For the 1st Quarter of the Fiscal YearEnding September 30, 2022

Results ofOperations
AirTrip Corp.
TSE 1st Section: 6191
February 14th ,2022“Restart”～Start for the 2nd stage after being listed～～AirTrip Group restarts～

FY22.9 Period 1Q “Restart” ~ 1st Quarter of FY22.9 had a very good start with high profits!

Entering the second term of the growth strategy "AirTrip" Restart ", operating
profit achieved 940 million yen, the 1st quarter had a very good start with highprofits recorded !
~ Strategically promote diversification and restructuring of business portfolio
from the previous fiscal year ~Unit: (Hundred Million Yen)
FY20.9 Period

FY21.9 Period(Full-year Result)(Full-year Result)

FY22.9 Period

FY22.9 Period(1Q’s Result) ※1st Stage

2nd Stage(From the time being listed to FY 20.9)(“Restart” from FY21.9 period)(Full-year Result Forecast)With the growth strategy "AirTrip" Restart “ setting up from theprevious fiscal year, by continuing to diversify and restructure ourstrategic business portfolio, we achieved a good start with highprofits in the 1st quarter of FY22.9.

31.5
5.6
9.4
Consolidated Operating Profit

2.8

Consolidated Operating Loss
(Before Impairment Loss)

10.0

1.0
Full-year Result

△7.9

7.6

(After deducting
impairment)

October
2021

November
2021

December
2021

1Q
Grand Total

Before 1Q
Grand Total(FY22.9 Period)(FY21.9 Period)

Full-year Estimation(Result Forecast Planned Value)※The above-mentioned 1Q are preliminary figures at the present, and may differ from actual results.
Copyright © Air Trip Corp. All Rights Reserved.

2

FY22.9 1Q "Restart" ~ Strengthening AirTrip Economic Zone through a Diversification Strategy ~Promote the construction of diversified business foundation andstrategically strengthen AirTrip Economic Zone
~ Promote business portfolio diversification and restructuring by utilizing AirTrip Group’s assets ~In Domestic Travel Domain, along with the decline in Covid 19’s cases, domestic travel demand is
expected to recover and GoTo travel is expected to resume, and the profits will increase significantly
through strategic marketing investment. In Overseas Travel Domain, we aim to increase profits at thefastest speed in the travel industry by expanding products by strengthening system cooperation with eachairline and promoting UI / UX website’s improvement along with the relaxation of immigration restrictionsin Japan.

Aiming to become the No.
1 creator first platform byacquiring new creators offour WEB media operatedby MagMag (listed
subsidiary company) andactively investing incontent expansion

AirTrip
TravelBusiness

Media
Business

Economic Zone

Japan InboundTravel Business
Wi-Fi BusinessStarting from the Life Media Techbusiness for foreign residents inJapan, we aim to grow ourbusiness by providing optimal
solutions to diversifying needs
due to changes in theenvironment.

Diversify business development by utilizing AirTrip Group’s Assets

IT Offshore
Development
Business

Investment
Business

Aiming for further growth by providing developmentthat meets customer needs through a hybrid-type
comprehensive system that combines the design
capabilities of the upstream process of HybridTechnologies (listed group company) and theabundant offshore development capabilities.

According to Investment Business, AirTrip CVC, we
strategically aim to expand and strengthen the AirTrip
economic zone by utilizing the investment knowledge andexperience that has achieved the listing of a total of 10
companies so far, by aggressively investing in growth areasthat emphasize the high probability of IPO.

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 © Air Trip Corp. All Rights Reserved.

3

FY22.9 1Q "Restart" ~ Executive Summary ~●Consolidated results for the 1st quarter of FY22.9 are 10.7 billion yen in Transaction Volume, 4.35 billion yen in Net Sales, and 940 million yen in
Operating Profit.
Positioning this term as the 2nd term of the 2nd stage of "Restart", we have steadily accumulated business profits in each business domain byimplementing the growth strategy “"AirTrip" Restart” that we have set up from the previous term, and the 1st quarter had a good start with highprofits recorded.

●With the increase in travel demand due to the decline in Covid 19’s infection cases during the 1st quarter, AirTrip Travel business has steadily
captured increasing domestic travel demand and secure stable profits, due to various AirTrip branding measures and strategic and optimal
advertising in response to the increase in demand.
In existing business domains other than the travel business (IT Offshore Development Business, Inbound Travel Business / Wi-Fi Rental Business,
Media Business and Investment Business), the IT offshore development business and Investment Business are all performing well and stable.
We will continue to promote diversification and restructuring of our business portfolio from the previous fiscal year, and strategically build andstrengthen the AirTrip Economic Zone.

●

In particular, on December 23, 2021, Hybrid Technologies Co., Ltd. (Securities Code: 4260), which has played a central role in the IT
Offshore Development Business, was listed on the TSE Mothers Market, become the 2nd group company listed following MagMag Co., Ltd.
(Securities Code:4059) listed in September 2020, further strengthening the business foundation of the AirTrip Group.

●

In addition to supporting GoTo Travel benefits, AirTrip Group has given top priority to "improving internal control, strengthening corporate
governance and obeying compliance”, continued to ensure sound group management.

●

Currently, although the spread of Omicron Variant and pre-emergency measures have a large impact on travel areas, it is expected that domestic
travel demand will recover and GoTo travel will resume in early spring due to the decline in Covid 19’s infection cases. AirTrip Group aims forendless growth by expanding profits in AirTrip travel business through strategic marketing investment in response to increasing travel demand,
continuing to grow the four existing businesses other than the travel business, and promoting diversification and restructuring of the businessportfolio.
Copyright © Air Trip Corp. All Rights Reserved.

4

FY22.1Q Financial Summary

Copyright © Air Trip Corp. All Rights Reserved.

5

Changes in Transaction Volume

Transaction Volume compared to the last period: 104％

Although being impacted by the changes of scope of consolidation,transaction volume still steadily grew
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 © Air Trip Corp. All Rights Reserved.

6

Changes in Net Sales

Net Sales compared to the last period: 66％
Despite some decreases due to changes in the scope of consolidation,
Net Sales still stably grew
Consolidated Net Sales (Million Yen)

※Each quarter of FY20.9’s figures are based on continuing businesses, excluding discontinued businesses.
Copyright © Air Trip Corp. All Rights Reserved.

