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, the original shall prevail.

July 13, 2023

Financial Results for FY2022 Q4Company name: Sansan, Inc.
Listing:
Tokyo Stock Exchange
Securities code:
4443
URL:
https://www.corp-sansan.com/
Representative:
Chikahiro Terada, Representative Director & CEO
Inquiries:
Muneyuki Hashimoto, Director, Executive Officer, CFO
TEL:+81-3-6758-0033
Scheduled date of annual general meeting of shareholders:August 29, 2023
Scheduled date to commence dividend payment:–
Scheduled date to file annual securities report:
August 30, 2023
Preparation of supplementary materials on financial results:
Yes
Holding of financial results meeting:Yes (for institutional investors andanalysts)(Millions of yen with fractional amounts rounded down, unless otherwise noted)

1. Consolidated financial results for the fiscal year ended May 31, 2023 (from June 1, 2022 to May
31, 2023)(1) Consolidated operating results
Adjusted
operating profit

Net sales
Fiscal year ended
May 31, 2023
May 31, 2022

Millions ofyen(Note 1)%

25,510 24.9
20,420 26.2

Notes: Comprehensive income(Percentages indicate year-on-year changes.)

Millions ofyen%

942 28.9730 (7.0)

Operating profit

Ordinary profit

Profit attributableto owners ofparentMillions ofyenMillions ofyenMillions ofyen%

199 (68.5)
631 (14.2)

122 (87.4)
968 158.3

%

(141)
–
857 369.7

For the fiscal year ended May 31, 2023: ¥(63) million [–%]For the fiscal year ended May 31, 2022: ¥(658) million [–%]

Basic earnings per Diluted earnings
Return on equity
share(Note 2)
per share(Note 2)
Fiscal year ended
May 31, 2023
May 31, 2022%

Yen

(1.13)
6.87

Yen

–
6.77

Ordinary profit/
total assets

Operating profit/
net sales

%

%

%

(1.2)
7.0

0.4
3.9

0.8
3.1

Reference:

Share of profit (loss) of entities accounted for using equity method
For the fiscal year ended May 31, 2023: ¥(287) million
For the fiscal year ended May 31, 2022: ¥(609) million
Note: 1. Adjusted operating profit = operating profit + share-based payment expenses + expenses that arise from businesscombinations (amortization of goodwill and amortization of intangible assets)
2. Sansan, Inc. (the “Company”) implemented a stock split of common shares at a ratio of 4-for-1 on December 1,
2021. Therefore, basic earnings per share and diluted earnings per share are calculated on the assumption that said
splitting of shares had been made at the beginning of the previous fiscal year.

(2) Consolidated financial position
Total assets
As of
May 31, 2023
May 31, 2022

Net assets

Equity-to-asset ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

31,20026,292

13,19012,09340.6
45.4

105.1896.78

Reference:

EquityAs of May 31, 2023:¥12,660 million
As of May 31, 2022:¥11,944 million
Note: The Company implemented a stock split of common shares at a ratio of 4-for-1 on December 1, 2021. Therefore, net
assets per share are calculated on the assumption that said splitting of shares had been made at the beginning of theprevious fiscal year.

(3)

Consolidated cash flows
Cash flows fromoperating activities

Fiscal year ended
May 31, 2023
May 31, 2022

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents at end of
periodMillions of yen

Millions of yen

Millions of yen

Millions of yen

3,848
3,123

1,364
(1,014)523
909

20,985
15,245

2. Cash dividends
Annual dividends

Fiscal year ended
May 31, 2022
Fiscal year ended
May 31, 2023
Fiscal year ending
May 31, 2024
(Forecast)

Total cash
dividends(Total)Firstquarterend

Secondquarterend

Third
quarterend

Fiscalyear-end

Yen

Yen

Yen

Yen

Yen Millions of yen

Total

Ratio of
Payout ratio dividends to(Consolidated) net assets(Consolidated)
%

%

–

0.00

–

0.00

0.00

–

–

–

–

0.00

–

0.00

0.00

–

–

–

–

0.00

–

0.00

0.00

–

3. Consolidated earnings forecasts for the fiscal year ending May 31, 2024 (from June 1, 2023 to
May 31, 2024)(Percentages indicate year-on-year changes.)
Net sales

Fiscal year ending
May 31, 2024

Adjusted operating profit

Millions of yen%

Millions of yen%

32,653
to33,674

28.0
to
32.0

1,240
to
1,852

31.7
to
96.6

Note: For multi-step profit or loss under operating profit or loss, the Company refrains from disclosing a concrete forecast
because it is difficult to make a reasonable estimate of share-based payment expenses, which may vary significantly
depending on the level of the Company’s stock price, and some non-operating income or expenses. For details, pleaserefer to “(4) Future outlook” under “1. Qualitative information on consolidated financial results for the fiscal year
ended May 31, 2023” on page 7 of the attached materials.

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in thechange in scope of consolidation): None
(2) Changes in accounting policies, changes in accounting estimates, and restatementa. Changes in accounting policies due to revisions to accounting standards and other regulations: Yes
b. Changes in accounting policies due to other reasons: Nonec. Changes in accounting estimates: None
d. Restatement: None
Note: For details, please refer to the section of “Changes in accounting policies” of “(5) Notes toconsolidated financial statements” under “3. Consolidated financial statements and significant
notes thereto” on page 18 of the attached materials.
(3) Number of issued shares (common shares)
a. Total number of issued shares at the end of the period (including treasury shares)
As of May 31, 2023

125,410,584 shares

As of May 31, 2022

124,963,596 sharesb. Number of treasury shares at the end of the period
As of May 31, 2023

871 shares

As of May 31, 2022

736 sharesc. Average number of outstanding shares during the period
Fiscal year ended May 31, 2023

125,162,268 sharesFiscal year ended May 31, 2022

124,841,631 shares

Note: The Company implemented a stock split of common shares at a ratio of 4-for-1 on December 1, 2021.
Therefore, total number of issued shares at the end of the period, number of treasury shares at the end of theperiod, and average number of outstanding shares during the period are calculated on the assumption thatsaid splitting of shares had been made at the beginning of the previous fiscal year.

(Reference) Overview of non-consolidated financial results
Non-consolidated financial results for the fiscal year ended May 31, 2023 (from June 1, 2022 to May
31, 2023)(1) Non-consolidated operating results
Net sales
Fiscal year ended
May 31, 2023
May 31, 2022

Operating profit

Millions of yen

24,926
20,057% Millions of yen

24.3
25.0

Basic earnings per
share
Fiscal year ended
May 31, 2023
May 31, 2022

(Percentages indicate year-on-year changes.)

