AMTRUST FINANCIAL SERVICES, INC. AFSI Cash Flow

Amtrust financial services, inc. (AFSI)

CashFlow / TTM

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
-	-	-	-	-	-	-	430,370	399,071	500,228	411,450	457,633	447,289	408,087	456,505	415,264	429,579	332,112	299,320	280,593	273,194	259,398	228,641	184,860	163,495	157,784	179,063	191,164	0	0	0
Depreciation and amortization
-	-	-	-	-	-	-	117,270	117,453	103,983	91,965	84,428	80,616	72,394	67,138	61,412	62,218	59,615	58,537	53,118	36,739	34,014	29,033	28,602	7,218	5,176	22,196	19,521	0	0	0
Net amortization of bond premium or discount
-	-	-	-	-	-	-	-29,310	-27,539	-20,571	-16,353	-17,401	-14,181	-12,359	-18,345	-15,395	-17,982	-20,849	-20,323	-18,925	0	0	0	-	-	-	-	-	-	-	-
Equity earnings on investment in unconsolidated subsidiaries
-	-	-	-	-	-	-	17,224	14,869	26,392	26,001	25,385	24,552	15,407	15,364	28,351	27,876	25,471	28,532	11,566	11,173	12,453	8,481	9,295	10,126	6,001	4,123	4,882	0	0	0
Gain on investment in life settlement contracts, net
-	-	-	-	-	-	-	46,147	29,650	28,781	19,201	19,844	36,571	29,045	20,879	12,306	-1,460	1,526	7,676	3,800	8,600	11,775	12,656	13,822	3,848	7,419	28,096	46,892	0	0	0
Realized gain on marketable securities
-	-	-	-	-	-	-	68,137	44,182	51,809	18,578	27,272	47,228	27,072	34,050	24,463	15,979	11,929	8,194	18,396	27,433	28,534	30,378	11,946	10,229	8,566	5,616	7,179	0	0	0
Non-cash write-down of marketable securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	8,039	6,872	6,408	4,512	2,869	0	0	0	-	-	-	-	-	-	-	-
Discount on notes payable
-	-	-	-	-	-	-	6,720	5,822	5,769	5,694	5,628	4,896	4,279	3,696	3,095	3,199	3,131	3,065	3,000	2,937	2,875	2,691	2,936	2,308	1,679	1,267	462	0	0	0
Stock based compensation
-	-	-	-	-	-	-	23,286	23,518	23,869	23,490	22,763	21,881	20,889	19,878	19,114	17,177	15,066	13,228	11,186	10,138	9,207	8,100	7,172	6,343	5,490	5,292	5,571	0	0	0
Loss on extinguishment of debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-9,831	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Bad debt expense
-	-	-	-	-	-	-	27,238	19,595	18,856	12,363	18,339	15,778	19,411	24,750	24,294	29,507	27,187	27,163	24,334	22,937	18,623	12,350	11,348	8,267	5,599	8,134	7,287	0	0	0
Foreign currency loss (gain)
-	-	-	-	-	-	-	-29,289	-44,612	17,268	-15,589	47,301	44,351	19,945	82,881	56,372	16,870	-9,356	-9,657	-6,533	5,166	3,847	609	-242	-3,576	-6,688	-1,713	-2,418	0	0	0
Acquisition gain
-	-	-	-	-	-	-	48,775	0	0	0	-	-	-	-	-	-	-	-	48,715	0	0	0	-	-	-	-	-	-	-	-
Dividend received from equity investment
-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Premiums and notes receivable
-	-	-	-	-	-	-	423,790	123,963	168,692	335,090	396,910	604,896	607,084	370,975	291,868	333,830	357,715	380,416	189,503	333,788	409,446	318,785	329,618	199,352	97,287	199,249	186,721	0	0	0
Reinsurance recoverable
-	-	-	-	-	-	-	541,507	422,835	388,397	541,437	570,050	661,592	549,489	461,094	504,021	422,056	677,099	612,467	547,578	578,468	363,865	256,799	219,826	173,702	129,025	171,452	174,988	0	0	0
Deferred policy acquisition costs, net
-	-	-	-	-	-	-	252,487	214,900	109,290	87,072	64,377	53,748	56,769	87,465	159,979	174,315	199,221	150,370	97,561	107,722	74,824	93,406	68,135	72,127	77,141	58,383	56,320	0	0	0
Prepaid reinsurance premiums
-	-	-	-	-	-	-	402,748	333,386	263,410	82,736	151,241	348,380	365,114	340,887	292,422	179,920	168,038	141,344	133,787	269,943	271,507	246,112	167,747	143,820	146,881	113,352	99,911	0	0	0
