note inc. 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
Period Ending	Nov '25 Nov 30, 2025	Nov '24 Nov 30, 2024	Nov '23 Nov 30, 2023	Nov '22 Nov 30, 2022
Net Income	440.64	76	-414.84	-756.49
Depreciation & Amortization	6.84	9	12.8	19.55
Loss (Gain) From Sale of Assets	-0.28	-	-1.04	0.03
Asset Writedown & Restructuring Costs	-	-	-	11.28
Stock-Based Compensation	43.31	-	-	-
Other Operating Activities	-182.61	-3	36.35	-16.02
Change in Accounts Receivable	-72.5	-18	-41.44	-5.6
Change in Inventory	-0.95	-1	0.56	-0.03
Change in Accounts Payable	1.63	2	0.32	-7.61
Change in Unearned Revenue	48.44	-	34.93	17.13
Change in Other Net Operating Assets	108.77	160	25.79	77.63
Operating Cash Flow	393.29	225	-346.58	-660.12
Operating Cash Flow Growth	74.80%	-	-	-
Capital Expenditures	-	-1	-12.35	-22.98
Sale of Property, Plant & Equipment	0.28	1	1.22	-
Investment in Securities	-728.07	-	-	-
Other Investing Activities	-20.02	-9	-1.65	-0.47
Investing Cash Flow	-747.8	-9	-12.78	-23.45
Long-Term Debt Issued	700	-	-	-
Long-Term Debt Repaid	-97.5	-80	-	-
Net Debt Issued (Repaid)	602.5	-80	-	-
Issuance of Common Stock	642.31	41	158.93	2,000
Other Financing Activities	-	1	-	-
Financing Cash Flow	1,245	-38	158.93	2,000
Miscellaneous Cash Flow Adjustments	0	-1	-	-0
Net Cash Flow	890.3	177	-200.44	1,317
Free Cash Flow	393.29	224	-358.94	-683.1
Free Cash Flow Growth	75.58%	-	-	-
Free Cash Flow Margin	9.50%	6.76%	-12.93%	-29.48%
Free Cash Flow Per Share	23.00	14.35	-23.79	-47.96
Cash Interest Paid	7.28	-	0.76	0.98
Cash Income Tax Paid	4.92	2	2.7	2.7
Levered Free Cash Flow	-	153.07	-218.88	-
Unlevered Free Cash Flow	-	153.07	-218.41	-
Change in Working Capital	85.39	143	20.15	81.53

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