Monex Group, Inc. started as online brokerage Monex, Inc. in April 1999 with CEO Oki Matsumoto and Sony Corporation as core investors. The company grew through mergers with Nikko Beans, Inc. in 2005, and ORIX Securities in 2010. The group expanded overseas by adding Boom Group (in Hong Kong) in 2010 and TradeStation Group, Inc. (in the US) 2011. Seeing blockchain and cryptocurrency technology as key growth drivers in the future, Monex Group has been preparing to enter this field since announcing its “new beginning” initiative in October 2017. In keeping with this plan, it subsequently acquired cryptocurrency exchange operator Coincheck, Inc. in April 2018.

Monex Group’s core business is retail online brokerage services. The company offers trading services mainly in equities, forex, and investment trusts (mutual funds), as well as futures, options, bonds, and cryptocurrency. Peers are SBI Securities, Rakuten Securities, Matsui Securities, and au Kabucom Securities (in order of market share).

In FY03/21, mainstay subsidiary Monex, Inc. reported a total of 1.94mn customer accounts (ranking it third among Japan’s top five online brokerages with 11.8% market share), customer assets under custody of JPY5.1tn (third; 13.1%), equity trading value of JPY19.2tn (fifth, 5.8%), and margin trades outstanding of JPY207.6bn (fifth; 7.9%). Monex is distinguished from its competitors by its US subsidiary and its subsidiary in the cryptocurrency exchange business. Its customer base mainly consists of investors with a longer-term outlook who do not mind paying higher commissions for the diverse trading order options and trading tools the company offers.

Monex Group has five reporting segments: Japan, US, Asia-Pacific, Crypto Asset, and Investment. At the Japan segment, Monex, Inc. is the core business, at the US segment the core business is TradeStation Group, at the Asia-Pacific segment the core business is Boom Securities, at the Crypto Asset segment the core business is Coincheck, and at the Investment segment the core business is Monex Ventures. In FY03/21, the Japan segment accounted for 38.8% of net operating revenue, the US segment 30.6%, and the Crypto Asset segment 27.8%. At the pre-tax profit level, the Japan segment accounted for 34.2% of consolidated earnings, the US segment 15.0%, and the Crypto Asset segment 46.3%.

Japan (Monex, Inc.): At the Japan segment, net operating revenue comes from stock brokerage commissions (51.4% in FY03/21), trading income (15.6%), and net financial income (22.7%). Segment SG&A expenses are mostly fixed costs, with trading-related expenses accounting for 27.5%, personnel expenses 22.1%, and system-related expenses 44.9% in FY03/21.

US (TradeStation Group): At the US segment, net operating revenue comes from commissions received (78.4% in FY03/21) and net financial income (17.1%). Segment SG&A expenses includes trading-related expenses (35.6% in FY03/21), personnel expenses (38.8%), and system-related expenses (18.2%)—the elevated level of personnel expenses reflecting the high cost of its in-house software development team. At end-March 2021, the US segment reported a total of 145,887 active accounts and USD10.3bn in customer assets under custody.

Crypto Asset (Coincheck, Inc.): As a cryptocurrency exchange operator, Coincheck derives the majority of its operating revenue from net trading income. Segment SG&A expenses includes trading-related expenses (40.4% in FY03/21), personnel expenses (28.7%), and office expenses (4.6%). At end-FY03/21, Coincheck reported a total of 3.72mn downloads of it trading app by users, of which the number of users with verified identities came to 1.20mn . Coincheck is currently the top cryptocurrency exchange operator in Japan both in terms of the number of cryptocurrencies handled (16) and trading app downloads.

Trends and outlook

For FY03/21, the company reported full-year consolidated operating revenue of JPY77.9bn (+46.4% YoY), net operating revenue of JPY73.7bn (+53.6% YoY), operating profit equivalent of JPY23.8bn (+362.3% YoY), pre-tax profit of JPY21.3bn (+415.5% YoY), and profit attributable to parent company shareholders of JPY14.4bn (+367.7% YoY). The jump in earnings reflected mainly higher profit at the Japan and Crypto Asset segments, which drove overall profit growth.

In the wake of the move by major online brokers in the US to commission-free trading in October 2019, Monex changed its own direction in Q3 FY03/20 and began working to move its business model away from a brokerage service-based model and more toward an asset management service-based model. Under the new business model, the Monex Group will be focusing less on generating brokerage commissions and more on receiving compensation for services to support the wealth building and asset management of its customers.

Strengths and weaknesses

Shared Research sees the company’s strengths as its customer base that pays higher commissions for its value-added services, a highly acclaimed trading platform, and a proprietary online trading system that lowers costs while strengthening product offerings. Its weaknesses lie in a high cost structure, being late to acquire active traders due to a product-driven approach, and limited revenue from active traders. (See the Strengths and weaknesses section for details.)

