Andes Technology Cash Flow Statement

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

Millions TWD. 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	-415.26	1.89	-101.72	355.94	161.67
Depreciation & Amortization	492.53	416.23	264.15	194.4	147.36
Other Amortization	110.35	52.37	8.25	0.76	0.3
Loss (Gain) From Sale of Investments	1.8	-	-	-	-
Provision & Write-off of Bad Debts	23.45	2.84	29.33	-1.42	-0
Other Operating Activities	-43.59	1.12	-34.66	5.44	1.2
Change in Accounts Receivable	85.73	-147.96	-217.3	24.88	-16.17
Change in Inventory	-0.74	-1.72	0.05	-1.06	0.86
Change in Accounts Payable	-0.1	0.1	-	-2.93	2.67
Change in Unearned Revenue	68.23	59.32	-9.89	21.32	43.18
Change in Other Net Operating Assets	-12.48	-12.01	-7.36	120.8	-29.77
Operating Cash Flow	309.92	372.17	-69.13	718.12	311.3
Operating Cash Flow Growth	-16.73%	-	-	130.68%	182.53%
Capital Expenditures	-16.02	-4.45	-50.64	-59.9	-9.09
Sale (Purchase) of Intangibles	-1,242	-1,153	-743.17	-396.77	-212.28
Investment in Securities	-224.1	1,078	-1,078	180	-
Other Investing Activities	-963.64	-74.23	-163.22	-192.28	-3.93
Investing Cash Flow	-2,446	-153.32	-2,035	-468.94	-225.29
Long-Term Debt Issued	1,515	-	-	-	-
Long-Term Debt Repaid	-34.65	-32.54	-24.21	-17.62	-19.63
Net Debt Issued (Repaid)	1,480	-32.54	-24.21	-17.62	-19.63
Issuance of Common Stock	-	-	-	-	3,447
Common Dividends Paid	-	-	-75.98	-144.3	-31.63
Other Financing Activities	-6.3	-2.94	-2.22	-1.73	-1.78
Financing Cash Flow	1,474	-35.48	-102.41	-163.64	3,394
Foreign Exchange Rate Adjustments	-1.53	9.52	-0.95	7.34	-2
Net Cash Flow	-663.14	192.9	-2,208	92.88	3,478
Free Cash Flow	293.91	367.72	-119.78	658.23	302.22
Free Cash Flow Growth	-20.07%	-	-	117.80%	182.75%
Free Cash Flow Margin	19.88%	26.62%	-11.32%	70.64%	36.86%
Free Cash Flow Per Share	5.80	7.26	-2.37	12.94	6.70
Cash Interest Paid	6.24	3.04	2.22	1.73	1.78
Cash Income Tax Paid	-1.32	35.23	22.04	12.95	15.67
Levered Free Cash Flow	-724.43	-948.65	-933.81	-177.11	47.58
Unlevered Free Cash Flow	-714.24	-946.75	-932.42	-176.03	48.7
Change in Working Capital	140.64	-102.28	-234.49	163.02	0.78

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