Consolidated Financial Results for the First Three Quartersof the Fiscal Year Ending March 31, 2024
(From April 1, 2023 to December 31, 2023)

Financial Results Briefing Materials
January 31, 2023

Digital Arts Inc.
(Securities Code: 2326)

Copyright © 2015 Digital Arts Inc.

Product LineupWeb

E-mailEnabling users to securely connect to
websites without security concerns

Enabling users to securely send andreceive email without security
concerns

Endpoint Web
security

Secure proxyappliance

Malicious websitefiltering software
for home use

fileFile encryption solution
Automatically protecting files fromthe moment of creation and allowing
users to delete them after transfer

Serverless solutions to prevent wrong
email transmission by providing
advice when necessary

File transfer solution
Supporting secure filetransfers without leaking
critical information

IDaaS

Communication

Equipped with multi-factor
authentication to ensure the securemanagement of IDs for cloud services

Providing workplaces and places foreducation with secure and comfortablecommunication spaces

Countermeasures toprevent wrong emailtransmission
for email software
Chat and
onlineconferencing

Countermeasureagainst wrong emailtransmission
for Outlook Web App
(OWA)

Video
conferencing
tool

2

Copyright © Digital Arts Inc.

Key Points
In the fiscal year ending March 31, 2024, net sales rose, reflecting an increase indemand for security, but profit declined due to the costs of developing new products
and hiring additional staff at subsidiaries.

１

In the enterprise section market, both software and consulting net salesrose significantly, reflecting increasing demand for security measures.

２

In the public sector market, net sales declined slightly, with net sales for
Security Improvements for Local Governments projects and GIGA School
Concept projects more than offset by the absence of sales from public agency
projects recorded in the previous fiscal year.

３

Net sales increased due to a rise in net sales in the enterprise section market,
which was offset by a decrease in the public sector market.
Operating profit was pushed down mainly by a significant increase in expenses
due to the expansion of DAC’s business.
3

Copyright © Digital Arts Inc.

Contents
01

Consolidated Results Highlights

02

Non-consolidated Results Highlights

03

Net Sales by Market

04

Status of Measures for the Fiscal Year Ending March 2024

05

FY03/24 Initiatives

06

Full-Year financial Forecast for the Fiscal Year Ending March 2024

07

Return to Shareholders for the Fiscal Year Ending March 31, 2024
4

Copyright © Digital Arts Inc.

Material on Consolidated Financial Results
for the First Three Quarters of the Fiscal Year Ending March 31, 202401

Consolidated Results
Highlights

5

Copyright © Digital Arts Inc.

Consolidated Results Highlights

Contracts

Net sales

Operatingprofit7,267million yen(up +223million yen
or +3.2% year on year)

8,322million yen(up +663million yen
or +8.7% year on year)

3,122million yen(-105 million yen
or -3.3% year on year)• In the enterprise section market, the Group attained growth bywinning projects that aimed to meet the need to transition from thecastle and moat security model and projects from new clientsswitching from competitors' products. DAC attained new customers,
which also contributed to the growth.
• In the public sector market, the Group experienced negative growth
due to a gradual decrease in projects received through special
demand.
• Net sales grew in the enterprise sector market, reflecting sales ofcloud service products, license sales products and sales at DAC.
• In the public sector market, net sales declined slightly, with net sales
for Security Improvements for Local Governments projects and GIGA
School Concept projects more than offset by the absence of sales
from large public agency projects recorded in the previous fiscal year.

• Cost of sales increased mainly due to the expansion of business,
including an increase in the number of DAC consultants.
• SG&A expenses rose chiefly due to an increase in personnel expenses
at DAJ and DAC.

6

Copyright © Digital Arts Inc.

Consolidated Statement of Income
Net sales grew while expenses rose due to the release of new products(Million yen)and the expansion of DAC's business.
First 3 Quarters
FY March 2023

First 3 Quarters
FY March 2024

Change YoY

FY March 2024
Full-Year Forecast

Contracts

7,043

7,267

+3.2%

-

Net sales

7,658

8,322

+8.7%

11,500

Cost of sales

2,651

3,306

+24.7%

3,850

Gross profit

5,006

5,015

+0.2%

7,650

Selling, general and administrative
expenses

1,778

1,892

+6.4%

2,500

Operating profit

3,228

3,122

(3.3%)

5,150

Operating margin

42.2%

37.5%

-

44.8%

Ordinary profit

3,241

3,132

(3.4%)

5,150

Profit attributable to owners ofparent

2,235

2,162

(3.3%)

3,550

EBITDA

3,966

3,852

(2.9%)-* Financial Forecast is the consolidated financial forecast announced on May 9, 2023.
* EBITDA = Operating profit + Depreciation + Tax expenses included in operating expenses

7

Copyright © Digital Arts Inc.

Consolidated Cost of Sales
and Selling, General and Administrative Expenses(Million yen)First 3 Quarters
FY March 2023

First 3 Quarters
FY March 2024

Change YoY

Cost of sales

2,651

3,306

+655

Labor

1,158

1,482

+323

Depreciation

629

624

(5)

Communication
expenses

850

948

+97

Cloud server expenses rose as a result of an increase in licenses forcloud service products and foreign exchange fluctuations (+97M)

Other

657

984

+326

Increase due to the development of new DAJ products (＋84M)
Increase due to the expansion of DAC's business (+242M)

Transfer to otheraccounts

(644)

(732)

(87)

Selling, general andadministrative expenses

1,778

1,892

+114

Personnel expenses

899

977

+78

Advertising expenses

230

227

(2)

Other

648

687

+38

Main Factors for Change

Increase due to the enhancement of DAJ's*1 development
workforce (+61M)
It rose with the strengthening of DAC*2 consultants (+261M)

Increase in the number of personnel in DAJ*1 (+51M)
Increase in the number of personnel in DAC*2 (+27M)*1: DAJ = Digital Arts Inc.
*2: DAC = Digital Arts Consulting Inc.

8

Copyright © Digital Arts Inc.

Trend in Consolidated Contracts
Consolidated contracts totaled 7,267 million yen, up +3.2% year on year.
Trend in Contracts•

Contracts for cloud service products declined
6.0% due to a decrease in new GIGA School
Concept project orders from the previous
fiscal year, although the Group captured thedemand for the transition from the castle
and moat security model and received
projects in the enterprise section market byadding functions and increasing promotion.

