Consolidated Financial Information for theNine Months Ended September 30, 2021

Agenda1. Company Overview
2. Business Report(Announcement of Consolidated Results for the Nine Months Ended September 30, 2021)

3. Progress Report on Growth Businesses
4. Selection and Concentration to Strengthen Growth Businesses(Transfer of Domestic Temp Staff Business)

Reference Materials (KPI Results for Each Business)

1(c) 2021 Link and Motivation Group1

Company Overview

2(c) 2021 Link and Motivation GroupOperating Structure of the Link and Motivation Group

[Ⅰ]

[Ⅱ]

Organizational Development
Division

Individual Development
Division

Support for creating organizations
that individuals choose(Motivation Companies)

Support for creating individuals
that organizations choose(i-Companies)① Consulting & Cloud Business③ Career School Business➁ Event & Media Business④ Cram School Business[Ⅲ]

Matching Division
Providing opportunities to linkorganizations and individuals⑤ Global Personnel Placement &Temp Staff Business⑥ Domestic Personnel Placement &Temp Staff Business[Ⅳ] Venture Incubation
Capital and Organizational support for venture companies

3(c) 2021 Link and Motivation Group2

Business Report(Announcement of Consolidated Results for theNine Months Ended September 30, 2021)

4(c) 2021 Link and Motivation GroupConsolidated Statements of Operations
Revenues increased year-on-year (YoY).
Adjusted operating income and operating income increased substantially YoY.
Net income increased substantially YoY.
All line items increased YoY, mainly due to the Organizational Development Division,
which steadily captured corporate needs for improving employee engagement.

(¥ million)

2020 3Q Results

2021 3Q Results

YoY Change

Revenues

26,05627,316+4.8%

Adjusted Operating
Income1

1,429

2,230

+56.0%

Operating
Income2

1,427

2,097

+46.9%Net Income2

850

1,283

+50.9%

1. Adjusted operating income is a profit indicator that measures operating results by excluding temporary factors such as impairment of goodwill, right-of-use assets and fixed assets fromoperating income.
2. Depreciation expenses associated with the addition of OpenWork Inc. to consolidation for the third quarter of 2020, which had been included as a provisional amount, have been changed
to the finalized amount following the completion of allocation of acquisition costs in the fourth quarter of 2020.

5(c) 2021 Link and Motivation GroupRevenues and Gross Profit by Segment (Results/YoY Change)
Organizational Development Division: The Consulting & Cloud Business grew substantially,
contributing to an increase in revenues for the entire Group.
Individual Development Division: The Career School Business grew substantially
due to an improved gross profit margin from shifting operations online.
Matching Division: Generated stable profit in the Global Personnel Placement & Temp Staff Business.
(¥ million)

2020 3Q Results

2021 3Q Results

YoY Change

Revenues

26,05627,316+4.8%

Gross Profit

10,72912,000+11.8%

Organizational
Development
Division

Revenues

7,297

8,086

+10.8%

Gross Profit

5,010

5,718

+14.1%

Individual
Development
Division

Revenues

4,935

5,662

+14.7%

Gross Profit

1,495

2,186

+46.2%

Revenues

14,458

14,202-1.8%

Gross Profit

4,747

4,663

-1.8%

All Divisions*

Matching
Division* Excludes intersegment sales.

6(c) 2021 Link and Motivation GroupSupport for Steady Progress from the Organizational Development Division
In the Organizational Development Division,
Consulting & Cloud Business revenues from major companies continued to grow.
Due to growing needs to improve employee engagement,
rank-based training also grew substantially in addition to the growth of the Cloud Business.
Consulting & Cloud Business
Revenues from Major Companies
vs. 2019

Overview ofConsulting & Cloud Businessvs. 2020+8.8% +28.2%(¥ million)

4,500

Cloud Business

Consulting Business

Diagnosis

Transformation

4,000
Development

3,500

Training for
new employees
and managers

3,000Year-end target formonthly fee revenue

2,500¥230 million
already achieved

2,000
1,500

2019
3Q

2020
3Q

vs. 2019 3Q+12.9％

2021
3Q

7(c) 2021 Link and Motivation GroupConsolidated Statements of Operations: SG&A Expenses (Results/YoY Change)
Selling, general and administrative (SG&A) expenses increased YoY.
The increase continued from the first half of the year, mainly due to investment in personnel expenses andone-time accelerated depreciation and relocation costs associated with office relocation.

