System Research Cash Flow Statement

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

Millions JPY. Fiscal year is Apr - Mar.

Fiscal Year	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Mar '26 Mar 31, 2026	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022
Net Income	2,611	3,073	2,676	2,152	2,113
Depreciation & Amortization	268.9	205	176	161	119
Loss (Gain) From Sale of Assets	-	-6	92	1	-
Asset Writedown & Restructuring Costs	45.62	-	-	-	-
Loss (Gain) From Sale of Investments	-	-	-	-2	-
Other Operating Activities	-38.93	-787	-749	-701	-494
Change in Accounts Receivable	-905.02	-701	-150	-454	-589
Change in Inventory	-49.09	-	1	-2	2
Change in Accounts Payable	409.75	110	72	65	205
Change in Other Net Operating Assets	160.55	162	340	576	-69
Operating Cash Flow	2,503	2,056	2,458	1,796	1,287
Operating Cash Flow Growth	21.73%	-16.36%	36.86%	39.55%	18.51%
Capital Expenditures	-819.94	-1,085	-869	-211	-6
Sale of Property, Plant & Equipment	-	50	-	-	-
Cash Acquisitions	-	-	-	-	-197
Sale (Purchase) of Intangibles	-122.38	-109	-87	-79	-51
Investment in Securities	-	5	30	17	-
Other Investing Activities	-0	-	-	-	-
Investing Cash Flow	-942.32	-1,139	-926	-273	-254
Short-Term Debt Issued	440	880	880	880	880
Long-Term Debt Issued	450	750	900	900	900
Total Debt Issued	890	1,630	1,780	1,780	1,780
Short-Term Debt Repaid	-440	-880	-880	-880	-880
Long-Term Debt Repaid	-790.26	-894	-862	-900	-925
Total Debt Repaid	-1,230	-1,774	-1,742	-1,780	-1,805
Net Debt Issued (Repaid)	-340.26	-144	38	-	-25
Repurchase of Common Stock	-0.07	-222	-	-	-
Common Dividends Paid	-993.94	-668	-585	-501	-501
Other Financing Activities	-	-1	1	-	-
Financing Cash Flow	-1,334	-1,035	-546	-501	-526
Miscellaneous Cash Flow Adjustments	-0	1	-1	-1	-2
Net Cash Flow	226.15	-117	985	1,021	505
Free Cash Flow	1,683	971	1,589	1,585	1,281
Free Cash Flow Growth	73.31%	-38.89%	0.25%	23.73%	27.08%
Free Cash Flow Margin	5.79%	3.74%	6.81%	7.35%	6.96%
Free Cash Flow Per Share	101.51	58.53	95.06	94.82	76.63
Cash Interest Paid	11.82	10	8	7	7
Cash Income Tax Paid	933.76	788	751	703	495
Levered Free Cash Flow	1,141	357.5	1,311	1,303	1,306
Unlevered Free Cash Flow	1,148	363.75	1,316	1,308	1,311
Change in Working Capital	-383.81	-429	263	185	-451

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