NATIONAL GENERAL HOLDINGS CORP. NGHC Cash Flow

National general holdings corp. (NGHC)

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
Cash flows from operating activities:
Net income
100,573	104,794	60,239	77,058	85,339	18,365	56,229	36,910	56,020	-719	58,956	13,173	30,798	50,698	31,139	57,698	56,839	27,158	44,701	36,326	42,928	15,478	32,549	30,296	26,424	7,978	12,747	13,950	7,716
Adjustments to reconcile net income to cash provided by (used in) operating activities:
Net (gain) loss on investments and gain on sale of a business
-6,861	45,674	-565	-5,230	22	-6,789	-3,170	-19,704	118	2,745	47,605	-2,175	-1,412	10,600	-11,009	4,696	3,617	-16,569	1,415	1,856	2,203	-1,774	-1,118	0	0	1,182	516	-751	1,698
Other-than-temporary impairment loss
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	6,009	1,467	1,016	-	0	0	0	-	-	-	-
Realized loss (gain) on premise and equipment disposals
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-10	0	-86
Credit loss expense
25,766	26,913	23,485	16,882	20,967	18,225	19,307	16,498	20,184	16,571	18,656	13,047	15,545	12,540	8,755	7,102	6,959	7,165	5,923	4,899	5,823	6,509	8,105	7,433	7,086	5,708	8,349	4,870	3,557
Depreciation and amortization
21,278	9,224	29,921	29,999	27,135	21,366	22,954	21,885	20,141	32,104	16,984	18,942	35,273	42,574	22,083	18,522	8,856	27,494	7,383	6,795	7,956	24,189	6,378	6,563	6,775	6,639	5,403	4,403	5,091
Net amortization of premium/discount on fixed maturities and debt, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1,176	2,926	-1,356	1,852	-1,614	-1,377	-1,188	-4,032	-744	-854	-740	-925	-895	-1,000	-1,050
Net amortization of discount on debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,125	2,130	2,043	-	0	0	0	-	-	-	-
Stock-based compensation expense
3,162	2,719	2,785	2,870	2,622	2,227	2,283	2,380	2,130	2,043	1,794	2,307	2,180	1,750	2,323	2,030	2,118	2,493	1,180	1,176	1,088	1,056	884	501	418	1,098	1	1,261	367
Deferred income taxes
-	-	-	-	-	-	-	-	-	-	7,211	6,075	-18,928	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other, net
6,483	6,803	-2,946	1,038	-1,251	10,763	-3,414	-2,752	7,088	31,769	-459	-8,777	7,687	-	-	-	-	-	-	-1,631	427	-1,572	2,786	-156	597	-215	-150	0	0
(Earnings) losses of equity method investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,953	7,356	6,682	-7,987	2,288	1,654	4,958	4,278	-1,611	-2,610	1,123	1,726	-128	487	-811
Bargain purchase gain and other, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
Foreign currency translation adjustment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1,547	-	-	-	-	-	-	-	-	-	-	-	-
Changes in assets and liabilities:
Accrued investment income
-4,020	5,358	-1,663	2,516	-658	5,927	-34	593	1,082	-373	-4,602	-1,460	1,306	5,034	2,583	-1,645	2,655	1,441	3,220	731	257	663	-557	2,055	430	907	-802	1,709	-1,569
Premiums and other receivables
139,339	-59,407	-635	-55,570	228,239	-40,402	31,800	-23,103	200,150	-8,280	17,998	-52,228	319,067	6,757	19,221	-4,822	106,611	-137,614	-10,719	-44,741	147,734	3,305	48,132	-62,822	247,513	-4,073	-12,809	-6,576	36,438
Deferred acquisition costs
13,846	-2,342	-1,801	2,178	17,020	2,066	5,759	10,133	20,755	-11,320	-27,269	12,048	21,790	14,494	31,500	29,479	7,616	7,955	11,316	-13,769	29,030	13,947	-2,944	15,642	38,981	-828	-678	-1,954	3,338
Reinsurance recoverable
