Money Forward 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	FY 2021
Period Ending	Nov '25 Nov 30, 2025	Nov '24 Nov 30, 2024	Nov '23 Nov 30, 2023	Nov '22 Nov 30, 2022	Nov '21 Nov 30, 2021
Net Income	3,393	-5,642	-6,805	-9,615	-1,430
Depreciation & Amortization	5,030	3,551	2,429	1,564	867
Loss (Gain) From Sale of Assets	12	212	-	-	-
Loss (Gain) From Sale of Investments	-5,707	9	-	33	-2
Loss (Gain) on Equity Investments	928	307	70	922	-
Other Operating Activities	-2,472	-210	-90	-212	-50
Change in Accounts Receivable	-3,692	-2,215	-3,566	-2,731	-3,169
Change in Inventory	-65	-8	8	-	61
Change in Accounts Payable	1,509	976	3,373	3,759	220
Change in Other Net Operating Assets	2,560	-1,741	7,041	2,156	1,176
Operating Cash Flow	1,496	-4,761	2,460	-4,124	-2,327
Capital Expenditures	-779	-164	-633	-333	-204
Cash Acquisitions	-3,648	-465	-	-1,808	-
Divestitures	6,997	-80	-	-	-14
Sale (Purchase) of Intangibles	-8,318	-6,205	-4,748	-3,935	-2,129
Investment in Securities	-3,381	-2,324	-2,167	-8,151	-2,800
Other Investing Activities	-1,210	-267	100	-553	-52
Investing Cash Flow	-10,339	-9,505	-7,448	-14,780	-5,199
Short-Term Debt Issued	-	5,125	-	3,540	2,190
Long-Term Debt Issued	9,445	3,560	19,891	6,981	1,000
Total Debt Issued	9,445	8,685	19,891	10,521	3,190
Short-Term Debt Repaid	-5,234	-	-3,303	-	-
Long-Term Debt Repaid	-5,145	-3,613	-3,226	-2,455	-1,159
Total Debt Repaid	-10,379	-3,613	-6,529	-2,455	-1,159
Net Debt Issued (Repaid)	-934	5,072	13,362	8,066	2,031
Issuance of Common Stock	193	361	145	144	31,444
Other Financing Activities	5,311	14,913	3,955	864	1,322
Financing Cash Flow	4,570	20,346	17,462	9,074	34,797
Foreign Exchange Rate Adjustments	-5	313	36	118	29
Miscellaneous Cash Flow Adjustments	1	-	-1	1	-
Net Cash Flow	-4,277	6,393	12,509	-9,711	27,300
Free Cash Flow	717	-4,925	1,827	-4,457	-2,531
Free Cash Flow Margin	1.42%	-12.20%	6.01%	-20.75%	-16.19%
Free Cash Flow Per Share	12.91	-90.50	33.84	-83.22	-51.18
Cash Interest Paid	268	173	130	84	48
Cash Income Tax Paid	2,467	209	93	212	51
Levered Free Cash Flow	-1,599	-8,193	-2,171	-4,781	-4,323
Unlevered Free Cash Flow	-1,435	-8,085	-2,021	-4,729	-4,293
Change in Working Capital	312	-2,988	6,856	3,184	-1,712

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