Key financial data

Income statement		FY03/12	FY03/13	FY03/14	FY03/15	FY03/16	FY03/17	FY03/18	FY03/19	FY03/20	FY03/21
(JPYmn)		IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS
Operating revenue		30,569	36,090	54,722	50,975	54,271	45,831	53,635	52,175	53,226	77,905
	YoY	-	18.1%	51.6%	-6.8%	6.5%	-15.6%	17.0%	-2.7%	2.0%	46.4%
Net operating revenue		28,888	33,769	50,051	45,209	49,642	41,852	49,155	47,417	47,990	73,695
	YoY	-	16.9%	48.2%	-9.7%	9.8%	-15.7%	17.4%	-3.5%	1.2%	53.6%
Operating profit equivalent		2,827	3,410	15,069	8,066	8,247	1,274	9,302	2,727	5,155	23,833
	YoY	-	20.6%	341.9%	-46.5%	2.2%	-84.6%	630.1%	-70.7%	89.0%	362.3%
	% of net operating revenue	9.2%	9.4%	27.5%	15.8%	15.2%	2.8%	17.3%	5.2%	9.7%	30.6%
Pre-tax profit		2,668	6,998	16,895	6,115	5,100	1,071	8,631	1,790	4,131	21,296
	YoY	-	162.3%	141.4%	-63.8%	-16.6%	-79.0%	705.9%	-79.3%	130.8%	415.5%
	Pre-tax profit margin	8.7%	19.4%	30.9%	12.0%	9.4%	2.3%	16.1%	3.4%	7.8%	27.3%
Profit attributable to owners of the parent		1,028	3,901	10,354	3,494	3,554	298	6,730	1,181	3,011	14,354
	YoY	-	279.5%	165.4%	-66.3%	1.7%	-91.6%	-	-82.5%	155.0%	376.7%
	Profit margin	3.4%	10.8%	18.9%	6.9%	6.5%	0.7%	12.5%	2.3%	5.7%	18.4%
Per-share data
Shares issued (year-end; '000)		2,997	2,997	287,681	287,681	284,134	280,592	269,706	266,322	258,999	258,999
EPS		3.4	13.0	35.8	12.2	12.5	1.1	24.3	4.4	11.6	55.8
EPS (fully diluted)		-	-	-	-	12.5	1.1	24.3	-	11.6	49.6
Dividend per share		2.0	4.1	18.0	8.2	9.6	5.2	10.0	5.4	5.9	12.0
Book value per share		252.1	265.8	280.5	302.2	302.0	290.0	298.5	297.3	297.7	347.7
Balance sheet (JPYmn)
	Cash and cash equivalents	39,788	51,193	85,442	68,540	61,902	77,900	83,884	154,146	132,561	163,989
	Cash segregated as deposits	291,899	349,837	426,719	525,567	497,442	552,028	543,438	566,220	620,222	774,582
	Margin transaction assets	90,795	149,487	178,230	175,637	149,236	147,653	192,224	138,836	107,207	182,017
	Loans secured by securities	15,339	44,583	152,382	159,969	31,628	34,250	21,389	42,064	32,748	42,774
	Intangible assets	35,916	37,394	41,558	48,807	53,053	53,751	49,851	47,698	46,006	44,861
Total assets		526,729	682,193	939,270	1,055,242	888,116	936,776	973,520	1,027,849	1,022,934	1,401,130
	Margin transaction liabilities	27,826	39,745	36,308	46,125	33,006	40,664	29,683	32,793	30,044	37,637
	Loans payable secured by securities	24,776	67,661	183,765	195,521	71,974	77,504	78,203	101,028	72,349	117,259
	Deposits received	185,797	231,164	287,385	368,656	350,904	324,672	324,256	358,176	393,344	492,466
	Guarantee deposits	118,058	131,535	167,039	184,850	170,666	257,753	254,647	249,544	282,006	334,357
	Bonds and loans payable	82,200	113,381	159,125	150,418	154,261	138,133	191,010	190,641	147,941	246,220
Total liabilities		450,923	602,492	858,569	968,310	802,094	855,090	893,027	947,707	945,909	1,310,605
Total equity		75,806	79,702	80,701	86,932	86,022	81,687	80,493	80,142	77,024	90,524
Total interest-bearing debt		82,200	113,381	159,125	150,418	154,261	138,133	191,010	190,641	147,941	246,220
Cash flow statement (JPYmn)
Cash flows from operating activities		3,931	-20,510	-8,256	-249	766	43,715	-38,701	53,834	34,454	-57,696
Cash flows from investing activities		-25,361	401	5,960	-8,602	-5,934	-8,301	-5,872	22,763	-7,068	-7,158
Cash flows from financing activities		26,281	30,395	35,998	-11,968	-673	-18,462	49,870	-5,909	-48,399	95,483
Financial ratios
ROA (pre-tax profit-based)		0.6%	1.2%	2.1%	0.6%	0.5%	0.1%	0.9%	0.2%	0.4%	1.8%
ROE		1.4%	5.0%	12.9%	4.2%	4.1%	0.4%	8.3%	1.5%	3.9%	17.3%
Equity ratio		14.4%	11.7%	8.6%	8.2%	9.7%	8.7%	8.3%	7.8%	7.5%	6.5%

Source: Shared Research based on company data
Note: Figures may differ from company materials due to differences in rounding methods.
Note: Figures that exceed 1,000% YoY are denoted by -.

Recent updates

1H FY03/22 flash update

2021-10-29

Monex Group, Inc. announced earnings results for 1H FY03/22; see the results section for details.

(Click here to see the earnings summary; see the Results section for details)

On the same day, the company announced a change in its basic policy on shareholder returns.

(Click here to see the news release)

The company had previously targeted a total shareholder return ratio of 75%. Under the revised basic policy on shareholder returns, the company plans to pay a stable dividend of at least JPY7.5 per share semi-annually and flexibly repurchase shares based on management discretion. In addition, the company aims to improve TSR (Total Shareholder Return). TSR is calculated as (capital gains + dividends) / purchase price.

On the same day, the company announced its interim dividend for FY03/22.

(Click here to see the news release)

In line with its basic policy on shareholder returns, the company will pay an interim dividend of JPY7.6 per share for FY03/22 (JPY4.5 in FY03/21).

Q1 FY03/22 Report Update

2021-09-02

Shared Research updated the report following interviews with Monex Group, Inc.

Trends and outlook

Quarterly trends and results

Cumulative						FY03/21				FY03/22
(JPYmn)						Q1	Q1–Q2	Q1–Q3	Q1–Q4	Q1	Q1–Q2	Q1–Q3	Q1–Q4
Operating revenue						14,267	29,317	47,265	77,905	27,060	49,094
	YoY					8.5%	12.6%	22.5%	46.4%	89.7%	67.5%
Net operating revenue						13,208	27,106	43,933	73,694	26,069	46,814
	YoY					11.2%	16.4%	27.6%	53.6%	97.4%	72.7%
		Commissions received				8,506	16,838	25,438	36,864	9,075	18,238
			YoY			48.7%	47.0%	44.9%	45.3%	6.7%	8.3%
			Brokerage commissions			6,559	12,612	18,802	26,860	6,120	12,115
				YoY		51.1%	45.5%	41.0%	38.6%	-6.7%	-3.9%
				Equity and ETF		4,414	8,443	12,803	18,516	3,941	7,729
					YoY	71.4%	64.2%	55.7%	54.0%	-10.7%	-8.5%
				Futures and options commissions		2,136	4,143	5,901	8,015	1,958	4,012
					YoY	23.0%	18.9%	16.6%	9.7%	-8.3%	-3.2%
			Underwriting and distribution commissions			5	24	52	63	27	57
				YoY		-84.4%	-57.1%	-34.2%	-40.0%	440.0%	137.5%
			Subscription and distribution commissions			2	4	6	8	2	9
				YoY		-96.6%	-96.6%	-96.5%	-95.5%	0.0%	125.0%
			Other commissions			1,940	4,198	6,578	9,933	2,926	6,056
				YoY		50.5%	60.7%	65.5%	73.9%	50.8%	44.3%
		Net trading income				1,782	4,445	9,509	24,504	13,385	21,891
			YoY			-22.7%	4.5%	61.8%	186.6%	651.1%	392.5%
		Financial income				3,735	7,486	11,487	15,394	4,265	8,361
			YoY			-24.2%	-24.8%	-21.2%	-17.1%	14.2%	11.7%
		Other operating revenue				245	547	831	1,144	334	472
			YoY			23.7%	45.9%	50.3%	58.4%	36.3%	-13.7%
SG&A expenses						11,264	22,851	34,676	49,861	15,148	30,670
	YoY					5.6%	8.2%	10.5%	16.4%	34.5%	34.2%
	% of net operating revenue					85.3%	84.3%	78.9%	67.7%	58.1%	65.5%
Operating profit equivalent						1,944	4,255	9,257	23,833	10,921	16,144
	YoY					60.0%	96.4%	203.5%	362.3%	461.8%	279.4%
	% of net operating revenue					14.7%	15.7%	21.1%	32.3%	41.9%	34.5%
Pre-tax profit						1,991	4,152	8,944	21,296	11,107	18,269
	YoY					66.5%	89.2%	191.9%	415.5%	457.9%	340.0%
	% of net operating revenue					15.1%	15.3%	20.4%	28.9%	42.6%	39.0%
Profit attributable to owners of the parent						1,425	2,919	6,548	14,354	7,260	12,027
	YoY					67.8%	73.9%	190.8%	376.7%	409.5%	312.0%
	% of net operating revenue					10.8%	10.8%	14.9%	19.5%	27.8%	25.7%

