Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

Cover
Document Filed

Quarterly Securities Report (“Shihanki Hokokusho”)

Applicable Law

Article 24-4-7, Paragraph 1 of the Financial Instruments and Exchange Act of Japan

File toDirector, Kanto Local Finance Bureau

Filing Date

August 10, 2023

Fiscal Year

The Second Quarter of the 23rd Business Term (From April 1, 2023 to June 30, 2023)

Company Name

Vision Inc.

Title and Name of Representative

Kenichi Sano, Chairman and CEO

Address of Head Office

6-27-30 Shinjuku, Shinjuku-ku, Tokyo

Phone No.

+81 3 (5287) 3110

Contact Person

Shinichi Nakamoto, Director and CFO

Contact Address

6-27-30 Shinjuku, Shinjuku-ku, Tokyo

Phone No.

+81 3 (5287) 3110

Contact Person

Shinichi Nakamoto, Director and CFO

Place Available forTokyo Stock Exchange, Inc.

Public Inspection(2-1 Nihombashi Kabuto-cho, Chuo-ku, Tokyo)―1―Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

Part 1: Company Information
Item 1: Company Overview
1. Changes in Major Management Indicators

Reporting period
Net sales
Ordinary profit
Profit attributable to owners of parent
Comprehensive income
Net assets
Total assets(thousandyen)(thousandyen)(thousandyen)(thousandyen)(thousandyen)(thousandyen)

FY2022/2Q

FY2023/2Q

Cumulative period

Cumulative period

January 1, 2022 –June 30, 2022

January 1, 2023 –June 30, 2023

FY2022January 1, 2022 –December 31, 2022

11,628,833

15,620,221

25,487,727

922,515

2,462,376

2,422,500

566,2631,614,116

1,548,610

629,082

1,658,951

1,616,566

11,010,255

13,844,261

12,039,996

16,080,485

20,153,203

17,951,550

Basic earnings per share

(yen)

11.78

32.98

31.96

Diluted earnings per share

(yen)

11.55

32.66

31.51

Equity-to-asset ratio

(%)

68.4

68.1

67.0

45,0382,294,769

1,539,646-627,737-859,966-1,200,976

171,375-25,829

137,047

7,289,249

9,623,627

8,185,773

Cash flow from operating activities
Cash flow from investing activities
Cash flow from financing activities
Cash and cash equivalents at end of
period(thousandyen)(thousandyen)(thousandyen)(thousandyen)

Reporting period
Basic earnings per share

FY2022/2Q

FY2023/2Q

April 1, 2022 –June 30, 2022

April 1, 2023 –June 30, 2023

(yen)

6.61

13.76

(Note 1): Since the Company prepares quarterly consolidated financial statements, changes in non-consolidated financial data, etc.
are not provided.

2. Description of Business
During the second quarter of the current consolidated cumulative period, there have been no significant changes in the content ofbusinesses operated by the Group (the Company and its affiliated companies).

―2―Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

Item 2: Business Overview
1. Business Risks
During the second quarter of the current consolidated cumulative period, there are no significant changes related to business conditions
or accounting conditions described in this quarterly report that may have a material effect on investors’ decisions or any materialchange in “business and other risks” described in the annual securities report for the previous fiscal year.

2. Management’s Analysis of Consolidated Financial Condition, Results of Operations, and Cash Flow Conditions
This report contains certain forward-looking statements that are based on the Group’s (the Company and subsidiaries) judgments asof the last day of the current quarterly consolidated fiscal period.

(1) Financial position and operating results
During the first half of the current fiscal year, the Japanese economy has been recovering, with customer spending and capital
investing gradually picking up.
However, amid ongoing global monetary tightening and other factors, a downturn in global economies poses a downside risk to theeconomy. In addition to the effects of rising prices, supply-side constraints, and fluctuations in financial and capital markets, it isimportant that we pay close attention to the spread of COVID-19 variations and infections.
Within this economic environment, the Group has focused on its core business, the GLOBAL WiFi business, the Information andCommunications service business, and the Glamping/Tourism business, and strived to respond flexibly to consumer needs.
As a result, net sales, operating profit, ordinary profit, and profit attributable to owners of parent for the first half of the current
consolidated period all exceeded the results of the previous year.
FY2023/2Q Result

FY2022/2Q Result

ChangeYoY(million yen)(million yen)(million yen)(%)

Net sales

15,62011,628

3,991

34.3

Operating profit

2,428

921

1,506

163.4

Ordinary profit

2,462

922

1,539

166.9

Profit attributable to owners ofparent

1,614

566

1,047

185.0

Business results by segment are as follows.
From the previous consolidated fiscal year, the Group has changed the business segments described as reportable segments, andcomparisons and analyzes for the second quarter of the current consolidated cumulative period are based on the classifications after
the change. Details are as described in “Item 4: Financial Information 1. Quarterly Consolidated Financial Statements Notes(Segment Information, etc.)”.
(GLOBAL WiFi Business)
During the first half of the current consolidated period, the number of regular international flights has approximately recovered by
60% of its pre-COVID-19 level and the extent of recovery in travel demand tended to be high.
The number of foreign visitors to Japan from January to June reached 10.71 million, 64.4% recovery compared to 2019, with visitorsfrom East Asia, Europe, the United States, Australia, and the Middle East.
The number of outbound Japanese also increased steadily, reaching a combined total of 3.61 million between January to June,
recovering by a total of 37.9% compared to 2019. Although still recovering the number of outbound travelers has reached a total of
700,000 in the month of June alone, showing a steady increase. (Source: Japan National Tourism Organization (JNTO))
In this environment, the inbound demand for “NINJA WiFi”, a Wi-Fi rental service for foreign visitors to Japan, together with thesales of SIM cards from vending machines at airport counters have been steadily increasing as well.

