For the Third Quarter of the Fiscal YearEnding September 30, 2021

Results ofOperations
AirTrip Corp.
TSE 1st Section: 6191
August 13th ,2021“Restart”～Start for the 2nd stage after being listed～～AirTrip Group restarts～

FY21.9 Period 3Q “Restart” ～ Record a new high Operating Profit from 1st to 3rd Quarter ～By executing [AirTrip “Restart”] growth strategy,

1st ～ 3rd quarter of FY 21.9 recorded a high Operating Profit of 3.7 billion yen !!

～ Successfully accumulated Operating Profit at the same level of 1st and 2nd Quarter ～Unit: Hundred million yen

FY20.9 Period(Full year result)

FY21.9 Period FY21.9 Period FY21.9 Period(1Q’s Result)

1st Stage

Start of 2nd Stage(From the time being listed to theend of previous period)(“Restart” from FY21.9 period)(2Q’s Result)(3Q’s Result※)

Consolidated
Net Sales

FY21.9 Period(Full-year Results
Forecast)

10.7

Steadily accumulate Operating
Profit by promoting strategic
business portfolio
diversification

12.4

Consolidated Operating Loss
(Before Impairment Loss)

△7.9

30.7
26.0

7.6
1Q
Grand Total

2Q
Grand Total

3Q
Grand Total

1Q～3Q
Grand Total

Full-year Cumulative
Result(After Revision of Result Forecast)※The above mentioned 3Q result is preliminary figures at the present time and may differ from actual results.

Copyright © AirTrip Corp. All Rights Reserved.

2

FY21.9 Period 3Q “Restart” ～ Strengthen AirTrip Economic zone by the diversification strategy ～Promoting the development of diversified businesses, and strategicallystrengthen AirTrip Economic zone.
～ Promoting to restructure and diversify business portfolio by utilizing the asset of AirTrip Group ～Creating innovation by media
solutions that utilize Magmag's
digital technology to meet thediversifying customer needs of the
New Normal Era.

Leading the travel industry by promoting optimal UX
provision and the expansion of content and products fromthe areas that are loosen restriction for travel in the Oversea
travel domain to meet the changing travel demand during
the COVID-19 crisis.

Media
Business

AirTrip Online
TravelBusiness

Economic Zone

Inbound Travel
Agency / Wi-Fi
Rental Business

Providing optimal solutions tovarious needs due to changes
in the environment, centeredon the Wi-Fi rental area andinbound area aiming for
remote companies.

Diversify business development by utilizing AirTrip Group’s Assets

IT Off-shore
Development
Business
Promoting digital transformationin various industries/sectors
with Onsite Off-shore hybrid
system engineering.

Healthcare
Business

Creating new providing value by developing
services that revolved around digital x
medical/healthcare centered on PCR testing
services to dealing with medical issues during
the COVID-19 crisis.

Investment
Business
By utilizing the knowledge and experience
gained after listing 6 companies in total so far,achieving the discontinuous growth throughstrategic M&A, capital business alliances andproactive investment, and understand thegrowth sources towards the rapid changes in
the industrial structure.

Promoting our business portfolio diversification by utilizing our company’s strong assets
such as business development know-how, marketing know-how, system development
ability, brand power, customer base…
Copyright © AirTrip Corp. All Rights Reserved.

3

FY21.9 Period 3Q “Restart” ～Executive Summary～●Operation performance in FY21.9 Period 3Q achieved 25.3 billion yen in Transaction Volume, 14.1 billion yen in Net Sales
and 3.7 billion yen in Operating Profit.
Being positioned as the 1st year of the 2nd stage “Restart”, by executing the growth strategy [AirTrip 2021 “Restart”],
successfully accumulated business revenue at the same level of 1st and 2nd Quarter, 1st ～ 3rd Quarter period’s
Operating Profit reached a new high record.
AirTrip Online Travel Business has secured a stable profit. Although being affected by repeating the Declaration of State ofEmergency, we have steadily captured the potential domestic demand under the COVID-19 crisis by implementing AirTrip
branding measures in various fields and optimally dropping advertisements according to the change in demand.
Other existing businesses except for Travel domain, such as IT Off-shore Development Business, Inbound Travel Agency /Wi-Fi Rental Business, Media Business, Investment Business all continue to steadily grow, and implement businessportfolio diversification.
In Healthcare Business, a new business domain, along with the spread of COVID-19, based on the increasing PCR Test
demand as well as the urgent need for treatment, in July, at Tokyo (Shinbashi),we aimed to open a new quick PCR
Shinbashi Test Center operating by our Group and after that extend to many stores in early stage. In August, we extended
our bases as well as opened our new affiliated T-Care Clinic Namba. We have accelerated business growth and captured
nationwide market needs by implementing mass marketing such as TV commercials in Tohoku area, where the demand for
PCR Tests is sharply increasing, and providing inexpensive but fast PCR Test.

●

Currently, due to the influence of the 5th Wave of COVID-19 and the Declaration of State of Emergency, although the impact
on Travel domain is expected to continue for a certain period, we will promote further diversification and restructuring of ourbusiness portfolio and strategically build the AirTrip Economic Zone●

From now on, with the spread of Vaccination as well as the practical application of COVID-19 antiviral drug, travel demandhas switched to an increasing trend, AirTrip Online Travel Business will significantly recover. With the continuing growth of 5other business domains besides the travel domain,and© AirTrip
the accumulationof Business revenue due to the diversification and4
Copyright
Corp. All Rights Reserved.
restructuring of business portfolio, AirTrip Group aim to an endless growth.

FY21.3Q Financial Summary

Copyright © Air Trip Corp. All Rights Reserved.

5

Changes in Transaction Volume

Transaction Volume compared to the last period: 38％
Steadily increase despite the decrease due to changes in consolidation
scope and the COVID-19 crisis
Consolidated Transaction Volume(Hundred Million Yen)

※Changed to pre-cancellation Transaction Volume from FY19.4Q.
※Each quarter of FY20’s figures are based on continuing businesses, excluding discontinued businesses.

Copyright © AirTrip Corp. All Rights Reserved.

6

Changes in Net Sales

Net Sales compared to the last period 79％
Steadily increase despite the decrease due to changes in consolidation
scope and the COVID-19 crisis
Consolidated Net Sales (Million Yen)

※Each quarter of FY20’s figures are based on continuing businesses, excluding discontinued businesses.

