Company Research and Analysis Report
FISCO Ltd.
http://www.fisco.co.jp

Netyear Group3622 TSE Mothers

2-Sept.-15

Important disclosuresand disclaimers appear
at the end of this document.
FISCO Ltd. Analyst
Kunimitsu Karasawa

伪伪Recorded highest ever operating income in previous
fiscal year due to major omni-channel projects
The Netyear Group <3622> (hereinafter “the Group”) operates a digital marketing support business
utilizing Internet technologies. Its customers are primarily major corporations. Its subsidiary Tribal
Media House is an industry leader in the social media analysis and consulting sector.
In its consolidated results in the fiscal year ended March 2015 (FY3/15), the Group achieved major
gains in both sales and profits, with net sales increasing 35.3% y-o-y to 7,239 million yen andoperating income 134.8% to 442 million yen, both record highs. The growth in scale of omni-channel
projects contributed significantly to profits, while the marketing support business that utilizes social
media operated by the subsidiary Tribal Media House also performed strongly.
An increase in sales but a decline in profits is forecast for the consolidated results for FY3/16, with
net sales expected to rise 3.6% y-o-y to 7,500 million yen, but operating income to fall 43.6% to
250 million yen. The reason for this net sales forecast is that the Group has not yet been able tosufficiently develop new projects due to its concentrated investment of human resources in majoromni-channel projects. The reason for the decline in profits is that to rapidly respond to this situation,it plans to recruit about 100 additional staff, construct a recruitment system, increase spending on
education and training after recruitment, and furthermore to increase spending on developing newservices and on strengthening security.
Along with the spread of smartphones and SNS, companies’ desire to invest in the digital marketing
area, including in the omni-channel, has been growing year by year, and the Group is aiming tostrengthen its personnel structure to capture demand from this growing market. In addition, it has
adopted a strategy of enhancing its service lineup and expanding its target customer groups frommajor corporations to mid-sized corporations and SMEs. In this fiscal period, it will carry out the
fully fledged launch of “Salesforce Marketing Cloud,” which has been installed by more than 10,000
companies worldwide as a marketing automation tool. In addition, for light users, such as small andmedium-sized stores, it plans to release new products it has developed in-house in the first half ofthe fiscal year and depending on how well these products sell, its results can be expected to trend
upwards.

伪伪Check Point• Developing a digital marketing support business utilizing Internet technology• The Group is highly regarded for its progressive initiatives and many of its customers aremajor corporations that lead their industries• Major projects will complete their course this fiscal year

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1

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Netyear Group㻢㻘㻜㻜㻜

3622 TSE Mothers

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2-Sept.-15

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Important disclosuresand disclaimers appear
at the end of this document.

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㻔㼒㼛㼞㼑㼏㼍㼟㼠㻕FISCO Ltd. Analyst
Kunimitsu Karasawa

伪伪Summary of the Business
Developing a digital marketing support business utilizing
Internet technology(1) Company profile
The Group mainly operates a digital marketing support business utilizing Internet technology. There
are three Group subsidiaries: Netyear Craft (established 2006), which produces and manages
websites; Tribal Media House (made into a subsidiary through a stock acquisition in 2009), which
offers marketing support and analysis and consulting utilizing social media; and Nihon Gigei (madeinto a subsidiary through a stock acquisition in August 2013), which provides a Cloud service forgroupware software. More than 85% of Netyear Craft’s sales are from the Netyear Group, but theother two subsidiaries are developing their businesses independently. Employee numbers are
increasing year by year alongside the expansion in business scale and reached 372 employees on
a consolidated basis by the end of March 2015.
The Group’s largest shareholder (capital contribution ratio, 31.1%) is TIS Inc., which is a subsidiaryof IT Holdings Corporation < 3626 >, but it has no business relationship with the Group.
Consolidated subsidiaries (business description, capital contribution ratio)
Name
Netyear Craft
Tribal Media House
Nihon Gigei

Capital contribution ratio (%)
100.0
92.6
51.0

Major businessWeb site production and management
Social media marketing support
Packaged software development and sales

We encourage readers to review our complete legal statement on “Disclaimer” page.
2

■■Summary of the Business㻺㼡㼙㼎㼑㼞㻌㼛㼒㻌㻺㼑㼠㼥㼑㼍㼞㻌㻳㼞㼛㼡㼜㻌㼑㼙㼜㼘㼛㼥㼑㼑㼟㻔㼙㼕㼘㼘㼕㼛㼚㻌㼥㼑㼚㻕
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3622 TSE Mothers

