Financial Results for the Full Year Ended November 30, 2017 › mf-wp › wp...2013/11期 2014/11期...

Financial Results for the Full Year Ended November 30, 2017

Money Forward, Inc.

2018.1.15

Index 1

MF Cloud Services P.33

Growth Strategy and Forecast for FY11/18 P.51

Overall Results P.17

Other Strategic Initiatives P.42

PFM Services P.23

FY11/17 Financial Results P.16

About Us P.6

Highlights P.2

Highlights

Financial Highlights 3

・Full-year consolidated net sales increased significantly by 88% YoY to ¥2.9 billion, which was 8% above the forecast.

・Net sales of PFM Services increased 74% YoY, which was 14% above the forecast.

・ Net sales of MF Cloud Services increased 105% YoY, which was 3% above the forecast.

・Consolidated operating loss was ¥0.8 billion, which was a ¥0.2 billion improvement compared to the forecast, and an ¥80 million YoY improvement.

・Operating profit excluding advertising expenses turned positive, at ¥40 million.

Key Topics in and after Q4 of FY11/17 4

• The number of Money Forward users topped 6 million.

• We added Klavis Inc., which provides cloud bookkeeping service, to the group.

• We established the MF Blockchain/Cryptocurrency Lab, which conducts research on transfer and settlement utilizing blockchains and cryptocurrencies.

• We opened the first mirai talk branch in Shinjuku, a place to learn about the “money of your future.”

• We launched the Money Forward Fund, which invests in SaaS/Fintech companies both in Japan and overseas.

FY11/18 Forecast 5

• We expect consolidated net sales of ¥4.35-4.65 billion, which is YoY growth of 50-60%.

• We expect an operating loss of ¥0.5-0.8 billion, and EBITDA of minus ¥0.37-0.67 billion. We will increase investment in areas including hiring, new business development, etc.

• The consolidation of the P/L of Klavis which we acquired in November 2017 starts from FY 18/11. MF KESSAI and mirai talk will also start monetizing.

About Us

Mission/Vision/Value

We alleviate individuals’ concerns and insecure feelings about personal finance, boost businesses’ growth potential, and aspire to become largest financial platform in Japan.

7

‘Money’ may be nothing more than a tool for living. However, money is also essential for guarding ourselves and our families, as well as for realizing our dreams.Money Forward contributes to building a better society by providing services that enable users to “see money in a positive light and broaden their range of opportunities,” thereby significantly enriching their lives.

MissionMoney Forward.

Move your life forward.

VisionBecoming the financial

platform for all.

ValueUser Focus

Technology DrivenFairness

Mainstay Services

We provide various B2C and B2B services.

8

*PFM: Personal Financial Management*SaaS: Software as a Service

Money Forward—Automated PFM Service

Money Forward has the top share in PFM apps. The number of users exceeded 6 million in January 2018, with one out of every four PFM app users now using Money Forward.

9

No.1 coverage: links with 2,650+ financial services/Automatically creates household accounting books by

aggregating multiple accounts

* Based on research by Money Forward, Inc. as of Sep. 29, 2017

Credit card

Bank

Electronic money

PensionMobile phone

Online shopping

Miles

Securities

* Based on research by Money Forward, Inc. as of January 11, 2018

Connects Automatically classifies

Visualizes

No. of users and market share

Source: Mar. 23 to 27, 2017, Rakuten Research, Inc.,“PFM app currently used”Survey targets: 685 PFM app users in their 20s to 60s

No. of users

Market share

MONEY PLUS—Practical Economic Media

MONEY PLUS aims to encourage readers to familiarize themselves with money, which is often considered a complex matter. It delivers wide ranging information on how to use money wisely as a tool for living.

10

A practical economic media that enriches readers’ lives now and in the future

MF Cloud Series—SaaS Platform 11

The MF Cloud Series is a SaaS-type service platform for businessesproviding comprehensive services for back office operations.

Tapping into the dissemination of cloud computing, we provide systems that would usually require large initial investments in the form of SaaS, thereby offering the benefits of IT to all businesses ranging from

small businesses to large enterprises.

MF Cloud Accounting/Tax Return, MF Cloud Invoice, MF Cloud Payroll,MF Cloud Reconciliation, MF Cloud My Number,

MF Cloud Expense, MF Cloud Finance

STREAMED—Cloud Bookkeeping Service 12

STREAMED is a cloud bookkeeping service in which users simply scan and upload images of receipts etc., and operators accurately and swiftly digitalize that data. The service is provided by Klavis, Inc, which joined Money Forward group in November 2017.

