TRADE WORKS Cash Flow Statement

Financials in millions JPY. Fiscal year is January - December.

Millions JPY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2015
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '15 Dec 31, 2015
Net Income	163	-100	-58	297	-
Depreciation & Amortization	200	180	140	117	-
Loss (Gain) From Sale of Assets	13	-	-	4	-
Loss (Gain) From Sale of Investments	70	47	-3	-	-
Loss (Gain) on Equity Investments	6	-	-	-	-
Other Operating Activities	-15	-38	20	-152	-
Change in Accounts Receivable	-236	152	-491	420	-
Change in Inventory	118	50	25	17	-
Change in Accounts Payable	-11	22	27	13	-
Change in Other Net Operating Assets	4	-35	133	-317	-
Operating Cash Flow	312	278	-207	399	-
Operating Cash Flow Growth	12.23%	-	-	-	-
Capital Expenditures	-34	-291	-10	-5	-
Sale of Property, Plant & Equipment	-	-	-	-4	-
Cash Acquisitions	-130	-	-271	-73	-
Sale (Purchase) of Intangibles	-451	-123	-	-	-
Investment in Securities	-272	-60	53	-169	-
Other Investing Activities	-3	77	-176	-1	-
Investing Cash Flow	-906	-397	-404	-252	-
Short-Term Debt Issued	100	380	50	-	-
Long-Term Debt Issued	300	-	550	-	-
Total Debt Issued	400	380	600	-	-
Long-Term Debt Repaid	-169	-117	-37	-11	-
Net Debt Issued (Repaid)	231	263	563	-11	-
Issuance of Common Stock	539	110	-	1	-
Repurchase of Common Stock	-	-	-	-199	-
Common Dividends Paid	-68	-65	-48	-51	-
Other Financing Activities	60	-1	-1	-1	-
Financing Cash Flow	762	307	514	-261	-
Miscellaneous Cash Flow Adjustments	-	1	-	-	-
Net Cash Flow	168	189	-97	-114	-
Free Cash Flow	278	-13	-217	394	-
Free Cash Flow Margin	5.50%	-0.28%	-5.78%	12.05%	-
Free Cash Flow Per Share	7.27	-0.39	-6.60	11.56	-
Cash Interest Paid	11	3	1	-	-
Cash Income Tax Paid	17	39	-18	129	-
Levered Free Cash Flow	-162.38	-293.25	-44.25	-	-
Unlevered Free Cash Flow	-155.5	-291.38	-43.63	-	-
Change in Working Capital	-125	189	-306	133	-

Source: S&P Capital IQ. Standard template. Financial Sources.