AMTRUST FINANCIAL SERVICES, INC. AFSI Cash Flow

Amtrust financial services, inc. (AFSI)

CashFlow / Quarterly

Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11
Net (loss) income
-	-	-	-	-	-	-	93,834	95,201	144,549	96,786	62,535	196,358	55,771	142,969	52,191	157,156	104,189	101,728	66,506	59,689	71,397	83,001	59,107	45,893	40,640	39,220	37,742	40,182	61,919	51,321
Depreciation and amortization
-	-	-	-	-	-	-	19,956	37,449	32,006	27,859	20,139	23,979	19,988	20,322	16,327	15,757	14,732	14,596	17,133	13,154	13,654	9,177	754	10,429	8,673	8,746	-20,630	8,387	25,693	6,071
Net amortization of bond premium or discount
-	-	-	-	-	-	-	-7,327	-12,276	-4,865	-4,842	-5,556	-5,308	-647	-5,890	-2,336	-3,486	-6,633	-2,940	-4,923	-6,353	-6,107	-1,542	-	-	-	-	-	-	-	-
Equity earnings on investment in unconsolidated subsidiaries
-	-	-	-	-	-	-	4,692	1,954	4,433	6,145	2,337	13,477	4,042	5,529	1,504	4,332	3,999	18,516	1,029	1,927	7,060	1,550	636	3,207	3,088	2,364	1,467	-918	1,210	3,123
Gain on investment in life settlement contracts, net
-	-	-	-	-	-	-	17,256	5,485	12,676	10,730	759	4,616	3,096	11,373	17,486	-2,910	-5,070	2,800	3,720	76	1,080	-1,076	8,520	3,251	1,961	90	-1,454	6,822	22,638	18,886
Realized gain on marketable securities
-	-	-	-	-	-	-	10,416	17,691	32,055	7,975	-13,539	25,318	-1,176	16,669	6,417	5,162	5,802	7,082	-2,067	1,112	2,067	17,284	6,970	2,213	3,911	-1,148	5,253	550	961	415
Non-cash write-down of marketable securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,036	464	1,896	1,643	2,869	0	0	0	-	-	-	-	-	-	-	-
Discount on notes payable
-	-	-	-	-	-	-	2,300	1,510	1,455	1,455	1,402	1,457	1,380	1,389	670	840	797	788	774	772	731	723	711	710	547	968	83	81	135	163
Stock based compensation
-	-	-	-	-	-	-	5,853	5,891	5,901	5,641	6,085	6,242	5,522	4,914	5,203	5,250	4,511	4,150	3,266	3,139	2,673	2,108	2,218	2,208	1,566	1,180	1,389	1,355	1,368	1,459
Loss on extinguishment of debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-9,831	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Bad debt expense
-	-	-	-	-	-	-	12,039	6,958	7,936	305	4,396	6,219	1,443	6,281	1,835	9,852	6,782	5,825	7,048	7,532	6,758	2,996	5,651	3,218	485	1,994	2,570	550	3,020	1,147
Foreign currency loss (gain)
-	-	-	-	-	-	-	48,819	-10,880	-28,995	-38,233	33,496	51,000	-61,852	24,657	30,546	26,594	1,084	-1,852	-8,956	368	783	1,272	2,743	-951	-2,455	421	-591	-4,063	2,520	-284
Acquisition gain
-	-	-	-	-	-	-	0	0	39,097	9,678	-	-	-	-	-	-	-	-	0	0	23,183	25,532	-	-	-	-	-	-	-	-
Dividend received from equity investment
-	-	-	-	-	-	-	-	-	-	369	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Premiums and notes receivable
-	-	-	-	-	-	-	124,012	-76,816	105,274	271,320	-175,815	-32,087	271,672	333,140	32,171	-29,899	35,563	254,033	74,133	-6,014	58,264	63,120	218,418	69,644	-32,397	73,953	88,152	-32,421	69,565	61,425
Reinsurance recoverable
-	-	-	-	-	-	-	178,420	188,846	100,341	73,900	59,748	154,408	253,381	102,513	151,290	42,305	164,986	145,440	69,325	297,348	100,354	80,551	100,215	82,745	-6,712	43,578	54,091	38,068	35,715	47,114
Deferred policy acquisition costs, net
-	-	-	-	-	-	-	23,198	124,530	62,092	42,667	-14,389	18,920	39,874	19,972	-25,018	21,941	70,570	92,486	-10,682	46,847	21,719	39,677	-521	13,949	40,301	14,406	3,471	18,963	21,543	12,343
Prepaid reinsurance premiums
