Essent Group Ltd
For the period ended Sep 30, 2024. Filed Nov 5, 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.
Sep 30, 2024 · Filed Nov 5, 2024
ESNT$64.68-1.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows (Unaudited)
| Nine Months Ended September 30, | ||
|---|---|---|
| (In thousands) | 2024 | 2023 |
| Operating Activities | ||
| Net income | $561,503 | $521,019 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Realized investment losses, net | 2,236 | 2,312 |
| Income (loss) from other invested assets | (486) | 10,697 |
| Distribution of income from other invested assets | 6,404 | 3,797 |
| Depreciation and amortization | 4,352 | 3,183 |
| Stock-based compensation expense | 20,568 | 13,939 |
| Amortization of premium on investment securities | 14,955 | 10,442 |
| Deferred income tax provision | 29,942 | (19,583) |
| Change in: | ||
| Accrued investment income | (4,764) | (3,489) |
| Accounts receivable | 8,659 | (6,664) |
| Deferred policy acquisition costs | (352) | 535 |
| Prepaid federal income tax | (23,710) | (42,926) |
| Other assets | (1,185) | 66,599 |
| Reserve for losses and LAE | 28,221 | 10,256 |
| Unearned premium reserve | (19,346) | (15,197) |
| Other accrued liabilities | 7,830 | (7,372) |
| Net cash provided by operating activities | 634,827 | 547,548 |
| Investing Activities | ||
| Net change in short-term investments | (101,900) | (482,796) |
| Purchase of investments available for sale | (1,094,973) | (858,678) |
| Proceeds from maturity of investments available for sale | 328,950 | 591,403 |
| Proceeds from sales of investments available for sale | 298,571 | 468,537 |
| Purchase of other invested assets | (27,590) | (28,987) |
| Return of investment from other invested assets | 3,966 | 2,783 |
| Net cash paid for acquisitions | — | (86,761) |
| Purchase of property and equipment | (6,045) | (1,843) |
| Net cash used in investing activities | (599,021) | (396,342) |
| Financing Activities | ||
| Issuance of senior notes | 498,160 | — |
| Credit facility repayments | (425,000) | — |
| Treasury stock acquired | (45,197) | (55,870) |
| Payment of debt issuance costs | (7,594) | — |
| Dividends paid | (88,656) | (79,797) |
| Net cash used in financing activities | (68,287) | (135,667) |
| Net increase (decrease) in cash | (32,481) | 15,539 |
| Cash at beginning of year | 141,787 | 81,240 |
| Cash at end of period | $109,306 | $96,779 |
| Supplemental Disclosure of Cash Flow Information | ||
| Income tax payments | $(72,338) | $(53,337) |
| Interest payments | (17,196) | (21,229) |
| Noncash Transactions | ||
| Lease liabilities arising from obtaining right-of-use assets | $— | $25,117 |
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