7,889	-75,885	48,892	-46,155	-121,500	85,128	104,101	88,578	40,537	152,699	172,327	2,735	20,087	-40,640	64,152	2,795	370	-60,817	14,606	5,235	-38,367	-919	-19,056	-35,249	-23,354	-33,330	-6,190	2,905	-4,004
Prepaid reinsurance premiums
-64,099	-63,885	26,484	-27,798	-28,058	-15,080	46,380	105,604	11,648	32,094	302,081	12,975	13,002	2,079	-4,554	14,248	5,838	-3,125	7,574	-29,025	50,158	2,461	2,455	-24,703	6,692	-3,037	1,403	-4,602	2,619
Prepaid expenses and other assets
-8,551	23,238	12,367	-11,100	-82,591	46,059	-14,108	24,546	-38,712	33,781	-11,128	-10,911	5,801	-18,817	10,658	-13,148	2,705	-20,019	-6,349	-5,427	4,618	30,860	815	2,564	-576	-2,787	-1,179	1,430	1,573
Unpaid loss and loss adjustment expense reserves
-38,221	-48,800	51,630	17,278	-83,073	102,825	127,033	55,828	17,044	97,213	191,267	89,237	4,582	5,439	122,056	42,473	20,896	20,147	11,746	1,948	-10,529	231,356	-19,877	-21,710	-56,238	10,214	11,953	-151	5,273
Unearned premiums and other revenue
64,134	-115,327	5,867	-73,694	161,680	-51,454	28,157	74,934	213,465	28,417	56,295	12,918	231,123	-70,539	32,829	38,028	96,892	-32,424	28,967	-16,204	97,543	2,019	-6,728	961	216,325	-16,598	-6,599	-12,148	22,979
Unearned service contract and other revenue
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-6,012	15,838	-	-31,610	9,230	21,194	-422	-39	30	1,639	750	-833	-23	3,253
Reinsurance payable
-8,862	-58,716	79,787	66,927	-130,353	1,013	74,771	144,879	39,036	65,767	203,707	-6,210	35,661	-4,703	9,243	3,085	15,337	-23,640	3,129	-63,422	41,464	10,088	54,200	-105,634	24,199	-32,860	-11,384	-4,969	7,787
Accounts payable and accrued expenses
6,623	-7,405	29,125	-39,161	9,458	73,402	41,098	36,587	-52,811	-77,988	-35,563	-87,033	118,396	-18,943	48,054	-56,999	-16,885	-98,843	23,689	10,926	-34,089	32,125	-14,854	38,152	93,033	-1,127	-29,368	35,267	-5,212
Income tax payable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-45,895	-9,936	25,587	12,626	420	42	17,028	-4,558	1,699	6,709	-9,810
Deferred tax asset / liability
-	-	-	-	-	-	-	-	-	-	-	-	-	-	10,141	2,230	12,133	37,420	-34,850	10,990	21,117	21,695	14,182	17,431	12,199	1,841	3,395	11,488	-6,012
Other liabilities
40,656	-35,297	17,436	-60,362	35,160	18,236	98,185	-102,421	-20,601	30,695	67,294	-48,207	70,839	-9,394	18,123	64,328	-31,761	-39,781	59,172	28,876	13,482	4,312	21,550	-16,383	-4,447	-18,661	4,434	-4,359	-380
Net cash provided by operating activities
144,049	12,157	214,250	179,994	115,210	138,059	295,875	112,257	51,942	27,070	90,048	62,042	138,141	3,270	159,743	125,368	29,765	104,800	126,990	89,715	-5,441	74,526	79,979	72,373	161,853	-19,437	-9,977	41,976	-2,059
Cash flows from investing activities:
Purchases of debt securities, available-for-sale
90,283	1,277,309	373,980	394,545	94,525	443,791	629,092	419,544	310,241	584,702	1,021,613	456,401	82,163	153,708	234,372	261,482	36,533	667,722	287,334	293,170	62,334	3,636	151,152	266,647	324,903	37,551	70,229	246,091	85,802
Debt securities, trading
-	-	-	-	-	-	-	-	-	-	18,505	66,962	78,340	58,507	36,519	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Equity securities
-	-	-	-	-	-	-	-	-	-33,734	38,127	5,548	23,433	6,994	9,303	15,317	556	739	10,840	245	0	-	-	-	-	-	-	-	-
Purchases of short-term investments
194,423	445,306	1,090,807	559,248	678,000	864,001	551,504	597,592	906,325	739,367	4,473,552	283,610	231,502	14,648	99,061	61,268	2,651	2,777	0	33,953	48,209	-124,000	0	0	124,000	12,502	5,771	-29,511	68,306
