Nulab Cash Flow Statement

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

Millions JPY. Fiscal year is Apr - Mar.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep '25 Sep 30, 2025	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	497	649	323	86	-	-
Depreciation & Amortization	104	103	100	92	-	-
Other Operating Activities	-145	-93	-9	-30	-	-
Change in Accounts Receivable	-13	-4	-5	-41	-	-
Change in Accounts Payable	58	-55	25	105	-	-
Change in Other Net Operating Assets	132	149	377	85	-	-
Operating Cash Flow	633	749	811	297	-	-
Operating Cash Flow Growth	-7.99%	-7.65%	173.06%	-	-	-
Capital Expenditures	-26	-24	-27	-20	-	-
Sale (Purchase) of Intangibles	-236	-104	-90	-107	-	-
Other Investing Activities	-21	-	7	-3	-	-
Investing Cash Flow	-283	-128	-110	-130	-	-
Long-Term Debt Repaid	-	-3	-8	-44	-	-
Net Debt Issued (Repaid)	197	-3	-8	-44	-	-
Issuance of Common Stock	-	2	25	462	-	-
Other Financing Activities	-	-	-1	-1	-	-
Financing Cash Flow	197	-1	16	417	-	-
Foreign Exchange Rate Adjustments	-26	29	21	30	-	-
Miscellaneous Cash Flow Adjustments	-2	-1	1	-	-	-
Net Cash Flow	519	648	739	614	-	-
Free Cash Flow	607	725	784	277	-	-
Free Cash Flow Growth	-8.31%	-7.53%	183.03%	-	-	-
Free Cash Flow Margin	14.30%	17.63%	21.41%	10.24%	-	-
Free Cash Flow Per Share	93.33	111.40	119.92	43.78	-	-
Cash Income Tax Paid	145	94	9	32	-	-
Levered Free Cash Flow	300	531.63	613.5	177.13	-	-
Unlevered Free Cash Flow	300	531.63	613.5	177.13	-	-
Change in Working Capital	177	90	397	149	-	-

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