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2-Sept.-15

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Important disclosuresand disclaimers appear
at the end of this document.
FISCO Ltd. Analyst
Kunimitsu Karasawa㻜㻲㼅㻌㻟㻛㻝㻞

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and many of its customers are major corporations that lead
their industries(2) Description of businesses
Netyear Group’s business area is digital marketing. Digital marketing refers to the marketing
techniques in corporate activities that are centered on the web site of the company and tied inwith existing media and marketing, call centers, stores, etc. These services are for clients such as
corporations and local governments, and propose and implement new digital marketing strategies
to produce the outcomes the client wants to achieve, including improved brand power, sales growth
and the promotion of business transformations.
A characteristic of the Group is that it is engaged in systems development and design with thefocus on improving the “user experience (UX)” on the web. Here, “user experience” does not referto the standard meaning in English, but rather indicates “what users experience when they visit ourcompany's web site, and what they become interested in after experiencing the site.” Therefore, thefinal goal is to improve the “user experience” to get customers to purchase products or become fansof the corporation.
Due to the arrival of the digital information society, there is an abundance of information and we
can conclude that as the media and device tools for obtaining that information become increasingly
diverse, improving the “user experience” has become more important than ever before.
For this reason, services will become customized for each client. Generally, the development period
is about three months and even a long development period is about one year. Project management
is also comparatively easy, and cases in which the development deadline is delayed are rare.
Furthermore, the majority of the systems development part of a project is outsourced. The unit priceof orders varies depending on the content of the project, ranging from 100,000 yen at the low end
to more than 100 million yen at the top end. Recently, however, demand for marketing techniques
incorporating “data analysis and utilization” has been increasing and the unit price of the projects
has been getting larger.
The strengths of the Group include its many human resources with strong planning ability and a
progressive sensibility toward marketing. Furthermore, its customers highly evaluate its project
management capacity and the stability, reliability, etc. of its systems.

We encourage readers to review our complete legal statement on “Disclaimer” page.
3

■■Summary of the Business

Netyear Group3622 TSE Mothers

Other than customized services, the Group is focusing on the sales of products it develops in-house.
These include Tribal Media House’s social media integrated management tool, “Engage Manager,”and its co-creation marketing platform, “cocosquare,” and also “rakumo,” which is the business-use
groupware software of Nihon Gigei that was made into a subsidiary in August 2013. It also sells
and provides installation support for the product line-ups of third parties, including the marketing
automation tools of U.S. companies like Salceforce.com and Oracle, and Google and Adobe accessanalysis tools. The business model for the products it develops in-house is a stock-type model withmonthly billing and the sales ratio of these products in FY3/15 was at the 9.0 % level.
List of services covering all points of contact with customers

2-Sept.-15

Important disclosuresand disclaimers appear
at the end of this document.
FISCO Ltd. Analyst
Kunimitsu Karasawa

Source: Financial reports briefing materials

The Group has clients in a wide range of industries, including retail, manufacturing, finance,
and information and communication services. It has around 200 corporate customers on a nonconsolidated basis, but the consolidated Group as a whole has approximately 1,000 such customers,
with the subsidiary Tribal Media House having around 230 and Nihon Gigei approximately 600. In
particular, as the Netyear Group operates a progressive digital marketing support business, themajority of its clients are major corporations that lead their industries.

伪伪Financial Highlights
Achieved a record high operating income in the previous
fiscal year for the first time in seven fiscal years and obtained
major orders through its omni-channel strategy(1) Consolidated results in the fiscal year ended March 2015
The consolidated results for FY3/15 announced on May 11 were for major increases in both sales
and profits, with net sales increasing 35.3% y-o-y to 7,239 million yen, operating income 134.8% to442 million yen, ordinary income 133.9% to 446 million yen, and net income 25.1% to 73 million yen.
Net sales were a record high for the second consecutive period, while both operating income andordinary income reached record highs for the first time in seven fiscal years. The main reason forthese results was the acquisition of a large order for an omni-channel project from major distribution
companies, with this project contributing the majority of the increases in sales and profits in the fiscal
year.

