T`hank you very much for your attendance today. From now on, we would like to begin the Financial Explanation Earnings Call of the Third Quarter of 2025, and we're expecting around 60 minutes today, including the Q&A, and we are recording this earnings call and planning to upload it on our website later on, so let us introduce our speakers, the CFO, Mr. Yagi, and we were expecting originally Mr. Ogawa, CEO, to attend, but however, he is suffering from the delay of the flight, so he will be absent today. We sincerely apologize, and explanation about the materials, we have already disclosed the financial statement and also the presented material on the 3:30 P.M. Japanese time, and we would also disclose only on our corporate website the financial presentation with the appendix, KPI, and also financial figures in the Excel file as a supplementary motion. We will go through the explanation from Mr. Yagi today.
This is Mr. Yagi speaking as CFO, and I would like to go through the overview of the earnings call today. This is a highlight of the third quarter financial results, and the details, as you can see. Let me just point out some of the highlight and key points. This is a cumulative year-to-end result, so JPY 24.8 billion +3.5% year-on-year growth, and operating profit recording JPY 5 billion +82.5% year-on-year growth. Both are seeing growth in the net sales and also the operating profit, also driving a stronger result in both. The other main aspect, key figures, take rate, average take rate, still maintaining the very high level. The same case for the fill rate.
So, because the third quarter, especially the July, was the peak season, still maintaining the high level for the fill rate. And transaction volume, active account, and also the transaction volume per active account, we would explain further slides later on. So, JPY 84.8 billion as a transaction volume. And this is a standalone result for the third quarter, the cumulative result, and also the forecast for the fourth quarter. And please refer to the graph we will be showing in the later slides later on. So, the standalone third quarter result, and also the difference between the forecast and the actual result, the forecast disclosed in the previous earnings call. So let me explain about the difference between these two numbers.
Starting with the net sales, it's going around the lower limit by the JPY 32 million, and standing at the JPY 8.3 billion for the net sales. So this is going below the lower limit of the forecast range. So it's still an unfavorable situation for us, and some of the reason is coming from the impact of the cost containment and also the countermeasures against unauthorized use continued in the food industry. So this decline is showing all of the signs of the stopping, although it hasn't recovered enough to reverse, but on the other hand, operating profit is going above the upper limit of the third quarter range by JPY 62 million, standing at JPY 1.8 billion.
The similar factors, although the net sales falling below the range, but variable costs such as the worker marketing decreased in line with the decrease of the numbers of the job openings. And in addition, by continuing to make disciplined investments and also improving the sales productivity, implementing appropriate cost measures, and we have been able to improve overall the cost improvement and then result in operating profit with significant exceeding. And going to the, this is explained in the graph shown in the page five. So net sales falling below the range, forecast range, but still very close, but we're still being able to reduce the cost of the worker marketing by JPY 142 million. So that's why the operating profit seeing the improvement. And this is the fourth quarter forecast. Net sales are expected to be around JPY 9.3 billion-JPY 9.4 billion.
Year-on-year, it's upward by 18.5%-18.6%, with operating profit of JPY 1.6 billion-JPY 2.0 billion, which is showing plus 15.3%- 40.1% year-on-year. And OPM standing at 18%. And some of the reasons, although the cost containment coming from the food industry and the retail not really seeing the clear overall outlook for the future, but still the logistics industry is making progress due to the onboarding burden reduction project. But still, this effect will be realized in the next fiscal year as a result of YoY growth rate of the net sales is expected to slow further on the quarter-on-quarter. For operating profit, although we will continue to implement disciplined cost management since it has, but still it has progressed better than expected until the third quarter, we will make upfront investment for the next fiscal year.
Thus, a slight improvement in the profit margin expected, especially coming from this upfront investment that we're making because of the progress was better than expected until the third quarter. So some of the costs still will be spent on the fourth quarter. So operating profit, we still have a range due to the unclear outlook, but this is coming from the upfront investment we're planning to make in the fourth quarter. And together with this, we are having, due to the result up to the third quarter and outlook for the fourth quarter, we are revising the full year forecast. And the main reason I'm already explained due to coming from the cost containment, particularly in food and retail industries, and also no outlook for the recovery in the fourth quarter. And the operating profit is mainly coming from the cost, the management efforts that we have been making.