-	-	-	-	-	-	-	-83,758	93,625	290,881	102,000	-153,120	23,649	110,207	170,505	44,019	40,383	85,980	122,040	-68,483	28,501	59,286	114,483	67,673	30,065	33,891	36,118	43,746	33,126	362	22,677
Prepaid expenses and other assets
-	-	-	-	-	-	-	202,876	-102,068	-79,223	-126,208	28,379	321,555	153,502	-41,192	150,833	-48,563	42,423	44,071	141,880	139,332	53,057	-24,092	38,694	36,851	-26,442	34,589	-39,212	28,814	34,996	9,018
Reinsurance premium payable
-	-	-	-	-	-	-	-221,090	131,222	-18,319	203,594	-117,505	-17,148	65,790	89,550	43,001	-145,159	67,141	83,673	184,940	-89,668	-9,885	2,133	204,050	-193	-50,724	37,681	40,915	-14,301	-6,943	51,523
Loss and loss expense reserves
-	-	-	-	-	-	-	223,628	408,812	509,529	271,070	441,017	334,876	490,495	174,000	2,130,353	-220,535	-333,717	-356,108	2,102,304	-549,744	-236,928	-138,007	-179,282	-180,663	-98,136	-89,144	-79,713	-147,086	-9,094	-48,085
Unearned premiums
-	-	-	-	-	-	-	-216,397	130,347	119,045	264,090	-115,454	100,505	162,008	230,654	-1,282	99,015	150,328	461,247	41,438	152,211	156,854	235,716	64,408	145,326	84,166	86,838	91,608	57,675	105,467	60,458
Funds held under reinsurance treaties
-	-	-	-	-	-	-	50,603	-20,554	-2,943	30,984	10,730	-7,160	5,459	-18,984	11,416	18,744	-11,128	-8,635	2,802	2,341	717	512	4,372	869	3,437	6,625	900	56,890	-52,286	179
Accrued expenses and other current liabilities
-	-	-	-	-	-	-	678,014	-385,403	-341,248	217,078	-168,488	302,933	-46,688	158,303	68,442	-18,133	-14,924	68,568	-42,369	-115,855	144,462	57,402	43,646	19,582	-24,962	29,084	-23,699	-19,300	87,156	-86
Deferred taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-31,088	-28,394	-14,172	46,634	15,595	-26,423	-14,183	-2,266	9,069	-5,085	4,575	-18,072	-12,606	-38,572	10,086
Net cash provided by (used in) operating activities
35,800	27,900	296,000	-301,097	-351,800	28,500	249,100	36,043	231,911	-53,382	702,131	426,422	389,400	-20,383	215,820	228,357	239,886	246,568	411,113	393,633	90,828	287,889	199,809	128,531	178,423	136,067	88,434	71,816	57,428	111,458	55,331
Cash flows from investing activities:
Purchases of:
Fixed maturity securities, available-for-sale
1,027,300	385,600	1,739,700	789,692	491,500	241,100	871,300	628,736	738,251	230,405	870,349	695,782	503,279	733,245	434,806	403,015	933,988	359,556	725,267	-	-	-	-	-	-	-	-	-	-	-	-
Fixed maturity securities, trading
21,400	114,700	268,500	101,511	73,700	142,100	170,800	116,003	50,567	45,705	54,382	52,855	44,969	47,472	62,083	70,790	13,703	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Equity securities
-	-	56,100	-	-	-	41,400	-77,700	109,292	19,811	613	54,292	17,975	-428	15,351	5,811	185,021	46,792	55,930	-	-	-	-	-	-	-	-	-	-	-	-
Other investments
4,600	7,400	6,100	21,357	3,200	3,400	12,200	31,651	4,046	5,904	5,441	5,156	47,328	1	18,867	22,428	2,828	110	3,207	-	-	-	-	-	-	-	-	-	-	-	-
Acquisition of subsidiaries, net of cash obtained
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-8	8,300	67,622	-	0	71,343	3,516	-	-	-	-	-	-	-	-
Subsidiaries, net of cash received
0	100	-200	5,105	0	70,300	27,500	263,194	20,431	122,421	-3,814	-	-	-	118,464	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Property, equipment and software, net
-2,900	-2,600	7,500	6,209	4,500	32,500	156,200	5,339	27,614	43,072	41,022	48,567	57,122	23,566	22,994	8,405	42,198	13,525	9,019	10,275	5,956	14,972	8,383	7,433	5,254	9,687	5,014	-	-	-	-
Net purchases of securities with fixed maturities, available-for-sale
