| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|---|---|---|---|---|---|
OPERATING ACTIVITIES | ||||||
Net income | ||||||
28,636 | 27,155 | -1,119 | 33,865 | - | - | - |
Net income | ||||||
- | - | - | - | 92,512 | 47,097 | 34,213 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||
Stock-based compensation | ||||||
5,379 | 5,273 | 4,815 | 4,815 | 2,647 | 3,301 | 5,733 |
Bond amortization and accretion | ||||||
-5,087 | -6,247 | -8,810 | -8,016 | -6,246 | - | - |
Amortization of original issuance discount on debt | ||||||
1,419 | 3,885 | 2,314 | - | - | 2,531 | 891 |
Depreciation and amortization | ||||||
10,436 | 27,070 | 7,742 | 8,976 | 1,350 | 777 | 150 |
Allowance for bad debt | ||||||
290 | 0 | 0 | - | - | - | - |
Net realized investment gains | ||||||
1,734 | -399 | 564 | - | - | - | - |
Bad debt recovery | ||||||
- | - | - | - | -250 | 250 | - |
Net realized losses | ||||||
- | - | - | 1,733 | 1,508 | 304 | -323 |
Net change in unrealized losses of equity securities | ||||||
2,429 | -2,078 | - | - | - | - | - |
Change in fair value of option feature | ||||||
- | - | 41,013 | - | - | - | - |
Net loss on property held for sale | ||||||
- | -737 | - | - | - | - | - |
Net (gain)/loss from repurchase of debt | ||||||
-48 | -9,790 | -1,203 | - | - | - | - |
Deferred income taxes | ||||||
-898 | -21,563 | 19,619 | 3,103 | 1,016 | -3,764 | -893 |
Changes in operating assets and liabilities: | ||||||
Accrued investment income | ||||||
-91 | -589 | -303 | 1,355 | 792 | 1,646 | 856 |
Premiums receivable, net | ||||||
6,685 | -10,757 | 910 | 10,754 | 10,287 | 9,931 | 10,227 |
Restricted cash | ||||||
- | - | - | - | 8,746 | 4,339 | - |
Prepaid reinsurance premiums | ||||||
-8,969 | 5,307 | -16,223 | 23,300 | 35,369 | 11,896 | 30,658 |
Reinsurance recoverable on paid and unpaid claims | ||||||
110,973 | -39,427 | 284,284 | - | - | -5,337 | 5,337 |
Income taxes receivable | ||||||
-32,415 | -1,752 | 28,598 | 10,713 | - | -5,073 | 5,073 |
Deferred policy acquisition costs, net | ||||||
4,156 | 31,377 | -1,101 | 7,979 | 10,430 | 14,605 | 9,733 |
Right of use leased asset | ||||||
6,645 | - | - | - | - | - | - |
Other assets | ||||||
1,728 | -8,972 | 4,907 | -177 | 2,594 | 2,554 | 1,810 |
Unpaid losses and loss adjustment expenses | ||||||
181,174 | -37,724 | 236,142 | 56,415 | 32,253 | 32,125 | 17,951 |
Unearned premiums | ||||||
13,863 | -2,977 | -17,740 | -13,814 | 61,358 | 124,893 | 78,578 |
Reinsurance payable | ||||||
-10,624 | 149,398 | -79,106 | 36,457 | 43,097 | -12,478 | 20,604 |
Accrued interest | ||||||
175 | -1,993 | 3,217 | - | - | - | - |
Accrued compensation | ||||||
-3,879 | -3,648 | 3,155 | 779 | 1,863 | -63 | 504 |
Advance premiums | ||||||
3,496 | 7,251 | -3,355 | -4,336 | -6,995 | -1,314 | -3,824 |
Income taxes payable | ||||||
12,624 | - | - | -2,092 | -10,716 | 10,003 | -1,100 |
Operating lease liabilities | ||||||
-8,369 | - | - | - | - | - | - |
Other liabilities | ||||||
-36,071 | -85,351 | 75,705 | -2,244 | -15,524 | 23,075 | 7,967 |
Net cash provided by operating activities | ||||||
119,657 | 96,338 | 7,489 | 82,955 | - | - | - |
Net cash (used in) provided by operating activities | ||||||
- | - | - | - | 146,881 | 194,196 | 105,051 |
INVESTING ACTIVITIES | ||||||
Fixed maturity securities sales, maturities and paydowns | ||||||
161,160 | 241,497 | 338,180 | 180,190 | 151,307 | 38,738 | 7,424 |
Fixed maturity securities purchases | ||||||
228,047 | 211,963 | 210,070 | 317,666 | - | - | - |
