Financial Results Briefing for Q3 FY2024

Sustain high growth by driving forward the re-bundling strategy

August 9, 2024
78th Investor MeetingSafe Harbor Statement for Forward Looking Statements
The contents of this document is based on generally recognizedeconomic and social conditions, as well as certain assumptions judged
to reasonable by GMO Payment Gateway as of August 9, 2024.
Please note that the contents are subject to change without prior noticein the event of changes in the business environment, etc.
Abbreviations used in this documents are as follows:
GMO-PG
GMO-EP
GMO-MR
GMO-PS
GMO-FG
GMO-CAS
Merchandise EC
Non-merchandise EC
PF
MSB
BaaS
GMP

: GMO Payment Gateway: GMO Epsilon: GMO Medical Reservation Technology: GMO Payment Service: GMO Financial Gate
: GMO Card System: Apparel, food/beverage, cosmetic/health food, delivery/newspaper,
daily goods/office supplies and C2C, etc.
: Digital content/telecommunication, utility, travel/ticket, insurance,
membership fees/services, etc.
: Platform: Money Service Business: Banking as a Service: Global major players

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

2

Agenda1. Summary of Financial Results for Q3 FY2024

2. Growth Strategy and Initiatives in Focus Areas
3. Sustainability
4. Financial Highlights and Reference Materials

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

3

1. Summary of Financial Results for Q3 FY2024

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

4

1.1 Summary of Consolidated Results

Both revenue and OP progressed in line with plans
Q3 FY2023
cumulative（¥ mil）

Q3 FY2024
cumulative% YoY

FY2024 Guidance(Progress ratio)

Revenue

47,00054,196+15.3%

73,286(74.0%)

Gross Profit

29,78035,331+18.6%－

Operating Profit

16,022

19,518+21.8%

Pre-tax Profit

15,954

21,878+37.1%

Attributable to owners ofparent10,515

14,249

EBITDA*1

17,79821,946

ProfitOperating Stores*2*3
Operating terminals*2
End-Q3 F2024
KPI (% YoY)

Online Payment
CP Payment
Consolidated

155,671 stores
361,367 units－(+7.9%)(+32.2%)－Q3 FY2024(% YoY)

25,000(78.1%)
23,904(91.5%)

18,096(+9.4%)
12,063(+18.6%)
6,866(+21.1%)8,759(+43.6%)+35.5%

15,523(91.8%)

5,920(+35.0%)+23.3%－

7,719(+22.8%)

Consol. TRX Volume
Q3 FY2024*2*4

Consol. TRX Value
Q3 FY2024*2

c. 1.60 bn
c. 0.26 bn
c. 1.86 bn

c. ¥2.9 trnc. ¥1.7 trnc. ¥4.7 trn(+12.9%)(+64.9%)(+18.1%)(+14.8%)(+52.5%)(+26.3%)*1 Sum total of operating profit and depreciation.
*2 The figure for operating stores is for GMO-PG and GMO-EP, and the figures for operating terminals are for GMO-FG which includes the number of terminal-free active IDs and excludes GMO-PG’s GMO Cashless Platform.
Online payment TRX volume and value figures are the sum totals for GMO-PG, GMO-EP, GMO-PS and GMO-FG. CP payment TRX volume and value are the sum totals for GMO-FG and GMO-PG’s GMO Cashless Platform.
*3 The standards for recognition of the number of operating stores has been revised from Q4 FY2023. Figures exclude a specific case and fincode byGMO. If included, the number of operating stores for the same period would be 665,675 stores,
up 18.3% YoY.
*4 TRX volume is calculated based on fee revenue standards, which in the case of online consists of multiple (1 to 3) transactions per payment including authorization (tentative sales proceeds) and actual sales proceeds. CP transaction volume
is based on one transaction per payment.

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

5

1.2.1 Factors Behind Consol. Revenue Growth of 9.4% (YoY, Q3)

Initial revenue declined 25.3% due to the high base of terminal
sales in the previous term（% YoY）（¥ bn）

Consol.
GMO-FG*1*2

GMO-PG*3

GMO-PS*3 Consol.
Overseas*1*3
GMO-EP
Business*3

Consol.

-8.2%+17.9%+12.0% +10.6% +57.6%+9.4%¥18.1 bn

18

Other
Payment After Delivery
Cycling through of large-scale
project that started last FY
BaaS Support +28.3%
MSB +11.3%

17¥16.5bn

16

Merchandise EC +19.9%
Non-merchandise EC +19.9%
Utility (+46.7%)

15

Recurring-model*4 +38.2%
Expanding operating terminals and inbound demand
Initial -25.3%
Decline due to high base last FY

140
Q3 FY2023

Q3 FY2024*1 GMO-FG consolidated is comprised of GMO-FG, GMO-CAS. GMO-EP consolidated is comprised of GMO-EP, GMO-MR.
*2 Figures present consolidated financial results of GMO-FG. *3 Figures of each company are before the eliminations from consolidating into GMO-PG.
*4 Recurring-model revenue consists of stock, fee and spread revenue and excludes initial revenue that mainly consists of payment terminal sales.
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

6

1.2.2 Consol. Revenue and Revenue Growth Trend (YoY, Quarterly)

Stable trend of adjusted revenue growth of 18.7% YoY
excluding initial, etc.
Consol. revenue breakdown and YoY growth rate (Quarterly trend)（¥ mil)Initial revenue% YoY: -24.8%

Initial revenue (Left axis)

20,000

Revenue excl. initial (Left axis)

60%

Consol. revenue growth (Right axis)

・Initial

Revenue growth excl. initial and GMO-PS
commision rate revision impact (Right axis)*50%

15,00040%

28.2% 28.3%

10,000

23.5%

30%

24.9%

24.7%

21.4% 20.6% 21.1%
19.8%

20.8% 20.1%
17.1%

20.9%
18.6%

18.0%
16.7% 17.1%

5,000

17.5%

18.5%

16.8%

17.9% 18.2%

18.7% 20%

・Stock・Fee・Spread9.4%
10%11.8% 11.4%

0%

0

21/3Q

21/4Q

22/1Q

22/2Q

22/3Q

22/4Q

23/1Q

23/2Q

23/3Q

23/4Q

24/1Q

24/2Q

24/3Q

* The % YoY growth rates is calculated by excluding the impact to GMO-PS’s revenue from convenience store commission rate increase.
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

