Financial Results Briefing for Q1 FY2024
Progressing ahead of initial guidance; pursuing
initiatives to strengthen business foundation

February 14, 2024
76th Investor MeetingSafe Harbor Statement for Forward Looking Statements

The contents of this document is based on generally recognizedeconomic and social conditions, as well as certain assumptions judged
to reasonable by GMO Payment Gateway as of February 14, 2024.
Please note that the contents are subject to change without prior noticein the event of changes in the business environment, etc.
Abbreviations used in this documents are as follows:

GMO-PG
GMO-EP
GMO-MR
GMO-PS
GMO-FG
GMO-CAS
Merchandise EC
Non-merchandise EC
PF
MSB
BaaS

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

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

2

Agenda1. Summary of Financial Results for Q1 FY2024

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

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

3

1. Summary of Financial Results for Q1 FY2024

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

4

1.1 Summary of Consolidated Results

Both revenue and OP outperformed Q1 plans（¥ mil）

Q1 FY2023

Q1 FY2024% YoY

FY2024
Guidance

Progress ratio to
FY2024 guidance

Revenue

14,813

17,785+20.1%

73,28624.3%

Gross Profit

9,791

11,547+17.9%－－

Operating Profit

5,090

5,830

+14.5%

25,00023.3%

Pre-tax Profit

4,687

5,919

+26.3%

23,90424.8%

attributable to owners of parent

2,447

3,447

+40.9%

15,523

22.2%

EBITDA*1

5,657

6,594

+16.6%－－

ProfitOperating Stores*2*3
Operating terminals*2
End-Q1 F2024

KPI (% YoY)

151,519 stores (+11.3%)
326,072 units (+49.5%)

Consol. TRX Volume(Q1 FY2024)*2*4

Consol. TRX Value
Q1 FY2024*2

Approx. 1.76 billion(+20.9%)Approx. ¥4.4 trillion(+23.7%)o.w., online approx. 1.55 bn (+16.5%)

o.w., online approx. ¥2.9 trn (+11.2%)*1 Sum total of operating profit and depreciation.
*2 The figure for operating stores is for GMO-PG and GMO-EP, and the figures for operating terminals are for GMO-FG. Consolidated TRX volume and value figures are the sum totals for GMO-PG, GMO-EP, GMO-PS and GMO-FG. The online payment figures are
the sum totals for GMO-PG, GMO-EP and GMO-PS.
*3 The standards for recognition of the number of operating stores has been revised from Q4 FY2023. Figures exclude a specific case and fincode byGMO. If figures for the specific case is included, the number of operating stores for the same period would be606,262 stores, up 20.7% YoY.
*4 TRX volume is calculated based on fee revenue standards, which in the case of online consists of multiple (1 to 3) transactions per payment including authorization and actual proceed amount. Offline transaction volume is based on one transaction per payment.

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

5

1.2.1 Waterfall Chart of Consol. Revenue

Strong offline and Payment After Delivery; online payment also
trending above plans（% YoY）（¥ bn）

GMO-FG Consol.*1*2+34.1%
1Q Plan
1Q Actual+37.6%

GMO-PG*3+11.6%+13.1%

GMO-EP
GMO-PS*3 Consol.*1*3+15.6% +5.1%+20.0% +9.4%

Consol.
+17.1%+20.1%

18¥17.7 bn
Other

17

Payment After Delivery
BaaS
Acquired large-scale
Supportproject+27.2%
MSB +6.1%

16

15¥14.8 bn

Merchandise EC +10.9%
Non-merchandise EC +14.3%
Utility (+33.9%)
Growth hiatus due to large-size projects
Recurrent-model revenue*4 +51.0%
Operating terminals and expanding inbound demand
Initial +31.3%
Payment terminal sales remain at high levels

140
Q1 FY2024

Q1 FY2023*1 GMO-FG consolidated is comprised of GMO-FG, GMO-CAS. GMO-EP consolidated is comprised of GMO-EP, GMO-MR.
*2 Figures present consolidated financial results of GMO-FG. *3 Figures of each company are before the eliminations from consolidating into GMO-PG.
*4 Recurring-model revenue consists of stock, fee and spread revenue and excludes initial revenue that mainly consists of payment terminal sales.

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

6

1.2.2 Waterfall Chart for Consol. OP and Pre-tax Profit
7
OP inline with plans after
offsetting gross profit increase withadditional personnel costs

OP Waterfall Chart

Pre-tax Profit Waterfall Chart（¥ mil）

Up +14.5% YoY
GPincrease+1,756EquityFinancial method
expense profit
Financialdecrease increase
incomeOP+49+381
increase increase
+61
+740

SGA
increase
Other-1,056 Other
revenue expense
increase increase+17+22 5,830

5,090

5,919

4,687
・FX loss decrease+¥447 mil・Appraisal loss on
inv. sec. -¥30 mil
・Losses on inv.
partnerships-¥25 mil・Personnel cost increase-¥707 mil・Outsourcing expense
increase-¥105 mil・Provision for doubtful
accounts increase -¥75 mil

・CoS ratio increase -¥208 mil
・Revenue increase +¥1,964 mil

23/1Q
Q1 FY2023
営業利益
OP（¥ mil）

Up +26.3% YoY

粗利（増減）

販管費（増減）その他の収益（増減）その他の費用（増減）・Interest income+¥85 mil・Appraisal gain on inv. sec. -¥24 mil
24/1Q
Q1 FY2024
営業利益
OP

Q1 FY2023
Pre-tax Profit

Q1 FY2024
Pre-tax 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.