7

Change in Operating Profit

Operating Profit has dramatically increased compared to the last period
The 1st Quarter also reached the highest Operating Profit recorded everConsolidated Operating Profit (Million Yen)

※ Each quarter of FY20’s figures are calculating by excluding discontinuing businesses from the figures before considering impairment loss published last period.
Copyright © Air Trip Corp. All Rights Reserved.

8

Statement of Income

Although Net Sales has decreased compared to last year,
1st Quarter achieved the highest recorded operating profit ever due to the growthon business performance of each business area
(Million yen)

FY21.1Q
Amount

FY22.1Q
Amount% to Sales% to Sales

Transaction Volume

10,363ー

10,690ー

Net Sales

6,560

100.0%

4,354

100.0%

Gross Profit

1,935

29.5％

1,902

43.7％

Operating Profit

763

11.6%

941

21.6％

Profit attributable toowners of parent

432

6.6%

717

16.5％

Copyright © Air Trip Corp. All Rights Reserved.

9Balance Sheet

Equity Capital remains stable due to accumulated profits~ Cash position continues to grow ~(Million Yen)

FY21.4Q

FY22.1Q

Difference

Current Assets

15,56816,029460

Cash and Deposits

8,771

9,011

239

Operational Investment
Securities

4,852

4,880

27

Non-current Assets

5,804

5,968

163

Total Assets

21,373

21,997624

Liabilities

13,236

13,339103

Interest-bearing Debts

7,443

7,114

△328

Equity

8,136

8,658

521

Equity ratio

38.1%

39.4%

1.3%

Copyright © Air Trip Corp. All Rights Reserved.

10

FY22.9 Period Full-year Result Forecast

By implementing FY22.9 period new growth strategy “AirTrip 2022 Restart” FY22.9”,
strategically continue to promote business portfolio diversification and restructuring~ Based on the uncertain socio-economic situation, we will not revise our earnings forecasts this timeand aim for further business growth ~(Million yen)
FY22.9 Period
Full-year result forecast

Strategy based on the result forecast

Net Sales

13,000・Revenue recovery in AirTrip Travel Business (conservative prospect at this time）
・Accumulating revenue by promoting businessportfolio dispersion.
・Revenue from proactive investing in developing
domains.

Operating Profit

1,000

Net Profit

700

Dividend-

・Increasing profit by cutting down cash out
・Revenue recovery in AirTrip travel business (conservative prospect at this time）
・Accumulating business profits by promoting diversification of
Net Profit 700 business portfolio

・Aiming for a payout ratio of 20%

Copyright © Air Trip Corp. All Rights Reserved.

11

Prospect for FY22.9 Full-year result forecast~ Changes in socio-economic conditions are expected to be positive and contribute to profits

FY22.9 earnings forecast is published in a conservative manner without
incorporating upside factors in view of uncertain socio-economic conditions withfull-year operating profit of 1 billion yen.
~ Profit contribution is expected due to changes in socio-economic conditions such as the recovery of domestic travel profits through
GoTo travel, the recovery of overseas travel, the recovery of tourists visiting Japan, the contribution of investment business, etc.~
Expected
Value

Consolidated Operating Profit

Upward revision due
to upside factors

Contribution to profits ininvestment business, etc.

Recovery of overseas travel,
recovery of tourists visiting Japan

Expected
Value
Upward revision due
to upside factors

Recovery of domestic travel profits through
GoTo Travel, etc.

Full-year operating
profit1Billion Yen(Business Forecast
Planned Value)

Full year
cumulative
Copyright © Air Trip Corp. All Rights Reserved.

(As of the end of
September 2022)

12

Strategies and Results against the impact of
COVID-19

Copyright © Air Trip Corp. All Rights Reserved.

13

Future travel demand recovery prospects based on the impact of Covid 19 crisis

Currently due to the rapid spread of Omicron Variant, although travel demand seems to temporarily
decrease, with the booster vaccination and the spread of medical treatments, infection cases are
expected to reduce and there are signs of demand recovery.
~ Besides the decrease in new infection cases, the demand will increase more than before with the resumption of
GoTo Travel ~The booster vaccination/ the spreadof medical treatment as well as theresumption of GoTo Travel

Infection Cases

6th Wave

Travelers(Travel Demand)

Travel Demandtends to increase
more than ever

Numberof People

High

5th Wave

4th Wave

By the decrease in infection cases due tothe booster vaccination and the spread of
medical treatment, there are increase
signs of recovery in travel demand

3rd Wave
1st Wave

Low

DemandDecrease
Phase

Now

DemandRecoveryPhase

2nd Wave
Decrease ininfection
cases
DemandDecrease
Phase

DemandRecovery
Phase

DemandDecrease
Phase

DemandRecovery
Phase

DemandDecrease
Phase

DemandRecovery
Phase

DemandDecrease
Phase

Time
(2.5~3 Years)
Copyright © Air Trip Corp. All Rights Reserved.

DemandRecoveryPhase

Increase ininfection
cases
DemandDecrease
Phase

Now

DemandRecovery
Phase

DemandDecrease
Phase

Explosion indemand phase

Future14

About the impact of Covid 19 on the current business result

The domestic travel domain has been sluggish due to the impact of Omicron variant’s rapid spread,but the existing business areas other than travel are doing well and making steady progress.
~ Continuing from the previous fiscal year, strategically promote business portfolio diversification andrestructuring ~State of Emergency
lifted at all regions(1 Oct~)October

Suspension of newentry of foreign
nationals into Japan(20 Nov ~)Start 3rd Dose of
Vaccination(1 Dec ~)November December

Measures to prevent
1Q’s Announcement of
the spread of Omicron
financial statements
Variant(14 Feb)(9 Jan ~)January

February
March
April ~
(Expected) (Expected) (Expected)

AirTrip Travel (Domestic)

◯

◯

◯

△

△?

◯?

◯?

AirTrip Travel (Overseas)

×

×

×

×

×?

×?

×?

IT Offshore Development
Business
Japan Inbound Travel／
Wi-Fi Business

◯

◯

◎

◯

◯?

◯?

◯?

◯

◯

◯

◯

◯?

◯?

◯?

Media Business

△～◯

△～◯

△～◯

△～◯

△～◯?

△～◯?

△～◯?

Investment Business

◯

◎

◯

◯

◯?

◯?

◯?

Copyright © Air Trip Corp. All Rights Reserved.

