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.

Cover
Document Filed

Quarterly Securities Report (“Shihanki Hokokusho”)

Applicable Law

Article 24-4-7, Paragraph 1 of the Financial Instruments and Exchange Act of Japan

File toDirector, Kanto Local Finance Bureau

Filing Date

May 12, 2023

Fiscal Year

The First Quarter of the 23rd Business Term (From January 1, 2023 to March 31, 2023)

Company Name

Vision Inc.

Title and Name of Representative

Kenichi Sano, Chairman and CEO

Address of Head Office

6-27-30 Shinjuku, Shinjuku-ku, Tokyo

Phone No.

+81 3 (5287) 3110

Contact Person

Shinichi Nakamoto, Director and CFO

Contact Address

6-27-30 Shinjuku, Shinjuku-ku, Tokyo

Phone No.

+81 3 (5287) 3110

Contact Person

Shinichi Nakamoto, Director and CFO

Place Available forTokyo Stock Exchange, Inc.

Public Inspection(2-1 Nihombashi Kabuto-cho, Chuo-ku, Tokyo)

Part 1: Company Information
Item 1: Company Overview
1. Changes in Major Management Indicators

Reporting period

FY2022/1Q

FY2023/1Q

Cumulative period

Cumulative period

January 1, 2022 –March 31, 2022

January 1, 2023 –March 31, 2023

FY2022January 1, 2022 –December 31, 2022

Net sales(thousand yen)

5,609,090

8,347,500

25,487,727

Ordinary profit(thousand yen)

406,154

1,423,059

2,422,500

Quarterly net income attributableto owners of the parent company(thousand yen)

245,908

940,290

1,548,610

Quarterly comprehensive income(thousand yen)

267,892

933,590

1,616,566

Net assets(thousand yen)

10,410,831

12,995,538

12,039,996

Total assets(thousand yen)

15,104,605

19,077,972

17,951,550

Basic earnings per share(thousand yen)

5.16

19.22

31.96

Quarterly net income per potential
adjusted share

(yen)

5.03

19.04

31.51

Equity-to-asset ratio

(%)

68.8

68.0

67.0

(Note 1): Since the Company prepares quarterly consolidated financial statements, changes in non-consolidated financial data,
among others, are not provided.

2. Description of Business
During the first quarter of the current consolidated cumulative period, there have been no significant changes in the content ofbusinesses operated by the Group (the Company and its affiliated companies).

―2―

Item 2: Business Overview
1. Business Risks
During the three months ended March 31, 2023, there are no significant changes related to business conditions or accounting
conditions described in this quarterly report that may have a material effect on investors' decisions or any material change in “businessand other risks” described in the annual securities report for the previous fiscal year.
The Group will continue to closely monitor the situation regarding the spread of COVID-19, as it could have an impact on theGroup's business and earnings.

2. Management’s Analysis of Consolidated Financial Condition, Results of Operations, and Cash Flow Conditions
This report contains certain forward-looking statements that are based on the Group’s (the Company and subsidiaries) judgments
as of the last day of the consolidated fiscal period for the first quarter.

(1) Financial position and operating results
During the first quarter of the current fiscal year, the economy has been recovering moderately, with a gradual increase in personal
consumption, although some weakness can be seen in some sectors.
However, amid ongoing global monetary tightening and other factors, a downturn in global economies poses a downside risk to
the economy. In addition to the effects of rising prices, supply-side constraints, and fluctuations in financial and capital markets, we
also need to pay close attention to the spread of COVID-19.
Within this economic environment, the Group has focused on its core businesses, the GLOBAL WiFi business, the Information
and Communications Services businesses, and the Glamping/Tourism business, and strived to respond flexibly to consumer needs.
As a result, net sales, operating income, ordinary income, and net income attributable to owners of the parent for the first quarterof the current consolidated cumulative period all exceeded the results of the previous year.
FY2023/1Q

FY2022/1Q

Cumulative period(million yen)

Cumulative period(million yen)

Net sales

8,347

5,609

2,738

48.8

Operating profit

1,382

403

978

242.3

Ordinary profit
Profit attributable owners ofparent

1,423

406

1,016

250.4

940

245

694

282.4

ChangeYoY(million yen)(%)

