NMI Holdings, Inc.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $388.9M | $360.1M | $322.1M | $292.9M | $231.1M | $171.6M | $172.0M | $107.9M |
| Depreciation & Amortization | $11.3M | $11.9M | $11.5M | $11.9M | $11.2M | $9.9M | $9.3M | $7.8M |
| Depreciation | — | — | — | — | — | — | — | — |
| Amortization | — | — | — | — | — | — | — | — |
| Stock-Based Compensation | $20.2M | $19.8M | $16.9M | $15.4M | $16.7M | $11.1M | $13.0M | $12.6M |
| Net Cash from Operating Activities | $419.3M | $393.6M | $342.7M | $313.4M | $325.7M | $252.6M | $208.2M | $145.9M |
| Investing Activities | ||||||||
| Capital Expenditures | $6.8M | $6.9M | $9.4M | $10.6M | $12.2M | $12.2M | $10.0M | $8.1M |
| Business Acquisitions | — | — | — | — | — | — | — | — |
| Net Cash from Investing Activities | $-316.5M | $-339.3M | $-200.0M | $-289.8M | $-374.2M | $-629.6M | $-194.4M | $-220.7M |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | $105.1M | $97.6M | $91.6M | $56.6M | $0 | $0 | — | — |
| Net Cash from Financing Activities | $-113.2M | $-96.7M | $-90.4M | $-55.8M | $-1.8M | $462.8M | $2.0M | $80.9M |
| Net Change in Cash | $-10.4M | $-42.4M | $52.3M | $-32.2M | $-50.3M | $85.8M | $15.8M | $6.1M |
| Free Cash Flow | $412.5M | $386.7M | $333.3M | $302.8M | $313.5M | $240.4M | $198.2M | $137.8M |