We encourage readers to review our complete legal statement on “Disclaimer” page.
4

■■Financial Highlights

Consolidated results in the fiscal year ended March 2015

Netyear Group3622 TSE Mothers

2-Sept.-15

Important disclosuresand disclaimers appear
at the end of this document.
FISCO Ltd. Analyst
Kunimitsu Karasawa

FY 3/14
Ratio to Company
Resultsales
plan
Net sales
5,352
100.0%
5,900
Cost of sales
4,240
79.2%
SG&A expenses
923
17.2%
Operating income
188
3.5%
210
Ordinary income
191
3.6%
210
Extraordinary income and loss
-23
Net income
59
1.1%
100
Note: Company forecasts as of May 2014

Result
7,239
5,744
1,051
442
446
-187
73

FY 3/15
Ratio tosales
100.0%
79.3%
14.5%
6.1%
6.2%
1.0%

(Million yen)
Year-onyear
35.3%
35.5%
13.9%
134.8%
133.9%
25.1%

Relativeto plan
22.7%
110.5%
112.4%-27.0%The number of customers who have an annual transaction total in excess of 100 million yen, which isa key performance indicator (KPI) for the Group’s net sales, fell by 1 company y-o-y to 9 companies.
But the unit price per customer for the group of customers with an annual transaction total of around50 million yen increased, and it is considered that customers are becoming increasingly willing toinvest in the digital marketing area. In the previous fiscal year, the average order amount per project
was around 10 to 20 million yen, but in the fiscal year under review, it has increased to the 30 to
50 million yen range. The reason for this is that while in the past the orders were primarily for thecreation of websites, recently there has been an increase in orders for additional functions, such asdata analysis.
Also, the percentage of sales dependent on the 20 top-ranked customers rose by 5 percentage
points to 61% due to the effects of the acquisition of major projects.

 in net sales’ KPI
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Operating income grew significantly, as the increase in outsourcing expenses and personnel
expenses due to the acquisition of major projects was absorbed by the effects of the higher sales.
As an extraordinary loss, 187 million yen was recorded as an impairment loss on goodwill relating to
the subsidiary Nihon Gigei. This is thought to be because of the decline in profitability of the Project
Commissioning Department in Nihon Gigei and the intensification of competition in the industry
around its main product “rakumo” meant that it became difficult to achieve growth at the speed
originally anticipated.
Looking at results on a non-consolidated basis and by consolidated subsidiaries alone, on a nonconsolidated basis the Group’s net sales increased 41.4% y-o-y to 5,772 million yen and operating
income rose 212.6% to 452 million yen. Orders for major omni-channel projects contributed
significantly to this performance, and if these projects are excluded, net sales were basicallyunchanged y-o-y. This was due to the fact that the Group concentrated its limited human resources
into these projects, so was unable to make much progress in developing new customers.

We encourage readers to review our complete legal statement on “Disclaimer” page.
5

■■Financial Highlights

Netyear Group3622 TSE Mothers

2-Sept.-15

Important disclosuresand disclaimers appear
at the end of this document.

Conversely, the subsidiaries’ net sales, calculated by subtracting the non-consolidated result fromthe consolidated result, increased 16% y-o-y to 1,467 million yen, while their operating loss was 9
million yen (compared to operating income of 44 million yen in the previous fiscal year). Within theseamounts, Tribal Media House increased both sales and profits thanks to its solid performance in thesales and management of “Engage Manager” and “cocosquare”. Nihon Gigei also steadily increased
its number of “rakumo” contracts, which contributed to its higher sales and profits. On the other
hand, Netyear Craft, which relies on the parent company for the majority of its sales, recorded a loss
following a decline in sales, mainly due to the reduction in orders for website production projects.
The net sales of the products that the Group is currently focusing on (including products of othercompanies), grew steadily 11% y-o-y to 650 million yen, centered on the social media-related tool
provided by Tribal Media House. However, as the sales ratio contains the major omni-channel
projects, these products’ sales ratio fell from 10.9% in the previous fiscal year to 9.0%. Nihon Gigei
has aimed to expand its “rakumo” service menu, including by releasing “rakumo keihi” in November
2014 as a new service, and as of the end of March 2015, the number of companies with “rakumo”
contracts had grown steadily to 697 companies.

