TAC Co.,Ltd Consolidated Financial Results for the Nine Months Ended December 31, 2023

Consolidated Financial Results

for the Nine Months Ended December 31, 2023

February 6 , 2024

Company name: TAC Co., Ltd.

Listing: Tokyo Stock Exchange

Company code number: 4319

URL: https://www.tac-school.co.jp

Representative: Toshio Tada, Representative Director

Contact: Shoji Nonaka, Manager of IR department Tel: +81-3-5276-8913

Scheduled date to commence dividend payments: -

Scheduled date to submit the annual securities report of the 3rd quarter: February 13 2024

Supplemental information for financial statements: Yes

Results briefing session: No

(Amounts rounded down to the nearest million yen)

1. Consolidated 3rd quarter results for the fiscal year ending March 2024

(From April 1, 2023 to December 31, 2023)

(1) Consolidated financial results

(% indicates changes from the previous corresponding period)

Net sales

Operating profit

Ordinary profit

Profit attributable

to owners of parent

(Yen in millions)

％

(Yen in millions)

％

(Yen in millions)

％

(Yen in millions)

％

FY2023

14,369

-3.9

-321

－

-353

－

-236

－

(Apr.1,2023 - Dec.31,2023)

FY2022

14,949

-4.2

341

-48.8

352

-50.3

204

-55.3

(Apr.1,2022 - Dec.31,2022)

(Notes)Comprehensive income: FY2023(2023/12) -244 million yen (－%)

FY2022(2022/12) 189 million yen (-61.1%)

Profit per share

Fully diluted profit

per share

(Yen)

(Yen)

FY2023

-13.04

－

(Apr.1,2023 - Dec.31,2023)

FY2022

11.07

－

(Apr.1,2022 - Dec.31,2022)

(2) Consolidated financial position

Total assets

Net assets

Equity ratio

(Yen in millions)

(Yen in millions)

％

FY2023

20,865

5,849

28.0

(As of Dec. 31,2023)

FY2022

20,795

6,203

29.8

(As of Mar. 31,2023)

（Notes）Equity FY2023(2023/12)

5,839 million yen

FY2022(2023/3) 6,194 million yen

2．Dividends

Annual dividends per share

1st quarter

2nd quarter

3rd quarter

4th quarter

Total

FY2022

(Yen)

(Yen)

(Yen)

(Yen)

(Yen)

(Apr.1,2022 - Mar.31,2023)

－

3.00

－

3.00

6.00

FY2023

－

3.00

－

(Apr.1,2023 - Mar.31,2024)

FY2023(Forecast)

3.00

6.00

(Note) Revision of dividend forecasts in the current quarter: None

3．Consolidated forecasts for March 2024 term (From April 1, 2023 to March 31,2024)

(% indicates changes from the previous corresponding period)

Net sales

Operating profit

Ordinary profit

Profit attributable

Profit per share

to owners of parent

(Yen in millions)

％

(Yen in millions)

％

(Yen in millions)

％

(Yen in millions)

％

(Yen)

Full year

19,113

97.0

-210

－

-248

－

-171

－

-9.43

(Note) Revision of consolidated financial results forecasts: Yes

1

TAC Co.,Ltd Consolidated Financial Results for the Nine Months Ended December 31, 2023

  • Notes
    1. Significant changes in scope of consolidation (Changes in consolidated subsidiaries): None
    2. Application of the simplified accounting method and/or the special accounting method for quarterly consolidated financial statements: None
    3. Changes in accounting policies, changes in accounting estimates, and restatements

(3)-1 Changes in accounting policies due to the revision of accounting standards: None

(3)-2 Changes in accounting policies other than (3)-1: None

(3)-3 Changes in accounting estimates: Yes

(3)-4 Restatements: None

(4) Number of shares issued (common stocks)

(4)-1 Number of shares issued at the end of the period (including treasury shares)

