As Reported Financial Statements

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 2019 Q2 YTD 6/30/2019 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 2019 Q2 YTD 6/30/2019 USD

OPERATING ACTIVITIES

Net income 27,358 5,698 10,145 394 6,781

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

Depreciation and amortization 3,328 11,713 37,532 18,482 4,649
Bond amortization and accretion 1,997 3,677 5,073 5,005 2,467
Net realized gains on investments (827) (547) (67) (1,655) (168)
Net unrealized (gains) losses on equity securities NA 0 0 9,300 (12,910)
Provision for uncollectable premiums 272 64 494 358 62
Deferred income taxes, net 2,305 2,210 (8,584) (2,470) 3,785
Stock based compensation 1,974 1,947 2,613 2,414 1,578
Changes in operating assets and liabilities
Accrued investment income (676) (172) (531) (440) (163)
Premiums receivable (8,577) 5,409 (5,447) (20,899) (31,076)
Reinsurance recoverable on paid and unpaid losses (893) (18,459) (351,516) (230,224) 117,203
Ceded unearned premiums (15,572) (53,165) (46,796) (15,981) (242,262)
Deferred policy acquisition costs, net (14,807) (18,741) (38,409) (1,700) (19,080)
Other assets (3,897) (11,006) 4,051 (1,545) (2,690)
Unpaid losses and loss adjustment expenses 19,966 39,096 280,848 178,971 (83,854)
Unearned premiums 65,521 41,327 54,825 71,440 126,483
Reinsurance payable on premiums 18,290 36,391 26,820 26,155 287,571
Payments outstanding (218) 0 (1,386) (893) 6
Accounts payable and accrued expenses (1,837) 8,005 15,905 24,454 (9,523)
Operating lease liability NA NA NA NA 397
Other liabilities 4,612 12,300 28,739 (51,048) 17,878
Net cash provided by operating activities 98,319 65,747 14,309 10,118 167,134

INVESTING ACTIVITIES

Proceeds from sales, maturities and repayments of

Fixed maturities NA NA NA NA 132,029
Equity securities NA NA NA NA 1,690
Other investments 199,575 187,522 128,329 250,600 2,675
Policy loans NA NA NA NA 0

Purchases of

Fixed maturities NA NA NA NA (112,031)
Equity securities NA NA NA NA (6,514)
Other investments (270,141) (201,234) (205,720) (372,174) (5,966)
Purchase of portfolio loan 0 0 (20,000) 0 NA
Proceeds from acquisition 14,467 0 95,284 0 NA
Purchase of subsidiary, net of cash acquired 0 (32,896) 0 0 NA
Cost of property, equipment and capitalized software acquired (10,916) (3,149) (5,237) (4,068) (6,231)
Net cash provided by (used in) investing activities (67,015) (49,757) (7,344) (125,642) 5,652

FINANCING ACTIVITIES

Tax withholding payment related to net settlement of equity awards (185) (270) (287) (418) NA
Investment in subsidiary - NCI NA 0 0 20,000 NA
Repayments of borrowings (3,422) (1,379) (40,075) (1,523) (762)
Proceeds from borrowings 0 35,200 150,000 0 NA
Payments of debt issuance costs 0 (596) (3,264) (63) 0
Dividends (4,302) (4,974) (8,991) (10,268) (5,139)
Outstanding checks in excess of funds on deposit 0 21,931 21,239 15,641 12,144
Net cash provided by financing activities (7,909) 49,912 118,622 23,369 6,243
Increase (decrease) in cash, cash equivalents and restricted cash 23,395 65,902 125,587 (92,155) 179,029
Cash, cash equivalents and restricted cash at beginning of period 61,391 84,786 150,688 276,275 184,120
Cash, cash equivalents and restricted cash at end of period 84,786 150,688 276,275 184,120 363,149

Supplemental Cash Flows Information

Interest paid 296 285 3,407 9,861 4,888
Income taxes paid 13,223 7,194 3,896 4,673 164

Non-cash transactions

Issuance of common stock in connection with acquisition 0 0 285,468 0 NA
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