Kakaku.com

Results Briefing for the Third Quarter
of the Fiscal Year ending March 31, 2016
Feb 3rd, 2016
Kakaku.com, Inc.
Summary
1
tabelog
Kakaku.com
FY3/2016 3Q highlights
Domestic
Sales increased 4.3% YoY as strong sales of consumer goods and
personal finance categories compensated for a decrease in commissions from
broadband service providers.
Overseas
Monetization trials started in November in Thailand and December in India.
Priceprice.com increased its number of unique users (four-country total)
to 6.66 mn as of end-December.
Domestic
The number of fee-paying users surpassed 1.28 mn as of end-December.
ARPU at fee-paying restaurants increased from 18,500 in 2Q to 19,500 in 3Q.
Overseas
The number of unique users reached 960,000 at end-December, 3.3 times
the level at end-December 2014, due to stronger ties with SNS sites.
New Media
Finance
Travel business Time Design and real estate information site Sumaity
posted strong sales and continued to maintain high growth.
Although Finance sales decreased in reaction to a premium rate increase
for fire insurance, sales of online insurance contracts were robust.
2
FY3/2016 3Q Results (Quarterly)
(Unit: million yen)
YoY
Full-year
forecast
Progress
relative to
forecast
10,558
+14.6%
42,500
70.0%
4,566
5,071
+11.1%
19,700
69.8%
Ordinary
income
4,913
5,095
+3.7%
19,700
70.1%
Net income
attributable to
shareholders of the
parent company
3,120
3,378
+8.3%
13,131
70.4%
Operating
margin
49.5%
48.0%
-1.5pts
46.4%
-
FY3/2015
3Q
FY3/2016
3Q
(Oct-Dec 2014)
(Oct-Dec 2015)
Sales
9,217
Operating
income
*FY3/15 3Q ordinary income includes a gain on sales of investment securities.
3
Quarterly Sales by Business Category (Consolidated)
10,558
8,777
8,551
16.0%
17.3%
18.2%
24.9%
20.4%
(Unit: million yen)
22.8%
24.2%
26.9%
29.4%
18.6%
13.8%
10.7%
12.1%
15.1%
23.8% Shopping
22.0%
23.4%
25.4%
28.2%
Note: Amounts
exclude intersegment sales and
transfers.
9,327
9,217
7,965
7,660
9,881
23.1%
18.8%
9.6%
10.0%
14.6% Service
Kakaku.com
10,052
13.0% Advertising
10.1%
12.0%
39.0%
33.9%
36.3%
35.1%
5.9%
2.5%
3Q
7.0%
2.6%
4Q
27.2%
27.5%
34.3%
5.5%
2.4%
3Q
4.9%
2.4%
4Q
5.7%
2.5%
1Q
8.3%
2.3%
2Q
FY2013
39.0%
38.1%
7.3%
2.9%
1Q
FY2014
10.3%
3.1%
2Q
tabelog
7.4% New Media
2.2% Finance
3Q
FY2015
Shopping
2,253
2,479
2,145
2,066
2,339
2,353
2,130
2,175
2,513
Service
1,560
2,188
1,481
1,555
1,590
2,317
1,750
1,584
1,538
Advertising
1,159
1,060
953
912
1,276
1,001
941
949
1,377
Tabelog
2,084
2,413
2,729
3,104
3,234
3,408
3,556
3,851
4,119
New Media
422
429
451
705
543
707
676
1,021
782
Finance
179
206
204
206
233
264
270
300
227
4
Quarterly Cost Breakdown (Consolidated)
5,486
5,035
4,836
4,407
3,850
26.9%
4,456
19.2%
19.5%
20.5%
22.4%
22.8%
24.8%
22.2%
*1 Commission =
Various commissions
paid + Advertising
agency commissions
*2 The number of
regular employees, with
the average number of
temporary employees
for each quarter shown
separately in
parentheses
(Unit: million yen)
5,050
4,650
23.8%
22.5%
18.8%
5,487
18.0%
19.9%
22.1%
26.2%
26.8%
27.3%
Personnel-related