7

1.2.3 Waterfall Chart for Consol. OP and Pre-tax Profit (YoY, cumulative Q3)

OP grew 21.8% from increase in gross profit and decline inprovisioning for doubtful accounts
OP Waterfall Chart*1% YoY

Pre-tax Profit Waterfall Chart*1（¥ mil）+21.8%GP
SGA
Other
increase increase revenue+5,550-2,124 increase+54

16,022Otherexpensedecrease+16（profit impact）

・ Personnel cost increase-2,148 mil
・ Outsourcing expense
increase-405 mil・ Prov. for doubtful accounts
decrease+506 mil・ Decrease in one time costin 2Q FY2023+424 mil・ CoS ratio decline+990 mil・ Revenue increase +4,559 mil

19,518% YoY（¥ mil）+37.1%
Financial FinancialOP
increase income expense+3,496 increase decrease
+127
+545

Equity Gain frommethod sale of equitymethod inv.
profitincrease +1,624 21,878+129

15,954（profit impact）

・Portion of gain from sale of
2C2P shares transferred in Q3
FY2022*2+1,624 mil
・ FX loss decrease+483 mil・ Decrease in losses on inv.
Partnerships+114 mil・ Increase in interest income +132 mil

Cumu.
Cumu.
Cumu. Q3 FY2023
Cumu. Q3 FY2024
23/累2Q Q3
粗利（増減）
販管費（増減）その他の収益（増減）その他の費用（増減）24/累2QQ3
営業利益 OP
営業利益OP
FY2023
FY2024Pre-tax Profit
Pre-tax Profit*1 The “+” and “-” sign denote the direction of the impact to operating profit and pretax profit*2 The figure is the gain on sales is part of the transfer value held in an escrow account, which was paid out as certain conditions were fulfilled according to the share transfer agreement. (Reference: Timely disclosure
on April 18, 2022 )Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

8

1.3.1 GMO-PG Non-Consolidated Performance (YoY, Quarterly)

Revenue grew 17.9%, online payment revenue grew 19.9%
GMO-PG non-consolidated revenue & OP (Quarterly) *1

百万（¥ mil）% YoY

Merchandise EC revenue
Non-merchandise EC revenue

10,000BaaS Support revenue
MSB revenue

9,000

Revenue2-yr CAGR+17.6%Q1 FY2024 Q2 FY2024 Q3 FY2024
Revenue*1

Other revenue
OP

8,000

7,000

6,000

5,000

4,000

+13.1%+15.6%+17.9%

Online payment+13.0%
Merchandise EC+10.9%
Apparel+2.4%
Food/beverage+15.3%
Cosmetic, Health food +7.1%
Other+13.6%
Non-merchandise EC +14.3%
Digital content/telecom +12.4%
Utility+33.9%
Travel/ticket+13.8%
Other+11.4%+13.5%+11.9%+7.8%+13.6%+10.2%+13.1%+14.4%+8.8%+27.3%+23.9%+13.6%+19.9%+19.9%+19.2%+19.1%+16.2%+21.3%+19.9%+14.2%+46.7%+24.9%+17.5%BaaS Support*2+27.2%+33.6%+28.3%

MSB+6.1%
Remittance service+6.3%
Early Payment service +17.5%
Instant Salary byGMO*3 +35.5%
Others
-16.5%+9.0%+9.8%+20.4%+57.0%-18.7%+11.3%+10.5%+16.1%+68.7%-15.4%

3,000

2,000

1,000

0
22/3Q

22/4Q

23/1Q

23/2Q

23/3Q

23/4Q

24/1Q

24/2Q

24/3Q

*1 Figures for revenue and operating profit are before consolidated eliminations. *2 Figures for BaaS Support present the sum total of Ginko Pay and Processing PF.
*3 The revenue figures for some of the scheme is presented on a gross basis and not on a net basis. The % YoY figures are calculated excluding this impact.

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

91.3.2 Performance of GMO-EP, GMO-PS and GMO-FG (YoY, Quarterly)

GMO-EP outperformed plans, GMO-PS was in line and GMO-FG impacted
by high base of terminal sales in previous FY
Consol. GMO-EP (Quarterly)*1*2(% YoY）

RevenueOP（¥ mil）

GMO-PS (Quarterly)*2

Q3 FY2023 Q3 FY2024

+5.9%
+7.2%
Revenue (Left axis)
Operating stores (Right axis)*4+10.6%+9.3%

Consol. GMO-FG (Quarterly)*1*3

Q3 FY2023 Q3 FY2024

RevenueOP（stores）（¥ mil）

+30.6% +12.0%+215.3% +513.2%
Revenue (Left axis)

RevenueOP（stores）（¥ mil）

Operating stores (Right axis)
60,0003,000

Q3 FY2023 Q3 FY2024

2,500

5,000

+59.1%+76.9%-8.2%+39.8%

Revenue (Left axis)
Operating terminals (Right axis)（units）
500,000

1,500

2,500

40,0004,000

400,000

1,500

3,000

300,000

1,000

2,000

200,000

500

1,000

100,000

2,000

2,000

1,000
1,500

500

20,000

1,000

500

0

0

GMO-MR grew 46.9% by capturing DX
needs in medical
EP non-consol. grew 6.6% fromrevenue model transition progressing
in line with plans

00Cycling through of multiple large-scale
merchants that started operations lastterm
OP expanded from normalization of
credit costs

00

Payment terminals declined from thehigh base effect, but recurring revenue
performed strongly
Initial-25.3%
Recurring-model*5 +38.2%*1 GMO-EP consol. includes GMO-EP and GMO-MR. GMO-FG consol. includes GMO-FG, GMO-CAS and GMO Data. *2 Figures are before GMO-PG consolidated eliminations.
*3 Figures are taken from GMO-FG’s consolidated financial results. *4 Figures count platform-type stores as one for fincode byGMO.
*5 Recurring-model revenue is the sum total of stock, fee and spread and excludes initial which mostly consists of terminal sales.
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