•

In the license sales products and othercategory, contracts rose 7.2%, reflecting an
increase in contracts at DAC and theacquisition of projects from new clientsswitching from competitors' products in theenterprise sector market, offsetting adownturn after receiving orders for large
public agency projects in the previous fiscal
year in the public sector market.

Cloud service products
License sales products/Others

7,043
30.7％

69.3％

-6.0%

2,158

4,884

7,267

(Million yen）

2,028

27.9％

(+3.2%)+7.2%

First 3 Quarters
FY Mar. 2023

5,238

72.1％

First 3 Quarters
FY Mar. 2024

9

Copyright © Digital Arts Inc.

Trend in Consolidated Contracts
The order backlog excluding GIGA School projects increased despite
a reduction of total contracts.
Sales FY3/2025 onwards (GIGA)

Trend in order backlog
Sales FY3/2025 onwards (GIGA)

Sales 4Q FY3/2024 (GIGA)

Sales FY3/2025 onwards

Sales 4Q FY3/2024

5,945
5,273

3,491

△25.5％(Million yen）
Sales 4Q FY3/2024 (GIGA)

Sales to be recorded in the 4Q period of the fiscal
year under review will rise because the Group has
been continuously gaining new GIGA School Concept
projects.

2,600

467

＋6.9％

499

1,489

＋10.7％

1,648

496

＋5.8％

End of Dec.
FY Mar. 2023

Many GIGA School Concept projects are five-year
contracts. Over time, more sales are posted. The
amount of sales to be recorded will drop in FY March2025 and later.

Contracts are expected to rally sharply following an
increase in projects related to the NEXT GIGA School
Concept that started in FY March 2024.
Sales FY3/2025 onwards

Sales 4Q FY3/2024

The order backlog is steadily increasing, reflecting
the gradually growing percentage of enterprisecontracts that are for cloud service products. Manyof these are one-year contracts.

525
End of Dec.
FY Mar. 2024

10

Copyright © Digital Arts Inc.

Change in Net Sales
Consolidated net sales grew 8.7% year on year, to 8,322 million yen.
Change in Net Sales
Cloud service products•

Net sales of cloud service products
increased 10.2% year on year, reflecting
steady growth in sales in the enterprise
sector market, as well as sales recorded for
new GIGA School Concept projects forwhich orders were received before andduring the current fiscal year.

•

Net sales of license sales products andother increased 7.8% year on year due to arise in DAC’s sales, and as described in the“Trend in Consolidated Contracts” page,
projects from new clients switching fromcompetitors' products were won in theenterprise sector market, offsetting adownturn after receiving orders for large
public agency projects in the previous fiscal
year in the public sector market.

License sales products/Others

8,322

7,658
36.1％

63.9％

2,764

4,894

First 3 Quarters
FY Mar. 2023

(Million yen)(+8.7%)+10.2%

+7.8%

3,047

5,274

36.5％

63.5％

First 3 Quarters
FY Mar. 2024

11

Copyright © Digital Arts Inc.

Supplement） Method of recording sales by productContract period (n months)＋1 month

Contracts

Equivalent toEquivalent tolicense fee
maintenance fee

License sales
products

Orderbacklog•

License fees make up a large proportion of
the contract amount. This portion is recorded
in a lump sum as sales in the month when
the contract is obtained.

•

Amount equivalent to maintenance fee isrecorded on a pro rata basis over the contract
period.

•Contract amount is recorded as sales on a pro
rata basis over the contract period (split into
equal monthly amounts).

•

As the contract amount of cloud service
products rises, the contract amount that isdeferred (order backlog) increases.

・・・

Amount equivalent to maintenance fee
is prorated over contract period "n"

Net
sales

Y+1
Y months(contract months) months

Y+2
months・・・

Y+nmonthsY+n+1
monthsContract period (n months)

Contracts

Contract amount is prorated
over contract period "n"Cloud service
products

Orderbacklog

・・・

Net sales

Y+1
Y months(contract months) months

Y+2
months

12

・・・

Y+n-1
monthsY+nmonthsCopyright © Digital Arts Inc.

Supplement）Relationship between contract amount andsales by product (one-year contracts)
For example, the diagrams on the left show the relationships

License sales products

between the contract amount and net sales in license sales

Cloud service products

products and cloud service products with a one-year contract at
the amount of 600 million yen.

600

300

Trend inContracts

300

Contracts
For license sales products, contracts in the second and600
Year X

Year
Jan. X
Jan.

600
Year XYear XYear X+1…
Year
Feb. X X年11ヶ月
Dec.
Jan.
X+5年

Feb.

First year

Year X+1
…
Feb.
X+6年

Year X+1

Dec.
X+9年

Second year

600

subsequent years are half of those of the first year. For cloudYear X+2

are the same amounts as those in the first year. An increase in

Jan.
X+10年
Third year

service products, contracts in the second and subsequent years
new contracts for cloud service products will result in a higher
growth rate in coming fiscal years than for license sales products.

Net sales
Change in
Net Sales

For license sales products, a high percentage of net sales isrecorded at the time of the contract. For cloud service products,

545

50

5
50

Year XJan.

Year XFeb.

5
50… Year X
Dec.

245
50
Year X+1
Jan.

5
50

5
50

Year X+1 … Year X+1
Feb.
Dec.

245
50
Year X+2
Jan.

13

net sales are posted in monthly installments. For license sales
products, net sales decrease because of a decline in contracts atthe time of renewal. For cloud service products, net sales areconstant.
Copyright © Digital Arts Inc.

Supplement）Relationship between contract amount andsales by product (multi-year contracts)
Many projects in the public sector market are multi-year contracts, suchas five-year ones. They have longer periods until renewal.
License sales products
Cloud service products

For example, the diagrams on the left show the relationships
between the contract amount and net sales in license sales

600

600

600

600

600

600

products and cloud service products with a five-year contract of
600 million yen.

Trend inContracts

Year XX
Year

Change in
Net Sales

14
Year
Year
…
Year
X+4年
X+1
X+4

X+1

Year
X+5年
X+5

For both license sales products and cloud service products,
contract amounts are unchanged at the time of renewal.

