System Research Co Ltd
TSE:3771
Income Statement
Earnings Waterfall
System Research Co Ltd
Revenue
|
22.8B
JPY
|
Cost of Revenue
|
-17.6B
JPY
|
Gross Profit
|
5.3B
JPY
|
Operating Expenses
|
-2.6B
JPY
|
Operating Income
|
2.7B
JPY
|
Other Expenses
|
-586.6m
JPY
|
Net Income
|
2.1B
JPY
|
Income Statement
System Research Co Ltd
Dec-2013 | Mar-2014 | Jun-2014 | Sep-2014 | Dec-2014 | Mar-2015 | Jun-2015 | Sep-2015 | Dec-2015 | Mar-2016 | Jun-2016 | Sep-2016 | Dec-2016 | Mar-2017 | Jun-2017 | Sep-2017 | Dec-2017 | Mar-2018 | Jun-2018 | Sep-2018 | Dec-2018 | Mar-2019 | Jun-2019 | Sep-2019 | Dec-2019 | Mar-2020 | Jun-2020 | Sep-2020 | Dec-2020 | Mar-2021 | Jun-2021 | Sep-2021 | Dec-2021 | Mar-2022 | Jun-2022 | Sep-2022 | Dec-2022 | Mar-2023 | Jun-2023 | Sep-2023 | Dec-2023 | ||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenue | ||||||||||||||||||||||||||||||||||||||||||
Revenue |
8 548
N/A
|
9 103
+6%
|
9 312
+2%
|
9 568
+3%
|
9 835
+3%
|
10 020
+2%
|
10 131
+1%
|
10 316
+2%
|
10 504
+2%
|
10 466
0%
|
10 721
+2%
|
10 921
+2%
|
11 234
+3%
|
11 539
+3%
|
11 815
+2%
|
11 923
+1%
|
12 210
+2%
|
12 716
+4%
|
13 082
+3%
|
13 518
+3%
|
13 870
+3%
|
14 152
+2%
|
14 515
+3%
|
15 127
+4%
|
15 817
+5%
|
16 251
+3%
|
16 618
+2%
|
16 407
-1%
|
16 186
-1%
|
16 158
0%
|
16 401
+2%
|
16 889
+3%
|
17 629
+4%
|
18 405
+4%
|
19 420
+6%
|
20 383
+5%
|
21 159
+4%
|
21 556
+2%
|
21 984
+2%
|
22 374
+2%
|
22 842
+2%
|
|
Gross Profit | ||||||||||||||||||||||||||||||||||||||||||
Cost of Revenue |
(6 870)
|
(7 215)
|
(7 391)
|
(7 547)
|
(7 765)
|
(8 033)
|
(8 153)
|
(8 264)
|
(8 336)
|
(8 185)
|
(8 325)
|
(8 474)
|
(8 787)
|
(9 143)
|
(9 452)
|
(9 557)
|
(9 775)
|
(10 166)
|
(10 453)
|
(10 792)
|
(10 986)
|
(11 073)
|
(11 285)
|
(11 669)
|
(12 214)
|
(12 577)
|
(12 935)
|
(12 894)
|
(12 722)
|
(12 691)
|
(12 886)
|
(13 205)
|
(13 766)
|
(14 287)
|
(15 045)
|
(15 785)
|
(16 370)
|
(16 740)
|
(17 024)
|
(17 250)
|
(17 580)
|
|
Gross Profit |
1 678
N/A
|
1 889
+13%
|
1 921
+2%
|
2 022
+5%
|
2 070
+2%
|
1 986
-4%
|
1 978
0%
|
2 052
+4%
|
2 167
+6%
|
2 281
+5%
|
2 397
+5%
|
2 447
+2%
|
2 446
0%
|
2 397
-2%
|
2 363
-1%
|
2 367
+0%
|
2 435
+3%
|
2 550
+5%
|
2 630
+3%
|
2 726
+4%
|
2 883
+6%
|
3 079
+7%
|
3 230
+5%
|
3 458
+7%
|
3 603
+4%
|
3 674
+2%
|
3 683
+0%
|
3 514
-5%
|
3 464
-1%
|
3 467
+0%
|
3 515
+1%
|
3 684
+5%
|
3 863
+5%
|
4 118
+7%
|
4 375
+6%
|
4 598
+5%
|
4 788
+4%
|
4 816
+1%
|
4 960
+3%
|
5 125
+3%
|
5 263
+3%
|
|
Operating Income | ||||||||||||||||||||||||||||||||||||||||||
Operating Expenses |
(1 289)
|
(1 318)
|
(1 333)
|
(1 355)
|
(1 360)