Business results by segment are as follows.
Note that the Company have changed the business segments that are reported as reporting segments since the previous
consolidated fiscal year, and the comparison and analysis of the current first quarter consolidated cumulative period are based on
the revised classification. Details are described in "Item 4: Financial Information 1. Quarterly Consolidated Financial Statements,
Notes (Segment Information, etc.)".
(GLOBAL WiFi Business)
During the first quarter of the current consolidated period, the recovery in travel demand tended to be high, mainly due to theeasing of restrictions on activities in Japan and the relaxation of entry restrictions in various countries for inbound travel to Japan.
In January, the number of foreign visitors to Japan from East Asian markets exceeded 1 million due to the Chinese New Year,and in February, markets outside of East Asia showed a steady recovery. In March, the number of foreign visitors from the U.S.,
Europe, Australia, and the Middle East increased significantly.
Although still in the process of recovery compared to before the spread of COVID-19, the number of foreign visitors to Japan
from January to March reached 4.79 million, a 59.5% recovery compared to 2019, and for the month of March alone, the number
reached 1.81 million, a 65.8% recovery compared to 2019. The number of outbound Japanese also increased steadily, reaching
440,000 in January, 530,000 in February, and 690,000 in March. (Source: Japan National Tourism Organization)
In this environment, in addition to meeting various communication demands for outbound, inbound, and domestic use, we―3―continued to provide PCR inspection services and services related to quarantine procedures at airport quarantine stations upon entry
into Japan.
As a result, both net sales and segment income for first quarter of the current consolidated period increased from the same periodof the previous year.

GLOBAL WiFi Business

FY2023/1Q
Result(million yen)

FY2022/1Q
Result(million yen)

ChangeYoY(million yen)(%)

Net sales

5,108

2,618

2,489

95.1

Segment profit

1,443

359

1,083

301.5

(Information and Communications Service Business)
According to the "Survey of Business Conditions of Small and Medium Enterprises (February 2023) Summary" (Source: Japan
Finance Corporation Research Institute), during the first quarter of the current consolidated fiscal year, the Diffusion Index of sales
and of profits of small and medium-sized enterprises (SMEs), which are the main service sectors provided by our business, showedsigns of improvement, with the negative range of both D.I. of sales and of profits decreasing.
In this business environment, sales of mobile communications equipment and office automation equipment remained strong.
In addition, we strived to expand sales of monthly subscription-based in-house services by maximizing lifetime value (customer
lifetime value), such as future up-selling and cross-selling, reducing long-term churn rates, and generating continuous income
through stock products.
On the other hand, the Company incurred expenses associated with the strengthening of sales activities as well as costs associatedwith the provision of new commercial products.
As a result, net sales for the first quarter of the current fiscal year exceeded those of the same period of the previous year, butsegment income fell below the level of the same period of the previous year.
Information andCommunications Service
Business
Net sales
Segment profit

FY2023/1Q
Result(million yen)

FY2022/1Q
Result(million yen)

ChangeYoY(million yen)

(%)

2,984

2,875

109

3.8

302

347

-45

-13.0

(Glamping/Tourism Business)
This is a new business segment that began in the previous fiscal year.
Glamping is an outdoor activity that gets away from crowds, so the number of facility openings in 2022 will be the highest
ever, and demand continues to grow. (Source: Japan Glamping Association)
Also, as domestic travel demand recovers, an increasing number of customers are choosing glamping as their accommodation,seeking extraordinary experiences not found in existing hotels and inns.
In this business environment, the Group opened "VISION GLAMPING Resort & Spa Koshikano Onsen" (Kirishima City,
Kagoshima Prefecture) in April 2022, which is a renovation of "Koshikano Onsen", and opened "VISION GLAMPING Resort &Spa" (Yamanakako, Yamanashi Prefecture) in December 2022.
As a result, both net sales and segment profit for the current first quarter consolidated cumulative period exceeded those of thesame period of the previous year.