10.5%
Outsourcing
4.0%
3.2%
Depreciation
23.8%
19.6%
20.4%
29.2%
30.5%
31.1%
29.7%
30.5%
27.0%
29.3%
11.3%
8.0%
3.5%
3.7%
10.9%
3Q
7.6%
3.0%
3.1%
9.3%
8.5%
3.5%
3.1%
11.7%
4Q
1Q
8.3%
3.5%
3.1%
8.7%
3.4%
3.5%
13.9%
10.4%
2Q
FY2013
3Q
9.3%
3.7%
3.3%
9.6%
10.4%
10.3%
4Q
1Q
3.8%
3.3%
FY2014
3.7%
3.2%
14.1%
2Q
10.8%
863
1,184
912
926
905
1,196
1,005
1,029
987
Comission*1
784
865
990
1,104
1,152
1,134
1,199
1,213
1,435
1,198
1,346
1,356
1,411
1,383
1,358
1,478
1,468
1,498
Outsourcing
309
332
380
399
405
466
483
619
575
Depreciation
135
132
154
170
159
187
189
200
220
Rent
143
137
138
150
161
166
167
176
174
Other
416
407
522
673
482
524
527
779
594
Employee headcount*2
553(89)
570(90)
616(90)
639(96)
653(97)
660(97)
689(99 )
695(106 )
Rent
Other
3Q
FY2015
Advertising
Personnel-related
Advertising
710(109)
Oct-Dec 2015
Breakdown of “Other"
expenses
・Server maintenance
¥87mn
・TimeDesign cost of
goods purchased
¥264mn
・Goodwill amortization
¥6mn
・Employee recruitment
¥42mn
etc.
5
Kakaku.com
6
Kakaku.com
Kakaku.com-related businesses' usership
 The number of users of Kakaku.com and related sites, including Priceprice.com,
grew 3.8% YoY.
 The number of domestic and overseas smartphone users increased dramatically
and exceeded the number of PC users as of end-December.
Domestic and overseas monthly unique users (in millions)
60
58.11
55.98
Priceprice
（Southeast Asia）
YoY
+3.8%
50
Domestic and overseas monthly unique users
Breakdown by device(%)
40
30
Smartphone
Kakaku.com
（Japan）
20
52%
PC
48%
10
0
Dec 2014
Dec 2015
*Monthly users are defined as the number of visitors to the site, not the cumulative number of visits, per month. Visitors who visit the site multiple times
within a month are counted as a single user.
7
Kakaku.com
Businesses' progress
Monthly unique users (in millions)
Kakaku.com quarterly Sales Trend (million yen)
YoY
+4.3%
6,000
5,671
Negative growth YoY from a high level in December 2014
that resulted from products with booming sales
52.25
51.45
YoY
-1.5%
50
5,428
5,205
4,821
5,000
55
4,708
45
4,000
40
Dec 2014
3,000
Dec 2015
ARPU (yen)
40
2,000
YoY
+5.7%
30
1,000
37
35
20
0
3Q
4Q
1Q
FY2014
2Q
3Q
FY2015
Shopping
2,339
2,353
2,130
2,175
2,513
Service
1,590
2,317
1,750
1,584
1,538
Advertising
1,276
1,001
941
949
1,377
10
0
FY3/15 3Q
FY3/16 3Q
※3month average
8
Kakaku.com
Shopping business
Quarterly Sales Trend (million yen)
YoY
+7.5%
3,000
2,000
Durable goods/consumer goods: Sales ratio (%)
1,000
100%
0
3Q
4Q
1Q
FY2014
Shopping
2,339
2Q
3Q
80%
FY2015
2,353
2,130
2,175
Consumer
goods
33%
Consumer
goods
39%
2,513
60%
Quarterly sales growth rates (%)
10%
Growth rate rebound as a result of robust
consumer goods sales despite slack demand for
seasonal products due to warm winter weather
40%
Durable
goods
67%
20%
Durable
goods
61%
0%
0%
FY3/15 3Q
-10%
3Q
4Q
1Q
FY2014
Shopping
3.8%
-5.1%
2Q
3Q
FY2015
-0.7%
5.3%
7.5%
FY3/16 3Q
*Durable goods: Household appliances, PCs, cameras, etc.
*Consumer goods: Fashion Apparels, Accessories, Household items,
beverages, etc.
