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As Reported Financial Statements

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As Reported Financials

Source Document Currency Code (in thousands) 2014 Y 12/31/2016 USD 2015 Y 12/31/2017 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2017 USD 2018 Q3 YTD 9/30/2018 USD
Source Document Currency Code 2014 Y 12/31/2016 USD 2015 Y 12/31/2017 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2017 USD 2018 Q3 YTD 9/30/2018 USD

OPERATING ACTIVITIES

Net income (loss) 41,013 27,358 5,698 10,145 11,362

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

Depreciation and amortization 801 3,328 11,713 37,532 16,192
Bond amortization and accretion 1,522 1,997 3,677 5,073 3,822
Net realized losses on investments 20 (827) (547) (67) 674
Net unrealized gains on equity securities NA NA NA NA (5,046)
Provision for uncollectable premiums 73 272 64 494 112
Deferred income taxes, net (1,181) 2,305 2,210 (8,584) 3,232
Stock based compensation 649 1,974 1,947 2,613 1,675
Changes in operating assets and liabilities
Accrued investment income (487) (676) (172) (531) (194)
Premiums receivable (5,366) (8,577) 5,409 (5,447) (3,254)
Reinsurance recoverable on paid and unpaid losses 358 (893) (18,459) (351,516) (37,780)
Prepaid reinsurance premiums (8,559) (15,572) (53,165) (46,796) (118,012)
Deferred policy acquisition costs, net (6,739) (14,807) (18,741) (38,409) (1,882)
Other assets (1,493) (3,897) (11,006) 4,051 (1,473)
Unpaid losses and loss adjustment expenses 6,985 19,966 39,096 280,848 46,610
Unearned premiums 36,058 65,521 41,327 54,825 87,667
Reinsurance payable 5,771 18,290 36,391 26,820 148,056
Payments outstanding NA (218) 0 (1,386) 0
Accounts payable and accrued expenses NA (1,837) 8,005 15,905 5,506
Other liabilities (507) 4,612 12,300 28,739 (44,715)
Net cash provided by operating activities 68,918 98,319 65,747 14,309 112,552

INVESTING ACTIVITIES

Proceeds from sales, maturities and repayments of investments 219,893 199,575 187,522 128,329 176,019
Purchases of investments (305,013) (270,141) (201,234) (205,720) (276,483)
Purchase of portfolio loan NA 0 0 (20,000) NA
Proceeds from acquisition 0 14,467 0 95,284 0
Purchase of subsidiary, net of cash acquired 0 0 (32,896) 0 NA
Cost of property, equipment and capitalized software acquired (6,346) (10,916) (3,149) (5,237) (2,675)
Net cash provided by (used in) investing activities (91,466) (67,015) (49,757) (7,344) (103,139)

FINANCING ACTIVITIES

Investment in subsidiary - NCI NA NA NA NA 20,000
Tax withholding payment related to net settlement of equity awards (110) (185) (270) (287) NA
Repayments of borrowings (1,177) (3,422) (1,379) (40,075) (849)
Proceeds from borrowings 0 0 35,200 150,000 NA
Payments of debt issuance costs 0 0 (596) (3,264) (62)
Dividends (3,336) (4,302) (4,974) (8,991) (7,699)
Outstanding checks in excess of funds on deposit (367) 0 21,931 21,239 9,003
Proceeds from issuance of common stock, net of costs 54,041 NA NA NA NA
Net cash provided by (used in) financing activities 49,051 (7,909) 49,912 118,622 20,393
Increase in cash, cash equivalents and restricted cash 26,503 23,395 65,902 125,587 29,806
Cash, cash equivalents and restricted cash at beginning of period 34,888 61,391 84,786 150,688 276,275
Cash, cash equivalents and restricted cash at end of period 61,391 84,786 150,688 276,275 306,081

Supplemental Cash Flows Information

Interest paid 389 296 285 3,407 4,990
Income taxes paid 27,901 13,223 7,194 3,896 4,673

Non-cash transactions

Issuance of common stock NA 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.