Vision : (FY2022-1Q)Quarterly Securities Report

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 to	Director, Kanto Local Finance Bureau
Filing Date	May 13, 2022
Fiscal Year	The First Quarter of the 22nd Business Term (From January 1, 2022 to March 31, 2022)
Company Name	Vision Inc.
Title and Name of Representative	Kenichi Sano, President, Founder & CEO
Address of Head Office	6-5-1Nishi-Shinjuku,Shinjuku-ku, Tokyo
Phone No.	[phone]
Contact Person	Shinichi Nakamoto, Director, Managing Executive Officer, CFO, and General Manager of
	Administrative Dept.
Contact Address	6-5-1Nishi-Shinjuku,Shinjuku-ku, Tokyo
Phone No.	[phone]
Contact Person	Shinichi Nakamoto, Director, Managing Executive Officer, CFO, and General Manager of
	Administrative Dept.
Place Available for	Prime Market of the Tokyo Stock Exchange
Public Inspection
	(2-1 Nihombashi Kabuto-cho,Chuo-ku, Tokyo)

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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.

Part 1: Company Information

Item 1: Company Overview

1. Changes in Major Management Indicators

		FY2021/1Q	FY2022/1Q	FY2021
		Cumulative period	Cumulative period
Reporting period		January 1, 2021 - March	January 1, 2022 - March	January 1, 2021 -
	31, 2021	31, 2022	December 31, 2021
Net sales	(thousand	3,938,868	5,609,090	18,100,837
yen)
Ordinary profit	(thousand	313,901	406,154	1,143,772
yen)
Quarterly net income or net loss (-)	(thousand
attributable to owners of the parent	232,175	245,908	729,129
yen)
company
Quarterly comprehensive income	(thousand	250,100	267,892	732,472
yen)
Net assets	(thousand	9,008,316	10,410,831	10,122,215
yen)
Total assets	(thousand	11,560,875	15,104,605	14,932,162
yen)
Basic earnings or loss (-) per share	(thousand	4.93	5.16	15.47
yen)
Quarterly net income per potential	(yen)	4.80	5.03	15.03
adjusted share
Equity-to-asset ratio	(%)	77.9	68.8	67.7

(Note 1): Since the Company prepares quarterly consolidated financial statements, changes in non-consolidated financial data,

among others, are not provided.

(Note 2): The "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020) is applied from the beginning of the first quarter of the current consolidated fiscal year and the key management indicators for the first quarter of the current fiscal year are after the application of the standards.

2. Description of Business

During the first quarter of the current consolidated cumulative period, there have been no significant changes in the content of

businesses operated by the Group (the Company and its affiliated companies).

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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.

Item 2: Business Overview

1. Business Risks

During the three months ended March 31, 2022, 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 "business and 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 the Group's business and earnings.

2. Management's Analysis of Consolidated Financial Condition, Results of Operations, and Cash Flow Conditions

Effective from the beginning of the first quarter of the current consolidated fiscal year, the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020) has been applied. As a result, the accounting treatment differs from that of the first quarter of the previous fiscal year. However, since there is no significant impact, the increase/decrease amounts and year- on-year comparisons in the explanation of business results are presented as is for comparison purposes.

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 continued to pick up, but some weakness was seen amid lingering effects from the COVID-19 pandemic.

The economy is expected to pick up, but we need to pay close attention to the impact of COVID-19, as well as to downside risks due to rising raw material prices, fluctuations in financial and capital markets, and supply-side constraints amid uncertainty because of the situation in Ukraine and other factors. In such an economic environment, the Company will continue to face several challenges.

In this economic environment, our group continued to focus on the GLOBAL WiFi business and the information and communication services business in Japan.

As a result, net sales, operating income, ordinary income, and net income attributable to owners of the parent for the first quarter of the current consolidated cumulative period all exceeded the results of the previous year.

		FY2022/1Q	FY2021/1Q	Change	YoY
		Cumulative period	Cumulative period
		(million yen)	(million yen)	(million yen)	(%)
Net sales		5,609	3,938	1,670	42.4
Operating profit		403	285	117	41.2
Ordinary profit		406	313	92	29.4
Profit attributable	owners of	245	232	13	5.9
parent

Business results by segment are as follows. (GLOBAL WiFi Business)

During the first quarter of the current consolidated cumulative period, we promoted the use of our standby corporate mobile WiFi routers, "GLOBAL WiFi for Biz", while responding to communication demand in various situations such as hospitalization, moving, and business trips.

In addition, we have worked to register and confirm the designated quarantine application at the airport station, which is temporarily entrusted as part of the border measures when entering Japan, and as an indispensable infrastructure service during the pandemic, offered highly convenient PCR testing services.

As a result of these efforts, both net sales and segment income for the first quarter of the consolidated fiscal year under review exceeded those of the previous year.

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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.

The application of the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020) increased the sales amount by 2 million yen.

	FY2022/1Q	FY2021/1Q	Change	YoY
GLOBAL WiFi Business	Cumulative period	Cumulative period
	(millions of yen)	(millions of yen)	(millions of yen)	(%)
Net sales	2,618	1,515	1,102	72.8
Segment profit	359	117	241	205.4

(Information and Communications Service Business)

In addition to focusing on sales of mobile communication equipment and OA equipment during the first quarter of the current consolidated cumulative period, the Company launched a new rental service for meeting rooms and telework space by Adval Corp.

Furthermore, we strived to maximize lifetime value (customer lifetime value) through future up-selling and cross-selling, reduction of long-term churn rates, and continuous income from stock products, and despite a temporary increase in operating costs, strove to expand sales of its monthly subscription-basedin-house services.

As a result, net sales increased year on year, but segment income decreased year on year.

Information and	FY2022/1Q	FY2021/1Q	Change	YoY
Communications Service	Cumulative period	Cumulative period
Business
(millions of yen)	(millions of yen)	(millions of yen)	(%)
Net sales	2,875	2,357	517	21.9
Segment profit	347	410	-62	-15.3

Analysis of financial position (Assets)

Total assets at the end of the first quarter consolidated accounting period are 15,104 million yen (172 million yen more than the end of the previous consolidated fiscal term).

Current assets are 10,524 million yen (224 million yen less than the end of the previous consolidated fiscal term). The main reasons for this are that notes and accounts receivable - trade increased by 674 million yen, while cash and deposits and accounts receivable decreased by 810 million yen.

Fixed assets are 4,580 million yen (397 million yen more than the end of the previous consolidated fiscal term). The main reasons for this are due to an 848 million yen increase in property, plant and equipment resulting from investments in the glamping business, while investments and other assets decreased by 407 million yen.

(Liabilities)

Total liabilities at the end of the first quarter consolidated accounting period are 4,693 million yen (116 million less than the end of the previous consolidated fiscal term).

Current liabilities are 3,564 million yen (315 million yen less than the end of the previous consolidated fiscal term). The main reasons for this are due to a 35 million yen decrease in short-term loans payable, an 81 million yen decrease in income taxes payable due to income tax payments, and a 104 million yen decrease in provision for bonuses.

Fixed liabilities amounted to 1,128 million yen (198 million yen more than the end of the previous fiscal year), mainly due to a 203 million yen increase in long-term loans payable.

(Net assets)

Total net assets at the end of the first quarter consolidated accounting period are 10,410 million yen (288 million yen more than

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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.

the end of the previous consolidated fiscal term). The main reason for this was the increase of 245 million yen for the income attributable to owners of the parent.

(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.

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