Third Quarter, Fiscal Year Ending March 2024

Financial Results
February 8, 2024

United, Inc.
(TSE Growth: code 2497)© UNITED, Inc.

1

AgendaFinancial Highlights of theFirst Nine Months of FY03/24

p.3

2 Q3 FY03/24 Business Overview

p.9

3 Appendix

p.27

1

All opinions, forecasts, and outlooks expressed in this presentation reflect the judgement of United, Inc. based on the information available at the time thematerial was created, and actual performance and results may differ substantially due to changes in various factors. Company names and product names aretrademarks or registered trademarks of the respective companies.

2

Business Segments and Their Components

Core Businesses

Business

Earnings Drivers

Investment business

Education business

Personnel Matchingbusiness

Ad Tech/Content business

Provision of capital andhands-on support to startups

Online education service thatallows students to gain digitalskillsMatching of digital talent (including
freelancers, side-job workers, andthose seeking career changes) in linewith the needs of startups

Development and operation ofadvertising products,
media, and apps

Kasooku inc.

LIBASE Inc.

UNITED Marketing Technologies
Inc.

Fogg, inc.

Innoop Inc.

ONX inc.

Brewus, Inc.

International Sports Marketing
Co., Ltd.

Components
Investment Division

KiRAMEX Co.

3

Financial Highlights of the First Nine Months of FY03/24
Sales and operating profit rose YoY mainly due to higher gains on sale of securities posted in the Investment business.

million (+6% YoY)
10,786
Consolidated
Operating Performance
Operating profit ¥4,963million (+1% YoY)
Sales

¥

Core Businesses
Investment

Sales
Operating profit¥6,425 million (+14% YoY)
¥5,875 million (+10% YoY)

p.10 for details

Education

Sales
Operating profit¥912 million (-2% YoY)-¥108 million (-¥105 million YoY)

p.17 for details

Sales
Operating profit¥370 million (+8% YoY)-¥358 million (-¥143 million YoY)

p.22 for details

Sales
Operating profit¥3,090 million (-6% YoY)¥263 million (-39% YoY)

p.25 for details

Personnel Matching

Earnings Drivers
Ad Tech/Content

4Overall Strategy for FY03/24
In order to drive medium-term growth for the Personnel Matching business, we will actively invest profits generated
from our other businesses.

Continuous profit generation

Medium-term earnings generation

Investment business

Education business

Upfront
investments

Personnel Matchingbusiness

Ad Tech/Content business5

Progress of the First Nine Months vs. Full-year FY03/24 Forecast
The progress rate for profit items from operating profit and below was near 100%.
However, since our plan calls for continued investment in the Personnel Matching business, we left our full-year
projections unchanged.
FY03/24 earnings
forecast

Sales¥10,786 million

Progress rate of 82%¥13,150 million

Operating profit¥4,963 million

Progress rate
¥5,000 millionof 99%

Ordinary Profit¥4,972 million

Progress rate
¥5,000 millionof 99%Net Income*¥2,675 million

Progress rate
¥2,650 millionof 101%

0%

25%

50%

75%

100%

* Refers to net income attributable to owners of parent

6

FY03/24 Dividend Forecast
Based on our new dividend policy,*1 we forecast a full-year dividend payment of ¥48 per share, which includes thecommemorative dividend in celebration of United’s 10th anniversary.
Details of Annual Dividends
FY03/23*2

FY03/24
InterimYear-End(forecast)InterimYear-End

Record date

September 30, 2023

March 31, 2024

September 30, 2022

March 31, 2023

Dividend per share
(1H)

¥24.0

¥24.0

¥10.0

¥11.5

¥11.5

¥11.5

(DOE 4%)(DOE 4%)

¥10.0

¥11.5

¥12.5

¥12.5

-

-

(1) Ordinary dividend
portion(2) Commemorative
dividend portion

DOE (annual)

9.0% (forecast)

4.6%

Payout ratio(Annual)

71.0% (forecast)

20.5%*1 In FY03/24, we changed our dividend policy from the previous “dividend payout ratio of 20%” to “DOE of 4% or dividend payout ratio of 50%, whichever amount is larger.”*2 The figures factor in the stock split.