15

FY22.9 Period 1Q Changes in Sales, general, and administrative expenses~ Cash-out cost reduction results and implementation measures

In addition to continuing to reduce fixed costs, we have reduced outsourcing costs and othertemporary costs, and minimized cash out costs by optimizing advertising costs.
~ Monthly SG & A expenses will be suppressed to about 450-500 million yen in the 1st quarter. Variable expenses will
be suppressed company-wide in line with the decrease in travel demand due to the recent expansion of Omicron
Variant ~(Hundred Million Yen)

Optimizing variable cost and advertisement cost

10.0
Variable Cost
Fixed Cost

0.5?
4.0

8.0

2.0

2.5

2.1

Variable Cost

Controlling outsourcing cost according to travel demand
Reducing of subcontract expenses and other temporary
cost at each department
Advertisement Cost
Continuing to optimize the advertisement cost ratio to grossprofit.

6.0

Controlling labor cost and continuing to reduce other fixed costs

4.0

6.4

0.5?

2.0

2.6

2.6

0.0

20.2
FY20.921.9
FY21.9※Because it is a planned value for 2Q, it may differ from the actual value.

21.12
FY22.92.4
22.1~3 ※(Planned Value)

Copyright © Air Trip Corp. All Rights Reserved.

Labor Cost
Continuing to return part of Directors’ bonuses ( Director/Supervisor)
Reducing labor cost along with optimizing personnel
Fully switching to remote work to reduce commuting cost

Other fixed Cost
Reducing system’s maintenance fee related to infrastructure
management
Reducing expenses for space rent by switching to remote work
Review and reduce other fixed costs of each department

16

FY22.9 1Q Gross Profit Changes~ Continue to be stably profitable in the 1st quarter focusing on Domestic Travel Domain ~In the domestic travel area, in addition to earning gross profit exceeding the peak of GoTo Travelin the previous fiscal year, the other business domains continued to perform well and grow steadybusiness, and the 1st quarter remained stably profitable as in the previous fiscal year
~ Gross profit has increased by strategic marketing investment to meet increasing travel ~(Hundred million yen)

Other Business Domains

12.0

Strengthen our approach
to increase domestic travel
demand and increase
domestic travel revenue

Oversea Travel Domain
Domestic Travel Domain

10.0

Assuming a gradual
recovery in travel demand
despite the impact Omicron
Variant’s spread

8.0

6.0
3.1

1.9
0.2

4.0

3.3
1.5

3.2

3.2

0.1

2.9

3.8

0.1

4.5
3.6

4.4

0.1
0.1

3.3

3.6

2.0

0.0

20.10

3.4

2.9

1.8
2.9

0.2

20.11

20.12

21.1

21.2

21.3

0.1

0.1
0.1

2.4

3.0

21.4

21.5

21.6

21.7

3.9

3.1

2.8

21.8

21.9

0.1

21.10

4.4

21.11

4.2

21.12

2.7

2.6

0.1

0.1

2.5

2.2

2.
9

22.1

22.2

22.3

0.1

Expected
increase intravel revenue
depending on
the recovery oftravel demand(Preliminary (Planned ( Planned
Value)
Value)
Value)

FY21.9※Preliminary figures used for our Group management board.

0.1

0.1

4.3

2.9

2.1

1.6
0.1

0.1
0.1

2.0

3.1

3.8

FY22.9Copyright © Air Trip Corp. All Rights Reserved.

17

Recent Actions and Achievements

Copyright © Air Trip Corp. All Rights Reserved.

18

Gross profit in the Domestic Travel Domain achieved a significantly higher level than the same period last year bycapturing increasing travel demand
AirTrip Travel
Business

Steadily captured gross profit and increasing travel demand in the Domestic Travel domain,achieved a significantly higher level than the same period last year during the period implementing
GoTo Travel~ Achieved 110% compared to October of the previous year when GoTo travel was at its peak ~2021’s Gross Profit
2020’s Gross Profit
October Gross Profit
110% compared tolast year

4th Declaration of State of Emergency(2021/7/12～2021/9/30)

August Gross Profit
165% compared tolast year

20.8

21.8

September Gross Profit
115% compared tolast year

20.9

21.9

November Gross Profit
101% compared tolast year

December Gross Profit
146% compared tolast year

20.11

20.12

GoTo Travel Started(2020/10/1 ~)

20.10

21.10

FY21.9

21.11

21.12

FY22.9※The above figures are the total gross profit (preliminary figures) of domestic airline tickets, domestic airline tickets + hotels, domestic tours, and domestic hotels.
Copyright © Air Trip Corp. All Rights Reserved.

19

"AirTrip Super New Year Sale" will be held during the year-end and New Year holidays~ A new TV commercial featuring by Ms. IKKO were aired on NTV!!
AirTrip Travel
Business

Started “AirTrip Super New Year Sale” with great deals on domestic
travel products during the year-end and New Year holidays!

~ The new TV commercial “Super New Year Sale” and "Motion Graphic" featuring IKKO,
our new brand representative, were aired on NTV ~Copyright © Air Trip Corp. All Rights Reserved.

20

Started using AirTrip Point in “Domestic Airline Ticket + Hotel (Domestic AirTrip Plus)” !
AirTrip Travel
Business

Started using AirTrip Point in“Domestic Air Ticket + Hotel (Domestic AirTrip Plus)” !

~ AirTrip points can now be used when purchasing “Domestic Airline Tickets + Hotel”,
following domestic airline tickets and domestic hotels ~Copyright © Air Trip Corp. All Rights Reserved.

21

Started providing Domestic Stay discount coupons in “AirTrip Domestic Hotel”!
AirTrip Travel
Business

Started providing Domestic Stay discount coupons in“AirTrip Domestic Hotel”!
~ Immediate discounts on accommodation prices when booking are applicable for customers who havebooked accommodations from the more than 20,000 options listed in "AirTrip Domestic Hotels”~※We will distribute the coupons at any time for various campaigns held by our company and collaboration projects with each accommodation facility.
Copyright © Air Trip Corp. All Rights Reserved.

22

Started selling Chubb Insurance’s Domestic Travel Accident Insurance at “Needs Tour”, operated by our groupcompany N’s!
AirTrip Travel
Business

Started selling Chubb Insurance’s Domestic Travel Accident Insurance
at “Needs Tour”, operated by our group company N’s!
~ You could be compensated at a rate of 10,000 yen per night if the aircraft is canceled
or delayed due to bad weather, etc., ~Copyright © Air Trip Corp. All Rights Reserved.

