Pason Systems Cash Flow Statement

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

Millions CAD. 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	62.11	121.5	97.54	107.62	33.85	6.57
Depreciation & Amortization	55.08	49.61	26.43	19.49	23.72	30.18
Other Amortization	2.57	2.57	0.78	1.35	1.97	3.49
Asset Writedown & Restructuring Costs	-	-	-	-	-	0.75
Loss (Gain) From Sale of Investments	-	-50.83	-	-	-	-
Stock-Based Compensation	10.72	10.9	11.72	15.23	11.52	4.84
Other Operating Activities	-35.18	-23.14	-8.42	-40.95	-10.34	-12.55
Change in Accounts Receivable	0.85	-18.28	18.82	-35.37	-22.66	34.28
Change in Inventory	0.72	-2.92	-2.23	-10.92	-	-
Change in Accounts Payable	-7.49	-2.5	-20.82	11.74	11.22	-15.1
Change in Income Taxes	24.28	26.33	24.72	41.1	16.69	5.13
Change in Other Net Operating Assets	11.76	9.95	-13.52	-4.88	-0.91	1
Operating Cash Flow	125.42	123.19	135.03	104.41	65.06	58.58
Operating Cash Flow Growth	9.28%	-8.77%	29.33%	60.49%	11.06%	-46.03%
Capital Expenditures	-57.26	-66.49	-39.81	-34.01	-10.24	-4.67
Sale of Property, Plant & Equipment	2.26	2.72	2.76	0.87	1.13	0.95
Cash Acquisitions	-	-72.65	-	-	-	-2.56
Investment in Securities	1.45	-3.35	24.94	-58.29	-17.13	-5
Other Investing Activities	-5.55	-15.81	-0.96	-0.81	-0.85	-1
Investing Cash Flow	-59.09	-155.58	-13.07	-92.23	-27.08	-12.28
Long-Term Debt Repaid	-	-16.68	-2.27	-1.83	-2.19	-2.3
Net Debt Issued (Repaid)	-2.62	-16.68	-2.27	-1.83	-2.19	-2.3
Issuance of Common Stock	1.24	4.67	2.93	3.02	0.15	-
Repurchase of Common Stock	-22	-10	-27.94	-13.79	-8.43	-9.48
Common Dividends Paid	-40.92	-41.36	-38.54	-29.47	-16.57	-40.42
Financing Cash Flow	-64.3	-63.37	-65.82	-42.07	-27.05	-52.2
Foreign Exchange Rate Adjustments	0.58	1.19	-16.43	3.66	-1.94	-5.84
Net Cash Flow	2.61	-94.58	39.72	-26.23	9	-11.73
Free Cash Flow	68.17	56.7	95.22	70.4	54.82	53.92
Free Cash Flow Growth	22.65%	-40.45%	35.25%	28.42%	1.69%	-37.38%
Free Cash Flow Margin	16.30%	13.69%	25.78%	21.02%	26.52%	34.42%
Free Cash Flow Per Share	0.86	0.71	1.18	0.85	0.66	0.64
Cash Income Tax Paid	30.67	20.53	26.41	32.14	7.01	7.29
Levered Free Cash Flow	73.66	57.65	84.4	63.7	41.2	41.14
Unlevered Free Cash Flow	73.66	57.65	84.4	63.7	42.15	41.14
Change in Working Capital	30.12	12.58	6.98	1.67	4.35	25.31

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