10

1.4 Segment Results (YoY, Cumulative Q3)

MSB grew 43.2% from normalization of credit costs
Segment revenue*

Segment profit*
% YoY

% YoY
(¥ mil)Cumu. Q3
FY202350,000Cumu. Q3
FY2024+27.2%+15.3%+16.2%+27.7%(¥ mil)Cumu. Q3
FY202320,000+25.3%+21.8%+21.4%+34.3%+ GMO-MR +61.7%
40,000+23.5%+17.4%+ GMO-MR+10.2%

15,000+ Overseas lending- Remittance service

30,000Cumu. Q3
FY2024+43.2%+ GMO Payment
After Delivery+ Overseas lending

10,00020,000+28.5%
10,0000
Cumu.
FY2023 Cumu.
Q3 FY2024
Q3 Q3
FY2023Q3 FY2024
Payment
Enhancement
Business

832

1,063

Money
ServiceBusiness

10,393

Payment
Processing
Business
Total+14.6%+ Online payment(GMO-PG)+ CP recurring
revenue- CP initial revenue- Online payment(GMO-EP)+18.4%

5,000

0

Cumu.
FY2023 Cumu.
FY2024Q3 Q3FY2023Q3 Q3FY2024
Payment
Enhancement
Business

207

278

12,198

Money
ServiceBusiness

2,270

3,252

35,79241,016

Payment
Processing
Business

16,012

19,13847,00054,196OP (after
eliminations)

16,022

19,518+19.5%+ CP recurring OP+ Decline of one-off
expense inprevious Q2* Figures for consolidated revenue and consolidated operating profit are after inter-segment eliminations. The “+” denote a growth YoY and and the “-” sign denote a decline YoY for segment revenue figures.
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

11

1.5 Operating Profit Target and Progress
OP progress ratio of 78% by pursuing initiatives to strengthenbusiness foundations
Operating profit: actual, target and progress

Progress of initiatives to strengthen business foundations(¥ bn)OP (actual)

70

Monetize large-scale projects

Mid-term Mgmt. Target

OP (target)
OP growth (image)60

・Inroads to large customersof each vertical
・Re-bundling strategy

CAGR of 25%
Single year growthof min. 20％

Processing PF revenue +65.6%
Online payment
revenue per corporate
customer+13.9%

Sales structure/
Advancement in project management
・Reorg. sales organization
・Advance inside sales
Nos. of inbound orders c. 2x
Nos. of admin work
consolidated to
specialized divisionc. 1.4xCreation of new businesses

50

Strengthening
business foundation
40

Guidance
30

Q3 FY2024 % YoY

250・Expand in B2B, B2E domains Instant Salary byGMO+68.7%
revenue*
20

10

Cumu. Q3
progress ratio

・Minority investment into India’s greytHR, US’ PayNearMeand Drip Capital

78%

Expand product scalability

0
2023

2024

2025

2026

2027

2028

・Feb. 2024 Released “atokara”
・Mar. 2024 onwards Expand stera line-up
・May 2024 Updated mainstay payment product (token payments)* The revenue figures for some of the schemes are presented on a gross basis and not on a net basis from Q1 FY2024. The % YoY figures are calculated excluding this impact.
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

12

2. Growth Strategy and Initiatives in Focus Areas

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

13

2.1.1 Assumptions Behind OP CAGR of 25%

Aim for OP CAGR 25% by compiling strategy that responds tostructural market changes
OP CAGR 25％ breakdown (image)
~2020

2020~

Growth rate
25% trendline

New payment
domain5%

New payment
domains

15~20%

EC/Online
payment
processing

20%

EC/Online
payment+15~20%processing

5~10%+15~20%(proportionof contribution)

New payment
domains(proportionof contribution)

EC/Online
payment
processing

+5%
+20%

(proportionof contribution)

2010+5~10%(proportionof contribution)

2020

Strategy
Repositioned

2030

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

14

2.1.2 Expansion of Business Domains
Expand business domains through acquisitions and organic growth
CAGR+25%
Internal growth of proprietary businesses (organic growth)

Q3 FY2024
OP*2

Internal growth of acquired businesses

Salaryprepayment

Medical Reservation Research
GMO-MR

New
payment
domains

Pay on Credit

Payment After Delivery

GMO-FG*1

CP payment processing

CP payment

Overseas MSB

Established GMO-PS
Payment After
Delilvery
Overseas
payment

Early Payment

Payment Enhancement
Overseas MSB

Online medical
reservations
C. O. C.

+15~20%BNPL

BaaS Support
Industry-specific solutions*3

RemittanceBPSP

BaaS Support

Industry-specificsolutions

EC/オンライン決済代行+5~10%
OpenAPI-type

EC/
Onlinepayment
processing

Multi-currency
payment
Epsilon

GMO-EP

Multi-payment

fincode byGMO

EC/Online payment
processing

Early payment oftransactions（Continue to onboard payment methods)

Credit card
payment

2005

2010

2015

2020

2024

*1 C. O. C. Inc. (current GMO Financial Gate, Inc.) became a equity method affiliate in FY2010 and a consolidated subsidiary in FY2016.
*2 Figures presented are before consolidated eliminations. *3 Figures include online payment processing for large-sized customers as well as applications.
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

15

2.2 Re-Bundling Strategy

Create value-added services that contribute to “customer’s
growth = expansion of payment transactions”
Credit card
payment

MultiPayment
Early
PaymentCPpayment

Onlineadvertising
service

Customer

Payment
After
Delivery

Remittance

Processing
PF

DigitalBilling

SalaryPrepayment

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

16

2.3.1 GMO-PG Non-Consol.: Online Payment

Online payment revenue grew 19.9% from growth of existingcustomers and contribution of new projects
GMO-PG non-consol. online payment revenue (quarterly)（¥ mil）

Projects contributing in 2H FY2024 (page 16 of Q2 FY2024)% YoY+19.9%

7,000

Utility

Local government DX support

Entertainment

StartedMajor leisure facilities

Started, outperforming plans

Collaboration with FinTech

Target start in Q4

Fan Club
Digital content

6,000

Travel/Ticket
5,000

In line with plans
Target start from
Multiple sports streaming apps
Q4 onwards
Travel Tech
Started, outperforming plans
Business hotel chain

Started, outperforming plans

Insurance

Domestic insurance

In line with plans

Real Estate

Rent guarantee (Co. I)

Partial launch of service

4,000

GMP

Retail3,000

StartedOverseas FinTech operator (Co. I)

