Money Forward : Notice Regarding Differences Between Full-Year Consolidated Earnings Forecasts

Translation

Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes.

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	January 14, 2022
Company Name:	Money Forward, Inc.
Representative:	Yosuke Tsuji
	Representative Director, President and CEO
	(Securities Code: 3994,
	Stock Exchange: TSE First Section)
Inquiries:	Naoya Kanesaka
	Director, Executive Officer and CFO
	(TEL: [phone])

Notice Regarding Differences Between Full-Year Consolidated Earnings Forecasts and Actual Results and Differences

Between Non-Consolidated Earnings Results and Actual Results for the Previous Fiscal Year

Money Forward, Inc. (the "Company"), hereby announces that differences have arisen between the consolidated earnings forecast for the full fiscal year ending November 30, 2021 (from December 1, 2020 to November 30, 2021) announced on November 30, 2021, and the actual results announced today.

The Company also announces that differences have arisen between non-consolidated actual results for the full year and that for the previous fiscal year.

1. Differences from Full-Year Consolidated Earnings Forecasts

1. Differences Between Full-Year Consolidated Earnings Forecasts for the Fiscal Year Ending November 30, 2021 (from December 1, 2020 to November 30, 2021) and Actual Results

Operating

Ordinary

Profit

Earnings per

Net sales

EBITDA*

attributable to

profit

profit

share

owners of parent

Earnings

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Yen

forecast

14,750

100

(1,196)

(1,575)

(1,622)

(32.80)

（A）

～15,750

～500

～(796)

～(1,175)

～(1,222)

～(24.71)

Actual results

of FY2021.11

15,632

429

(1,062)

(1,432)

(1,482)

(29.97)

（B）

Difference

882

329

133

142

139

2.83

（B-A）

～(117)

～(70)

～(266)

～(257)

～(260)

～(5.26)

Difference

5.9

330.0

－

－

－

－

（％）

～(0.8)

～(14.0)

Reference:

Actual results

11,318

(2,164)

(2,804)

(2,538)

(2,423)

(52.08)

of FY2020.11

• EBITDA=Operating profit(loss) + depreciation and amortization + tax expenses included in operating expenses +share-based remuneration expenses
  Share-based remuneration expenses are included in the definition of EBITDA from the fiscal year November 30, 2021. EBITDA based on the new definition for the fiscal year November 30, 2020 is negative 1,956 million yen.
  The Company conducted a 2-for-1 stock split of common stock effective on December 1, 2020. Therefore, earnings per share is calculated on the assumption that the said stock split was conducted at the beginning of the previous fiscal year.

(2) Reason of Change

All of the actual results are within the range of the consolidated earnings forecast revised on November 30, 2021. However, the operating loss is 1.34 times the upper limit of the previous forecast of negative 796 million yen, due to the increase in advertising expenses etc., in the fourth quarter. The Company announces this matter since the actual operating loss is more than 1.3 times the forecast, which is the threshold for disclosure.

2. Differences from Non-consolidated Results for the Previous Fiscal Year

1. Differences Between Non-consolidated Results for the Fiscal Year Ending November 30, 2021 (from December 1, 2020 to November 30, 2021) and Non-consolidated Results for the Previous Fiscal Year

		Net sales			Operating profit			Ordinary profit			Profit			Earnings per
										share
Actual results of		Millions of yen		Millions of yen		Millions of yen		Millions of yen		Yen
FY2020.11（A）	8,368	(1,910)		(1,623)	(1,837)		(39.50)
Actual results of
	11,231	(784)		(1,126)	(1,924)		(38.93)
FY2021.11（B）
Difference（B-A）	2,862	1,125		496		(86)		0.57
Difference（％）	34.2		－		－		－		－

The Company conducted a 2-for-1 stock split of common stock effective on December 1, 2020. Therefore, earnings per share is calculated on the assumption that the said stock split was conducted at the beginning of the previous fiscal year.

(2) Reason of Change

Net sales increased significantly due to an increase in the number of new customers in each domain, especially in Money Forward Business domain.