Mgic investment corp (MTG)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09Dec'08
Cash flows from operating activities:
Net income

673,763

670,097

355,761

342,517

1,172,000

251,949

-49,848

-927,079

-485,892

-363,735

-1,322,277

-525,355

Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred insurance policy acquisition costs

-

-

-

-

-

-

-

-

-

-

-

10,024

Capitalized deferred insurance policy acquisition costs

-

-

-

-

-

-

-

-

-

-

-

-10,360

Depreciation and amortization

48,784

58,215

64,430

61,342

52,559

48,861

69,203

100,135

84,828

60,882

60,349

33,688

Deferred tax expense

-11,096

-186,572

-355,044

-162,356

692,810

-312

-590

34

738

75

-176,279

411,683

Net realized investment losses

5,306

-1,353

231

8,921

28,361

1,357

6,059

197,719

143,430

-

-

-

Gain (Loss) on Extinguishment of Debt

0

0

-65

-90,531

-507

-837

-

-

-

-

-

-

Net investment impairment losses

-

-

-

-

-

-

328

2,310

715

9,644

40,940

65,375

Loss on repurchase of senior notes

-

-

-

-

-

-

0

17,775

27,688

0

-

-

Excess tax benefits related to share-based compensation

-

-

-

-

-

0

0

-

-

-

-

-

Increase in income taxes payable (current)