23

Released Investment Business / AirTrip CVC Performance Report Vol.2!
Investment
Business

As our Investment Business / AirTrip CVC Performance Result, the cumulative
investment amount in 71 operating investees so far is 5.5 billion yen, while the total
recovered and most recent valuation amount is 14.5 billion yen, and the investment
ratio is 263%
~ IPO investees achieved 10 companies (including 1 listed subsidiary and 1 listed affiliated company) ~Copyright © Air Trip Corp. All Rights Reserved.

24

Last One Mile Co., Ltd. (stock code: 9252), in which we invested, is newly listed on TSE Mothers!
Investment
Business

Last One Mile Co., Ltd. (stock code: 9252), in which weinvested, is newly listed on TSE Mothers!
~ Achieved the 9th IPO projects that we invested ~Copyright © Air Trip Corp. All Rights Reserved.

25

Our affiliate Hybrid Technologies Co., Ltd. (Stock code: 4260) is newly listed on TSE Mothers!
IT Offshore
Development Business

Investment
Business

Our affiliate Hybrid Technologies Co., Ltd. (Stock code:4260) is newly listed on TSE Mothers!
～ Achieved the 10th IPO project as our investees～

As an initiative of SDGs (Sustainable Development Goals) and social contribution, every time an investee
has an IPO, because of economic and environmental reasons, we started donating to the Japan FutureSports Promotion Association, where provides an environment and services to children who encounter
difficulties in playing sports.
Copyright © Air Trip Corp. All Rights Reserved.

26

Investment business ~ Capital and business alliance with M&A DX
Investment
Business

Capital and business alliance with M&A DX, the company develops
comprehensive services related to M&A, inheritance, and businesssuccession!
~ Expected to provide value for new investees, sourcing and data matching of new investees and M&A
deals, in the operation of our investment business, AirTrip CVC ~Capital andbusiness alliance

Copyright © Air Trip Corp. All Rights Reserved.

27

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

Copyright © Air Trip Corp. All Rights Reserved.

28

Group Company: MagMag (Security Code: 4059)~ Although income and profit declined due to the impact of Covid 19 crisis, the media business continued to grow steadily ~Media Business

Income and profit declined due to the tide of declines in advertising unit prices
due to Covid 19 crisis, but the media business continued to grow steadily.
~ Expanded new functions of four media channels and maintained Net Sales as 91% compared to lastyear ~※< Changes in MagMag’s Net Sales/ Operating Profit>(Million Yen)200

Net Sales

168

154

Operating Profit

Although the advertisement unit price is declining due to Covid 19
crisis, we are promoting the expansion of new functions of thefour media channels that we operate. Ad network advertising
revenue and UU numbers are steadily increasing.

150
Net Sales(1Q’s Actual Value)

100

91%

Operating
Profit※Compared toFY20.1Q(1Q’s Actual Value)

50

68%

37

12
0

FY21.1Q

Advertising unit price is declining, but business growthcontinues to be steadyFY22.1Q※Compared toFY20.1Q

Accelerate acquisition of new creators and expansion ofcontent
Aiming to be the No. 1 creator first platform, we will contribute to
the expansion of our business foundation by actively investing inacquiring new creators and expanding content.

※The above results are preliminary figures at this time and may differ from the actual
results.
Copyright © Air Trip Corp. All Rights Reserved.
29

Group companies (Affiliated companies): Hybrid Technologies (Securities code: 4260)~ Succeed to be new listed on TSE Mothers on December 23, 2021! Business growth continues steadily even after listing ~IT Offshore
Development Business

New listed on the Mothers market of the Tokyo Stock Exchange on December 23,
2021! Continued strong business growth even after listing~ Net Sales achieved 145% and Operating Profit achieved 5,740% compared to last year’s 1Q ~
650

520

(Million Yen)
Net Sales(1Q’s Actual Value)

Net Sales

145%

Operating Profit※Compared to
FY21.4Q

502

398
390
Operating
Profit(1Q’s Actual Value)

260

5,740%※Compared to
FY21.4Q

130

49
0

1
FY21.1Q

New listing on TSE Mothers on December 23, 2021!
Hybrid Technologies Co., Ltd., which has played acentral role in the IT Offshore Development Business,
succeeded to become the second listing group company
and accelerated further business growth even after thelisting.
Significant improvement in both Net Sales andOperating Profit compared to the previous fiscal year
Although listing-related expenses were recorded in thisquarter, business growth is steadily continuing, and bothNet Sales and Operating Profit have increased
significantly compared to last year same period.

※The above results are preliminary figures at this time and may differ from theactual results.
Copyright © Air Trip Corp. All Rights Reserved.

FY22.1Q

30

Group Company: Inbound Platform Corp.
~ Continued to grow with Wi-Fi for domestic corporations and media channels for foreigners ~Japan Inbound Travel／
Wi-Fi BusinessContinued to grow with Wi-Fi for domestic corporations and media
channels for foreigners~ Achieved 108% in Net Sales compared to last year’s 4Q ~(Million Yen)

400

Net Sales

320

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

293
276

240

Full-scale start of Life Media Tech business

160

Various information broadcasting, reservation
platform businesses aiming for foreign residents
are started in sequence

Net Sales（1Q’s Actual
value)

108%※Compared to
FY21.4Q

80

0

FY21.4Q

FY22.1Q

The 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※The above results are preliminary figures at this time and may differ from the actual results.
Copyright © Air Trip Corp. All Rights Reserved.
31

FY22.9 1Q "Restart" ~ Executive Summary ~●Consolidated results for the 1st quarter of FY22.9 are 10.7 billion yen in Transaction Volume, 4.35 billion yen in Net Sales, and 940 million yen in
Operating Profit.
Positioning this term as the 2nd term of the 2nd stage of "Restart", we have steadily accumulated business profits in each business domain byimplementing the growth strategy “"AirTrip" Restart” that we have set up from the previous term, and the 1st quarter had a good start with highprofits recorded.

●With the increase in travel demand due to the decline in Covid 19’s infection cases during the 1st quarter, AirTrip Travel business has steadily
captured increasing domestic travel demand and secure stable profits, due to various AirTrip branding measures and strategic and optimal
advertising in response to the increase in demand.
In existing business domains other than the travel business (IT Offshore Development Business, Inbound Travel Business / Wi-Fi Rental Business,
Media Business, Investment Business), the IT offshore development business and Investment Business are all performing well and stable. We willcontinue to promote diversification and restructuring of our business portfolio from the previous fiscal year, and strategically build andstrengthen the AirTrip Economic Zone.

