Financial

FY2020 Consolidated Financial Results [Japanese GAAP]

1 October 202019 pages6,849 words

Summary

CyberAgent achieved significant financial growth during the 2020 fiscal year, reporting net sales of ¥478.6 billion, a 5.5% increase over the previous year. The most notable performance metric was the surge in profit attributable to shareholders, which rose by 289.9% to reach ¥6.6 billion. This growth was underpinned by a robust financial position, with total assets expanding to ¥260.8 billion and a year-end cash balance of ¥102.4 billion, supported by ¥37 billion in cash flow from operating activities. The Game Business served as the primary engine for profitability, generating ¥30.3 billion in operating income through a mix of established smartphone titles and successful new releases. While the Media Business saw a 22.6% increase in sales, it continued to record an operating loss of ¥18.3 billion due to sustained strategic investments in the ABEMA streaming platform. The Internet Advertisement and Investment Development segments rounded out the core operations, contributing to a diversified revenue stream that capitalized on the expanding smartphone market. Looking toward the 2021 fiscal year, the company forecasts continued revenue expansion to ¥500 billion. Management intends to maintain its focus on the smartphone sector while treating ABEMA as a long-term strategic pillar for future growth. Although sales are expected to rise, operating income forecasts remain flexible, ranging from a slight decrease to a modest increase as the company balances immediate profitability from its gaming and advertising divisions against the high capital requirements of its media investments. Overall, the transition from FY2019 to FY2020 marked a substantial strengthening of per-share metrics, with basic earnings per share climbing from ¥13.45 to ¥52.41.

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Financial

FY2021 Consolidated Financial Results [Japanese GAAP]

CyberAgent, Inc. achieved exceptional financial growth during the 2021 fiscal year, characterized by record-breaking performance across its primary business segments. Consolidated net sales rose 39.3% to ¥666,460 million, while operating income experienced a dramatic surge of 208.1%, reaching ¥104,381 million. This momentum was largely fueled by the Game Business, which saw net sales increase by 68.6% and operating income jump 217.9% to ¥96,445 million, primarily due to the massive success of a major new title. The Internet Advertisement and Media businesses also contributed to these record highs, resulting in a nearly fivefold increase in net income to ¥66,671 million. The company’s financial position strengthened considerably over this period, with total assets expanding to ¥382,578 million and cash and cash equivalents rising to ¥184,082 million. Robust operating cash flows of ¥109,609 million provided the liquidity necessary to fund investment securities and subsidiary acquisitions while supporting a four-for-one stock split and an increased dividend of ¥11.00 per share. Profit attributable to shareholders rose from ¥6,608 million to ¥41,553 million, reflecting a significant leap in basic earnings per share from ¥13.10 to ¥82.30. Despite this historic profitability, management has opted to withhold financial forecasts for the 2022 fiscal year. This decision stems from the inherent volatility of the gaming industry, where the timing and performance of new launches remain difficult to predict. While the Game Business currently serves as the primary engine for growth and capital accumulation, the company remains focused on balancing these high-risk, high-reward cycles with the steady expansion of its advertising and media infrastructure to ensure long-term stability.

