cBrain Cash Flow Statement

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

Millions DKK. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun '25 Jun 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	57.14	64.82	63.18	38.38	31.01	15.54
Depreciation & Amortization	6.3	4.99	4.21	3.83	5.37	4.05
Other Amortization	20.57	19.77	16.95	15.02	14.08	12.31
Stock-Based Compensation	-	-	0.24	0.23	0.23	0.33
Other Operating Activities	-3.03	-4.21	10.89	3.28	-10.45	-1.19
Change in Accounts Receivable	17.14	-12.18	-10.23	-6.94	11.69	-5.71
Change in Accounts Payable	-1.51	-5.26	1.06	8.5	-1.96	2.93
Change in Unearned Revenue	-	-	-	-	-5.17	5.76
Change in Other Net Operating Assets	-	-	-	-	5.45	9.74
Operating Cash Flow	96.61	67.92	86.3	62.31	50.23	43.76
Operating Cash Flow Growth	24.18%	-21.29%	38.49%	24.05%	14.80%	59.65%
Capital Expenditures	-28.71	-24.6	-0.7	-205.49	-0.96	-
Sale (Purchase) of Intangibles	-24.53	-22.84	-26.4	-20.95	-19.58	-18.12
Investment in Securities	0.12	-	-	-	0.09	-
Investing Cash Flow	-53.11	-47.43	-27.11	-226.44	-20.45	-18.12
Long-Term Debt Issued	-	-	-	99.82	-	-
Long-Term Debt Repaid	-	-1.98	-48.07	-2.32	-5.66	-3.69
Net Debt Issued (Repaid)	-2.95	-1.98	-48.07	97.5	-5.66	-3.69
Common Dividends Paid	-12.52	-5.48	-4.11	-3.33	-2.74	-2.31
Other Financing Activities	-0.05	-0.01	-	-	-	-
Financing Cash Flow	-15.51	-7.47	-52.18	94.18	-8.4	-6
Net Cash Flow	27.98	13.02	7.01	-69.96	21.39	19.63
Free Cash Flow	67.9	43.33	85.59	-143.18	49.27	43.76
Free Cash Flow Growth	-11.88%	-49.38%	-	-	12.61%	59.65%
Free Cash Flow Margin	26.02%	16.18%	35.79%	-76.19%	31.86%	36.43%
Free Cash Flow Per Share	3.47	2.21	4.38	-7.32	2.50	2.24
Cash Interest Paid	0.05	0.01	-	-	0.12	0.35
Cash Income Tax Paid	20.72	25.51	7.45	6.63	4.34	6.1
Levered Free Cash Flow	31.62	8.38	44.32	-177.66	35.21	17.48
Unlevered Free Cash Flow	33.62	10.14	47.17	-177.14	35.53	17.68
Change in Working Capital	15.63	-17.44	-9.17	1.56	10.01	12.72

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