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Kadokawa FY3/2024 Q3 Earnings Release - Game Segment Cml Net Sales ¥19,078M (-18.53% YoY), Cml Op. Profit ¥5,994M (-33.92% YoY). ACQUIRE acquired


(They publish Dark Souls)
Link to slides: https://ssl4.eir-parts.net/doc/9468/ir_material_for_fiscal_ym13/149823/00.pdf

Link to Q1 FY3/2024 thread: https://www.installbaseforum.com/forums/threads/kadokawa-fy3-2024-q1-earnings-release-game-segment-net-sales-¥4-308m-65-76-yoy-operating-profit-¥1-156m-82-4-yoy-elden-ring-d.1845/

Link to Q2 FY3/2024 thread: https://www.installbaseforum.com/forums/threads/kadokawa-fy3-2024-q2-earnings-release-game-segment-cml-net-sales-¥13-670m-20-23-yoy-cml-operating-profit-¥4-028m-46-94-yoy-armored-core-vi.2085/

This is the 3rd quarter earnings results for the fiscal year ending March 2024.

Gaming Segment

Cumulative Net Sales ¥19,078M (-18.53% YoY)

Cumulative Operating Profit ¥5,994M (-33.92% YoY)

Q3 Net Sales ¥5,407M (-13.89% YoY)

Q3 Operating Income ¥1,996M (+35.05% YoY)

News: Kadokawa has acquired ACQUIRE Corp. (as a wholly owned subsidiary) from GungHo Online Entertainment Inc. ACQUIRE Corp. was a subsidiary of GungHo from 2011 until recently.

Quoting from the slides:
• Both on a YTD basis and in 3Q, sales declined from the previous year when ELDEN RING from FromSoftware contributed significantly, but even recently repeat sales of the title have remained steady, and the new title ARMORED CORE VI FIRES OF RUBICON has contributed beyond expectations
- In 3Q, royalties were recorded based on actual international shipments in 2Q and estimated shipments in 3Q
• Due to the contribution of the new title Master Detective Archives: RAIN CODE and other titles, sales of Spike Chunsoft increased.
• Sales from mobile games planed in-house increased, in part benefiting from the effects of linking The Eminence in Shadow with the second season of its animated series in 3Q

• Profit declined due to lower sales. In 3Q, despite lower sales, profit increased in part due to reduced costs at Spike Chunsoft.

Future Outlook
• FromSoftware will further step up efforts to improve profitability in the medium to long term
- Various measures are currently in progress for ELDEN RING, including the development of major DLC, to maximize LTV.
- We are also making progress considering schemes to expand the scope of our own publishing
• Spike Chunsoft plans to release the new title Shiren the Wanderer 6 in 4Q
• We aim to further develop a media mix through the mobile game business to maximize the value of our popular IPs, including Re:ZERO.
• We have multiple game titles in the development pipeline, both for consoles and mobile platforms. To further strengthen the ability to create IP in games, we have made ACQUIRE Corp. into a wholly owned subsidiary

✓ To strengthen the ability to create IP in games as part of our game business strategy, we have made ACQUIRE Corp. into a wholly owned subsidiary
✓ By acquiring the company, which has produced million-seller hit titles, we expect to generate synergies with our existing game-related subsidiaries, strengthen our planning and development capabilities Groupwide, and enhance our lineup of console games

• Seek lineup expansion, including redevelopment of past works
• Promote collaboration with FromSoftware and Spike Chunsoft, with whom ACQUIRE had a cooperative relationship

Outline of ACQUIRE Corp.
⚫ Founded in 1994. The company develops and markets original game titles for home consoles and also engages in contracted development.
⚫ Its games are focused on the RPG and action genres, and has the planning and development capabilities to produce million-selling titles, as evidenced by Octopath Traveler (cumulative series sales of over 4 million units) and Tenchu.



Random screenshots:


From the Q&A:
Q10: What is the development status of DLC for ELDEN RING and when will it be released?
A: We are currently working hard on the development of DLC for ELDEN RING but we have not announced a release date at this time.

Q11: What net sales were recorded during the April to December period of the fiscal year ending March 31, 2024 for ARMORED CORE VI?
A: We do not disclose sales results and forecasts for individual titles.
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Yeah as the slide shows, From published the Acquire-developed Tenchu 4/Tenchu: Shadow Assassins for Wii.

With any luck maybe they can now remaster it for Switch. Maybe that's in the cards hence the random acquisition with more entries finally to come after. Tenchu 5 on Switch 2 maybe?
Well, they certainly seem happy enough with Rain Code. Hopefully that and inevitable ports will be enough to secure the (already heavily hinted at) sequel.
Well, they certainly seem happy enough with Rain Code. Hopefully that and inevitable ports will be enough to secure the (already heavily hinted at) sequel.

that and the undoubtely succesfull Shiren 6 launch are strenghtening Spike-Chunsoft position within the company, I'd say
Acquire having access to Tenchu again is a wonderful twist of fate.

They still feel like a weird pickup though as outside Octopath, they're not exactly driving any hits. And they sorta cover the same space as Dragami Games, who Kadokawa recently purged/spun off.
Gonna need special dispensation from admins to extend the character limit for both the Kadokawa Corporation Output Strategy thread & increase the 100,000 character limit to 1 million troops.
Acquire having access to Tenchu again is a wonderful twist of fate.

