NATIONAL GENERAL HOLDINGS CORP. NGHCP Cash Flow

National general holdings corp. (NGHCP)

CashFlow / Yearly

Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12
Cash flows from operating activities:
Net income
327,430	167,524	102,208	196,374	151,113	104,747	42,391	32,706
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
39,901	-29,545	46,763	7,904	-11,095	-2,892	2,645	16,612
Other-than-temporary impairment loss
-	-	-	-	-	-	2,869	0
Bargain purchase gain and other gains on property disposals, net
-	-	-	-	-	271	-	3,728
Realized loss (gain) on premise and equipment disposals
-	-	-	-	-	-	-96	0
Credit loss expense
88,247	74,214	63,819	35,356	23,810	29,133	22,484	19,966
Depreciation and amortization
96,279	86,346	103,303	92,035	49,628	43,905	21,536	23,499
Net amortization of premium/discount on fixed maturities and debt, net
-	-	-	-	-2,327	-6,370	-3,870	-5,946
Net amortization of discount on debt
-	-	-	-	-	-	0	0
Stock-based compensation expense
10,996	9,020	8,324	8,221	5,937	2,859	2,727	-111
Deferred income taxes
-	-	-	-36,176	-	-	-	-
Other, net
3,644	11,685	30,220	-32,150	510	1,655	-365	0
(Earnings) losses of equity method investments
-	-	-	-	913	1,180	1,274	-1,338
Changes in assets and liabilities:
Accrued investment income
5,553	7,568	-5,129	8,627	5,649	2,591	245	680
Premiums and other receivables
112,627	168,445	276,557	127,767	-45,340	236,128	12,980	86,986
Deferred acquisition costs
15,055	38,713	-4,751	83,089	34,532	65,626	-122	2,515
Reinsurance recoverable
-194,648	318,344	347,848	26,677	-79,343	-78,578	-40,619	71,118
Prepaid reinsurance premiums
-93,257	148,552	360,152	17,611	25,582	-13,095	-3,617	-19,256
Prepaid expenses and other assets
-58,086	17,785	17,543	-18,602	-27,177	33,663	-963	-2,145
Unpaid loss and loss adjustment expense reserves
-62,965	302,730	382,299	190,864	23,312	133,531	27,289	-57,552
Unearned premiums and other revenue
-21,474	265,102	328,753	97,210	77,882	212,577	-12,366	38,987
Unearned service contract and other revenue
-	-	-	-	-	1,208	3,147	-628
Reinsurance payable
-42,355	259,699	298,925	22,962	-42,469	-17,147	-41,426	25,981
Accounts payable and accrued expenses
-7,983	98,276	-82,188	-44,773	-98,317	148,456	-440	1,267
Income tax payable
-	-	-	-	-	30,116	-5,960	12,611
Deferred tax asset / liability
-	-	-	-	34,677	65,507	10,712	30,979
Other liabilities
-43,063	-6,601	120,621	41,296	61,749	5,032	-18,966	-20,874
Net cash provided by operating activities
521,611	598,133	317,301	318,146	316,064	388,731	10,503	7,023
Cash flows from investing activities:
Purchases of debt securities, available-for-sale
2,140,359	1,802,668	2,144,879	686,095	1,310,560	746,338	439,673	278,417
Debt securities, trading
-	-	-	95,026	0	0	-	-
Equity securities
0	1,297	33,374	32,170	11,824	45,970	4,808	5,000
Purchases of short-term investments
2,773,361	2,919,422	5,728,031	177,628	84,939	0	57,068	244,636
Investment in unconsolidated subsidiaries
-	-	-	-	-	21,647	47,729	13,653
Distributions from unconsolidated subsidiaries
-	-	-	-	-	0	-	1,851
Purchases of other investments
5,848	37,722	59,384	197,384	79,452	14,604	2,193	392
Notes receivable from related party
-	-	-	-	-	125,000	0	0
Purchases of property and equipment
91,664	102,390	95,668	34,640	22,669	15,307	10,873	18,593
Proceeds from sale of debt securities, available-for-sale
974,474	1,010,339	2,078,119	672,691	530,325	344,707	296,391	314,952
