Seasonal fluctuations in performance associated with the fiscal years of government agencies and companies
First written in FY2016. 22 of 25 entries say "Restated". Latest entry: 2026-04-27.
The whole theme swung hardest in 2018: 4 of 31 companies on the "Worse" side.
34 other companies' latest entry also says "Restated".
- 2026-04-27RestatedRevision of earnings forecasts
「Because many projects for our group are completed between March and April, expenses tend to precede revenue through the interim consolidated accounting period, resulting in negative cash flow from operating activities.」
The company has again confirmed the seasonal pattern in which expenses precede revenue through the interim period because orders are received in the second half and deliveries take place in the first half, together with the resulting operating cash flow performance. - FY2025-H1ReframedAnnual report
「Seasonal fluctuations in performance The Group, particularly in its think tank and consulting services, tends to record better performance and higher operating profit in the first half than in the second half because many projects for its major customers, government agencies, are ordered in the second half each year and have delivery deadlines in the following first half.」
The explanation of seasonality has been reorganized from the previous references to the first and second quarters and to projects ordered in the third quarter and due for delivery in the following second quarter, to a structure in which projects are ordered in the second half and due for delivery in the following first half, with operating profit concentrated in the first half. - FY2024RestatedAnnual report
「The Group tends to record better performance in the first and second quarters than in other quarters because many projects for its major customers, government agencies, are ordered in the third quarter each year and have delivery deadlines in the following second quarter. Operating activities sometimes peak in the second quarter before project completion, so operating profit tends to be highest in the second quarter throughout the fiscal year.」
Reconfirms that, even after applying the revenue recognition standard, projects ordered in the third quarter and due for delivery in the following second quarter result in performance being seasonally concentrated in the first and second quarters, particularly the second quarter. - FY2024-Q2RestatedAnnual report
「Because the Group has many projects that are completed between March and April, expenditures tend to precede receipts through the second-quarter cumulative period, resulting in negative cash flow from operating activities.」
Reconfirms that, due to the fiscal years of government agencies and other customers, spending leads through the cumulative second quarter and cash flow from operating activities is negative. Cash outflow from operating activities was ¥7,983 million in the current period. - FY2024-Q1RestatedAnnual report
「The Group, particularly in its think tank and consulting services, tends to record better performance in the first and second quarters than in other quarters because many projects for its major customers, government agencies, are ordered in the third quarter each year and have delivery deadlines in the following second quarter. Operating activities sometimes peak in the second quarter before project completion, so operating profit tends to be highest in the second quarter throughout the fiscal year.」
Reconfirms that, as a seasonal pattern after applying the revenue recognition standard, many projects are ordered in the third quarter and due for delivery in the following second quarter, with operating profit tending to be concentrated in the first and second quarters, particularly the second quarter. - FY2023RestatedAnnual report
「The Group tends to record better performance in the first and second quarters than in other quarters because many projects for its major customers, government agencies, are ordered in the third quarter each year and have delivery deadlines in the following second quarter. Operating activities sometimes peak in the second quarter before project completion, so operating profit tends to be highest in the second quarter throughout the fiscal year.」
Reconfirms that, even after applying the revenue recognition standard, projects ordered in the third quarter and due for delivery in the following second quarter result in performance being seasonally concentrated in the first and second quarters, particularly the second quarter. - FY2023-Q3RestatedAnnual report
「The Group, particularly in its think tank and consulting services, tends to record better performance in the first and second quarters than in other quarters because many projects for its major customers, government agencies, are ordered in the third quarter each year and have delivery deadlines in the following second quarter. Operating activities sometimes peak in the second quarter before project completion, so operating profit tends to be highest in the second quarter throughout the fiscal year.」
Reconfirms that, even after applying the revenue recognition standard, many projects are ordered in the third quarter and have delivery deadlines in the following second quarter, resulting in performance being seasonally concentrated in the first and second quarters, particularly the second quarter. - FY2023-Q2RestatedAnnual report
「Because the Group has many projects that are completed between March and April, expenditures tend to precede receipts through the second-quarter cumulative period, resulting in negative cash flow from operating activities.」
