While we don’t see it as particularly pronounced on a QoQ basis, there is an increase on a YoY basis.

The largest growth is in outsourcing costs, which include expenses for BPR (Business Process Reengineering) that we started in the second half of last year. We do not anticipate incurring the same level of expenses next fiscal year.

Additionally, in Q1 of last year, the growth in personnel costs was somewhat less compared to other quarters. Moving forward, the number of personnel will continue to increase (12 new hires domestically and 16 overseas YoY), so personnel costs will also rise to some extent. However, we will manage these costs to ensure they do not exceed the growth of revenue.

https://ssl4.eir-parts.net/doc/9338/ir_material_for_fiscal_ym4/155658/00.pdf