ValueCommerce Co., Ltd.
FY2019
Financial Results
January 29, 2020
Copyright © 2020, ValueCommerce Co., Ltd.
Table of Contents
Page | ||
● FY2019 Highlights | 2 | |
● FY2019 Consolidated Financial Results | 3 | |
● Segment information | 15 | |
● FY2020 Consolidated Operating/Dividends Forecast | 27 | |
● Future approach | 31 | |
● Appendix 1 | (Consolidated Financial Results Overview) | 34 |
● Appendix 2 | (STORE's R∞ : Effect of CV information deficit) | 36 |
Copyright © 2020, ValueCommerce Co., Ltd. | 1 |
FY2019 Highlights
Highlights
● Annual basis (Jan.-Dec.) and quarterly basis (Oct.-Dec.)
Record high in revenue and operating income
● FY2020 Consolidated Operating Forecast
Focus on monetization of subsidiary's services in addition to perform existing services.
Jan.-Dec. 2020 | Y/Y | |
Revenue | ¥30.0 billion | +16.8% |
Operating Income | ¥5.5 billion | +10.7% |
● Consolidate B-SLASH Corporation which provides
necessary solutions for EC operation | (January 2020) |
Strengthen services for stores on online shopping mall operated by Yahoo Japan Corporation.
Copyright © 2020, ValueCommerce Co., Ltd. | 2 |
FY2019 Consolidated
Financial Results
Copyright © 2020, ValueCommerce Co., Ltd. | 3 |
FY2019 Highlights
Results overview
Existing services
expanded
(Million JPY)
Cumulative | Quarterly | ||||||||
Jan.-Dec. | Y/Y | Oct.-Dec. | Y/Y | Q/Q | |||||
2019 | 2019 | ||||||||
Revenue | 25,694 | +23.7% | 7,395 | +21.4% | +23.6% | ||||
Operating income | 4,966 | +32.3% | 1,474 | +29.6% | +31.7% | ||||
EBITDA(*) | 5,441 | +32.5% | 1,667 | +35.6% | +37.0% | ||||
Net income attributable | |||||||||
3,345 | +28.4% | 989 | +25.3% | +29.1% | |||||
to owners of the parent | |||||||||
Segment revenue | |||||||||
Flat | |||||||||
Marketing solution | 17,040 | +10.8% | 4,176 | -2.5% | +1.5% | ||||
business | |||||||||
EC solution business | 8,654 | +60.5% | 3,219 | +78.0% | +72.0% | ||||
(*)EBITDA=Operating income+Depreciation and amortization+Amortization of goodwill
Account profit and loss of Dynatech subsidiary from fourth quarter
Copyright © 2020, ValueCommerce Co., Ltd. | 4 |
Consolidated Financial Results Overview Results overview
(Million JPY)
Related to Dynatech subsidiary
Cumulative | Quarterly | ||||
Jan.-Dec. | Y/Y | Oct.-Dec. | Y/Y | Q/Q | |
2019 | 2019 | ||||
Revenue | 25,694 | +23.7% | 7,395 | +21.4% | +23.6% |
Cost of revenue | 16,870 | +21.7% | 4,546 | +12.5% | +13.0% |
Gross income | 8,824 | +27.8% | 2,848 | +38.9% | +45.3% |
SG&A expenses | 3,857 | +22.6% | 1,374 | +50.4% | +63.3% |
Operating income | 4,966 | +32.3% | 1,474 | +29.6% | +31.7% |
Ordinary income | 4,988 | +31.5% | 1,484 | +32.2% | +32.4% |
Income before income | 4,906 | +28.3% | 1,454 | +25.6% | +30.0% |
taxes | |||||
Income taxes | 1,561 | +28.0% | 464 | +26.4% | +31.8% |
Net income attributable | 3,345 | +28.4% | 989 | +25.3% | +29.1% |
to owners of the parent | |||||
Basis EPS | ¥103.57 | +28.2% | |||
ROE (annualized) | 32.4% | ||||
EBITDA(*) | 5,441 | +32.5% | 1,667 | +35.6% | +37.0% |
(*)EBITDA=Operating income+Depreciation and amortization+Amortization of goodwill
Copyright © 2020, ValueCommerce Co., Ltd. | 5 |
Consolidated Revenue | Quarterly results |
(Million JPY) | |||||||
8,000 | 6,093 | 7,395 | |||||
6,000 | 6,300 | 6,013 5,985 | |||||
4,640 | 4,326 | 4,9485,044 | |||||
4,523 | |||||||
4,6634,677 | |||||||
4,000 | 4,015 | 4,024 | 3,960 4,241 | ||||
2,000
0
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 |
FY2016 | FY2017 | FY2018 | FY2019 |
Copyright © 2020, ValueCommerce Co., Ltd. | 6 |
Consolidated Operating Income and Operating Margin
Quarterly results
(Million JPY) | Quarterly Operating Income | Quarterly Operating Margin |
1,800 | 1,137 | 1,474 | 25.0% | ||||||||||||||
19.9% | |||||||||||||||||
1,500 | 18.7% | 20.0% | |||||||||||||||
1,200 | 16.0% | 1,242 | |||||||||||||||
1,129 1,119 | 15.0% | ||||||||||||||||
919 | |||||||||||||||||
900 | 747 | 827 | 871 | ||||||||||||||
5.4% | 575 | 10.0% | |||||||||||||||
600 | 483 | ||||||||||||||||
256 | 416 | ||||||||||||||||
300 | 249 | 233 | 5.0% | ||||||||||||||
184 | |||||||||||||||||
0 | 0.0% | ||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | ||
FY2016 | FY2017 | FY2018 | FY2019 |