Cross-border EC

Target start next FY onwards

Drugstore (QR payment)

In line with plans
Target start in Q4

Apparel (QR issuing system)

B2B
2,000

BPSP

Outperforming plans

Progress of initiatives (Additions since Q2 FY2024)
FY2023
Co.B C① D①

1,000

FY2024E

FY2025

C②

F

C③

A③

A④

Utility
Co. H

D

I

GMP
Co. A B
0
22/3Q

22/4Q

23/1Q

23/2Q

23/3Q

23/4Q

24/1Q

24/2Q

24/3Q

C

D G

E H I

J

K

Real Estate

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

172.3.2 GMO-PG Non-Consol.: BaaS Support and EF*1

BaaS support revenue grew 28.3% driven by the 65.6%
increase in processing PF revenues
Revenue of BaaS Support service*2（Q3）■ Ginko Pay base system■ Acquiring support (processing PF)■ Issuing support (processing PF)

Progress of Processing PF projects% YoY

Continue to work to expand stock revenues

Total

Revenue size
(image, in 3-steps)+28.3%FY2024

Ginko Pay

1H

2H

FY2025～-42.1%
Co. B

Due to change in monthly

Co. C

Launched in Oct. 2023

Launched in Jan~Jun 2024

revenue recognition causedby contract extension atlarge merchant

Processing PF

Co. D

Co. E

Launched in Feb. 2024

Launched in Sep. 2023
Launch in Jan. 2024

+65.6%

Launch in Apr. 2024

Co. F
Co. G

To be launched in Sep. 2024

Co. H
17/3Q 18/3Q 19/3Q 20/3Q 21/3Q 22/3Q 23/3Q 24/3Q*1 EF stands for Embedded Finance.

*2 Includes revenues for Ginko Pay and Processing PF received from business operators as well as financial institutions.
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

18

2.4 GMO-EP Non-Consol.: Online Payment (SME) and Medical DX

EP non-consol. revenue grew 6.6% driven by progress inrevenue model transformation and GMO-MR grew 46.9%
GMO-EP consol. revenue (quarterly)

Progress of initiatives（¥ mil）% YoY

GMO-EP
EP payment and others
Revenue model transformation progressing
in line with plans
Cumulative Q3 progress ratio: 118.2%+10.6％
1,500

Start-up payment service “fincode byGMO”
Promoting acquisition of anchor customer
Q3 revenue: +143.2% YoY
1,000

GMO-MR

500

Consultation
0
22/3Q 22/4Q 23/1Q 23/2Q 23/3Q 23/4Q 24/1Q 24/2Q 24/3Q

Waiting for
medical bill

Bill
Completepayment

×MR

系列 1（Estimate)

Support productivity improvement at the medical
frontlines by collaborating with GMO-EP
Rollout of payment-embedded medical reservation
system・Promotion of cashless payment
・Reduce wait time

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

19

2.5 GMO-PS：Payment After Delivery/BNPL

Profitability improved from normalization of credit costs;
continued focus on building up new project pipeline
GMO-PS revenue and OP (Q3)

Trend of default rates

Other revenue (Left axis)（¥ mil）% YoY

Existing domain (Left axis)

800

2,500

OP

Others+513.2%2,000

Continued
improvement
in default
rates+12.0%OP (Right axis)

700+328.1%

Improved credit
costs

600

Servicelaunch
phase
17/4Q

18/4Q

During
COVID-19
19/4Q

20/4Q

21/4Q

22/4Q

23/4Q 24/3Q

500

Progress of initiatives (Additions since Q2 FY2024)
1,500

Existing 400
domains

+5.5%
300

1,000

FY2023

Payment After
Delivery

Co.A
Co.A

B

C

FY2024
D

F

G

B D C

H

FY2025
I

E
E

J

K

L

F

G

Pay On Credit
200

500
100

0

0
Q3 FY2023

atokara・Continue on prudent operations
・Solid progress on merchant acquisitions
・Promoting sales to PG and partner customers
・Aggressive promotion into the non-merchandise domain

Q3 FY2024

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

20

2.6 Consol. GMO-FG: CP Payment

Recurring-model revenue grew 38.2%; expanding mobility
payment in Tokyo metropolitan area
Consol. GMO-FG revenue by business model*1 (quarterly）Expansion in mobility domain (adoption and trx. volume trend)（¥ mil）

4,000（’000 units）

% YoY

5,000

Initial-25.3%
Recurring-model*2+38.2%+33.6%
Stock+52.6%
Fee+12.5%
Spread400

Expanding to 122 operations nation-wide incl. postadoption operators
Bureau of Transportation and Keikyu Corporation newly
announced pilot test during 2024
Transit adopters in Tokyo metropolitan area

268

300

Seibu railway Co., Ltd.
Keio Corporation

3,000

Tokyo Metro Co., Ltd.

NEW
200

Bureau of Transporation,
Tokyo Metropolitan
Government

Tokyu Corporation

2,000

NEW
Keikyu Corporation
100

1,000

Kansai operator A
Kyushu operator C
Tokyo metropolitan operator E

24/6

24/5

24/4

24/3

24/2

24/1

23/12

23/11

23/9

23/10

23/8

23/7

23/6

23/5

23/4

23/3

23/2

23/1

22/12

22/11

Left axis： ■ Initial ■ Stock ■ Fee ■ Spread
Right axis
Operating terminals (manned terminals)

0

22/9

24/3Q

22/10

24/2Q

22/8

24/1Q

22/7

23/4Q

22/6

23/3Q

22/5

23/2Q

22/4

23/1Q

22/3

22/4Q

22/2

22/3Q

22/1

0

Kyushu operator B
Kyushu operator D
Others total*1 Based on financial results of consolidated GMO-FG.
*2 Recurring-model revenue consists of stock, fee and spread revenue and excludes initial revenue that mainly consists of payment terminal sales.
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

21

2.7.1 Global: Loan Strategy
Building up loan book in a sound and stable manner amidst
changes in market environment
Loan strategy
Diversify portfolio by increasing small-amount loans to new borrowers. Increase loan amount to growing
companies among the existing borrowers
Portfolio expansion (image)Large

