Financial Results Briefing for Q1 FY2020
From Offline to Digital Data;
Sustainable Growth Through Expansion of Digital Transformation Platform

February 13, 2020

The 60 th IR Meeting

GMO Payment Gateway, Inc.
(3769; Tokyo Stock Exchange First Section)h tt p s :/ / c o rp. g m o - p g . c o m /Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

Safe Harbor Statement

The contents of this document are based on generally
recognized economic and social conditions, as well asassumptions judged to be reasonable by GMO Payment
Gateway as of February 13, 2020.
Please note that the contents are subject to change
without prior notice in the event of changes in thebusiness environment or other unforeseen occurrences.

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

2

Agenda1. Summary of financial results for Q1 FY2020
2. Future initiatives and growth strategy
3. Financial highlights

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

3

1. Summary of financial results for Q1 FY2020

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

4

1.1

Financial Results Summary （IFRS）

Exceeded company plans; strong start to reach FY2020 OP ¥10.3bn guidance
Q1 FY2019
ActualQ1 FY2020
ActualRevenue

8,246

9,030

＋9.5％

Operating
Profit

2,076

2,080

＋0.2％

Pre-tax
Profit

1,934

2,728

＋41.0％

Profit Attributableto Owners of
Parent1,079

EBITDA※1

2,320（Mil. Yen）

KPI

※2

1,729
2,429

% YoY

FY2020 1H
Guidance% achievement vs.
1H guidance

17,116

52.8%(Full Year guidance)（vs. Full Year guidance）（36,618）（24.7％）

4,363

47.7%

（10,376）（20.1％）

4,122

66.2％

（9,867）（27.7％）

2,533

68.2%

（6,110）（28.3％）--＋60.2％＋4.7％

Operating Stores※3（end-Q1）

TRX Volume(Cumulative 1Q)

TRX Value(Cumulative 1Q)

121,700

Approx. 540mil.

Approx. ¥1.2 tr.

（＋23.0％）（＋33.4％）（＋23.2％）※1 EBITDA＝Operating Profit + Depreciation.
※2 Figures in parentheses are % YoY changes. Excludes offline transactions; if offline transactions are included the TRX volume is approx. 550
mil. (up 34.6％ YoY) and TRX value is approx. ¥1.4 tr. (up 27.2％ YoY).
※3 Figures exclude the recent increase in operating stores from a specific merchant. If included, the number of operating stores is 254,261
stores (up 126.3％ YoY).
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

5

1.2.1

1Q Revenue: Factors behind the 9.5% YoY growth

Exceeded company plans: PG like-for-like online payment revenues
grew strongly at approx. 25% YoY■ Consol. revenue & PG like-for-like ※online payment revenue（Mil. Yen）
9000

Consolidated revenue＋9.5％＜Positive factors＞
・PG like-for-like online payment revenue: Up 24.8％ YoY・Offline payment (GMO-FG & GCS): Up 58.7％ YoY

8000・ Services to financial institutions: Up 66.6％ YoY

7000

6000

・GMO Payment After Delivery (2 week term): Up 24.3％

5000

・ Tackling this year’s issues: EP progressing ahead of plan,

4000

3000

PG like-for-likeOnline payment
Revenue ＋24.8％

MK progress on track＜Negative factors＞
Impact of consumption tax hike and cashless points rebates2000

3 special factors affecting the growth rate:
1000① Contract cancellation of a large merchant in the previous Q20

Q1 FY12019

Q1 FY2020

Company plan
Consolidated Revenue
Online payment like-for-like② Contract termination of a merchant in the previous Q2③ Change in contractual terms with a merchant this Q1※ PG like-for-like online payment revenue = PG parent online payment revenue – sum of the revenues of the 3 special factors stated above.
PG parent online payment revenue = GMO Payment Gateway’s parent-only online payment processing revenue (sum total of stock, fee and spread revenues)
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

6

1.2.2

Factors affecting profits: OP & Pretax profit

Higher SG&A due to increased provisioning; Pre-tax profit
uplifted from higher equity method income(Mil. Yen)

■ OP waterfall chart

Equity method
income
2,728
＋470

GP
SGA
increase increase
＋605
＋621
Other
Other
revenue expenses 2,080
＋26
－6

2,076

・Increase in provision for
doubtful accounts +¥396mil.
・Increase in other expenses
from HQ relocation ＋¥56mil.

Financial
Financial expense
income－53
OP ＋265
increase
1,934 ＋4
・Increase in investment gains
on inv. partnerships ＋¥223mil.

