ELEMENTS Cash Flow Statement

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

Millions JPY. Fiscal year is Dec - Nov.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	May '25 May 31, 2025	Nov '24 Nov 30, 2024	Nov '23 Nov 30, 2023	Nov '22 Nov 30, 2022	Nov '21 Nov 30, 2021	Nov '20 Nov 30, 2020
Net Income	-793	-27	-368	-672	-	-
Depreciation & Amortization	291	221	15	8	-	-
Loss (Gain) From Sale of Investments	-	-	5	6	-	-
Loss (Gain) on Equity Investments	17	25	28	-4	-	-
Other Operating Activities	-83	-126	-3	9	-	-
Change in Accounts Receivable	-270	46	-204	27	-	-
Change in Inventory	15	-2	2	-	-	-
Change in Accounts Payable	255	44	13	15	-	-
Change in Other Net Operating Assets	134	41	171	44	-	-
Operating Cash Flow	225	222	-341	-567	-	-
Capital Expenditures	-167	-238	-43	-10	-	-
Cash Acquisitions	-1,038	-362	-	-	-	-
Divestitures	-	-	-452	-	-	-
Sale (Purchase) of Intangibles	-354	-298	-120	-	-	-
Investment in Securities	200	50	-50	-	-	-
Other Investing Activities	-3	11	-19	-	-	-
Investing Cash Flow	-1,362	-837	-684	-10	-	-
Short-Term Debt Issued	-	-	15	284	-	-
Long-Term Debt Issued	-	575	936	170	-	-
Total Debt Issued	315	575	951	454	-	-
Short-Term Debt Repaid	-	-499	-	-	-	-
Long-Term Debt Repaid	-	-65	-2	-84	-	-
Total Debt Repaid	82	-564	-2	-84	-	-
Net Debt Issued (Repaid)	397	11	949	370	-	-
Issuance of Common Stock	378	389	659	-	-	-
Other Financing Activities	80	219	96	-	-	-
Financing Cash Flow	855	619	1,704	370	-	-
Miscellaneous Cash Flow Adjustments	-	-	-1	-33	-	-
Net Cash Flow	-282	4	678	-240	-	-
Free Cash Flow	58	-16	-384	-577	-	-
Free Cash Flow Margin	1.92%	-0.63%	-19.79%	-34.95%	-	-
Free Cash Flow Per Share	2.38	-0.68	-18.22	-40.56	-	-
Cash Interest Paid	30	25	18	12	-	-
Cash Income Tax Paid	85	127	1	1	-	-
Levered Free Cash Flow	-94.75	-238.63	-526.38	-360.75	-	-
Unlevered Free Cash Flow	-76	-223	-517.63	-354.5	-	-
Change in Working Capital	134	129	-18	86	-	-

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