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

(Percentages represent year-on-yearchanges.)

Summary of Consolidated Financial Results for the Second Quarter

of the Fiscal Year Ending March 31, 2022

(Six Months Ended September 30, 2021)

			[Japanese GAAP]
Company name: QUICK CO., LTD.		October 29, 2021
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:	November 11, 2021
Scheduled date of payment of dividend:	December 1, 2021
Preparation of supplementary materials for quarterly financial results:	Yes
Holding of quarterly financial results meeting:	Yes

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

1. Consolidated Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2022 (April 1, 2021 - September 30, 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	%
Six months ended Sep. 30, 2021	12,202	18.5	2,656	39.3	2,685	32.1	1,889	32.7
Six months ended Sep. 30, 2020	10,300	-	1,907	-	2,032	-	1,423	-

Note: Comprehensive income (millions of yen)	Six months ended Sep. 30, 2021:	2,219	(up 30.7%)
		Six months ended Sep. 30, 2020:	1,697	(-%)
	Net income per share	Diluted net income per share
		Yen		Yen
Six months ended Sep. 30, 2021		100.32		-
Six months ended Sep. 30, 2020		75.57		-
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 six months ended September 30, 2020 have been adjusted retroactively to conform with this accounting standard. Accordingly, the year-on-year changes for the six months ended September 30, 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 Sep. 30, 2021	17,146	12,416		72.4	659.03
As of Mar. 31, 2021	15,103	10,687		70.7	567.24
Reference: Shareholders' equity (millions of yen)	As of Sep. 30, 2021: 12,414	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)			-		20.00	40.00

Note: Revisions to the most recently announced dividend forecast: None

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	21,400	10.5	2,486	33.2	2,500	17.8	1,706	16.6	90.56
Note: Revisions to the most recently announced consolidated earnings forecast: None

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

Note: Please refer to page 11 of the attachments "2. Quarterly Consolidated Financial Statements and Notes, (4) Notes to Quarterly Consolidated Financial Statements (Changes in Accounting Policies)" for more details.

(4) Number of shares outstanding (common shares)

1)	Number of shares outstanding at the end of the period (including treasury shares)
	As of Sep. 30, 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 Sep. 30, 2021:	261,252 shares	As of Mar. 31, 2021:	261,173 shares
3) Average number of shares outstanding during the period
	Six months ended Sep. 30, 2021:	18,837,333 shares	Six months ended Sep. 30, 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 Second Quarter of FY3/22

1. Qualitative Information on Quarterly Consolidated Financial Performance

(1) Explanation of Results of Operations

During the first half of the fiscal year ending March 31, 2022, the Japanese economy, despite the prolonged spread of COVID-19, showed signs of a rebound mainly on the back of the smooth progress of vaccination in Japan, the recovery in Western and other economies. However, the domestic economy remained uncertain because the fifth wave of infections throughout this summer forced the Japanese government to extend state of emergency and quasi-emergency measures, which once again restricted consumer spending and economic activities.

Meanwhile, in Japan's labor market, the seasonally adjusted job openings-to-applicants ratio was 1.14 and the seasonally adjusted unemployment rate was 2.8% in August 2021, suggesting that a moderate recovery trend continues, though seesawing.

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 18.5% year-on-year to 12,202 million yen, operating profit increased 39.3% year-on-year to 2,656 million yen, ordinary profit increased 32.1% year-on-year to 2,685 million yen, and profit attributable to owners of parent increased 32.7% year-on-year to 1,889 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, recruiting needs slowed down slightly in the automobile industry because a shortage of semiconductors and delay in parts supply from Southeast Asian countries led to a decreased production. Meanwhile, the construction, electrical equipment, machinery and other industries have been enhancing their hiring activities, and recruiting needs for nurses remained high. Given this business environment, the personnel placement business for construction and pharmaceutical related categories, various types of engineers for specific fields as well as nurses placement grew favorably. Those were the major results of our efforts including focusing on selected categories and providing an extensive support of having more meetings with our client companies and registrants who wish to change careers. On the other hand, the growth of childcare professionals placement business was anemic because the state of emergency declaration and quasi-emergency measures led to an increase in childcare at home, the cancellation and scaling down of events, which reduced workload, improved the retention of childcare workers at each school and decreased hiring demand for full-time employees.

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

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

contributed to the steady performance of temporary staffing of nurses. Meanwhile, robust demand for the temporary staffing of childcare workers expanded the performance despite a temporary closure at some nursery schools caused by the pandemic, vaccine leave by temporary staff and the like.

Overall, sales of the Human Resources Service Business increased 16.7% year-on-year to 8,829 million yen and operating profit also increased 13.3% year-on-year to 2,631 million yen.

(Recruiting Business)

In the Recruiting Business, the new college graduate category saw a rigid performance in the volume of advertisements in our recruitment websites targeting March 2022 new college graduates and our internship websites for March 2023 new college graduates, as client companies' recruiting needs for new graduates recovered.