|
(1 336)
|
(1 356)
|
(1 365)
|
(1 380)
|
(1 417)
|
(1 422)
|
(1 434)
|
(1 458)
|
(1 458)
|
(1 487)
|
(1 499)
|
(1 522)
|
(1 566)
|
(1 608)
|
(1 659)
|
(1 705)
|
(1 788)
|
(1 834)
|
(1 885)
|
(1 934)
|
(1 951)
|
(1 967)
|
(1 960)
|
(1 938)
|
(1 900)
|
(1 915)
|
(1 910)
|
(1 935)
|
(2 040)
|
(2 116)
|
(2 191)
|
(2 269)
|
(2 314)
|
(2 416)
|
(2 505)
|
(2 563)
|
|
Selling, General & Administrative |
(1 289)
|
(1 315)
|
(1 333)
|
(1 355)
|
(1 360)
|
(1 334)
|
(1 356)
|
(1 365)
|
(1 379)
|
(1 417)
|
(1 422)
|
(1 434)
|
(1 458)
|
(1 458)
|
(1 487)
|
(1 499)
|
(1 522)
|
(1 566)
|
(1 608)
|
(1 659)
|
(1 705)
|
(1 788)
|
(1 834)
|
(1 885)
|
(1 934)
|
(1 932)
|
(1 967)
|
(1 960)
|
(1 938)
|
(1 899)
|
(1 915)
|
(1 910)
|
(1 935)
|
(2 032)
|
(2 116)
|
(2 191)
|
(2 269)
|
(2 310)
|
(2 416)
|
(2 505)
|
(2 563)
|
|
Research & Development |
0
|
(3)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(18)
|
0
|
0
|
0
|
(1)
|
0
|
0
|
0
|
(8)
|
0
|
0
|
0
|
(4)
|
0
|
0
|
0
|
|
Other Operating Expenses |
0
|
0
|
0
|
0
|
0
|
(3)
|
0
|
0
|
0
|
(0)
|
0
|
0
|
0
|
(0)
|
0
|
0
|
0
|
(0)
|
0
|
0
|
0
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
0
|
0
|
(0)
|
(0)
|
0
|
(0)
|
0
|
(0)
|
0
|
0
|
(0)
|
0
|
0
|
0
|
0
|
|
Operating Income |
389
N/A
|
571
+47%
|
588
+3%
|
666
+13%
|
710
+7%
|
650
-8%
|
622
-4%
|
688
+11%
|
788
+15%
|
864
+10%
|
975
+13%
|
1 013
+4%
|
988
-2%
|
939
-5%
|
876
-7%
|
868
-1%
|
914
+5%
|
984
+8%
|
1 022
+4%
|
1 067
+4%
|
1 179
+10%
|
1 292
+10%
|
1 396
+8%
|
1 573
+13%
|
1 669
+6%
|
1 723
+3%
|
1 716
0%
|
1 554
-9%
|
1 525
-2%
|
1 567
+3%
|
1 599
+2%
|
1 774
+11%
|
1 928
+9%
|
2 078
+8%
|
2 259
+9%
|
2 406
+7%
|
2 519
+5%
|
2 502
-1%
|
2 544
+2%
|
2 620
+3%
|
2 699
+3%
|
|
Pre-Tax Income | ||||||||||||||||||||||||||||||||||||||||||
Interest Income Expense |
(12)
|
(12)
|
(12)
|
(11)
|
(14)
|
(12)
|
(13)
|
(12)
|
(12)
|
(11)
|
(11)
|
(11)
|
(8)
|
(7)
|
(7)
|
(7)
|
(7)
|
(7)
|
(7)
|
(7)
|
(7)
|
(6)
|
(6)
|
(6)
|
(6)
|
(6)
|
(6)
|
(6)
|
(8)
|
(8)
|
(8)
|
(8)
|
(8)
|
(7)
|
(6)
|
(6)
|
(6)
|
(2)
|
(7)
|
(7)
|
(7)
|
|
Non-Reccuring Items |
(0)
|
(2)
|
(2)
|
(11)
|
(12)
|
(29)
|
(29)
|
(20)
|
(19)
|
(6)
|
(14)
|
(14)
|
(14)
|
(9)
|
(3)
|
(3)
|
(3)
|
(2)
|
0
|
0
|
(0)
|
(47)
|
(47)
|
(47)
|
(47)
|
(6)
|
(6)
|
(6)
|
(6)
|
0
|
0
|
0
|
0
|
0
|
(364)
|
(364)
|
(364)
|
(365)
|
(1)
|
(1)
|
(1)
|
|
Gain/Loss on Disposition of Assets |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Total Other Income |
12
|
17
|
19
|
19
|
21
|
22
|
24
|
38
|
33
|
(5)
|
(7)
|
(24)
|
(39)
|
(6)
|
(6)
|
(7)
|
8
|
12
|
12
|
14
|
15
|
16
|
16
|
18
|
25