Net sales are revised downward, yet the forecast for the operating profit are revised upward. Let us walk through some more details of the third quarter. This is both showing the YTD of the net sales and operating profit. This is before the revision. The OPM standing used to be the 18.5%. Now, because of the client marketing increased, it resulted in the 14.7%. This quarter right now, it's standing at a 20.5% as OPM. Cumulative result, we have already talked over and the standalone third quarter result that's shown on the right hand of this chart. The growth rate we have explained, YoY top line showing a little bit slower, it's getting slower. This, you know, the reason has already been explained due to coming from the cost constraints.
Operating profit, also the same reason, the cost management that we have implemented, we are able to secure the operating profit. The trends by industry, let me walk through logistics. It's been progressing pretty steadily. The onboarding reduction burden project has been showing a strong result. The take rate also dropped in the first quarter, but in the second and third quarter, it's been recovering. On the other hand, food, retail, food industry, especially YoY, showing a negative growth. This is still showing the seesaw, the situation, step back, and then going forward. Some of them we're starting including the contract works, but still seeing the little severe situation for this industry. As I talked in the previous quarter, we're trying to expand to the more customer, larger number of the customer base, trying to approach some access using the new efforts.
So trying to implement more initiatives for this sector. And retail, and the market is relatively big, and the size is getting bigger. For example, the supermarket, convenience store, and trying to expand further than these two is what we are working on currently. And the major retail groups, they are still showing the cost containment. So on quarter- on- quarter, it's showing a little negative growth. And others, namely the hotel industry and also elderly care. for the hotel industry, during the fourth quarter, we're still working on proposing the sales proposal during the summer. And also we're working on the onboarding reduction project for some of these customers as well. Elderly care industry, we have a separate slide for this later on, but showing the very high growth rate. So this is still showing the very robust performance.
And other industries, the food manufacturing, we're still working on expanding the customer base. And the KPI, the transaction volume, let me touch up on this slide. As I already mentioned, the logistics very steady, food, restaurants, showing a little negative result. And retail still showing the strong growth, but the growth is getting smaller quarter-on-quarter. And the average take rate still showing the very high level on quarter-on-quarter, showing the 0.3 point improvement. And the details showing the right hand, the blue showing the logistics as we have finished the campaign for this area. So that's why the take rate is coming back. And then the net sales expansion together with the trends of the total transaction volume. So it's been very stable across all the three major industries. And this is the YoY growth rate, you know, of the net sales.
And compared to the year before and the year before, it's been getting a little slower. But if you look at the very recent timing, the growth rate we've been able to maintain at the very recent timing, especially in the logistics, it's been very flat, still being able to maintain the growth rate. On the other hand, food industry, even if you look at the quarter-on-quarter, still showing the negative growth. And the number of the active accounts and still showing the 26.5% growth year-on-year as a total. Still the food showing that a little severe and the logistics very strong, more than the 39.4%. And the difference, which has continued since one year ago. And finally, in the third quarter, 1.1% year-on-year positive growth was achieved.
The background to that is there are some technical factors, so let me thoroughly explain about this. On the right-hand side, the total transaction volume by industry, and on top there is a graph by the client size. At the bottom, there are no significant changes in the trend, but the top graphs, the total transaction volume delivered positive growth. These are the reasons. The transaction volume per AA in the logistics is higher, and in retail, there has been a big decline, so the logistics composition ratio has been increasing significantly, and the retail, excuse me, food with lower transaction volume per AA has been decreasing, and by industry, there has been negative year-on-year trend, but the portfolio mix has changed, so overall, there was a positive 1.1% growth. That's the background, and next is the ratio of the core workers.
There has been no significant changes in the trend on a continuous basis, the new as well as the core worker ratios. We are monitoring the balances, and based on that, we'd like to make the marketing investments. The fill rate, there has been a negative year-on-year. There is a slight negative. On the other hand, in terms of the absolute level, we have kept 85.9% high level. The negative factors explained with the sentences. In elderly care areas, there is an increasing number of jobs offered, and there are an increasing number of jobs offered for only qualified workers, and compared to the non-qualified workers, the matching or fill rate tends to be lower for the qualified workers. So due to the mixed changes, there has been a change in the trend. I will elaborate more later.
The cost breakdown, there has been no significant changes as well. HR, marketing, and outsourcing fees, and earlier I mentioned that there is a sales productivity enhancement, so on this front, we have a slight improvement in terms of marketing on a continuous basis. Market marketing has been increasing, and client marketing, in light of the impact of the unauthorized use measures, it has been reduced. Overall, the marketing cost has been reduced, and outsourcing fees, the BPO measures, last year we spent much cost recognized, and we have revised part of that, so on the YoY basis, the cost ratio has declined. That's the background. As a result, the OP margin, 16.3%-21.9%, there has been a significant improvement in the OP margin. Lastly, this is slightly different from the performance topic, but this is an important front, so we'd like to explain.
