Financial Results Briefing for FY2022
Path clears to return to medium and long-term growthtrajectory from expansion/entry into new business domains

November 15, 2022
71st Investor Meeting

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

Agenda1. Summary of Financial Results for FY2022
2. FY2023 Earnings Forecast
3. Growth Strategy and Initiatives in Focus Areas
4. Sustainability
5. Financial Highlights and Reference Materials
Following abbreviations are used in this material.
GMO-PG：GMO Payment Gateway; GMO-EP：GMO Epsilon; GMO-MR：GMO Medical Reservation Technology; GMO-PS：GMO Payment
Service; GMO-FG：GMO Financial Gate; GMO-CAS：GMO Card System
PF： Platform

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

2

Safe Harbor Statement

The contents of this document are based on generally
recognized economic and social conditions, as well asassumptions judged to be reasonable by GMO Payment
Gateway as of November 15, 2022.
Please note that the contents are subject to change
without prior notice in the event of changes in thebusiness environment or other unforeseen occurrences.

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

3

1. Summary of Financial Results for FY2022

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

4

1.1

Earnings Summary

Achieved full year guidance regardless of market changes;
special dividends to be paid from investment gains
IFRS（¥ Mil）

FY2021

FY2022% YoY

FY2022 Guidance(Achievement %)Revenue

41,66750,298+20.7%

50,000(100.6％)Gross Profit

28,09833,635+19.7%ーOperating
Profit12,987

16,249+25.1%

Pre-tax Profit

13,28534,756＋161.6%

8,818

24,152+173.9%14,88918,403¥59
ーProfitAttributable to Ownersof Parent

EBITDADPS

Ordinary dividend
Special dividend

Total

¥59

Operating Stores at end of
FY2022 (End-Sep 2022)

KPI（% YoY）

142,396（＋13.8％）

Q4 FY2022（% YoY）

16,234(100.1％)
31,538(110.2％)
20,860(115.8％)13,341(+19.8％)8,854(+23.8％)3,461(+25.2％)
4,256(+54.2%)
3,022(+60.7%)＋23.6％

ー

ー

¥79
¥81

＋¥20
＋¥81

¥66
ー

¥160

＋¥101

¥66

Consol. TRX Volume(Oct. 2021～Sep 2022)

Consol. TRX Value(Oct. 2021～Sep 2022)

Approx. 4.86 bn（＋37.2％） Approx. ¥11.3 tril（＋41.5％）
o.w., online approx. 4.49 bn（＋32.5％） o.w., online approx. ¥8.7 tril（＋28.3％）※ EBITDA=Operating Profit + Depreciation. ※ Operating stores figure is for GMO-PG and GMO Epsilon (EP). Consolidated TRX volume and value figures are the sum totals for GMO-PG,
GMO-EP, GMO Payment Service (GMO-PS) and GMO Financial Gate (GMO-FG). The online payment figures are the sum totals for GMO-PG, GMO-EP and GMO-PS. ※ The standards forcalculation the number of operating stores has been revised from Q2 FY2022. Figures exclude a specific case and an operating store related to a major delivery service operator. If
included, the number of operating stores is 455,958 stores (up 44.7% YoY).

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

5

1.2

A Look Back at FY2022

Overcame changes in business environment thanks to long-term
investment and balancing and synergies of/in each businessChanges in external
conditions

COVID-19
and its
after
effectLooking Back on the year
• Organization levels are not well balanced→ Delays in talent development (incl. middle management) due to restrictions on OJT andface-to-face sales activities for about 2 years→ Remote work diminishing communication and obligations• Marketing capability dropped for small and merchandise operators in times of crises

Weakyen/Capital
marketvolatility(GMO-EP revenue up ＋2.3%）• Consol. TRX value grew 41.5％ reaching over ¥11 tril.
• GMO-PG: Q4 revenue grew ＋23.6%
Q4 Non-merchandise EC +24.9％（full year＋23.9%）
Q4 Merchandise EC

Inflation/Macro
uncertainty

Reaping benefits of focusing onlarge-sized, municipalities andnon-merchandise areas+10.8％（full year ＋5.9%）• GMO-PS: Recovering from increasing credit risk and revamping sales organization, developing new
BNPL for next Spring• GMO-FG: Stock-type revenue grew 64.3％ from high operating rates of payment terminals ※1• Special dividend of ¥81 per share from approx. ¥16.9 bn in sales of overseas investment

ESG/
Decarbonisationpressures※2• Equity of approx. ¥77.0 bn, foreign currency of approx. ¥30.0 bn, improved BS risk tolerance• Progressing with ESG management, inclusion into FTSE index, improved external evaluation(rating 0.9 → 3.0）

※1 Stock-type revenue (sum total of stock, fee and spread) is after consolidated eliminations.

※2 After deducting dividend for this fiscal year.

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

6

1.3.1 GMO-PG Non-consolidated Performance:(Quarterly Trend)
Revenue up 23.6%, large non-merchandise EC and BaaS
support drive revenue growth
% YoY
※2

Q4
FY2021

Revenue＋12.8％Q3
FY2022＋19.2％

Online payment＋14.1％＋17.8％＋22.7％

Merchandise EC

＋1.4％

＋9.7％

＋10.8％－45.1％
Apparel＋49.3％
Food & Beverage
Cosmetics, Health food ＋10.8%－3.6％＋21.4％＋2.6%＋4.3％＋13.8％＋3.8%

Non-merchandise EC ＋23.8％＋20.6％＋24.9％

Digital content・Telco ＋24.2％＋59.9％
Utility＋22.7%
Travel & Ticket＋13.8％＋3.9％＋54.6%＋16.9％＋11.3％＋53.6%BaaS Support＋27.5％＋45.9％＋43.0％

Money Service Business ＋2.8％＋16.4％＋20.9％

Remittance service－6.0％＋13.6％＋13.5％

Early Payment＋76.1％＋26.1％＋23.0％＋14.5％+36.0%＋38.1％※1

GMO-PG Non-consolidated Revenue and OP
百万

7,000

Revenue at a certain merchant (left axis)

4,000

百万

（¥ Mil）
Merchandise EC revenue (left axis)
6,000

3,500

Non-merchandise revenue (left axis)
Operating profit (right axis)

3,000
5,000
2,500
4,000
2,000
3,000

Q4
FY2022＋23.6％

1,500
2,000
1,000

1,000

500

0

0

Overseas lending※3

20/4Q 21/1Q 21/2Q 21/3Q 21/4Q 22/1Q 22/2Q 22/3Q 22/4Q※1 Figures includes BaaS support and MSB revenues. ※2 gures are after elimination and adjustments. Online payment revenue is after eliminations and adjustments. The figures
for BaaS Support is the sum total for Ginko Pay and processing platform. ※3 Figure for overseas lending is on a consolidated basis. Figures for Q3 FY2022 is after adjusting for the
one-time revenue recognized in Q3 FY2021. Figures for PG non-consolidated would be Q4 FY2022 ＋2.2％, Q3 FY2022 ＋7.2％ and Q4 FY2021 ＋64.8％.
Revenue fi

