Q1 FY 2022
Financial Results
May 13, 2022
Vision Inc.
Stock Code：9416

Q1 FY 2022 Financial Results (Consolidated)(JPYmn, %)Item

Q1 FY 2021
ResultAmount

Q1 FY 2022
ResultComposition
ratio

AmountComposition
ratio

Sales

3,938

100.0

+42.4％

5,609

100.0

Gross profit

2,176

55.3

+16.9％

2,544

45.4

Operating profit

285

7.3

+41.3％

403

7.2

Recurring profit

313

8.0

+29.4％

406

7.2

Profit attributable toowners of parent

232

5.9+5.9％245

4.4

Factors for Changes in Operating Profit
Sales“GLOBAL WiFi” Business: Sales increased as the decrease in the number of overseas travelers was offset by the acquisition of various domestic usageneeds as well as sales of “GLOBAL WiFi for Biz," a standby WiFi device service for corporate customers, which remained steady due to use fortelework. Also, contract work continued on verifying COVID-19 contact tracing applications, part of infection prevention measures atairports carried out by the quarantine stations. Contracted from mid-March 2021 and continued in the first 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)(implemented in December 2021). Steady stock revenue and in-house service (monthly system).

Cost of sales“GLOBAL WiFi” Business: Cost of sales increased because labor costs associated with the entrusted verification COVID-19 related app service increased.

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: Increased sales-linked expenses (communication expenses, consumables expenses, payment fees, etc.).

+1,670285-1,302-127(百万円)-19-102403

“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.
Sales of "Global WiFi for Biz," a permanent in-house WiFi service aimed at corporate customers, were strong (number of subscriptions andtelecommunication usage increased) due to use for telework. Acquired various 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 PCR
testing (regular required service during the pandemic), etc.

(JPYmn)
1Q
2Q
3Q
4Q

SALES

1Q2Q3Q4Q

17,732+31.3%

13,505

4,462+30.0%

10,392 3,589
2,636

3,022
2,226

4,109
2,898

9,070+24.6%

1,371
1,272
1,286

2,505

3,089 4,075 3,347

FY2017FY2018FY2019430

2,413

7,278 2,577

3,929

3,301+36.8%+51.5%△59.0%

5,084

SEGMENT PROFIT/LOSS (-)

2,628
2,349

1,593495

224769631
YoY+72.8％

271

448466701

FY2017FY20181,274871

1,515 2,618

FY2020 FY2021

FY2022

1,033724

FY2019-90326△ 347△ 27△ 42284368262117FY2020 FY2021

YoY+205.4％

359
FY2022

Information and Communications Service Business
Performance Change
The company's strength in multiple businesses (products/services) and sales channels has
enabled it to respond flexibly to changes in the 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). Stock revenue and in-house services (monthly subscription) remained steady.

(JPYmn)
SALES

1Q
2Q
3Q
4Q

△1.7%

1Q
2Q
3Q
4Q

△0.0%

8,955 8,806 8,804+15.2%+9.4% 7,775
2,115 2,139 2,080
7,104
1,725
1,786
1,782

+3.9%

1,977
2,009

2,207

2,146
2,004

285

2,068
2,297

1,810 1,818 2,302 2,515 2,357

YoY+21.9％287
3162,875

FY2017 FY2018 FY2019 FY2020 FY2021 FY20222821,520+11.5%

1,363+11.9%

1,172 1,218

1,970

2,330

SEGMENT PROFIT

212188335342

367

350

299

371

△26.6%

1,11692

246367337

296482517410

YoY△15.3％

347

FY2017 FY2018 FY2019 FY2020 FY2021 FY2022

Paid-in stock options issued (resolved by the Board of Directors on March 1, 2022)
Name

Vision Inc. Fourth round of stock acquisition rights

Issued amount

7,200 rights
100 shares per stock acquisition rightCommon stock 720,000 shares

Issued price

800 yen per stock acquisition rightTarget

Company directors, Company employees, and directors ofsubsidiaries of the Company 32 people

Conditions of exercise(Performanceconditions)If operating income exceeds 4 billion yen in any fiscal year
from FY2023 to FY2025
Exercisable ratio: 50%.
If operating income exceeds 5 billion yen in any fiscal year
from FY2023 to FY2027
Exercisable ratio: 100%

By improving productivity in existing businesses and fostering new businesses, we will
work to build a strong earnings base and aim to achieve the exercise condition(performance condition) as soon as possible = increase corporate value.

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,”.
The first facility, Koshikano Onsen (Kirishima City, Kagoshima Prefecture), is renowned for the quality of its hot springs.
It is the first glamping facility in Japan to have an open-air hot spring bath in every private room and renovations havebeen completed. There was a grand opening in April 2022 as a large-scale glamping facility on a larger scale.
The second facility will be newly opened in Yamanakako Village, Yamanashi Prefecture, a perfect location with a view of Mt. Fuji.
It is expected to open in Summer 2022.

Stock Earnings and In-house Services
Gross Profit Change Information and Communications Service Business
Strengthen stock earnings and in-house services (monthly fee), which will become astable earnings base in the long run.

(JPY100mn)

Strengthen sales of in-house services (monthly fee) since FY2019.
Achieved a profit of JPY1bn during FY 2021.
Expand services and strengthen sales expansion.

6.2
1.9

10.2

7.3

8.3
6.7

5.3
0.55.50.8

5.9
1.3

4.7

4.6

4.6

4.2

4.0

3.6

3.4

FY2015FY2016FY2017FY2018FY2019FY2020

FY2021In-house services (monthly)

0.5

0.8

1.3

1.9

3.3

4.7

6.7

1.9

Stock earnings

4.7

4.6

4.6

4.2

4.0

3.6

3.4

0.7

3.3

Stock earnings: Revenue from continuation fee associated with subscription agency contract in Information and Communication Services
Business and maintenance fee in OA equipment sales business etc.

4.7

2.7
1.9
0.7
Q1

FY2022

To Contribute to the Global Informationand Communications Revolution