ATA Creativity Global Cash Flow Statement

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

Millions CNY. 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	-48.05	-36.1	-33.71	-48.59	-36.41
Depreciation & Amortization	21.5	24.23	21.98	22.59	23.03
Stock-Based Compensation	0.57	2.81	3.07	1.46	1.04
Other Adjustments	20.19	-6.02	-6.82	-7.36	-28.87
Change in Receivables	2.41	-0.48	3.62	-4.91	1.25
Changes in Accrued Expenses	-0.54	7.4	-7.14	10.88	4.53
Changes in Income Taxes Payable	-	-0	-0.01	-0.01	-0.09
Changes in Unearned Revenue	-8.25	28.11	33.42	18.87	6.8
Changes in Other Operating Activities	-3.68	-23.29	-5.66	-7.54	-3.11
Operating Cash Flow	-15.84	-3.35	8.75	-14.61	-31.83
Capital Expenditures	-1.28	-20.02	-2.24	-1.62	-4.45
Sale of Property, Plant & Equipment	0.05	0.06	0.01	0.01	0.02
Payments for Business Acquisitions	-	-0.2	-1.44	-0.31	-4.64
Proceeds from Business Divestments	49.93	-0.09	-	-0.17	-0.83
Other Investing Activities	-	-	-0.3	-0.4	-0.13
Investing Cash Flow	48.71	-20.26	-3.97	-2.49	-10.03
Short-Term Debt Issued	-	-	-	-	2.71
Short-Term Debt Repaid	-	-	-	-	-2
Net Short-Term Debt Issued (Repaid)	-	-	-	-	0.71
Long-Term Debt Issued	37.06	-	-	-	-
Long-Term Debt Repaid	-21.03	-	-	-	-
Net Long-Term Debt Issued (Repaid)	16.03	-	-	-	-
Issuance of Common Stock	0.37	-	0.47	0.22	0.23
Net Common Stock Issued (Repurchased)	0.37	-	0.47	0.22	0.23
Other Financing Activities	-0.06	-0.09	-0.07	-0.03	-0.11
Financing Cash Flow	16.34	-0.09	0.4	0.19	0.83
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-0.5	0.05	-0	0.56	-0.35
Net Cash Flow	48.71	-23.64	5.19	-16.36	-41.38
Free Cash Flow	-17.12	-23.37	6.51	-16.23	-36.29
FCF Margin	-6.39%	-8.72%	2.94%	-7.85%	-17.94%
Free Cash Flow Per Share	-0.54	-0.74	0.21	-0.52	-1.16
Levered Free Cash Flow	-24.26	-19.68	6.69	-4.71	-6.23
Unlevered Free Cash Flow	-51.92	-20.14	5.83	-7.26	-36.99

Updated Jan 1, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

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