Smaregi, Inc.
Q1 FY2025 Financial Results Briefing
September 13, 2024

Event Summary[Company Name]

Smaregi, Inc.

[Company ID]

4431-QCODE[Event Language]

JPN[Event Type]Earnings Announcement[Event Name]

Q1 FY2025 Financial Results Briefing[Fiscal Period]

FY2025 Q1[Date]

September 13, 2024

[Number of Pages]

27[Time]

10:30 – 11:09(Total: 49 minutes, Presentation: 26 minutes, Q&A: 13 minutes)[Venue]Webcast[Venue Size][Participants][Number of Speakers]

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2Ryuhei Miyazaki
Kohei Takamadate

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Representative Director
Business Strategy Division Director

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Presentation
Moderator: The time has arrived, and we will begin. Thank you for your participation in the financial results
briefing for Q1 of the fiscal year ending April 30, 2025 of Smaregi, Inc. First, let me explain today's flow.
First, Representative Director Miyazaki will explain the medium-term management plan announced yesterday.
After that, Director Takamadate will explain the financial results. A question-and-answer session is scheduled
at the end of the meeting. Questions are always welcome via the Q&A button, or email. When sending an email, please indicate in the subject line that it is a question about the financial results briefing.
Now, Mr. Miyazaki, please.
Miyazaki: Good morning, everyone. Thank you for taking time out of your busy schedule to attend today's
financial results briefing. I am Miyazaki, Representative Director.

Let me begin by introducing myself.
I joined the Company in 2011 and have been involved in development planning since the launch of Smaregi.
In 2019, I was appointed to the Board of Directors, and in recent years, I have gained experience in manydifferent areas, not only in the development sector, but also in marketing, sales, and customer success. As of
July 29, 2024, I have assumed the position of Representative Director, taking over the baton from the previous
Representative Director, Mr. Yamamoto.
Yesterday, we announced our long-term vision and medium-term management plan, at the same time as ourfinancial results. I would like to begin by explaining our growth strategy.

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The Company announced its second medium-term management plan in March 2023 and revised the plan lastSeptember. This update is the third edition.

Our long-term vision, VISION 2031, is to create a world where everyone can easily utilize data, and to become
the top POS market in Japan by 2031.

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3While the vision itself remains unchanged, the KPI of 300,000 active stores has been revised and set at an ARRof JPY30 billion.
Our revenue structure can be broadly divided into monthly usage fees and equipment sales. Our mediumterm management plan was based on the policy of placing the highest priority on monthly usage fees.
The target of JPY30 billion in ARR established this time is based on 300,000 stores multiplied by JPY8,000 per
customer.

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4It also means that we will continue to grow 30% annually in ARR based on the long-term vision for the fiscal
year ending April 30, 2021.
The reason for changing the target from active stores to ARR is to align it with the medium-term management
plan. Conventional metrics that track only the number of stores focus only on growth in the number ofcustomers and remain blind to growth per customer and revenue.
We have also made this change out of a concern that focusing solely on increasing the number of stores maylead to measures such as increasing free plans. Therefore, we believe that by aligning the indicators of ourlong-term vision with ARR, we can focus on building a stable revenue base rather than simply increasing thenumber of stores.
The ARR targets in the medium-term management plan ending April 2026 have not been revised at this time.
We aim to achieve an ARR of JPY9.46 billion by the end of the fiscal year ending April 30, 2026, with an averageannual growth rate of over 30% for the three years beginning in the fiscal year ending April 30, 2024.

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As a specific strategy to increase the number of contracts, we have added a new focus on medium- to largesized projects. The previously stated approach to physician providers has been removed from the top priority
list and will be continued as a medium- to long-term issue.

