← OCTAVE SPECIALTY GROUP INC
| Annual Trend | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | |||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Net income (loss) from discontinued operations | — | — | — | — | — | — | $557.4m | $28.2m | ($497.2m) | ($163.3m) | |
| Net income (loss) from continuing operations | — | — | — | — | — | — | ($35.2m) | ($23.2m) | ($58.9m) | ($95.8m) | |
| Net Income From Continuing Operations | — | — | — | — | — | — | ($35.2m) | ($23.2m) | ($58.9m) | ($95.8m) | |
| Net Income (Loss) Attributable to Parent | $74.3m | ($328.7m) | $267.4m | ($216.0m) | ($437.0m) | ($16.0m) | $522.0m | $5.0m | ($556.1m) | ($259.1m) | |
| Net Income (Loss) Available to Common Stockholders, Basic | $74.3m | ($328.7m) | $267.4m | ($216.0m) | ($437.0m) | ($16.0m) | $522.0m | $3.6m | ($556.4m) | ($261.7m) | |
| Corporate costs reallocated to continuing operations | — | — | — | — | — | — | $20.2m | $19.4m | $14.9m | $6.8m | |
| Net cash provided by (used in) continuing operations | — | — | — | — | — | — | $10.0m | ($717k) | $28.1m | $22.8m | |
| Cash, cash equivalents, and restricted cash at beginning of period - continuing operations | $95.9m | $624.7m | $83.5m | $81.0m | $35.0m | $23.0m | $61.0m | $274.0m | $47.3m | $70.1m | |
| Net cash provided by (used in) discontinued operations | — | — | — | — | — | — | $27.9m | $213.8m | ($189.1m) | ($1.7m) | |
| Effect of foreign exchange on cash and cash equivalents - discontinued operations | — | — | — | — | — | — | ($670k) | $529k | ($126k) | $0 | |
| Cash, cash equivalents, and restricted cash at beginning of period - discontinued operations | — | — | — | — | — | — | $41.4m | $255.2m | $66.1m | $0 | |
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | — | — | — | — | — | — | — | ($23.2m) | ($58.9m) | ($95.8m) | |
| Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | — | — | — | — | — | — | — | ($24.6m) | ($59.3m) | ($98.4m) | |
| Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | — | — | — | — | — | — | — | ($23.2m) | ($58.9m) | ($95.8m) | |
| Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | — | — | — | — | — | — | — | $28.2m | ($497.2m) | ($163.3m) | |
| Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | — | — | — | — | — | — | — | $28.2m | ($497.2m) | ($163.3m) | |
| Net Income (Loss) Attributable to Noncontrolling Interest | — | — | — | — | — | — | — | — | — | — | |
| Depreciation, Depletion and Amortization | $1.2m | $992k | $699k | $0 | $1.0m | $2.0m | $2.0m | $2.0m | $19.9m | $42.0m | |
| Depreciation, Amortization and Accretion, Net | $1.2m | $992k | $699k | $0 | $1.0m | $2.0m | $2.0m | $2.0m | $19.9m | $42.0m | |
| Amortization of Intangible Assets | $174.6m | $150.9m | $107.3m | $295.0m | $57.0m | $55.0m | $47.0m | $4.2m | $17.6m | $38.0m | |
| Deferred Policy Acquisition Costs, Amortization Expense | — | — | — | — | — | — | — | $10.6m | $23.7m | $15.8m | |
| Depreciation | $1.2m | $992k | $699k | $0 | $1.0m | $2.0m | $2.0m | $1.1m | $2.3m | $3.9m | |
