Money Forward : Notice Regarding Upward Revision of Consolidated Forecasts for the Three Months Ended February 28, 2022

Translation

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

In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail.

	March 1, 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 Upward Revision of Consolidated Forecasts for the Three Months Ended February 28, 2022

Money Forward, Inc. (the "Company"), hereby announces that it has updated its consolidated forecasts for the Three Months Ended February 28, 2022 (from December 1, 2021, to February 28, 2022), which were previously announced on January 14, 2022. We will not update consolidated forecasts for the fiscal year.

1. Update to the consolidated forecast for the three months ended February 28, 2022 (from December 1, 2021 to February 28, 2022)

Profit

Net sales

SaaS ARR *1

EBITDA*2

Operating

Ordinary

attributable to

Earnings per

profit

profit

owners of

share

parent

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Yen

Previous forecast

4,299

12,545

(2,400)

(2,900)

(2,980)

(2,920)

(54.67)

(A)

〜4,368

〜12,729

〜(1,900)

〜(2,400)

〜(2,480)

〜(2,420)

〜(45.31)

Updated forecast

4,649

12,645

(1,600)

(2,100)

(2,180)

(2,120)

(39.70)

(B)

〜4,718

〜12,829

〜(1,100)

〜(1,600)

〜(1,680)

〜(1,620)

〜(30.34)

Difference

350

100

800

800

800

800

14.97

(B-A)

Difference

8.0

0.8

−

−

−

−

−

(%)

〜8.1

Reference:

3,466

9,224

358

80

74

64

1.35

Results for

FY11/21 Q1

*1 SaaS ARR is 12 times the monthly recurring revenue of Business, Home, X and Finance domains in the last month of each term. In order to adjust for seasonal factors of STREAMED, monthly recurring revenue of each first quarter is calculated as one- third of the billing revenue of STREAMED of the said period.

*2 EBITDA=Operating profit(loss)+ depreciation and amortization + tax expenses included in operating expenses +share-based

remuneration expenses

2. Reason for Update

As for net sales and SaaS ARR, the Company has updated the range of net sales (350 million yen) and SaaS ARR (100 million yen). This is because both the recurring and non-recurring revenue in Business domain are expected to exceed the initial forecast due to strong demand of Money Forward Cloud for corporate customers, and the non-recurring revenue in Finance domain at Money Forward Kessai Inc. is expected to exceed the initial forecast.

As for EBITDA, operating income, ordinary income, net income attributable to owners of the parent, and net income per share, the Company has updated the range upwards since while the gross profit increased due to higher net sales, personnel expenses are expected to be lower than planned at the beginning of the fiscal year, although the Company continues to aggressively recruit personnel and strengthen its organizational structure.

The above forecasts are based on information available at the time of this disclosure. Actual results may differ from these forecasts due to various factors in the future.