Q1 FY2023

Supplementary Materials
Vision Inc.
Stock Code: 9416
May 12, 2023

Copyright(C) 2023 VISION INC. All Rights Reserved.

Company Overview

Copyright(C) 2023 VISION INC. All Rights Reserved.

2

VISION INC.
Code

9416

Operation Bases and Affiliates(Tokyo Stock Exchange Prime Market)

Incorporated

Domestic Affiliated Companies： 8

December 4, 2001

Domestic Operation Bases： 14(Founded June 1, 1995)

Management
Philosophy

To Contribute to the Global Information
and Communications Revolution

Head Office

8F Shinjuku Eastside Square, 6-27-30
Shinjuku, Shinjuku-ku, Tokyo 160-0022

Number ofConsolidated
Employees

812 (155)
Domestic: 737 (152)
Global: 75 (3)(Average temporary
employees)(As of March 31, 2023)

AffiliatedCompanies

Domestic: 8
Global: 12(As of March 31, 2023)

Business

GLOBAL WiFi
Information andCommunications Service
Glamping/Tourism

Global Affiliated Companies： 12
Korea, USA (Hawaii), Hong Kong,
Singapore, Taiwan, UK, Vietnam,
China (Shanghai), France, Italy,
USA (California), New Caledonia

Vision Inc.

GLOBAL WIFI.UK LTD
Global WiFi France SAS
Vision Mobile Italia S.r.I.

上海高效通信科技有限公司

Best Link Inc.
Members Net Inc.
Alphatechno Inc.
BOS Inc.
Vision Ad Inc.
Vision Digital Marketing Inc.
adval Corp.
Koshikano Onsen Inc.
Vision Mobile Korea Inc.

Vision Mobile Hawaii Inc.

Vision Mobile Hong Kong Limited
VISION VIETNAM ONE MEMBER
LIMITED LIABILITY COMPANYVISION MOBILE USA CORP.

無限全球通移動通信股份有限公司（台湾）

GLOBAL WIFI.COM PTE. LTD.
VISION MOBILE NEW CALEDONIA

Affiliates, Purchasing / Operation Bases
Purchasing / Operation Bases

Copyright(C) 2023 VISION INC. All Rights Reserved.

System Development Center (Offshore)

3

History and Sales Change
Started Glamping
business2022

Started GLOBAL
WiFi business25th anniversary
Changed the market to the 1st Section of
the Tokyo Stock Exchange in Dec. 2016

Started domestic
Wi-Fi router rental
business

Listed with “Mothers” of the Tokyo
Stock Exchange in Dec. 2015

2020

2016

2015

2012

Started broadband
business

2010

Started company
cellphone business

2008
2007
2006
2005

Started Internet
advertisingbusiness

Founded
1995

2004

2003
Started international telephoneservice sales business for SouthAmerican people who live in Japan

Copyright(C) 2023 VISION INC. All Rights Reserved.

Irregular
period due
to changes
in fiscal
year-end4Our Core Strategies
Offer just the right value to realize sustainable growth

Discover the challenges createin the niches of the evolution in
information and communications
and develop new markets.
Focus management resources
on carefully selected targets
and refine our services.

✓ Overseas travelers✓ Startup companies✓ Teleworking

Production efficiency isthoroughly pursued.
Realize by improving
organizational structure andbusiness speed.
While maintaining high quality ofservice, demonstrate pricecompetitiveness surpassing
competitors.

✓ Productivity, price advantage✓ Service quality evaluation

Copyright(C) 2023 VISION INC. All Rights Reserved.

Pick up new needs for informationand communications services andcontinuously offer services atreasonable prices at the righttime.
Build a long-term relationshipwith customers.

✓ Original CRM✓ Subscription-based business5

Business Summary

Copyright(C) 2023 VISION INC. All Rights Reserved.

6

Two Business Segments
Information and Communications
Service Business“GLOBAL WiFi” Business
Provide anytime, anywhere, safe, secureand comfortable mobile internet
environment all over the world.
Wi-Fi router rental service.
Connectable with multiple users andmultiple devices (companion, smartphone,laptop, etc.).

Provide the most suitable information andcommunications-related products andservices tailored to the stage and needs ofthe company since starting business.
Our own sales structure, CRM.
Web marketing × Sales rep × CLT(Customer Loyalty Team)

Order and payment

Receive routerUse overseas

Copyright(C) 2023 VISION INC. All Rights Reserved.

Return router

Telephone Cellphone
OfficeSupport AutomationLine
Arrangements

WebsiteSupportSecurity

ElectricPower

Cloud App
Service(SaaS)

7

“GLOBAL WiFi” BusinessBusiness Model/Competitive Advantage

Less Expensive
Fixed-rate

Areas

Maximum cost benefits -89.9%
From JPY300/day

Japanese cellphone companies’ fixed-rate discount comparison

Available in over 200 countries and regions worldwide, leading the industry in the number

Comfortable

High-speed communications in partnership with telecom carriers around the world

Safe / Secure

Secure; 47 support bases available 24 hours a day, 365 days a year, around the world

CounterNumber of airport counter is the industry’s largest class

Corporate Sales

Customers

Uptake ability of corporate needs

Number of users is the largest in the industry *Payment

Copyright(C) 2023 VISION INC. All Rights Reserved.

Shipping
ReturnPayment

Settlement
serviceproviders

Direct website
Apps
Affiliates
EC mallCorporate sales
Partners
Airport counter

End Users

Data
communication
service

Vision GroupWorldwide
telecommunications
companies* Number of users and sales revenue survey for "2016-2021 Overseas Wi-Fi rental service (domestic → overseas)" (Tokyo Shoko
Research, annual surveys from 2017 to 2022)

Rental fees8Comparison of Overseas Internet Connection
Means ①
“Global WiFi” “NINJA WiFi” are competitive in safety, security, comfortability,and price.
Users are unwilling to share their own data traffic with others, but they are less reluctant to share arented Wi-Fi router with others (They tend to share it with two or three people in case of
independent travel).
* Based on our research and standard.
Means

Price

Area

Speed

Management

Security

○

○

○

○

○

Partnering with overseas high-quality ISP - to offer the fastest connection speed
in the area, reasonable price, security and usability.

Roaming(Telecom carriers’
fixed-rate)

Prepaid SIM(Purchased
overseas)

Free Wi-Fi Spot

×

△

△

○

○

There are problems with price and quality.
(It costs from about JPY980 to JPY2,980/day, and it may cost more expensive.)

△

△

○

×

○

Need knowledge to manage. (Local purchase, issues with data capacity, andperiodical charge is required, etc.)

○

×

△

○

×

(Hotel, Café, etc.) Problem with coverage (with limited communication area), speed (depending on
the user’s communication environment and traffic conditions), and security.
Copyright(C) 2023 VISION INC. All Rights Reserved.

9

Comparison of Overseas Internet Connection
Means ②
Wi-Fi router rental

Comparison

Roaming(Telecom carriers’
fixed-rate)

Free Wi-Fi Spot /Hotel Wi-Fi

JPY980-2,980/day

JPY300-2,170/day* Round-the-world plan JPY2,980/day

Apply for rental on the website.

FeeFree Wi-Fi spot Free
Need to check in advance thecontract details, compatible
Accommodation fee (Hotelmodels, and settings, etc.
Wi-Fi included) or JPY500-3,000
according to the plan.
Hotel Wi-Fi ＋accommodation fee* Depending on your mobile carrier

Fixed fee and stable speed
Full security and compensation
You can use it comfortably thanks to the
fixed fee.
Choose the communication capacity
according to your situation.

Advantage

Easy to connect* Tethering is also available.

Expensive
Fee is more expensive than those for
DisWi-Fi rental.
Need to carry a Wi-Fi router in addition to advanIf the setting is wrong for data
your smartphone.
tage
roaming, the fee can be more

More luggage

expensive.
If you connect the Internet at a stablespeed without worrying about additionalcharges(You can use it with several people at alower fee by splitting the bill)

Available anywhere.
No worry about busy access anddifficulty to connect.

Recommend

Copyright(C) 2023 VISION INC. All Rights Reserved.

If you want to connect theinternet easily
with your own device

Easy to use
Area is limited, but it is provided freeof charge in many places, and it iseasy to connect.

Be careful about
unauthorized access
It is easy to use, but it has somerisks of virus infection and personal
information being stolen byunauthorized access.

Communication area islimited, but you want tosave money.
It is for users who only
need to connect theoverseas Internet in alimited amount of time.
10

“GLOBAL WiFi” Business Profit Structure
Items

Summary
Overseas
Regular rental：
Rental fee per day × number of days used
Average: JPY1,000/day, Average number of days used: 7 days
Options available such as insurance, mobile battery, etc.

Sales

GLOBAL WiFi for Biz：
Monthly basic charge (JPY2,167) + data communication fee (plan) × number ofdays used
Use service in Japan (Domestic option for teleworking)Domestic (in Japan)
Rental fee per month (available for rental from 1 day)Average: Approx. JPY5,000/month, Average days used: 1.5 months (45 days)

Cost of sales

Data communication (telecom carriers in the world)
Terminal price (mobile Wi-Fi routers)
Recorded as rental asset (recorded by depreciation over 2 years)

Outsourcing (commission paid to sales agents), etc.

SG&A expenses

Personnel, advertising, shipping delivery, business consignment,
credit card payment, etc.
Operation and rent of shipping centers, airport counters,
customer centers, etc.
Other SG&A expenses, etc.

Copyright(C) 2023 VISION INC. All Rights Reserved.

11

Utilize “CLOUD Wi-Fi Router”- Maximize Convenience and Cost Efficiency A Wi-Fi router with next-generation communication technology that manages
SIM on the cloud.
No need to insert/change SIM physically.
Communication lines of the world are available with only one device.
The device settings can be adjusted remotely in the case of communication failure.
The plan (data capacity) can be changed during the rental term.

Make the most of the characteristics of the CLOUD Wi-Fi router.
Convert the Cloud Wi-Fi router used for overseas communication service to the domestic Wi-Fi router.
Since a physical SIM card is not inserted in the router, it can be assigned to other routers dependingon the communication status.
* It can be operated even in the case that the number of rentals is more than the number of SIMs
(efficient operation of communication costs).
You can use it
immediately
after turningon the power!

Copyright(C) 2023 VISION INC. All Rights Reserved.

Store SIMs allover the worldon the cloud12

Expand Service Areas for Unlimited Plan
- Gaining Competitive Advantage When Travel Recovers -Recently we tend to consume large amounts of data communication
capacity, such as diversified smartphone apps, transmission andreception of large-volume images and videos, and SNS posting.
Popular to share with multiple people such as friends and family members, and to use multiple devices(smartphones, tablets, laptops, etc.) for business.

Expand the service areas and plans, responding to requests for the plan that can be used withoutworrying about data capacity and long-term use (extended overseas business trip period due to COVID19).
Increase choice ratio of unlimited plan ⇒ Improve ARPU.

Unlimited Plan
Introducing a plan with unlimited
usage capacity

You can use a lot of data without worry
Popularwith the unlimited plan

Further expanded
the coverage area.

Available in 91 countries

What’s an unlimited plan?

Copyright(C) 2023 VISION INC. All Rights Reserved.

“Unlimited plan” with unlimited data capacity
was born from the voice of customers whowant to use without worrying about the datacapacity.

13

Airport Counter and Smart Pickup
Receive and return at 19 domestic airports, 35 counters, 37 Smart Pickup units, and return BOX.
Installed automatic pick-up lockers at 15 airports.

Smart
PickupThe service level is optimized according
to customer.

You can receivein 10 seconds.

Automatic
pick-up locker

Available at Haneda, Narita, Kansai, and other airports!

Eliminate waiting time for customers who do not need explanation such as repeaters (Utilize Smart Pickups).
Airport staffs respond to customers who need explanation (Utilize airport counters).
The highest number of airport
counters in the industry
Receive and Return according
to customers needs

By delivery

At the airport

At a convenience store

Airport and other places to receive/return in Japan
Hokuriku/Koshinetsu

Niigata Airport
Komatsu Airport★

Hokkaido/Tohoku

Kyushu/Okinawa

Hokuriku/Koshinetsu

Kanto
Kyushu/Okinawa

Tokai/Kansai

Fukuoka Airport★
Kita-kyushu Airport★
Kumamoto Airport★
Oita Airport
Miyazaki Airport
JR Miyazaki Sta.
Kagoshima Airport★
Naha Airport
Miyako Shimojishima Airport★

Copyright(C) 2023 VISION INC. All Rights Reserved.

Overseas destination★Available for automatic
pick-up lockers

Hokkaido/Tohoku

New Chitose Airport★

Asahikawa Airport
Sendai Airport
Kanto

Narita Airport★
Haneda Airport★
SHIBUYA“CHIKAMICHI”
Tokai/Kansai

Kansai Airport★
Chubu Airport★
Itami Airport★
Mt. Fuji Shizuoka Airport★

14

Smart Strategy
Immediate customer
identification counter

Automatic pick-up locker(QR code reception counter)

You can receive in 10 seconds
without waiting.

Smart Pickup

Reception(Automatic pick-up locker)

Smart Pickup

StandbySmartCheck

Shorten waiting time

No congestion

Improve CS

Improve convenience

Increase sales

Evolve to more convenient, comfortable, relieved counters that meet each customer’s needs,
responding to the increase in the number of rental (delivery) and optional services (compensation
service, accessory etc.), for Japanese traveling overseas and foreign visitors to Japan.
Copyright(C) 2023 VISION INC. All Rights Reserved.

15

Online Order System just before Departure(Smart Strategy × CLOUD WiFi × Database）

Smart Strategy

CLOUD WiFi

Collaboration

Database

Collaboration

Collaborate with each effort to further improve convenience

Acquire departing passengers on the day.
⇒ Increase number of users.
* Respond to WEB application in front of the airport counter
instantly in collaboration with the database.
Copyright(C) 2023 VISION INC. All Rights Reserved.

16

Expand Tabi-naka Services (Services during Travel)
Expand Tabi-naka services (including options), responding to customer
requests.
Support safe, secure, and comfortable travel.
Emergency location information service
Mobile battery

Translation device(pocketalk, ili)

Advertising(destination information)

Add data capacity
during travel
Total datacapacity is 0

Add data
capacity

Transit
GoPro HERO8
Mini photo
printer

Damage Submerged

Lost

Theft

Noise cancelingearphones
360° camera
Ultralight folding umbrella

Belongings Delay

Insurance
Copyright(C) 2023 VISION INC. All Rights Reserved.

17

Travel Related Service Platform
Use existing customer base and provide useful information/services tosolve problems during overseas travel.
In Japan, total approx. 4.06mn people/31.22mn nights
Outbound (approx. 3.47mn people/24.29mn nights) + Inbound (approx.
0.99mn people/6.93mn nights) ＊ FY2019 results, our research

Advertising
revenue
improvement

Useful information(Media)Promotional materials(included flyers)

Airport counter

Overseas
travelers

Useful services

ARPU
improvement

Optional services that are convenient when travelingInsurance, coupons, shop & duty-free shop, hotel & minpaku,
tours, rental cars & limousine, tourist attractions, etc.

Settlement platform

Guide customers to allied partners
Copyright(C) 2023 VISION INC. All Rights Reserved.

《Reference》
FY2018 results:
approx. 3.6mn people/25.22mn nights
・Outbound... approx. 2.82mn people/19.76mn nights
・Inbound… approx. 0.78mn people
18/5.45mn nights

Pick up at Convenience Store- Gaining Competitive Advantage When Travel Recovers Based on your convenience, another option is added: you can pick-up a Wi-Fi
router at 7-Elevens throughout Japan (excluding Okinawa) near yourworkplace or home.
Provide an option to avoid crowded places such as airport counters.
You can pick it up even at midnight if the store is open.

You can pick up
at 7-Eleven nearyou.

At Seven-Elevennear you

At anytime

You can pick it up at
Seven-Eleven near you.

You can pick it up even at
midnight if the store is open.

Copyright(C) 2023 VISION INC. All Rights Reserved.

Ready-to-go
in advanceYou don’t need to wait at the
airport counter.

19

Expand Unmanned Stores- Gaining Competitive Advantage When Travel Recovers Increase unmanned stores with vending machines.
Where are they set up? (As of March 31, 2023)
Sendai Airport, Komatsu Airport, Mt. Fuji Shizuoka Airport,
Kumamoto Airport*Plan to add more in the future.

What type of machines are set up?
Smart Pickup + Return BOX (Available for pick-up and return)

FeaturesNon-face-to-face receipt without waiting at the airport countereven during busy seasons (for repeaters who do not need
explanation, and effective against COVID-19).
Available 24 hours a day including early in the morning andlate at night, when there are needs, but it is difficult to secure
personnel.
Also set up vending machines for pre-paid SIM for domestic

use mainly for foreign travelers visiting Japan and those who
are temporarily back to Japan.
Possible to add touch points in a small space and at low cost
(convenience improved and profits increased).
Copyright(C) 2023 VISION INC. All Rights Reserved.

20

“Tsuyaku-fukikae.com”- New Service Making the Most of Our Customer Base The service for online/offline business negotiations and conference interpretation,
video translation/dubbing, and translation.
“Overcoming the language barrier, make your business more global.”
Provide interpretation, translation, and dubbing services that can be available in various business situations at
reasonable prices.

Video translation/dubbing (Japanese → English)

Emphasize communication with overseas investors and support the
Financial summary video (Vision Inc.)enhancement of the English-language disclosure.
Also support dubbing and subtitles of financial summary video, translationand other services of financial statements, financial results presentationmaterials, and convocation notices of general shareholders’ meeting.

Overcoming the language barrier,make your business more global.

Copyright(C) 2023 VISION INC. All Rights Reserved.

Example of interpretation (English ⇄ Japanese)
Special talk with Mr. Audrey Tang, Digital Ministerof Taiwan

21

“GLOBAL WiFi” Business
Rental Number Change

Our Wi-Fi rental service penetration ratio (Japan) *Domestic use share (Inbound: Overseas ⇒ Japan + Japanese)
Share in the Japanese market (Out + In)

11.7%
8.3%

6.4%
4.4% 2.7%
1.4%
3.5%

2.0%
0.4%
0.3%
0.0%
0.2% 0.7%
FY2012FY2013
FY2014

17.3%

14.9%

Overseas use share (Outbound: Japan ⇒ Overseas)

1.2%
FY2015

8.6%

7.1%

7.8%

4.7%

5.8%

2.1%

2.2%

2.5%

3.1%

FY2017FY2018FY2019FY201615.3%

2.9%
FY2020* FY 2021～FY 2022: The number of domestic and foreign travelers is very small, and it is not shown because it is a rental for domestic use.

283

Annual rental number(Unit: 10 thousand）

7* Usage number of “GLOBAL WiFi for Biz” is not included.

Overseasbusiness(Anywhere

Overseas ⇒ Overseas)
Domestic use (Inbound:

exceptOverseas⇒

Japan,

Japanese use)
Overseas use (Outbound:Japan ⇒ Overseas）

114

51
24
4

1
22

FY2012FY201351
346
FY201478
4964
FY2015

223

Japan,

6

6

165
6

FY2016

Copyright(C) 2023 VISION INC. All Rights Reserved.

40

28

19

88

59

96
175

216

130

FY20171

FY2019

1

89
1

34

30

74
2

60
26

16
17

FY2020

FY2021

FY2022

FY20231Q

64

FY201878

22

“GLOBAL WiFi” Business Market Size
Inbound (Foreign visitors to Japan)

Overseas travelers in the world (Number

in FY2019

A huge market of 1.46bn people. * Results in

Approx. 31.88mn people for a year. * Results
Approx. 3.83mn people for a year. * Results in
FY2022 (due to COVID-19)

FY2019The number of international tourists in 2022
exceeds 900 million, 63% of the pre-pandemic
level.

Government’s target: 60mn people in 2030

Outbound (Japan → Overseas)

Approx. 20.08mn people for a year. * Resultsin FY2019of international tourist arrivals)

Announced by UNWTO Japan Office on January 23, 2023

(10 thou. people)(bn people)

Approx. 2.77mn people for a year. * Results in
FY2022 (due to COVID-19)

18.0

6,000

Forecast
Government’s
targetInbound
Outbound

3,188
3,119
2,869
2,403

14.6
14.0
13.3
12.4
11.9
11.4
11.0
10.4
10.0

9.0

1,973

1,341
1,036
835
2,008
1,895
1,788
411
1,711

1,849
1,747
1,690
1,621

317

4.0 4.1

383

1,900

24
277
51

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 ～ 2030

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

～

2030

Created from JNTO materials, Reiwa 1 (2019) edition tourism white paper, and the materials released by UNWTO

Copyright(C) 2023 VISION INC. All Rights Reserved.

23

“GLOBAL WiFi” Business
Number of overseas travelers（Monthly change）
Outbound（Japan → Overseas）
2019

2020

2021

2022

(10 thou. people)

2023

210.9

192.9
166.6

153.4

145.2
138.0

143.7

175.1

165.9

152.0

166.3

171.2

164.2

131.6

53.7

44.3

7.4

27.2

4.6

12.9

17.1

13.4

38.6

27.7

7.0

3.0
0.5

3.0
1.0

4.3
2.0

6.6
3.7

May

June

July

August

4.8

2.4

2.8

3.5
0.3

January

February

March

April

5.2
3.1

5.0
3.1

43.2

37.9

34.9

31.9

5.1
3.0

4.8
3.3

September October November December

Inbound（Foreign visitors to Japan）
2019
268.9

2020

2021

2022
292.6

276.0

260.4

2023

266.1

299.1

288.0

277.3

252.0

249.6

227.2

252.6

244.1

181.7
149.7

137.0

147.5
93.4
108.5

1.7

1.6

19.3

6.6

13.9

4.6

0.7

1.2

1.0
0.2

January

February

March

April

14.7

12.0

14.4

16.9

1.0
0.1

0.9
0.2

5.1
0.3

2.5
0.8

May

June

July

August

20.6

1.7
1.3

49.8
2.2
2.7

2.0
5.6

1.2
5.8

September October November December

Created from JNTO materials, Reiwa1 edition tourism white paper, and the materials released by UNWTO

Copyright(C) 2023 VISION INC. All Rights Reserved.

24

Information and Communications Service Business
Growth Strategy (Competitive Advantage)

StartupCompanies
WEB Strategy

Customer
Loyalty

Products andservices

Have new dealings with one company in ten companies* that are newly establishedwithin the year in Japan
Number of incorporations being registered in Japan: 129,548 (2022)
Source: Ministry of Justice

Ability to attract customers due to our own WEB marketing (Internet media strategy)
CRM (customer relations/continuous dealings) strategy, our own know-how
Maximization of continued revenue ＝ Stock business
Additional sales with high productivity (up/cross selling)
Products and services that lead to customers’ “sales improvement”, “cost reduction”,“efficiency improvement”, “communication activation”, and “DX promotion”(Products that are less affected by the economy)
We have multiple business segments (each product), and the business structure can bechanged according to the situation (economic conditions, trends, etc.) (a flexible businessstructure).

Telephone Line Cellphone
Arrangements
Support

Website Support
OfficeAutomation

Security

Electric Power

Cloud App
Service(SaaS)* Total number of companies established within 6 months (including sole proprietors), starting business with us (our research)
The number of acquisitions will depend on the fluctuations in handling services and products.
Copyright(C) 2023 VISION INC. All Rights Reserved.

25

Information and Communications Service BusinessProfit Structure
Summary
Fixed-line phones, cellphones, electric
power, etc.

OA equipment (multifunction
printers, business phone system),website, and security

Sales

Business brokerage fee(Brokerage commission)
Renewal commission (according
to customers’ usage situation)
Paid by telecom carriers and primarysales agents

Sales price
Paid by leasing and credit
companies
Maintenance fee
Paid by the manufacturers andfactoring

Cost ofsales

Terminal prices (cellphones)
No cost of sales for fixed-line phones
arrangements and electric power
Paid to telecom carriers and primary
distributors
Outsourcing (commission paid tosales agents), etc.

Equipment (OA equipment, andsecurity)
Paid to the manufacturers
Outsourcing (commission paid
to sales agents), etc.

SG&A
expenses

Personnel expense
Advertising expense (website, etc.)
Rent for call centers, etc.
Other SG&A expenses, etc.

Items

Copyright(C) 2023 VISION INC. All Rights Reserved.

26

Information and Communications Service Business
Market Size
Number of incorporation registrations (total) ：129,548

Number of registration of transfer of head officeand branch (total) ：160,825

Approx. 130 thousand companies annually.
(Continued increase trend due to aggressive establishment
and corporate support by the government)
Attract customers utilizing the know-how of web marketingwith approx. 15 years experience.
Target newly established companies.
13.2

Approx. 160 thousand companies annually.
(Excluding the number of offices transferred that are notobliged to apply for registration)
Cover change procedures, etc. on addition and relocation.
Up/cross selling by advanced operations of Customer
Loyalty Team (CLT).
（10 thousand）

11.8
11.8
11.8
11.6
11.111.4
10.6
8.9 9.1

9.6

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12.9

16.5
16.2
16.0
14.5
14.4
13.914.2
13.3
13.7
13.0
13.0
13.1

27

Information and Communications Service BusinessBusiness Model“Vision Hybrid Synergy model”

Sales improvement
Existing users
Up selling Cost reduction needs
Cross sellingneeds
Efficiency(Pull)The business model built for 27 years since its
foundation has been developed to allbusinesses such as “GLOBAL WiFi” business.

