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I am Junichi Arai, Senior Vice President, Corporate Strategy and Investor Relations of Recruit Holdings. Today, I'll go through the results for the first quarter of FY 2023. I will begin with the consolidated results of operation.
Consolidated revenue remained almost flat year-over-year, increasing 0.9% to JPY 850.8 billion. This was due to increased revenue in matching and solutions and staffing and the impact of foreign exchange rates, despite an expected decrease in revenue in HR Technology, as we announced in May. Excluding the positive impact of foreign exchange, revenue decreased 2.1%. Consolidated adjusted EBITDA increased 8.9% to JPY 165.9 billion and adjusted EBITDA margin increased 1.4 percentage points to 19.5% due to increased adjusted EBITDA margins in HR Technology and Matching and Solutions.
Operating income increased 1.9% to JPY 121.6 billion. Profit attributable to owners of the parent for Q1 increased 16.1% to JPY 98 billion. Basic EPS for Q1 was JPY 62.04, an increase of 18.2%. Adjusted EPS, after excluding onetime gains and losses, was JPY 63.63. We have received many questions regarding the total number of shares in our company, particularly in relation to previous share repurchases and the recording of share-based payment expenses. As a result, we would like to clarify and reiterate our explanation.
The total number of issued shares as of June 30, 2023, was approximately 1.6959 billion shares, of which approximately 114.3 million shares were held as treasury stock. From May 18 to June 14 of this year, we conducted a self-tender offer and acquired approximately 18 million shares for a total of JPY 62.6 billion. However, since the delivery date of the treasury stock was July 6, 2023, the transaction will be recorded in the second quarter and no impact on the amount of treasury stock at the end of Q1.
Of the 114.3 million shares of treasury stock, 65.3 million have already been contributed to trust accounts, established for the granting of shares as compensation for Directors of the Board and key management personnel of Recruit Holdings or employees of HR Technology. Shares contributed to these trusts are treated as treasury stock for accounting purposes until the shares are delivered.
Next, we have also received many questions regarding the calculation of adjusted EBITDA. So I will explain the additions and subtractions made from consolidated operating income to arrive at consolidated adjusted EBITDA. Consolidated operating income for Q1 was JPY 121.6 billion. From this, we derive non-GAAP operating income for Q1 of JPY 124.8 billion. This is the result of adding back JPY 3.1 billion of net other operating income and expenses, including onetime expenses related to the headcount reduction in the HR Technology business carried out in the previous fiscal year.
To arrive at consolidated adjusted EBITDA, there are additional adjustments. First, we add back depreciation and amortization of JPY 28 billion as a noncash item while excluding depreciation of right-of-use assets based on IFRS lease accounting of JPY 10 billion, which is approximately equal to actual cash expense, including rent.
Finally, share-based payment expenses of JPY 23 billion are added back, resulting in adjusted EBITDA for Q1 of JPY 165.9 billion. Capital expenditures for the acquisition of property, plant, equipment and intangible assets or so-called CapEx for Q1 was JPY 16.3 billion. Our expectation remains unchanged at both consolidated revenue and adjusted EBITDA for FY 2023 will decrease year-over-year. We will continue to not disclose full year guidance for FY 2023 due to the uncertain outlook in the HR Matching market.
We expect to disclose the consolidated full year guidance for FY 2023 when it becomes reasonably feasible to do so. Today, we disclosed our outlook for the first half of this fiscal year. Based on the actual results of Q1 and the outlook for Q2, with the assumption that there will not be a sudden slowdown in the economic environment. For Q2, we expect consolidated revenue to decrease in a range from 3.2% to 6.1% to JPY 825 billion to JPY 850 billion.
Adjusted EBITDA margin is expected to be in a range from 17.3% to 19.5% and adjusted EBITDA to be in a range from JPY 143 billion to JPY 166 billion. Based on the Q2 outlook for the first half of FY 2023, we expect consolidated revenue to decrease 2.7% to 1.2% to approximately JPY 1.67 trillion to JPY 1.70 trillion. Adjusted EBITDA margin is expected to be 18.4% to 19.5% and adjusted EBITDA to be approximately JPY 308.9 billion to JPY 331.9 billion.
Now I will explain the first quarter results and the second quarter outlook for each business segment. First, I will talk about HR Technology. U.S. dollar-based revenue was $1.87 billion, a decrease of 1.2% quarter-over-quarter, essentially unchanged from the fourth quarter. Year-over-year, U.S. dollar-based revenue decreased 14.2% or decreased 14.1% on a constant currency basis from a record high 1 year ago. On a U.S. dollar basis, revenue in the U.S. decreased 1.5% and revenue outside of the U.S. decreased 0.4% quarter-over-quarter.
Year-over-year, revenue in the U.S. decreased 18.6% and 1.8% outside of the U.S. On a Japanese yen basis, revenue decreased 9.1% year-over-year or increased 2.6% quarter-over-quarter. Although labor market remained tight globally and total job postings were above pre-pandemic levels on February 1, 2020.
The supply and demand mismatch between job seekers and employers continue to ease. Total job postings on Indeed composed of free and sponsored job postings continue to decrease but job seeker activity, as measured by traffic and applies on Indeed and Glassdoor, increased year-over-year. In Q1, Indeed's total job openings in the U.S. were down approximately 19%. Paid job ads were down approximately 50% compared to the same period last year when hiring demand was at its peak. The decline in paid job ads can be attributed to the easing of supply and demand in the labor market and pricing model changes, designed to deliver more value to our clients. Pay per application or PPA and pay per started application or PPSA, or pay-for-performance pricing models, which only charge employers when job seekers complete an application or start the application process.