Quarterly performance						FY03/21				FY03/22
(JPYmn)						Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Operating revenue						14,267	15,050	17,948	30,640	27,060	22,034
	YoY					8.5%	16.8%	43.1%	109.1%	89.7%	46.4%
Net operating revenue						13,208	13,898	16,827	29,761	26,069	20,745
	YoY					11.2%	21.9%	50.8%	119.5%	97.4%	49.3%
		Commissions received				8,506	8,332	8,600	11,426	9,075	9,163
			YoY			48.7%	45.3%	40.9%	46.2%	6.7%	10.0%
			Brokerage commissions			6,559	6,053	6,190	8,058	6,120	5,995
				YoY		51.1%	39.9%	32.7%	33.2%	-6.7%	-1.0%
				Equity and ETF		4,414	4,029	4,360	5,713	3,941	3,788
					YoY	71.4%	57.0%	41.4%	50.5%	-10.7%	-6.0%
				Futures and options commissions		2,136	2,007	1,758	2,114	1,958	2,054
					YoY	23.0%	14.8%	11.6%	-6.0%	-8.3%	2.3%
			Underwriting and distribution commissions			5	19	28	11	27	30
				YoY		-84.4%	-20.8%	21.7%	-57.7%	440.0%	57.9%
			Subscription and distribution commissions			2	2	2	2	2	7
				YoY		-96.6%	-96.7%	-96.3%	-33.3%	0.0%	250.0%
			Other commissions			1,940	2,258	2,380	3,355	2,926	3,130
				YoY		50.5%	70.7%	74.6%	93.1%	50.8%	38.6%
		Net trading income				1,782	2,663	5,064	14,995	13,385	8,506
			YoY			-22.7%	36.6%	212.0%	461.0%	651.1%	219.4%
		Financial income				3,735	3,751	4,001	3,907	4,265	4,096
			YoY			-24.2%	-25.3%	-13.7%	-2.2%	14.2%	9.2%
		Other operating revenue				245	302	284	313	334	138
			YoY			23.7%	70.6%	59.6%	85.2%	36.3%	-54.3%
SG&A expenses						11,264	11,587	11,825	15,185	15,148	15,522
	YoY					5.6%	10.9%	15.1%	32.6%	34.5%	34.0%
	% of net operating revenue					85.3%	83.4%	70.3%	51.0%	58.1%	74.8%
Operating profit equivalent						1,944	2,311	5,002	14,576	10,921	5,223
	YoY					60.0%	143.0%	465.8%	592.4%	461.8%	126.0%
	% of net operating revenue					14.7%	16.6%	29.7%	49.0%	41.9%	25.2%
Pre-tax profit						1,991	2,161	4,792	12,352	11,107	7,162
	YoY					66.5%	116.3%	451.4%	-	457.9%	231.4%
	% of net operating revenue					15.1%	15.5%	28.5%	41.5%	42.6%	34.5%
Profit attributable to owners of the parent						1,425	1,494	3,629	7,806	7,260	4,767
	YoY					67.8%	80.0%	533.3%	928.5%	409.5%	219.1%
	% of net operating revenue					10.8%	10.7%	21.6%	26.2%	27.8%	23.0%

SG&A breakdown

SG&A breakdown (cumulative)				FY03/21				FY03/22
(JPYmn)				Q1	Q1–Q2	Q1–Q3	Q1–Q4	Q1	Q1–Q2	Q1–Q3	Q1–Q4
Total SG&A expenses				11,264	22,851	34,676	49,861	15,148	30,670
	YoY			5.6%	8.2%	10.5%	16.4%	34.5%	34.2%
	Trading-related expenses			3,172	6,662	10,258	15,986	5,418	11,266
		YoY		10.1%	16.6%	20.0%	33.5%	70.8%	69.1%
		Commissions paid		1,313	2,675	4,019	5,754	1,660	3,241
			YoY	13.2%	15.8%	19.0%	20.4%	26.4%	21.2%
		Stock exchange and association fees		270	506	738	984	227	435
			YoY	50.8%	40.2%	40.3%	26.3%	-15.9%	-14.0%
		Telecom, transportation, and information		822	1,711	2,632	3,601	1,008	2,015
			YoY	-9.2%	-0.2%	2.2%	4.6%	22.6%	17.8%
		Advertising		755	1,747	2,830	5,598	2,504	5,531
			YoY	35.5%	48.4%	55.4%	108.6%	231.7%	216.6%
		Other		12	23	38	49	19	43
			YoY	-85.0%	-85.0%	-84.6%	-83.0%	58.3%	87.0%
	Personnel			3,480	7,058	10,867	15,614	4,500	8,817
		YoY		3.1%	6.1%	10.7%	16.4%	29.3%	24.9%
	Real estate-related			1,133	2,217	3,365	4,470	1,210	2,445
		YoY		11.3%	6.5%	7.0%	5.7%	6.8%	10.3%
		Real estate		79	148	237	313	85	167
			YoY	-22.5%	-25.6%	-11.9%	-7.7%	7.6%	12.8%
		Furniture and fixtures		1,054	2,069	3,128	4,157	1,125	2,278
			YoY	15.1%	10.0%	8.8%	6.9%	6.7%	10.1%
	Office expenses			596	1,207	1,786	2,420	734	1,423
		YoY		-10.9%	-4.5%	-2.8%	-1.0%	23.2%	17.9%
		Outsourcing		580	1,174	1,733	2,344	706	1,370
			YoY	-10.9%	-4.4%	-2.6%	-1.0%	21.7%	16.7%
		Supplies		17	33	53	76	29	54
			YoY	-5.6%	-8.3%	-7.0%	-1.3%	70.6%	63.6%
	Depreciation			2,025	4,091	6,099	8,149	2,093	4,150
		YoY		3.2%	1.1%	0.9%	0.3%	3.4%	1.4%
	Taxes and dues			211	389	607	1,023	331	629
		YoY		15.9%	15.4%	20.9%	47.6%	56.9%	61.7%
	Other			648	1,226	1,695	2,199	862	1,939
		YoY		11.9%	20.3%	13.8%	12.3%	33.0%	58.2%

