Enact Holdings Inc
For the period ended Sep 30, 2024. Filed Nov 7, 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 7, 2024
ACT$46.20-1.1%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, | ||
|---|---|---|
| (Amounts in thousands) | 2024 | 2023 |
| Cash flows from operating activities: | ||
| Net income | $525,330 | $508,203 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Net investment (gains) losses | 15,640 | 13,146 |
| Amortization of fixed maturity securities discounts and premiums | (8,331) | (4,677) |
| Amortization of deferred acquisition costs and intangibles | 7,137 | 8,088 |
| Acquisition costs deferred | (4,349) | (4,896) |
| Deferred income taxes | 3,409 | (140) |
| Stock-based compensation expense | 13,341 | 9,484 |
| Amortization of debt issuance costs | 1,610 | 1,922 |
| Loss on debt extinguishment | 10,930 | — |
| Change in certain assets and liabilities: | ||
| Accrued investment income | (4,395) | (6,207) |
| Premiums receivable | (3,764) | (2,572) |
| Other assets | 833 | 2,377 |
| Loss reserves | (7,790) | (17,915) |
| Unearned premiums | (27,948) | (41,137) |
| Other liabilities | (1,521) | (23,694) |
| Net cash provided by operating activities | 520,132 | 441,982 |
| Cash flows from investing activities: | ||
| Purchases of fixed maturity securities available-for-sale | (1,123,316) | (802,128) |
| Purchase of equity interest | (5,512) | — |
| Proceeds from sales of fixed maturity securities available-for-sale | 409,168 | 394,148 |
| Proceeds from maturities of fixed maturity securities available-for-sale | 529,787 | 298,221 |
| Net change in short-term investments | 18,672 | (14,617) |
| Other | (12,412) | (9,607) |
| Net cash used in investing activities | (183,613) | (133,983) |
| Cash flows from financing activities: | ||
| Net proceeds from the issuance of long-term debt | 749,648 | — |
| Debt issuance costs | (7,373) | — |
| Redemption of long-term debt | (757,500) | — |
| Repurchase of common stock | (169,321) | (69,727) |
| Dividends paid | (83,318) | (74,057) |
| Other | (10,975) | — |
| Net cash used in financing activities | (278,839) | (143,784) |
| Net increase in cash and cash equivalents | 57,680 | 164,215 |
| Cash and cash equivalents at beginning of period | 615,683 | 513,775 |
| Cash and cash equivalents at end of period | $673,363 | $677,990 |
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