November  5,  2014

Second  Quarter,  Fiscal  Year  Ending  March  2015
Consolidated  Financial  Results

United,  Inc.
(TSE  Mothers,  Code  2497)

All  of  the  opinions,  predictions,  forecasts  and  the  like  presented  in  this  document  are  those  made  by  UNITED,  Inc.  based  on  information  available  at  the  time  of  preparation  of  the  document,  but  no  guarantee  is  made  as  to  the  accuracy  of  this  information.  Actual  results  may  diﬀer  greatly  from  these  forecasts  due  to  changes  in  various  factors.  Company  names  and  product  names  presented  in  this  document  are  trademarks  or  registered  trademarks  of  their  respective  owners.

Contents

1. Financial  Highlights

P3    

2. Status  of  Smartphone  Media  Business  and  Future  Direction

P10

3. Status  of  RTB  Advertising  Business  and  Future  Direction

P16

4. Summary

P23

5. Reference  Material

P25

Copyright  ©  UNITED,  Inc.  All  Rights  Reserved.

1

Our  Core  BusinessWe  are  putting  eﬀort  into  the  RTB  advertising  business  and  smartphone  media  business  expecting  to  see  market  growth  in  thefuture,  actively  investing  in  these  two  to  achieve  business  growth.

Media  segment

Smartphone  media  businessCore  Businesses

Other  media  businesses(*1)

Advertisingsegment

RTB  advertising  business(*2)

Investment  segment

Venture  capital  business

Advertising  agency  business*1  Email  advertising,  internet  research,  sports  marketing*2  RTB  (real-‐‑‒time  bidding)  refers  to  which  ad  inventory  is  bought  and  sold  on  a  per-‐‑‒impression  basis,  via  programmatic  instantaneous  auction
Copyright  ©  UNITED,  Inc.  All  Rights  Reserved.

2

1. Financial  Highlights

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3

Cumulative 2Q (April-September) Results Highlights• Both revenue and profit increased compared to the same period a year ago.
Whole

Cumulative 2Q
Consolidated
Results 　  Sales revenue 　 　  3,961 million yen 　(+45%) 　  Operating profit 　 157 million yen 　(Profitability achieved: +196 million yen)・Core businesses (smartphone media business + RTB advertising business) continues to act
as a driver for growth.

• Sales: +75% compared to the same period a year ago
Core Businesses

Smartphone
Media
Business

RTB
Advertising
Business• Especially, “ CocoPPa” and “affiliate media” achieved growth.
• The number of downloads for “ CocoPPa” reached 30 million in October 2014. The
ratio of overseas downloads was 85%.

• Sales: ＋136％  compared to the same period a year ago• The number of DSP connected with SSP “AdStir” increased to 16, expanding the market
scale.

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4

Consolidated P/L Statement for Cumulative 2Q(April to September)
Revenue increased (+45%) and profit increased (profitability achieved: + 196 million
yen) compared to the same period a year ago
Driven by expansion of advertising segment due to growth of RTB advertising business
Cumulative 2Q of year
ended March 2015

Results of the same period a year ago(cumulative 2Q of year ended March
2014)

Increase/decrease rate compared tothe same period a year ago

Sales

3,961

2,724

+45%

 　Media segment 　Advertising segment

1,614

1,343

+20%

2,307

1,298

+78%

 　Investment segment 　Inter-segment elimination

87

104

△47

△21

△17%
-

Total profit from sales

1,002

748

+34%

 　Media segment 　Advertising segment

481

425

+13%

443

268

+65%

 　Investment segment 　Inter-segment elimination

77

54

+43%

-

-

-

Selling, general andadministrative expenses

844

786

+7%

Operating profit

157

Profitability
achieved- 　Media segment 　Advertising segment

△38

129

160

 　Investment segment 　Head office expenses

57
△248

Recurring profit
Quarterly net profit

177
116

220

※

27

△20%
+710%

39

+46%

△265

△25
△45

Profitability
149%
achieved
Profitability
137%
achieved※ 　From  1Q  of  year  ended  March  2015,  we  changed  the  standards  for  allocating  SG&A  to  each  business  segment  and  recalculated  the  operating  proﬁt  for  the  ﬁrst  half  of  the  previous  year  according  to  new  standards.
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5