SG&A breakdown (quarterly)				FY03/21				FY03/22
(JPYmn)				Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Total SG&A expenses				11,264	11,587	11,825	15,185	15,148	15,522
	YoY			5.6%	10.9%	15.1%	32.6%	34.5%	34.0%
	Trading-related expenses			3,172	3,490	3,596	5,728	5,418	5,848
		YoY		10.1%	23.1%	27.0%	67.0%	70.8%	67.6%
		Commissions paid		1,313	1,362	1,344	1,735	1,660	1,581
			YoY	13.2%	18.3%	26.2%	23.6%	26.4%	16.1%
		Stock exchange and association fees		270	236	232	246	227	208
			YoY	50.8%	29.7%	40.6%	-2.8%	-15.9%	-11.9%
		Telecom, transportation, and information		822	889	921	969	1,008	1,007
			YoY	-9.2%	9.9%	6.8%	11.8%	22.6%	13.3%
		Advertising		755	992	1,083	2,768	2,504	3,027
			YoY	35.5%	60.0%	68.2%	220.7%	231.7%	205.1%
		Other		12	11	15	11	19	24
			YoY	-85.0%	-84.9%	-83.9%	-73.8%	58.3%	118.2%
	Personnel			3,480	3,578	3,809	4,747	4,500	4,317
		YoY		3.1%	9.3%	20.3%	32.0%	29.3%	20.7%
	Real estate-related			1,133	1,084	1,148	1,105	1,210	1,235
		YoY		11.3%	2.0%	7.9%	2.0%	6.8%	13.9%
		Real estate		79	69	89	76	85	82
			YoY	-22.5%	-28.9%	27.1%	8.6%	7.6%	18.8%
		Furniture and fixtures		1,054	1,015	1,059	1,029	1,125	1,153
			YoY	15.1%	5.2%	6.4%	1.6%	6.7%	13.6%
	Office expenses			596	611	579	634	734	689
		YoY		-10.9%	2.7%	1.0%	4.4%	23.2%	12.8%
		Outsourcing		580	594	559	611	706	664
			YoY	-10.9%	2.9%	1.3%	4.1%	21.7%	11.8%
		Supplies		17	16	20	23	29	25
			YoY	-5.6%	-11.1%	-4.8%	15.0%	70.6%	56.3%
	Depreciation			2,025	2,066	2,008	2,050	2,093	2,057
		YoY		3.2%	-0.9%	0.4%	-1.2%	3.4%	-0.4%
	Taxes and dues			211	178	218	416	331	298
		YoY		15.9%	14.8%	32.1%	117.8%	56.9%	67.4%
	Other			648	578	469	504	862	1,077
		YoY		11.9%	31.4%	-0.2%	7.2%	33.0%	86.3%

Source: Shared Research based on company data
Note. Figures may differ from company materials due to differences in rounding methods.
Note: Figures that exceed 1,000% YoY are denoted by -.
Note: Quarterly performance figures calculated using differences in cumulative quarterly performance.

Results by segment (Japan, US, and Asia-Pacific segments)