1.3 Waterfall Chart of Consol. TRX Value

Online payment grew only 11.2% due to impact of electricity
rate reductions, etc.
Offlinepayment（% YoY）（¥ trn）

GMO-PG +57.4%
Market*1 +11.2%

Online payment

GMO-PG
Market*1

Non-merchandise EC+12.4%+13.4%+11.2%+10.5%

Consol. +23.7%
Merchandise EC+10.0%+8.6%¥4.4 trn*3

4.5

4.0

¥3.6 trn*3
3.5

GMO-PS GMO-EP
Merchandise
Other nonUtility merchandise① Electricity rate reduction(limited revenue impact)② Hard comps from bringing forward
Travel/tickethometown tax contributions
Cycling through ofreopening
Excl. impact of ① & ②:
Digital content/telecom
Online payment+15.2%
Growth in major
Non-merchandise EC +19.0%
telecom carrier, etc.
GMO-PG

GMO-FG*2
Increased transaction from strong
terminal sales

3.0
0

Q1 FY2024

Q1 FY2023*1 Offline market is based on Ministry of Economy, Trade and Industry’s “Survey of Selected Service Industries. Figures for offline market show the % YoY growth for the period from October to November, as December
2023 data is not available as of this writing. EC Market: Based on Ministry of Internal Affairs and Communication’s “Family Income and Expenditure Survey,” figures are categorized into merchandise and nonmerchandise according to the Company’s standards using the Internet expenditure amount per household.
*2 Excludes GMO-PG’s offline payment (GMO Cashless Platform) *3 Rounded off to nearest trillion of yen.
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

8

1.4.1 GMO-PG Non-consolidated Performance

Achieved Q1 plans, but last year’s high base caused revenue togrow by only 13.1% YoY
GMO-PG Non-consolidated Revenue & OP *1（¥ mil）% YoY

Merchandise EC revenue

百万

Non-merchandise EC revenue
BaaS Support revenue

9,000

MSB revenue

Revenue2-yr CAGR

OP
7,000

6,000

5,000

4,000

3,000

2,000

1,000

0
Q1
FY2022Q2
FY2022Q3
FY2022Q4FY2022Q1
FY2023Q2
FY2023Q3
FY2023Q4
FY2023Q1 FY2024+22.1%+13.1%

Online payment
Merchandise EC
ApparelFood/beverage
Cosmetic, Health food
Other
Non-merchandise EC
Digital content/telecom
Utility
Travel/ticket
Other+20.2%+14.7%+9.5%+23.1%+6.6%+16.9%+23.8%+12.9%+18.8%+44.7%+31.6%+13.0%+10.9%+2.4%+15.3%+7.1%+13.6%+14.3%+12.4%+33.9%+13.8%+11.5%BaaS Support*2+38.1%+27.2%

Money Service Business
Remittance service
Early Payment service
Overseas lending (parent)*3
Instant Salary byGMO*4
Other+24.8%+20.9%+23.5%+0.5%+262.2%+69.8%+6.1%+6.3%+17.5%-20.6%+35.5%-10.7%

Revenue*1+17.5%

Other revenue

8,000

Q1 FY2023

Q1
FY2024*1 Figures for revenue and operating profit are before consolidated eliminations. *2 Figures for BaaS Support present the sum total of Ginko Pay and Processing PF.
*3 Figures show the overseas lending revenues recorded at GMO-PG non-consolidated and do not include revenues occurring at USA, India and Singapore corporates.
Consolidated overseas lending revenue was +48.9% YoY for Q1 FY2024, +26.2% YoY for Q1 FY2023 (calculated by excluding a one-time revenue booked in Q1 FY2022, if included the growth rate would be +2.8% YoY).
*4 The revenue figures for some of the scheme is presented on a gross basis and not on a net basis. The % YoY figures are calculated excluding this impact.
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

91.4.2 Performance of GMO-EP, GMO-PS and GMO-FG

EP earnings showing signs of improvement; PS’s improving
profitability and FG’s continuing high growth
Consol. GMO-EP*1*2(% YoY）

RevenueOP（¥ mil）

GMO-PS*2

23/1Q

24/1Q

+1.2%
-3.7%

+9.4%
+10.6%

Operating stores (right axis)

23/1Q

RevenueOP（stores）（¥ mil）

Revenue (left axis)*460,000Consol. GMO-FG*1*3
24/1Q+22.3% +20.0%-65.8% +416.9%
Revenue (left axis)

3,000

RevenueOP（stores）（¥ mil）
2,500

2,500

40,00024/1Q+52.6%+34.5%+37.6%+71.9%

2,000

400,000

Operating terminals (right axis)
4,000
300,000

2,000

1,000

1,500

3,000
200,000

1,500

500

20,000（units）

Revenue (left axis)

5,000Operating stores (right axis)

1,500

23/1Q

1,000

2,000

500

1,000

1,000
100,000500

00Revenue initiatives are bearing fruit,
EP non-consol. revenue growth rate isshowing signs of improvement（GMO-EP non-consol. +4.0%/MR+76.2%）

00Revenue grew from start ofoperation at large merchantMargin improvement fromcontrolling credit cost

00Strong sales of non-stera terminals
Recurring-model revenue*5 +51.0%*1 GMO-EP consol. includes GMO-EP and GMO-MR. GMO-FG consol. includes GMO-FG, GMO-CAS and GMO Data. *2 Figures are before GMO-PG consolidated eliminations.
*3 Figures are taken from GMO-FG’s consolidated financial results. *4 Figures exclude fincode byGMO.
*5 Recurring-model revenue is the sum total of stock, fee and spread and excludes initial which mostly consists of terminal sales). consolidated eliminations.
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