7

AgendaFinancial Highlights of theFirst Nine Months of FY03/24

p.3

2 Q3 FY03/24 Business Overview

p.9

3 Appendix

p.27

1

All opinions, forecasts, and outlooks expressed in this presentation reflect the judgement of United, Inc. based on the information available at the time thematerial was created, and actual performance and results may differ substantially due to changes in various factors. Company names and product names aretrademarks or registered trademarks of the respective companies.

8Investment Business9Investment Business: Sales and Operating Profit
Because of the nature of the business, quarterly performance is subject to high volatility, affected by the timing of thesale of shares we hold, among other factors. However, results are progressing in line with our full-year plan.

Sales Trend (Millions of yen)

Operating Profit Trend (Millions of yen)

5,731

5,813

3,206
3,258
2,066
2,110

1,261
1,398
277

85
435

261
Q1
1Q

Q2
2Q

Q3
3Q
FY03/23

Q4
4Q

Q1
1Q

Q2
2Q
FY03/24

△132
-

175
Q3
3Q

Q1

Q2

Q3
FY03/23

Q4

Q1

Q2

Q3

FY03/2410

Investment Business: Investment Track Record
As of Q3 FY03/24, we have invested a total of approximately ¥6.9 billion on a cumulative basis and our gains on sale ofsecurities, combined with unrealized gains, stood at roughly ¥53.6 billion.
Investment Track Record (since January 2013)
Gains on sale of securities(cumulative)

Investment amount(cumulative)

Breakdown of Operational Investment Securities

Unrealized gains on shares
held as of end-December 2023*

InvesteeCompanies(Millions of yen)
4,361

Listed shares• Mercari, Inc.
• Wonder Planet, Inc.
• CyberBuzz, Inc.
• Socialwire Co., Ltd.
• Interworks Confidence Inc.
• Excite Holdings Co., Ltd.

Unlisted
sharesLP
investments

As ofDecember 31, 2023
(amount on BS)

Approx.

¥2.7 bn*

81 companies

Approx.

¥3.5 bn

36 funds

Approx.

¥1.5 bn

49,334
43,17436,58630,14023,364

4,092

FY03/20

4,485

FY03/215,245

FY03/226,089

FY03/236,914

Q3 FY03/24*Figures for unlisted shares were calculated based on latest reports from the issuers.

* We have forward contracts for some stocks. Including derivatives in the balance
sheet, the amount was ¥3,807 million as of end-December 2023.
11

Investment Business: Strategy for FY03/24
Drawing on our two competitive advantages, we will boost the number of investment projects in promising startups. We
plan to invest a total of ¥1.0 billion*1 in 20 companies this fiscal year.
As the lead investor*2, we will step up investment execution and bolster our hands-on support.
Competitive Advantages

Number of Investment Projects / Amount of Investment

Number of investment projects (number of investees)

Investments
using own
funds

Investment amount (million yen)

• We can invest with flexibility, without having to limit
the amount of capital provided or the ratio of stakeacquired per project.

1,000

825

• We can invest in business domains that requiretime for growth because, unlike other VC funds,
there is no need to limit the investment period.

750

20

• We have access to a wide range of startups thanks
Reach to a wide
to our track record of numerous investments andrange ofexits, the network we established with venture
startups
capitalists and top management of startups, and ourinvestment in 36 external funds as an LP.

18

FY03/22

FY03/23362

5

FY03/21*1 Equivalent to the scale of a ¥4 billion-plus fund (if committed over three years)*2 The largest investor in the investment round18

FY03/24 (Plan)

12

Investment Business: New Investee
We invested in Yukimai Design Co., Ltd. as a lead investor.
Yukimai Design aims to expand the organic rice market in Japan and overseas and raise the income levels of the producers. To
this end, it offers comprehensive support by developing an autonomous weed suppressing robot for paddy fields and handling
production support, distribution, and sale of organic rice.
Initiatives of Yukimai Design Co., Ltd.*1

Market environment for organic farming

AgriculturalissuesEnables business expansion in a growth market
while resolving agricultural issues