●

In particular, on December 23, 2021, Hybrid Technologies Co., Ltd. (Securities Code: 4260), which has played a central role in the IT
Offshore Development Business, was listed on the TSE Mothers Market, become the 2nd second group company listed following MagMag Co.,
Ltd. (Securities Code:4059) listed in September 2020, further strengthening the business foundation of the AirTrip Group.

●

In addition to supporting GoTo Travel benefits, AirTrip Group has given top priority to "improving internal control, strengthening corporate
governance, and obeying compliance”,continued to ensure sound group management.

●

Currently, although the spread of Omicron Variant and pre-emergency measures have a large impact on travel areas, it is expected that domestic
travel demand will recover and GoTo travel will resume in early spring due to the decline in Covid 19’s infection cases. AirTrip Group aims forendless growth by expanding profits in AirTrip travel business through strategic marketing investment in response to increasing travel demand,
continuing to grow the four existing businesses other than the travel business, and promoting diversification and restructuring of the businessportfolio.
Copyright © Air Trip Corp. All Rights Reserved.

32

FY22.1Q Business Progress

Copyright © Air Trip Corp. All Rights Reserved.

33

Marketing ~ A new television CM featuring by IKKO – the new brand representatives of AirTrip – was on air on
NTV! ~
AirTrip Travel
Business

A new television CM featuring by IKKO – the new brand representatives of
AirTrip – was on air on NTV!
~ Appeal for 20% points return by using AirTrip Super New Year sale and application ~AirTrip Super New Year Sale Edition: Promoting great deals on sale products

AirTrip Motion Graphic Edition: Appeal for 20% points return by using the app

Copyright © Air Trip Corp. All Rights Reserved.

34

Marketing ~ Various marketing measures ~AirTrip Travel
Business

Continue to implement "AirTrip" branding measures and campaigns for AirTrip
members!
~ Continue promotion in various fields and steadily strengthen AirTrip Brand ~2021 Sumitomo Mitsui Visa Taiheiyo Masters
sponsorship

The 58th Golf Nippon Series
JT Cup Sponsorship

DSPE INVITATIONAL
sponsorship

Christmas campaign on SNS
Domestic hotel accommodation voucher

11/28 Boxing World War
Kenichi Ogawa (Teiken Gym) Logo on boxing pants

THE SWINGGGR
Original TEE present campaign

Mama’s Holiday ticket present campaign

Copyright © Air Trip Corp. All Rights Reserved.

35

Marketing ~ AirTrip rebranding’s effect ~AirTrip Travel
Business

The number of searches for the “AirTrip” keyword has steadily increased due tothe rise in awareness and various marketing measures!
~ Achieved an increase in the number of searches by optimally advertisements investment along with the recovery ofdomestic travel demand ~After the state of emergency was lifted, the number of AirTrip KW searches
increased due to various marketing measures.

Cancellation of state of
emergency(2021/9/30)

Domestic travel demand is on atemporary decline due to the impact of
the state of emergency

September 2021

October 2021

November 2021

Copyright © Air Trip Corp. All Rights Reserved.

December 2021
36

Marketing ~ Expanding awareness through various TV display at the PCR Quick Test Center operated by ourinvestee PikaPaka Corp.~
Investment
Business

With the spread of Omicron Variant and the increase in test demand due to theimplementation of free PCR tests, the TV display of "PikaPaka PCR Quick Test Center"
operated by our investee has increased!
~ Contributing to increasing awareness of our affiliated test centers by being featured on numerous TV programs ~12/24 Fuji TV "Mezamashi TV"

12/27 Fuji TV "Live News It!"

12/27 NTV "news zero"

12/27 NTV "news every."

12/27 NHK “Metropolitan area network”

Copyright © Air Trip Corp. All Rights Reserved.

37

Domestic flight tickets ~ Significant increase in Transaction Volume due to optimal advertising investment inresponse to the recovery in travel demand ~AirTrip Travel
Business

By optimally advertisement investment in response to the recovery of domestic travel demand,steadily capturing the demand, Transaction Volume increases significantly.
~ Achieved 142% transaction volume compared to last year’s 4Q ~<Changes in Domestic Airline Ticket’s Transaction Volume>

Steadily capture increasing demand by optimal advertisement
investment

Transaction
VolumeTransaction
Volume(1Q’s Actual Value)

142%※Compared to
FY21.4Q

When the number of Covid 19’s infection cases decreased and thetravel demand reached peak during the year-end and New Yearholidays overlapped, we strengthened various marketing measuresand succeeded in steadily capturing demand.

Achieved a significant increase in Transaction
Volume by continuing to improve UI / UX

FY21.4Q

FY22.1Q

Achieved a significant increase in transaction volume bycontinuing UI / UX improvements aimed at further
improving convenience, such as partial renovation of thehome page and expansion of other additional functions.
Copyright © Air Trip Corp. All Rights Reserved.

38

Domestic AirTrip Plus (Flight ticket + Hotel) ~ Significant increase in Transaction Volume and Operating Profit bycapturing accommodation demand ~AirTrip Travel
Business

Capturing Domestic Travel demand by improving convenience such as adding functions, bothTransaction Volume and Gross Profit increased significantly~ Achieved 191% in Transaction Volume and 230% in Gross Profit compared to last year’s 4Q ~<Changes in Transaction Volume of Domestic DP (Airplane Ticket + Hotel)>Transaction Volume

Transaction
VolumeGross Profit

Achieve steady CVR improvement by continuing UI /UX improvement(1Q’s Actual Value)191%

CVR improvement is steadily achieved by continuing UI /UX improvement for the purpose of improving
convenience such as adding new functions.

※Compared to
FY21.4Q

Gross
Profit(1Q’s Actual Value)

230%※Compared to
FY21.4Q

FY21.4Q

Significant increase in Transaction Volume and
Gross Profit due to aggressive advertising
Actively invested in marketing to meet increasing
travel demand, and achieved a significant increasein Transaction Volume and Gross Profit.

FY22.1Q
Copyright © Air Trip Corp. All Rights Reserved.