・2C2P turns a profit ＋¥54mil.
・Gain on change in equityof 2C2P+¥414mil.

・GP margin improvement at
GMO-FG etc. ＋¥105mil.
・Increase in revenue etc.
＋¥500mil.

Q1 FY2019（Mil. Yen）

■ Pre-tax profit waterfall chart

Q1 FY2020

Q1 FY2019

Q1 FY2020

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

7

1.3

Segment revenue and OP YoY comparisons

All segments exceeded company plans■Segment OP■Segment revenue（Mil. Yen）

（Mil. Yen）

10,0009,000(): % YoY

1,566

＋ MACROKIOSK in line with 3,300
internal plans－ Impact of online advertisingand delivery service
2,800

Consol.
Revenue: +9.5％

8,000

1,494

（+4.4％）
2,102＋ Strong trend of GMO
2,300
Payment after Delivery (2week term)－ Decline in Remittance and
1,800
Early Payment services

7,000
6,000

（+4.8％）

2,014

5,000

Consol. OP: +0.2％

645
2,076

5,363

（+13.2％）＋ Online payment like-for-like
1,300
revenue growth＋ Strong offline revenue＋ Expansion of Ginko Pay etc.
－ Impact of cashless initiatives800

4,737

4,000
3,000

2,000

Offline and like-for-likeonline payment revenue: 300
Up 31.5% YoY

1,000

2,080

336（－47.9％）＋ Strong trend of GMO Payment
after Delivery (2 week term)－ Decline in Remittance and Early
Payment services－ Change in provision rate

2,502 （+3.0％）＋ Online payment like-for-likerevenue growth＋ Strong offline revenue＋ Expansion of Ginko Pay etc.
－ Impact of cashless initiatives

2,428

（－）
－26
＋ Forex losses decline at
MACROKIOSK－ Impact of online advertisingand delivery service-77

0

Q1 FY2019

Q1 FY2020

Payment Processing Business

Money Service Business(200) Q1 FY2019

Payment Enhancement Business

Q2 FY2020

Consol. operating profit

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

8

1.4

Conclusions

Q1 results exceeded company plans; return to growthtrajectory by executing on the priority initiatives
1. Q1 beat company plans, progressing ahead of plans
Takeaways Online: steady progress in acquiring new merchants, businessexpansion with existing merchants
Offline: expanding cashless payments, making inroads into
Unattended Market (UM)
Numerics TRX Volume +33.4％, TRX Value +23.2％
Consol. revenue, segment revenue and all profit linesachieved Q1 targets
Favorable business conditions in infrastructure & utility

2. Steady progress in the executing on the priority initiatives
3. Benefits are emerging from addressing the 4 issues of this year
4. Achieve OP ¥10.3bn; return topline to growth trajectory next FY

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

9

(Reference) Growth trend of revenue and OP
Q1 returns to baseline growth rate after the impact of spike ingrowth in the previous Q1■ Quarterly trend of revenue and operating profit (%: YoY change)
Current Q1（Mil. Yen）
Revenue
9,000
Previous Q1＋9.5％
Revenue
8,000

Baseline growth＋35.2％

7,000

6,000

5,000

4,000

Current Q1
OP ＋0.2％

Previous Q1
OP ＋30.2％

3,000

2,000

1,000

0

Oct-Dec

Jan-MarApr-Jun

2017

2018

2018

Jul-Sep

Oct-Dec

Jan-MarApr-Jun

Jul-Sep

Oct-Dec

2018

2018

2019

2019

2019

2019

Revenue

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

10

2.

Future initiatives and growth strategy

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

11

2.1

Management targets and requisites

Achieve OP milestone of ¥25bn by continually realizing multibillion-yen scale business projects
2020
OP（Mgmt Target）¥10.3bn

2025

2030

¥25.0bn¥100.0bn＋¥15.0bn
Management Requisite
Continually realize multi-billion yen businesses
Priority Initiatives※

1. Industry-specific DX platform
Telco Logistic
Finance Utility■ 10-year growth of data & delivery parcels(estimate)
1,000x ?
Migration to 5G likely to lead tosurge in data traffic/volume

2. Offline payment (IoT)
3. FinTech
4. Global major players
5. B2B Payment business6. Global business

Data volume

2.5 x

EC
logistics※ Digital Transformation (DX): To reform the business model, services and products of companies in response to customer and social needs by leveraging data anddigital technology and thereby adapt to the drastic business changes underway. In addition, reform the work process, corporate organization, processes and protocols aswell as corporate culture itself, in order to maintain or enhance competitive advantage.
Translated from the Japanese excerpt of Ministry of Economy, Trade and, Industry’s, “Guidelines for Promotion of Digital Transformations (DX Promotion Guidelines).”
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

