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2024年3月期、2024年度は2025年3月期を意味します。

本日言及する数値の比較は、特段の断りがない限り、すべて前年同期との比較です。



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





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.

2 The chart starts in December 2000.

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 チャートの開始点は2000年12月です。

Recruit Holdings | FY2023 Results 2



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



FY2023 Consolidated Financial Results

Revenue

(in trillions of yen)

Adjusted EBITDA1and Adjusted EBITDA Margin %

(in billions of yen)

17.5%

15.9%

17.8%

13.6%

12.7%

11.9%

10.9%





3.50 600

3.00

2.50

2.00

1.50

1.00

0.50

500

400

300

200

100

FY2017

FY2018

FY2019

FY2020 FY2021 FY2022 FY2023

FY2017

FY2018

FY2019

FY2020 FY2021 FY2022 FY2023

1 From FY2022, the Company changed the adjustment items for adjusted EBITDA. New definition of adjusted EBITDA has been applied retroactively to FY2017 through FY2021.

Adjusted EBITDA is Operating income + depreciation and amortization (excluding depreciation of right-of-use assets) + share-based payment expenses ± other operating income/expenses

1 2022年度より、調整後EBITDAの調整項目をそれぞれ以下のとおり変更しました。 2017年度から2021年度にも新計算式を適用しています。調整後EBITDA: 営業利益＋減価償却費及び償却費(使用権資産の減価償却費を除く)+株式報酬費用±その他の営業収益・費用

Recruit Holdings | FY2023 Results 4

60 Years of Our History1 60年間の歴史

(Billion yen / 十億円)



Revenue | 売上収益



1 Revenues for the year in which a change in fiscal year was made are added to the previous years' revenues.

2 Adopted International Financial Reporting Standards (IFRS) from the beginning of the FY2017.

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 2018年度より国際会計基準(IFRS)を適⽤しています。

Recruit Holdings | FY2023 Results 5



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

FY2024 = Year 0

Recruit Holdings | FY2023 Results 7

Operational Efficiency

Recruit Holdings | FY2023 Results 8

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 Assuming no sharp deterioration in the economic environment, including the labor market.

1 出典: 全米経済研究所（NBER） 2024年3月以降はイメージです。

2 急速な景気変動による事業環境 (労働市場を含む) の悪化がないことを前提としています。

Recruit Holdings | FY2023 Results 9



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

M&S Marketing Solutions:

Adjusted EBITDA margin (pre-corporate1) target of 35% - 40%

28%

30%

25%



40%

35% - 40%

35%

30%

25%

20%

FY2022 FY2023 FY2024

・・・・

Mid-term

1 Before allocating corporate overhead costs

2 Forecast numbers after FY2024

3 Adjusted EBITDA margin for Marketing Solutions in FY2022 and FY2023 are unaudited internal measures

4 Assuming no sharp deterioration in the economic environment.

1 本社費等考慮前

2 2024年度以降は見通し数値です。

3 2022年度及び2023年度の販促領域の調整後EBITDAマージンは未監査の社内数値です。

4 急速な景気変動による事業環境の悪化がないことを前提としています。

Recruit Holdings | FY2023 Results 11

Capital Efficiency

Recruit Holdings | FY2023 Results 12

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金を差し引いた金額です。

Recruit Holdings | FY2023 Results 13



Operational Efficiency

Capital Efficiency

HR Technology

HR Technology

+

M&S HR Solutions

M&S Marketing Solutions

Consolidated Cash and

cash equivalents

Back to

YoY revenue growth in FY2024 2H

M&S HR Solutions: Adj. EBITDA margin at the level of

HR Technology in mid-term

Adj. EBITDA margin of 35% - 40%

(pre corporate) in mid-term

¥600 billion

by the end of FY2025

Recruit Holdings | FY2023 Results 14

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

経営企画本部 経営戦略、 IR

Recruit Holdings | FY2023 Results 15



FY2022

FY2023

(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 %

15.9%

17.2%

17.5%

-

Operating income 営業利益

344.3

407.0

402.5

+16.9%

Profit attributable to owners of the parent

親会社の所有者に帰属する当期利益

269.7

354.0

353.6

+31.1%

Basic EPS (yen) 基本的EPS (円)