10

1.4.3 Trend of Incremental Revenue Amount by Service

Consolidated performance offsets the volatility of online
payment caused by large-size projects
3,500

Incremental revenue increase/decrease by service* (Q1 of each FY)（¥ mil）
3,000

Online Payment etc.（GMO-PG/EP Consol.）
Payment After Delivery（GMO-PS）
GlobalOfflineinitial revenue

Offline recurring-model revenue（GMO-FG Consol.）
2,500

Offline initial revenue（GMO-FG Consol.）

Offlinerecurring-model revenue

2,000

①

Global
1,500

Payment After Delivery
1,000

500

COVID windfall

Acquired large
merchant fromamendment of
Installment
Sales ActCOVID windfall
cycles throughThreespecialfactors0
19/1Q

Multiple large
projects start
operation

20/1Q

21/1Q

22/1Q

23/1Q

Online payment
Hiatus causedby large-sized
projects②

24/1Q* Figures are before consolidated eliminations. Macro Kiosk has been deconsolidated in May 2020, figures present continuing operations only and exclude discontinued operations.
-500
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

11

1.5 Revenue by Business Model

Improving fee and spread revenues from large-size projects
Factors*% YoY(¥ mil)Q1 FY2023

Q1 FY2024

Spread+12.8%+15.4%＋ Overseas lending＋ Offline payment－ Online payment (PG)
－ Payment After Delivery－ Online payment (EP)Fee

+35.2%+19.6%+27.3%ー＋ Offline payment＋ Payment After Delivery－ Online payment (PG)
－ Remittance service

Stock+20.9%+21.5%＋ BaaS Support＋ Offline payment＋ Medical Innovation byGMO

Initial+52.2%+32.0%＋ Stable growth of terminal sales

17,78515,00014,813
6,988

6,057
10,000

5,093
4,257
5,000

Excl. impact ofcommission ratechange for Payment
After Delivery

2,719
2,237
2,984

2,260
0
Q1 FY2023

InitialQ1 FY2024

Stock

Fee

Spread* The “+” signs indicate services with growth rates that are higher than 20.1% or if the growth rate 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.

12

1.6 Segment Results

MSB segment OP increased by 30.1% from controlling credit
costs, etc.
Segment Profit

Segment Revenue% YoY(¥ mil)(¥ mil)17,78515,000% YoY

14,8134,018

324

Q1 FY2023

Q1 FY2024+24.9%+20.1%+9.1%+31.6%+ GMO-MR+76.2%

246
3,356+21.0%
10,000+19.7%

5,830

7,000

6,000

41

+ GMO-MR

-2.5%

5,282

+24.0%

23/1Q

23/1Q

24/1Q

■ Payment Processing Business■ Payment Enhancement Business■ Money Service Business+12.6%+ Offline payment－ SGA expense
increase from higher
personnel cost, etc.

1,000

0

0

+30.1%+ GMO Payment
After Delivery+ Overseas lending

5,951+20.1%+ Offline payment+14.5%-19.7% +124.3%

4,000

2,000

+26.5%+23.7%

5,000+ GMO Payment
After Delivery
3,000+ Overseas lending

11,215Q1 FY2024

92

615

13,468
5,000

800

5,090

Q1 FY2023

24/1Q
決済活性化事業■■決済代行事業
Payment Processing■ 金融関連事業
Business
金融関連事業
決済代行事業■■決済活性化事業
Payment Enhancement
Business
営業利益（連結調整後）■ Money Service BusinessOP (after elimination)

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

13

2. Growth Strategy and Initiatives in Focus Areas

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

142.1 FY2024’s Position and the Midterm Management Target

Strengthening business foundation to return to cruising speed
growth rates
Operating Profit Targets and Actual*1*2（¥ bn）
80

Strengthen businessfoundation

Operating profit (actual)
営業利益（実績）
営業利益目標イメージ
Image of OP target
最低20%ライン

70

・Monetize large-scale projects
・Advance sales structure &project management
・Strengthen product expansion
・New business creation(incl. acquisitions)

60

50

20%

40

Guidance30250Midterm management target

OP CAGR of 25%

20

Single year growth of minimum
20% or higher

10

0
2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

*1 Figures from FY2018 are based on IFRS standards. Figures for FY2017 are restated based on IFRS standards.
*2 Due to the deconsolidation of MACROKIOSK in FY2020, the figures above exclude discontinued business and present figures for continuing operations only.
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

15

2.2 Initiatives to Strengthen Business Foundation

Progressing inline with plans on new initiatives that contributeto revenue expansion next FY and beyond
PG’s online payment service revenue trend by year of service start (FY2011 onwards)* and progress on major initiatives during Q1 FY2024

Adding new revenue streams in the core payment business

Expand new value-add and business models
Payment+α23/10 Penetration of SMS Choice of Payment within
the gas utility industry
24/1

Minority equity stake to PayNearMe (US)FY2023
FY2022

BaaS

23/10 Commenced large-scale project

FY2021

23/11 Launched Invoice Card Pay byGMO
FY2020FY2019FY2018B2B

23/12 Provide Invoice Card Pay byGMO to Miroku
Jyoho Service Co., Ltd.’s accounting DX
applicationTo
24/2
Consumer…

ExpandIndustry
coverage
Decarbonisation

FY2011

Launched new BNPL service “atokara”

23/11 Minority equity stake in enpay Inc.,a company that promotes cashless
operations in the nursery sector
24/1

Payment processing achieved
effectively zero GHG emissions(third party certified)

17/9 FY2018FY2018FY2019FY2019FY2020FY2020FY2021FY2021FY2022 FY2022FY2023 FY2023* The graph shows the revenue trend of cohorts with the same year of implementation for the PG Multi-payment service.
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

