NETSTARS Cash Flow Statement

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

Millions JPY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-31	-343	-	-
Depreciation & Amortization	224	206	-	-
Other Operating Activities	66	-4	-	-
Change in Accounts Receivable	187	-15	-	-
Change in Inventory	-56	27	-	-
Change in Accounts Payable	-63	-141	-	-
Change in Other Net Operating Assets	7,183	6,280	-	-
Operating Cash Flow	7,510	6,010	-	-
Operating Cash Flow Growth	24.96%	-	-	-
Capital Expenditures	-4	-16	-	-
Cash Acquisitions	-15	-	-	-
Sale (Purchase) of Intangibles	-144	-166	-	-
Investment in Securities	-34	-	-	-
Other Investing Activities	-3	-5	-	-
Investing Cash Flow	-200	-187	-	-
Issuance of Common Stock	10	933	-	-
Other Financing Activities	-1	-	-	-
Financing Cash Flow	9	933	-	-
Foreign Exchange Rate Adjustments	33	18	-	-
Miscellaneous Cash Flow Adjustments	1	1	-	-
Net Cash Flow	7,353	6,775	-	-
Free Cash Flow	7,506	5,994	-	-
Free Cash Flow Growth	25.22%	-	-	-
Free Cash Flow Margin	192.36%	161.13%	-	-
Free Cash Flow Per Share	449.86	370.81	-	-
Cash Income Tax Paid	4	3	-	-
Levered Free Cash Flow	7,330	5,941	-	-
Unlevered Free Cash Flow	7,330	5,941	-	-
Change in Working Capital	7,251	6,151	-	-

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