―3―

Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.
As for outbound sales, the demand for the “Unlimited Data Plan” and the high-speed data communication plan “5G Plan” was high,and we were able to archive a high number of sales per customer.
Additionally, we took different measures against the rise in costs of overseas telecommunication services due to the weak yen byreviewing contracts and improving the efficiency of data operations.
As a result, both net sales and segment profit for the first half of the current fiscal year significantly exceeded those of the previous
year.
GLOBAL WiFi Business

FY2023/2Q Result(million yen)

FY2022/2Q Result(million yen)

Change(million yen)

YoY
(%)

Net sales

9,012

5,793

3,219

55.6

Segment profit

2,613

952

1,660

174.3

(Information and Communications Service Business)
According to the “172nd Survey of Business Conditions of Small and Medium Enterprises” (Source: Japan Finance Corporation
Research Institute), during the first half of the current consolidated fiscal year, the Diffusion Index of sales and profits of small andmedium-sized enterprises (SMEs), which are the main service sectors provided by our business, showed signs of improvement withan increase in points for two consecutive quarters.
In this business environment, sales of office automation equipment and mobile communication devices remained strong.
In addition, we strived to expand sales of monthly subscription-based in-house services by maximizing lifetime value (customer
lifetime value), such as future up-selling and cross-selling, reducing long-term churn rates, and generating continuous income
through stock products.
As a result, net sales and segment profit for the first half of the current fiscal year have exceeded those of the same period of theprevious year.
Information and Communications
Service BusinessNet sales
Segment profit

FY2023/2Q Result(million yen)

FY2022/2Q Result(million yen)

Change(million yen)

YoY
(%)

6,132

5,619

513

9.1

655

606

48

8.0

(Glamping/Tourism Business)
This is a new business segment that launched the previous fiscal year.
Glamping is an outdoor activity that gets away from crowds, and its demand continuously growing with a record number offacilities opening in 2022. (Source: Japan Glamping Association)
As domestic travel demand increases, more and more customers are choosing glamping as their accommodation, seeking
extraordinary experiences not found in existing hotels and inns.
In this business environment, Vision Group opened “VISION GLAMPING Resort & Spa Koshikano Onsen” (Kirishima City,
Kagoshima Prefecture) in April 2022, which is a renovation of “Koshikano Onsen”, and opened “VISION GLAMPING Resort &Spa Yamanakako” (Yamanakako, Yamanashi Prefecture) in December 2022.
As a result, both net sales and segment profit for the first half of the current fiscal year have exceeded those of the same period of
the previous year.

Glamping/Tourism Business

FY2023/2Q
Result(million yen)

FY2022/2Q
Result(million yen)

ChangeYoY(million yen)(%)

Net sales

427

135

292

215.2

Segment profit

21

-5

27

－

―4―

Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.
Analysis of financial position(Assets)
Total assets at the end of the second quarter consolidated fiscal period are 20,153 million yen (2,201 million yen more than at theend of the previous consolidated fiscal year).
Current assets totaled 14,429 million yen (1,576 million yen more than at the end of the previous consolidated fiscal year), mainly
due to a 1,437 million yen increase in cash and deposits.
Fixed assets totaled 5,723 million yen (624 million yen more than at the end of the previous consolidated fiscal year), mainly due
to a 384 million yen increase in property, plant, and equipment and a 179 million yen increase in goodwill resulting from making
ZORSE Co., Ltd. a subsidiary.
(Liabilities)
Total liabilities at the end of the second quarter consolidated fiscal period are 6,308 million yen (397 million yen more than at theend of the previous consolidated fiscal year).
Current liabilities are 5,428 million yen (555 million yen more than at the end of the previous consolidated fiscal year), mainly
due to a 288 million yen increase in notes and accounts payable-trade, a 160 million yen increase in current portion of long-termloans payable, and a 403 million yen increase in income taxes payable, while accounts payable decreased in 469 million yen.
Fixed liabilities amounted to 880 million yen (158 million yen less than at the end of the previous consolidated fiscal year), due toa 156 million yen decrease in long-term loans payable.
(Net assets)
Net assets at the end of the second quarter consolidated fiscal period are 13,844 million yen (1,804 million yen more than at theend of the previous consolidated fiscal year). The main factors are a 1,614 million yen increase in retained earnings due to theposting of profit attributable to owners of parent and a 103 million yen increase in stock acquisition rights due to the posting ofstock compensation expenses.

(2) Cash flow conditions
Cash and cash equivalents (hereinafter referred to as “cash”) at the end of the second quarter consolidated fiscal period increased
by 1,437 million yen from the end of the previous consolidated fiscal year to 9,623 million yen.
(Cash flows from operating activities)
Net cash provided by operating activities during the second quarter of the current consolidated cumulative period amounted to 2,294
million yen (45 million yen increase in the same period of the previous year). This was mainly due to income before income taxesof 2,447 million yen, 226 million yen in depreciation, an increase of 287 million yen in notes and accounts receivable-trade, and adecrease of 632 million yen in accounts payable.
(Cash flows from investing activities))
Net cash used in investing activities during the second quarter of the current consolidated cumulative period amounted to 859
million yen (627 million yen decrease in the same period of the previous year). This was mainly due to the acquisition of 588 million
yen in property, plant, and equipment and the acquisition of 211 million yen in shares of a subsidiary due to a change in consolidation.
(Cash flows from financing activities)
Net cash provided by financing activities during the second quarter of the current consolidated cumulative period amounted to 25
million yen (171 million yen increase in the same period of the previous year). This was mainly due to long-term loan repaymentsof 60 million yen and the proceeds of 41 million yen from the exercise of stock options.

