TWFG, Inc.
For the period ended Sep 30, 2025. Filed Nov 12, 2025.
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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, 2025 · Filed Nov 12, 2025
TWFG$27.09+1.1%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
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash Flows from Operating Activities | ||
| Net income | $25,473 | $20,440 |
| Adjustments to reconcile net income to cash flows from operating activities: | ||
| Depreciation and amortization | 12,587 | 8,966 |
| Gains on sales of intangible assets and property and equipment, net | (616) | (86) |
| Stock-based compensation expense | 3,706 | 1,012 |
| Non-cash lease expense | 988 | 756 |
| Other non-cash items | (8) | (10) |
| Change in: | ||
| Commission receivable, net | (462) | (3,889) |
| Accounts receivable | (330) | (2,731) |
| Other current and non-current assets | (1,751) | 151 |
| Commissions payable | 2,049 | 1,951 |
| Operating lease liabilities | (857) | (802) |
| Other liabilities | (566) | 3,121 |
| Net cash provided by operating activities | 40,213 | 28,879 |
| Cash Flows from Investing Activities | ||
| Proceeds from sale of books of business | 573 | 84 |
| Proceeds from sale of property and equipment | 49 | 2 |
| Purchase of intangible assets | (54,239) | (21,395) |
| Purchase of property and equipment | (128) | (280) |
| Other investment | (10,000) | — |
| Net cash used in investing activities | (63,745) | (21,589) |
| Cash Flows from Financing Activities | ||
| Repayment of borrowings | (1,428) | (42,968) |
| Distributions to members | (15,850) | (7,099) |
| Tax withholding on vesting of equity awards | (2,757) | — |
| Net proceeds from IPO, net of underwriting costs | — | 200,674 |
| Payment of deferred offering costs | — | (7,122) |
| Payment of shelf registration costs | (445) | — |
| Payment of equity issuance costs | — | (38) |
| Receipts of carrier liabilities | 3,372 | 5,072 |
| Payments for carrier liabilities | (1,690) | (525) |
| Payment of deferred acquisition payable | (451) | (847) |
| Net cash (used in) provided by financing activities | (19,249) | 147,147 |
Condensed Consolidated Statement of Cash Flows (continued)
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Net change in cash, cash equivalents and restricted cash | (42,781) | 154,437 |
| Cash, cash equivalents and restricted cash - beginning balance | 205,323 | 46,468 |
| Cash, cash equivalents and restricted cash - ending balance | $162,542 | $200,905 |
| Net change in cash and cash equivalents | $(44,787) | $151,899 |
| Net change in restricted cash | 2,006 | 2,538 |
| Net change in cash, cash equivalents and restricted cash | $(42,781) | $154,437 |
| Supplemental disclosures of cash flow information: | ||
| Cash paid for interest | $152 | $2,298 |
| Cash paid for taxes | $2,584 | $— |
| Non-cash investing and financing activities: | ||
| Additions to intangible assets and offsetting additions to deferred acquisition payable | $3,856 | $396 |
| Additions to intangible assets and offsetting additions to redeemable noncontrolling interest | $10,489 | $— |
| Additions to intangible assets and offsetting additions to members' equity | $— | $25,560 |
| Additions to intangible assets and offsetting additions to other current liabilities | $— | $8 |
| Settlement of deferred acquisition payable through the issuance of Class A common units | $— | $4,524 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.