Copyright © AirTrip Corp. All Rights Reserved.

7

Changes in Operating Profit

Operating Profit compared to the last period: Dramatically Increased
The 3rd Quarter also reached the highest Operating Profit recorded ever~Consolidated Operating Profit(Million Yen)

※Each quarter of FY20’s figures are based on continuing businesses, excluding discontinued businesses.

Copyright © AirTrip Corp. All Rights Reserved.

8

Statement of Income

Although handling volume has decreased compared to last year,
We achieved the highest recorded operating profit ever due to the recovery on
business performance of each business area.
(Million yen)

FY20.3Q
Amount

FY21.3Q
Amount% to Sales% to Sales

Transaction
Volume65,596ー

25,277ーNet Sales

17,908100.0%

14,198100.0%

Gross Profit

6,980

39.0％

5,660

39.9％

Operating Profit△1,882△10.5％

3,071

21.6％

Profit attributable toowners of parent△1,167

△6.5%

2,206

15.5％

※FY20.3Q’s figures are calculated for continuing businesses, excluding discontinued businesses.

Copyright © AirTrip Corp. All Rights Reserved.

9Balance Sheet

Equity damaged due to impairment loss at the end of the last period has been
recovered through fundraising and profit record(Million yen)

FY20.4Q

FY21.3Q

Difference

Current Assets

15,023

14,928△95

Cash and Deposits

7,042

7,375

333

Operational Investment
Securities

4,359

5,265

905

Non-current Assets

6,916

6,622

△293

Total Assets

21,94021,551△389

Liabilities

19,402

14,690△4,711

Interest-bearing Debts

11,0288,090△2,938Equity

2,538

6,860

4,322

Equity ratio

11.5%

31.8%

20.3%

Copyright © AirTrip Corp. All Rights Reserved.

10Strategies and Results against the impact of
COVID-19

Copyright © Air Trip Corp. All Rights Reserved.

11

Future travel demand recovery’s prospect based on the influence of COVID-19

Due to the 5th wave of COVID-19 and the Declaration of State of Emergency, although travel demand has atemporary trend of decrease, with the spread of vaccination and antiviral drug, new infection cases will drop
and travel demand is forecasted to recover～ Besides the spread of vaccination, with the COVID-19 antiviral drug, future travel demand will turn back to an increasing trend ～Spread of Vaccination
and antiviral drug
Infection CasesHigh

5th Wave

Travel Demandchanges to more thanever increasing trend

Travelers(Travel Demand)
3rd Wave

Numberof people

4th Wave

Now

Decreasein Infection
Cases

2nd Wave
1st Wave

With the spread of vaccination andantiviral drug, travel demand ispredicted to sharply recover when
the infection cases decrease

Increase in
Infection
Cases

Low

DemandDecrease
Phase

Now

DemandRecovery
Phase

DemandDecrease
Phase

DemandRecovery
Phase

DemandDecrease
Phase

DemandRecovery
Phase

DemandDecrease
Phase

DemandRecovery
Phase

Time
(1.5～2Years)
Copyright © AirTrip Corp. All Rights Reserved.

DemandDecrease
Phase

DemandRecovery
Phase

DemandDecrease
Phase

Explosion indemand phase

Future12

Impact of COVID-19 on Recent Performance

Even under repeating the Declaration of State of Emergency,
Domestic Travel domain continues to strongly grow
～ By implementing business portfolio diversification, all other business domains besides travel business also smoothly improve～
The Declaration of
Lifting Declaration of The Declaration ofExtending the
Declaration of State State of Emergency
State ofState of（6/20）
Emergency (7/12)
Emergency (4/25) of Emergency (5/12)

3Q’s Results
Announcement(8/13)

October
August September～(Expected) (Expected) (Expected)

April

May

June

July

AirTrip Online Travel(Domestic)
AirTrip Online Travel(Overseas)
IT Off-shore Development
Business
Inbound Travel Agency /Wi-Fi Rental Business

△～◯

△～◯

△～◯

◯

◯?

◯?

◯?

×

×

×

×

×?

×?

×?

◯

◯

◯

◯

◯?

◯?

◯?

△～◯

△～◯

△～◯

◯

◯?

◯?

◯?

Media Business

◯
◯
◯

◯
◯
◯

◯
◯
◯

◯
◯
◯

◯?
◯?
◯?

◯?
◯?
◯?

◯?
◯?
◯?

Healthcare Business
Investment Business

Copyright © AirTrip Corp. All Rights Reserved.

13

FY21.9 Period 3Q Changes in Administrative Expenses ～Cash out Reduction Results and Implementation
Measures

Besides continuing to reduce fixed costs, minimizing the cashout by optimizing
variable cost of operation cost and advertisement cost
～ In the 3rd quarter, restricted monthly administrative expenses to 450 ～ 550 million yen
From now on, we will consider strategic mass marketing investment in the view of the recovery of travel demand ～(Hundredmillion yen)

Optimizing variable cost and advertisement cost

10.0
Variable Cost
Fixed Cost

0.5?
4.0

Variable Cost
Along with the decrease in domestic travel demand,
implementing cost control according to operation volume.

8.0

1.8

2.3

2.0
Advertisement Cost
Continuing to optimize the advertisement cost ratio to gross profit.

6.0

Controlling labor cost and continuing to reduce other fixed costs

4.0

Labor Cost

6.4

0.5?

2.0

2.7

2.5

2.6

0.0

20.2

20.9
FY20.921.7～

21.6
FY21.9(Planned
Value)

Copyright © AirTrip Corp. All Rights Reserved.

Continuing to return part of Directors’ bonuses ( Director /Supervisor)
Reducing labor cost by taking leave (Reducing working days)
Compensating for labor cost by utilizing Employment Adjustment
Subsidies.