Year
Year
Year
…
X+6年
X+9年
X+6
X+9 X+10年
X+10

Net sales

552

552
12

Contracts

12

For license sales products, a high percentage of net sales is552
12

recorded at the time of the contract. For cloud service products,
sales are recorded in monthly installments for a period of five

12

120

120 … 120120

120 … 120

120

Year X

Year
Year
…
X+1
X+4

Year
X+5

Year
X+6

Year
X+10

Year
…
X+9

years. This means a wider gap between the contract amount andnet sales (order backlog).
14

Copyright © Digital Arts Inc.

Quarterly Trend in Net sales, Operating profit
1Q

2Q

3Q

(Million yen)

4Q

10,436
9,051
2,778
2,364

6,825

4Q
3Q

1,376

2Q
1Q

1,514

2,758

2,573

5,639
1,500

8,322

2,074

2,134
4,413

4,126
1,649
2,326
679

1,687

1,101

2,632

1,249

683
413

1,413

Net sales

Operating profit

Net sales

825

1,348

1,919

FY March 2021

Net sales

Operating profit

FY March 2022

15

1,185

3,022

980

2,386

1,238

Net sales

Operating profit

FY March 2023

3,122
933

2,541

1,009

731

485
Operating profit

2,698

945

1,004
663

551

FY March 2020

2,977

1,315
872

Net sales

Operating profit

FY March 2024

Copyright © Digital Arts Inc.

Quarterly Trend in Consolidated Cost of Sales
Transfer to other accounts(Million yen)

Cost of sales
Other

1,450

Communication expenses
Depreciation

1,204

Labor

1,102
946
723

609
Communication
expenses
Depreciation

622

110
183
34

121175
45

203

202
447

427
Labor

262

254

1Q

2Q

141
60

793
151210

237

87

486
324
3Q

FY March 2021

134

225

153
158

321

169

173226170222

213

223

244

214

217

164220

208

206

198

839

204
584

349

332

4Q

1Q

427

2Q

330

349

3Q

4Q

FY March 2022

244220239221

302

229

1,340
349

231

247201
312

324

766
354

1Q

202 901

373

2Q

332

270

345

206

983

430

3Q

FY March 2023

16

1,248

294

308

280

221
736

701

624

613

962

921

989

1,235

208

200

211
1,108

476

452

470

1,014

4Q

1,019

1Q

212
1,178

558

2Q

3Q

FY March 2024
Copyright © Digital Arts Inc.

Quarterly Trend in Consolidated
Selling, General and Administrative Expenses
Personnel expenses
Advertising expenses
other(Million yen)

660
574
501

499
414

195
32

161

485
191

153
44

1Q

218

2Q

169

487

59
159

166

229
193

58

51

70

277

263

3Q

4Q

609
558

526

59

34
272

609

77

204

74

214

78

648

646
597

578

215

238
232

216

67

80

66
79

432
301

3Q

FY March 2021

262

4Q

323

1Q

2Q

FY March 2022

302

280

1Q

2Q

316

293

3Q

4Q

FY March 2023

17

329

1Q

285

2Q

363

3Q

FY March 2024

Copyright © Digital Arts Inc.

Consolidated Balance Sheet
The equity ratio increased to 69.8%, reflecting a decrease in total assets
after the acquisition of treasury shares and payment of dividends.
(Million yen)
As of end of 3Q
FY March 2023

As of end of
FY March 2023

As of end of 3Q
FY March 2024

Change fromend of FY
March 2023

Current assets

17,631

18,925

17,422(7.9%)

Treasury share buy-back fund (1,430M)(Cash and deposits)

16,072

17,01815,961(6.2%)

Treasury share buy-back fund (1,430M)

Non-current assets

2,209

2,223

2,294

+3.2%

Total assets

19,84021,14919,717(6.8%)

Current liabilities

6,442

6,924

5,862

(15.3%)(Advanced received)

5,326

5,187

4,784

(7.8%)

Non-current liabilities

50

50

51

+1.6%

Equity capital

13,31414,141

13,768(2.6%)Net assets

13,347

14,17313,803(2.6%)

Equity ratio

67.1%

66.9%

69.8%

-

ROE

17.6%

23.3%

15.5%

-

ROA

11.4%

15.1%

10.6%

-

18

Main Factors for Change

Income taxes payable (537M)
Decreased 122 M following the payment of accounts
payable - trade for license purchases and others(122M)

Treasury share buy-back (1,422M),
Dividends paid (1,116M), Profit ＋2,162M

Copyright © Digital Arts Inc.

Material on Consolidated Financial Results
for the First Three Quarters of the Fiscal Year Ending March 31, 2024

02

Non-consolidated Results
Highlights

19

Copyright © Digital Arts Inc.

Summary of Non-consolidated Results
Net sales grew, but cost of sales and SG&A expenses rose due to development
costs related to the release of new products and an increase in base pay.
(Million yen)First 3 Quarters
FY March 2023

First 3 Quarters
FY March 2024

Change YoY

FY March 2024
Full-Year Forecast

Contracts

5,978

5,714

(4.4%)-Net sales

6,593

6,769

+2.7%

10,000

Cost of sales

1,769

1,952

+10.4%

2,650

Gross profit

4,824

4,816

(0.2%)

7,350

Selling, general andadministrative expenses

1,629

1,734

+6.4%

2,350

Operating profit

3,194

3,081

(3.5%)

5,000

Operating margin

48.5%

45.5%

-

50.0%

Ordinary profit

3,202

3,094

(3.4%)

5,000

Profit

2,213

2,142

(3.2%)

3,450* Financial Forecast is the non-consolidated financial forecast announced on May 9, 2023.

20

Copyright © Digital Arts Inc.

Material on Consolidated Financial Results
for the First Three Quarters of the Fiscal Year Ending March 31, 2024

03

Net Sales by Market

21

Copyright © Digital Arts Inc.

Consolidated Contract Amount by Market
The contract amount expanded in the enterprise sector market while
it contracted in the public sector market.
Trend in Consolidated Contract
Amount by Market

7,043
327

2,911

3,804

First 3 Quarters
FY Mar. 2023

7,267

-4.4%

•

In the enterprise sector market, the contract
amount was up 755 million yen or 19.9% due tothe acquisition of projects that aimed to meet theneed to transition from the castle and moat
security model and projects from new clientsswitching from competitors' products, as well as
new customers gained at DAC.

•In the public sector market, the contract amountdeclined by 517 million yen or 17.8%, reflecting
the absence of contracts for large public agency
projects and prefectural government security
cloud projects recorded in the previous fiscal year
and a slowdown in growth in the contract amountof Security Improvements for Local Governments
projects and GIGA School Concept projects.