Cumulative				Q1–Q2 FY03/21			Q1–Q3 FY03/21			Q1–Q4 FY03/21			Q1 FY03/22			2022年3月期 1-2Q
(JPYmn)				Japan	US	AP	Japan	US	AP	Japan	US	AP	Japan	US	AP	Japan	US	AP
Operating revenue				14,355	11,939	723	22,061	17,919	1,084	30,963	25,375	1,613	7,751	6,385	323	15,594	12,550	645
	YoY			16.5%	0.2%	71.3%	15.4%	3.2%	80.4%	17.3%	7.3%	81.8%	6.5%	6.5%	-0.9%	8.6%	5.1%	-10.8%
	Commissions received			8,133	8,341	464	12,405	12,476	700	17,812	17,988	1,079	4,083	4,426	201	8,236	8,772	403
		YoY		48.3%	45.6%	149.5%	41.0%	48.0%	153.6%	41.2%	46.6%	137.7%	-3.2%	6.6%	-2.9%	1.3%	5.2%	-13.1%
		Brokerage commissions		7,046	5,409	461	10,712	7,905	694	15,294	11,321	1,071	3,325	2,689	200	6,578	5,332	401
			YoY	65.1%	26.7%	149.2%	53.1%	28.4%	153.3%	48.6%	28.1%	137.5%	-11.0%	-2.3%	-2.9%	-6.6%	-1.4%	-13.0%
			Equity and ETF	6,850	1,443	461	10,454	2,182	694	14,963	3,348	1,071	3,272	574	200	6,465	1,077	401
			Futures and options	196	3,947	-	258	5,644	-	331	7,685	-	52	1,906	-	112	3,900	-
			Cryptocurrencies (exchange)	-	19	-	-	79	-	-	288	-	-	210	-	-	357	-
		Underwriting and distribution commissions		24	-	-	52	-	-	63	-	-	27	-	-	57	-	-
		Subscription and distribution		4	-	-	6	-	-	8	-	-	2	-	-	9	-	-
		Other commissions		1,059	2,931	3	1,635	4,571	6	2,447	6,666	8	730	1,737	1	1,592	3,439	2
			YoY	1.8%	100.6%	-	5.6%	101.4%	200.0%	20.0%	94.3%	300.0%	53.7%	24.2%	0.0%	50.3%	17.3%	-33.3%
	Net trading income			2,066	-	-	3,304	-	-	4,552	-	-	1,217	-	-	2,652	-	-
		YoY		-11.3%	-	-	-6.2%	-	-	-9.5%	-	-	17.2%	-	-	28.4%	-	-
	Financial income			4,098	3,065	91	6,264	4,648	123	8,468	6,309	166	2,414	1,727	32	4,633	3,347	65
		YoY		-8.2%	-43.3%	-44.2%	-7.0%	-41.0%	-42.3%	-2.1%	-36.7%	-40.7%	20.8%	8.3%	-30.4%	13.1%	9.2%	-28.6%
	Other operating revenue			57	520	168	87	773	261	130	1,051	368	37	195	90	74	389	178
Financial expenses				1,032	1,255	5	1,506	1,821	7	1,864	2,394	9	378	625	1	840	1,321	2
Net operating revenue				13,324	10,672	718	20,555	16,078	1,076	29,099	22,958	1,604	7,373	5,728	323	14,754	11,192	644
	YoY			18.7%	7.6%	145.9%	17.3%	11.4%	201.4%	19.5%	15.4%	153.0%	8.3%	7.5%	-0.3%	10.7%	4.9%	-10.3%
SG&A expenses				11,644	9,539	535	17,636	14,273	796	24,137	19,771	1,145	6,036	5,925	248	12,117	12,760	511
	YoY			11.5%	9.7%	22.4%	11.6%	10.4%	23.4%	11.4%	10.6%	27.5%	4.5%	23.7%	-6.1%	4.1%	33.8%	-4.5%
	% of net operating revenue			87.4%	89.4%	74.5%	85.8%	88.8%	74.0%	82.9%	86.1%	71.4%	81.9%	103.4%	76.8%	82.1%	114.0%	79.3%
Operating profit equivalent				1,680	1,133	182	2,919	1,805	280	4,962	3,187	459	1,337	-197	74	2,637	-1,567	132
	YoY			114.0%	-7.2%	-	70.5%	19.6%	-	85.8%	58.6%	-	29.3%	-	23.3%	57.0%	-	-27.5%
	% of net operating revenue			12.6%	10.6%	25.3%	14.2%	11.2%	26.0%	17.1%	13.9%	28.6%	18.1%	-	22.9%	17.9%	-	20.5%
Other revenue				330	-	40	682	18	48	2,752	36	62	880	2	12	3,432	559	37
Other expenses				297	11	7	434	17	8	437	24	3	77	-10	1	227	679	2
Pre-tax profit				1,712	1,122	215	3,166	1,807	320	7,275	3,200	518	2,139	-185	86	5,841	-1,687	168
	YoY			93.2%	-6.0%	-	77.2%	22.1%	-	223.3%	81.4%	-	86.5%	-	30.3%	241.2%	-	-21.9%
	% of net operating revenue			12.8%	10.5%	29.9%	15.4%	11.2%	29.7%	25.0%	13.9%	32.3%	29.0%	-	26.6%	39.6%	-	26.1%
Profit				1,077	836	176	2,091	1,334	261	4,785	2,523	417	1,399	-350	69	3,868	-1,503	137
	YoY			102.1%	-17.1%	-	88.5%	6.6%	-	247.0%	77.9%	-	88.8%	-	35.3%	259.1%	-	-22.2%
Profit attributable to owners of the parent				1,082	836	176	2,089	1,334	261	4,754	2,523	417	1,374	-350	69	3,832	-1,503	137
	YoY			73.4%	-17.1%	-	67.5%	6.6%	-	203.0%	77.9%	-	83.9%	-	35.3%	254.2%	-	-22.2%
	% of net operating revenue			8.1%	7.8%	24.5%	10.2%	8.3%	24.3%	16.3%	11.0%	26.0%	18.6%	-	21.4%	26.0%	-	21.3%

Quarterly performance				Q2 FY03/21			Q3 FY03/21			Q4 FY03/21			Q1 FY03/22			2022年3月期 2Q
(JPYmn)				Japan	US	AP	Japan	US	AP	Japan	US	AP	Japan	US	AP	Japan	US	AP
Operating revenue				7,074	5,946	396	7,705	5,979	361	8,902	7,457	529	7,751	6,385	323	7,843	6,165	322
	YoY			14.1%	-1.0%	83.3%	13.2%	10.0%	101.7%	22.5%	18.6%	85.0%	6.5%	6.5%	-0.9%	10.9%	3.7%	-18.7%
	Commissions received			3,917	4,189	257	4,272	4,136	236	5,407	5,511	379	4,083	4,426	201	4,153	4,346	202
		YoY		42.6%	46.0%	179.3%	28.9%	53.4%	159.3%	41.6%	43.5%	114.1%	-3.2%	6.6%	-2.9%	6.0%	3.7%	-21.4%
		Brokerage commissions		3,312	2,656	255	3,666	2,496	233	4,582	3,416	377	3,325	2,689	200	3,253	2,643	201
			YoY	54.8%	24.6%	177.2%	34.3%	32.2%	161.8%	38.9%	27.4%	113.0%	-11.0%	-2.3%	-2.9%	-1.8%	-0.5%	-21.2%
			Equity and ETF	3,244	701	255	3,604	739	233	4,509	1,166	377	3,272	574	200	3,193	503	201
			Futures and options	68	1,939	-	62	1,697	-	73	2,041	-	52	1,906	-	60	1,994	-
			Cryptocurrencies (exchange)	-	16	-	-	60	-	-	209	-	-	210	-	-	147	-
		Underwriting and distribution commissions		19	-	-	28	-	-	11	-	-	27	-	-	30	-	-
		Subscription and distribution		2	-	-	2	-	-	2		-	2		-	7	-	-
		Other commissions		584	1,533	2	576	1,640	3	812	2,095	2	730	1,737	1	862	1,702	1
			YoY	12.1%	108.0%	-	13.4%	102.7%	50.0%	65.0%	80.6%	-	53.7%	24.2%	0.0%	47.6%	11.0%	-50.0%
	Net trading income			1,028	-	-	1,238	-	-	1,248	-	-	1,217	-	-	1,435	-	-
		YoY		-16.2%	-	-	3.7%	-	-	-17.1%	-	-	17.2%	-	-	39.6%	-	-
	Financial income			2,099	1,470	45	2,165	1,583	32	2,204	1,662	43	2,414	1,727	32	2,219	1,650	33
		YoY		-5.1%	-45.6%	-45.1%	-4.7%	-35.8%	-36.0%	15.0%	-20.6%	-35.8%	20.8%	8.3%	-30.4%	5.7%	12.2%	-26.7%
	Other operating revenue			29	276	95	30	253	94	43	278	107	37	195	90	37	194	87
Financial expenses				561	591	2	474	566	2	358	573	2	378	625	1	462	696	1
Net operating revenue				6,513	5,346	394	7,231	5,406	359	8,544	6,880	528	7,373	5,728	323	7,381	5,464	321
	YoY			15.7%	8.5%	310.4%	14.9%	19.8%	452.3%	25.3%	26.2%	89.9%	8.3%	7.5%	-0.3%	13.3%	2.2%	-18.5%
SG&A expenses				5,867	4,749	272	5,992	4,734	261	6,501	5,498	349	6,036	5,925	248	6,081	6,835	263
	YoY			11.8%	9.5%	20.9%	11.7%	12.0%	25.5%	10.9%	11.0%	37.9%	4.5%	23.7%	-6.1%	3.6%	43.9%	-3.3%
	SG&A as % of net operating revenue			90.1%	88.8%	69.0%	82.9%	87.6%	72.7%	76.1%	79.9%	66.1%	81.9%	103.4%	76.8%	82.4%	125.1%	81.9%
Operating profit equivalent				646	597	122	1,239	672	98	2,043	1,382	179	1,337	-197	74	1,300	-1,371	58
	YoY			69.6%	1.4%	-	33.7%	134.1%	-	113.3%	175.8%	616.0%	29.3%	-	23.3%	101.2%	-	-52.5%
	OP equivalent as % of net operating revenue			9.9%	11.2%	31.0%	17.1%	12.4%	27.3%	23.9%	20.1%	33.9%	18.1%	-	22.9%	17.6%	-	18.1%
Other revenue				166	-	28	352	18	8	2,070	18	14	880	2	12	2,552	557	25
Other expenses				247	-	1	137	6	1	3	7	-5	77	-10	1	150	689	1
Pre-tax profit				565	597	149	1,454	685	105	4,109	1,393	198	2,139	-185	86	3,702	-1,502	82
	YoY			31.7%	4.0%	-	61.4%	139.5%	-	787.5%	390.5%	382.9%	86.5%	-	30.3%	555.2%	-	-45.0%
	% of net operating revenue			8.7%	11.2%	37.8%	20.1%	12.7%	29.2%	48.1%	20.2%	37.5%	29.0%	-	26.6%	50.2%	-	25.5%
Profit				336	408	125	1,014	498	85	2,694	1,189	156	1,399	-350	69	2,469	-1,153	68
	YoY			26.8%	-25.0%	-	76.0%	104.9%	-	897.8%	612.0%	387.5%	88.8%	-	35.3%	634.8%	-	-45.6%
Profit attributable to owners of the parent				335	408	125	1,007	498	85	2,665	1,189	156	1,374	-350	69	2,458	-1,153	68
	YoY			7.7%	-25.0%	-	61.6%	104.9%	-	727.6%	612.0%	387.5%	83.9%	-	35.3%	633.7%	-	-45.6%
	% of net operating revenue			5.1%	7.6%	31.7%	13.9%	9.2%	23.7%	31.2%	17.3%	29.5%	18.6%	-	21.4%	33.3%	-	21.2%

