Definity Financial Cash Flow Statement

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

Millions CAD. 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	476.8	430.4	350.1	110.9	213.2	153.9
Depreciation & Amortization	132	125.3	105.8	73	11.1	12.6
Other Amortization	-	-	-	-	43.4	39.2
Gain (Loss) on Sale of Investments	-194.1	-243.4	-170.2	454.5	-	-
Stock-Based Compensation	31.7	23.1	20.5	20.9	-	-
Reinsurance Recoverable	-20.3	-15.8	-25.3	-66.7	-	-
Change in Accounts Payable	-17.7	-25.6	-15	0.3	-	-
Change in Insurance Reserves / Liabilities	130.1	109.5	-83.9	-91.2	-	-
Change in Other Net Operating Assets	-20.3	-2.6	-14.7	-9.4	-	-
Other Operating Activities	-29.1	-95.4	184.4	-180.1	387.5	284.5
Operating Cash Flow	479.3	307.2	351.8	305.8	655.2	490.2
Operating Cash Flow Growth	53.03%	-12.68%	15.04%	-53.33%	33.66%	253.94%
Capital Expenditures	-94.5	-75.6	-87.5	-90.8	-	-
Cash Acquisitions	-206.8	-158.7	-409.3	-242	-	-
Investment in Securities	-1,606	-65.7	151.5	-54.2	-1,008	-47
Other Investing Activities	-	-	-	-	-49.4	-42.8
Investing Cash Flow	-1,872	-298	-351.9	-374.7	-1,044	-74.6
Short-Term Debt Issued	-	110.1	-	-	-	-
Long-Term Debt Issued	-	-	114.3	-	-	-
Total Debt Issued	1,106	110.1	114.3	-	-	-
Total Debt Repaid	-29.5	-	-39.1	-1	-	-
Net Debt Issued (Repaid)	1,077	110.1	75.2	-1	-	-
Issuance of Common Stock	388.3	-	-	-	2,286	-
Repurchases of Common Stock	-46.4	-68.3	-13.9	-53.6	-	-
Common Dividends Paid	-84.5	-73.7	-63.2	-63.3	-1,909	-
Other Financing Activities	-30.5	-81.9	-59.1	191.3	-	-
Financing Cash Flow	1,304	-113.8	-61	73.4	376.8	-
Net Cash Flow	-88.6	-104.6	-61.1	4.5	-12.2	415.6
Free Cash Flow	384.8	231.6	264.3	215	655.2	490.2
Free Cash Flow Growth	64.09%	-12.37%	22.93%	-67.19%	33.66%	253.94%
Free Cash Flow Margin	8.34%	5.37%	6.84%	7.05%	22.12%	18.98%
Free Cash Flow Per Share	3.27	1.99	2.27	1.84	6.22	4.71
Cash Interest Paid	9.9	9.5	5.3	0.6	-	-
Cash Income Tax Paid	200.8	243.7	-65.4	116.8	47.8	-2
Levered Free Cash Flow	2,848	708.25	3,610	-4,574	649.9	539.88
Unlevered Free Cash Flow	2,856	714.25	3,613	-4,574	649.9	539.88
Change in Working Capital	71.8	65.5	-138.9	-167	-	-

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.