Other fixed Cost

Optimizing system development by selecting and gathering
Reducing office related costs by changing to work from home
Continuing to review other fixed costs (Outsourcing…)

14

FY21.9 Period 3Q Changes in Gross Profit ～ Continuing to be profitable in monthly basis by implementing
business portfolio diversification ～Continued to post a stable monthly profit in the 3rd Quarter thanks to solid performancein the domestic travel domain and steady business growth in other business domains～ Steadily secured gross profit by continuing to implement business portfolio diversification ～(Hundredmillion yen)

Other Business

12.0

Overseas Travel
Domestic Travel

10.0

Stably achieved profit inmonthly basis
by implementing businessportfolio diversification

Secured gross profit
although being affectedby the Declaration ofState of Emergency

8.0

6.0
3.1

1.9
0.2

4.0

2.0

0.0

1.7
1.9

1.8

△0.1

△0.1

0.8

0.7

20.4

20.5

1.5

1.6

1.5

2.5

2.5

2.6

20.6

20.7

20.8

20.9

1.5

3.2

3.2

0.1

3.8

0.1

3.6

4.4

0.1

3.3

3.6

2.0
20.10

2.9

3.4

0.1

0.1

3.2

2.9

20.11

20.12

21.1

21.2

FY20.9※This is preliminary figures used for our Group business management
Copyright © AirTrip Corp. All Rights Reserved.

21.3

3.1

0.1

0.1
0.1

4.5
2.8

2.9

0.1

0.1

0.1

4.3
3.3

2.9

2.4

3.0

3.0

21.4

21.5

21.6

21.7
21.8
21.9
(Planned (Planned (Planned
Value)
Value) Value)jub

FY21.915

FY21.9 Period Full-year consolidated results forecast

Continued strong performance in the 3rd quarter by strategically diversifying thebusiness portfolio through the implementation of
the AirTrip 2021 “Restart ”growth strategy～ The forecast value has been updated three times ～(Million yen)

FY21.9 Period
Full-year forecast

FY21.9 Period
Revised full-year
forecast

Transaction
Volume23,50019,000Operating
Profit300

2,600

Net Profit

180

1,672

Dividend--

Strategy based on results forecast
・The recovery of AirTrip Online Travel Business’s revenue.
・Accumulating revenue by promoting businessportfolio dispersion.
・Revenue from proactive investing on developing
domains.

・Increasing profit by cutting down cash out.
・Increasing profit with the profit margin of high businessrevenue.

・Aiming for a payout ratio of 20%※Based on the revised full-year results forecast announced on 31st May ,2021

Copyright © AirTrip Corp. All Rights Reserved.

16

FY21.3Q Recent Actions and Achievements

Copyright © Air Trip Corp. All Rights Reserved.

17

Basically, match the listing standard of the new market category “Prime Market” of TSE

Conforms to the listing maintenance criteria for the Prime Market
under the new market segmentation of the Tokyo Stock Exchange～ In the future, we have planned to promote transition process according to TSE’s schedule ～Plan to change from4th April, 2022

Received the primary judgment result about thecompliance status with the listing standard in the
new market category from Tokyo Stock Exchange.
Confirmed if it conformed to the listing standard of
the “Prime Market” in the new market category※ Source: Partially cited from “Overview of the Market Structure Review Outline of the New Market Segments” of TSE
Copyright © AirTrip Corp. All Rights Reserved.

18

The Gross profit of the Domestic Travel Domain has strongly grown even under the State of Emergency
AirTrip Online
Travel Business

Even under the State of Emergency, the Domestic Travel Domain is steadily
capture and the gross profit has strongly grown～ Significant increase in the 3rd quarter compared to the same period last year,
especially achieved 162% compared to July of last year ～FY21 Gross Profit

FY20 Gross Profit

The 3rd Declaration of
the State of Emergency(2021/4/25～2021/6/20)

The 4th Declaration of
the State of Emergency(2021/7/12～2021/8/22)

Even under the Declaration of Sate of Emergency, Gross Profit has
dramatically increased at a significantly higher level than the same
period last year by capturing travel demand

Gross Profit in June
131% compared to last year

Gross Profit in April
313% compared to last year
The 1st Declaration of
the State of Emergency(2020/4/7～2020/5/25)

20.4

Gross Profit in July
162% compared to last year

Gross Profit in May
233% compared to last year

21.4

20.5

21.5

Start of GoTo Travel(2020/7/22～)

20.6

21.6

20.7

21.7

※The above figures are preliminary figures for gross profits of domestic airline tickets, domestic airline tickets + hotels, domestic hotels, and domestic tours.

Copyright © AirTrip Corp. All Rights Reserved.

19

Launching sales for COVID-19 Vaccination Support Tour at 3 main cities of USA !!
AirTrip Online
Travel Business

Healthcare
Business

Launched the COVID-19 Vaccination Tourat 3 main cities of USA !!

～ Early vaccination is now available in Los Angeles, New York, and Las Vegas ～Copyright © AirTrip Corp. All Rights Reserved.

20

AirTrip’s “Camping Outdoors” is now available as a comprehensive Camping Website “Camping Car Japan”,
operated by our subsidiary Inbound Platform !
AirTrip Online
Travel Business

Inbound Travel Agency /Wi-Fi Rental Business

AirTrip’s “Camping Outdoors” is now available as a comprehensive Camping
Website “Camping Car Japan”, operated by our subsidiary Inbound Platform !
~Strengthen the camping category
to provide a comprehensive travel service that meets camping demand~Move tospecializedwebsiteCopyright © AirTrip Corp. All Rights Reserved.

21

Opening the “Quick PCR Shinbashi Test Center” operated by AirTrip Group near the Shinbashi Station!
Healthcare
Business"Quick PCR", a PCR testing center operated by the
AirTrip Group, opens near Shinbashi Station!
～For All Travelers! We plan to provide this PCR test to travel agencies nationwide～

Copyright © AirTrip Corp. All Rights Reserved.

22

AirTrip CVC/ Investment Business’s Performance Announcement !
Investment
Business

While the total investment amount 2.8 billion yen in 66 unlistedcompanies, the total amount of collection and the most recent valuationis 4.9 billion yen. TVPI is 174% and we have achieved gradual increase～ Achieved 7 IPOs including 1 subsidiary! ～Copyright © AirTrip Corp. All Rights Reserved.

23

Actions and Achievements to strengthen thebusiness portfolio～Business progress of Group Companies～

Copyright © Air Trip Corp. All Rights Reserved.