12

2.2

Progress of priority initiatives

Initiatives to generate incremental ¥15bn OP to begin
contribution from latter part of the year
■ Progress of priority initiatives post-2020 and expected timing of contribution to P/L
2020
2021
1H

1. DX platform
Financial
Utility

2H

Current

Ginko Pay

stera
（SMCC・Visa）

Issuing/Acquiring
Expansion of Ginko Pay

First project to go live this Autumn

Priority Initiatives

Telco

Estimated service launch

Logistic
2. Offline payment (IoT)
3. FinTech

4. Global major players
5. B2B payment business6. Global business

2025

Issuing/Acquiring
Capturing the Unattended Market
Start B2B factoring with
Infomart

New network buildout jointlywith SMCC and Visa
Expanding service to new areas

Several projects in the pipeline
Preparing to launch B2B
payment service

Existing business (payment, lending) expanding steadily
Incremental growth from new businesses and M&A.

※SMCC refers to Sumitomo Mitsui Card Company, Limited, Visa refers to Visa Worldwide (Japan) Co. Ltd., and Infomart refers to Infomart Corporation, SMBC
refers to Sumitomo Mitsui Banking Corporation, Toyota collectively refers to the three companies of Toyota Motor Corporation, Toyota Financial Service
Corporation and Toyota Finance Corporation.
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

13

2.3.1DX Platform

Achieve ¥18bn OP by 2025 from the broader EC domain by
expanding into non-EC areas■OP potential from broader EC※1
(Incl. DX platform)¥18.0bn+
Approx.
¥8.3bn×1.2■ TRX value: breakdown of merchandise※2
and non-merchandise EC

5

Non-merchandise EC
approx. 40% CAGR
2020
2020
(Plan)

列2

2025
2025

Industry-specific DX platform■Growth strategy

・Financial ・Utility

Acquire large and high-growth merchants

・Telco・Logisticetc.

Expand non-merchandise EC businesses＜DX Platform strategy＞

Merchandise EC
Approx. 20% CAGR

① Construct industry-specific DX platforms② Target new industries created and/or
seeing growth acceleration from 5G※1 Excludes the financial industry DX platform※2 TRX value for the Multi-Payment service of GMO Payment Gateway Inc.

Merchandise EC

Non-merchandise EC

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

14

2.3.2DX platform: Financial industry

Expand the financial industry p/f and rollout to enterprises toaccelerate growth■Quarterly trend of stock revenue: expanding our■OP potential of financial industry p/f¥1.0bn+×1.25(Plan)

列2NEW

Platform system provided forEnterprise-version Pay by SMBC

5

Total:＋66.6％ YoYApprox.
¥0.3bn2020
2020

financial service business

2025
2025

Enterprise-version Pay selected as
one of the payment methods on
TOYOTA Wallet (from November
19, 2019)

Ginko Pay
＋103.4％■Growth Strategy
Expand the financial industry platform
・Ginko Pay
Issuing/Acquiring＋53.8％

Offer platform system for proprietary
QR code payment services of financial
institutions
・Issuing/Acquiring
Offer payment solutions to financial
institutions (expected to rollout
to enterprises)・steraNext generation payment platform
jointly developed with SMCC and Visa

Ginko Pay

Issuing/Acquiring

Other

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

15

2.4

Offline Payment (IoT)

Realize high growth in the huge offline payment market
through stera and capturing the Unattended Market■ OP potential of offline payment (IoT)¥2.0bn +■Quarterly trend of Initial revenue
from Offline market（Mil. Yen）

×1.4

5

600

Approx.
¥0.4bn
2020
2020（Plan）＋102.9％
YoY

500
2025
2025

列2

400

■Growth Strategy
stera（SMCC・Visa）
Replace existing network and buildout the new
network scheme with SMCC and Visa
Reinforcing sales to the Unattended Market
Ticket Vending Machine

300

200

Fare Adjustment/Auto Pay

Market size:¥1.826 tr.

Market size:¥1 tr.

100

NEW

Office Pay®by GMO, making
payments using company ID,
launched from December 20,
2019.

