Studio City International Holdings Limited (MSC)

MSC Cash Flow Statement

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

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	-58.77	-96.73	-133.52	-326.45	-252.56
Depreciation & Amortization	208.7	201.75	166.1	122.26	122.91
Other Amortization	7.78	6.64	6.16	6.1	6.19
Loss (Gain) From Sale of Assets	0.73	0.88	0.54	0.13	0.17
Asset Writedown & Restructuring Costs	-	-	-	-	1.5
Provision & Write-off of Bad Debts	0.01	0.16	-0.58	0.48	-0.07
Other Operating Activities	-5.53	-8.11	-14.18	-34.86	-20.63
Change in Accounts Receivable	0.09	0.32	-2.03	-0.02	-0.09
Change in Inventory	17.11	8.43	-0.34	4.07	-1.79
Change in Accounts Payable	0.75	13.63	40.66	10.88	-6.02
Change in Other Net Operating Assets	39.46	62.92	-81.7	38.63	13.54
Operating Cash Flow	210.32	189.9	-18.89	-178.78	-136.84
Operating Cash Flow Growth	10.75%	-	-	-	-
Capital Expenditures	-61.97	-86.76	-156.82	-452.13	-400.37
Sale of Property, Plant & Equipment	7.55	9.6	0.81	0.01	1.69
Sale (Purchase) of Intangibles	-	-	-	-	-4.11
Investment in Securities	-	-	-	-1.28	-4.45
Other Investing Activities	-30.73	-31.31	-5.53	-	-
Investing Cash Flow	-85.15	-108.46	-161.54	-453.4	-407.24
Long-Term Debt Issued	170.33	-	-	350	758.19
Long-Term Debt Repaid	-313.44	-175.38	-100.37	-	-252.94
Net Debt Issued (Repaid)	-143.11	-175.38	-100.37	350	505.25
Issuance of Common Stock	-	-	-	299.16	-
Other Financing Activities	-	-7.89	-0.53	-6.05	-33.74
Financing Cash Flow	-143.11	-183.26	-100.9	643.11	471.51
Foreign Exchange Rate Adjustments	-0.29	1.42	-0.15	-0.71	-3.37
Net Cash Flow	-18.23	-100.41	-281.48	10.23	-75.94
Free Cash Flow	148.35	103.14	-175.72	-630.9	-537.21
Free Cash Flow Growth	43.83%	-	-	-	-
Free Cash Flow Margin	21.36%	16.14%	-39.44%	-5463.29%	-502.68%
Free Cash Flow Per Share	0.77	0.54	-0.91	-3.22	-5.80
Cash Interest Paid	127.74	134.95	113.42	87.89	84.14
Levered Free Cash Flow	157.57	113.68	-217.99	-541.85	-389.72
Unlevered Free Cash Flow	232.02	193.85	-139.87	-485.53	-334.33
Change in Working Capital	57.41	85.3	-43.41	53.56	5.64

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

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