cBrain Cash Flow Statement

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

Millions DKK. 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	58.73	88.34	85.41	49.38	96.87
Depreciation & Amortization	28.79	24.76	21.17	18.85	19.44
Stock-Based Compensation	-	-	0.24	0.23	0.23
Other Adjustments	-1.81	-2.23	-3.89	-1.08	-13.82
Change in Receivables	15.48	-5.38	2	-12.52	14.3
Changes in Accounts Payable	-2.78	-5.26	1.06	8.5	-1.96
Changes in Income Taxes Payable	-20.89	-25.51	-7.45	-6.63	-4.34
Changes in Unearned Revenue	11.09	-6.8	-12.23	5.58	-5.17
Changes in Other Operating Activities	-	-	-	-	12.84
Operating Cash Flow	88.62	67.92	86.3	62.31	50.23
Operating Cash Flow Growth	30.46%	-21.29%	38.49%	24.05%	14.80%
Capital Expenditures	-6.88	-24.6	-0.7	-205.49	-0.96
Purchases of Intangible Assets	-25.18	-22.84	-26.4	-20.95	-19.58
Proceeds from Sale of Investments	-	-	-	-	0.09
Other Investing Activities	-0.68	0	-	-	-
Investing Cash Flow	-31.92	-47.43	-27.11	-226.44	-20.45
Long-Term Debt Issued	-	-	-	99.82	-
Long-Term Debt Repaid	-23.6	-1.98	-48.07	-2.32	-5.66
Net Long-Term Debt Issued (Repaid)	-23.6	-1.98	-48.07	97.5	-5.66
Common Dividends Paid	-12.52	-5.48	-4.11	-3.33	-2.74
Other Financing Activities	-0.07	-0.01	0	-	-
Financing Cash Flow	-37.01	-7.47	-52.18	94.18	-8.4
Net Cash Flow	19.69	13.02	7.01	-69.96	21.39
Free Cash Flow	81.73	43.33	85.59	-143.18	49.27
Free Cash Flow Growth	88.65%	-49.38%	-	-	12.61%
FCF Margin	32.53%	16.18%	35.79%	-76.19%	31.86%
Free Cash Flow Per Share	4.18	2.21	4.38	-7.32	2.50
Levered Free Cash Flow	28.86	25.43	16.95	-43.31	45.2
Unlevered Free Cash Flow	54.3	29.17	68.16	-140.46	50.64