Materials for the Briefing on the Financial
Results for the First Quarter of Fiscal 2024

May 9, 2024
Future Corporation(Securities code: 4722, TSE Prime)
Copyright © 2024 by Future Corporation

Today’s Presenter

Yasukazu Matsushita
Executive Officer
of Financial & Accounting Group

Copyright © 2024 by Future Corporation

1

Agenda1. Earnings for the First Quarter of FY2024

2. Plan for FY2024

Copyright © 2024 by Future Corporation

2

1. Earnings for the First Quarter of FY2024

Copyright © 2024 by Future Corporation

3

(i) Highlights of Financial Results for the First Quarter of
FY2024FY2024 1Q
2024年12月期
consolidated
第１四半期
earnings
連結業績Netsales and operating income increased driven by the steady
ITコンサル事業の大型プロジェクトの開発フェーズが順調に進捗し、増収増益
progress in the development phase of large-scale projects in the IT
Consulting& Service Business
15,022 百万円 ( ＋7.6% )売上高Net sales
15,022 million yen(+7.6%)( ＋7.8% )
百万円
3,417
営業利益
Operatingincome 3,417 million yen(+7.8%)( ＋2.1% )
百万円 (+2.1%)
経常利益
Ordinary
income 3,240 3,240
million yen
Profitmillion yen( △0.2% )
百万円 (-0.2%)
当期純利益 2,189 2,189

ITコンサルティング＆
IT Consulting &ServiceBusiness
サービス事業

Both net sales and operating income increased driven by steady progress in the
次世代バンキングシステムをはじめとした大型プロジェクトの開発が順調に進捗し増収増益
development of large-scale projects such as next-generation banking systems
百万円 (+6.5%)( ＋6.5% )13,041
Net売上高sales
13,041
million yen
Operating income 3,533 million yen
百万円 (+4.5%)( ＋4.5% )Business
ビジネス
Innovation
イノベーション事業
Business

Inter-segment

セグメント間調整
adjustment

営業利益

3,533

* Refer to Appendix-(iii)

Both net sales and operating income increased due to reduced operating loss at
YOCABITO
and contribution from CURIOSITY, which was consolidated in the 2nd
YOCABITOの営業損失が縮小したほか、前Q2連結のキュリオシティの業績寄与で増収増益
quarter of the previous fiscal year

百万円 (+13.9%)( ＋13.9% )1,972yen
Net売上高sales
1,972 million
Operatingincome -38 million(firstquarter-175 million yen)）
( 前期：△175百万円－ of FY2023:
)
営業利益
△ yen
38 百万円 （* Refer to Appendix-(iii)△ 164
Net売上高sales-164 million
yen百万円Operatingincome -86 million(first quarter of FY2023 : -4 million yen)
営業利益
△ yen
86 百万円 （前期：△4百万円 ）Copyright © 2024 by Future Corporation

4

(ii) Changes in Net Sales, Operating Income and EBITDA(Over 5 Fiscal Years)✓ We will further strengthen our quality management system and promote development toward the release ofmultiple large-scale projects this term, including next-generation banking systems. Overall, both net sales
and operating income progressed smoothly and increased by about 7% year on year. Profit margins wereat the same level as the same period last year.
(Million yen)