Consolidated: Trend in Sales and Operating Profit
Sales of core businesses (smartphone media business + RTB advertising business) :+108% compared to cumulative 2Q results a year ago
Compared  to  cumulative  2Q  a  year  ago

営業利利益
百万円)

Sales
(million yen)	

Operating profit(million yen)	

Sales of otherbusinesses	

Sales of corebusinesses	

Operating profit	

Quarterly  trend△6% compared to the previous quarter.
The revenue of smartphone media business fell. (p8)Compared to the previous quarter, there were no gain on sale ofinvestment business,the profit declined on 2Q.
Sales(million yen)	

200
itability
eved	Operating profit(million yen)	

Profitability
achieved	

100

0Cumulative 2Q of Cumulative 2Q ofyear ended March year ended March
2014	
2015	

Year ended March 2014	

Year ended March2015	

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6

Interim Dividend
We distributed dividend according to the present dividend policy “consolidated dividend ratio of about 20%.”<Contents of Dividend>
Determined amount

Latest estimateddividend

Result of the previous
year

announced on May 7,
2014Interim of year ended
March 2014

Base date

September 30, 2014

Same as left

September 30, 2013

Dividend per share

1.00 yen

To be determined

0.00 yen

Total dividend

23 million yen――

Effective date

December 4, 2014――

Dividend resource

Earned surplus――

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7

Smartphone Media Business: Trend in Sales by Quarter+75% compared to cumulative 2Q a year ago“CocoPPa”, “apps for the career market” and “affiliate media” achieved growth.
Compared  to  cumulative  2Q  a  year  ago(million yen)

(百万円

Quarterly  trend

600△23％  compared to the previous quarter because the revenue of “appsfor the career market” dropped.
(million yen)

39  年年3⽉月期累累計

300

0Cumulative 2Qof year ended
March 2014

Cumulative 2Qof year ended
March 2015
	Year ended
March 2013	

Year ended March 2014	

Year ended
March 2015	

Copyright  ©  UNITED,  Inc.  All  Rights  Reserved.

8

RTB Advertising Business: Trend in Sales by Quarter+136% compared to cumulative 2Q a year ago driven by growth of SSP
Compared  to  cumulative  2Q  a  year  ago(million yen)

(百万円

Quarterly  trend

800+7% compared to the previous quarter because the revenue continued
to increase.
(million yen)

569

年年3⽉月期累累計

400

0Cumulative 2Qof year ended
March 2014
	

Cumulative 2Qof year ended
March 2015
	Year ended
March 2013	

Year ended March 2014	

Year ended
March 2015	

Copyright  ©  UNITED,  Inc.  All  Rights  Reserved.

92.  Status  of  Smartphone  Media  Business  and  Future  Direction

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10

Our Smartphone Media Business
Consisted of two approach, “mid-long term monetization apps” and“short-term monetization apps”
Mid-long term monetization apps

Short-term monetization apps

For dramatic scale-up of profitability

Support the whole business as thestabilized profit base

○ CocoPPa (July 2012~)
Smartphone customization
community app○ Sister app of “CocoPPa”○ Apps for the career market

CocoPPa Play
(Mar. 2014~)
Avatar app

・Portfolio in the au Smart Pass. (Feb. 2012~)
・Portfolio in Sugotoku Contents® (Dec. 2013~)

CocoPPa Pot(Aug. 2014~)
Icon storage folder
CocoPPa Keyboard(From October 2014)
Keyboard customization app○ iam (Jan. 2014~)
Profile exchange service
developed by subsidiary
Fogg

・Provision of 5 apps to “App Pass” of Softbank Mobile and the
U.S. Sprint (June 2014~)○ Affiliate media (Mar. 2012~)
We  operate  several  in-‐‑‒house  developed  aﬃliate  media  services○Other new businesses
Several new services will be released in 3Q.