24

Group Company: MagMag (Securities code：4059) ～ Continuing stable business growth even after listingMedia BusinessContinuing stable business growth even after listing, with a focus on“MagMag! Live” Platform,～Although advertisement unit price tends to decrease during the COVID-19 crises, compared to last period 3Q,
we have maintained 98% in Net Sales and 88％ in operating profit ～< Changes in MagMag’s Net Sales/ Operating Profit>
Net Sales
Operating Profit

Stable business growth focusing on Platform
Business

Even after being listed, it is expected for further increasein the number of paid members by expanding new
functions and improving convenience, centered on e-mailnewsletters and live streaming services.

Net Sales（3Q Preliminary
value)

98%

Operating
Profit※Compared toFY20.3Q（3Q Preliminary value)

88%※Compared toFY20.3Q

FY20.3Q

FY21.3Q(Preliminary
value)

Strengthen Owned Media in the Media Advertising
Business
Promoting the strengthening of owned media byacquiring new writers and continuing to publish articles
by cooperating with external media and using it as acatalyst for business growth.
※The above 3Q results are preliminary figures at this time and may differ from the actual results.

Copyright © AirTrip Corp. All Rights Reserved.

25

Group Company: Hybrid Technologies ～ Continuing a rapid growth levered by the increasing demand ～IT Off-shore
Development BusinessHybrid Development continued a rapid growth levered by the increasing demand～ Transaction Volume achieved 113% and Operating Profit achieved 125％ compared to the 2Q ～650

(Million Yen)

Net Sales（3Q Actual Value）

Net Sales

113%
520

※Compared to
FY21.2Q

Operating Profit

450

398

390
Operating
Profit260（3Q Preliminary
value）

125%※Compared to
FY21.2Q

130

0

FY21.2Q

FY21.3Q

Maintaining the rapid growth of previous quarter
By promoting business under the new organization
structure, in 3rd quarter, we have maintained the growthrate that sharply increased in the previous quarter. We
aimed to further accelerate business growth towards
being listed.
Strengthening the management system to build a
new organizational structure
Invited Mr. Kinugasa, who has many achievements of
new businesses and development organizations, as an
outside director to build a flexible and optimalorganizational structure that met customer needs.

Copyright © AirTrip Corp. All Rights Reserved.

26

Group Company: Inbound Platform Corp. ～ Continuing to grow by Wi-Fi for domestic corporations and Media forforeigners ～Inbound Travel Agency /Wi-Fi Rental BusinessContinuing to grow with the strength of Wi-Fi for domestic
corporations and Media for foreigners～ Net Sales achieved 115% compared to last 2Q ～(Million yen)300
Net Sales

240

260

Maintain high occupancy rate in Wi-Fi fordomestic corporations.
Due to the spread of remote working, capture thedemand of domestic corporations, continue to grow.

227

Full-scale start of Life Media Tech business180

Net Sales（3Q’s Actual
Value）

120

115%※Compared to
FY21.2Q

60

0

FY21.2Q

FY21.3Q

Various information broadcasting, reservation
platform businesses aiming for foreign residents
are started in sequence
Thu number of PV of media for foreigners is
steadily increasing

The number of PV of media for foreigners is
steadily increasing. It has recovered to the level
before COVID-19 crisis.
Copyright © AirTrip Corp. All Rights Reserved.

27

FY21.9 Period 3Q “Restart” ～Executive Summary～●Operation performance in FY21.9 Period 3Q achieved 25.3 billion yen in Transaction Volume, 14.1 billion yen in Net Sales
and 3.7 billion in Operating Profit.
Being positioned as the 1st year of the 2nd stage “Restart”, by executing the growth strategy [AirTrip 2021 “Restart”],
successfully accumulate business revenue at the same level of 1st and 2nd Quarter, 1st ～ 3rd Quarter period’s Operating
Profit reached a new high record.
AirTrip Online Travel Business has secured a stable profit. Although being affected by repeating the Declaration of State ofEmergency, we have steadily captured the potential domestic demand under the COVID-19 crisis by implementing AirTrip
branding measures in various field and optimally dropping advertisements according to the change in demand.
Other existing businesses except for Travel domain, such as IT Off-shore Development Business, Inbound Travel Agency /Wi-Fi Rental Business, Media Business, Investment Business all continue to steadily grow, implement business portfolio
diversification.
In Healthcare Business, a new business domain, along with the spread of COVID-19, based on the increasing PCR Test
demand as well as the urgent need for treatment, in July, at Tokyo (Shinbashi),we aimed to open a new quick PCR
Shinbashi Test Center operating by our Group and after that extend to many stores in early stage. In August, we extended
our bases as well as opened our new affiliated T-Care Clinic Namba. We have accelerated business growth and captured
nationwide market needs by implementing mass marketing such as TV commercials in Tohoku area, where demand for
PCR Tests is sharply increasing, and providing in expensive but fast PCR Test.

●

Currently, due to the influence of the 5th Wave of COVID-19 and the Declaration of State of Emergency, although the impact
on Travel domain is expected to continue for a certain period, we will promote further diversification and restructuring of ourbusiness portfolio and strategically build the AirTrip Economic Zone●

From now on, with the spread of Vaccination as well as the practical application of COVID-19 antiviral drug, travel demandhas switched to increasing trend, AirTrip Online Travel Business will significantly recover. With the continuing growth of 5other business domains besides travel domain, andthe© AirTrip
accumulation
Business revenue due to the diversification and 28
Copyright
Corp. All Rightsof
Reserved.
restructuring of business portfolio, AirTrip Group aim to an endless growth.

FY21.3Q Business Progress

Copyright © Air Trip Corp. All Rights Reserved.

29

Marketing ～ AirTrip Branding Measures ～AirTrip Online
Travel Business

Implementing “AirTrip” Branding measures and special
campaigns for AirTrip members～ Strengthen AirTrip Branding with promotion measures in various fields ～Branding Measures

AirTrip Point Present CPN

Campaign for Members
April Fool Post

6/7 Boxing Ticket CPN

Golf Practice Ticket CPN

Earth Mondamin Cup CPN

Ryosuke Kinoshita Championship Souvenir CPN

Panasonic Open Ladies Sponsorship

Copyright © AirTrip Corp. All Rights Reserved.

30

Marketing ～ AirTrip Branding Result ～AirTrip Online
Travel Business

By raising awareness and various marketing investments, “AirTrip” Keyword search volume hasstrongly increased since the Declaration of State of Emergency was announced!!
～ Maintaining a certain level of Keyword search volume even under the Declaration of State of Emergency ～The Declaration ofState of Emergency(2021/7/12)

The Declaration ofState of Emergency(2021/4/25)

With various marketing investments, AirTrip KW
search volume has strongly increased since the
Declaration of State of Emergency was announced.