9
Kakaku.com
Service business
Quarterly Sales Trend (million yen)
Breakdown of service revenues (%)
3,000
YoY
-3.3%
2,000
42%
3Q
4Q
1Q
FY2014
Service
1,590
2Q
3Q
FY2015
2,317
1,750
1,584
1,538
Quarterly sales growth rates (%)
20%
58%
72%
Information
services
28%
Telecom
service
50%
1,000
0
100%
0%
FY3/15 3Q
FY3/16 3Q
Low-cost smartphone and SIM card contracts
Continued sluggish performance from the broadband
agency business, but robust performance from
personal finance categories and used car searches
YoY
x2.3
10%
0%
-10%
3Q
4Q
1Q
FY2014
Service
1.9%
2Q
3Q
FY2015
5.9%
18.2%
1.8%
3Q
3Q
FY2014
FY2015
-3.3%
10
Kakaku.com
Advertising business
Quarterly Sales Trend (million yen)
YoY
+8.0%
1,500
1,000
Ad Sales Breakdown by Device (%)
500
100%
0
3Q
4Q
1Q
FY2014
Advertising
1,276
2Q
3Q
FY2015
1,001
941
949
Smartphone
Ads
17%
1,377
Smartphone
Ads
22%
80%
Quarterly sales growth rates(%)
60%
20%
Buoyant sales of automotive and
finance-related advertising
10%
40%
PC Ads
83%
PC Ads
78%
0%
20%
-10%
3Q
4Q
1Q
FY2014
Advertising
10.1%
-5.6%
2Q
3Q
FY2015
-1.2%
4.0%
8.0%
0%
FY3/15 3Q
FY3/16 3Q
11
Kakaku.com
Current status - Action for the electricity liberalization



“Kakaku.com Electricity Rate Comparison” provides information on 126 electricity rate plans from
22 companies and the information is constantly being updated.
Kakaku.com also has limited offers for its users.
The business model will shift from a fee or ad-based model to a commission based model starting
April.
Electric power
suppliers
Existing
major
power
companies
New Power
Producers
and
Suppliers
(PPS)
Users
Posting of
Plans and rates
Rate
comparison
Ad placement
Applications
• Organization of
information
• Simulated rate plan
comparison
• Exclusive rate plans
for Kakaku.com users
Approx.
50 mn
households
Switching of Power Suppliers
*Starting April 2016
* The number of companies and electricity rate plans on “Kakaku.com Electricity Rate Comparison” as of February 1, 2016.
* Source: Population Census of Japan (Ministry of Internal Affairs and Communications, Statistics Bureau, Statistical Survey Department, Survey
Planning Division)
12
Kakaku.com
Overseas businesses' progress
Monthly unique users (in millions)
8
Monetization trials
・Monetization trials utilizing affiliate service providers
started in November in Thailand and December in India.
・A monetization trial in Indonesia beginning in January
is under consideration.
6.66
YoY
x1.8
4
3.73
0
Dec 2014
Dec 2015
*Total monthly users in Philippines, Thailand, Indonesia and India.
13
tabelog
14
Tabelog
tabelog-related businesses' usership


The number of domestic and overseas users reached a little under 73 mn as of end-December.
The cumulative number of users making restaurant reservations in Japan using the online
reservation service surpassed 5 mn in January.
Domestic and overseas monthly unique users (in millions)
Domestic and overseas monthly unique users
Breakdown by device(%)
80
72.87
70
63.98
60
YoY
+13.9%
Tabélog
（US）
PC
33%
tabelog
（Japan）
50
Smartphone
40
67%
30
20
Dec 2014
Dec 2015
15
Tabelog
Businesses' progress
tabelog quarterly Sales Trend (million yen)
5,000
4,000
3,234
3,408
3,556
3,851
YoY
Fee-paying restaurants (in 1,000s) and ARPU (yen)
+27.4%（fee-paying restaurants）
（ ARPU:yen ）
4,119
5.0
50
3,000
2,000
47.5K
46.1K
44.7K
restaurants
restaurants
42.2K restaurants
40.6K restaurants
19,600
restaurants
18,500
3Q
4Q
1Q
FY2014
Paying individuals
Corporate sales
19,000
40
4.0
1,000
0
20,000
2Q
3Q
FY2015
465
519
534
666
743
2,767
2,889
3,021
3,182
3,373
30
3.0
17,600
18,000
3Q
18,000
17,500
17,000
4Q
1Q
2Q
FY2014
3Q
FY2015
Monthly unique users (in millions)
Number of individual paid subscribers (in 1,000s)
75
71.92
YoY
+12.9%
70
65
1,400
1,133k
63.69
837k
700
549k
505k
60
1,280k
0
3Q
55
Dec 2014
Dec 2015
4Q
FY2014
1Q
2Q
FY2015
3Q
16
Tabelog
Current status - Expansion of business scope to include
operational support for restaurants


Full-scale roll out of the “Yoyaku Note" reservation system app for iPads beginning in January
Implementation of a cross-communication platform that closely links users and restaurants
Accelerate
use of tabelog
online reservations
Operational support
for restaurants
CRM solution
for restaurants
The automatic linkage with tabelog’s existing online
reservation system will maximize the number seats available
for online reservation.