| Amortization of bond premium and discount | ($150.1m) | ($183.0m) | ($136.8m) | ($63.0m) | ($15.0m) | ($13.0m) | ($11.0m) | ($15.0m) | ($296k) | — | |
| Amortization Cash Flow | — | — | — | — | — | — | $2.9m | $5.2m | $19.9m | $42.0m | |
| Amortization Of Intangibles | — | — | — | — | — | — | $2.9m | $5.2m | $19.9m | $42.0m | |
| Amortization Of Securities | — | — | — | — | — | ($13.0m) | ($6.7m) | ($15.0m) | ($296k) | — | |
| Deferred Income Tax Expense (Benefit) | — | — | — | — | — | — | — | ($1.4m) | ($3.1m) | ($10.3m) | |
| Deferred Income Taxes and Tax Credits | — | — | — | — | — | — | — | ($1.5m) | ($633k) | ($2.5m) | |
| Share-based Payment Arrangement, Noncash Expense | — | — | — | — | — | — | — | $12.3m | $9.4m | $9.7m | |
| Payment, Tax Withholding, Share-based Payment Arrangement | $0 | ($1.3m) | ($1.1m) | ($3.0m) | ($3.0m) | ($6.0m) | ($4.0m) | $4.6m | $692k | $5.3m | |
| Share-based Payment Arrangement, Expense | — | — | — | — | — | — | — | $12.3m | $9.4m | $10.7m | |
| Impairment of Intangible Assets, Finite-lived | — | — | — | — | — | — | — | — | $0 | $0 | |
| Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | — | — | — | — | — | — | — | — | $0 | $0 | |
| Share-based compensation | $5.3m | $4.3m | $11.9m | $12.0m | $11.0m | $14.0m | $17.0m | $17.0m | $9.4m | $9.7m | |
| Gain (Loss) on Extinguishment of Debt | — | — | — | — | — | — | — | $19k | ($497k) | — | |
| Income Tax Expense (Benefit) | — | — | — | — | — | — | — | ($989k) | ($924k) | $5.2m | |
| Operating Lease, Expense | — | — | — | — | — | — | — | — | — | — | |
| Additional Financial Items | |||||||||||
| Foreign Currency Transaction Gain (Loss), before Tax | — | — | — | — | — | — | — | $0 | $101k | ($3.9m) | |
| Gain (Loss) on Termination of Lease | — | — | — | — | — | — | — | — | — | $6.5m | |
| General and Administrative Expense | — | — | — | — | — | — | — | $67.0m | $129.2m | $191.6m | |
| Goodwill | — | — | — | — | — | — | — | $69.7m | $418.2m | $540.3m | |
| Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | — | — | — | — | — | — | — | $36.7m | $72.6m | $47.2m | |
| Payments for Repurchase of Warrants | — | — | — | — | — | — | — | — | — | — | |
| Proceeds from Contributions from Affiliates | — | — | — | — | — | — | — | $8.0m | $10.7m | $15.3m | |
| Realized Investment Gains (Losses) | — | — | — | — | — | — | — | $19k | ($497k) | ($2.6m) | |
| Stock or Unit Option Plan Expense | — | — | — | — | — | — | — | — | — | — | |
| Unrealized Gain (Loss) on Derivatives | — | — | — | — | — | — | — | — | — | — | |
| Unearned premiums, net | ($289.1m) | ($168.2m) | ($162.5m) | ($132.0m) | ($48.0m) | ($82.0m) | ($58.0m) | ($30.0m) | $10.8m | ($19.0m) | |
| Ceded premiums payable | ($11.0m) | ($4.7m) | ($5.0m) | ($4.0m) | ($3.0m) | $6.0m | $6.0m | $52.0m | $23.3m | $27.6m | |
| Premium and commissions receivables | $172.3m | $76.9m | $91.3m | $77.0m | $44.0m | $48.0m | $54.0m | ($21.0m) | ($11.3m) | ($49.6m) | |
| Other, net | $2.0m | ($10.6m) | $383k | ($2.0m) | $1.0m | ($5.0m) | $9.0m | $6.0m | ($3.8m) | ($10.1m) | |
