r.

International revenue was ￥54.1 million for the 2025 first quarter, an increase of 2.2% compared to ￥52.9 million for the same period last year.

Subscription revenue was ￥99.0 million, which accounted for 95.0% of total revenue for the 2025 first quarter, compared to subscription revenue of ￥103.9 million, which accounted for 97.4% of total revenue for the same period last year.

Annualized Recurring Revenue was ￥396.2 million for the 2025 first quarter, a decrease of 4.7% compared to ￥415.8 million for the same period last year.

Active Clients as of March 31, 2025 were 3,092, an increase of 1.7% compared to 3,040 Active Clients as of March 31, 2024.

Revenue Retention Rate was 88% for the trailing twelve months ended March 31, 2025 and 89% for the comparable period ended March 31, 2024.

Billings was ￥79.4 million for the 2025 first quarter, an increase of 7.2% compared to ￥74.1 million for the same period last ye
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