(¥ million)

2020 3Q Results

2021 3Q Results

YoY Change

9,487

9,792

+3.2%

Personnel Expenses

4,330

4,753

+9.8%

Recruiting, Training and
Welfare Expenses

515

382

-25.7%

Office and System Expenses

2,270

2,622

+15.5%

Sales-related Expenses

1,615

1,354

-16.2%

Transportation and Other
Expenses754

679-10.0%

Total SG&A Expenses

Note: Depreciation expenses associated with the addition of OpenWork Inc. to consolidation for the third quarter of 2020, which had been included as a provisional amount,have been changed to the finalized amount following the completion of allocation of acquisition costs in the fourth quarter of 2020.

8(c) 2021 Link and Motivation GroupConsolidated Statements of Financial Position (Results/Change)
Assets and liabilities decreased substantially due to a large decrease inright-of-use assets and lease liabilities associated with the relocation of the head office.
Equity decreased slightly due to the acquisition of additional shares of OpenWork.

(¥ million)

December 31, 2020

September 30, 2021

Increase (Decrease)

Current Assets

11,3899,858(1,530)Non-current Assets

29,694

21,078(8,651)

41,08330,937(10,146)

Current Liabilities

15,944

16,203258

Non-current Liabilities

20,222

9,907(10,315)

36,166

26,110(10,056)

4,917

4,827

(89)

Total Assets

Total Liabilities
Total Equity

9(c) 2021 Link and Motivation GroupThird Quarter of 2021 Dividend
Dividends will increase by 0.1 yen from the third quarter of 2021.
A third-quarter dividend of 1.9 yen per shareis scheduled to be paid on Friday, December 24.

Dividend per ShareFirst Quarter Second Quarter Third Quarter

2021

1.8 yen

1.8 yen

1.9 yenFourth Quarter(scheduled)

AnnualDividend(scheduled)

1.9 yen

7.4 yenNote: 100 shares per unit of the Company’s stock.

10(c) 2021 Link and Motivation Group3

Progress Report on Growth Businesses

11(c) 2021 Link and Motivation GroupFour Businesses Where We Expect Growth
Going forward, we will step up investment in the four business where we expect growth withthe aim of achieving record-high profit in 2022 and accelerated growth from 2023 onward.

Organizational
Development
Division

Individual
Development
Division

Motivation Cloud Series

I

Drive the expansion of the employee engagement market
through a nationwide rollout anddevelopment of a new series

Matching
Division

DX Support for
Individuals at Corporations

Help improve Organizational Development Division andMatching Division revenues per customer throughsupport for DX skills for individuals at corporations

OpenWork

Matching
Division

Step up demand for the Organizational Development
Division by promoting direct recruiting using Japan’slargest employee online review platform

ALT Placement Business

Further increase market share by promoting the
introduction of a cloud-based service for teachers
12(c) 2021 Link and Motivation Group

① Organizational Development Division: Motivation Cloud Series
Motivation Cloud has captured over half of the employee engagement market,
boasting the top share of sales in Japan for four years in a row.1

Service Overview

Share of Sales2

Identify the
Situation
See

Implement
Do

Organizational
Yardstick(Engagement Score)

Others27.3 %
DeviseMeasures
Plan

Link and
Motivation

52.8 %

Company C

5.2 %Company B

6.0 %Company A
8.7 %1. ITR, “ITR Market View: Human Resources Management Market 2021”
Employee engagement market: Consecutive number one in sales amountand share by vendor (fiscal 2017 to fiscal 2020 forecast)
2. Data for fiscal 201913(c) 2021 Link and Motivation Group

① Organizational Development Division: Motivation Cloud SeriesWith successful promotion of introductions at major companies,
monthly fee revenue has reached the year-end target of ¥230 million ahead of schedule.
Motivation Cloud Series Monthly Fee Revenue
2021 3Q

Result+7.7％

previous¥235,859 thousand vs.quarter

Motivation Cloud Series(left scale)2
Average monthly fee(right scale)

