( )
3900
2019 9
NTT
CrowdWorks Inc. All Rights Reserved. 0
2019
• 14,806 32.8%
40 7.2%
• 8,749 31.9
30 +1.9%
• 3,123 24.0%
30 6.0%
• EBITDA 167 10.9%
• 48 104.1%
CrowdWorks Inc. All Rights Reserved. 1
2019
FINTECH
14,806 806 7.2
+402 3.6
FINTECH ,208 10.8%
8,749 49 1.9
3,123 149 6.0
44 1.8
FINTECH 55 2.2%
50 2.0
48 +48
CrowdWorks Inc. All Rights Reserved. 2
2019 2020
2019 9 2020 9
FINTECH
FINTECH
PMI
M&A 2019 9
CrowdWorks Inc. All Rights Reserved. 3
2020
162 +9%
90 +3%
34 +8%
EBITDA 4 9
5 10
EBITDA
⚫ +20% ⚫
⚫ 20%
⚫ ⚫ 2
⚫
CrowdWorks Inc. All Rights Reserved. 4
2020
20%
EBITDA 20%
2021 9 +30%
1 2
133 +20% 28 25% 1
61.5 +19% 28 22% 0.5
28.2 +20% 5.5 8% 0.3
4,200 1 3,400
EBITDA 4 8 0.7 1.2 1 2
3,400 5,800
4 8 0 0.5 1 2
2020
CrowdWorks Inc. All Rights Reserved. 5
CrowdWorks Inc. All Rights Reserved. 6
2019 P/
+31.9
EBITDA
2019 9 4Q 2019 9
3,974 +32.9 2,990 14,806 +32.8 11,151 40 7.2
2,236 +24.7% 2,213 8,749 +31.9% 6,634 30 +1.9%
784 +15.3% 680 3,123 +24.0% 2,517 30 6.0
798 +38.2 578 3,075 +23.3% 2,494
14 116 102 48 +24 23
(+104.1%)
EBITDA 11 124 135 167 +16 150
( +10.9%)
6 94 87 67 +57 9
(+591.6%)
57 144 87 127 46 81
⚫
CrowdWorks Inc. All Rights Reserved. 7
CAGR 53
14,806 CAGR
53
11,151
8,749
[
6,634
6,317
2,925
3,123
2,517
1,509
23 48
-335
2017 9 2018 9 2019 9
CrowdWorks Inc. All Rights Reserved. 8
+32.8
FINTECH M&A
14,806
+32.8 3,974
3,751
3,611
11,151 3,468
2,956 2,990
2,877
[ 2,328
1,788
1,638
1,506
1,383
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2017 9 2018 9 2019 9
CrowdWorks Inc. All Rights Reserved. 9
+31.9
+31.9 8,749
2,282
2,203 2,236
6,634 2,027
1,867
1,792
1,622
1,352
[
896
775
607 646
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2017 9 2018 9 2019 9
CrowdWorks Inc. All Rights Reserved. 10
2019 9
+24.0
+24.0 3,123
2,517 781 792 784
764
697
680
572 567
[
458
375
348
327
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2017 9 2018 9 2019 9
CrowdWorks Inc. All Rights Reserved. 11
29.8% 20
2020
21.9% 21.7% 22.4% 21.3% 22.6% 22.4%
21.0% 20.8% 20.2%
19.7%
18.3% 18.2%
+29.8%
2,338
632
602
1,802 571
533
513
[ 464
443
381
347
291
239
218
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2017 9 2018 9 2019 9
2020
CrowdWorks Inc. All Rights Reserved. 12
20
76
103
114 120
58
85
250
33.3%
18
66 232
30.3% 223 227 227
29.0% 195 185
69
70 76 33 176 95
25.3% 71
57 64 66
106 115 24.8%
94
100
62 22.1% 23.8% 50
41
19.3% 21.6%
34 35 30 21.0%
29 20.4% 20.1%
358 375
345 322 343 344
292 310
261 250 263 263
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2017 9 2018 9 2019 9
CrowdWorks Inc. All Rights Reserved. 13
EBITDA
135
EBITDA 102
81
56 52
42 46
23 25
13 17 13
6 11
-4
-14
-94 -83
-104 -100
-107
-116
-130
-133
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2017 9 2018 9 2019 9
CrowdWorks Inc. All Rights Reserved. 14