Investment in unconsolidated subsidiaries
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	51,434	10,715	6,710	4,957	5,789	9,325	1,576	17,861	12,654	14,146	3,068
Purchases of other investments
2,579	1,294	3,319	1,125	110	10,102	20,153	4,488	2,979	5,791	18,189	14,201	21,203	49,708	7,871	9,483	130,322	75,978	159	1,759	1,556	13,307	740	208	349	2,193	-2,437	2,437	0
Purchases of property and equipment
9,818	7,379	6,536	20,127	57,622	17,611	3,046	76,017	5,716	2,164	64,884	10,916	17,704	10,299	9,875	9,475	4,991	13,085	5,914	1,558	2,112	8,259	1,498	2,025	3,525	5,964	1,371	1,750	1,788
Proceeds from sale of debt securities, available-for-sale
25,566	456,304	345,060	152,044	21,066	-170,606	445,948	541,264	193,733	519,823	1,055,414	461,413	41,469	251,237	78,202	266,765	76,487	253,628	57,102	112,871	106,724	31,334	233,844	16,695	62,834	30,393	38,629	117,345	110,024
Proceeds from maturities of debt securities, available-for-sale
111,439	-	-	-	62,072	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Sale and maturity of debt securities, trading
-	-	-	-	-	-	-	-	-	-	8,168	92,094	52,810	54,692	7,412	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Sale of equity securities
-	-	-	-	-	24,936	-45	3,493	0	-37,834	16,400	19,863	23,778	77,778	26,083	6,393	8,749	1,612	1,080	1,259	0	-	-	-	-	-	-	-	-
Proceeds from sale of short-term investments
191,188	772,877	908,536	747,482	637,682	694,049	519,845	492,106	904,788	729,353	4,560,702	223,215	194,061	147,321	5,605	10,410	1,739	8,280	281	46,474	36,917	-124,830	830	0	124,000	18,261	16,767	23,258	72,911
Proceeds from sale and return of other investments
20,694	3,394	5,740	3,094	2,805	1,077	841	10,271	109,793	12,754	48,832	9,451	2,741	-949	5,671	12,992	0	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale of premises and equipment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-49	0	0	49
Acquisition of consolidated subsidiaries, net of cash
-	-	-	-	-	-	-	-	-	-	-	-	16,968	149,677	10,503	115,505	0	-223,982	0	45,889	15,524	-864	21,286	22,171	-6,393	-4,211	0	22,766	0
Decrease in cash due to deconsolidation of the Reciprocal Exchanges
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	8,393	0	0	0	0	-	-	-	-	-	-	-	-
Increase in cash due to consolidation of the Reciprocal Exchanges
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	2,673	0	0	0	0	-	-	-	-	-	-	-	-
Net cash provided by (used in) investing activities
51,784	-59,644	-193,243	-138,732	-106,632	-466,093	-247,848	-59,886	-16,947	-36,693	57,900	-36,225	-156,454	92,258	-284,531	-175,970	-93,798	-205,999	-297,082	-224,762	7,196	-6,264	-105,413	-283,681	-261,126	-23,255	-37,000	-117,076	24,020
Cash flows from financing activities:
Securities sold under agreements to repurchase, net
-	-	-	-	-	-	-	-	-	-	-	-	-	0	-119,473	5,277	61,712	11,043	-19,713	61,154	-46,804	-48,558	35,265	-6,896	-42,636	81,347	-5,043	-53,419	0
Securities sold but not yet purchased, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-33,819	-22,881
Proceeds from debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-4,923	0	249,875	125	155	608	46,940	21,760
Payments of debt issuance costs
0	-592	0	0	1,726	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of debt and principal payments under capital leases obligations