1. User scansevidence

2. User uploads evidence

3. Operators input data

4. User checks and edits data

5. User imports data to accounting software

MF KESSAI—Inter-company Post-paySettlement Service

13

MF KESSAI is a smart invoicing and settlement processing service released in June, 2017. By using MF KESSAI, companies can improve cash flow.

Simple and safe; a new inter-company post-pay settlement method

Making complex and risky credit sales (inter-company post-pay settlements) more simple and safe. The new credit sales method offered by MF KESSAI

does not require any knowledge or accompany extra operations or risks.

Screen credit-

worthiness

Enter invoice

Issue and send

invoice

Monitor payment

Remind payment

Seller

mirai talk—Place to Learn about the “Money of Your Future”

14

We opened the first mirai talk branch in Shinjuku. mirai talk combines Money Forward’s data with the insight of FPs to deliver life-planning and household financial improvement advice, aiming to improve people’s financial footing.

SiraTama—Savings App that Makes Life More Fun

SiraTama is an automatic savings app that enables users to unconsciously (“sira”zu) save money (“tama”ru) based on the concept to “make every day more delightful and a bit more luxurious.”

15

FY11/17 Financial Results

3 76

441

1,542

2,900

0

1,000

2,000

3,000

2013/11期 2014/11期 2015/11期 2016/11期 2017/11期FY11/14

Net Sales (History)

We achieved rapid YoY growth of 88%. Net sales were ¥2.9 billion, which exceeded our forecast by 8%.

17

（¥ mn）

Forecast

2,681

+8%

*Values in FY11/16 and before are stand-alone basis and values in FY11/17 are consolidated basis.

YoY +88%

FY11/13 FY11/15 FY11/16 FY11/17

Net Sales (By Key Service, YoY Comparison)

Net sales of both PFM and MF Cloud Services increased significantly, growing by 74% and 105%, respectively.

18

（¥ mn）

PFM Services（¥ mn）

MF Cloud Services

794

1,384

0

500

1,000

1,500

16/11期

(単体)

17/11期

(連結)

736

1,508

0

500

1,000

1,500

16/11期

(単体)

17/11期

(連結)

YoY +74% YoY +105%

FY11/16(stand-alone)

FY11/17(consolidated)



Net Sales (By Key Service, Quarterly Trend)

In Q4 of FY11/17, we achieved record-high net sales in both PFM and MF Cloud Services.

19

（¥ mn）

PFM Services（¥ mn）

MF Cloud Services

128 175 193

298 237

336 328

483

0

100

200

300

400

500

16/11期

1Q

16/11期

2Q

16/11期

3Q

16/11期

4Q

17/11期

1Q

17/11期

2Q

17/11期

3Q

17/11期

4QFY11/16(stand-alone)

1Q 2Q 3Q 4Q


1Q 2Q 3Q 4Q


1Q 2Q 3Q 4Q


1Q 2Q 3Q 4Q

105 168

221 242 272

355 403

478

0

100

200

300

400

500

Net Sales vs. Forecast

We exceeded our forecasts in all categories. In particular, strong revenue from B2B2C businesses resulted in a significant 14% YoY increase in PFM Services.

20

PFM Services MF Cloud Services（¥ mn）■Revenues from premium charges ■Revenues from media/advertising□Revenues from B2B2C businesses

Revenues from premium charges

＋3％

Revenues from media/advertising

＋12％

Revenues from B2B2C businesses

＋29％

（¥ mn）■Revenues from MF Cloud Series sales□Revenues from alliance businesses

Revenues from MF Cloud Series sales

＋2％

Revenues from alliance businesses

＋9％

vs. Forecast +14% vs. Forecast +3%

517 534

331 371

371

478

1,219

1,384


forecast


actual

1,271 1,303

188 205

1,459 1,508


forecast


actual

Gross Profit & Operating Profit/Loss

Gross profit ratio increased significantly by 15 percentage point from 52% to 67%. Operating profit excluding advertising expenses turned positive.