200,000

203,789

183,600

190,423

200,927

206,485

218,928294
150,000

264

235,859224(¥ thousand)

330
310

305

290
270

276

250
230

247

100,000

YoY

Motivation Company Club(left scale) 1(¥ thousand)

250,000+23.8％

230

210
190

50,000170
0Mar. 31,2020

Jun. 30,
2020

Sep. 30,
2020

Dec. 31,2020

Mar. 31,2021

Jun. 30,
2021

Sep. 30,2021

150

1. A membership service for managers to provide ongoing knowledge and expertise for the creation of Motivation
Companies. Monthly fee is a flat rate of ¥30,000.
2. Monthly fee revenue ÷ Number of delivered orders

14(c) 2021 Link and Motivation Group

① Organizational Development Division: Motivation Cloud Series
The proportion of major companies in monthly fee revenue is steadily rising.
Among them, companies with particularly large numbers of employees are increasing.
Proportion of Major Companies
in Monthly Fee Revenue
2021 3Q

Result（¥ thousand）

250,000

Major companies

57.8%+6.8 pts
YoY

SMEs and venture companies

200,000
Proportion of major
companies with5,000+ employees

150,000

100,000

50,000Approx.

30%

Proportion of major
companies with5,000+ employees. 8%

Approx0Mar. 31,2020

Jun. 30,
2020

Sep. 30,
2020

Dec. 31,2020

15

Mar. 31,2021

Jun. 30,
2021

Sep. 30,2021(c) 2021 Link and Motivation Group

① Organizational Development Division: Motivation Cloud Series
We are stepping up introductions in a wide range of industries centered on major companies,
including companies with 10,000 or more employees.

16(c) 2021 Link and Motivation Group

① Organizational Development Division: Motivation Cloud Series
The HR Tech market, which is already established overseas, is expected to
grow significantly in Japan, further stimulating the employee engagement market.

Scale of Global
HR Tech Market1

Projected Scale of
HR Tech Market in Japan42025

US$22.89 billion

2020(Approx. ¥2,600 billion)

United States

EuropeRevision of the U.S. Securities
and Exchange Commission’s
Regulation S-K

Criteria for successful HR
No. 1: Employee Engagement2

Disclosure of information onhuman capital becomesmandatory
1.
2.
3.

¥42.6
billion78% of companies using or
considering cloud-based HR
Tech3¥171.0billionSubstantial growth equivalent tooverseas markets expected“Human Resource (HR) Technology Market to Hit USD 35.68 Billion by 2028,”
Fortune Business Insights, 2021
2017 Fosway Group “Transforming HR and Talent in the Digital Age”
2016 Fosway Group HR: THE CRITICAL REALITIES RESEARCH – RELEASEDhttps://www.fosway.com/hr-the-critical-realities-research-released/

17

4. “MIC Research Institute Publishes HR Tech Cloud Market Actual Conditions andProspects 2020 Edition,” Nihon Keizai Shimbun, February 1, 2021
Quoting from HR Tech Cloud Market Actual Conditions and Prospects 2020
Edition, MIC Research Institute, January 22, 2021(c) 2021 Link and Motivation Group

① Organizational Development Division: Motivation Cloud Series
By addressing the following key themes, we are growing as a driving force in theemployee engagement market, where further growth is forecast.

Key Themes
Expand customer base to regional areas
in addition to major companies

Expand the Cloud series lineup withfunctional enhancements

Aim to expand the customer base by
stepping up introductions at excellent regional
companies such as regional banks

In addition to stepping up the development of
Motivation Cloud to encourage customers to transformthemselves, we are currently developing a Cloud
series for new transformation opportunities

2022 launchscheduled

Invest in human resources and IT for the above objectives

18(c) 2021 Link and Motivation Group② Individual Development Division: DX Support for Individuals at Corporations
Due to the COVID-19 pandemic, digital transformation (DX) is rapidly accelerating.
Under these circumstances, many companies are facing a shortage ofhuman resources in digital and technology fields.

