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	2,081	1,852	1,886	2,034	2,157
Other Amortization	175.35	128.04	118.18	103.12	92.2
Loss (Gain) From Sale of Assets	48.86	54.79	21.37	13.36	19.54
Stock-Based Compensation	55.91	57.83	47.93	46.35	51.64
Provision & Write-off of Bad Debts	184.44	50.82	39.21	50.61	125.1
Other Operating Activities	1,494	1,446	1,862	1,533	1,399
Change in Accounts Receivable	-774.2	-281.51	-394.16	-20.42	-102.77
Change in Inventory	-23.54	-28.54	-28.13	4.39	-4.57
Change in Accounts Payable	439.52	446.88	2,065	-660.06	-346.06
Change in Other Net Operating Assets	-18.47	-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	-1,566	-1,199	-354.65	-245.87	-527.72
Sale of Property, Plant & Equipment	0.68	1.7	0.01	0.01	0.08
Sale (Purchase) of Intangibles	-	-	-	-45.63	-
Investment in Securities	-71.41	-	-	-	-
Other Investing Activities	-3.83	-325.49	230	-1,029	9.14
Investing Cash Flow	-1,641	-1,523	-124.65	-1,321	-518.49
Long-Term Debt Issued	13,400	25,556	2,950	8,890	8,663
Long-Term Debt Repaid	-17,331	-26,810	-11,629	-223.49	-6,042
Net Debt Issued (Repaid)	-3,931	-1,254	-8,679	8,667	2,621
Issuance of Common Stock	296.81	222.92	14.84	-	102.75
Repurchase of Common Stock	-558.22	-358.25	-29.37	-	-128.02
Common Dividends Paid	-2,148	-924.34	-	-	-
Other Financing Activities	-1,750	-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	7,171	7,066	7,913	-2,360	-977.32
Free Cash Flow Growth	1.48%	-10.70%	-	-	-
Free Cash Flow Margin	20.61%	22.51%	32.06%	-44.79%	-10.38%
Free Cash Flow Per Share	1.88	1.85	2.08	-0.62	-0.26
Cash Interest Paid	1,431	1,548	1,754	1,619	1,063
Cash Income Tax Paid	60.02	46.69	8.31	22.37	11.61
Levered Free Cash Flow	4,165	4,130	5,184	-2,190	-712.72
Unlevered Free Cash Flow	4,907	4,961	6,219	-1,271	46.66
Change in Working Capital	-376.7	73.47	1,655	-661.59	-447.82

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