2.3 Initiatives to Enlarge Project Size

Further driving the large customer strategy to scale up project size
GMO-PG revenues of top-30 customer group (Q1 FY2024 vs. Q1 FY2022)（¥ mil）
400

Revenueby customer group in Q1 FY2022
22/1Q
顧客別売上
24/1Q
顧客別売上
Revenueby customer group in Q1 FY2024

350

300

250

Large customer strategy
・Rollout high value-added industry-specific applications
・Target top companies of each vertical to make inroads into that vertical・Expand revenue from existing customers with re-bundling

200

150

Aggregate revenue increase by approx. 40% for
top 30 corporate customers

100

50

0

5

10

15

20

25

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

30（rank）

17

2.4.1 GMO-PG Non-consolidated: Broader EC

Further strengthen industry-specific PFs to re-expand nonmerchandise EC

PG’s online payment: merchandise & non-merchandise
EC revenues (quarterly trend)

Basic strategy to re-expand non-merchandise EC revenues（¥ mil）

・Deepen industry penetration and expand industry coverage

5,000

Merchandise EC
物販EC

% YoY

Become de facto standard of the industry to drive penetration
Address industries with high cash payment

Non-merchandise EC
非物販EC(real estate, education, etc.)

・Expand application
4,000

Support digital transformation of business operations in addition

Nonmerchandise
EC +14.3%

to enabling the online and cashless migration of payments

Progress of initiatives

3,000

FY2023

FY2024FY2025

Co. E

Co. C ②

Co. H Co. D

Co. A

Co. B Co. C① D社①Co. F Co. D ②

Utility

Merchandise
EC +10.9%

2,000

GMP*
Real estate

Co.A

Co. C
Co. B

Co. D

Co. F ①

Co. F ②

Co. E

Progress since Q4 FY2023
・Utility Co. E (gas co.)

1,000

0
22/1Q 22/2Q 22/3Q 22/4Q 23/1Q 23/2Q 23/3Q 23/4Q 24/1Q：Start SMS Choice ofPayment from Q1 FY2024
・GMP Co. D (restaurant) ：Start QR payment service
from Q1 FY2024
・Utility Co. C ② (EPCO) ：Start date brought forward
・Utility Co. F (gas co.) ：Scheduled to provide SMS payment* GMP: Global Major Player
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

18

2.4.2 GMO-PG Non-consolidated：BaaS/Embedded FinanceStart of revenue contribution of large-scale project from Q1; revenue
contribution from multiple projects planned to start from Q2
BaaS support service revenue*（Q1 of each FY）■ Ginko Pay■ Issuing (Processing PF)■ Acquiring (Processing PF)

Progress on Processing PF projects
Scheduled to start multiple projects from Q2 and onwards
Continue to expand stock revenue% YoY

Revenue size image (3-stage)

Total

FY2024+27.2%
Ginko Pay

-2.2%
Due to change inmonthly revenue
amount caused bycontract extension toa large customer

1H

Co. B

2H

FY2025~Service started on October 2023

Co. C

Co. D
Co. E Service start from October 2023

Processing PF+39.4%

Co. F

Co. G

17/1Q 18/1Q 19/1Q 20/1Q 21/1Q 22/1Q 23/1Q 24/1Q

Working on leads to business operators andfinancial institutions with a captive customer base

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

192.4.3 GMO-PG Non-consolidated：Instant Salary byGMO (SalaryPrepayment Service)

Entering the vast B2E domain: high growth continues on theback of heightened need to strengthen corporate recruitment
Product/Value proposition

Growth strategy

・Enables salary for the work completed to be paid instantly and whenever・Strengthen recruitment for corporates to address labor shortage（industries: temporary staffing, security, logistics, restaurant, retail, relocation)
・Support growth of our payment-service customers (over 200 corporate users)

・Entering into short-term labor market
・Penetration within industry (CVS chain)・Making inroads into B2E domain

Instant Salary byGMO revenue and targets (annual trend)
Salary bank transfer market*2

Spring 2024
Scheduled start of prepayment
using Visa prepaid card

Revenue (actual)
Revenue (target)

TAM：Approx. ¥231 trn
・E-salary payment
・DX of salary operations

March 2023
Entered into e-salary domain
Sept. 2022
Renewed to new system

Expand scope ofsalary remittanceDec. 2021
Onboarded real-time a/ctransfer function% YoY*1

Jul. 2021
Joint launchwith SMBC
21/9期
FY2021

22/9期
FY2022

23/9期
FY2023

24/9期
FY2024FY2023Q1 FY2024+109.0%+35.5%

25/9期
FY2025

26/9期
FY202627/9期
FY2027

Salaryprepayment*3
Users：
Approx. 2 mil people

28/9期
FY2028*1 The revenue recognition for some of the scheme has been changed to gross method from net method from Q1 FY2024. The figures show the % year-on-year excluding this impact.
*2 National Tax Administration Agency, “FY2022 Statistical Survey of Actual Status for Salary in the Private Sector”. *3 Based on GMO-PG estimates.
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

20

2.5.1 GMO-EP Non-consolidated：Broader EC (SME domain)

Revenue growth rate is improving as initiatives start to bear fruit
Consol. GMO-EP revenue (quarterly trend)

Major initiatives that contributed to raise Q1 revenue（¥ mil）% YoY

Driven by growth-oriented entertainment
related merchant
GMV expanded from sales campaign

Revenue+9.4％

GMO-EP

1,500

Ramp up of fincode byGMO
Expect revenue expansion from Q2
onwards as new projects come on
stream

