TMH Inc. Cash Flow Statement

Financials in millions JPY. Fiscal year is December - November.

Millions JPY. Fiscal year is Dec - Nov.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Nov '25 Nov 30, 2025	Nov '24 Nov 30, 2024	Nov '23 Nov 30, 2023	Nov '22 Nov 30, 2022
Net Income	338	272.5	116.58	216.7
Depreciation & Amortization	10	9.66	6.56	13.55
Other Amortization	-	-	0.43	-
Asset Writedown & Restructuring Costs	-	-	-	28.62
Provision & Write-off of Bad Debts	-	-	-8.15	1.33
Other Operating Activities	-91	74.03	-73.33	-280.37
Change in Accounts Receivable	-151	-4.46	94.26	-30.66
Change in Inventory	-428	-212.62	-119.94	-36.56
Change in Accounts Payable	-376	426.38	35.02	163.98
Change in Unearned Revenue	-	1,243	-1,249	1,548
Change in Other Net Operating Assets	-1,671	-262.5	112.27	-219.18
Operating Cash Flow	-2,369	1,546	-1,086	1,406
Capital Expenditures	-6	-126.56	-18.59	-4.03
Sale (Purchase) of Intangibles	-16	-6.46	-7.3	-26.31
Investment in Securities	28	-30	-	-
Other Investing Activities	-6	0.01	2.74	-1.11
Investing Cash Flow	-	-163.01	-23.15	-31.45
Short-Term Debt Issued	200	-	-	-
Long-Term Debt Issued	-	130	-	-
Total Debt Issued	200	130	-	-
Long-Term Debt Repaid	-123	-34.64	-22.24	-16.93
Net Debt Issued (Repaid)	77	95.36	-22.24	-16.93
Issuance of Common Stock	395	-	23.88	69.92
Other Financing Activities	-	-	-0	-0
Financing Cash Flow	472	95.36	1.64	52.99
Foreign Exchange Rate Adjustments	-1	-20.85	66.14	292.27
Miscellaneous Cash Flow Adjustments	-	-0	-0	0
Net Cash Flow	-1,898	1,458	-1,041	1,720
Free Cash Flow	-2,375	1,420	-1,104	1,402
Free Cash Flow Margin	-27.53%	23.59%	-63.20%	82.52%
Free Cash Flow Per Share	-629.88	421.76	-330.47	423.07
Cash Interest Paid	2	4.3	3.11	0.81
Cash Income Tax Paid	91	1.18	1.2	-1.19
Levered Free Cash Flow	-2,422	1,346	-1,246	-
Unlevered Free Cash Flow	-2,421	1,348	-1,244	-
Change in Working Capital	-2,626	1,190	-1,128	1,426

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