Equity securities sales | ||||||
26,766 | 4,820 | 11,726 | - | - | - | - |
Equity securities purchases | ||||||
4,583 | 5,992 | 5,774 | - | - | - | - |
Other investment purchases | ||||||
24,250 | 1,716 | - | - | - | - | - |
Proceeds from other investments sold | ||||||
19,995 | - | - | - | - | - | - |
Purchases of investments available for sale | ||||||
- | - | - | - | 237,946 | 231,070 | 126,971 |
Proceeds from sale of investment in mortgage loan | ||||||
- | - | - | - | -6,849 | 786 | 6,063 |
Acquisition of a business, net of cash acquired | ||||||
- | - | 140,919 | 110,319 | 6,000 | - | - |
Collection of (issued) promissory note receivable | ||||||
-358 | 910 | - | - | - | - | - |
Cost of property and equipment acquired | ||||||
4,984 | 2,281 | 385 | 1,621 | 1,174 | 6,929 | 10,884 |
Net cash used in investing activities | ||||||
-53,585 | 23,455 | -7,242 | -249,416 | - | - | - |
Net cash provided by (used in) investing activities | ||||||
- | - | - | - | -86,964 | -200,047 | -136,494 |
FINANCING ACTIVITIES | ||||||
Debt acquisition costs | ||||||
- | -3,431 | -5,609 | - | - | - | - |
Proceeds from mortgage loan | ||||||
- | - | 12,658 | - | - | - | - |
Proceeds from exercise of stock options | ||||||
- | - | 417 | - | 8,900 | - | - |
Proceeds from issuance of equity and redeemable shares | ||||||
- | - | - | - | - | 88 | 33,630 |
Excess tax expense on stock-based compensation | ||||||
- | - | - | 739 | -739 | - | - |
Mortgage loan payments | ||||||
277 | 264 | - | - | - | - | - |
Proceeds from convertible notes | ||||||
- | - | 136,750 | 77,910 | - | - | - |
Proceeds from long-term debt | ||||||
- | 114,200 | - | - | - | - | - |
Repurchase of convertible notes | ||||||
2,869 | 52,739 | 25,189 | - | - | - | - |
Purchase of treasury stock | ||||||
16,183 | 2,000 | 61,623 | 25,562 | - | - | - |
Repayments of long-term debt | ||||||
15,625 | 79,500 | - | - | - | - | - |
Tax withholdings on share-based compensation awards | ||||||
3,521 | 1,839 | 1,599 | 977 | - | - | - |
Dividends paid | ||||||
6,959 | 6,380 | 8,249 | 6,806 | - | - | - |
Net cash used in financing activities | ||||||
-45,434 | -31,953 | 47,556 | 43,826 | 9,639 | - | - |
Increase in cash, cash equivalents, and restricted cash | ||||||
20,638 | 87,840 | 47,803 | -122,635 | - | - | - |
Proceeds from issuance of equity from initial public offering, net of discount fee and expense | ||||||
- | - | - | - | - | 78,670 | - |
Proceeds from exercise of stock options and warrants | ||||||
- | - | - | - | - | 22,515 | - |
Repayment on note payable to bank | ||||||
- | - | - | - | - | - | -1,000 |
Net cash provided by (used in) financing activities | ||||||
- | - | - | - | - | 101,273 | 32,630 |
Increase (decrease) in cash, cash equivalents, and restricted cash | ||||||
- | - | - | - | 75,796 | 95,422 | 1,187 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||||||
Income taxes paid | ||||||
14,165 | 31,289 | 4,500 | 31,912 | 68,824 | 13,038 | 28,314 |
Interest paid | ||||||
7,298 | 17,573 | 4,054 | - | - | - | 16 |
Temporary equity reclassified to equity | ||||||
- | - | - | - | - | 20,921 | - |
Supplemental Disclosure of Non-Cash Investing and Financing Activities | ||||||
Original issue discount on convertible notes | ||||||
- | - | 16,838 | - | - | - | - |
Issuance of shares on conversion of convertible notes | ||||||
- | 53,044 | - | - | - | - | - |
Issuance of shares for consideration in the acquisition of a business | ||||||
- | - | 40,000 | - | 2,000 | - | - |