| Proceeds from sales of bonds | $867.9m | $2.1b | $1.2b | $1.2b | $1.1b | $236.0m | $523.0m | $140.0m | $6.0m | $27.4m | |
| Proceeds from matured bonds | $1.3b | $814.0m | $431.7m | $379.0m | $137.0m | $698.0m | $206.0m | $74.0m | $21.6m | $37.7m | |
| Purchases of bonds | ($2.6b) | ($2.1b) | ($528.2m) | ($959.0m) | ($975.0m) | ($343.0m) | ($403.0m) | ($415.0m) | ($60.5m) | ($25.6m) | |
| Change in short-term investments | ($206.0m) | ($126.9m) | $126.7m | ($218.0m) | $158.0m | $98.0m | ($52.0m) | $118.0m | $101.8m | ($18.8m) | |
| Acquisitions, net of cash acquired | — | — | — | — | ($74.0m) | $0 | ($18.0m) | ($7.0m) | ($243.8m) | ($217.9m) | |
| Proceeds from sale of subsidiary | — | — | — | — | — | — | $0 | $0 | $14.1m | $407.3m | |
| Cash Provided by (Used in) Financing Activity, Including Discontinued Operation | ($69.7m) | ($182.1m) | ($585.4m) | ($691.0m) | ($303.0m) | ($657.0m) | ($2.2b) | ($423.0m) | $28.6m | $21.4m | |
| Increase (Decrease) in Reserve for Commissions, Expense and Taxes | — | — | — | — | — | — | — | $0 | ($3.2m) | $30.7m | |
| Beginning Cash Position | — | — | — | — | — | — | $10.0m | $19.9m | $19.2m | $47.3m | |
| Cash Flow From Continuing Financing Activities | — | — | — | — | — | — | ($19.2m) | ($11.0m) | $194.2m | ($126.3m) | |
| Cash Flow From Continuing Investing Activities | — | — | — | — | — | — | ($41.2m) | ($26.7m) | ($166.4m) | $199.9m | |
| Change In Account Payable | — | — | — | — | — | — | $6.0m | $0 | ($3.2m) | $30.7m | |
| Change In Accrued Expense | — | — | — | — | — | $103.0m | $0 | ($1.0m) | $2.6m | — | |
| Change In Interest Payable | — | — | — | — | — | $103.0m | $0 | ($1.0m) | $2.6m | — | |
| Change In Other Working Capital | — | — | — | — | — | ($23.0m) | ($44.0m) | — | — | — | |
| Change In Payable | — | — | — | — | — | — | $6.0m | $52.0m | ($3.2m) | $30.7m | |
| Change In Payables And Accrued Expense | — | — | — | — | — | — | $0 | $0 | ($3.2m) | $30.7m | |
| Change In Prepaid Assets | — | — | — | — | — | — | $17.1m | $9.7m | $23.3m | $27.6m | |
| Change In Receivables | — | — | — | — | — | — | ($13.5m) | ($30.2m) | ($11.3m) | ($49.6m) | |
| Change In Working Capital | — | — | — | — | — | — | $26.2m | $31.1m | $9.3m | ($3.6m) | |
| Changes In Account Receivables | — | — | — | — | — | — | ($13.5m) | ($30.2m) | ($11.3m) | ($49.6m) | |
| Changes In Cash | — | — | — | — | — | — | $10.0m | ($717k) | $28.6m | $21.4m | |
| End Cash Position | — | — | — | — | — | — | $19.9m | $19.2m | $47.3m | $70.1m | |
| Financing Cash Flow | — | — | — | — | — | — | ($19.2m) | ($11.0m) | $194.2m | ($126.3m) | |
| Free Cash Flow | — | — | — | — | — | — | $70.4m | $36.9m | $762k | ($52.3m) | |
| Gain Loss On Investment Securities | — | — | — | — | — | ($12.0m) | $13.7m | $20.0m | $497k | — | |
| Investing Cash Flow | — | — | — | — | — | — | ($41.2m) | ($26.7m) | ($166.4m) | $199.9m | |
| Net Business Purchase And Sale | — | — | — | — | — | — | ($18.4m) | ($7.0m) | ($229.7m) | $189.4m | |
