Zhihu Cash Flow Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	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	-168.97	-839.53	-1,578	-1,299	-517.55
Depreciation & Amortization	21.95	24.89	25.21	21.45	19.61
Stock-Based Compensation	59.26	164.66	373.9	548.47	180.09
Other Adjustments	-107.95	-5.83	198.18	-2.67	83.49
Change in Receivables	208.24	64.41	-132.84	-374.68	-257.07
Changes in Accounts Payable	-183.37	220.24	-15.87	524.25	214.81
Changes in Accrued Expenses	-65.4	56.87	-36.54	81.42	25.01
Changes in Income Taxes Payable	0.96	-4.69	-40.85	59.02	0.02
Changes in Unearned Revenue	-59.53	-87.06	78.22	79.4	52.87
Changes in Other Operating Activities	14.62	-9.49	14.05	-78.01	-45.69
Operating Cash Flow	-280.19	-415.53	-1,115	-440.23	-244.42
Capital Expenditures	-2.73	-8.49	-0.71	-7.44	-1.95
Sale of Property, Plant & Equipment	0.03	-0.01	0.12	-	0.01
Purchases of Intangible Assets	-	-0.38	-	-	-
Purchases of Investments	-9,809	-10,241	-14,118	-11,384	-8,482
Proceeds from Sale of Investments	12,362	8,632	17,815	8,253	8,914
Payments for Business Acquisitions	-	-63.59	-60.61	-33.18	-
Proceeds from Business Divestments	12.16	-	-	-	-
Other Investing Activities	-	-	-145.19	35.47	-
Investing Cash Flow	2,563	-1,681	3,490	-3,137	430.11
Short-Term Debt Issued	51.77	-	-	-	-
Short-Term Debt Repaid	-51.77	-	-	-	-
Issuance of Common Stock	1.16	4.51	19.61	4,876	9.29
Repurchase of Common Stock	-400.71	-369.57	-127.96	-	-
Net Common Stock Issued (Repurchased)	-399.55	-365.06	-108.35	4,876	9.29
Other Financing Activities	-4.31	-	-	-	-
Financing Cash Flow	-403.86	-365.06	-108.35	4,876	9.29
Effect of Exchange Rate Changes on Cash and Cash Equivalents	14.85	42.51	101.53	-100.17	-137.51
Net Cash Flow	1,893	-2,419	2,369	1,199	57.47
Free Cash Flow	-282.92	-424.02	-1,116	-447.67	-246.37
FCF Margin	-7.86%	-10.10%	-30.95%	-15.13%	-18.22%
Free Cash Flow Per Share	-0.52	-0.71	-10.98	-5.59	-11.32
Levered Free Cash Flow	-445.31	-651.36	-1,558	-789.37	-933.61
Unlevered Free Cash Flow	-729.26	-895.28	-1,595	-716.47	-339.47

Updated Dec 31, 2024. Data Source: Fiscal.ai. Standard template. Financial Sources.