Normalized EBITDA Dashboard

FY2025 Cost Variance Analysis  |  Latest Actual: November 2025  |  Generated: January 20, 2026

Normalized EBITDA
1,484M
+293M vs Budget (+24.6%)
Revenue
8,438M
-270M vs Budget (-3.1%)
OpEx
6,128M
+440M Savings (+6.7%)
Gross Profit
7,612M
-147M vs Budget (-1.9%)
Normalized EBITDA Margin
17.6%
+4.0pp vs Budget (13.7%)
Revenue Growth (YoY)
25.8%
vs FY24 (6,708M)
Rule of 40
43.4%
Target: 40% ✓
Budget vs Landing
+293M
EBITDA Variance

EBITDA Bridge (Budget → Landing) Net Change: +293M

Base Favorable Unfavorable

Monthly Trend

Actual
Forecast

Normalized EBITDA (Budget vs Landing) YTD: 16,390M vs Budget 1191M

MonthBudgetLandingVar
May381,264+1,226
Jun632,534+2,471
Jul953,762+3,667
Aug1794,996+4,817
Sep1906,261+6,071
Oct1987,559+7,361
Nov3018,833+8,532
Dec44010,310+9,870
Jan59311,790+11,197
Feb76513,315+12,550
Mar96814,848+13,880
Apr1,19116,390+15,199
Total1,19116,390+15,199
Budget
Actual
Forecast

Monthly Variance (Landing - Budget) Avg: +1,141M/month

P&L Summary

ItemBudgetLandingVariance%
Revenue8,7098,438-270-3.1%
COGS-949-826+123+13.0%
Gross Profit7,7597,612-147-1.9%
G&A-2,153-2,135+18+0.8%
S&M-2,689-2,249+440+16.4%
R&D-1,727-1,744-18-1.0%
OpEx-6,568-6,128+440+6.7%
EBITDA1,1911,484+293+24.6%
* Amortization excluded (shown separately below) / Normalize=1 excluded / Confidence<0.5 excluded

Excluded Costs

FPAIDTitleCatBudgetLandingVar
493099999Management feeG&A/Outsourcing, professional fee260287+27
649099999Potentia CostG&A/Other SGA60600
492099994Zhao Yin Chenの費用G&A/Outsourcing, professional fee35+2
* Costs excluded from Normalized EBITDA

Variance by Category (Top 15)

* Green = Savings (Under Budget), Red = Overspend

Over Budget (Top 40)

CatSubTitleBudgetLandingVar
S&M Marketing, advertisi 運用型広告(Brand search) 99 153 +54
COGS Labor CS_Success/Renewal 63 109 +46
S&M Sales commissions PS販売手数料 48 87 +40
R&D Labor 開発_SRE 61 100 +39
Rev Revenue Other Division Recurring Reven 101 134 +33
S&M Labor 賞与_S&M 143 169 +26
G&A Labor 法定福利費_G&A 62 83 +20
Rev Revenue Non-Recurring Revenue 93 113 +20
S&M Marketing, advertisi アフィリエイト広告 253 272 +19
S&M Labor FS_1-100 67 82 +15
G&A Outsourcing, profess Pathlight(営業支援) 3 18 +15
S&M Labor 法定福利費_S&M 146 161 +15
R&D Labor 法定福利費_R&D 91 106 +15
COGS Labor CS_Onb_1001- 48 63 +15
G&A Labor 中途採用 11 25 +14
G&A Labor 労務 15 29 +14
COGS Labor CS_Onb_1-100 20 32 +12
G&A System, server fpa削減目標(システム) -12 0 +12
R&D Labor UXライティング 26 36 +10
S&M Marketing, advertisi 有料カンファレンス（MAXプラン） 38 48 +10
S&M Labor PS（リード創出） 62 72 +10
S&M Marketing, advertisi ウェビナー集客_広告宣伝費 2 12 +10
G&A Labor 通勤手当_G&A 8 18 +10
S&M Labor Marketing_DemandGen 11 20 +9
G&A Labor HRBP 6 14 +8
COGS Labor 法定福利費_COGS 70 78 +8
G&A Outsourcing, profess リヴァンプ様　業務支援 38 46 +8
G&A Outsourcing, profess fpa削減目標(Outsourcing) -8 0 +8
G&A Labor 賞与_G&A 24 31 +7
G&A Outsourcing, profess UG外注 7 14 +7
G&A Labor データ 16 22 +7
G&A Other SGA NTTドコモ（携帯代） 0 7 +7
G&A Other SGA fpa削減目標(Other SGA) -5 0 +5
S&M Labor IS_ENT 5 10 +5
R&D Labor 開発_SE 271 276 +5
G&A Labor 法務 / コンプライアンス 3 8 +5
R&D Labor 賞与_R&D 33 37 +4
G&A Labor 財務経理 30 33 +3
G&A System, server Zendesk：ヘルプサイト運営ツールの継続利用に掛かる稟議 0 4 +3
R&D Labor 通勤手当_R&D 6 8 +3

Under Budget (Top 40)

CatSubTitleBudgetLandingVar
Rev Revenue HR-MRR Revenue 8,514 8,191 -323
S&M Marketing, advertisi CxO Buffer Cost 190 19 -171
S&M Marketing, advertisi 運用型広告(General Search) 120 16 -104
S&M Marketing, advertisi Demand Gen_認知想起_マス出稿費用 100 9 -91
COGS Labor CS_Onb_101-500 157 88 -69
G&A Recruitment expense 新卒採用費 132 74 -59
S&M Labor IS_NonENT 182 125 -57
S&M Marketing, advertisi Demand Gen_認知想起_OOH出稿費用 50 0 -50
COGS Labor CS_Renewal&Success_101-500 80 45 -35
G&A Labor 経営企画/IR 48 14 -34
COGS System, Server(COGS) ジンジャーのインフラ構築（Amazon Web Servic 208 183 -25
R&D Labor 開発_QA/QC（Manual tester） 78 55 -24
COGS Labor CS_Success_1001- 23 0 -23
S&M Labor 通勤手当_S&M 45 23 -22
S&M Marketing, advertisi Demand Gen_認知想起_Creative/Agenc 50 28 -22
R&D R&D Outsource ジンジャー開発・保守・運用の業務委託（合算） 920 898 -22
COGS Labor CS_Success_1-100 24 3 -21
COGS Labor 賞与_COGS 40 20 -20
S&M Labor Marketing_Paid 43 22 -20
COGS Labor CS_Ops/PKG/Pro_Svc/BPO/CS Enab 49 30 -19
S&M Labor Marketing_Organic 42 25 -18
G&A Outsourcing, profess SKさんコンサル費用 24 8 -16
S&M Labor Site Engineer 38 24 -14
S&M Labor FS_501-1000 109 97 -12
S&M Marketing, advertisi トスアップ 83 72 -12
S&M Labor キーアカウントセールス 20 9 -11
S&M Labor CS_ExpFS 57 46 -11
S&M Labor CS_ExpIS 13 2 -11
S&M Labor FS_RS 41 31 -10
R&D Labor PdM 102 93 -10
S&M Marketing, advertisi EXPO関連費用（縮小1） 174 165 -9
G&A Labor 新卒 9 0 -9
G&A System, server Salesforce・Pardot 59 50 -9
G&A Labor 総務 19 10 -9
S&M Labor PS（企画） 18 10 -8
G&A Recruitment expense 中途採用費 157 150 -7
COGS Labor PD_エキスパート 17 10 -7
S&M Labor PS（FS） 84 77 -7
COGS Labor PD_Support 12 5 -7
G&A Labor Management 233 226 -7