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.

January 12, 2024

Financial Results for FY2023 Q2Company 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 to file quarterly securities report:
January 12, 2024
Scheduled date to commence dividend payment:–
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 first six months of the fiscal year ending May 31, 2024
(from June 1, 2023 to November 30, 2023)(1) Consolidated operating results (cumulative)
Net sales
Six months ended
November 30, 2023
November 30, 2022

Millions ofyen%

15,726
11,82433.0
23.5

Note: Comprehensive income

Six months ended
November 30, 2023
November 30, 2022

(Percentages indicate year-on-year changes.)

Adjusted
operating profit(Note)

Operating profit

Ordinary profit

Profit attributableto owners ofparentMillions ofyen%Millions ofyenMillions ofyenMillions ofyen%

522 704.2
65
–

312
(70)

143
151

(5.1)
(73.7)

%

–
–

268
(113)

%

–
–

Six months ended November 30, 2023: ¥118 million [(45.7)%]
Six months ended November 30, 2022: ¥218 million [–%]

Basic earnings per
share

Diluted earnings
per share

Yen

Yen

1.14
1.21

1.13
1.20

Note: Adjusted operating profit = operating profit + share-based payment expenses + expenses that arise from businesscombinations (amortization of goodwill and amortization of intangible assets)(2) Consolidated financial position
Total assets
As ofNovember 30, 2023
May 31, 2023
Reference:

Net assets

Equity-to-asset ratio

Millions of yen

Millions of yen%

31,312
31,20013,695
13,19041.6
40.6

EquityAs of November 30, 2023:
As of May 31, 2023:¥13,013 million¥12,660 million

2. Cash dividends
Annual dividends
First quarter-end

Second quarter-end Third quarter-end

Yen

Fiscal year ended
May 31, 2023
Fiscal year ending
May 31, 2024

Yen

–

0.00

–

0.00

Yen

Fiscal year ending
May 31, 2024
(Forecast)Fiscal year-end

Total

Yen

Yen

–

0.00

0.00

–

0.00

0.00

Note: Revisions to the forecast of cash dividends most recently announced: None

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

Notes: 1. Revisions to the earnings forecasts most recently announced: None
2. For multi-step profit or loss under operating profit or loss, Sansan, Inc. (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.

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in thechange in scope of consolidation): None
(2) Application of specific accounting for preparing the quarterly consolidated financial statements: None
(3) Changes in accounting policies, changes in accounting estimates, and restatementa. Changes in accounting policies due to revisions to accounting standards and other regulations:Noneb. Changes in accounting policies due to other reasons: Nonec. Changes in accounting estimates: None
d. Restatement: None
(4) Number of issued shares (common shares)
a. Total number of issued shares at the end of the period (including treasury shares)
As of November 30, 2023

125,639,668 shares

As of May 31, 2023

125,410,584 sharesb. Number of treasury shares at the end of the period
As of November 30, 2023

871 shares

As of May 31, 2023

871 sharesc. Average number of outstanding shares during the period
For the six months ended November 30, 2023

125,497,002 shares

For the six months ended November 30, 2022

125,012,156 shares* Quarterly financial results reports are exempt from quarterly review 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 FY2023 Q2

Attached Material
Index
1. Qualitative information on quarterly financial results .............................................................................. 2(1) Explanation of operating results ............................................................................................................ 2(2) Explanation of financial position ........................................................................................................... 6(3) Explanation of consolidated earnings forecasts and other forward-looking statements ........................ 7
2. Quarterly consolidated financial statements and significant notes thereto ............................................... 8(1) Quarterly consolidated balance sheet .................................................................................................... 8(2) Quarterly consolidated statements of income and comprehensive income ......................................... 10
Quarterly consolidated statement of income ....................................................................................... 10
Quarterly consolidated statement of comprehensive income .............................................................. 11(3) Quarterly consolidated statement of cash flows .................................................................................. 12(4) Notes to the quarterly consolidated financial statements..................................................................... 14(Notes on premise of going concern)................................................................................................... 14(Notes on significant changes in the amount of shareholders’ equity) ................................................ 14(Segment information, etc.) ................................................................................................................. 15(Significant events after reporting period) ........................................................................................... 17- 1 -Sansan, Inc. (TSE 4443)
Financial Results for FY2023 Q2