|
20
|
20
|
20
|
31
|
31
|
39
|
37
|
21
|
43
|
36
|
36
|
41
|
19
|
34
|
44
|
40
|
|
Pre-Tax Income |
389
N/A
|
574
+47%
|
593
+3%
|
664
+12%
|
705
+6%
|
632
-10%
|
605
-4%
|
694
+15%
|
791
+14%
|
842
+6%
|
943
+12%
|
964
+2%
|
928
-4%
|
916
-1%
|
860
-6%
|
852
-1%
|
912
+7%
|
987
+8%
|
1 027
+4%
|
1 075
+5%
|
1 187
+10%
|
1 254
+6%
|
1 359
+8%
|
1 539
+13%
|
1 641
+7%
|
1 732
+6%
|
1 725
0%
|
1 562
-9%
|
1 542
-1%
|
1 590
+3%
|
1 630
+3%
|
1 803
+11%
|
1 941
+8%
|
2 114
+9%
|
1 925
-9%
|
2 072
+8%
|
2 191
+6%
|
2 153
-2%
|
2 569
+19%
|
2 655
+3%
|
2 730
+3%
|
|
Net Income | ||||||||||||||||||||||||||||||||||||||||||
Tax Provision |
(130)
|
(202)
|
(201)
|
(251)
|
(258)
|
(222)
|
(212)
|
(219)
|
(246)
|
(279)
|
(309)
|
(310)
|
(294)
|
(275)
|
(259)
|
(256)
|
(273)
|
(320)
|
(334)
|
(355)
|
(396)
|
(333)
|
(365)
|
(420)
|
(451)
|
(493)
|
(491)
|
(440)
|
(433)
|
(498)
|
(511)
|
(564)
|
(607)
|
(619)
|
(564)
|
(611)
|
(649)
|
(549)
|
(639)
|
(629)
|
(615)
|
|
Income from Continuing Operations |
259
|
373
|
392
|
413
|
447
|
410
|
393
|
475
|
545
|
562
|
634
|
655
|
633
|
641
|
601
|
596
|
639
|
667
|
693
|
720
|
791
|
922
|
994
|
1 118
|
1 189
|
1 239
|
1 234
|
1 122
|
1 109
|
1 091
|
1 119
|
1 239
|
1 334
|
1 494
|
1 362
|
1 461
|
1 542
|
1 604
|
1 930
|
2 025
|
2 116
|
|
Income to Minority Interest |
2
|
2
|
1
|
2
|
1
|
(1)
|
(2)
|
(1)
|
(1)
|
0
|
1
|
1
|
1
|
0
|
(0)
|
(1)
|
(0)
|
(0)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(2)
|
(2)
|
(1)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(3)
|
(3)
|
(3)
|
(3)
|
(3)
|
|
Net Income (Common) |
262
N/A
|
374
+43%
|
393
+5%
|
415
+6%
|
448
+8%
|
409
-9%
|
391
-4%
|
473
+21%
|
544
+15%
|
563
+3%
|
635
+13%
|
656
+3%
|
634
-3%
|
641
+1%
|
601
-6%
|
595
-1%
|
639
+7%
|
666
+4%
|
692
+4%
|
719
+4%
|
790
+10%
|
920
+17%
|
993
+8%
|
1 117
+13%
|
1 187
+6%
|
1 238
+4%
|
1 233
0%
|
1 121
-9%
|
1 108
-1%
|
1 089
-2%
|
1 117
+3%
|
1 236
+11%
|
1 332
+8%
|
1 492
+12%
|
1 359
-9%
|
1 459
+7%
|
1 539
+5%
|
1 602
+4%
|
1 927
+20%
|
2 022
+5%
|
2 113
+4%
|
|
EPS (Diluted) |
31.13
N/A
|
46.75
+50%
|
46.73
0%
|
49.39
+6%
|
53.28
+8%
|
48.94
-8%
|
46.59
-5%
|
56.3
+21%
|
64.75
+15%
|
67.31
+4%
|
75.63
+12%
|
78.04
+3%
|
75.5
-3%
|
76.69
+2%
|
71.58
-7%
|
70.88
-1%
|
76.08
+7%
|
79.74
+5%
|
82.39
+3%
|
85.58
+4%
|
94.5
+10%
|
110.11
+17%
|
118.77
+8%
|
133.65
+13%
|
141.97
+6%
|
148.07
+4%
|
147.57
0%
|
134.1
-9%
|
132.52
-1%
|
65.16
-51%
|
133.65
+105%
|
147.9
+11%
|
159.35
+8%
|
89.26
-44%
|
162.64
+82%
|
174.52
+7%
|
184.12
+6%
|
95.81
-48%
|
115.28
+20%
|
120.98
+5%
|
126.38
+4%
|