FINTECH M&A
2019 9
6,725
2,655
2,654
1
18,109
graviee 111
9,644
211
8,142
8,728
8,485
17,213
4,453
12,760
⚫
CrowdWorks Inc. All Rights Reserved. 15
2020 9 1Q
APPENDIX
2019 9 4Q 2020 9 1Q
•
• graviee
•
•
•
Forge
•
FINTECH
9
CrowdWorks Inc. All Rights Reserved. 16
CrowdWorks Inc. All Rights Reserved. 17
2019
35.4 29.8
3.6
110.9 21.1 23.3
81.9 22.0 18.0
35.4 0.9 29.8%
34.3 21.3% 7.3
28.4 26.7% 7.5
20.8 5.4 3.6
2.8 19.3% 0.5
1.1 -% 0.4
139.3 - -
2020
CrowdWorks Inc. All Rights Reserved. 18
35.4
+35.4%
11,093
3,126
2,742
8,194 2,683
2,540
2,271
2,182
1,981
[ 1,758
1,587
1,483
1,314
1,191
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2017 9 2018 9 2019 9
2020
CrowdWorks Inc. All Rights Reserved. 19
+36.0%
+36.0%
5,203
1,445
1,316
3,827 1,281
1,160
1,106
1,003
916
[ 800
708
626
459
416
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2017 9 2018 9 2019 9
2020
CrowdWorks Inc. All Rights Reserved. 20
29.8% 20
21.9% 21.7% 22.4% 22.6% 22.4%
21.3% 21.0% 20.8%
19.7% 20.2%
18.3% 18.2%
+29.8%
2,338
632
602
1,802 571
533
513
464
[ 443
381
347
291
239
218
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2017 9 2018 9 2019 9
2020
CrowdWorks Inc. All Rights Reserved. 21
2018
1.5 ( 3 ) 2019 +20.8%
+20.8%
2,840 3,431
957 966
884
803
777
2018 1Q
689
[ 641
551
Q1
1.5
191 186 187
148
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2017 9 2018 9 2019 9
2020
CrowdWorks Inc. All Rights Reserved. 22
3.6%
757 3.6%
282
2018 1Q 730
58.3% 56.2% 232
56.9%
58.7%
189
[ 175 177
164
156
34.4%
29.5%
108 108 109 110 25.5%
21.2% 24.0% 22.1%
83 17.2% 17.7%
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2017 9 2018 9 2019 9
2020
CrowdWorks Inc. All Rights Reserved. 23
KPI
CrowdWorks Inc. All Rights Reserved. 24
KPI
KPI
31.7 35,012 110.9
31.7
26.2
20.7
18.3
14.1
13.2
35,012
31,233
26,100
19,957
15,475
9,555
2014 9 2015 9 2016 9 2017 9 2018 9 2019 9
2020
CrowdWorks Inc. All Rights Reserved. 25
WEB SI IT
1,270 ( ) 7 ( ) 1 7,600 ( ) 7,700 ( ) 7,659 ( )
CW CW CW CW CW
130 700 1,760 770 140
20 30 35
BPO BPO
*
4,800 ( ) 3,700 ( ) 1,500 ( ) 2,550 ( ) 1,050 ( )
CW CW CW CW CW
480 180 150 100 50
50
CrowdWorks Inc. All Rights Reserved. 26
KPI
KPI
5.5 20.2 110.9
54,923
42,143
39,006 39,669
35,682 35,777
52,000
20,000
177,031 181,991
151,127
86,896
49,996
32,279
2014 9 2015 9 2016 9 2017 9 2018 9 2019 9
2020
CrowdWorks Inc. All Rights Reserved. 27
2019 316.4
83.5 +35.8
TV
316.4
+35.8% 294.0
271.2
250.0
TV 232.9
203.3
188.9
173.9
154.9
147.0
132.1
117.2
105.2
96.8
86.4
79.6
73.7
58.0
50.0
26.9
13.7 18.3 22.5
CrowdWorks Inc. All Rights Reserved. 28
No.1
90
A C
80
70
A
60 B
18%
50
40
30
52%
30%
20
10
0
2012 2015 2018 2019
Google
2019 10
CrowdWorks Inc. All Rights Reserved. 29
TAM*
559 169 9.4 4.5 4,230
1,900 169 32.1 4.5 1.44
1,100 50 5.5 4.5 2,475
134 262 3.5 4.5 * 1,575
TAM
