BVMF:LWSA3 Cash Flow Statement

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

Millions BRL. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	-274.7	42.19	-73.74	28.27	-15.75	19.74
Depreciation & Amortization	66.16	63.58	63.89	63.69	56.31	44.83
Other Amortization	74.71	66.84	54.26	39.26	31.02	11.76
Stock-Based Compensation	14.37	14.97	15.7	13.6	12.22	15.59
Other Operating Activities	-96.07	25.26	176.7	85.33	55.76	5.85
Change in Accounts Receivable	-15.05	-3.99	-37.38	-168.8	-124.33	-198.11
Change in Accounts Payable	7.47	-1.32	-8.45	7.23	4.04	1.96
Change in Unearned Revenue	18.34	2.5	10.54	23.18	11.39	-15.1
Change in Income Taxes	62.44	-10.87	15.68	-6.46	-18.92	-0.99
Change in Other Net Operating Assets	45.04	-53.16	54.89	127.62	140.02	182.69
Operating Cash Flow	318.64	146	272.1	212.92	151.77	68.23
Operating Cash Flow Growth	71.06%	-46.34%	27.80%	40.29%	122.44%	-17.63%
Capital Expenditures	-33.2	-29.05	-25.66	-42.36	-42.27	-31.4
Sale of Property, Plant & Equipment	-	-	0.2	-	-	-
Cash Acquisitions	0.1	0.04	-	-28.06	-1,053	-101.28
Sale (Purchase) of Intangibles	-88.48	-83.9	-75.26	-58.24	-42.14	-19.02
Investment in Securities	-1.33	-1.18	-4.95	-13.38	-	-
Other Investing Activities	-226.16	-560.84	-367.21	-174.67	-3.88	-15.04
Investing Cash Flow	-349.07	-674.92	-472.87	-316.72	-1,141	-166.72
Long-Term Debt Repaid	-	-20.11	-18.56	-37.03	-65.59	-57.13
Net Debt Issued (Repaid)	-24.2	-20.11	-18.56	-37.03	-65.59	-57.13
Issuance of Common Stock	7.72	1.26	5.94	7.46	2,285	554.1
Repurchase of Common Stock	-35.51	-153.06	-15.77	-1.71	-45.76	-
Common Dividends Paid	-68.6	-40	-30.82	-	-	-16
Other Financing Activities	-	-0.01	-0.04	-1.08	-4.35	-3.12
Financing Cash Flow	-120.59	-211.93	-59.24	-32.37	2,169	477.85
Net Cash Flow	-151.02	-740.85	-260.01	-136.17	1,180	379.35
Free Cash Flow	285.44	116.95	246.44	170.56	109.5	36.84
Free Cash Flow Growth	77.69%	-52.54%	44.49%	55.77%	197.26%	-23.62%
Free Cash Flow Margin	19.40%	8.54%	19.06%	15.02%	13.68%	7.54%
Free Cash Flow Per Share	0.52	0.20	0.42	0.29	0.18	0.07
Cash Interest Paid	-	0.01	0.04	8.51	17.85	20.39
Cash Income Tax Paid	27.84	74.31	70.98	47.54	29.01	17.71
Levered Free Cash Flow	-28.18	-332.76	395.76	317.53	137.06	-23.08
Unlevered Free Cash Flow	-23.67	-328.73	399.48	321.68	142.11	1.29
Change in Working Capital	118.23	-66.83	35.29	-17.23	12.2	-29.54

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