•
•
•
•

Aging farmers
Environmental impact of pesticides and chemicalfertilizers
Decline in food self-sufficiency
Falling rice prices

The organic rice and organic materials market is a growthmarket, thanks to the expanding organic foods market andthe promotion of organic farming as a national policy.*2

Development of Aigamo-Robo, an autonomous weed suppressing
robot for water-filled paddy fields

Size of Japan’s organic foods market(¥’000 million)* 3
3,283

Reduce burden on farmers; reduce environmental impact
2,633

Market size oforganic
farming

Production support, distribution, and sale of organic rice

1,850
1,300

Raise the price of rice by expanding distribution of organic rice

2009

2017

2025

*1 “Yukimai Design × United: Beyond Just Doing Something Good. Exploring a Strategic Structure to Pursue Both Social Significance and Profitability as a Farming Business,” FASTGROW*2 Source: Strategy for Sustainable Food Systems, MIDORI, “Increase in organic farming to 1Mha (equivalent to 25% of farmland),” Ministry of Agriculture, Forestry and Fisheries*3 Source: “Setting of Targets under the Basic Policy on Promotion of Organic Farming,” Ministry of Agriculture, Forestry and Fisheries

2030

13

Investment Business: Major Startup Investments

Post IPO

Middle to Later Stage

Seed to Early Stage

As of end-January 2024
14

Investment Business: Major Funds LP Investments
We expect to record gains on distribution from the multiple external funds (36 in total) we invest in as an LP. These
funds also serve as our source of new investment projects, as they allow us to reach out to over 1,000 startups.
Major Funds We Invest in as LP

15

Education Business

16

Education Business: Sales and Operating Profit
Q3 sales declined YoY on lower sales in courses for corporations.
Operating profit came in largely flat YoY.

Sales Trend (Millions of yen)

Operating Profit Trend (Millions of yen)

-4% YoY+¥1 million YoY

364

66
341
318

303

316

265

255
-11

-17
-34

-56

-58

-109

Q1
1Q

Q2
2Q

Q3
3Q
FY03/23

Q4
4Q

Q1
1Q

Q2
2Q
FY03/24

Q3
3Q

Q1

Q2

Q3
FY03/23

Q4

Q1

Q2

Q3

FY03/24

17

Education Business: Strategy for FY03/24
We will focus on LINE Yahoo TechAcademy* and generative AI-related courses to strengthen our efforts in supporting
individuals’ career changes and reskilling.

Focus business (1)–Line Yahoo TechAcademy

Focus business (2)–Generative AI-related courses
Began in June 2023

First Prompt Engineering Course

Began in Sep. 2023

LLM Application Development Course

Students gain practical skills that are based on
LINE Yahoo’s expertise.

Students gain the skills to utilize AI in
actual work.

* Taking advantage of the practical technologies of LINE Yahoo, the academy enables students without any programming experience to be work-ready as a web engineer in just four months.
Also supports the students’ career-change activities.
LINE Yahoo TechAcademy was chosen for the Reskilling-based Career Development Support Program led by the Ministry of Economy, Trade and Industry.

18

Education Business: Focus Business (1)—LINE Yahoo TechAcademy
We launched a new corporate program for developing human resources capable of utilizing data and AI.

Personnel Development Program Centered on Data and AI Utilization

AI Utilization Academia
Course(Regular version / Shortened version)Began inJanuary 2024

An AI resource development course targeting non-engineers.
The course is particularly suitable for personnel seeking to improve the efficiency of
existing operations, as well as personnel handling new business.

Basic Course on
Data Utilization

Training program on big data and statistics, extended to the employees of LINE Yahoo.
The course is particularly suitable for front-line business people wishing to utilize datain their work.

Web Application
Development Course

Course based on the curriculum of LINE Yahoo TechAcademy.
The course is particularly suitable for those who want to learn programming and otherskills, as well as those without any related experience.

19

Education Business: Examples of Reskilling Support Offered to Corporations

MUFG Bank, Ltd.