1,000

Rate structure changes progressing as
per plans

GMO-MRGMV and revenue expansion fromexpanding payment methods at partners

500

系列 1
（Estimate）

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

Revenue growth of online medical reservation
High growth of +76.2% YoY is inline withplans thanks to increased order intake
Strengthening organization with appointmentof new CEO
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

21

2.5.2 GMO-EP Non-consolidated：GMO-MR (Medical Reservation SaaS)

Sustaining high growth by capturing DX needs at medical
institutions; expanding business scope beyond reservation
Product/Value proposition

Growth strategy

A reservation system for medical institutions
that provide seamless coverage fromreservation to bill payment

・Expand target domains
・Expand “reservation+α” product line-up
・Realize synergies with GMO-PG
consolidated companies(complements payment processing)

GMO-MR revenue and OP (annual trend)
Revenue (actual)
Revenue (target)
Operating profit/loss (actual)

Sep. 2019
Non-NHI covered
treatment plan

Oct. 2022 Questionnaire
Implement online questionnaire

C2B：Nationwide medical institutions (200K sites)
B2E：Medical professionals (10.7 mil)*1
TAM*2 ¥5.6 trn

Reception

Medical DX SaaS
(Vertical SaaS)

Reception
Dec. 2018
Launch of Omatome Medical
Registration Card byGMO

Aug. 2018
Joins PG group

FinTechAug. 2022 Consultation
Implement online
medical consultation

B2B： Large medical corporate entities,
regional collaboration
TAM*2 ¥200.0 bn% YoY
FY2023Q1 FY2024

Reservation

Revenue

RevenueBill payment+47.3%+76.2%

Reservation
management
SaaS

Operating Profit
Medical Innovation byGMO

19/9期
FY201920/9期
FY2020

B2B：Clinics
TAM*2 ¥78.0 bn

Turns positive
21/9期
FY2021

22/9期
FY2022

23/9期
FY2023

24/9期
FY2024

25/9期
FY2025

26/9期
FY2026*1 Ministry of Health, Labor and Welfare’s white paper report “Annual Health, Labour and Welfare Report 2022”.

27/9期
FY202728/9期
FY2028*2 GMO-PG estimates based on market statistics.
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

22

2.6.1 GMO-PS：FinTech

Profit margin improved from controlling credit cost; revenue
growth by continuous acquisition of new customers
GMO-PS revenue and operating profit

Revenue from new and existing merchants（¥ mil）
Other revenue (left axis)＋20.0%Other

Revenue from existing domains(left axis)
2,500

atokara launch% YoY■ New merchants (acquired during Q2 FY2023～Q1 FY2024＋546.5%

Operating profit (right axis)■ Existing merchants (acquired by Q1 FY2023)）

250

Initiatives resulting inacquiring new projects

Operatingprofit＋416.9%2,000

・Boost sales personnel
・Make comprehensive
payment proposals(synergy with PG)

200

・Improvementof credit cost
1,500

150

Existing
domain＋14.1%

1,000

100
22/2Q 22/3Q 22/4Q 23/1Q 23/2Q 23/3Q 23/4Q 24/1Q

Progress of initiatives
500

50

FY2023
Payment
After Delivery

0

0
23/1Q

24/1Q

FY2024

Co. ACo. BCo. CCo. D Co. F
Co. A

FY2025

Co. E

Co. B Co. DCo. C

Pay On Credit
atokaraCopyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

23

2.6.2 GMO-PS：Launch of new BNPL service “atokara”

Reaching No. 1 position through collaboration with Sumitomo
Mitsui Card Company
Expanding service domains of atokara (size of addressable markets)*

・Data storage over 10 years/Business creation with partnercompanies leveraging base system‐SMCC x GMO-PS/GMO-PG’s customer base, sales capability,
consumer business expertise, comprehensive payment capability‐Usage expansion at merchants with stera terminals

Offline storesLong duration installment(up to 36 installments)

・Entry into consumer business operators with end-customer base・Expand revenue model and product/merchant baseHigh price range/
services

Short term Merchanlump-sum dise EC¥14 trnSomemerchandisePaper
invoiceCase-by-case
Payment
After
Delivery

Conventional
Payment After
Delivery service

Significance of new businessEC home appliance¥3 trnEC service ¥6 trn
EC digital content¥3 trnApp/Web

EC websites adopting atokara
Offline(non-credit
card)¥200 trn

Membership stera
type
terminal
New features

New BNPL service“atokara”

Timing４℃ JEWELRY ONLINE SHOP

February 7

Irisplaza

Late
February

Akachan Honpo Co., Ltd. online shop

After March

Belluna Co., Ltd. online store

April

XPRICEMay

Kohnan e-shop

Late May

Japanet Takata (official site)

TBD

Mizuno Corporation official online

TBD* Ministry of Economy, Trade and Industry, “FY2022 E-Commerce Market Survey”, Payments Japan Association “Cashless Roadmap 2023”, Cabinet Office’s National Accounts of Japan (GDP statistics).
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

24

2.7 GMO-FG：Offline Payment

Building up large-project pipeline by pursuing vertical strategy
Consol. GMO-FG revenue by business model (Quarterly)*1 Acceleration of vertical strategy deployment（¥ mil）（K units）

% YoY

3,500

Driven by manned
payment terminals,
primarily stera.