(Million yen)(+3.2%)

313

Consumer

2,394
Public-17.8%

4,559+19.9%

EnterpriseFirst 3 Quarters
FY Mar. 2024

22

Copyright © Digital Arts Inc.

Consolidated Net sales by Market
The contract amount expanded in the enterprise sector market while
it slightly contracted in the public sector market.
Trend in Consolidated Net Salesby Market

8,322

7,658
327

3,482

3,847

First 3 Quarters
FY Mar. 2023•

In the enterprise sector market, net sales
increased 19.2%, or 739 million yen, due to orders
for cloud service products, projects that aimed tomeet the need to transition from the castle andmoat security model, and projects from newclients that switched from competitors’ products,
as well as new customers gained at DAC.

•In the public sector market, net sales declined
1.7%, or 60 million yen. This is chiefly due to theabsence of sales of large public agency projects
and prefectural government security cloud
projects for which orders were received in theprevious fiscal year, which was only partially offset
by the acquisition of Security Improvements for
Local Governments projects and GIGA School
Concept projects.

(Million yen)(+8.7%)
-4.4%

-1.7%

+19.2%

313

3,421

4,586

First 3 Quarters
FY Mar. 2024

Consumer

PublicEnterprise

23

Copyright © Digital Arts Inc.

Trend in Consolidated Net Sales by Market
Net sales for the first three quarters(Million yen)

8,322

reached a record high.

7,658

313

Consumer

3,421

Public4,586Enterprise

327

6,686
327
3,482

4,750

2,325
265
826
1,233
First 3 Q

FY Mar. 2015

2,747
248

3,518

3,551

254

271

1,523

1,247

4,166

4,141

377

345

1,655

1486

323
1,623

1,014

1,483

First 3 Q

FY Mar. 2016

1,740

First 3 Q

FY Mar. 2017

2,031

First 3 Q

FY Mar. 2018

2,134

First 3 Q

FY Mar. 2019

2309

First 3 Q

FY Mar. 2020

24

3,026

2,804

First 3 Q

FY Mar. 2021

3,332First 3 Q

FY Mar. 2022

3,847

First 3 Q

FY Mar. 2023

First 3 Q

FY Mar. 2024

Copyright © Digital Arts Inc.

Quarterly Trend in Consolidated Net Sales by Market

Net sales for the third quarter(Million yen)were a record high.

3,022
2,698

2,632

2,364 2,386

115

2,074

1,514
1,249
140

114

587

383

725

1Q

1,376
90

1,500
100
426

515

813

770

2Q

3Q

FY March 2020

975

4Q

1,687 1,649
1,413
115

104

103

109

2,134

1,919
113

2,573

785

106

2,758
101

Consumer

1,084

Public

1,596

1,572

Enterprise

2Q

3Q

2,541
106

105

1,320
1,269

1,313

105

103

98

1,203
1,016

1,195

1,020

1,017

1,227

1,262

1,310

1,274

4Q

1Q

2Q

3Q

974

738
597

116

118

2,778

574

451

847

1Q

985

971

2Q

3Q

FY March 2021

1,179

4Q

1,067

1Q

1,204

2Q

1,060

3Q

FY March 2022

25

FY March 2023

1,469

1,418

4Q

1Q

FY March 2024
Copyright © Digital Arts Inc.

03

Net Sales by Market

Enterprise Sector

26

Copyright © Digital Arts Inc.

Net Sales in Enterprise Sector Market by ProductNet sales increased more sharply as the Group captured demand for comprehensive security solutions
due to the shift from the castle and moat security model, which has started in earnest, and the
expansion of the scope of targets of protection due to an increasing incidence of diverse cyber attacks.
Trend in Net Sales in Enterprise
Sector Market by Product

4,586

•

Sales of i-FILTER series were firm as the Group captured
demand for a transition from the castle and moat security
model and demand for a shift from the products being
used to increase safety.
(+169 million yen/+9.0%)•

The m-FILTER series captured demand forcountermeasures to address ransomware and the insecure
practice of sending a password-protected zip file and apassword for unzipping it separately by email (commonly
known as PPAP in Japan), as well as demand for e-mailsecurity solutions in the cloud environment. Sales werestrong.
（+87 million yen/＋12.4％）•

The release of new products has enabled the Group to
capture wider ranging demand. Additionally, pipelines
expanded.

•

DAC made good progress acquiring new clients andachieved substantial sales growth, reflecting advancing DX
and growing demand for security measures among
enterprises.
（+487 million yen/+46.1%）(Million yen)(+19.2%)

3

3,847
7

1,057
197
705

1,879

First 3 Quarters
FY Mar. 2023

＋46.1％＋0.3％+12.4％

＋9.0％

Other

1,544
198
793

DAC
FinalCodem-FILTER
series2,048

i-FILTER
seriesFirst 3 Quarters
FY Mar. 2024

27

Copyright © Digital Arts Inc.

Net Sales Growth and Expansion of DAC on a Non-consolidated Basis
Number of consultants

Security consulting sales*(Persons)

101

IT strategy consulting sales*(Million yen)

1,167

127

(Million yen)

321

376

735

End of FY March2023

End of 3Q FYMarch 2024

DAC actively recruited individuals with richknowledge and experience in operational reforms
and DX and with a high level of expertise in thearea of technology and cybersecurity.

First 3 Q
FY Mar. 2023

First 3 Q
FY Mar. 2024

Sales increased significantly after receiving projects
for the comprehensive support of all processes
including the examination, construction and operation
for assisting the enhancement of security through theapplication of advanced technologies, as well as
assisting the development of security governancesystems such as the Information system Security
Management and Assessment Program (ISMAP).

First 3 Q
FY Mar. 2023

First 3 Q
FY Mar. 2024

Sales grew steadily as a result of acquisition of
consulting projects regarding the formulation of IT
strategies, operational reforms, enhanced customer
experience (CX) and other matters for establishingsuperiority through the positive utilization of digitaltechnologies.

*DAC's net sales (after consolidated journal adjustments)

28

Copyright © Digital Arts Inc.

03

Net Sales by Market

Public Sector

29

Copyright © Digital Arts Inc.