ITOCHU Techno-Solutions Corporation

Support the reskilling of over 200 bank employees by using
TechAcademy as a self-development program

Apply the AI Prompt Engineering Course to develop personnel
capable of utilizing generative AI

Challenge

Creation of an educational environment for acquiring moreconstructive IT and digital skills, such as programming.

Current
state

Development of young resources who can think on their own
about ways to utilize generative AI in their work.

Utilization
methodAdd programming training to the lineup of IT and digital-related
training sessions offered in-house regularly.

Utilization
methodConduct practical workshops that aim for outputs from which theparticipating employees can learn proactively.

EffectTo make employees capable of drafting realistic plans by gaining
programming experience to understand the difficulties and key
points in incorporating the technology into business.

EffectEmployees who received training have come up with multiple
concrete outputs that can be put to practice using generative AI.

20

Personnel Matching Business

21

Personnel Matching Business: Sales and Operating Profit
Q3 sales grew YoY, fueled by the inclusion of ONX inc.’s performance in our consolidated results from this quarter.
To accomplish medium-term growth moving forward, we will continue upfront investments centered on Kasooku inc.’.

Sales Trend (Millions of yen)

Operating Profit Trend (Millions of yen)
+4% YoY

142

139
129

123

+¥10 million YoY

128

113

76
-49
-70

-84

-94

Q1
1Q

Q2
2Q

Q3
3Q
FY03/23

Q4
4Q

Q1
1Q

Q2
2Q
FY03/24

Q3
3Q

Q1

Q2

Q3
FY03/23

-131

-137

-135

Q4

Q1

Q2

Q3

FY03/24

22

Personnel Matching Business: Increasing the Number of Registrants and Corporate Users
Total registrants* and corporate users were up QoQ, thanks to increases at all entities.

Number of Registrants

Number of Corporate Users(Registrants)(Users)35,000300+5%30,000ONX inc.
consolidated

Kasooku inc.
consolidated

250

+3%

25,000Innoop Inc.
consolidated

200
20,000150
15,000100

Cocodoru, Inc.
consolidated

10,000

50

5,000

0

0
1Q
Q1

2Q
Q2

3Q
Q3

FY03/23* Job seekers registered with our services

4Q
Q4

1Q
Q1

2Q
Q2

FY03/24

3Q
Q3

2023年3月期
Q1 1Q

2023年3月期
Q2 2Q

2023年3月期
Q3 3Q

FY03/232023年3月期
Q4 4Q

2024年3月期
Q1 1Q

2024年3月期
Q2 2Q

2024年3月期
Q3 3Q

FY03/24

23

Ad Tech/Content Business24

Ad Tech/Content Business: Sales and Operating Profit
In the Content business, Q3 sales increased YoY mainly due to business growth at Fogg, inc.
In the Ad Technology business, Q3 sales and operating profit fell YoY owing to a decline in the amount of adplacements by major advertisers.
Sales Trend (Millions of yen)

Operating Profit Trend (Millions of yen)

Ad Technology
Content+1% YoY-27% YoY
195

1,155
1,079

1,113

1,072

1,043

1,058

959

140
121

112

112
82
68

Q1
1Q

Q2
2Q

Q3
3Q
FY03/23*UNITED Marketing Technologies, Inc.

Q4
4Q

Q1
1Q

Q2
2Q
FY03/24

Q3
3Q

Q1

Q2

Q3
FY03/23

Q4

Q1

Q2

Q3

FY03/24

25

AgendaFinancial Highlights of theFirst Nine Months of FY03/24

p.3

2 Q3 FY03/24 Business Overview

p.9

3 Appendix

p.27

1

All opinions, forecasts, and outlooks expressed in this presentation reflect the judgement of United, Inc. based on the information available at the time thematerial was created, and actual performance and results may differ substantially due to changes in various factors. Company names and product names aretrademarks or registered trademarks of the respective companies.