Initial+31.3%*2
Recurring-model +51.0%
3,000+49.2%
Stock+64.2%
Fee+27.2%
Spread2,500

300

Accelerate acquisition of large corporate groups by providing diverse
services catered to each customer
Rollout solutions specialized for each industries and expand revenue
opportunity

Revenue/profit image
246.7

2,000

200

■ Large commercial facility/shopping center■ Restaurant■ Retail2026~■ HotelService start to Co. C■ Real estate(large commercial

Co. C

facility operator “C”)

Co. B

2025~
Service start to Co. B(large commercial
facility operator “B”)

1,500

1,000

100

2024~
Service start to Co. A(large commercial
facility operator “A”)

500

Co. A

0
22/1Q

22/2Q

22/3Q

22/4Q

23/1Q

23/2Q

23/3Q

23/4Q

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

24/1Q

0

FY2024FY2025

FY2026FY2027

FY2028*1 Figures presented are GMO-FG consolidated financial results.
*2 Recurring-model revenue is the sum total of stock, fee and spread, and excludes initial revenues consisting of payment terminal sales.
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

25

2.8.1 Global：Earnings Summary
Expanding loan book: both revenue and profit grew by more than 50%
Revenue/Operating profit（¥ mil）

Loan balance (end-Dec)% YoY+51.9%（¥ mil）
16,000MSB US+91.7%

400

Progress on loan balance increase
Conducted two additional loans
after the 8～9 month monitoring
period of the initial loan

% YoY
+59.7%

14,000US+79.7%

12,000Indian corporate entity initiatives
・Expanded organizational
structure・Strengthened sourcing activities
Near term pipeline

300

Singapore-100.0%
Q1
incremental
increase

10,0008,000

MSB Asia+30.3%

200

6,000

100

Operatingprofit+74.5%

India+256.1%

4,000

FinTech loan provider forcommercial-use electric rickshaws
FinTech loan provider for
motorcycles
FinTech loan provider to MSME

Payment Asia
Indonesia
-8.5%

2,000

Payment Asia
+116.8%0023/1Q

Microfinance FinTech

24/1Q

End-Q1 FY2023

End-Q1 FY2024

・Growth driven by remittanceservice to an Asian Big Tech
Expected to support otherbusinesses of same company

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

26

2.8.2 Global：Investment Strategy
Executed an investment to North American promising category
creator company

Card issuingmarket¥40 trn*1(2021)

Lending Techmarket¥40 trn*2(2022)KYC Tech market¥0.2 trn*2(2026)HR Tech market¥0.3 trn(2022)

Direct bill payment
market¥500 trn*3

New equity investments
Minority equity stake into US payment FinTech(closed on Jan. 2024)
・Payment + “invoice/payment management”
・Cash payment covering entire US
・Compatible to diverse payment methods*1 GlobalData：total transaction value of US digital payments*2 Based on GMO-PG estimate. *3 Estimates of PayNearMe Inc.
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

27

3. Sustainability

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

28

3.1 Sustainability：Environment
Realized carbon neutrality; achieved effectively zero emission for Scope 1+2 *1
Scope1+2(owned or controlled
operations; indirect emissions frompurchased energy)

TargetInitiatives

Achieved effectively zero GHG emission
in FY2023• Accredited by third party*2

Implemented electricity from what is defacto renewable sources at data centersthat processes ¥15 trn of transactions
annuallyCompany
Electricity consumption
for payment processing(Scope 2) Effectively zero
*1 Scope2 is based on market standards.

Scope3（all indirect emissions in thevalue chain, excl. Scope 2）
Established emission reduction targets
that align with Paris Agreement•

Established target to reduce Scope 3(category 1 & 11) emissions from newly
operating payment terminals by 55% perterminal in FY2030 compared to FY2021

Initiated dialogue towards reducing GHG
emissions• Payment terminal manufacturers(category 1 & 11)• System development companies(category 2)

Contribute to reducing Scope
3 emissions at merchants
Provide payment service

Merchant
Supply chain emissions(Scope 3, upstream)
Reduction*2 Third party accreditation is received from Socotec Certification Japan Inc. in order to secure the reliability of GHG emission reporting.
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

29

3.2 Sustainability: Integrated Report

Published Integrated Report with expanded disclosure of nonfinancial information
FY2023 Integrated Report (Japanese language):https://www.gmo-pg.com/corp/newsroom/pdf/20240213_gmo_pg_ir_integrated_report.pdf* English language version of Integrated Report is scheduled to be published in April 2024.

Contents (excerpts)
・Value Creation model・Identifying Materiality Issues
・Business Strategy of Each Consolidated
Company
・Voices of Our Partners (Employees)

・Roundtable Meeting of External
Directors
・Environment- Realized carbon neutrality: effectively
zero GHG emissions(Scope 1 & 2)
achieved
・HR Strategy- Establishing KPIs

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

30

4. Financial Highlights and Reference Materials

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

31

4.1.1 Consolidated Balance Sheet Changes

Increase in merchant deposits and MSB related assets due toscaling up of business
AssetsLiabilities and Equity(¥ mil)(¥ mil)350,000

350,000

326,029

326,029292,346

300,000

292,346

300,000

273,407273,407
118,265

250,000

250,000

155,592
113,967

91,071
85,562

133,658
200,000

200,000

32,29734,36435,252150,000

59,603

40,63950,0000Prov. for103,132
86,965 doubtful
accounts-3,886-3,33914,916
12,870End-Q4 FY2022*1
Investment related

19,67823,000100,000

End-Q4 FY2023*2
MSB related

29,35033,660100,000

20,65322,992

32,68650,00089,260 Equity
ratio*4
31.9%

94,80489,334

115,844-4,726
14,774End-Q1 FY2024

Other

19,785

19,763150,000

39,817

Cash & Equivalent

31.6%

0

End-Q4 FY2022

EquityBonds

End-Q4 FY2023

MSB related
Other

26.6%
End-Q1 FY2024

Borrowings
Merchant deposits*3*1 Securities classified under investment securities and investment accounted for under the equity method.
*2 MSB Related Asset: Lease assets, Short term loans, Advances paid, 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.