15～25MUSD

Medium

5～15M USD

Small

～5M USD

New
IncreaseamountIncreaseamountFinancial Inclusion

CreditbuildingEVrickshaw
loan

Micro
finance

BNPL

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

22

2.7.2 Global: Earnings Summary
Revenue increased 32.3% from acquiring new borrowers and loan increases
to high-quality borrowers, with the positive effect from yen depreciation
Revenue and OP (Q3)（¥ mil）

Loan balance (end-June)% YoY+32.3%

500

Earnings highlight% YoY（¥ mil）

Overseas+38.7% MSB

20,000

Excl. weak yen
impact+20.8%
Asset
management AR
USD ¥150
INR
¥1.8

400

US MSB+116.8%

300

200

OP
+43.2%

Asia MSB-4.2%

US

16,0000Q3 FY2023

RevenueAsia
payment+125.6%Q3 FY2024
OP

High and stable growth ofremittance service to Big
Tech+59.7% New loans executed (Q3 FY2024 onwards)(May 2024)
Q3 net
SME loan FinTech
increase
・Proprietary credit screening model
India+73.1% based on deep industry knowledge in

12,0008,000

Singapore-100.0%Philippines
New

4,000

100

Asia
payment

High growth from adding new
borrowers or loan increases
especially in US and India

retail sector
・Cumulative loans executed: Over¥160bn(Jun. 2024)

Indonesia
Credit building FinTech-17.3% ・Card issuing for the purpose of

0
End-June 2023

End-Jun 2024

improving credit score of low-credit
borrowers

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

23

3. Sustainability

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

24

3.1 Sustainability: Investments into Human Capital

Improve earnings power by continuous investment to humancapital and employee returns
OP
Nos. of partners（Employees*1）¥2.0bn9.9x¥20.3bn

233

3.5x

825
¥24.62mil

2.8x
OP per
Employee¥8.78mil¥8.63milAvg.
annualwage*2¥5.71mil

1.5x
FY2013
13/9
14/9

15/9

16/9

17/9

18/9

19/9

20/9

21/9

22/9 FY2023
23/9*1 Figures are based on consolidated number of employees (Annual Securities Report)*2 Figures present the average annual wage for GMO-PG non-consolidated (Annual Securities Report)
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

25

3.2 Sustainability: Environment

Received SBTi certification on aligning GHG emission
reduction targets to 1.5℃ scenario
SBT Initiative

Certified GHG emissions reduction targets (Scope1, 2)（t-CO2）

Scope2（Scope1 is zero emissions）

2,000

1,600

Certified Japanesecompanies

319 companies*

Continuously maintain
Scope1 & 2 emissions atzero up to FY2030

1,200

800

400

0
19/9

Certified that targets are aligned with SBTi’s 1.5℃
scenario, a global organization enabling businesses
to adopt climate-based targets for GHG emissions
reduction in line with climate science.

20/9

21/9

23/9

Certified GHG emissions reduction target (Scope3）（t-CO2）Category 1 (purchased goods and services)

25,000Category 2 (Capital goods)
Category 11 (Use of sold products)

20,000

Reduce Scope 3 emissions

15,000

Verified that GMO-PG’s GHG emissions reduction
targets are scientifically aligned with the Paris
Agreement to keep global temperature increase to
1.5℃ above pre-industrial levels.

22/9(Category 1+11) from new
10,000operating terminals by

55%

by FY2030 against the baseline of

5,000

FY2021
0
21/9

22/9

23/9

* Excludes SBT certified companies in SME sector (Science Based Targets Initiative, as of August 8, 2024)
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

26

4. Financial Highlights and Reference Materials

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

27

4.1.1 Consolidated Balance Sheet

Increase in merchant deposits and MSB related assets due toscaling up of business
AssetsLiabilities and Equity
Cashcorresponding todeposits received 333,983
from merchants
292,346(¥ mil)350,000

300,000(¥ mil)350,000

333,983
292,346

300,000

273,407273,407
163,071

250,000

250,000

91,071
85,562

133,658

113,967

116,349

31,386200,000

200,000

34,364

19,82735,252
40,733150,000

40,63959,603150,000

0

Prov. for86,965 doubtful
accounts-3,339-3,886
14,916

20,349End-Q4 FY2022

End-Q4 FY2023

End-Q3 FY2024

MSB related *2

20,65350,000Equityratio*4
89,26031.9%(46.4%)

94,804-4,843

12,870Investment related *1

100,000

22,992

109,829

103,132

Other

Cash & Equivalent

33,39029,35023,000100,000

50,00019,763
19,67826,125

106,905
31.6%(45.8%)

31.2%(47.8%)

0
End-Q4 FY2022

EquityEnd-Q4 FY2023*2
MSB related Borrowings

Bonds

End-Q3 FY2024

Other

*3
Merchant deposits*1 Securities classified under investment securities and investment accounted for under the equity method.
*2 MSB Related Asset: Lease assets, short term loans, advances paid and accrued revenue (net of provision for doubtful accounts).
MSB Related Liabilities: Accrued expenses.
*3 Deposits received from merchants under the Representative Contract.
*4 Equity ratio presents the equity attributable to owners of parent ratio and is calculated by dividing total assets with equity attributable to owners of parent.
The figures in the parentheses present the adjusted equity attributable to owners of parent ratio and is calculated by dividing total assets less deposits received with equity attributable to owners of parent.
*5 Some figures are shown in net amounts of financial assets and liabilities.

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

28

4.1.2 Major Consolidated Financial Indicators (Annual Trend)Managing business while balancing profitability, capitalefficiency and capital baseIFRS

J-GAAP
Third party allotment
Raised ¥8.0bn

Issued Euro Yen
CB Due 2023
Raised ¥17.5 bn

45%Euro Yen CB Due 2026
Raised ¥21.1 bn（¥ bn）
300

Euro Yen CB Due 2023
Fully converted

40%
250
35%

32.2%

30%

31.6%

200

25%
150
20%

ROE baseline
15%

100

15.0%
10%
50

7.3%

5%

0%

0
FY2012FY2013

FY2014FY2015FY2016

Total assets
Return on equity using profit attributable to owners of parent (ROE)
Operating profit margin