investment market-analysis japan

CyberAgent, Inc.Oct 2021

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CyberAgent, Inc. reported strong financial growth for the first half of fiscal year 2020, covering the period from October 1, 2019, to March 31, 2020. Net sales reached ¥244.85 billion, a 7.3% increase over the previous year, while operating income rose significantly by 45.0% to ¥20.23 billion. Profit attributable to shareholders of the parent saw the most dramatic surge, increasing 337.9% to ¥4.76 billion. These results were driven by the steady expansion of the smartphone advertisement market and successful performance across the company's core business segments. The Game Business was a primary driver of profitability, with operating income increasing 45.9% to ¥15.56 billion, bolstered by anniversary events for major titles and successful new releases. The Internet Advertisement Business also performed well, recording a 28.1% increase in operating income to ¥12.39 billion through the acquisition of new advertisers. Conversely, the Media Business, which includes the ABEMA streaming platform, reported an operating loss of ¥9.28 billion as the company continues to invest in the service as a long-term mainstay. The Investment Development Business saw declines in both sales and income compared to the prior year. The consolidated financial position remains stable with total assets of ¥241.12 billion. Cash and cash equivalents increased slightly to ¥84.96 billion, supported by strong net cash provided by operating activities. Despite the positive mid-year performance, the company maintained its original full-year earnings forecast, citing various risks and uncertainties. The report covers CyberAgent’s operations primarily within the Japanese market and utilizes Japanese GAAP accounting standards. No revisions were made to the dividend forecast, which remains at ¥33 per share for the fiscal year.

investment market-analysis japan

CyberAgent, Inc.Apr 2020

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FY2023 Consolidated Financial Results [Japanese GAAP]

CyberAgent, Inc. experienced a period of significant transition during the 2023 fiscal year, characterized by modest revenue growth alongside a sharp contraction in profitability. Consolidated net sales reached ¥720,207 million, representing a 1.4% year-over-year increase, yet operating income plummeted by 64.5% to ¥24,557 million. This decline was primarily driven by the Game Business, where profits fell 62.5% due to the natural lifecycle decline of high-margin titles. Simultaneously, the Internet Advertisement segment, while remaining the largest revenue contributor at ¥381,206 million, faced margin pressure from upfront investments in artificial intelligence. The Media Business emerged as a growth engine, with the ABEMA platform driving a 25.9% increase in segment sales and successfully narrowing its operational deficits. Despite the drop in net income attributable to owners—which fell from ¥24,219 million to ¥5,332 million—the company significantly strengthened its liquidity position. Cash and cash equivalents rose to ¥201,780 million, bolstered by over ¥53 billion in financing activities, including the issuance of convertible bonds and the acquisition of long-term bank loans. These strategic financial moves ensure a stable capital base for future expansion within the predominantly Japanese market, where over 90% of sales and assets are concentrated. Projections for the 2024 fiscal year indicate a strategic pivot toward recovery and renewed growth. Management forecasts net sales to reach ¥750 billion, supported by a pipeline of new game releases and the continued scaling of the Media segment. Operating income is expected to rebound by 22.2%, while net income is projected to increase by 50%. This outlook suggests that the heavy investment phase and the volatility in the gaming portfolio observed in 2023 are expected to stabilize, allowing for improved earnings per share and a more balanced contribution across the advertising, gaming, and media divisions.

investment market-analysis japan

CyberAgent, Inc.Nov 2023

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FY2022 Consolidated Financial Results (Japanese GAAP)

CyberAgent achieved record net sales of ¥710.6 billion for the 2022 fiscal year, representing a 6.6% year-on-year increase. This growth was primarily driven by the Internet Advertisement Business, which expanded by 17.3%, and a 35.3% revenue surge in the Media Business fueled by the ABEMA platform. Despite these gains, consolidated operating income fell 33.8% to ¥69.1 billion, while net income attributable to the parent dropped to ¥24.2 billion. This profitability decline stems largely from a normalization of the Game Business, which saw sales and operating income decrease by 13.1% and 37.2% respectively as major titles from the previous year experienced natural slowdowns. The financial landscape was further impacted by a shift in revenue recognition for the Game Business, moving from the point of purchase to the estimated customer usage period. While shareholders' equity grew to ¥222.9 billion, cash and cash equivalents decreased to ¥168 billion due to elevated tax payments and strategic investing activities. The company also recorded a ¥4.2 billion impairment loss on long-lived assets within the gaming segment. These shifts reflect a transition period as the organization rebalances its portfolio away from the exceptional highs of previous gaming hits toward long-term media infrastructure. Looking toward the 2023 fiscal year, the strategic focus shifts toward content investment and market share expansion. Management forecasts modest sales growth to ¥720 billion but anticipates a further contraction in operating income to between ¥40 billion and ¥50 billion. This outlook accounts for heavy investments in high-profile content, specifically the FIFA World Cup on ABEMA, which is intended to narrow media losses and solidify the platform's user base. While the Game Business remains a significant profit center, the overall corporate trajectory emphasizes scaling the advertisement and media segments to ensure diversified, sustainable growth within the Japanese digital economy.

