Nulab 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	649	323	86	-	-
Depreciation & Amortization	103	100	92	-	-
Other Operating Activities	-93	-9	-30	-	-
Change in Accounts Receivable	-4	-5	-41	-	-
Change in Accounts Payable	-55	25	105	-	-
Change in Other Net Operating Assets	149	377	85	-	-
Operating Cash Flow	749	811	297	-	-
Operating Cash Flow Growth	-7.65%	173.06%	-	-	-
Capital Expenditures	-24	-27	-20	-	-
Sale (Purchase) of Intangibles	-104	-90	-107	-	-
Other Investing Activities	-	7	-3	-	-
Investing Cash Flow	-128	-110	-130	-	-
Long-Term Debt Repaid	-3	-8	-44	-	-
Net Debt Issued (Repaid)	-3	-8	-44	-	-
Issuance of Common Stock	2	25	462	-	-
Other Financing Activities	-	-1	-1	-	-
Financing Cash Flow	-1	16	417	-	-
Foreign Exchange Rate Adjustments	29	21	30	-	-
Miscellaneous Cash Flow Adjustments	-1	1	-	-	-
Net Cash Flow	648	739	614	-	-
Free Cash Flow	725	784	277	-	-
Free Cash Flow Growth	-7.53%	183.03%	-	-	-
Free Cash Flow Margin	17.63%	21.41%	10.24%	-	-
Free Cash Flow Per Share	111.40	119.92	43.78	-	-
Cash Income Tax Paid	94	9	32	-	-
Levered Free Cash Flow	531.63	613.5	177.13	-	-
Unlevered Free Cash Flow	531.63	613.5	177.13	-	-
Change in Working Capital	90	397	149	-	-

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.