INVESTOR PRESENTATION
Financial Results for the First Quarter of the Fiscal Year 2024
Gurunavi, Inc.（Stock Code : 2440）
Summary
- Steady start to sales centered on the restaurant support business
- Each profits exceeded initial expectations due to thorough cost control and other factors
-
Revised business forecast upward based on Q1
results (see p.10 for details)
2
Consolidated income statement
（JPY million） | Q1 FY2023 | Ratio to | Q1 FY2024 | Ratio to | YoY |
(Apr.-June) | sales | (Apr.-June) | sales | ||
Net sales | 2,586 | 100.0% | 2,879 | 100.0% | 11.3% |
Cost of sales | 851 | 32.9% | 896 | 31.1% | 5.4% |
Gross profit | 1,735 | 67.1% | 1,983 | 68.9% | 14.3% |
SG&A expenses | 1,802 | 69.7% | 1,838 | 63.8% | 2.0% |
Operating income (loss) | (67) | - | 144 | 5.0% | - |
Ordinary income (loss) | (68) | - | 130 | 4.5% | - |
Net income (loss) before income taxes | (279) | - | 129 | 4.5% | - |
Net income (loss) attributable to owners | (285) | - | 115 | 4.0% | - |
of parent | |||||
3
Consolidated sales breakdown
（JPY million） | Q1 FY2023 | Q1 FY2024 | YoY |
(Apr.-June) | (Apr.-June) | ||
Net sales | 2,586 | 2,879 | 11.3% |
Restaurant promotion services | 2,226 | 2,515 | 13.0% |
Cumulative retained services | 2,000 | 2,198 | 9.9% |
Spot services | 225 | 317 | 41.1% |
Promotions | 200 | 136 | (32.0)% |
Related businesses | 160 | 227 | 41.8% |
Cumulative retained services
- Continued steady increase trend due to steady acquisition of orders and controlling contract reductions/cancellations
Spot services
-
Both use of promotional products under spot contracts and online reservation commission fees increased year-on-year
(the impact of the decrease due to the termination of some services implemented in FY2022 has run its course)
Promotions
- Steady progress against this fiscal year plan
Related businesses
- Increased spot sales related to new openings and sales of our directly managed restaurants in restaurant development business
-
Recorded sales of kitchen appliance store "Tenpos Gurunavi" (Grand opening on
April 5, 2024)
(JPY million)
5,000 | |
4,500 | Recorded revenue from contracted management of GI Fund projects |
4,000 | 1,060 | Related businesses | |||||
3,500 | |||||||
3,000 | 217 | 361 | 537 | 227 | Promotions | ||
2,500 | 160 | 500 | 373 | 136 | |||
304 | |||||||
200 | 284 | 339 | 317 | ||||
2,000 | 225 | Spot services | |||||
1,500 |
1,000
500
0
2,000 | 2,063 | 2,158 | 2,194 | 2,198 | Cumulative retained | ||
services | |||||||
Q1 | Q2 | Q3 | Q4 | Q1 | |||
FY2023 | FY2024 | ||||||
4
Restaurant promotion services (1)
～ Number of member restaurants with monthly-type fee contract・ARPU ～
Launched improving and strengthening sales methods
to increase the number of member restaurants
Member restaurants with monthly-type fee contract | ARPU |
40,000 | |
35,000 | 20,000 |
30,000 | |
15,000 | |
25,000 | |
20,000 | |
10,000 | |
15,000 | |
10,000 | |
5,000 | |
5,000 | |
0 | 0 |
Apr. May June July Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June | |
FY2023 | FY2024 |
Increase in ARPU drove sales of cumulative retained
services growth
Recognition that increasing the number of member
restaurants is an issue
Improving sales methods
Improving accuracy of | Strengthening | |||||