They still feel like a weird pickup though as outside Octopath, they're not exactly driving any hits. And they sorta cover the same space as Dragami Games, who Kadokawa recently purged/spun off.
You're not a Hater are you?
Well, you'd better not be. I don't want no Haters in my Kadokawa Corporation.
No Chromehounds Doubters Either.
Talk about burying the lead. Hiding in plain sight too if the group companies page for GungHo Online Entertainment was updated as of December 2023 pre official announcement. But we'll never know for sure as the Mystery Dungeon that is searching WaybackMachine reveals the last page archived is from November 29 which has Acquire included as of June, 2023. Patches the New, True Chairman ain't playing no motherfuckin' long game, striking while the iron is HOT, HOT, HOT! Biggest news of not only this centre but Another Century for sure. Chromehounds X2: Rise of the Space Pirates. Samurai Western Returns. Shinibido 3: Revenge of the NinjaMen. Tenchu Z2 Online. Way of the Samurai 5 Plus are going to finally happen.

Amadama Souls
Ancient Weapon ARMORED CORE
Akiba's ARMORED Trip to the CORE
Class of Déraciné
Conception: Please Give Birth to My Great One
Echo Night: Scars of Mars
Fire Pro Wrestling Gladiator VS World
Katana Kami Mix - The Adventures of Cookies & Cream
King's Field: What Did I Do to Deserve This, My Lord Souls
Kuon Rain
Misty Kingdoms, Lost C.A.R.D.S RPG
Orgarhythm: Study the Beat of the Ninja Blade
OTOGI Demon Arts
Patches Way of the Thief

Bloodborne Rain
Scirvir the Wanderer
Shadow Tower: Labyrinth of Zangetsu
Super Smash Shinibido x Samurai Bros. Way of the Ninja vs Way of the Samurai
And thats just in the first quarter! Oh and uh yeah, Kadokawa Corporation made cash money but doesn't reveal numbers despite owning Famitsu. You Big 10 now KADO CO - give us the sales data, all of it, all over, all the time *Hedonism Bot.gif*. GungHo Online Entertainment did right by Acquire in never forcing the studio down Dante's F2P Inferno but never gave it the AAA funding it deserves. Will be able to check its CY2023 report to see if we can find the amount involved, etting them free by which I mean to become part of a larger whole opens up real opportunities after its current deluge of titles. Next Week in GUNGHO PRESS Games Magazine Vol. 39 we might get an insight as to how much borrowed loot Patches used to bag & tag 'em.

IR Calendar

  • 2024.2.14
    Financial Results Briefing Session for Analysts for Fiscal Year Ended December 31, 2023
  • 2024.2.14
    Announcement of Financial Results for Fiscal Year Ended December 31, 2023
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Ladies & Gentleman, I present to you the latest information in the Acquisition of Another Century, based on some Mad Detective work from yours truly, I was able to uncover the following:

Consolidated Financial Results for FY 2023 Supplementary Material Query
I have been reading the latest financial reports from GungHo Online Entertainment to find out more about the sale of Acquire to Kadokawa Corporation & its impact on the company results. Can you advise if the sale took place in the final quarter of FY2023 & is recorded in the reduction in consolidated employees & the extodinary profit booked in the Consolidated Financial Results for FY 2023 Supplementary Material quoted below?

【Operating profit】
[Salary and allowances]
As of the end of the 4th quarter, the number of GungHo non-consolidated employees was 439 (an increase of
27 from the previous year, and an increase of 17 from the previous quarter), and the number of consolidated employees was 1,387 (a decrease of 64 from the previous year, and a decrease of 100 from the previous quarter). Due to the bonus payments in the 4th quarter, salary allowances increased by 376 million yen from the previous quarter, amounting to 1,767 million yen. (page 2)

Consolidated Profit and Loss Sheet (page 6)
Extraordinary profit
Gain on sale of shares of subsidiaries and affiliates - 682 million yen (page 6)
【ガンホー】お問い合わせありがとうございます 管理番号:
'First of all as you mentioned, the sale of Acquire took place in 4Q FY2023, and employees in Acquire are included in the reduction of consolidated employees of us.
In addition regarding 682 million yen of the extraordinary profit, the profit which arose from the sale of Acquire is included in it.'
Patches the New, True Chairman would like you all to know that Acquire was bought, fair & square with the proceeds from nothing but the most legitimate of businesses. I swear on your Mother's Life! Acquire company outline has an (undated) staff count of 148 so we cannot take a reduction of 100 at face value. However it should be noted that while the recruit page lists 139 as of June 1, 2020, the 2025 job listing page has Acquire with a cool 150 staff as of January 2023 so it had been going up. Which is what you need to build a team for AAA WOTS5+!!!!!

While the overall amount could include other sales, the 'Extraordinary profit, Gain on sale of shares of subsidiaries and affiliates' category has been empty since the sale of Grasshopper Manufacture to Netease Games in 2Q 2021 when a cool 3.191 billion yen passed Killer 7 hands. Now maybe they had to pay a SUDA 51 premium for the GHM IP. But one thing is clear, Netease Games sure has a thing or two to learn from Good Ol' Patches' Kadokawa Corporation when it comes to negotiating an Honest to Ancient Gods, Hookah Hazey deal. Tee Hee Hee.
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