Amtrust financial services, inc. (AFSI)
CashFlow / Yearly
Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09
Net (loss) income

-334,879

430,370

457,633

415,264

280,593

184,860

191,164

147,574

103,223

Depreciation and amortization

158,404

117,270

84,428

61,412

53,118

28,602

19,521

18,429

8,791

Amortization of deferred gain

5,539

0

0

-

-

-

-

-

-

Net amortization of bond premium or discount

-18,350

-29,310

-17,401

-15,395

-18,925

-3,905

-1,475

-

-

Equity earnings on investment in unconsolidated subsidiaries

73,488

17,224

25,385

28,351

11,566

9,295

4,882

23,226

-822

Gain on investment in life settlement contracts, net

-2,444

46,147

19,844

12,306

3,800

13,822

46,892

11,855

-

Realized gain on marketable securities

63,135

68,137

27,272

24,463

18,396

11,946

7,179

27,149

-8,801

Non-cash write-down of marketable securities

0

31,659

19,155

8,039

2,869

2,965

4,411

21,196

24,778

Non-cash write-down of investments

21,352

0

0

-

-

-

-

-

-

Non-cash write-down of goodwill

0

273

55,304

62,898

10,226

16,389

30,479

-

-

Discount on notes payable

6,659

6,720

5,628

3,095

3,000

2,936

462

772

1,067

Stock based compensation

26,583

23,286

22,763

19,114

11,186

7,172

5,571

3,386

4,241

Loss on extinguishment of debt

0

0

-5,271

-9,831

0

0

-

-

-

Bad debt expense

75,154

27,238

18,339

24,294

24,334

11,348

7,287

6,037

4,843

Foreign currency loss (gain)

-139,910

-29,289

47,301

56,372

-6,533

-242

-2,418

684

2,459

Gain on sale of policy management system

186,755

0

0

6,631

0

0

-

-

-

Acquisition gain

0

48,775

5,826

0

48,715

0

5,850

0

-

Dividend received from equity investment

744

1,598

984

246

12,203

0

0

-

-

Premiums and notes receivable

-89,887

423,790

396,910

291,868

189,503

329,618

186,721

208,677

81,137

Reinsurance recoverable

1,757,714

541,507

570,050

504,021

547,578

219,826

174,988

132,111

58,499

Deferred policy acquisition costs, net

191,190

252,487

64,377

159,979

97,561

68,135

56,320

44,492

76,214

Prepaid reinsurance premiums

117,967

402,748

151,241

292,422

133,787

167,747

99,911

74,407

38,523

Prepaid expenses and other assets

219,092

-104,623

462,244

188,764

310,177

83,692

33,616

48,210

8,696

Reinsurance premium payable

48,683

95,407

20,687

48,656

87,520

190,814

71,194

132,238

-1,700

Loss and loss expense reserves

1,625,556

1,413,039

1,440,388

1,219,993

1,177,625

-547,225

-283,978

-171,593

-77,885

Unearned premiums

208,002

297,085

377,713

709,308

586,219

380,738

315,208

153,186

111,864

Funds held under reinsurance treaties

14,075

58,090

-9,955

10,397

6,372

15,303

5,683

-2,527

-462

Accrued expenses and other current liabilities

166,809

168,441

246,060

103,953

43,640

67,350

44,071

-63,402

27,191

Deferred taxes

-

-

-

-

21,623

6,293

-59,164

3,626

57,673

Net cash provided by (used in) operating activities

-375,297

916,703

1,011,259

1,125,924

972,159

531,455

296,033

26,351

164,413

Cash flows from investing activities:
Purchases of:
Fixed maturity securities, available-for-sale

2,393,592

2,467,741

2,367,112

2,421,826

2,473,116

1,466,424

2,066,868

3,711,080

498,035

Fixed maturity securities, trading

488,111

266,657

207,379

84,493

0

-

-

-

-

Equity securities

105,396

52,016

87,190

293,554

41,374

30,468

37,410

28,321

26,893

Other investments

40,157

47,042

71,352

28,573

17,228

1,884

611

5,284

1,398

Acquisition of subsidiaries, net of cash obtained

-

-

-

-

-

-

30,388

0

7,904

Loan to ACP Re

-

-

-

125,000

0

-

-

-

-

Acquisition of reinsurance entities, net of cash obtained

-

-

-

-

-17,811

-15,473

-43,950

-6,929

-6,545

Subsidiaries, net of cash received

102,905

402,232

242,358

80,736

20,182

63,855

0

19,902

-

Property, equipment and software, net

199,409

117,047

152,249

73,147

39,586

27,388

38,601

14,722

-

Life settlement contracts

16,473

17,230

1,065

25,419

51,070

51,031

53,363

14,574

-

Sales of:
Sales of held to maturity fixed maturities

-

-

-

-

-

-

-

-

48,881

Fixed maturity securities, available-for-sale (includes maturities & paydowns)