39

Domestic AirTrip Plus (Flight ticket + Hotel) ）~ Expansion of various new functions and implementation ofmarketing measures ~AirTrip Travel
Business

Expanding various new functions and implementing optimal marketing measures
to further improve convenience and capture domestic travel demand~ Implement various UI / UX improvement measures to meet diversifying customer needs ~Get more return customers byimplementing AirTrip Point Function

Implementation of new features"JAL + Hotel" "LCC + Hotel"

AirTrip points 20% Return for app
reservations during the Super New
Year sales period

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

Following domestic flight tickets and domestic hotels,
we have implemented a function to distribute AirTrip
Points that can be used at the next reservation tocustomers who purchased "domestic airline tickets +hotels", greatly contributes to improve the repeat rateof the entire website.

Started selling "JAL + Hotel" and "LCC + Hotel"
to meet diversifying user needs. By adding new
functions based on user trends, we have
improved the convenience of the website andachieved a significant increase in transaction
volume and gross profit.

AirTrip Super New Year Sale will be held during
the year-end and New Year holidays, and 20% of
AirTrip points will be returned to customers whobooked "domestic airline tickets + hotels" from theapp during that period. In addition, we would carryout a plan to present 10,000 lucky points.

※Started from October 2021

※Started from November 2021

※Conducted from December 2021 to January 2022

Copyright © Air Trip Corp. All Rights Reserved.

40

Domestic Hotels ~ Significant increase in Transaction Volume and Operating Profit by strengthening SNS
marketing to meet increasing accommodation demand ~AirTrip Travel
Business

By strengthening SNS marketing to meet the growing demand for accommodation, we haveachieved a significant increase in both Transaction Volume and Operating Profit!
~ Achieved 163％ in Transaction Volume and 680％ in Operating Profit compared to last year’s 4Q ~<Changes in domestic hotel Transaction Volume/Operating Profit>
Transaction Volume

Transaction
VolumeOperating Profit(1Q;s Actual Value)163%

By strengthening D2C marketing utilizing SNS such as Instagram
and Twitter, we captured increasing demand for accommodation andachieved a significant increase in transaction volume and operating
income.

※Compared to
FY21.4Q

Operating
ProfitAcquiring increasing demand for accommodation by
expanding various contents

680%

By implementing discount coupon functions and implementing
various campaigns such as "Autumn Trip" and "Super New Year
Sale", we could meet diversifying accommodation demand andachieve profitability and CVR improvement.

(1Q’s Actual Value)※Compared to
FY21.4Q

FY21.4Q

Significant improvement in top line by strengthening
SNS marketing

FY22.1Q
Copyright © Air Trip Corp. All Rights Reserved.

41

Domestic Hotels ~ Succeeded in acquisition of accommodation demand by implementing new functions andexpanding various contents as well as strengthening accommodation products
AirTrip Travel
Business

In addition to thoroughly strengthening accommodation products, we have acquired new
accommodation demand by implementing new functions and expanding various contents!
~ Strategically implementing various measures to capture diversifying accommodation demand ~Strengthen purchasing andsales of AirTrip's carefully
selected facilities

UI / UX improvements toimprove revenue and CVR

AirTrip Point 20% Return
Big campaign implementation

Acquisition of new accommodation
demand through business participationof local governments

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

Further strengthen purchasing ofaccommodation products by concluding
sales contracts with First Cabin HD, which
operates a compact hotel with the brandimage of first class airplanes, and Toyoko
Inn, a major chain hotel.

By implementing a function that grants"discount coupons“, applying immediate
discounts to customers who purchase"domestic hotels", we will motivate users
to purchase and directly improve profits
and CVR.

For customers who booked "domestic
hotels" during the year-end and New Yearholidays, we held the "AirTrip Super New
Year Sale" to return 20% of AirTrip points.
The number of UUs was 149% and CVR
was 115% compared to last year’s 4Q.

Copyright © Air Trip Corp. All Rights Reserved.

Participated in "Sapporo Winter Discount" and"Hakodate Discount", which are measures tostimulate tourism demand in local governments,and succeeded in capturing accommodation
demand through D2C marketing using SNS,achieving record high transaction volume ineach area.

42

Domestic Tour / N's Enterprise ~ The Transaction Volume is steadily increasing due to the development of various
CPNs and UI / UX improvements ~AirTrip Travel
Business

Transaction volume increased steadily due to the development of various
campaigns to meet new travel demand and continuous UI / UX improvement.
~ Achieved 113％ in transaction volume compared to last year’s 4Q ~<Changes in Domestic Tour’s Transaction Volume>
Transaction
VolumeTransaction
Volume(1Q’s Actual Value)

113%

In order to meet diversifying demand, we will continue toimprove the UI / UX of the "Needs Tour" website operated
by the group company N's, and capture steadily
increasing travel demand.
Increased Transaction Volume by developing
various CPNs and starting insurance sales※Compared to
FY21.4Q

FY21.4Q

Steadily capture growing demand by continuing to
improve UI / UX

FY22.1Q

Achieved an increase in transaction volume by selling
local discounts, developing various campaigns, andstarting selling domestic travel accident insurance by
Chubb Limited.
Copyright © Air Trip Corp. All Rights Reserved.

43

Overseas Flight Tickets/ Overseas AirTrip Plus (Flight Tickets + Hotels) ~ Started new collaboration with ZIP AIR
to recover demand ~AirTrip Travel
Business

In anticipation of a recovery in overseas travel demand in the future, we starteda
new collaboration with ZIP AIR (LCC 100% owned by JAL)!
~ Expand product lineup to recover travel demand after Covid 19 crisis ~Started new collaboration with ZIP AIR (LCC 100%
owned by JAL)
Started new collaboration with ZIP AIR, a medium- andlong-distance low-cost carrier (LCC) 100% owned by JAL,to further expand the product lineup to recover demand.
※Coming soon

Accelerate UI / UX improvement in anticipation ofrecovery in overseas travel demand
In anticipation of recovery in overseas travel demand, we
will accelerate site UI / UX improvements such as systemrenovation to expand overseas flight ticket products
centered on LCCs and implementation of other additional
functions.
Copyright © Air Trip Corp. All Rights Reserved.

44

Overseas Tours ~ To capture demand for travel to Hawaii, we will start to sell Hawaii flight products from October
this year to the year-end and New Year holidays~
AirTrip Travel
Business

Hawaii flight products will be on sale from October this year to the year-end and New Yearholidays in order to capture demand for Hawaii travel, which is expected to recover quickly!
~ Always providing the latest Hawaii travel information in collaboration with relevant authorities ~Started selling Hawaii flight products to capture travel
demandStart to sell Hawaii flight products from October 2022 to
the year-end and New Year departures in order to capture
Hawaii travel demand, which is expected to recover early
due to deregulation of immigration, etc.
Update the latest local information in cooperation withrelated local authority
In collaboration with airlines, accommodation facilities,
local authorities, etc., we constantly update the latest
information and prices for Hawaii travel, and steadily
promote the acquisition of Hawaii travel demand.
Copyright © Air Trip Corp. All Rights Reserved.

