NATIONAL GENERAL HOLDINGS CORP. NGHCO Cash Flow

National general holdings corp. (NGHCO)

CashFlow / TTM

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
342,664	327,430	241,001	236,991	196,843	167,524	148,440	151,167	127,430	102,208	153,625	125,808	170,333	196,374	172,834	186,396	165,024	151,113	139,433	127,281	121,251	104,747	97,247	77,445	61,099	42,391	0	0	0
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
33,018	39,901	-12,562	-15,167	-29,641	-29,545	-20,011	30,764	48,293	46,763	54,618	-3,996	2,875	7,904	-19,265	-6,841	-9,681	-11,095	3,700	1,167	-689	-2,892	64	1,698	947	2,645	0	0	0
Other-than-temporary impairment loss
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	0	0	0	-	-	-	-
Realized loss (gain) on premise and equipment disposals
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-96	0	0	0
Credit loss expense
93,046	88,247	79,559	75,381	74,997	74,214	72,560	71,909	68,458	63,819	59,788	49,887	43,942	35,356	29,981	27,149	24,946	23,810	23,154	25,336	27,870	29,133	28,332	28,576	26,013	22,484	0	0	0
Depreciation and amortization
90,422	96,279	108,421	101,454	93,340	86,346	97,084	91,114	88,171	103,303	113,773	118,872	118,452	92,035	76,955	62,255	50,528	49,628	46,323	45,318	45,086	43,905	26,355	25,380	23,220	21,536	0	0	0
Net amortization of premium/discount on fixed maturities and debt, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,246	1,808	-2,495	-2,327	-8,211	-7,341	-6,818	-6,370	-3,263	-3,414	-3,560	-3,870	0	0	0
Net amortization of discount on debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	0	0	0	-	-	-	-
Stock-based compensation expense
11,536	10,996	10,504	10,002	9,512	9,020	8,836	8,347	8,274	8,324	8,031	8,560	8,283	8,221	8,964	7,821	6,967	5,937	4,500	4,204	3,529	2,859	2,901	2,018	2,778	2,727	0	0	0
Deferred income taxes
-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other, net
11,378	3,644	7,604	7,136	3,346	11,685	32,691	35,646	29,621	30,220	0	0	0	-	-	-	-	-	-	10	1,485	1,655	3,012	76	232	-365	0	0	0
(Earnings) losses of equity method investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	9,004	8,339	2,637	913	13,178	9,279	5,015	1,180	-1,372	111	3,208	1,274	0	0	0
Bargain purchase gain and other, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
Foreign currency translation adjustment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
Changes in assets and liabilities:
Accrued investment income
2,191	5,553	6,122	7,751	5,828	7,568	1,268	-3,300	-5,353	-5,129	278	7,463	7,278	8,627	5,034	5,671	8,047	5,649	4,871	1,094	2,418	2,591	2,835	2,590	2,244	245	0	0	0
Premiums and other receivables
23,727	112,627	131,632	164,067	196,534	168,445	200,567	186,765	157,640	276,557	291,594	292,817	340,223	127,767	-16,604	-46,544	-86,463	-45,340	95,579	154,430	136,349	236,128	228,750	167,809	224,055	12,980	0	0	0
Deferred acquisition costs
11,881	15,055	19,463	27,023	34,978	38,713	25,327	-7,701	-5,786	-4,751	21,063	79,832	97,263	83,089	76,550	56,366	13,118	34,532	40,524	26,264	55,675	65,626	50,851	53,117	35,521	-122	0	0	0
Reinsurance recoverable
-65,259	-194,648	-33,635	21,574	156,307	318,344	385,915	454,141	368,298	347,848	154,509	46,334	46,394	26,677	6,500	-43,046	-40,606	-79,343	-19,445	-53,107	-93,591	-78,578	-110,989	-98,123	-59,969	-40,619	0	0	0
Prepaid reinsurance premiums
-129,298	-93,257	-44,452	-24,556	108,846	148,552	195,726	451,427	358,798	360,152	330,137	23,502	24,775	17,611	12,407	24,535	-18,738	25,582	31,168	26,049	30,371	-13,095	-18,593	-19,645	456	-3,617	0	0	0
Prepaid expenses and other assets
15,954	-58,086	-35,265	-61,740	-26,094	17,785	5,507	8,487	-26,970	17,543	-35,055	-13,269	-15,506	-18,602	-19,804	-36,811	-29,090	-27,177	23,702	30,866	38,857	33,663	16	-1,978	-3,112	-963	0	0	0
Unpaid loss and loss adjustment expense reserves
-18,113	-62,965	88,660	164,063	202,613	302,730	297,118	361,352	394,761	382,299	290,525	221,314	174,550	190,864	205,572	95,262	54,737	23,312	234,521	202,898	179,240	133,531	-87,611	-55,781	-34,222	27,289	0	0	0
Unearned premiums and other revenue
-119,020	-21,474	42,399	64,689	213,317	265,102	344,973	373,111	311,095	328,753	229,797	206,331	231,441	97,210	135,325	131,463	77,231	77,882	112,325	76,630	93,795	212,577	193,960	194,089	180,980	-12,366	0	0	0
Unearned service contract and other revenue
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-6,909	-	-1,608	29,963	20,763	1,208	2,380	1,586	1,533	3,147	0	0	0