26

Consolidated P/L Statement for Q3 FY03/24 (Cumulative)(Millions of yen)

Q3 FY03/23 (cumulative)

Q3 FY03/24 (cumulative)

YoY (%)

Sales

10,175

10,786+6.0%

Gross profit

7,030

7,429

+5.7%

SG&A expenses

2,096

2,466

+17.6%

Operating Profit

4,933

4,963

+0.6%

Non-operating profit

30

26-13.9%

Non-operating expenses

14

16+12.0%

4,948

4,972

+0.5%

359

23

- 93.5%

Ordinary Profit
Extraordinary profit

*1

3

610

+15,187.2%

Profit before income taxes

5,304

4,385

-17.3%Net Income*2

3,591

2,675

-25.5%

Extraordinary losses*1 Mainly the impact of recording the balance of unamortized goodwill as extraordinary losses in Q2*2 Refers to net income attributable to owners of parent

27

Consolidated P/L Statement for Q3 FY03/24, by Business(Millions of yen)

Q3 FY23/03

Difference

Q3 FY03/24

YoY (Amount)

YoY (%)

3,537

1,616

-1,921-54%

Investment

2,110

175

-1,934-92%

Education

265

255

-10

-4%

Personnel Matching

123

128

+4

+4%

Ad Tech/Content

1,043

1,058

+15

+1%

-5

-2

+3

-

Gross Profit*1

2,528

366

-2,161-85%

Investment

2,084

-84

-2,168-

Education

47

62

+14

+31%

Personnel Matching

44

37

-7

-17%

Ad Tech/Content

355

353

-2

-1%

-4

-1

+2

-

SG&A Expenses

731

772

+40

+5%

Operating Profit

1,796

-405

-2,201-

Investment

2,066

-132

-2,198-

Education

-58

-56

+1

-

Personnel Matching

-94

-84

+10

-

Ad Tech/Content

112

82

-30

-27%

Other

-229

-213

+16

-

Ordinary Profit

1,802

-406

-2,209-Net Income*2

1,217

-405

-1,622

-

Sales

Other

Other

*1 Cost of sales for each business mainly includes advertising, outsourcing, and personnel expenses*2 Refers to net income attributable to owners of parent

28

Consolidated B/S Statement(Millions of yen)

End of FY03/23(March 31, 2023)

End of Q3 FY03/24(December 31, 2023)

Difference

27,891

24,743-3,148Cash & deposits

13,37013,607+236

Operating investment securities

11,236

7,786-3,449 *1

4,426

2,555

-1,870 *2

905

255

-650 *3

Total assets

32,31827,298Current liabilities

2,777

2,280

Non-current liabilities

2,893

1,165

-1,728

2,838

1,111

-1,726 *1

Total liabilities

5,671

3,446

-2,225

Net assets

26,64723,852-2,794

3,934

1,160

-2,773 *1

Current assets

Non current assets

Amortization of goodwill

Deferred tax liabilities

Unrealized gain on securities-5,019-496 *4*1 Of this amount, the impact of revaluation (mark -to-market) and disposal of operational investment securities (listed shares) were as follows:
Operational investment securities -¥3,887 million
Deferred tax liabilities -¥1,081 million
Unrealized gain on securities -¥2,773 million*2 The decrease in derivative assets mainly due to the partial expiration of derivative contracts had an impact of -¥2,088 million*3 Of this amount, the impact of extraordinary losses recorded was -¥570 million*4 The decrease in income taxes payable mainly due to a YoY decline in taxable income had an impact of -¥511 million

29

Purpose
People who push themselves forward.
Businesses that move society forward.
The betterment of society is driven by people andbusinesses with willpower.
Strong willpower is the source of energy thatchanges society for the better.
UNITED will maximize this energy and willpower.

Maximize willpower andaccelerate the betterment of society.

We will provide knowledge and opportunities topeople with willpower.
We will provide funds and know-how to businesses
with willpower.
And when both parties meet, their mutual growth
will spark even further growth.
This cycle of growth will enrich society.
We will move society in a better direction fasterwith willpower.
We will maximize willpower and accelerate thebetterment of society.
30Collaboration of the Core Businesses
We will create synergies by strengthening collaboration of our core businesses.
Match personnel who
can contribute to
growth of investee
companies

Supply trained digital
personnel

Educationbusiness

Personnel Matchingbusiness

Develop and improveeducational curriculum

Investment
business

Provide access tostaffing needs atstartups

31

Growth Mechanism
We will build a unique growth mechanism where the growth of each core business will lead to mutual enhancementof competitive strengths and KPIs.

