Exzeo Group Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2020	FY 2019
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '20 Dec 31, 2020	Dec '19 Dec 31, 2019
Net Income	72.47	45.32	21.46	-59.32	-12.42	-6.91
Depreciation & Amortization	2.78	2.36	2.2	1.69	1.1	0.68
Gain (Loss) on Sale of Investments	-	-	-	-	0.07	-0.42
Stock-Based Compensation	2.71	3.38	2.93	3.51	1.77	0.95
Change in Accounts Receivable	-	-	-	-	-2.36	-4.41
Reinsurance Recoverable	-	-	-	-	0.03	0.53
Change in Accounts Payable	4.97	0.44	0.61	-0.65	-	-
Change in Unearned Revenue	31.16	15.5	4.65	22.63	28.57	29.98
Change in Income Taxes	6.9	4.22	-2.49	-1.89	0.89	-0.68
Change in Insurance Reserves / Liabilities	-	-	-	-	14.58	3.76
Change in Other Net Operating Assets	-12.06	-4.36	-4.96	-2.19	1.32	13.12
Other Operating Activities	-19.24	-17.6	-14.24	22.22	-0.08	2.66
Operating Cash Flow	298.12	191.91	59.37	-16.76	30.38	33.09
Operating Cash Flow Growth	402.15%	223.25%	-	-	-8.19%	-
Capital Expenditures	-3.09	-3.33	-3.25	-3.45	-1.49	-2.45
Investment in Securities	-	-	-	-	-1.02	1.72
Other Investing Activities	-189.19	-189.19	-13.35	-238.37	-	-
Investing Cash Flow	-192.28	-192.52	-16.6	-241.82	-2.51	-0.74
Short-Term Debt Issued	-	-	-	-	22	-
Long-Term Debt Issued	-	100	-	17.99	-	-
Total Debt Issued	-	100	-	17.99	22	-
Total Debt Repaid	-2.99	-2.99	-0.01	-0.01	-0.01	-0.01
Net Debt Issued (Repaid)	-2.99	97.01	-0.01	17.98	21.99	-0.01
Issuance of Common Stock	-	-	-	-	0.01	5
Repurchases of Common Stock	-	-0.48	-0.35	-0.41	-	-
Repurchases of Preferred Stock	-	-100	-	-	-	-
Preferred Dividends Paid	-	-2.92	-6.76	-5.51	-	-
Total Dividends Paid	-	-2.92	-6.76	-5.51	-	-
Other Financing Activities	-	-	-	17.99	-0.01	-
Financing Cash Flow	-2.99	-6.4	-7.12	30.06	21.99	4.99
Foreign Exchange Rate Adjustments	-0.24	-0.09	-0.04	-0.1	0	-0.02
Net Cash Flow	102.62	-7.09	35.61	-228.62	49.86	37.33
Free Cash Flow	295.03	188.58	56.12	-20.22	28.9	30.64
Free Cash Flow Growth	425.70%	236.01%	-	-	-5.69%	-
Free Cash Flow Margin	140.04%	140.21%	63.50%	-44.28%	55.86%	140.36%
Free Cash Flow Per Share	3.75	2.43	0.74	-0.27	0.39	0.41
Cash Interest Paid	3.47	3.47	1.68	0.8	0	0
Cash Income Tax Paid	14.26	14.26	0.87	0.78	0.15	0.11
Levered Free Cash Flow	-	-11.18	-	-	10.37	-
Unlevered Free Cash Flow	-	-9.09	-	-	10.37	-
Change in Working Capital	30.97	15.8	-2.2	17.9	39.95	36.13

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

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