
Badger Infrastructure Solutions Ltd
TSX:BDGI

Cash Flow Statement
Cash Flow Statement
Badger Infrastructure Solutions Ltd
Mar-2015 | Jun-2015 | Sep-2015 | Dec-2015 | Mar-2016 | Jun-2016 | Sep-2016 | Dec-2016 | Mar-2017 | Jun-2017 | Sep-2017 | Dec-2017 | Mar-2018 | Jun-2018 | Sep-2018 | Dec-2018 | Mar-2019 | Jun-2019 | Sep-2019 | Dec-2019 | Mar-2020 | Jun-2020 | Sep-2020 | Dec-2020 | Mar-2021 | Jun-2021 | Sep-2021 | Dec-2021 | Mar-2022 | Jun-2022 | Sep-2022 | Dec-2022 | Mar-2023 | Jun-2023 | Sep-2023 | Dec-2023 | Mar-2024 | Jun-2024 | Sep-2024 | Dec-2024 | Mar-2025 | ||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | ||||||||||||||||||||||||||||||||||||||||||
Net Income |
59
|
34
|
35
|
39
|
31
|
47
|
42
|
29
|
29
|
38
|
42
|
66
|
70
|
66
|
76
|
68
|
66
|
67
|
67
|
60
|
59
|
49
|
39
|
25
|
5
|
4
|
(2)
|
(8)
|
1
|
5
|
10
|
18
|
26
|
33
|
41
|
42
|
41
|
42
|
42
|
48
|
49
|
|
Depreciation & Amortization |
38
|
40
|
42
|
44
|
44
|
44
|
44
|
43
|
43
|
44
|
44
|
46
|
46
|
47
|
49
|
49
|
52
|
55
|
58
|
64
|
67
|
70
|
73
|
73
|
73
|
64
|
60
|
57
|
49
|
53
|
53
|
60
|
61
|
64
|
66
|
70
|
73
|
75
|
77
|
79
|
80
|
|
Change in Deffered Taxes |
6
|
8
|
0
|
(18)
|
(20)
|
(21)
|
(16)
|
1
|
1
|
0
|
2
|
(15)
|
(12)
|
(11)
|
(6)
|
17
|
16
|
19
|
19
|
14
|
18
|
11
|
5
|
0
|
(7)
|
(5)
|
(1)
|
(1)
|
(0)
|
0
|
(5)
|
(1)
|
2
|
4
|
8
|
6
|
5
|
1
|
3
|
0
|
0
|
|
Other Non-Cash Items |
5
|
30
|
25
|
40
|
46
|
21
|
21
|
32
|
32
|
38
|
48
|
22
|
18
|
29
|
24
|
29
|
38
|
32
|
30
|
21
|
(0)
|
9
|
19
|
24
|
39
|
21
|
10
|
10
|
8
|
15
|
22
|
24
|
25
|
26
|
29
|
38
|
36
|
43
|
44
|
49
|
51
|
|
Cash Taxes Paid |
20
|
26
|
24
|
0
|
0
|
3
|
2
|
10
|
13
|
14
|
21
|
19
|
18
|
18
|
17
|
(2)
|
(5)
|
(6)
|
(4)
|
12
|
13
|
11
|
(2)
|
4
|
4
|
9
|
13
|
5
|
4
|
(1)
|
(11)
|
(6)
|
(6)
|
(3)
|
12
|
18
|
18
|
15
|
16
|
14
|
15
|
|
Cash Interest Paid |
8
|
6
|
7
|
0
|
0
|
5
|
5
|
5
|
7
|
5
|
5
|
5
|
5
|
5
|
5
|
5
|
5
|
5
|
7
|
7
|
8
|
9
|
8
|
8
|
6
|
5
|
4
|
4
|
3
|
5
|
6
|
8
|
9
|
11
|
12
|
13
|
14
|
15
|
14
|
14
|
15
|
|
Change in Working Capital |
(10)
|
(19)
|
(3)
|
(4)
|
(9)
|
(5)
|
(10)
|
(26)
|
(24)
|
(46)
|
(61)
|
(32)
|
(21)
|
(27)
|
(34)
|
(28)
|
(33)
|
(35)
|
(37)
|
(44)
|
(40)
|
1
|
14
|
17
|
40
|
12
|
(0)
|
(3)
|
(39)
|
(50)
|
(40)
|
(32)
|
(44)