(3) Business and financial challenges that should be prioritized and addressed
During the second quarter of the current consolidated cumulative period, there were no changes in priority business or financial
issues that need to be addressed by the Group.

(4) Research and development activities
Not applicable.

―5―Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

3. Important Material Contracts, etc.
During the second quarter of the current consolidated cumulative period, there were no business contracts decided or signed.

―6―Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

Item 3: Information Related to the Company
1. Information Related to the Company’s Shares(1) Total number of shares① SharesClass

Total number of shares authorized to be issued (shares)

Common stock

123,000,000

Total

123,000,000② Issued shares

Class
Common stock

Number of shares issued Number of shares issued
as of the end of the period as of the filing date
Stock exchange on which
Summary(shares)(shares)the Company is listed(June 30, 2023)(August 10, 2023)
Tokyo Stock Exchange One unit of shares is 100
50,471,700
50,485,200
Prime Market
shares.

Total

50,471,700

50,485,200――

Note: Number of shares issued as of the filing date does not include the number of shares issued by exercising stock acquisitionrights from August 1, 2023 to the filing date of this quarterly securities report.

(2) Status of stock acquisition rights① Information on stock option limits
Not applicable.
② Status of other stock acquisition rights
Not applicable.

(3) Exercise status of corporate bonds with stock acquisition rights with exercise price adjustment clauseNot applicable.

(4) Changes in the total number of issued shares, capital, etc.

Date
March 1, 2023 –June 30, 2023

Changes in the Balance of the
Balance of
Changes in
Balance of
total number of total number of Changes incapitalcapitalcapital reserve capital reserve
issued shares issued shares (thousand yen) (thousand yen) (thousand yen) (thousand yen)(shares)(shares)
23,10050,471,700

10,029Note: This is an increase due to the exercise of stock acquisition rights.

―7―2,557,013

10,0292,375,011

Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

(5) Status of major shareholders
As of June 30, 2023

Name

Address

Custody Bank of Japan, Ltd. (Investment Trust)

1-8-12 Harumi, Chuo-ku, Tokyo

The Master Trust Bank of Japan, Ltd. (Investment
Trust)
Mizuho Trust and Banking Co., Ltd.
Investment Trust (Kenichi Sano Account No.
0730078)
Kenichi Sano

2-11-3 Hamamatsucho, Minato-ku, Tokyo

INTERACTIVE BROKERS LLCONE PICKWICK PLAZA GREENWICH,CONNECTICUT 06830 USA
1585 BROADWAY NEW YORK, NEW
YORK 10036, U.S.A.

MORGAN STANLEY&CO. LLC
Mizuho Trust and Banking Co., Ltd.
Investment Trust (Kenichi Sano Account No.
0730079)
Mizuho Trust and Banking Co., Ltd.
Investment Trust (Kenichi Sano Account No.
0730080)
Mizuho Trust and Banking Co., Ltd.
Investment Trust (Kenichi Sano Account No.
0730081)
JP JPMSE LUX RE BARCLAYS CAPITAL SEC
LTD EQ CO

Percentage from
Shares owned total number of(thousandissued sharesshares)(excluding
treasury stocks)
8,239

16.83

6,599

13.48

4,051

8.27

2,649

5.41

2,353

4.81

1,361

2.78

1-3-3 Marunouchi, Chiyoda-ku, Tokyo

1,350

2.76

1-3-3 Marunouchi, Chiyoda-ku, Tokyo

1,350

2.76

1-3-3 Marunouchi, Chiyoda-ku, Tokyo

1,350

2.76

1 CHURCHILL PLACE LONDONNORTH OF THE THAMES UNITED
KINGDOM E14 5HP

983

2.01

30,82961.85

1-3-3 Marunouchi, Chiyoda-ku, Tokyo
Shinjuku-ku, Tokyo

Total

－

Note: Mizuho Trust & Banking Securities Management Trust (Kenichi Sano Account No. 0730078), (Kenichi Sano Account No.
0730079), (Kenichi Sano Account No. 0730080), and (Kenichi Sano Account No. 0730081) are trust assets entrusted by Kenichi
Sano, who is the executive of the voting rights.

―8―Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

(6) Voting status① Issued shares
As of June 30, 2023
Classification

Number of stock(shares)Number of voting
rightsDescription

―

―

―

―

―

―

―

―

―

―

―

Shares without voting rights
Shares with restricted voting rights(treasury stock, etc.)
Shares with restricted voting rights(other)Shares with full voting rights(treasury stock, etc.)
Shares with full voting rights (other)
Shares representing less than one
unit(Treasury stock)
Common stock
1,501,600
Common stock
48,961,900
Common stock
8,200

Number of issued shares

50,471,700

Total number of voting rights―

489,619

―

―

―

―

―
489,619―

Note: The number of shares in “shares less than one unit” includes treasury stocks 81 shares held by the Company.
② Treasury stock

Owner’s name(Treasury stock)
Vision Inc.
Total

Owner’s address

6-27-30 Shinjuku,
Shinjuku-ku, Tokyo－

Number ofshares heldunder
own name(shares)Number ofshares held
under thename of others(shares)

As of June 30, 2023
Ownership
percentage ofTotal number
total number ofof shares held
shares(shares)
outstanding(%)

1,501,600―

1,501,600

2.98

1,501,600―

1,501,600

2.98

2. Changes in Directors and Company Auditors
Not applicable.

―9―Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

Item 4: Financial Information
1. Preparation method of the condensed consolidated financial statements
The condensed consolidated financial statements of Vision have been prepared in accordance with the “Ordinance on Terminology,
Forms, and Preparation Methods of Quarterly Consolidated Financial Statements, etc.” (Cabinet Office Ordinance No. 64 of 2007).

