ATA Creativity Global (AACG)

ATA Creativity Global Cash Flow Statement

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

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	-36.1	-33.66	-47.89	-33.65
Depreciation & Amortization	24.23	21.98	22.59	23.03
Loss (Gain) From Sale of Assets	0.38	0	-1.31	-33.52
Loss (Gain) From Sale of Investments	-	-	-	6
Loss (Gain) on Equity Investments	-	-0	-	-
Stock-Based Compensation	2.81	3.07	1.46	1.04
Other Operating Activities	-6.4	-6.86	-6.75	-4.11
Change in Accounts Receivable	-0.48	3.62	-4.91	1.25
Change in Unearned Revenue	28.11	33.42	18.87	6.8
Change in Income Taxes	-0	-0.01	-0.01	-0.09
Change in Other Net Operating Assets	-15.89	-12.8	3.34	1.42
Operating Cash Flow	-3.35	8.75	-14.61	-31.83
Capital Expenditures	-20.02	-2.24	-1.62	-4.45
Sale of Property, Plant & Equipment	0.06	0.01	0.01	0.02
Cash Acquisitions	-0.2	-1.44	-0.31	-4.64
Divestitures	-0.09	-	-0.17	-0.83
Other Investing Activities	-	-0.3	-0.4	-0.13
Investing Cash Flow	-20.26	-3.97	-2.49	-10.03
Short-Term Debt Issued	-	-	-	2.71
Total Debt Issued	-	-	-	2.71
Short-Term Debt Repaid	-	-	-	-2
Total Debt Repaid	-	-	-	-2
Net Debt Issued (Repaid)	-	-	-	0.71
Issuance of Common Stock	-	0.47	0.22	0.23
Repurchase of Common Stock	-0.09	-0.07	-0.03	-0.11
Financing Cash Flow	-0.09	0.4	0.19	0.83
Foreign Exchange Rate Adjustments	0.05	-0	0.56	-0.35
Net Cash Flow	-23.64	5.19	-16.36	-41.38
Free Cash Flow	-23.37	6.51	-16.23	-36.29
Free Cash Flow Margin	-8.72%	2.94%	-7.85%	-17.94%
Free Cash Flow Per Share	-0.74	0.21	-0.52	-1.16
Cash Interest Paid	-	-	-	0.03
Cash Income Tax Paid	-0	0.02	0.03	0.15
Levered Free Cash Flow	-4.61	22.55	5.85	-18.21
Unlevered Free Cash Flow	-4.61	22.55	5.85	-18.21
Change in Working Capital	11.74	24.23	17.29	9.38

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

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