Q2 FY 2022
Financial Results

August 10, 2022
Vision Inc.
Stock Code：9416

Q2 FY 2022 Financial Results (Consolidated)(JPYmn, %)Item

Q2 FY 2022
ResultQ2 FY 2021
ResultAmountComposition
ratio

AmountComposition
ratio

Sales

8,644

100.0

+34.5％

11,628100.0

Gross profit

4,505

52.1

+21.1％

5,454

46.9

Operating profit

654

7.6

+40.9％

921

7.9

Recurring profit

680

7.9

+35.5％

922

7.9

Profit attributable toowners of parent455

5.3+24.2％

566

4.9

Factors for Changes in Operating Profit
Sales“GLOBAL WiFi” Business: Steady growth due to the acquisition various domestic usage needs as well as sales of “Global WiFi for Biz“, a standby WiFi
device service for corporate customers, which also remained steady due to telework.
Contract work of verifying COVID-19 contact tracing applications, part of infection prevention measures at airports carried out by the quarantinestations. Contracted from mid-March 2021 and continued in the second quarter of 2022.

Information and Communications Service Business: Sales are on the rise due to increased purchasing of products (mobile communicationequipment, OA equipment, etc.). Increased due to the acquisition of Adval Corp., a subsidiary that operates a space management business(meeting room / telework space rental service).

Cost of sales“GLOBAL WiFi” Business: Increased personnel due to the acquisition of Adval Corp. and Koshikano Onsen. Provisions for performance-based and special
closing bonuses.

SG&A expenses
Personnel expenses: Increased personnel (permanent employees, part-time employees, temporary employees) and employee bonuses (bonuses andperformance-linked bonus reserves).

Advertising costs: Increased due to website advertising development (listing costs, etc.) that meet demand.
Other SG&A expenses: Increase in sales-linked expenses (consumables, commissions paid, etc.) and amortization of goodwill.

+2,983654-2,034-320-119-241(Million yen)921

“GLOBAL WiFi” Business
Performance Change “GLOBAL WiFi” Business
Acquired various usage needs during the pandemic and earned revenues through various initiatives.
Implemented various initiatives to grow performance after the pandemic.
Signs of recovery in the number of international travelers (and gradual increase in the number of WiFi router rentals, mainly by corporations)following the easing of entry restrictions in countries around the world from April 2022. Increase in sales of "Global WiFi for Biz," a standby WiFi
service aimed at corporate customers, and the number of subscriptions and telecommunication usage increased due to telework. Maintained
various domestic usage needs (hospitalization, moving, telework, business trips, use during events, combined use with home line, etc.)
Sales and segment income increased due to contracted services at airports and use of PCR testing for various reasons such as school/company
entrance ceremonies, domestic travel, and travel to one’s hometown.

17,732+31.3%

13,5054,462+30.0%

10,392 3,589
2,636

1Q
2Q
3Q
4QSALES

1Q
2Q
3Q
4Q

9,070 YoY

+24.6%+49.9％

5,793
4,109 1,371
1,272 2,628
2,898
3,174
1,286
2,226
2,349
4,075
3,022

2,505

3,089

FY2017FY20183,347

FY2019430

2,413

7,278 2,577

3,929

3,301

+36.8%+51.5%-59.0%

5,084

SEGMENT PROFIT/LOSS (-)(JPYmn)1,515

FY2020 FY2021

1,593224
631271466495
769

448
701

1,274

FY2017

1,033 952

724871-90
326-347

2,618

FY20222Q

YoY+150.4％FY2018FY2019-27-42284368

262
117

FY2020 FY2021

593
359
FY20222Q

Information and Communications Service Business
Performance Change
By leveraging our strengths in multiple businesses and sales channels, we provide products andservices that meet the needs of the times which has enabled us to respond flexibly to changes inthe external environment, resulting in steady growth.
Sales increased due to strengthened sales of products (mobile communication devices, office automation equipment, etc.) and newbusiness (space management business). Segment income decreased due to aggressive sales expansion of monthly subscription-based
in-house services, which temporarily increased operating costs, in order to build a strong revenue base and maximize lifetime value(customer lifetime value), investment period for new businesses, and the posting of a provision for special closing bonuses.
Stock revenue and in-house services (monthly subscription) remained steady.
(JPYmn)SEGMENTPROFIT
SALES
1Q
1Q.
2Q
2Q
-1.7%
-0.0%
+11.5%1,520
3Q
3Q
8,955
8,806 8,804+15.2%+11.9%1,363
4Q
4Q-26.6%
+9.4%

