Andes Technology Cash Flow Statement

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

Millions TWD. 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	-256.59	1.89	-101.72	355.94	161.67	35.14
Depreciation & Amortization	445.61	416.23	264.15	194.4	147.36	101.46
Other Amortization	115.53	52.37	8.25	0.76	0.3	0.4
Stock-Based Compensation	20.92	-	-	-	-	-
Provision & Write-off of Bad Debts	14.52	2.84	29.33	-1.42	-0	36.97
Other Operating Activities	-72.56	1.12	-34.66	5.44	1.2	2.09
Change in Accounts Receivable	-73.08	-147.96	-217.3	24.88	-16.17	-78.99
Change in Inventory	-3.26	-1.72	0.05	-1.06	0.86	-0.39
Change in Accounts Payable	0.39	0.1	-	-2.93	2.67	0.23
Change in Unearned Revenue	19.85	59.32	-9.89	21.32	43.18	-8.88
Change in Other Net Operating Assets	-71.19	-12.01	-7.36	120.8	-29.77	22.16
Operating Cash Flow	140.43	372.17	-69.13	718.12	311.3	110.19
Operating Cash Flow Growth	-	-	-	130.68%	182.53%	256.63%
Capital Expenditures	-9.11	-4.45	-50.64	-59.9	-9.09	-3.3
Sale (Purchase) of Intangibles	-1,230	-1,153	-743.17	-396.77	-212.28	-162.86
Investment in Securities	-674.1	1,078	-1,078	180	-	145.5
Other Investing Activities	-924.97	-74.23	-163.22	-192.28	-3.93	-0.02
Investing Cash Flow	-2,838	-153.32	-2,035	-468.94	-225.29	-20.69
Long-Term Debt Repaid	-	-32.54	-24.21	-17.62	-19.63	-17.52
Net Debt Issued (Repaid)	1,480	-32.54	-24.21	-17.62	-19.63	-17.52
Issuance of Common Stock	-	-	-	-	3,447	-
Common Dividends Paid	-	-	-75.98	-144.3	-31.63	-14.51
Other Financing Activities	-5.34	-2.94	-2.22	-1.73	-1.78	-2.04
Financing Cash Flow	1,475	-35.48	-102.41	-163.64	3,394	-34.07
Foreign Exchange Rate Adjustments	-5.25	9.52	-0.95	7.34	-2	-0.62
Net Cash Flow	-1,228	192.9	-2,208	92.88	3,478	54.81
Free Cash Flow	131.32	367.72	-119.78	658.23	302.22	106.89
Free Cash Flow Growth	-	-	-	117.80%	182.75%	360.71%
Free Cash Flow Margin	8.88%	26.62%	-11.32%	70.64%	36.86%	18.40%
Free Cash Flow Per Share	2.59	7.26	-2.37	12.94	6.70	2.51
Cash Interest Paid	5.33	3.04	2.22	1.73	1.78	2.04
Cash Income Tax Paid	33.04	35.23	22.04	12.95	15.67	3.56
Levered Free Cash Flow	-978.23	-948.65	-933.81	-177.11	47.58	-72.22
Unlevered Free Cash Flow	-973.64	-946.75	-932.42	-176.03	48.7	-70.95
Change in Working Capital	-127.28	-102.28	-234.49	163.02	0.78	-65.88

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