In the mid-career hiring category, as hiring needs were recovering in businesses except some sectors like restaurant and service, customer development and strengthened sales activities substantially increased the volume of "Indeed" business, improving performance. Furthermore, the volume of recruiting advertisements for full-time employees and part-time workers remained favorable. Meanwhile, the volume of recruiting advertisements for potential registrants for temporary staffing improved as we saw an increased demand for recruiting advertisement placement from temporary staffing companies that had restrained such advertisement in preparation for post-state of emergency declaration.

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 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 42.4% year-on-year to 1,167million yen and operating profit was 88 million yen, compared with a loss of 140 million yen in the same period of the previous fiscal year.

(Information Publishing Business)

In the Information Publishing Business, our mainstay lifestyle information magazines stayed resilient, primarily supported by the recovered recruiting needs of client companies and the success of the enlarged edition of Kanazawa Joho published commemorating its 35th anniversary, although the sales promotion sentiment of our client companies lost momentum due to quasi-emergency measures implemented in Ishikawa and Toyama prefectures in August 2021. "Indeed" also remained encouraging. Additionally, posting services including flyers distributed to households with lifestyle information magazines enjoyed stable sales promotion needs by the current customers and grew steadily. Furthermore, the concierge services we operate under the "cococolor" brand performed well in the career change domain, and the housing domain benefited from the last-minute surge in demand for mortgage tax relief on a new custom-build house. Accordingly, all the domains of the concierge services including bridal achieved revenue increase.

Overall, sales of the Information Publishing Business increased 17.7% year-on-year to 1,028 million yen and operating profit increased 239.8% to 95 million yen.

(IT and Internet-Related Business)

In the IT & Internet-Related Business category, "Nihon no Jinjibu" (Japan's Human Resources Department) related service significantly increased its advertising revenues from "Nihon no Jinjibu"-our portal website for personnel and labor relations. The increase came against a backdrop of the growing interest in improving business efficiency and labor saving triggered by the COVID-19 pandemic and the recovery of operating performance of recruiting and HR development-related companies. Furthermore, the online HR related event, "Nihon no Jinjibu HR Conference 2021-Spring-" held in May 2021 hit a record high in revenue as well as in the number of exhibiters and participants, which contributed to an increase in revenue from "Nihon no Jinjibu" related services.

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

As for the system development category, a gradual recovery of system investment spurred the competition for acquiring development engineers to meet such demands. In such a situation, the operating performance expanded steadily as a result of our efforts to expand a customer base through proactively soliciting new projects and catering for customers' delicate needs. This strong result was also attributable to securing human resources for development projects mainly by transferring our engineers from the learning business. Meanwhile, the learning field posted decreased revenue as the COVID-19 pandemic still forced many companies to restrain investments for IT-related trainings although we focused on receiving orders for a training program designed for each client.

Overall, sales of the IT and Internet-Related Business increased 12.7% year-on-year to 742 million yen and operating profit also increased 58.8% year-on-year to 234 million yen.

(Overseas Business)

In North and Central America (notably in the U.S. and Mexico), the operating performance of the personnel placement business expanded because the U.S. saw a continued improvement in hiring sentiment against a backdrop of the recovery of the economic environment along with the progress of vaccination, and also because Mexico saw the recovery in hiring sentiment to the level of that before COVID-19. Furthermore, the temporary staffing business in the U.S. turned into an upward trend.

In Asia (notably in China, Vietnam, and Thailand), the personnel placement business in China reported a year-on-year increase in revenue as an increasing number of corporations resumed hiring activities along with the moderate domestic economic recovery thanks to settling down of the spread of COVID-19 infections. In addition, personnel and labor consulting business remained favorable, enjoying increased orders for agency business for visa application services and education/training services on top of advisory services. In Vietnam, where a harsh business environment continued due primarily to immigration restrictions, the personnel placement business expanded against a backdrop of an improved hiring sentiment of local Japanese companies, which was attributable primarily to the establishment of a quarantine scheme for foreign visitors. Also in Thailand, 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, let alone local Japanese companies.

In the U.K., the hiring sentiment turned into a positive trend caused by a decrease in the number of infections toward the end of the first quarter thanks to the third lockdown in response to the spread of COVID-19 infections. Accordingly, the personnel placement services as well as temporary staffing services made a significant improvement although some companies prolonged a candidate selection period given the postponement of the lifting of the lockdown in the second quarter.

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 13.3% year-on-year to 434 million yen and operating profit was 10 million yen, compared with a loss of 53 million yen in the same period of the previous fiscal year.

1. Explanation of Financial Position 1) Assets, liabilities and net assets

Total assets at the end of the second quarter of the fiscal year under review were 17,146 million yen, which was 2,042 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 4,730 million yen, which was 313 million yen more than at the end of the previous fiscal year. This was mainly the result of increases in income taxes payable and accrued consumption taxes despite decreases in accounts payable-trade,short-term borrowings, accounts payable-other.

Total net assets were 12,416 million yen, which was 1,729 million yen more than at the end of the previous fiscal

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