32

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

J-GAAP
Third party allotment
Raised ¥8.0bn

Issued Euro Yen
CB Due 2023
Raised ¥17.5 bn

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

Euro Yen CB Due 2023
Fully converted

40%
250
35%

32.2%

30%

31.6%

200

25%
150
20%

ROE baseline
15%

100

15.0%
10%
50

7.3%

5%

0%

0

FY2012FY2013

FY2014FY2015FY2016FY2017FY2018FY2019FY2020

FY2021

FY2022

FY2023

Total assets

Return on 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)

Operating profit 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.

33

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

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

20,000

7,000

6,000

15,0005,000

4,000
10,000
3,000

2,000
5,000

1,000

0

1Q

2Q

3Q

4Q

FY2021

9,767

10,121

10,646

11,132

FY2022

11,857

12,201

12,897

FY2023

14,813

15,641

FY2024

17,785

17,999FY2021

FY2022

FY2023

0

1Q

2Q

3Q

4Q

FY2021

3,122

3,470

3,629

2,764

13,341

FY2022

4,116

4,159

4,511

3,461

16,546

16,118FY2023

5,090

5,260

5,671

4,290

18,734

19,210

FY2024

5,830

6,708

6,865

5,664

FY2024FY2021

FY2022

FY2023

FY2024* Consol. revenue and consolidated OP for Q2 to Q4 of FY2024 is based on initial guidance.
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

34

4.3 Consolidated Revenue by Business Model (Quarterly)（¥ mil）
6,988
7,000

6,265
6,171

6,025

6,057
6,000
5,371

5,415

5,297

5,296

5,093
5,000

4,808

4,773

4,731

4,707

4,665
4,414

4,290

4,257

4,311

3,840

4,000

3,536

3,672

3,149

3,278

2,408

3,395

3,015

2,713
2,527

2,559

2,487

2,669

2,083
1,717
1,411

1,460

1,478

1,522

1,610

2,719

2,591
2,037

2,382

2,000

2,984

2,288

2,922

3,000

4,430

1,723

1,851

1,754
1,552

1,947

2,166

2,080

2,237
2,260

2,005

1,678

1,484

1,131
1,000

876
725

489

506

0
Q2 FY2020 Q3 FY2020 Q4 FY2020 Q1 FY2021 Q2 FY2021 Q3 FY2021 Q4 FY2021 Q1 FY2022 Q2 FY2022 Q3 FY2022 Q4 FY2022 Q1 FY2023 Q2 FY2023 Q3 FY2023 Q4 FY2023 Q1 FY2024

Initial

Stock

Fee

Spread* 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.

35

4.4.1 FinTech Related Asset
FinTech related asset (quarterly)（¥ mil）
120,000

100,000% YoY+11.8%

80,00060,000+7.3%
40,00020,000+56.1%
0
End-Q2End-Q3End-Q4End-Q1End-Q2End-Q3End-Q4End-Q1End-Q2End-Q3End-Q4End-Q1End-Q2End-Q3End-Q4End-Q1

FY2020

FY2020

FY2020

FY2021

FY2021

FY2021

FY2021

FY2022

FY2022

FY2022

FY2022

FY2023

FY2023*1

FY2023

FY2023*2

FY2024

Lending (Japan/Overseas)

Early Payment service

GMO Payment After Delivery

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

36

4.4.2 FinTech Revenue and Profit (Quarterly)
FinTech segment revenue and profit（¥ mil）
4,000

% YoY
＋6.3%

3,500

3,000

2,500

2,000

＋18.9%
1,500

1,000

＋46.6%＋5.3%

500＋47.0%
0
Q2 FY2020 Q3 FY2020 Q4 FY2020 Q1 FY2021 Q2 FY2021 Q3 FY2021 Q4 FY2021 Q1 FY2022 Q2 FY2022 Q3 FY2022 Q4 FY2022 Q1 FY2023 Q2 FY2023 Q3 FY2023 Q4 FY2023 Q1 FY2024

Lending (Japan/Overseas)

Early Payment service

GMO Payment After Delivery*1

Remittance*2

Other

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

37

4.5.1 Consolidated CoS and SG&A Ratio (Quarterly)

Cost of sales ratio fluctuates depending on revenue mix*(¥ mil)17,78518,000
16,54650.0%

16,11815,641

16,00014,81342.7%
14,000

40.9%
39.6%

36.7%

13,341

37.5%

36.8%

33.8%
10,64635.2%
10,121
10,00011,857
12,201
34.6%
33.4%

34.8%

12,000

9,767

8,927

9,356
8,623

27.9%

31.3%

11,132
32.6%

38.5%

12,897

35.8%

37.2%

34.7%

31.1%

33.9%
36.7%

30.0%

32.0%

30.7%

29.5%

28.8%

27.6%

26.7%

8,000

6,374

5,460

6,000
4,169
3,292
4,000

3,433

3,174

3,813
2,488

35.1%
32.6%

33.6%

33.0%

40.0%

37.0%

3,872
2,817

2,302

3,522
3,169

3,466
3,599

3,982

4,108
3,684

4,075
4,021

3,959

4,487

5,022
4,743

4,469

5,823
4,618

5,913

6,238

5,960

5,799

20.0%

4,570

10.0%

2,000

0

0.0%
Q2 FY2020 Q3 FY2020 Q4 FY2020 Q1 FY2021 Q2 FY2021 Q3 FY2021 Q4 FY2021 Q1 FY2022 Q2 FY2022 Q3 FY2022 Q4 FY2022 Q1 FY2023 Q2 FY2023 Q3 FY2023 Q4 FY2023 Q1 FY2024

Revenue

Cost of Sales

SG&A

CoS ratio

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.