Prepaid expenses and other assets
-	-	-	-	-	-	-	-104,623	-279,120	144,503	377,228	462,244	584,698	214,580	103,501	188,764	179,811	367,706	378,340	310,177	206,991	104,510	25,011	83,692	5,786	-2,251	59,187	33,616	0	0	0
Reinsurance premium payable
-	-	-	-	-	-	-	95,407	198,992	50,622	134,731	20,687	181,193	53,182	54,533	48,656	190,595	246,086	169,060	87,520	106,630	196,105	155,266	190,814	27,679	13,571	57,352	71,194	0	0	0
Loss and loss expense reserves
-	-	-	-	-	-	-	1,413,039	1,630,428	1,556,492	1,537,458	1,440,388	3,129,724	2,574,313	1,750,101	1,219,993	1,191,944	862,735	959,524	1,177,625	-1,103,961	-734,880	-596,088	-547,225	-447,656	-414,079	-325,037	-283,978	0	0	0
Unearned premiums
-	-	-	-	-	-	-	297,085	398,028	368,186	411,149	377,713	491,885	490,395	478,715	709,308	752,028	805,224	811,750	586,219	609,189	602,304	529,616	380,738	407,938	320,287	341,588	315,208	0	0	0
Funds held under reinsurance treaties
-	-	-	-	-	-	-	58,090	18,217	31,611	40,013	-9,955	-9,269	16,635	48	10,397	1,783	-14,620	-2,775	6,372	7,942	6,470	9,190	15,303	11,831	67,852	12,129	5,683	0	0	0
Accrued expenses and other current liabilities
-	-	-	-	-	-	-	168,441	-678,061	10,275	304,835	246,060	482,990	161,924	193,688	103,953	-6,858	-104,580	54,806	43,640	129,655	265,092	95,668	67,350	5	-38,877	73,241	44,071	0	0	0
Deferred taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-27,020	19,663	21,634	21,623	-27,277	-33,803	-12,465	6,293	-9,513	-31,188	-64,675	-59,164	0	0	0
Net cash provided by (used in) operating activities
58,603	-328,997	-328,397	-375,297	-38,157	545,554	463,672	916,703	1,307,082	1,464,571	1,497,570	1,011,259	813,194	663,680	930,631	1,125,924	1,291,200	1,142,142	1,183,463	972,159	707,057	794,652	642,830	531,455	474,740	353,745	329,136	296,033	0	0	0
Cash flows from investing activities:
Purchases of:
Fixed maturity securities, available-for-sale
3,942,292	3,406,492	3,261,992	2,393,592	2,232,636	2,479,387	2,468,692	2,467,741	2,534,787	2,299,815	2,802,655	2,367,112	2,074,345	2,505,054	2,131,365	2,421,826	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Fixed maturity securities, trading
506,111	558,411	585,811	488,111	502,603	479,470	383,075	266,657	203,509	197,911	199,678	207,379	225,314	194,048	146,576	84,493	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Equity securities
-	-	120,096	-	-	-	92,803	52,016	184,008	92,691	72,452	87,190	38,709	205,755	252,975	293,554	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Other investments
39,457	38,057	34,057	40,157	50,451	51,297	53,801	47,042	20,547	63,829	57,926	71,352	88,624	44,124	44,233	28,573	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Acquisition of subsidiaries, net of cash obtained
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	0	0	0	-	-	-	-	-	-	-	-
Subsidiaries, net of cash received
5,005	5,005	75,205	102,905	360,994	381,425	433,546	402,232	0	0	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Property, equipment and software, net
8,209	15,609	50,709	199,409	198,539	221,653	232,225	117,047	160,275	189,783	170,277	152,249	112,087	97,163	87,122	73,147	75,017	38,775	40,222	39,586	36,744	36,042	30,757	27,388	0	0	0	-	-	-	-
Net purchases of securities with fixed maturities, available-for-sale
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	0	0	0	-	0	0	0
Net (purchases) sales of equity securities, available-for-sale