1. Qualitative information on quarterly financial results(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, and greater attention being given to SaaS (Software as a Service) products, the DX
market is forecast to reach ¥6,519.5 billion by FY2030 (an expected increase of ¥3,791.8 billion fromFY2022) (Note 1), while the SaaS market in Japan is forecast to reach ¥2,099.0 billion by FY2027 (anexpected increase of ¥686.2 billion from FY2023) (Note 2). A sales DX solution Sansan, provided by
the Company, holds 82.4% share (Note 3) of the B2B business card management service market, andthis market has seen approximately 16-fold expansion from 2013 to 2022 in conjunction with thegrowth 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 156.8% increase year on year in
FY2022.
Consolidated financial results for the first six months of the fiscal year ending May 31, 2024
(hereinafter, the “period under review”) is as follows.
(Millions of yen)

Net sales
Gross profit
Adjusted operating profit
Ordinary profit
Profit attributable to owners ofparentSix months ended
November 30, 2022

Six months ended
November 30, 2023

YoY change

11,824
10,20065(113)

15,726
13,423522
268+33.0%+31.6%+704.2%
–

151

143

(5.1)%In the second quarter of the fiscal year ending May 31, 2024 (hereinafter, the “quarter under review”),
the Group strengthened the sales structure and carried out other measures, aiming for further growth innet sales backed by the positive order situation in Sansan/Bill One Business. In Eight Business, theGroup switched to a concept of a specialized app for virtual card exchange and business cardmanagement, and worked to increase future profitability.
Consequently, results were strong in the period under review with net sales increasing 33.0% year on
year, gross profit increasing 31.6% year on year, and a gross profit margin of 85.4%, down 0.9 points
year on year. Adjusted operating profit significantly increased 704.2% year on year mainly due to a
decline in the ratio of advertising expenses to net sales, in addition to an increase in net sales.
Furthermore, mainly owing to the increase in adjusted operating profit, ordinary profit was in the black.
Profit attributable to owners of parent decreased 5.1% year on year due to factors such as recording of again on sale of shares of subsidiaries and associates in the same period of the previous fiscal year.
Notes: 1. Based on Market Edition and Vendor Strategy Edition of 2023 Outlook of the Digital
Transformation Market by Fuji Chimera Research Institute
2. Based on 2023 New Software Business Markets by Fuji Chimera Research Institute
3. Based on Latest Trends in Business Card Management Services in Sales Support DX 2024
(January 2024, survey by Seed Planning, in Japanese)
4. Deloitte Tohmatsu MIC Research Institute, “The Market of Online Invoice Receiving
Solution Continues to Grow at a Staggering Rate” (MIC IT Report, November 2023)- 2 -Sansan, Inc. (TSE 4443)
Financial Results for FY2023 Q2Results 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 period under review are as follows.
(Millions of yen)Six months ended
November 30, 2022

Six months ended
November 30, 2023

YoY change

10,516
9,532
9,039
492
898
86
2,964

14,023
11,012
10,401
610
2,588
422
3,907

+33.3%+15.5%+15.1%+24.0%+188.2%+391.0%+31.8%

8,722
subscriptions

9,234
subscriptions+5.9%¥177 thousand¥193 thousand

+9.0%

0.49%

0.46%

(0.03) pts.

177
1,084
subscriptions

494
2,304
subscriptions+179.5%¥163 thousand¥214 thousand+31.3%

0.50%

0.47%

(0.03) pts.

