TWFG, Inc.
For the period ended Dec 31, 2025. Filed Mar 10, 2026.
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FY2025 · Filed Mar 10, 2026
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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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash Flows from Operating Activities | |||
| Net income | $41,166 | $28,592 | $26,096 |
| Less: Net income from discontinued operation, net of tax | — | — | 834 |
| Net income from continuing operations | 41,166 | 28,592 | 25,262 |
| Adjustments to reconcile net income to cash flows from operating activities: | |||
| Depreciation and amortization | 18,353 | 12,020 | 4,862 |
| Net gain on sales of intangible assets and property and equipment | (1,119) | — | (84) |
| Stock-based compensation expense | 4,578 | 2,219 | — |
| Non-cash lease expense | 1,358 | 1,041 | 704 |
| Other non-cash items | (14) | 9 | 12 |
| Change in: | |||
| Commissions receivable, net | (10,255) | (8,022) | (4,088) |
| Accounts receivable | 370 | (1,756) | (383) |
| Other current and non-current assets | (1,480) | 12 | (362) |
| Commissions payable | 1,320 | 1,360 | 2,984 |
| Operating lease liabilities | (1,209) | (1,085) | (755) |
| Other current liabilities | 433 | 6,089 | 1,163 |
| Net cash provided by operating activities from continuing operations | 53,501 | 40,479 | 29,315 |
| Net cash provided by operating activities from discontinued operation | — | — | 839 |
| Net cash provided by operating activities | 53,501 | 40,479 | 30,154 |
| Cash Flows from Investing Activities | |||
| Proceeds from sale of books of business | 1,841 | — | 928 |
| Proceeds from sale of property and equipment | 49 | — | — |
| Purchase of intangible assets | (61,912) | (21,854) | (15,387) |
| Purchase of property and equipment | (356) | (3,201) | (260) |
| Other investment | (10,000) | — | — |
| Net cash (used in) investing activities from continuing operations | (70,378) | (25,055) | (14,719) |
| Net cash provided by investing activities from discontinued operation | — | — | 64 |
| Net cash (used in) investing activities | (70,378) | (25,055) | (14,655) |
| Cash Flows from Financing Activities | |||
| Proceeds from borrowings | — | — | 41,000 |
| Repayment of borrowings | (1,912) | (43,437) | (2,643) |
| Distributions to members | (15,862) | (9,307) | (33,406) |
| Cash derecognized upon distribution of EVO to members | — | — | (2,229) |
| Net proceeds from IPO, net of underwriting costs | — | 193,552 | — |
| Payment of shelf registration costs | (445) | — | — |
| Payment of deferred offering costs | — | — | (796) |
| Payment of equity issuance costs | — | (38) | — |
| Tax withholding on vesting of equity awards | (3,146) | — | — |
| Increase in carrier liabilities | 2,899 | 4,754 | 209 |
| Decrease in carrier liabilities | (1,480) | (1,093) | (511) |
| Payment of deferred acquisition payable | (600) | (1,000) | (14) |
| Net cash (used in) provided by financing activities from continuing operations | (20,546) | 143,431 | 1,610 |
| Net cash (used in) financing activities from discontinued operation | — | — | (11,305) |
| Net cash (used in) provided by financing activities | (20,546) | 143,431 | (9,695) |
Consolidated Statements of Cash Flows (continued)
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Net change in cash, cash equivalents and restricted cash from continuing operations | $(37,423) | $158,855 | $16,206 |
| Net change in cash, cash equivalents and restricted cash from discontinued operation | — | — | (10,402) |
| Net change in cash, cash equivalents and restricted cash | (37,423) | 158,855 | 5,804 |
| Cash, cash equivalents and restricted cash from continuing operations - beginning balance | 205,323 | 46,468 | 30,262 |
| Cash, cash equivalents and restricted cash from discontinued operation - beginning balance | — | — | 10,402 |
| Cash, cash equivalents and restricted cash - beginning balance | 205,323 | 46,468 | 40,664 |
| Cash, cash equivalents and restricted cash - ending balance | 167,900 | 205,323 | 46,468 |
| Less: Cash, cash equivalents and restricted cash from discontinued operation - ending balance | — | — | — |
| Cash, cash equivalents and restricted cash from continuing operations - ending balance | $167,900 | $205,323 | $46,468 |
| Reconciliation of cash, cash equivalents and restricted cash, end of period: | |||
| Cash and cash equivalents | $155,926 | $195,772 | $39,297 |
| Restricted cash | 11,974 | 9,551 | 7,171 |
| Cash, cash equivalents and restricted cash, end of period | $167,900 | $205,323 | $46,468 |
| Net change in cash and cash equivalents | $(39,846) | $156,475 | $6,565 |
| Net change in restricted cash | 2,423 | 2,380 | (761) |
| Net change in cash, cash equivalents and restricted cash | $(37,423) | $158,855 | $5,804 |
| Supplemental disclosures of cash flow information: | |||
| Cash paid for interest | $194 | $2,298 | $832 |
| Cash paid for taxes | $3,268 | $— | $— |
| Non-cash investing activities: | |||
| Additions to intangible assets and offsetting additions to deferred acquisition payable | $7,052 | $840 | $6,420 |
| Additions to intangible assets and offsetting additions to members' equity | $599 | $25,560 | $— |
| Additions to intangible assets and offsetting additions to other current liabilities | $— | $8 | $— |
| Additions to intangible assets and offsetting to redeemable noncontrolling interest | $14,688 | $— | $— |
| Non-cash financing activities: | |||
| Settlement of deferred acquisition payable through the issuance of Class A common units | $— | $4,524 | $— |
| Distribution to members | $— | $— | $6,260 |
| Unpaid deferred offering costs | $— | $— | $1,228 |
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