Value Creation Cash Flow Statement

Financials in millions JPY. Fiscal year is March - February.

Millions JPY. Fiscal year is Mar - Feb.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2021
Period Ending	Aug '25 Aug 31, 2025	Feb '25 Feb 28, 2025	Feb '24 Feb 29, 2024	Feb '21 Feb 28, 2021
Net Income	166.78	86.37	114.36	-
Depreciation & Amortization	24.03	18.8	10.96	-
Other Amortization	-	-	1.08	-
Other Operating Activities	-63.65	-46.12	19.43	-
Change in Accounts Receivable	-629.87	-493.58	124.29	-
Change in Accounts Payable	1,114	638.55	53.63	-
Change in Other Net Operating Assets	-8.57	26.74	2.87	-
Operating Cash Flow	602.41	230.76	326.63	-
Operating Cash Flow Growth	84.43%	-29.35%	-	-
Capital Expenditures	-4.54	-94.82	-3.43	-
Cash Acquisitions	-212.9	-32.9	-	-
Sale (Purchase) of Intangibles	-	-	-27.27	-
Investment in Securities	-100	-150	-	-
Other Investing Activities	-13.59	20.63	-56.77	-
Investing Cash Flow	-331.04	-257.09	-87.47	-
Long-Term Debt Issued	-	230	250	-
Short-Term Debt Repaid	-	-	-20.84	-
Long-Term Debt Repaid	-	-263.25	-324	-
Total Debt Repaid	-428.15	-263.25	-344.83	-
Net Debt Issued (Repaid)	93.48	-33.25	-94.83	-
Issuance of Common Stock	-	-	246.6	-
Common Dividends Paid	-14.95	-13.8	-	-
Other Financing Activities	-0	-	-11.76	-
Financing Cash Flow	78.52	-47.05	140.01	-
Net Cash Flow	349.9	-73.38	379.16	-
Free Cash Flow	597.86	135.94	323.2	-
Free Cash Flow Growth	84.98%	-57.94%	-	-
Free Cash Flow Margin	17.25%	3.96%	10.96%	-
Free Cash Flow Per Share	234.30	53.31	138.32	-
Cash Interest Paid	11	10.14	10.74	-
Cash Income Tax Paid	44.53	70.68	45.82	-
Levered Free Cash Flow	-	121.99	-	-
Unlevered Free Cash Flow	-	128.33	-	-
Change in Working Capital	475.25	171.71	180.8	-

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