321
683

Ordinary profit% Millions of yen(53.0)(10.7)

533
1,651

Profit% Millions of yen(67.7)
141.3

(473)
1,429

%

–
191.4

Diluted earnings per
share

Yen

Yen

(3.78)
11.45

–
11.28

Note: The Company implemented a stock split of common shares at a ratio of 4-for-1 on December 1, 2021. Therefore,
basic earnings per share and diluted earnings per share are calculated on the assumption that said splitting of shares
had been made at the beginning of the previous fiscal year.

(2) Non-consolidated financial position
Total assets
As of
May 31, 2023
May 31, 2022

Net assets

Equity-to-asset ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

31,124
27,202

13,352
13,12841.4
47.7

106.47105.06

Reference:

EquityAs of May 31, 2023:¥12,895 million
As of May 31, 2022:¥12,986 million
Note: The Company implemented a stock split of common shares at a ratio of 4-for-1 on December 1, 2021. Therefore, net
assets per share are calculated on the assumption that said splitting of shares had been made at the beginning of theprevious fiscal year.

* Financial results reports are exempt from audit conducted by certified public accountants or an audit
corporation.
* Proper use of earnings forecasts, and other special matters
Forward-looking statements, including the earnings forecasts stated in these materials, are based on
information currently available to the Company and certain assumptions deemed reasonable. Results
may differ materially from the forecasts due to various factors.

Sansan, Inc. (TSE 4443)
Financial Results for FY2022 Q4

Attached Material
Index
1. Qualitative information on consolidated financial results for the fiscal year ended May 31, 2023 .......... 2(1) Explanation of operating results ......................................................................................................... 2(2) Review of financial position............................................................................................................... 6(3) Overview of cash flows ...................................................................................................................... 6(4) Future outlook .................................................................................................................................... 7
2. Basic concept regarding selection of accounting standards ...................................................................... 9
3. Consolidated financial statements and significant notes thereto............................................................. 10(1) Consolidated balance sheet .............................................................................................................. 10(2) Consolidated statement of income and consolidated statement of comprehensive income ............. 12
Consolidated statement of income.................................................................................................... 12
Consolidated statement of comprehensive income .......................................................................... 13(3) Consolidated statement of changes in equity ................................................................................... 14(4) Consolidated statement of cash flows .............................................................................................. 16(5) Notes to consolidated financial statements ....................................................................................... 18
Notes on premise of going concern .................................................................................................. 18
Notes on significant changes in the amount of shareholders’ equity ................................................ 18
Changes in accounting policies ........................................................................................................ 18
Additional information ..................................................................................................................... 18
Segment information ........................................................................................................................ 18
Per share information ....................................................................................................................... 23
Significant events after reporting period .......................................................................................... 24- 1 -Sansan, Inc. (TSE 4443)
Financial Results for FY2022 Q4

1. Qualitative information on consolidated financial results for the fiscal year ended
May 31, 2023
(1) Explanation of operating results
Under the mission of “Turning encounters into innovation” and the vision of “Become business
infrastructure,” the Company group (the “Group”) is providing cloud-based solutions that promote
digital transformation (DX) and reshape how people work, leading to encounters with people andcompanies that become business opportunities by using approaches that combine systems that use
technology and manpower to digitize analog information with cloud software.
Specifically, the Group is developing solutions to promote DX for corporate sales activities, invoicing
work, contract work, etc. Moreover, as a result of reforming awareness regarding DX, changes toworking styles due to the COVID-19 pandemic, and greater attention being given to SaaS (Software asa Service) products, the DX market in Japan is forecast to reach ¥5,195.7 billion by FY2030 (anincrease of ¥3,813.6 billion since FY2020) (Note 1), while the SaaS market in Japan is forecast to reach¥1,668.1 billion by FY2026 (an increase of ¥579.0 billion since FY2022) (Note 2). A sales DX solution
Sansan, provided by the Company, holds 81.6% share (Note 3) of the B2B business card management
service market, and this market has seen approximately 14-fold expansion from 2013 to 2021 inconjunction with the growth in the Company’s services. In addition, Bill One, a cloud-based invoice
management solution provided by the Company, captured the number one market share of the online
invoice receiving solution in terms of net sales (Note 4), with this market seeing a 226.0% increase year
on year in FY2021.
Consolidated financial results for the fiscal year ended May 31, 2023 are as follows.
(Millions of yen)

Net sales
Gross profit
Adjusted operating profit(Note 5)
Ordinary profit
Profit attributable to owners ofparentFiscal year ended
May 31, 2022

Fiscal year ended
May 31, 2023

YoY change

20,42017,90425,51021,827+24.9%+21.9%

730

942+28.9%

968

122(87.4)%

857

(141)

–

In the fiscal year under review, the Group engaged in strengthening the sales structure and enhancing
functions for Sansan and Bill One, and increasing future profitability for Eight, in order to improve
medium-term net sales growth and adjusted operating profit margin.
Consequently, results were solid in the fiscal year under review with net sales increasing 24.9% year on
year, gross profit increasing 21.9% year on year (a gross profit margin of 85.6%). Adjusted operating
profit increased 28.9% year on year due to an increase in net sales and other factors. On the other hand,ordinary profit decreased 87.4% year on year due to increase of share-based payment expenses and therecording of a gain on sale of investment securities of ¥979 million in non-operating income in theprevious fiscal year. Furthermore, profit attributable to owners of parent was recorded in the red due tofactors such as the recording of a loss on valuation of investment securities of ¥980 million in
extraordinary losses.
Notes: 1. Based on Market Edition and Vendor Strategy Edition of 2022 Outlook of the Digital
Transformation Market by Fuji Chimera Research Institute
2. Based on 2022 New Software Business Markets by Fuji Chimera Research Institute
3. Based on Latest Trends in Business Card Management Services in Sales Support DX 2023
(December 2022, survey by Seed Planning, in Japanese)
4. Deloitte Tohmatsu MIC Research Institute, “The Present and Future of the Market of Online
Invoice Receiving Solution Expected to Grow at a Staggering Rate” (MIC IT Report, July
2022)
- 2 -

Sansan, Inc. (TSE 4443)
Financial Results for FY2022 Q4

5. Although operating profit was presented previously, from the first quarter of the current
fiscal year, adjusted operating profit, which is the sum of operating profit plus share-based
payment expenses and expenses arising from business combinations (amortization of
goodwill and amortization of intangible assets), is presented instead, because theperformance indicator used for management purposes was changed to an indicator thatshows the regular capacity to generate corporate earnings after deducting expenses related
to share-based payment expenses, which may vary significantly depending on the level of
the Company’s stock price, and expenses that arise from business combinations. Adjusted
operating profit is also presented for the fiscal year ended May 31, 2022. In addition,
expenses related to the monetary compensation and payment of alternative wages, etc. toemployees, etc. of the Group pertaining to trust-type stock options are included in sharebased payment expenses.
Results by segment are as follows.
(i) Sansan/Bill One BusinessThis business segment includes services such as sales DX solution Sansan, and cloud-based invoice
management solution Bill One.
Results for Sansan/Bill One Business in the fiscal year under review are as follows.
(Millions of yen)
Fiscal year ended
May 31, 2022

Fiscal year ended
May 31, 2023

YoY change

18,105
17,214
16,349
865
826
64
5,752

22,516
19,793
18,688
1,104
2,414
308
7,005

+24.4%+15.0%+14.3%+27.7%+192.2%+379.7%+21.8%

8,488
subscriptions

8,969
subscriptions+5.7%¥170 thousand¥184 thousand

+8.2%

0.62%

0.44%

(0.18) pt.

