Grid Dynamics Holdings, Inc.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $9.7M | $4.0M | $-1.8M | $-29.2M | $-7.7M | $-12.6M | $10.8M | $9.2M |
| Depreciation & Amortization | $19.7M | $14.2M | $8.9M | $6.6M | $5.0M | $2.7M | $2.3M | $1.3M |
| Depreciation | $12.2M | $9.2M | $5.2M | $4.2M | $3.1M | $2.6M | $2.2M | — |
| Amortization | $7.5M | $5.0M | $3.7M | $2.5M | $2.0M | $100.0K | $100.0K | $200.0K |
| Stock-Based Compensation | $30.3M | $34.2M | $35.5M | $61.0M | $33.0M | $20.0M | $2.4M | $1.8M |
| Net Cash from Operating Activities | $40.6M | $30.2M | $41.1M | $31.7M | $18.0M | $5.9M | $12.5M | $10.6M |
| Investing Activities | ||||||||
| Capital Expenditures | $15.3M | $11.8M | $7.9M | $6.1M | $4.7M | $2.3M | $2.8M | $3.1M |
| Business Acquisitions | $-198.0K | $43.1M | $17.8M | $9.3M | $30.7M | $16.1M | $0 | — |
| Net Cash from Investing Activities | $-15.1M | $-51.3M | $-26.0M | $-16.3M | $-35.4M | $-18.3M | $-2.8M | $-3.1M |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | $0 | $0 | $2.0M | — |
| Stock Repurchases | $2.0M | $0 | $0 | $0 | $0 | $123.9M | $0 | — |
| Net Cash from Financing Activities | $-19.9M | $101.2M | $-16.3M | $97.8M | $49.1M | $83.0M | $14.6M | — |
| Net Change in Cash | $6.9M | $77.9M | $498.0K | $112.4M | $31.6M | $70.6M | $24.3M | $7.5M |
| Free Cash Flow | $25.3M | $18.4M | $33.2M | $25.6M | $13.3M | $3.7M | $9.7M | $7.5M |