(4)-2 Number of treasury shares at the end of the period

(4)-3 Average number of shares during the period

FY2023

18,504,000

shares

FY2022

18,504,000

shares

3rd quarter

FY2023

370,168

shares

FY2022

370,168

shares

3rd quarter

FY2023

18,133,832

shares

FY2022

18,442,024

shares

3rd quarter

3rd quarter

  • This "Consolidated Financial Results" are outside the scope of the audit.
  • Explanation of proper use of financial forecasts and other special notes:

The above forecasts are based on the information available at this time and on assumptions deemed to be reasonable. Therefore, the actual financial results may differ significantly from the forcasts due to various factors.

2

TAC Co.,Ltd Consolidated Financial Results for the Nine Months Ended December 31, 2023

(Table of contents of appendix)

  1. Qualitative information on quarterly financial results
    1. Overview of operating results
    2. Overview of financial position
  3. Quarterly consolidated financial statements and notes
    1. Quarterly consolidated balance sheet
    2. Quarterly consolidated statement of income and quarterly consolidated statement of comprehensive income
    3. Notes for quarterly consolidated financial statements

(Going-Concern Assumption)

(Notes on significant changes in the amount of shareholders' equity) (Changes in accounting estimates)

(Segment information) (Revenue recognition)

3

TAC Co.,Ltd Consolidated Financial Results for the Nine Months Ended December 31, 2023

1．Qualitative information on quarterly financial results

  1. Overview of operating results
  1. Overview of 3rd quarter

In the business of supporting acquisition of license qualifications, tuition fees are paid by the student upon application for a particular course. This constitutes net sales on a cash basis. Upon payment, the entire amount of tuition received is credited to advances received (liability) and reduced to recognize net sales on an accrual basis in the relevant accounting periods in which the service is provided to the student. While net sales recorded in the income statement are net sales on an accrual basis, for business management purposes we attach great importance to growth in net sales on a cash basis.

In the current period, net sales on a cash basis decreased 1.8%, or by ¥269 million, year on year to ¥14,459 million. Net sales on an accrual basis after adjustment of advances received decreased 3.9%, or by ¥579 million to ¥14,369 million.

Cost of sales increased 0.6%, or by ¥55 million year on year to ¥9,149 million. Selling, general and administrative expenses increased 0.5%, or by ¥27 million year on year to ¥5,542 million. In total, an operating loss of ¥321 million was recorded (compared with an operating profit of ¥341 million in the same term last year).

Non-operating income of ¥15 million was recorded, including interest income of ¥5 million, gain on sale of investment securities of ¥3 million and commission income of ¥4 million. Non-operating expenses of ¥47 million were posted including interest expenses of ¥24 million, commission expenses of ¥5 million and share of loss of entities accounted for using equity method of ¥3 million. As a result, an ordinary loss of ¥353 million was recorded (compared with an ordinary profit of ¥352 million in the same term last year).

In the current period, gain on liquidation of investment securities of ¥13 million was posted as extraordinary income and loss on sale and retirement of non-current assets of ¥4 million and loss on valuation of investment securities of ¥6 million were posted as extraordinary losses. As a result, a loss of ¥235 million was recorded (compared with a profit of ¥205 million in the same term last year). Loss attributable to owners of parent of ¥236 million was posted (compared with a profit attributable to owners of parent of ¥204 million in the same term last year).

Quarterly results of TAC Group are as shown below. Net sales before adjustment of advances received represent net sales totaling the amount paid upon registration. Net sales after adjustment of advances received represent net sales after allocating the amount paid upon registration to corresponding periods in accordance with provision of educational services.

License examinations covered by our educational courses have some notable features including (i) examinations of Certified Public Accountant and Certified Public Tax Accountant, our flagship, implemented from spring to autumn (1st to 3rd quarters) and (ii) registration to Public Officer courses, whose main clients are university students, concentrating in spring to summer (1st to 2nd quarters). Accordingly, registration for educational courses in the 4th quarter (net sales before adjustment of advances received) tends to be weaker compared to other quarters. Meanwhile, operating expenses including rent expenses, instructors' fees and advertising costs are allocated evenly to each month, causing no variance in quarterly results.

