AMBAC FINANCIAL GROUP INC
For the period ended Mar 31, 2024. Filed May 6, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 6, 2024
OSG$5.41+2.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows (Unaudited)
| Three Months Ended March 31, | ||
|---|---|---|
| (Dollars in millions) | 2024 | 2023 |
| Cash flows from operating activities: | ||
| Net income attributable to common stockholders | $20 | $(33) |
| Redeemable noncontrolling interest | (1) | (1) |
| Net income | 21 | (33) |
| Adjustments to reconcile net income to net cash used in operating activities: | ||
| Depreciation | 1 | — |
| Amortization of bond premium and discount | (3) | (3) |
| Share-based compensation | — | 3 |
| Unearned premiums, net | (6) | 6 |
| Losses and loss expenses, net | (4) | 143 |
| Ceded premiums payable | 20 | (1) |
| Premium receivables | (9) | (3) |
| Accrued interest payable | 12 | (37) |
| Amortization of intangible assets | 12 | 7 |
| Net investment gains (losses), including impairments | (1) | 4 |
| Variable interest entity activities | (3) | 1 |
| Other, net | (23) | (11) |
| Net cash provided by operating activities | 18 | 77 |
| Cash flows from investing activities: | ||
| Proceeds from sales of bonds | 30 | 63 |
| Proceeds from matured bonds | 42 | 6 |
| Purchases of bonds | (72) | (104) |
| Proceeds from sales of other invested assets | 7 | 41 |
| Purchases of other invested assets | (82) | (14) |
| Change in short-term investments | 71 | 146 |
| Change in cash collateral | 5 | (16) |
| Change in consolidated VIE cash collateral | 6 | 254 |
| Proceeds from paydowns of consolidated VIE assets | 43 | 57 |
| Other, net | — | 8 |
| Net cash provided by investing activities | 51 | 441 |
| Cash flows from financing activities: | ||
| Payments for redemption of Tier 2 Notes | — | (97) |
| Tax payments related to shares withheld for share-based compensation plans | (1) | (5) |
| Distributions to noncontrolling interest holders | (1) | — |
| Payments of consolidated VIE liabilities, net | (46) | (174) |
| Net cash used in financing activities | (47) | (276) |
| Effect of foreign exchange on cash, cash equivalents and restricted cash | — | — |
| Net cash flow | 21 | 243 |
| Cash, cash equivalents, and restricted cash at beginning of period | 274 | 61 |
| Cash, cash equivalents, and restricted cash at end of period | $296 | $304 |
| Ambac Financial Group, Inc. | 5 | First Quarter 2024 Form 10-Q |
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