NI Holdings Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	2.59	-6.06	-5.48	-53.1	8.42	40.39
Depreciation & Amortization	0.67	0.68	0.73	0.65	1.17	1.18
Other Amortization	64.16	71.26	67.63	53.61	64.57	56.22
Gain (Loss) on Sale of Assets	-0.01	-0.06	-0.05	-0.16	0.03	0.01
Gain (Loss) on Sale of Investments	-0.36	-1.61	-1	13.41	-13.4	-12.16
Stock-Based Compensation	1.11	0.6	1.69	0.34	2.87	2.67
Change in Accounts Receivable	9.24	3.25	-8.81	-9.45	-2.93	-3.33
Reinsurance Recoverable	-7.12	-8.25	1.7	4.83	-12.07	-4.73
Change in Unearned Revenue	-14.42	0.4	15.17	15.24	8.43	13.48
Change in Income Taxes	-0.66	-7.16	14.11	-13.28	-1.12	-0.75
Change in Insurance Reserves / Liabilities	-1.69	18.1	4.89	6.3	33.91	3.93
Change in Other Net Operating Assets	-2.72	4.12	-3.84	-12.04	6.24	12.55
Other Operating Activities	-60.22	-39.38	-35.71	-21.64	-66.95	-58.45
Operating Cash Flow	-6.79	18.08	23.45	-21.81	29.17	51.01
Operating Cash Flow Growth	-	-22.93%	-	-	-42.82%	98.75%
Capital Expenditures	-0.43	-0.99	-0.66	-0.88	-0.74	-0.62
Sale of Property, Plant & Equipment	0.09	0.28	0.15	0.65	0.04	0.07
Cash Acquisitions	-	-	-	-	-	-0.7
Investment in Securities	-6.1	-19.17	4.85	39.69	-47.46	1.45
Other Investing Activities	0.19	3.07	-13.15	-14.41	-	-
Investing Cash Flow	-6.25	-4.54	-8.81	25.05	-48.15	0.2
Total Debt Repaid	-0.11	-0.1	-0.02	-	-	-
Net Debt Issued (Repaid)	-0.11	-0.1	-0.02	-	-	-
Repurchases of Common Stock	-1.16	-	-7.28	-4.18	-4.32	-12.23
Other Financing Activities	-0.16	-3.54	-0.17	-14.1	-7.16	-0.03
Financing Cash Flow	-1.42	-3.64	-7.47	-18.28	-11.47	-12.27
Net Cash Flow	-14.45	9.89	7.18	-15.04	-30.45	38.95
Free Cash Flow	-7.22	17.09	22.79	-22.69	28.43	50.39
Free Cash Flow Growth	-	-25.04%	-	-	-43.59%	106.75%
Free Cash Flow Margin	-2.42%	5.25%	7.50%	-8.47%	8.77%	16.45%
Free Cash Flow Per Share	-0.34	0.81	1.07	-1.06	1.31	2.30
Cash Income Tax Paid	4.11	2.85	-11.1	2.18	4.45	11.59
Levered Free Cash Flow	53.42	109.45	15.5	43.05	105.73	130.33
Unlevered Free Cash Flow	53.42	109.45	15.5	43.05	105.73	130.33
Change in Working Capital	-17.36	10.45	23.22	-8.41	32.46	21.15

Source: S&P Global Market Intelligence. Insurance template. Financial Sources.