―4―

Glamping/Tourism BusinessNet sales
Segment profit

FY2023/1Q
Result(million yen)

FY2022/1Q
Result(million yen)

ChangeYoY(million yen)

(%)

215

67

147

218.5

6

2

4

192.2

―5―

Explanation of Financial Position(Assets)
Total assets at the end of the first quarter consolidated accounting period are 19,077 million yen (1,126 million yen more thanthe end of the previous consolidated fiscal term).
Current assets are 13,977 million yen (1,124 million yen more than the end of the previous consolidated fiscal term). The main
reasons for this are 524 million yen increase in cash and deposits and a 557 million yen increase in accounts receivable.
Fixed assets are 5,100 million yen (1 million yen more than the end of the previous consolidated fiscal year), mainly due to a 53
million yen increase in property, plant and equipment and a 55 million yen decrease in goodwill.
(Liabilities)
Total liabilities at the end of the first quarter consolidated accounting period are 6,082 million yen (170 million more than theend of the previous consolidated fiscal term).
Current liabilities are 5,063 million yen (191 million yen more than the end of the previous fiscal year). The main reasons forthis are due to a 298 million yen increase in notes and accounts payable-trade and a 107 million yen decrease in accounts payableother.
Fixed liabilities amounted to 1,018 million yen (20 million less than the end of the previous fiscal year), mainly due to a 30
million yen increase in long-term loans payable.
(Net assets)
Net assets at the end of the first quarter consolidated accounting period were 12,955 million yen (955 million yen more than theend of the previous fiscal year). The main reason was a 940 million yen increase in retained earnings due to the posting of net
income attributable to parent company shareholders.

(2) Business and financial challenges that should be prioritized and addressed
During the first quarter of the current consolidated cumulative period, there were no changes in priority business or financial issues
that need to be addressed by the Group.

(3) Research and development activities
Not applicable.

3. Important Material Contracts, etc.
During the first quarter of the current consolidated cumulative period, there were no business contracts decided or signed.

―6―

Item 3: Information Related to Vision
1. Information Related to Vision’s Shares(1) Total number of shares① SharesClass

Total number of shares authorized to be issued (shares)

Common stock

123,000,000

Total

123,000,000② Issued shares

Class

Number of shares issued Number of shares issued
as of the end of period
as of the filing date(March 31, 2023)(May 12, 2023)

Name of listed financial
exchange or registeredfinancial association

Summary

Common stock

50,448,600

50,454,000

Tokyo Stock Exchange
Prime Market

A unit equivalent to 100
shares.

Total

50,448,600

50,454,000――

Note: Number of shares issued as of the filing date does not include the number of shares issued by exercising stock acquisitionrights from May 1, 2023 to the filing date of this quarterly securities report.

(2) Status of stock acquisition rights① Information on stock option limits
Not applicable.
② Status of other stock acquisition rights
Not applicable.

(3) Exercise status of corporate bonds with stock acquisition rights with exercise price adjustment clauseNot applicable.

(4) Changes in the total number of issued shares, capital, etc.

Date
January 1, 2023 –March 31, 2023 (Note)

Changes in the Balance of the
Changes intotal number of total number ofcapitalissued shares issued shares (thousands of(shares)yen)(shares)
26,40050,448,600

11,043

Note: This is an increase due to the exercise of stock acquisition rights.

(5) Status of major shareholders
Not applicable for the first quarter ended December 31, 2023.

―7―

Balance ofcapital(thousands ofyen)
2,546,984

Changes in
Balance ofcapital reserve capital reserve(thousands of (thousands of
yen)
yen)
11,0432,364,982

(6) Voting status① Issued shares
As of March 31, 2023
Classification

Number of stock
sharesNumber of voting
rightsDescription

―

―

―

―

―

―

―

―

―

―

―

Shares without voting rights
Shares with restricted voting rights(treasury stock, etc.)
Shares with restricted voting rights(other)Shares with full voting rights(treasury stock, etc.)
Shares with full voting rights (other)
Shares representing less than one
unit(Treasury stock)
Common stock
1,501,600
Common stock
48,939,300
Common stock
7,700

Number of issued shares

50,448,600

Total number of voting rights―

489,393

―

―

―

―

―
489,393―

Note: The number of shares in “shares less than one unit” includes 42 shares less than one unit held by the Company.
② Treasury stock

Owner’s name(Treasury stock)
Vision Inc.
Total

Owner’s address

6-27-30 Shinjuku,
Shinjuku-ku, Tokyo－

Number ofshares heldunder
own name(shares)Number ofshares held
under thename of others(shares)