Rapid increase in companies dealing withDX as a management issue
Number of Companies
Reporting on DX in
Securities Reports1

No. 1 Impediment to Promoting DX
Main Person Promoting DX2

YoY increase

600

4.6 times

Ending the shortage of human resourcesin the digital field is an urgent issue

No. 1

Shortage of human resources withdigital and technology skills3

Managers

Details

485

500
400

Average Annual
Budget for DX2

300
200
100
0

106

¥488,910,000
2020

33%

Lack of staff able to take charge of in-house training

25%

Existing businesses too busy for full cooperation

23%

Lack of in-house training programs and opportunities

20%

Want to hire immediately capable staff with knowledge
and experience, but unable to find good candidates

20%

Low in-house awareness of DX promotion and planning,
unable to establish full cooperation

2021

1. Prepared by LMI from “Text Mining Survey on Disclosure Trends in Securities Reports,”
Deloitte Tohmatsu, Sept. 2, 2021
2. “In-house survey on DX Promotion,” Persol Process & Technology Co., Ltd., Sept. 28, 2021

3. “Digital Transformation Survey of Companies in Japan,” Dentsu Digital Inc., Dec. 18, 202019(c) 2021 Link and Motivation Group② Individual Development Division: DX Support for Individuals at Corporations
Due to the IT skill support we have been developing, revenues have increased substantiallyfrom the DX market, which is expected to grow.
Utilizing the customer assets of both the Organizational Development and Matching divisions
will help to increase revenues per customer in both divisions.
Revenues from DX Support for
Individuals at Corporations

IT Skill Support Developed under the Aviva Brand

YoY
increase（¥ million）+80.5%

350
Established in 1995.
Predominant track record
in instruction.

Extensive lineupof classes

306

300
250

Utilizing the Customer Assets of the Organizational
Development and Matching Divisions

200
169

Organizational
Development
Division

Matching
Division

Number of
Corporate Customers

Approx.

2,200

150

Number of Local
Government Customers

Approx.

100

450

20

2020
3Q

2021
3Q

(c) 2021 Link and Motivation Group③ Matching Division: OpenWork
We operate OpenWork, an employee online review platform for job seekers.
The number of employee reviews is one of the largest in Japan,
and registered users are steadily increasing.

Employee reviews/evaluation scores
Approx.

11.8 million

Number of registered users
Approx.

Unique, carefully selectedevaluation items

Company rankingsby industry
21

4.4 million

Company comparisonsusing radar charts(c) 2021 Link and Motivation Group③ Matching Division: OpenWork
We will take advantage of our position as a platform offering online employee reviewsof companies for job seekers and utilize the Organizational Development Division’s
customer base to strengthen our direct recruiting model.

Companies seeking capable
personnel

Job seekers

High-quality reviews enablejob seekers to finda suitable job①
Membership fee
subscription
model

Platform for online
employeereviews of companies
for job seekers③
Directrecruiting
model

Enable direct communication
with users who are highly
motivated to change jobs②
Customer dispatch model
Recruiting companies

Enables access to extensive
personal data and outreach topotential job seekers
22(c) 2021 Link and Motivation Group③ Matching Division: OpenWork
Registered users and online employee reviews are steadily increasing.
We will continue to accelerate the direct recruiting model of OpenWork Recruiting.
Registered Users/Employee Reviews and
Evaluation Score Data
Sep. 30, 2021

ResultOpenWork Recruiting is growing steadily.
The number of users has alreadyexceeded 1,000 companies.

Approx. 4.4 million users/

11.8 million data points(Million users)

OpenWork Recruiting Revenue
YoY increase(Million data points)

Registered users (left scale)

12.0

500

4.4

11.5

400

4.2

11.0

300

4.0

10.5

200

3.8

10.0

100

3.6

9.5

0

4.6

+75.4%

Employee reviews (right scale)

Dec. 31,2020

Mar. 31,2021

Jun. 30,
2021

Sep. 30,
2021

2019

2020

2021
(Est.)

Note: Detailed numbers are not disclosed.