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	324,772	361,532	9,631	-	-55,817	84,109	212,243	-	16,040	65,252	7,157
Net (purchases) sales of equity securities, available-for-sale
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	6,413	-14,664	-7,240	-	-6,869	-4,690	-7,509	-	18,676	1,623	-1,447
Net sales (purchases) of other investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-120	925	-4,214	-	-	23	309	-	-	-	-
Life settlement contracts
0	0	0	-27	0	1,300	15,200	1,350	15,880	0	0	-	-	-	-	0	0	2,204	23,215	39,164	11,906	-9,427	9,427	8,806	18,506	15,758	7,961	-	-	-	17,453
Sales of:
Fixed maturity securities, available-for-sale (includes maturities & paydowns)
763,800	342,000	737,100	856,558	715,900	464,900	523,400	-9,086	837,992	501,131	198,173	239,929	411,062	267,425	289,686	413,067	706,374	301,008	329,448	-	-	-	-	-	-	-	-	-	-	-	-
Fixed maturity securities, trading
-	-	214,100	-	-	-	131,800	82,332	53,235	49,523	52,744	46,269	53,398	48,057	60,268	69,454	9,520	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Equity securities
-	-	122,900	-	-	-	119,300	-41,748	99,198	7,134	4,563	47,761	6,455	2,899	9,285	7,074	138,904	40,446	51,945	-	-	-	-	-	-	-	-	-	-	-	-
Other investments
700	2,400	1,600	19,833	-14,900	53,000	12,700	31,698	2,129	1,052	190	-450	-10,377	0	13,337	0	481	4,469	12,904	-	-	-	-	-	-	-	-	-	-	-	-
Securities sold but not purchased, net
-128,000	49,600	35,800	19,268	-1,700	-3,800	25,300	12,624	2,600	-7,685	-9,763	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Subsidiary, net of cash transferred
-2,800	0	538,400	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Short term investments, net
26,000	-54,400	19,200	166,486	7,300	0	0	-205,087	133,210	-67,230	59,927	-14,216	9,395	7,043	-73,541	12,543	-25,287	5,437	-42,979	-	-	-	-	-	-	-	-	-	-	-	-
Receipt of life settlement contract proceeds
0	0	0	-655	15,500	15,100	18,100	0	30,189	0	8,058	16,274	5,019	27,934	53,080	5,008	0	0	5,027	11,000	3,007	2,019	4,028	0	0	10,074	0	-	-	-	-
Loss portfolio transfer, net of cash obtained
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-161
Acquisition of subsidiaries, net of cash obtained
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	15,942	1,600	2,222	-	-	-	-
Decrease (Increase) in restricted cash and cash equivalents, net
-	-	-	-	-	-	-	45,057	-34,857	232,108	-20,823	123,686	8,131	31,312	31,403	13,726	-8,568	37,924	42,704	-11,698	-51,731	48,181	36,925	31,967	1,462	-13,903	36,132	-13,395	24	-4,057	23,402
Purchase of property and equipment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	15,402
Net cash (used in) provided by investing activities
-258,600	12,200	-447,000	254,011	353,700	490,000	-464,000	-732,723	-39,091	-81,041	-753,132	-614,628	-336,265	-486,947	-201,201	-33,885	-413,596	-107,866	-484,661	-162,012	-294,429	-468,993	-60,828	-278,883	23,792	-82,510	-256,372	71,946	-64,481	-58,834	-47,492
Cash flows from financing activities:
Revolving credit facility borrowings
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	220,000	0	0	0	-	-	-	-	-	-	-	-	0	25,000	0	98,200
Revolving credit facility payments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	100,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Securities sold under agreements to repurchase, net
19,000	214,800	0	30	-31,700	-262,100	133,500	160,270	-366,860	366,860	0	-	-	-	-	0	0	-94,162	-199,060	88,916	-855	69,945	-99,695	8,813	-5,821	31,004	9,197	-152,187	132,038	-40,499	-95,251
