Ser Educacional Cash Flow Statement

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

Millions BRL. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	214.44	-1.16	-28.04	-222.15	52.48
Depreciation & Amortization	201.08	205.31	209.01	205.06	184.87
Other Amortization	23.53	17.04	16.73	8.89	-
Asset Writedown & Restructuring Costs	12.05	37.72	-11.43	182.33	6.79
Stock-Based Compensation	2.76	10.09	-	-	-
Provision & Write-off of Bad Debts	13.89	0.58	158.68	116.85	120.48
Other Operating Activities	-1.89	-5.86	2.96	37.55	-13.57
Change in Accounts Receivable	-241.84	-226.48	-166.13	-149.51	-141.35
Change in Accounts Payable	-13.09	1.13	5.85	-10.09	-8.75
Change in Income Taxes	-14.71	-45.06	1.87	0.08	-9.76
Change in Other Net Operating Assets	-32.53	49.47	-29.92	-22.25	4.25
Operating Cash Flow	381.12	240.52	159.58	146.77	195.44
Operating Cash Flow Growth	58.46%	50.72%	8.73%	-24.90%	-28.48%
Capital Expenditures	-48.97	-76.86	-51.1	-70.56	-53.85
Cash Acquisitions	-63.53	-59.3	-51.98	-288.51	-251.66
Sale (Purchase) of Intangibles	-43.12	-47.33	-40.78	-38.07	-18.1
Investment in Securities	-	81.59	-10.59	-25.12	-75.26
Investing Cash Flow	-155.61	-101.9	-154.44	-422.26	-398.86
Long-Term Debt Issued	-	297.98	198.87	479.76	-
Long-Term Debt Repaid	-314.86	-273.13	-171.45	-235.76	-224.15
Net Debt Issued (Repaid)	-314.86	24.84	27.42	244	-224.15
Repurchase of Common Stock	-	-9.95	-	-3.4	-
Common Dividends Paid	-19.61	-	-	-	-40.61
Other Financing Activities	0.16	1.95	1.95	1.95	1.95
Financing Cash Flow	-334.31	16.84	29.37	242.56	-262.81
Net Cash Flow	-108.8	155.46	34.5	-32.94	-466.23
Free Cash Flow	332.15	163.66	108.48	76.21	141.59
Free Cash Flow Growth	102.95%	50.87%	42.34%	-46.17%	-43.02%
Free Cash Flow Margin	14.99%	8.26%	5.92%	4.55%	10.06%
Free Cash Flow Per Share	2.61	1.28	0.84	0.59	1.10
Cash Interest Paid	221.28	211.72	203.35	130.55	93.62
Cash Income Tax Paid	4.54	3.08	2.43	5.57	37.28
Levered Free Cash Flow	300.82	207.51	143.76	128.25	109.52
Unlevered Free Cash Flow	420.55	314.36	246.43	228.63	182.82
Change in Working Capital	-302.18	-220.94	-188.33	-181.76	-155.61

Source: S&P Global Market Intelligence. Standard template. Financial Sources.