168.59

226.00

225.99

+34.0%

Adjusted EPS (yen) 調整後EPS (円)

199.35

233.00

241.11

+20.9%

Dividends per share (yen) 1株当たり配当金額 (円)

22.00

23.00

23.00

-

ROE1%

18.0%

-

19.5%

-

Total payout ratio2% 総還元性向2%

69.5%

-

72.0%

-

1 ROE = Profit attributable to owners of the parent / average net asset for the fiscal year

2 Total payout ratio = ( Total amount of dividend payment + Total amount of share repurchase ) / Profit attributable to owners of the parent

1 ROE = 親会社所有者に帰属する当期利益 / 期中平均純資産

2 総還元性向 = (配当金総額 + 自己株式取得総額) / 親会社所有者に帰属する当期利益

Recruit Holdings | FY2023 Results 16



FY2023 Consolidated Financial Results Adjusted EBITDA

(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-GAAP営業利益 393.6 443.1 +12.6%

Non-GAAP operating margin % Non-GAAP営業利益率 % 11.5% 13.0% -

Depreciation and amortization1 減価償却費及び償却費1 78.7 75.8 -

Share-based payment 株式報酬費用 72.7 79.3 -

Adjusted EBITDA 調整後EBITDA 545.0 598.3 +9.8%

Adjusted EBITDA margin % 調整後EBITDAマージン % 15.9% 17.5% -

1 Excluding depreciation of right-of-use assets. Recruit Holdings | FY2023 Results 17

1 使用権資産の減価償却費を除く

As of March 31, 2023

(in billions of yen)

Variance

As of

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 assets

2,793.2

3,144.6

+351.3

Liabilities

Total current liabilities

782.7

758.8

-23.8

Total non-current liabilities

369.5

376.8

+7.3

Total liabilities

1,152.3

1,135.7

-16.5

Equity

Total equity attributable to owners of the parent

1,627.0

2,000.9

+373.9

Non-controlling interests

13.9

7.9

-5.9

Total equity

1,640.9

2,008.9

+367.9

Recruit Holdings | FY2023 Results 18

(shares in millions)

As of March 31, 2023

Mar As of2024 Variance ch 31,

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

当社が直接保有する自己株式数

49.0

50.4

+1.3

Shares held by the Board Incentive Plan trust and the ESOP trust

株式付与ESOP信託が保有する当社株式数

67.8

54.7

-13.0

Total Number of treasury stock

期末自己株式数合計

116.8

105.2

-11.6

Number of issued shares excluding treasury stock

1,579.1

1,544.6

-34.4

役員報酬BIP信託、並びに

期末発行済株式数 (自己株式を除く)

Recruit Holdings | FY2023 Results 19

FY2023

Actual

FY2024

Guidance

(in billions of yen, unless otherwise stated)

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EBITDAマージン %

17.5%

17.3%

-

19.3%

-

Operating income 営業利益

402.5

390.0

-

500.0

-3.1% - +24.2%

Profit attributable to owners of the parent

353.6

315.0

-

400.0

-10.9% - +13.1%

Basic EPS (yen) 基本的EPS (円)

225.99

206.00

-

260.00

-8.8% - +15.0%

Dividends per share (yen) 1株当たり配当金額 (円)

23.00

24.00

-

親会社の所有者に帰属する当期利益

Recruit Holdings | FY2023 Results 20

Revenue

(in trillions of yen)

Adjusted EBITDA and Adjusted EBITDA margin %

(in billions of yen)

700

600

19.3%

500

17.5%

17.3%

400

15.9%

300

200

100



3.50

3.00

2.50

2.00

1.50

1.00

0.50

FY2022

FY2023

FY2024

Low

High

FY2022 FY2023

FY2024



Low

High

Recruit Holdings | FY2023 Results 21

FY2023 Results and FY2024 Guidance

Operating income

(in billions of yen)

Profit attributable

to owners of the parent

(in billions of yen)

500

400

300

200

100





400

300

200

100

FY2022 FY2023

FY2024

Low

High

FY2022 FY2023

FY2024

Low

High

Recruit Holdings | FY2023 Results 22

Revenue in US dollar

0.0% - +9.5%

US

7,004

US

Japan

Non-US

RoW



8,243

$8,000

$6,000

$4,000

$2,000

(in millions of dollars)