In particular, under the PPSA model, which was expanded in the first quarter, jobs that only receive clicks but no applications or started applications are no longer counted as paid jobs. While these changes contributed to the 50% decrease in the number of paid jobs in the U.S., the value provided to job seekers and employers on Indeed as a matching platform has increased, leading to a higher average revenue per job ad. As a result, U.S. revenue declined just 18.6% year-over-year.
Adjusted EBITDA was JPY 98.1 billion. Adjusted EBITDA margin increased 4.4 percentage points to 38.1% year-over-year due to lower global advertising expenses or 7.5 percentage points quarter-over-quarter, mainly due to the workforce reduction executed in the fourth quarter of the previous fiscal year, in addition to other cost reduction measures.
Regarding our second quarter and FY 2023 outlook, revenue on a U.S. dollar basis in July decreased approximately 17% and we expect revenue in Q2 will decline approximately 7% to 2.5% quarter-over-quarter, which is equal to a decrease of approximately 20% to 16% compared to Q2 last year. Adjusted EBITDA margin for Q2 is expected to be approximately 33% to 37%. We will respond to changes in the business environment and implement cost control measures as needed while balancing continued strategic investments for long-term growth.
As previously mentioned, in May, we do not prioritize maintaining a certain adjusted EBITDA margin level, such as the level we expect for Q2 or during the first half of this fiscal year. Since we expect revenue and adjusted EBITDA for the second half of the fiscal year to decrease year-over-year, there is no change at this time to the previously announced full year outlook for a decrease in revenue and adjusted EBITDA for HR Technology.
Next, I will talk about the results of Matching and Solutions. Revenue in Matching and Solutions was JPY 199.9 billion an increase of 10.8% with double-digit revenue growth in both Marketing Solutions and HR Solutions. Adjusted EBITDA margin was 21.3%, an increase of 3.9 percentage points due to cost control measures mainly related to advertising expenses, while continuing to invest in marketing activities and other areas for future growth.
Revenue in Marketing Solutions was JPY 116.6 billion, an increase of 11.2% as the business environment in Japan did not change significantly from Q4. Revenue in Housing & Real Estate, Beauty, Travel, Bridal and Dining, all increased. In particular, revenue in Housing & Real Estate increased due to increased advertising demand from business clients and made rising prices of newly built houses.
Revenue in Beauty increased due to continued growth in new business clients and revenue in Travel increased due to the effect of rising unit prices driven by increased demand for domestic travel during the Golden Week holidays, following the transition of Corona to Class 5 and increased demand from overseas travelers.
Adjusted EBITDA margin for Marketing Solutions was approximately 27% due to appropriate cost controls, mainly related to advertising expenses. The SaaS business, represented by Air business tools, is included in Marketing Solutions. During the first quarter, the number of SaaS accounts rose 26.5% to JPY 3.34 million, driven by growth in AirPAY and AirSHIFT accounts. In HR Solutions, although some business clients tended to be more cautious about hiring, the recruiting market as a whole saw continued growth in hiring demand across a wide range of industries. As a result, revenue in HR Solutions increased 11.3% to JPY 80.8 billion.
In Q1 FY 2023, adjusted EBITDA margin for HR Solutions was approximately 25% due to a year-over-year decrease in advertising expenses compared to the same period last year when we invested in strategic marketing activities. Regarding the Q2 and FY 2023 outlook for Matching & Solutions. Revenue in Marketing Solutions for Q2 is expected to increase approximately 7% year-over-year and revenue in HR Solutions for Q2 is expected to increase approximately 9% year-over-year.
Adjusted EBITDA margin is expected to be approximately 22% in Q2. Based on the assumption that Japan's economic environment will not change significantly, there is no revision in the full year guidance for Matching & Solutions from what we previously announced on May 15. Revenue in Marketing Solutions is expected to increase approximately 4%, revenue in HR solutions to increase approximately 6% and adjusted EBITDA margin to be approximately 20%.
Finally, I will talk about the results of staffing. Revenue in Q1 was JPY 401.4 billion, an increase of 4.1% or an increase of 1.2% on a constant currency basis. Revenue in Japan was JPY 186.1 billion, an increase of 12.7% due to an increase in the number of temporary staff on assignment as a result of continued growth in demand for staffing services.
Revenue in Europe, U.S. and Australia was JPY 215.2 billion, a decrease of 2.4% or a decrease of 7.4% on a constant currency basis as demand for temporary staffing services slowed against the backdrop of an uncertain economic outlook. Adjusted EBITDA was JPY 26.7 billion, a decrease of 2% and adjusted EBITDA margin was 6.7%.
Regarding the Q2 outlook for staffing, quarter-over-quarter revenue in Japan and Europe, U.S. and Australia is expected to be approximately flat. Year-over-year, revenue in Japan is expected to increase approximately 11%, and revenue in Europe, U.S. and Australia is expected to decrease approximately 7%. Adjusted EBITDA margin is expected to be approximately 6.5% in Q2.
There was no revision in the full year guidance for staffing, which we announced on May 15. Please refer to the IR website for more details. This concludes my presentation. Thank you.