SHIKIGAKU : Financial Results for the 3rd Quarter of Fiscal Year Ending February 28, 2022

Financial Results for the 3rd Quarter of Fiscal Year Ending February 28, 2022

Desember 30, 2021

TSE Mothers (7049)

Table of Contents

1. Financial Summary for the 3rd Quarter of the Fiscal Year Ending February 28, 2022
2. Topics
3. Future Growth Strategy
4. Financial Forecast for the Fiscal Year Ending February 28, 2022 (Ⅴ) References (Company Profile and Business Model)

©2021 SHIKIGAKU CO., LTD.

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Table of Contents

1. Financial Summary for the 3rd Quarter of the Fiscal Year Ending February 28, 2022
2. Topics
3. Future Growth Strategy
4. Financial Forecast for the Fiscal Year Ending February 28, 2022 (Ⅴ) References (Company Profile and Business Model)

©2021 SHIKIGAKU CO., LTD.

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1. Financial Summary for the 3rd Quarter of the Fiscal Year Ending February 28, 2022 Performance Highlights

Segment	Summary	Topics
		• Ended the quarter with results improving at a pace
	Net sales: 2,808 million yen (YoY +65.6% 103％ compared with	that exceeds the entire group's budget
Consolidated	the plan)	• The profit that exceeded the budget was used to
Operating profit: 277 million yen (YoY +657.7% 119％	make upfront investmentsto increase the number
	compared with the plan)	of consultants and acquire new clients with the aim
	of ensuring the achievement of the medium-term
		management plan.
	Net sales: 2,448 million yen (YoY +54.9%)	• Both sales and profits surpassed the plan and
	Operating profit: 456 million yen (YoY +312.8%)	remained strong
	Net sales per consultant: 381 million/month (QoQ ▲5.9%)	• Platform services
Organization	Monthly net sales of SHIKIGAKU Basic Services
Number of consultants: 69 as of the end of November 2021	progressed, surpassing the plan
Consulting	* 69 as of December 2021	Churn rate progressed below the plan
• Number of consultants
	Order backlog: 718 million yen
	Recruitment of candidate consultants moved well
	(down 2.6% compared with the end of the previous fiscal year)	Expected to achieve the planned number of
	* Order backlog for management consulting service only	consultants at the end of the fiscal year
		• Sales from sponsorship orders were strong, up
	Net sales: 164 million yen	66.7% from the previous fiscal year
Sports	• Posted an operating loss, which is within the
Entertainment	Operating profit: ▲135 million yen	range of the plan for the fiscal year
		• Projected to be profitable in the 4Q due to the
		work commissioned by the government
VC Fund	Recorded extraordinary income of 49 million yen from the gain on	• Decided on the first investment case of Shinsei
Hands-on	sales of securities of Aidma Holdings Inc.	SHIKIGAKU Growth Support I, L.P.
support	SHIKIGAKU No.1 Fund's cumulative return: 114%

©2021 SHIKIGAKU CO., LTD.

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1. Financial Summary for the 3rd Quarter of the Fiscal Year Ending February 28, 2022 Consolidated Statement of Profit and Loss

• Consolidated gross profit margin declined due to team operating expenses and box-office expenses in the Sports Entertainment business incurred by the opening of the B.League.
• Gross profit margin in Organization Consulting moved in the high 80% range.

(Million yen)	FY2021/02	FY2022/02	YoY
3Q (QTD)	3Q (QTD)
Net sales		729	1,006	38.0%
Operating	668	930	39.2%
expenses	*1
Personnel		298	416	39.6%
expenses/Recruitment
education expenses*2
Advertising expenses	91	107	17.3%
Rent expenses on land	27	37	38.9%
and buildings
Team operating		74	99	34.3%
expenses/Box-office
expenses
Outsourcing expenses	24	92	273.5%
Other operating		152	176	15.8%
expenses
Operating	61	76	24.7%
profit and
loss
EBITDA		78	93	19.9%
Gross profit	71.7%	68.7%	-
margin

FY2021/02	FY2022/02	YoY		FY2022/02	Progress rate
3Q (YTD)	3Q (YTD)			Plan
1,696	2,808	65.6%		3,798	73.9%
1,659	2,530	52.5%		3,398	74.5%
770	1,160	50.5%		1,525	76.1%
233	297	27.8%		435	68.4%
74	103	38.8%		113	91.4%
159	202	27.3%		241	83.9%
101	267	163.2%		325	82.2%
319	498	55.9%		757	65.8%
36	277	657.7%		400	69.3%
81	330	305.4%		470	70.2%
76.8%	71.5%	-		75.4%	-

*1	Operating expenses = Cost of sales + Selling, general and administrative expenses
*2	Personnel expenses = consultant personnel expenses + Personnel expenses other than consultants
	©2021 SHIKIGAKU CO., LTD.	4