Essent group ltd. (ESNT)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Jun'13Mar'13
Operating Activities
Net income

149,523

146,958

144,630

136,405

127,720

128,528

116,011

111,755

111,069

162,638

78,393

72,118

66,598

62,686

59,711

52,258

47,951

44,479

40,821

37,193

34,838

28,866

25,070

19,555

15,006

23,577

7,200

Adjustments to reconcile net income to net cash provided by operating activities:
Gain on the sale of investments, net

3,135

833

1,153

583

660

158

524

439

197

252

564

544

655

445

435

583

471

789

548

568

649

306

151

68

400

83

10

Equity in net loss (income) of other invested assets

-96

39

53

-132

-159

111

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Distribution of income from other invested assets

339

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Depreciation and amortization

878

1,001

942

925

901

865

805

837

897

968

985

969

1,001

976

1,048

1,040

1,000

833

805

847

734

630

617

671

546

522

583

Amortization of discount on payments due under Asset Purchase Agreement

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

7

10

16

18

29

30

Stock-based compensation expense

4,780

4,096

4,170

4,222

4,100

3,804

3,837

3,827

3,605

4,708

4,692

4,669

4,619

4,979

3,953

4,167

3,782

3,674

3,363

3,335

3,261

3,112

3,260

3,365

2,783

556

559

Amortization of premium on investment securities

5,840

4,025

4,258

3,904

3,551

3,519

3,688

3,726

3,287

3,286

2,919

2,850

2,983

2,413

2,855

2,538

2,680

2,760

2,409

2,475

2,360

2,118

1,887

1,682

1,153

701

687

Deferred Income Tax Expense (Benefit)

17,047

14,164

16,344

13,526

15,447

15,016

8,893

16,901

9,882

-68,463

16,084

14,906

18,042

14,753

14,547

13,019

15,245

12,080

11,116

14,681

14,280

14,202

13,100

10,205

7,107

-9,872

-139

Excess tax benefits from stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

58

52

2,280

80

46

52

1,631

-

-

Change in:
Accrued investment income

37

8

140

211

549

502

1,470

1,272

1,576

968

1,063

585

703

630

378

49

663

396

429

703

492

714

393

968

1,695

401

146

Accounts receivable

-805

1,228

1,031

189

1,319

1,276

2,668

936

2,238

503

3,523

2,247

1,887

1,339

1,138

1,915

563

7

1,659

11

1,151

643

1,417

1,398

345

4,546

1,053

Deferred policy acquisition costs

-558

-298

173

173

-392

-110

212

384

209

523

794

544

93

387

774

553

157

300

683

694

255

813

1,245

911

455

1,122

755

Increase (Decrease) in Mortgage Guaranty Insurer United States Mortgage Guaranty Tax and Loss Bonds

-

-

-

-

-

16,422

11,600

23,041

-100,863

18,700

18,100

34,700

-615

18,250

13,250

30,250

110

12,000

12,239

31,500

4,000

17,000

8,673

16,000

10,000

-

-

Other assets

2,877

-4,507

-404

10,202

-2,370

2,621

-8,940

6,760

4,619

1,429

-1,898

902

975

644

-493

914

-539

1,987

-4,749

1,902

1,584

752

-5

-1,028

203

-2,859

199

Reserve for losses and LAE

3,979

7,926

6,298

1,654

4,020

-3,891

3,339

50

3,116

15,271

1,781

330

1,326

2,411

3,257

2,004

2,710

3,212

2,617

5,142

-1,638

7,968

-1,175

-702

-734

-384

-665

Unearned premium reserve

-14,753

-11,178

-5,169

-86

-147

3,136

8,546

11,446

12,667

13,795

17,115

7,500

1,646

-380

5,086

7,802

6,063

9,056

13,784

14,038

7,219

15,404

17,540

13,163

7,442

17,442

12,109

Other accrued liabilities

88

10,166

6,034

5,478

-17,303

9,187

5,713

5,078

-14,679

6,724

7,795

2,695

-14,629

8,527

1,824

6,029

-9,509

4,368

5,292

3,661

-6,739

5,361

5,580

1,729

-7,532

-

-

Accounts payable and accrued expenses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3,258