By using an app instead of the traditional paper based
system, less time has to be spent on reservation
management, making operations more efficient lowering
cost.
Customer information is automatically imported into a
customer database, once a reservation is recorded,
providing a new solution for increasing repeat customers
and CRM.
17
Tabelog
Overseas businesses' progress
Number of reviews (Unit: reviews)
250,000
Tabélog monthly unique users (in millions)
1.0
0.96
200,000
150,000
YoY
x8.0
100,000
50,000
0
YoY
x3.3
3Q
3Q
FY2014
FY2015
Expansion of priority geographical areas to
cover major cities throughout the U.S.
0.5
0.29
0.0
Jan 2014
2014
Dec
Jan 2015
Dec
2015
18
New Media
19
New Media
New Media
 Travel business site Time Design and real estate information site Sumaity posted
strong sales and continued to maintain high growth.
Quarterly Sales Trend (million yen)
1,200
Quarterly sales growth rates (%)
YoY
+43.8%
80%
1,000
60%
800
40%
600
400
20%
200
0
0%
3Q
4Q
1Q
FY2014
New Media
543
707
2Q
3Q
FY2015
676
1,021
782
3Q
4Q
1Q
FY2014
New Media
28.8%
64.8%
2Q
3Q
FY2015
49.9%
44.7%
43.8%
20
New Media
Travel
4travel monthly unique users (in millions)
8
YoY
+5.4%
yoyaQ.com monthly unique users (in millions)
0.6
7.24
0.54
6.87
YoY
-4.4%
Time Design
Participating lodging facilities
2,000
YoY
+8.4%
0.51
0.48
6
1,850
1,710
0.4
4.89
1,500
4
0.2
2
0
1,000
0.0
Dec 2013
Dec 2014
Dec 2015
Dec 2013
Dec 2014
Dec 2015
3Q
3Q
FY2014
FY2015
21
New Media
Real Estate and Movie
Sumaity monthly unique users (in millions)
YoY
+17.2%
1.5
1.39
eiga.com monthly unique users (in millions)
12
10.80
9.25
10
1.18
1.0
8
YoY
-14.3%
6.92
6
0.92
4
2
0.5
Dec 2013
Dec 2014
Dec 2015
Number of rental inquiries
Percentage by device type (%)
100%
80%
Smartphone
19%
0
Dec 2013
Dec 2014
Dec 2015
Start of news distribution using LINE in December
Smartphone
52%
60%
40%
PC
81%
20%
PC
48%
0%
FY3/15 3Q
FY3/16 3Q
22
New Media
Automobile and Lifestyle Information
webCG monthly unique users (in millions)
0.8
0.73
YoY
+6.2%
0.77
Kinarino monthly unique users (in millions)
5.79
6
YoY
X2.2
4
2.61
0.4
2
0.0
0
Dec
Jan 2014
2014
Dec
Jan2015
2015
Renewal of the Motor Show page in October
Dec
2014
Jan 2014
Dec
Jan2015
2015
Opening of Kinarino Mall in February, development of a
new revenue model
2014
※Image is for illustration purposes.
23
Finance
Finance(Insurance)business

Although sales decreased in reaction to premium rate increases for fire insurance, sales of
overseas travel insurance and life insurance purchasable online remained strong.
Quarterly Sales Trend (million yen)
YoY
-2.5%
300
200
Number of contracts for Online
Registration Insurance
YoY
+6.9%
100
0
3Q
4Q
1Q
FY2014
Finance
233
2Q
3Q
FY2015
264
270
300
227
Quarterly sales growth rates(%)
60%
40%
20%
0%
-20%
3Q
4Q
1Q
FY2014
Finance
30.2%
28.2%
2Q
3Q
3Q
3Q
FY2014
FY2015
FY2015
32.4%
45.3%
-2.5%
24
Shareholder returns policy
 The payout ratio is gradually increasing, and the forecast for the FY2016 year-end
dividend is 21 yen per share.