Continues to state that, due to project completion timing, spending leads through the cumulative second quarter and cash flow from operating activities is negative. Cash outflow from operating activities for the cumulative second quarter was ¥13,059 million. - FY2023-Q1RestatedAnnual report
「The Group, particularly in its think tank and consulting services, tends to record better performance in the first and second quarters than in other quarters because many projects for its major customers, government agencies, are ordered in the third quarter each year and have delivery deadlines in the following second quarter. Operating activities sometimes peak in the second quarter before project completion, so operating profit tends to be highest in the second quarter throughout the fiscal year.」
Continues to state that performance is seasonally concentrated in the first and second quarters, particularly the second quarter, even after applying the revenue recognition standard. - FY2022-Q2RestatedAnnual report
「The Group has applied the Accounting Standard for Revenue Recognition (Accounting Standard No. 29, 31 March 2020) and other standards from the beginning of the current consolidated fiscal year. As a result, the increase in projects for which revenue is recognized over the period of contract performance is expected to mitigate seasonal fluctuations. However, the trend of net sales and operating profit being higher in the second quarter than in other quarters is expected to continue.」
Restates the outlook for a seasonal pattern in which net sales and operating profit are relatively higher in the second quarter and operating losses may occur in the third and fourth quarters, even after applying the revenue recognition standard. - FY2022-Q1ReframedAnnual report
「The Group has applied the Accounting Standard for Revenue Recognition (Accounting Standard No. 29, 31 March 2020) and other standards from the beginning of the current consolidated fiscal year. As a result, the increase in projects for which revenue is recognized over the period of contract performance is expected to mitigate seasonal fluctuations. However, the trend of net sales and operating profit being higher in the second quarter than in other quarters is expected to continue. Due to the fiscal year of the Group's major customers, government agencies, many projects are ordered in the third quarter each year and have delivery deadlines in the following second quarter. Accordingly, performance in the first and second quarters tends to be better than in other quarters, and because operations sometimes peak in the second quarter before project completion, operating profit is expected to be highest in the second quarter throughout the fiscal year. In addition, in the third and fourth quarters, when net sales are lower, personnel expenses, selling, general and administrative expenses and other costs are incurred at nearly equal levels each quarter, so the Group expects that it may record an operating loss.」
While the application of the revenue recognition standard is expected to mitigate seasonal fluctuations, the description has changed from the previous explanation of a weak first quarter and concentration in the second and third quarters to an outlook in which the first and second quarters are relatively strong and operating losses may occur in the third and fourth quarters. - FY2021-Q2RestatedAnnual report
「Because the Group has many projects that are completed between March and April, expenditures tend to precede receipts through the second-quarter cumulative period, resulting in negative cash flow from operating activities.」
Restates the seasonal pattern in which, due to project completion timing, spending leads through the cumulative second quarter and cash flow from operating activities is negative. - FY2021-Q1RestatedAnnual report
「The Group, particularly in its think tank and consulting services, tends to record significantly lower net sales and profit in the first quarter compared with other quarterly periods because relatively few projects are completed in the first quarter due to the fiscal years of its major customers, government agencies and companies.」
Restates the seasonal pattern in which, due to the fiscal years of government agencies and companies, project completions, net sales and profit in the first quarter are significantly lower than in other quarters. - FY2020-Q2RestatedAnnual report
「Because the Group has many projects that are completed between March and April, expenditures tend to precede receipts through the second-quarter cumulative period, resulting in negative cash flow from operating activities.」
Restates the seasonal pattern in which, due to project completion timing, spending leads through the cumulative second quarter and cash flow from operating activities is negative. - FY2019RestatedAnnual report
「In the Group, because many projects for major business partners, including government agencies and companies, are completed between March and April in line with their fiscal years, business performance in the second and third quarters is better than in the other quarters. In particular, because the utilization rate is also high in the second quarter, operating profit tends to be highest in that quarter over the fiscal year. In the first and fourth quarters, when net sales are low, selling, general and administrative expenses and other costs are incurred at roughly even levels each quarter, which may result in an operating loss.」
Restates the seasonality whereby business performance is concentrated in the second and third quarters and operating losses may occur in the first and fourth quarters. - FY2019-Q3RestatedAnnual report