38

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

CoS ratio trending stably for online payment business(¥ mil)10,15810,000

50.0%

9,564
9,219

9,083
41.6%

8,498

41.2%

39.7%
8,000

9,177

7,977

7,906

7,682

40.7%

40.0%

6,858
32.5%
34.2%

36.6%
6,878

6,709

34.1%

7,122

6,370
33.3%

6,110

32.5%

31.6%

6,000

32.9%

30.0%
30.3%
29.4%

5,271

21.2%

22.1%
20.2%

21.0%

20.5%

21.5%

30.3%
26.7%

22.6%
20.5%
19.3%

4,000

19.5%

20.1%
18.7%

19.8%

19.6%

2,000

1,800
1,117

2,932
2,665

2,286

2,177

1,984
1,235

1,339

1,373

1,517

2,495

1,478

1,609

1,483

2,603

1,616

2,755

1,553

1,696

20.0%

3,462

2,796
2,447

2,345
1,711

19.1%
3,501

3,462
2,649

20.9%

1,822

1,794

2,001

1,936

0

10.0%

0.0%

Q2 FY2020 Q3 FY2020 Q4 FY2020 Q1 FY2021 Q2 FY2021 Q3 FY2021 Q4 FY2021 Q1 FY2022 Q2 FY2022 Q3 FY2022 Q4 FY2022 Q1 FY2023 Q2 FY2023 Q3 FY2023 Q4 FY2023 Q1 FY2024

Revenue

Cost of Sales

SG&A

CoS ratio

SGA ratio

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

39

4.6.1 Operating Stores, TRX Volume and Value

Consol. TRX value reaches approx. ¥15.8 trn in the past 12 months
OperatingStores*1/Terminals*2
End-Q1 FY2024

TRX Volume*2*3

TRX Value*2

Q1 FY2024

Past 12-mnth

Q1 FY2024

Past 12-mnth-

1.76 bn

6.51 bn¥4.4 trn¥15.8 trn-

+20.9%+25.2%+23.7%+28.9%

151,519 stores1.55 bn

5.83 bn¥2.9 trn¥10.9 trn

+11.3%+16.5%+21.9%+11.2%+17.7%

326,072 units

0.21 bn0.68 bn¥1.5 trn¥4.9 trn+49.5%+66.3%+63.2%+57.7%+63.3%

Consolidated% YoY

Online% YoY

Offline*2% YoY

Proportion of representative contracts in online TRX value*4： Approx. 40%*1 The standards for calculation the number of operating stores has been revised from Q4 FY2023. Figure exclude an operating stores of a specific merchant and fincode byGMO.
If included, operating stores would be 606,262 (up 20.7% YoY).
*2 Payment terminals exclude GMO-PG’s offline payment (GMO Cashless Platform). Offline transaction volume and value includes GMO-PG’s offline payment (GMO Cashless Platform).
*3 Transaction volume is calculated based on fee revenue standards, which in the case of online consist of multiple (1 to 3) transactions per payment of a single authorization or actual proceed amount, and one
transaction per payment in the case of offline. *4 Annual average is shown in 5% increments.
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

40

4.6.2 Distribution of major sectors (Q1 Standalone)
Balance both stability and growth through sector diversification
Revenue share by industry (vertical axis)/ Revenue growth rate (horizontal axis)*(Based on actual figures for Q1 FY2024)

Revenue
proportion

The size of the circle represents the TRX value

30%

25%

Digital content/
telecom
20%

15%

10%

5%

Home delivery/
newspaper

ApparelMemberships/
Food/ services
Cosmetic/
health food Travel/ticket beverage

Utility

Daily goods/
office supplies

Insurance

C2C

0%
-5%

5%

15%

25%

35%

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

41

4.7.1 Consolidated Cash Flow Statement (Cumulative)（¥ mil）

Q1 FY2024

50,000(¥ mil)：Operating CF
Pretax profit
Deprec. & Amort.
Trade receivables
Advances paid
Accrued revenues
Accrued expenses
Deposits received
Income taxes paid

40,00030,000+22,314+5,919+763-3,876-2,681-8,666+9,458+28,377-7,81020,000Investing CF：
Acquisition of intangibles
Purchase of inv. securities
W/drawal of deposits to
subsidiaries and affiliates
Financing CF：
Net increase in ST borrowings
LT borrowings
Dividends paid

10,0000FY2018FY2019Operating CF

FY2020

FY2021

Investing CF

FY2022Financing CF

FY2023+5,300-2,771+3,900+500-6,715：+25,656

Cash & Equivalents ：155,592

FCF-10,000+3,341-1,101-732

Q1 FY2024

FCF

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.

42

4.7.2 Changes in consolidated cash flow statement
Related liabilities & assets

Impact from business expansion

Deposits received(liability)

Liability

Payment Processing Business
Sales proceeds ofmerchants under the
Representative Contract

Operating CF

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

Money Service Business
Early Payment service

Advances paid
(asset)Asset

Operating CF

Payment After Delivery
service

Accrued revenue(asset)Asset

Operating CF

Accrued expense(liability)

Liability

Operating CF

Deposits to subsidiaries
and affiliates(asset)Asset

Investing CF

OtherFunds temporarily deposited to GMO-IG's CMS(balance is zero as of end-Q1 FY2024)* GMO-IG: GMO Internet Group
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

43

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

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

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

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