Bowhead Specialty Holdings Inc. (BOW)

Paramount Global Cash Flow Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022
Period Ending	Jun 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022
Net Income	49.47	38.24	25.05	11.26
Depreciation & Amortization	-0.79	0.17	0.17	0.13
Other Amortization	3.7	3.7	2.1	0.6
Gain (Loss) on Sale of Investments	-2.09	-3.49	-2.85	-0.07
Stock-Based Compensation	3.47	4.1	0.68	0.37
Change in Accounts Receivable	-19.35	-24.86	-9.33	-1.95
Reinsurance Recoverable	-127.4	-115.68	-75.86	-49.59
Change in Unearned Revenue	110.58	102.15	112.96	89.87
Change in Income Taxes	-0.45	2.05	-2.58	1.09
Change in Insurance Reserves / Liabilities	362.81	325.67	224.14	159.1
Change in Other Net Operating Assets	-50.4	-37.76	-45.48	-26.22
Other Operating Activities	-1.2	-3.21	-3.79	-2.33
Operating Cash Flow	337.57	294.29	236.23	181.64
Operating Cash Flow Growth	28.32%	24.58%	30.05%	-
Capital Expenditures	-4.31	-3.11	-3.82	-3.97
Investment in Securities	-365.88	-322.77	-270.95	-183.49
Investing Cash Flow	-370.19	-325.88	-274.77	-187.46
Issuance of Common Stock	0.06	133.89	77.66	24
Common Dividends Paid	-	-	-	-25
Financing Cash Flow	0.06	133.89	77.66	-1
Miscellaneous Cash Flow Adjustments	-	-	0	-
Net Cash Flow	-32.56	102.29	39.12	-6.81
Free Cash Flow	333.27	291.18	232.41	177.67
Free Cash Flow Growth	28.45%	25.29%	30.81%	-
Free Cash Flow Margin	67.73%	68.41%	82.01%	94.71%
Free Cash Flow Per Share	9.90	9.81	9.68	7.40
Cash Income Tax Paid	16.41	16.41	14.01	5.29
Levered Free Cash Flow	-45.63	-145.13	24.25	-
Unlevered Free Cash Flow	-45	-144.68	24.25	-
Change in Working Capital	285.02	254.77	214.86	171.7

Updated Aug 5, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.

SEC Filings: 10-K · 10-Q