Net sales

Operating income
15,02216, 000

4, 000

系列1
Operatingincome
営業利益

営業利益率
Operatingincome margin
系列213,96514, 000

EBITDA
45. 0%

3,341

3, 50012,605

3,417

4, 000

系列1
EBITDAEBITDAEBITDAマージン
系列2
EBITDA
margin3,614

40. 0%

3,730
3,448

40. 0%

3, 5003,170 (*)
35. 0%

12, 000

11,027

11,0833, 00035. 0%

3, 00030. 0%

10, 000

2, 50030. 0%

2, 50025. 0%

1,927

26.5%
8, 0002, 0001,654
6, 000

1,702

28.7%

1,916

2, 000

22.7%

22.7%

25. 0%

24.7%

24.8%

20. 0%

1, 500

20. 0%

1, 50017.5%

15. 0%

15.0%

4, 00015.4%

1, 00017.3%

500

10. 0%

500

5. 0%

0

0

2020Q12021Q12022Q12023Q1

15. 0%

1, 000

10. 0%

2, 00045. 0%

0. 0%

5. 0%

0

0. 0%

2024Q1
2020Q1 2021Q1 2022Q1 2023Q1 2024Q1
2020Q1 2021Q1 2022Q1 2023Q1 2024Q1(*) The accounting treatment for a business combination that had been provisionally accounted for was confirmed retrospectively in fiscal 2023.
As a result, the disclosed figure for the 1st quarter of fiscal 2023 (3,172 million yen) has been revised to as shown.

Copyright © 2024 by Future Corporation

5

(iii) Year-on-year Changes in the First Quarter FY2024
Balance Sheet✓ Total assets increased by 21,300 million yen from the end of the previous fiscal year due to posting M&Aassociated goodwill of Revamp (17,800 million yen) and the consolidation of the same company.
✓ Interest-bearing debt increased due to the borrowing of 20,000 million yen as funds for the acquisition of
Revamp shares.

Balance sheets(Million yen)◼■
Majorchanges
主な増減内容Cash and deposits
100,000

Current assets

Total assets: 87,388 (+21,344)
総資産：87,388（＋21,344）

90,000Non-current assets
Liabilities

80,000Net assets
70,000Total
assets: 66,043
総資産：66,043

36,082

14,65660,00050,00028,13128,015

17,68040,00030,00016,222

51,38720,00010,00041,57651,30621,8060

End of2023期末
December 2023

2024Q12024Q1Cashand deposits＋ +116116
現預金
Expenditure due to acquisition of▲- 5,500
5,500
リヴァンプ株取得による支出
Revamp shares＋+6,517
6,517
リヴァンプ連結of Revamp
Consolidation▲ 901
配当支払、納税ほか増減ネット
Netchanges in dividend payments,- 901
tax payments, etc.
＋ 1,458
流動資産
Current assets+1,458リヴァンプ連結による増＋ 1,338
Consolidation (Revamp)+1,338＋ 19,770
固定資産
Non-current assets+19,770
のれん(リヴァンプグループ)＋
17,830Goodwill (Revamp Group)+17,830

リヴァンプ連結による増Consolidation(Revamp)

負債
Liabilities＋ +2,522
2,522＋ 21,426+21,426

有利子負債 debt
Interest-bearing＋ +20,000
20,000Consolidation(Revamp)リヴァンプ連結による増＋ +2,669
2,669

Accruedincome taxes
納税による未払法人税減-1,101▲ 1,101Net
assets
純資産

81
▲ -81

Profit純利益＋ +2,193
2,193

Dividend payment- 1,771
配当支払▲ 1,771
Valuation difference on available-for503
有価証券評価差額金
▲-503
sale
securities
Copyright © 2024 by Future Corporation

6

(iv) IT Consulting & Service Business Results for
the First Quarter of FY2024
Net
sales
売上高
14,00012,243Operating
営業利益income(Million yen)

13,041

12,00010,000

8,000

6,000

4,000

3,381

3,533

2023Q12024Q12,000

02023Q1

Future Architect, Inc.
Net sales

Operating income

Operating income

Operating income✓ Both net sales and operating income decreased due to large-scale development projects peaking out despite growing
orders for the original InfiniOne software package, the company’s key product, through industry-specific sales strategies,
mainly in the steel industry.

FutureOne
Net sales

YDC Corporation
Net sales

Operating income

dit Co., Ltd.
Net sales✓ Both net sales and operating income increased driven by the steady progress in large-scale projects, including a project
to introduce next-generation banking systems that will contribute to medium- to long-term growth. In addition, DX support
for many customers in logistics and apparel also progressed steadily.
✓ Net sales increased, but operating income decreased due to the increased hiring costs. The development of systeminfrastructure renewal and cloud migration projects of existing customers progressed well, in addition to provision ofregular maintenance and operation services.

