WhiteHorse Finance, Inc. (WHF) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | -2.52M | 959K | 61.62M | 21.7M | -7M | 70.9M | 21.31M | 2.64M | 4.94M | 78.75M | 24.29M | -6.72M | 10.86M | 12.94M | 3.62M | 14.77M | -2.33M | 22.39M | -4.15M | 21.58M |
| Operating CF Margin % | -22.61% | 6.46% | 914.91% | 216.08% | -59.98% | 590.47% | 1387.37% | 15.85% | 33.35% | 645% | 170.13% | -53.65% | 65.52% | 184.38% | 33.74% | 107.62% | -19.67% | 233.49% | -30.86% | 136.85% |
| Operating CF Growth % | 63.98% | -98.65% | 189.16% | 722.87% | -241.83% | -9.96% | -12.27% | 139.22% | -54.53% | 508.75% | 571.21% | -145.51% | 566.98% | -42.23% | 187.29% | -31.54% | 75.49% | 814.41% | -362.57% | 100.54% |
| Net Income | -687K | 8.38M | -556K | -4.26M | 4.26M | 3.9M | -6.86M | 7.84M | 5.97M | 3.43M | 5.6M | 3.88M | 7.51M | -1.22M | 3.85M | 7.35M | 5.71M | 3.14M | 8.28M | 10.51M |
| Depreciation & Amortization | 0 | 0 | 0 | -15.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 4.84M | -9.49M | 61.1M | 44.89M | -8.49M | 61.51M | 13.02M | -724K | 2.1M | 74.75M | 3.97M | 4.49M | 861K | 10.34M | 4.65M | -1.21M | 1.04M | 4.48M | -2.31M | -5.76M |
| Working Capital Changes | -6.68M | 2.07M | 1.07M | -3.4M | -2.78M | 5.5M | 15.15M | -4.48M | -3.13M | 575K | 14.73M | -15.1M | 2.5M | 3.82M | -4.88M | 8.63M | -9.07M | 14.77M | -10.11M | 16.83M |
| Change in Receivables | -6.94M | 4.27M | -2.7M | -153K | -1.44M | 1.87M | 12.81M | -5.24M | -6.69M | -47K | 10.54M | -11.15M | 253K | 3.05M | 1.41M | 2.13M | -7.16M | 15.2M | -14.62M | 17.87M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -988K | 0 | 0 | -1.21M | -3.19M | 5.58M | 531K | 2.56M | 1.64M | 2.88M | 2.98M | -2.42M | 908K | 1.73M | -7.98M | 7.52M | -3.63M | -1.82M | 3.65M | 591K |
| Cash from Investing | 30.77M | 0 | 0 | 0 | 0 | -49.83M | -6.74M | 38.88M | -3.34M | -62.95M | 18M | 17.24M | 10.9M | -5.05M | -3.74M | 34.38M | 17.4M | -135.14M | -13.94M | -48.89M |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 233.49% | 30.86% | - |
| Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 543.04M | 578.65M | 108K | 442.51M | 129.79M | 130M | 654.34M | 130.93M | 129.56M | 696.17M | 142.44M | 128.4M | 130.96M | 760.23M | 764.56M | 139.8M | 137.88M | 819.21M | 92.48M | 670.48M |
| Other Investing | 0 | 0 | 0 | -19.82M | 9.75M | 0 | 0 | 0 | 0 | 0 | 0 | -21.8M | 21.8M | -75.42M | 0 | 17.75M | 57.66M | -86.14M | 86.14M | 0 |
| Cash from Financing | -8.61M | -17.18M | -48.95M | -8.04M | -1.24M | -13.88M | -15.67M | -40.68M | -5.17M | -21.13M | -35.52M | -9.71M | -25.77M | -954K | 847K | -51.82M | -16.56M | 118.92M | 16.91M | 20.6M |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -3.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1K | -74K | -50K | 33.56M | 1.44M | 1.9M |
| Dividends Paid | -5.6M | -9.76M | -8.95M | -8.95M | -8.95M | -14.64M | -8.95M | -8.95M | -8.95M | -8.6M | -8.6M | -9.88M | -8.25M | -9.41M | -8.25M | -7.75M | -7.72M | -9.89M | -5.54M | -7.08M |
| Share Repurchases | -3.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1K | -74K | -50K | 0 | 0 | 0 |
| Other Financing | 0 | -7.42M | 0 | -2.13M | -945K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2K | 248K | 0 | 0 | 0 | 0 |
| Net Change in Cash | 19.63M | -16.21M | 12.66M | 13.66M | -8.21M | 7.17M | -1.08M | 855K | -3.59M | -5.29M | 6.69M | 837K | -4.02M | 6.95M | 721K | -2.68M | -1.2M | 5.9M | -1.19M | -6.71M |
| Free Cash Flow | -2.52M | 959K | 61.62M | 21.7M | -7M | 70.9M | 21.31M | 2.64M | 4.94M | 78.75M | 24.29M | -6.72M | 10.86M | 12.94M | 3.62M | 14.77M | -2.33M | 0 | 0 | 21.58M |
| FCF Margin % | -22.61% | 6.46% | 914.91% | 216.08% | -59.98% | 590.47% | 1387.37% | 15.85% | 33.35% | 645% | 170.13% | -53.65% | 65.52% | 184.38% | 33.74% | 107.62% | -19.67% | - | - | 136.85% |
| FCF Growth % | 63.98% | -98.65% | 189.16% | 722.87% | -241.83% | -9.96% | -12.27% | 139.22% | -54.53% | 508.75% | 571.21% | -145.51% | 566.98% | - | - | -31.54% | 75.49% | -100% | -100% | 100.54% |
| FCF per Share | -0.11 | 0.04 | 2.65 | 0.93 | -0.30 | 3.05 | 0.92 | 0.11 | 0.21 | 3.39 | 1.05 | -0.29 | 0.47 | 0.56 | 0.16 | 0.64 | -0.10 | - | - | 1.05 |
| FCF Conversion (FCF/Net Income) | 3.67x | 0.11x | -110.83x | 9.64x | -1.64x | 18.18x | -3.11x | 0.34x | 0.83x | 22.99x | 4.34x | -1.73x | 1.45x | -10.62x | 0.94x | 2.01x | -0.41x | 7.13x | -0.50x | 2.05x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |