Q3 FY 2022
Financial Results

November 10, 2022
Vision Inc.
Stock Code：9416

Q3 FY 2022 Financial Results (Consolidated)(JPYmn, %)Item

Q3 FY 2022
ResultQ3 FY 2021
ResultAmountComposition
ratio

AmountComposition
ratio

Sales

13,392100.0+38.0％

18,478100.0

Gross profit

6,818

50.9

+31.7％

8,979

48.6

Operating profit

1,013

7.6

+92.4％

1,949

10.6

Recurring profit

1,042

7.8

+87.5％

1,954

10.6

Profit attributable toowners of parent

702

5.2

+81.0％

1,270

6.9

Factors for Increase in Operating Profit
Sales“GLOBAL WiFi” Business: : There has been steady increase of outbound travel (from Japan to overseas) due to worldwide relaxation or ending of entry
restrictions which has lead to the gradual recovery of outbound usage. Steady growth due to the acquisition various domestic usage needs aswell as sales of "Global WiFi for Biz“, a standby WiFi device service for corporate customers, which also remained steady due to telework.
Contract work of verifying COVID-19 contact tracing applications, part of infection prevention measures at airports carried out by the quarantinestations. Contracted from mid-March 2021 and continued in the third quarter of 2022.

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

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

SG&A expenses
Personnel expenses: Increased personnel due to the acquisition of Adval Corp. and Koshikano Onsen. Provisions for performance-based and special losingbonuses.
Advertising costs: Increased due to website advertising development (listing costs, etc.) that meet demand.

Other SG&A expenses: Increase in sales-linked expenses (consumables, commissions paid, etc.) and amortization of goodwill.

+5,085
1,013-2,924
-458

-255

-511

(Million yen)

1,949

“GLOBAL WiFi” Business
Performance Change “GLOBAL WiFi” BusinessWith a 17.8% recovery in the number of people traveling from Japan to other countries compared toJuly-September 2019 (before COVID-19), outbound rentals and sales recovered by approximately
15.3% and 30.9%, respectively.
ARPU (average revenue per user) increased due to an increase in the ratio of corporate clients, destinations other than Asia, and the average number of rental time.
Increase in sales of "Global WiFi for Biz," a standby WiFi service aimed at corporate customers, and the number of subscriptions and telecommunication usage increased
due to telework. Maintained various domestic usage needs (temporary return to home country, hospitalization, moving, telework, travel/business trips, use during events,
combined use with home line, etc.)
Sales and segment income increased due to contracted services at airports and use of PCR testing for various reasons such as various events and travel to one’shometown.

17,732+31.3%

13,5054,462+30.0%

3,022
2,226

YoY
+52.7％-59.0%

10,392 3,589 5,084
2,636

1Q
2Q
3Q
4Q

SALES

1Q
2Q
3Q
4Q

7,278 2,577 4,125

3,929
4,109

2,898

2,505

3,089

FY2017FY20189,918+24.6%9,070

1,371

1,272 2,628
1,286

4,075
FY2019

3,347

2,349
1,515

FY2020 FY2021

3,174

SEGMENT PROFIT/LOSS (-)

3,301+36.8%

430

1,593

495

224

769

271
466

448
701

2,109

1,274
1,033

724
871

2,618
FY20223Q

YoY+181.6％2,413+51.5%

631-90
326-347-27

FY2017(JPYmn)FY2018FY2019-42284

368
262
117

FY2020 FY2021

1,156593
359
FY20223Q

Information and Communications Service Business
Performance Change
By leveraging our strengths in multiple businesses and sales channels, we provide products andservices that meet the needs of the times which has enabled us to respond flexibly to changes inthe external environment, resulting in steady growth.
Sales increased due to strengthened sales of products (mobile communication devices, office automation equipment, etc.) and new business (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 tobuild a strong revenue base and maximize lifetime value (customer lifetime value), and investment period for new businesses.
In light of soaring electricity prices, the “Vision Denki” service will be suspended (electricity supply will be stopped) at the end of December 2022. Stock revenue and inhouse services (monthly subscription) remained steady.