Results by segment (Crypto Asset and Investment segments)

Cumulative				Q1–Q2 FY03/21		Q1–Q3 FY03/21		Q1–Q4 FY03/21		Q1 FY03/22		2022年3月期 1-2Q
(JPYmn)				Crypto Asset	Investment	Crypto Asset	Investment	Crypto Asset	Investment	Crypto Asset	Investment	Crypto Asset	Investment
Operating revenue				2,593	359	6,593	628	20,826	672	12,739	141	20,450	426
	YoY			24.8%	133.1%	157.7%	423.3%	445.9%	351.0%	-	-16.6%	688.7%	18.7%
	Commissions received			211	-	384	-	852	-	471	-	1,043	-
		YoY		37.9%	-	92.0%	-	195.8%	-	572.9%	-	394.3%	-
		Brokerage commissions		7	-	18	-	40	-	12	-	19	-
			YoY	-83.7%	-	-60.9%	-	-20.0%	-	140.0%	-	171.4%	-
			Equity and ETF	-	-	-	-	-	-	-	-	-	-
			Futures and options	-	-	-	-	-	-	-	-	-	-
			Cryptocurrencies (exchange)	7	-	18	-	40	-	12	-	19	-
		Underwriting and distribution commissions		-	-	-	-	-	-	-	-	-	-
		Subscription and distribution		-	-	-	-	-	-	-	-	-	-
		Other commissions		204	-	366	-	812	-	459	-	1,024	-
			YoY	85.5%	-	137.7%	-	241.2%	-	606.2%	-	402.0%	-
	Net trading income			2,381	-	6,209	-	19,960	-	12,171	-	19,245	-
		YoY		23.8%	-	163.2%	-	465.6%	-	1,533.7%	-	708.3%	-
	Financial income			-	359	-	628	-	672	-	141	-	426
		YoY		-	133.1%	-	423.3%	-	351.0%	-	-16.6%	-	18.7%
	Other operating revenue			-	-	-	-	14	-	98	-	31	-
Financial expenses				-	46	3	171	4	163	1	40	2	258
Net operating revenue				2,593	313	6,590	457	20,823	509	12,739	101	20,434	168
	YoY			25.0%	103.2%	157.8%	280.8%	446.2%	241.6%	-	-40.2%	688.0%	-46.3%
SG&A expenses				1,776	37	3,124	56	7,129	72	3,752	25	6,686	43
	YoY			-8.1%	48.0%	24.2%	40.0%	103.6%	33.3%	423.3%	31.6%	276.5%	16.2%
	% of net operating revenue			68.5%	11.8%	47.4%	12.3%	34.2%	14.1%	29.5%	24.8%	32.7%	25.6%
Operating profit equivalent				817	277	3,465	403	13,692	439	8,987	76	13,748	125
	YoY			471.3%	114.7%	-	410.1%	-	367.0%	-	-49.7%	-	-54.9%
	% of net operating revenue			31.5%	88.5%	52.6%	88.2%	65.8%	86.2%	70.5%	75.2%	67.3%	74.4%
Other revenue				11	-	7	-	6	8	10	-	87	-
Other expenses				-	0	221	0	3,831	8	1	-	8	-
Pre-tax profit				827	276	3,250	401	9,867	437	8,996	76	13,827	125
	YoY			447.7%	114.0%	-	407.6%	-	364.9%	-	-49.3%	-	-54.7%
	% of net operating revenue			31.9%	88.2%	49.3%	87.7%	47.4%	85.9%	70.6%	75.2%	67.7%	74.4%
Profit				689	137	2,673	192	6,470	193	6,148	23	9,489	77
	YoY			474.2%	73.4%	-	308.5%	-	310.6%	-	-73.9%	-	-43.8%
Profit attributable to owners of the parent				689	137	2,673	192	6,470	193	6,148	23	9,489	77
	YoY			474.2%	73.4%	-	308.5%	-	310.6%	-	-73.9%	-	-43.8%
	% of net operating revenue			26.6%	43.8%	40.6%	42.0%	31.1%	37.9%	48.3%	22.8%	46.4%	45.8%