We have implemented changes in the service operations. Starting September 2025, we implemented this change. What specifically the changes are, let me elaborate. There are two major points here. First one is the timing at which the labor contract is concluded, so workers completed the applications for the jobs, and this is when the contract is deemed concluded. In the past, the workers read in the QR Code to check in into the actual workplace, and that's when we considered the labor contract was deemed concluded. That was the operation policy in the past, but this time around, the timing of the labor contract conclusion is deemed when the workers completed the worker applications, job applications, and that is the view expressed by the MHLW and the other associations, so there are guidelines issued by them. In line with the guidelines, we started these operations as of December the 1st.
As you can see here, originally, as was indicated in a leaflet of MHLW, it says, "Unless otherwise agreed." We believe that this applies to us. We explained to the workers that when the workers read in the QR code to check in, this is when we are recognizing that the contract is concluded. That was how we were operating. In line with the guidance and guidelines, we changed our operation model. The second part, in terms of the cancellation of clients of the jobs, basically, this is not accepted. Unless there are terminable events, the jobs cannot be canceled. I will skip the details, but there are terminable events. Unless the terminable events occur, in principle, the clients cannot cancel the jobs.
After 24 hours before the start of the work, and due to the changes in the work volume and workload and other job descriptions and date and time, they cannot cancel the jobs. Or if they cancel the jobs, they will have to pay the allowance for the suspended work. The implication of that on our business performance is that, well, the policies are now being integrated in the industry. By doing so, we are able to strengthen the protection of the workers. We believe that this will be instrumental for us to expand businesses. On the other hand, clients may have to cancel jobs prior to the work start timing due to various reasons. There are some concerns, but the volume of such cases are limited to begin with. We believe that there are no significant implications or impact on our business performance.
Next, let me go through the progress against the mid-to-long-term growth strategy, and this is the slide that we showed you previously, so I will skip this slide, and this page speaks to our competitiveness in the industry. There are no major changes to this slide, so let me skip this page as well. Moving on to this slide, which is about hotel elderly care industries, hotel delivered the growth rate of 21.2% elderly care 147%. Earlier, I mentioned each of these industries, but especially elderly care industry, as you can see the graphs, we delivered strong growth, and this is the industry less susceptible to the seasonality, so this business is delivering strong performance. This is the industry we position as the growth area to capture the business opportunities. That is the overarching policy.
What specifically we are going to do is, first of all, in terms of the market, elderly care market, as you know, is suffering from the serious labor shortage. There are so-called staffing standards with a certain ratio of workers need the qualifications. This is the industry more struggling with the labor shortage. Also, there is a tailwind coming from the government's policies. We believe that this is the area we can contribute in a significant way. In this industry, this is a vertical side of the business. It's not just about taking the sales activities, but marketing and also product development. All of these will be necessary for us to win. With that in mind, we are allocating necessary resources. The qualified as well as non-qualified personnel workers, and we have secured abundant talents in both areas.
So leveraging both of these groups of talents, we'd like to expand this business. And in the marketing area as well, we are securing more qualified workers and increase the fill rate as well. And we are developing the specific products for this specific elderly care industries. And investors often ask what tasks can be performed by non-qualified workers in elderly care industry. And as you can see on the right-hand side, even without the qualifications, there are many tasks that can be performed. So leveraging this, we'd like to make sure that both the qualified as well as non-qualified workers will be able to play central roles in this industry. And this is about areas, not industries. We have been expanding our network with the local governments. After building the partnerships with the local governments, what will be the implications on our business performance?
These are the specific examples with the partnerships with the local governments, as you can see with the graphs, compared to the cities without the partnership agreements. In the cities where we have the partnership agreements, the number of job postings increased significantly. The reason why is because the local governments will be hosting the briefing sessions for the companies, and they are introducing us in their PR magazines, and that has been contributing to the increase in the job openings and postings by them. We'd like to further strengthen our partnership with those local governments so that Timee will be leveraged and utilized all across the nation of Japan. Next is the onboarding burden reduction project. Overall, the progress has been solid and strong. On this slide, we have shown this slide in the previous earnings calls, so I will skip this slide.