Demand centers | Inside Sales | |||||
Lead generation capability | Proposal and order acquisition | |||||
capabilities | ||||||
No. of leads and new contracts acquired exceeded expectations
Synergy | ||||||||
Key measures for FY2024 | ||||||||
Improving | Expansion of value offered | |||||||
sales environment | for restaurants | |||||||
Strengthening | Full-fledged | |||||||
Rakuten Gurunavi website | Marketing agent | |||||||
Strengthen customer referral | Sales promotion support not | |||||||
capabilities by promoting repeat | ||||||||
limited to Rakuten Gurunavi | ||||||||
reservations and stimulating large | ||||||||
website usage proposals | ||||||||
group reservations | ||||||||
5
Restaurant promotion services (2)
～ Online reservations ～
- Quarterly change in number of online reservations per restaurant （FY2019 Q1＝100）
- Reservations by Rakuten ID-connected members in total online reservations
700,000 | ||||||
FY2019(Pre-pandemic) | (Overall) | |||||
FY2020 | *1 | 600,000 | +7％ | |||
FY2021 | ||||||
FY2022 | ||||||
FY2023 | 500,000 | |||||
200 | Repeat | +15％ | ||||
FY2024 | Reservations | |||||
reservations | ||||||
by Rakuten | +10％ | |||||
(*2) | ||||||
150 | ID-connected | |||||
members | ||||||
First time | ||||||
300,000 | ||||||
100 | reservations | |||||
200,000 | ||||||
50 | 100,000 | Other | +4％ | |||
reservations | ||||||
0 | 0 | |||||
Q1 | Q2 | Q3 | Q4 | Sep. 2023 | June 2024 | |
(Post-website name change) | ||||||
(Pre-website name change) |
Steady improvement in customer referral capabilities | Aiming for further repeat usage through |
to each member restaurants | "Strengthening Rakuten Gurunavi website" |
*1 Effects of the Go To Eat campaign, etc. *2 Reservations made by Rakuten-ID connected members from among second or subsequent reservations made with a Gurunavi-ID
6
Mobile ordering service " Gurunavi FineOrder "
- Quarterly change in number of contracted companies
Over 100
companies
- Operation status of "Gurunavi FineOrder"
Restaurants preparing to use the system | |||
3,500 | Restaurants operating the system | ||
Operating ratio (right scale) | |||
80%
3,000
70%
2,500
2,000
1,500
Index 1,000based on the number of
Active rate*
60%
50%
40%
30%
restaurants receiving orders in Q1 of FY2022 as 100
500
97%
20%
(In June 2024)
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | |
FY2022 | FY2023 | FY2024 |
0
Q1 Q2 Q3 Q4
FY2022
10%
0%
Q1 | Q2 | Q3 | Q4 | Q1 |
FY2023 | FY2024 |
- Percentage of stores where orders were generated by Gurunavi FineOrder (among those restaurants operating the system)
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Consolidated cost breakdown
（JPY million） | Q1 FY2023 | Q1 FY2024 | YoY |
(Apr.-June) | (Apr.-June) | ||
Total cost | 2,654 | 2,735 | 3.1% |
Cost of sales | 851 | 896 | 5.4% |
SG&A | 1,802 | 1,838 | 2.0% |
Personnel expenses | 1,249 | 1,161 | (7.0)% |
Rent expenses | 222 | 228 | 2.6% |
Business consignment expenses | 154 | 180 | 16.9% |
Advertising and promotion expenses | 63 | 91 | 44.6% |
Other | 113 | 176 | 55.3% |
Cost of Sales
-
Increased due to increased net sales
SG&A - Personnel expenses
- Decrease due reduction in no. of employees as a result of improvement of operational efficiency, optimization of personnel allocation, etc.