new

new

new

・・・

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11Number of Downloads for “CocoPPa”
The number of downloads reached 30 million in October 2014.
Increase  in  number  of  Android  version  downloads,  resulting  in  up  to  40%  of  all  downloads,  in  spite  of  its  10-‐‑‒month  later  release  than  iOS  version.  The ratio of overseas downloads was 85%.
Composition ratio by country for the number of“CocoPPa” cumulative downloads“CocoPPa” cumulative downloads trend(ten thousand DLs)	

3,000  

30  million

iOS (released in July 2012)	

2,780

Android (released in May 2013)	

2,444

2,500  

2,021

2,000  

1,6341,500  

1,224

1,602  

1,418  

1,072  
500  

0  

765  
24   42   80  

152  

368  

603  

Other  25%

1,820  1,738  

1,266  

1,000  

U.S.  30%

China  3%Spain  3%Mexico  3%

1,180  1,042  
842  

2012
2013
2014
October
7⽉月
10⽉月
1⽉月
4⽉月
7⽉月
10⽉月
1⽉月
4⽉月
7⽉月
July October January April July October January
April July	
12

Italy  3%

Japan  15%

France  3%
U.K.  3%
Taiwan  4%
Germany   Brazil  5%
4%

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12

Sales  of  “CocoPPa”
Sales  of  “CocoPPa”  +58%  compared  to  the  same  quarter  in  the  previous  year.
The  steady  growth  while  taking  new  approaches  and  will  accelerate    the  further  growth  in  the  second  half.

Trend in sales of “CocoPPa” by quarter(Taking the index of 100, as of 2Q year ended March 2014)
Release of
CocoPPa Playin a full scale+58%

Sales only forbanneradvertisement

Introduction of new revenue approaches
・in-app-purchasing contents
・Tie-up advertisement
・Expansion to Sugotoku-Contents®

Accelerate forfurther growth

158  
100  

2Q

3Q
Year ended March 2014

4Q

1Q

2Q

Year ending March 2015
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13

Strategy  towards  Propelling  Growth  in  CocoPPa
We  will  increase  proﬁtability  signiﬁcantly  on  cooperation  among  “CocoPPa  App  Lineup”  after  launch  of  sister  apps  of  CocoPPa  for  the  purpose  of  “strong  proﬁtability”  and  “increase  of  activation  ratio”  supported  by  strong  CocoPPa  user  basis.

Signiﬁcant  proﬁtability  on  cooperation  amongall  of  CocoPPa  app  lineup

Enhancement  of  Proﬁtability

CocoPPa  Play

new

new

Increase  of  Activation  Ratio

CocoPPa  Pot

CocoPPa
Keyboard

new

new

Strong  CocoPPa  user  baseresulting  in  more  than  30M  downloads
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14

Main Topics of Smartphone Media Business

CocoPPa

・The number of downloads reached cumulatively 30 million in
October 2014.

CocoPPa・For sister app “CocoPPa Play,” iOS version was renewed in July
2014 and Android version was released in August 2014.

CocoPPa

・Release of new sister apps “CocoPPa Pot” in August 2014 and”CocoPPa Keyboard” in October 2014.

app for careermarket・Started to provide our app for “App Pass,” unlimited app service
offered by SoftBank Mobile Corp. and Sprint Corp. in U.S.

Others・Invested in Trans Limited operating “BrainWars,” a worldwide
popular smartphone game app.

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15

3.  Status  of  RTB  Advertising  Business  and  Future  Direction

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16

RTB Advertising Market and Growth Rate of Our RTB Advertising
Platform Sales
Our RTB advertising platform sales specialized in smartphone increased by +157%
compared to the January-September period of the previous fiscal year.
The size of Japanese RTB advertising market is estimated to grow by 36% in the period from 2013 to 2014.

