Recruit Holdings Co Ltd Business Management Briefing (Day 2) Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Haruka Mori - JPMorgan Chase & Co, Research Division - Analyst : This is Mori speaking. I also have 2 questions. One is related to AirPAY. In-- so 55% of clients are existing users, as you mentioned. And so -- 450,000 that number, and there's more than 1 million TAM, and if the ratio is at 10%. Well, I think it depends on what you would like to achieve with AirPAY, but is the penetration rate simply 10%? And the other question is in areas where matching is not likely to happen at 45%. How are you going to face those areas? When there is no scalability of matching, will it be a profitable business? That is my first question. And then my second question is, maybe this is not a good question, but housing and real estate and beauty are the 2 largest areas. And if the growth of these 2 areas slow down, segment as a whole may slow down. But these 2 are already large to a certain extent. So I would like to ask you what is going to be the driver for these 2 businesses going forward? Is there a room for further penetration among clients? Or as you explained in details today, our revenue per client is that going to be possible to grow further and there is no worry? Those are my 2 questions.