Polar Capital Holdings Cash Flow Statement

Financials in millions GBP. Fiscal year is April - March.

Millions GBP. Fiscal year is Apr - Mar.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep '25 Sep 30, 2025	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022	Mar '21 Mar 31, 2021
Net Income	39.1	35.31	40.79	35.61	48.92	62.72
Depreciation & Amortization	3.32	3.65	3.63	3.33	3.27	1.4
Asset Writedown & Restructuring Costs	7.65	13.61	-	-	6	0.42
Stock-Based Compensation	6.85	10.85	3.87	11.74	13.89	11.26
Other Operating Activities	-4.63	-3.18	1.26	1.61	2.31	-0.69
Change in Accounts Receivable	0.64	-1.81	-1.55	5.91	-1.51	-9.11
Change in Accounts Payable	-2.1	5.73	-7.09	-8.68	8.42	26.49
Change in Other Net Operating Assets	4.93	1.63	-1.95	-0.24	-14.33	-1.03
Operating Cash Flow	48.39	64.02	41.91	45.13	74.67	77.19
Operating Cash Flow Growth	-10.81%	52.76%	-7.13%	-39.57%	-3.26%	83.18%
Capital Expenditures	-0.05	-0.21	-0.31	-0.71	-1.81	-0.48
Sale of Property, Plant & Equipment	0.01	0.01	-	-	-	-
Cash Acquisitions	-	-	-	-	-8.12	-7.41
Investment in Securities	18.25	3.76	12.99	-19.2	-29.1	-12.16
Other Investing Activities	-2.99	0.35	0.43	0.42	0.23	0.19
Investing Cash Flow	15.22	3.91	13.11	-19.49	-38.8	-19.86
Long-Term Debt Repaid	-	-1.5	-1.73	-1.43	-1.31	-1.3
Net Debt Issued (Repaid)	-1.72	-1.5	-1.73	-1.43	-1.31	-1.3
Issuance of Common Stock	0	1.78	4.99	20.67	9.86	12.29
Repurchase of Common Stock	-3.87	-1.1	-21.64	-14.53	-16.94	-7.41
Common Dividends Paid	-44.48	-44.4	-44.33	-44.48	-43.4	-31.91
Other Financing Activities	-0.22	-0.21	-0.21	-0.18	-	-
Financing Cash Flow	-50.27	-45.44	-62.92	-39.94	-51.78	-28.32
Foreign Exchange Rate Adjustments	0.85	0.45	-0.19	0.15	0.32	-0.05
Net Cash Flow	14.19	22.94	-8.1	-14.15	-15.59	28.97
Free Cash Flow	48.34	63.81	41.59	44.41	72.87	76.71
Free Cash Flow Growth	-10.10%	53.41%	-6.35%	-39.05%	-5.02%	82.50%
Free Cash Flow Margin	21.13%	28.22%	21.05%	23.61%	32.63%	36.89%
Free Cash Flow Per Share	0.49	0.65	0.43	0.45	0.72	0.78
Cash Interest Paid	0.22	0.21	0.21	0.18	0.1	0.11
Cash Income Tax Paid	21.79	19.37	12.42	7.74	10.86	13.61
Levered Free Cash Flow	40.98	59.85	44.65	50.46	45.59	86.44
Unlevered Free Cash Flow	41.11	59.98	44.78	50.57	45.59	86.44
Change in Working Capital	-3.9	3.77	-7.65	-7.17	0.29	2.09

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.