FY2017FY2018FY2019FY2020

FY2021

FY2022

FY2023Return on asset using pretax profit (ROA)
Total equity attributable to owners of parent to total assets (equity ratio)* Figures from FY2018 are based on IFRS standards. For figures before FY ending September 2017 are based on J-GAAP standards. As such, total assets refers to assets, equity refers to net assets and total
equity attributable to owners of parent to total assets refers to equity ratio, return on total assets using profit attributable to owners of parent refers to ordinary profit to assets ratio, and return on equity using profit
attributable to owners of parent (ROE) refers to net profit to equity ratio.
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

29

4.2 Consolidated Revenue and Operating Profit (Quarterly)
Consol. revenue

Consol. operating profit（¥ mil）（¥ mil）

7,000

20,0006,000

15,0005,000

4,000
10,000
3,000

2,000
5,000

1,000

0

FY2021
FY2022
FY2023
FY2024

1Q
9,767
11,857
14,813
17,785
FY2021

2Q
10,121
12,201
15,641
18,313
FY2022

3Q
10,646
12,897
16,54618,096FY2023

FY2024

4Q
11,132
13,341
16,11819,2100

FY2021
FY2022
FY2023
FY2024

1Q
3,122
4,116
5,090
5,830
FY2021

2Q
3,470
4,159
5,260
6,822
FY2022

3Q
3,629
4,511
5,671
6,866
FY2023

4Q
2,764
3,461
4,290
5,664

FY2024* Consol. revenue and consolidated OP for Q4 of FY2024 is based on initial guidance.
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

30

4.3 Waterfall Chart of Consolidated Revenue (YoY, Cumulative Q3)

Consol. revenue increased 15.3% from the high base effect ofprevious term’s payment terminal sales（% YoY）（¥ bn）

Consol.
GMO-FG*1*2

GMO-PG*3

GMO-PS*3 Consol.
Overseas
GMO-EP*1*3 companies*3

Consol.

+13.3%+15.5%+17.1%+15.3%+9.7%+80.1%¥54.1bn
Other
52

Payment After Delivery
Start of large-sized project
MSB +8.9%
BaaS Support +29.6%
47¥47.0 bn

Merchandise EC +14.2%
Non-merchandise EC +16.3%
Utility (+35.5%)
Recurring-model*4 +44.9%
Expanding operating terminals and inbound demand

420Initial +0.7%
High base of previous term’s terminal sales

Cumu. Q3
FY2023*1 GMO-FG consolidated is comprised of GMO-FG, GMO-CAS. GMO-EP consolidated is comprised of GMO-EP, GMO-MR.
*2 Figures present consolidated financial results of GMO-FG. *3 Figures of each company are before the eliminations from consolidating into GMO-PG.
*4 Recurring-model revenue consists of stock, fee and spread revenue and excludes initial revenue that mainly consists of payment terminal sales.

Cumu. Q3
FY2024

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

31

4.4.1 Revenue by Business Model (YoY, Cumulative Q3)

Stock and fee each grew over 20%, spread on a recovery trend
Factors*% YoY
Cumu. Q3
FY2023Cumu. Q3
FY2024

Spread

+14.3%+15.6%＋ Online payment (GMO-PG)＋ Overseas lending＋ CP payment－ Payment after Delivery－ Online payment (GMO-EP)

Fee+32.3%+20.4%

Excluding impact ofPayment After Delivery
pricing changes+24.2%ー＋ CP payment＋ Payment after Delivery－ Online payment (GMO-PG)－ Remittance service

Stock+18.8%+21.2%＋ BaaS Support＋ Online payment (GMO-EP)＋ CP payment＋ Medical Innovation byGMO

Initial+65.3%+2.5%＋ GMO-PG projects－ CP payment(¥ mil)54,19650,00047,00021,10140,00018,25430,00015,653
12,99920,000

6,934

8,406

8,812

9,035

10,0000Cumu. Q3 FY2023

InitialStock

Cumu. Q3 FY2024

Fee

Spread* The “+” signs indicate services with growth rates that are higher than 15.3%; the “-” indicates growth rates that are lower.

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

32

4.4.2 Consolidated Revenue by Business Model (Quarterly)（¥ mil）
7,222
6,988

6,889

7,000

6,265
6,171

6,025

6,057
6,000
5,371

5,415

5,297

5,296

5,267

5,292

5,093
5,000

4,808

4,773

4,731

4,707

4,665
4,414

4,257
4,000

4,311

3,840

3,149

3,278

2,408

2,713
2,527

2,559

3,392
2,288
2,487

2,1…

1,478

1,522

1,610

2,658

2,984

2,669

1,717

2,922

2,719

3,015

2,037
2,000

2,764

3,536

3,395

2,922

3,000

4,430

1,723

1,851

1,754

1,552

2,080

2,591

2,237
2,260

2,005

1,947
1,678

1,484

1,131
876

1,000
506

0

20/4Q

21/1Q

21/2Q

21/3Q

21/4Q

22/1Q

Initial

22/2Q

22/3Q

Stock

Fee

22/4Q

23/1Q

23/2Q

23/3Q

23/4Q

24/1Q

24/2Q

24/3Q

SpreadCopyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

33

4.5 Segment Results (YoY, Quarterly)

MSB profits increased 52.9% from the normalization of credit
costs
Segment revenue*

Segment profit/loss*
% YoY

% YoY

Q3 FY2023

Q3 FY2023

Q3 FY2024(¥ mil)Q3 FY2024(¥ mil)15,000+28.3%+9.4%+22.3%+16.5%

7,000+25.7%+21.1%+32.9%+0.3%+29.1%+52.9%+ GMO-MR +46.9%
6,000+28.0%+13.3%+ Overseas lending- Remittance service

10,0005,000+ GMO Payment
After Delivery+ Overseas
lending

4,000

3,000

+28.6%

5,000

0

Q3
Q3 FY2023
FY2023Q3Q3 FY2024
FY2024+8.3%+ Online payment(GMO-PG)+ CP recurring-model- CP initial- Online payment(GMO-EP)+20.1%

2,000

1,000

0

Q3 FY2023
FY2023Q3

Q3FY2024
FY2024
Q3

Payment
Enhancement
Business

93

93

3,981

Money Service
Business

790

1,208

12,722

13,774

Payment
Processing
Business

5,671

6,622

16,54618,096OP (after
eliminations)

5,671

6,866

Payment
Enhancement
Business

317

370

Money Service
Business

3,513

Payment
Processing
Business

Total+16.8%+ Decline inreversal of
one-time expense
booked inthe previous Q3- SGA expense
increase fromhigher personnel
cost, etc.