The first measure to increase the number of customers is a market segmentation strategy.
Smaregi mainly targets the retail and restaurant industries. However, as you can see, both the retail andrestaurant industries are highly fragmented. The idea is not to add functions and sales strategies randomly
but to unify the areas of attack by targeting specific industries.
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The following is the strategy we have added.
The main user groups of Smaregi are retailers, restaurants, services, and medical stores, which together total
2.2 million stores throughout Japan. We have been operating our business mainly targeting the mid-size
segment among them, from 2 to 40 stores.
However, in light of industry trends, changing market conditions, and our growth objectives, we have decided
to reevaluate our target audience and expand our focus areas. In recent years, even large companies havebecome increasingly interested in cloud computing in the context of business efficiency and DX. There is anincreasing number of companies that are considering migration to the Cloud. In line with this market trend,
our policy is to approach larger companies more aggressively to increase competitiveness.
Smaregi was developed as a product for multiple stores. It is designed to be utilized by companies of any size,with multi-functional and flexible extensions. In fact, the introduction to the customers who run 40 stores
more is gradually spreading. Based on our track record, we would like to expand the target audience forfurther growth. Product capabilities will be enhanced if service improvements and functionality are developed
to meet the needs for large-scale projects. We think this will benefit our existing customers as well.
In addition, the high unit price per transaction may contribute significantly to earnings. We believe thisstrategy is a rational approach to accelerate sales growth. The domestic cloud POS cash register market has
crossed the so-called "chasm" and is entering the competitive market.
Our future target will be medium- to large-sized customers for whom security, reliability, and track record areimportant. Smaregi will promote sales activities in this market on the strength of a strong track record,scalability, and multifunctionality.

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7Third is continuous S&M investments.
In other words, it is an advertising campaign, such as a TV commercial. We will use it to increase leads. In theprevious medium-term management plan, this was the first priority, but this time it has been lowered to thethird priority. In the past, we did not know much about how to do this, so we gave it top priority while having
trial and error.
Now that we have accumulated some know-how, we have reduced the importance of the process. It is ourhope that by improving our products, we will attract inquiries without needing to rely on advertising—if I may
put it in extreme terms. Therefore, we are shifting the weight toward R&D expenses, such as development,
while adjusting the pace of spending in advertising.

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We also have three measures to increase the cost per customer.
We will concentrate on cashless payments, the app market, and time and attendance HR services byenhancing their integration with Smaregi and selling them as a bundled offering. Our goal is to maximize
performance by increasing both customer numbers and the revenue per customer.
In line with this, we plan to grow ARR by reinforcing business investments focused on advertising, decisionmaking, and cross-selling timecards, as outlined in the first medium-term management plan. Additionally, we
will advance the market segmentation strategy introduced in the second plan and focus on medium- andlarge-scale projects.
Finally, regarding M&A. M&A aligns with the strategies I discussed today. We aim to pursue M&A based onwhether it would be faster to develop a product ourselves or to acquire it.
Our long-term vision of becoming the leading POS market player in Japan by 2031 is an ambitious goal. Since
our establishment, we have focused on making quality products, encouraging widespread adoption, andensuring effective use. We are accumulating those efforts and will move forward step by step.
For business growth, in addition to the planned expansion of existing operations, we aim to further solidify
our business foundation through M&A to achieve a sustainable high growth rate with high reproducibility. In
terms of organizational development, which is indispensable for the sustainable growth of a company, we are
creating an environment where employees can work for the long term in a positive manner and take onchallenges. We would like to create a company that is stable because we challenge.
That is all.
We will now move on to the explanation of the financial results by Director Takamadate. We will have aquestion-and-answer session afterwards. Please send us any questions you may have at any time.

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Takamadate: Hello everyone. I am Takamadate, Director of Smaregi. Thank you for participating in thefinancial results briefing. I will now explain the results for Q1 of the fiscal year ending April 30, 2025.
Here are the highlights of our performance.
Compared to the same period last year, sales increased 38.8% to JPY2,531 million, operating profit increased
46.5% to JPY601 million, ARR increased 41.6% to JPY6.607 billion, and the number of employees increased bya net 13 from the end of the previous year to 335.
This is Q1 of the fiscal year ending April 2025, and sales and operating profit have reached record highs on aquarterly basis. ARR exceeded JPY6.6 billion, a growth rate of more than 40% over the same period last year.

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The income statement and balance sheet are shown on pages six to seven of the materials. There were no
major special factors in the income statement. Operating profit exceeded JPY600 million for the first time ona quarterly basis.