「During the nine-month period ended [the current third quarter], there were no newly arising business or other risks, nor any material changes to the business and other risks described in the Annual Securities Report for the prior fiscal year.」
States that there have been no new or material changes in existing business risks, including seasonal fluctuations in performance associated with the fiscal years of government agencies and companies. - FY2019-Q2RestatedAnnual report
「Because the Group has many projects that are completed between March and April, expenditures tend to precede receipts through the second-quarter cumulative period, resulting in negative cash flow from operating activities.」
Continues to state that, due to project completion timing, spending leads through the cumulative second quarter, resulting in negative cash flow from operating activities as a seasonal pattern. - FY2019-Q1RestatedAnnual report
「In the Group, particularly in its think-tank and consulting services, net sales tend to be significantly lower in the first quarter than in the other quarters because sales recognition is concentrated between March and April in line with the fiscal years of major business partners, including government agencies and companies.」
Continues to specify the seasonality whereby sales recognition and business performance in the first quarter are significantly lower than in the other quarters due to the fiscal years of government agencies and companies. - FY2018-Q3RestatedAnnual report
「During the nine-month period ended [the current third quarter], there were no newly arising business or other risks, nor any material changes to the business and other risks described in the Annual Securities Report for the prior fiscal year.」
States that there have been no new or material changes in existing business risks, including seasonal fluctuations in performance associated with the fiscal years of government agencies and companies. - FY2018-Q1RestatedAnnual report
「In the Group, particularly in its think-tank and consulting services, net sales tend to be significantly lower in the first quarter than in the other quarters because sales recognition is concentrated between March and April in line with the fiscal years of major business partners, including government agencies and companies.」
Continues to specify the seasonality whereby sales recognition and business performance in the first quarter are significantly lower than in the other quarters due to the fiscal years of government agencies and companies. - FY2017RestatedAnnual report
「In the Group, because many projects for major business partners, including government agencies and companies, are completed between March and April in line with their fiscal years, business performance in the second and third quarters is better than in the other quarters. In particular, because the utilization rate is also high in the second quarter, operating profit tends to be highest in that quarter over the fiscal year. In the first and fourth quarters, when net sales are low, selling, general and administrative expenses and other costs are incurred at roughly even levels each quarter, which may result in an operating loss.」
Restates the seasonality whereby business performance is concentrated in the second and third quarters and operating losses may occur in the first and fourth quarters. - FY2017-Q3RestatedAnnual report
「During the nine-month period ended [the current third quarter], there were no newly arising business or other risks, nor any material changes to the business and other risks described in the Annual Securities Report for the prior fiscal year.」
The comprehensive risk disclosure regarding seasonal fluctuations in business performance due to the fiscal years of government agencies and companies continues to state that there have been no material changes. - FY2017-Q2RestatedAnnual report
「Because the Group has many projects that are completed between March and April, expenditures tend to precede receipts through the second-quarter cumulative period, resulting in negative cash flow from operating activities.」
Specifically describes the seasonality whereby expenditures precede receipts through the second-quarter cumulative period due to project completion schedules, resulting in negative cash flow from operating activities. - FY2017-Q1RestatedAnnual report
「In the Group, particularly in its think-tank and consulting services, net sales tend to be significantly lower in the first quarter than in the other quarters because sales recognition is concentrated between March and April in line with the fiscal years of major business partners, including government agencies and companies.」
Continues to specify the seasonality of lower first-quarter net sales and business performance due to the fiscal years of government agencies and companies. - FY2016First statedAnnual report
「Because many projects for major business partners, including government agencies and companies, are completed between March and April in line with their fiscal years, business performance in the second and third quarters is better than in the other quarters. In particular, because the utilization rate is also high in the second quarter, operating profit tends to be highest in that quarter over the fiscal year. In the first and fourth quarters, when net sales are low, selling, general and administrative expenses and other costs are incurred at roughly even levels each quarter, which may result in an operating loss.」
Identifies as a structural quarterly performance risk the concentration of business performance in the second and third quarters due to project completion schedules and the possibility of operating losses in the first and fourth quarters.