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Number of “rakumo” contractors㻔㻺㼛㻚㻌㼛㼒㻌㼏㼛㼙㼜㼍㼚㼕㼑㼟㻕㻤㻜㻜

FISCO Ltd. Analyst
Kunimitsu Karasawa

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We encourage readers to review our complete legal statement on “Disclaimer” page.
6

■■Financial Highlights

Further improving financial soundness and steadily improving
profitability(2) Financial position and management indicators

Netyear Group3622 TSE Mothers

2-Sept.-15

Important disclosuresand disclaimers appear
at the end of this document.
FISCO Ltd. Analyst
Kunimitsu Karasawa

The financial position at the end of March 2015 was that the balance of total assets increased by 209
million yen from the end of the previous fiscal year to 3,352 million yen. The main factors behind thisincrease were a rise in cash and deposits of 431 million yen in conjunction with the higher profits thatexceeded the recording of an impairment loss on goodwill of 247 million yen.
On the other hand, liabilities came to 1,380 million yen, a 146 million yen increase compared to theend of the previous fiscal year. This was because while interest-bearing debt fell 127 million yen,accounts payable increased by 111 million yen and consumption tax payable by 128 million yen.
Net assets also rose by 63 million yen to 1,972 million yen, mainly due to the increase in the capitalsurplus.
Looking next at the management indicators, the Group continues to repay the interest-bearing debt
it procured to fund the acquisition of shares in Nihon Gigei in FY3/14, and the interest-bearing debt
ratio improved from 20.7% in the previous fiscal year to 13.6%. In addition, the equity ratio declined
slightly as the increase in liabilities was greater than the rise in net assets. But it remains at the highlevel of 58.4% and moreover the current ratio exceeds 200%, so we can conclude that it sufficiently
maintained financial soundness. Looking at profitability, both sales and profits grew significantly
and each of ROA, ROE, and the operating income ratio rose compared to the previous fiscal year,
indicating that profitability is steadily improving.
Consolidated Balance Sheet

Current assets(Cash and deposits)
Fixed assets
Total assets
Current liabilities
Non-current liabilities(Interest-bearing debt)
Total liabilities
Net assets(indicators of financial strength)
Current ratio
Equity ratio
Interest-bearing debt ratio(indicators of profitability)
ROA (return on assets)
ROE (return on equity)
Operating income on sales

FY 3/12
2,184
863
264
2,448
660
13
53
660
1,774

FY 3/13
2,225
1,051
229
2,455
610
0
13
610
1,844

FY 3/14
2,495
1,031
647
3,143
957
276
393
1,234
1,909

FY 3/15
2,947
1,463
405
3,352
1,220
159
266
1,380
1,972

(Million yen)
Change
452
432
-242
209
263
-117
-127
146
63

330.8%
72.3%
3.0%

364.8%
74.9%
0.7%

260.6%
60.4%
20.6%

241.6%
58.4%
13.5%-19.0pt-2.0pt-7.1pt

4.3%
3.7%
2.7%

5.9%
5.0%
3.3%

6.8%
3.2%
3.5%

13.8%
3.8%
6.1%

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伪伪Future Outlook
Aiming to strengthen sales by securing human resources andto reach 50% for the ratio of in-house products(1) Current issues and policies for FY3/16
The Group currently faces the following two management issues. The first is that within the context of
the increase in companies’ willingness to invest in the digital marketing field, it is unable to sufficiently
capture this demand due to a lack of human resources. In its FY3/15 results, the Group achieved
record highs in net sales and operating income. But this was due to the contribution of the majoromni-channel-related projects, and as a consequence of it allocating its human resources to theseprojects it has been unable to fully develop new customers.

We encourage readers to review our complete legal statement on “Disclaimer” page.
7

■■Future Outlook

Netyear Group3622 TSE Mothers

2-Sept.-15

Important disclosuresand disclaimers appear
at the end of this document.
FISCO Ltd. Analyst
Kunimitsu Karasawa