Education business

Personnel Matching business

Investment business

Increase the levelof skills gained

Improvematching rate

Expand investment
opportunities

Expand/improveeducation service

Expand/improvetalent pool

Discover superior
growth companies

Widen reach to growthcompanies

Accumulate
skills/know-how

Increase matching
opportunities

KPI The number of individual users

KPI The number of corporate users

Build investment
track record

KPI The number of investment projects

Growth of core businesses as a whole32

Significance of Pursuing the Investment BusinessWe provide funds and know-how toentrepreneurs with willpower in order toraise the success rate of startups.

⚫ Fostering startups is vital to the Japanese economy.
⚫ United will raise the success rate of startups andaccelerate their growth by providing funds and support.

33

Investment Business: Market Environment
The Japanese government has set forth “the enhancement of support toward startups” as a major agenda in its socalled Big-Boned Policy and formulated the Startup Development Five-Year Plan, which targets ¥10 trillion in startup
investments by fiscal 2027. Seeing this as a chance to expand investment opportunities, we are executing investments
at an accelerated pace.
Three pillars of the Startup Development Five-Year Plan

Amount invested in domestic startups/government target

10,000(Billions of yen)

Develop human resources and put in place networks that
Pillar 1 enable establishment of startups
Roughly 10-foldincrease

Pillar 2 Strengthen funding for startups and diversify exit strategies
867.6

Pillar 3 Promote open innovation

945.9

555.4

2020

2021

2022

2027
(government target)

Source: Japan Startup Finance 2022, “Amount of Funds Raised by Domestic Startups,” by Uzabase, Inc.
Japan Startup Finance 1H 2023 (Latest Edition) by Uzabase, Inc.
Source: Startup Development Five-year Plan (draft) by the Cabinet Secretariat, Government of Japan34

Investment Business: Initiatives
In keeping with our purpose statement, we focus on investment in seed- to early-stage startups.
We seek to enhance the value of startups by stepping up our efforts to provide hands-on support.
Reason behind our focus on seed- to early-stage startups

Hands-on support

The ratio of new business launches and the percentage of people aspiring to start
their own businesses are both low in Japan. To create new industries, it is crucial
to invest and provide support from an early stage.
Percentage of people who consider
entrepreneurship as a desirable
career option*2

Ratio of new business launches*1

Japan

U.S.

67.9%
9.9%

10.1%
9.5%

9.2%

9.2%

Examples of support offered by UVS*3,
our investee support organization
Formulation of business strategy/plan, financing support,
formulation and execution of organizational strategy,
digital marketing support, etc.

9.3%

Matching of talent and startups throughbusiness collaboration
5.6%

5.6%

5.2%

5.1%
4.4%

2015

2016

2017

2018

24.6%

Collaboration with the Personnel Matching business

4.2%

2019

2020

Japan

U.S.

Source:*1 2022 White Paper on Small and Medium Enterprises in Japan and 2023 White Paper on Small and Medium
Enterprises in Japan by The Small and Medium Enterprise Agency*2 Collection of Basic Data regarding Startups by the Cabinet Secretariat, Government of Japan*3 UNITED Venture Success. Investee support organization comprised of venture capitalists and consultants

35

Significance of Pursuing the Education BusinessWe provide an environment for growthto people with willpower.
We enrich society with opportunities and people
who continue to pursue self-actualization.
⚫ As the pace of changes in society accelerates, it becomes increasingly
difficult to survive with knowledge and skills in just one area.
⚫ We provide an environment that fosters wisdom so that individuals canrealize what they aspire with strong will.
⚫ Rather than simply providing wisdom, we also provide a place wherethat wisdom can be applied, thereby creating opportunities forindividuals to achieve continued growth.

36

Education Business: Market Environment
In 2030, the pool of digital talent in Japan will be short by about 800 thousand people.
With the AI market expanding, the need to foster digital talent will rise.