CLT
Corporate sales strength (structure, know-how,
Cross selling
Improve customer
various sales channels)
Up selling

Enhanceescalation

Marketing

Develop newVideocustomers .com websites,
Landing pages (LP)marketing(Pull)
SNS&emailmarketingGlobalmarketing

DX promotion

improvement
Communication needs

activation needs
DX promotion

Subscription
promotion

AssetsStrategyplanning

New users
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gross profit margin
and absolute amount

Strategic investment Improve(M&A, alliance)
procurement
Improveaverage value(escalation, visits,
acquisitions)

Enhance sales,
Enhancetelemarketing
partner, FC
Sales contact
centerDevelop new customers(Push)

improvement

Analyze customer
Improve gross profit,
attributes

DX promotion
Potential needs
that customers
are unaware of

Vision users

Management
Strategy Promote productivity

DX promotion

Big data
Targetingmarketing

In-house SaaS
promotion

DX promotion

Membershipstrategy

Sales

Sales improvement
needs
Cost reductionneeds
Efficiency

activation needs

satisfaction

Multi-job
promotion
User relationshipApparent needs that
customers are aware of

improvement
needs
Communication

Existing users
Up selling
Cross selling(Push)

Definite targeting, timing
sales, Life Time Value
28

Information and Communications Service Business
Customer Service
Create values with advanced operations
Customer Loyalty Team (CLT)

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29

Information and Communications Service Business“High Efficiency” Marketing“High efficiency” marketing with combined three factors:
web marketing × sales rep × CLT

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30

Information and Communications Service Business
Escalation (Cooperation among Divisions, Customer Referral)
Organization culture that creates continuous evolution
High productivity generated by escalation system (cooperation among
divisions and customer referral)

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31

Information and Communications Service Business
Subscription-based Business Model
Subscription-based Business Model
Provide optimum solutions according to the growth stage, continuing to stay close to thegrowth of customer companies.
Structure that accumulates profits by our original know-how CRM (customer
relations/continuous dealings).
Offer OA equipment andwebsite support, etc. suitable
for the business environment
Consulting services suitable
for the business growth stage

Optimum
solutions
Optimum
solutionsStartup
stage

Increase employees
coming from businessexpansion(Add communicationlines, and numbersof units, etc.)

Early growth
stage

Offer products and services
suitable for the businessenvironment
Offer in-house products
and services
Consulting services suitable
for the business growthstage

Optimum
solutions

Further growth
stage
Increase employees comingfrom business expansion(Add communication lines,
and numbersof units, etc.)

Cloud App Service (SaaS)
Current main targets

Future targets“Reserves for Growth”“Companies in growth stages”

Copyright(C) 2023 VISION INC. All Rights Reserved.

32

APPENDIX

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33

Group Structure
Number of affiliated companies

12

12

12

12

7

8

7

8

2018

2019

2020

2021

12

10

174

12

9

2022 20231Q

Number of employees（Full-time）

586

Overseas
Domestic

650
649 616608

FemaleMale657

205 206 207 217 227

412 444 410 401 433 430
2018

2019

2020

2021

2022 20231Q

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Number of operation bases

Airport counter (directly operated)
Overseas
Domestic

15

18

19

19

20

21

12

12

12

12

12

12

16

15

12

13

14

14

2018

2019

2020

2021

2022 20231Q

Personnel classification(Full-time）

586

72

649 616 608

84

56

59

200 228 210 218

650

77

Profession
Clerical
Sales

657

82

222 218314 337 350 331 351 357
2018

2019

2020

2021

2022 20231Q
34

Performance Data
Sales
27,31826,553(JPYmn, ％)Gross profit

25,487
15,69021,503

18,10016,654

17,554
14,843
12,485

14,135
12,33012,65010,160
9,008
8,622
8,793
6,909
58.1 57.9 58.8
57.4
55.3
52.8
49.8

FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023

FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023

Forecast

Forecast

Operating profit

SG&A expenses

Operating profit
SG&A expenses
SG&A rate

48.9

3,000

2,484

11,134
9,914
8,689
7,903

1,788
1,290

41.9

52.2
47.3 45.3

3,325

Operating profit margin

12,365

10,165
8,372
7,332
6,105

49.4 47.7

53.2
48.4

38.9

12.2
1,105 9.4

10.2

11.3

103 6.1
0.6

43.7

FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023

Forecast

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804
6.4 8.7

11.6

2,414

FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023

Forecast

35

Customer Attributes“GLOBAL WiFi” Business Overseas Use (Outbound)

Corporate/Individual
2023 1Q

Rentalnumber 2022 1Q

Corporate
48.5%

51.5%
65.2%

2023 1Q

Individual

58.1%

34.8%
41.9%

Amount2022 1Q

75.0%

25.0%

New/Repeat

Repeat2023 1Q

49.6%

50.4%

52.3%

47.7%

2023 1Q

49.9%

50.1%

2022 1Q

47.9%

52.1%

Rentalnumber 2022 1Q

AmountCopyright(C) 2023 VISION INC. All Rights Reserved.

New

36

Customer Attributes“GLOBAL WiFi” Business Overseas Use (Outbound)

Gender, Corporate or Individual
2023 1Q

39.5%

2022 1Q

21.6%

11.2%

14.9%

Corporate / Female

Individual / Male

Corporate / Male

10.2%

28.8%

21.6%

29.3%

Age

2023 1Q

Individual / Female

37.9%

Under 18

19-24

25-29

30-34

35-39

45-49

50-54

55-59

Over 60

Unknown

23.4%

8.3%

9.8%

40-44

10.0%

6.9% 7.3%

6.9% 4.6%4.9%2.8%

8.7%

10.0%

10.4%

10.5%

8.4%

8.8%

9.2%

10.3%

11.2%

11.0%

8.9%

6.1%

8.6%

5.4% 5.8% 7.4%

9.3%

6.4% 3.6%
3.3%
1.7%

Total
2022 1Q

8.7%

2023 1Q

10.2%

2022 1Q

6.8%

12.0%

8.9%

18.9%

11.3%

8.7% 5.8% 8.1%

7.5%

7.5% 5.7% 6.6% 3.9%

Male2023 1Q

10.2%

8.4%

19.8%

9.4%
28.0%

10.9%

9.5%

8.6%

Female2022 1Q

12.5%

15.9%

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9.90%

7.30% 8.20% 8.80%

11.70%

8.40% 5.10%7.00%5.20%
37

Customer Attributes“GLOBAL WiFi” Business Domestic Use (Except for Global WiFi for Biz)

GenderMale2023 1Q

49.3%

2022 1Q

50.7%

53.9%

46.1%

Age

2023 1Q 1.2%

15.8%

2022 1Q

1.3%

19.4%

2023 1Q 0.9%

14.2%

Female22.2%

Under 19

20-29

30-39

50-59

60-69

Over 70

28.0%

22.9%

40-49

8.2% 1.8%

Total
24.2%
22.4%

27.6%
27.1%

19.5%
23.2%

6.3% 1.6%
9.7% 2.6%

Male2022 1Q

1.2% 19.0%

2023 1Q 1.4% 17.3%

24.7%
21.9%

26.4%
28.9%

19.1%

7.5%2.1%

22.7%

6.7% 1.1%

Female2022 1Q

1.4%

19.9%

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23.7%

29.1%

20.0%

4.9% 1.0%38

To Contribute to the Global Information andCommunications Revolution

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39

Notes on the Future Outlook
Materials and information provided in this announcement include so-called “forward-looking
statements.”
They are estimated at the present and are based on the assumption that involves forecasts
and risks, and substantially they include uncertainties which could cause different results fromthese statements.
These risks and uncertainties include general industry and market conditions, and generaldomestic and international economic conditions, such as interest rates and currency exchange
fluctuations.
In the future, even if there is new information or future events etc., we shall not be obligatedto update and revise the “forward-looking statements” included in this announcement.
Vision Inc.
Contact： Investor Relations Dept.
ir@vision-net.co.jp

This document has been translated from the Japaneseoriginal for reference purposes only. In the event of any
discrepancy between this translated document and theJapanese original, the original shall prevail.
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40