Net sales (Note 5)
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 6)
Bill OneMRR (Note 7)
Number of paid subscriptions
Monthly recurring sales per
paid subscription
Last 12 months average ofmonthly churn rate (Note 6)+112.5%

Notes: 5. The sum of sales to external customers and intersegment sales or transfers
6. Ratio of decrease in MRR associated with subscription cancellations to total MRR for
existing subscriptions for each service
7. Monthly Recurring Revenue
a. Sansan
To further expand the number of Sansan subscriptions and the monthly recurring sales per
subscription, the Group strengthened the sales structure through personnel hiring in the quarter
under review.
Consequently, progress has been made in acquiring new subscriptions, mainly from medium
and large enterprises, and the number of subscriptions and the monthly recurring sales per
subscription for Sansan were up 5.9% year on year and 9.0% year on year, respectively.
Furthermore, the last 12 months average of monthly churn rate was 0.46%, a decrease of 0.03
points year on year, maintaining a low churn rate of less than 1%.
As a result, net sales in Sansan increased 15.5% year on year, of which recurring sales (fixedrevenue) was up 15.1% year on year and other sales was up 24.0% year on year.
- 3 -Sansan, Inc. (TSE 4443)
Financial Results for FY2023 Q2

b. Bill One
With the objective of achieving continued high growth for Bill One, the Group continued fromthe first quarter to enhance marketing activities and strengthen the sales structure throughactive personnel hiring in the quarter under review.
Consequently, in November 2023, MRR was up 179.5% year on year and ARR (Note 8) was¥5,937 million. In addition, steady progress in acquiring new subscriptions from medium andlarge enterprises resulted in the increase of number of paid subscriptions, up 112.5% year on
year, and the increase of monthly recurring sales per paid subscription, up 31.3% year on year.
Furthermore, the last 12 months average of monthly churn rate was 0.47%, a decrease of 0.03
points year on year, maintaining a low churn rate of less than 1%.
As a result, net sales in Bill One increased 188.2% year on year. In light of the positive
business results up until the end of the six months ended November 30, 2023, the Group aims
for ARR of at least ¥7.5 billion in May 2024.
Note:

8. Annual Recurring Revenuec. Others
The Group focused on the launch of services including Contract One, a contract DX solution,utilizing the strengths, knowledge, know-how, etc. cultivated through existing services. In
addition, CREATIVE SURVEY INC. became a consolidated subsidiary in March 2023 and its
contributions to consolidated earnings have been recorded from the fourth quarter of the fiscal
year ended May 31, 2023.
As a result, net sales of others was up 391.0% year on year.
As a result of these efforts, net sales increased 33.3% year on year and adjusted operating profit
increased 31.8% year on year in Sansan/Bill One Business.
(ii) Eight BusinessThis business segment includes Eight, a business card app, as well as the event transcription service
logmi series.
Results for Eight Business in the period under review are as follows.
(Millions of yen)Six months ended
November 30, 2022

Six months ended
November 30, 2023

YoY change

1,235
146
1,088
(149)

1,509
166
1,342
4

+22.1%+13.6%+23.3%–

3.20 million
people
3,195
subscriptions

3.43 million
people4,194
subscriptions+0.23 million
peopleNet sales (Note 9)
B2C services
B2B services
Adjusted operating profit
Eight
Number of Eight users (Note10)
Number of subscriptions for
Eight Team

+31.3%

Notes: 9. The sum of sales to external customers and intersegment sales or transfers
10. Number of confirmed users who registered their business card to their profile after
downloading the app- 4 -Sansan, Inc. (TSE 4443)
Financial Results for FY2023 Q2

a. B2C services
Owing to the normalization of business due to the ending of the COVID-19 pandemic, and also
the enhancement of functions such as the virtual card exchange function, the number of Eightusers totaled 3.43 million, a steady increase of 0.23 million year on year, and net sales fromB2C services increased 13.6% year on year.
b. B2B services
The Group worked on strengthening monetization of the various B2B services, including
holding large-scale business events. As a result, net sales from B2B services increased 23.3%
year on year. In addition, the number of subscriptions for Eight Team increased 31.3% year onyear.
As a result of these efforts, net sales in Eight Business increased 22.1% year on year. Adjusted
operating profit was in the black as a result of the increase in net sales as well as due to promoting
business operation that focuses on improving profitability.