Copyright © 2020, ValueCommerce Co., Ltd. | 7 |
Consolidated Ordinary Income and Net Income
Quarterly results
(Million JPY) | Ordinary Income | Quarterly Net Income | |||
2,000 | |||||
1,500 | 1,484 | |||||||||||||||||||||||||||
1,122 | 1,242 | 1,121 | ||||||||||||||||||||||||||
989 | 1,139 | 989 | ||||||||||||||||||||||||||
1,000 | ||||||||||||||||||||||||||||
765 | 821 | 859 | 692 | 789 836 752 | 766 | |||||||||||||||||||||||
491 | 582 | 551 | 571 | |||||||||||||||||||||||||
500 | 417 | 431 | ||||||||||||||||||||||||||
299 | 195 | 259 | 247 | 330 | ||||||||||||||||||||||||
126 | ||||||||||||||||||||||||||||
121 | ||||||||||||||||||||||||||||
157 | (4) | 92 | 99 | |||||||||||||||||||||||||
0 | ||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |||||||||||||
-500 | FY2016 | FY2017 | FY2018 | FY2019 | ||||||||||||||||||||||||
Impairment loss on ad network service
(Decided to close the service)
Impairment loss on CRM service for general EC business owner (Decided to close the service)
Copyright © 2020, ValueCommerce Co., Ltd. | 8 |
Cost of Revenue and Cost Rate
Quarterly results
(Million JPY) | Quarterly Cost of Revenue | Cost rate | 4,546 | ||||||||||||||
4,042 | |||||||||||||||||
5,000 | 61.5% | 90.0% | |||||||||||||||
76.3% | |||||||||||||||||
66.3% 4,267 | |||||||||||||||||
65.9% | 4,024 | 80.0% | |||||||||||||||
4,000 | 3,716 | 4,032 | |||||||||||||||
70.0% | |||||||||||||||||
3,521 | |||||||||||||||||
3,301 | 3,311 | 3,380 | |||||||||||||||
60.0% | |||||||||||||||||
3,061 | 3,0723,128 | ||||||||||||||||
3,000 | 2,821 | 2,940 | |||||||||||||||
2,731 | 50.0% | ||||||||||||||||
2,000 | 40.0% | ||||||||||||||||
30.0% | |||||||||||||||||
1,000 | 20.0% | ||||||||||||||||
10.0% | |||||||||||||||||
0 | 0.0% | ||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | ||
FY2016 | FY2017 | FY2018 | FY2019 |
Copyright © 2020, ValueCommerce Co., Ltd. | 9 |
SG&A and SG&A ratio | Quarterly results |
- Expenses of Dynatech inc. and amortization of goodwill
- ¥370M (include compensation expense of ¥170M)
- Recruiting, promotion of system introduction for operational efficiency
(Million JPY) | 1,374 | ||||||||||||||
1,500 | 914 | ||||||||||||||
1,000 | |||||||||||||||
791 | 812 | 843 | 766 | 790 851 | 841 | ||||||||||
745 | 740 | 704 | 718 | 725 | 721 | 744 | |||||||||
500 | |||||||||||||||
0 | |||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | ||
FY2016 | FY2017 | FY2018 | FY2019 | ||||||||||||||
Amortization of Goodwill | 51 | 35 | 43 | 43 | 43 | 43 | 28 | 28 | 28 | 28 | 28 | 28 | 28 | 28 | 28 | 91 | |
Compensation | 462 | 462 | 442 | 432 | 424 | 481 | 429 | 486 | 427 | 445 | 417 | 470 | 431 | 509 | 463 | 680 | |
Other SG&A | 231 | 242 | 218 | 315 | 250 | 287 | 267 | 328 | 266 | 292 | 298 | 415 | 331 | 313 | 350 | 602 | |
SG&A total | 745 | 740 | 704 | 791 | 718 | 812 | 725 | 843 | 721 | 766 | 744 | 914 | 790 | 851 | 841 1,374 | ||
SG&A ratio(%) | 16.5 16.0 17.6 18.3 17.9 20.5 17.1 18.1 15.4 15.5 14.8 15.0 12.5 14.2 14.1 18.6 | ||||||||||||||||
Copyright © 2020, ValueCommerce Co., Ltd. | 10 |
Number of employees
Quarterly results
(Employees)
500
400
300
200
100
0
398 391
256 267 | 258 258 | 246 | 250 273 |
248 240 236 241 244 242 246 |
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 |
FY2016 | FY2017 | FY2018 | FY2019 | ||||||||||||
VC | 239 | 250 | 252 | 252 | 242 | 235 | 231 | 236 | 244 | 242 | 246 | 246 | 250 | 273 | 273 | 266 | ||
Subsidiaries | 17 | 17 | 6 | 6 | 6 | 5 | 5 | 5 | - | - | - | - | - | - | 125 | 125 | ||
Total Employees | 256 | 267 | 258 | 258 | 248 | 240 | 236 | 241 | 244 | 242 | 246 | 246 | 250 | 273 | 398 | 391 | ||
* Including temporary employees. | ||||||||||||||||||
- Consolidate Dynatech in September 2019. | ||||||||||||||||||
- Account compensation expense from fourth quarter | ||||||||||||||||||
Copyright © 2020, ValueCommerce Co., Ltd. | 11 |
Breakdown of Consolidated Operating Income
Results overview
(Million JPY) | Existing services expanded. | |||
(based on operating income) | ||||
+708 | -166 | 4,966 | ||
+357 | ||||
3,755 | +311 | |||
FY2018 | Affiliate | Storematch | STORE's R∞ | Other | FY2019 |
Marketing |
(Note) Calculated based on the profit of each service and other factors.