23(c) 2021 Link and Motivation Group

④ Matching Division: ALT Placement BusinessThis business, which dispatches ALTs to elementary, junior high and high schools nationwide
boasts the overwhelming top share among private companies. Despite immigration restrictions
due to COVID-19, the number of temp staff dispatched remained firm.
Average Number of Global Human Resources(ALTs) Dispatched over the Past 12 Months

LMG’s Share*
Total

2021

Private Companies

Other(ALTs)(ALTs)

Directemployment

3,400

JET
Program

24.3%
Other
privatecompanies

Other
privatecompanies

3,340

Forecast

3,350

51.6%

3,302
3,265

3,300
3,250

3,340

3,211

3,200
3,150
3,100
3,050

Room to expand share bymore than four times

3,000* LMG survey

24

2018

2019

2020

2021
(Est.)(c) 2021 Link and Motivation Group

④ Matching Division: ALT Placement Business
The number of schools that have introduced the Teachers Cloud
cloud-based service for teachers already exceeds 1,000.
We will strengthen its brand power andexpect further growth as immigration restrictions are relaxed.

Sep. 30, 2021

Result(Schools)

Number of Schools
Where Teachers CloudHas Been Introduced

Immigration Restrictions
for Foreigners*

1,385

16,00014,00014,00012,0009,300

10,000
8,000
5,600

6,000

To Present

Going Forward

InitialEntry

Prohibited inprinciple(1) Short-term stay forbusiness or work
(2) Long-term stay

Post-Entry
Waiting
Periodfor vaccinatedentrants

10 days

3 daysfor vaccinated entrants

4,000
2,000
0

1,385
Sep. 30,
2021

2022(Plan)

2023(Plan)

Immigration restrictions are gradually being relaxedas more people are vaccinatedWe assume the above measures will also apply to ALTs.

2024(Plan)* New Measures for Strengthening Quarantine (19), Ministry of Health, Labourand Welfare, November 5, 2021. https://www.mhlw.go.jp/content/000851998.pdf

25(c) 2021 Link and Motivation Group4

Selection and Concentration toStrengthen Growth Businesses(Transfer of Domestic Temp Staff Business)

26(c) 2021 Link and Motivation GroupVision for the Matching Division, Which Includes the Domestic Temp Staff Business
By providing opportunities to link organizations and individuals, we offer
engagement matching, which achieves true mutual understanding and affinity between
organizations and individuals.
[Ⅰ]

[Ⅱ]

Organizational
Individual
Development Division
Development Division
Support for creating organizations Support for creating individuals
that individuals choosethat organizations choose(Motivation Companies)(i-Companies)① Consulting & Cloud Business③ Career School Business② Event & Media Business④ Cram School Business[Ⅲ]

Matching Division

Providing opportunities to linkorganizations and individuals⑤⑤ GlobalGlobal Personnel
Personnel Placement
Placement &
&
Temp
Staff
Business
Temp Staff Business⑥ Domestic Personnel Placement& Temp Staff Business[Ⅳ] Venture Incubation

Capital and organizational support for venture companies
27(c) 2021 Link and Motivation GroupEvolving into a Structure to Step Up Engagement Matching
We transferred the domestic temp staff business to specialize in personnel placement. We willfurther step up engagement matching through OpenWork, where direct recruiting is growing, as
well as through collaboration with enhanced agent functions.

Companies

Engagement
Matching

Individuals

Domestic Personnel
Placement Business
Enhanced agent functions using
personalized services

OpenWork Recruiting: Direct recruiting
through online employee review platform

28(c) 2021 Link and Motivation GroupOverview of Business Transfer
We will transfer only the temp staff business of our subsidiary Link Staffing.
The human resources that have been hired and trained by the Groupwill be reassigned mainly to the personnel placement business.
Overview of Subsidiary Transferring Business
Name

Link Staffing Inc.

No. ofemployees

86Note: As of October 31, 2021

Business
description

Temp staff business specializing in sales and retail
positions in apparel and other fields【Reference】 Link Staffing Business Performance（¥ million）
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0

Revenues
vs. 2020 3Q

87.1%

2018

2019

2020

Overview of TransfereeName（¥ million）
200

iDA K.K.