- 5 -Sansan, Inc. (TSE 4443)
Financial Results for FY2023 Q2(2) Explanation of financial position(i) Status of assets, liabilities and equity

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

As of May 31, 2023

As ofNovember 30, 2023

31,20018,00913,19031,20031,312
17,616
13,69531,312(Millions of yen)
Change fromprevious fiscal
year-end
111
(393)
504
111

AssetsTotal assets at the end of the quarter under review were ¥31,312 million, up ¥111 million from the endof the previous fiscal year. This was primarily due to an increase of ¥378 million in investment
securities, an increase of ¥1,762 million in leasehold deposits, an increase of ¥268 million in goodwill,a decrease of ¥2,170 million in cash and deposits, and a decrease of ¥221 million in accounts receivable- trade.
Liabilities
Total liabilities at the end of the quarter under review were ¥17,616 million, down ¥393 million fromthe end of the previous fiscal year. This was primarily due to a decrease of ¥408 million in accounts
payable - other and a decrease of ¥270 million in long-term borrowings.
Net assets
Net assets at the end of the quarter under review were ¥13,695 million, up ¥504 million from the end of
the previous fiscal year. This was due to an increase of ¥106 million both in share capital and capitalsurplus as a result of exercise of stock options, and an increase of ¥143 million in retained earnings dueto the recording of profit attributable to owners of parent.
(ii) Status 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

Six months ended
November 30, 2022

Six months ended
November 30, 2023

YoY change

(646)

611

1,257

796

(2,711)(3,507)

430

(85)

(515)

15,82818,806

2,977

Cash and cash equivalents (hereinafter “capital”) at the end of the quarter under review totaled ¥18,806
million, a decrease of ¥2,178 million compared to the end of the previous fiscal year.
Cash flows from operating activities
The amount of capital provided by operating activities totaled ¥611 million (compared to ¥646 million
used in the same period of the previous fiscal year). The main factors for the increase in capital wererecognition of profit before income taxes of ¥262 million, recognition of depreciation, non-cash- 6 -Sansan, Inc. (TSE 4443)
Financial Results for FY2023 Q2

expense of ¥415 million, a decrease in trade receivables of ¥250 million, and an increase in trade
payables of ¥154 million, and the main factors for the decrease in capital were a decrease in accounts
payable - other of ¥484 million and an increase in prepaid expenses of ¥177 million.
Cash flows from investing activities
The amount of capital used in investing activities totaled ¥2,711 million (compared to ¥796 million
provided in the same period of the previous fiscal year). The main factors for the decrease in capitalwere payments of leasehold deposits of ¥1,956 million, purchase of investment securities of ¥311
million, purchase of intangible assets of ¥195 million and purchase of property, plant and equipment of¥139 million, and the main factor for the increase in capital was proceeds from refund of leasehold
deposits of ¥192 million.
Cash flows from financing activities
The amount of capital used in financing activities totaled ¥85 million (compared to ¥430 million
provided in the same period of the previous fiscal year). The main factor for the decrease in capital was¥286 million in repayments of long-term borrowings, and the main factor for the increase in capital was¥200 million in proceeds from issuance of new shares.
(3) Explanation of consolidated earnings forecasts and other forward-looking statements
The forecasts of consolidated financial results for the fiscal year ending May 31, 2024 have notchanged from the forecast announced on July 13, 2023.