Copyright © 2020, ValueCommerce Co., Ltd. | 12 |
Consolidated Balance Sheet
Results overview
(Million JPY)
'18 End | '19 End | Change | Factors of Change | |||
(Dec.31,2018) | (Dec.31,2019) | |||||
Current assets | 12,663 | 13,472 | + 809 | Cash and deposits: -115 | ||
Notes and accounts receivable- | ||||||
Cash and | ||||||
[7,978] | [7,862] | -115 | trade: +740 | |||
deposits | ||||||
Noncurrent | 2,043 | 4,539 | + 2,495 | Software: +293 | ||
Software in progress: +941 | ||||||
assets | ||||||
Goodwill: +1,096 | ||||||
Related to Dynatech Inc., | ||||||
Total assets | 14,706 | 18,011 | + 3,305 | |||
- Software: +298 | ||||||
- Software in progress: +988 | ||||||
Current | - Goodwill: +1,208 | |||||
5,485 | 6,437 | + 952 | ||||
liabilities | Accounts payable-other: +475 | |||||
Income tax payable: +242 | ||||||
Noncurrent | 75 | 82 | + 6 | |||
liabilities | ||||||
Net assets | 9,145 | 11,491 | + 2,346 | Net income: +3,345 | ||
Cash dividends paid: -1,033 | ||||||
Copyright © 2020, ValueCommerce Co., Ltd. | 13 |
Consolidated Cash Flows
Results overview
(Million JPY) | (Million JPY) |
Q1-Q4 '18 | Q1-Q4 '19 | |
Operating cash flows | 2,756 | 4,041 |
Acquisition of share of Dynatech inc. | ||
Investing cash flows | 627 | -3,135 |
Sales of shares of an affiliate | ||
Free cash flows | 3,383 | 906 |
Financing cash flows | -407 | -1,021 |
Incremental cash flows | 2,975 | -115 |
Ending cash balance | 7,978 | 7,862 |
Breakdown
● Operating cash flows | |
Income before income taxes | 4,906 |
Depreciation and amortization | 298 |
Amortization of goodwill | 175 |
Increase in accounts receivable-trade | -367 |
Decrease in accounts payable-trade | -28 |
Increase in accounts receivable-other | -73 |
Increase in accounts payable-other | 245 |
Income taxes paid | -1,372 |
● Investing cash flows | |
Purchase of property, plant and | -77 |
equipment | |
Purchase of intangible assets | -424 |
Acquisition of share of subsidiary | -2,640 |
● Financing cash flows | |
Cash dividends paid | -1,027 |
Copyright © 2020, ValueCommerce Co., Ltd. | 14 |
Segment Information
Copyright © 2020, ValueCommerce Co., Ltd. | 15 |
Segment Information
Overview by segment
Planning/developing | ||
Steady performance | cost increased | Flat |
(Million JPY)
Segment Marketing revenue
Solution Segment
Business operating income
Segment
EC revenue
Solution Segment
Business operating income
Cumulative | Quarterly | |||||||
Jan.-Dec. | Y/Y | Oct.-Dec. | Y/Y | Q/Q | ||||
2019 | 2019 | |||||||
17,040 | +10.8% | 4,176 | -2.5% | +1.5% | ||||
2,884 | +8.2% | 640 | -8.2% | -8.5% | ||||
8,654 | +60.5% | 3,219 | +78.0% | +72.0% | ||||
3,395 | +40.1% | 1,243 | +50.4% | +75.1% | ||||
(Notes) Segment operating income is adjusted to operating income in the consolidated financial statement.
Strong performance in existing services | Account Dynatech subsidiary | |
Copyright © 2020, ValueCommerce Co., Ltd. | 16 |
Service Information | Overview by segment | |||||||
Double digit growth | Strong performance | Flat | (Million JPY) | |||||
Cumulative | Quarterly | |||||||
Jan.-Dec. | Y/Y | Oct.-Dec. | Y/Y | Q/Q | ||||
2019 | 2019 | |||||||
Marketing | Affiliate marketing | Revenue | 17,016 | +11.0% | 4,174 | -2.4% | +1.7% | |
Solution | ||||||||
(ASP+Consulting) | Gross | |||||||
Business | 4,708 | +13.2% | 1,169 | +3.6% | +0.6% | |||
income | ||||||||
Revenue | 5,102 | +69.5% | 1,611 | +53.3% | +28.8% | |||
Storematch | Gross | |||||||
EC | 1,260 | +54.4% | 393 | +39.2% | +26.8% | |||
income | ||||||||
Solution | ||||||||
Business | Revenue | 3,059 | +33.2% | 1,167 | +58.2% | +93.3% | ||
STORE's R∞ | Gross | |||||||
3,059 | +33.2% | 1,167 | +58.2% | +93.3% | ||||
income | ||||||||
Copyright © 2020, ValueCommerce Co., Ltd. | 17 |
Affiliate Marketing Revenue by Service
Affiliate marketing
(Million JPY)
5,000 | |||||||
4,277 4,516 | 4,174 | ||||||
3,992 | 4,220 | 4,104 | |||||
3,818 | |||||||
4,000 | 3,564 | 3,724 | |||||
3,340 | 3,408 | 3,379 | 3,499 | 3,756 | |||
3,145 | |||||||
3,133 |
3,000
2,000
1,000
0 | ||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |
FY2016 | FY2017 | FY2018 | FY2019 |
ASP | 527 | 518 | 514 | 561 | 588 | 593 | 569 | 599 | 594 | 539 | 558 | 637 | 685 | 660 | 695 | 697 |
Consulting | 3,290 3,473 2,826 2,847 2,557 2,539 2,809 2,900 2,970 3,184 3,198 3,640 3,830 3,559 3,409 3,477 | |||||||||||||||
Affiliate Marketing total 3,818 3,992 3,340 3,408 3,145 3,133 3,379 3,499 3,564 3,724 3,756 4,277 4,516 4,220 4,104 4,174 |
Copyright © 2020, ValueCommerce Co., Ltd. | 18 |
Affiliate Marketing
Gross Income by Service
Affiliate marketing
(Million JPY)
1,500 | |||||||||
1,128 | 1,169 | ||||||||
1,2111,164 | 1,162 | ||||||||
970 | 957 | 904 | 868 | 951 | 940 | 970 | 975 1,000 1,005 1,024 | ||
1,000 | |||||||||
500
0 | ||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |||
FY2016 | FY2017 | FY2018 | FY2019 | |||||||||||||||
