MERCURY GENERAL CORPORATION MCY Cash Flow

Mercury general corporation (MCY)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	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	Dec'10	Sep'10	Jun'10	Mar'10
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income (Loss) Attributable to Parent
-139,200	31,700	69,300	83,200	135,900	-81,900	58,600	60,207	-42,607	19,802	46,485	51,633	26,980	-26,082	26,930	48,873	23,323	23,405	15,274	9,635	26,165	-20,956	31,296	94,960	72,649	15,376	39,570	-9,264	66,461	-17,382	66,201	-5,264	73,356	79,469	-3,782	57,251	58,226	-23,647	96,849	17,817	61,179
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
16,026	17,318	16,248	16,079	15,085	15,061	15,158	14,424	14,148	13,726	14,092	14,260	13,265	13,678	13,662	13,040	12,878	27,871	6,217	6,643	7,107	7,909	6,751	6,634	6,760	6,872	6,796	8,102	8,817	9,071	9,203	9,184	9,516	10,061	10,022	10,154	10,420	11,063	12,591	8,519	8,562
Realized Investment Gains (Losses)
-251,300	25,100	33,300	53,300	111,100	-85,100	-4,000	14,300	-58,700	17,366	20,718	21,156	24,460	-89,228	-15,465	45,381	25,057	-8,212	-26,286	-39,348	-9,961	-21,629	-20,089	76,190	46,712	-4,269	16,212	-67,415	44,050	-12,276	49,752	-23,759	52,663	72,862	-66,919	23,764	28,690	-23,681	86,439	-27,713	22,044
Bond amortization, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,931	6,135	5,213	4,268	4,537	5,960	4,153	3,870	2,945	2,979	2,735	144	2,632	2,436	1,545	544	1,367	1,427	1,277	1,490	773	-1,635	434
Excess tax benefits related to share-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	24	82	-21	164	5	0	-	-	-	-	-30	0	84	32	16	8	12	20	72	18	17	25
Increase in premiums receivable
20,312	-24,965	37,104	12,770	24,923	-2,965	30,724	18,103	35,117	-11,808	16,787	-9,264	19,193	-15,434	14,509	-5,660	29,116	-5,440	28,191	-3,453	22,214	-5,679	11,300	-8,135	26,448	-6,743	16,757	-12,242	22,916	-930	28,879	7,528	21,111	-9,385	11,178	-9,315	15,341	-9,742	10,810	17,919	-14,795
Decrease in reinsurance recoverables
-8,397	-24,674	-23,123	12,071	-106,588	167,669	5,582	-4,839	-3,673	45,591	-1,129	-727	-692	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Changes in current and deferred income taxes
41,501	-12,519	-10,359	-18,329	-31,338	32,357	-23,182	-12,364	17,087	21,159	-4,475	-11,106	-2,568	24,624	-4,623	-15,239	-2,632	-535	11,742	17,978	6,102	8,289	24,176	-30,165	-10,643	3,307	-15,187	32,523	-24,094	10,931	-24,726	35,561	-21,683	-23,222	23,337	-27,269	-18,277	29,212	-26,289	14,544	-28,866
Increase in deferred policy acquisition costs
1,477	-4,528	10,527	7,444	4,592	-1,348	7,204	7,066	4,058	-3,768	2,849	-456	-1,300	-5,931	2,764	428	1,803	-3,483	5,940	204	1,899	-4,236	2,221	-2,101	6,852	-1,818	6,685	-1,245	4,934	-403	7,198	3,723	3,962	-3,203	3,081	907	66	-5,843	2,528	-3,047	1,075
Increase in loss and loss adjustment expense reserves
-23,310	66,044	71,287	-3,688	-41,800	249,358	30,204	18,877	20,360	138,449	45,201	10,030	26,685	45,695	33,761	35,824	28,280	15,135	17,621	8,055	-4,597	28,884	9,883	19,107	-5,061	-22,728	-3,498	2,382	26,705	-57,703	-99	-23,935	30,893	-6,554	2,259	9,735	43,486	-49,056	14,628	84,170	-30,613
Increase in unearned premiums
29,256	-28,418	68,970	41,334	37,480	-4,595	50,010	40,422	48,417	-18,046	26,379	-1,208	20,365	-27,714	22,014	1,566	29,258	-14,010	36,709	987	18,866	-12,821	19,157	-60	39,995	-13,793	29,208	-10,261	27,944	-847	38,835	16,459	22,555	-22,781	18,968	-5,874	19,735	-23,567	12,093	-11,596	11,909
Increase in accounts payable and accrued expenses
9,640	-14,271	8,204	9,818	22,742	-25,042	6,082	785	24,761	-23,438	10,192	-516	9,584	-8,414	3,994	-1,038	-5,128	-17,577	11,269	9,480	-38,258	15,051	21,768	7,826	-13,626	-8,382	17,078	4,011	17,660	-5,356	210	326	6,017	-11,952	-3,054	10,432	-5,411	-35,151	9,334	11,644	5,119