Quarterly performance				Q2 FY03/21		Q3 FY03/21		Q4 FY03/21		Q1 FY03/22		2022年3月期 2Q
(JPYmn)				Crypto Asset	Investment	Crypto Asset	Investment	Crypto Asset	Investment	Crypto Asset	Investment	Crypto Asset	Investment
Operating revenue				1,778	190	4,000	269	14,233	44	12,739	141	7,711	285
	YoY			121.7%	33.8%	731.6%	-	-	51.7%	-	-16.6%	333.7%	50.0%
	Commissions received			141	-	173	-	468	-	471	-	572	-
		YoY		80.8%	-	268.1%	-	431.8%	-	572.9%	-	305.7%	-
		Brokerage commissions		2	-	11	-	22	-	12	-	7	-
			YoY	-85.7%	-	266.7%	-	450.0%	-	140.0%	-	250.0%	-
			Equity and ETF	-	-	-	-	-	-	-	-	-	-
			Futures and options	-	-	-	-	-	-	-	-	-	-
			Cryptocurrencies (exchange)	2	-	11	-	22	-	12	-	7	-
		Underwriting and distribution commissions		-	-	-	-	-	-	-	-	-	-
		Subscription and distribution		-	-	-	-	-	-	-	-	-	-
		Other commissions		139	-	162		446		459	-	565	-
			YoY	117.2%	-	268.2%	-	431.0%	-	606.2%	-	306.5%	-
	Net trading income			1,636	-	3,828	-	13,751	-	12,171	-	7,074	-
		YoY		126.0%	-	780.0%	-	-	-	-	-	332.4%	-
	Financial income			-	190	-	269	-	44	-	141	-	285
		YoY		-	33.8%	-	-	-	51.7%	-	-16.6%	-	50.0%
	Other operating revenue			-	-	-	-	14	-	98	-	-67	-
Financial expenses				5	46	3	125	1	-8	1	40	1	218
Net operating revenue				1,773	144	3,997	144	14,233	52	12,739	101	7,695	67
	YoY			121.3%	1.4%	731.0%	-	-	79.3%	-	-40.2%	334.0%	-53.5%
SG&A expenses				1,059	18	1,348	19	4,005	16	3,752	25	2,934	18
	YoY			31.6%	63.6%	131.2%	26.7%	305.8%	14.3%	423.3%	31.6%	177.1%	0.0%
	SG&A as % of net operating revenue			59.7%	12.5%	33.7%	13.2%	28.1%	30.8%	29.5%	24.8%	38.1%	26.9%
Operating profit equivalent				714	126	2,648	126	10,227	36	8,987	76	4,761	49
	YoY			-	-3.8%	-	-	-	140.0%	-	-49.7%	566.8%	-61.1%
	OP equivalent as % of net operating revenue			40.3%	87.5%	66.2%	87.5%	71.9%	69.2%	70.5%	75.2%	61.9%	73.1%
Other revenue				10	-	-4	-	-1	8	10	-	77	-
Other expenses				-2	-	221	-	3,610	8	1	-	7	-
Pre-tax profit				725	126	2,423	125	6,617	36	8,996	76	4,831	49
	YoY			-	-3.8%	-	-	-	140.0%	-	-49.3%	566.3%	-61.1%
	% of net operating revenue			40.9%	87.5%	60.6%	86.8%	46.5%	69.2%	70.6%	75.2%	62.8%	73.1%
Profit				578	49	1,984	55	3,797	1	6,148	23	3,341	54
	YoY			-	-41.0%	-	-	-	-	-	-73.9%	478.0%	10.2%
Profit attributable to owners of the parent				578	49	1,984	55	3,797	1	6,148	23	3,341	54
	YoY			-	-41.0%	-	-	-	-	-	-73.9%	478.0%	10.2%
	% of net operating revenue			32.6%	34.0%	49.6%	38.2%	26.7%	1.9%	48.3%	22.8%	43.4%	80.6%

SG&A expenses by segment (Japan, US, and Asia-Pacific segments)