ASP | 469 | 449 | 453 | 448 | 493 | 502 | 504 | 515 | 529 | 502 | 516 | 570 | 639 | 604 | 631 | 623 | ||
Consulting | 500 | 508 | 450 | 420 | 458 | 438 | 466 | 459 | 470 | 502 | 508 | 557 | 572 | 560 | 531 | 545 | ||
Affiliate Marketing total | 970 | 957 | 904 | 868 | 951 | 940 | 970 | 975 | 1,000 | 1,005 | 1,024 | 1,128 | 1,211 | 1,164 | 1,162 | 1,169 | ||
Gross Profit Margin(%) | 25.4 | 24.0 | 27.1 | 25.5 | 30.3 | 30.0 | 28.7 | 27.9 | 28.1 | 27.0 | 27.3 | 26.4 | 26.8 | 27.6 | 28.3 | 28.0 | ||
Copyright © 2020, ValueCommerce Co., Ltd. | 19 |
Number of Advertisers & Publishers
Advertisers (Number of ID)
Affiliate marketing
1,500
1,126 1,144 1,146 1,142 1,144 1,146 1,147 1,146 1,140 1,128 1,090 1,064 1,020 1,005 1,001 1,013
750
0 | ||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |
FY2016 | FY2017 | FY2018 | FY2019 | |||||||||||||
Publishers (Number of ID)
(Thousand)
1,200 | 656 | 669 | 679 688 | 697 | 708 | 718 | 729 | 739 | 750 | 759 | 759 | 764 | ||||
633 | 642 | 650 | ||||||||||||||
800 | ||||||||||||||||
400 | ||||||||||||||||
0
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 |
FY2016 | FY2017 | FY2018 | FY2019 |
Copyright © 2020, ValueCommerce Co., Ltd. | 20 |
Affiliate Marketing
Revenue Breakdown by Category
Affiliate marketing
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Finance | Electronics | Travel | Recruiting | Shopping | Beauty | Gourmet | Other | |||||||||||||||||||||
9.6% | 7.9% | 8.9% | 9.7% | 16.3% 12.5% | 12.8% 12.3% 12.3% 12.3% | 11.2%11.1%10.7% 10.5% 10.3%10.8% | ||||||||||||||||||||||
0.6% | 0.7% | 0.7% | 0.9% | |||||||||||||||||||||||||
2.2% 5.2% 5.5% | 2.4% | 1.9% | 3.2% | |||||||||||||||||||||||||
7.3% | 1.0% | 1.0% | 1.7% | 2.1% | ||||||||||||||||||||||||
7.8% | 7.7% | 6.5% | 3.1% | |||||||||||||||||||||||||
11.5% | 2.2% | 8.7% | 8.7% | 8.6% | 8.5% | 9.3% | 9.2% 7.3% 6.4% | 7.7% | 7.3% | 6.4% | ||||||||||||||||||
11.0% | 9.8% | 10.2% | 7.2% | 8.5% | 8.4% 8.6% | |||||||||||||||||||||||
9.0% | 8.0% | 9.7% | 8.1% | 8.8% | 10.2% | 8.2% 7.7% | ||||||||||||||||||||||
9.6% | 7.5% | 9.5% | ||||||||||||||||||||||||||
10.0% | 9.5% | 9.6% | 10.9% 12.0% 11.7%12.1% | |||||||||||||||||||||||||
10.3% | 9.6% | |||||||||||||||||||||||||||
10.9% 11.9% | 10.0% | |||||||||||||||||||||||||||
10.8% | 9.9% | 13.8% | ||||||||||||||||||||||||||
9.9% | 10.6% | 14.4% | ||||||||||||||||||||||||||
11.2%10.6% 12.7% 14.1%12.2% | ||||||||||||||||||||||||||||
4.2% | 14.3% | 19.2% | 15.4% 14.0% 13.9% | |||||||||||||||||||||||||
4.0% | 11.8% | 13.6% | ||||||||||||||||||||||||||
6.4% | 15.5% | |||||||||||||||||||||||||||
10.3% 10.1% | 8.2% | 12.5% 11.1% 10.6% | 13.1%17.4% 17.7% 18.3%18.3% | |||||||||||||||||||||||||
11.6% | ||||||||||||||||||||||||||||
47.0% 48.1% | 42.6% 42.5% | |||||||||||||||||||||||||||
30.9% | 34.1% | 32.6% | 30.0% | 32.0% 31.2% | 34.0% | |||||||||||||||||||||||
26.4% | 30.8% | 28.5% | 28.0% | |||||||||||||||||||||||||
28.3% | ||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 |
FY2016 | FY2017 | FY2018 | FY2019 | ||||||||||||
Copyright © 2020, ValueCommerce Co., Ltd. | 21 |
Affiliate Marketing Commissions for Publishers
Affiliate marketing
(Million JPY) | Commissions for publishers | Smartphone ratio | ||
6,000 | 4,945 | 80.0% | ||||||||||||||||
4,320 | 5,306 4,898 | 4,843 | 70.0% | |||||||||||||||
5,000 | 4,681 | 4,707 | ||||||||||||||||
4,477 | 3,941 | 4,055 4,087 | 4,312 | |||||||||||||||
3,873 | 60.0% | |||||||||||||||||
3,667 | 3,7763,961 | |||||||||||||||||
4,000 | ||||||||||||||||||
60.8% | 50.0% | |||||||||||||||||
56.8% | ||||||||||||||||||
3,000 | 51.2% | 49.6% | 40.0% | |||||||||||||||
2,000 | 30.0% | |||||||||||||||||
20.0% | ||||||||||||||||||
1,000 | 10.0% | |||||||||||||||||
0 | 0.0% | |||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |||
FY2016 | FY2017 | FY2018 | FY2019 |
Copyright © 2020, ValueCommerce Co., Ltd. | 22 |
Affiliate Marketing Number of Transactions
Affiliate marketing
(Million) | Number of transaction | Smartphone ratio |
20.0 | 80.0% | |||||||||||||||
16.9 | 17.2 | 16.4 | 70.0% | |||||||||||||
16.1 | 16.1 | 15.7 | 15.8 | |||||||||||||
15.0 | 14.7 | 13.9 | 13.4 | 14.2 | 14.8 | 15.1 | 14.6 | 14.914.5 60.0% | ||||||||
50.0% | ||||||||||||||||
57.9% | ||||||||||||||||
10.0 | 49.5% | 40.0% | ||||||||||||||
38.2% | 30.0% | |||||||||||||||
5.0 | 29.6% | 20.0% | ||||||||||||||
10.0% | ||||||||||||||||
0.0 | 0.0% | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |
FY2016 | FY2017 | FY2018 | FY2019 |
Copyright © 2020, ValueCommerce Co., Ltd. | 23 |
Storematch Revenue by Service
Storematch
(Million JPY) 2,000
1,611
1,500 | 1,251 | ||||||||||
1,106 | 1,133 | ||||||||||
1,051 | |||||||||||
1,000 | |||||||||||
593 | 596 | 642 | 719 | ||||||||
496 | 456 | 463 | 471 | ||||||||
500 | 374 | 361 | 357 |
0 | ||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |||||
FY2016 | FY2017 | FY2018 | FY2019 | |||||||||||||||||