4

TAC Co.,Ltd Consolidated Financial Results for the Nine Months Ended December 31, 2023

Changes in fiscal operating results between this year and last year:

FY2022

1st quarter

2nd quarter

3rd quarter

4th quarter

Total for FY2022

(Apr.2022-Mar.2023)

(April - June)

(July-September)

(October-December)

(January-March)

(Apr.2022-Mar.2023)

%

Y-O-Y

%

Y-O-Y

%

Y-O-Y

%

Y-O-Y

%

Y-O-Y

Yen in

%

Yen in

%

Yen in

%

Yen in

%

Yen in

%

Net sales (before

millions

millions

millions

millions

millions

4,739

93.9

5,680

95.5

4,309

95.0

4,566

99.0

19,295

95.8

adjustment of

tuition advances)

Adjustment of

836

121.7

-493

－

-122

－

196

75.7

416

127.9

tuition advances

Net sales (after

5,575

28.3

97.2

5,186

26.3

95.7

4,186

21.2

94.2

4,762

24.2

97.8

19,711

100.0

96.3

adjustment of tuition

advances)

Gross profit

2,431

43.6

98.2

2,212

42.7

96.9

1,212

29.0

89.9

1,876

39.4

109.9

7,732

39.2

99.0

Operating profit

549

9.9

88.3

391

7.6

80.2

-600

-14.3

－

-22

-0.5

－

319

1.6

77.2

Ordinary profit

534

9.6

85.0

390

7.5

74.2

-572

-13.7

－

-27

-0.6

－

324

1.6

73.3

Profit attributable to

351

6.3

81.2

263

5.1

76.8

-410

-9.8

－

10

0.2

－

214

1.1

48.3

owners of parent

Net profit per share

Yen

Yen

Yen

Yen

Yen

18.98

14.24

-22.42

0.59

11.69

(Notes)

1．Percentage of quarterly net sales stated as a proportion of total net sales.

2．Other percentages stated as a proportion of quarterly net sales.

FY2023

1st quarter

2nd quarter

3rd quarter

(Apr.2023-Mar.2024)

(April - June)

(July-September)

(October-December)

%

Y-O-Y

%

Y-O-Y

%

Y-O-Y

Yen in

%

Yen in

%

Yen in

%

Net sales before

millions

millions

millions

adjustment of

4,443

93.7

5,546

97.7

4,469

103.7

tuition advances

Adjustment of

763

91.3

-627

－

-225

－

tuition advances

Net sales (after

4,243

101.4

adjustment of tuition

5,206

－

93.4

4,919

－

94.8

－

advances)

Gross profit

2,050

39.4

84.4

1,943

39.5

87.9

1,225

28.9

101.1

Operating profit

123

2.4

22.4

129

2.6

33.0

-574

-13.5

－

Ordinary profit

106

2.0

19.9

120

2.4

30.9

-580

-13.7

－

Profit attributable to

83

1.6

23.7

90

1.8

34.4

-410

-9.7

－

owners of parent

Net profit per share

Yen

Yen

Yen

4.59

5.00

-22.64

(Notes)

1．Percentage of quarterly net sales stated as a proportion of total net sales.

2．Other percentages stated as a proportion of quarterly net sales.

(B) Segment-related information

Operating performance (net sales on a cash basis) and an overview of each segment of TAC group in the current period is as shown below. With regards to segment information, TAC introduced a management approach by adopting "Accounting Standards for the Disclosure of Segment Information". Accordingly, sales data are presented in the following tables as "net sales on a cash basis before adjustment of advances received" so as to reflect management decision-making of TAC group in a more appropriate manner. Please note that net sales on a cash basis are different from net sales shown on the consolidated quarterly income statement. For details, please refer to "Segment information" on page 17.

