Heritage insurance holdings, inc. (HRTG)
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'14
OPERATING ACTIVITIES
Net income

7,620

12,818

8,133

721

6,964

3,928

5,989

2,409

14,829

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net income

-

-

-

-

-

-

-

-

-

-

-8,696

6,642

5,983

-

10,929

18,368

7,423

20,243

16,813

25,400

30,056

19,677

9,966

9,566

7,888

Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Stock-based compensation

1,345

1,345

1,345

1,344

1,345

1,344

1,317

1,306

1,306

1,204

1,203

1,204

1,204

1,203

1,204

1,204

1,204

774

25

398

1,450

-

-

-

-

Bond amortization and accretion

-1,359

-1,191

-1,382

-1,285

-1,229

-1,312

-1,481

-1,662

-1,792

-2,000

-2,318

-2,267

-2,225

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of original issuance discount on debt

349

346

343

340

390

697

1,138

1,179

871

-

-

-

-

-

2,248

2,083

1,593

-

1,704

1,649

1,335

966

641

493

431

Depreciation and amortization

2,024

2,162

2,782

2,796

2,696

5,662

7,367

7,000

7,041

1,838

2,106

957

2,841

2,901

2,464

3,213

398

424

324

308

294

265

240

168

104

Net realized investment gains

59

-

-

-

1,024

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net realized losses

-

-

-

-

-

-

5

-85

-227

-

365

-125

771

-29

1,118

263

381

-319

1,946

-116

-3

242

80

24

-42

Net (gain)/loss from repurchase of debt

-

0

-96

96

-48

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred income taxes

-4,452

-1,083

-4,340

8,623

-4,098

-4,262

-1,722

-2,319

-13,260

20,995

-239

-716

-421

-7,966

259

1,576

9,234

-2,429

1,662

1,123

660

-7,668

-1,954

7,266

-1,408

Changes in operating assets and liabilities:
Accrued investment income

-115

-288

116

-69

150

715

-553

65

-816

-174

-470

96

245

140

295

653

267

127

-493

756

402

770

516

209

151

Premiums receivable, net

-771

5,570

1,070

1,949

-1,904

-12,089

921

1,434

-1,023

8,304

-3,634

4,380

-8,140

7,560

583

3,214

-603

3,726

263

3,541

2,757

-27,946

4,792

31,076

2,009

Restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

617

0

5,559

-

-

-

-

-

-

-

-

Prepaid reinsurance premiums

-78,073

-46,543

-60,898

170,528

-72,056

-49,578

-13,275

131,863

-63,703

-63,569

-59,054

166,951

-60,551

-62,041

-57,977

188,208

-44,890

-45,024

-45,262

149,397

-23,742

-24,287

-19,829

74,622

-18,610

Reinsurance recoverable on paid and unpaid claims

-53,880

154,787

-56,290

67,140

-54,664

-6,896

-143,031

-85,966

196,466

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-580

-4,757

Income taxes receivable

-3,171

-7,440

-7,120

17,366

-35,221

-663

-6,243

24,969

-19,815

37,662

-648

-4,127

-4,289

-

-

-

-

-

-

-

-

-832

-9,423

9,639

-4,457

Deferred policy acquisition costs, net

-2,316

1,598

1,549

4,180

-3,171

-2,647

6,054

15,786

12,184

-210

96

577

-1,564

650

-439

6,577

1,191

2,306

546

6,105

1,473

-1,256

234

13,166

2,461

Right of use leased asset

-110

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other assets

8,739

-5,293

-1,790

2,913

5,898

-4,274

-8,054

337

3,019

-2,425

5,910

1,574

-152

48

984

172

-1,381

1,310

-1,166

1,004

1,446

-81

-36

1,522

1,149

Unpaid losses and loss adjustment expenses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

