S.D. Standard ETC Cash Flow Statement

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

Millions USD. 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	3.5	-15.99	2.59	39.77	13.74
Loss (Gain) From Sale of Investments	-5.47	64.47	12.04	-29.69	-8.22
Stock-Based Compensation	0.03	-0.01	0.19	0.53	-
Other Operating Activities	0.04	-1.1	-2.79	-12.17	-6.67
Change in Accounts Receivable	-13.46	-4.47	-0.53	0.3	-0.37
Change in Accounts Payable	1.27	-1.76	2.24	-0.01	0.2
Change in Other Net Operating Assets	1.54	-	-	-	-
Operating Cash Flow	30.65	23.91	-22.9	2.09	-1.41
Operating Cash Flow Growth	28.21%	-	-	-	-
Capital Expenditures	-0.01	-	-	-	-
Other Investing Activities	2.81	1.5	1.52	12.39	6.58
Investing Cash Flow	2.81	1.5	1.52	12.39	6.58
Repurchase of Common Stock	-	-	-	-	-0.89
Common Dividends Paid	-	-9.5	-	-	-
Financing Cash Flow	-	-9.5	-	-	-0.89
Foreign Exchange Rate Adjustments	1.35	-0.7	0.63	-0.22	0.09
Miscellaneous Cash Flow Adjustments	-	-	0.03	-	-
Net Cash Flow	34.81	15.21	-20.73	14.26	4.37
Free Cash Flow	30.64	23.91	-22.9	2.09	-1.41
Free Cash Flow Growth	28.19%	-	-	-	-
Free Cash Flow Margin	670.25%	-	-564.25%	4.96%	-9.50%
Free Cash Flow Per Share	0.06	0.04	-0.04	0.00	-0.00
Levered Free Cash Flow	9.85	-3.99	-12.35	26	8.44
Unlevered Free Cash Flow	9.99	-3.99	-12.35	26	8.44
Change in Working Capital	30.3	-31.39	-19.52	3.66	-0.26

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