Quick : Summary of Consolidated Financial Results for the Third Quarter of the Fiscal Year Ending March 31, 2022

(Percentages represent year-on-yearchanges.)

Summary of Consolidated Financial Results for the Third Quarter

of the Fiscal Year Ending March 31, 2022

(Nine Months Ended December 31, 2021)

		[Japanese GAAP]
Company name: QUICK CO., LTD.	January 31, 2022
Listing: First Section, Tokyo Stock Exchange
Stock code:	4318	URL: https://919.jp/
Representative:	Tsutomu Wano, Chairman
Contact:	Kenta Kijima, Senior Executive Officer,

General Manager of Administration and Accounting Division	Tel: [phone]
Scheduled date of filing of Quarterly Report:	February 10, 2022
Scheduled date of payment of dividend:	-
Preparation of supplementary materials for quarterly financial results:	None
Holding of quarterly financial results meeting:	None

(All amounts are rounded down to the nearest million yen.)

1. Consolidated Financial Results for the Third Quarter of the Fiscal Year Ending March 31, 2022 (April 1, 2021 - December 31, 2021)

(1) Consolidated results of operations

	Net sales		Operating profit	Ordinary profit	Profit attributable
		to owners of parent
	Millions of yen	%	Millions of yen	%	Millions of yen	% Millions of yen	%
Nine months ended Dec. 31, 2021	17,569	20.9	3,238	85.5	3,276	70.9	2,284	72.2
Nine months ended Dec. 31, 2020	14,534	-	1,745	-	1,916	-	1,326	-

Note: Comprehensive income (millions of yen)	Nine months ended Dec. 31, 2021:	2,636	(up 61.5%)
		Nine months ended Dec. 31, 2020:	1,632	(-%)
	Net income per share	Diluted net income per share
		Yen		Yen
Nine months ended Dec. 31, 2021		121.25		-
Nine months ended Dec. 31, 2020		70.43		-
Note: Beginning with the first quarter of the fiscal year ending March 31, 2022, the Company has applied Accounting Standard

for Revenue Recognition (Accounting Standards Board of Japan (ASBJ) Statement No. 29, March 31, 2020). All figures for the nine months ended December 31, 2020 have been adjusted retroactively to conform with this accounting standard. Accordingly, the year-on-year changes for the nine months ended December 31, 2020 are not presented.

(2) Consolidated financial position

	Total assets		Net assets	Shareholders' equity ratio	Net assets per share
	Millions of yen	Millions of yen		%	Yen
As of Dec. 31, 2021	17,061	12,457		73.0	661.27
As of Mar. 31, 2021	15,103	10,687		70.7	567.24
Reference: Shareholders' equity (millions of yen)	As of Dec. 31, 2021: 12,456	As of Mar. 31, 2021: 10,685

Note: Beginning with the first quarter of the fiscal year ending March 31, 2022, the Company has applied Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March 31, 2020). All figures as of March 31, 2021 have been adjusted retroactively to conform with this accounting standard.

2. Dividends

		Dividend per share
	1Q-end	2Q-end	3Q-end	Year-end	Total
	Yen	Yen	Yen	Yen	Yen
Fiscal year ended Mar. 31, 2021	-	18.00	-		26.00	44.00
Fiscal year ending Mar. 31, 2022	-	20.00	-
Fiscal year ending Mar. 31, 2022 (forecast)					28.00	48.00

Note: Revisions to the most recently announced dividend forecast: Yes

Note: Breakdown of dividend for the fiscal year ended Mar. 31, 2021

2Q-end: Ordinary dividend: 12.00 yen; Commemorative dividend: 6.00 yen

Year-end: Ordinary dividend: 20.00 yen; Commemorative dividend: 6.00 yen

3. Consolidated Earnings Forecast for the Fiscal Year Ending March 31, 2022 (April 1, 2021 - March 31, 2022)

(Percentages represent year-on-year changes.)