Proceeds from maturities of debt securities, available-for-sale
347,948	314,685	27,805	-	-	-	-	-
Sale and maturity of debt securities, trading
-	-	-	62,104	0	0	-	-
Sale of equity securities
1,700	28,384	22,207	119,003	3,951	2,829	0	0
Proceeds from sale of short-term investments
3,066,577	2,610,788	5,707,331	165,075	91,952	0	131,197	270,239
Proceeds from sale and return of other investments
15,033	121,982	73,778	17,714	0	0	-	-
Sale of a business, net of cash and cash equivalents sold
92,290	0	0	-	-	-	-	-
Other investing activities, net
-14,959	13,453	19,376	-	-	-	-	-
Proceeds from sale of premises and equipment
-	-	-	-	-	1,046	0	0
Acquisition of consolidated subsidiaries, net of cash
-	-	-	275,685	-162,569	36,200	18,555	-4,404
Decrease in cash due to deconsolidation of the Reciprocal Exchanges
-	-	-	-	0	0	-	-
Increase in cash due to consolidation of the Reciprocal Exchanges
-	-	-	-	0	0	-	-
Net cash provided by (used in) investing activities
-498,251	-790,774	-171,472	-462,041	-720,647	-656,484	-153,311	30,755
Cash flows from financing activities:
Securities sold under agreements to repurchase, net
-	-	-	-52,484	5,680	-62,825	22,885	-21,949
Securities sold but not yet purchased, net
-	-	-	5,013	0	0	-56,700	30,914
Proceeds from debt
0	0	140,000	50,000	195,400	245,077	69,463	13,638
Payments of debt issuance costs
1,134	0	0	-	-	-	-	-
Return of capital
-	-	-	-	-	-	-	1,359
Repayments of debt, principal payments under capital leases obligations and purchase of noncontrolling interests
32,306	39,000	172,839	18,150	631	84,427	58,435	30,780
Issuance of common stock, net (fees $0 - 2019, $5,770 - 2018, and $0 - 2017)
0	132,230	0	4,942	210,642	177,833	213,277	0
Issuance of preferred stock, net (fees $0 - 2019, $110 - 2018, and $0 - 2017)
0	29,890	0	193,518	159,552	53,164	0	0
Issuance of common stock — employee share options
594	1,978	1,259	5,140	2,595	796	0	0
Taxes paid related to net share settlement of equity awards
3,734	3,024	1,773	919	0	-	-	-
Dividends paid to common shareholders
19,239	17,111	17,050	13,773	7,719	3,600	1,594	0
Dividends paid to preferred shareholders
33,542	31,500	31,500	20,583	10,931	1,260	12,202	0
Excess tax benefits on shared-based payments arrangements
-	-	-	-	-	0	-	-
Net cash used in financing activities
-89,361	73,463	-81,903	152,704	554,588	324,758	176,694	-9,536
Effect of exchange rate changes on cash and cash equivalents
-3,119	-4,723	7,658	-5,186	-343	1,787	0	0
Supplemental Cash Flow Elements:
Supplemental disclosures of non-cash financing activities:
Net increase (decrease) in cash, cash equivalents, and restricted cash
-69,120	-123,901	71,584	3,623	149,662	58,792	33,886	28,242
Supplemental disclosures of cash flow information:
Cash paid for income taxes
38,723	26,763	20,800	41,646	77,000	54,031	24,500	32,500
Cash paid for interest
42,159	44,884	49,498	32,679	21,222	17,144	1,256	396
Supplemental disclosures of non-cash financing activities:
Unsettled securities purchases
-	-	-	20,936	16,670	0	0	-
Unsettled securities sales
-	-	-	12,198	0	-	-	-
Common stock issued for acquisition
-	-	-	1,116	0	0	-	-
Promissory note issued for acquisition
-	-	-	178,894	0	0	-	-
Decrease in non-controlling interest due to deconsolidation of the Exchanges
-	-	-	22,619	0	0	-	-
Increase in non-controlling interest due to consolidation of the Exchanges
-	-	-	9,575	0	0	-	-
Non-cash capital contributions
-	-	-	-	-	74,215	10,275	0