Segment information

3rd quarter of FY2022

3rd quarter of FY2023

Percentage

Y-O-Y

Percentage

Y-O-Y

Yen in millions

%

%

Yen in millions

%

%

Personal Education

7,802

53.0

92.3

7,604

52.6

97.5

Corporate Training

3,404

23.1

100.4

3,502

24.2

102.9

Publishing

3,115

21.2

94.5

2,941

20.3

94.4

Manpower Business

445

3.0

102.4

440

3.1

98.8

Eliminations

-38

-0.3

―

-28

-0.2

―

Total

14,729

100.0

94.8

14,459

100.0

98.2

5

TAC Co.,Ltd Consolidated Financial Results for the Nine Months Ended December 31, 2023

Personal Education

Since COVID-19 was reclassified to Class 5 in May 2023, business people are showing an increased willingness to learn as their daily lives are returning to pre-COVID conditions. Accordingly, applications for our educational courses for certification are picking up. On the other hand, private companies continued to actively recruit young people, and students' motivation to obtain qualifications and their desire to become public officers remained weak. As a result, sales on a cash basis for this segment as a whole declined compared to the previous year. The Certified Public Tax Accountant course has continued to show strong performance, benefiting from the revision of the examination system and the reform of the tax system, etc. Real estate-related courses such as Real Estate Appraiser, Real Estate Transaction Agent, and Architects and Building Engineers have also recovered and remained steady since the beginning of the current third quarter. IT Specialist course, which continue to be supported by high IT-related demand, and educational courses aimed mainly at business people, including Small and Medium Enterprise Management Consultant, Labor and Social Security Attorney, Judicial Scrivener, and Certified Administrative Procedures Legal Specialist, also remained strong. Meanwhile, sales of educational courses mainly for college students, including Certified Public Accountant and Public Officer, declined year on year, and Bookkeeping and US Certified Public Accountant courses remained weak. Operating expenses such as instructors' fees, outsourcing expenses related to production of educational materials and rent expenses decreased 0.5% year on year to ¥8,287 million. Overall, net sales in this segment on a cash basis decreased 2.5% year on year to ¥7,604 million, and an operating loss on a cash basis of ¥683 million was recorded (an operating loss on a cash basis of ¥525 million was recorded in the same term last year).

FY2022

1st quarter

2nd quarter

3rd quarter

4th quarter

Total for FY2022

(Apr.2022-Mar.2023)

(April - June)

(July-September)

(October-December)

(January-March)

(Apr.2022-Mar.2023)

%

Y-O-Y

%

Y-O-Y

%

Y-O-Y

%

Y-O-Y

%

Y-O-Y

Net sales

Yen in

%

Yen in

%

Yen in

%

Yen in

%

Yen in

%

millions

millions

millions

millions

millions

(cash basis)

2,332

23.4

88.9

3,300

33.1

94.6

2,170

21.8

92.8

2,171

21.8

92.5

9,974

100.0

92.4

Operating expenses

2,871

123.1

97.7

2,783

84.3

94.8

2,673

123.2

94.8

2,720

125.3

90.7

11,048

110.8

94.5

Operating profit

-539

-23.1

－

516

15.7

93.8

-502

-23.2

－

-549

-25.3

－

-1,074

-10.8

－

(cash basis)

Adjustment of tuition

826

26.2

118.9

-464

-16.4

－

-117

-5.7

－

166

7.1

75.8

411

4.0

123.8

advances

Net sales

3,158

30.4

95.2

2,835

27.3

94.9

2,052

19.8

91.0

2,337

22.5

91.1

10,385

100.0

93.3

(accrual basis)

Operating profit

287

9.1

75.6

52

1.9

98.5

-620

-30.2

－

-383

-16.4

－

-663

-6.4

－

(accrual basis)

(Notes)

1．Percentage of quarterly net sales stated as a proportion of total net sales.

