Palomar Holdings Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	117.57	79.2	52.17	45.85
Depreciation & Amortization	1.71	1.7	1.52	1.44
Other Amortization	3.4	2.8	2.6	2.1
Gain (Loss) on Sale of Investments	-5.51	-2.95	9.37	1.15
Stock-Based Compensation	16.69	14.91	11.62	5.58
Change in Accounts Receivable	-43.75	-99.11	-74.85	-39.17
Reinsurance Recoverable	-118.37	-83.18	-36.3	-52.59
Change in Accounts Payable	29.18	15.67	5.43	-0.95
Change in Unearned Revenue	144.59	125.79	186.65	101.18
Change in Income Taxes	-7.26	7.26	-	-
Change in Insurance Reserves / Liabilities	161.11	110.86	58.05	44.33
Change in Other Net Operating Assets	-29.29	-88.11	-150.84	-22.87
Other Operating Activities	2.11	-2.83	-3.52	0.64
Operating Cash Flow	261.16	116.11	169.58	87.81
Operating Cash Flow Growth	124.93%	-31.53%	93.12%	52.74%
Capital Expenditures	-0.24	-0.02	-0.31	-0.02
Purchase / Sale of Intangible Assets	-8.29	-6.74	-5.62	-4.84
Cash Acquisitions	-	-5.53	-0.02	-0.01
Investment in Securities	-296.24	-117.14	-149.91	-54.82
Other Investing Activities	-1.48	0.95	-0.95	1.5
Investing Cash Flow	-306.24	-128.48	-156.81	-58.19
Long-Term Debt Issued	-	16.2	36.4	-
Total Debt Repaid	-52.6	-	-	-
Net Debt Issued (Repaid)	-52.6	16.2	36.4	-
Issuance of Common Stock	123.62	2.04	3.03	2.81
Repurchases of Common Stock	-	-22.27	-34.42	-15.85
Financing Cash Flow	73.77	-3.94	5.02	-13.04
Net Cash Flow	28.69	-16.31	17.79	16.59
Free Cash Flow	260.91	116.09	169.27	87.8
Free Cash Flow Growth	124.75%	-31.42%	92.80%	53.06%
Free Cash Flow Margin	47.11%	30.88%	51.75%	35.43%
Free Cash Flow Per Share	9.95	4.58	6.56	3.36
Cash Interest Paid	1.05	3.68	0.7	-
Cash Income Tax Paid	38.45	21.12	18.89	2.1
Levered Free Cash Flow	164.24	192.26	325.19	88.17
Unlevered Free Cash Flow	164.95	194.62	325.74	88.19
Change in Working Capital	125.2	23.27	95.82	31.05

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