2. Independent auditor’s report on quarterly review
Based on the provisions of Article 193-2, Paragraph 1 of the Financial Instruments and Exchange Act, the quarterly consolidated
financial statements for the second quarter (from April 1, 2023 to June 30, 2023) and the first half of the current fiscal year (fromJanuary 1, 2023 to June 30, 2023) have been reviewed by KPMG AZSA LLC.

―10―

Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

1. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheet(Thousands of yen)
As of December 31, 2022
AssetsCurrent assets
Cash and deposits
Accounts receivable-trade
Products
Supplies
Other
Allowance for doubtful accounts
Total current assets
Fixed assets
Tangible fixed assets
Intangible fixed assets
Goodwill
Other
Total intangible fixed assets
Investments and other assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total fixed assets
Total assets
Liabilities
Current liabilities
Notes and accounts payable-trade
Current portion of long-term debt
Accounts payable
Income taxes payable
Provision for bonuses
Other
Total current liabilities
Fixed liabilities
Long-term debt
Other
Total fixed liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Other accumulated comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total other accumulated comprehensive income
Subscription rights to shares
Non-controlling interests
Total net assets
Total liabilities and net assets―11―

As of June 30, 2023

8,156,512
3,658,679
224,171
15,939916,571-119,196
12,852,677

9,594,365
3,684,672
223,537
9,301
1,069,634-151,914
14,429,597

2,185,266

2,570,042

1,159,147
172,775
1,331,922

1,338,218
177,869
1,516,087

1,648,980-67,295
1,581,684
5,098,873
17,951,550

1,710,004-72,528
1,637,475
5,723,605
20,153,203

820,701
120,097
2,180,363
499,182366,769
885,824
4,872,939

1,109,405
280,573
1,710,694
902,348
348,532
1,077,175
5,428,729

847,078
191,536
1,038,615
5,911,554

690,182
190,029880,212
6,308,942

2,535,941
2,602,056
8,637,117-1,862,967
11,912,147

2,557,013
2,623,128
10,251,233-1,863,040
13,568,334-14,198
124,419
110,220
11,344
6,284
12,039,996
17,951,550

1,794
152,727
154,522
114,586
6,817
13,844,261
20,153,203

Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

(2) Quarterly Consolidated Statement of Profit or Loss and Comprehensive Income
Quarterly Consolidated Statement of Profit or Loss
Consolidated Cumulative Second Quarter(Thousands of yen)
FY2022/2Q Cumulative period
FY2023/2Q Cumulative period(January 1, 2022 – June 30, 2022) (January 1, 2023 – June 30, 2023)
Net sales
Cost of sales

11,628,833
6,174,140

15,620,221
7,143,508

Gross profit

5,454,693

8,476,713* 4,532,771* 6,048,607

921,9222,428,105

Interest income
Dividends earned

1,599
1,500

338
3,768

Subsidy income
Insurance surrender value

4,897

27,887
12,233

Selling, general, and administrative expenses
Operating profit
Non-operating income

Other

－
4,301

Total non-operating income

12,29951,856

Non-operating expenses
Interest expense

7,627

5,560

5,379

Equity in losses of affiliates
Exchange loss

2,007
961

5,647
4,473

Other

3,176

2,085

Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sales of fixed assets

11,706

17,585922,515

2,462,376

81－

Gain on sales of investment securities
Return profit on cancellation of contract

1,230
－

－
9,370

Total extraordinary income

1,311

9,370

Extraordinary loss
Loss on retirement of fixed assets

3,406

24,034

Total extraordinary loss

3,406

24,034

Income before tax adjustment

920,420

2,447,711

Corporate, resident, and business taxes

221,965

846,250

Income before income taxes

129,890-13,188

Total income taxes

351,855

833,062

Quarterly profit

568,564

1,614,649

2,300

533

566,2631,614,116

Quarterly profit attributable to non-controlling interests
Quarterly profit attributable to owners of parent―12―Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.
Quarterly Consolidated Statement of Comprehensive Income
Consolidated Cumulative Second Quarter(Thousands of yen)
FY2022/2Q Cumulative period
FY2023/2Q Cumulative period(January 1, 2022 – June 30, 2022) (January 1, 2023 – June 30, 2023)
Quarterly profit

568,564

1,614,649

Other comprehensive income
Valuation difference on available-for-sale securities-12,131

15,993Foreign currency translation adjustment

72,64828,308

Total other comprehensive income

60,51744,301

Quarterly comprehensive income

629,082

1,658,951(Breakdown)
Quarterly comprehensive income related to owners of
the parent
Quarterly comprehensive income related to noncontrolling interests