As of March 31, 2023
Ownership
percentage ofTotal number
total number ofof shares held
shares(shares)
outstanding(%)

1,501,600－

1,501,600

2.98

1,501,600－

1,501,600

2.98

2. Changes in Directors and Company Auditors
Not applicable.

―8―

Item 4: Financial Information
1. Preparation method of the condensed consolidated financial statements
The condensed consolidated financial statements of the Company have been prepared in accordance with the “Ordinance on
Terminology, Forms, and Preparation Methods of Quarterly Consolidated Financial Statements, etc.” (Cabinet Office Ordinance No.
64 of 2007).

2. Independent auditor’s report on quarterly review
Based on the provisions of Article 193-2, Paragraph 1 of the Financial Instruments and Exchange Act, the Company reports the firstquarter consolidated accounting period (from January 1, 2023 to March 31, 2023) and the first quarter consolidated cumulative period(from January 1, 2023 to March 31, 2023). The quarterly consolidated financial statements for January 1, 2023 to March 31, 2023
have undergone a quarterly review by KPMG AZSA LLC.

―9―

1. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheet
As of December 31, 2022

(Thousands of yen)
As of March 31, 2023

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade8,156,512
3,658,679

8,680,933
4,216,388

Products
Supplies

224,171
15,939241,012
13,035

Other
Allowance for doubtful accounts

916,571

971,407-119,196-145,105

Total current assets

12,852,677

13,977,671

Fixed assets
Tangible fixed assets

2,185,266

2,238,979

Intangible fixed assets
Goodwill

1,159,147

1,104,003

Other
Total intangible fixed assets
Investments and other assets
Other

172,775

168,4211,331,922

1,272,425

1,648,980

1,654,088

Allowance for doubtful accounts-67,295-65,191

Total investments and other assets

1,581,684

1,588,896

Total fixed assets

5,098,873

5,100,301

Total assets

17,951,550

19,077,972

820,701
120,097

1,119,475
121,766

Accounts payable
Income taxes payable

2,180,363
499,182

2,073,005
462,748

Provision for bonuses
Other366,769
885,824

310,107
976,857

Total current liabilities

4,872,939

5,063,960

847,078
191,536

817,029
201,443

1,038,615

1,018,473

5,911,554

6,082,433

Shareholders’ equity
Share capital

2,535,941

2,546,984

Capital surplus
Retained earnings

2,602,056
8,637,117

2,613,099
9,577,408

Treasury stock-1,862,967-1,862,967

Total shareholders’ equity

11,912,147

12,874,523

Liabilities
Current liabilities
Notes and accounts payable – trade
Current portion of long-term debt

Fixed liabilities
Long-term debt
Other
Total fixed liabilities
Total liabilities
Net assets

Other accumulated comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment-14,198-9,886

124,419

112,639

110,220

102,753

Subscription rights to shares

11,344

11,209Non-controlling interests

6,284

7,052

Total other accumulated comprehensive income―10―Total net assets
Total liabilities and net assets―11―

12,039,996

12,995,538

17,951,550

19,077,972

(2) Quarterly Consolidated Statement of Profit or Loss and Comprehensive Income
Quarterly Consolidated Statement of Profit or Loss
Consolidated Cumulative First Quarter

Net sales(Thousands of yen)Previous Consolidated Fiscal Year Current Consolidated Fiscal Year
(January 1, 2022 –(January 1, 2023 –March 31, 2022)
March 31, 2023)
5,609,090
8,347,500

Cost of sales

3,064,517

4,094,688

Gross profit

2,544,573

4,252,811

Selling, general, and administrative expenses

2,140,631

2,870,307

403,942

1,382,503

Interest income
Dividends earned

766
1,500

191
3,000

Subsidy income
Insurance surrender value

1,750

25,837
12,233Operating profit
Non-operating income

Other

－
2,780

Total non-operating income

6,797

44,410

2,788
950

2,684
918

3,149

Non-operating expenses
Interest expenses
Equity in losses of affiliates
Other
Total non-operating expense
Ordinary profit
Extraordinary loss
Loss on disposal of fixed assets