0
17/12

18/3

18/6

18/9

18/12

19/3

19/6

19/9

19/12

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

16

2.5

FinTech: Expanding high-margin services

Expand high margin services and further raise the capital efficiency■OP potential of FinTech※¥3.0bn+■Asset balance of high-margin services
Up 106.7％ vs
End-Dec 2017

5

×1.2

GMO Payment

Approx.
¥1.3bn
2020
2020（Plan）

After Delivery
Overseas Lending
列2

B2B Factoring

2025
2025

■Growth Strategy
Expand the high-margin services

End-Dec 2017

End-Dec 2019

■Monthly trend of Infomart B2B Factoring
inquiries (cumulative)

・GMO Payment After Delivery
・Overseas Lending
・B2B Factoring
Tentative orders of over
3-mnths of new acquisition
targetSupport cash needs by early cash conversionof invoice (accounts receivable)NEW

Launched Electronic Invoice Early Payment together
with Infomart (from January 30, 2020)

TargetActual
19/9

19/10

19/11

19/12

※ Those financial services offered by GMO-PG consolidated subsidiaries where the
ROIC exceeds the WACC.
ROIC = Annual estimated NOPAT ÷ Monthly average BS asset balance

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

17

2.6

Global Business

Financial results of investees are strong especially at 2C2P;
accelerating growth of payment processing and lending■ Investments and Borrowers of GMO-PG and GMO Global Payment Fund; Revenue trend by service

Standout investee
Borrower

Investment gains/losses
from equity method affiliate
2C2P (YoY basis)

India

Hong Kong
VietnamLending revenue
growth└Merchants increasing
Est. full year positive profit

Payment processing
revenue growth＋21.1％└Profitable; Appraisal └TRX value expands
YoY
value up 8-foldThailand└Strong lending
Turned profitable
on a monthly base Malaysia
2019/1Q

US

TaiwanNewly established└Repayment completed

Positive profit

Newly establishedJapan

Philippines＋26.6％
YoY

Revenue up approx. 2xSingapore└Revenue growth approx.

2020/1Q└GMV expanding※

8% in line with plans

Indonesia＜Reference＞

Full year
revenue: Up
57.3％ YoY

└Revenue 4x└Strong growth in EM;
Revenue up 3x

2019/1Q

2019/1Q

2020/1Q

2020/1Q※ Based on Jan. to Dec. 2019 cumulative revenue of 2C2P.

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

18

3.

Financial Highlights

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

19

3.1

Balance Sheet Changes

Increase in deposits received and MSB-related assets（Mil. Yen）

Assets（Mil. Yen）

171,904

160,000

139,990
120,000

139,990
120,000

116,858
100,000

42,03333,07080,00060,00053,53043,67420,0007,965

Provisionfor Doubtful
Accounts－2,003End-Sep 2018
※1

Investment Related

7,275

ProvisionforDoubtful
Accounts－1,968End-Sep 2019
※2

MSB Related

40,00065,449

Other

8,245

ProvisionforDoubtful
Accounts－2,34320,00028,14016,6766,300
14,732

16,745
17,19916,762
16,99915,123

20,551

26,02027,53926,767

End-Sep 2018

End-Sep 2019※2

End-Dec 20190

End-Dec 2019

Cash&Equivalents

Includes
62,683 deposits
received fromfew merchants
due to New
Year holiday

16,63014,32723,18546,75238,80080,00027,17140,000065,13952,013116,858

60,000171,904

160,000

140,000

140,000

100,000

Liabilities and Equity

Equty
Bonds

MSB Related
Other

Borrowings※3
Merchant Deposits※1 Securities classified under Investment Securities and Equity-Method Affiliates※2 MSB Related Asset = Lease assets, Short term loans, Advance payment, Accrued revenue (net of provision for doubtful accounts)
MSB Related Liabilities = Accrued expenses※3 Deposits received from merchants under the Representative Contract. ※4 Some figures are shown in net amounts of financial assets and liabilities.
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

20

3.2

FinTech：Assets and profit growth

Steady growth of high-margin services; YoY decline fromreversals of provisions booked in the previous year
■Segment revenue■ MSB related assets+19.9％－46.2％＋967.8％+3.5％■Segment OP－38.0％＋846.1％(%: YoY change)－47.9％－14.3％

Impact fromchange inprovision for
doubtfulaccounts+18.8％+6.6％+28.1％－13.3％+26.6％+21.6％End-Dec 2018

Domestic Lending

End-Dec 2019

Early Payment

Q1 FY2019

Q1 FY2020

GMO Payment After Delivery

Remittance

Q1 FY2019
B2B Factoring

Q1 FY2020
Finance Lease※ Figures are net of GMO Payment After Delivery assets (accrued revenue) and provision of doubtful accounts.
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