- 7 -Sansan, Inc. (TSE 4443)
Financial Results for FY2023 Q2

2. Quarterly consolidated financial statements and significant notes thereto(1) Quarterly consolidated balance sheet(Millions of yen)
As of May 31, 2023
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
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- 8 -As of November 30, 2023

21,114
1,180
604
341
(32)
23,207

18,944
958
793
331
(34)
20,993

770

761

827
706
0
1,533

769
974
0
1,744

3,705
885
595
502
5,689
7,993
31,200

4,083
2,647
574
506
7,813
10,31831,312

Sansan, Inc. (TSE 4443)
Financial Results for FY2023 Q2(Millions of yen)
As of May 31, 2023
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
Retirement benefit liability
Provision for retirement benefits for directors (andother officers)
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- 9 -As of November 30, 2023

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

492
542
1,520
245
347
10,678720
199
14,747

2,838
–

2,568
51

–

54

188
3,027
18,009194
2,868
17,616

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

6,688
4,285
1,838
(2)
12,810

156
49
206
457
72
13,19031,200

137
64
202
539
143
13,69531,312

Sansan, Inc. (TSE 4443)
Financial Results for FY2023 Q2(2) Quarterly consolidated statements of income and comprehensive income
Quarterly consolidated statement of income(Millions of yen)Six months ended
November 30, 2022
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit (loss)
Non-operating income
Interest and dividend income
Subsidy income
Gain on sale of investment securities
Surrender value of insurance policies
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Commission expenses
Share of loss of entities accounted for using equity
methodLoss on investments in investment partnerships
Penalty loss on cancellation of rental contracts
Other
Total non-operating expenses
Ordinary profit (loss)
Extraordinary income
Gain on reversal of share acquisition rights
Gain on sale of shares of subsidiaries and associates
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit (loss) attributable to non-controlling interests
Profit attributable to owners of parent- 10 -

Six months ended
November 30, 2023

11,824
1,624
10,20010,270(70)

15,7262,303
13,423
13,111
312

1
7
291
–
3
303

2
3
–
12
4
22

6
12
5

6
8
1

285

–

23
–
13
346
(113)

16
19
13
66
268

0
431
431

0
–
0

25
25
291
175
(39)
136
155
4
151

6
6
262
126
13
140
122
(21)
143

Sansan, Inc. (TSE 4443)
Financial Results for FY2023 Q2

Quarterly consolidated statement of comprehensive income(Millions of yen)Six months ended
November 30, 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- 11 -

Six months ended
November 30, 2023
155

122

45
17
63
218

(18)
15
(3)
118

214

139

4

(21)

Sansan, Inc. (TSE 4443)
Financial Results for FY2023 Q2(3) Quarterly consolidated statement of cash flows(Millions of yen)Six months ended
November 30, 2022
Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Loss on retirement of non-current assets
Share-based payment expenses
Gain on reversal of share acquisition rights
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Interest and dividend income
Interest expenses
Loss (gain) on sale of shares of subsidiaries and associates
Loss (gain) on sale of investment securities
Loss (gain) on investments in investment partnerships
Share of loss (profit) of entities accounted for using equity
methodDecrease (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
Proceeds from insurance income
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities- 12 -

Six months ended
November 30, 2023

291
418
13
25
121
(0)
1
57
(1)
6
(431)
(291)
23

262
415
55
6
75
(0)
1
107
(2)
6
–
–
16

285

–

102
(41)
(44)
(14)
(245)
(500)
(184)
2
52
(352)
1
–
(6)
(288)
(646)

250
(177)
41
154
(484)
(52)
(71)
7
74
684
3
12
(6)
(82)
611

Sansan, Inc. (TSE 4443)
Financial Results for FY2023 Q2(Millions of yen)Six months ended
November 30, 2022
Cash flows from investing activities
Proceeds from withdrawal of time deposits
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 resulting in change inscope of consolidation
Proceeds from sale of shares of subsidiaries and associates
Payments for investments in capital
Payments of leasehold deposits
Proceeds from refund of leasehold deposits
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from issuance of shares
Proceeds from issuance of share acquisition rights
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- 13 -

Six months ended
November 30, 2023

49
(140)
(264)
(286)
1,406

–
(139)
(195)
(311)
–

–

(136)

546
(500)
(1)
–
(13)
796

–
(92)
(1,956)192(72)(2,711)

500
(241)
169
22
(20)
430
3
583
15,245
15,828

–
(286)
200
19
(19)
(85)
6
(2,178)20,98518,806

Sansan, Inc. (TSE 4443)
Financial Results for FY2023 Q2(4) Notes to the quarterly consolidated financial statements(Notes on premise of going concern)
Not applicable.
(Notes on significant changes in the amount of shareholders’ equity)
Not applicable.

