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As Reported Financial Statements

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As Reported Financials

Source Document Currency Code (in thousands) 2015 Y 12/31/2017 USD 2016 Y 12/31/2018 USD 2017 Y 12/31/2018 USD 2018 Y 12/31/2018 USD
Source Document Currency Code 2015 Y 12/31/2017 USD 2016 Y 12/31/2018 USD 2017 Y 12/31/2018 USD 2018 Y 12/31/2018 USD

OPERATING ACTIVITIES

Net income 27,358 5,698 10,145 394

Adjustments to reconcile net income to net cash provided by operating activities

Depreciation and amortization 3,328 11,713 37,532 18,482
Bond amortization and accretion 1,997 3,677 5,073 5,005
Net realized gains on investments (827) (547) (67) (1,655)
Net unrealized losses on equity securities NA 0 0 9,300
Provision for uncollectible premiums 272 64 494 358
Deferred income taxes, net 2,305 2,210 (8,584) (2,470)
Stock based compensation 1,974 1,947 2,613 2,414
Changes in operating assets and liabilities
Accrued investment income (676) (172) (531) (440)
Premiums receivable (8,577) 5,409 (5,447) (20,899)
Reinsurance recoverable on paid and unpaid losses (893) (18,459) (351,516) (230,224)
Ceded unearned premiums (15,572) (53,165) (46,796) (15,981)
Deferred policy acquisition costs, net (14,807) (18,741) (38,409) (1,700)
Other assets (3,897) (11,006) 4,051 (1,545)
Unpaid losses and loss adjustment expenses 19,966 39,096 280,848 178,971
Unearned premiums 65,521 41,327 54,825 71,440
Reinsurance payable 18,290 36,391 26,820 26,155
Payments outstanding (218) 0 (1,386) (893)
Accounts payable and accrued expenses (1,837) 8,005 15,905 24,454
Other liabilities 4,612 12,300 28,739 (51,048)
Net cash provided by operating activities 98,319 65,747 14,309 10,118

INVESTING ACTIVITIES

Proceeds from sales, maturities and repayments of investments 199,575 187,522 128,329 250,600
Purchases of investments (270,141) (201,234) (205,720) (372,174)
Purchase of portfolio loan 0 0 (20,000) 0
Proceeds from acquisition 14,467 0 95,284 0
Purchase of subsidiary, net of cash acquired 0 (32,896) 0 0
Cost of property, equipment and capitalized software acquired (10,916) (3,149) (5,237) (4,068)
Net cash used in investing activities (67,015) (49,757) (7,344) (125,642)

FINANCING ACTIVITIES

Tax withholding payment related to net settlement of equity awards (185) (270) (287) (418)
Investment in subsidiary - NCI NA 0 0 20,000
Repayments of borrowings (3,422) (1,379) (40,075) (1,523)
Proceeds from borrowings 0 35,200 150,000 0
Payments of debt issuance costs 0 (596) (3,264) (63)
Dividends (4,302) (4,974) (8,991) (10,268)
Outstanding checks in excess of funds on deposit 0 21,931 21,239 15,641
Net cash provided by (used in) financing activities (7,909) 49,912 118,622 23,369
Increase (decrease) in cash, cash equivalents and restricted cash 23,395 65,902 125,587 (92,155)
Cash, cash equivalents and restricted cash at beginning of period 61,391 84,786 150,688 276,275
Cash, cash equivalents and restricted cash at end of period 84,786 150,688 276,275 184,120

Supplemental Cash Flows Information

Interest paid 296 285 3,407 9,861
Income taxes paid 13,223 7,194 3,896 4,673

Non-cash transactions

Issuance of common stock in connection with acquisition 0 0 285,468 0
Data shown on this page is extracted directly from the company’s documents. S&P makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, S&P, as always, stands by its commitment to the quality of the data.