BOW 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
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022
Net Income	53.79	38.24	25.05	11.26
Depreciation & Amortization	-0.02	0.17	0.17	0.13
Other Amortization	1.85	3.7	2.1	0.6
Gain (Loss) on Sale of Investments	-1.3	-3.49	-2.85	-0.07
Stock-Based Compensation	7.24	4.1	0.68	0.37
Change in Accounts Receivable	-20.74	-24.86	-9.33	-1.95
Reinsurance Recoverable	-144.6	-115.68	-75.86	-49.59
Change in Unearned Revenue	105.74	102.15	112.96	89.87
Change in Income Taxes	-3.74	2.05	-2.58	1.09
Change in Insurance Reserves / Liabilities	373.08	325.67	224.14	159.1
Change in Other Net Operating Assets	-44.62	-37.76	-45.48	-26.22
Other Operating Activities	-1.33	-3.21	-3.79	-2.33
Operating Cash Flow	331.59	294.29	236.23	181.64
Operating Cash Flow Growth	12.68%	24.58%	30.05%	-
Capital Expenditures	-5.57	-3.11	-3.82	-3.97
Investment in Securities	-458.82	-322.77	-270.95	-183.49
Investing Cash Flow	-464.39	-325.88	-274.77	-187.46
Long-Term Debt Issued	150	-	-	-
Net Debt Issued (Repaid)	150	-	-	-
Issuance of Common Stock	-	133.82	77.66	24
Repurchases of Common Stock	-1.84	-	-	-
Common Dividends Paid	-	-	-	-25
Other Financing Activities	-3.65	0.06	-	-
Financing Cash Flow	144.52	133.89	77.66	-1
Miscellaneous Cash Flow Adjustments	-	-	0	-
Net Cash Flow	11.71	102.29	39.12	-6.81
Free Cash Flow	326.02	291.18	232.41	177.67
Free Cash Flow Growth	11.97%	25.29%	30.81%	-
Free Cash Flow Margin	59.10%	68.41%	82.01%	94.71%
Free Cash Flow Per Share	9.66	9.81	9.68	7.40
Cash Income Tax Paid	23.43	16.41	14.01	5.29
Levered Free Cash Flow	52.25	-145.13	70.29	-
Unlevered Free Cash Flow	53.51	-144.68	70.29	-
Change in Working Capital	271.37	254.77	214.86	171.7

Source: S&P Capital IQ. Insurance template. Financial Sources.