2,560,758

1,528,210

1,208,102

1,749,897

1,612,580

905,697

2,122,923

3,573,660

350,837

Fixed maturity securities, trading

449,241

237,834

207,992

78,974

0

-

-

-

-

Equity securities

198,327

69,147

66,400

238,369

68,585

47,491

17,634

65,531

21,637

Other investments

70,633

35,069

2,510

17,854

6,102

5,717

6,776

200

-

Life settlement contracts

268,107

0

0

-

-

-

-

-

-

Policy management system

57,040

0

0

-

-

-

-

-

-

Securities sold but not purchased, net

39,068

-2,224

25,566

13,052

-56,711

-

-

-

-

Equity method investment

211,290

0

0

-

-

-

-

-

-

Subsidiary, net of cash transferred

-

-

-

20,059

0

-

-

-

-

Short term investments, net

173,786

-79,180

-71,319

-50,286

-9,550

-118,283

96,428

872

-136,580

Advance on equity interest in life settlement contracts entity

39,724

0

0

-

-

-

-

-

-

Receipt of life settlement contract proceeds

48,045

38,247

102,307

10,035

20,054

10,074

10,530

0

-

Loss portfolio transfer, net of cash obtained

-

-

-

-

-

-

-28,969

0

-

Investment in ACAC

-

-

-

-

-

-

-

53,055

-

Decrease (Increase) in restricted cash and cash equivalents, net

-211,307

221,485

194,532

85,786

21,677

55,658

5,974

8,180

2,588

Purchase of property and equipment

-

-

-

-

-

-

-

-

5,519

Net cash (used in) provided by investing activities

633,711

-1,605,987

-1,639,041

-1,040,008

-986,262

-593,973

-98,861

-209,670

22,143

Cash flows from financing activities:
Revolving credit facility borrowings

0

0

430,000

220,000

0

0

123,200

0

-

Revolving credit facility payments

0

0

420,000

100,000

0

0

123,200

0

-

Securities sold under agreements to repurchase, net

-160,270

160,270

0

-293,222

58,311

43,193

-155,899

174,843

-111,718

Secured loan agreements borrowings

109,066

44,579

10,250

30,500

0

0

10,800

0

-

Secured loan agreements payments

11,065

7,186

7,001

3,009

1,299

1,021

782

0

-

2055 Subordinated notes proceeds

0

0

285,000

0

0

-

-

-

-

Senior notes proceeds

-

-

-

-

250,000

0

0

-

-

Convertible senior notes proceeds

-

-

-

68,400

0

-

-

-

-

Convertible senior notes payments

0

10

62,079

0

-

25,000

175,000

0

-

Term loan payment

-

-

-

-

-

-

6,667

13,333

13,333

Promissory note borrowings

-

-

-

-

-

13,000

0

0

-

Promissory notes payments

52,343

0

0

10,695

0

12,500

7,500

7,500

7,500

Financing fees

313

277

9,451

5,188

2,740

2,180

6,644

0

-

Common share repurchase

0

152,392

578

59,155

0

-

-

-

6,086

Common stock issuance

298,747

346

487,087

0

472

0

0

-

-

Preferred share issuance

0

417,264

176,529

178,641

111,130

0

0

-

-

Contingent consideration payments

18,124

35,734

15,334

4,225

-

-

-

-

-

Non-controlling interest capital dividends from consolidated subsidiaries, net

30,918

1,428

11,475

18,223

36,149

22,607

25,334

11,025

-

Stock option exercises and other

1,651

3,839

2,556

-8,776

8,062

8,873

5,425

1,770

315

Dividends distributed on common stock

124,701

108,228

85,296

55,599

29,236

30,201

19,712

16,647

13,088

Dividends distributed on preferred stock

66,284

47,847

31,590

12,738

3,989

0

0

-

-

Net cash provided by (used in) financing activities

-57,856

268,374

766,456

-19,291

426,860

66,771

19,355

150,158

-151,410

Effect of exchange rate changes on cash

50,854

-15,235

-15,657

-15,748

2,895

3,270

-2,605

1,226

4,023

Net (decrease) increase in cash, cash equivalents and restricted cash and restricted cash equivalents

195,350

-436,145

123,017

50,877

415,652

7,523

213,922

-31,935

39,169

Interest payments on debt

74,936

68,051

43,146

36,679

20,768

20,435

14,158

33,480

14,601

Income tax payments

9,288

26,299

234,455

85,619

65,652

8,414

12,931

13,405

18,802