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CyberAgentOct 2022

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FY2024 Consolidated Financial Results (Japanese GAAP): Japan

CyberAgent achieved significant financial expansion during the 2024 fiscal year, characterized by an 11.5% increase in consolidated net sales to ¥802,996 million and a dramatic 204.7% surge in net income. This performance was primarily driven by the robust recovery of the Game Business, which saw operating income rise by 34.6%, and a strategic narrowing of losses within the Media Business. The "ABEMA" platform moved closer to profitability, reducing its annual losses from ¥11.5 billion to ¥1.9 billion. These results supported a strengthened cash position, with operating cash flow reaching ¥53,231 million and total equity rising to ¥254,235 million. The geographic scope of these operations remains heavily concentrated in Japan, where over 90% of sales and assets are located. While the Game Business remains a primary revenue driver with ¥195,648 million in sales, it also faced challenges, including a rise in impairment losses to ¥5,102 million. Despite these specific write-downs, overall corporate profitability improved substantially, as evidenced by basic earnings per share rising from ¥10.53 to ¥32.09. The company also increased its annual dividend to ¥16 per share, reflecting confidence in its liquidity and long-term asset growth, including a doubling of its goodwill balance. Projections for the 2025 fiscal year indicate a continued upward trajectory, with forecasted sales of ¥820 billion and a 29.3% increase in net income. This growth strategy relies on the Media Business achieving full profitability and the Internet Advertising segment maintaining its steady expansion. The Game Business intends to sustain its current momentum through a combination of new title launches and lifecycle extensions for existing high-performing games. Based on these targets, the year-end dividend is expected to rise further to ¥17 per share, signaling a transition from heavy infrastructure investment toward a phase of sustained earnings growth.

investment market-analysis japan

CyberAgentOct 2024

Financial

FY2020 Third Quarter Consolidated Financial Results [Japanese GAAP]

CyberAgent’s consolidated financial results for the third quarter of fiscal year 2020, covering the nine-month period ending June 30, 2020, indicate steady growth across most business segments despite global economic uncertainties. Net sales increased 4.6% year-on-year to ¥357.7 billion, while operating income rose 21.9% to ¥28.5 billion. Most notably, profit attributable to shareholders of the parent surged 230.9% to ¥5.88 billion, a significant recovery compared to the prior year's performance. The Game Business and Internet Advertisement Business served as the primary drivers of profitability. The Game Business, which includes subsidiaries such as Cygames and Craft Egg, reported a 21.6% increase in operating income to ¥23.1 billion, bolstered by the continued strength of major existing titles. The Internet Advertisement Business grew its operating income by 16.4% to ¥17.1 billion by successfully capturing demand from advertisers benefiting from stay-at-home consumer trends. Conversely, the Media Business, centered on the ABEMA streaming platform, reported an operating loss of ¥13.3 billion as the company continues to prioritize long-term investment in the service. The consolidated financial position remains stable, with total assets increasing to ¥235.9 billion, primarily due to higher cash and deposits. The equity capital ratio stood at 35.7% as of June 30, 2020. Looking ahead, the full-year forecast for the period ending September 30, 2020, remains unchanged from previous projections, with net sales expected to reach ¥465 billion and operating income estimated between ¥28 billion and ¥32 billion. These results reflect a strategic focus on the expanding smartphone and video advertising markets in Japan.

investment japan market-analysis

CyberAgent, Inc.Jul 2020

FY2020 Consolidated Financial Results [Japanese GAAP]

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