Future Inspace, Inc.
Net sales

2024Q1

Operating income✓ In addition to the traction of building the SmartFactory concept, which realizes the digitalization of factory management,
as a result of appeals to improve customer value by using data through DX consulting for customers focused on the
manufacturing industry, profitability increased. Both net sales and operating income increased.
✓ Both net sales and operating income decreased. Although the sales ratio of cybersecurity-related services increased,orders did not increase significantly, and hiring costs continued to occur.
Copyright © 2024 by Future Corporation

7

(v) Change in Composition of Revenue by Phase(IT Consulting & Service Business)✓ Sales in development increased as multiple large projects entered the development phase.
(Million yen)GranddesignDesign
グランドデザイン
設計

2022Q12023Q12024Q1

Maintenance物販・その他
and operation
保守運用

Product sales, etc.

2,127

2,308

3,464

1,866

1,066

(19.6%)(21.3%)(32.0%)(17.2%)(9.8%)

10,833

2,800

1,405

4,964

2,065

994

(22.9%)(11.5%)(40.6%)(16.9%)(8.1%)

12,231

2,408

1,091

6,572

2,088

860

(18.5%)(8.4%)(50.5%)(16.0%)(6.6%)(20.0%)0

Development
開発(9.6%)
2, 00 013,022(47.3%)
4, 00 06, 00 08, 00 0

10 ,0 00

12 ,0 00

14 ,0 00

Note 1: Total net sales consist of net sales for external customers of the IT Consulting & Service Business.
Note 2: “Product sales, etc.” consist mainly of selection, procurement, and sale of IT equipment, and sale of licenses.
Copyright © 2024 by Future Corporation

8

(vi) Change in Composition of Revenue by Industry(IT Consulting & Service Business)✓ Sales in distribution increased due to development of core system renewal PJs for food wholesalers.
Sales in finance remained at a high level due to the development of next-generation banking
systems.
(Million yen)
Serviceサービス

2022Q12023Q12024Q10Distribution
流通

Finance
金融

Product sales, etc.
製造Manufacturing
物販・その他

3,898

2,341

2,604

1,054

933

(36.0%)(21.6%)(24.0%)(9.7%)(8.6%)

10,833

3,960

2,763

3,153

1,571

782

(32.4%)(22.6%)(25.8%)(12.8%)(6.4%)

12,231

3,811

3,281

3,282

2,046

601

(29.3%)(25.2%)(25.2%)(15.7%)(4.6%)

2, 00 04, 00 06, 00 08, 00 0

10 ,0 00

12 ,0 00

13,022

14 ,0 00

Note 1: Total net sales consist of net sales for external customers of the IT Consulting & Service Business.
Note 2: “Product sales, etc.” consist of selection, procurement, and sale of IT equipment, sale of licenses, and sales for nationaland regional government offices.
Copyright © 2024 by Future Corporation

9

(vii) Earnings Results of Business Innovation
Net
sales
売上高

Operating
営業利益income(Million yen)

2,500

2,000

1,732

1,972

1,500

1,000

500

▲-175
175 (*)▲-38
38

2023Q12024Q102023Q12024Q1-500

YOCABITO
Net sales

Operating income

Tokyo Calendar Inc.
Net sales

Operating income

LaiBlitz Inc.
Net sales

Operating income

CURIOSITY inc.
Net sales

Operating income✓ Gross margin improved from the previous fiscal year by managing individual products, setting strategic selling prices
through digital platforms, and reducing logistics costs by improving logistics efficiency. Net sales decreased, but
operating income increased due to promoting the clearance of apparel products while implementing thoroughrevenue management for individual products.
✓ Net sales decreased, but operating income increased due to income from Internet services, such as the steady trendof Tokyo Calendar Date, while sales in the media business fell short of expectations. In addition, work efficiency
improvements and cost reductions helped.
✓ Net sales increased, but operating income decreased due to the costs associated with the launch of the esportsbusiness, partially offset by increased revenue from projects to deploy FastBiz, a membership management and ecommerce package for sports teams to several professional baseball teams, and the start of deployment toprofessional soccer teams.