Net Sales of Public Sector Market by Product
The Group continued to receive new Security Improvements for Local Governments and GIGA School
Concept projects. However, sales were slowing gradually. Meanwhile, the Group started to anticipate
its reception of NEXT GIGA School Concept projects starting in the next fiscal year.
Trend in Net Sales of Public Sector
Market by Product

3,482
61

665

2,741

First 3 Quarters
FY Mar. 2023

3,421
-14.7％-10.6％+1.2％(-1.7%)

52

595

2,773

•

Sales of the i-FILTER series grew due to sales
for Security Improvements for Local
Governments projects and GIGA School Concept
projects, which had been recorded since before
the current fiscal year, although the sales wereaffected by sales from large public agency
projects for which orders were received in theprevious fiscal year.
（+32 million yen/+1.2%）•

Sales of the m-FILTER series experienced
negative growth due to less active procurement
for Security Improvements for Local
Governments than in the previous fiscal year.
(-70 million yen/-10.6%)•

The Group has set up a project team for NEXT
GIGA School Concept projects, where GIGA
terminals will be updated beginning from thenext fiscal year onward, and has started to
anticipate the reception of the projects.

(Million yen)

FinalCodem-FILTER
seriesi-FILTER
seriesFirst 3 Quarters
FY Mar. 2024

30

Copyright © Digital Arts Inc.

GIGA School Concept
Introduction of filtering under the GIGA School Concept*1
Introduction of pay filtering by Boards of Education

Not yetintroduced, etc.
21％

Competitors
46％

Charged filtering
already
introduced

79%

Share of charged filtering introduced

Share ofi-FILTER

54%

UpdateThe percentage of boardsof education that haveintroduced charged
filtering increased 4%.

The percentage of boards of education thathave adopted pay filtering reached 79%.

Of the boards of education that have introduced
charged filtering, 54% have implemented i-FILTER.

*1：According to our survey of 1,741boards of education (Dec. 2023)

31

Copyright © Digital Arts Inc.

03

Net Sales by Market

Consumer Sector

32

Copyright © Digital Arts Inc.

Net Sales of Consumer Sector Market by ProductIn the consumer sector market, the demand for paid filtering for mobile
phones and other terminals is declining.
Trend in Net Sales of Consumer
Sector Market by Product•In products for computers, newcontracts remained firm, and net sales
increased with promotions of multipleyear package products and initiatives for
products for Internet cafes.
(+25 million yen/+15.5%)•

With regard to products for mobile
phones and other terminals, revenue
from contract development of products
for mobile terminals for carriers
increased, while new contracts declined,leading to a decrease in net sales.
(-39 million yen/-23.1%)(Million yen)

313

327

(-4.4%)

158＋15.5％

169△23.1％First 3 Quarters
FY Mar. 2023

183

130

For computers

For mobile
terminals, otherFirst 3 Quarters
FY Mar. 2024

33

Copyright © Digital Arts Inc.

Material on Consolidated Financial Results
for the First Three Quarters of the Fiscal Year Ending March 31, 2024

04

Status of Measures for
the Fiscal Year Ending March 2024

34

Copyright © Digital Arts Inc.

Progress in the Product Roadmap in FY March 2024
 The functional upgrade to fulfill comprehensive security needs and new product releases,
both of which were due to be done in the current fiscal year, were done.

Mar.

Respond toneeds forcomprehensive
security

Cmmunication
BusinessWeb

CASB function of
i-FILTER@CloudWeb

i-FILTER AI chat filter

Mail

m-FILTER MailAdviser OWA

File

f-FILTER

AuthenticationStartIn

Chat

Desk

Apr.

May

Jun.

Jul.

Aug.

Sep.

Oct. andlater

Released in
Apr. 3
Released inAug. 16
Released inJul. 4
Released in
Nov. 13
Released in
Sep. 7
Released inJun. 21

35

Copyright © Digital Arts Inc.

Status of measures to be implemented in the fiscal year ending March 31, 2024


Sales of Anti-Virus & Sandbox, launched in the previous fiscal year, were strong. The release of new products planned
for the current fiscal year was completed. The Group aims to increase sales in the new product lineup.
The contract amount for Security improvements for Local Governments and GIGA School Concept projects continues toincrease cumulatively.
Actions

MeasuresRespond to needs forcomprehensive securityUpgrade next-generation SWG functions
by adding the CASB function to i-FILTER@Cloud

Upgrade measures for detecting
and responding to malware infections

Improve measures against PPAP
and wrong email transmission solution

Develop non-VPN remote access products

Encourage the smart utilization of generative AIRelease IDaaS products with original authentication methods
such as authentication using positional data and third-party
authentication

For publicorganizations
and schools

Expand sales in Security Improvements for Local Governments

Increase GIGA School Concept project market shareand prepare for the next update.

Improve next-generation SWG functions
and anti-malware measuresz

Total sales of Anti-Virus & Sandbox increased to 778 million yen
from the previous fiscal year's 358 million yen.
Response to the PPAP, wrong email transmissions,generative AI, ID management and other issues

The release of new products fulfilling security needs planned forthis fiscal year was completed. z
CASBfunction

AI chatfilter

Security Improvements for Local Governments
Total contracts increased from 1,739 million yen in theprevious fiscal year to 2,340 million yen.
GIGA School Conceptz

Total contracts increased from 8,724 million yen in theprevious fiscal year to 9,534 million yen.

36

Copyright © Digital Arts Inc.

Material on Consolidated Financial Results
for the First Three Quarters of the Fiscal Year Ending March 31, 2024

05

FY03/24 Initiatives

37

Copyright © Digital Arts Inc.

05

FY03/24 Initiatives

Responding to the ICT Environment

38

Copyright © Digital Arts Inc.

Strategy in Security Products Market
Expand the product portfolio to promote synergy in terms of
the existing main products' functions and customer base.
High

Marketgrowthrate

Investment areas

Future core areas (stable areas)

Future promising areas

XDR

30.2%

CSPM/
CWPP

28.2%

CNAPP

17.9%

File and content
sharing services

Vulnerability
assessment
(VA)

11.2%

17.9%

22.6%

Authentication

SASE

EDR and NDR

20.3%

Web access security

IDaaS

Unified endpoint
management(UEM) tools

 SWG

 SDP/IAP

Businesschat CASB

Improvement
domainLow

Expand the portfolio
to promising areas/
investment areas

Current portfolio

6.0%
5.4%

Low

＝ Market growth rates

 FWaaS and others

10.3%

Gateway security
 Security monitoring tools
 FW-, VPN- and UTM-related
products

Promising
areas

1.7%

2.4%

Implementation of downsizing,
withdrawal and collaboration
with other companies

Web filtering
Mail Security(including file
encryption)

Areas for acquisition
Stable areasof stable revenue

Our advantage
39

High
Copyright © Digital Arts Inc.