	Net sales		Operating profit	Ordinary profit	Profit attributable to	Net income
		owners of parent	per share
	Millions of yen	%	Millions of yen	%	Millions of yen		%	Millions of yen	%	Yen
Full year	23,390	20.8	3,257	74.5	3,300		55.4	2,246	53.5	119.23
Note: Revisions to the most recently announced consolidated earnings forecast: Yes

Note: Beginning with the first quarter of the fiscal year ending March 31, 2022, the Company has applied Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March 31, 2020). The percentages that represent year-on-year changes of the full year earnings forecast for the fiscal year ending March 31, 2022 are the figures compared with those for the full year earnings results for the fiscal year ended March 31, 2021 that have been adjusted retrospectively to conform with the said accounting standard.

• Notes

1. Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in changes in scope of consolidation): None
2. Application of special accounting methods for presenting quarterly consolidated financial statements: None
3. Changes in accounting policies and accounting-based estimates, and restatements
4. 1. Changes in accounting policies due to revisions in accounting standards, others: Yes
   2. Changes in accounting policies other than 1) above: None
   3. Changes in accounting-based estimates: None
   4. Restatements: None
5. Number of shares outstanding (common shares)
6. 1. Number of shares outstanding at the end of the period (including treasury shares)

As of Dec. 31, 2021:	19,098,576 shares	As of Mar. 31, 2021:	19,098,576 shares
2) Number of treasury shares at the end of the period
As of Dec. 31, 2021:	261,301 shares	As of Mar. 31, 2021:	261,173 shares
3) Average number of shares outstanding during the period
Nine months ended Dec. 31, 2021:	18,837,322 shares	Nine months ended Dec. 31, 2020:	18,837,403 shares

• The current quarterly financial report is not subject to quarterly review by certified public accountants or accounting firms.
• Explanation of appropriate use of earnings forecasts, and other special items
  Forecasts and forward-looking statements in these materials are based on assumptions judged to be valid and information available to the Company's management at the time the materials were prepared. These materials are not promises by the Company regarding future performance. Actual results may differ significantly from these forecasts for a number of reasons. For discussion of the assumptions and other factors considered by the Company in preparing the above projections, please refer to page 4 of the attachments "1. Qualitative Information on Quarterly Consolidated Financial Performance, (3) Explanation of Consolidated Earnings Forecast and Other Forward-looking Statements."

QUICK CO., LTD. (4318) Financial Results for the Third Quarter of FY3/22

1. Qualitative Information on Quarterly Consolidated Financial Performance

(1) Explanation of Results of Operations

During the first nine months of the fiscal year ending March 31, 2022, with COVID-19 vaccines becoming widely available, the number of new cases decreased and the state of emergency measures were lifted, which eased restrictions on activities. Consequently, the Japanese economy showed signs of a rebound mainly on the back of resuming economic activities and recovering consumer spending. However, the economic outlook remains uncertain because the omicron variant has fueled new cases since December 2021, which reminds us of the possibility of the repeated resurgence of infection.

Meanwhile, in Japan's labor market, the seasonally adjusted job openings-to-applicants ratio was 1.15 and the seasonally adjusted unemployment rate was 2.8% in November 2021, suggesting that a seesawing trend continues.

Under such business environment, the Group worked on differentiating the QUICK Group from competitors and increasing customer satisfaction by helping our client companies to solve their HR related problems by expanding operations in new strategic market sectors and strengthening coordination between the group companies. Furthermore, the Group strengthened the business base by restructuring the sales structure in order to boost the performance.

As a result, we achieved sales and earnings growth, both reaching all-time highs. Net sales increased 20.9% year-on-year to 17,569 million yen, operating profit increased 85.5% year-on-year to 3,238 million yen, ordinary profit increased 70.9% year-on-year to 3,276 million yen, and profit attributable to owners of parent increased 72.2% year-on-year to 2,284 million yen.

Performance of the business segments is described as follows.

Beginning with the first quarter of the fiscal year ending March 31, 2022, the Company has applied Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March 31, 2020) and other pronouncements (hereinafter collectively, the "Accounting Standards"). Therefore, comparisons and analysis were made using the figures that were adjusted reflecting the retrospective application of the Accounting Standards.

