Guardian Holdings Cash Flow Statement

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

Millions TTD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	1,533	850.15	645.43	471.71	782.33
Depreciation & Amortization	-	91.23	94.48	102.33	106.01
Gain (Loss) on Sale of Assets	-	-25.62	-13.29	-55.14	0.67
Gain (Loss) on Sale of Investments	-	-334.12	-347.97	603.18	-41.03
Change in Accounts Receivable	1,043	904.24	1,049	193.06	-
Reinsurance Recoverable	-483.9	-65.42	-187.77	109.14	-44.2
Change in Insurance Reserves / Liabilities	-	-	-	-	602.38
Change in Other Net Operating Assets	-2,025	-332.6	-1,658	-1,076	-1,526
Other Operating Activities	-1,317	53.87	6.11	16.19	-147.87
Operating Cash Flow	-542.63	1,121	-458.91	281.12	-342.59
Capital Expenditures	-40.54	-31.78	-48.39	-63.7	-57.77
Sale of Property, Plant & Equipment	4.59	49.86	1.23	1.92	2.19
Purchase / Sale of Intangible Assets	-46.51	-57.11	-24.29	-24.08	-50.01
Cash Acquisitions	-	-	-	-26.98	-8.6
Investment in Securities	-	-	-	-	-11.3
Other Investing Activities	725.21	-	-	-	-
Investing Cash Flow	642.75	-39.03	-71.45	-112.84	-125.49
Long-Term Debt Issued	1,344	549.72	365.6	683.4	1,067
Total Debt Repaid	-1,610	-180.45	-410.2	-906.23	-799.65
Net Debt Issued (Repaid)	-266.2	369.26	-44.6	-222.83	267.41
Common Dividends Paid	-285.37	-176.34	-171.7	-167.06	-41.76
Other Financing Activities	91.01	-75.07	109.94	28.23	340.18
Financing Cash Flow	-460.56	117.86	-106.35	-361.65	565.84
Foreign Exchange Rate Adjustments	-	7.9	-12.36	-3.67	-
Miscellaneous Cash Flow Adjustments	-	-116.32	-4.09	-0.3	-
Net Cash Flow	-360.45	1,091	-653.15	-197.35	97.76
Free Cash Flow	-583.17	1,089	-507.3	217.41	-400.35
Free Cash Flow Margin	-8.20%	15.37%	-7.71%	3.76%	-6.05%
Free Cash Flow Per Share	-2.52	4.69	-2.19	0.94	-1.73
Cash Interest Paid	-	211.5	200.82	242.41	218.35
Cash Income Tax Paid	-	219.91	243.11	167.12	246.05
Levered Free Cash Flow	139.35	435.03	682	-2,545	1,051
Unlevered Free Cash Flow	257.37	553.77	792.02	-2,417	1,176
Change in Working Capital	-1,409	527.1	-784.83	-774.4	-968.35

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