The balance sheet shows a slight increase in fixed assets. This is because the business that we acquired in Q1of this fiscal year is temporarily recorded as goodwill. This is to be understood as temporary, as we expect theaudit to be completed by the end of this fiscal year and transferred to software and other assets.

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The following is a five-year trend of business performance. Net sales progress rate is 23.7% of the full-year
forecast of JPY8.2 billion, and operating profit is also 29.6% of the full-year forecast.

The following are the quarterly trends.
The operating margin was 23.8%, which is a little high since there were no major investments. In Q4, the profit
margin tends to be slightly lower than in previous years, due to bonuses and investments for recognition
purposes. From that point of view, the QoQ has increased by about 4 points.

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12This is followed by an analysis of YoY changes in the operating profit base.
The increase in sales is JPY706 million, while the cost of sales and labor costs are listed as negative, whichmeans that costs have increased. The cost of goods sold and personnel expenses fluctuated due to increased
sales and headcount, while other costs remained largely unchanged compared to the same period last year.

Now, please see the quarterly transition of the breakdown. These are the quarterly sales figures, broken down
into subscriptions, such as monthly usage fees, and initial sales, including equipment sales related to systeminstallation.
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Then there are SG&A expenses. Q1 totaled JPY943 million, a slight decrease from Q4. This is mostly due to thedifference in advertising expenses, as most of the major announcements, such as recognition ads, are usually
made in Q4 of each year.

We will discuss advertising expenses on the next page.
Advertising expenses. We have continued to implement advertising activities from the previous fiscal year.
S&M came to JPY439 million, or 17% against sales. In Q1, JPY 76 million was spent on direct lead acquisition,
while JPY 118 million was spent on TV, radio, and other for brand awareness efforts.
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Since November of last year, we have been allocating advertising expenses for lead generation based on costeffectiveness. However, with the conversion rate from lead acquisition to contract signing improving due toincreased sales proficiency and other factors, we anticipate gradually expanding the scope of advertising.
Our aim is to address more needs by improving not only acquisition but also sales efficiency.

Number of employees.
The figures on the left are for the end of the fiscal year through the previous period.
The number of employees increased by 13 from the end of the previous period and by 63 from the same
period last year to 335. Although we have not disclosed a net increase target for this fiscal year, we intend tocontinue to aggressively pursue this target as our business expands.

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Next is the business summary.
Topics for Q1 are listed.
As Mr. Miyazaki mentioned earlier, after the general shareholders' meeting in July, a resolution was passed,and Mr. Miyazaki assumed the position of Representative.
In June and May of that year, the Company announced a series of business acquisitions. In May, we took overRece One Plus, a system integrated with POS mainly for osteopathic clinics.
As stated in our medium-term management plan, as part of our market segmentation strategy, we are
expanding the scope of our business by offering services that are more deeply aligned with industry
characteristics.
In June, we acquired TSUBAME DONUT, in Fukuoka. It is not very large in terms of business scale and does nothave much in the way of impact on our business performance. However, we will actively utilize all services
provided by POS payment HR and Smaregi, identify detailed operational improvements, and incorporate theminto the product. We acquired it for that purpose.

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Next is the trend of ARR, which is the most important KPI. ARR was JPY6.6 billion, or 41.6% of the same period
last year, due to an increase in customers. Cross-selling of post-settlement continues to be strong, withsettlement services maintaining high growth at 81% YoY.

The slides from here are KPIs only for the main Smaregi. As shown in the data, the first KPI is the number of
fee-paying stores. The number of fee-paying stores and active stores are key indicators. The number of storessubscribing to the paid plan totaled 37,391, an increase of 6,284 over the same period last year.

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17Number of active stores.
This is the number of stores that actually used the service, including free users and free stores, in addition to
the paid plans mentioned earlier. This is also a key indicator for assessing whether stores are actively using
the free plan, as it excludes those who have signed up but are not utilizing it. The number of stores exceeded
40,000 for the first time in the previous fiscal year, but in Q1 the number of stores was 45,387.