Share-based compensation
35	35	36	36	16	41	41	40	23	0	4	21	35	35	36	36	35	-2,804	550	1,353	1,043	1,371	1,672	671	398	758	316	-129	29	58	397	-180	95	293	292	198	116	8	408	187	209
(Decrease) increase in other payables
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	587	2,125	7,543	3,655	-5,497	-2,326	-6,820	2,993	1,122	8,437	-417	-7,958	8,892	-1,937	3,548	-28,801	22,546	-7,082	9,195	-2,081	4,590	-1,380	-24,315
Other, net
8,276	-7,930	-38,585	11,392	7,960	15,843	-2,535	-6,748	7,103	2,731	-2,576	25,905	16,402	-6,302	4,811	-17,384	14,483	19,391	951	-7,275	8,706	-3,599	-687	-7,913	10,245	-5,636	-2,801	-11,360	9,480	-2,669	-1,417	-7,124	5,029	-3,894	-373	-11,190	11,344	5,204	-1,124	-8,037	8,188
Net cash provided by operating activities
97,146	106,085	147,970	90,936	174,687	58,239	141,120	105,724	78,351	64,940	101,720	100,522	74,223	77,863	108,023	56,007	49,785	41,564	75,518	61,737	11,452	47,038	71,108	78,943	49,446	40,087	73,259	38,260	58,198	34,732	63,949	14,698	34,683	-7,575	73,042	57,482	35,576	-7,643	47,380	19,163	32,881
CASH FLOWS FROM INVESTING ACTIVITIES
Fixed maturity securities available for sale in nature:
Purchases
334,517	106,804	90,430	147,969	146,592	158,839	153,487	179,951	213,947	206,979	87,124	162,001	278,293	334,967	251,440	104,603	386,628	158,551	287,813	144,755	374,582	149,286	61,770	153,930	177,508	206,470	194,342	221,216	209,768	204,300	125,636	131,053	129,573	114,315	81,908	126,558	57,182	77,662	166,980	76,055	112,172
Sales
23,503	80,678	1,913	38,772	15,197	40,885	29,944	58,239	60,238	13,739	21,759	42,702	22,509	165,857	58,419	22,746	149,744	49,222	141,890	53,101	16,733	33,761	49,493	52,515	73,911	55,559	55,481	107,508	9,568	61,519	22,224	20,301	35,816	21,984	45,835	53,009	96,707	58,705	71,618	15,763	58,457
Calls or maturities
41,643	58,050	119,964	58,747	80,099	90,644	88,368	92,941	62,673	139,256	177,697	99,629	159,153	225,322	133,480	108,132	180,125	103,333	142,167	53,779	87,365	116,772	96,761	57,471	59,633	111,202	68,692	82,193	81,541	200,294	138,820	116,480	73,292	124,386	143,251	68,054	82,925	53,180	81,638	77,499	73,137
Equity securities available for sale in nature:
Purchases
361,942	321,856	298,773	297,434	256,696	248,422	280,946	248,282	249,177	205,213	257,201	173,168	195,728	178,958	197,557	174,190	163,408	175,206	164,149	162,777	246,085	161,922	195,566	267,937	242,958	133,827	136,160	158,568	168,328	121,431	91,866	104,575	40,344	58,226	62,671	104,750	125,551	99,731	66,997	78,721	27,070
Sales
269,320	282,949	297,387	280,578	227,787	313,596	223,496	196,047	221,616	199,278	176,719	160,719	142,855	197,012	188,757	156,096	154,273	163,563	160,081	214,598	267,175	222,396	132,224	232,985	157,453	195,980	354,767	161,253	160,997	105,128	97,120	31,155	43,869	56,779	77,441	65,669	125,673	89,324	76,029	37,014	38,397
Calls
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	923	-	0	0	0	-	-	-	-
Changes in securities payable and receivable
-8,864	6,307	-1,321	13,451	-15,901	9,612	-1,384	7,274	-19,537	22,266	-7,200	-9,590	39,264	-12,686	-19,660	1,406	982	-5,271	-126	20,422	-13,638	-14,916	-10,708	15,652	678	-45,620	68,368	-34,899	10,449	-3,239	-2,028	3,623	-275	4,015	19,717	-17,859	3,264	-6,575	-4,053	11,372	-11,507
Change in short-term investments and purchased options
-254,811	72,013	60,008	-4,917	113,287	-6,097	-7,861	25,321	-57,110	-82,191	-87,220	211,700	-115,294	167,164	22,689	-27,409	29,086	22,782	-429,759	20,865	198,620	32,742	-62,424	74,006	12,206	-22,609	-85,668	-14,086	142,368	44,439	-41,791	47,245	9,056	202,912	-113,001	-27,934	31,760	18,900	-57,828	29,871	21,872