21

（¥ mn） □Gross profit ■Gross profit margin （¥ mn） □Operating loss □Operating loss (excl. advertising expenses)

11

809

1,940

3%

52%

67%

0%

20%

40%

60%

80%

0

500

1,000

1,500

FY11/15

(stand-alone)

FY11/16

(stand-alone)

FY11/17

(consolidated)

△1,120

△877 △797

△558

△288

40

△1,200

△800

△400

0

FY11/15

(stand-alone)

FY11/16

(stand-alone)

FY11/17

(consolidated)

Bolstering the Financial Base

We increased consolidated cash and deposits to ¥5.7 billion. With IPO and bank borrowings, we now have strong balance sheet.

22

（¥ mn）

Cash and deposits(consolidated)

Interest-bearing debt (consolidated)

Net assets (consolidated)

2,819

5,727

0

1,000

2,000

3,000

4,000

5,000

FY11/17 Q3 FY11/17 Q4

1,330

2,265

FY11/17 Q3 FY11/17 Q4

1,145

4,012

FY11/17 Q3 FY11/17 Q4

PFM Services

39%

27%

34%

PFM Services: Revenue Profile

We maintain a well-balanced revenue profile among three pillars: revenues from premium charges, revenues from media/advertising and revenues from B2B2C businesses.

24

Results for Q4 YTD (Dec. 1, 2016 to Nov. 30, 2017)


・Charge from Money Forward for XX—service for financial institution/business corporation customers

・API usage charge from business corporations


・ Advertising revenues from MONEY PLUS—practical economic media

・Revenues from events (Money EXPO) and seminars (e.g., on real estate and DC plan)


Monthly charge for Money Forward—automated personal financial management service

Net Sales of PFM Services

We achieved strong growth, as all categories saw YoY increases above 60%.

25

（¥ mn）■Revenues from premium charges ■Revenues from media/advertising□Revenues from B2B2C businesses


＋85％


＋61％


＋73％

288

534

230

371 276

478

794

1,384

2016年11月期

(単体)

2017年11月期

(連結)



50

69 80

90

110 128

139

158

0

50

100

150

16/11期

1Q

16/11期

2Q

16/11期

3Q

16/11期

4Q

17/11期

1Q

17/11期

2Q

17/11期

3Q

17/11期

4Q

Revenues from Premium Charges (Net Sales)

The number of charged users steadily increased, reaching 120,000 members (as of 12/31/2017).

26

（¥ mn）


1Q 2Q 3Q 4Q


1Q 2Q 3Q 4Q

Revenues from Media/Advertising (Net Sales)

Due to the strong sponsorship revenue for “Money EXPO 2017”,we achieved record-high quarterly net sales in Q4.

27

37

60 48

85

62

83 73

153

0

50

100

150

16/11期

1Q

16/11期

2Q

16/11期

3Q

16/11期

4Q

17/11期

1Q

17/11期

2Q

17/11期

3Q

17/11期


1Q 2Q 3Q 4Q


1Q 2Q 3Q 4Q

（¥ mn）

Money EXPO 2016▼

Money EXPO 2017▼

Revenues from B2B2C Businesses (Net Sales)

The number of partners steadily increased, and we achieved record-high quarterly net sales in Q4.

28

（¥ mn）□Flow revenue ■Stock revenue

13 19 31 39

49 54 62 69 28

27

35

84

17

71 53

103

41 46

66

123

65

125 116

172

0

50

100

150

16/11期

1Q

16/11期

2Q

16/11期

3Q

16/11期

4Q

17/11期

1Q

17/11期

2Q

17/11期

3Q

17/11期


1Q 2Q 3Q 4Q


1Q 2Q 3Q 4Q

Premium Charges (Topics)

We renewed the accounts page in August 2017 and the top page in January 2018. With further usability improvements, we will aim to boost both royalties and the charge ratio.

29

Media/Advertising (Topics)

In Q4, we held the “Money EXPO 2017.” More than 2,000 people interested in asset management and life planning attended the event.

30

Media/Advertising (Topics)

In December 2017, we began distributing MONEY PLUS articles through Line accounts. With this, we are aiming to expand the range of readers.

31

B2B2C Businesses (Topics)

In December 2017, we began providing a new function MF Unit, which offers PFM function to third party apps. This function was first introduced by JAL Card app.

32

Began offering the asset management functionon JAL Card app.

MF Cloud Services

MF Cloud Services: Revenue Profile 34

Over 80% is covered by revenues from web channel and direct marketing channel.

86%

14%


・Provision of OEM and other services to leading companies in various industries

・Organizing events such as “MF Cloud Expo”


・Direct sales to business corporations and accounting firms, etc.

・Online sales through promotions, etc.