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Next is ARPA/ARPU per customer.
A full year has passed since the price revision was completed in the last quarter. So, the impact of that isalready almost settled down , and as you can see, both have risen slightly in the current quarter. This is dueto the fact that we have classified the cost of linking with other companies' payment services as a POS category,as the amount has been increasing since Q1. The number of equipment rentals and equipment subscription
plans has increased, and these two factors have had a major impact.
Equipment subscriptions are expected to continue rising, partly because they help reduce users' initialinvestment. We expect that the cost per customer will increase trend slightly in the future.

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Then there is the churn rate. The churn rate did not change much. This Q1, it was 0.46%, which is the lowest
churn rate to date.

The next is GMV, the distribution value and sales value of all POS cash register users.
In Q1, the total amount was JPY631.6 billion, a 29% increase over the same period last year. The cashless ratio
continues to rise, driven by the widespread adoption of various QR payment methods and the cross-selling of
our PAYGATE payment service to Smaregi POS users.

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20This will be the last slide.
This is a POS-only figure, but MRR was JPY360 million as of Q1. I think we have been able to maintain thisangle, although the speed of MRR stacking has increased since the price revision.
This is my presentation of the financial summary for Q1 of the fiscal year ending April 30, 2025.

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Question & Answer

Moderator [M]: Okay, I would like to start the question-and-answer session here. We would like to answer as
many questions as time permits. Please send us your questions via the Q&A button at the bottom of thescreen or by e-mail. When sending us an e-mail, please indicate in the subject line any questions you may
have regarding the financial results briefing. Please note that similar questions may be answered together.
Now, Mr. Miyazaki and Mr. Takamadate, please begin.
Takamadate [M]: Yes. We would like to answer your questions. We will start by answering the questions we
received on the pre-registration form.
Participant [Q]: First, I believe that POS cash registers are in a fiercely competitive environment, withcompetitors also offering products and services. Please tell us about your company's future strategy for this,
your company's position, and your superiority over other companies.
Takamadate [M]: This is [for] Mr. Miyazaki.
Miyazaki [A]: Yes. I will be happy to answer. As for competitors' products, external linking systems with audit
functions and outside timecard systems have been abundant for quite some time now. In addition to this, ourapproach to niche needs in the app market will give us a competitive advantage.
Participant [Q]: Second question. Can you tell us about the penetration of PAYGATE payments in the Smaregi
GMV?
Takamadate [A]: Yes. This is from me. I don't know if this is helpful because I didn't put it out on a GMV basis,but in terms of the adoption rate of Smaregi PAYGATE among POS users, it is currently around the 10% range.
We did an absorption merger in July 2022, that's where we started our business, and at that point it wasalmost zero percent. From that point of view, it has gone up at a considerable pace in line with its introduction,and I think it will continue to go up.
Participant [Q]: Now, please tell us about the future prospects for the unit price per customer and any
measures to increase the unit price. Another similar question that we have received. Please explain why the
ARPM picture looks larger than usual in Q1.
Takamadate [A]: You mean at the unit price. First of all, I would like to talk about the future prospects for theunit price and measures to raise the unit price. As I mentioned earlier, I think there will be a slight increase.
As Mr. Miyazaki mentioned, we have decided to track ARR as an indicator, so naturally we would like toimprove the average revenue per customer as well.
Specific measures include enhancing optional functions through the application market, improving peripheral
functions, and offering plans that allow subscribers to use equipment without an initial investment. These are
the measures for POS.
As Mr. Miyazaki mentioned in the first half of his presentation, the unit price per customer for Smaregi as awhole will improve as the number of business domains increases. It is a settlement or HR. That's where wewill see a unit price increase per customer. We have not yet disclosed this data, so it is not yet clear, but wewould like to focus on this as a major strategy.