* Figures for consolidated revenue and consolidated operating profit are after inter-segment eliminations. The “+” denote a growth YoY and and the “-” sign denote a decline YoY for segment revenue figures.
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

34

4.6.1 FinTech Related Asset (Quarterly Trend)
FinTech related asset（¥ mil）
120,000

100,000

% YoY
+4.0%
80,00060,000+3.8%
40,00020,000+38.7%
0
End-Q4FY2020End-Q1
FY2021End-Q2
FY2021End-Q3
FY2021

Domestic lending

End-Q4FY2021End-Q1
FY2022

Overseas lending

End-Q2
FY2022End-Q3
FY2022End-Q4FY2022

Early Payment service

End-Q1
FY2023End-Q2
FY2023End-Q3
FY2023End-Q4FY2023

GMO Payment After Delivery*1

End-Q1
FY2024End-Q2
FY2024End-Q3
FY2024

Other *2

*1 The figures for GMO Payment After Delivery related assets (accrued revenue) are after deduction of provisions for doubtful accounts.
*2 The figures for “Other” is the sum total of B2B factoring, finance lease, Condo Pay and Instant Salary byGMO.
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

35

4.6.2 FinTech Revenue and Profits (Quarterly Trend)
FinTech related revenues and profit trend（¥ mil）
4,000

% YoY
＋10.5%

3,500

3,000

2,500

2,000

＋10.8%

1,500＋52.9%
1,000-10.3%

500＋27.6%
0
20/4Q

21/1Q

21/2Q

21/3Q

21/4Q

22/1Q

22/2Q

22/3Q

22/4Q

23/1Q

23/2Q

Domestic lending

Overseas lending

Early Payment service

Remittance service

Other*2

Segment profit

23/3Q

23/4Q

24/1Q

24/2Q

24/3Q

GMO Payment After Delivery *1*1 Includes the impact of commission rate revisions to reflect the increase in CVS payment agency cost for Payment after Delivery from September 2022.
*2 The figures for “Other” is the sum total of B2B factoring, finance lease, B2B AR Guarantee, B2B Payment Guarantee, Condo Pay, Instant Salary byGMO.
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

36

4.7.1 Consolidated CoS and SG&A Ratio (Quarterly Trend)

Cost of sales ratio fluctuates depending on revenue mix(¥ mil)18,31318,096

17,78518,00050.0%
16,546
16,11815,641

16,000

42.7%
40.9%

39.6%
14,000

37.5%
34.8%

33.8%

12,201
11,857
34.6%
33.4%

14,81338.5%

12,897 13,341
34.7%

40.0%

37.0%

37.2%

35.1%

33.9%

36.0%
33.3%

36.7%

12,00010,121
27.9%

9,767

10,000

11,132
10,646 32.6%
35.8%
31.3%

33.6%

33.0%
31.1%

30.0%

32.0%

30.7%

32.6%

29.5%

28.8%
8,927

29.2%

27.6%

27.2%

8,000
5,913

5,460
6,000
3,813
4,000

2,488

4,169
3,872
2,817

3,522
3,169

3,466
3,599

3,982

4,108
3,684

4,075
4,021

3,959

4,487

6,374
5,022

5,823

6,238

5,960

6,033

5,799
4,976

4,469

4,743

4,618

20.0%

6,593

5,280

4,570
10.0%

2,000

0

0.0%
20/4Q

21/1Q

21/2Q

21/3Q

Revenue

21/4Q

22/1Q

22/2Q

Cost of Sales

22/3Q

22/4Q

SG&A

23/1Q

23/2Q

CoS ratio

23/3Q

23/4Q

24/1Q

24/2Q

24/3Q

SGA ratio

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

37

4.7.2 CoS/SGA Ratio of GMO-PG & GMO-EP (Quarterly Trend)

CoS ratio trending stably for online payment business(¥ mil)10,681

10,511
10,15810,000

50.0%
9,564

9,219

9,083
41.6%

8,498

41.2%

39.7%
8,000

6,858

7,977

7,906

7,682

7,122

9,177

40.7%
40.0%
36.6%

6,878

6,709

34.1%

6,370
33.3%

32.5%

31.6%

6,000

32.9%

30.0%
30.3%

29.4%
22.1%
21.0%

20.5%

21.5%

30.3%

20.5%
19.3%

19.5%

20.1%
18.7%

19.8%

2,000
1,339

1,373

20/4Q

21/1Q

2,286

2,495

2,177

1,517

1,478

21/2Q

21/3Q

1,609

1,483

2,603

2,755

1,616

1,553

22/2Q

22/3Q

1,711

1,696

22/4Q

23/1Q

3,190
2,722

2,447
1,822

20.0%

3,462

2,796

2,345

20.0%

19.1%
3,501

2,932
2,665

20.9%

20.9%
19.6%

3,462
2,649

29.9%

26.7%

22.6%

4,000

25.9%

1,794

2,192
2,001

1,936

2,138
10.0%

0

0.0%

Revenue

21/4Q

Cost of Sales

22/1Q

SG&A

CoS ratio

23/2Q

SGA ratio

23/3Q

23/4Q

24/1Q

24/2Q

24/3Q

SGA ratio 1-yr moving average* Figures presented are before consolidated eliminations.
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

38

4.8.1 Operating Stores, TRX Volume and Value
Consol. TRX value reaches approx. ¥17.7 trn for the past 12 months
OperatingStores*1/Terminals*2
End-Q3 FY2024

TRX Volume*2*3

TRX Value*2

Q3 FY2024

Past 12-mnth

Q3 FY2024

Past 12-mnth-1.86 bn

7.09 bn¥4.7 trn¥17.7 trn-

+18.1%+21.0%+26.3%+26.1%

155,671 stores

1.60 bn

6.21 bn¥2.9 trn¥11.6 trn

+7.9%

+12.9%+16.6%+14.8%+14.4%

361,367 units

0.26 bn0.87 bn¥1.7 trn¥6.1 trn+32.2%+64.9%+65.1%+52.5%+56.4%

Consolidated% YoY

Online
% YoY

CP*2
% YoY

Proportion of representative contracts in online TRX value*4： Approx. 40%*1 The standards for calculation the number of operating stores has been revised from Q4 FY2023. Figure exclude an operating stores of a specific merchant and fincode byGMO.
If included, operating stores would be 665,675 (up 18.3% YoY).
*2 The figures for operating terminals are GMO-FG’s figures and include terminal-free active IDs and exclude GMO-PG’s GMO Cashless Platform.
CP transaction volume and value includes GMO-PG’s CP payment (GMO Cashless Platform).
*3 Transaction volume is calculated based on fee revenue standards, which in the case of online consist of multiple (1 to 3) transactions per payment of a single authorization (tentative sales proceeds) or actual sales
proceeds, and one transaction per payment in the case of CP. *4 Annual average is shown in 5% increments.
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

