Recruit Holdings Co Adr

Welcome to the Recruit Holdings Q1 FY 2023 Earnings Conference Call. This call is a simultaneous translation of the original call in Japanese and translations provided for the convenience of investors only. I'm Mizuho Shin, Group Manager of Investor Relations and Public Relations. And joining me today is Junichi Arai, Executive Officer of the Corporate Planning Division. The first quarter financial results presentation video and transcript were uploaded to the IR website at 3 p.m. today. So all 50 minutes of today's session will be used as Q&A session. Please use the raise hand button and unmute yourself when you are nominated. We will take two questions per person. Just a moment, please. We're just adjusting. Thank you very much for your attendance. Some large listed companies are announcing their results today at the same time. But nevertheless, you are here with us. Thank you very much. Thank you very much. Thank you. Thank you. First question. PPSA. This HR technology, PPSA, is my first question. What is the impact and the hint to ascertain the potential going forward? So the 50% down in the paid job ads. So sales per paid job ad may be increasing by 60%, I project. So by shifting to PPSA, how much per application will it go up? And PPSA. What is the penetration of this in the U.S. customers? So the scale and your potential going forward, please? That's my first question. Could you also ask the second question first? Thank you. This is also PPSA. It started in the U.S., but what is the schedule of this development outside of the U.S.? Thank you very much. Thank you for today. In a few other countries, we are testing this PPSA. So it has been tested and introduced in a few other countries too. As Idekoba-san said last time, increasing the per-application spend, that is also increasing. but the first priority is how to provide high added value services to our clients so that it can be used more. So we are doing trial and error, and this paper started application is part of that effort. If you visit the site, You can see especially the U.S. corporate clients' tutorial for the corporate clients on what PPSA is. It explains, so if you have time, please take a look. But just briefly, it used to be pay-per-click. So with certain budget, clients looked for people through pay-per-click. but not just click. When those who are really interested to apply will be charged as opposed to just simple click. So that is the structure. So in some cases, there may be no one who apply, which means no payment. But last time we said, explain the difference with PPA. When the application is clicked, it is certain amount of payment. And so based on budget, based on click. So this is a flow, natural flow is this PPFA from PPC. So we are asking the business clients to consider and introduce this scheme. So as Takeuchi-san just rightly said, paid job ads decreased by 50%, but the revenue has not declined as much because of this reason. And there are other things we are trying, other factors come into play, but that is one impact. And for your second question, we started in the U.S. and testing in other countries, too, in some other advanced nations, developed nations. Thank you very much. And one more point, if I may. The budget. So if one client... say $100 a day or $300 per month. If that is the budget, this $300 will remain unchanged and shift from PPC to PPSA. I think that's the simple way to understand this. So it's not that clients are paying more. Thank you very much. One follow-up question. So in that sense, from CPC to PPC to PPSA, in the near future, there will be a complete shift in the U.S.? Well, we are initiating that movement, but it's not that the shift will change completely because it depends on the customer. Thank you very much.

City Group Securities, Yamamura-san, please go ahead.

Thank you. I also have two questions.