Storematch | 343 | 327 | 323 | 419 | 398 | 416 | 424 | 516 | 537 | 584 | 659 | 959 | 1,039 | 1,065 | 1,177 | 1,521 | ||||
Other | 31 | 34 | 34 | 76 | 58 | 46 | 47 | 76 | 59 | 58 | 60 | 91 | 67 | 67 | 73 | 90 | ||||
Storematch total | 374 | 361 | 357 | 496 | 456 | 463 | 471 | 593 | 596 | 642 | 719 | 1,051 | 1,106 | 1,133 | 1,251 | 1,611 | ||||
Copyright © 2020, ValueCommerce Co., Ltd. | 24 |
Storematch
Gross Income by Service
Storematch
(Million JPY) 500
400 | 393 | |||||||||||||||||||
282 | 286 | 310 | ||||||||||||||||||
300 | ||||||||||||||||||||
269 | ||||||||||||||||||||
174 192 | ||||||||||||||||||||
200 | 100 100 | 163 | 142 | 134 | 132 | 181 | 166 | |||||||||||||
100 | ||||||||||||||||||||
100 | ||||||||||||||||||||
0 | ||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |||||
FY2016 | FY2017 | FY2018 | FY2019 | |||||||||||||||||
Storematch | 69 | 66 | 66 | 87 | 83 | 87 | 85 | 104 | 107 | 116 | 131 | 191 | 202 | 218 | 236 | 303 | ||||
Other | 31 | 34 | 34 | 76 | 58 | 46 | 47 | 76 | 59 | 58 | 60 | 91 | 67 | 67 | 73 | 90 | ||||
Storematch total | 100 | 100 | 100 | 163 | 142 | 134 | 132 | 181 | 166 | 174 | 192 | 282 | 269 | 286 | 310 | 393 | ||||
Gross Profit Margin(%) | 26.9 | 27.8 | 28.2 | 33.0 | 31.1 | 29.0 | 28.2 | 30.5 | 28.0 | 27.2 | 26.7 | 26.9 | 24.4 | 25.3 | 24.8 | 24.4 | ||||
Copyright © 2020, ValueCommerce Co., Ltd. | 25 |
STORE's R∞ | STORE's R∞ | |||||||||||||||
Revenue | ||||||||||||||||
(Million JPY) | ||||||||||||||||
1,500 | ||||||||||||||||
1,167 | ||||||||||||||||
1,000 | ||||||||||||||||
738 652 | 635 | 603 | ||||||||||||||
500 | 510 | 475 | 546 | 537 | ||||||||||||
280 | ||||||||||||||||
163 | 219 | |||||||||||||||
4 | 65 | |||||||||||||||
0 | ||||||||||||||||
Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |||
FY2017 | FY2018 | FY2019 | ||||||||||||||
Copyright © 2020, ValueCommerce Co., Ltd. | 26 |
FY2020 Consolidated
Operating/Dividend
Forecast
Copyright © 2020, ValueCommerce Co., Ltd. | 27 |
FY2020 Consolidated Operating Forecast
Operating forecast
Revenue : Existing service expansion + Subsidiary revenue
Income : Existing service expansion + Subsidiary service monetization
(Million JPY) | ||||
First Half Forecast | Full Year Forecast | |||
Q1-Q2 '20 | Y/Y | Q1-Q4 '20 | Y/Y | |
Revenue | 14,300 | +16.1% | 30,000 | +16.8% |
Operating income | 2,550 | +7.5% | 5,500 | +10.7% |
Ordinary income | 2,550 | +7.0% | 5,500 | +10.3% |
Net income attributable to | 1,670 | +5.1% | 3,600 | +7.6% |
owners of the parent | ||||
Basic EPS | ¥51.70 | ¥111.45 | ||
Copyright © 2020, ValueCommerce Co., Ltd. | 28 |
FY2020 Breakdown of Consolidated Operating Income
Existing services are | |
(Million JPY) | expected to expand. |
(based on operating income)
+402 -48
+108
+71
4,966
Forecast overview
5,500
FY2019 | Affiliate | Storematch STORE's R∞ | Other | FY2020 |
(Result) | Marketing | (Forecast) |
(Note) Calculated based on the profit of each service and other factors.
Copyright © 2020, ValueCommerce Co., Ltd. | 29 |
FY2020 Dividends Forecast
Dividends forecast
The target payout ratio is 30%
- Dividends per Share, Consolidated Payout Ratio
Interim Dividend | ¥16.00 | (forecast) | |
Year-end Dividend | ¥18.00 | (forecast) | |
Total | ¥34.00 | (forecast) | |
Consolidated Payout Ratio | 30.5% | (forecast) | |
Copyright © 2020, ValueCommerce Co., Ltd. | 30 |
Future Approach
Copyright © 2020, ValueCommerce Co., Ltd. | 31 |
Future Approach
Marketing Solution Business
Affiliate marketing
- Develop high quality media who have ability to attract customers
- Strengthen consulting to enhance media profitability
- Increase existing advertisers' revenue and acquire new advertisers +α Improve productivity by operational efficiency
EC Solution Business
Storematch, STORE's R∞ | Dynatech | |
Enhance reservations for | ||
(1) | Expand ad distribution space | |
accommodation facilities and | ||
(2) | Increase introduction number | repeating |
of stores | ||
(3) | Enhance products | B-SLASH |
Ally sales activities for stores | ||
Copyright © 2020, ValueCommerce Co., Ltd. | 32 |
Appendix 1
Copyright © 2020, ValueCommerce Co., Ltd. | 34 |
Consolidated Results and Cash Flows (Quarterly)
(Million JPY) | |||||||||||||
FY2017 | FY2018 | FY2019 | |||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | ||
Revenue (+ASP commission for | 5,501 | 5,518 | 5,824 | 6,292 | 6,387 | 6,574 | 6,667 | 7,868 | 8,357 | 7,934 | 8,004 | 9,323 | |
publisher) | |||||||||||||
Affiliate marketing revenue(+ASP | 4,622 | 4,691 | 4,961 | 5,129 | 5,274 | 5,350 | 5,379 | 6,052 | 6,573 | 6,141 | 6,123 | 6,101 | |
commission for publisher) | |||||||||||||
Revenue | 4,024 | 3,960 | 4,241 | 4,663 | 4,677 | 4,948 | 5,044 | 6,093 | 6,300 | 6,013 | 5,985 | 7,395 | |
Affiliate marketing(Consulting) | 2,557 | 2,539 | 2,809 | 2,900 | 2,970 | 3,184 | 3,198 | 3,640 | 3,830 | 3,559 | 3,409 | 3,477 | |
Affiliate marketing(ASP) | 588 | 593 | 569 | 599 | 594 | 539 | 558 | 637 | 685 | 660 | 695 | 697 | |