Cumulative			Q1–Q2 FY03/21			Q1–Q3 FY03/21			Q1–Q4 FY03/21			Q1 FY03/22			2022年3月期 1-2Q
(JPYmn)			Japan	US	AP	Japan	US	AP	Japan	US	AP	Japan	US	AP	Japan	US	AP
Total SG&A expenses			11,644	9,539	535	17,636	14,273	796	24,137	19,771	1,145	6,036	5,925	248	12,117	12,760	511
	YoY		11.5%	9.7%	22.4%	11.6%	10.4%	23.4%	11.4%	10.6%	27.5%	4.5%	23.7%	-6.1%	4.1%	33.8%	-4.5%
	Trading-related expenses		2,989	3,374	174	4,671	5,063	258	6,649	7,048	374	1,548	2,053	73	3,231	4,685	150
		YoY	28.6%	14.7%	35.9%	30.0%	17.0%	35.8%	30.2%	15.6%	37.0%	9.6%	24.0%	-13.1%	8.1%	38.9%	-13.8%
		Commissions paid	1,079	1,774	56	1,737	2,580	83	2,554	3,545	125	544	937	14	1,131	1,859	26
		Stock exchange and association fees	438	69	0	631	107	0	841	143	0	182	45	0	351	84	0
		Telecom, transportation, and information	808	713	57	1,231	1,104	85	1,661	1,502	114	409	432	29	822	862	58
		Advertising	655	815	62	1,054	1,266	90	1,571	1,849	135	407	631	29	912	1,862	65
		Other	9	4	0	18	6	0	22	8	0	6	8	0	14	19	0
	Personnel		2,433	3,634	243	3,806	5,457	365	5,330	7,661	535	1,347	2,231	125	2,646	4,630	256
		YoY	12.0%	2.1%	22.1%	15.0%	4.3%	26.7%	18.2%	6.2%	33.8%	11.2%	20.6%	6.8%	8.8%	27.4%	5.3%
	Real estate-related		1,848	525	9	2,747	827	13	3,604	1,146	17	929	349	4	1,878	722	9
		YoY	0.1%	23.0%	0.0%	-0.7%	22.5%	0.0%	-3.3%	22.6%	0.0%	-1.8%	30.7%	-20.0%	1.6%	37.5%	0.0%
		Real estate	90	61	6	136	92	9	183	116	12	45	32	3	90	60	6
		Furniture and fixtures	1,758	463	3	2,610	734	4	3,420	1,028	5	883	317	1	1,787	662	3
	Office expenses		1,038	11	28	1,508	20	41	1,992	30	58	535	12	8	1,016	22	21
		YoY	6.4%	-15.4%	16.7%	3.2%	-9.1%	17.1%	0.7%	3.4%	16.0%	2.9%	100.0%	-50.0%	-2.1%	100.0%	-25.0%
		Outsourcing	1,016	0	28	1,476	0	40	1,948	0	56	519	0	7	985	0	19
		Supplies	21	11	2	31	20	3	43	30	4	16	12	1	30	22	2
	Depreciation		2,643	1,203	58	3,937	1,804	86	5,234	2,429	116	1,316	653	28	2,603	1,297	54
		YoY	7.8%	-2.4%	-3.3%	6.7%	-3.5%	-4.4%	4.5%	-3.1%	-2.5%	1.8%	7.0%	-3.4%	-1.5%	7.8%	-6.9%
	Taxes and dues		339	19	0	501	30	0	754	41	0	193	8	0	413	15	0
	Other		354	774	23	467	1,073	33	574	1,417	44	169	619	11	332	1,388	22
Quarterly performance			Q2 FY03/21			Q3 FY03/21			Q4 FY03/21			Q1 FY03/22			2022年3月期 2Q
(JPYmn)			Japan	US	AP	Japan	US	AP	Japan	US	AP	Japan	US	AP	Japan	US	AP
Total SG&A expenses			5,867	4,749	272	5,992	4,734	261	6,501	5,498	349	6,036	5,925	248	6,081	6,835	263
	YoY		11.8%	9.5%	20.9%	11.7%	12.0%	25.5%	10.9%	11.0%	37.9%	4.5%	23.7%	-6.1%	3.6%	43.9%	-3.3%
	Trading-related expenses		1,577	1,718	90	1,682	1,689	84	1,978	1,985	116	1,548	2,053	73	1,683	2,632	77
		YoY	34.0%	17.2%	34.3%	32.5%	21.8%	35.5%	30.6%	12.2%	39.8%	9.6%	24.0%	-13.1%	6.7%	53.2%	-14.4%
		Commissions paid	578	880	29	658	806	27	817	965	42	544	937	14	587	922	12
		Stock exchange and association fees	201	36	0	193	38	0	210	36	0	182	45	0	169	39	0
		Telecom, transportation, and information	406	384	29	423	391	28	430	398	29	409	432	29	413	430	29
		Advertising	386	416	32	399	451	28	517	583	45	407	631	29	505	1,231	36
		Other	6	2	0	9	2	0	4	2	0	6	8	0	8	11	0
	Personnel		1,222	1,784	126	1,373	1,823	122	1,524	2,204	170	1,347	2,231	125	1,299	2,399	131
		YoY	11.3%	1.3%	24.8%	20.8%	8.8%	37.1%	26.8%	11.1%	51.8%	11.2%	20.6%	6.8%	6.3%	34.5%	4.0%
	Real estate-related		902	258	4	899	302	4	857	319	4	929	349	4	949	373	5
		YoY	-2.9%	16.2%	0.0%	-2.2%	21.8%	0.0%	-10.9%	22.7%	0.0%	-1.8%	30.7%	-20.0%	5.2%	44.6%	25.0%
		Real estate	44	27	3	46	31	3	47	24	3	45	32	3	45	28	3
		Furniture and fixtures	858	231	1	852	271	1	810	294	1	883	317	1	904	345	2
	Office expenses		518	5	12	470	9	13	484	10	17	535	12	8	481	10	13
		YoY	6.6%	-28.6%	-20.0%	-3.1%	0.0%	18.2%	-6.4%	42.9%	13.3%	2.9%	100.0%	-50.0%	-7.1%	100.0%	8.3%
		Outsourcing	506	0	12	460	0	12	472	0	16	519	0	7	466	0	12
		Supplies	11	5	1	10	9	1	12	10	1	16	12	1	14	10	1
	Depreciation		1,350	593	29	1,294	601	28	1,297	625	30	1,316	653	28	1,287	644	26
		YoY	5.6%	-5.0%	-3.3%	4.4%	-5.8%	-6.7%	-1.5%	-1.7%	3.4%	1.8%	7.0%	-3.4%	-4.7%	8.6%	-10.3%
	Taxes and dues		151	8	0	162	11	0	253	11	0	193	8	0	220	7	0
	Other		147	383	11	113	299	10	107	344	11	169	619	11	163	769	11
		YoY	-5.2%	66.5%	37.5%	-35.8%	16.8%	-9.1%	-38.9%	19.0%	10.0%	-18.4%	58.3%	-8.3%	10.9%	100.8%	0.0%

Source: Shared Research based on company data
Note: Figures may differ from company materials due to differences in rounding methods.
Note: Figures that exceed 1,000% YoY are denoted by -.
Note: Cumulative quarterly performance calculated as the total of quarterly results.
Note: Depreciation for US and Asia-Pacific segments include depreciation of identified intangible assets at the time of acquisition of TradeStation Group and Monex Boom Securities Group.

SG&A expenses by segment (Crypto Asset and Investment segments)

Cumulative			Q1–Q2 FY03/21		Q1–Q3 FY03/21		Q1–Q4 FY03/21		Q1 FY03/22		2022年3月期 1-2Q
(JPYmn)			Crypto Asset	Investment	Crypto Asset	Investment	Crypto Asset	Investment	Crypto Asset	Investment	Crypto Asset	Investment
Total SG&A expenses			1,776	37	3,124	56	7,129	72	3,752	25	6,686	43
	YoY		-8.1%	48.0%	24.2%	40.0%	103.6%	33.3%	423.3%	31.6%	276.5%	16.2%
	Trading-related expenses		469	4	849	6	2,877	7	1,854	2	3,422	3
		YoY	10.4%	0.0%	42.9%	-25.0%	268.4%	-30.0%	971.7%	-33.3%	629.6%	-25.0%
		Commissions paid	110	1	201	2	485	2	270	1	439	2
		Stock exchange and association fees	-	-	-	-	-	-	-	-	-	-
		Telecom, transportation, and information	133	0	212	0	323	0	138	-	273	-
		Advertising	218	-	425	-	2,054	-	1,441	-	2,700	-
		Other	8	3	11	4	15	4	5	1	10	2
	Personnel		728	19	1,208	30	2,047	40	783	14	1,262	23
		YoY	3.0%	46.2%	25.2%	50.0%	59.2%	42.9%	166.3%	75.0%	73.4%	21.1%
	Real estate-related		-9	-	-	9	2	9	5	-	11	-
		YoY	-