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

7

1.3.2 Reasons behind non-merchandise EC growth
Benefits of sales strategy targeting large merchants are appearing,top-10 non-merchandise EC revenue growth accelerates to 27%
GMO-PG Top-10 Non-merchandise EC revenue（¥ Mil）

Q3 FY2022

Q4 FY2022

Total non-merch EC ＋20.6％＋24.9％

1,000

900

% YoY

Top 10＋20.6％

Merchants that drove the TOP10 revenue growth＋27.0％

Global Major Players

Q4 FY22% YoY

Over 4x

Expanded footprint of payment service
Increase in GMV

800

700

Utility
Capturing growth of
new entrants

600

GMO-PG
Proporatiof
nonmerchandise EC

500

27.3%

400

300

200

Over 3x

Insurance
Provide recurring billing for
insurance policies

Over 1.5x

Telecommunication

Over 1.5x

Provide payment platform for themerchant’s eco-system

100

0
21/3Q

21/4Q

22/1Q

22/2Q

22/3Q

22/4Q

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

8

1.3.3 Performance of GMO-EP, GMO-PS and GMO-FG(Quarterly Trend)※1

GMO-FG continues strong performance; GMO-PS recovery
trend; GMO-EP strengthening partner strategy
KPI (right axis)

Revenue (left axis)

GMO-EP Consol.

GMO-PS

GMO-FG Consol.

Revenue (% YoY) ＋0.7％（2-yr CAGR）＋5.2％
KPI: Operating Stores ※2

Revenue (% YoY) ＋10.5％（2-yr CAGR） ＋5.6％

Revenue (% YoY) ＋26.4％（2-yr CAGR） ＋82.3％

KPI: new merchant acquisitions

KPI: Operating terminals（¥ Mil）

（trx）

1,500

60,000（¥ Mil）（trx）（¥ Mil）

2,000

200

3,000

1,500

150

（Units）
200,000

2,500
1,000

500

150,000

2,000

40,000
1,000

100

500

50

1,500

100,000

1,000

20,00050,000500

Drastic strategic changes underway
Strengthening partner strategy andimplementing new initiatives

Revenue recovering
Developing new BNPL for
Spring launch

22/4Q

22/3Q

22/2Q

22/1Q

21/4Q

21/3Q

21/2Q

0

21/1Q

0

20/4Q

22/4Q

22/3Q

22/2Q

22/1Q

21/4Q

21/3Q

21/2Q

0

21/1Q

0

20/4Q

22/4Q

22/3Q

22/2Q

22/1Q

21/4Q

21/3Q

21/2Q

21/1Q

0

20/4Q

0

※3

Stock-type revenue up 75.9% fromincreased TRX on the back ofstrong terminal sales※1 The figures for all the companies stated above are amounts before eliminations and consolidated adjustments. GMO-EP Consol. includes GMO Epsilon and GMO Medical Reservations
Technology. GMO-PS: GMO Payment Service, GMO-FG Consol. includes GMO Financial Gate and GMO Card System.
※2 Figures present the number of B2C EC merchants. ※3 Stock-type revenue (sum total of stock, fee and spread) is after consolidated eliminations.

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

9

1.4 Waterfall Chart for Consol. TRX Value (Q4 FY2022)
Achieved above-market growth rate from increase in offline
and non-merchandiseOnline
EC payment Company ＋32.5%
Consol. ＋45.4%※1（¥ tril.）（％ YoY）

MarketOffline payment
Company
MarketOutperform＋97.6%＋78.7+18.9%＋17.7%
Merchandise EC
+8.3%
＋6.5
+1.8%

Non-merchandise EC+57.1%＋8.3+48.8%

GMO-PS
Merchandise

3.0¥3.0 tril

GMO-EP

Other non-merchandise※3

Travel & Ticket

2.5

Increased outings and travel

Digital Content・Telecom※4※4¥2.1 tril
2.0

Utility
Expansion of service
to major EPCOs

GMO-PG

GMO-FG ※2
Increase in TRX from strong
terminal sales

1.50

Major telcos, growth of GMP, etc.

Q4 FY2021

Q4 FY2022※1 Offline market: METI’s “Survey of Selected Service Industries”. The offline market figures show the YoY change for July to August as the September figure is undisclosed as of thiswriting. EC Market: Based on Ministry of Internal Affairs and Communication’s “Family Income and Expenditure Survey,” figures are categorized into merchandise and non-merchandise
according to the Company’s standards using the Internet expenditure amount per household. ※2 Excludes GMO-PG’s offline payment (GMO Cashless Platform) GMO-PG※3 Financial institution-linked utility ※4 GMP stands for Global Major Players ※4 Rounded off to nearest trillion of yen.

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

10

1.5 Revenue by Business Model (Quarterly Trend)
Expansion of offline payments driving stock, fee and spread revenues% YoY（¥ Mil）
14,00012,000Spread13,341
11,132＋15.6％+27.2％＋31.4％＋16.6％＋18.6％＋20.7％＋39.6％＋14.4％

1,723
2,005

0
Q4 FY2021

InitialStock

Offline payment
Online payment

Stock
＋
＋
＋

Processing Platform
Offline payment
GMO-MR

InitialQ4 FY2022

Fee＋14.4％

Fee
＋
＋

1,754

+12.5％

3,840

2,080

2,000

＋7.2％

5,415

2,922

4,000

Q4 FY2022

Offline payment
Early Payment service
Overseas Lending
Online payment
GMO Payment After Delivery

4,731

6,000

Q3 FY2022

＋
＋
＋
＋
－

10,0008,000

Q4 FY2021＋246.3％

Spread※ The “+” signs indicate services with growth rates that are higher than 25% or if the growthrate is higher than that of the business model; the “-” indicates growth rates that are lower.

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

11

1.6

Segment Results (Quarterly Trend)

Sluggish segment growth from cycling through of COVID windfall
Segment Revenue（¥ Mil）（¥ Mil）

13,341

14,000225
12,00010,000

Segment Profit ＋25.2％ YoY（after consol. adjustments)

Consol. ＋19.8％ YoY＋21.5％ YoY＋ GMO-MR＋46.1％

11,132

185

4,000

2,987

2,593

＋15.2％ YoY

3,461

4,500

3,500

405

8,358
4,000

10,131＋21.2％ YoY＋ Expansion of offline payment＋ Growth of non-merchandise EC

2,000＋0.4％ YoY

+ Growth of overseas lending－ Hard comps from COVID windfall for
GMO Payment After Delivery－ Cost increase from raising credit limit

404

2,500
6,000

Positive profit＋ GMO-MR’s losses shrink

2,764+ Growth in overseas lending－ Hard comps from COVID windfall for 3,000
GMO Payment After Delivery

8,000

3

4,014

3,378

＋18.8％ YoY＋ Expansion of offline payment＋ Growth of non-merchandise EC

1,500
1,000

2,000

-193

500
0

0
Q4
FY2021
21/4Q

21/4Q

Q422/4Q
FY2022(500) Q4 FY2021

Payment Processing Business

Money Service Business

22/4Q
Q4 FY2022

Payment Enhancement Business

Operating Profit

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

122. FY2023 Earnings Forecast

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

13

2.1

Consolidated Earnings Forecast

Guiding for revenue growth 17.5% and OP growth 25%
FY2023 Earnings Forecast
IFRS

FY2022（¥ Mil）

FY2023% YoY

Revenue

50,29859,100+17.5%

Operating Profit

16,24920,311+25.0%

34,756
16,802

18,837－45.8%+12.1%

Profit24,361

12,635－48.1%

Profit24,152

12,368－48.8%

¥79
¥81
¥160

¥82
ー
¥82

＋¥3

Pre-tax Profit
Adj. for special factors※

attributable to owners of parent

Ordinary dividend

DPS

Special dividend
Total※ Excludes the gain on sales of equity method affiliate of ¥16,932 mil and forex gains ¥1,022 mil that were recorded in FY2022.

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

14

2.2

Consol. Revenue Guidance Explained

Given macro uncertainty, budget based on removing optimism
and including only highly-likely initiatives
Revenue (Actual, Forecast) and new initiatives
Guidance＋17.5％（¥ Mil）
70,000

Guidance
60,000＋20.0％ ②①Existingbusiness

50,000New
initiatives①Existingbusiness

FY2022
New
Sudden changes in COVID causes
initiatives existing business to underperform
FY2023
Conservative assumption given macro
uncertainty

Forecast

Macro uncertainties
・Cycling through of COVID windfall
to merchandise EC
・Decline in private consumption
・Chip shortages, soaring material
costs, etc.

Forecast
Actual

40,000②① Growth assumption forexisting businesses

30,000② New initiatives baked
into guidance

20,000

FY2022
Guidance achieved as new initiatives
offset the underperformance inexisting business

10,0000

FY2021
実績
Actual列1

FY2022 Initial
会社計画
Forecast

FY2022
実績2
Actual列2

FY2023計画
Guidance

FY2023Only baked in high-probability
initiatives despite growth in overall
initiatives

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

15

2.3

Outlook of Revenue Growth

Strong offline payment; non-merchandise EC、BaaS support,
overseas MSB returning to 25% growth trend line
Revenue growth of major companies(quarterly trend)
50%

GMO-PG Total
Non-merch EC, BaaS support, overseas
GMO-PG Non-merch. EC, etc. MSB, etc. are recovering slowly
GMO-PG Merch. EC
Recovering but slow
GMO-EP
Mired in COVID windfall cycling through
GMO-PS
Recovered to pre-COVID levels

Return to growth trajectory25%
25％

FY2023
Revenue growth Proportion

0%
19/1Q 19/2Q 19/3Q 19/4Q 20/1Q 20/2Q 20/3Q 20/4Q 21/1Q 21/2Q 21/3Q 21/4Q 22/1Q 22/2Q 22/3Q 22/4Q

-25%
200%
150%

Pre-COVID

COVID Windfall（Guidance）（Estimate）

GMO-PG＋18%

55%

GMO-PS＋19%

15%

GMO-EP＋2%

10%

Cycling Through of COVID
windfallGMO-FG Consol.

Image of revenue trend

Maintain growth thanks to reopening

Maintain growth momentum

100%
50%

25％

GMO-FG
Consol.

＋21%

20%

0%

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

16

3. Growth Strategy and Initiatives in Focus Areas

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

17

3.1

Return to 25% Revenue Growth Trend

Aim to return to 25% revenue growth from mid- to long-term
initiatives at each company

Mid- to long-term revenue growth
ActualGuidance

Business strategy to return to 25％ growth trend

Page

Internal target＋25％ growth

GMO-PG non-consolidated
Increase nos. of clients (High Volume）
Raise sales productivity by 30% from specialization
Sales strategy for large customers (High Value）

3.4
3.5
3.7
3.8

Pursue industry-specific problem-solving sales
・Increase proportion of large clients: 40% by 2025
・Increase proposal-based sales: aim for 50% of total

GMO-EP

3.4

Drastic strategic changes underway

5-yr CAGR ＋23.2％

Strengthening new initiative and partner strategy

GMO-PS

3.7

Expand beyond merchandise domain, partner strategy
Developing new BNPL for Spring launch

GMO-FG Consol.
18/9

19/9

20/9

21/9

22/9

23/9

24/9

25/9

3.6

Expand stock-type revenue; expand stera
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

18

3.2.1 Sales Strategy for Large Customers(High Value)①
Buildout applications that resolve issues in respective
industries, then deploy within the vertical
Revenue expansion image by deploying applications
Revenue
App 3
App 2
App 1

Provide applications that support DX of
business operations and resolve theindustry’s issues, including paymentrelated and remittances, etc.
※ Considering to expand 4-revenue stream
model by further increasing applications（e.g. stock → fee ＋spread）

LargeclientⅠ

LargeclientⅡ

LargeclientⅢ

LargeclientⅠ

LargeclientⅡ

LargeclientⅢ

LargeclientⅠ

LargeclientⅡ

LargeclientⅢTime

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

193.2.2 Sales Strategy for Large Customers(High Value)②
Multiple offering of DX-supporting applications, including in thepayment-related areas such as invoice and remittance Revenue
Industry

1

Application
2

3

Banks/Non-Banks

Ginko Pay

Acquiring

Credit card issuing

EPCO/GASCO

Credit card
payment

GlobalUsage fees

Exclusive payment
gateway

Operational support applications

Consolidate
Payments on major payment of ecoplatforms
systems

Telco/Broadcast

Credit card
payment

Digital content

Carrier billing

Subscription

Travel/Ticket

Reservation
systemReal estate

Upfront payment

Insurance

Recurring billingMulti-payment
Large merchandise QR
code payment

Municipals/Other

Credit card
payment

Paperless invoicetargetFY2027Ⅰ

TargetⅡ

Ⅲ

Bank

Credit cardcompanies

Businesses

Regional EPCOs

GASCOs3.0～

Global brand

3.0～

Major EPCOs

4.0～（¥ bn）

GMP
Foreign companies Platformers
Major telcos

Satellite
broadcastServiceproviders

3.0～

Micropayments

Existing client
New majors

HR TechContent providers
Gaming companies

5.0～

Credit card
payment

Digital gift
vouchers

Major travel
agentsHotel reservation
websiteTicketAirline

1.5～

Rent payment

Payment by
biometric
authentication

Guarantors

Real estate
brokers

Developers

1.0～

Foreign large
insurers

Domestic life
insurers

Industryorganizations

2.0～

Proprietary payment
Existing client
for merchant’s
New majors
eco-system

Drug stores

GMS

6.0～

Super City

13.0～

DX support for contracts,
payment slips, reminders
Subscription
QR code paymentof taxes※ MaaS stands for Mobility as a Service, GMP stands for Global Major Players.

MaaS payment

Nat’l Tax Agency Public transport

Total 41.5～
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

20

3.3.1 GMO-PG’s Business Domain and Expanding
Partnerships
Monetize new payment methods and acquire new entrants
GMO-PG’s clients/partners
Payment
methods

Capture diverse
payment
methods tosupportExpand QR code payment
merchants
and corner the market
QR codeNew payment
methods…

Credit card issuing, etc.
Entry into payment
services

Over 30 other payment
methods

Credit card
GMO-PGBank

Businesses

Credit card co.

Startups

New entrants

BaaS support
Processing PF

Payment
Service
Providers

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

21

3.3.2

GMO-PG’s Differentiation

Business expansion based on proprietary positioning thatleverages our unique strengths
Peers
SIer

Payment
serviceproviders(Japan &Overseas)

Business
model

GMO-PG
Flow

Product

Generic

BusinessdomainMainlyofflineBusinessscale

Small/
MediumStockTransaction

・Leverage in-house proprietary application
・Onboards digital payments required forachieving DX・Business scale
・Legal compliance (merchant management)
・Cover Japan-specific payment methods(i.e. development) ・Industry sales with deep understanding ofbusiness processes
・Proposal that cater to underlying needs
Offline/Online ・Development capability that realize
BNPL
customer’s needs
・All-round capacity that goes beyond productBaaS
launches
Global・Service diversification

Generic/
Customized

Major

・Payment＋α

Not limited to known issues/needs but capture
underlying needs that realizes DX(proposals from GMO-PG)
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

22

3.4

Broader EC

Broader EC
2025 OP Target¥18.0～¥22.0 bn

Strengthen merchandise EC recovery, continue focus on nonmerchandise EC to achieve 25% revenue growth※1

TRX value of merchandise/non-merchandise
EC (quarterly trend)（¥ tril）
2.5

Q3 FY2021～Q2 FY2022 Merch. EC■ Merchandise EC
Impact of large merchant recovering■ Non-merchandise EC＋8.3％

Pre-COVID to present: Market and GMO-PG scalecomparison (indexed)
200

GMO-PG online GMV ※2
EC market ※3

180

GMO growth rate was over1.36x higher than market
by focusing on expanding
non-merchandise EC

160

Q3 FY2020
First State ofEmergency declared

1.5

Pursuing sales strategy toacquire large customers
and expand number ofclients

120
100

0.5

Non-cyclical

22/4Q

22/3Q

22/2Q

22/1Q

21/4Q

21/3Q

21/2Q

21/1Q

20/4Q

1.0

20/3Q

Non-merch. 80
EC growth
continues＋57.1％ Dec. 2022 onwards NEW
Operation of NTA smartphone payment website
20/1Q

Cyclical

0.0

140

20/2Q

2.0

・Acceleration of cashless/DX adoption by public sector
・Payment commission not levied on taxpayers
・Govt. pursuing a higher cashless tax payment penetration
for national taxes
2021

32％

2025

40％ ※4※1 Figure presents the sum total for GMO-PG merchandise, GMO-EP and GMO-PS ※2 Consolidated online transaction value (GMO-PG, GMO-EP and GMO-PS)※3 Based on Ministry of Internal Affairs and Communication’s “Family Income and Expenditure Survey,” figures are categorized into merchandise and non-merchandise according to theCompany’s standards using the Internet expenditure amount per household. ※4 National Tax Agency report on usage of e-Tax usage in FY2020

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

23

3.5

BaaS

BaaS
2025 OP Target¥1.0 bn～（Embedded Finance）

Sustain growth by strengthening credit card issuing toresolve customer’s issues※1

Ginko Pay/Processing platform (quarterly trend) Why GMO-PG services are chosen■ Ginko Pay■ Issuing (Processing PF)■ Acquiring (Processing PF)

・Promptly provide new functions and cost minimization
Q4 FY2022
% YoY

Total

＋43.0％

Ginko Pay ＋1.4％
Due to change inmonthly revenue
amount cause by
renewal contract at alarge customer(total contract amountunchanged)

Processing PF＋75.0％

・Security feature・Functional scalability

Policy for mid- to long-term revenue growth・Strengthen functions for credit card issuing, etc.
・Expand applications that support Embedded Finance・Plan to expand beyond stock revenue model
October 2023～ NEW
Provide a revolutionizing credit card issuing system
Realize low-cost and swift credit card issuing
Provide “H-ALIS” as GMO-PG Processing Platform throughthe collaboration between Hyundai Card Co. Ltd.,※2
Bankware Global Co. Ltd. and EXA CORPORATION

Target customers
Financial
institutions

Credit cardcompanies

Businesses※1 Includes revenues from businesses other than financial institutions that use Ginko Pay and Processing Platform.
※2 H-ALIS refers to package software known for its high flexibility and scalability launched in South Korea. Localization to the Japanese market is underway.

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

24

3.6

Offline・IoT

Offline・IoT
2025 OP Target¥2.0 bn～ ※1

Realize growth by making inroads to large enterprises using
industry-specific services across various industries

Quarterly trend of GMO-FG/CAS revenue by※2business model (quarterly trend)（¥ Mil）
1,000
900
800

% YoY

■ Initial (right axis) ＋12.3％■ Stock (left axis)＋63.0%■ Fee (left axis)＋134.8％■ Spread (left axis) ＋28.1％

Stock-typerevenue＋75.9％

Horizontal expansion with industry:
Reach for large enterprises in the industry① Next-gen multi-payment terminal② adapted for contactless and unattended stores
2,500
Vertical expansion: Industry-specific service rollout

2,000③ Develop house point rewards,
QR code accepting ticket machines④ Strengthen payment center function
Vertical

700

Beveragevending machine

Parking

EV Meters

LaundryEntertainment

Horizontal

Hotel/travel, apparel, etc. benefiting from reopening500

Top-30 GMV merchants (Q4 FY2022, % YoY)
Hotel/Travel 1 co. → 4 co. Total ¥13.6bn (9.9x）
Apparel/1 co. → 4 co. Total ¥17.8 bn（12.7x）

100

…

0

Wholesale

200

Real Estate300

Schools

1,000

Medical/Welfare

400

Mobility

Retail500

Travel/Hotel

1,500

Food/Beverage

6000Sum of 30 companies

Total ¥146.4 bn（+60.5%）※1 Operating profit target for 2025 includes companies other than GMO-FG and GMO-CAS. ※2 Revenue figures are after consolidated eliminations and adjustments. Stock-type revenue
is the sum total of stock, fee and spread.

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

25

3.7

FinTechFinTech2025 OP Target¥3.0 bn～

Growth rate improvement driven by overseas business; BNPL remains
sluggish but measures to capture customer needs underway
FinTech revenue and operating profit（¥ Mil）% YoY

Growing BNPL needs unique to Japan・Alternative payment method in a market that still uses cash
payment
・Certain consumers that are non-credit cardholders or
refrain from using＋12.3％＋7.8％
10,000※1

EC market share of payment method (by value) ※2
Prepaid7.0％+54.9%

6,000

BNPL

+8.1%

4,000

2,000

Other 8.3％

Overseas MSB

8,000+16.3％

Carrier billing
8.5％
Cash on Delivery
5.8％
Transition
to BNPL＋17.8％EC Market¥20.7 tril
EC penetration
8.8%

Credit card
60.5％

CVS payment
9.9％
※3

0
FY2020

Other
RemittanceLending (overseas)
GMO Payment After Delivery

FY2021

FY2022Finance lease
Early Payment
Lending (domestic)
Operating profit

Provide installment BNPL through collaboration with SMCC
・Rollout of long-term installment BNPL
・Installment payment demand likely to rise in an
inflationary environment
Promoting paperless BNPL by eliminating paper invoices
・Expand “bar code type” BNPL

※1 Yano Research Institute Ltd. ”Online Payment/Settlement Service Providers 2022” ※2 METI “FY2020 Global Survey Project Concerning Integrated Domestic and External
Economic Growth Strategy Building (E-Commerce market survey)” ※3 SMCC stands for Sumitomo Mitsui Card Co. Ltd.

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

26

3.8.1

Global MSB

Global2025 OP Target¥3.0 bn～

High demand for credit on the back of 5% GDP growth;
enjoying 12% yields※

Support Credit Providers, a requisite of EC market in MSB plan (loan balance, number of borrowers)
90
360
all Asian countries

Loan balanceApprox.
310¥35.0bn• Increase lending to high-performance borrowers
80• Diversify and capture medium/small size loan market for new loans• Strengthen local activities, diversify fund sourcing

70

Payment Service
ProviderCredit Provider

Next decade: Required foundation for EC market
Focus Area project pipeline (excerpt)

260
Definition of size

60

210
Large: over ¥1.5bn

50
40

Inventory financing (multiple companies)

30
Approx. Total over 20

Early payment for CVS payment

20

Transaction Lending
SME loans (multiple companies)
Cash loans for individuals
Education/academic loans
Credit cards for small-size SMEs

Medium:160¥0.5 to ¥1.5 bn
110

Approx.
¥15.0bn¥10.0bncompanies

60
Small:
up to ¥0.5bn
10≒ 15 companies

10
0

-40
FY2022

FY2023 Plan

5 companies

Plan for out years

10 companies

2030
25 companies～

Financing for gig-workers
Procurement order-financing for SMEs

Image of FinTech unicorn companies supported by GMO-PG※ GDP growth rates show the average GDP growth rate for Indonesia, India and USA. Yield figure refers to weighted average interest rate charged to borrowers.

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

27

3.8.2Global: Earnings Summary

Asia MSB revenue up approx. 60%; full year OP up 2.5x
Revenue & OP (Q4 cumu.)（¥ Mil）
1,000※

Loan balance (end-Sep)（¥ Mil）% YoY＋51.7%

Global MSB＋26.7%
USA MSB+38.9%

New borrowers in FY2022(Overview of FinTech companies)

P2P PF operator for SMEs
ROI 7.09% per annum

10,000

USA
＋0.8%

800

Digital cash loan
Repeat users at 75%

8,000

600

400

OperatingprofitAsia MSB＋227.5%＋66.3%

Singapore

6,000

NEW

2,000

Asia payment
－9.4%

0

Online lending
Used in over 4,000 cities

India+245.5%4,000

200

Digital credit card
Over 12 mil users

Loan PF exclusive
for agriculture sector
Loans outstanding exceeded ¥2 trilIndonesia+2.9%0

Q4 Cumu.

Q4 Cumu.

End Q4End Q4FY2021

FY2022

FY2021

FY2022

Revenue Based Financing
Borrowers avg. 50% growth

Asia payment
March Released Taiwanese version of Condo Pay
Commenced remittance service to local corporates※ Figures exclude a one-time revenue recognized in Q3 FY2021 and Q1 FY2022.

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

28

4. Sustainability

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

29

4.1

Sustainability

Promoting Sustainability Management from this Fiscal year
and Contributing to SDGs

E

•
•
•

Commenced payment processing using de facto renewable energy
Established a zero-emission target
Support customer’s transition to paperless by digitalizing invoices(electricity bills, BNPL)

S

•
•
•
•

Promote impact financing to financial inclusion FinTech startups
Selected as “Great Place to Work” for 8 consecutive times
Support work and childcare (Kurumin certified)
Promoting health management
GHG Emissions ※4（t-CO2）
Transition company with audit andScope 2 (Zero Scope 1 emissions)supervisory committee
1,883
2,000
1,736
Established special committee

G••

Selected as constituent stock in several ESG indexes
adopted by GPIF ※1

1,600

1,559

1,200
800

※2
※3

400
0

19/9
20/9
21/9
23/9E
※1 GPIF stands for Government Pension Investment Fund.
※2 s. FTSE Russell confirms that GMO Payment Gateway, Inc. has been independently assessed according to the index criteria and has satisfied the requirements to become aconstituent of the FTSE Blossom Japan Sector Relative Index. The FTSE Blossom Japan Sector Relative Index is used by a wide variety of market participants to create and assess
responsible investment funds and other products.
※3 The inclusion of GMO Payment Gateway, Inc. in any MSCI Index, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship,endorsement or promotion of GMO Payment Gateway, Inc. by MSCI or any of its affiliates. The MSCI Indexes are the exclusive property of MSCI. MSCI and the MSCI Index names
and logos are trademarks or service marks of MSCI or its affiliates.
※4 Compiled from electricity consumption at the major companies’ data centers and offices. Scope 1 are direct greenhouse gas emissions from sources that are directly controlled orowned by an organization. Scope 2 are indirect emissions associated with the purchase of electricity, steam, heat or cooling.

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

30

4.2

Paperless initiatives at GMO-PS

Supporting SDG initiatives by eliminating paper invoices andintroducing paperless processes
Background•
GMO Payment After Delivery
Expanding Bar Code Payment

Heightened need to eliminate paper invoices
in order to realize SDGs and further improveusability of BNPL operations

Expanding Service•

Expand bar code type invoice that does not
require paper invoices(Added the PC browser version in addition to
the existing smartphone app version)

Effect••Realize paperless and improved operational
efficiency by eliminating the need to issue
invoices and enclose in the packaging
Does not require proprietary app; usable bymultiple EC operators

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

31

5. Financial Highlights and Reference Materials

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

32

5.1.1

Consolidated Balance Sheet Changes

Divestments strengthened investment funds and capital baseAsset（¥ Mil）

Liabilities/Equity（¥ Mil）

273,407273,407250,000

250,000

215,455
200,000

192,022

113,967

104,523
150,000

95,83059,603100,000

200,000

Deposits to
subsidiaries
and affiliates
16,50030,59928,821

9,590

9,852

End Q4 FY2020

End Q4 FY2021

0

Investment related
Other

※1

End Q4 FY2022※2

192,022
78,251150,000

Time deposits(3 mnth ～1 yr)
100,000
12,230

Prov. For 86,965
Prov. For
Prov. For
70,479doubtful
57,779 doubtful
doubtfulaccounts
accounts
accounts－2,722－2,574
12,870 －3,339

50,00085,562

215,455

50,000035,25286,751

19,67818,021
16,814
18,931
18,05023,00019,59315,15818,89020,653Equity57,820 ratio
25.9%

Equity33,453 ratio
16.5%
End Q4 FY2020

25,741End Q4 FY2021※2

89,260※4

Equityratio
31.9%

End Q4 FY2022

MSB related

EquityMSB related

Borrowings

Cash & Equivalents

Bonds

Other

Merchant deposits※3※1 Securities classified under investment securities and investment accounted for under the equity method.
MSB Related Asset = Lease assets, Short term loans, Advances paid, 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 is total equity attributable to owners of parent divided by total assets.
※5 Some figures are shown in net amounts of financial assets and liabilities.

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

33

5.1.2Major Consolidated Financial Indicators(Annual trend)

Strengthened equity base with the expansion of MSB
J-GAAP

IFRS

Third party allotment
Raised ¥8.0bn

40%

Issued Euro Yen
CB Due 2023
Raised ¥17.5 bn

35%

300

Euro Yen CB Due2026
Raised ¥21.1 bn
Euro Yen CB Due 2023
Fully converted

千

45%

（十億円）

33.8%

250

32.3%

30%

31.9%

200

25%
150
20%

ROE Baseline

15%

100

14.2%

10%

50
5%

0%

0
End Q4End Q4End Q4End Q4End Q4End Q4End Q4End Q4End Q4End Q4End Q4End Q4FY2011FY2012FY2013

FY2014FY2015FY2016FY2017FY2018FY2019FY2020

FY2021

FY2022

Total assets

Return on total assets using pretax profit (ROA)

Return on equity using profit attributable to owners of parent (ROE)

Total equity attributable to owners of parent to total assets (equity ratio)

OP margin※ 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.

34

5.2.1 Consolidated Revenue Waterfall Chart (Q4)
Consol. revenue grew 19.8% from the increase in offline andnon-merchandise payments
GMO-FG

GMO-PG

GMO-PS

GMO-EP

BNPL

SME
domain¥13.3bn

億（¥100 Mil）

130

BaaS
Merchandise Support
EC120¥11.1bn
110

Offlinepayment

MSB

Other

Nonmerchandise
EC

100

90

0

Q4 FY2021

Q4 FY2022

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

35

5.2.2 Consolidated OP and Pre-tax Profit
Waterfall Chart (Q4 Cumu.)
Pre-tax profit grew 161.6% from gain on sale related to overseas
investment activities , etc.
OP YoY: waterfall chart（+25.1% YoY）
GP increase（¥ Mil）

Pre-tax profit YoY: waterfall chart（+161.6% YoY）
Gain on salesof equity
method affiliate

SGA
increase

Other
Other
＋5,537 －2,573 revenue expense
increase decrease＋15＋16,932 34,756+282 16,249

Equitymethodprofitincrease
Financial Financial

12,987

income expense ＋167
OP increase increase
increase

・Ad expense －251
・Increase in prov. For doubtful
accounts－425
・Cost increase from other biz
expansion＋3,261＋1,136－27

・Gain on sales of allshares of 2C2P Pte. Ltd.

13,285・FY gain increase＋992
・Interest income increase ＋186

・CoS ratio increase －265
・Revenue increase ＋5,802

Q4 Cumu.
FY2021 OP（¥ Mil）

Q4 Cumu.
FY2022 OP

Q4 Cumu. FY2021
Pretax Profit

Q4 Cumu. FY2022
Pretax Profit※ The “+” and “-” sign denote the direction of the impact to operating profit and pretax profit.

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

36

5.3.1 Consolidated Revenue by Business Model(Q4 Cumulative)
Solid stock revenue from expansion of processing platform（¥ Mil）

Spread50,29850,00041,667

21,38140,00018,913
13,663
10,865

7,916

7,335

5,314
0
Q4 Cumu. FY2021

Initial

Stock

＋
＋
－
－

＋25.8％
Online payment
Offline payment
Remittance service
GMO Payment After Delivery

Stock

6,573

10,000

Offline payment
Overseas lending
Early Payment service
Online payment
GMO Payment After Delivery

Fee

30,00020,000＋＋＋－－Q4 Cumu. FY2022

Fee

Spread

＋13.1％＋ Processing platform＋ Offline payment＋ Remittance service＋ GMO-MR
Initial＋ Offline payment terminal sales＋20.4％＋38.0％※ The “+” signs indicate services with growth rates that are higher than 25% or if thegrowth rate is higher than the business model; the “-” indicates growth rates that are lower.

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

37

5.3.2 Consolidated Quarterly Trend of Revenue
by Business Model（¥ Mil）
5,371

5,500
5,000

4,808
4,665
4,290

4,500

4,707

5,296

5,297

4,731

4,414

4,000
3,450

3,500

3,135
3,000
2,557

2,671

3,289

3,364

2,815
2,532

2,382

1,500

1,406

1,520

1,661

1,906

1,767

1,179
1,000
500

791

828
386

247

889

1,846

1,221

1,812

1,236

1,825

1,261

1,937

1,359

2,527

296

2,713

2,559

2,669

2,083

1,460

1,478

1,610 1,552

1,522

3,395

2,037

1,851

1,723
1,717

1,411

3,278

1,947

2,166

1,678

2,080
2,005

1,754
1,484

1,131

919
561

3,149

2,922

2,500
2,000

3,840

3,672

3,646

5,415

876
659
389

316

323

362

19/2Q

19/3Q

19/4Q

725
489

506

20/3Q

20/4Q

0
18/1Q

18/2Q

18/3Q

18/4Q

19/1Q

Initial

20/1Q

Stock

20/2Q

Fee

21/1Q

21/2Q

21/3Q

21/4Q

22/1Q

22/2Q

22/3Q

22/4Q

Spread※ Online advertising service (stock) and finance lease (spread) revenues are recognized as a net amount with the IFRS adoption rather than the gross method from FY Ending September 2018
The figures for revenues by business model present the continuing operations only and exclude MACROKIOSK, due to its deconsolidation in May 2020.

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

38

5.3.3 Consolidated Revenue Trend by Business
Model (Annual)（¥ Mil）

IFRS

J-GAAP

60,00055,00050,000Spread45,00040,00035,00030,000Fee

25,00020,00015,000Stock

10,0005,000

Initial

0
04/9
05/9
TSE
Listing

06/9

07/9

08/9

09/9

10/9

11/9

12/9

13/9

14/9

15/9

16/9

17/9

18/9

19/9

20/9

21/9

22/9

23/9E

※ Online advertising service (stock) and finance lease (spread) revenues are recognized as a net amount with the IFRS adoption rather than the gross method from FY Ending September 2018
The figures for revenues by business model present the continuing operations only and exclude MACROKIOSK, due to its deconsolidation in May 2020.

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

39

5.4 Segment Results (Consolidated, Q4 Cumulative)
Low segment growth rates dues to cycling through of COVID
windfall demand＋25.1％ YoY
Segment Revenue＋20.7％ YoY（Consol.）（¥ Mil）

Segment Profit（after consol. adjustments)（¥ Mil）

50,29850,000942

16,249＋31.3％ YoY

20,00040,00012,987717
11,402

10,151＋12.3％ YoY

15,0002,466+ Growth in overseas lending－ Hard comps from COVID windfall
for GMO Payment After Delivery

30,00037,97820,00030,812＋17.8％ YoY＋ Growth in overseas lending－ Hard comps from COVID windfall
for GMO Payment After Delivery

2,093

10,00017,539＋23.3％ YoY＋ Expansion of offline payment＋ Growth of non-merchandise domain

Positive profit＋ GMO-MR losses shrink＋ Growth of online advertising＋ GMO-MR＋78.4％

41,667174

14,424＋21.6％ YoY＋ Expansion of offline payment＋ Growth of non-merchandise domain

5,000
10,000－10600Q421/4Q
Cumu.
FY2021

Q4
Cumu.
21/4Q
FY2021

Q422/4Q
Cumu.
FY2022

Payment Processing Business

Money Service Business (MSB)

Q422/4Q
Cumu.
FY2022

Payment Enhancement Business

Operating Profit

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

40

5.5.1 FinTech: Assets & Profit Growth (Q4 FY2022)
Steady profit trend from expansion of high margin services
MSB related assets (end-Sep.)

Segment revenue（¥ Mil）（¥ Mil）+23.4％＋35.2％

3,000＋15.2％

80,000

Segment profit+17.3％+13.4％（¥ Mil）（% YoY)

＋0.4％

400

2,500

＋23.6％
60,000

2,000

1,500
40,000＋21.3％+10.5%

200＋12.5％＋28.8％＋15.5％

0

1,000

20,000500＋27.0％−20.7%

0
End Q4 FY2021

End Q4 FY20212

0
21/単4Q

21/単4Q

22/単4Q

22/単4Q

Lending (domestic)

Lending (overseas)

Early Payment

GMO Payment After Delivery

RemittanceB2B Factoring

Finance Lease ※2

B2B AR Guarantee※2

Condo Pay ※2※2
Instant Salary byGMO※1 Figures for GMO Payment After Delivery relatd assets (accrued revenues) is net of allowance for doubtful accounts.
※2 The % YoY figures for finance lease, B2B AR Guarantee, Condo Pay and Instant Salary byGMO are not displayed.

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

41

5.5.2 FinTech: Assets & Profit Growth (Q4 Cumulative)
Steady profit trend from expansion of high margin services
MSB related assets (end-Sep.)（¥ Mil)+23.4％

Segment revenue（¥ Mil)＋35.2％

Segment profit＋12.3％－25.9％

80,000（¥ Mil)（% YoY)+17.8％

2,400+10.0％

10,0002,000＋23.6％
8,000

60,000

1,600

6,000

+8.1%

40,000＋21.3％

1,200

4,000

800

20,0002,000＋27.0％−20.7%

0
End Q4 FY2021

End Q4 FY2022＋17.1％+54.9％＋18.8％

0
Q4 Cumu. FY2021

Q4 Cumu. FY2022

400

0
Q4 Cumu. FY2021

Q4 Cumu. FY2022

Lending (domestic)

Lending (overseas)

Early Payment

GMO Payment After Delivery

RemittanceB2B Factoring※2
Finance Lease

B2B AR Guarantee※2

Condo Pay※2※2
Instant Salary byGMO※1 Figures for GMO Payment After Delivery relatd assets (accrued revenues) is net of allowance for doubtful accounts.
※2 The % YoY figures for finance lease, B2B AR Guarantee, Condo Pay and Instant Salary byGMO are not displayed.

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

42

5.6.1 Consolidated Quarterly Trend of CoS andSG&A Ratio
CoS ratio fluctuates with changes in revenue mix※(¥ Mil)12,89741.2%
10,000

37.6%

35.9%

8,246
8,000

7,769
36.4%

7,945

9,030

8,623
36.7%

10,646

8,927

33.3%

35.2%

32.7%

26.7%

34.8%

28.8%

3,720
2,791
3,004

2,807

2,646
2,818

3,292

2,664

3,181

3,174

3,433

3,813
2,488

3,872
2,817

34.6%

33.8%

34.7%
33.4%

35.8%
31.3%

32.6%

6,000
3,098

40.0%

37.5%

39.6%

27.9%

40.9%

10,121

9,767

8,160
35.2%

50.0%

11,132

42.7%

36.8%

9,356

36.6%

35.5%

36.1%

4,000

12,201

11,857

12,00013,341

31.1%

4,169
3,522

3,466

3,169

3,599

3,982

33.6%

33.0%

30.0%

30.7%

4,108

4,075

3,684

4,021

3,959

5,460

4,469

4,487

20.0%

2,302

2,986

10.0%
2,000

0

0.0%
19/1Q

19/2Q

19/3Q

19/4Q

20/1Q

Revenue

20/2Q

20/3Q

Cost of Sales

20/4Q

21/1Q

SG&A

21/2Q

21/3Q

21/4Q

CoS ratio

22/1Q

22/2Q

22/3Q

22/4Q

SGA ratio※ Figures only present the continuing operation from Q3 FY2020 and onwards and exclude MACROKIOSK (reclassified as discontinued operation) due to its deconsolidation in May 2020.