45

IT strategy / System development roadmap~ Promote strategic and swift promotion of functional expansion and infrastructure sophistication to capture new travel demand ~AirTrip Travel
Business

Strategically and swiftly promote the expansion of functions and the sophistication of
infrastructure to capture new demand in domestic and overseas travel~ Proactively continue system development and investment in anticipation of further travel recovery demand in the
future ~Expanded functions of AirTrip Website

Construction of a point system for Domestic AirTrip Plus, domestic tours,
and overseas travel products

・Implemented a point system fordomestic airline tickets + hotels (AirTrip
Plus)

Multilingual

New API connection and new function addition for GDS / airline / hotel supplier・Connection with new LCC such as ZIP
AIR

Expansion of various payment methods

Reconstruction of member database infrastructure

Infrastructure Auto scaling (Automatic optimization of processing performance according to the amount of access)FY22.9 Period 1Q

FY22.9 Period 2Q

Coordinating and strengthening connection
with external systems

FY22.9 Period 3Q

Strengthening and sophisticating systeminfrastructure

・Investigating and examining overalldesign toward the realization of autoscaling of infrastructure

FY22.9 Period 4Q

Copyright © Air Trip Corp. All Rights Reserved.

46

Group Company: AirTrip Stay
~ Significant increase in Net Sales due to the recovery trend of domestic demand for private lodging ~Japan Inbound Travel Business
Wi-Fi Business

Net Sales (daily sales per room) increased significantly by steadily capturing
the increasing domestic demand for private lodging.
～ Achieved 185％ in Net Sales compared to last year’s 1Q ~< Changes in AirTrip Stay (Vacation Rental)’s Net Sales>
Net Sales

Net Sales(1Q’s Actual
Value)

185%

Acquired increasing domestic demand for private
lodging, resulting in a significant increase in Net
Sales
Steadily capture demand for private lodging such as micro tourism,
which has been on an increasing trend since the previous fiscal
year, and Net sales have increased significantly.

※Compared to
FY21.1Q

Strengthen product attraction by expanding
properties to meet diverse private lodging demand
Strengthen product attraction by expanding new high-quality
properties to meet diverse private lodging demand and renewing
the interior design of existing properties
FY21.1Q

FY22.1Q
Copyright © Air Trip Corp. All Rights Reserved.

47

Investment Business ~ IPO Result, cumulative total 10 companies ~Investment
Business

Achieved a cumulative total of 10 IPOs investee(including 1 listed subsidiary company and 1 listed affiliated company)~ According to Investment Business/ AirTrip CVC, we will continue to accumulate IPO results every fiscal year ~Listing

Hybrid Technologies affiliated company Listed【Lastonemile[TSE Mothers: 4260] Listed in December 2021

[TSE Mothers: 9252] Listed in November 2021

Public offering 4.9 billion yen, initial price 7.8 billion yen

Public offering 4.6 billion yen, initial price 6.8 billion
yen

Cyber Security Cloud

AI CROSSROBOT PAYMENTHeadwwaters

MagMag Subsidiary Company listed[TSE Mothers: 4374] Listed in September 2021

[TSE Mothers: 4011] Listed in September 2020

[TSE JASDAQ: 4059] Listed in September 2020

Public offering 6.9 billion yen, initial price 13.9
billion yen

Public offering 2 billion yen, initial price 26.3 billion yen

Public offering 2.2 billion yen, initial price 9.2
billion yen[TSE Mothers: 4493] Listed in March 2020

【 [TSE Mothers: 4476] Listed in October 2019

[TSE Mothers: 7067] Listed in June 2019

Public offering 9.2 billion yen, initial price 21.2
billion yen

Public offering 3.8 billion yen, initial price 6.9 billion yen

Public offering 2.4 billion yen, initial price 7.7 billion yen※The market capitalization based on the public offering price and the market
capitalization based on the initial price are estimated by the Company.

Piala

Branding Technology[TSE First Section: 7044] Listed in December
2018July 2020 Market change to the first section of
the Tokyo Stock Exchange

Wagokoro[TSE Mothers: 9271] Listed in March 2018Public
offering 4.4 billion yen, initial price 12.5 billion
yen

Public offering 7.6 billion yen, initial price 17.5
billion yen

Copyright © Air Trip Corp. All Rights Reserved.

48

Investment Business ~ Capital and business alliance with First Cabin HD
Investment
Business

Capital and business alliance with First Cabin HD, which operates a compact
hotel with the brand image of first class airplanes!
~ Aiming to generate profits by selling franchise developing facilities directly operated byFirst Cabin HD on the "AirTrip“ Website ~Capital andbusiness alliance

Copyright © Air Trip Corp. All Rights Reserved.

49

Investment Business ~ Capital and business alliance with EDGE ~Investment
Business

A capital and business alliance with EDGE, which operates the "Airy Series" that solves personnel
and organizational issues by making full use of the power of technology!
~ Aiming to create new synergies by providing our member service construction and operation know-how, Website and application
know-how ~Capital andbusiness alliance

Copyright © Air Trip Corp. All Rights Reserved.

50

Investment Business ~ Continuing the investment for further Growth ~Investment
BusinessStrengthening investment development, 69 companies in total
Total investment amount of about 2 billion yen※As of February 2022･･･etcCopyright © Air Trip Corp. All Rights Reserved.

51

Appendix
Growth strategy “AirTrip 2022”

A new Growth Strategy to achieve ~ “Restart” ~ “AirTrip 5000” faster thanever
Copyright © Air Trip Corp. All Rights Reserved.

