Seasonality in the Education Business and Cash Flow Concentration
First written in FY2017. 2 of 3 entries say "Restated". Latest entry: FY2019.
No other company in this theme has enough history to compare yet.
- FY2019RestatedAnnual report
「Accordingly, revenue in the education business tends to be relatively higher in the first half and lower in the second half. Because applications for courses starting in April are concentrated from January through March, cash flow from operating activities tends to be relatively higher in the second half.」
The company reiterates the risk of seasonal fluctuations in revenue and operating cash flow in the education business. - FY2018RestatedAnnual report
「Accordingly, revenue in the education business tends to be relatively higher in the first half and lower in the second half. Because applications for courses starting in April are concentrated from January through March, cash flow from operating activities tends to be relatively higher in the second half.」
The company reiterates the risk of seasonal fluctuations in revenue and operating cash flow in the education business as an annual risk. - FY2017First statedAnnual report
「Revenue in the education business tends to be relatively higher in the first half and lower in the second half. Because applications for courses starting in April are concentrated from January through March, cash flow from operating activities tends to be relatively higher in the second half.」
The company identifies for the first time, as a business risk, the risk that revenue and operating cash flow in the education business will fluctuate depending on course start dates.