No. ofemployees

620
Note: As of March 31, 2019; excludes temp staff

Business
description

Temp staff company specializing in the fashionindustry
Customer companies: 1,000+
6,000 staff regularly dispatched

Date ofagreement

November 12, 2021

Date of business
transfer

January 1, 2022 (scheduled)

150

Operating Income/Operating Margin

(%)

4
3

100

2

50

1

0

0

-50

-1

-100
-150
-200

29

2021
（First nine months）-2

Operating income (left scale)Operating margin (right scale)
2018

2019

-3
2020

-4
2021
（First nine months）(c) 2021 Link and Motivation Group

Revision of Results Forecast for 2021
Due to the impact of the removal of the domestic temp staff business from the scope of consolidation from2021 under the application of International Financial Reporting Standards (IFRS), the forecast forrevenues has been revised downward, but adjusted operating income and all line items below it on theincome statement have been revised upward. As a result of the business transfer, the significant
improvement in the adjusted operating income margin will support higher profitability going forward.
(¥ million)

2020 Results2

2021
Previous Forecast

2021
Revised Forecast

YoY Change
After Revision

Revenues

30,721

38,20032,300+5.1%

Adjusted
Operating
Income1

2,043

3,000

3,030

+48.2%

Operating
Income

229

2,010

2,020

+781.2%Net Income(Loss)

(929)

1,000

1,010

-

[Reference]
Adjusted Operating
Margin

6.7%

7.9%

9.4%

-

1. Adjusted operating income is a profit indicator that measures operating results by excluding temporary factors such as impairment of goodwill,right-of-use assets and fixed assets from operating income.
2. For purposes of comparison, 2020 results take the impact of the business transfer into account.

30(c) 2021 Link and Motivation GroupOperating Structure of the Link and Motivation Group

[Ⅰ]

[Ⅱ]

Organizational Development
Division

Individual Development
Division

Support for creating organizations
that individuals choose(Motivation Companies)

Support for creating individuals
that organizations choose(i-Companies)① Consulting & Cloud Business③ Career School Business➁ Event & Media Business④ Cram School Business[Ⅲ]

Matching Division
Providing opportunities to linkorganizations and individuals⑤ Global Personnel Placement &Temp Staff Business⑥ Domestic Personnel Placement &Temp Staff Business[Ⅳ] Venture Incubation
Capital and Organizational support for venture companies

31(c) 2021 Link and Motivation GroupReference Materials(KPI Results for Each Business)

32(c) 2021 Link and Motivation Group

Business KPIs by Segment
Revenues
per Customer

Motivation Cloud
SeriesMonthly Fee Revenue

Consulting Model

Cloud Model

Number ofEnrollees

Revenues per
Enrollee[Ⅱ]
Individual
Development
Division[Ⅰ]
Organizational
Development
Division
Sakashita Hideki

Oguri Takashi

President and Representative
Director,
Link and Motivation Inc.

Director,
Link and Motivation Inc.

[Ⅲ]
Matching Division
Kitsu Hiroyuki

Director,
Link and Motivation Inc.

33

Number of
Global Personnel
and Temp Staff
Dispatched

Number ofDomestic Personnel
and Temp Staff
Dispatched(c) 2021 Link and Motivation GroupOrganizational Development Division: Business KPIs by Segment
Revenues
per Customer

Motivation Cloud
SeriesMonthly Fee Revenue

Consulting Model

Cloud Model

Number ofEnrollees

Revenues per
Enrollee[Ⅱ]
Individual
Development
Division[Ⅰ]
Organizational
Development
Division
Sakashita Hideki

Oguri Takashi

President and Representative
Director,
Link and Motivation Inc.

Director,
Link and Motivation Inc.

[Ⅲ]
Matching Division
Kitsu Hiroyuki

Director,
Link and Motivation Inc.

34

Number of
Global Personnel
and Temp Staff
Dispatched

Number ofDomestic Personnel
and Temp Staff
Dispatched(c) 2021 Link and Motivation GroupOrganizational Development Division: Product Revenues by Business (Results/YoY Change)

Consulting & Cloud Business: Revenues and gross profit both increased substantially YoY.
Event & Media Business: Revenues decreased and gross profit increased YoY.
① Consulting & Cloud Business: Consulting and cloud sales to major companies increased,with results exceeding the previous year’s level.
② Event & Media Business: Although assembly-type events are still recovering,
gross profit increased YoY due to an improvement in the gross profit margin.