Secured loan agreements borrowings
26,200	0	0	866	2,600	3,600	102,000	-1,230	6,448	39,361	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	10,800
Secured loan agreements payments
7,600	2,000	1,800	1,765	1,800	1,600	5,900	1,814	1,803	1,791	1,778	1,767	1,756	1,745	1,733	2,203	272	268	266	262	260	526	251	292	247	242	240	-	-	-	-
Convertible senior notes payments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	0	0	0	25,000	-	-	-	-
Term loan payment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	6,667
Promissory notes payments
-	-	0	43	0	26,100	26,200	0	0	0	0	-	-	-	-	0	0	695	10,000	0	0	0	0	13,000	-3,000	5,000	-2,500	-	-	-	-
Financing fees
-	-100	100	-	-	100	100	277	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	510	920	0	750	5,276	-26	0	1,394
Common share repurchase
-	-	-	-	-	-	-	-3	48,886	88,841	14,668	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Common stock issuance
-	-	-	-	-	-	-	70	0	0	276	315,415	0	0	171,672	44,564	-33,595	-10,969	0	-	-	-	-	-	-	-	-	-	-	-	-
Preferred share issuance
-	-	-	-	-	-	-	0	278,194	0	139,070	0	0	0	176,529	0	178,641	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Contingent consideration payments
-	-	1,400	-	-	-	0	895	11,393	13,143	10,303	-	-	5,696	4,178	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-controlling interest capital dividends from consolidated subsidiaries, net
0	114,000	600	-482	19,000	3,800	8,600	7,412	-683	-5,301	0	-	-	-	565	1,346	5,787	9,325	1,765	20,041	9,950	3,949	2,209	5,983	6,793	4,903	4,928	1,570	11,249	3,550	8,965
Stock option exercises and other
-500	2,000	1,100	1,951	-1,700	2,900	-1,500	-2,980	-265	4,102	2,982	2,337	-1,763	2,292	-310	-13,757	2,512	911	1,558	2,633	2,957	1,497	975	4,697	74	3,180	922	1,745	117	2,706	857
Dividends distributed on common stock
0	33,400	33,300	33,301	33,300	29,100	29,000	29,727	25,877	26,313	26,311	24,798	20,597	20,527	19,374	14,894	15,105	15,097	10,503	-101	19,874	9,463	0	13,335	6,042	5,291	5,533	5,385	4,776	4,790	4,761
Dividends distributed on preferred stock
16,600	16,500	16,600	16,584	16,600	16,500	16,600	15,904	11,576	11,576	8,791	8,793	8,789	8,639	5,369	5,351	3,505	1,941	1,941	1,941	2,048	0	0	-	-	-	-	-	-	-	-
Net cash provided by (used in) financing activities
8,200	60,300	-54,900	-54,056	-134,300	-37,300	167,800	120,888	-182,181	255,154	74,513	279,967	2,349	339,324	144,816	148,056	163,996	-112,896	-218,447	109,488	237,130	177,004	-96,762	5,356	-3,163	28,554	36,024	-17,971	73,497	-46,920	10,749
Effect of exchange rate changes on cash
7,500	-36,400	9,800	-11,946	43,700	15,700	3,400	10,218	-4,840	-16,561	-4,052	-7,436	-5,862	8,967	-11,326	-7,870	-13,154	4,287	989	3,112	2,638	3,010	-5,865	1,377	1,177	-1,534	2,250	-3,308	-2,051	635	2,119
Net (decrease) increase in cash, cash equivalents and restricted cash and restricted cash equivalents
-207,100	64,000	-106,200	-169,150	-88,700	496,900	-43,700	-565,574	5,799	104,170	19,460	84,325	49,622	-159,039	148,109	334,658	-22,868	30,093	-291,006	344,221	36,167	-1,090	36,354	-143,619	200,229	80,577	-129,664	122,483	64,393	47,753	-20,707
Interest payments on debt
-	-	-	-	-	-	-	-	-	-	16,295	11,573	13,328	6,803	11,442	7,550	10,676	8,609	9,844	7,712	2,454	8,150	2,452	7,880	1,849	7,826	2,880	4,060	3,532	3,415	3,151
Income tax payments
-	-	-	-	-	-	-	-	-	-	5,467	2,771	5,406	129,362	96,916	42,995	2,785	39,132	707	39,018	21,798	4,563	273	521	124	7,723	46	-861	7,512	6,223	57