kubell Cash Flow Statement

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

Millions JPY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	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	215.05	-1,218	-904	-714	-844
Depreciation & Amortization	555.24	459	496	176	122
Other Amortization	0.87	-	-	-	-
Loss (Gain) From Sale of Assets	4.14	1,251	194	-	133
Loss (Gain) From Sale of Investments	-3.79	44	24	-	-
Stock-Based Compensation	162.85	-	-	-	-
Other Operating Activities	20.18	-3	-4	-2	-32
Change in Accounts Receivable	-102.42	77	-70	4	-114
Change in Inventory	-2.07	3	2	-	-
Change in Accounts Payable	-100.5	225	32	-1	215
Change in Unearned Revenue	242.96	-	-	-	-
Change in Income Taxes	-4.74	-	-	-	-
Change in Other Net Operating Assets	-49.92	638	699	254	45
Operating Cash Flow	937.86	1,476	469	-283	-475
Operating Cash Flow Growth	-36.46%	214.71%	-	-	-
Capital Expenditures	-41	-10	-1	-12	-4
Sale of Property, Plant & Equipment	-	2	-	1	-
Cash Acquisitions	-95	-	-580	-	-453
Sale (Purchase) of Intangibles	-438.71	-579	-479	-395	-304
Investment in Securities	23.26	-46	-380	-109	-55
Other Investing Activities	-34.37	-17	16	28	-24
Investing Cash Flow	-585.82	-650	-1,454	-517	-840
Long-Term Debt Issued	500	50	300	500	510
Short-Term Debt Repaid	-	-1	-3	-	-
Long-Term Debt Repaid	-731.32	-264	-196	-102	-43
Total Debt Repaid	-731.32	-265	-199	-102	-43
Net Debt Issued (Repaid)	-231.32	-215	101	398	467
Issuance of Common Stock	75.5	200	135	53	2,146
Other Financing Activities	-0.87	1	-	-1	55
Financing Cash Flow	-156.69	-14	236	450	2,668
Foreign Exchange Rate Adjustments	-3.04	-1	-	-	-
Miscellaneous Cash Flow Adjustments	-0	-1	2	1	-1
Net Cash Flow	192.31	810	-747	-349	1,352
Free Cash Flow	896.86	1,466	468	-295	-479
Free Cash Flow Growth	-38.82%	213.25%	-	-	-
Free Cash Flow Margin	9.41%	17.31%	7.22%	-6.42%	-14.21%
Free Cash Flow Per Share	21.07	35.75	11.65	-7.44	-12.88
Cash Interest Paid	21.18	17	15	6	2
Cash Income Tax Paid	271.04	5	6	4	34
Levered Free Cash Flow	578.89	756.38	190.88	-543.13	-
Unlevered Free Cash Flow	591.38	767.63	200.88	-539.38	-
Change in Working Capital	-16.69	943	663	257	146

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