In addition, the Company changed the classification of its reportable segments in the previous fiscal year. The following year-on-year comparisons are based on the figures for the same period of the previous fiscal year, which have been reclassified to reflect the new segment classifications.

(Human Resources Services Business)

1) Personnel Placement

In the personnel placement category, with the fifth wave of the pandemic calming down, recruiting needs remained robust mainly in the construction, electrical equipment, machinery and pharmaceutical industries. In addition, recruiting appetite started to come back in the automobile industry although it had been subdued due to a decreased production amid a shortage of semiconductors and delay in parts supply from Southeast Asian countries. Meanwhile, recruiting needs for nurses remained high in medical institutions, nursing homes and others. Given this business environment, the personnel placement business for specific fields targeting construction and pharmaceutical related categories, various types of engineers as well as nurses placement grew favorably. Those were the major results of our efforts including having more meetings with our client companies and registrants who wish to change careers, focusing on selected categories and providing an extensive support responsive to changes in the market.

2) Temporary Staffing, Temporary-to-Permanent Staffing, and Business Contracting

In the temporary staffing, temporary-to-permanent staffing and business contracting categories, in addition to lasting strong hiring needs for nurses at medical and welfare category, the needs for vaccination-related staff as well as call center and other COVID-19-related staff contributed to the steady performance of temporary staffing

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QUICK CO., LTD. (4318) Financial Results for the Third Quarter of FY3/22

of nurses. Meanwhile, robust demand for the temporary staffing of childcare workers expanded the performance.

Overall, sales of the Human Resources Service Business increased 20.5% year-on-year to 12,218 million yen and operating profit also increased 36.3% year-on-year to 2,897 million yen.

(Recruiting Business)

In the Recruiting Business, as the lifting of the state of emergency in October 2021 substantially boosted recruiting needs of restaurant, distribution and service businesses that had suspended their recruiting activities, in the mid-career hiring category, continuous customer development and strengthened sales activities steadily increased the volume of our focus "Indeed" business. Furthermore, the volume of other recruiting advertisements for full-time employees and part-time workers was favorable thanks to improving recruiting needs. The volume of recruiting advertisements for potential registrants for temporary staffing expanded steadily as well. On the other hand, the performance of the new college graduate category remained roughly on par.

In addition, services other than the handling of recruiting advertisement also posted a higher revenue. This was thanks to the addition of support services for recruiting activities of client companies mainly by offering a consultation on new graduate and mid-career recruiting strategy, proposing online internship programs and providing training programs for recruiters through Jump Co., Ltd., which joined the Group in June 2020.

Overall, sales of the Recruiting Business increased 30.2% year-on-year to 1,900 million yen and operating profit was 287 million yen, compared with a loss of 14 million yen in the same period of the previous fiscal year.

(Information Publishing Business)

In the Information Publishing Business, the sales promotion sentiment of our client companies came back to the recovery track after quasi-emergency measures were lifted in Ishikawa and Toyama prefectures in September 2021, which increased the advertisement placements for sales promotion and events. In addition, increasing recruiting needs for the busy year-end and new-year period pushed up the volume of recruiting advertisements, which contributed to the solid performance of lifestyle information magazines. "Indeed" also remained strong.

Meanwhile, posting services including flyers distributed to households with lifestyle information magazines benefitted from recovering sales promotion sentiment of our client companies, and the volume of flyers in Kanazawa, Toyama and Takaoka areas increased. Hence, the services grew steadily.

Furthermore, the concierge services we operate under the "cococolor" brand continued to perform well as all the domains of career change, housing and bridal achieved revenue increase.

Overall, sales of the Information Publishing Business increased 15.6% year-on-year to 1,581 million yen and operating profit increased 225.5% to 177 million yen.