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22This is the growth of ARPA. Sales are rising due to the cost of linking with other companies' payment services,which was mentioned in the explanation of the financial results. We originally counted them as sales in thesettlement area, but from this fiscal year they are included in the POS. Although the amount is not significant,it has increased slightly due to its impact. The introduction of the subscriber plan is progressing well, resulting
in a similar level of improvement.
Participant [Q]: Tell us about our plans for advertising expenses for Q2 and beyond.
Takamadate [A]: I think the advertising expenses in Q1 will be the base for this fiscal year. As you can see
from the data on the quarter trends in advertising expenses, there is slightly more in Q4, so I think the trend
will be to go up a little bit toward that, following the same trend as in previous years.
Participant [Q]: Now, to continue, this is a question received by email. Regarding the pyramid chart ofdomestic market share, there are three categories: large scale, 100 or more stores; medium scale, 2 to 99
stores; and small scale, one store. Which part of the Economic Census did you refer to for this data? I would
appreciate it if you could tell us which industries are included and answer those two questions.

Takamadate [A]: Which page was it? Page 32. Yes.
We will target 2 to 99 stores as our main target as medium sized, or 890,000 stores. I'll start by saying this.
As for the method used to calculate the number of stores, we will not go into the detailed procedure at the
moment. However, we rely on the tabulation of establishments and enterprises from the Economic Census ofActivity Survey.
While the number of stores by industry can be derived from the establishment survey, this alone cannot
produce the pyramid we use to indicate the size of the domestic market. To calculate store numbers by size,
we use data on the number of companies by employee size from the enterprise survey, as well as the average
number of employees per establishment in each industry.

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23This process is somewhat complex, but the figures are based on our calculations. The industries included areprimarily retail, lodging, food services, lifestyle-related services, entertainment, and healthcare, with somework done in each subcategory.
Participant [Q]: Yes. Continuing on, here is another question via email. I assume that your company's monthly
subscription revenue for Smaregi-related services is calculated by multiplying the disclosed number ofcustomers each month by the unit price of each plan.
Based on the above assumptions, my calculations for the ARR of Smaregi-related subscriptions inferred fromthe monthly results would have resulted in about a 19% increase over the previous year. However, on page
17 of this earnings release, the ARR increased 35%, from JPY3.48 billion to JPY4.7 billion. Please explain thefactors that lead to such a large increase in ARR compared to monthly.
Takamadate [A]: I will also answer this question. Yes, I think you are correct in your perception. I think you
are looking at the ARR trend on page 17, but I think the question is about the discrepancy between store
growth and ARR growth.
The unit price per customer is on page 20, and the line graph is for POS only. The peripheral and related
services are also included on page 17, as noted in the remarks column.
Therefore, the ARR on page 17 includes the app market and the POS-integrated system for osteopathic clinics,
as I explained, so it is not calculated by multiplying the unit price alone.
Takamadate [M]: I think we have answered all the questions so far. Any more questions? Yes. The questionand-answer session is now concluded. Thank you for your many questions.
Mr. Miyazaki, please make a few closing words.
Miyazaki [M]: We will strive to make steady progress toward the long-term goal of JPY30 billion in ARR that
we have just set. Thank you for taking time out of your busy schedule to come today.
Moderator [M]: Here is an announcement from IR.
We also keep you up to date with the latest IR information via our newsletter and online. We also send out
monthly reports full of information, such as monthly registered store counts, etc. Please register with us.
Finally, we ask for your cooperation in filling out the survey. After this information session, a survey form willappear on the screen you are viewing. It is a simple one that takes about 30 seconds to complete, so please
send us your honest opinions and impressions.
This concludes the presentation of financial results for Q1 of the fiscal year ending April 30, 2025.
Thank you very much for watching to the end today. Thank you for your continued support.
[END]*Apology
During the recent ZOOM webinar, there were operational issues, and we were unable torespond to the real-time questions received, ending the broadcast with some questions
unanswered. The Q&A text published on the website on September 17 includes those previously
unanswered questions. We would appreciate it if you could take a moment to review it.

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______________
Document Notes
1.
2.
3.
4.

SupportJapan
TollfreePortions of the document where the audio is unclear are marked with [inaudible].
Portions of the document where the audio is obscured by technical difficulty are marked with [TD].
Speaker speech is classified based on whether it [Q] asks a question to the Company, [A] provides ananswer from the Company, or [M] neither asks nor answers a question.
This document has been translated by SCRIPTS Asia.

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