MIAX Cash Flow Statement

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

Millions USD. 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	-70.03	102.12	-20.89	57.55	-93.41
Depreciation & Amortization	29.38	23.37	21.03	20.28	21.06
Other Amortization	3.02	2.84	1.88	1.97	1.61
Loss (Gain) From Sale of Assets	2.05	-	-	-	-
Asset Writedown & Restructuring Costs	2.72	1.98	7.62	4.3	-
Loss (Gain) From Sale of Investments	-10.37	5.19	-0.88	4.82	-19.52
Stock-Based Compensation	57.57	43.63	30.03	22.32	18.11
Provision & Write-off of Bad Debts	0.05	0.04	0.01	0	0
Other Operating Activities	183.55	-59.4	8.38	-68.8	120.17
Change in Accounts Receivable	-4.52	-34.31	2.14	-1.87	-13.19
Change in Accounts Payable	-37.9	49.07	12.26	-6.6	11.6
Change in Unearned Revenue	1.21	-0.18	-0.72	-3.89	-5.3
Change in Other Net Operating Assets	11.11	-22.92	-110.05	91.53	-16.91
Operating Cash Flow	167.83	111.44	-49.2	121.63	24.23
Operating Cash Flow Growth	50.60%	-	-	401.99%	-79.87%
Capital Expenditures	-22.79	-26.74	-16.2	-10.95	-11.07
Cash Acquisitions	-56.46	-	-19.88	-24.25	-
Sale (Purchase) of Intangibles	-12.08	-12.27	-9.69	-9.09	-6.99
Investment in Securities	-10	-1.58	-18.37	-9.65	18.38
Investing Cash Flow	-101.33	-40.59	-64.14	-53.93	0.32
Long-Term Debt Issued	36.88	35.47	1.49	-	80.48
Long-Term Debt Repaid	-140.16	-57.47	-32.14	-17.54	-9.86
Net Debt Issued (Repaid)	-103.28	-21.99	-30.65	-17.54	70.62
Issuance of Common Stock	381.33	10.04	16.44	9.57	21.67
Repurchase of Common Stock	-21.83	-12.42	-3.31	-1.38	-
Other Financing Activities	-41.44	53.79	0.91	-	-0.18
Financing Cash Flow	214.77	29.41	-16.62	-9.35	92.11
Foreign Exchange Rate Adjustments	-0.09	-	-	-	-
Net Cash Flow	281.19	100.26	-129.96	58.35	116.66
Free Cash Flow	145.04	84.7	-65.4	110.68	13.16
Free Cash Flow Growth	71.24%	-	-	740.81%	-88.32%
Free Cash Flow Margin	10.63%	7.43%	-6.28%	13.87%	1.75%
Free Cash Flow Per Share	2.08	1.14	-1.16	1.47	0.28
Cash Interest Paid	9.83	12.62	16.84	18.57	15.52
Cash Income Tax Paid	1.21	-1.05	0.6	2.52	0.35
Levered Free Cash Flow	51.37	9.71	18.03	36.02	17.49
Unlevered Free Cash Flow	56.41	15.59	27.94	47.75	27.94
Change in Working Capital	-30.09	-8.34	-96.36	79.18	-23.79

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

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