Performance trend of i-plug <4177>

Sales status by service category

By service category, the revenue of "OfferBox" (Early Flat Rate Type) was 3,443 million yen (+28.0% YoY), the revenue of "OfferBox" (Success-based Type) was 740 million yen (+8.8% YoY), the revenue of eF-1G (Aptitude Test) was 273 million yen (+3.4% YoY), and the other revenue was 144 million yen (+37.7% YoY). The growth of "OfferBox" (Early Flat Rate Type), which accounts for 3/4 of the revenue, continued to be strong and became a driver to drive revenue. In addition, the significant increase in other revenue was due to the inclusion of the sales of "PaceBox" and "Tsunagaru Job Hunting", but the revenue was originally planned to be much larger.

The main "OfferBox" (Early Flat Rate Type) for 2025 graduates steadily captured the early usage needs of companies against the backdrop of improved recruitment intentions and is performing well in both continued contracts, switching from success-based types, and new orders. Although there was a tendency for early flat rate types to gradually increase orders towards the third quarter, in the March 2024 period, it moved differently from usual, decreasing after becoming the largest order in the first quarter. This is because early flat-rate type costs the same for both April and October contracts, so it seemed that the psychological side of the company working to contract as early as possible, given the intensifying competition for adoption, was a factor. In addition, it is thought that the company captured such a psychology by strengthening its sales activities earlier than before, and the time required for consideration was shortened against the backdrop of increasing trust in the company. In the second half of the year, the company seems to be considering measures as there were issues with the second half's sales activities.

For the 2024 graduates targeted by "OfferBox" (Success-based Type), the determination of internal offers remained on par with the previous year, but learning from the increasing recruitment intentions of companies, offers were progressing favorably. On the other hand, the new graduate introduction service "OfferBoxPLUS", which was introduced with the expectation of synergy with the success-based type, received strong support due to the convenience of being able to search for students and offer them without having to look for them. "eF-1G" continued to have a steady number of aptitude test takers for new graduates. Other new businesses, including the included subsidiaries (Pacebox Co., Ltd. and Maximize Co., Ltd.), which did not meet expectations, boosted revenue.

For the March 2024 period KPI, the number of corporate registrations was 17,469 (an increase of 24.6% from the end of the previous period), and the number of registered students for the 2024 graduates was 246,751 (an increase of 13.4% YoY), and the number of registered students for the 2025 graduates was 182,512 (a decrease of 4.8% YoY). The cumulative number of offer transmissions for the 2024 graduates was 85.0% higher than for the 2023 graduates, and the number of offer approvals was slightly over 0.5 million, an increase of 12.6% compared to the 2023 graduates. Furthermore, although the number of "OfferBox" decision-makers increased steadily to 7,394 people, the growth rate of decision-making from student registration slowed down. This KPI can generally be said to be progressing smoothly, but the decline in the number of registered 2025 graduates and the slowdown in decision-making rate can be seen as somewhat problematic. However, the decline in the number of registered 2025 graduates is believed to be due to the backlash from last year's sales promotion. In addition, the slowdown in the growth of decision-making rate is believed to be due to the molecular and denominator relationship of the increased number of offer transmissions in proportion to the increase in companies using "OfferBox", while the student share of "OfferBox" is already high and the number of decision-makers is steadily increasing. This cannot be helped to some extent. However, it remains that the efficiency of matching for companies is decreasing, and the company is considering improvement measures so as not to cause stress to companies.

* The 2023 graduates are cumulative from April 2021 to March 2023. The 2024 graduates are cumulative from April 2022 to March 2024.

(Author: FISCO guest analyst Nobumitsu Miyata)