- 14 -

Sansan, Inc. (TSE 4443)
Financial Results for FY2023 Q2(Segment information, etc.)[Segment information]
Ⅰ

First six months of the fiscal year ended May 31, 2023 (from June 1, 2022 to November 30,
2022)
1. Information on the amount of sales and profit (loss) for each reportable segment(Millions of yen)
Reportable segments
Others(Note) 1

Sansan/Bill One
Business

Eight
Business

10,515

1,235

11,75073

11,824

1

0

1

27

29

10,516

1,235

11,752

101

11,853

2,964

(149)

2,815

(11)

2,804

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

Total

Total

Notes: 1. The “Others” category is a business segment that is not included in the reportable segments, and includes
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 (amortizationof goodwill and amortization of intangible assets).
(Millions of yen)

Sansan/Eight

Adjustments

OthersAmount in
the quarterlyBill One
Business

Business

2,964

(149)

(11)

(2,739)

65

50

18

–

52

121

–

10

3

–

13

2,914

(178)

(14)

(2,792)(70)(Note)

consolidated
financialstatement

Segment profit (loss)
Share-based payment
expenses
Amortization of
goodwill andamortization of
intangible assets
Operating profit (loss)

Note: Adjustments are the amounts of corporate expenses not attributable to any reportable segment andmostly consist of general and administrative expenses.

2. 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 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 andamortization 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 varysignificantly depending on the level of the Company’s stock price, and expenses that arise frombusiness combinations.
- 15 -

Sansan, Inc. (TSE 4443)
Financial Results for FY2023 Q2

Ⅱ First six months of the fiscal year ending May 31, 2024 (from June 1, 2023 to November 30,
2023)
1. Information on the amount of sales and profit (loss) for each reportable segment(Millions of yen)
Reportable segments
Others(Note) 1

Sansan/Bill One
Business

Eight
Business

14,0201,507

15,527

199

15,726

2

2

5

58

64

14,023

1,509

15,532257

15,790

3,907

4

3,912

(36)

3,876

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

Total

Total

Notes: 1. The “Others” category is a business segment that is not included in the reportable segments, and includes
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 (amortizationof goodwill and amortization of intangible assets).
(Millions of yen)Amount in
Sansan/Bill One
Business

Eight
Business

Adjustments

Others(Note)

the quarterly
consolidated
financialstatement

Segment profit (loss)

3,907

4

(36)

(3,353)

522

Share-based payment
expenses

31

10

–

112

155

25

10

19

–

55

3,850

(15)

(56)

(3,466)

312

Amortization of
goodwill andamortization of
intangible assets
Operating profit (loss)

Note: Adjustments are the amounts of corporate expenses not attributable to any reportable segment andmostly consist of general and administrative expenses.

2. Information on impairment losses of non-current assets or goodwill, etc. for each reportablesegment(Significant change in goodwill amount)In the “Others” segment, the Company acquired shares of Institute of Language Understanding
Inc. in the first quarter of the current fiscal year and included the company in the scope of
consolidation. In the six months ended November 30, 2023, the resulting increase in goodwill
amounted to ¥307 million.

- 16 -

Sansan, Inc. (TSE 4443)
Financial Results for FY2023 Q2(Significant events after reporting period)(Borrowing of a large amount of funds)
Based on the resolution at the meeting of the Board of Directors held on December 19, 2023, theCompany borrowed funds as described below.
(1) Use of funds: Payment of leasehold deposits for the new office planned for the head officerelocation, and other uses
(2) Lenders: Four financial institutions(3) Amount of borrowings: ¥1,800 million(4) Interest rate: Base interest rate + spread, fixed interest rate(5) Borrowing date: December 29, 2023
(6) Borrowing period: Four years or five years(7) Collateral: Unsecured, unguaranteed- 17 -