3,112	-	23,272	3,520	3,034	-	30,000	9,000	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of debt, principal payments under capital leases obligations and purchase of noncontrolling interests
-	-	-	-	-	-	-	-	-	-	-	-	-	18,000	0	0	150	0	0	0	631	-9	3,490	79,552	1,394	0	351	27,096	30,988
Return of capital
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-
Issuance of common stock, net (fees $0 - 2019, $5,770 - 2018, and $0 - 2017)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4	99	-909	178,639	0	0	213,277	0
Issuance of preferred stock, net (fees $0 - 2019, $110 - 2018, and $0 - 2017)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	14,527	145,025	0	0	53,164	0	-	-	-	-
Issuance of common stock — employee share options
388	158	189	154	93	329	1,456	-299	492	-	-	-	-	-2,131	4,204	1,660	1,407	923	254	1,077	341	-43	683	156	0	-	-	-	-
Taxes paid related to net share settlement of equity awards
3,106	101	493	705	2,435	69	841	772	1,342	66	873	0	834	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividends paid to common shareholders
5,669	5,666	4,529	4,526	4,518	4,285	4,282	4,276	4,268	4,269	4,259	4,265	4,257	4,245	3,178	3,178	3,172	2,109	1,874	1,868	1,868	804	931	933	932	-	-	-	-
Dividends paid to preferred shareholders
8,925	7,875	8,925	7,875	8,867	7,875	7,875	7,875	7,875	7,875	7,875	7,875	7,875	8,208	4,125	4,125	4,125	4,125	4,744	1,031	1,031	1,260	0	0	0	-	-	-	-
Other financing activities, net
-	-	-	-	-	-	-	-	-	-	-	991	128	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in financing activities
-20,424	-15,372	-37,030	-16,472	-20,487	120,330	-11,652	-22,222	-12,993	-53,468	-13,007	-2,590	-12,838	-22,629	70,027	49,634	55,672	104,582	281,115	73,859	95,032	-55,575	31,626	214,905	133,802	80,705	-5,583	133,681	-32,109
Effect of exchange rate changes on cash and cash equivalents
0	0	-995	-722	-1,402	6,357	-2,773	-6,874	-1,433	1,720	3,018	2,674	246	-3,373	-559	-2,087	833	-2	-188	147	-300	1,787	0	0	0	-	-	-	-
Supplemental Cash Flow Elements:
Supplemental disclosures of non-cash financing activities:
Net increase (decrease) in cash, cash equivalents, and restricted cash
175,409	-62,859	-17,018	24,068	-13,311	-201,347	33,602	23,275	20,569	-61,371	137,959	25,901	-30,905	69,526	-55,320	-3,055	-7,528	3,381	110,835	-61,041	96,487	14,474	6,192	3,597	34,529	38,013	-52,560	58,581	-10,148
Dividends paid
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	12,202	0
Supplemental disclosures of cash flow information:
Cash paid for income taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	20,800	16,646	1,000	3,200	24,300	21,600	28,200	2,900	15,000	24,831	12,500	1,700	4,000	5,000	8,000	7,500
Cash paid for interest
-	-	-	-	-	-	-	-	-	-	-	-	-	14,590	2,349	13,778	1,962	12,698	55	8,438	31	8,062	5,993	2,361	728	-115	405	396	570
Supplemental disclosures of non-cash financing activities:
Unsettled securities purchases
-	-	-	-	-	-	-	-	-	-	-	4,393	106,858	-	-	-1,780	25,010	16,670	0	0	0	-	-	-	-	-	-	-	-
Unsettled securities sales
-	-	-	-	-	-	-	-	-	-	-	-64,191	82,173	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Decrease in non-controlling interest due to deconsolidation of the Exchanges
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	22,619	0	0	0	0	-	-	-	-	-	-	-	-
Increase in non-controlling interest due to consolidation of the Exchanges
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	9,575	0	0	0	0	-	-	-	-	-	-	-	-