In terms of progress, there are two main examples here. In terms of number of offices and locations, which have implemented this key, the number of job postings by them increased 1.8 times in a year, and this contributed to the logistics year-on-year growth. Where we are expecting larger impact is, as you can see on top, the busy season is December. So we are continuing our follow-up and proposals so that we'll be prepared for the first quarter of next year. On the right-hand side, there are 45 locations which have agreed to implement this scheme. We added another 25 locations over the past three years. Fourth quarter and first quarter, we would like to further increase the number of locations so that it will contribute to an enhanced increased number of job postings.
In addition to this, this is not just about a sales approach, but with the capability of our products, this project has been delivering strong performance. As we proceed with this project, we are signing the field managers who are providing the oversight on site. By having the field managers, the first-time workers will be able to receive thorough onboarding training so they can hit the ground running. So for those locations, we'd like to attract the first-time workers. We have released a new feature for them to do the job offerings for the first-timer as well. In order to curate the good pool of talents, we have released these features. And also the skilled worker requirements, as was explained earlier. We have acquired the business of Skima Works, as was released earlier. And there are some financial performance.
The acquisition price was JPY 300 million, so it was not a big amount. And the background for them coming on board is the onboarding burden reduction project in the logistics business area. Those warehousing and logistics work know-how has been acquired by them, and we wanted to acquire those expertise. And Skima Works actually operates the LogiHero, that is a staffing platform for logistics warehouses, and they also provide a BPO type of services. And they have the 30 years of expertise in this field, including the onboarding training. They have the know-how of the operation in this logistics and warehousing area. And through this collaboration with them, we'd like to further speed up the development of the field managers. And this is another area we'd like to work on with them. And lastly, this is our new business, the Timee Career Plus.
There was a significant progress we had, so let me explain. This is the so-called Timee resume based on the work history at Timee. The resume can be automatically created. On the right-hand side, in the ordinary processes, in the job placement services, the candidates will have to create the resumes, and then the document screening will take place, and the interview will take place. And only after these processes, a job offer is granted. This is the ordinary processes for the job placement. But on the other hand, by leveraging the Timee resume, the recommendation and recruitment processes will significantly improve. And we have had tangible results already. So with this scheme, no document screening or interview will be required. Based on the track record of the work performed at Timee, the job offers can be granted. Already, 10 job offers have been granted and accepted.
So when the workers have solid work experiences at Timee, those track records are accumulated as data, and that data can be leveraged in this way. We'd like to further step up our activities to promote this scheme. With these work-related track record data being accumulated, there is another opportunity, which is the direct recruiting. The company side pursuing those workers with solid track record, they have the incentive to hire those employees with good track records based on the data. We can help those corporates to hire good talents. The Timee Career Plus, we have been implementing various measures, including this. Towards the next fiscal year, we'd like to continue our investments so that this will contribute to our revenues as well as profit. That will be the end of my explanation. Lastly, I will show you the third quarter summary.
We have revised the net sales, showing the decline compared to the previous forecast. The operating profit is showing the upside revision. For this quarter, the operating profit has been very strong, but the next quarter and another quarter onward, maybe the net sales securing that need to be important. The securing different industries and YoY, the growth has been getting a little slower over a quarter. That's something that we're trying to look more carefully into and trying to work on the very recent timing in order to prepare for the future situation. For the net sales impact, might not be really clear. The visibility, we don't really have it yet, but trying to, we're working on our efforts to re-accelerate the growth for the future. That's what we're working as an entire company.
So I think we still have 30 minutes left. So that's it for the first 30 minutes explaining from my side. So we will move on to the Q&A session. And please the name in the correct order, your name and the company's name, and then raise your hand using the button of this Zoom. And then we would allow you to speak. And please disable the mute on your side before you speak. And please, since we have the simultaneous interpretation, please be concise and short as much as possible. Thank you.
So Mr. Arai . Hopefully, you can hear me. Sounds great . Thank you, Mr. Arai, speaking. as he explained . We're talking about the food and the retail, the some of the usage, the slow usage for the food. It's being already explained in the previous quarter, but the retail.
This is also the first time we heard that there is also the weaker use also in the retail sector. And can you kind of tell us what happened in the retail for the third quarter? That's my first question. Thank you very much.
For the retail, some of them, just like the food industry, it's not that nothing happened the first and second quarter, but some of the cost constraints already have seen the sector, but it dropped a little further in the third quarter. That's what happened in retail. And food and retail, not really, it's not really like the situation is really different between those two. But compared to the job board, it's still a little bit difficult to make a comparison with the job board, unlike the logistics sector. So the cost, they still cannot really invest too much cost in this retail sector. So that's why it's resulting in the weaker use of the Timee even in this retail sector.