39

4.8.2 Waterfall Chart of Consol. TRX Value (YoY, Q3)

CP and non-merchandise EC grows faster than market
Online payment GMO-PG
Market*1

CP
payment（% YoY）（¥ trn）

GMO-PG
Market*1+52.5%+11.1%

Non-merchandise EC+20.0%+9.4%+14.8%+7.0%

Consol. +26.3%

Merchandise EC
+5.6%
+5.1%

MerchOther nonGMO-PS GMO-EP ¥4.7 trn*3
merchandise andise
4.5

Utility
Cycling through of electricity rate reduction
Travel/ticket
Cycling through of reopening effect

4.0¥3.7 trn*3

Digital content/telecom
Growth in major telecom carrier, etc.
GCP*2
Growth of GMP, etc.

3.5

GMO-PG
GMO-FG
Increased transaction from higher terminal sales

3.0
0

Q3 FY2024

Q3 FY2023*1 CP Payment market is based on Ministry of Economy, Trade and Industry’s “Survey of Selected Service Industries”. EC Market figures are categorized into merchandise and non-merchandise using the Internet
expenditure amount per household based on Ministry of Internal Affairs and Communication’s “Family Income and Expenditure Survey.”
Figures for CP Payment market show the % YoY growth for the period from April to May, as June 2024 data is not available as of this writing.
*2 GMO Cashless Platform. *3 Rounded off to nearest trillion of yen.
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

40

4.8.3 Distribution of Major Sectors (Q3)
Balance both stability and growth through sector diversification
Revenue share by industry (vertical axis)/ Revenue growth rate (horizontal axis)*
Revenue
proportion(Based on actual figures for Q3 FY2024)
The size of the circle represents the TRX value

30%

25%

Digital content/
telecom
20%

15%

10%

Home delivery/
newspaper Apparel
Cosmetic/ Food/ Travel/ticket
health food beverage
C2C Memberships/ Insurance
services

5%

0%
0%

10%

20%

Utility
Daily goods/
office supplies

30%

40%

50%

60%

Revenue growth (% YoY)
* Composed from TRX value by sector for the PG Multi-payment service.
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

41

4.9.1 Consolidated Cash Flow Statement (Cumulative)（¥ mil）
50,00040,00030,00020,00010,0000-10,000
FY2018FY2019FY2020

FY2021

FY2022

FY2023Cumu. Q3
FY2024

Cumu. Q3 FY2024(¥ mil)Operating CF：
Pretax profit
Deprec. & Amort.
Gain from sale of equity
method affiliate
Trade and other receivables
Advances paid
Accrued revenues
Accrued expenses
Deposits received
Income taxes paid

+31,261+21,878+2,427-1,624

Investing CF：
Acquisition of intangibles
Purchase of inv. securities
Sale of inv. securities
W/drawal of deposits to
subsidiaries and affiliates
Financing CF：
Net change in ST borrowings
LT borrowings
Dividends paid

-1,034-2,989-4,509+1,624

Investing CF

Financing CF

FCF+5,300-3,412+3,900+500-6,745：+30,227

Cash & Equivalents ：163,071

FCF
Operating CF-4,673+583-3,869+3,008+27,497-13,759* FCF is calculated as the sum-total of Operating CF and Investing CF. Only major items of the cash flow statement are shown on this page.

Mainly Money Service Business

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

42

4.9.2 Major Factors Affecting Consolidated Cash Flow Statement
Related liabilities & assets

Impact from business expansion

Deposits received(liability)

Liability

Payment Processing Business
Sales proceeds ofmerchants under the
Representative Contract

Operating CF

Yearly fluctuations can be large as annual TRX value oftrillions of yen can be carried over to the following year

Money Service Business
Early Payment service

Advances paid
(asset)Asset

Operating CF

Payment After Delivery
service

Accrued revenue(asset)Asset

Operating CF

Accrued expense(liability)

Liability

Operating CF

Deposits to subsidiaries
and affiliates(asset)Asset

Investing CF

OtherFunds temporarily deposited to GMO-IG’s* CMS(balance is zero as of end-Q3 FY2024)* GMO-IG: GMO Internet Group
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

43

4.10 Renewal of Website
Top page

Information for Investor

Sustainability

https://www.gmo-pg.com/en/

https://www.gmo-pg.com/en/ir/

https://www.gmo-pg.com/en/sustainability/

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

44

4.11 Sustainability: Social

Acquired Childcare Supporting Corporate certificate of“Platinum Kurumin”
Platinum Kurumin

Of the 4,579 companies that are “kurumin”

645

certified,companies have been certified
as “Platinum Kurumin”
This certification is granted to companies that are“kurumin” certified companies that have
implemented more advanced initiatives and madeprogress in the adoption and usage of systems to
support work-childcare balance.
Accredited as Childcare Supporting Corporate a.k.a.
“Platinum Kurumin” by the Minister of Health, Laborand Welfare under the Act on Advancement of
Measures to Support Raising Next-Generation
ChildrenPoints for accreditation:
・Staggered working hours, shorter working hours,
work-from-home system as well as full-time kid’s
room “GMO Bears” (nursery), a specialized
consultation desk and subsidies for babysitter use.

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

45

Thank You Very Much
GMO Payment Gateway, Inc. (3769; Tokyo Stock Exchange Prime)
For inquiries or requests for 1-on-1 interviews, please contact the IR Department,
Corporate Value Creation Strategy Division, at the telephone number below:
TEL： +81-3-3464-0182
E-mail ： ir-contact@gmo-pg.com

IR Website URL
https://www.gmo-pg.com/en/ir/

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

46