Overall market (full year)

Our company (Results in JanuarySeptember)(million US dollars)



+36%






+157%

 







2013 


2014 

 
January-September2013 

 
January-September2014 

(Source: IDC, October 2013)
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17

Estimated Smartphone’s and PC’s Respective RTB
Market Sizes
While RTB advertisement market slows down the growth in PC segment, the Smartphone segment
where our RTB advertisement business belongs is estimated to continue to grow till 2017 and to
exceed PC.

Estimated display-via-RTB advertisement market size in JapanOne hundred million yen

For smartphone	For PC	

2012	

2013
expected	

2014
estimated	

2015
estimated	2016
estimated	2017
estimated	(Source:  Survey  by  MicroAd,  Inc.  in  January  2014)

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18

Factors  that  Diﬀerentiate  SSP  Services“Size”  and  “automation”
Factors  that  diﬀerentiate  SSP  services  are  “size”  of  demand  and  supply  to  increase  the  volume  of  advertisements  distributed  within  SSP  and  “automation”  to  raise  transaction  unit  value.

Size
Number  of  connections  to  advertisers  (demand  side)

The  more  advertisers  means  the  more  customers  and  the  more  likely  bidding  for  an  ad  with  high  unit  value  will  be  made.

Volume  of  ads  inventory(supply  side)

The  larger  inventory  means  the  more  likely  advertisers  will  ﬁnd  their  target.

DSP
DSP

RTB

DSP
ADNW
ADNW
ADNW
Advertisers

Media  A

SSPYield  optimiza-‐‑‒tion  (*)

Media  BMedia  C

Automation
An  ad  with  the  highest  unit  value  is  automaticallyselected  and  displayed  each  time

*  A  mechanism  for  carrying  out  centralized  management  to  maximize  sales  revenue  from  multiple  ad  networks
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19

Number of connections of our SSP “AdStir”
demand partners
Since July 2014, newly connected to seven DSPs. It is the biggest smartphone SSP in Japan and isalready connected to 16 DSPs.

List of platforms connected with “AdStir”

MicroAd, Inc.	

FreakOut	Our company	

CRITEO	

Vizury Interactive
Solutions Pvt.Ltd.	

Connected in/after July 2014	

F@N Communications, Inc.	

CyberAgent, Inc.	

KYOCERA Communication
Systems Co., Ltd.	

Pla$orm	
  for	
  media	  companies	
  (SSP)	

ScaleOut Inc.	
 MdotM inc.	

Glossom,Inc.	

Appier Japan K.K.	

Maverick.,inc.	

willile mobile co.,ltd.	

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20

Inventory  of  our  SSP  “AdStir”
Ad  impressions  3.1  times  higher  compared  to  the  same  quarter  a  year  ago.
Temporal  slight  decrease  compared  to  the  previous  quarter.  Increase  is  expected  as  from  3rd  Quarter  2014.

“AdStir”  Ad  inventory(ad  imps  :  billion)

3.1times

80

60

40

88.1

85.7

2014  1Q

2014  2Q

61.5
20

0

27.7
2013  2Q

41.3

2013  3Q

2013  4Q

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21

Efforts for Our DSP “Bypass”
We will continue our efforts to improve advertising performance, aiming high growth inexpanding smartphone DSP market.

Continuous efforts
・Improving bidding and CPA
optimization logic
・Expansion of inventory of
distribution advertisement

Efforts commenced this fiscal
year with outcome being gotten
・Dynamic retargeting
・RTB distribution of native ads

Improvement ofadvertisement
performance (CTR/CVR)
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224.  Summary

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23

Overall Summary

Whole company

Cumulative 2Q

3Q and after

Both revenue and profit increased
compared to the same period ayear ago (profitability achieved)

We continued to achieve growth
mainly in core businesses(smartphone media business and
RTB advertising business)

Smartphone
media business“CocoPPa”, “apps for the careermarket” and “affiliate media”
continued to grow

RTB advertisingbusiness

We achieved growth focusing on
our platforms in the smartphonesegment

We aim a big revenue as
CocoPPa service group
We have improved existing
services and revenue andlaunched new businesses

We continued to achieve growth
focusing on our platforms in thesmartphone segment