8,210

9,042

24,721

-

-

-

-

-

-

-

-

Unpaid losses and loss adjustment expenses

-6,356

195,947

-12,826

25,928

-27,875

11,264

-67,515

-59,125

77,652

-113,301

366,796

-8,788

-8,565

-

-

-

-

9,277

4,316

8,283

10,377

9,504

7,432

6,077

9,112

Unearned premiums

-5,593

1,371

5,687

24,937

-18,132

-12,323

-550

32,693

-22,797

-13,560

1,292

6,901

-12,373

-5,331

-17,464

13,658

-4,677

-

-

8,496

7,967

74,809

6,897

35,144

8,043

Reinsurance payable

-54,391

-97,801

-70,682

210,571

-52,712

-50,047

-59,485

220,499

38,431

-140,561

-66,685

183,883

-55,743

-81,200

-59,153

209,394

-32,584

-75,379

-42,264

161,530

-790

-37,217

-27,043

77,873

-26,091

Accrued interest

-1,172

-1

48

1

127

-1,236

2,391

-6,365

3,217

4,580

2,575

-2,007

-1,931

-

-

-

-

-

-

-

-

-

-

-

-

Accrued compensation

2,890

-2,916

3,505

-2,994

-1,474

2,343

3,732

-504

-9,219

503

1,476

2,010

-834

-1,198

-738

2,441

274

-9,361

2,786

3,805

4,633

-4,231

1,529

1,280

1,359

Advance premiums

-12,890

4,740

3,219

3,429

-7,892

17,038

2,386

1,917

-14,090

-1,523

5,488

-3,804

-3,516

1,817

3,445

-571

-9,027

928

-1,657

2,920

-9,186

4,867

-2,105

-866

-3,210

Income taxes payable

8,878

20,820

6,200

-20,121

5,725

-

-

-

-

-

-

-

-

0

0

-1,829

-263

2,092

0

-7,325

-5,483

12,510

-2,050

1,093

-1,550

Other liabilities

-9,332

-24,547

-21,275

6,498

3,253

-

-

-

-

66,429

12,714

2,158

-5,596

8,674

-1,700

-10,402

1,184

6,787

-6,635

-10,687

-4,989

20,486

237

1,534

818

Net cash provided by operating activities

85,697

3,504

39,738

-8,907

85,322

35,995

12,011

60,464

-12,132

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash (used in) provided by operating activities

-

-

-

-

-

-

-

-

-

-

-

-

3,986

-

-4,678

47,263

57,010

29,343

32,439

12,736

72,363

140,885

17,617

11,683

24,011

INVESTING ACTIVITIES
Fixed maturity securities sales, maturities and paydowns

58,462

-

-

-

25,486

-

-

-

-

241,713

-2,574

52,433

46,608

44,388

45,481

30,042

60,279

32,126

91,308

14,376

13,497

9,312

4,679

7,997

16,750

Fixed maturity securities purchases

83,891

27,507

105,204

58,133

37,203

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Marketable securities sales

-

-

-

-

-

-

-

-

127,328

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Marketable securities purchases

-

-

-

-

-

-

-

-

71,498

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Equity securities sales

26

245

-8

24,238

2,291

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Equity securities purchases

6

0

-250

3,216

1,617

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Limited partnership interest

-

-

4,000

801

19,205

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from sale of assets

-

-

-6

0

71

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchases of investments available for sale

-

-

-

-

-

-

-

-

-

-

-82,160

46,153

47,709

-

48,573

92,097

62,421

36,061

57,284

59,103

85,498

-

-

-

-

Purchases of investments available for sale

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

11,501

30,051

Proceeds from sale of investment in mortgage loan

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-6,100

-50

-699

-

-

-

-

Acquisition of a business, net of cash acquired

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-1,588

1,588

110,319

-

-

-

-

-

-

-

-

Cost of property and equipment acquired

75

51

446

493

3,994

856

1,058

284

83

190

45

2

148

-18

126

760

753

-89

394

-72

941

678

3,146

1,940

1,165

Net cash used in investing activities

-25,485

47,061

-63,874

-2,601

-34,171

4,321

-11,804

-24,809

55,747

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by (used in) investing activities

-

-

-

-

-

-

-

-

-

-

-

-

-1,249

-

-1,630

-64,403

-113,214

-3,846

33,730

-44,605

-72,243

-82,046

-98,091

-5,444

-14,466

FINANCING ACTIVITIES
Repayment of term note

3,750

-

1,875

0

11,875

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from exercise of stock options

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,531

3,375

2,782

212

-

-

-

-

Proceeds from issuance of equity and redeemable shares

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

88

Mortgage loan payments

72

71

68

68

70

68

65

63

68

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repurchase of convertible notes

-

0

0

0

2,869

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchase of treasury stock

7,986

4,290

4,549

2,333

5,011

0

0

1

1,999

-1

53,017

4,101

4,506

5,000

4,000

6,927

9,635

-

-

-

-

-

-

-

-

Tax withholdings on share-based compensation awards

233

3,335

68

0

118

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Dividends paid

1,750

1,771

1,792

1,795

1,601

1,591

1,595

1,593

1,601

1,459

3,223

1,784

1,783

1,578

1,809

1,840

1,579

-

-

-

-

-

-

-

-

Net cash used in financing activities

-13,791

-11,342

-8,352

-4,196

-21,544

-11,720

-1,660

-14,905

-3,668

-15,675

75,405

-5,885

-6,289

-

-

-

-

-

-

-

-

-

-

-

-

Increase in cash, cash equivalents, and restricted cash

46,421

39,223

-32,488

-15,704

29,607

28,596

-1,453

20,750

39,947

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by (used in) financing activities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-5,809

-8,767

-11,214

-

3,375

2,782

212

0

0

101,185

88

Increase (decrease) in cash, cash equivalents, and restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-3,552

-

-12,117

-25,907

-67,418

35,007

69,544

-29,087

332

58,839

-80,474

107,424

9,633

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Income taxes paid

-

-

-

-

-

-

-

-

-

-

-

-

-

4,000

11,158

13,204

3,550

7,624

6,200

31,941

23,059

3,057

723

6,824

2,434

Interest paid

2,418

2,092

1,677

552

2,977

3,308

5,948

2,911

5,406

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Interest paid

-

-

-

-

-

-

-

-

-

-

-

-

1,931

-

-

-

-

-

-

-

-

-

-

-

-

Supplemental Disclosure of Non-Cash Investing and Financing Activities
Issuance of shares on conversion of convertible notes

-

-

0

0

4,210

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-