Thank you very much. Understood. Additionally, the second question for me, net sales fourth quarter, 18%-20%. So it's going to get slower. But Mr. Yagi explained that hopefully the next fiscal year, trying to re-accelerate the growth for the next fiscal year. So, toward the, can you kind of let us know what you're expecting for the re-acceleration of the growth for the next fiscal year? And what kind of measures, initiatives are you taking in order for this re-acceleration? Of course, you cannot disclose everything, but we'll be appreciative if you can tell us a bit more. Thank you very much.
For the next fiscal year growth, of course, we will go a little bit further, more for the full year earnings call. But trying to explain to you something we already see in general. Of course, without doing anything, the growth rate will be slowing down because the net sales are getting larger, as shown in this slide. It's been getting a little bit slow, this growth. So without doing anything, it's going to, same trend is going to continue. So this, you know, the volume of this, you know, the growth, it's been slowly increasing, but it's very unlikely to expect the very sudden, you know, the turnaround to the big jump without doing anything if we don't do anything. A lot of it repeatedly, but by each industry, for logistics, we do have the onboarding reduction project, and this is showing the very good results so far, and the customer reception is also very, very positive.
So we can continue the speedy rollout of our sales actions, applying more and more sales managers, the field managers in each site, making sure that they function correctly. We think we can expect more growth and also possibly re-acceleration coming from this sector. So we keep just working on what we are already working on because it's been already good. Or on the other hand, food, restaurant industry, it's showing the negative growth at this recent moment. So how do we expect the re-acceleration, but not just, you know, the zero, but trying to, you know, reverse into the turnaround, into the recovery, what can we do? So for this progress, as we already talked, we are trying to work on developing the new price, you know, the measures such as considering a new pricing model.
So if these measures, if we can deliver it in a way the customer would be satisfied, and then hopefully we can accumulate more and more number of the new customers. So but this result will not be showing directly, immediately in the next quarter. It might take a little bit more time. So it's still a little bit hard to expect the full visibility for this. For the retail sector, we're still showing the very good, you know, the high growth rate, but we're still already seeing some of the cost, the containment. So both food and retail industry, we're trying to work on establishing certain solutions. And other industries trying to capture the needs of the customers is what we're working on toward the re-acceleration toward the next fiscal year.
Thank you very much. And one last question. In part of your answer, for the logistics onboarding reduction project has been very good. And the next fiscal year, maybe the first quarter, in the case for the logistics sector, that's the first quarter is the high season. So the peak season of the logistics, hopefully we can see the result, you know, the implications of the project efforts that we have been working on. So that's how I can understand you're pretty confident about this result from the logistics sector in the first quarter?
Yes, of course, we have to accumulate more efforts, but we will be, you know, expecting pretty fairly positive for the first quarter. So just trying to make sure, trying to prove that this, you know, the new project is actually functioning. So even if you post more jobs, but if you cannot supply more people, that will not bring a good result in the next fiscal year. So the first quarter will be some of the turning points to prove the initiatives. Thank you very much. Next, we have Mr. David.
Thanks. It's David Gibson from MST Financial. Two questions. On the food, you mentioned earlier about doing a POC for a new pricing model. Could you elaborate? Does that mean we'll see a lower take rate or is something else going on? And the second question is on the transaction volume per active account. It grew in the quarter by 1.1%. Do you see that positive year-on-year growth rate continuing in 4Q and into next year in particular? Thank you.
So answering to the first question, the pricing model, we cannot really disclose more like concrete details. We might because change, you know, some of the contents, but the take rate, the significant decrease in that, we're not really expecting that. It's more like we're trying to, you know, bring the new initiative both for the long-term customers and the new acquisition customers, depending on their needs, so trying to increase, you know, the more transaction volume per account is what we're more like considering for this new pricing model, and the details we will likely to disclose, you know, talk more in the next fiscal year, and the second question. Would you mind repeating the second question again?
Sure. The transaction volume per active account grew 1.1% year-on-year for the first time. Just wondering if you see that positive trend being maintained in the fourth quarter, but in particular into next fiscal year? Thank you.