116
776
subscriptions

316
1,581
subscriptions+172.8%¥149 thousand¥200 thousand+34.2%

0.49%

0.64%

+0.15 pt.

Net sales (Note 6)
SansanSansan recurring sales
Sansan other sales
Bill One
OthersAdjusted operating profit
SansanNumber of subscriptions
Monthly recurring sales per
subscription
Last 12 months average ofmonthly churn rate (Note 7)
Bill OneMRR (Note 8)
Number of paid subscriptions(Note 9)Monthly recurring sales per
paid subscription (Note 9)
Last 12 months average ofmonthly churn rate (Note 7)+103.7%

Notes: 6. The sum of sales to external customers and intersegment sales or transfers
7. Ratio of decrease in monthly fees associated with subscription cancellations to totalmonthly fees for existing subscriptions for each service
8. Monthly Recurring Revenue, changed value for the fiscal year ended May 31, 2022 due
to revision of calculation method- 3 -Sansan, Inc. (TSE 4443)
Financial Results for FY2022 Q4

9. Changed value for the fiscal year ended May 31, 2022 due to the revision of the timingof collecting the data from the conclusion of the contract to the start of the service usagea. Sansan
To further expand the number of Sansan subscriptions and the monthly recurring sales per
subscription, the Group remodeled the product Sansan, a B2B business card-based contact
management service, and worked to add new functions based on the concept of “The databaseto power your sales” to create Sansan, a sales DX solution. Specifically, in the first quarter ofthe current fiscal year, apart from allowing users to view over 1 million items of company
information on Sansan, the Group installed functions able to store and visualize contact
information not only from business cards but also email signatures, etc. By combining thiscontact information with corporate information, users of Sansan can build custom databasesthat also include information for companies with which they have no current contacts. The
Group also worked on adding a function whereby emails with customers are automaticallystored in Sansan. Backed by these new functions, the Group focused on enhancing its sales
capabilities and its sales structure for medium and large enterprises, aiming to acquire newusers and to upsell existing users.
As a result of these, the number of subscriptions and the monthly recurring sales per
subscription for Sansan were up 5.7% year on year to 8,969 and 8.2% year on year,
respectively. Furthermore, the last 12 months average of monthly churn rate was 0.44%, adecrease of 0.18 points year on year, maintaining a low churn rate of less than 1%.
As a result, net sales in Sansan increased 15.0% year on year, of which recurring sales (fixedrevenue) was up 14.3% year on year and other sales was up 27.7% year on year.
b. Bill One
Because of efforts such as strengthening the sales structure through measures including
personnel hiring and enhancing service functions for continued high growth of Bill One, in
May 2023, MRR was up 172.8% year on year and ARR (Note 10) was ¥3,798 million. In
addition, steady progress in acquiring new subscriptions mainly from medium and large
enterprises resulted in the increase of number of paid subscriptions, up 103.7% year on year,
and the increase of monthly recurring sales per paid subscription, up 34.2% year on year.
Furthermore, the last 12 months average of monthly churn rate was 0.64%, an increase of 0.15
points year on year, maintaining a low churn rate of less than 1%.
As a result, net sales in Bill One increased 192.2% year on year. Also, in June 2023, the Grouplaunched Bill One Business Card, a business card option for the Bill One service.
Notes: 10. Annual Recurring Revenuec. Others
The Group focused on the launch of Contract One, a contract DX solution, etc., utilizing thestrengths, knowledge, know-how, etc. cultivated through existing services. Also, CREATIVESURVEY INC. became a consolidated subsidiary in March 2023 and its contributions toconsolidated earnings started to be recorded from the fourth quarter under review.
As a result, net sales of others was up 379.7% year on year.
As a result of these efforts, net sales increased 24.4% year on year and adjusted operating profit
increased 21.8% year on year in Sansan/Bill One Business.

- 4 -Sansan, Inc. (TSE 4443)
Financial Results for FY2022 Q4(ii) Eight BusinessThis business segment includes Eight as well as the event transcription service logmi series.
Results for Eight Business in the fiscal year under review are as follows.
(Millions of yen)
Fiscal year ended
May 31, 2022

Fiscal year ended
May 31, 2023

YoY change

2,213
286
1,927
(355)

2,867
303
2,563
(170)

+29.5%+6.0%+33.0%–

3.10 million
people2,819
subscriptions

3.31 million
people3,703
subscriptions+0.20 million
peopleNet sales (Note 11)
B2C services
B2B services
Adjusted operating profit
Eight
Number of Eight users (Note12)
Number of subscriptions for
Eight Team

+31.4%

Notes: 11. The sum of sales to external customers and intersegment sales or transfers
12. Number of confirmed users who registered their business card to their profile after
downloading the app
a. B2C services
In light of the normalization of business due to the ending of the COVID-19 pandemic, thenumber of Eight users totaled 3.31 million, a steady increase of 0.20 million year on year, andnet sales from B2C services increased 6.0% year on year.
b. B2B services
In addition to holding a major business event, etc., the Group worked on monetization of thevarious B2B services. As a result, the number of Eight Team subscriptions increased 31.4%
year on year, and net sales from B2B services increased 33.0% year on year.
As a result of these efforts, net sales in Eight Business increased 29.5% year on year, and adjusted
operating loss was curtailed by ¥185 million year on year.