The Declaration ofState of Emergency(2021/6/20)

Due to the influence of the 4th wave of
COVID-19 and the Declaration of Stateof Emergency, Domestic Travel
Demand has sharply decreased

April 2021

May 2021

June 2021
Copyright © AirTrip Corp. All Rights Reserved.

July 2021
31Marketing ～ Starting to broadcast TV commercial of our affiliated clinic in Tohoku area ～Healthcare
Business

To meet the demand for PCR Testing in the Tohoku Area, where COVID-19 infection cases are
spreading, TV Commercial of our affiliated clinic has started to broadcast in Tohoku Area !
～ We have successfully raised the awareness of our affiliated clinics as well as increased website traffic ～TV Commercial (Broadcast in Tohoku area)

Copyright © AirTrip Corp. All Rights Reserved.

32

Domestic Airline Ticket ～ Transaction Volume significantly increased by capturing domestic travel demand ～AirTrip Online
Travel Business

Thanks to the gradual recovery trend of domestic travel demand,
The Transaction Volume has dramatically increased by steadily capturing highseason travel demand～ Transaction Volume achieved 177％ compared to last 3Q ～<Changes in Domestic Airline Ticket’s Transaction Volume>
Transaction Volume

Transaction
Volume（3Q’s Actual Value）

177%

With the demand recovery, steadily capture
high-season demandWith the boost of travel demand recovery trend,
Transaction Volume has significantly increased bycapturing high-season travel demand
The continuous improvement in UI/UX helped
to increase reservation volume※Compared toFY20.3Q

Contribute to improving CVR by improving UI/UXsuch as expanding payment methods andsimplifying reservation flow
FY20.3Q

FY21.3Q
Copyright © AirTrip Corp. All Rights Reserved.

33

Domestic AirTrip Plus (Airplane Ticket + Hotel) ～ Transaction Volume grew stronger than 2 years ago by
improving UI/UX ～AirTrip Online
Travel Business

By improving convenience like adding functions, capturing domestic travel
demand, Transaction Volume has grown stronger than before COVID-19 crisis’standard!
～ Transaction Volume gained 110% compared to FY 19.3Q before COVID-19 crisis ～<Changes in Transaction Volume of Domestic DP (Airplane Ticket + Hotel)>Transaction Volume

Transaction
Volume（3Q’s Actual Value）

110%※Compared toFY19.3Q

FY19.3Q

FY20.3Q

FY21.3Q(Before COVID19 Crisis)(During COVID19 Crisis)(During COVID19 Crisis)

By improving UI/UX such as adding functions,
Transaction Volume has successfully increased
By improving UI/UX aiming to increase conveniencesuch as adding functions, successfully grew as top
line compared to the last 2 years
Improve repetition rate by the effect of user
retention measures

With the effect of user retention methods that havecontinued since before COVID-19 crisis, repetition
rate has increased and contributed to businessgrowthCopyright © AirTrip Corp. All Rights Reserved.

34

Domestic Hotel ～ By capturing high-season accommodation demand during COVID-19 crisis, Transaction Volume,
Operating Profit has sharply increased ～AirTrip Online
Travel BusinessBy capturing high-season accommodation demand during COVID-19 crisis,both Transaction Volume and Operating Profit has sharply increased～ Compared to last 3Q, Transaction Volume gained 389％, Operating Profit gained 227％ ～<Changes in Domestic Hotel’s Transaction Volume and Operating Profit>
Transaction Volume
Operating Profit

Transaction
Volume（3Q’s Actual Value）

389%※Compared toFY20.3Q

Operating
Profit（3Q’s Actual Value）

213%※Compared toFY20.3Q

FY20.3Q

FY21.3Q

Acquire high season accommodation demand by
expanding accommodation facilities
Transaction Volume and Operating Profit has
dramatically increased by expanding plans andfacilities that meet the demand during COVID-19
crisisTends to grow to Top line by improving theconvenience of the whole website

Contribute to the dramatically increase of topline byadding new functions or reforming website in awide-scale to bring brand new experiences tocustomers

Copyright © AirTrip Corp. All Rights Reserved.

35

Domestic Hotel ～ Implementing various measures to capture accommodation demand in the high season ～AirTrip Online
Travel Business

Implementing various measures to capture accommodation demand in the highseason～ Providing customer-oriented UI/UX to meet the new accommodation demand under COVID-19 crisis ～Strengthening purchasing andsales of AirTrip special selectedfacilities

UI / UX improving to capture
new accommodation demand

Executing a big discountcampaign AirTrip Point 10％

Acquiring new potential
customers by diversifying sales
channel

エアトリ厳選施設の仕入及び販売強化

エアトリ厳選施設の仕入及び販売強化

エアトリ厳選施設の仕入及び販売強化

エアトリ厳選施設の仕入及び販売強化

Promoting sales enhancement bysigning sales contracts with major
chain hotels: Daiwa Roynet Hotels, Liv
Max, Keihan Hotel (Keihan Group
Hotel) and AJ Interbridge, who
operates Machiya Accomodation

In addition to expanding hotel searchfunctions such as free word search or map
search, as well as diversifying credit card
payments, we will improve the acquisition of
new accommodation demand under COVID19 Crisis by implementing popular ranking
function based on the rate of reviewers.

In order to capture new demand foraccommodation under COVID-19 crisis, wewill carry out a campaign to return 10%
AirTrip Point to customers who book foraccommodation on domestic hotel websites
during high season summer (～ 31st Aug)

Copyright © AirTrip Corp. All Rights Reserved.

Acquiring new potential customers
from other media by placing
accommodation advertisements on
Google Hotel Ads and strengthening
sales channels by concluding OEM
contracts with ESCRIT, Nextbeat …
36

Domestic Tours ～ Expanding Tour products to capture new travel demand ～AirTrip Online
Travel Business

Expanding various Tour products to capture new travel demand～ Making product plans that propose new travel style during COVID-19 crisis ～Copyright © AirTrip Corp. All Rights Reserved.