Storematch | 456 | 463 | 471 | 593 | 596 | 642 | 719 | 1,051 | 1,106 | 1,133 | 1,251 | 1,611 | |
STORE's R∞ | 163 | 219 | 280 | 510 | 475 | 546 | 537 | 738 | 652 | 635 | 603 | 1,167 | |
Others | 258 | 144 | 110 | 59 | 41 | 35 | 30 | 26 | 24 | 24 | 25 | 442 | |
Cost of revenue (-) | 2,821 | 2,731 | 2,940 | 3,072 | 3,128 | 3,311 | 3,380 | 4,042 | 4,267 | 4,032 | 4,024 | 4,546 | |
Cost of revenue (direct) | 2,690 | 2,604 | 2,808 | 2,957 | 3,007 | 3,199 | 3,269 | 3,923 | 4,146 | 3,909 | 3,890 | 4,381 | |
Affiliate marketing (Consulting) | 2,099 | 2,101 | 2,342 | 2,440 | 2,499 | 2,682 | 2,690 | 3,082 | 3,258 | 2,999 | 2,877 | 2,931 | |
Affiliate marketing(ASP) | 94 | 91 | 65 | 83 | 64 | 36 | 41 | 66 | 46 | 56 | 64 | 73 | |
Storematch | 314 | 329 | 338 | 412 | 429 | 468 | 527 | 768 | 836 | 846 | 940 | 1,218 | |
Others | 182 | 82 | 62 | 20 | 14 | 12 | 9 | 6 | 4 | 6 | 7 | 158 | |
Cost of revenue (indirect) | 130 | 127 | 131 | 115 | 120 | 112 | 111 | 118 | 120 | 123 | 133 | 165 | |
Gross profit | 1、202 | 1,228 | 1,300 | 1,590 | 1,549 | 1,637 | 1,663 | 2,051 | 2,033 | 1,980 | 1,961 | 2,848 | |
SG&A expenses (-) | 718 | 812 | 725 | 843 | 721 | 766 | 744 | 914 | 790 | 851 | 841 | 1,374 | |
Compensation | 424 | 481 | 429 | 486 | 427 | 445 | 417 | 470 | 431 | 509 | 463 | 680 | |
Other SG&A | 293 | 330 | 295 | 357 | 294 | 320 | 326 | 443 | 359 | 341 | 378 | 694 | |
Operating income | 483 | 416 | 575 | 747 | 827 | 871 | 919 | 1,137 | 1,242 | 1,129 | 1,119 | 1,474 | |
Ordinary income | 491 | 417 | 582 | 765 | 821 | 859 | 989 | 1,122 | 1,242 | 1,139 | 1,121 | 1,484 | |
Extraordinary gains/losses (net) | -5 | -225 | -342 | -145 | -3 | -12 | 12 | 34 | -7 | -40 | -2 | -30 | |
Income before income taxes | 485 | 192 | 239 | 620 | 817 | 847 | 1,002 | 1,157 | 1,234 | 1,098 | 1,118 | 1,454 | |
Income tax | 155 | 70 | 113 | 188 | 266 | 276 | 309 | 367 | 398 | 346 | 352 | 464 | |
Net income attributable to | 330 | 121 | 126 | 431 | 551 | 571 | 692 | 789 | 836 | 752 | 766 | 989 | |
owners of the parent | |||||||||||||
Depreciation & amortization | 118 | 121 | 110 | 88 | 83 | 88 | 87 | 92 | 88 | 94 | 97 | 193 | |
Operating cash flow | 460 | 546 | 367 | 830 | 135 | 1,027 | 386 | 1,207 | 489 | 1,392 | 582 | 1,576 | |
Investing cash flow | -160 | -80 | -176 | -118 | -66 | -2 | 627 | 69 | -23 | -149 | -2,680 | -280 | |
Financing cash flow | -213 | 9 | -75 | 11 | -213 | 12 | -210 | 3 | -570 | 0 | -449 | -1 | |
Copyright © 2020, ValueCommerce Co., Ltd. | 35 |
Appendix 2
Copyright © 2020, ValueCommerce Co., Ltd. | 36 |
STORE's R∞ : Effect of CV information deficit
In 2019Q4, the Company found the fact that it had been unable to acquire a part of conversion information from 2018Q3 to 2019Q3 due to a bug in a part of STORE's R∞ program that identifies OS information.
As STORE's R∞ revenue is calculated based on the information, unrecorded revenue of 195 million yen for the period is accounted in 2019Q4.
The amount in case of retrospective adjustment is as below;
Period : From 2018Q3 to 2019Q3
Amount : Revenue 195 million JPY
(Million JPY) | FY2018 | FY2019 | ||||
Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |
STORE's R∞: Revenue adjustment | 7 | 17 | 32 | 54 | 83 | -195 |
- Effect of CV information deficit | ||||||
Copyright © 2020, ValueCommerce Co., Ltd. | 37 |
(Adjusted) FY2019 Q4 Highlights
Results overview
In 2019Q4, the Company found the fact that it had been unable to acquire a part of conversion information from 2018Q3 to 2019Q3 due to a bug in a part of STORE's R∞ program that identifies OS information. As STORE's R∞ revenue is calculated based on the information, unrecorded revenue of 195 million yen for the period is accounted in 2019Q4. The amount in case of retrospective adjustment is as below.
(Million JPY) | |||||
Cumulative | Quarterly | ||||
Jan.-Dec. | Y/Y | Oct.-Dec. | Y/Y | Q/Q | |
2019 | 2019 | ||||
Revenue | 25,669 | +23.5% | 7,200 | +17.8% | +18.6% |
Operating income | 4,942 | +30.7% | 1,279 | +10.8% | +6.3% |
EBITDA(*) | 5,416 | +31.1% | 1,472 | +18.0% | +13.1% |
Net income attributable | 3,327 | +26.9% | 853 | +6.5% | +3.5% |
to owners of the parent | |||||
Segment revenue | |||||
Marketing solution | 17,040 | +10.8% | 4,176 | -2.5% | +1.5% |
business | |||||
EC solution business | 8,629 | +59.4% | 3,023 | +65.6% | +54.6% |
(*)EBITDA=Operating income+Depreciation and amortization+Amortization of goodwill
Copyright © 2020, ValueCommerce Co., Ltd. | 38 |
(Adjusted) Consolidated Financial Results OverviewResults overview
In 2019Q4, the Company found the fact that it had been unable to acquire a part of conversion information from 2018Q3 to
2019Q3 due to a bug in a part of STORE's R∞ program that identifies OS information. As STORE's R∞ revenue is calculated
based on the information, unrecorded revenue of 195 million yen for the period is accounted in 2019Q4. The amount in case of retrospective adjustment is as below.
(Million JPY) | |||||
Cumulative | Quarterly | ||||
Jan.-Dec. | Y/Y | Oct.-Dec. | Y/Y | Q/Q | |
2019 | 2019 | ||||
Revenue | 25,669 | +23.5% | 7,200 | +17.8% | +18.6% |
Cost of revenue | 16,870 | +21.7% | 4,546 | +12.5% | +13.0% |
Gross income | 8,799 | +27.0% | 2,653 | +28.2% | +29.8% |
SG&A expenses | 3,857 | +22.6% | 1,374 | +50.4% | +63.3% |
Operating income | 4,942 | +30.7% | 1,279 | +10.8% | +6.3% |
Ordinary income | 4,963 | +30.0% | 1,289 | +13.1% | +7.0% |
Income before income | 4,882 | +26.8% | 1,258 | +7.1% | +4.6% |
taxes | |||||
Income taxes | 1,554 | +26.6% | 404 | +8.5% | +7.0% |
Net income attributable | 3,327 | +26.9% | 853 | +6.5% | +3.5% |
to owners of the parent | |||||
EBITDA(*) | 5,416 | +31.1% | 1,472 | +18.0% | +13.1% |
(*)EBITDA=Operating income+Depreciation and amortization+Amortization of goodwill
Copyright © 2020, ValueCommerce Co., Ltd. | 39 |
(Adjusted) Consolidated Revenue
Quarterly results
In 2019Q4, the Company found the fact that it had been unable to acquire a part of conversion information from 2018Q3 to
2019Q3 due to a bug in a part of STORE's R∞ program that identifies OS information. As STORE's R∞ revenue is calculated
based on the information, unrecorded revenue of 195 million yen for the period is accounted in 2019Q4. The amount in case of retrospective adjustment is as below.
(Million JPY)
8,000
6,000
4,000
2,000
0
6,111 | 7,200 | ||||||||
6,332 | 6,068 6,069 | ||||||||
4,640 | 4,326 | 4,663 | 4,9485,052 | ||||||
4,523 | 4,241 | 4,677 | |||||||
4,015 | 4,024 | 3,960 | |||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 |
FY2016 | FY2017 | FY2018 | FY2019 | ||||||||||||
Copyright © 2020, ValueCommerce Co., Ltd. | 40 |
(Adjusted) Consolidated Operating IncomeQuarterly results and Operating Margin
In 2019Q4, the Company found the fact that it had been unable to acquire a part of conversion information from 2018Q3 to 2019Q3 due to a bug in a part of STORE's R∞ program that identifies OS information. As STORE's R∞ revenue is calculated based on the information, unrecorded revenue of 195 million yen for the period is accounted in 2019Q4. The amount in case of retrospective adjustment is as below.
(Million JPY) | Quarterly Operating Income | Quarterly Operating Margin | ||
1,800 | 1,154 | 1,279 | 25.0% | ||||||||||||||
1,500 | 18.9% | 17.8% | 20.0% | ||||||||||||||
16.0% | 1,274 | ||||||||||||||||
1,200 | 1,1841,203 | ||||||||||||||||
15.0% | |||||||||||||||||
827 871 926 | |||||||||||||||||
900 | 747 | ||||||||||||||||
600 | 256 | 5.4% | 483 | 575 | 10.0% | ||||||||||||
416 | |||||||||||||||||
300 | 249 | 233 | 5.0% | ||||||||||||||
184 | |||||||||||||||||
0 | 0.0% | ||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | ||
FY2016 | FY2017 | FY2018 | FY2019 |
Copyright © 2020, ValueCommerce Co., Ltd. | 41 |
(Adjusted) Consolidated Ordinary Income Quarterly results and Net Income
In 2019Q4, the Company found the fact that it had been unable to acquire a part of conversion information from 2018Q3 to 2019Q3 due to a bug in a part of STORE's R∞ program that identifies OS information. As STORE's R∞ revenue is calculated based on the information, unrecorded revenue of 195 million yen for the period is accounted in 2019Q4. The amount in case of retrospective adjustment is as below.
(Million JPY) | Ordinary Income | Quarterly Net Income | |||
2,000 | |||||
1,500 | 1,140 1,275 | 1,289 | |||||||||||||||||||||||
996 | 1,1941,204 | ||||||||||||||||||||||||
1,000 | 821 | 859 | 801 858 | 790 824 | 853 | ||||||||||||||||||||
765 | |||||||||||||||||||||||||
491 | 582 | 431 | 551 | 571 | 697 | ||||||||||||||||||||
500 | 417 | ||||||||||||||||||||||||
299 | 195 | 259 | 247 | 330 | 126 | ||||||||||||||||||||
157 | 99 | 121 | |||||||||||||||||||||||
0 | △4 92 | ||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | ||||||||||
△ 500 | FY2016 | FY2017 | FY2018 | FY2019 | |||||||||||||||||||||
Impairment loss on ad | Impairment loss on CRM service | ||||||||||||||||||||||||
network service | for general EC business owner | ||||||||||||||||||||||||
(Decided to close the service) | (Decided to close the service) | ||||||||||||||||||||||||
Copyright © 2020, ValueCommerce Co., Ltd. 42 | |||||||||||||||||||||||||
(Adjusted) Cost of Revenue and Cost RateQuarterly results
In 2019Q4, the Company found the fact that it had been unable to acquire a part of conversion information from 2018Q3 to
2019Q3 due to a bug in a part of STORE's R∞ program that identifies OS information. As STORE's R∞ revenue is calculated
based on the information, unrecorded revenue of 195 million yen for the period is accounted in 2019Q4. The amount in case of retrospective adjustment is as below.