To resolve this issue, in the current fiscal year the Group is actively implementing its plan to recruit
new employees and to strengthen its sales structure. Specifically, it plans to increase the number ofGroup employees on a consolidated basis by around 100 people, from 372 employees at the end of
the previous fiscal year to 467 employees (of who, 15 will be new graduates). Its policy is particularly
to strengthen its recruitment in the commissioning field. In terms of the objectives for increasing
recruitment and bolstering education and training, it is implementing a fully fledged expansion of its
personnel by creating a new organizational structure and from April 2015, it newly created a Human
Resources Department (previously, Personnel and General Affairs Department) and began recruiting
managers as recruitment specialists.
The second management issue is the sluggish growth of the ratio of in-house products (including
products of other companies). The Group’s medium- to long-term strategy is to aim to raise the sales
ratio of in-house products to around 50%. But currently, despite the increase in sales, it seems thatthe speed of growth of this ratio is below the value that was expected. Therefore, in this fiscal year it
has newly launched organizations specializing in the development of new services and products andis aiming to accelerate the increase in sales in this area and achieve a sales ratio in excess of 10%.
The new organizations are the omni-channel Cloud business division and the digital business designbusiness division that were launched in April 2015, with over 10 employees having been deployed
between both business divisions. The omni-channel Cloud business division has become the sales
force for “Salesforce Marketing Cloud,” which is the marketing automation tool of Salesforce.com,
Inc. Demand is from customers (from major to medium-sized corporations) that are considering
investing in the omni-channel, but because a fully fledged investment in it would be too costly, first
they want to install a simple automation tool and analyze its effects.
“Salesforce Marketing Cloud” is a marketing automation tool that has been installed by more than
10,000 companies around the world. It is a product that makes possible various effects in accordancewith the company’s size and structure, from the “optimization of email” to expansion to the Web,
mobile, and SNS. As this tool has a multitude of functions, it is sold after being reconfigured into a
package optimized to each customer’s needs. The aim is to install it in 30 companies in the first year.
Conversely, the digital business design business division is aiming to develop and sell marketing
automation tools to small- and medium-sized stores that do not have their own customer foundation.
While the omni-channel strategy represents an important marketing strategy for companies,
constructing the system from scratch requires an enormous investment. Therefore, the market
environment is not yet in place to continuously generate major projects as in the previous fiscal
year, and consequently expanding customers, including medium-sized companies and SMEs, isconsidered important for the Group.
The Group is developing in-house a simple automation tool for low-end customers like small- andmedium-sized stores and plans to release it during the first half of fiscal 2015. For example, it isthought it will be a service enabling advertising information for sales promotions to be easily createdand sent from a smartphone app on an individual store basis.
The Group will utilize its expertise in omni-channel commissioning services and its policy is to expand
this area going forward.

Major projects will complete their course in this fiscal year
(2) Results forecasts for FY3/16
The forecast consolidated results for FY3/16 are that net sales will increase 3.6% y-o-y to 7,500
million yen, operating income will decline 43.6% to 250 million yen, ordinary income will fall 44.1% to
250 million yen, and net income will rise 102.7% to 150 million yen.
The omni-channel projects that contributed to results in the previous fiscal year will nearly all becompleted during the first half of the fiscal year and therefore over the full year this will have anegative impact on sales to the level of hundreds of millions of yen. While there is the possibility
that additional omni-channel projects will be ordered in the future, there may also be an increase incosts depending on the progress of projects. As there are many uncertainties at the current stage, it
is considered that conservative performance targets have been created.

We encourage readers to review our complete legal statement on “Disclaimer” page.
8

■■Future Outlook

Netyear Group3622 TSE Mothers

2-Sept.-15

Important disclosuresand disclaimers appear
at the end of this document.
FISCO Ltd. Analyst
Kunimitsu Karasawa