2．Other percentages stated as a proportion of quarterly net sales.

3．Operating expenses that are not allocable are excluded for the calculation of operating expenses and operating profit.

FY2023

1st quarter

2nd quarter

3rd quarter

(Apr.2023-Mar.2024)

(April - June)

(July-September)

(October-December)

%

Y-O-Y

%

Y-O-Y

%

Y-O-Y

Yen in

%

Yen in

%

Yen in

%

Net sales

millions

millions

millions

(cash basis)

2,144

－

92.0

3,259

－

98.8

2,200

－

101.4

Operating expenses

2,885

134.5

100.5

2,747

84.3

98.7

2,654

120.6

99.3

Operating profit

-740

-34.5

－

511

15.7

98.9

-454

-20.6

－

(cash basis)

Adjustment of tuition

760

26.2

91.9

-596

-22.4

－

-222

-11.2

－

advances

Net sales

2,904

－

92.0

2,662

－

93.9

1,977

－

96.3

(accrual basis)

Operating profit

19

0.7

6.8

-85

-3.2

－

-676

-34.2

－

(accrual basis)

(Notes)

1．Percentage of quarterly net sales stated as a proportion of total net sales.

2．Other percentages stated as a proportion of quarterly net sales.

3．Operating expenses that are not allocable are excluded for the calculation of operating expenses and operating profit.

6

TAC Co.,Ltd Consolidated Financial Results for the Nine Months Ended December 31, 2023

Corporate Training

Our corporate training programs have continued to perform well in the current third quarter. In terms of trends by license area, programs in Financial Services & Real Estate, our flagship area, Finance & Accounting, IT & International area as well as programs related to electricity and equipment remained strong with sales exceeding those in the same period last year. In the previous second quarter, in-university seminars were weak compared to the same term last year due to the timing of the implementation of training programs. However, the negative impact of this decline has largely been overcome and sales in the current third quarter were in line with the previous year. Sales in business at affiliated schools whose main clients are individual customers residing in those areas decreased by 7.0% year on year. Provision of educational content to colleges in local cities marked sales growth of 2.7%. Meanwhile sales of training programs consigned by local governments decreased by 2.3% year on year. Operating expenses increased 2.3% year on year to ¥2,685 million. In total, net sales of this segment on a cash basis increased 2.9% year on year to ¥3,502 million and operating profit on a cash basis increased 4.8% year on year to ¥816 million.

FY2022

1st quarter

2nd quarter

3rd quarter

4th quarter

Total for FY2022

(Apr.2022-Mar.2023)

(April - June)

(July-September)

(October-December)

(January-March)

(Apr.2022-Mar.2023)

%

Y-O-Y

%

Y-O-Y

%

Y-O-Y

%

Y-O-Y

%

Y-O-Y

Net sales

Yen in

%

Yen in

%

Yen in

%

Yen in

%

Yen in

%

millions

millions

millions

millions

millions

(cash basis)

1,196

27.1

104.3

1,171

26.5

101.1

1,036

23.4

95.4

1,019

23.0

103.9

4,423

100.0

101.2

Operating expenses

879

73.5

101.7

869

74.2

105.1

875

84.5

102.7

832

81.6

106.3

3,457

78.2

103.9

Operating profit

316

26.5

112.3

301

25.8

91.2

160

15.5

68.9

187

18.4

94.6

966

21.8

92.6

(cash basis)

Adjustment of tuition

9

0.8

－

-29

-2.5

－

-5

-0.5

－

29

2.8

75.0

4

0.1

－

advances

Net sales

1,205

27.2

105.8

1,142

25.8

101.3

1,031

23.3

95.6

1,049

23.7

102.8

4,428

100.0

101.4

(accrual basis)

Operating profit

326

27.0

119.0

272

23.9

90.8

155

15.1

69.0

216

20.7

91.3

971

21.9

93.6

(accrual basis)

(Notes)

1．Percentage of quarterly net sales stated as a proportion of total net sales.

