Direct Marketing MiX Cash Flow Statement

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

Millions JPY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	1,345	1,391	1,179	5,730	4,642
Depreciation & Amortization	1,289	1,402	1,617	1,463	1,101
Loss (Gain) From Sale of Assets	3.83	16	134	24	-
Stock-Based Compensation	45.16	-	-	-	-
Other Operating Activities	182.62	-174	-1,567	-1,919	-1,512
Change in Accounts Receivable	-595.75	361	1,848	-731	-1,216
Change in Accounts Payable	583.97	-766	-1,832	369	776
Change in Other Net Operating Assets	-50.37	-229	232	180	348
Operating Cash Flow	2,803	2,001	1,611	5,116	4,139
Operating Cash Flow Growth	40.10%	24.21%	-68.51%	23.61%	1.20%
Capital Expenditures	-380.93	-124	-129	-428	-834
Cash Acquisitions	-1,481	-	-685	-	-
Sale (Purchase) of Intangibles	-	-3	-14	-7	-25
Investment in Securities	0.3	-20	-421	-145	-
Other Investing Activities	11.48	46	16	-73	-569
Investing Cash Flow	-1,850	-101	-1,234	-768	-1,428
Short-Term Debt Issued	-	-	1,000	-	-
Long-Term Debt Issued	5,475	1,000	800	-	6,300
Total Debt Issued	5,475	1,000	1,800	-	6,300
Long-Term Debt Repaid	-5,811	-963	-1,305	-773	-7,105
Net Debt Issued (Repaid)	-336.12	37	495	-773	-805
Issuance of Common Stock	-	3	16	338	399
Repurchase of Common Stock	-	-	-1,999	-	-
Common Dividends Paid	-208.57	-137	-798	-222	-100
Other Financing Activities	-53	-1,094	-1,241	-1,149	-830
Financing Cash Flow	-597.69	-1,191	-3,527	-1,806	-1,336
Miscellaneous Cash Flow Adjustments	-	-1	1	-1	-1
Net Cash Flow	355.55	708	-3,149	2,541	1,374
Free Cash Flow	2,422	1,877	1,482	4,688	3,305
Free Cash Flow Growth	29.06%	26.65%	-68.39%	41.85%	-12.08%
Free Cash Flow Margin	10.67%	8.96%	5.52%	13.52%	10.91%
Free Cash Flow Per Share	51.74	40.24	31.38	97.21	68.63
Cash Interest Paid	52.06	34	24	23	41
Cash Income Tax Paid	517.79	182	1,583	1,936	1,610
Levered Free Cash Flow	2,294	1,565	1,567	4,407	3,525
Unlevered Free Cash Flow	2,340	1,595	1,595	4,434	3,613
Change in Working Capital	-62.15	-634	248	-182	-92

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