Reinsurance payable
79,136	-42,355	17,374	12,358	90,310	259,699	324,453	453,389	302,300	298,925	228,455	33,991	43,286	22,962	4,025	-2,089	-68,596	-42,469	-8,741	42,330	118	-17,147	-60,095	-125,679	-25,014	-41,426	0	0	0
Accounts payable and accrued expenses
-10,818	-7,983	72,824	84,797	160,545	98,276	-53,114	-129,775	-253,395	-82,188	-23,143	60,474	90,508	-44,773	-124,673	-149,038	-81,113	-98,317	32,651	-5,892	21,334	148,456	115,204	100,690	97,805	-440	0	0	0
Income tax payable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-17,618	28,697	38,675	30,116	12,932	14,211	20,878	-5,960	0	0	0
Deferred tax asset / liability
-	-	-	-	-	-	-	-	-	-	-	-	-	-	61,924	16,933	25,693	34,677	18,952	67,984	74,425	65,507	45,653	34,866	28,923	10,712	0	0	0
Other liabilities
-37,567	-43,063	10,470	91,219	49,160	-6,601	5,858	-25,033	29,181	120,621	80,532	31,361	143,896	41,296	10,909	51,958	16,506	61,749	105,842	68,220	22,961	5,032	-17,941	-35,057	-23,033	-18,966	0	0	0
Net cash provided by operating activities
550,450	521,611	647,513	729,138	661,401	598,133	487,144	281,317	231,102	317,301	293,501	363,196	426,522	318,146	419,676	386,923	351,270	316,064	285,790	238,779	221,437	388,731	294,768	204,812	174,415	10,503	0	0	0
Cash flows from investing activities:
Purchases of debt securities, available-for-sale
2,136,117	2,140,359	1,306,841	1,561,953	1,586,952	1,802,668	1,943,579	2,336,100	2,372,957	2,144,879	1,713,885	926,644	731,725	686,095	1,200,109	1,253,071	1,284,759	1,310,560	646,474	510,292	483,769	746,338	780,253	699,330	678,774	439,673	0	0	0
Debt securities, trading
-	-	-	-	-	-	-	-	-	-	222,314	240,328	173,366	95,026	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Equity securities
-	-	-	-	-	-	-	-	-	33,374	74,102	45,278	55,047	32,170	25,915	27,452	12,380	11,824	0	0	0	-	-	-	-	-	-	-	-
Purchases of short-term investments
2,289,784	2,773,361	3,192,056	2,652,753	2,691,097	2,919,422	2,794,788	6,716,836	6,402,854	5,728,031	5,003,312	628,821	406,479	177,628	165,757	66,696	39,381	84,939	-41,838	-41,838	-75,791	0	136,502	142,273	112,762	57,068	0	0	0
Investment in unconsolidated subsidiaries
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	73,816	28,171	26,781	21,647	34,551	41,416	46,237	47,729	0	0	0
Purchases of other investments
8,317	5,848	14,656	31,490	34,853	37,722	33,411	31,447	41,160	59,384	103,301	92,983	88,265	197,384	223,654	215,942	208,218	79,452	16,781	17,362	15,811	14,604	3,490	313	2,542	2,193	0	0	0
Purchases of property and equipment
43,860	91,664	101,896	98,406	154,296	102,390	86,943	148,781	83,680	95,668	103,803	48,794	47,353	34,640	37,426	33,465	25,548	22,669	17,843	13,427	13,894	15,307	13,012	12,885	12,610	10,873	0	0	0
Proceeds from sale of debt securities, available-for-sale
978,974	974,474	347,564	448,452	837,672	1,010,339	1,700,768	2,310,234	2,230,383	2,078,119	1,809,533	832,321	637,673	672,691	675,082	653,982	500,088	530,325	308,031	484,773	388,597	344,707	343,766	148,551	249,201	296,391	0	0	0
Proceeds from maturities of debt securities, available-for-sale
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Sale and maturity of debt securities, trading
-	-	-	-	-	-	-	-	-	-	207,764	207,008	114,914	62,104	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Sale of equity securities
-	-	-	-	-	28,384	-34,386	-17,941	-1,571	22,207	137,819	147,502	134,032	119,003	42,837	17,834	12,700	3,951	0	0	0	-	-	-	-	-	-	-	-
Proceeds from sale of short-term investments
2,620,083	3,066,577	2,987,749	2,599,058	2,343,682	2,610,788	2,646,092	6,686,949	6,418,058	5,707,331	5,125,299	570,202	357,397	165,075	26,034	20,710	56,774	91,952	-41,158	-40,609	-87,083	0	143,091	159,028	182,286	131,197	0	0	0
Proceeds from sale and return of other investments
32,922	15,033	12,716	7,817	14,994	121,982	133,659	181,650	180,830	73,778	60,075	16,914	20,455	17,714	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale of premises and equipment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0
Acquisition of consolidated subsidiaries, net of cash
-	-	-	-	-	-	-	-	-	-	-	-	292,653	275,685	-97,974	-108,477	-178,093	-162,569	60,549	81,835	58,117	36,200	32,853	11,567	12,162	18,555	0	0	0
Decrease in cash due to deconsolidation of the Reciprocal Exchanges
-	-	-	-	-	-	-	-	-	-	-	-	-	-	8,393	8,393	8,393	0	0	0	0	-	-	-	-	-	-	-	-