Responding to the ICT Environment

Expansion of White Operation
Maximize synergy between the existing main products and new products,
centering around White Operation, which is our strength.
What is White Operation?
The products adopt White Operation based on whitelist database, instead of blacklisting, which is a common concept of
security measure. It protects an ICT environment from unknown and/or existing threats irrespective of user's literacy.
Not in the
category list
Unknown
malicious URLs

Threatinformation sites,
etc.
Existing
malicious URLs

Category
judgment
Websites used forstudy and work

Features of White Operation:
 Digital Arts' unique operating
method Constructing high coverage
rate/high accuracy DB ofwhitelist
 Having countermeasuresagainst falsification「i-FILTER」
Whitelist Database40

Copyright © Digital Arts Inc.

Responding to the ICT Environment

Areas of Focus for This Term
Release new products/new functions for Network, Authentication, Terminal/Data and Chat and Online
Conferencing System aiming at providing the total support for the ICT environment.
ICT environment

Internal processapplications

Internet access

Cloud
Application

Log

Chat and Online Conferencing System

Terminals anddata

External terminals
and data

Operation
monitoring
Monitoring
Detection andresponse
Analysis
ReportConsumer devices

41

IAP
CASB
SWG
SEG
Cloud FW

Authentication

SIEM
Log collection andcentralized
management

Authentication
SystemInternal terminals
and data

SD-WAN
Network
optimization

Network(Next-generation
SWG)

Network

Sending andreceiving
email

Solutions＝ Area of focus
for this term

ID-aware proxy (non-VPN)
Visualization and control of cloud services

Cloud proxy
Secure email gateway
Network control

IDaaSManagement of IDs on the cloud

Storage

Data storage and sharing

DLP

Prevention of loss or leakage ofconfidential data

IRM

Data Encryption

MDM

Mobile device management

EDR

End-point monitoring and threat detection
Copyright © Digital Arts Inc.

Responding to the ICT Environment

New Products and New Function Releases
Add the CASB function, to be one of the main functions in the next-generation SWG plan, anda new function for visualizing/controlling the status of use of generative AI increasingly indemand, to i-FILTER as standard features.

Network
SecurityNewfeatures

POINT

CASB function

 The AI chat filter is a new function
designed for companies andorganizations willing to proactively use
generative AI, which is a trendy tool.

AI chat filter

Control

Blocked by policy

Protection from threats

Restrictions on Shadow IT Usage

Data security

Control of confidential data

Visibility

Visualization of usage status and information leakage risk••

Visualize and control the status of useof cloud services
Enabling flexible and robust
countermeasures against information
leakage

Support for confirmation of users who madea post, their group and time of
posting/support for highlighting of detectedwords/reasons for detection

Support for
confirmation oftargetgenerative AI

Support for confirmationof detected words andword category Aim at creating further projects andincreasing user satisfaction, mainly
targeting small and medium enterprises
who cannot afford the high-priced
products of foreign affiliates due to theirlimited budgets since both the functions
are provided as standard features.

Supporting flexible management/control ofaccess to generative AI by service and byaccount

42

Copyright © Digital Arts Inc.

Responding to the ICT Environment

New Products and New Function Releases
Network
Security••

A product to provide pop-ups for email misdelivery supporting the Outlook Web Access (OWA) environment
Equipped with the original function to solve PPAP issues, meeting a wide range of needs for security
measures in email delivery

Strengthening the brandof products aimed toprevent email misdelivery

POINT

Recipients tab shows a list of all email addresses in
To, Cc and Bcc fields

Indicating the number of problems in
the Recipients, Text and Attached Filetabs.

Displaying the risks of erroneous
sending at once

The categories displayed at the
beginning of each domain are"external," "mobile," and "internal“.

Click on the destination address itself
to confirm* In addition to the above categories,
External, "Outside the unit" and"Within the unit" can be added.
The receiver can instantly be identified.
Automatically obtain information on eachuser's organization and convert thedomain into the organization information
so that erroneous addresses can be
spotted right away.

Pointing out what needs to be
confirmed when a cursor is pointed at
the address
The mail cannot be sent if any item isleft unconfirmed
The mail cannot be sent unless all thetabs, "Recipients," "Text" and "Attached
Files," are confirmed.

•

Measures to provide pop-ups for email misdelivery supporting the Outlook Web Access (OWA)•

Robust measures to prevent email misdelivery and solve PPAP issues

43 More users choose the Microsoft 365's OWA
environment as an environment to send andreceive emails since it works in any terminal
 Providing the original function to solve PPAP
issues in addition to the function to prevent
email misdelivery and allowing easy
introduction
 Unify the name of m-FILTER MailAdviser
OWA with the brand m-FILTER MailAdviser(for email software) to accelerate project
creation.

Copyright © Digital Arts Inc.

Responding to the ICT Environment

New Products and New Function Releases
Authentication
security

Release StartIn, a new product featuring the original multifactor authentication
method, in addition to ID management, log management and ID provisioning,and providing secure authentication when using SaaS

Authentication method

ID management
・Active Directory integration
・Azure Active Directory integration
・Google Workplace integration

・Authentication with positional information

Digital Arts
・Third-party authentication
original function ・Regular authentication

・SAML integration
・One-time password (OTP) authentication
・Push authentication
・Smartphone biometric authentication
・Authentication with clients‘ certificates・IP restriction

Log management

ID provisioning

・Access log
・ID linkage log
・Report function

POINT

・i-FILTER@Cloud・m-FILTER@Cloud・FinalCode@Cloud・Desk The Group is continuously enhancing the product based on feedback from users and the market.
 The Group aims to increase projects by cross-selling to over 12 million existing users of the Company
and proposing product integration to potential new users.
44

Copyright © Digital Arts Inc.