626,781

1,658,417

2,300

533

―13―

Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.
(3) Quarterly Consolidated Statements of Cash Flows(Thousands of yen)
FY2022/2Q Cumulative period FY2023/2Q Cumulative period(January 1, 2022 – June 30, 2022) (January 1, 2023 – June 30, 2023)
Cash flow from operating activities
Income before income taxes
Depreciation
Amortization of goodwill
Share-based compensation expenses
Increase or decrease in allowance for doubtful accounts(- is decreased)
Increase or decrease in allowance for bonuses(- is decreased)
Interest and dividend income
Subsidy income
Interest expenses
Equity in earnings of affiliates (- is profit)
Loss or gain on sales of fixed assets (- is profit)
Loss on disposal of fixed assets
Loss or gain on sales of investment securities(- is profit)
Decrease or increase in notes and accounts receivabletrade (- is increase)
Decrease or increase in inventories (- is increase)
Increase or decrease in notes and accounts payabletrade (- is decreased)
Increase or decrease in accounts payable-other(- is decreased)
Increase or decrease in accrued consumption tax(- is decreased)
Other
SubtotalInterest and dividends received
Subsidies received
Interest expenses paid
Income taxes paid
Net cash provided by operating activities
Cash flow from investing activities
Payments for acquisition of property, plant, andequipment
Payments for acquisition of intangible assets
Proceeds from sales of non-current assets
Proceeds from sales of investment securities
Payments of loans receivableCollection of loans receivableCollection of long-term loans
Payments for acquisition of shares of subsidiaries
resulting in change in scope of consolidation
Proceeds from acquisition of subsidiary shares
resulting in change in scope of consolidation
Payments for lease and guarantee deposits
Collection of lease and guarantee deposits
Other
Net cash provided by investing activities
Cash flow from financing activities
Repayment of short-term loans payable
Repayment of long-term debt
Proceeds from exercise of stock options―14―

920,420
105,31291,992－

2,447,711
226,994
96,411
103,500

23,39637,93823,363-20,229-3,100-4,897
5,560
2,007
-81
3,406

-4,107-27,887
5,379
5,647
－
24,034-1,230－-941,871

12,873

23,798

7,760-18,306

287,498

61,613-632,593-145,385

99,60928,90951,667

174,908
3,068
4,897-5,560-132,275

2,722,208
4,075
27,887-5,303-454,098

45,0382,294,769-695,257-588,590-31,60981
8,610-500,000
500,000－-34,521
－
－
－
－
6,164

－

-211,738

117,807－-69,828
32,904
9,554-115,410
69,24814,881-627,737-859,966-35,000-45,062
253,261－-60,028
41,886

Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.
(Thousands of yen)
FY2022/2Q Cumulative period FY2023/2Q Cumulative period(January 1, 2022 – June 30, 2022) (January 1, 2023 – June 30, 2023)
Proceeds from issuance of stock acquisition rights
Payments for purchase of treasury stock
Repayment of lease obligations

5,760
-63
-7,520－-72-7,614

Net cash provided by financing activities
Effect of exchange rate changes on cash and cash
equivalents
Net increase or decrease in cash and cash equivalents(- is decreased)
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

171,375-25,829

68,88628,879-342,438

1,437,853

7,631,688* 7,289,249

8,185,773* 9,623,627―15―

Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.
Notes(Change in scope of consolidation or application of equity method)(Change in scope of consolidation)
Effective from the first quarter of the current fiscal year, Promotion Plus, Co., Ltd, which had been a consolidated subsidiary, was
excluded from the scope of consolidation due to its merger with the Company.
Effective from the second quarter of the current consolidated fiscal year, ZORSE Co., Ltd. was included in the scope of consolidation
due to the acquisition of its shares. ZORSE Co., Ltd. has a deemed acquisition date of June 30, 2023, and only its balance sheet isconsolidated during the second quarter of the current fiscal year.
(Change in accounting policy, etc.)(Change in method of calculating tax expenses)
Effective from the first quarter of the current fiscal year, however, in order to further improve the efficiency of quarterly closing
operations of some consolidated subsidiaries, the Company has changed its method of calculating tax expenses by rationally estimating
the effective tax rate after applying tax effect accounting to income before income taxes and minority interests for the consolidated
fiscal year, and multiplying quarterly income before income taxes and minority interests by this estimated effective tax rate. The effectof this change is immaterial.
Since the impact of this change is negligible, the change has not been applied retrospectively.
(Special accounting methods applied in the preparation of quarterly consolidated financial statements)(Calculation of tax expenses)
Tax expenses for certain consolidated subsidiaries are calculated by multiplying income before income taxes by an effective tax ratethat is reasonably estimated by applying tax effect accounting to estimated income before income taxes for the consolidated fiscal
year including this second quarter.
However, in cases where calculating tax expenses using such estimated effective tax rate would significantly lack rationality, tax
expenses are calculated by multiplying the quarterly income before income taxes by the statutory effective tax rate, after adjusting
significant differences that do not fall under temporary differences.
(Notes to Quarterly Consolidated Statements of Income)*Major items and selling, general and administrative expenses are as follows.

Provision of allowance for
doubtful accounts
Salary allowance
Provision for bonus reserve

FY2022/2Q Cumulative period

FY2023/2Q Cumulative period(January 1, 2022 – June 30, 2022)(January 1, 2023 – June 30, 2023)

46,259 thousand yen

58,114 thousand yen

1,233,975 thousand yen

1,344,822

thousand yen

290,580 thousand yen

292,560

thousand yen(Notes to Quarterly Consolidated Statements of Cash Flow)*The reconciliation of cash and cash equivalents at the end of the period to the accounts reported in the quarterly consolidated balance
sheets is as follows.

