System Research Cash Flow Statement

Financials in millions JPY. Fiscal year is April - March.

Millions JPY. Fiscal year is Apr - Mar.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022	Mar '21 Mar 31, 2021
Net Income	3,073	2,676	2,152	2,113	1,589
Depreciation & Amortization	205	176	161	119	116
Loss (Gain) From Sale of Assets	-6	92	1	-	-
Loss (Gain) From Sale of Investments	-	-	-2	-	-
Other Operating Activities	-787	-749	-701	-494	-559
Change in Accounts Receivable	-701	-150	-454	-589	66
Change in Inventory	-	1	-2	2	3
Change in Accounts Payable	110	72	65	205	-46
Change in Other Net Operating Assets	162	340	576	-69	-83
Operating Cash Flow	2,056	2,458	1,796	1,287	1,086
Operating Cash Flow Growth	-16.36%	36.86%	39.55%	18.51%	-16.97%
Capital Expenditures	-1,085	-869	-211	-6	-78
Sale of Property, Plant & Equipment	50	-	-	-	-
Cash Acquisitions	-	-	-	-197	-
Sale (Purchase) of Intangibles	-109	-87	-79	-51	-66
Investment in Securities	5	30	17	-	-
Investing Cash Flow	-1,139	-926	-273	-254	-144
Short-Term Debt Issued	880	880	880	880	880
Long-Term Debt Issued	750	900	900	900	900
Total Debt Issued	1,630	1,780	1,780	1,780	1,780
Short-Term Debt Repaid	-880	-880	-880	-880	-880
Long-Term Debt Repaid	-894	-862	-900	-925	-948
Total Debt Repaid	-1,774	-1,742	-1,780	-1,805	-1,828
Net Debt Issued (Repaid)	-144	38	-	-25	-48
Repurchase of Common Stock	-222	-	-	-	-
Common Dividends Paid	-668	-585	-501	-501	-417
Other Financing Activities	-1	1	-	-	-1
Financing Cash Flow	-1,035	-546	-501	-526	-466
Miscellaneous Cash Flow Adjustments	1	-1	-1	-2	-
Net Cash Flow	-117	985	1,021	505	476
Free Cash Flow	971	1,589	1,585	1,281	1,008
Free Cash Flow Growth	-38.89%	0.25%	23.73%	27.08%	-20.32%
Free Cash Flow Margin	3.74%	6.81%	7.35%	6.96%	6.24%
Free Cash Flow Per Share	58.53	95.06	94.82	76.63	60.30
Cash Interest Paid	10	8	7	7	8
Cash Income Tax Paid	788	751	703	495	559
Levered Free Cash Flow	357.5	1,311	1,303	1,306	743.38
Unlevered Free Cash Flow	363.75	1,316	1,308	1,311	748.38
Change in Working Capital	-429	263	185	-451	-60

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