YoY

Adjusted EBITDA and Adjusted EBITDA margin %

33% - 36%

30.7%

34.0%



400

300

200

100

(in billions of yen)

FY2022 FY2023

FY2024

Low

High

FY2022 FY2023

Low

FY2024

High

Recruit Holdings | FY2023 Results 23

HR Solutions Revenue

(in billions of yen)

Marketing Solutions Revenue

492.4



YoY

(in billions of yen)

YoY

-23.0% - -10.0%



500

400

300

200

100

500

400

300

200

100

+1.5% - +9.0%

FY2022 FY2023

FY2024

Low

High

FY2022 FY2023

FY2024

Low

High

Recruit Holdings | FY2023 Results 24

Marketing Solutions - FY2023 Revenue Breakdown

Total: 492.4



YoY +9.0%

(in billions of yen)

Others (Car + Educations

+ Bridal + Others)

20.7%

Housing & Real Estate

29.2%

101.8

YoY Approx. +2%

143.6

YoY Approx. +5%

Beauty 106.7

YoY Approx. +7%

Beauty + Travel + Dining

+ SaaS Solutions

246.9

YoY Approx. +15%

50.1%

1 Revenue in each vertical is unaudited internal measures Recruit Holdings | FY2023 Results 25

1 各分野の売上収益は未監査の社内数値

-7.7% - +1.8%



Revenue

800

600

400

200

(in billions of yen)

YoY

Adjusted EBITDA and Adjusted EBITDA margin %

20% - 23%

20.3%

14.4%



200

150

100

50

(in billions of yen)

FY2022 FY2023

FY2024

Low

High

FY2022 FY2023

FY2024

Low

High

Recruit Holdings | FY2023 Results 26

FY2023 Results and FY2024 Guidance

1,585.2

Japan

1,634.2

YoY

+5.0%

YoY

+5.0%

Europe

US

Australia

YoY

-4.0%

YoY

-2.5%



Revenue

1,500

1,000

500

(in billions of yen)

Adjusted EBITDA and Adjusted EBITDA margin %

6.5%

6.0%



100

75

50

25

(in billions of yen)

5.5% - 6.0%

FY2022 FY2023

FY2024

Low

High

FY2022 FY2023

FY2024

Low

High

Recruit Holdings | FY2023 Results 27

Total payouts to shareholders Total payout ratio1%

72.0%

69.5%

53.5%

85.0%



250

200

150

100

50

(in billions of yen)

Year end net cash and cash equivalents2



(in billions of yen)

1,000

750

500

250

FY2020 FY2021 FY2022 FY2023 FY2020 FY2021 FY2022 FY2023

1 Total payout ratio = ( Total amount of dividend payment + Total amount of share repurchases ) / Profit attributable to owners of the parent

2 Calculated by subtracting subtracting interest bearing debt from cash and cash equivalents.

1 総還元性向 = (配当金総額 + 自己株式取得総額) / 親会社所有者に帰属する当期利益

2 現金及び現金同等物 - 社債及び借入金を差し引いた金額

Recruit Holdings | FY2023 Results 28

(in billions of yen)

FY2022

FY2023 YoY

HR Technology

1,116.1

1,011.8

-9.3%

Matching & Solutions

760.6

807.8

+6.2%

Staffing

1,585.2

1,634.2

+3.1%

Revenue

売上収益

Consolidated1

3,429.5

3,416.4

-0.4%

HR Technology

342.3

344.3

+0.6%

Adjusted EBITDA

Matching & Solutions

109.8

163.6

+49.0%

調整後EBITDA

Staffing

102.2

97.9

-4.2%

Consolidated1

545.0

598.3

+9.8%

HR Technology

30.7%

34.0%

-

Matching & Solutions

14.4%

20.3%

-

Staffing

6.5%

6.0%

-

Consolidated

15.9%

17.5%

-

Adjusted EBITDA Margin

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.

1 「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。

Recruit Holdings | FY2023 Results 29

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Recruit Holdings Co. Ltd. published this content on May 01, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 30, 2025 at 09:02 UTC.