MGM China Holdings Cash Flow Statement

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

Millions HKD. 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	5,075	4,603	2,638	-5,232	-3,847
Depreciation & Amortization	2,136	1,852	1,886	2,034	2,157
Other Amortization	-	128.04	118.18	103.12	92.2
Loss (Gain) From Sale of Assets	-	54.79	21.37	13.36	19.54
Stock-Based Compensation	-	57.83	47.93	46.35	51.64
Provision & Write-off of Bad Debts	-	50.82	39.21	50.61	125.1
Other Operating Activities	1,527	1,446	1,862	1,533	1,399
Change in Accounts Receivable	-	-281.51	-394.16	-20.42	-102.77
Change in Inventory	-	-28.54	-28.13	4.39	-4.57
Change in Accounts Payable	-	446.88	2,065	-660.06	-346.06
Change in Other Net Operating Assets	-	-63.35	12.2	14.51	5.57
Operating Cash Flow	8,738	8,266	8,268	-2,114	-449.61
Operating Cash Flow Growth	5.71%	-0.03%	-	-	-
Capital Expenditures	-	-1,199	-354.65	-245.87	-527.72
Sale of Property, Plant & Equipment	-	1.7	0.01	0.01	0.08
Sale (Purchase) of Intangibles	-	-	-	-45.63	-
Other Investing Activities	-1,641	-325.49	230	-1,029	9.14
Investing Cash Flow	-1,641	-1,523	-124.65	-1,321	-518.49
Long-Term Debt Issued	-	25,556	2,950	8,890	8,663
Long-Term Debt Repaid	-	-26,810	-11,629	-223.49	-6,042
Net Debt Issued (Repaid)	-	-1,254	-8,679	8,667	2,621
Issuance of Common Stock	-	222.92	14.84	-	102.75
Repurchase of Common Stock	-	-358.25	-29.37	-	-128.02
Common Dividends Paid	-	-924.34	-	-	-
Other Financing Activities	-8,091	-1,605	-1,923	-1,629	-1,153
Financing Cash Flow	-8,091	-5,656	-10,616	7,037	1,443
Foreign Exchange Rate Adjustments	4.54	-3.17	-1.65	-7.75	2.04
Net Cash Flow	-990.24	1,083	-2,475	3,595	476.51
Free Cash Flow	8,738	7,066	7,913	-2,360	-977.32
Free Cash Flow Growth	23.65%	-10.70%	-	-	-
Free Cash Flow Margin	25.12%	22.51%	32.06%	-44.79%	-10.38%
Free Cash Flow Per Share	2.29	1.85	2.08	-0.62	-0.26
Cash Interest Paid	-	1,548	1,754	1,619	1,063
Cash Income Tax Paid	-	46.69	8.31	22.37	11.61
Levered Free Cash Flow	5,382	4,109	5,184	-2,190	-712.72
Unlevered Free Cash Flow	6,336	5,003	6,219	-1,271	46.66
Change in Working Capital	-	73.47	1,655	-661.59	-447.82

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