- 5 -Sansan, Inc. (TSE 4443)
Financial Results for FY2022 Q4(2) Review of financial position

Total assets
Total liabilities
Total net assets
Total liabilities and net assets

As of May 31, 2022

As of May 31, 2023

26,292
14,19912,093
26,292

31,20018,00913,19031,200(Millions of yen)
Change fromprevious fiscal
year-end
4,907
3,810
1,097
4,907

AssetsTotal assets at the end of the fiscal year under review were ¥31,200 million, up ¥4,907 million from theend of the previous fiscal year. This was primarily due to an increase of ¥5,682 million in cash anddeposits, an increase of ¥423 million in accounts receivable - trade, an increase of ¥476 million in
goodwill, and a decrease of ¥2,557 million from sale of investment securities.
Liabilities
Total liabilities at the end of the fiscal year under review were ¥18,009 million, up ¥3,810 million fromthe end of the previous fiscal year. This was primarily due to an increase of ¥847 million in accounts
payable - other, an increase of ¥291 million in new long-term borrowings, an increase of ¥113 million
in provision for bonuses, and an increase of ¥2,530 million in advances received from receiving a
lump-sum payment of contract term fees from customers.
Net assets
Net assets at the end of the fiscal year under review were ¥13,190 million, up ¥1,097 million from theend of the previous fiscal year. This was primarily due to the recording of share acquisition rights of¥314 million, increases of ¥155 million each in share capital and capital surplus as a result of exerciseof share acquisition rights, and an increase of ¥310 million in change in scope of equity method andretained earnings due to the recording of profit attributable to owners of parent.
(3) Overview of cash flows(Millions of yen)

Cash flows from operating
activities
Cash flows from investing
activities
Cash flows from financing
activities
Cash and cash equivalents at
end of period

Fiscal year ended
May 31, 2022

Fiscal year ended
May 31, 2023

YoY change

3,123

3,848

724

(1,014)

1,364

2,379

909

523

(386)

15,24520,985

5,739

Cash and cash equivalents (hereinafter “capital”) at the end of the fiscal year under review totaled¥20,985 million, an increase of ¥5,739 million compared to the previous fiscal year (up 37.7% year onyear). This increase includes the effect of ¥4 million due to exchange fluctuations on capital.
The respective cash flow positions and the factors thereof in the fiscal year under review are as follows.
- 6 -Sansan, Inc. (TSE 4443)
Financial Results for FY2022 Q4

Cash flows from operating activities
The amount of capital provided by operating activities totaled ¥3,848 million (¥3,123 million provided
in the previous fiscal year).
The main reasons for the increase in capital were an increase in advances received of ¥2,423 million, andan increase in accrued expenses of ¥780 million, recognition of depreciation, non-cash expense of ¥898
million, recognition of share-based payment expenses of ¥296 million, recognition of share of loss of entities
accounted for using equity method of ¥287 million, recognition of loss on valuation of investment securitiesof 980 million, and the main factors for the decrease in capital were recognition of gain on sale of shares ofsubsidiaries and associates of ¥619 million, recognition of gain on sale of investment securities of ¥291
million, an increase in trade receivables of ¥391 million and income taxes paid of ¥471 million.

Cash flows from investing activities
The amount of capital provided by investing activities totaled ¥1,364 million (¥1,014 million used in
the previous fiscal year).
This was primarily due to proceeds from sale of investment securities of ¥1,406 million, proceeds fromsale of shares of subsidiaries and associates of ¥1,601 million, purchase of investment securities of¥359 million, purchase of intangible assets of ¥480 million, purchase of property, plant and equipmentof ¥200 million, and payments for investments in capital of ¥500 million.
Cash flows from financing activities
The amount of capital provided by financing activities totaled ¥523 million (¥909 million provided in
the previous fiscal year).
This was primarily due to proceeds from long-term borrowings of ¥900 million, proceeds fromissuance of shares of ¥307 million, a net decline in short-term borrowings of ¥140 million andrepayments of long-term borrowings of ¥527 million.
(4) Future outlook
As the medium-term targets from the fiscal year ended May 31, 2023 to the fiscal year ending May 31,
2025, the Company is aiming for growth in both net sales and profit.
First, for consolidated net sales, which is the most important management indicator, we upwardly
revised the net sales growth rate from the “20%+ range or higher,” which was set forth at the beginningof the fiscal year ended May 31, 2023, to the “mid-20%+ range or higher” against the backdrop ofstrong business growth recently, and we aim for continuous solid growth. Next, as a profit indicator thatis emphasized, the Company is using adjusted operating profit (Note 13), which excludes share-based
payment expenses and expenses arising from business combinations, and the Company is aiming to
improve adjusted operating profit margin in each accounting period while making the necessary
investments for net sales growth in each business. For realizing an improvement in profit margin, theCompany is aiming to record adjusted operating profit of ¥10 billion or more in total for the Sansan andBill One services (Note 14) for the fiscal year ending May 31, 2025 and record stable adjusted
operating profit over the full year in Eight Business.
Note: 13. Adjusted operating profit: operating profit + share-based payment expenses + expenses
arising from business combinations (amortization of goodwill and amortization of intangible
assets)14. Total for “Sansan” and “Bill One” in Sansan/Bill One Business, excluding the “Others”
category- 7 -Sansan, Inc. (TSE 4443)
Financial Results for FY2022 Q4

Consolidated earnings forecasts for the fiscal year ending May 31, 2024 are as follows.
(Millions of yen)
Fiscal year ended
May 31, 2023

25,510Net sales
Sansan/Bill One Business

22,516

Sansan19,793

Bill One

2,414

Eight Business

2,867
942

Adjusted operating profit
Adjusted operating profit
margin

3.7%

Fiscal year ending
May 31, 2024
32,653
to33,67429,046
to29,83522,664to22,861
5,673
to
6,156
3,153
to
3,354
1,240
to
1,852
3.8%
to
5.5%

YoY change+28.0%
to+32.0%+29.0%
to+32.5%+14.5%
to+15.5%+135.0%to+155.0%+10.0%
to+17.0%+31.7%
to+96.6%+0.1 pt.
to+1.8 pt.

Consolidated net sales are expected to increase 28.0% to 32.0% year on year due to the solid growth of
Sansan products and the expected continued high growth of Bill One. We aim to increase net sales in
Sansan/Bill One Business by 29.0% to 32.5% year on year by strengthening the sales structure andenhancing functions for the realization of maximizing net sales for both Sansan and Bill One. Within
this increase, we plan for Sansan to see a 14.5% to 15.5% increase year on year, and Bill One to see a
135.0% to 155.0% increase year on year. The Eight Business is expected to increase 10.0% to 17.0%
year on year due to factors such as the strengthening of favorable event services, despite the net sales
growth rate slowing down from the previous fiscal year as the basic policy is to operate businesses that
focus on improving profitability.
Although selling, general and administrative expenses are expected to increase as a result of making
investments for growth, the solid growth of net sales is expected to increase adjusted operating profit
by 31.7% to 96.6% year on year, and adjusted operating profit margin is expected to increase 0.1 points
to 1.8 points. In addition, as the main expenses in selling, general and administrative expenses,
personnel expenses are expected to increase approximately 30.0% year on year and advertisingexpenses are expected to increase approximately 26.0% year on year.
For multi-step profit or loss under operating profit or loss, the Company refrains from disclosing a
concrete forecast because it is difficult to make a reasonable estimate of share-based payment expenses,
which may vary significantly depending on the level of the Company’s stock price, and some nonoperating income or expenses.

