Vox Royalty Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	30.73	5.89	-1.65	-0.1	0.33	-4.13
Depreciation & Amortization	11.16	7.49	3.32	3.85	2.03	1.16
Other Amortization	-	-	0.02	0.11	-	-
Loss (Gain) From Sale of Assets	-	-	-	-	-	-2.03
Loss (Gain) From Sale of Investments	-	-	-	-	0.6	0.15
Stock-Based Compensation	3.55	1.99	2.14	1.66	1.05	1.41
Other Operating Activities	-21.56	-5.19	0.89	1.46	-1.05	2.41
Change in Accounts Receivable	0.8	0.06	0.59	-1.51	-1.45	0.55
Change in Accounts Payable	1.54	1.2	-0.2	-0.13	0.57	0.93
Change in Income Taxes	-1.31	-0.58	0.38	-0.07	0.19	0.4
Change in Other Net Operating Assets	-0	-0.12	-0.03	-0.02	-0.22	-0.06
Operating Cash Flow	24.91	10.74	5.46	5.27	2.05	0.77
Operating Cash Flow Growth	371.29%	96.68%	3.56%	157.48%	166.44%	-
Capital Expenditures	-18.08	-17.74	-3.69	-5.43	-4.65	-9.37
Cash Acquisitions	-	-	-	-	1.21	-
Investment in Securities	-	-	-	-	1.55	-
Other Investing Activities	-56.06	-56.06	0.54	0.1	-0.75	0.01
Investing Cash Flow	-74.15	-73.81	-3.16	-5.33	-2.64	-9.35
Long-Term Debt Issued	-	16.7	-	-	-	-
Total Debt Issued	16.7	16.7	-	-	-	-
Long-Term Debt Repaid	-	-10	-	-	-	-
Total Debt Repaid	-16.7	-10	-	-	-	-
Net Debt Issued (Repaid)	-	6.7	-	-	-	-
Issuance of Common Stock	64.16	63.25	-	8.35	0.53	13.4
Repurchase of Common Stock	-	-	-	-	-0.45	-1.78
Common Dividends Paid	-2.95	-2.71	-2.27	-2.01	-0.45	-
Other Financing Activities	-5.19	-4.81	-0.6	-1.09	-0.03	-0.98
Financing Cash Flow	56.02	62.43	-2.87	5.25	-0.4	10.64
Foreign Exchange Rate Adjustments	-0.04	-0.04	-0.03	-0.02	0.1	-0.15
Net Cash Flow	6.74	-0.68	-0.59	5.17	-0.89	1.91
Free Cash Flow	6.83	-7.01	1.77	-0.16	-2.6	-8.6
Free Cash Flow Margin	22.78%	-42.14%	15.98%	-1.29%	-30.57%	-235.45%
Free Cash Flow Per Share	0.11	-0.12	0.04	-0.00	-0.06	-0.23
Cash Interest Paid	0.56	0.48	0.07	-	-	-
Levered Free Cash Flow	17.47	-2.41	2.97	-0.13	-1.91	-7.68
Unlevered Free Cash Flow	17.85	-2.09	3.02	-0.13	-1.91	-7.68
Change in Working Capital	1.03	0.57	0.75	-1.72	-0.92	1.81

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