846

252

4,585

3,855

406,154

1,423,059

－

7,596

Total extraordinary loss

－

7,596

Profit before tax adjustment

406,154

1,415,463

Corporate, resident, and business taxes

78,003439,231

Deferred income tax

80,79535,174

Total income taxes

158,799474,405

Quarterly profit

247,354

941,057

Quarterly profit attributable to non-controlling interests
Quarterly profit attributable to owners of parent

―12―

1,446

767

245,908

940,290

Quarterly Consolidated Statement of Comprehensive Income
Consolidated Cumulative First Quarter

Quarterly comprehensive income
Other comprehensive income(Thousands of yen)Previous Consolidated Fiscal Year Current Consolidated Fiscal Year
(January 1, 2022 –(January 1, 2023 –March 31, 2022)
March 31, 2023)
247,354
941,057

Valuation difference on available-for-sale securities
Foreign currency translation reserve-6,94027,478

4,312-11,779

Total other comprehensive income

20,537-7,467

267,892

933,590

266,446

932,823

1,446

767

Quarterly comprehensive income(Breakdown)
Quarterly comprehensive income related to owners of
the parent
Quarterly comprehensive income related to noncontrolling interests―13―Notes(Change in Scope of Consolidation or Application of the Equity Method)(Significant Changes in the Scope of Consolidation)
Promotion Plus Inc., which had been a consolidated subsidiary, was excluded from the scope of consolidation during the firstquarter of the current fiscal year due to its merger with the Company.
(Changes in Accounting Policies)(Changes in Tax Expense Calculation Method)
In order to further improve the efficiency of quarterly operations of some consolidated subsidiaries, effective from the firstquarter of the current fiscal year, we have changed the calculation method to rationally estimate the effective tax rate after
applying tax effect accounting to profits and multiply the quarterly net income before tax by the estimated effective tax rate.
As the impact of this change is minor, it has not been applied retroactively.
(Special Accountment Treatment Applied in the Preparation of Quarterly Consolidated Financial Statements)(Calculation of Tax Expenses)
Tax expenses of some consolidated subsidiaries are calculated by reasonably estimating the effective tax rate after applying
tax effect accounting to income before income taxes and minority interests for the consolidated fiscal year, including the firstquarter under review, and multiplying quarterly income before income taxes and minority interests by such estimated effective
tax rate.
However, in cases where calculating tax expenses using such estimated effective tax rate would significantly lack rationality,
tax expenses are calculated by multiplying the quarterly income before income taxes by the statutory effective tax rate, after
adjusting significant differences that do not fall under temporary differences.
(Quarterly Consolidated Cash Flow Statement)
We have not prepared a quarterly consolidated cash flow statement for the first quarter consolidated cumulative period. The
depreciation costs (including depreciation costs for intangible fixed assets excluding goodwill) and goodwill depreciation for
the first quarter consolidated cumulative period are as follows.

FY2022/1Q Cumulative period
FY2023/1Q Cumulative period(January 1, 2022 – March 31, 2022) (January 1, 2023 – March 31, 2023)
Depreciation

50,448 thousand yen

102,487 thousand yen

Goodwill depreciation

45,985 thousand yen

54,296 thousand yen(Shareholders’ equity)
FY2022/1Q Cumulative period (January 1, 2022 – March 31, 2022)
1. Dividend paid
Not applicable.
2.

Of the dividends whose recorded date are in the first quarter consolidated cumulative period, the dividend effective date is after
the last day of the first quarter consolidated accounting period.
Not applicable.

FY2023/1Q Cumulative period (January 1, 2023 – March 31, 2023)
1. Dividend payment amountNot applicable.
2.

Of the dividends whose recorded date are in the first quarter consolidated cumulative period, the dividend effective date is after
the last day of the first quarter consolidated accounting period.
Not applicable.