- 8 -Sansan, Inc. (TSE 4443)
Financial Results for FY2022 Q4

2. Basic concept regarding selection of accounting standards
In consideration of comparability with other companies in Japan, the Group applies Japanese accounting
standard.

- 9 -Sansan, Inc. (TSE 4443)
Financial Results for FY2022 Q4

3. Consolidated financial statements and significant notes thereto(1) Consolidated balance sheet(Millions of yen)
As of May 31, 2022
AssetsCurrent assets
Cash and deposits
Accounts receivable - trade
Prepaid expenses
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Software
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Leasehold deposits
Deferred tax assets
Other
Total investments and other assets
Total non-current assets
Total assets- 10 -

As of May 31, 2023

15,432
756
478
194
(3)
16,85621,114
1,180
604
341
(32)
23,207

1,227
(582)
645
339
(178)
161
806

1,281
(717)
564
446
(240)
206
770

917
229
0
1,147

827
706
0
1,533

6,262
793
416
10
7,481
9,435
26,292

3,705
885
595
502
5,689
7,993
31,200Sansan, Inc. (TSE 4443)
Financial Results for FY2022 Q4(Millions of yen)
As of May 31, 2022
Liabilities
Current liabilities
Accounts payable - trade
Current portion of long-term borrowings
Accounts payable - other
Income taxes payable
Accrued consumption taxes
Advances received
Provision for bonuses
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total accumulated other comprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets- 11 -

As of May 31, 2023

253
477
1,081
380
398
8,199
487
229
11,507

338
558
1,929
206
410
10,729601
207
14,982

2,547
144
2,691
14,199

2,838
188
3,027
18,009

6,426
4,023
1,384
(1)
11,832

6,582
4,178
1,695
(2)
12,454

85
26
112
142
5
12,093
26,292

156
49
206
457
72
13,19031,200Sansan, Inc. (TSE 4443)
Financial Results for FY2022 Q4(2) Consolidated statement of income and consolidated statement of comprehensive income
Consolidated statement of income(Millions of yen)
Fiscal year ended
May 31, 2022
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Subsidy income
Cancellation penalty income
Gain on sale of investment securities
Other
Total non-operating income
Non-operating expenses
Interest expenses
Commission expenses
Foreign exchange losses
Loss on investments in investment partnerships
Share of loss of entities accounted for using equity
methodOther
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on reversal of share acquisition rights
Gain on sale of shares of subsidiaries and associates
Gain on change in equity
Gain on step acquisitions
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Loss on valuation of investment securities
Impairment losses
Total extraordinary losses
Profit (loss) before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Profit (loss)
Loss attributable to non-controlling interests
Profit (loss) attributable to owners of parent- 12 -

Fiscal year ended
May 31, 2023

20,4202,515
17,904
17,272631

25,5103,683
21,827
21,627
199

0
33
1
–
979
26
1,042

4
–
14
–
291
18
328

10
7
9
20

13
7
18
38

609

287

47
705
968

39
405
122

0
–
105
–
105

0
619
–
196
817

16
140
9
165
908
353
(296)
56
852
(5)
857

54
980
–
1,035
(96)
264
(203)
60
(156)
(15)
(141)

Sansan, Inc. (TSE 4443)
Financial Results for FY2022 Q4

Consolidated statement of comprehensive income(Millions of yen)
Fiscal year ended
May 31, 2022
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests- 13 -

Fiscal year ended
May 31, 2023
852

(156)

(1,536)25(1,510)
(658)

70
22
93
(63)

(652)

(48)

(5)

(15)

Sansan, Inc. (TSE 4443)
Financial Results for FY2022 Q4(3) Consolidated statement of changes in equity
Fiscal year ended May 31, 2022
(Millions of yen)
Shareholders’ equity
Capital surplus

6,312

4,053

526

(0)

10,892

113

113

–

–

226

Purchase of treasury shares

–

–

–

(1)

(1)

Purchase of shares of
consolidated subsidiaries

–

(143)

–

–

(143)

Profit (loss) attributable toowners of parent

–

–

857

–

857

Net changes in items otherthan shareholders’ equity

–

–

–

–

–

113

(30)

857

(1)

939

6,426

4,023

1,384

(1)

11,832

Balance at beginning of period

Retained earnings

Treasury shares

Total shareholders’equityShare capital

Changes during period
Issuance of new shares

Total changes during period
Balance at end of period

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning of period

Foreigncurrencytranslation
adjustment

Total
accumulated
othercomprehensive income

ShareacquisitionrightsNon-controlling
Total net assetsinterests

1,622

1

1,623

65

2

12,584Issuance of new shares

–

–

–

–

–

226

Purchase of treasury shares

–

–

–

–

–

(1)

Purchase of shares of
consolidated subsidiaries

–

–

–

–

–

(143)

Profit (loss) attributable toowners of parent

–

–

–

–

–

857

Net changes in items otherthan shareholders’ equity(1,536)25(1,510)76

3(1,430)(1,536)25(1,510)

76

3

(491)

85

26

112

142

5

12,093

Changes during period

Total changes during period
Balance at end of period- 14 -

Sansan, Inc. (TSE 4443)
Financial Results for FY2022 Q4

Fiscal year ended May 31, 2023
(Millions of yen)
Shareholders’ equity
Capital surplus

6,426

4,023

1,384

(1)

11,832

155

155

–

–

311

Purchase of treasury shares

–

–

–

(0)

(0)

Change in scope of equity
method

–

–

452

–

452

Profit (loss) attributable toowners of parent

–

–

(141)

–

(141)

Net changes in items otherthan shareholders’ equity

–

–

–

–

–

155

155

310

(0)

622

6,582

4,178

1,695

(2)

12,454

Balance at beginning of period

Retained earnings

Treasury shares

Total shareholders’equityShare capital

Changes during period
Issuance of new shares

Total changes during period
Balance at end of period

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning of period

Foreigncurrencytranslation
adjustment

Total
accumulated
othercomprehensive income

ShareacquisitionrightsNon-controlling
Total net assetsinterests

85

26

112

142

5

12,093Issuance of new shares

–

–

–

–

–

311

Purchase of treasury shares

–

–

–

–

–

(0)

Change in scope of equity
method

–

–

–

–

–

452

Profit (loss) attributable toowners of parent

–

–

–

–

–

(141)