SALES

1Q
2Q
3Q
4Q

-1.7%

-0.0%

YoY
+22.2％

8,955 8,806 8,804+15.2%
8,213+9.4% 7,775
2,115 2,139 2,080
7,104
2,594
1,970
1,725
2,330 2,146 2,068
1,786 1,977
2,744
2,207

2,004

1Q
2Q
3Q
4Q

+3.9%

SEGMENT PROFIT2872,009

1,810

1,818

2,302

2,5152,357

FY2017FY2018FY2019FY2020

FY2021 FY20223Q

316
2,875

1,363

+11.9%

212

188

335

342

367

350

299

371

2,297

1,782

1,520

+11.5%

1,172 1,218
285(JPYmn)-26.6%

1,116
92

246
367337282

296

FY2017FY2018482517FY2019FY2020410

YoY-21.5％

804
197
259347

FY2021 FY20223Q

FY2022 Revised Financial Forecast
科目FY2022
RevisedForecast

FY2022Previous
Forecast

ChangeRatio ofchange

FY2021Result24,556

23,794+761

12,694
11,932
48.6
9,613
39.1

12,486+137+1.1

9,092

11,307+624+5.5

9,008

47.5+1.1-

49.8

9,398+215+2.3

7,903

39.5-0.3-

43.7

1,909

+408 +21.4

1,105

Recurring profit

2,318
9.4
2,324

Profit attributable toowners of parent

1,525

Sales
Cost of sales
Gross profit
Gross profit margin
SG&A expenses
SG&A-to-sales ratio

Operating profit

Operating profit margin

8.0+1.4+3.2 18,100-

6.1

1,909

+414 +21.7

1,143

1,245+280 +22.5

729

Assumptions for revised full-year earnings forecasts
External environment and business policies (overall)
There is a great deal of uncertainty about the impact of simultaneous seasonal flu and COVID-19 infections, and
it is difficult to foresee the future.
Revised full-year forecasts upward considering cumulative 3Q results, current conditions, and aggressive
investment in each business to achieve record-high profits as early as possible in the next fiscal year andbeyond.
“GLOBAL WiFi” Business
The following can be assumed for overseas travelers (outbound and inbound) and other matters.
October-December: 25% recovery compared to the same period in 2019.
Contracted application verification work, which is part of the countermeasures conducted by airports, willcontinue through December.
Domestic and "Global WiFi for Biz“ demand continued to be strong.
Information and Communications Service BusinessAlthough the impact on the business activities of corporations and stores, etc. is expected to continue, we canflexibly respond to changes in the external environment by taking advantage of our strength in multiple
businesses (products and services) and sales channels that do not depend on a single business or sales channel,and business will remain strong.
We are strengthening sales of in-house services (monthly fee) and continue to build a stable revenue base overthe long term.

Active Sales Expansion of “GLOBAL WiFi for Biz”
- Gaining Competitive Advantage When Travel Recovers Sales of standby type “GLOBAL WiFi for Biz” for corporate customers are favorable bycontinuing to be used for teleworking (increase in the number of contracts and thecommunication usage).
Contracts have increased 130% and sales have increased about 30% (about 65% increase in basic charge) when compared withDecember 31, 2019.
Overseas communication increases (long-term use by local expatriates, etc.).
⇒ Used in China, the United States, Thailand, Vietnam, Germany and Indonesia.

Connect Internet anywhere in the world with one digital device“Global WiFi for Biz”
No need to

apply

receivereturnIf you have one “GLOBAL WiFi for Biz” in your company, you can use it
immediately for teleworking and sudden overseas business trips, and noapplication required. You will no longer use overseas roaming services
because a rented Wi-Fi router is not delivered in time!

Glamping Business-VISION GLAMPING Resort & Spa Koshikano Onsen“VISION GLAMPING Resort & Spa Yamanakako”
Reservations will start being accepted on December 1, 2022
A location known not just for Mt. Fuji, a World Heritage Site, popular worldwide for its nature and scenery, butalso for its tourist attractions such as the Gotemba Premium Outlets and Fujikyu Highland, making it easy tomake travel plans. We will offer an extraordinary experience of staying at Yamanakako, surrounded by nature andMt. Fuji. A new glamping space where anyone can experience comfort.
We provide quality
private glamping

Meals can be enjoyed in an airconditioned private room

Each glamping room is lockable

Open the door you have 150 square metersof completely private space

All rooms include an outdoor bath, tentsauna, and Mt. Fuji spring water bathCompletely private shower room andwashroom provide a luxurious feel

Relaxation time in the tent andoutdoor living areas

Dog-friendly

Dinner is elegant Italian-style BBQTo Contribute to the Global Information
and Communications Revolution