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245.  Reference  Material

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25

Consolidated P/L Statement for 2Q (July to September)
Revenue increased (+24%) and profit decreased (△59%) compared to the same quarter a year ago
Revenue at the same level (△4) % and profit decreased (△78%) compared to the previous quarter
Media segment: profit decreased due to investment in promotion of CocoPPa PlayAdvertising segment: RTB advertising business continued to grow
Investment segment: There was no investment profit in this quarter.
2Q of year
ended March2015

Results of the same quarter a Increase/decrease rate
Increase/decrease
Results of the previous quarteryear agocompared to the samerate compared to(1Q of year ended March 2015)(2Q of year ended March 2014)
quarter a year ago
the previous quarter

1,937

1,565

+24%

2,024

△4%

737

771

△4%

877

△16%

 　Advertising segment

1,198

716

+67%

1,108

+8%

 　Investment segment

10

93

△89%

76

△87%

 　Inter-segment elimination

△9

△16

-

△38

-

Total profit from sales

442

459

△4%

559

△21%

 　Media segment

214

259

△17%

267

△20%

 　Advertising segment

225

150

+50%

218

+3%

 　Investment segment

3

50

△94%

74

△96%

 　Inter-segment elimination

-

0

-

-

-

413

389

+6%

430

△4%

28

70

△59%

128

△78%

 　Media segment

36

121

△70%

93

△61%

 　Advertising segment

112

33

+237%

107

+5%

 　Investment segment

△5

42

-

62

-

 　Head office expenses

△114

△126

-

△134

-

Recurring profit
Quarterly net profit

43
35

71
52

△40%
△32%

134
81

△68%
△57%

Sales
 　Media segment

Selling, general andadministrative expenses
Operating profit※※ 　From 1Q of year ended March 2015, we changed the standards for allocating SG&A to each business segment and recalculated the operating profit for thesame quarter a year ago according to new standards.
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26

Consolidated Balance Sheet for this Quarter＜Current assets＞+168 million yen due to increase in account receivable and other factors＜Current liabilities＞+140 million yen doe to increase in account payable and other factors(million yen)

End of This Quarter(Sept. 2014)

End of Previous
Quarter(June 2014)

Increase/Decrease

Current assets

7,727

7,558

+168

(Cash on hand)

5,147

5,138

+8

Fixed assets

1,417

1,373

+43

Current liabilities

1,354

1,213

+140

Fixed liabilities

0

0

+0

7,790

7,718

+72

Net assets

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27

Cash Flow Calculations for this Quarter
The “cash flow from investment activities” was △1,490 million yen due to expenditure for difference
between fixed-term deposit and withdrawal and other expenditures for acquisition of investment
securities.
The “cash flow from financial activities” was +381 million yen due to revenue from issuance of sharesby the exercise of subscription rights to shares and other factors.

(April 2014 to September 2014)(million yen)

Consolidated cumulative
second quarter 　 　Cash flow from operating activities 　 　Cash flow from investment activities 　 　Cash flow from financial activities126	
△1,490	
381	

Increase/decrease in cash and cash equivalents△948	

Term-end balance of cash and cash equivalents

1,547	

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28

Overview  of  “CocoPPa”  services
Icons,  wallpapers  and  home  screens  posted  by  users  are  downloaded  and  used  by  other  users.  The  translation  featured  by  Google  within  “CocoPPa”  is  enjoyed  by  users  for  cross-‐‑‒border  communication.

”CocoPPa”  Usage  Images
User  posting  material  (creator)<Sample  page  of  creators>(comments)

Icons  and  wallpapers  are  contributed  from  around  the  world  (free).  850,000  icons,  190,000  wallpapers  by  the  end  of  Sept.

Post
Decorating  users

Communication  between  users  (motivation  forcreators  to  post)

Users  from  all  over  the  world  write  comments  on  the  creatorʼ’s  page
”This  icon  is  cute.”  or“I  like  your  sense  ofstyle.”In  English,  Chinese,  Arabic,  German  and  many  other  languages

replies:“Thank  you  for  thecomments.”  “I  am
glad  to  contribute  it.”
The  translation  featuresare  provided  in  many  languages
Smartphone  screen  decorated  using  posted
material  (free)

There  is  ample  communication  amongusers  based  on  posted  materials,  etc.
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29

Real-‐‑‒Time  Bidding  Setup
STEP  1

When  a  user  visits  a  site,  user  data  is  transmitted  to  a  DSP.

