NCSOFT Cash Flow Statement

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

Millions KRW. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 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	341,593	94,215	212,139	435,715	396,893	587,403
Depreciation & Amortization	98,628	109,177	111,883	105,929	93,714	65,804
Loss (Gain) From Sale of Assets	-432,589	-48,642	716.95	367.59	4,878	1,502
Asset Writedown & Restructuring Costs	132.02	-	21,272	-	5,140	-
Loss (Gain) From Sale of Investments	-28,140	-41,948	-11,060	74,130	-68,903	8,536
Loss (Gain) on Equity Investments	9,583	-4,405	-4,080	8,135	-15,792	5,568
Provision & Write-off of Bad Debts	-1,401	-745.77	-3,875	-2,252	-3,943	-977.06
Other Operating Activities	81,616	42,716	-91,476	64,489	-56,132	85,584
Change in Accounts Receivable	29,621	20,090	42,464	101,451	-30,438	10,949
Change in Inventory	-233.55	-304.09	742.62	4,904	-23.62	479.31
Change in Accounts Payable	-	-	-	-	-	3,138
Change in Other Net Operating Assets	52,593	-63,112	-138,820	-56,852	65,695	-60,340
Operating Cash Flow	151,402	107,041	139,905	736,014	391,087	707,646
Operating Cash Flow Growth	29.49%	-23.49%	-80.99%	88.20%	-44.73%	80.41%
Capital Expenditures	-106,733	-84,187	-117,540	-250,223	-286,561	-64,436
Sale of Property, Plant & Equipment	782.4	735.07	581.44	335.08	485.28	2,198
Divestitures	2,336	26,454	700	-	-	-
Sale (Purchase) of Intangibles	70,730	41,144	-41,404	-3,197	186.07	-439.63
Investment in Securities	-1,013,904	1,318,474	265,236	-135,527	107,930	-629,240
Other Investing Activities	435,155	-8,502	-30.89	-3,076	-4,019	-3,740
Investing Cash Flow	-611,633	1,294,118	112,988	-392,233	-188,080	-695,572
Short-Term Debt Issued	-	-	-	-	-	5,525
Long-Term Debt Issued	-	-	-	-	299,155	-
Total Debt Issued	-	-	-	-	299,155	5,525
Short-Term Debt Repaid	-	-	-	-4,917	-	-11,751
Long-Term Debt Repaid	-	-285,232	-42,963	-179,752	-50,250	-33,935
Total Debt Repaid	-46,028	-285,232	-42,963	-184,669	-50,250	-45,686
Net Debt Issued (Repaid)	-46,028	-285,232	-42,963	-184,669	248,905	-40,161
Repurchase of Common Stock	-73,848	-175,798	-	-	-185,074	-
Dividends Paid	-28,314	-63,567	-135,654	-119,002	-176,194	-107,571
Other Financing Activities	66,099	1,658	1,275	-	-	-11,598
Financing Cash Flow	-82,092	-522,940	-177,342	-303,671	-112,362	-159,330
Foreign Exchange Rate Adjustments	9,460	17,055	4,075	-10,480	8,025	1,085
Miscellaneous Cash Flow Adjustments	0	-	-	-	-	-
Net Cash Flow	-532,862	895,274	79,626	29,631	98,669	-146,170
Free Cash Flow	44,669	22,854	22,365	485,791	104,526	643,210
Free Cash Flow Growth	-18.65%	2.19%	-95.40%	364.76%	-83.75%	88.50%
Free Cash Flow Margin	2.95%	1.45%	1.26%	18.89%	4.53%	26.62%
Free Cash Flow Per Share	2303.18	1146.77	1101.32	23921.85	5087.51	31212.50
Cash Interest Paid	10,060	9,697	13,560	15,812	13,989	10,460
Cash Income Tax Paid	24,423	22,798	119,604	139,196	187,306	173,598
Levered Free Cash Flow	136,325	-70,421	-72,503	322,527	-19,077	559,504
Unlevered Free Cash Flow	142,312	-64,001	-63,352	328,448	-10,844	565,116
Change in Working Capital	81,981	-43,325	-95,614	49,502	35,233	-45,774

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