30 yen
25 yen
40%
Dividend per share
Payout ratio
27.5%
35.1%
30.9%
32.5%
28.1%
35%
21.0
20 yen
25%
16.0
15 yen
20%
12.5
15%
8.6
10 yen
30%
6.3
10%
5 yen
5%
0 yen
0%
FY2012
FY2013
FY2014
FY2015
FY2016
（expectation）
* A 200-for-1 common stock split was conducted on August 1, 2011.
* A 2-for-1 common stock split was conducted on April 1, 2013, and a 2-for-1 common stock split was conducted on September 1, 2013.
* Dividend per share has been calculated on the premise that a stock split occurred in FY2012
25
Reference Data
26
Segments and Business Description
Segment
Site
Category
Internet Media
Kakaku.
Com
Business
Category
Business Description
Shopping
 Commission income from registered shops based on the number
of clicks and sales performance
Service
 Commission income based on factors including the number of
broadband network contracts
 Commission income based on requests for estimates and/or
information materials for car insurance, finance, and used car
searches
Advertising
 Advertising income from banners, text advertisements, content
and search based advertising on Kakaku.com
Tabelog
tabelog
 Income from tabelog (income from advertisements for restaurants
and other companies, income from a pay-per-use business
targeting individuals, etc.)
Other
New Media
 Income from operated sites such as yoyaQ.com, 4travel, Sumaity,
Time Design, eiga.com,and webCG
Finance
Finance
 Commission income from a general independent insurance
agency business for life insurance, non-life insurance, etc.
*Operated by Kakaku.com Insurance, Inc.
27
Operated Website User Profile
Users above 30 account for less than 90% of total users on PC and 70% on smartphone.
While male user ratio is higher for PC, male-female ratio on smartphone is almost 50/50.


Male-Female Ratio
Age Distribution
100%
80%
2.9%
6.6%
6.5%
14.6%
20.8%
100%
80%
30.1%
60%
25.9%
48.9%
60%
40%
40%
23%
59.4%
45.8%
20%
40.6%
51.1%
20%
23.8%
0%
PC
50+
0%
Smartphone
40-49
30-39
20-29
PC
-19
Smartphone
Male
Female
Age distribution and male-female ratio: Excerpted from a Nielsen Online Dec 2015 study (Home & Work Data）
28
Operating Income by Quarter (Consolidated)
(Unit: million yen,%)
6,000
60%
5,000
50%
4,000
40%
3,000
30%
2,000
20%
1,000
10%
0
2Q
3
3Q
4
FY2013
4Q
5
1Q
6
3,509
2Q
3Q
7 FY2014 42
3,715
4,566
Operating Income
3,189
3,810
4,369
Operating margin
47.0%
49.7%
49.8%
5,017
4,276
4,395
44.1%
43.4%
49.9%
45.9%
44.5%
49.5%
4Q
52
1Q
2Q
62 FY2015 63
0%
* Tabelog Inc. and Time Design Co, Ltd. are included in consolidated accounts from FY3/2015 1Q
* webCG, Inc. is included in consolidated accounts from FY3/2016 1Q
29
Operating Income by Fiscal Year (Consolidated)
(Unit: million yen,%)
18,000
55%
16,000
14,000
50%
12,000
10,000
45%
8,000
6,000
40%
4,000
2,000
0
FY2010
FY2011
FY2012
FY2013
FY2014
Operating Income
7,854
9,010
11,616
14,680
16,808
Operating margin
50.3%
48.8%
49.9%
49.2%
47.0%
35%
30
Sales Contribution by Business by Fiscal Year (Consolidated)
35,787
29,814
23,276
29.3%
18,463
Note: Amounts
exclude inter-segment
sales and transfers.