Cash and deposits
Deposits received(“Other” in current asset)
Cash and cash equivalents

FY2022/2Q Cumulative period

FY2023/2Q Cumulative period(January 1, 2022 – June 30, 2022)(January 1, 2023 – June 30, 2023)

7,259,988 thousand yen
29,261 thousand yen
7,289,249 thousand yen―16―

9,594,365

thousand yen

29,261 thousand yen
9,623,627

thousand yen

Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.
(Shareholders’ equity)
FY2022/2Q Cumulative period (January 1, 2022 – June 30, 2022)
1. Dividend payment amountNot applicable.
2.

Of the dividends whose recorded date are in the second quarter consolidated cumulative period, the dividend effective date isafter the last day of the second quarter consolidated accounting period.
Not applicable.

3.

Significant fluctuations in shareholders’ equity
Not applicable.

FY2023/2Q Cumulative period (January 1, 2023 – June 30, 2023)
1. Dividend payment amountNot applicable.
2.

Of the dividends whose recorded date are in the second quarter consolidated cumulative period, the dividend effective date isafter the last day of the second quarter consolidated accounting period.
Not applicable.

3.

Significant fluctuations in shareholders’ equity
Not applicable.

(Combined Business)(Combined Business through acquisition)(1) Outline of the combined business acquisition① Name of acquired company and its business
Name of acquired company: ZORSE Co., Ltd.
Business description: OMO business (Management of official SNS accounts, etc.)② Main reason for the business acquisitionZORSE Co., Ltd. provides services through “Official Account DX”, which offers account management and mini-application
development for official LINE accounts.
The collaboration between Vision Inc. and ZORSE Co., Ltd. will enable Vision to further increase the value provided to customers
and to grow its business and develop the company.
③ Date of business acquisition
June 1, 2023
④ Legal form of business acquisition
Share acquisition⑤ Name of the company after the acquisition
There is no change in the name of the company after the acquisition.
⑥ Percentage of voting rights acquired
60% of voting rights acquired.
⑦ Main basis for determining the acquiring company
Acquisition of the shares in exchange for cash.

―17―

Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.
(2) Acquisition cost of the acquired company and breakdown by type of acquisition
Compensation of Acquisition

Cash

216,000,000 yen

Acquisition Cost

216,000,000 yen(3) Description and amount of major acquisition-related expenses
Advisory fees, etc. 5,000,000 yen(4) Amount of goodwill incurred, reasons for incurrence, method and period of amortization① Amount of goodwill incurred
276,145,000 yen② Reasons for incurrence
Mainly due to excess earning expected from future business development.
③ Method and period of amortization
Equal amortization for over 5 years―18―Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.
(Segment Information, etc.)
Segment InformationⅠ.

FY2022/2Q Cumulative period (January 1, 2022 – June 30, 2022)

1.

Information on net sales and profit or loss by reporting segment(Thousands of yen)
Reporting segment
Other(Note 1)

Information and

GLOBAL
Glamping
Communications
WiFi/Tourism

Total

Total

Service

Quarterly
consolidated
Adjustments
income(Note 2)statement(Note 3)

Net sales
Sales to externalcustomers
Intersegment sales
and transfers
Total

5,793,035

5,610,850

134,698

11,538,583

90,25011,628,833－

11,628,833

－

8,427

1,047

9,474

2,603

12,078-12,078－

5,793,035

5,619,277

135,745

11,548,058

92,853

11,640,911-12,078

11,628,833

Segment profit or
952,825
606,596-5,936
1,553,486-60,665
1,492,821-570,899
921,922
loss (-)(Note) 1. The “Other” category is for businesses that are not included in the reporting segment such as media and catalog sales
businesses.
2. Adjustments in the segment profit or loss -570,899 thousand yen are company-wide expenses that are not allocated to eachreporting segment. These are mainly general and administrative expenses that do not belong to the reporting segment.
3. Segment profit or loss is adjusted to the operating profit of the quarterly consolidated income statement.
2.

Information on impairment loss on fixed assets or goodwill by reporting segment
Not applicable.

Ⅱ. FY2023/2Q Cumulative period (January 1, 2023 – June 30, 2023)
1. Information on net sales and profit or loss by reporting segment(Thousands of yen)
Reporting segment
Information and

GLOBAL
Glamping
Communications
WiFi/Tourism

Total

Other
(Note 1)

Total

Service

Quarterly
consolidated
Adjustments
income(Note 2)statement(Note 3)

Net sales
Sales to externalcustomers
Intersegment sales
and transfers

9,012,677

6,124,936

418,681

15,556,294

63,927

15,620,221－

15,620,221

－

7,539

9,133

16,672

4,011

20,684-20,684－

Total

9,012,677

6,132,475

427,814

15,572,967

67,93815,640,906-20,684

15,620,221

Segment profit orloss (-)

2,613,299

655,00221,4103,289,713-71,696

3,218,016-789,910

2,428,105(Note) 1. The “Other” category is for businesses that are not included in the reporting segment such as media and catalog sales
businesses.
2. Adjustments in the segment profit or loss -789,910 thousand yen are company-wide expenses that are not allocated to eachreporting segment. These are mainly general and administrative expenses that do not belong to the reporting segment.
3. Segment profit or loss is adjusted to the operating profit of the quarterly consolidated income statement.