2．Other percentages stated as a proportion of quarterly net sales.

3．Operating expenses that are not allocable are excluded for the calculation of operating expenses and operating profit.

FY2023

1st quarter

2nd quarter

3rd quarter

(Apr.2023-Mar.2024)

(April - June)

(July-September)

(October-December)

%

Y-O-Y

%

Y-O-Y

%

Y-O-Y

Net sales

Yen in

%

Yen in

%

Yen in

%

millions

millions

millions

(cash basis)

1,225

－

102.4

1,192

－

101.8

1,084

－

104.6

Operating expenses

907

74.1

103.2

889

74.6

102.3

888

82.0

101.5

Operating profit

317

25.9

100.3

303

25.5

100.6

195

18.0

121.6

(cash basis)

Adjustment of tuition

3

0.3

37.1

-31

-2.7

－

-3

-0.3

－

advances

Net sales

1,229

－

101.9

1,161

－

101.7

1,081

－

104.8

(accrual basis)

Operating profit

321

26.1

98.5

272

23.4

99.9

192

17.8

123.5

(accrual basis)

(Notes)

1．Percentage of quarterly net sales stated as a proportion of total net sales.

2．Other percentages stated as a proportion of quarterly net sales.

3．Operating expenses that are not allocable are excluded for the calculation of operating expenses and operating profit.

7

TAC Co.,Ltd Consolidated Financial Results for the Nine Months Ended December 31, 2023

Publishing

We have been proceeding with our business under a dual framework of "TAC Publishing" and "W Seminar" of Waseda Management Publishing Co., Ltd., which is our subsidiary (hereafter referred to as "W Publishing").

As for the publishing business in the current third quarter (October-December), its performance has recovered and both sales and profits were higher than in the same period last year. However, the momentum of the current quarter was not enough to offset the decline in sales in the first and second quarters, and sales in the current period (April- December) were lower than in the same term last year. Among the books for qualification exams, Certified Public Tax Accountant, Small and Medium Enterprise Management Consultant, Architects and Building Engineers and Securities Analyst published by TAC Publishing, and Judicial Scrivener and Certified Administrative Procedures Legal Specialist published by W Publishing showed growth year on year. Meanwhile, books for Bookkeeping, Real Estate Transaction Agent, Licensed Strata Management Consultant and Financial Planner were lower year on year. Travel guides remained strong in the third quarter, driven by travel demand. Operating expenses increased 1.9% year on year to ¥2,438 million. As a result, net sales of this segment decreased 5.6% year on year to ¥2,941 million and operating profit decreased 30.5% year on year to ¥503 million.

FY2022

1st quarter

2nd quarter

3rd quarter

4th quarter

Total for FY2022

(Apr.2022-Mar.2023)

(April - June)

(July-September)

(October-December)

(January-March)

(Apr.2022-Mar.2023)

%

Y-O-Y

%

Y-O-Y

%

Y-O-Y

%

Y-O-Y

%

Y-O-Y

Net sales

Yen in

%

Yen in

%

Yen in

%

Yen in

%

Yen in

%

millions

millions

millions

millions

millions

(cash basis)

1,074

24.3

94.1

1,056

23.9

90.6

985

22.3

99.6

1,310

29.6

107.6

4,426

100.0

98.1

Operating expenses

836

77.8

93.0

706

66.9

93.7

849

86.2

103.9

818

62.4

88.2

3,209

72.5

94.5

Operating profit

238

22.2

98.2

349

33.1

84.9

136

13.8

78.9

492

37.6

169.8

1,216

27.5

109.0

(cash basis)

Adjustment of

－

－

－

－

－

－

－

－

－

－

－

－

－

－

－

tuition advances

Net sales

1,074

24.3

94.1

1,056

23.9

90.6

985

22.3

99.6

1,310

29.6

107.6

4,426

100.0

98.1

(accrual basis)

Operating profit

238

22.2

98.2

349

33.1

84.9

136

13.8

78.9

492

37.6

169.8

1,216

27.5

109.0

(accrual basis)

(Notes)

1．Percentage of quarterly net sales stated as a proportion of total net sales.