19.4%
24.1%
11.6%
34.9%
26.5%
38.7%
22.0%
(Unit: million yen,%)
Service
Advertising
31.5%
15,603
24.9%
18.2%
10.2%
7.8% 3.1%
FY2010
24.5%
16.2%
13.7%
7.5% 3.2%
FY2011
tabelog
12.7%
34.9%
14.0%
25.8%
17.8%
New Media
FY2012
5.7%
2.4%
FY2013
6.7%
2.5%
FY2014
7.4%
2.8%
Shopping
6,043
6,445
7,342
8,721
8,904
Service
3,426
4,520
6,160
7,173
6,944
Advertising
2,848
2,988
3,269
3,774
4,144
Tabelog
1,584
2,539
4,136
7,695
12,476
New media
1,213
1,384
1,726
1,712
2,408
487
585
641
735
909
Finance
Kakaku.com
Shopping
Finance
31
Services Provided by the Kakaku.com Group
◆Customer Purchasing Support Site Kakaku.com
This site provides price, product, and word-of-mouth
information on various products and services.
◆Restaurant Ranking and Review Site tabelog
This site provides reliable restaurant rankings by rating restaurants on
a scale of one to five based on word-of-mouth and reviews
collected from users.
◆Website for last-minute discounts at hotels and
Japanese-style inns yoyaQ.com
This is a service for reserving rooms at hotels and
Japanese-style inns at bargain rates, mainly for plans discounted
due to last-minute cancellations or other special reasons.
◆Photo Community Site PHOTOHITO
Based on the concept “Connecting people with photos,” the site
provides a place for people to share their favorite photos.
◆Travel review and comparison site 4travel
Based on the concept “Collaborative online travel guide,” this
site provides information on domestic and international travel
posted by users.
(Operated by consolidated subsidiary 4travel, Inc.)
◆Comprehensive Movie Information Site eiga.com
This site provides wide-ranging movie information reviews by
professional critics and our editorial staff, as well as reviews posted by
users.
(Operated by consolidated subsidiary eiga.com, Inc.)
◆Real Estate/Housing Information Website Sumaity
This site provides information on rental properties, apartments and
houses for sale.
◆Insurance Selection Consulting Service Offers a wide range of
insurance, including life insurance, non-life insurance, car insurance,
and travel insurance. (Operated by consolidated subsidiary
Kakaku.com Insurance, Inc.)
◆Cooking Support App recipom
“Recipom is a free app that supports daily meal preparation. It
allows users to easily and confidently search over 80,000
delicious recipes provided by professionals.
◆Wine Share/Management App Vinica
This is a free camera app that allows users to share their favorite new
wines with friends and record tasting reviews.
◆Tabélog
Modeled after the tabelog site for the Japanese market,
TABElog is tailored to the US market with a fresh design and
leading-edge functionality.
◆Customer purchasing support site for non-Japan Asia
Priceprice.com
Priceprice.com serves the Philippines, Thailand and Indonesia based
on the “Enjoy Smart Shopping” concept. It provides user reviews
and pricing and product information on products.
◆Dynamic package reservation system
Consolidated subsidiary Time Design provides a dynamic
package reservation system that enables users to purchase airline
tickets and reserve hotel rooms via airlines and hotels' official
websites.
◆Kinarino
Kinarino provides a full range of lifestyle information on topics such as
fashion, household goods and food based on a theme of "beautiful
and gentle lifestyle."
◆webCG, daily must-visit site for car lovers
Launched in 1998 as the online version of the automobile
magazine CAR GRAPHIC, webCG is an old-school online
magazine for car lovers. Enjoyably provides in-depth, readerfriendly information mainly on new models. (Operated by
consolidated subsidiary webCG, Inc.)
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Company Profile
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Company name
Address
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Founded
URL
Share Listing
Stock Code
Related Companies
Kakaku.com, Inc.
DIGITAL GATE BUILDING, 3-5-7,
Ebisu minami, Shibuya-ku, Tokyo 150-0022
December 1997
http://corporate.kakaku.com/?lang=en
The First Section of Tokyo Stock Exchange
2371
Kakaku.com Insurance, Inc.
4travel, Inc.
eiga.com, Inc.
Time Design Co. Ltd.
Tabélog, Inc.
webCG, Inc.
URL: http://hoken.kakaku.com/insurance/company.html
URL: http://4travel.jp/
URL: http://eiga.com/
URL: http://www.timedesign.co.jp/
URL: http://www.tabelog.us/
URL: http://www.webcg.net/
Information and projections of future performance contained in this document include the
Company’s judgments premised on information available at the time of preparation and
assumptions concerning uncertainties. They may differ from actual business performance and results
due to a variety of factors
33