With M&A as a central pillar of our growth, we focus on adjusted KPIs that exclude one-time M&A-related expenses. This ensures that investors can accurately evaluate our core operational performance, separate from transient transaction costs.
Furthermore, to provide a more accurate representation of our actual cash flow, we present Adjusted Operating income and Adjusted Net income. These metrics serve as alternatives to the operating income and net income reported under Japanese GAAP, representing earnings before the amortization of goodwill and intangible assets.

1. The M&A-related fees include the following.
   (1) M&A execution fees: Brokerage fees, legal fees, DD fees, FA fees, and appraisal fees
   (2) M&A financing fees: M&A financing fees
   (3) Equity offering fees: Follow-on offering fees and IPO fees
2. Starting in FY2025/1, net income levels off due to the commencement of corporate tax payments.