| Net Foreign Currency Exchange Gain Loss | — | — | — | — | — | $5.0m | ($14.0m) | $4.0m | — | — | |
| Net Preferred Stock Issuance | — | — | — | — | — | $0 | ($8.0m) | $0 | — | — | |
| Operating Gains Losses | — | — | — | — | — | ($7.0m) | $13.7m | $24.0m | $497k | — | |
| Other Non Cash Items | — | — | — | — | — | — | $57.4m | $11.5m | $21.1m | ($4.6m) | |
| Preferred Stock Payments | — | — | — | — | — | $0 | ($8.0m) | $0 | — | — | |
| Proceeds From Stock Option Exercised | — | — | — | — | — | — | — | $0 | $0 | $17.0m | |
| Purchase Of Business | — | — | — | — | — | — | ($18.4m) | ($7.0m) | ($243.8m) | ($217.9m) | |
| Repurchase Of Capital Stock | — | — | — | — | — | — | ($14.2m) | ($4.5m) | ($11.7m) | ($29.9m) | |
| Sale Of Business | — | — | — | — | — | — | $0 | $0 | $14.1m | $407.3m | |
| Stock Based Compensation | — | — | — | — | — | — | $11.2m | $12.3m | $9.4m | $9.7m | |
| Derivative, Gain (Loss) on Derivative, Net | — | — | — | — | — | — | — | ($279k) | $4.0m | $1.0m | |
| Gain (Loss) on Derivative Instruments, Net, Pretax | — | — | — | — | — | — | — | — | — | — | |
| Net Cash Provided by (Used in) Operating Activities | $843.5m | ($212.8m) | ($1.5b) | ($311.0m) | ($175.0m) | ($131.0m) | $1.3b | $200.0m | $33.5m | $71.7m | |
| Cash flows from investing activities: | |||||||||||
| Payments to Acquire Businesses, Net of Cash Acquired | — | — | — | — | — | — | — | $7.0m | $243.8m | $217.9m | |
| Purchases of other investments | ($281.6m) | ($299.4m) | ($140.3m) | ($137.0m) | ($475.0m) | ($127.0m) | ($112.0m) | ($80.0m) | ($2.5m) | ($66k) | |
| Net Investment Purchase And Sale | — | — | — | — | — | — | ($25.0m) | ($14.9m) | $67.0m | $20.6m | |
| Purchase Of Investment | — | — | — | — | — | — | ($96.7m) | ($35.5m) | ($63.0m) | ($44.4m) | |
| Proceeds from Sale and Maturity of Other Investments | $131.7m | $349.8m | $158.8m | $81.0m | $374.0m | $39.0m | $166.0m | $209.0m | $625k | $0 | |
| Sale Of Investment | — | — | — | — | — | — | $71.6m | $20.6m | $130.0m | $65.0m | |
| Payments for (Proceeds from) Other Investing Activities | — | — | — | — | — | — | — | $4.9m | $3.8m | $10.1m | |
| Net Other Investing Changes | — | — | — | — | — | — | $2.3m | ($4.9m) | ($3.8m) | ($10.1m) | |
| Net cash provided by (used in) investing activities from continuing operations | — | — | — | — | — | — | ($41.2m) | ($26.7m) | ($166.4m) | $199.9m | |
| Net cash provided by (used in) investing activities from discontinued operations | — | — | — | — | — | — | $959.6m | $461.9m | ($7.9m) | $69.7m | |
| Net Cash Provided by (Used in) Investing Activities | — | — | — | — | — | — | — | — | — | — | |
| Cash flows from financing activities: | |||||||||||
| Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-sale | — | — | — | — | — | — | — | $15.1m | $21.6m | $37.7m | |
| Proceeds from Issuance of Long-term Debt | — | — | — | — | — | — | — | — | — | $117.5m | |
| Proceeds from short-term debt | — | — | — | — | — | — | $0 | $0 | $147.0m | $0 | |
| Issuance Of Debt | — | — | — | — | — | — | $0 | $0 | $147.0m | $117.5m | |