Product① Consulting & CloudBusiness2020 3Q
Results% of total

5,696

-

[4,509]2021 3Q
Results% of total

6,577[5,118]-YoY Change+15.5%+13.5%

Consulting

3,817

67.0%

4,456

67.8%

+16.7%

Cloud

1,878

33.0%

2,121

32.2%

+12.9%

1,980
[729]

-

Event

406

20.5%

273

15.4%

-32.8%

Media

1,574

79.5%

1,507

84.6%

-4.2%

② Event & Media Business

1,781
[785]

-

-10.1%+7.7%(¥ million) [Gross profit in brackets]

35(c) 2021 Link and Motivation GroupOrganizational Development Division: Business KPI Results over Time (Cloud)Both the number of deliveries and monthly fee revenue have increased as a result of continuing
to capture needs for improving employee engagement, mainly at major companies, andmonthly fee revenue has already reached the year-end target of ¥230 million.
Business KPI

Motivation Cloud Series Monthly Fee Revenue
2021 3Q

Result¥235,859 thousand

Motivation Cloud Series

Motivation Company Club（¥ thousand）

240,000
200,000

203,789

183,600

190,423

200,927

206,485

218,928+7.7％

vs. previous
quarter+23.8％
YoY

1

235,859

September 2021

Breakdown of Monthly Fee Revenue

160,000

Delivered orders2: 772

120,000

Average monthly fee3: ¥305,000/month

80,00040,000Mar. 31,2020

Jun. 30,
2020

Sep. 30,
2020

Dec. 31,2020

Mar. 31,2021

Jun. 30,2021

36

Sep. 30,2021

1. A membership service for managers to provide ongoingknowledge and expertise for the creation of Motivation
Companies. Monthly fee is a flat rate of ¥30,000.
2. Number of delivery starts for each service
3. Monthly fee revenue ÷ Number of delivered orders(c) 2021 Link and Motivation GroupOrganizational Development Division: Business KPI Results over Time (Consulting)
By steadily capturing needs for improving employee engagement
at major companies, both the number of customers andaverage revenues per customer have increased over the past 12 months.
Business KPI

Average Revenues per Customer
for the Past 12 Months
2021 3Q

Result(¥ thousand)

8,500

vs.
previous
quarter¥8,062 thousand

Average revenues per customer for the past 12 months (left scale)
Average number of customers for the past 12 months (right scale)

8,035

7,950

8,000

7,500

+0.3％

8,062

(Companies)

1,000
900
800
700

7,599

600
500

7,000

400
300

6,500

200
100

6,000

2020
4Q

2021
1Q

2021
2Q

37

2021
3Q

0

(c) 2021 Link and Motivation GroupIndividual Development Division: Business KPIs by Segment
Revenues
per Customer

Motivation Cloud
SeriesMonthly Fee Revenue

Consulting Model

Cloud Model

Number ofEnrollees

Revenues per
Enrollee[Ⅱ]
Individual
Development
Division[Ⅰ]
Organizational
Development
Division
Sakashita Hideki

Oguri Takashi

President and Representative
Director,
Link and Motivation Inc.

Director,
Link and Motivation Inc.

[Ⅲ]
Matching Division
Kitsu Hiroyuki

Director,
Link and Motivation Inc.

38

Number of
Global Personnel
and Temp Staff
Dispatched

Number ofDomestic Personnel
and Temp Staff
Dispatched(c) 2021 Link and Motivation GroupIndividual Development Division: Business KPIs by Segment
Career School Business: Revenues and gross profit both increased substantially YoY.
Cram School Business: Revenues and gross profit both decreased YoY.
③ In the Career School Business, the YoY increase in gross profit was particularly large
due to promotion of a shift online.
④ In the Cram School Business, although the number of new enrollees continued to recover,results fell short of the previous year due to a decline in revenues per enrollee.
2020 3Q
Product③ Career School BusinessResults2021 3Q% of total

4,473

-

[1,280]Results% of total

5,206[1,978]-YoY Change+16.4%+54.6%

IT

2,416

54.0%

2,887

55.4%

+19.5%

Qualifications

1,620

36.2%

1,856

35.7%

+14.6%

436

9.8%

462

8.9%

+6.0%

English conversation④ Cram School Business

465

-

[215]

459

[209]

-

-1.3%
-3.0%

(¥ million) [Gross profit in brackets]