―14―

I.
1.

(Segment Information, etc.)
Segment Information
FY2022/1Q Cumulative period (January 1, 2022 – March 31, 2022)
Information on net sales and profit or loss by reporting segment(Thousands of yen)
Reporting segment

Quarterly
Adjustments consolidated income(Note 2)statement(Note 3)

Other
(Note 1)

Total

67,556 5,557,681

51,4095,609,090－

5,609,090

3,853

1,749

5,603

-5,603－67,556 5,561,534

53,1595,614,694-5,6035,609,090

Information and

GLOBAL
Glamping/
Communications
Tourism
WiFi
Service

Total

Net sales
Sales toexternalcustomers
Intersegment
sales andtransfers
Total

2,618,747

2,871,377

－

3,853

2,618,747

2,875,231－

Segment profit
359,495
347,3732,226 709,095 -36,340
672,755
403,942-268,812
or loss (-)
Note 1: The “Other” category is for businesses that are not included in the reporting segment such as the media and catalog sales
businesses.
Note 2: The segment profit of -268,812 thousand yen is a company-wide expense that is not allocated to each reporting segment.
These are mainly general and administrative expenses that do not belong to the reporting segment.
Note 3: Segment profit is adjusted to the operating profit of the quarterly consolidated income statement.
2.

Information on impairment loss of fixed assets by reporting segment as it relates to matters such as goodwill
Not applicable.

II.
FY2023/1Q Cumulative period (January 1, 2023 – March 31, 2023)
1. Information on net sales and profit or loss by reporting segment(Thousands of yen)
Reporting segment

Quarterly
Adjustments consolidated income(Note 2)statement(Note 3)

Other
(Note 1)

Total

45,541

8,347,500－

8,347,500

6,277

2,532

8,809

-8,809－215,147 8,308,235

48,074

8,356,310-8,8098,347,500

Information and

GLOBAL
Glamping/
Communications
Tourism
WiFi
Service

Total

Net sales
Sales toexternalcustomers
Intersegment
sales andtransfers
Total

5,108,488

2,981,325

－

3,274

5,108,488

2,984,599

212,144 8,301,958
3,002

Segment profit
1,443,484
302,2146,505 1,752,203
1,722,592
1,382,503-29,611-340,088
or loss (-)
Note 1: The “Other” category is for businesses that are not included in the reporting segment such as the media, and catalog sales
businesses.
Note 2: The segment profit of -340,088 thousand yen is a company-wide expense that is not allocated to each reporting segment.
These are mainly general and administrative expenses that do not belong to the reporting segment.
Note 3: Segment profit is adjusted to the operating profit of the quarterly consolidated income statement.

―15―

2.

Matters related to changes in reporting segments, etc.
The Glamping/Tourism Business was included in “Other” from the end of the previous consolidated fiscal year, but due toincreased quantitative importance, the Company changed its business segment reporting method.
The segment information for the first quarter of the previous fiscal year is disclosed based on the reporting segmentclassification after the change.

3. Information on impairment loss on fixed assets and goodwill by reportable segment
Not applicable.

―16―

(Relating to revenue recognition)
Breaking down the revenue generated from customer contracts
FY2022/1Q Cumulative period (January 1, 2022 – March 31, 2022)(Thousands of yen)
Reporting segment
Other(Note 1)Total

GLOBAL
WiFi

Information andCommunications
Service

Glamping/
Tourism

1,135,585－－

1,135,585－

1,135,585

1,102,600－－

1,102,600－

1,102,600－

997,961－

997,961－

997,961－

769,183－

769,183－

769,183－

192,778－

192,778－

192,778－

140,012－140,012－140,012－

136,085－

136,085－

136,085－－

67,55667,556－67,556

178,799408,687－

587,486

51,409638,896

Revenue from customer
contracts

2,416,985

2,644,708

67,556

5,129,250

51,4095,180,659

Other revenue (Note 2)

201,761

226,668－

428,430－

428,430

External customer sales

2,618,747

2,871,377

67,556

5,557,681

51,4095,609,090

Data Communications
Airport BusinessSubcontracting
Office Automation
Equipment
MobileCommunications
EquipmentInternet Media
Broadband Lines
Fixed Communication
Lines
Glamping
Other

Total

Note 1: The “Other” category is for businesses that are not included in the reporting segment such as the media, and catalog sales
businesses.
Note 2: The “Other revenue” category is for revenue relating to Accounting Standards for Lease Transactions.

