As Reported Financial Statements

As Reported Financials

Document Name As Of Date Currency Code (in thousands) 2015 Y 10-K 12/31/2015 USD 2016 Y 10-K 12/31/2016 USD 2017 Y 10-K 12/31/2017 USD 2018 Y 10-K 12/31/2018 USD 2019 Q3 YTD 10-Q 9/30/2019 USD
Document Name As Of Date Currency Code 2015 Y 10-K 12/31/2015 USD 2016 Y 10-K 12/31/2016 USD 2017 Y 10-K 12/31/2017 USD 2018 Y 10-K 12/31/2018 USD 2019 Q3 YTD 10-Q 9/30/2019 USD

OPERATING ACTIVITIES

Net income (loss) 27,358 5,698 10,145 394 (21,434)

Adjustments to reconcile net income (loss) to net cash used by operating activities

Depreciation and amortization 3,328 11,713 37,532 18,482 8,984
Bond amortization and accretion 1,997 3,677 5,073 5,005 3,884
Net realized (gains) losses on investments (827) (547) (67) (1,655) (186)
Net unrealized gains on equity securities NA 0 0 9,300 (15,519)
Provision for uncollectable premiums 272 64 494 358 186
Deferred income taxes, net 2,305 2,210 (8,584) (2,470) (4,584)
Stock based compensation 1,974 1,947 2,613 2,414 2,292
Changes in operating assets and liabilities
Accrued investment income (676) (172) (531) (440) (20)
Premiums receivable (8,577) 5,409 (5,447) (20,899) 9,265
Reinsurance recoverable on paid and unpaid losses (893) (18,459) (351,516) (230,224) (22,374)
Ceded unearned premiums (15,572) (53,165) (46,796) (15,981) (149,665)
Deferred policy acquisition costs, net (14,807) (18,741) (38,409) (1,700) (9,576)
Other assets (3,897) (11,006) 4,051 (1,545) (8,031)
Unpaid losses and loss adjustment expenses 19,966 39,096 280,848 178,971 162,944
Unearned premiums 65,521 41,327 54,825 71,440 98,984
Reinsurance payable on premiums 18,290 36,391 26,820 26,155 146,722
Payments outstanding (218) 0 (1,386) (893) 227
Accounts payable and accrued expenses (1,837) 8,005 15,905 24,454 8,153
Operating lease liability NA NA NA NA 356
Other liabilities 4,612 12,300 28,739 (51,048) 17,513
Net cash provided by operating activities 98,319 65,747 14,309 10,118 228,121

INVESTING ACTIVITIES

Proceeds from sales, maturities and repayments of

Fixed maturities NA NA NA NA 168,342
Equity securities NA NA NA NA 1,978
Other investments 199,575 187,522 128,329 250,600 5,461
Policy loans NA NA NA NA 0

Purchases of

Fixed maturities NA NA NA NA (200,208)
Equity securities NA NA NA NA (11,011)
Other investments (270,141) (201,234) (205,720) (372,174) (6,395)
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) (16,437)
Net cash used in investing activities (67,015) (49,757) (7,344) (125,642) (58,270)

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 0
Repayments of borrowings (3,422) (1,379) (40,075) (1,523) (849)
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) (7,710)
Outstanding checks in excess of funds on deposit 0 21,931 21,239 15,641 NA
Net cash provided by (used in) financing activities (7,909) 49,912 118,622 23,369 (8,559)
Increase in cash, cash equivalents and restricted cash 23,395 65,902 125,587 (92,155) 161,292
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 84,786 150,688 276,275 184,120 345,412

Supplemental Cash Flows Information

Interest paid 296 285 3,407 9,861 4,930
Income taxes paid 13,223 7,194 3,896 4,673 284

Non-cash transactions

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