21

3.3.1

Revenue by business model(Mil. Yen)
9,000
8,000

3,770

7,000

3,595

Fee
3,230

3,072

（＋）Strong online payment excl. one-offs（＋）Strong offline payment（＋）MACROKIOSK trending in line with plans（－）Decline of remittance service

1,362

Stock

6,000
5,000
4,000
3,000

1,000

666

393

InitialStock＋15.0％ YoY

Q1 FY2020

Fee

Initial+ 69.3％ YoY（+）Strong terminal sales in offline
market0
Q1 FY2019＋5.1％ YoY（+）Robust trend of banking business

1,184

2,000

＋4.8％ YoY
Spread（+）Strong online payment excl. one-offs（+）Growth of GMO Payment After Delivery(2 week term)（－）Impact of cashless initiatives (point rebate)

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

22

3.3.2

Quarterly trend of revenue by business modelIFRS

J-GAAP

※
3,770

3,595

(Mil. Yen)

3,500

3,379

3,468

3,250

3,000

2,653 2,773

2,500

2,471

3,230

3,072 2,971 2,997 3,059
2,946
2,861
2,691 2,801 2,705
2,666

2,360

2,436

2,101
2,004

2,000
1,809

1,895

1,527

1,500

1,383
1,227

1,000

500

931
804

1,259

667

612
630
733
713
601
680
532
663
512
501
594
496
565
499
528
516
501
483
182

0

959

108

147

105

142

127

150

1,441

142

1,184

724

749

728

748

794
786

1,026
875

906

929

980
795

893

832

1,226

1,240 1,264

1,362

923
666
563

457

327

343
161

151

185

237

388
251

393
298

319

328

367

14/2Q 14/3Q 14/4Q 15/1Q 15/2Q 15/3Q 15/4Q 16/1Q 16/2Q 16/3Q 16/4Q 17/1Q 17/2Q 17/3Q 17/4Q 18/1Q 18/2Q 18/3Q 18/4Q 19/1Q 19/2Q 19/3Q 19/4Q 20/1Q

Initial

Stock

Fee

Spread※Online advertising service (stock) and finance lease (spread) revenues are recognized as a net amount with the IFRS adoption rather than the gross method.
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

23

3.3.3

Revenue trend by business model (annual)（Mil. Yen）

J-GAAP

40,000IFRS

38,00036,00034,00032,00030,00028,000Spread26,00024,00022,00020,00018,00016,00014,000Fee

12,00010,000
8,000
6,000

Stock

4,000

2,000

Initial0

2004/9 2005/9 2006/9 2007/9 2008/9 2009/9 2010/9 2011/9 2012/9 2013/9 2014/9 2015/9 2016/9 2017/9 2018/9 2019/9 2020/9E

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

24

3.4.1

Quarterly trend of CoS and SGA ratio

CoS ratio fluctuates with changes in revenue mix
J-GAAP

IFRS(Mil. Yen)

8,000

※47.2％
50.4%※44.5％
50.3%

9,000

※41.7％
46.8%※39.8％
43.6%※40.3％
44.2%

7,769
40.9%

43.6%
※39.9％

5,645

22.8%

50.0%

8,160

33.2%

35.3%

37.6%
35.9%
35.4%

36.4%

35.5%

36.6%

36.1%

41.20% 40.0%

35.20%
33.3%

32.7%

25.5%
23.4% 4,347

22.6%

4,000

30.0%
3,720
3,181

2,998

3,090

3,294

3,067

2,497

2,491

2,036
2,000

1,000

40.2%
6,563
6,459
36.3%

32.1%

5,000

3,000

5,716
31.9%

7,945

7,295
41.1%

6,098
33.4%
31.9%

6,086
6,000

9,030

8,246

42.6%
※37.4％

7,000*Figures with asterisk exclude outsourcing expense related to MSB.
These outsourcing expenses are not booked in SG&A from December 2017 (Q1) due to IFRS adoption.

1,813

1,655
1,307

1,316

683

700

1,823

1,940

2,997
2,494

2,595

2,035

2,143

2,382
2,320

2,581

3,098

2,791

3,004

2,807

2,646
2,818

2,664

20.0%

2,986

10.0%

1,109
772

0

0.0%
16/3(2Q) 16/6(3Q) 16/9(4Q) 16/12(1Q) 17/3(2Q) 17/6(3Q) 17/9(4Q) 17/12(1Q) 18/3(2Q) 18/6(3Q) 18/9(4Q) 18/12(1Q) 19/3(2Q) 19/6(3Q) 19/9(4Q) 19/12(1Q)

revenue

Cost of Sales

SG&A

CoS ratio

SG&A ratio

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

25

3.4.2 Quarterly trend of PG and EP’s CoS and SGA ratio
CoS ratio fluctuates with changes in revenue mix(Mil. Yen)

※All figures are based on J-GAAP.
50.9%

8,000

48.8%

50.0%

47.4%
45.3%

44.9%
7,000

42.5%

41.3%

6,000

36.8%

36.7%
33.5%

36.7%

34.0%

5,000

5,032
4,663

4,297
4,000
21.2%
3,000

2,827

21.1%
2,899

21.9% 22.6%
3,397

3,653

3,469
21.3%

3,092

3,712

22.2%

1,509
1,203
599

1,225

611

677

767

778

22.1%

23.6%

24.2%

20.7%

24.3%

1,785

822

928

21.0%

20.9%

20.7%

20.9%
20.0%

1,577

1,180
770

5,126
30.0%

23.0%

1,525

1,197

5,142

4,816

3,937

1,890

2,000

33.1%
4,840

40.0%

36.5%

4,384

2,212

1,000

45.2%

44.8%

1,039

1,783

1,611
1,067

2,319

2,253

1,071

1,874
1,592
10.0%

1,043

1,016

1,005

1,065

1,069

0

0.0%
16/3(2Q) 16/6(3Q) 16/9(4Q) 16/12(1Q) 17/3(2Q) 17/6(3Q) 17/9(4Q) 17/12(1Q) 18/3(2Q) 18/6(3Q) 18/9(4Q) 18/12(1Q) 19/3(2Q) 19/6(3Q) 19/9(4Q) 19/12(1Q)

Sales

Cost of Sales

SG&A

CoS ratio

SG&A ratio

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

26

3.5

Consolidated CF Statement■Q1 FY2020 changes(Mil. Yen)J-GAAP

20,000IFRS(Mil. Yen)

Operating CF:＋¥16,985
Pretax profit+¥2,728
Chgs in rcvbls＋¥448
Advances paid－¥6,690
Accrued income－¥5,591
Chgs in payables＋¥577
Accrued expenses＋¥5,401
Deposits received＋¥21,947 ※1

18,00016,00014,00012,00010,000
8,000
6,000

4,000
2,000
0
-2,000-4,000-6,000-8,000-10,000
FY2014 FY2015 FY2016 FY2017 FY2018 FY2019

Q1
FY2020Operating CF

Investing CF

Financing CF

Investing CF:
Acg. of intangibles
Acg. of inv. securities

－¥963
－¥398
－¥356

Financing CF:
LT debt repayment
Dividend payout－¥2,952－¥200－¥2,634

FCF:※2＋¥16,021

Cash & Equivalents:¥65,139

FCF※1 Includes deposits received from few merchants due to New Year holiday.
※2 FCF is calculated as Operating CF less 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.

27

3.6

Major Quarterly KPIs

Group-wide annual TRX value reaches ¥4.9 trillion※1

Operating stores: 121,700 stores, TRX volume 540 mil., TRX value approx. ¥1.2 trillion.
(Billion yen)
13,000(Stores)
12,000120,000
11,000（Reference）Consolidated TRX value:

Approx. ¥4.9 trillion

TRX value excl. GMO-FG: Approx. ¥4.5 trillion(10K cases)
50,00010,0009,000
100,000 8,000
40,0007,000
6,000
80,000 5,000
4,000

30,000

Proportion of spreadrevenue ≒50%
※Annual average basis(revised in 5% increments)

60,00040,00020,00010,00020,0000

0※2Recurring billing TRX volume

Pay-as-you-go billing TRX volume

Actual operating stores

TRX Value※1 Operating stores are measured on an end-of-quarter basis. TRX value and volume are the total for the respective quarter.

※2 Figure excludes a significant increase in operating stores from a specific merchant. If included, operating stores would be 254,261 outlets by end-Dec 2019 (up 126.3% YoY).

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

28

T h a n k Yo u Ve r y M u c h

GMO Payment Gateway, Inc.
(3769; Tokyo Stock Exchange, Section 1)
URL： https://corp.gmo-pg.com /en /ir/
For inquiries please contact our IR team at the telephone number below:

Corporate Value Creation Strategy Division (IR Department)

TEL:+81-3-3464-0182