Expanding shortage of digital talent
Digital talent in Japan

Outlook on the AI systems market in Japan

Shortage of digital talent in Japan(10,000 people)

11,034(Billons of yen)

Roughly 3-foldincrease

79
41
3,883

106

113

2020

2030
(Projection)

Source: 2008 Survey on Infrastructure Development and IT Personnel Supply and Demand related to Japan’s Data-driven
Society, a report by Mizuho Information & Research Institute, Inc.

2022

2027
(Projection)

Source: Japan Artificial Intelligence Systems Forecast, 2023–2027 by IDC Japan37

Education Business: Initiatives
To solve the shortage of digital talent, we seek to improve the skillsets of prospective talent by providing education andpractical work opportunities.
By focusing on Generative AI, we provide the learning necessary for the future era.

Educate prospective digital talent

Provide practical work opportunities

Provide learning that can be applied
to the coming era

We offer a wide range of courses
from introductory courses for non-engineers tocourses involving practical training.

We support skill enhancement and career change by
providing practical work opportunities.

We provide the learning that one needs
in a society where the spread of technology/AI is
progressing rapidly.
First Prompt
Engineering Course

An online school that teaches programming
and app development to individualand corporate customers.

Service where graduates and mentors
collaborate on corporate development projects

LLM app development course

卒業生とメンターが共同でStudents
gain
the skills to utilize Generative AI
企業の開発案件に対応するサービス
in real-life work。

(LINE Yahoo TechAcademy)Service that allows students to acquire
practical skills based on Yahoo's expertise

卒業生とメンターが共同でStudents gain
knowledge on deep learning and企業の開発案件に対応するサービス
machine learning necessary for building AI.

We plan on implementing new initiatives such as
the launch of a course on how to incorporate
Generative AI in businesses.

38

Education Business: Service Overview & Business Model
We operate the online school TechAcademy, where students can learn programming and app development, and weoffer TechAcademy Works, which provides practical work opportunities for acquiring hands-on skills and supports
career changes.
Service Overview

Business Model

Online programming school for individuals andcorporations

TechAcademy/
Yahoo! TechAcademy

TechAcademy

Online tutoring

Online tutoring¥

Tuition fees¥

Tuition fees

(LINE Yahoo TechAcademy)Service that allows students to acquire practicalskills based on Yahoo's expertise

Individuals
aspiring tobecome digitalprofessionals

TechAcademy WorksTechAcademy Works
Project-based
compensation

Worker* referral¥¥

Companies
aiming for
growththrough digitaltechnology

Outsourcing fees

Service where graduates and mentors collaborate
on corporate development projects*TechAcademy graduates working on TechAcademy Works projects
39Significance of Pursuing the Personnel Matching BusinessWe create opportunities where people
with willpower and businesses withwillpower can come together.
⚫ We contribute to the creation of new industries byintroducing superior talent to startups.

⚫ In anticipation of Japan’s shrinking workforce, we promote
optimum allocation of human resources by boosting
employment mobility.
⚫ We provide opportunities where individuals can improvetheir skills through various work and gain experience as abusinessperson.

40Personnel Matching Business Market Environment
The population of side-job workers and freelancers has increased on the back of workstyle reforms and widespread
adoption of remote work.
The ratio of workers changing jobs is rising due to work style diversification and a change in people’s values
concerning work. We expect to see employment mobility expand moving forward.
Side-job and freelance population
Side job & freelance
population

Ratio of workers who have changed jobs during the year

Population of those who have no side-job
experience but have the intent to work side jobs

7.6%

(10,000 people)

7.0%

7.0%

1,784

5.3%

4.9%
4.2%
3.7%

2,482
1,470

2015

1,775

1,882

1,895

1,854

1,770

2016

2017

2018

2019

2020

2021

Sources:
New Freelance Fact-Finding Investigation Report 2021–2022, “Segment-specific Trends,” by Lancers, Inc.
Freelance Fact-Finding Investigation Report 2021, “Increase of Side-job and Multiple-job Workers,” by Lancers, Inc.
Freelance Fact-Finding Investigation Report 2018, “Trends in the Economic Scale and Population of Side-job
Workforce,” by Lancers, Inc.
”CrowdWorks Conducts Survey on Side Jobs,” by CrowdWorks, Inc.

