Triad Guaranty Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2011	FY 2010	FY 2009	FY 2008	FY 2007
Period Ending	Sep '12 Sep 30, 2012	Dec '11 Dec 31, 2011	Dec '10 Dec 31, 2010	Dec '09 Dec 31, 2009	Dec '08 Dec 31, 2008	Dec '07 Dec 31, 2007
Net Income	-163.3	-107.77	132.1	-595.63	-631.13	-77.46
Depreciation & Amortization	0.81	1	1.45	2.4	4.95	2.31
Other Amortization	-	-	-	-	39.42	18.5
Gain (Loss) on Sale of Investments	-8.53	-12.55	-12.93	-3.17	29.3	3.73
Reinsurance Recoverable	6.49	17.82	192.69	-83.36	-	-
Change in Income Taxes	-	11.71	-	-10.46	114.76	50.9
Change in Insurance Reserves / Liabilities	-124	-208.03	-480.1	345.49	825.97	280.19
Change in Other Net Operating Assets	202.82	221.21	254.29	223.13	-111.56	-14.31
Other Operating Activities	1.13	-	-29.64	-13.31	-121.39	-53.18
Operating Cash Flow	-84.58	-76.61	57.86	-134.91	147.14	191.08
Operating Cash Flow Growth	-	-	-	-	-22.99%	116.04%
Capital Expenditures	-	-	-0.07	-	-1.3	-6.05
Sale of Property, Plant & Equipment	0	0	-	1.83	-	-
Investment in Securities	52.76	78.78	-36.65	114.98	-150.61	-185.14
Other Investing Activities	-0.34	-0.34	0.69	-	-	-
Investing Cash Flow	52.42	78.44	-36.03	116.81	-151.91	-191.2
Long-Term Debt Issued	-	-	-	-	-	80
Total Debt Repaid	-	-	-4.91	-	-80	-
Net Debt Issued (Repaid)	-	-	-4.91	-	-80	80
Issuance of Common Stock	-	-	-	-	-	0.62
Other Financing Activities	-	-	-	-	0.02	0.18
Financing Cash Flow	-	-	-4.91	-	-79.99	80.79
Foreign Exchange Rate Adjustments	-	-	-	-	-0.12	5.53
Net Cash Flow	-32.16	1.83	16.92	-18.1	-84.87	86.2
Free Cash Flow	-84.58	-76.61	57.79	-134.91	145.84	185.02
Free Cash Flow Growth	-	-	-	-	-21.18%	114.98%
Free Cash Flow Margin	-47.99%	-36.94%	22.69%	-59.92%	53.92%	59.92%
Free Cash Flow Per Share	-5.53	-5.02	3.81	-8.99	9.77	12.48
Cash Interest Paid	-	-	2.77	2.77	3.63	4.29
Cash Income Tax Paid	-	-11.71	-	7.72	-122.11	-45.61
Levered Free Cash Flow	-81.1	-23.74	256.92	-407.44	-423.76	-65.22
Unlevered Free Cash Flow	-68.57	-12.34	264.27	-403.67	-421.54	-62.48
Change in Working Capital	85.3	42.71	-33.12	474.8	825.99	297.18

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