✓ Store designs for overseas luxury brands progressed smoothly. The company was consolidated from the second
quarter of the previous fiscal year and its results will make a full-year contribution from this fiscal year.
(*) The accounting treatment for a business combination that had been provisionally accounted for was confirmed retrospectively in fiscal 2023.
As a result, the disclosed figure for Business Innovation for the 1st quarter of fiscal 2023 (-173 million yen) has been revised.

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10

(viii) Analysis of Net Sales Increase/Decrease
for the First Quarter of FY 2024
(Million yen)

798

240

13,9652023Q1

15,022

52-33

IT Consulting& ServiceBusinessInnovation

Other

Adjustments

2024Q1

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11

(ix) Analysis of Operating Income Increase/Decrease
for the First Quarter of FY 2024
(Million yen)

3,170

2023Q1

(*)

152

137

39

3,417
-82

IT Consulting& ServiceBusinessInnovation

Other

Adjustments

2024Q1(*) The accounting treatment for a business combination that had been provisionally accounted for was confirmed retrospectively in fiscal 2023.
As a result, the disclosed figure for the 1st quarter of fiscal 2023 (3,172 million yen) has been revised to as shown.

Copyright © 2024 by Future Corporation

122. Plan for FY2024

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13

(i) Full-year Earnings Outlook in FY2024 Plan
✓ The plan reflects the impact of consolidating the nine months of profit and loss of Revamp from the second
quarter. Provisional figures (*) have been used for amortization of goodwill.
✓ In the future, when the forecast for Revamp’s earnings improvement as a result of synergy promotion
measures becomes clear, the earnings outlook will be promptly revised.
(*) Amount of goodwill recorded: 17,830 million yen (amount recorded and years of amortization not determined during audit)(Million yen)

FY2024FY2024
2024年
2024年
Full-year plan Full-year plan
通期計画
通期計画on(Releasedon(Released（4/24公表値）
April 24)

（2/6公表値）
February 6)

Net
sales
売上高

70,20063,000Operating income

営業利益14,65014,500（営業利益率）(20.9%)(23.0%)

9,900

10,150(14.1%)(16.1%)(Operating income
margin)
親会社株主に帰属するProfit attributable to
当期純利益
ownersof parent(Net income margin)（当期純利益率）

YoY
増減changeFY2024
2024年
1H plan
上期計画(Released on

FY2024
2024年
1H plan
上期計画(Released on

YoY
増減change（4/24公表値）
April 24)

（2/6公表値）
February 6)

11.4%

32,10029,700

8.1%

1.0%

6,800

6,700

1.5%

(21.2%)(22.6%)

4,600

4,690

(14.3%)(15.8%)

-2.5%

-1.9%

Copyright © 2024 by Future Corporation

14

(ii) Changes in Net Sales, Operating Income
and EBITDA in FY2024 Plan
(Million yen)

Net sales

Operating income
系列1
Operatingincome
営業利益80, 000

70,200EBITDA

16, 500

Operatingincome margin
営業利益率
系列2

16, 500

14,65070, 000

59,324

13,70014, 500

17,000

系列1
EBITDAEBITDA

45. 0%

45. 0%EBITDA
marginEBITDAマージン
系列2

15,01240. 0%

40. 0%

13,47514, 500

35. 0%

35. 0%

60, 000

53,738

12,226

48,69850, 000

12, 500

30. 0%

12, 500

30. 0%

44,311

10,146

25. 0%

10, 500

25. 0%

10, 500

9,000

40, 000

22.8%

25.1%

23.1%
20.9%

8, 500

25.3%

24.2%

20. 0%

20. 0%

20.8%

8, 50030, 000

18.5%

15. 0%

6, 5006, 5005,235

20, 000

11.8%

15. 0%

6,377
14.4%

10. 0%

4, 500

10. 0%

4, 50010, 000

5. 0%

02, 500

2020

2021

2022

2023

2024

0. 0%

2020

2021

2022

2023

2024

5. 0%

2, 500

0. 0%

2020

2021

2022

2023

2024

(*) The accounting treatment for a business combination that had been provisionally accounted for was confirmed retrospectively in fiscal 2023.
As a result, the figure for fiscal 2022 (12,229 million yen) has been revised to as shown..
Copyright © 2024 by Future Corporation

15

(iii) Dividends in FY2024 Plan
✓ The FY2024 annual dividend will be 42 yen per share (interim dividend of 21 yen and year-end
dividend of 21 yen, consolidated dividend payout ratio of 36.7%).