50.5 4.5 2.27
2018 29 4.5
2018 29
213 1 1,600
2018 29
2018 3000
CrowdWorks Inc. All Rights Reserved. 30
2020 9
CrowdWorks Inc. All Rights Reserved. 31
2019 2020
2019 9 2020 9
FINTECH
FINTECH
PMI
M&A 2019 9
CrowdWorks Inc. All Rights Reserved. 32
2020
162 +9%
90 +3%
34 +8%
EBITDA 4 9
5 10
EBITDA
⚫ +20% ⚫
⚫ 20%
⚫ ⚫ 2
⚫
CrowdWorks Inc. All Rights Reserved. 33
2020
20%
EBITDA 20%
2021 9 +30%
1 2
133 +20% 28 25% 1
61.5 +19% 28 22% 0.5
28.2 +20% 5.5 8% 0.3
4,200 1 3,400
EBITDA 4 8 0.7 1.2 1 2
3,400 5,800
4 8 0 0.5 1 2
2020
CrowdWorks Inc. All Rights Reserved. 34
2020
30
Web 200 600 •
•
TVCM
•
100 150
•
•
API
100 150 •
AI
CrowdWorks Inc. All Rights Reserved. 35
1
LTV 2 27,267
13,457
12 CPA
24 2
27,267
2 202.6%
13,457
12
7
0
1
2
3
4
5
6
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
CrowdWorks Inc. All Rights Reserved. 36
+30%
10 20
2018 9 2019 9 2020 9 2021 9 2022 9 2018 9 2019 9 2020 9 2021 9 2022 9
CrowdWorks Inc. All Rights Reserved. 37
VISION
CrowdWorks Inc. All Rights Reserved. 38
CEO
26 8,721
2011 11 11
316
47
12
80
CrowdWorks Inc. All Rights Reserved. 39
47 316
• •
•
• •
• •
• •
CrowdWorks Inc. All Rights Reserved. 40
• 18 1.62 1973
45 2019 8 18
• 2030 644 2030
•
•
• 5 2019 5 20
•
2018
• 10.9% 41.0%
CrowdWorks Inc. All Rights Reserved. 41
VISION
2.27
2019 9
148.0
116
40 422 1.68
Yahoo! 2019 9 11
1 37.1 2 30.3 3 29.6
29
CrowdWorks Inc. All Rights Reserved. 42
CrowdWorks Inc. All Rights Reserved. 43
Appendix
CrowdWorks Inc. All Rights Reserved. 44
2019
2019 Q 3,974 +32.9
2,236 +24.7
784 +15.3%
14 116
2018 9 2019 9
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2,328 2,956 2,877 2,990 3,468 3,611 3,751 3,974 +32.9 +5.9%
1,352 1,867 1,622 1,792 2,027 2,203 2,282 2,236 24.7% 2.0%
572 697 567 680 764 781 792 784 15.3% 0.9%
577 654 684 578 750 758 767 798 38.2 +3.9%
4 42 116 102 13 23 25 14 116 39
EBITDA 17 81 83 135 46 56 52 11 124 40
6 38 109 87 13 34 25 6 94 32
35 21 111 87 2 37 30 57 144 26
⚫
CrowdWorks Inc. All Rights Reserved. 45
2019 B/S
50.4
2019 9 2018 9
5,220 4,758 +461
1,108 1,199 91
6,328 5,957 +370
2,632 3,124 491
450 605 155
3,083 2,227 +1,017
50.4% 35.7% +14.7
⚫
⚫ 28 2018 2 16
CrowdWorks Inc. All Rights Reserved. 46
2019
2019
2019 9 2018 9
346 542
162 75
198 1,794
381 1,175
3,266 2,884
⚫
CrowdWorks Inc. All Rights Reserved. 47
2019 KPI
+31.9% +24.0%
21.1
148.1 ( 22.6 )
31.2
( 25.2 )
111.5 32.8 ( 1.5 )
( 24.0%)
133.4 19.1 25.4
( 20.4 ) ( 20.6 )
101.2 31.9
( 1.3 ) ( 23.6%)
FINTECH 39.6% 5.8
14.6
( 44.2%) ( 4.6 )
10.3 +41.6
( 4.6 ) ( 26.1 )
CrowdWorks Inc. All Rights Reserved. 48
SDGs ESG
SDGs ESG
SDGs ESG
➢
• 3 7 18.0%
➢
• AAA 2018 7 6 AAA
➢
• 25 42
•
CrowdWorks Inc. All Rights Reserved. 49
CrowdWorks Inc. All Rights Reserved. 50
IR
https://crowdworks.co.jp/
E-mail : ir@crowdworks.co.jp
CrowdWorks Inc. All Rights Reserved. 51