Results for Q4 YTD (Dec. 1, 2016 to Nov. 30, 2017)

Net Sales of MF Cloud Services 35

Revenues from MF Cloud Series sales increased significantly by 124% YoY.

（¥ mn）■Revenues from MF Cloud Series sales □Revenues from alliance businesses


＋124％


＋33％

581

1,302 155

205

736

1,508

2016年11月期

(単体)

2017年11月期

(連結)



90 130

166 196

233

306

359 406

0

100

200

300

400

16/11期

1Q

16/11期

2Q

16/11期

3Q

16/11期

4Q

17/11期

1Q

17/11期

2Q

17/11期

3Q

17/11期

4Q

Revenues from MF Cloud Series Sales (Net Sales) 36

Net sales continued strong growth in each quarter.

（¥ mn）


1Q 2Q 3Q 4Q


1Q 2Q 3Q 4Q

Revenues from Alliance Businesses (Net Sales) 37

In Q4, we held the “MF Cloud Expo” and achieved record-high quarterly net sales.

（¥ mn）

15

38

55 46

39

49 44

73

0

20

40

60

80

16/11期

1Q

16/11期

2Q

16/11期

3Q

16/11期

4Q

17/11期

1Q

17/11期

2Q

17/11期

3Q

17/11期


1Q 2Q 3Q 4Q


1Q 2Q 3Q 4Q

MF Cloud Expo 2016▼

MF Cloud Expo 2017▼

MF Cloud Series (Topics) 38

Kitakyushu City (Fukuoka)Matsuura CCI (Nagasaki)Fukuoka CCI (Fukuoka)Miyazaki CCI (Miyazaki)Oita CCI (Oita)Miyakonojo CCI (Miyazaki)

Shinnanyo CCI (Yamaguchi)Tottori CCI (Tottori)

Rumoi CCI (Hokkaido)Eniwa CCI (Hokkaido)

Toyama CCI (Toyama)

Toyonaka CCI (Osaka)

Kamakura CCI (Kanagawa)Ota CCI (Gunma)Nagareyama CCI (Chiba)Machida CCI (Tokyo)

Tokoname CCI (Aichi)

―Existing partner―New partner

We began partnering with seven chambers of commerce and industry (CCI). The total number of local governments and CCI we partner with reached 17.


Began offering MF Cloud Startup OutsourcingHelping startups in focusing on more important business issues

MF Cloud Startup Outsourcing

• Introduction of support partner

• No establishment fees• Company establishment

by professionals

• Company establishment procedures

• Follow-up service after establishment

You Company establishment support partner

Company establishment

Targeting a business launch ratio of at least 10% as detailed in the “Future Investment Strategy 2017” by Japanese government, we released MF Cloud Startup Outsourcing which helps entrepreneurs establish companies.


In December 2017, NTT DoCoMo began promoting our services.We aim to expand our reach targeting small- and medium-sized businesses nationwide.

Began sales of MF Cloud Series by NTT DoCoMoAiming to increase the productivity of small- and medium-sized businesses nationwide

Alliances (Topics) 41

We held the “MF Cloud Expo,” with the theme of “The future of corporate management that brings about connections.” Experts with cutting-edge insights in their respective fields gave presentations.

Other Strategic Initiatives

Establishment of the MF Blockchain/Cryptocurrency Laboratory

43

Left: Executive Officer and CTO, Takuya Nakade, who was in charge of the development of FX trading system at Simplex Inc.

Right: Executive Officer for Public Relations and Business Development, Junichi Kanda, who was incharge of the design of Japanese Fintech system at the Bank of Japan and Financial Services Agency

We established a laboratory to research blockchain technology as well as transfer and settlement using cryptocurrencies. We are proactively hiring in order to launch new services, and considering registering as a cryptocurrency exchange service provider.

Investment in BASE, Inc. 44

We made an investment in BASE, Inc., which provides the e-commerce platform BASE. In January 2018, we plan to start business tie-up utilizing the user bases of both companies.

Money Forward Enters into a Capital and Business Alliance with BASE

Start of Collaboration with Overseas SaaS Players 45

We concluded an agreement to invest in Sleekr Group, a provider of cloud services in Indonesia. President and CEO Yosuke Tsuji is expected to join Sleekr’s board of directors.

Money Forward begins collaborations with overseas SaaS companies

Investment in Sleekr Group, which provides cloud-type accounting and HR services in Indonesia.

