Telusky Research Memo (6): Continuously updating the highest sales record in February 2024, the operating profit and the ordinary profit will turn into a surplus.

Fisco Japan · Jun 20 14:06

■業績動向

1. 2024年2月期の業績概要

テラスカイ＜3915＞の2024年2月期の連結業績は、売上高が前期比23.9%増の19,137百万円、営業利益が同2.1%増の522百万円、経常利益が同7.4%増の655百万円、親会社株主に帰属する当期純利益が同13.6%減の300百万円となった。売上高は連続で過去最高を更新、営業利益及び経常利益は3期ぶりの増益に転じた。親会社株主に帰属する当期純利益は前期に計上した関係会社株式売却益などがなくなったこともあり、減益となった。

売上高はSalesforceを中心としたクラウドインテグレーションの旺盛な需要に対応すべく、積極的な人材採用・育成を進めたことにより2ケタ増収が続いた。期末のグループ人員は1,248名と前期末比で256人増加し、ほぼ増収率に見合った格好となっている。期初計画では1,401名と大幅増員を計画していたがそこまでは届かず、結果、期初会社計画（売上高19,536百万円、営業利益1,101百万円）の未達要因となった。売上原価率は前期の72.4%から73.8%に上昇した。予定していた有力案件の失注により一時的にエンジニアの稼働率が低下したこと、賃金上昇に伴い労務費率が上昇したこと、不採算案件が発生したことなどが要因だ。なお、不採算案件についてはすでに納品が完了しており、2025年2月期以降の業績には影響しない。

販管費は前期比19.7%増となった。主には人件費（採用費、教育費含む）や営業経費の増加による。一時的な費用として認知度向上を目的としたテレビのCM費用を第1四半期に92百万円計上（前期実績は224百万円）したほか、Salesforce（米国）が毎年9月に開催するカンファレンス「DreamForce2023」への参加費用として70百万円を計上した。販管費率は増収効果により前期の24.3%から23.5%に低下したものの、売上原価率の上昇が響いて営業利益率は同3.3%から2.7%に低下した。

営業外収支は前期比34百万円改善した。キットアライブが2022年9月に株式上場し、持分法適用関連会社となったことにより、持分法による投資利益が同52百万円増の73百万円となったことが主因だ。一方で、前期に特別利益として計上したキットアライブの株式売却益69百万円や持分変動利益25百万円がなくなり、親会社株主に帰属する当期純利益の減益要因となった。

なお、2019年以降に新設した子会社5社（Quemix、TerraSky (Thailand)、リベルスカイ、テラスカイ・テクノロジーズ、DiceWorks）のうち、2024年2月期はQuemixとTerraSky（Thailand）の2社で経常損失（合計166百万円）を計上した。前期はリベルスカイを除く4社が営業損失を計上（合計159百万円の損失）していたが、テラスカイ・テクノロジーズとDiceWorksの2社が増収効果により若干ながら黒字化した。

（執筆：フィスコ客員アナリスト　佐藤　譲）

■Performance Trends

1. Summary of financial results for the fiscal year ending 2024/2

Terasky's consolidated financial results for the fiscal year ended 2024/2 were sales of 19,137 million yen, up 23.9% from the previous fiscal year, operating profit up 2.1% to 522 million yen, ordinary profit up 7.4% to 655 million yen, and net income attributable to parent company shareholders down 13.6% to 300 million yen. Sales hit record highs in a row, and operating income and ordinary income turned up for the first time in three fiscal years. Net income attributable to parent company shareholders declined due to loss of profits from sales of affiliated company shares recorded in the previous fiscal year.

Sales continued to increase by 2 digits due to aggressive recruitment and development of human resources in order to respond to strong demand for cloud integration centered on Salesforce. The number of group personnel at the end of the fiscal year was 1,248, an increase of 256 compared to the end of the previous fiscal year, and it looks almost commensurate with the rate of increase in sales. In the initial plan, a drastic increase of 1,401 employees was planned, but this did not reach that point, and as a result, the initial company plan (sales of 19,536 million yen, operating profit of 1,101 million yen) was not achieved. The cost of sales ratio increased from 72.4% in the previous fiscal year to 73.8%. Factors include the fact that the engineer occupancy rate temporarily declined due to loss of orders for planned leading projects, the labor cost rate rose along with wage increases, and unprofitable projects occurred. Note that delivery of unprofitable projects has already been completed, and there will be no impact on business results for the fiscal year ending 2025/2 onwards.

SG&A expenses increased 19.7% from the previous fiscal year. Mainly due to an increase in labor costs (including recruitment costs and education costs) and operating expenses. TV commercial expenses aimed at raising awareness were recorded at 92 million yen in the first quarter (previous fiscal year results are 224 million yen) as temporary expenses, and 70 million yen was recorded as participation costs for the conference “DreamForce 2023” held by Salesforce (US) in September every year. Although the SG&A fee ratio declined from 24.3% in the previous fiscal year to 23.5% due to an increase in sales, the operating profit margin fell from 3.3% to 2.7% from the same period due to an increase in the cost of sales ratio.

Non-operating balance improved by 34 million yen compared to the previous fiscal year. The main reason is that Kit Alive was listed on stock in 2022/9, and since it became an equity method related company, investment profit from the equity method increased by 52 million yen to 73 million yen. Meanwhile, Kit Alive's stock sale profit of 69 million yen and equity fluctuation profit of 25 million yen, which were recorded as special income in the previous fiscal year, disappeared, and it became a factor in net income attributable to parent company shareholders.

Furthermore, out of the 5 subsidiaries (Quemix, TerraSky (Thailand), RevelSky, TerraSky Technologies, and DiceWorks) newly established after 2019, two companies, Quemix and TerraSky (Thailand), recorded ordinary losses (total 166 million yen) in the 2024/2 fiscal year. In the previous fiscal year, 4 companies excluding Revelsky recorded operating losses (total loss of 159 million yen), but 2 companies, Terasky Technologies and DiceWorks, became slightly profitable due to sales growth effects.

(Author: FISCO Visiting Analyst Joe Sato)

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テラスカイ Research Memo（6）：2024年2月期は過去最高売上を連続更新、営業利益、経常利益は増益に転じる

Telusky Research Memo (6): Continuously updating the highest sales record in February 2024, the operating profit and the ordinary profit will turn into a surplus.

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