-

-

-

-

-

-

-

-

-

-

-

140,460

Equity earnings from joint ventures

-

-

-

-

-

-

-

-

-

-

-

-33,794

Distributions from joint ventures

-

-

-

-

-

-

-

-

-

-

-

22,195

Realized investment gains, excluding impairment losses

-

-

-

-

-

-

-

-

-

102,581

92,874

-52,889

Gain on repurchase on senior notes

-

-

-

-

-

-

-

-

-

-

27,238

-

Other

-

-

-

-

-

-

-

21,802

15,238

13,646

-55,764

-47,152

Change in certain assets and liabilities:
Accrued investment income

1,704

1,941

1,987

3,849

9,706

-1,142

4,417

-28,423

-14,639

-9,523

-11,028

-18,027

Prepaid reinsurance premium

-

-

-

-

-47,457

11,380

35,402

-776

-1,020

-

-

4,299

Reinsurance recoverable on loss reserves

-11,687

-15,146

-2,019

6,006

-13,354

-6,244

-40,763

-49,759

-120,683

-56,937

99,239

-197,744

Reinsurance recoverable on paid losses

1,427

924

1,092

-1,645

3,105

4,001

5,180

4,286

14,269

-24,863

-3,572

-

Premium receivable

497

1,045

1,653

3,923

-8,973

-4,859

-5,527

-3,245

-8,494

-10,572

-7,462

9,732

Deferred insurance policy acquisition costs

643

-953

1,082

2,518

3,001

2,519

-1,524

3,740

-777

-740

-2,482

-

Profit commission receivable

-4,945

5,479

2,844

747

-64,525

89,132

2,368

0

-

-

-

-

Real estate

-

-

-

-

-

-

-

1,842

-4,599

2,390

29,028

112,340

Loss reserves

-118,685

-311,616

-453,178

-454,589

-503,405

-664,594

-995,442

500,669

1,326,659

820,819

-1,929,438

2,133,073

Premium deficiency reserve

-

-

-

-

23,751

24,710

25,320

61,036

44,150

14,219

261,150

-756,505

Unearned premiums

-29,683

17,051

63,197

49,764

76,559

48,935

15,639

-16,026

-60,291

-65,581

-55,360

63,865

Return premium accrual

-11,500

-22,900

-25,400

-18,800

-9,600

22,200

-11,800

-11,700

-28,300

90,500

57,900

-

Current income taxes

1,057

-77,551

51,296

4,941

2,518

-674

598

1,888

-1,489

293,681

-179,006

-

Other, net

-24,791

-14,738

-128

-14,307

9,528

251

-20,593

-

-

-

-

-

Net cash provided by operating activities

609,532

544,517

406,657

224,760

161,395

-405,277

-970,711

-1,568,600

-1,883,851

-875,430

329,954

1,364,908

Cash flows from investing activities:
Purchases of investments

1,394,126

1,459,473

1,293,695

1,363,583

-

-

-

-

-

-

-

-

Proceeds from sales of investments

229,796

370,449

246,908

733,299

-

-

-

-

-

-

-

-

Fixed income securities

-

-

-

-

2,462,844

1,979,917

3,248,602

5,025,204

4,393,471

5,225,794

4,147,412

3,592,600

Equity securities

-

-

-

-

2,623

94

111

132

126

156

1,387

89

Proceeds from sales of fixed income securities

-

-

-

-

1,796,153

1,147,624

1,054,985

5,216,934

4,742,213

4,287,312

3,663,239

1,724,780

Proceeds from maturity of fixed income securities

748,165

785,175

759,212

547,444

559,774

1,129,087

1,357,028

1,461,955

1,407,325

740,959

554,980

413,328

Additional investment in joint ventures

-

-

-

-

-

-

-

-

-

-

-

-546

Proceeds from sale of investment in joint ventures

-

-

-

-

-

-

-

-

-

-

-

150,316

Proceeds from sale of equity securities

-

-

-

-

0

0

-

-

504

0

1,273

0

Repayment of note receivable from joint ventures

-

-

-

-

-

-

-

-

-

83,500

0

0

Net (decrease) increase in payables for securities

307

-307

0

0

-

-13

-13

20

2,228

-2,275

17,890

-19,547

Net increase in restricted cash

-

-

-

-

-17,212

-228

17,440

0

0

-

-

-

Additions to property and equipment

5,636

14,238

16,066

10,552

4,630

4,707

820

-

-

-

-

-

Net cash provided by (used in) investing activities

-422,108

-317,780

-303,641

-93,392

-96,958

292,234

-854,947

1,653,533

1,754,217

-111,904

52,803

-1,285,264

Cash flows from financing activities:
Proceeds from revolving credit facility

0

0

150,000

0

0

-

-

-

-

-

-

-

Repayment of revolving credit facility

0

0

150,000

0

0

-

-

-

-

-

-

-

Repayment of note payable

-

-

-

-

-

-

-

-

-

-

200,000

100,000

Repayment of long-term debt

-

-

-

-

61,953

20,772

-

-

-

-

94,352

-

Purchase or repayment of convertible senior notes

0

0

145,620

363,778

11,152

0

-

-

-

-

-

-

Payment of original issue discount - convertible senior notes

0

0

4,504

11,250

345

158

-

-

-

-

-

-

Purchase of convertible junior subordinated debentures

-

-

-

100,860

0

0

-

-

-

-

-

-

Payment of original issue discount-convertible junior subordinated debentures

-

-

-

41,540

0

0

-

-

-

-

-

-

Cash portion of loss on debt extinguishment

-

-

-

59,460

507

837

-

-

-

-

-

-

Net proceeds from convertible senior notes

-

-

-

-

-

-

484,625

0

0

334,373

0

377,199

Proceeds from reissuance of treasury stock

-

-

-

-

-

-

-

-

-

-

-

383,959

Common stock shares issued

-

-

-

-

-

-

663,335

0

0

772,376

0

75,758

Purchase of convertible senior notes

-

-

-

-

-

-

17,235

53,107

178,721

1,000

-

-

Repurchase of common stock

125,766

163,419

0

147,127

0

0

-

-

-

-

-

-

Proceeds from issuance of long-term debt

-

-

-

573,094

0

0

-

-

-

-

-

-

Dividends paid

42,000

0

0

-

-

-

-

-

-

-

-

-8,159

Payment of debt issuance costs

0

0

1,630

1,127

0

0

-

-

-

-

-

-

Payment of withholding taxes related to share-based compensation net share settlement

5,726

8,131

6,821

5,030

7,242

-

-

-

-

-

-

-

Excess tax benefits related to share-based compensation

-

-

-

-

-

0

0

-

-

-

-

-

Repurchases of long-term debt

-

-

-

-

-

-

-

-

-

-

-

0

Net cash used in financing activities

-173,406

-171,550

-158,575

-157,078

-81,199

-21,767

1,130,725

-53,107

-178,721

1,105,749

-294,352

728,757

Net increase in cash and cash equivalents and restricted cash and cash equivalents

14,018

55,187

-55,559

-25,710

-16,762

-134,810

-694,933

31,826

-308,355

118,415

88,405

808,401