Launch of Money Forward Fund 46

We launched Money Forward Fund for capital and business alliance with domestic and overseas SaaS/Fintech companies with our own capital. We will work together in areas such as service development, user referrals, sales and marketing, as well as hiring.

Launch of the Money Forward Fund specializing in SaaS/Fintech

Accelerating alliances with domestic and overseas companies with the aim of “Resolving everyone’s money issues.”

Portfolio

MONEY DESIGN Co., LTD.

By forming business alliance with financial institutions nationwide, we are expanding services for their individual and corporate customers.

47Bolstering Partnerships with Financial Institutions (Business Alliance)

Bolstering Partnerships with Financial Institutions(API Connection）

The number of banking APIs which we can access has been increasing steadily. “Future Investment Strategy 2017” targets the adoption of open banking APIs by 80+ banks by 2020.

48

Financial Institution Start Timing

SBI Sumishin Net BankMar. 2016（Ref API for Individual & Corporate）Mar. 2017（Transfer API for Individual & Corporate）

Shizuoka Bank Apr. 2016 (Ref API for Individual)

Gunma Bank Jun. 2016 (Ref API for Individual)

Mizuho BankOct. 2016 (Ref API for Corporate) Mar. 2017 (Transfer API for Corporate)

Seven BankJan. 2017 (Ref API for Corporate)Nov. 2017 (Transfer API for Corporate)

Aichi Bank Feb. 2017 (Ref API for Individual & Corporate)

Sumitomo Mitsui Banking Corporation

Mar. 2017 (Ref and Transfer API for Corporate)Jul. 2017 (Ref API for Individual)

Minato Bank Apr. 2017 (Ref API for Corporate)

Japan Net Bank Aug. 2017 (Ref API for Individual)

Michinoku Bank Dec. 2017 (Ref API for Individual)

Chiba Bank To be released in the spring in 2018 (Ref API for Individual)

Hokuyo Bank To be released in the spring in 2018 (Ref API for Individual)

*Ref API: Referential API*Transfer API: Money transfer API

Bolstering Alliances with Financial Institutions (PFMServices）We are releasing new services one after another, including Simple Bankbook and MF Unit.

49

Money Forward for XXDeveloping Money Forward for financial institutions’customers

MFUnit SeriesOffering PFM functions in financial institutions’ existing apps

Simple BankbookDeveloping bankbook apps for financial institutions

Asset Monitoring Unit for JAL Card app

We are also proposing Bankbook Unit, Article Distribution Unit, and Spare Change Saving Unit

Bolstering Alliances with Financial Institutions (MF Cloud Services)

50

We started providing MF Cloud Accounting/Tax Return and MF Cloud Finance for the customers of financial institutions.

MF Cloud Finance A service that uses MF Cloud data for quick and easy funding

MF Cloud Accounting/Tax Return for BANK Accounting services for financial institutions’ customers

In addition, we are developing services for the customers of North Pacific Bank.

In addition, we are developing a product of Fukui Bank.

Growth Strategy and Forecast for FY11/18

Medium- to Long-term Strategies 52

Growth StrategySince our business is mainly subscription model, we will prioritize maximizing the present value of medium- to long-term cash flows.

Human Resource StrategyWe will consistently invest in recruitment of exceptional talents and human resource development.

Brand StrategyWe will invest in enhancing brand awareness, while also focusing on social contributions and fostering a supportive corporate culture.

Contributions in Various FieldsWe will make contributions to the realm of Fintech and to advances in technology.

Growth Strategies 53

1 Customer base expansion

2 ARPU enhancement / Monetize acceleration

3 Launch of new services

4 Value creation with data utilization

Progress in Growth Strategies

We have expanded our user base to maintain our top market share position in Japan for both individual and businesses. We bolster earnings capabilities and accelerate investment for future growth.

54

Customer base expansion

・Over 6 million individuals now use Money Forward. ・The number of accounting firms we work with surpassed 2,700.・Delivered services to a wide range of users by expanding the service lineup.

ARPU enhancement/ Monetize

acceleration

・FY11/17 net sales grew 88% YoY.・Full-year operating profit/loss excluding advertising expenses turned positive. (However, we expect a operating loss in FY11/18 in order to accelerate the investment again.)

1

2

Progress in Growth Strategies

We launched new services, and are striving to develop and deliver value-added services by utilizing data.