7,104
1,725
1,786

7,775 2,115

2,139

2,080

1,970
2,330
1,977

1,782 2,009

2,146

2,068

2,207 2,004 2,297

+3.9%

YoY
+20.7％

5,619
2,744

1,172 1,218
285
287

316
2,875

1,810

1,818

2,302

2,515

2,357

FY2017FY2018FY2019FY2020

FY2021 FY20222Q

212

188

335

342

367

350

299

371337282

296

FY2017FY2018482517FY2019FY20201,11692246367410

YoY-22.0％

606259347

FY2021 FY20222Q

FY2022 Revised Financial Forecast
科目FY2022
RevisedForecast

FY2022PreviousForecast

ChangeRatio ofchange

FY2021ResultChange

Ratio ofchange

23,79422,736+1,057+4.7

18,100+5,693+31.5

Cost of sales

12,486

12,033+452

+3.8

9,092

+3,393+37.3

Gross profit

11,307

10,703+604+5.6

9,008+2,299

+25.5

47.5

47.1

+0.4

+1.0

49.8

-2.2－

9,398

9,295+102+1.1

7,903+1,494+18.9

39.5

40.9

-1.4-3.4

43.7-4.2－

Operating profit

1,909

1,407+501 +35.7

1,105+804+72.8

Operating profit
margin8.0

6.2+1.8 +29.6

6.1+1.9－Recurring profit

1,909

1,404+505 +36.0

1,143+765+67.0

Profit attributable toowners of parent

1,245921+324 +35.2

729+516+70.8

Sales

Gross profit margin
SG&A expenses
SG&A-to-sales ratio

Revised assumptions for full-year earnings forecasts
External environment and business policies (overall)
There is a great deal of uncertainty about the impact of COVID-19, and it is difficult to foresee the future.
Assumptions for the full-year earnings forecast have been revised to be upward considering first-halfresults, current conditions, and aggressive investment in each business to achieve record-high profits as
early as possible in the next fiscal year and beyond.

“GLOBAL WiFi” Business
The following can be assumed for overseas travelers (outbound and inbound) and other matters.
July-September: Same level as each month in 2021; October-December: 25% recovery compared to the same
period in 2019.Contracted application verification work, which is part of the countermeasures conducted byairport quarantine offices, will continue through December.
Domestic and "Global WiFi for Biz“ demand continued to be strong.
Revised upward based on first-half results and current conditions.
Information and Communications Service BusinessAlthough the impact on the purchase of goods-related products is expected to continue, we can flexibly respondto changes in the external environment by taking advantage of our strength in multiple businesses (products andservices) and sales channels that do not depend on a single business or sales channel, and business will remainstrong.We are strengthening sales of in-house services (monthly fee) and continue to build a stable revenue baseover the long term.
Reflects first-half results (second-half forecast not revised).

Glamping Business- Develop a New Business as a Third Pillar In addition to the GLOBAL WiFi and Information and Communications Services businesses,
we will open the third pillar glamping business, “Vision Glamping Resort & SPA”.
VISION GLAMPING Resort & Spa Koshikano Onsen
Grand opening as a major glamping facility.
VISION GLAMPING Resort & Spa Yamanakako
Currently under construction at a scenic location where Mt. Fuji is visible in Yamanakako Village,Yamanashi Prefecture.

Glamping Business-VISION GLAMPING Resort & Spa Koshikano Onsen“VISION GLAMPING Resort & Spa Koshikano Onsen”
Koshikano Onsen, Japan's first hot spring resort with an open-air hot spring bath in every private room,has been renovated and reopened in a grand opening to be a larger scale glamping facility.
4 new glamping suite facilities. Dome tents + open-air bath with free-flowing spring water (with privatetent sauna and private water bath)
The facility offers the privacy of more than 150 square meters of living space with private bath, toilet, and washroom, as well as ahighly functional living space with private dining space. The large living space is fully equipped with a fire on the private deckspace, high quality meals such as BBQ and breakfast, a wide variety and number of beverages, and a wide range of optional
menus. Conveniently located approximately 15 minutes from the airport by car. In addition to glamping suites, we also offer
glamping with pet friendly dome tents and outdoor hot spring baths.
Glamping suite floor plan

Glamping floor planGlamping Business-VISION GLAMPING Resort & Spa Koshikano Onsen“VISION GLAMPING Resort & Spa Yamanakako”
A location known not just for Mt. Fuji, a World Heritage Site, popular worldwide for its nature and scenery, butalso for its tourist attractions such as the Gotemba Premium Outlets and Fujikyu Highland, making it easy tomake travel plans. The opening is expected to be delayed from the original schedule due to delays in the deliveryof machinery and equipment (boilers, pressurizers, etc.) as a result of the Shanghai lockdown and the negative
impact on the supply chain caused by Russia's invasion of Ukraine.

To Contribute to the Global Information
and Communications Revolution