2．Other percentages stated as a proportion of quarterly net sales.

3．Operating expenses that are not allocable are excluded for the calculation of operating expenses and operating profit.

FY2023

1st quarter

2nd quarter

3rd quarter

(Apr.2023-Mar.2024)

(April - June)

(July-September)

(October-December)

%

Y-O-Y

%

Y-O-Y

%

Y-O-Y

Net sales

Yen in

%

Yen in

%

Yen in

%

millions

millions

millions

(cash basis)

922

－

85.9

944

－

89.5

1,074

－

109.0

Operating expenses

851

92.3

101.8

704

74.6

99.7

882

82.1

103.9

Operating profit

71

7.7

29.9

240

25.4

68.7

191

17.9

141.0

(cash basis)

Adjustment of

－

－

－

－

－

－

－

－

－

tuition advances

Net sales

922

－

85.9

944

－

89.5

1,074

－

109.0

(accrual basis)

Operating profit

71

7.7

29.9

240

25.4

68.7

191

17.9

141.0

(accrual basis)

(Notes)

1．Percentage of quarterly net sales stated as a proportion of total net sales.

2．Other percentages stated as a proportion of quarterly net sales.

3．Operating expenses that are not allocable are excluded for the calculation of operating expenses and operating profit.

8

TAC Co.,Ltd Consolidated Financial Results for the Nine Months Ended December 31, 2023

Manpower Business

As for the introduction and dispatch business of accounting personnel assumed by TAC Profession Bank, our subsidiary, demand for accounting personnel in audit firms, tax accountant corporations and private companies remained steady and advertising and introduction business continued its strength from the previous quarter. Meanwhile, sales in the dispatch business declined compared with the same term last year. As to the introduction and dispatch business of medical office staffing and nurses assumed by Medical Office Staffing Kansai Co., Ltd., sales declined year on year in the first quarter due to the decline in COVID19-related business. Sales then started to recover in the second quarter, a trend that has continued in the current third quarter, resulting in sales for the first nine months of the current fiscal year to remain at the same level as last year. However, operating profit decreased due to the impact of higher operating expenses, such as personnel costs. As a result, net sales of this segment decreased 1.2% year on year to ¥440 million and operating profit decreased 6.3% year on year to ¥96 million.

FY2022

1st quarter

2nd quarter

3rd quarter

4th quarter

Total for FY2022

(Apr.2022-Mar.2023)

(April - June)

(July-September)

(October-December)

(January-March)

(Apr.2022-Mar.2023)

%

Y-O-Y

%

Y-O-Y

%

Y-O-Y

%

Y-O-Y

%

Y-O-Y

Net sales

Yen in

%

Yen in

%

Yen in

%

Yen in

%

Yen in

%

millions

millions

millions

millions

millions

(cash basis)

144

27.9

99.6

171

33.1

108.7

129

25.0

98.0

72

14.0

92.9

517

100.0

101.0

Operating expenses

112

77.6

105.9

121

70.7

98.6

109

84.5

95.2

105

145.0

101.8

447

86.5

100.2

Operating profit

32

22.4

82.8

50

29.3

144.7

20

15.5

116.9

-32

-45.0

－

70

13.5

106.5

(cash basis)

Adjustment of

－

－

－

－

－

－

－

－

－

－

－

－

－

－

－

tuition advances

Net sales

144

27.9

99.6

171

33.1

108.7

129

25.0

98.0

72

14.0

92.9

517

100.0

101.0

(accrual basis)

Operating profit

32

22.4

82.8

50

29.3

144.7

20

15.5

116.9

-32

-45.0

－

70

13.5

106.5

(accrual basis)

(Notes)

1．Percentage of quarterly net sales stated as a proportion of total net sales.