|
(19)
|
(23)
|
(17)
|
(23)
|
(31)
|
(30)
|
(30)
|
(34)
|
|
Cash from Operating Activities |
97
N/A
|
94
-3%
|
99
+6%
|
100
+1%
|
93
-7%
|
86
-7%
|
81
-7%
|
79
-2%
|
81
+2%
|
74
-9%
|
75
+2%
|
87
+16%
|
102
+17%
|
104
+2%
|
110
+5%
|
134
+23%
|
138
+3%
|
139
+0%
|
138
0%
|
113
-18%
|
103
-9%
|
139
+35%
|
150
+7%
|
139
-7%
|
149
+7%
|
97
-35%
|
66
-31%
|
55
-18%
|
19
-65%
|
23
+21%
|
41
+75%
|
68
+67%
|
70
+2%
|
108
+54%
|
121
+12%
|
133
+10%
|
133
0%
|
130
-2%
|
136
+5%
|
146
+7%
|
146
0%
|
|
Investing Cash Flow | ||||||||||||||||||||||||||||||||||||||||||
Capital Expenditures |
(95)
|
(74)
|
(58)
|
(39)
|
(21)
|
(23)
|
(23)
|
(24)
|
(37)
|
(52)
|
(68)
|
(84)
|
(89)
|
(92)
|
(93)
|
(95)
|
(97)
|
(98)
|
(118)
|
(128)
|
(124)
|
(105)
|
(79)
|
(61)
|
(51)
|
(50)
|
(46)
|
(44)
|
(32)
|
(47)
|
(50)
|
(67)
|
(77)
|
(98)
|
(112)
|
(112)
|
(128)
|
(116)
|
(113)
|
(102)
|
(98)
|
|
Other Items |
(1)
|
(1)
|
(1)
|
(1)
|
1
|
1
|
2
|
1
|
3
|
5
|
3
|
2
|
1
|
3
|
(2)
|
1
|
1
|
(4)
|
(2)
|
1
|
5
|
(2)
|
(0)
|
(2)
|
(5)
|
4
|
6
|
1
|
2
|
5
|
4
|
7
|
6
|
5
|
5
|
5
|
6
|
2
|
5
|
3
|
3
|
|
Cash from Investing Activities |
(95)
N/A
|
(74)
+22%
|
(58)
+21%
|
(40)
+32%
|
(21)
+48%
|
(23)
-12%
|
(21)
+8%
|
(22)
-4%
|
(34)
-54%
|
(48)
-40%
|
(65)
-37%
|
(82)
-26%
|
(88)
-8%
|
(89)
-1%
|
(95)
-7%
|
(93)
+2%
|
(96)
-3%
|
(103)
-7%
|
(120)
-17%
|
(126)
-5%
|
(120)
+5%
|
(107)
+11%
|
(79)
+26%
|
(63)
+20%
|
(56)
+11%
|
(46)
+18%
|
(40)
+13%
|
(44)
-9%
|
(30)
+31%
|
(41)
-38%
|
(45)
-9%
|
(60)
-32%
|
(72)
-19%
|
(94)
-31%
|
(107)
-14%
|
(107)
+0%
|
(123)
-15%
|
(114)
+7%
|
(108)
+6%
|
(99)
+8%
|
(95)
+5%
|
|
Financing Cash Flow | ||||||||||||||||||||||||||||||||||||||||||
Net Issuance of Common Stock |
0
|
2
|
2
|
2
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(20)
|
(41)
|
(48)
|
(74)
|
(62)
|
(43)
|
(36)
|
(10)
|
(2)
|
0
|
(5)
|
(11)
|
(11)
|
0
|
(5)
|
1
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(1)
|
(6)
|
(14)
|
|
Net Issuance of Debt |
23
|
(6)
|
(33)
|
(37)
|
0
|
(9)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
7
|
19
|
68
|
62
|
144
|
36
|
(25)
|
(38)
|
(146)
|
(32)
|
(6)
|
12
|
28
|
35
|
28
|
15
|
29
|
11
|
12
|
8
|
26
|
14
|
4
|
(3)
|
(13)
|
|
Cash Paid for Dividends |
(13)
|
(13)
|
(13)
|
(13)
|
(13)
|
(14)