(IT and Internet-Related Business)

In the IT & Internet-Related Business category, "Nihon no Jinjibu" (Japan's Human Resources Department) related service has experienced drastic changes in the environment surrounding our client companies due to the pandemic. Responding to such changes, more and more companies are showing interests in better business efficiency, labor saving, IT introduction, and even engagement enhancement for improving motivation and retention of employees. Additionally, business conditions of recruiting and HR development-related companies were recovering. As a result, we achieved a substantial increase in advertising revenues from "Nihon no Jinjibu"-our portal website for personnel and labor relations. Furthermore, the online HR related event, "Nihon no Jinjibu HR Conference 2021-Fall-" held in November 2021 hit a record high in revenue as well as in the number of exhibiters, which contributed to higher sales and earnings of "Nihon no Jinjibu" related services.

As for the system development category, a gradual recovery of system investment spurred the competition for acquiring development engineers to meet such demands. With this in mind, we made every effort to proactively solicit new projects including those from existing customers and secure human resources for development projects by leveraging our engineers in the learning business. As a result, the operating performance remained

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QUICK CO., LTD. (4318) Financial Results for the Third Quarter of FY3/22

strong. Meanwhile, the learning field posted decreased revenue. Specifically, our sales force strengthened the promotion of customized training programs in order to satisfy growing training needs of companies that would like to make up for the shortage of engineers in the job market, and we started vocational training courses and organized group trainings as a certified training organization under the Support System for Job Seekers by the Ministry of Health, Labour and Health. However, the pandemic forced us to struggle to attract participants.

Overall, sales of the IT and Internet-Related Business increased 18.8% year-on-year to 1,182 million yen and operating profit also increased 82.3% year-on-year to 435 million yen.

(Overseas Business)

In North and Central America (notably in the U.S. and Mexico), reflecting a continued improvement in hiring sentiment following the recovery of the economic environment, the U.S. operations enjoyed favorable personnel placement business and put the temporary staffing business back on a recovery track. However, in Mexico, the personnel placement business posted a revenue decrease due to a drop in corporate recruiting needs because the supply chain disruption and the semiconductor shortage caused by the pandemic worsened the economic environment.

In Asia (notably in China, Vietnam, and Thailand), the strengthened sales activities for key client companies generated revenue growth in the personnel placement business in China even though economic recovery has slowed down partly due to a localized lockdown under the zero-COVID policy, stagnant production activities associated with power supply limitation, and declining consumer spending. In addition, personnel and labor consulting business remained on track, enjoying new orders for education/training services on top of strong advisory services. In Vietnam, the pandemic-induced lockdown limited our sales activities, and the deteriorating economic environment discouraged corporate hiring sentiment and forced companies to suspend their recruiting activities. As a result, the personnel placement business reported a decrease in revenue. In Thailand, despite a lockdown, the personnel placement business achieved a year-on-year increase in revenue as a result of the efforts to strengthen promotional activities to approach Chinese and Taiwanese companies, the U.S. and European countries, and Thai local companies.

In the U.K., economic activities were being normalized after the lifting of lockdown measures in July 2021, with the number of new cases seesawing. Against this backdrop, corporate recruiting demand continued to increase as some companies started recruiting talent in anticipation of the post-COVID-19 economy. Accordingly, the personnel placement services as well as temporary staffing services performed well.

The Company's Global Business Division also give sales supports to overseas companies and worked on promoting the international career change supports (Cross Border Recruitment services) to attract more local registrants who want to change careers, and supporting other activities.

Overall, sales of the Other Businesses increased 19.7% year-on-year to 687 million yen and operating profit was 24 million yen, compared with a loss of 68 million yen in the same period of the previous fiscal year.

(2) Explanation of Financial Position

Total assets at the end of the third quarter of the fiscal year under review were 17,061 million yen, which was 1,958 million yen more than at the end of the previous fiscal year. This was mainly the result of increases in cash and deposits and investment securities.

Total liabilities were 4,603 million yen, which was 187 million yen more than at the end of the previous fiscal year. This was mainly the result of increases in income taxes payable, accrued consumption taxes and deferred tax liabilities despite decreases in accounts payable-trade and short-term borrowings.

Total net assets were 12,457 million yen, which was 1,770 million yen more than at the end of the previous fiscal year. This was mainly the result of an increase in retained earnings due to the booking of profit attributable to owners of parent. The shareholders' equity ratio improved 2.3 percentage points from the end of the previous fiscal year to 73.0%.

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