Trends in annual dividend per share (*)
Annualdividend
年間配当額

Dividend payout ratio
配当性向

45.0円

37.0
yen
37.0円

40.0円

40.0円
40.0
yen

42.0円
42.0
yen

100.0%

90.0%

80.0%
35.0円

70.0%

25.5
yen
25.5円

30.0円

60.0%

25.0円

20.0
yen
20.0円

50.0%

20.0円

46.8%

40.0%

15.0円

35.4%

10.0円

35.4%

38.4%

36.7%

30.0%

20.0%

5.0円
10.0%

0.0%

0.0円

2020
2020

2021
2021

2022
2022

2023
2023

2024
(forecast)2024(予)(*) The Company conducted a two-for-one stock split of its common stock on January 1, 2022.
The annual dividend amount before 2021 is calculated by taking into consideration the effect of the stock split.
Copyright © 2024 by Future Corporation

16

(Supplement) Initiatives for the Realization of Synergies
in Management Integration with Revamp
Revamp management team

• CEO Yuasa, COO Senda and CFO Oyama, Revamp’s current management team, will continue tomanage the company to realize high growth and the improvement of corporate value.
• Four members of Future’s management team, Kanemaru, Jingu, Taniguchi and Saito, will join
Revamp’s management team as directors in order to realize synergies as soon as possible.

Initiatives• Promotion and quantification of synergies at the project level between Revamp and Future Architect
Expand customer base, mainly in
distribution area
Promote collaborative sales between
both companies• Share effective measures for improvement of the future customer value
between the two companies.
Increase sales of both companies by expanding solutions offered tocustomers.

Management support and technology • Introduction of Future development tools to Revamp. Increase profit margins
complements
by improving development efficiency and quality in Revamp’s DX business.
Unification and standardization ofrecruitment and education• New employees from both Future and Revamp will receive joint technicaltraining.
Copyright © 2024 by Future Corporation

17

Appendix

Copyright © 2024 by Future Corporation

18

Appendix-(i) Earnings (Comparative Analysis)(Million yen)

2024年
FY2024
Q1
Q1

Comparedwith projection
業績予想比
FY2024
2024年
Rate of1H earnings
進捗率
上期業績予想値
progress
forecast（2/6公表値）(Releasedon February 6)

YoY change
前年同期比

2023年
FY2023
実績result

Change
増減率(%)

Net sales
売上高15,022

29,70050.6%

13,965

7.6%

Operatingincome
営業利益

3,417

6,700

51.0%

3,170

7.8%

(22.7%)(22.6%)

2,189

4,690

(14.6%)(15.8%)(Operating income
margin)(営業利益率)

親会社株主に帰属するProfit attributable to
当期純利益
ownersof parent(Net
incomemargin)(当期純利益率)(22.7%)

46.7%

2,193

-0.2%

(15.7%)

Copyright © 2024 by Future Corporation

19

Appendix-(ii) Balance Sheet
End ofMar. 2024
87,38845,811
28,131

End ofDec. 2023
66,043
44,23728,015

10,936

10,195

0

200

6,744

5,827

41,576
1,065

21,8061,020+917 receivable, etc.
+19,770+45

23,595

5,684+17,911 Goodwill (+17,783)

Investment securities
Other non-current assets
Total liabilities
Accounts payable – trade
Accounts payable – other
Income taxes payable

15,307
1,609
36,082

13,7701,332
14,656+1,537 Increase in shareholdings+277+21,426

4,188

2,700

+1,488

1,481

2,582

-1,101 Decrease due to tax payments

Deferred tax liabilities

2,847

3,324

-477 stock prices of shares held

Other liabilities

27,566

6,050

51,306
43,83851,38743,421

7,435

7,938

33

28

End ofMar. 2024
58.7%

End ofDec. 2023
77.8%(Million yen)
Total assets
Current assets
Cash and deposits
Notes and accounts receivable –trade, and contract assets
Securities
Other current assets
Non-current assets
Property, plant and equipment
Intangible assets (including goodwill)