Increase in cash due to consolidation of the Reciprocal Exchanges
-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,673	2,673	2,673	0	0	0	0	-	-	-	-	-	-	-	-
Net cash provided by (used in) investing activities
-339,835	-498,251	-904,700	-959,305	-880,459	-790,774	-361,374	-55,626	-31,965	-171,472	-42,521	-384,952	-524,697	-462,041	-760,298	-772,849	-821,641	-720,647	-520,912	-329,243	-388,162	-656,484	-673,475	-605,062	-438,457	-153,311	0	0	0
Cash flows from financing activities:
Securities sold under agreements to repurchase, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-52,484	-41,441	58,319	114,196	5,680	-53,921	1,057	-66,993	-62,825	67,080	26,772	-19,751	22,885	0	0	0
Securities sold but not yet purchased, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-56,700	0	0	0
Proceeds from debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	245,077	250,155	250,763	47,828	69,463	0	0	0
Payments of debt issuance costs
-592	1,134	1,726	1,726	1,726	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of debt and principal payments under capital leases obligations
0	-	0	0	0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of debt, principal payments under capital leases obligations and purchase of noncontrolling interests
-	-	-	-	-	-	-	-	-	-	-	-	-	18,150	150	150	150	631	622	4,112	83,664	84,427	84,436	81,297	28,841	58,435	0	0	0
Return of capital
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-
Issuance of common stock, net (fees $0 - 2019, $5,770 - 2018, and $0 - 2017)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	177,833	177,829	177,730	391,916	213,277	0	0	0
Issuance of preferred stock, net (fees $0 - 2019, $110 - 2018, and $0 - 2017)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	159,552	159,552	159,552	198,189	53,164	0	0	0	-	-	-	-
Issuance of common stock — employee share options
889	594	765	2,032	1,579	1,978	0	0	0	-	-	-	-	5,140	8,194	4,244	3,661	2,595	1,629	2,058	1,137	796	0	0	0	-	-	-	-
Taxes paid related to net share settlement of equity awards
4,405	3,734	3,702	4,050	4,117	3,024	3,021	3,053	2,281	1,773	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividends paid to common shareholders
20,390	19,239	17,858	17,611	17,361	17,111	17,095	17,072	17,061	17,050	17,026	15,945	14,858	13,773	11,637	10,333	9,023	7,719	6,414	5,471	4,536	3,600	0	0	0	-	-	-	-
Dividends paid to preferred shareholders
33,600	33,542	33,542	32,492	32,492	31,500	31,500	31,500	31,500	31,500	31,833	28,083	24,333	20,583	16,500	17,119	14,025	10,931	8,066	3,322	2,291	1,260	0	0	0	-	-	-	-
Other financing activities, net
-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in financing activities
-89,298	-89,361	46,341	71,719	65,969	73,463	-100,335	-101,690	-82,058	-81,903	-51,064	31,970	84,194	152,704	279,915	491,003	515,228	554,588	394,431	144,942	285,988	324,758	461,038	423,829	342,605	176,694	0	0	0
Effect of exchange rate changes on cash and cash equivalents
-1,717	-3,119	3,238	1,460	-4,692	-4,723	-9,360	-3,569	5,979	7,658	2,565	-1,012	-5,773	-5,186	-1,815	-1,444	790	-343	1,446	1,634	1,487	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
119,600	-69,120	-207,608	-156,988	-157,781	-123,901	16,075	120,432	123,058	71,584	202,481	9,202	-19,754	3,623	-62,522	103,633	45,647	149,662	160,755	56,112	120,750	58,792	82,331	23,579	78,563	33,886	0	0	0
Dividends paid
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0
Supplemental disclosures of cash flow information:
Cash paid for income taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	41,646	45,146	50,100	77,300	77,000	67,700	70,931	55,231	54,031	43,031	23,200	18,700	24,500	0	0	0
Cash paid for interest
-	-	-	-	-	-	-	-	-	-	-	-	-	32,679	30,787	28,493	23,153	21,222	16,586	22,524	16,447	17,144	8,967	3,379	1,414	1,256	0	0	0
Supplemental disclosures of non-cash financing activities:
Unsettled securities purchases
-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	39,900	41,680	16,670	0	0	0	-	-	-	-	-	-	-	-
Unsettled securities sales
-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Decrease in non-controlling interest due to deconsolidation of the Exchanges
-	-	-	-	-	-	-	-	-	-	-	-	-	22,619	22,619	22,619	22,619	0	0	0	0	-	-	-	-	-	-	-	-
Increase in non-controlling interest due to consolidation of the Exchanges
-	-	-	-	-	-	-	-	-	-	-	-	-	9,575	9,575	9,575	9,575	0	0	0	0	-	-	-	-	-	-	-	-