―19―Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.
2. Matters concerning changes in reportable segments, etc.
Effective from the end of the previous consolidated fiscal year, “Glamping/Tourism business”, which was included in the “Other”
segment, has been changed to a reportable segment due to its increased importance.
The segment information for the first half of the previous fiscal year is disclosed based on the reporting segment classification after thechange.
3. Information on impairment loss on fixed assets or goodwill by reporting segment(Significant changes in the amount of goodwill)In the Information and Communications Service business segment, the Company acquired shares of ZORSE Co., Ltd. and included itin the scope of consolidation. The increase in goodwill due to that was 276,145,000 yen in the first half of the current fiscal year.

―20―Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.
(Relating to revenue recognition)
Breaking down the revenue generated from customer contracts
FY2022/2Q Cumulative period (January 1, 2022 – June 30, 2022)(thousands of yen)
Reporting segment
GLOBAL
WiFi

Information andCommunications
Service

Glamping/Tourism

Total

Other
(Note 1)

Total

Data communications

2,562,836－－

2,562,836－

2,562,836

Airport business consignment

2,279,972－－

2,279,972－

2,279,972

Office automation equipment－

1,907,261－

1,907,261－

1,907,261

Mobile communications devices－

1,470,154－

1,470,154－

1,470,154

Internet media－

389,095－

389,095－

389,095

Broadband lines－

255,022－

255,022－

255,022

Fixed communication lines－

282,689－282,689－282,689

Glamping－－

134,698

134,698－

134,698

447,065

832,241－

1,279,306

90,2501,369,557

5,289,873

5,136,465

134,698

10,561,037

90,25010,651,287

Other revenue (Note 2)

503,161474,384－

977,545－977,545

External customer sales

5,793,035

5,610,850

134,698

11,538,583

90,25011,628,833

Other
Revenue from customer contracts

Note 1: The “Other” category is for businesses that are not included in the reporting segment such as media, and catalog sales
businesses.
Note 2: The “Other revenue” category is for revenue relating to Accounting Standards for Lease Transactions.

―21―

Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.
FY2023/2Q Cumulative period (January 1, 2023 – June 30, 2023)(thousands of yen)
Reporting segment
GLOBAL
WiFi

Information andCommunications
Service

Glamping/Tourism

Total

Other
(Note 1)

Total

Data communications

6,318,729－－

6,318,729－

6,318,729

Airport business consignment

1,743,402－－

1,743,402－

1,743,402

Office automation equipment－

2,276,270－

2,276,270－

2,276,270

Mobile communications devices－

1,460,576－

1,460,576－

1,460,576

Internet media－

487,025－

487,025－

487,025

Broadband lines－

235,958－

235,958－

235,958

Fixed communication lines－

232,781－

232,781－

232,781

Glamping－－

418,681418,681－418,681

121,369

778,395－

899,764

63,927

963,691

8,183,501

5,471,008

418,681

14,073,191

63,927

14,137,118

Other revenue (Note 2)

829,175

653,927－

1,483,103－

1,483,103

External customer sales

9,012,677

6,124,936

418,681

15,556,294

63,927

15,620,221

Other
Revenue from customer contracts

Note 1: The “Other” category is for businesses that are not included in the reporting segment such as media, and catalog sales
businesses.
Note 2: The “Other revenue” category is for revenue relating to Accounting Standards for Lease Transactions.
Note 3: Effective from the end of the previous consolidated fiscal year, the “Glamping/Tourism business”, which was included in the“Other” segment, has been changed to a reportable segment due to its increased importance. Information that breaks down
revenues from contracts with customers for the second quarter of the previous fiscal year is disclosed based on the reporting
segment classification after the change.

―22―Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.
(Information on per share)
The basic earnings per share and the diluted earnings per share/basis for calculation are as follows.

FY2022/2Q Cumulative period
January 1, 2022 – June 30, 2022

FY2023/2Q Cumulative
periodJanuary 1, 2023 –June 30, 2023

11.78 yen

32.98 yen

566,2631,614,116－－

566,2631,614,116

Average number of shares of common stock (shares)

48,050,228

48,945,081(2) Diluted earnings per share

11.55 yen

32.66 yen

Item(1) Basic earnings per share(Basis for calculation)
Profit attributable to owners of parent (thousands of yen)Amount not attributable to ordinary shareholders (thousandsof yen)Profit attributable to owners of parent for common stock(thousands of yen)

(Basis for calculation)
Profit adjustment attributable to owners of the parent(thousands of yen)－

Increase in common stock (shares)

Summary of potential shares that were not included in thecalculation of diluted earnings per share because they don’t
have a diluting effect and changed significantly since the endof the previous consolidated fiscal year

976,399
Stock acquisition rights
resolved by the Board of
Directors on March 1, 2022
(720,000 shares of common
stock)

2. Other
Not applicable.

―23―478,304－

Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

Part 2: Information about Guarantors of the Company
Not applicable.