2．Other percentages stated as a proportion of quarterly net sales.

3．Operating expenses that are not allocable are excluded for the calculation of operating expenses and operating profit.

FY2023

1st quarter

2nd quarter

3rd quarter

(Apr.2023-Mar.2024)

(April - June)

(July-September)

(October-December)

%

Y-O-Y

%

Y-O-Y

%

Y-O-Y

Net sales

Yen in

%

Yen in

%

Yen in

%

millions

millions

millions

(cash basis)

154

－

107.2

164

－

96.0

120

－

93.1

Operating expenses

109

70.6

97.5

125

76.4

103.7

108

90.2

99.4

Operating profit

45

29.4

140.8

38

23.6

77.3

11

9.8

58.8

(cash basis)

Adjustment of

－

－

－

－

－

－

－

－

－

tuition advances

Net sales

154

－

107.2

164

－

96.0

120

－

93.1

(accrual basis)

Operating profit

45

29.4

140.8

38

23.6

77.3

11

9.8

58.8

(accrual basis)

(Notes)

1．Percentage of quarterly net sales stated as a proportion of total net sales.

2．Other percentages stated as a proportion of quarterly net sales.

3．Operating expenses that are not allocable are excluded for the calculation of operating expenses and operating profit.

9

TAC Co.,Ltd Consolidated Financial Results for the Nine Months Ended December 31, 2023

(C) Number of students

In the current period, the number of students increased 2.6% year on year to 169,013 including individual members of 92,925 (-1.2% YoY, or -1,097) and corporate members of 76,088 (+7.7% YoY, or +5,414).

Regarding the number of individual and corporate members combined, a number of educational courses marked increases, including Certified Public Tax Accountant (+4.5%), Real Estate Transaction Agent (+6.5%), Financial Planner (+13.1%) and IT Specialist (+17.8%). Meanwhile, Bookkeeping (-7.6%), Certified Public Accountant (-5.2%), Licensed Strata Management Consultant (-6.3%) and Government Officials (RS&LG)* (-8.6%) marked decreases. As to the number of corporate members, correspondence courses for corporate training programs increased 11.0%. In- university seminars and affiliated schools decreased 1.0% and 7.2%, respectively. Consigned training programs increased 0.2%.

* Regular Service & Local Government

Increase (decrease)

Individual members

Corporate members

Total

over the previous

Year on year

year

%

FY2013

140,016

62,627

202,643

+713

100.4

FY2014

130,147

64,507

194,654

7,989

96.1

FY2015

135,995

69,471

205,466

+10,812

105.6

-

FY2016

138,230

73,584

211,814

+6,348

103.1

FY2017

136,324

83,254

219,578

+7,764

103.7

FY2018

131,119

84,450

215,569

-4,009

98.2

FY2019

126,000

81,118

207,118

-8,451

96.1

FY2020

120,068

88,519

208,587

+1,469

100.7

FY2021

118,238

86,973

205,211

-3,376

98.4

FY2022

112,628

84,078

196,706

-8,505

95.9

Total for 10 years

1,288,765

778,581

2,067,346

―

―

(Distribution %)

(62.3%)

(37.7%)

(100.0%)

3rd quarter of FY2023

92,925

76,088

169,013

(April - December)

+4,317

102.6%

[98.8％]

[107.7％]

[102.6％]

[Y-O-Y]

3rd quarter of FY2022

94,022

70,674

164,696

(April - December)

-7,256

95.8%

[95.3％]

[96.4％]

[95.8％]

[Y-O-Y]

10

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TAC Co. Ltd. published this content on 05 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 March 2024 14:18:09 UTC.