Yes, hopefully, overall, we're not really expecting the negative growth. The reason is as I explained, the mix of the industries, logistics are very strong because it's showing the large, you know, the amount of transaction coming from per account. And some of the KPIs already shown in Excel that we're disclosing, but the year-on-year, the negative, you know, the growth, you know, of the transaction volume, it's been getting better mitigated. And the logistics sector transaction volume per account in logistics is what we're trying to work on the expanding further. So the unit, the volume, of course, it might see some fluctuation, but we're not really expecting the negative growth or deterioration. Hopefully, what we expect is a stable.
Thank you.
[Foreign language] Any other questions? [Foreign language] Oiwa-san, please go ahead with your questions. Jefferies.
This is Oiwa from Jefferies. Thank you for taking my questions. First question is regarding the market share in food and in retail. The market share hasn't really changed in this industry. Is that the right assumption? Yes. The overall size, relative to the overall size, we are not, we do not, it's not our understanding that the market share has changed significantly. Thank you.
In logistics, field manager project, how will it contribute to revenues? It will not be materialized in the third quarter. When do you expect that the field manager program positively to materialize? In the third quarter as well, this field manager assignment increased the number of job postings, so a certain impact was recognized, but on the other hand, there are some trial efforts with a small number of locations implementing this scheme. The locations haven't really maximized their job postings, so in terms of the number, there is small limited numerical impact.
But in the busy season, in the first quarter of the next fiscal year, we are expecting large impact materialized. And towards that end, we have been continuing our follow-up activities with the customers. And in the first quarter of next fiscal year, the question is whether the full impact will be materialized. We do not expect that. We have worked on this project for the last six months or so. We're not sure the full impact will be seen entirely in the first quarter. We are allocating resources so that as much impact as possible will be materialized in the first quarter. And Skima Works M&A will be recognized in that area. Yes, the progress we have talked about earlier. And when we allocate and assign field managers, we have to make sure we secure enough number of field managers.
And we have to make sure that the field managers will be effective in providing onboarding training and including the know-how of the logistics and warehousing operations. If we do it all alone ourselves, we wouldn't be able to speedily increase the number of field works and secure quality field workers. So Skima Works integration will be very instrumental in developing the field managers as well.
Understood. Thank you.
Any other questions? David [Foreign language] David, please go ahead. Mr. Gibson.
Yes. Okay, thank you. Sorry. Two questions. Can you talk about how do you think competition overall has changed in the quarter, especially with Hallo now charging, whether we're seeing any gains or losses from them? And the second question is for Timee Career Plus. Is that likely to be a similar take rate to the current business for spot work, or is it going to be much different? Thank you.
[Foreign language] To the first question, in conclusion, the competitive landscape hasn't changed significantly, and we are not expecting the competitive landscape to change in the future in any significant way because we have absolute competitiveness established, so there is no reason for us to have to anticipate major changes in the competitive landscape at this point in time. The second part of your question regarding the Timee Career Plus, we haven't really explained about the details, so let me explain the details. This is about the full-time employment placement services, and when it comes to the pricing of the services, spot work and regular full-time employee placement, these are two different services, so basically, the annual compensation, against the annual compensation, several percent or some percent of the annual compensation may be earned. Depending on the customers, we may charge fixed rates.
So this is not setting the take rate against the total transaction volume. And going forward with the Timee resume and direct recruiting as well, based on the work track record data, we are working to expand the service menus and product menus. And at that time, we'd like to consider what take rate and how we are earning profits. But at this point in time, we have just set the percentage against the annual compensation of the full-time employee placement services.
Thank you. But just to understand, you anticipate that your take rate would be significantly below competitors for full-time employment, full-time placement services, sorry.
On this business, we have been doing the trial basis, so which take rate is higher or lower between ourselves and competitors. And this is subject to future revisions. So we'd like to fine-tune our take rate as necessary.
One thing I can share with you is that there is a unique Timee offering. There is no document screening, and there is no interview processes. So these processes will be skipped. That is a huge advantage from the workers' perspectives. And from the corporate perspectives, they have to go through the interviews. And with just the interviews, they cannot identify the true values of the candidates. But with Timee, they can confirm the track records, solid track records, based on the data Timee provides. And this is the unique service that we can provide. None of the other competitors can provide these services. Because of the proprietary data and information we have built to date, we are able to provide this service. This is the biggest differentiator for our business. So we'd like to appeal these points so that customers will adopt these services going forward.
Okay. [Foreign language] Thank you.
[Foreign language] Any other questions on the floor? No further questions. [Foreign language] Without further questions, we'd like to end the third quarter financial results briefing. Thank you very much for your participation today.