Report

FY2018 1Q Result Presentation

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Summary

GREE, Inc. reported FY2018 first‑quarter results with net sales of ¥21.6 billion, operating income of ¥2.7 billion and EBITDA of ¥3.1 billion, marking growth over the prior quarter but modest year‑on‑year increases after adjusting for a ¥10 billion one‑time tax effect from a North American reorganization. Net income rose when excluding that special item, though the operating margin remained flat due to higher advertising and commission costs offset by reduced fixed expenses. Forecasts for the first half of FY2018 project net sales of ¥40.5 billion, operating income of ¥4.5 billion and EBITDA of ¥5.2 billion, with expectations of a Q2 moderation following the strong Q1 performance and subsequent releases. Strategically, GREE continues to expand its native game portfolio through engine, IP and global initiatives, launching several titles in Q1 and planning five releases for the second half. The company emphasizes aggressive advertising, including TV commercials for its media platform LIMIA and MINE, achieving 1 million monthly active users on LIMIA. Game monetization is driven by IP‑based titles and collaboration events, with a noted peak in coin consumption at launch followed by sustained growth. The VR segment sees partnership‑driven releases, such as a PlayStation VR title with Square Enix. Geographically, GREE focuses on domestic growth while preparing overseas distribution for select IP games via partners like Crunchyroll. The presentation covers financial performance, cost structure, and operational plans across game development, media expansion, and VR ventures for FY2018.

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