TWFG Inc
For the period ended Sep 30, 2024. Filed Nov 13, 2024.
View on SEC.govAbout this filing
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 13, 2024
TWFG$27.09+1.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Cash Flows
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash Flows from Operating Activities | ||
| Net income | $20,440 | $20,881 |
| Less: Net income from discontinued operation, net of tax | — | 834 |
| Net income from continuing operations | 20,440 | 20,047 |
| Adjustments to reconcile net income to cash flows from operating activities: | ||
| Depreciation and amortization | 8,966 | 3,340 |
| Allowance for credit losses | 69 | — |
| (Gains) losses on sale of intangible assets and property and equipment | (86) | 12 |
| Stock-based compensation expense | 1,012 | — |
| Non-cash lease expense | 756 | 503 |
| Other non-cash items | (10) | 5 |
| Change in: | ||
| Commission receivable | (3,889) | (4,216) |
| Accounts receivable | (2,800) | (1,667) |
| Other current and non-current assets | 151 | (74) |
| Commissions payable | 1,951 | 4,284 |
| Operating lease liabilities | (802) | (537) |
| Other current liabilities | 3,121 | 1,567 |
| Net cash provided by operating activities from continuing operations | 28,879 | 23,264 |
| Net cash provided by operating activities from discontinued operation | — | 839 |
| Net cash provided by operating activities | 28,879 | 24,103 |
| Cash Flows from Investing Activities | ||
| Proceeds from disposition of intangible assets | 84 | 524 |
| Proceeds from disposition of property and equipment | 2 | 2 |
| Purchase of intangible assets | (21,395) | (6,315) |
| Purchase of property and equipment | (280) | (217) |
| Net cash used in investing activities from continuing operations | (21,589) | (6,006) |
| Net cash provided by investing activities from discontinued operation | — | 64 |
| Net cash used in investing activities | (21,589) | (5,942) |
| Cash Flows from Financing Activities | ||
| Proceeds from borrowings | — | 10,000 |
| Repayment of borrowings | (42,968) | (1,973) |
| Distributions to members | (7,099) | (13,163) |
| Cash derecognized upon distribution of EVO to members (see Note 2) | — | (2,229) |
| Net proceeds from IPO, net of underwriting costs | 200,674 | — |
| Payment of deferred offering costs | (7,122) | (127) |
| Payment of equity issuance costs | (38) | — |
| Net change in carrier liabilities | 4,547 | 1,414 |
| Payment of deferred acquisition payable | (847) | (8) |
| Net cash provided by (used in) financing activities from continuing operations | 147,147 | (6,086) |
| Net cash used in financing activities from discontinued operation | — | (11,305) |
| Net cash provided by (used in) financing activities | 147,147 | (17,391) |
Condensed Consolidated Statement of Cash Flows (continued)
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Net change in cash, cash equivalents and restricted cash from continuing operations | 154,437 | 11,172 |
| Net change in cash, cash equivalents and restricted cash from discontinued operation | — | (10,402) |
| Net change in cash, cash equivalents and restricted cash | 154,437 | 770 |
| Cash, cash equivalents and restricted cash from continuing operations - beginning balance | 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 | 46,468 | 40,664 |
| Cash, cash equivalents and restricted cash - ending balance | 200,905 | 41,434 |
| Less: Cash, cash equivalents and restricted cash from discontinued operation - ending balance | — | — |
| Cash, cash equivalents and restricted cash from continuing operations - ending balance | $200,905 | $41,434 |
| Reconciliation of cash, cash equivalents and restricted cash, end of period: | ||
| Cash and cash equivalents | $191,196 | $33,623 |
| Restricted cash | 9,709 | 7,811 |
| Cash, cash equivalents and restricted cash, end of period | $200,905 | $41,434 |
| Net change in cash and cash equivalents | $151,899 | $890 |
| Net change in restricted cash | 2,538 | (120) |
| Net change in cash, cash equivalents and restricted cash | $154,437 | $770 |
| Supplemental disclosures of cash flow information: | ||
| Cash paid for interest | $2,298 | $328 |
| Non-cash investing and financing activities: | ||
| Additions to intangible assets and offsetting additions to deferred acquisition payable | $396 | $1,395 |
| 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 | $— |
| Distribution to members | $— | $6,260 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.