―17―

FY2023/1Q Cumulative period (January 1, 2023 – March 31, 2023)(Thousands of yen)
Reporting segment
Information and
GLOBAL
Communications
WiFi Business
Service
Data Communications
Airport BusinessSubcontracting
Office Automation
Equipment
MobileCommunications
EquipmentInternet Media
Broadband Lines
Fixed Communication
Lines
Glamping
Other

Glamping/
Tourism

Total

Other
(Note 1)

Total

3,168,662－－

3,168,662－

3,168,662

1,612,238－－

1,612,238－

1,612,238－

1,056,639－

1,056,639－

1,056,639－

787,222－787,222－787,222－

241,763－

241,763－

241,763－

117,590－

117,590－

117,590－

128,925－

128,925－

128,925－－

212,144

212,144－

212,144

120,578

345,922－466,501

45,541

512,042

Revenue from customer
contracts

4,901,480

2,678,064

212,144

7,791,688

45,541

7,837,230

Other revenue (Note 2)

207,008

303,261－

510,269－

510,269

External customer sales

5,108,488

2,981,325

212,1448,301,958

45,541

8,347,500

Note 1: The “Other” category is for businesses that are not included in the reporting segment such as the media, and catalog sales
businesses.
Note 2: The “Other revenue” category is for revenue relating to Accounting Standards for Lease Transactions.
Note 3: The Glamping/Tourism Business was included in “Other” from the end of the previous consolidated fiscal year, but due toincreased quantitative importance, the Company changed its business segment reporting method. The segment information
for the first quarter of the previous fiscal year is disclosed based on the reporting segment classification after the change.

―18―

(Information on per share)
The quarterly net income per share/basis for calculation and the adjusted net income per share/basis for calculation are as follows.

Item

FY2022/1Q Cumulative period(January 1, 2022 –March 31, 2022)

FY2023/1Q Cumulative period(January 1, 2023 –March 31, 2023)

5.16 yen

19.22 yen

245,908

940,290－－245,908

940,290

47,618,272

48,932,561

5.03 yen

19.04 yen－－

1,262,818

442,003

Stock acquisition rights(common stock) resolved by the
Board of Directors on March 1,
2022(720,000 shares of common
stock)－(1) Basic earnings per share(Calculation basis)
Profit attributable to owners of parent (thousands of yen)Amount not attributable to ordinary shareholders (thousandsof yen)Profit attributable to owners of parent for common stock(thousands of yen)
Average number of shares of common stock(2) Potential adjusted quarterly net income per share(Calculation basis)
Profit adjustment attributable to owners of the parent(thousands of yen)
Increase in common stock

Summary of potential shares that were not included in thecalculation of diluted earnings per share because they do nothave a diluting effect and changed significantly since the end of
the previous consolidated fiscal year

2. Other
Not applicable.

―19―Part 2: Information about Guarantors of the Company
Not applicable.

―20―Independent Auditor’s Report on Review of Condensed Quarterly Consolidated Financial Statements
May 12, 2023
Vision Inc.
The Board of Directors
KPMG AZSA LLC
Tokyo Office
Designated Limited Liability Partner
Engagement Partner