-5,036

Net cash provided by operating activities

163,131

165,269

159,095

126,802

138,682

139,367

143,298

120,788

221,868

116,552

107,618

66,515

77,888

74,670

76,799

54,593

68,497

67,373

69,340

42,666

47,180

52,138

56,319

32,719

12,528

33,026

14,773

Investing Activities
Net change in short-term investments

279,803

62,758

1,136

40,646

56,422

-37,512

-135,099

-53,751

68,068

16,181

165,529

18,604

-19,968

-18,135

21,248

45,747

-2,508

-35,604

26,234

-16,556

-98,766

104,428

-66,908

-88,357

247,446

0

-4,999

Purchase of investments available for sale

294,746

266,027

280,727

305,680

192,530

264,990

355,642

238,553

266,847

265,963

170,416

196,124

200,795

205,545

183,199

121,708

146,316

211,013

170,337

197,257

220,284

128,983

142,377

136,540

291,424

63,822

25,564

Proceeds from maturity of investments available for sale

29,472

19,257

29,241

22,513

17,014

31,905

30,201

35,944

16,601

20,468

15,122

18,112

18,206

5,318

12,825

7,245

1,798

1,088

0

2,000

5,525

8,550

2,000

9,600

7,232

500

3,500

Proceeds from sales of investments available for sale

159,127

185,756

138,572

219,729

79,714

98,915

77,510

61,897

102,458

56,754

46,040

91,454

60,129

69,351

65,710

96,552

82,167

116,981

120,645

141,131

71,077

56,049

21,486

14,994

52,215

16,063

3,287

Purchase of other invested assets

2,310

5,152

5,229

37,425

1,983

6,109

24,751

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Return of investment from other invested assets

7,300

1,370

326

377

179

-70

386

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchase of property and equipment

466

1,108

526

764

1,011

1,107

897

1,542

508

122

855

719

1,087

804

309

838

1,211

1,728

300

1,405

1,527

1,270

952

1,164

507

681

388

Net cash used in investing activities

-381,426

-128,662

-119,479

-141,896

-155,039

-103,944

-138,094

-88,503

-216,364

-205,044

-275,638

-105,881

-103,579

-113,545

-126,221

-64,496

-61,054

-59,068

-76,226

-38,975

-46,443

-170,082

-52,935

-24,753

-479,930

-47,940

-14,166

Financing Activities
Excess tax benefits from stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

58

52

2,280

80

46

52

1,631

-

-

Issuance of common shares, net of costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

74,309

49,543

Credit facility borrowings

200,000

0

0

0

0

0

0

0

15,000

75,000

50,000

50,000

25,000

50,000

50,000

0

0

-

-

-

-

-

-

-

-

-

-

Treasury stock acquired

6,306

164

616

125

8,100

210

79

55

31,070

248

90

112

7,127

61

87

33

3,843

33

57

55

5,023

77

36

58

2,327

1

193

Dividends paid

15,694

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by (used in) financing activities

178,000

-14,839

-15,289

-140

-8,100

-274

-71

-40,579

-16,070

74,275

198,091

47,323

17,873

50,070

49,586

-2,131

-3,843

-2,422

19

-3

-3,246

124,781

10

-2,624

-1,415

71,808

49,350

Payment of offering costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

537

-

0

118

719

-

-

Other financing activities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1

18

0

34

-

-

-

-

-

-

Net decrease in cash

-40,295

21,768

24,327

-15,234

-24,457

35,149

5,133

-8,294

-10,566

-14,217

30,071

7,957

-7,818

11,195

164

-12,034

3,600

5,883

-6,867

3,688

-2,509

6,837

3,394

5,342

-468,817

56,894

49,957

Supplemental Disclosure of Cash Flow Information
Income tax payments

0

8,500

12,000

21,000

5

10,675

8,200

10,400

0

12,000

11,600

15,500

1,200

8,000

12,000

9,000

1,800

24,000

-3,500

-5,000

0

-

-

-

-

-

-

Interest payments

1,641

2,145

2,539

2,647

2,532

2,400

2,351

2,376

2,324

1,565

1,348

1,071

701

324

0

0

0

-

-

-

-

-

-

-

-

-

-

Noncash Transactions
Issuance of management incentive shares (see Note 10)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

416

-1

615