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

43

5.6.2

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

Cost of sales ratio for online payment business trending stably
8,498(¥ Mil)
8,000

7,682
44.8%

45.2%

36.5%

6,000

33.1%
5,142

4,840

4,000
20.7%

5,126

20.9%

20.7%

6,709
39.7%

34.2%

2,000

20.9%

21.2%

1,874

1,043

1,592

1,800
1,065

1,005

1,016

40.7%
40.0%

33.3%

32.5%

20.2%

1,069

1,117

21.0%

20.5%

22.1%

1,339

21.5%

30.0%

32.9%
29.4%

22.6%
19.3%

20.5%

3,462
20.1%

19.5%

20.0%

2,932
2,665

1,373

2,495

2,286

2,177

1,517

1,478

1,984
1,235

32.5%

31.6%

2,319
1,783

41.2%

41.6%

2,649
2,253

6,878

5,271

4,816

21.0%

6,110

3,000

1,000

6,858

6,370
36.8%

5,000

50.0%

7,122

7,000

5,032

7,906

7,977

1,609

1,483

2,603
1,616

2,345
1,553

1,711
10.0%

0

0.0%
19/1Q

19/2Q

19/3Q

Revenue

19/4Q

20/1Q

Cost of Sales

20/2Q

20/3Q

SG&A

20/4Q

21/1Q

CoS ratio

21/2Q

21/3Q

SGA ratio

21/4Q

22/1Q

22/2Q

22/3Q

22/4Q

SGA ratio (1 year trailing average)※ Figures are before consolidated eliminations.

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

44

5.7.1

Operating Stores, TRX Volume and Value(Quarterly Trend)Group-wide annual TRX value reaches approx. ¥11.3 trillion※1

Operating stores 142,396 stores, consol. TRX volume approx. 1.33 bn, consol. TRX value approx. ¥3.0 trillion※2（¥ Tri）（Stores）
160,000 2.2
2.0
1.8

140,000 1.6（100 miltransactions）
14(Reference 1) Online payment TRX volume approx. 1.22 bn, TRX value approx. ¥2.2 tril.
(Reference 2) Annual consol. TRX value approx. ¥11.3 tril.
Excluding GMO-FG
approx. ¥8.7 tril.

12

1.4
120,000

1.2
10

1.0
0.8

100,000

0.6
0.4

8

0.2
80,000
6
60,000

Proportion of spread revenue ≒45%
※Annual average basis (revised in
5% increments)

40,000

4

2

20,0000

0

Recurring billing TRX volume

Pay-as-you-go billing TRX volume

TRX Value※1 Figure exclude an operating stores of a specific merchant. Figures exclude the stores related to a large delivery company from Q1 FY2017. If included, operating stores would be455,958 (up 44.7% YoY). ※2 Operating stores are measured on an end-of-quarter basis. Figures for GMV value and volume are the total for the respective quarter. ※3 The graph isbased using only online payment figures. ※4 The standards for calculation the number of operating stores has been revised from Q2 FY2022. Figures from Q3 FY2015 have been
retroactively adjusted on the same basis.

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

45

5.7.2

Consolidated TRX Volume and Value(Quarterly Trend)

TRX volume and value continues its robust growth; bothoffline and online trended strongly＋36.6％ YoYConsol. TRX Volume（Mil transactions)
1,400

1,200

＋45.4％ YoYConsol. TRX Value（¥ bn)

Online payment

3,000

Offline payment

2,500
1,000
2,000
800
1,500

600

1,000

400

500

200

0

0
20/1Q20/2Q20/3Q20/4Q21/1Q21/2Q21/3Q21/4Q22/1Q22/2Q22/3Q22/4Q※

Offline payment（GMO-FG）
Online payment＋87.7%＋32.6%（Breakdown）Digital content・Telecom+40.6%
Utility+128.5%
Membership/Service usage +157.2%

20/1Q20/2Q20/3Q20/4Q21/1Q21/2Q21/3Q21/4Q22/1Q22/2Q22/3Q22/4Q※

Offline payment （GMO-FG）
Online payment（Breakdown）

Digital content・Telecom
Utility
Travel・Ticket＋97.6%＋32.5%+53.8%+109.5%+85.1%※ Excludes the offline payment of GMO-PG (GMO Cashless Platform).

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

46

5.7.3

Scatter Chart of Major Merchant Sectors(Q4 standalone)

Sector diversification achieves both stability and growth■Revenue proportion by sector (vertical axis)/Revenue growth rate (horizontal axis)（Based on Q4 FY2022）30%
Size of circle denotes the sizeof TRX value
25%

Proportion of revenue

Digitalcontent・
Telecom

20%

15%

10%

Utility
Cosmetic/
Health food Apparel Food &5%
Beverage
C2C
Daily goods/
Office supplies
0%
-5%

5%

15%

Insurance
Delivery/
Newspaper

25%

35%

45%

Travel・
Ticket55%

Revenue G rowth (% YoY )※ Compiled based on figures for transaction value and revenue by industry of PG Multi-Payment Service.

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

47

5.8.1

Consolidated Cashflow Statement（¥ Mil）

J-GAAP

55,000

FY2022 changes by item (¥ Mil)
Operating CF:＋7,656
Pretax profit+34,756
Gain on sale of equity method
affiliate−16,932
Advances paid
−9,101
Accrued revenue－6,018
Accrued expense＋2,402
Deposits received＋6,810
Income taxes－5,231
Investing CF:−2,443

IFRS

50,00045,00040,00035,00030,00025,000

Deposit into restrictedaccount−11,499
Sales of inv. securities＋24,487
Deposits to subsidiaries andaffiliates－16,500
Financing CF:+2,635
LT borrowings＋6,000
Dividends paid
－4,471

20,00015,00010,0005,000
0-5,000-10,000-15,000
13/9

14/9

15/9

Operting CF

16/9

17/9

Investing CF

18/9

19/9

Financing CF

20/9

21/9
FCF

22/9

FCF
：
＋5,212
Cash & Equivalents: 113,967
Mainly Money
Service Business※ 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.
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

48

5.8.2

Changes in the Consolidated CF Statement

Following factors affect operating CF other than the pretax
Related Liabilities & Assets
profitImpact from business expansion
Payment Processing Business
Sales proceeds frommerchants under
Representative Contract

Deposits received(liability)

Liability

Operating CF

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

Money Service Business
Early Payment service

Advances paid
(asset)Asset

Operating CF

BNPL service

Accrued revenue(asset)Accrued expense(liabilities)

Asset

Operating CF

Liabilities

Operating CF

Asset

Investing CF

Others

Deposits to subsidiaries
and affiliates (asset)

Funds that are temporarily deposited into the CMS of
GMO Internet Group, which can be withdrawn at any
time depending on cash requirements.
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

49

あThank
り が とYou
う ごVery
ざ い Muchました

GMOペイメントゲートウェイ株式会社
GMO Payment Gateway, Inc.
(3769;
Stock
Exchange
Prime)( 東 証Tokyo
プラ
イム
376
9)
IRサイトURL
https://www.gmo-pg.com/corp/
URL： https://www.gmo-pg.com/en/corp/
お問合せ・個別取材のお申込みは、企業価値創造戦略
統括本部
For inquiries, please contact our IR team at the
telephoneIR部までご連絡ください。
number below:
Corporate Value Creation
Strategy Division (IR Department)
TEL：03-3464-0182
TEL: +81-3-3464-0182
E-mail：ir-contact@gmo-pg.com
E-mail：ir-contact@gmo-pg.com

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