchase was announced on October 17, 2022
- 150.0 billion yen (maximum)- 42 million shares (maximum), 2.55% of total number of shares issued and outstanding (excludestreasury stock)- From October 18, 2022 to March 14, 2023

当社のキャピタルアロケーションの方針に則り、- 当期の中間配当は期初予想通り1株当たり11.00円- 2022年10月17日に自己株式取得の実施を決議- 1,500億円(上限)- 42百万株(上限)、 発行済株式総数(自己株式を除く)に対する割合は2.55％- 2022年10月18日～2023年3月14日

Recruit Holdings | Earnings Call11

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 context otherwise indicates.
There can be no assurance that the relevant forward-looking statements will be achieved. Please note that signiﬁcant diﬀerences between suchforward-looking statements and actual results may arise due to various factors, including changes in economic conditions, changes in individual users’
preferences and business clients’ needs, competition, changes in the legal and regulatory environment, ﬂuctuations in foreignexchange rates, climate change or other changes in the natural environment, the impact of the spread of COVID-19, the occurrence of large-scale
natural disasters, and other factors. Accordingly, readers are cautioned against placing undue reliance on any such forward-looking statements. TheCompany has no obligation to update or revise any information contained in this material based on any subsequent developments except as required byapplicable law or stock exchange rules and regulations.

Third-Party Information
This material includes information derived from or based on third-party sources, including information about the markets in which we operate. Thesestatements are based on statistics and other information from third-party sources as cited herein, and the Company has not independently veriﬁed andcannot assure the accuracy or completeness of any information derived from or based on third-party sources.

Notes Of This Document
This material has been prepared for the sole purpose of providing general reference information. Neither this material nor any of its contents may bedisclosed or used by any third party for any other purpose without the prior written consent of the Company. The Company makes no representation as
to the accuracy or completeness of the information contained in this material and shall not be liable for any loss or damage arising from the use of thismaterial.

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