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	0	0	0	-	0	0	0
Net sales (purchases) of other investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	0	0	-	-	-	-
Life settlement contracts
-27	-27	1,273	16,473	17,850	33,730	32,430	17,230	0	0	0	-	-	-	-	25,419	64,583	76,489	64,858	51,070	20,712	27,312	52,497	51,031	0	0	0	-	-	-	0
Sales of:
Fixed maturity securities, available-for-sale (includes maturities & paydowns)
2,699,458	2,651,558	2,774,458	2,560,758	1,695,114	1,817,206	1,853,437	1,528,210	1,777,225	1,350,295	1,116,589	1,208,102	1,381,240	1,676,552	1,710,135	1,749,897	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Fixed maturity securities, trading
-	-	531,541	-	-	-	316,890	237,834	201,771	201,934	200,468	207,992	231,177	187,299	139,242	78,974	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Equity securities
-	-	201,927	-	-	-	183,884	69,147	158,656	65,913	61,678	66,400	25,713	158,162	195,709	238,369	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Other investments
24,533	8,933	59,533	70,633	82,498	99,527	47,579	35,069	2,921	-9,585	-10,637	2,510	2,960	13,818	18,287	17,854	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Securities sold but not purchased, net
-23,332	102,968	49,568	39,068	32,424	36,724	32,839	-2,224	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Subsidiary, net of cash transferred
0	0	0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Short term investments, net
157,286	138,586	192,986	173,786	-197,787	-71,877	-139,107	-79,180	111,691	-12,124	62,149	-71,319	-44,560	-79,242	-80,848	-50,286	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Receipt of life settlement contract proceeds
-655	14,845	29,945	48,045	48,700	63,389	48,289	38,247	54,521	29,351	57,285	102,307	91,041	86,022	58,088	10,035	16,027	19,034	21,053	20,054	9,054	6,047	14,102	10,074	0	0	0	-	-	-	-
Loss portfolio transfer, net of cash obtained
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Acquisition of subsidiaries, net of cash obtained
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-
Decrease (Increase) in restricted cash and cash equivalents, net
-	-	-	-	-	-	-	221,485	300,114	343,102	142,306	194,532	84,572	67,873	74,485	85,786	60,362	17,199	27,456	21,677	65,342	118,535	56,451	55,658	10,296	8,858	18,704	5,974	0	0	0
Purchase of property and equipment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Net cash (used in) provided by investing activities
-439,389	172,911	650,711	633,711	-353,023	-745,814	-1,316,855	-1,605,987	-1,487,892	-1,785,066	-2,190,972	-1,639,041	-1,058,298	-1,135,629	-756,548	-1,040,008	-1,168,135	-1,048,968	-1,410,095	-986,262	-1,103,133	-784,912	-398,429	-593,973	-243,144	-331,417	-307,741	-98,861	0	0	0
Cash flows from financing activities:
Revolving credit facility borrowings
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	220,000	0	0	0	-	-	-	-	-	-	-	-	123,200	0	0	0
Revolving credit facility payments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	100,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Securities sold under agreements to repurchase, net
233,830	183,130	-293,770	-160,270	-30	-335,190	293,770	160,270	0	0	0	-	-	-	-	-293,222	-204,306	-205,161	-41,054	58,311	-21,792	-26,758	-65,699	43,193	-117,807	20,052	-51,451	-155,899	0	0	0
Secured loan agreements borrowings