Total net assets
Shareholders’ equity
Valuation difference on available-forsale securities
Other net assets

Shareholders’ equity ratio

ChangeMajor changes+21,345+1,574+116 M&A, dividend payments
Increase in accounts receivable-trade due to+741 increase in sales-200

Increase in prepaid expenses, income taxes refund

Decrease in deferred tax liabilities due to decline in
Current portion of long-term borrowings (+2,857),+21,516 long-term borrowings (17,143)-81+417 Profit +2,193, dividend payments -1,771, etc.

Decrease in valuation difference due to a decrease-503 in stock prices of shares held
+5
YoY change-19.1%

Copyright © 2024 by Future Corporation

20

Appendix-(iii) Results by Segment(in millions of yen)
Net sales

2024Q12023Q1

YoY change

15,022

13,965

7.6%

IT Consulting & Service

13,041

12,243

6.5%

Business Innovation

1,972

1,732

13.9%

Other

172

120

43.3%

Adjustments

-164

-131

-

3,417

3,170

7.8%

3,533

3,381

4.5%

-38

-175

-

8

-31

-

-86

-4

-

Operating income
IT Consulting & Service
Business Innovation
Other
Adjustments

Copyright © 2024 by Future Corporation

21

Appendix-(iv)-1 Interpretation of Order Backlog(IT Consulting & Service Business)(1) For the purpose of risk control of long-term, large-scale projects, only a fixed amount of a
project, on which a contract has been signed, is recognized as an order received▼ 3Q-end▼ End of fiscal year ▼ 1Q-end▼ 2Q-end▼ 3Q-end

Project A
Phase 1(completed)
25M

Phase 2 (fixed)
25M

Orders received for thisfiscal year are 25M.

Phase3

Project B
Phase 1 (fixed)
50M

Phase2Phase3(2) Out of orders fixed, amounts unrealized in accordance with the percentage of completion
method are totaled as the amount of order backlog
Back orders of the current fiscal year =back orders of the previous fiscal year + orders received in the current fiscal year
− sales (on a percentage of completion method/completed contract method)
Copyright © 2024 by Future Corporation

22

Appendix-(iv)-2 Relationship between Order Backlog
and Net Sales
Changes in Order Backlog and Net Sales(IT Consulting & Service Business) (On a quarterly basis)(Million yen)

18,00020,000Order backlog

Net sales

18,00016,00016,00014,00014,00012,00012,00010,00010,000
8,000
8,000
6,000

6,000
4,000

4,000

2,000

2,000

0

0
1Q 2021

2Q 2021

3Q 2021

4Q 2021

1Q 2022

2Q 2022

3Q 2022

4Q 2022

1Q 2023

2Q 2023

3Q 2023

4Q 2023

1Q 2024• As referred to in Interpretation of Order Backlog on the previous page, the order backlog at year end and future net
sales are not necessarily related to each other• The Company adopted the Accounting Standard for Revenue Recognition, etc. in presenting orders for which thecontract term begins after January 2023
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Appendix -(v) Quarterly Changes in Personnel(Consolidated Basis)
40 00

3,251

35 00

30 00

2,600

2,602

2,671

2,655

22.Q2

22.Q3

22.Q4

23.Q1

2,887

2,910

2,948

23.Q2

23.Q3

23.Q4

25 00

20 00

15 00

10 00

50 0

0

24.Q1

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Consolidated Summary Report of Operating Results, Supplementary
Materials, Materials for the Briefing on the Financial Results and other IRmaterials are also available on the Company’s website.
https://www.future.co.jp/investor_relations/Contact: Investor Relations, Future Corporation
Phone: 03-5740-5724
FAX: 03-5740-5820
E-mail:ir@future.co.jp

This material contains forward-looking statements based on currently available information. Such information may change depending on future
developments in the Japanese economy and the IT service industry, etc. Therefore, please be advised that the Company does not guarantee or promise its
accuracy.

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