39(c) 2021 Link and Motivation GroupIndividual Development Division: Business KPI Results over TimeWith the expansion of online services, both the average number of enrollees andaverage revenues per enrollee have remained firm.
Business KPI ①

Business KPI ②

Average Number of Enrollees
for the Past 12 Months
2021 3Q

2021 3Q+0.0％

previous
16,553 vs.quarter

Result(Enrollees)

Average Revenues per Enrollee
for the Past 12 Months

Career School

ResultNote: Excluding intercompany transactions and i-Company Club sales(Career School Business only)(¥)

Cram School

40,00020,00015,000

16,245

16,133

16,422

16,553

662

650

669

681

¥34,520/month+0.9％

vs. previous
quarter

35,00030,00030,88531,305

Dec. 31,2020

Mar. 31,2021

34,21734,520Jun. 30,
2021

Sep. 30,2021

25,00020,00010,00015,583

15,48315,75315,00015,872

10,000

5,000

5,000
0

Dec. 31,2020

Mar. 31,2021

Note: Figures for March 31, 2021 have been corrected.

Jun. 30,
2021

0

Sep. 30,2021

40(c) 2021 Link and Motivation GroupMatching Division: Business KPIs by Segment

Revenues
per Customer

Motivation Cloud
SeriesMonthly Fee Revenue

Consulting Model

Cloud Model

Number ofEnrollees

Revenues per
Enrollee[Ⅱ]
Individual
Development
Division[Ⅰ]
Organizational
Development
Division
Sakashita Hideki

Oguri Takashi

President and Representative
Director,
Link and Motivation Inc.

Director,
Link and Motivation Inc.

[Ⅲ]
Matching Division
Kitsu Hiroyuki

Director,
Link and Motivation Inc.

41

Number of
Global Personnel
and Temp Staff
Dispatched

Number ofDomestic Personnel
and Temp Staff
Dispatched(c) 2021 Link and Motivation GroupMatching Division: Product Revenues by Business (Results/YoY Change)
Global Personnel Placement & Temp Staff Business: Revenues increased and gross profit decreased YoY.
Domestic Personnel Placement & Temp Staff Business: Revenues and gross profit both decreased YoY.
⑤ In the Global Personnel Placement & Temp Staff Business, results increased YoY,
with steady growth from continuing to step up recruiting in Japan from the second quarter.
⑥ In the Domestic Personnel Placement & Temp Staff Business, numbers fell short of last year’s level despite
progress in portfolio improvements.

Product

2020 3Q

Results2021 3Q% of total

Results% of total

YoY Change⑤Global Personnel Placement& Temp Staff Business

9,409

-

9,643

-

+2.5%

⑥Domestic Personnel
Placement & Temp Staff
Business

5,079

-

4,604

-

-9.4%

Temp Staff Dispatch

3,526

69.4%

3,070

66.7%

-12.9%

Personnel Referral

1,553

30.6%

1,534

33.3%

-1.2%

[2,760][2,017][2,704][1,985]

-2.0%

-1.5%

(¥ million) [Gross profit in brackets]

42(c) 2021 Link and Motivation GroupMatching Division: Business KPI Results over TimeThe global temp staff business remained stable from the second quarter.
Despite progress in portfolio improvements in the domestic temp staff business,
results did not recover to the pre-COVID level.
Business KPI ①

Business KPI ②

Average Number of Temp Staff Dispatchedin the Past 12 Months: Global Personnel (ALTs)
2021 3Q

Result

3,335

-0.1％

2021 3Q

vs. previous
quarter

Result(ALTs)

1,600

3,302

3,342

3,340

3,335

1,372

1,200

2,500

1,000

2,000

800

1,500

600

1,000

400

500

200

Dec. 31,2020

Mar. 31,2021

Jun. 30,
2021

1,495

1,400

3,000

0

+3.2％

vs. previous
quarter(Temp staff)

4,000
3,500

Average Number of Temp Staff Dispatchedin the Past 12 Months: Domestic Personnel

0

Sep. 30,
2021

43

Dec. 31,
2020

1,338

1,329

1,372

Mar. 31,2021

Jun. 30,
2021

Sep. 30,2021(c) 2021 Link and Motivation GroupConsolidated Financial Information for theNine Months Ended September 30, 2021