27,066	3,466	7,066	109,066	106,970	110,818	146,579	44,579	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	10,800	0	0	0
Secured loan agreements payments
13,165	7,365	6,965	11,065	11,114	11,117	11,308	7,186	7,139	7,092	7,046	7,001	7,437	5,953	4,476	3,009	1,068	1,056	1,314	1,299	1,329	1,316	1,032	1,021	0	0	0	-	-	-	-
Convertible senior notes payments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	25,000	0	0	0	-	-	-	-
Term loan payment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Promissory notes payments
-	-	26,143	52,343	52,300	52,300	26,200	0	0	0	0	-	-	-	-	10,695	10,695	10,695	10,000	0	13,000	10,000	15,000	12,500	0	0	0	-	-	-	-
Financing fees
-	0	313	-	-	477	377	277	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	2,180	6,946	6,000	6,000	6,644	0	0	0
Common share repurchase
-	-	-	-	-	-	-	152,392	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Common stock issuance
-	-	-	-	-	-	-	346	315,691	315,691	315,691	487,087	216,236	182,641	171,672	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Preferred share issuance
-	-	-	-	-	-	-	417,264	417,264	139,070	139,070	176,529	176,529	355,170	355,170	178,641	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Contingent consideration payments
-	-	19,524	-	-	-	25,431	35,734	0	0	0	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-controlling interest capital dividends from consolidated subsidiaries, net
114,118	133,118	22,918	30,918	38,812	19,129	10,028	1,428	0	0	0	-	-	-	17,023	18,223	36,918	41,081	35,705	36,149	22,091	18,934	19,888	22,607	18,194	22,650	21,297	25,334	0	0	0
Stock option exercises and other
4,551	3,351	4,251	1,651	-3,280	-1,845	-643	3,839	9,156	7,658	5,848	2,556	-13,538	-9,263	-10,644	-8,776	7,614	8,059	8,645	8,062	10,126	7,243	8,926	8,873	5,921	5,964	5,490	5,425	0	0	0
Dividends distributed on common stock
100,001	133,301	129,001	124,701	121,127	113,704	110,917	108,228	103,299	98,019	92,233	85,296	75,392	69,900	64,470	55,599	40,604	45,373	39,739	29,236	42,672	28,840	24,668	30,201	22,251	20,985	20,484	19,712	0	0	0
Dividends distributed on preferred stock
66,284	66,284	66,284	66,284	65,604	60,580	55,656	47,847	40,736	37,949	35,012	31,590	28,148	22,864	16,166	12,738	9,328	7,871	5,930	3,989	0	0	0	-	-	-	-	-	-	-	-
Net cash provided by (used in) financing activities
-40,456	-182,956	-280,556	-57,856	117,088	69,207	361,661	268,374	427,453	611,983	696,153	766,456	634,545	796,192	343,972	-19,291	-57,859	15,275	305,175	426,860	322,728	82,435	-66,015	66,771	43,444	120,104	44,630	19,355	0	0	0
Effect of exchange rate changes on cash
-31,046	5,154	57,254	50,854	73,018	24,478	-7,783	-15,235	-32,889	-33,911	-8,383	-15,657	-16,091	-23,383	-28,063	-15,748	-4,766	11,026	9,749	2,895	1,160	-301	-4,845	3,270	-1,415	-4,643	-2,474	-2,605	0	0	0
Net (decrease) increase in cash, cash equivalents and restricted cash and restricted cash equivalents
-418,450	-300,050	132,850	195,350	-201,074	-106,575	-499,305	-436,145	213,754	257,577	-5,632	123,017	373,350	300,860	489,992	50,877	60,440	119,475	88,292	415,652	-72,188	91,874	173,541	7,523	273,625	137,789	104,965	213,922	0	0	0
Interest payments on debt
-	-	-	-	-	-	-	-	-	-	47,999	43,146	39,123	36,471	38,277	36,679	36,841	28,619	28,160	20,768	20,936	20,331	20,007	20,435	16,615	18,298	13,887	14,158	0	0	0
Income tax payments
-	-	-	-	-	-	-	-	-	-	143,006	234,455	274,679	272,058	181,828	85,619	81,642	100,655	66,086	65,652	27,155	5,481	8,641	8,414	7,032	14,420	12,920	12,931	0	0	0