SSP
User  A  visits  site

STEP  2

Data  on  User  A  (advertising  framesize,  Browser,  etc.)

DSP
A

Advertiser:  Beverage  Manufacturer

DSP
B

Advertiser:  Car  Company

DSP
C

Advertiser:  Real  Estate  Agent

Advertisers  bid  from  a  DSP,  auction  held  at  SSP
▶Advertising  from  the  winning  advertiser  is  displayed.
AuctionUser  A  is  served  a  real  estateadvertisement

DSP
A
DSP
B

SSP
Advertisingfrom  winning
advertiser  isservedAdvertiser  bid  data

DSP
C

Bids  ¥0.05  for  User  A

Beverage  Manufacturer

Car  Company

Bids  ¥0.07  for  User  A

WINReal  Estate  Agent

Bids  ¥0.09  for  User  A

Copyright  ©  UNITED,  Inc.  All  Rights  Reserved.

30

RTB  Advertising  Market  Size  and  Predicted  Share  of  Overall  Display  Advertising
The  U.S.  RTB  advertising  market  is  projected  to  expand  to  approximately  $10.1  billion  in  FY  2016,  while  the  Japanese  RTB  advertising  market  is  projected  to  expand  to  approximately  $900  million  in  FY  2016.  This  is  projected  to  be  the  highest  growth  rate  within  the  display  advertising  market.
Forecast  of  U.S.  RTB  advertising  market  size
(million  US  dollars)

Forecast  of  Japanese  RTB  advertising  market  size
(million  US  dollars)

12 ,0 0040 %

1 0 ,0 5 6

35 %

10 ,0 00

1,00 0

923

90 0

40 %
35 %

80 0

720

30 %

30 %

70 0

8,00 0

6 ,8 7 5

6,00 025 %
20 %

4 ,6 6 918%
13%

1 ,9 9 7
7%

15 %

20 %

40 0

30 0
10 %

10%

5%

0

0%
20 12

50 0

15 %

218

10 %

20 0

2,00 0

5%

25 %

521

382

3 ,1 3 7

4,00 0

60 0

20 13

20 14

20 15

20 16

10 0

3%

0
20 12

7%

4%

5%

20 13

20 14

8%

5%
0%

20 15

20 16

Size  of  RTB  advertising  market

Size  of  RTB  advertising  market

RTB  advertising  share  of  overall  internet  ad  market

RTB  advertising  share  of  overall  internet  ad  market(Source:  IDC  October  2013  /  RTB  advertising  share  of  overall  market  calculated  by  United)
Copyright  ©  UNITED,  Inc.  All  Rights  Reserved.

31

Comparison  of  “Bypass”  with  Other  DSPs
In  the  smartphone  RTB  advertising  market,  there  are  several  unique  DSPs  from  other  companies  including  a  new  entrant  but  “Bypass”  has  unique  features  that  diﬀerentiate  it  from  other  major  DSPs.

Comparison  of  “Bypass”  with  the  Other  Major  Smartphone  DSPs
Features  of  Supports  all  advertisers  whofocus  on  performance

Features  ofother  major
DSPs
Specialized  in  speciﬁc  business  categories  such  as  electronic  commerce

Focus  on  branding

Detailed  audiencetargeting  utilizing
an  abundant  advertisinginventory

Focus  on  distribution  method  such  as
specializing  in  retargeting

Copyright  ©  UNITED,  Inc.  All  Rights  Reserved.

32

VisionBecome  the  leading  internet  ﬁrm  in  Japan

MissionCreate  new  value  through  continued
challenges  and  contribute  to  society

Copyright  ©  UNITED,  Inc.  All  Rights  Reserved.

33