| Long Term Debt Issuance | — | — | — | — | — | — | $0 | $0 | $0 | $117.5m | |
| Net Issuance Payments Of Debt | — | — | — | — | — | — | $0 | $0 | $147.0m | ($32.5m) | |
| Net Long Term Debt Issuance | — | — | — | — | — | ($467.0m) | ($1.5b) | ($97.0m) | — | $117.5m | |
| Net Short Term Debt Issuance | — | — | — | — | — | — | $0 | $0 | $147.0m | ($150.0m) | |
| Short Term Debt Issuance | — | — | — | — | — | — | $0 | $0 | $147.0m | $0 | |
| Repayments of Long-term Debt | — | — | — | — | — | — | — | — | — | — | |
| Long Term Debt Payments | — | — | — | — | — | ($1.6b) | ($1.5b) | ($97.0m) | — | — | |
| Repayment Of Debt | — | — | — | — | — | — | ($1.5b) | $0 | $0 | ($150.0m) | |
| Short Term Debt Payments | — | — | — | — | — | — | — | $0 | $0 | ($150.0m) | |
| Net Common Stock Issuance | — | — | — | — | — | — | ($14.2m) | ($4.5m) | ($11.7m) | ($29.9m) | |
| Payments for Repurchase of Common Stock | — | — | — | — | — | — | ($14.2m) | $4.5m | $11.7m | $29.9m | |
| Common Stock Payments | — | — | — | — | — | — | ($14.2m) | ($4.5m) | ($11.7m) | ($29.9m) | |
| Proceeds from (Payments to) Noncontrolling Interests | — | — | — | — | — | — | — | ($1.9m) | ($2.4m) | ($4.2m) | |
| Noncontrolling interest | — | — | — | — | — | ($1.0m) | ($871k) | ($1.3m) | ($361k) | ($2.6m) | |
| Payments to Noncontrolling Interests | — | — | — | — | — | — | — | — | ($3.0m) | ($71.3m) | |
| Distributions to noncontrolling interest holders | — | — | — | — | — | ($1.0m) | ($1.0m) | ($2.0m) | ($2.4m) | ($4.2m) | |
| Stockholders' Equity Attributable to Noncontrolling Interest | — | — | — | — | — | — | — | — | $197.8m | $117.4m | |
| Net Other Financing Charges | — | — | — | — | — | — | ($5.0m) | ($6.5m) | $58.9m | ($80.8m) | |
| Net cash provided by (used in) financing activities from continuing operations | — | — | — | — | — | — | ($19.2m) | ($11.0m) | $194.2m | ($126.3m) | |
| Net cash provided by (used in) financing activities from discontinued operations | — | — | — | — | — | — | ($2.2b) | ($411.9m) | ($214.6m) | ($143.1m) | |
| Net Cash Provided by (Used in) Financing Activities | — | — | — | — | — | — | — | — | — | $21.4m | |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | — | — | — | — | — | — | — | ($558k) | $1.5m | |
| Effect of Exchange Rate on Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation | — | — | — | — | $0 | $0 | ($1.0m) | $1.0m | ($558k) | $1.5m | |
| Effect Of Exchange Rate Changes | — | — | — | — | — | — | $0 | $0 | ($558k) | $1.5m | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | — | — | — | — | — | — | $19.2m | $47.3m | $70.1m | |
| Supplemental disclosure of cash flow information: | |||||||||||
| Change In Cash Supplemental As Reported | — | — | — | — | — | — | $10.0m | ($717k) | $28.1m | $22.8m | |
| Interest Paid Supplemental Data | — | — | — | — | — | $80.0m | $0 | $50.0m | $3.8m | — | |
| Income Taxes Paid, Net | — | — | — | — | — | $15.0m | $347k | $11.0m | $526k | $5.6m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.