52

Growth Strategy Aiming for "AirTrip 2022" Restart “~ New Growth Strategy to Achieve "AirTrip 5000" at the fastest speed"Restart" New growth strategy to achieve "AirTrip 5000" at the fastest speed~ Starting from the AirTrip travel business, we will continue to grow the 5 existing businesses and strategicallyinvesting including M & A to achieve the fastest discontinuous growth of the entire group ~(Revenue)

32

Creating a new revenue base through strategic
investment including M & A

Continuing the growth in 4 existing business areas
other than the travel area

Capital andbusiness alliance

M&A

VentureDevelopment
New businessdevelopment

Investment
Business
Media
Business

訪日旅行事業・Wi-Fi事業

1

IT Offshore
Development
Business

Thorough strengthening of AirTrip travelbusiness

AirTrip Travel
Business

1st Stage

2nd Stage(From being listed to FY 20.0 Period)(From FY21.9 period “Restart)(Time)
Copyright © Air Trip Corp. All Rights Reserved.

53

“AirTrip 2022 Restart” Growth Strategy ~Reorganized the healthcare business and restructured the business portfolio in 5 new business areas

Reorganized the healthcare business and restructured thebusiness portfolio in 5 new business areas
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 Travel

Inbound Travel／Wi-Fi
Business
restructuring

ITオフショア開発事業

ヘルスケア事業

投資事業

IT Offshore Development

Health Care

Investment

Copyright © Air Trip Corp. All Rights Reserved.

54

Growth Strategy "AirTrip 2022" Restart " ~AirTrip Travel Business

The fastest profit expansion in the industry through strategic mass marketinginvestment with an eye on the utilization of GoTo Travel, mainly in the domestic
travel area
~ Accelerating business growth with new travel demand after Covid 19 as a growth driver ~Growth strategy of AirTrip Travel business●●In the domestic travel area, demand is recovering in 1Q, profits
are expanding by utilizing GoTo Travel in 2Q to 3Q, and highgrowth continues in 4Q due to increased travel demand insummer. Aiming to increase profits
In the overseas travel area, 1Q to 2Q will be flat due toimmigration restrictions and quarantine conditions, and after 3Q,
demand is expected to gradually recover from the restriction
relaxation area, and by expanding products and optimal UI / UX
improvement to meet new overseas travel demand. Aiming forearly profit recovery.
<Changes in forecast revenue of AirTrip
Travel business in FY22.9>

Action plan of AirTrip Travel business

Domestic
TravelOverseas Travel

Overseas
Travel
1Q

2Q

3Q

4Q

<Thorough UI / UX improvement to maximize CVR improvement>
・Improving optimal UI/UX for users who use GoTo Travel
・Designing services that capture travel demand after Covid 19<Acquisition of demand through strategic mass marketinginvestment>・ Strengthening branding with new brand representatives
・ Strategic marketing investment in GoTo travel demand

Domestic Travel(Revenue)<Implementation of GoTo Travel utilization measures to increase
profits>
・ Strengthening competitiveness and promoting sales of GoTo Travel
products
・ Strengthening cross-selling sales of domestic airline tickets and domestic
hotels・ Promoting cross-selling of PCR test in partnership with medical
institutions nationwide (including negative certificate)<Implementation of early profit recovery measures assuming different
restriction relaxation >・ Improving to distribute useful information related to restriction relaxation andoptimal UI / UX・ Expanding products and marketing investment in restriction relaxation areas
・ Promoting cross-selling of PCR test in partnership with medical institutions
nationwide (including negative certificate)(Time)
Copyright © Air Trip Corp. All Rights Reserved.

55

Growth Strategy “AirTrip 2022” ~ Restart ~IT Offshore Development Business, Japan Inbound Travel Business / Wi-Fi Rental Business, Media BusinessAccelerate the promotion of diversification and restructuring of businessportfolios by continuing steady growth of the 3 existing businesses~ Continue growth by utilizing the business growth know-how cultivated by our Group
Growth Strategy for the 3 existing businesses●●●

In the IT offshore development business, we accurately grasp the
DX needs of client companies after Covid 19 crisis, and digitaltransformation in various industries and businesses with acomprehensive system that utilizes the overwhelming development
capabilities, development resources, and business design
capabilities. And aiming to acquire new customers
In the Japan Inbound Travel Business / Wi-Fi Rental Business, inaddition to the Wi-Fi rental business, we will continue to provide
optimal solutions to the needs of various foreign residents in Japandue to changes in the environment, starting from the platform forforeign residents in Japan. Aiming for continuous business growth
In the media business, we aim to create new business
opportunities by expanding various contents and strengthening
broadcasting, starting from the 4 WEB media operated by MagMagand the livestream platform "Magmag! Live".

Action plan for the 3 existing businesses
IT Offshore
Development
Business<Acquiring customer's DX needs with IT development andconsulting capabilities>
・Providing development capabilities from upstream to downstream
・Promoting customer DX through business consulting
・Acquiring the demand through strategic marketing investment

Japan InboundTravel Business/ Wi-Fi Rental
Business<Wi-Fi rental and strengthening services for foreigners living inJapan>
・Promoting Wi-Fi rental to meet remote work demand・Expanding services for foreign residents in Japan, where demand
is diversifying
・Acquiring demand through full-scale life media tech businessMedia
Business<Expansion of functions and contents of Livestream PF>
・ Expanding functions pursuing UX on both the broadcasting sideand the viewing side・ Expanding content such as sport events video broadcasting・ Strengthening the approach to Japan's largest e-mail newsletter
membership base

Copyright © Air Trip Corp. All Rights Reserved.

56

Growth Strategy “AirTrip 2022” ~ “Restart” ~ Investment BusinessContinue strategic and aggressive investment in growth areas~ Accurately grasp the rapidly changing business environment after Covid 19 crisis, and continue toactively invest in growth areas that emphasize the high probability of IPO ~Growth Strategy of Investment Business●●●We will accurately grasp changes in the business environment
after Covid 19 crisis and strategically aggressively invest in
growth areas that emphasize the high probability of IPO.
As the decision axis for strategic investment, (1) whether it is a
growth company with a high probability of IPO, (2) a businessarea where growth is expected in the medium to long term,and (3) how much return probability is the target area.
We aim to improve the accuracy of a series of processes from
M & A target selection to DD → negotiation → contract → PMI,
further systematize the process, and improve the growth rate
after grouping.
<Strategic investment decision axis in the investment business>

IPO
Probability

Business
growthpotential

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

Determine
investment
domains<Identification investment target domain after Covid-19 >・Emphasis on whether the company is a growing company
with a high probability of IPO
・Determine whether the business area is expected to grow・Quantitatively evaluate the early profit contribution rate afterinvestment

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

Return
Probability

Copyright © Air Trip Corp. All Rights Reserved.

57

・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.
Note : This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, theoriginal shall prevail.
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