|
(14)
|
(14)
|
(15)
|
(15)
|
(15)
|
(15)
|
(16)
|
(17)
|
(18)
|
(19)
|
(20)
|
(20)
|
(20)
|
(20)
|
(20)
|
(20)
|
(20)
|
(21)
|
(21)
|
(19)
|
(18)
|
(17)
|
(12)
|
(13)
|
(13)
|
(15)
|
(17)
|
(17)
|
(17)
|
(18)
|
(18)
|
(18)
|
(18)
|
(18)
|
(18)
|
|
Other |
(1)
|
(0)
|
(1)
|
(6)
|
(7)
|
(6)
|
(6)
|
(5)
|
(5)
|
(7)
|
(9)
|
(5)
|
(5)
|
(5)
|
(5)
|
(3)
|
(3)
|
(3)
|
(4)
|
(6)
|
(7)
|
(9)
|
(7)
|
(7)
|
(6)
|
(4)
|
(4)
|
(4)
|
(3)
|
(4)
|
(5)
|
(7)
|
(8)
|
(10)
|
(11)
|
(13)
|
(13)
|
(14)
|
(14)
|
(14)
|
(15)
|
|
Cash from Financing Activities |
9
N/A
|
(18)
N/A
|
(45)
-150%
|
(55)
-21%
|
(54)
+1%
|
(29)
+47%
|
(20)
+30%
|
(19)
+4%
|
(19)
-1%
|
(22)
-13%
|
(24)
-7%
|
(20)
+14%
|
(21)
-2%
|
(22)
-5%
|
(23)
-5%
|
(42)
-83%
|
(58)
-38%
|
(52)
+10%
|
(30)
+42%
|
(26)
+15%
|
74
N/A
|
(29)
N/A
|
(63)
-119%
|
(67)
-8%
|
(173)
-157%
|
(61)
+65%
|
(39)
+35%
|
(20)
+48%
|
3
N/A
|
13
+288%
|
10
-17%
|
(7)
N/A
|
3
N/A
|
(17)
N/A
|
(16)
+2%
|
(23)
-41%
|
(5)
+78%
|
(18)
-257%
|
(29)
-62%
|
(41)
-41%
|
(59)
-44%
|
|
Change in Cash | ||||||||||||||||||||||||||||||||||||||||||
Effect of Foreign Exchange Rates |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(0)
|
(1)
|
(2)
|
(1)
|
(0)
|
(0)
|
3
|
1
|
0
|
0
|
(1)
|
2
|
1
|
(0)
|
(1)
|
(3)
|
(1)
|
(1)
|
(0)
|
0
|
(0)
|
0
|
0
|
(0)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Net Change in Cash |
11
N/A
|
2
-82%
|
(4)
N/A
|
6
N/A
|
19
+214%
|
35
+90%
|
40
+13%
|
38
-4%
|
28
-27%
|
4
-85%
|
(14)
N/A
|
(17)
-22%
|
(8)
+52%
|
(7)
+13%
|
(9)
-23%
|
2
N/A
|
(14)
N/A
|
(15)
-9%
|
(12)
+25%
|
(40)
-243%
|
60
N/A
|
4
-93%
|
8
+90%
|
9
+6%
|
(83)
N/A
|
(12)
+86%
|
(14)
-21%
|
(9)
+32%
|
(7)
+23%
|
(6)
+23%
|
6
N/A
|
1
-79%
|
1
+15%
|
(2)
N/A
|
(3)
-27%
|
3
N/A
|
5
+61%
|
(2)
N/A
|
(0)
+78%
|
6
N/A
|
(7)
N/A
|
|
Free Cash Flow | ||||||||||||||||||||||||||||||||||||||||||
Free Cash Flow |
2
N/A
|
20
+787%
|
42
+105%
|
61
+46%
|
72
+17%
|
63
-12%
|
57
-9%
|
56
-3%
|
44
-21%
|
22
-50%
|
8
-65%
|
4
-50%
|
13
+242%
|
12
-9%
|
16
+38%
|
40
+144%
|
42
+5%
|
40
-3%
|
20
-50%
|
(14)
N/A
|
(21)
-50%
|
35
N/A
|
71
+104%
|
78
+11%
|
98
+25%
|
47
-52%
|
21
-56%
|
10
-50%
|
(13)
N/A
|
(23)
-79%
|
(9)
+62%
|
2
N/A
|
(7)
N/A
|
10
N/A
|
9
-12%
|
21
+140%
|
4
-79%
|
14
+227%
|
24
+63%
|
44
+86%
|
49
+11%
|