55

Launch of new services

・Released MF Unit・Released MF Cloud Accounting/Tax Return for BANK・Launched mirai talk・Started researching cryptocurrency and blockchain

Value creation with data utilization

・Plan to offer unique and value-added services unique to our company by leveraging on accumulated big data

・Bolster hiring in order to accelerate the data utilization

3

4

3 76 441

1,542

2,900

0

1,000

2,000

3,000

4,000

2013/11期 2014/11期 2015/11期 2016/11期 2017/11期 2018/11期FY11/14

FY11/18 Consolidated Net Sales Forecast

We expect net sales of ¥4.35 - 4.65 billion, which is YoY growth of 50 -60%.

56

（¥ mn）

Lower limit 4,350Upper limit 4,650

YoY +50 - 60%

* Values in FY11/16 and before are stand-alone basis and values in and after FY11/17 are consolidated basis.

FY11/13 FY11/15 FY11/16 FY11/17 FY11/18

Net Sales Forecast (PFM Services)

We expect continued growth in all categories. We are aiming for 26%+ YoY growth.

57

（¥ mn） ■Revenues from premium charges ■Revenues from media/advertising □Revenues from B2B2C businesses


＋42％


＋10％


＋21％

YoY +26% or more

534

760

371

408

478

578 1,384

1,746

17/11期実績 18/11期計画

* Above is the breakdown of the FY11/18 net sales forecast when it’s lower limit (¥4.35 billion.)

FY11/17(actual)

FY11/18(forecast)

Net Sales Forecast (MF Cloud ) 58

We will focus on expanding the customer base, and are aiming for 63%+ YoY net sales growth.

（¥ mn）■Revenues from MF Cloud Series sales □Revenues from alliance businesses


＋69％


＋26％

* Above is the breakdown of the FY11/18 net sales forecast when it’s lower limit (¥4.35 billion.) MF Cloud Series sales revenues includes STREAMED sales revenues.

YoY +63% or more

1,302

2,198

205

259

1,508

2,457

17/11期実績 18/11期計画FY11/17(actual)

FY11/18(forecast)

Net Sales Outlook (New Business etc.)

We will continue to invest in MF KESSAI and mirai talk to create new core businesses following PFM service and MF Cloud service. In this category, We are aiming for YoY net sales growth of at least ¥138 million.

59

8

146

17/11期実績 18/11期計画

* Above is the breakdown of the FY11/18 net sales forecast when it’s lower limit (¥4.35 billion.)

（¥ mn）

YoY +138mn or more

FY11/17(actual)

FY11/18(forecast)

Factors Behind Change in EBITDA

We will accelerate hiring especially engineers and sales personnel for future growth. Aiming to foster a strong corporate culture, we plan to relocate and consolidate the offices.

60

*1. Including one-time relocation expenses of ¥84.7 million.*2. EBITDA = Operating profit/loss + Depreciation and amortization*3. Above is the breakdown of the FY11/18 EBITDA forecast when the net sales is lower limit (¥4.35 billion.)

（¥ mn）

FY11/17EBITDA

FY11/18EBITDA

*2*3

Increase in net sales

Decrease inadvertising cost

Increase in personnel expenses

Increase in rentdue to relocation

*1

Increase in other cost

Gross Profit / EBITDA ForecastGross profit will continue to grow. However, due to the launch of new businesses and the increase in engineers’ cost, the gross profit ratio and EBITDA excluding advertising expenses are expected to decline temporarily.

61

（¥ mn） □Gross profit ■Gross profit ratio（¥ mn） □EBITDA □ EBITDA (excl. advertising expenses)

* Assuming FY11/18 net sales are the forecast lower limit (¥4.35 billion.)

1,940

2,688 67%

62%

0%

20%

40%

60%

0

1,000

2,000


actual


forecast

△782

△667

55

△195

△800

△400

0


actual


forecast

Growth Strategies

We will aspire to grow further by expanding our user base, strengthening our monetization capabilities, extending our service line-up, and adding value by utilizing data.

62

FutureFY11/17



New service line-up andnew businesses utilizing data


Net sales



Disclaimer

The forward-looking statements and other contents included in this material are determined based on information currently available, and may be subject to change due to macro economic trends, changes in the market environment or industry in which the Group operates, or for other internal/external factors. Money Forward, Inc. shall not represent or warrant the accuracy or completeness of the information contained in this material.

This material is an excerpt translation of the original Japanese material and is only for reference purposes. In the event of any discrepancy between this translated material and the original Japanese material, the latter shall prevail.

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