―24―

Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

Independent Auditor’s Report on Review of Condensed Quarterly Consolidated Financial Statements
August 10, 2023
The Board of Directors
Vision Inc.
KPMG AZSA LLC
Tokyo Office
Designated Limited Liability Partner
Engagement Partner

Certified accountant

Yoshinori Saito

Designated Limited Liability Partner
Engagement Partner

Certified accountant

Masato Nagai

Auditor’s Conclusion
We have audited the consolidated financial statements of Vision Inc. included in the “Status of Accounting” for the second three months
ended December 31, 2023 (April 1, 2023 through June 30, 2023) in accordance with Article 193-2-1 of the Financial Instruments andExchange Law. We have reviewed the quarterly consolidated financial statements, namely, the quarterly consolidated balance sheets,
quarterly consolidated statements of income, quarterly consolidated statements of comprehensive income, and notes to the quarterly
consolidated statements for the second quarter (April 1, 2023 through June 30, 2023) and the first six months (January 1, 2023 throughJune 30, 2023) of the current consolidated fiscal year.
In our quarterly review, we found that the quarterly consolidated financial statements referred to above present fairly, in all material
respects, the financial position of Vision Inc. and its consolidated subsidiaries as of June 30, 2023, and the results of their operations forthe six-month period then ended in conformity with accounting principles for quarterly consolidated financial statements generally
accepted in Japan. In our opinion, nothing has come to our attention that causes us to believe that the above quarterly consolidated
financial statements do not present fairly, in all material respects, the consolidated financial position of Vision Inc.
Basis of Auditor’s Conclusions
We conducted our quarterly review in accordance with the quarterly review standards generally accepted in Japan. Our responsibility is
to express an opinion on the quarterly consolidated financial statements based on our review. We are independent of the Company andits consolidated subsidiaries and have fulfilled our other ethical responsibilities as auditors in accordance with the rules of professional
ethics in Japan. We believe that the evidence we have obtained provides a basis for our conclusion.
Responsibility of Management, Corporate Auditors and the Board of Corporate Auditors for the Quarterly Consolidated Financial
Statements
Management is responsible for the preparation and fair presentation of these quarterly consolidated financial statements in accordancewith accounting principles generally accepted in Japan. This includes establishing and operating such internal control as management
determines is necessary to enable the preparation and fair presentation of the quarterly consolidated financial statements that are freefrom material misstatement, whether due to fraud or error.
In preparing the quarterly consolidated financial statements, management assesses whether it is appropriate to prepare the quarterly
consolidated financial statements on a going concern basis and, if so, discloses matters related to going concern in accordance with thestandards for preparation of quarterly consolidated financial statements generally accepted in Japan. The Company is responsible fordisclosing such matters.
The responsibility of the Statutory Auditors and the Board of Statutory Auditors is to monitor the directors’ performance of their duties
in the development and operation of the financial reporting process.
Auditor’s Responsibility for the Quarterly Review of the Quarterly Consolidated Financial Statements
The auditor is responsible for expressing its conclusion on the quarterly consolidated financial statements from an independent standpointin the quarterly review report based on the quarterly review conducted by the auditor.

―25―

Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.
The auditor shall exercise professional judgment and maintain professional skepticism throughout the course of the quarterly review inaccordance with the quarterly review standards generally accepted in Japan, and shall do the following.
⚫

Conduct the quarterly review by asking questions of management, persons responsible for financial and accounting matters, andother persons, and by performing analytical procedures and other quarterly review procedures. Conduct quarterly review
procedures. Quarterly review procedures shall be limited compared to an audit of the annual financial statements conducted inaccordance with auditing standards generally accepted in Japan.

⚫

If the auditor believes that there are material uncertainties regarding events or circumstances that could cause significant doubt
about the entity’s ability to continue as a going concern, we conclude, based on the evidence we have obtained, that the quarterly
consolidated financial statements do not present fairly, in conformity with accounting principles for quarterly consolidated financial
statements generally accepted in Japan. If a material uncertainty regarding the Company’s ability to continue as a going concern
exists, we draw attention to it in the notes to the quarterly consolidated financial statements in the quarterly review report. If an
article is not appropriate, the auditor is required to express a limited conclusion or a negative conclusion on the quarterly
consolidated financial statements. The auditor’s conclusion is based on evidence obtained up to the date of the quarterly review
report, but future events or circumstances could cause the entity to cease to exist as a going concern.

⚫

The auditor assesses whether there are matters that could lead to the belief that the presentation and accompanying notes of thequarterly consolidated financial statements do not comply with the criteria for preparing quarterly consolidated financial statementsthat are generally recognized as fair and reasonable in Japan, and whether there are matters that could lead to the belief that thepresentation, composition, and content of the quarterly consolidated financial statements, including the related notes, are not incompliance, or that the quarterly consolidated financial statements do not fairly represent the underlying transactions or accounting
events on which they are based.

⚫

The auditor obtains evidence concerning the financial information of the Company and its consolidated subsidiaries to express a
conclusion on the quarterly consolidated financial statements. The auditor is responsible for directing, supervising, and performing
the quarterly review of the quarterly consolidated financial statements. The auditor is solely responsible for their conclusions.

The auditor shall report to the Company’s auditors and the board of auditors on the scope and timing of the planned quarterly review andany significant findings of the quarterly review.
The auditor shall report to the audit committee and the board of auditors on compliance with the provisions of professional ethics
regarding independence in Japan, as well as on any matters that could reasonably be considered to affect the independence of the auditor
and the measures taken to eliminate or mitigate impediments to independence to an acceptable level.
Interests
There are no conflicts of interest that require disclosure under the provisions of the Certified Public Accountants Act between the
Company and its consolidated subsidiaries and our auditing firm or engagement personnel.

Note 1: The above is an electronic version of the items described in the original quarterly review report and the original is stored
separately by the Company (the company that submits the quarterly report).
Note 2: XBRL data is not included in the quarterly review.

―26―