Purchases of fixed assets
10,305	8,264	10,950	12,444	8,430	7,310	7,501	6,942	6,206	5,168	3,718	7,132	3,425	4,105	3,939	4,339	4,596	3,728	5,086	5,370	5,928	5,157	8,676	5,759	6,445	5,688	4,622	3,860	4,501	2,972	4,430	3,623	4,152	5,466	3,029	3,628	5,956	6,743	6,836	7,876	7,431
Sale of fixed assets
-	-	-	-	-	-	-	-	-	-	-	-	-	11	1	0	2	5	32	46	58	15	2	56	151	210	157	306	147	180	471	560	833	68	469	1,899	554	1,171	104	56	10
Business acquisition, net of cash acquired
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	7,771	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other, net
-4,790	-1,275	-1,392	-2,159	-1,421	-2,041	-1,937	-3,083	-3,044	49	-596	-828	-559	-419	-843	-1,396	-947	-182	-910	-239	-1,142	-576	-1,339	-717	-840	-194	-134	-686	-727	-351	-294	-606	-1,004	-2,877	-2,713	-2,403	-4,033	-3,286	-417	-3,638	473
Net cash used in investing activities
-103,833	-92,292	-38,184	-86,125	-184,600	29,080	-88,944	-117,460	-45,112	-23,583	-45,053	-40,621	-76,340	-83,887	-77,819	-23,577	-41,437	-38,218	-21,053	11,682	-34,093	-7,203	-37,909	-25,528	-123,395	161	-9,929	-10,885	2,302	-31,451	-2,766	-26,527	-9,001	39,510	-10,617	-53,977	149,699	47,005	-59,956	-10,183	56,234
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid to shareholders
34,875	34,875	34,736	34,734	34,726	34,726	34,587	34,583	34,582	34,583	34,444	34,431	34,428	34,418	34,268	34,258	34,257	34,203	34,063	34,065	34,055	34,035	33,837	33,813	33,811	33,809	33,664	33,662	33,641	33,636	33,496	33,495	33,478	33,462	32,896	32,893	32,891	32,882	32,330	32,328	32,323
Employee taxes paid with shares related to share-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	6,561	-66	0	-3,203	-106	0	24	82	-21	164	5	0	-	-	-	-	-30	0	84	32	16	8	12	20	72	18	17	25
Proceeds from stock options exercised
0	110	0	138	453	18	340	0	0	0	991	0	1,171	926	706	0	0	0	0	828	1,283	4,447	1,682	34	84	64	58	1,324	0	394	0	1,026	1,072	1,141	169	143	498	42	216	286	189
Net proceeds from issuance of senior notes
-	-	-	-	-	-	-	-	-	0	0	-629	371,640	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payoff of principal on loan and credit facilities
-	-	-	-	-	-	-	-	-	-	0	0	320,000	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from bank loan
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	20,000	0	80,000	10,000	40,000	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in financing activities
-34,875	-34,765	-34,736	-34,596	-34,273	-34,708	-34,247	-34,583	-34,582	-34,583	-33,453	-35,060	18,383	-3,515	-33,628	-34,258	-37,460	-34,309	-34,063	-33,213	-32,690	-29,609	-11,991	-33,774	46,273	-23,801	6,400	-32,086	-33,641	-33,272	-33,496	-32,385	-32,374	-30,305	-157,719	-32,738	-32,373	-32,768	-32,096	-32,025	-32,109
Net decrease in cash
-41,562	-	-	-	-44,186	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net (decrease) increase in cash
-	-	-	-	-	52,611	17,929	-46,319	-1,343	6,774	23,214	24,841	16,266	-9,539	-3,424	-1,828	-29,112	-30,963	20,402	40,206	-55,331	10,226	21,208	19,641	-27,676	16,447	69,730	-4,711	26,859	-29,991	27,687	-44,214	-6,692	1,630	-95,294	-29,233	152,902	6,594	-44,672	-23,045	57,006
SUPPLEMENTAL CASH FLOW DISCLOSURE
Interest paid
8,269	19	8,270	29	8,268	19	8,317	0	8,250	0	8,571	0	1,292	734	977	942	878	761	788	748	692	703	688	675	477	202	214	214	368	371	392	388	539	907	2,004	1,153	2,129	1,150	2,200	1,171	2,086
Income taxes paid, net
0	-15,742	1,200	-58	36	-211	-11,475	691	6	10,868	7,287	6,012	1,051	-557	101	194	79	5	8,738	12,849	9,798	1,090	30,000	11,312	18,737	-800	37	16,827	439	-10,849	403	21,973	6,954	8,000	9,002	-8,908	409	2,761	12,701	12,087	-8,757
Net realized gains from sale of investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,178