Responding to the ICT Environment

New Products and New Function Releases
Data
security• Release f-FILTER, an original solution to file transfer featuring the DLP function• Meeting the needs for measures to prevent information leakage of terminals/datain the ICT environment

Uploading

POINT(i) Check the files taken out(ii) File management after taking out

DLP(Data Loss
Prevention)

Determination ofimportant
information based on
unique definitions

File viewing
authority
management

File
Judgment

Scoring whether files
can be provided
externallySupervisor
approval(workflow)

Approved by superiors
through workflow andchecked by humaneyes

Antivirus

Virus check for sent
and received files

Specify who canview and download
files

Original cloudstorage The Group is actively creating projects as solutions to PPAP by linking with m-FILTER.
 The link to the CASB function of i-FILTER has been strengthened, which will lead to the creationof network DLP projects.
45

Copyright © Digital Arts Inc.

Responding to the ICT Environment

New Products and New Function Releases
Chat and Online
Conferencing
System••Desk was released on June 21 (our anniversary of foundation),launching the communication business.
Addressing security risks emerging in communication.

Chat and online
conferencing

Chats(for schools)

Enhancementof featuresVideo
conferencing
tool

POINT

 Listen to voices at education sites and add the usage time restriction and Google Workspacecollaboration functions to GIGA School Edition
 The Group will continue to enhance the product and implement marketing initiatives targeted at
users in education.
46

Copyright © Digital Arts Inc.

05

FY03/24 Initiatives

Education Business(GIGA School/School Affairs DX)

47

Copyright © Digital Arts Inc.

Education Business

Performance Forecasts

In the education business, contracts can be expected to increase
due to the special demands for GIGA School Concept and Next-generation
school affairs DX for the five years following the FY March 2025.
Budget size
Approx.

¥444.8 billion
or more ※••Maintenance of information security in the network with the assumption ofaccess control
Expanded scope of security support provided by the new product*Created by the Company based on each press article

48

Copyright © Digital Arts Inc.

NEXT GIGA

Update Timing for GIGA Terminal
GIGA terminals are being gradually updated due to the NEXT GIGA School
Concept since FY Mar. 2025 and will go into full swing in FY Mar. 2026.
GIGA terminal update timing

Other (depending on
budgets and other factors)（6.6%）FY Mar. 2024
（0.4%）FY Mar.
2025（8.0%）

From FY Mar.
2028 onwards（10.8%）FY Mar.
2027（22.4%）POINT

FY Mar.
2026（51.7%）

As for the date of updating GIGA
terminals, approx. 60% of theeducation boards will be due for
updating by the end of Mar. 2026.

In November 2023, the cabinet approveda draft budget for NEXT GIGA. The
budget includes a GIGA terminal
replacement cost of 264.3 billion yen(for public schools). The preparations forterminal replacement are progressing
steadily.

The data were prepared by the Company based on survey data of the Ministry of Education, Culture, Sports, Science and Technology and media reports.

49

Copyright © Digital Arts Inc.

School Affairs DX

Support for Guideline

The Ministry of Education, Culture, Sports, Science and Technology calls for the following implementation
as the direction of the next-generation school affairs DX:* As a regional fiscal measure, financial support of 180.5 billion yen on a single-year basis has always
been provided for computerization of school affairs.

Work
style
reformDatalinking

Resilience(i) Make it possible to reduce the burden on teaching staff and school
officials working inside and outside the school, as well as on members of
the education boards, and support the acceleration and activation ofcommunication through active use of the general-purpose cloud tools.

This can be tackled by utilizing
GIGA terminals and the existing
network environment.

(ii) Develop an environment offering connection to the schoolaffairs/learning systems from anywhere and allow flexible and safe work
styles tailored to the individual needs of teaching staff

Integration of schoolaffairs/learning networks(iii) Allow low-cost and real-time integration of data owned by school affairs
system and the learning system.

Cloud migration of schoolaffairs support system(iv) Support the sophistication of school management, educationalguidelines and education policies by visualizing various kinds of data in an
integrated way by using the dashboard function.

Creation of data linkage
platform (dashboard)(v) Allow securing operation continuity even in the event of a large-scaledisaster.

Cloud migration of schoolaffairs support system

Maintenance
Maintenanceofofsecurity
security
is essentialfor
implementation
in a safe andreassuring way.

Source: Created by the Company based on https://www.mext.go.jp/b_menu/shingi/chousa/shotou/175/mext_01385.html

50

Copyright © Digital Arts Inc.

School Affairs DX

Development Schedule
Security measures in school affairs DX will start from FY Mar. 2025,
aiming to bring the system into operation in FY Mar. 2026.
◆ Schedule for introduction/renewal of integrated school affairs support systems
Fiscal year

FY Mar. 2026

Number ofmunicipalities(17.5%)317

FY Mar. 2027

FY Mar. 2028

319

216

(17.6%)(11.9%)FY Mar. 2029

380

(20.9%)FY Mar. 2030

353

(19.4%)

No plans to
introduce, etc.

230(12.7%)◆ Example of schedule for environmental development aimed at the next-generation school affairs DX
System procurement will begin in FY Mar. 2025
FY Mar. 2023

FY Mar. 2024

FY Mar. 2025

FY Mar. 2026

FY Mar. 2027

FY Mar. 2028

Development of model case
Drafting of the next-generation school affairs DX guideline (provisional name), etc.

Local governments
scheduled to
introduce/renew the system
in FY Mar. 2026
Local governments
scheduled to
introduce/renew the system
in FY Mar. 2027

Consideration
at the expert
meeting

Consensus formation
Specification formulation
Budget request
Steady implementation

Procurement contract
System design/construction
Trial operationof transitional initiatives
Consensus formation
Specification formulation
Budget request

Next-generation
system operation
Procurement contract
System design/construction
Trial operation

Steady implementation of transitional initiatives

Next-generation
system operation

Source: Ministry of Education, Culture, Sports, Science and Technology "Results of a survey on computerization of school affairs (as of September 2022)"
https://www.mext.go.jp/content/20230308-mxt_jogai01-000027984_001.pdf

51

Copyright © Digital Arts Inc.

Material on Consolidated Financial Results
for the First Three Quarters of the Fiscal Year Ending March 31, 2024

06

Full-Year financial Forecast for
the Fiscal Year Ending March 2024

52

Copyright © Digital Arts Inc.