Looking at the factors that may cause operating income to rise or fall, it is expected to increase dueto the effects of higher sales (50 million yen), the contribution of “rakumo” to profits (24 million yen),and the reduction in the amortization of goodwill (44 million yen), but to decline because of spending
to bolster the project development structure (120 million yen), to construct a development and sales
structure for new services (100 million yen), and to strengthen in-house security (50 million yen).
Personnel expenses are expected to increase following the recruitment of around 100 personnel thisfiscal year, but outsourcing expenses will decline by around the same amount, so these two items
are likely to cancel each other out in terms of profit or loss.
(3) Trends regarding the subsidiaries○Tribal Media House
Tribal Media House is forecast to continue to expand sales in the social media area and to increase
both sales and profits. In particular, the co-creation marketing platform “cocosquare” service that it
launched in 2013 had been adopted by more than 10 companies by March 2015. Going forward, it isalso anticipated to be installed by an increasing number of companies.
It is an ASP service that provides a forum for sharing information between companies and customers
via Facebook. Not only does it create a venue for developing fans, such as through new productinformation and invitations to various types of events, it also enables customers to participate in new
product planning and development and is attracting attention as a new marketing method for building
medium- to long-term relationships with customers and for maximizing customer lifetime value (LTV).
In this fiscal year, it is anticipated that more than 10 companies will newly introduce the service andits net sales are forecast to grow and double the 60 million yen it achieved in the previous fiscal year.
This service is a stock-type business with monthly billing, so it can also be expected to contribute toimproving the stability of profitability.
○Nihon Gigei
Nihon Gigei is progressing developments to strengthen its “rakumo” service and plans to release an
improved version of it during this fiscal year to further expand the number of companies in which it
has been installed. For the current development, it has taken experts in UI design from the Netyear
Group into the development team and plans to create a product that is even more user friendly thanin the past.
In addition, the Project Commissioning Department, whose results have continued to slump,has integrated its business with Netyear Craft, including their respective personnel, and thereby
strengthening its profit structure.
○Netyear Craft
Netyear Craft’s results have deteriorated and in response to this, it is continuing to reconstruct its
value chain. The majority of its sales come from the Netyear Group, its parent company. But inthe last two years a gap has emerged between the skills its employees actually possess and theskills they need to have as members of a production department, and this has been a factor behindthe decline in orders. To address this problem, for its recruitment from the current fiscal year it
has created a clear recruitment policy, including clarifying the skills its employees require, and isstrengthening its personnel structure. In this way, it plans to restore profitability.

We encourage readers to review our complete legal statement on “Disclaimer” page.
9

伪伪Measures for Returning Profits to Shareholders
Stable payment of dividends

Netyear Group3622 TSE Mothers

2-Sept.-15

Important disclosuresand disclaimers appear
at the end of this document.
FISCO Ltd. Analyst
Kunimitsu Karasawa

The Group is paying out dividends as a measure for returning profits to shareholders. The Group's
basic policy regarding dividends is to pay stable and continuous dividends while ensuring the internal
reserves that are necessary for future business development and the strengthening of the Group'sbusiness structures. For this reason, dividends per share have been fixed at 3.25 yen from thefiscal year ended March 2008 onward. However, the Group intends to introduce performance-linked
dividends in the future if the internal reserves are enhanced further and stable cash flow can beobtained every period.

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㻔㼒㼛㼞㼑㼏㼍㼟㼠㻕Consolidated Profit and Loss Statement

Fiscal period
Net sales(percentage change from last year)
Cost of sales(relative to sales)
SG&A expenses(relative to sales)
Operating income(percentage change from last year)(relative to sales)
Ordinary income(percentage change from last year)(relative to sales)
Extraordinary income
Extraordinary loss
Net income before income taxes(percentage change from last year)(relative to sales)
Income taxes(Effective tax rate)
Minority interest
Net income(percentage change from last year)(relative to sales)
Major indicators
Average number of outstanding shares
during the fiscal year (1,000 shares)
Earnings per share (yen)Dividends per share (yen)Net assets per share (yen)Fiscal year
ended 3/12

Fiscal year
ended 3/13

Fiscal year
ended 3/14

4,022
15.2
3,230
80.3
683
17.0
108
73.2
2.7
103
89.6
2.6
0
14
89
2.2
22
25.8
1
64
1.6

4,354
8.3
3,421
78.6
791
18.2
142
31.6
3.3
143
39.4
3.3
0
0
143
61.3
3.3
52
36.4
1
89
39.6
2.1

5,352
22.9
4,240
79.2
923
17.3
188
32.7
3.5
191
32.8
3.6
0
23
167
16.6
3.1
105
63.0
3
59
-34.2
1.1

(million yen, %)Fiscal year
ending 3/16
(forecast)
7,239
7,500
35.3
3.6
5,744
79.3
1,051
14.5
442
250
134.8
-43.6
6.1
3.3
446
250
133.9
-44.1
6.2
3.3
0
187
258
54.5
3.6
181
70.1
3
73
150
25.1
102.7
1.0
2.0

6,656

6,656

6,744

6,842

6,853

9.67
3.25
265.8

13.49
3.25
276.1

8.76
3.25
279.0

10.81
3.25
285.9

21.89
3.25
-

Fiscal year
ended 3/15

We encourage readers to review our complete legal statement on “Disclaimer” page.
10

Disclaimer
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