Net changes in items otherthan shareholders’ equity

70

22

93

314

66

474

Total changes during period

70

22

93

314

66

1,097

Balance at end of period

156

49

206

457

72

13,190Changes during period- 15 -

Sansan, Inc. (TSE 4443)
Financial Results for FY2022 Q4(4) Consolidated statement of cash flows(Millions of yen)
Fiscal year ended
May 31, 2022
Cash flows from operating activities
Profit (loss) before income taxes
Depreciation
Amortization of goodwill
Impairment losses
Loss (gain) on sale and retirement of non-current assets
Share-based payment expenses
Gain on reversal of share acquisition rights
Loss (gain) on sale of shares of subsidiaries andassociates
Loss (gain) on sale of investment securities
Loss (gain) on valuation of investment securities
Loss (gain) on investments in investment partnerships
Share of loss (profit) of entities accounted for using
equity method
Loss (gain) on change in equity
Loss (gain) on step acquisitions
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Interest and dividend income
Interest expenses
Commission expenses
Decrease (increase) in trade receivables
Decrease (increase) in prepaid expenses
Decrease (increase) in other assets
Increase (decrease) in trade payables
Increase (decrease) in accounts payable - other
Increase (decrease) in advances received
Increase (decrease) in accrued consumption taxes
Increase (decrease) in other liabilities
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities- 16 -

Fiscal year ended
May 31, 2023

908
768
25
9
16
72
(0)

(96)
898
39
–
54
296
(0)

–

(619)

(979)
140
20

(291)
980
38

609

287

(105)
–
(1)
127
(34)
10
0
(183)
12
(76)
57
(90)
1,479
131
237
92
3,250
34
(16)
(144)
3,123

–
(196)
29
113
(4)
13
–
(391)
(101)
(118)
71
780
2,423
15
(6)
111
4,328
4
(13)
(471)
3,848

Sansan, Inc. (TSE 4443)
Financial Results for FY2022 Q4(Millions of yen)
Fiscal year ended
May 31, 2022
Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Purchase of shares of subsidiaries and associates
Proceeds from sale of shares of subsidiaries andassociates
Purchase of shares of subsidiaries resulting in change inscope of consolidation
Payments for investments in capital
Payments of leasehold deposits
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from issuance of shares
Proceeds from issuance of share acquisition rights
Purchase of shares of subsidiaries not resulting inchange in scope of consolidation
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period- 17 -

Fiscal year ended
May 31, 2023

(468)
(453)
(2,555)
3,224
(500)

(200)
(480)
(359)
1,406
–

–

1,601

(61)

46

–
(202)
2
(1,014)

（500）
(214)
(64)
1,364

(200)
3,250
(2,190)
209
21

(140)
900
(527)
307
22

(143)

–

(37)
909

(39)
523

3

4

3,021
12,223
15,245

5,739
15,24520,985

Sansan, Inc. (TSE 4443)
Financial Results for FY2022 Q4(5) Notes to consolidated financial statements
Notes on premise of going concern
Not applicable.
Notes on significant changes in the amount of shareholders’ equity
Not applicable.
Changes in accounting policies(Application of Implementation Guidance on Accounting Standard for Fair Value Measurement)
The Company has applied the “Implementation Guidance on Accounting Standard for Fair Value
Measurement” (ASBJ Guidance No. 31, June 17, 2021) effective from the beginning of the current
fiscal year, and it has applied the new accounting policy provided for by the Implementation Guidanceon Accounting Standard for Fair Value Measurement, prospectively in accordance with the transitional
measures provided for in paragraph 27(2) of the Implementation Guidance on Accounting Standard for
Fair Value Measurement. This application has no effect on the consolidated financial statements for thecurrent fiscal year.
In addition, in accordance with paragraph 27(3) of the Implementation Guidance on AccountingStandard for Fair Value Measurement, the Company has not presented notes to investment trusts on
items for the previous fiscal year, such as the breakdown of the fair value of financial instruments bylevel in the notes of “Financial Instruments.”
Additional information
Accounting estimates associated with the spread of COVID-19
Regarding the impact of COVID-19, it is difficult to accurately predict when the pandemic will finallyend, etc. As a result, accounting estimates, such as the recoverability of deferred tax assets, were madefor the next fiscal year based on the assumption that a certain economic impact will continue until theend of the fiscal year ending May 31, 2024.
Segment informationa. Segment information
1. Description of reportable segments
The reportable segments used by the Group are components for which discrete financial
information is available, and whose operating results are regularly reviewed by the Board of
Directors, in particular, to make decisions about resources to be allocated to the segments andassess their performance.
In the operation of its business activities, the Group has established business divisions andcompanies to engage in specific services, and it formulates comprehensive strategies for theservices that each business division and company provides.
Accordingly, the Group’s operations are made up of segments engaged in specific services
under the basic operating structures of business divisions or companies, and it has tworeportable segments of the “Sansan/Bill One Business” and the “Eight Business.”
Descriptions of the services belonging to each segment are stated below.

- 18 -

Sansan, Inc. (TSE 4443)
Financial Results for FY2022 Q4
Reportable segments

Description of services in segment
Provision of “Sansan,” a service for sales DX, “Bill One,” a cloud-based
invoice management solution, etc.

Sansan/Bill One Business

Provision of “Eight,” as well as the event transcription service logmi

Eight Businessseries

2. Methods of calculating the amounts of net sales, profit or loss, assets, liabilities, and otheritems for each reportable segment
The accounting method used for operating segments reported is the same as the description in“Matters forming the basis of preparing the consolidated financial statements.”
3. Information on the amounts of net sales, profit or loss, assets, liabilities, and other items foreach reportable segment
Fiscal year ended May 31, 2022
(Millions of yen)
Reportable segments
Others(Note) 1

Sansan/Bill One
Business

Eight
Business

18,1042,204

20,309111

20,420

1

9

10

15

25

18,105

2,213

20,319126

20,446

5,752

(355)

5,397

(22)

5,374

507

18

525

0

525

Net sales
Sales to externalcustomers
Intersegment sales ortransfers
Total
Segment profit (loss)(Note) 2
Other items
Depreciation

Total

Total

Notes: 1. The “Others” category is a business segment that is not included in the reportable segments, andincludes subsidiaries’ businesses.
2. Segment profit (loss) is shown as adjusted operating profit (loss), which is the sum of operating
profit (loss) plus share-based payment expenses and expenses arising from business combinations(amortization of goodwill and amortization of intangible assets).
(Millions of yen)AmountSansan/recorded in
Eight
Adjustments
Bill One
Othersconsolidated
Business(Note)
Businessstatement ofincomeSegment profit (loss)

5,752

(355)

(22)

(4,643)730

Share-based payment
expenses

27

10

–

34

72

Amortization of
goodwill andamortization of
intangible assets

–

20

5

–

25

Operating profit (loss)
5,725
(386)
(28)
(4,678)631
Note: The adjustments stated are the amounts of corporate expenses not attributable to any reportablesegment and mostly consist of general and administrative expenses. Depreciation included inadjustments as corporate expenses is ¥242 million.
3. Segment assets and liabilities have not been shown, as information relating to assets and liabilities
are not regularly provided to the chief operating decision maker and are not subject to theassessment of performance.
4. Intersegment sales or transfers are based on actual market price.