Forecasts for Fiscal Year Ending March 31, 2024 (Consolidated)
Expand existing businesses and develop new businesses with the aim of increasing net sales and profit(Million yen)
FY March 2023
Full-Year Results

FY March 2024
Full-Year Forecasts

Change% Change

Net sales

10,436

11,500＋1,063＋10.2 %

Cost of sales

3,666

3,850

＋183

＋5.0 %

Gross profit

6,769

7,650

＋880

＋13.0 %

Gross profit margin

64.9％

66.5％

-

-

Selling, general andadministrative expenses

2,356

2,500

＋143

＋6.1 %

Operating profit

4,413

5,150

＋736

＋16.7 %

Operating margin

42.3%

44.8％

-

-

Ordinary profit

4,429

5,150

＋720

＋16.3 %

Profit attributable to ownersof parent

3,062

3,550

＋487

＋15.9 %

53

Copyright © Digital Arts Inc.

Forecasts for Fiscal Year Ending March 31, 2024 (Non-consolidated）
Expand existing businesses and develop new businesses with the aim of increasing net sales and profit(Million yen)
FY March 2023
Full-Year Results

FY March 2024
Full-Year Forecasts

Change% Change

Net sales

8,984

10,000＋1,015＋11.3 %

Cost of sales

2,425

2,650

＋224

＋9.3 %

Gross profit

6,559

7,350

＋790

＋12.1 %

Gross profit margin

73.0％

73.5％

-

-

Selling, general andadministrative expenses

2,163

2,350

＋186

＋8.6 %

Operating profit

4,395

5,000

＋604

＋13.7 %

Operating margin

48.9％

50.0％

-

-

Ordinary profit

4,407

5,000

＋592

＋13.4 %

Profit

3,048

3,450

＋401

＋13.2 %

54

Copyright © Digital Arts Inc.

Status of Consolidated Net Sales
Consolidated net sales are forecast as follows:
Consolidated Forecast• Net sales that will be carried over to andposted for the fiscal year in question
will increase given an increase in thenumber of contracts acquired inprevious fiscal years in connection with
the GIGA School Concept in the public
sector market.

(Million yen）

• New DAJ contracts are expected toamount to 9,385 million yen following
measures to expand sales of new
functions and new products for theenterprise sector market and public
sector market, together with strategic
sales measures.
*1：DAJ = Digital Arts Inc.
*2：DAC＝ Digital Arts Consulting Inc.
*3：Sales recorded from the order backlog of contracts acquired in previous fiscal years*4：Sales deferred to subsequent fiscal years (order backlog)

55

Copyright © Digital Arts Inc.

Status of Consolidated Net Sales
Consolidated net sales by market are forecast as follows:
Forecast by Market
11,50010,436433(+10.2%)456

Consumer

＋7.2％

5,022

公共

＋13.3％

5,316

Results for FY March 2023

6,021

In response to corporate needs for total
security solutions, we will enhance theproduct lineup in order to attract newclients.

•

Net sales that will be carried over to andposted for the fiscal year in question will
increase given an increase in the numberof contracts acquired in previous fiscal
years in connection with the GIGA School
Concept in the public sector market.

•

The market share in GIGA School Concept
projects will increase, and Security
Improvements for Local Governments
projects will expand sales.

(Million yen）

＋5.3％

4,686

•

企業

Forecast for FY March 2024

56

Copyright © Digital Arts Inc.

Consolidated Cost of Sales
and Selling, General and Administrative Expenses
Labor costs, communication expenses and personnel expenses are expected toincrease after the release of the new products/new functions.

(Million yen)

Results for
FY March 2023

Forecast for
FY March 2024

Change YoY

3,666

3,850

+5.0%

Labor

1,634

1,980

+21.1%

Increase in number of DAJ's development personnel.

Depreciation

838

910

+8.5%

Increase in depreciation of software for cloud products.

Communication
expenses

1,162

1,230

+5.8%

An increase in cloud server expenses as a result of the
expansion of sales of cloud service products and an increasein the number of licenses.

Other

895

770

△14.1％

A decrease in outsourcing expenses following a shift ofengineering operations outsourced by DAC to internal
operation.

Transfer to other accounts△865△1,040+20.1%

Selling, general andadministrative expenses

2,356

2,500

+6.1%

Personnel expenses

1,193

1,310

+9.7%

An increase in the number of personnel due to therecruitment of new graduates.

Advertising expenses

297

310

+4.1%

Advertising in newspapers and other media will increase.

Other

865

880

+1.7%

An increase in travel and transportation expenses as the
COVID-19 pandemic fades.

Cost of sales

57

Main Factors for Change

Copyright © Digital Arts Inc.

Status of Consolidated Cost of Sales
The increase in DAJ’s development personnel will lead to a rise in labor expenses.
Cloud server expenses (communication expenses) will grow with the expansion of salesof cloud service products and an increase in the number of licenses.
Status of Consolidated Cost of sales(Million yen)58

Copyright © Digital Arts Inc.

Status of Consolidated Cost of Sales
Personnel expenses will surge due to an increase in the number of staff after new graduates employees
joined the Group.
Travel and transportation expenses as well as entertainment expenses (as part of Other) will increase as
the COVID-19 pandemic fades.
Status of Consolidated Selling, General and Administrative Expenses(Million yen)59

Copyright © Digital Arts Inc.

Material on Consolidated Financial Results
for the First Three Quarters of the Fiscal Year Ending March 31, 2024

07

Return to Shareholders for the
Fiscal Year Ending March 31, 2024

60

Copyright © Digital Arts Inc.

Return to Shareholders for the Fiscal Year Ending March 31, 2024

We are planning to pay dividends as follows to return a portion of ourearnings to our shareholders.
 Target payout ratio for fiscal year ending March 31, 2024: 31.6%
 Annual dividends of surplus forecasted for fiscal year ending March 31, 2024:
80.00 yen per share.
 We expect to increase the annual dividend by 5.00 yen per share.
Dividend (in yen) per share

Consolidated
payout ratio

2Q-endYear-end

AnnualFY March 2023

35.00

40.00

75.00

34.4％

FY March 2024

40.00
40.00

80.00

31.6％

FY March 2024 (forecast)

Treasury shares will be purchased using a flexible approach, with a focus on returns
to shareholders while taking into consideration trends in business performance andstock market movements.
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Notes on Descriptions
Among the descriptions of plans, strategies and financial forecasts in this presentation material, thosethat are not historical facts are forward-looking statements.
They reflect judgments made by the management of Digital Arts Inc. on the basis of information currently
available to it. They may be subject to considerable change depending on changes in the environmentand other factors, and the Company does not in any way guarantee the achievement of the projections.
Digital Arts Inc. will disclose any significant changes that occur in the future as appropriate.
With some exceptions, the basic figures in this presentation are rounded down to the nearest million yen.

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