(Million JPY) | Quarterly Cost of Revenue | Cost rate | ||
66.1% | 63.1% | |||||||||||||||||
5,000 | 4,546 | 90.0% | ||||||||||||||||
76.3% | 65.9% | 4,267 | ||||||||||||||||
4,042 | 4,024 | 80.0% | ||||||||||||||||
4,000 | 3,716 | 4,032 | ||||||||||||||||
70.0% | ||||||||||||||||||
3,521 | 3,301 | |||||||||||||||||
2,9403,072 | 3,311 3,380 | |||||||||||||||||
3,061 | 60.0% | |||||||||||||||||
2,821 | ||||||||||||||||||
3,000 | 3,128 | |||||||||||||||||
2,731 | 50.0% | |||||||||||||||||
2,000 | 40.0% | |||||||||||||||||
30.0% | ||||||||||||||||||
1,000 | 20.0% | |||||||||||||||||
10.0% | ||||||||||||||||||
0 | 0.0% | |||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |||
FY2016 | FY2017 | FY2018 | FY2019 |
Copyright © 2020, ValueCommerce Co., Ltd. | 43 |
(Adjusted) Segment Information
Overview by segment
In 2019Q4, the Company found the fact that it had been unable to acquire a part of conversion information from 2018Q3 to
2019Q3 due to a bug in a part of STORE's R∞ program that identifies OS information. As STORE's R∞ revenue is calculated
based on the information, unrecorded revenue of 195 million yen for the period is accounted in 2019Q4. The amount in case of retrospective adjustment is as below.
(Million JPY) | |||||||
Cumulative | Quarterly | ||||||
Jan.-Dec. | Y/Y | Oct.-Dec. | Y/Y | Q/Q | |||
2019 | 2019 | ||||||
Segment | 17,040 | +10.8% | 4,176 | -2.5% | +1.5% | ||
Marketing | revenue | ||||||
Solution | |||||||
Segment | |||||||
Business | |||||||
operating | 2,884 | +8.2% | 640 | -8.2% | -8.5% | ||
income | |||||||
Segment | 8,629 | +59.4% | 3,023 | +65.6% | +54.6% | ||
revenue | |||||||
EC Solution | |||||||
Business | Segment | ||||||
operating | 3,371 | +37.7% | 1,047 | +24.1% | +32.0% | ||
income | |||||||
(Notes) Segment operating income is adjusted to operating income in the consolidated financial statement.
Copyright © 2020, ValueCommerce Co., Ltd. | 44 |
(Adjusted) Service Information
Overview by segment
In 2019Q4, the Company found the fact that it had been unable to acquire a part of conversion information from 2018Q3 to
2019Q3 due to a bug in a part of STORE's R∞ program that identifies OS information. As STORE's R∞ revenue is calculated
based on the information, unrecorded revenue of 195 million yen for the period is accounted in 2019Q4. The amount in case of retrospective adjustment is as below.
(Million JPY) | |||||||||
Cumulative | Quarterly | ||||||||
Jan.-Dec. | Y/Y | Oct.-Dec. | Y/Y | Q/Q | |||||
2019 | 2019 | ||||||||
Marketing | Affiliate marketing | Revenue | 17,016 | +11.0% | 4,174 | -2.4% | +1.7% | ||
Solution | |||||||||
Gross | |||||||||
(ASP+Consulting) | 4,708 | +13.2% | 1,169 | +3.6% | +0.6% | ||||
Business | |||||||||
income | |||||||||
Revenue | 5,102 | +69.5% | 1,611 | +53.3% | +28.8% | ||||
Storematch | |||||||||
EC | Gross | 1,260 | +54.4% | 393 | +39.2% | +26.8% | |||
income | |||||||||
Solution | |||||||||
Revenue | 3,034 | +30.7% | 971 | +28.6% | +41.3% | ||||
Business | |||||||||
STORE's R∞ | |||||||||
Gross | 3,034 | +30.7% | 971 | +28.6% | +41.3% | ||||
income | |||||||||
Copyright © 2020, ValueCommerce Co., Ltd. | 45 |
(Adjusted) STORE's R∞ Revenue | STORE's R∞ |
In 2019Q4, the Company found the fact that it had been unable to acquire a part of conversion information from 2018Q3 to 2019Q3 due to a bug in a part of STORE's R∞ program that identifies OS information. As STORE's R∞ revenue is calculated based on the information, unrecorded revenue of 195 million yen for the period is accounted in 2019Q4. The amount in case of retrospective adjustment is as below.
(Million JPY)
1,500
971 | ||||||||||||||
1,000 | ||||||||||||||
755 | ||||||||||||||
684 | 690 | 687 | ||||||||||||
510 | 475 | 546 | 544 | |||||||||||
500 | ||||||||||||||
163 | 219 | 280 | ||||||||||||
65 | ||||||||||||||
4 | ||||||||||||||
0 | ||||||||||||||
Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |
FY2017 | FY2018 | FY2019 | ||||||||||||
Copyright © 2020, ValueCommerce Co., Ltd. | 46 |
Disclaimer
- This presentation material is intended to provide reference information as material for investors. Neither ValueCommerce nor its personnel assume any responsibility for the accuracy, appropriateness, or integrity of the information contained in this material.
- This presentation is not intended to solicit investment in connection with the acquisition of ValueCommerce's securities. It does not contain all information essential to any decision on investment in ValueCommerce's securities. In the event of making an investment decision, you are advised to refer to the Company's securities reports and other statutory disclosure documents and its published materials in addition to this presentation material.
- This presentation material contains financial outlooks and other statements on future results. Actual results may differ materially from those described in this material due to various factors.
- For details about factors that may have an impact on ValueCommerce's financial results, please refer to "Risk Factors" on ValueCommerce's website (https://www.valuecommerce.co.jp/en/ir/risk_factors/). However, please note that the factors that have an impact on ValueCommerce's financial results are not confined to those described in "Risk Factors."
Copyright © 2020, ValueCommerce Co., Ltd. | 47 |
Corporate Information
Corporate name | ValueCommerce Co., Ltd. |
Established | 1996 |
Fiscal year end | December |
HQ location | MINAMI AOYAMA BRIGHT SQUARE 3F |
2-26-1Minami-Aoyama,Minato-ku, Tokyo 107-0062 Japan | |
Representative | Jin Kagawa, |
Representative Director, President and CEO | |
Businesses | Marketing Solution Business (Affiliate marketing) |
EC Solution Business (Storematch, STORE's R∞) | |
Main shareholder | Z Holdings Corporation |
Slogan | Building Together |
Mission | To Create New Value with Information Technologies |
Vision | To Be the Best Performance Marketing Company Representing Japan |
Corporate website | https://www.valuecommerce.co.jp/en/ir/ |
Contact us | E-mail: investor_relations@valuecommerce.co.jp |
Copyright © 2020, ValueCommerce Co., Ltd. | 48 |
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ValueCommerce Co. Ltd. published this content on 29 January 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 January 2020 10:59:03 UTC