Certified accountant

Naoki Ueno

Designated Limited Liability Partner
Engagement Partner

Certified accountant

Masato Nagai

Auditor's Conclusion
Pursuant to the first paragraph of Article 193-2, Section 1 of the Financial Instruments and Exchange Law, we have audited thequarterly consolidated financial statements of Vision Corporation listed in the "Status of Accounting" for the first quarter (from January
1, 2023 to March 31, 2023) and first three months (from January 1, 2023 to March 31, 2023) of the consolidated fiscal year from January
1, 2023 to December 31, 2023. We have reviewed the quarterly consolidated financial statements, namely, the quarterly consolidatedbalance sheets, quarterly consolidated statements of income, quarterly consolidated statements of comprehensive income, and notes
thereto, for the three-month period ended March 31, 2023 (January 1, 2023 through March 31, 2023).
Our quarterly review procedures did not disclose, in accordance with the standards for preparation of quarterly consolidated financial
statements generally accepted in Japan, the consolidated financial position of Vision Inc, and its consolidated subsidiaries as of March
31, 2023, or the results of their operations for the three-month period then ended.
Basis of Auditors' Conclusions
We conducted our quarterly review in accordance with the quarterly review standards generally accepted in Japan. Our responsibility
is to express an opinion on the quarterly consolidated financial statements based on our review. We are independent of the Company andits consolidated subsidiaries and have fulfilled our other ethical responsibilities as auditors in accordance with the rules of professional
ethics in Japan. We believe that the evidence we have obtained provides a basis for our conclusion.
Management's Responsibility for the Quarterly Consolidated Financial Statements and the Auditors' and Board of Corporate Auditors'
Responsibility for the Quarterly Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of these quarterly consolidated financial statements in accordancewith accounting principles generally accepted in Japan. This includes establishing and operating such internal control as management
determines is necessary to enable the preparation and fair presentation of the quarterly consolidated financial statements that are freefrom material misstatement, whether due to fraud or error.
In preparing the quarterly consolidated financial statements, management evaluates whether it is appropriate to prepare the quarterly
consolidated financial statements on a going concern basis and, if so, discloses matters related to going concern in accordance with thestandards for preparation of quarterly consolidated financial statements generally accepted in Japan. The Company is responsible fordisclosing such matters.
The responsibility of the Statutory Auditors and the Board of Statutory Auditors is to monitor the directors' performance of their duties
in the development and operation of the financial reporting process.
The auditor's responsibility in the quarterly review of the quarterly consolidated financial statements
The responsibility of the auditor is to express a conclusion on the quarterly consolidated financial statements from an independent
standpoint in the quarterly review report based on the quarterly review conducted by the auditor.
The auditor shall exercise professional judgment and maintain professional skepticism throughout the course of the quarterly review―21―

in accordance with the quarterly review standards generally accepted in Japan, and shall do the following.
⚫

Conduct the quarterly review by asking questions of management, persons responsible for financial and accounting matters, andother persons, and by performing analytical procedures and other quarterly review procedures. Conduct quarterly review
procedures. Quarterly review procedures shall be limited compared to an audit of the annual financial statements conducted inaccordance with auditing standards generally accepted in Japan.

⚫

If significant uncertainties regarding the assumption of a going concern are identified in relation to events or conditions that giverise to significant doubts, then based on the evidence obtained, we will conclude whether or not there is anything that would makeus believe that the quarterly consolidated financial statements are not fairly presented in accordance with the generally accepted
accounting principles in Japan for quarterly consolidated financial statements. In addition, if significant uncertainties related to thegoing concern assumption are identified, we are required to draw attention to such uncertainties in the notes to the quarterly
consolidated financial statements in the quarterly review report, or express a qualified or adverse opinion on the quarterly
consolidated financial statements if the notes are inadequate. The auditor's conclusion is based on the evidence obtained up to thedate of the quarterly review report, but the company may not continue as a going concern depending on future events andcircumstances.

⚫

We evaluate whether the presentation and accompanying notes of the quarterly consolidated financial statements comply with thecriteria for preparing quarterly consolidated financial statements that are generally recognized as fair and reasonable in Japan, andwhether there are any issues that could lead to the belief that the presentation, composition, and content of the quarterly consolidated
financial statements, including the related notes, are not in compliance, or that the underlying transactions or accounting events on
which the quarterly consolidated financial statements are based are not being fairly represented.

⚫

The auditor obtains evidence related to the financial information of the company and its consolidated subsidiaries in order toexpress an opinion on the quarterly consolidated financial statements. The auditor is responsible for directing, supervising, andperforming the quarterly review of the consolidated financial statements. The auditor is solely responsible for the opinion expressedin the auditor's report.
The auditor shall report to the company's auditors and the board of auditors on the scope and timing of the planned quarterly review

and any significant findings of the quarterly review.
The auditor shall report to the company's auditors and the board of auditors on compliance with the provisions of professional ethics
regarding independence in Japan, as well as on any matters that could reasonably be considered to affect the independence of the auditor
and the measures taken to eliminate or mitigate impediments to independence to an acceptable level.
Interests
The company and its consolidated subsidiaries have no interests in the company or its consolidated subsidiaries that are required to bedisclosed pursuant to the provisions of the Certified Public Accountants Act.
(Note 1):
(Note 2):

The above is an electronic version of the items described in the original quarterly review report and the original is stored
separately by the Company (the company that submits the quarterly report).
XBRL data is not included in the quarterly review.

―22―