37

Overseas Airline Ticket / Overseas Hotel / Overseas AirTrip Plus (Airplane + Hotel) ～ Accelerating UI/UX
reformation of Overseas travel websites ～AirTrip Online
Travel BusinessWith an expectation of recovery on overseas travel demand, accelerating UI/UX Website reformation～ Planning to improve the convenience in the view of the recovery of overseas travel demand after COVID-19 crisis ～With an expectation of recovery on overseas travel
demand, accelerating function repairing
In anticipation of recovery in overseas travel demand, we
will accelerate website UI/UX improvement such as
expanding product line up, scrutinizing the validity ofselling prices, and adding function to sell PCR tests
together
Expanding the area where negative certificates required
for entry can be issued
Obtaining immigration information of Japan and othercountries as soon as possible, expanding the target area
including Asian countries such as Hawaii, China and South
Korea, promoting preparations for deregulation of
immigration in other countries.
Copyright © AirTrip Corp. All Rights Reserved.

38

Overseas Tour ～ Promoting strengthening services aimed to recover demand along with relaxation of travel
restriction to Hawaii ～AirTrip Online
Travel Business

Promoting strengthening services aimed to recover demand along with relaxation of travel
restriction to Hawaii～ The number of travelers departing from Japan is expected to recover steadily due to the deregulation ～(Unit: People)

30,000
Number of seats departing fromJapan (Our forecast)
Number of travelers departingfrom Japan (Our forecast)

24,00018,000With the relaxation of Hawaii travel
restrictions, the number of seats
departing from Japan and numberof travelers departing from Japanare expected to significantly
recoverTravel demand is expected to recover from December onwards
due to the relaxation of travel restrictions in Hawaii
Implementing PCR Test and Negative Certificate services at
the time of travel
With Hawaii designated negative certificate issuance service at
our company affiliated clinics, the travel procedure will be
simplified

12,000

Expanding customer support services related to travel

6,000

0

Hawaii travel is expected to see a significant recovery indemandStarting “10 major support plans” that fully support preparationof various documents related to reservation cancellation fee
exemption and travel
August 2021 October 2021 December 2021 February 2022

※The above changes in number of travelers are our view based on public information
Copyright © AirTrip Corp. All Rights Reserved.

39

IT Off-shore Development Business ～The new mobile game “Sangokushi Royale Arena” has been released! ～IT Off-shore
Development Business

The new mobile game “Sangokushi Royale Arena” has been released!
～ Our local subsidiary in Vietnam, Evolable Asia/ Punch has participated in the
production committee ～Copyright © AirTrip Corp. All Rights Reserved.

40

Group Company: AirTrip Stay ～ Transaction Volume has significantly increased by capturing domestic Vacation
Rental demand under COVID-19 crisis ～Inbound Travel Agency / Wi-Fi
Rental Business

By steadily capturing domestic Vacation Rental demand under COVID-19 crisis,
Transaction Volume has significantly increased～ Transaction Volume has achieved 204％ compared to the 2Q ～< Changes in AirTrip Stay (Vacation Rental)’s Transaction Volume>

Transaction Volume

Transaction
Volume（3Q’s Actual Volume）

204%

Steadily captured demand for Vacation Rental suchas Micro-tourism, which tends to increase due to
COVID-19. Transaction Volume achieved a soar.
Contribute to profit improvement by
expanding properties based on demand※Compared to
FY21.2Q

FY21.2Q

Strengthen the ability to capture domestic
Vacation Rental demand under COVID-19 crisis

FY21.3Q

Contributed to the improvement of top line by
expanding newly managed properties based on
the demand for work vacation during COVID-19
crisisCopyright © AirTrip Corp. All Rights Reserved.

41

Group Company : PikaPika ～ The number of subscribed companies for PCR Test saw an increasing trend ～Healthcare
Business

Cumulative number of subscribed companies for PCR tests continues to increase～ Meet PCR Test demand by providing testing methods that be able to meet corporations’ need ～<Changes in the number of PCR test subscribed companies>

Providing Test methods that meet various corporate
needs

Number of subscribed company

By expanding the three patterns of testing methods:
Visit Test, Hospital Test, and Home delivery Test, wehave fulfill various demands for PCR test and achieved asignificant increase in the number of subscribedcompanies.

With the spread of covid-19, thenumber of companies subscribed for
PCR test has increased significantly.

Capturing PCR test demand due to the spread of
Covid-19

21.1

21.2

21.3

21.4

21.5

21.6

21.7

Due to the 5th wave of COVID-19, during the number of
new infection cases are dramatically increasing, byimplementing TV commercial and different marketingmeasures, we have been able to captured PCR Tests
demandCopyright © AirTrip Corp. All Rights Reserved.

42

Group Company: PikaPika ～ Our company affiliated clinic - “T Care Clinic Osaka” has opened !
Healthcare
Business

By opening our company affiliated clinic – “T Care Clinic Osaka” on 1st August,
we are now able to provide various PCR Test Services even in Kansai Area !
～ Meet the rapid increase in demand for PCR Test services with this affiliated clinic as a base in Kansai area ～Location in a good place, 2 minutes walk from Osaka
Namba Station
Similar to Tokyo base (Hamamatsucho), we haveprovided 3 patterns of testing methods: Visit Test,
Hospital Test, and Home delivery Test. We have set upthat based to be able to meet the rapidly increasing
demand for PCR Test Services.
Providing flexible test support services and negativecertificate issuance services
We are able to handle test services on weekend andholidays (all-year open). We also provide services thatconsider the convenience of customers, such as negativecertificate issuance for overseas travel
Copyright © AirTrip Corp. All Rights Reserved.

43

Investment Business ～ Investment Strategy ～Investment
Business

Investing in growing companies with a high probability of IPO～ Implementing investment in a wide range of Business Domains and providing necessary support
for IPO such as mentoring, business support, and management construction support ～Investment Strategy
●

●

●

●

Strengthening and supporting system

Through investment in growing companies, we aim to obtainreturns by improving corporate value of investee companies,
pursue synergies through collaboration with investee companies
and expand AirTrip Economic Zone.
The investment business is one of the 6 major businesses of
AirTrip Group. And in addition to daily monitoring, themanagement team is making effort to conduct interviews withinvestees company once every six months.
We are investing in companies with a high probability of IPO,
with an emphasis on “Business growth potential and returnaccuracy”, “synergy with AirTrip Economic Zone” and“management team and management system”

In the investment domain, we are investing in a wide range withintention of expanding AirTrip Economic Zone in the future.

Mentoring<Mentoring with abundant listing experienced management>
・Mentoring by the management team who has helped AirTrip tobe listed on Mothers Market, and 1st Section at TSE.
・Providing know-how of MagMag, our listed subsidiary, and IPO
Investees.

Business
Support<Wide range of support such as sales, marketing anddevelopment>
・Providing support that contributes to sales expansion such as
customer introduction.
・Collaborating in advertising and software development utilizing
the resources and knowledge of AirTrip Group Companies

Management
SystemConstruction
Support<Referral needed to build a management system>
・Support for building management system such as
management personnel, CFOs, Auditing firms and leadunderwriters referral.

<Successfully listed subsidiaries/ Subsidiaries prepared for listing>(TSE JASDAQ：4059)

Copyright © AirTrip Corp. All Rights Reserved.

44

Investment Business ～ IPO performance ～Investment
Business

IPO result in Investment Business are 7 companies (Our child company listed is 1 company）～ Achieved Multiple IPOs with an initial market capitalization of over 20 billion yen ～Wagokoro【TSE Mother：9271】
Listed in March 2018
Public Appeal : 4.4 billion yen
opening price : 12.5 billion yen

Piala【TSE 1st Section：7044】
Listed in December 2018
Changed to 1st Section of TSE in July 2020
Public Appeal : 7.6 billion yen
opening price : 17.5 billion yen

Cyber Security Cloud【TSE Mother：4493】
Listed in March 2020
Public Appeal : 9.2 billion yen,opening price : 21.2 billion yen

Branding Technology【TSE Mother：7067】
Listed in June 2019
Public Appeal : 2.4 billion yen
opening price : 7.7 billion yen

MagMag listed subsidiary【TSE JASDAQ：4059】
Listed in September 2020
Public Appeal : 2.2 billion yen
opening price : 9.2 billion yen
Copyright © AirTrip Corp. All Rights Reserved.

AI CROSS【TSE Mother：4476】
Listed in October 2019
Public Appeal : 3.8 billion yen
opening price : 6.9 billion yen

Headwaters【TSE Mother：4011】
Listed in September 2020
Public Appeal : 2.0 billion yen,opening price : 6.3 billion yen
45

Investment Business ～ Continuing to invest for further growth～
Investment
BusinessStrengthening the investment development of 66 companies
Total investment amount is about 2.7 billion yen※As of August 2021･･･etcCopyright © AirTrip Corp. All Rights Reserved.

46

Appendix“AirTrip 2021” Growth Strategy～ "Restart" ～ New growth strategy after COVID-19～"AirTrip Group will restart" ～Copyright © Air Trip Corp. All Rights Reserved.

47

FY2021 ”Restart” ～The beginning of the second stage after being listed～

Four years and a half after being listed is considered as “The first stage” and"Restart” FY21.9 as “The beginning of the second stage”～ Reducing impairment loss to approximately 7.4 billion yen
and continuing to aim for "AirTrip 5000“～※ Announced in “FY20 Results of operations” (Nov 14th , 2019)

FY16

FY17

FY18

FY19

FY20

FY21～

(After Mar 31st, 2016)”Restart” the beginningof the second stage～Restart～

The first stage
After being listed (March 31st, 2016)～ FY20 (Sep 30th, 2020)
Organize the assets related to the first stage
to reduce loss

Continue to aim for "AirTrip 5000"

Copyright © AirTrip Corp. All Rights Reserved.

48

FY2021 ”Restart” ～ Image of the second stage after being listed ～“Restart” FY21.9 as “The beginning of the second stage"
Creating new business domain by starting up
healthcare businessContinuing steady growth in 4 existing businessdomains excepting the travel domain

Healthcare
Business

IT Off-shore Development
Business

Japan Inbound Travel
Business / Wi-Fi BusinessMedia
Business

Recovering revenue of AirTrip Online Travel
Business

Investment
Business

The beginning of the
2nd stage after
being listed“Restart”

AirTrip Online
Travel Business

FY20.9 Period
Copyright © AirTrip Corp. All Rights Reserved.

FY21.9 Period
49

"AirTrip 2021“ Growth strategy ～ ”Restart” ～ AirTrip Online Travel Business

Boosting profits mainly in domestic travel domain by
reducing advertisement in response to changes in demand～ Through strategic marketing investment centered on WEB video advertisement,
steadily capture potential domestic travel demand～
Growth strategy of AirTrip Online Travel Business●●In the domestic travel domain, we aim at revenue expansion
throughout the year by continuing high rate of growth in 1Q～2Q
with utilizing GoTo Travel, increasing travel demand during GW in
3Q and increasing travel demand during summer in 4Q.
In the overseas travel domain, we aim at stabilizing by travel
restriction in 1Q～2Q, assuming recovery demand by relaxation
restriction mainly in business travel in 3Q, increasing overseas
airline ticket demand by the effect of Tokyo Olympic and recovering
revenue by cross-selling sales with PCR tests in 4Q

Action plan of AirTrip Online Travel Business<Measures to utilize GoTo Travel for revenue expansion>・ Strengthening sales of all target products of GoTo Travel
・Strengthen cross-selling sales of domestic airline ticket anddomestic hotel

Domestic
Travel<Capturing demand by digital marketing>・Acquiring new customers by Youtube video
advertising・Optimizing SEM to capture GoTo travel demand<Changes in forecast revenue of AirTrip Online
Travel Business in FY21.9>
Domestic Travel(Revenue)

Overseas Travel

Overseas
Travel

1Q

2Q

3Q

4Q

<Thoroughly improving UI/UX to increase CVR>
・Optimal design UI/UX for GoTo travel users
・Providing UI/UX that captures travel demand after
COVID-19<Formulating a profit recovery plan by assuming relaxation
restriction>
・Delivery travel information according to overseas relaxation
restriction information
・ Capturing from business travel demand to travel demand
・Preparing cross-selling sales of overseas travel and PCR test

(Time)

Copyright © AirTrip Corp. All Rights Reserved.

50

"AirTrip 2021“ Growth strategy ～ ”Restart” ～ Continuing to develop 4 existing business and start up healthcare
business

Creating various business portfolio after Covid-19 period～Continuing to develop existing businesses focus on Life innovation and Investment field,
Creating various business portfolio by starting up new healthcare business～
Growth strategy for 4 existing businessand 1 new business●●●

Aim to acquire new customers and increase profit bypromoting various content distribution and renewing thefunction of “MagMag Live!”, a Live streaming service operatedby MagMag
In healthcare business, a welfare business developed by
PikaPika, by providing PCR Test Services (Visit Test, Hospital
Test, and Home delivery Test) at affiliated clinic, we willcapture the increasing demand for PCR Test services and aim
to build a new revenue baseIn the IT Off-shore development business and Japan InboundTravel Business / Wi-Fi Business, we aim to achieve
continuous growth by accurately grasping customers’ needafter COVID-19 crisis.

Action plan for 4 existing and 1 new businessLive
Streaming
Service<Renewing functions of Live streaming service>・Being able to use on not only on app but also on PC
・Expanding functions pursuing UX on both streaming sideand viewer side.

<Gaining demand by different contents streaming>
・Developing contents such as sport event videos
・Getting new customers by large events or live games.

Healthcare
Business<Expanding service to meet the increasing PCR test demand>・Acquiring demand by expanding test methods (Test at
hospital/Office visiting test /Home delivery test kit)・Attracting customers and promote sales both online and offline
・Building test reservation reception system in English andChineseOther
businessbase<Build business portfolio that is expected to grow>・Considering new value provided after corona・Identifying business domain with growth potential tofocus onCopyright © AirTrip Corp. All Rights Reserved.

51

Growth Strategy “AirTrip 2021” ～ “Restart” ～ Rebuilding Business Portfolio in 6 Business Domains ～Launched new Healthcare Business
Rebuild business portfolio in 6 business domains
訪日旅行事業
ITオフショア開発事業

メディア事業

エアトリ旅行事業

訪日旅行事業／Wi-Fi事業

Media

AirTrip OnlineTravel

Inbound Travel Agency / Wi-Fi Rental

New BusinessITオフショア開発事業

ヘルスケア事業

投資事業

IT Off-shore Development

Health Care

Investment

Copyright © AirTrip Corp. All Rights Reserved.

52

“AirTrip 2021” Growth Strategy ～ “Restart” ”～ Investment Strategy

Continuing to strategically and actively invest on developing domains～Thoroughly understanding the business environment that is expected to change after Covid-19 andcontinuing to actively invest on growing domains that enhance synergy with Group～
Growth Strategy of Investment Business

Action Plan of Investment Business

Accurately grasp changes in the business environment after
Covid-19 and strategically and actively invest on growing
domains that emphasize synergy with our Group
Strategic investment decisions will be focused on (1) How
much synergy can be expected with the Group?, (2) Is it abusiness domain that can be expected in mid-to-long term?,and (3) Can we expect early profit contribution?
Aim to improve the accuracy of a series of processes from
M&A target selection to DD → negotiation → contract → PMI,
and improve process structure and growth rate after grouping

Strategicaland active
investment<Plan of strategical investment after Covid-19>
・Accurately grasp the business environment after Covid-19
・Determine mid-to-long term growth and profitability of target
domains
・・Estimate whether investment can cause discontinues
growth or not

Determine
investment
domains<Identification investment target domain after Covid-19 >・Emphasize synergistic effect with our Group・Determine whether the business area is expected to grow・Quantitatively evaluate the early profit contribution rate afterinvestment<Estimation Key points of strategical investment on investment business>

Improve
growthrate after
M&A<Pursuing growth rate improvement after grouping
through M&A>
・Systematize a series of processes in M&A
・Increase the M&A contract rate by committing management
・Verify the feasibility of synergy with precise DD
・Improve PMI accuracy and improve growth rate after M&A●●●

Synergywith ourGroup

Mid-to-longtermgrowing
domain

Early profit
contribution

Copyright © AirTrip Corp. All Rights Reserved.

53

“AirTrip 2021” Growth Strategy ～ “Restart” ～ Financial Strategy：Maintain healthy financial structure byincreasing liquidity

Continuing to maintain the high level of on-hand liquidity～Forecast of the financial health improvement on this term～
Financial Strategy●●

Action plan of Financial Strategy

Maintain a healthy financial structure of the businessenvironment that uncertainty is growing after
COVID19 by strategically increasing on-hand liquidity
Action to increase on-hand liquidity: (1) Cut down
entire company’s cash out (2) Visualize the wholegroup on-hand current account balance (3) Byvarious fundraising method, aim to increase financial
health focusing on ensuring cash.
〈<The transition of Group’s consolidated financial health〉

Financialstrategy
formulation<After Corona’s financial strategy formulation>
・Capture the business environment after COVID-19
・Raise on-hand liquidity to increase financial health・Increase financial and investment capacity for thedevelopment

Increasingliquidity
plan<Plan to increase on-hand liquidity for maintaining
financial health>・Restrain cash out in entire company.
・Visualize the whole group’s on-hand account balance.
・Consider different fundraising methods.

Mid-tolong term
policy<Mid-to-long term policy to increase on-handliquidity>
・Relatively reduce dependance on travel domain.
・Continue the preparation of listing of 2 main
subsidiaries (IPC/HT)・Establish new revenue basis by growth investment.

Cash
Cash

Equity Ratio

7 Billion
yen※End of
FY20.4Q

3Q

4Q
Copyright © AirTrip Corp. All Rights Reserved.

54

・These materials contain forward-looking statements related to industry trends and the Company’s business development based on the Company’s current expectations, estimates, and forecasts.
・ A variety of risks and uncertainties are inherent in the assertions made in these forward-looking statements. Known and unknown risks, uncertainties, and other factors may result in differencesfrom the statements included in assertions related to forward-looking statements.
・ The Company’s actual future business and operating performance may differ from the forward-looking statements contained in these materials.
・ The assertions related to forward-looking statements made in these materials are based on the best information currently available to the Company and will not update or revise any forward-

looking statements to reflect future events or conditions.

AirTrip Corp.
(Tokyo Stock Exchange 1st Section：6191)
19Fl Atago Green Hills Mori Tower, 2-5-1 Atago, Minato-ku, Tokyo 105-6219
TEL 03-3431-6191
https://www.AirTrip.co.jp