2016

2017

2018

2019

Source: 2023 Survey on Job Change Trends (2022 Results) by Mynavi

2020

2021

2022

41

Personnel Matching Business: Initiatives
We focus on startups, and match personnel based on contractual arrangements (career change, side job, freelancing,etc.) that suit the startups’ needs.
We seek to boost employment mobility and contribute to the creation of new industries by offering job seekers work
opportunities of diverse formats.
Startups

We introduce talent who can assist business-stage-appropriate growth of startups,
under suitable contractual arrangements.

Career change

Side job

Freelancing

Designer-focused
crowdsourcing service

Recruitment support business

Matching service for those seeking side jobs
and career changes

Matching of HR professionals andcompanies

We create opportunities for people to improve skills and gain experiences suitable to their career plans byproviding employment opportunities that cater to diverse work styles.
Job seekers

42Personnel Matching Business: Business Model & Overview
As the core company of the Personnel Matching business, Kasooku inc. focuses on matching digital professionals in
the areas of career changes, side jobs, and freelancing with growth-oriented companies.
Business Model

Business Overview

Side-job worker referral¥

Kasooku inc.
Side job and career change matching platform"Kasooku"

Referral fees

Consolidation started in December 2022
Service registration/
job application

Matching side job workers/
career change talent

Job change talentreferral¥

LIBASE Inc.
Designer-focused crowdsourcing service "JOOi"

Referral fees

Consolidation started in June 2021

Job seekers¥

Service registration/
job application

Designer referral

Project-based
compensation

Outsourcing
expenses

Designer matching¥

Start up
ONX inc.
Freelance HR matching service “Carry Up”
Consolidation started in July 2023

Outsourced recruiting
messaging services

Recruiter messaging services
for job seekers¥

Agency fees

Innoop Inc.
Recruitment support business "offerBrain"
Consolidation started in August 2022
43

Sales and Earnings (FY03/13–FY03/24)(Millions of yen)

Recorded gains on the saleof securities accompanying
the listing of Mercari, Inc.

Sales
Operating profit

Designated corebusinesses in line with
our purpose statement

22,31816,267

13,14012,714

12,60913,15011,084

8,385

8,383

5,552
5,101

4,325

3,955

5,606

5,738

5,823
5,000

2,530
1,509
2
FY03/13138

370

FY03/14

FY03/15

FY03/16

1,395

FY03/17

1,648

FY03/18

FY03/19

FY03/20

FY03/21

FY03/22*

FY03/23

FY03/24(Forecast)*We adopted the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29) and the ASBJ Guidance No. 30 (Implementation Guidance on Accounting Standard for
Revenue Recognition) from FY21. In this document, we applied this standard to the past earnings of the Ad Technology business in order to make the comparison easier.

44

Number of Consolidated Employees and Directors
Temporary employees
Headquarters divisions full-time employees
Ad Tech/Content full-time employees
Personnel Matching full-time employees
Education full-time employees

Investment full-time employees
Officers (Directors and corporate auditors of parent, including outside directors/auditors)(Numbers employed)
334

48

30

340

335

331

54

58

28

170

167

29

26

28

163

24

325

56

24

165

21

325

51

359

355

357

72

65

65

22

24

23

172

173

175

23

22

23

45

45

46

346

331

67

54

20

21

69

22

22

169

171

167

168

21

23

22

25

45

45

45

42

46

44

45

46

7
8

6
8

6
8

6
8

7
11

6
11

6
11

6
11

14
11

15
11

14
11

FY22-1Q
Q1

FY22-2Q
Q2

FY22-3Q
Q3

FY22-4Q
Q4

FY23-1Q
Q1

FY23-2Q
Q2

FY23-3Q
Q3

FY23-4Q
Q4

FY24-1Q
Q1

FY24-2Q
Q2

FY24-3Q
Q3

FY03/22

FY03/23

FY03/2445

46