- Business consignment expenses
- Implemented measures to strengthen restaurant support business while paying
close attention to effectiveness and efficiency
- Advertising and promotion expenses
-
Point costs increased due to the launch of measures for "Strengthening
Rakuten Gurunavi website"
-
Point costs increased due to the launch of measures for "Strengthening
- Other expenses
- Allowance for doubtful accounts increased due to the elimination of the impact
of reversal in the previous fiscal year | |||||||||
(JPY million) | |||||||||
5,000 | ・Recorded expenses related to GI Fund projects | Cost of sales | |||||||
・Increase in expenses with increase in sales of Promotions | |||||||||
4,500 | |||||||||
4,000 | Advertising and | ||||||||
3,500 | 1,856 | promotion expenses | |||||||
3,000 | 1,178 | Other expenses | |||||||
2,500 | 851 | 1,195 | 281 | 896 | Business consignment | ||||
2,000 | 119 | 133 | 427 | ||||||
63 | 91 | ||||||||
257 | expenses | ||||||||
1,500 | 113 | 218 | 251 | 176 | |||||
154 | 173 | 190 | 245 | 180 | Rent expenses | ||||
1,000 | 222 | 211 | 215 | 1,388 | 228 | ||||
1,168 | |||||||||
500 | 1,249 | 1,153 | 1,161 | ||||||
Impact of increase in bonus | Personnel expenses | ||||||||
0 | |||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | |||||
FY2023 | FY2024 |
8
Consolidated balance sheets
（JPY million） | As of Mar. 31, | As of June 30, | Change | （JPY million） |
2024 | 2024 | |||
Total current assets | 9,591 | 8,634 | (956) | Total current liabilities |
Cash and deposits | 5,368 | 5,578 | 210 | Accounts payable- other |
Notes and accounts receivable-trade | 2,968 | 1,668 | (1,299) | Deposits received |
Accounts receivable- other | 890 | 876 | (13) | Income taxes payable |
Prepaid expenses | 359 | 430 | 70 | Provision for bonuses |
Allowance for doubtful accounts | (76) | (55) | 20 | Provision for point card certificates |
Other | 81 | 136 | 54 | Other |
Total non-current assets | 1,819 | 2,180 | 360 | Total non-current liabilities |
Property, plant and equipment | 154 | 372 | 217 | Long-term borrowings |
Intangible assets | 531 | 724 | 193 | Other |
Investments and other assets | 1,133 | 1,083 | (49) | Total liabilities |
Total net assets | ||||
Equity | ||||
Total assets | 11,411 | 10,815 | (595) | Total liabilities and net assets |
As of Mar. 31, | As of June 30, | Change |
2024 | 2024 | |
2,768 | 2,091 | (677) |
1,841 | 1,198 | (643) |
103 | 188 | 84 |
2 | 3 | 1 |
390 | 126 | (263) |
27 | 22 | (4) |
402 | 552 | 149 |
2,505 | 2,492 | (13) |
2,200 | 2,200 | - |
305 | 292 | (13) |
5,273 | 4,583 | (690) |
6,137 | 6,231 | 94 |
6,118 | 6,213 | 94 |
11,411 | 10,815 | (595) |
Total amount of commitment line contract as of June 30, 2024 | JPY 5 billion | |
(Outstanding borrowing balance | ー | ) |
9
FY2024 Business forecast
Revised first half and full-year business forecast upward
based on Q1 results
(JPY million) | Previous forecast | ||
1st half | 2nd half | Full-year | |
Net sales | 6,000 | 8,250 | 14,250 |
Operating income (loss) | (330) | 480 | 150 |
Ordinary income (loss) | (340) | 470 | 130 |
Net income (loss) attributable to owners of | (350) | 460 | 110 |
parent | |||
Revised forecast | |||||||
1st half | Change | 2nd half | Change | Full-year | Change | ||
6,000 | － | 8,250 | － | 14,250 | － | ||
10 | +340 | 210 | (270) | 220 | +70 | ||
(30) | +310 | 190 | (280) | 160 | +30 | ||
(50) | +300 | 180 | (280) | 130 | +20 | ||
Background to 1H prospect
- Some sales in the restaurant development business expected in the second quarter will be pushed back to the second half of the year
Background to 2H prospect
- Secured additional budget to allow for flexible spending to strengthen the Rakuten Gurunavi website, including for a new online reservation project
- Expect to incur expenses postponed from the first half of the year
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