- 19 -

Sansan, Inc. (TSE 4443)
Financial Results for FY2022 Q4

Fiscal year ended May 31, 2023
(Millions of yen)
Reportable segments
Others(Note) 1

Sansan/Bill One
Business

Eight
Business

22,512

2,864

25,376

134

25,510

4

2

7

64

72

22,5162,867

25,384

198

25,582

7,005

(170)

6,835

(36)

6,798

523

15

538

0

538

Net sales
Sales to externalcustomers
Intersegment sales ortransfers
Total
Segment profit (loss)(Note) 2
Other items
Depreciation

Total

Total

Notes: 1. The “Others” category is a business segment that is not included in the reportable segments, andincludes subsidiaries’ businesses.
2. Segment profit (loss) is shown as adjusted operating profit (loss), which is the sum of operating
profit (loss) plus share-based payment expenses and expenses arising from business combinations(amortization of goodwill and amortization of intangible assets).
(Millions of yen)AmountSansan/recorded in
Eight
Adjustments
Bill One
Othersconsolidated
Business(Note)1
Businessstatement ofincomeSegment profit (loss)

7,005

(170)

(36)

(5,856)942

Share-based payment
expenses (Note) 2

315

136

–

251

702

Amortization of
goodwill andamortization of
intangible assets

12

20

7

–

39

Operating profit (loss)
6,677
(326)
(43)
(6,107)
199
Notes: 1. The adjustments stated are the amounts of corporate expenses not attributable to any
reportable segment and mostly consist of general and administrative expenses. Depreciation
included in adjustments as corporate expenses is ¥359 million.
2. Expenses related to the monetary compensation and payment of alternative wages, etc. toemployees, etc. of the Group pertaining to trust-based stock options are included in sharebased payment expenses.
3. Segment assets and liabilities have not been shown, as information relating to assets and liabilities
are not regularly provided to the chief operating decision maker and are not subject to theassessment of performance.
4. Intersegment sales or transfers are based on actual market price.

4. Matters regarding changes in reportable segments(Change in the method of measurement of profit (loss) of reportable segments)
Previously, segment profit (loss) was shown as operating profit (loss). However, from the firstquarter of the current fiscal year, this was changed so that segment profit (loss) is shown as
adjusted operating profit (loss), which is the sum of operating profit (loss) plus share-based
payment expenses and expenses arising from business combinations (amortization of goodwill
and amortization of intangible assets), because the performance indicator used for management
purposes was changed to an indicator that shows the regular capacity to generate corporate
earnings after deducting expenses related to share-based payments, which may vary- 20 -

Sansan, Inc. (TSE 4443)
Financial Results for FY2022 Q4

significantly depending on the level of the Company’s stock price, and expenses that arise frombusiness combinations.
Segment profit (loss) for the previous fiscal year is also shown with the adjusted operating
profit (loss) after the change.
b. Information associated with reportable segments
1. Information for each product or service
This information is omitted because the same information has been presented in Segment
information.
2. Information for each region(1) Net sales
This has been omitted because net sales to external Japanese customers account for morethan 90% of net sales on the consolidated statement of income.
(2) Property, plant and equipment
This has been omitted because the value of property, plant and equipment in Japanaccounts for more than 90% of the value of property, plant and equipment on the
consolidated balance sheet.
3. Information for each of main customers
This has been omitted because there is no external customer that accounts for 10% or more of
net sales recorded on the consolidated statement of income.
c. Disclosure of impairment losses on non-current assets for each reportable segment
Fiscal year ended May 31, 2022
Impairment losses of ¥9 million for corporate expenses not belonging to any reportable segment
were recorded.
Fiscal year ended May 31, 2023
Not applicable.

- 21 -

Sansan, Inc. (TSE 4443)
Financial Results for FY2022 Q4

d. Amortization and unamortized balance of goodwill for each reportable segment
Fiscal year ended May 31, 2022
(Millions of yen)
Sansan/Bill One
Business

Corporate andeliminations

Eight Business

Amortization of
goodwill

–

20

5

25

Goodwill

–

165

64

229

Sansan/Bill One
Business

Eight BusinessCorporate andeliminations

Amortization of
goodwill

12

20

7

39

Goodwill

503

145

57

706

Total

Fiscal year ended May 31, 2023
(Millions of yen)
Total

e. Information about gain on bargain purchase for each reportable segment
Not applicable.

- 22 -

Sansan, Inc. (TSE 4443)
Financial Results for FY2022 Q4

Per share information
Fiscal year ended May 31, 2022
(from June 1, 2021 to May 31, 2022)(Yen)
Fiscal year ended May 31, 2023
(from June 1, 2022 to May 31, 2023)

Net assets per share

96.78

105.18

Basic earnings (loss) per share

6.87(1.13)

Diluted earnings per share

6.77

–

Notes: 1. The Company implemented a stock split of common shares at a ratio of 4-for-1 on December 1, 2021.
Therefore, net assets per share, basic earnings per share and diluted earnings per share are calculated on theassumption that said splitting of shares had been made at the beginning of the previous fiscal year.
2. Diluted earnings per share for the fiscal year ended May 31, 2023 are not described here because, although
there are potentially dilutive shares, basic loss per share was recorded.
3. Basis for calculation of basic earnings per share and diluted earnings per share is as follows:
Fiscal year ended May 31, 2022
(from June 1, 2021 to May 31, 2022)

Fiscal year ended May 31, 2023
(from June 1, 2022 to May 31, 2023)

Basic earnings per share
Profit attributable to owners ofparent(Millions of yen)

857

(141)

Amounts not attributable tocommon shareholders(Millions of yen)

–

–

857

(141)

124,841,631

125,162,268

Adjustments stated for profit
attributable to owners of parent(Millions of yen)––

Increase in number of commonshares(Shares)

1,896,164–[Of which share acquisition rights](Shares)[1,896,164]–

Profit attributable to owners ofparent related to common shares(Millions of yen)
Average number of common shares
outstanding during the period(Shares)

Diluted earnings per share

Overview of dilutive shares that are
not included in the calculation ofdiluted earnings per share as they
have no dilutive effects

Stock options 2021
(the 6th share acquisition rights)
200 units (80,000 shares)- 23 -–

Sansan, Inc. (TSE 4443)
Financial Results for FY2022 Q4

Significant events after reporting period(Business combination through acquisition)
The Company resolved at a meeting of the Board of Directors held on May 23, 2023 to acquire sharesof Institute of Language Understanding Inc., making it a consolidated subsidiary, and completed theprocedures to acquire the shares on June 20, 2023 in accordance with that resolution.
Outline of business combination(1) Name of the acquired company and details of the acquired businessCompany name:
Description of business:

Institute of Language Understanding Inc.
A business utilizing large-scale language knowledge toprovide business efficiency and create high addedvalue(2) Main reason of the business combination
The aim of this business combination is to strengthen the Company’s research development
capabilities related to natural language processing as the knowledge databases and languageunderstanding engines owned by Institute of Language Understanding Inc. are fields that promise
to provide synergy with OCR, which is one of the Company’s core technologies, natural language
processing, etc.
(3) Date of the business combination
June 1, 2023 (deemed acquisition date)(4) Legal form of the business combination
Acquisition of shares(5) Name of entity after the business combination
Unchanged.
(6) Percentage of voting rights acquired
65.75%(7) Main basis for determining acquiring company
The Company acquired the shares in consideration for cash.
(8) Acquisition cost of acquiree and components thereof by consideration type
Acquisition price (cash and deposits)¥500 million

Acquisition cost¥500 million- 24 -

Sansan, Inc. (TSE 4443)
Financial Results for FY2022 Q4(9) Difference between the acquisition cost of the acquired company and the total cost of acquisitions
for each transaction required until acquisition
Not confirmed at this stage.
(10) Details and amounts of main acquisition-related costs
Not confirmed at this stage.
(11) Amount of goodwill, reason for recognition, amortization method and amortization period
Not confirmed at this stage.
(12) Amount and breakdown of assets acquired and liabilities assumed as of the date of the businesscombination
Not confirmed at this stage.

- 25 -

Sansan, Inc. (TSE 4443)
Financial Results for FY2022 Q4

Issuance of the 10th share acquisition rights
At the meeting of the Board of Directors held on July 13, 2023, the Company resolved to issue the 10th
Share Acquisition Rights to employees of the Company and employee of the Company’s subsidiary inaccordance with the provisions of Articles 236, 238, and 240 of the Companies Act.
10th Share Acquisition Rights*

Number of share acquisition rights

1,243units

Class and number of shares to be acquired upon
exercise of the share acquisition rights

Common shares of the Company, 124,300 shares(100 shares per one unit acquisition right)

Exercise price of share acquisition rights
Issuance price and additional paid-in capital in
the event of issuance of shares upon exercise ofshare acquisition rights
Allotment date of share acquisition rights¥155,250 per one unit acquisition rightIssuance price: ¥1,552.5 per one share
Additional paid-in capital: ¥777 per one share
August 7, 2023

Persons subject to allotment of share acquisitionrights57 employees of the Company

Exercise period of share acquisition rights

From July 14, 2025 to July 13, 2033

Exercise conditions of share acquisition rights*

1.

Persons who have received an allotment of the share acquisition rights (the “Share Acquisition Rights
Holder”) may exercise their share acquisition rights if the closing price of the Company’s common share in
regular trading on the Tokyo Stock Exchange on a specific day during the period from the allotment date of
the share acquisition rights to the end of the period of exercise of the rights (July 13, 2033) exceeds the¥3,987.
However, in the event of a share split or reverse share split after the date of allotment, the share price shall be
adjusted according to the following formula (fractions of a yen shall be rounded up to the nearest yen).
Share price after
adjustment=

Share price before
adjustment

×1
Split (or Reverse split) ratio

2. The Share Acquisition Rights Holders are required to have a position in the Company or a subsidiary andassociate of the Company as Director, Audit & Supervisory Board Member or employee at the time of
exercising the share acquisition rights. However, this shall not apply in the event of resignation due to the
expiration of the term of office, mandatory retirement, or when a justifiable reason is acknowledged at a
meeting of the Board of Directors.
3. In the event the Share Acquisition Rights Holder dies, inheritance shall not be recognized.
4. Pledging of share acquisition rights, or the creation of security interests shall not be permitted.
5. The share acquisition rights may not be exercised if, in so doing, the total number of the Company’s issued
shares at that time would exceed the total number of authorized shares.
6. It shall not be possible to exercise fractions less than one unit of the share acquisition rights.

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Sansan, Inc. (TSE 4443)
Financial Results for FY2022 Q4

Issuance of the 11th share acquisition rights (compensatory stock options)
At the meeting of the Board of Directors held on July 13, 2023, the Company resolved to issue the 11th
Share Acquisition Rights to Directors and Executive Officers of the Company in accordance with theprovisions of Articles 236, 238, and 240 of the Companies Act.
11th Share Acquisition Rights*

Number of share acquisition rights

1,420 units

Class and number of shares to be acquired upon
exercise of the share acquisition rights

Common shares of the Company, 142,000 shares(100 shares per one unit acquisition right)

Issuance price of share acquisition rights¥14,000 per one unit acquisition right

Exercise price of share acquisition rights
Issuance price and additional paid-in capital in
the event of issuance of shares upon exercise ofshare acquisition rights
Allotment date of share acquisition rights¥155,250 per one unit acquisition right

Persons subject to allotment of share acquisitionrights

5 Directors of the Company
11 Executive Officers of the Company

Exercise period of share acquisition rights

From September 13, 2024 to September 12, 2033

Exercise conditions of share acquisition rights

*

1.

2.

3.
4.
5.
6.

Issuance price: ¥1,552.5 per one share
Additional paid-in capital: ¥777 per one share
September 13, 2023

Persons who have received an allotment of the share acquisition rights (the “Share Acquisition Rights
Holder”) may exercise their share acquisition rights only if the amount of net sales in the Company’s
consolidated statement of income for the fiscal year ending May 31, 2024 has exceeded ¥33,164 million. In
determining the net sales amount, there are events, such as changes in the applicable accounting standards
and the acquisitions of companies, which can have a major impact on the business results of the Company. In
the event that the Board of Directors determines that it is not appropriate to make a judgment based on actual
figures, the Company will eliminate the effect of the acquisition of a company, etc. within a reasonable
range, and it shall be deemed possible to adjust the actual figures used for judgment. In addition, in the eventof significant changes in the concept of items to be referred to, due to the application of international
financial reporting standards, changes in the fiscal year end, etc., the indicators to be referred to shall be
determined by the Company’s Board of Directors.
The Share Acquisition Rights Holders are required to have a position in the Company or a subsidiary andassociate of the Company as Director, Audit & Supervisory Board Member or employee at the time of
exercising the share acquisition rights. However, this shall not apply in the event of resignation due to the
expiration of the term of office, mandatory retirement, or when a justifiable reason is acknowledged at a
meeting of the Board of Directors.
In the event the Share Acquisition Rights Holder dies, inheritance shall not be recognized.
Pledging of share acquisition rights, or the creation of security interests shall not be permitted.
The share acquisition rights may not be exercised if, in so doing, the total number of the Company’s issued
shares at that time would exceed the total number of authorized shares.
It shall not be possible to exercise fractions less than one unit of the share acquisition rights.

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