Pico holdings inc /new (PICO)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09Dec'08
Operating activities:
Net income (loss)

11,526

-3,329

1,614

-13,029

-80,879

-59,605

-29,194

-31,652

-49,802

-14,072

-21,759

-

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Net income (loss)

-

-

-

-

-

-

-

-

-

-

-

27,898

Provision for deferred income taxes

-

-

3,442

-2,160

-2,817

-3,315

2,870

-128

26,289

-11,024

1,466

2,676

Depreciation and amortization expense

58

76

303

899

1,624

3,054

2,619

5,154

1,437

1,769

1,726

-

Depreciation and amortization

-

-

-

-

-

-

-

-

-

-

-

1,354

Bad debt expense

-

-

-

-

-

-

-

-

-

-

807

-

Stock-based compensation expense

87

425

1,295

2,850

1,907

7,067

5,977

3,873

4,536

4,678

4,511

4,157

Impairment loss on investment in unconsolidated affiliate

-

-

-

2,170

20,696

1,078

0

-

-

-

-

-

Impairment loss on intangible and long-lived assets

-

-

-

201

2,085

13,084

-

-

-

-

-

-

Loss on sale or impairment of investments

0

-1,304

8,722

133

1,101

4,733

23,642

-120

4,044

9,723

-6,756

-36,227

Loss on abandonment or liquidation of consolidated subsidiary

-

-

-

-1,968

0

-9,336

0

-

-

-

-

-

Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest

0

43

-5,645

12,124

-43,038

-14,074

-23,265

-3,143

12,299

5,782

-

-

Fair value adjustment of contingent consideration

-

-

-

-

-

0

0

-

-

-

-

-

Gain on sale of property, plant and equipment

-12

0

165

8,605

0

0

-

-

-

-

-

-

Derivative instruments

-

-

-

-

-

-

-

4,301

0

-

-

-

Impairment loss on intangible and long-lived assets

-

-

-

-

-

-

1,410

0

21,404

-

-

-

Impairment loss on water assets and real estate

-

-

-

-

-

-

-

-

-

10,316

12,378

-

Gain on sale of water storage

-

-

-

-

-

-

-

-

-

-

-

-8,716

Equity in loss of unconsolidated affiliate

-

-

-

0

-3,422

-2,076

-565

0

-5,293

-3,717

-277

-

Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Notes and other receivables

-37

-1,065

-1,619

-486

-253

785

1,959

3,820

-674

-5,080

-10,705

-7,234

Real estate, water, and intangible assets

-4,473

-5,246

-13,027

477

390

132,005

32,375

3,935

-4,722

-

-

-

Real estate and water assets

-

-

-

-

-

-

-

-

-

57,280

35,777

-53,572

Federal, foreign and state income taxes

-

-

-

-

-

-

-

-

-

-9,996

4,268

-7,668

Inventory

-

-

-

-

-

-

-

8,054

0

-

-

-

Income taxes

275

0

-275

1,234

41

3,624

151

165

-

-

-

-

Other assets

103

-30

-32

-179

-468

2,613

2,150

7,838

2,313

-1,266

685

937

Unpaid losses and loss adjustment expenses

-

-

-

-

-

-

-

-

-

-

3,598

-4,603

Deferred compensation

0

-2,247

-7,500

2,685

909

423

1,553

-14,376

-1,563

6,990

3,400

-20,301

Accounts payable and accrued expenses

-752

816

-10,714

8,768

-211

2,628

7,702

14,987

950

-2,379

-5,666

-1,209

Other operating activities, net

0

6

54

14

130

-75

998

790

2,729

-

-

-

Excess tax benefits from stock based payment arrangements

-

-

-

-

-

-

-

-

-

-

0

-62

All other operating activities

-

-

-

-

-

-

-

-

-

-86

1,505

-

Cash provided by (used in) operating activities

15,613

3,349

-345

-15,074

-10,825

-146,687

-42,210

-45,872

-1,987

-56,534

-

-

Cash used in operating activities - discontinued operations

0

-313

-9,728

8,722

-38,098

-1,405

-16,354

-3,759

-5,320

-2,873

-

-

All other operating activities

-

-

-

-

-

-

-

-

-

-

-

1,704

Net cash provided by (used in) operating activities

15,613

3,036

-10,073

-6,352

-48,923

-148,092

-58,564

-49,631

-7,307

-59,407

-28,222

-100,866

Investing activities:
Proceeds from sale of investments

-

-

-

-

-

-

-

-

-

-

-

63,193

Equity securities

-

-

-

-

-

-

-

-

-

-

8,980

26,323

Real estate and water asset capital expenditure

-

-

-

-

-

-

-

-

-

-

242

14,635

Purchases of property, plant and equipment

12

18

5

152

2,777

5,270

3,568

32,918

91,868

6,872

0

-

Proceeds from sale of investments

-

-

197,848

1,068

7,938

31,036

22,676

16,124

44,536

25,947

2,743

10,715

Equity securities

-

-

-

-

-

-

-

-

-

-

26,015

98,191

Proceeds from maturity of investments

0

80

139,912

18

1,343

0

1,809

831

5,231

21,368

1,531

-

Purchases of investments

-

-

270,317

1,511

2,316

11,046

20,290

10,446

7,106

27,154

22,337

9,295

Increase in restricted deposits

-

-

-

-

-

250

0

-7,328

0

-

-

-

Proceeds from sale of property, plant and equipment

-

-

470

8,988

-

0

-

-

-

-

-

-

Cash used in the acquisition of a consolidated subsidiary

-

-

-

-

-

14,006

-

-

-

-

-

-

Cash acquired (used) in the acquisition of a consolidated subsidiary

-

-

-

-

-

-

174

0

-

-

-

-

Proceeds on the sale of water storage

-

-

-

-

-

-

-

-

-

-

-

11,750

Other investing activities, net

-

-

-

-661

-212

-40

-402

7,694

106

-9

208

681

Cash provided by investing activities - continuing operations

-

-

67,908

9,072

4,400

504

1,203

-26,775

-49,313

13,298

-

-

Cash provided by investing activities - discontinued operations

-

-

47,173

-1,455

102,193

-5,396

1,519

11,446

29,509

10,592

-

-

Net cash used in investing activities

-12

62

115,081

7,617

106,593

-4,892

2,722

-15,329

-19,804

23,890

-1,478

132,915

Financing activities:
Special dividend paid

-

-

115,860

0

0

-

-

-

-

-

-

-

Proceeds from issuance of common stock of subsidiary, net of expenses

-

-

-

-

-

-

105,454

0

0

-

95,731

-

Proceeds from debt

-

-

-

-

-

184,684

67,868

55,892

51,520

-

5,417

-

Repayment of debt

-

-

-

-

-

101,462

79,157

14,164

9,143

2,958

16,303

-

Debt issuance costs

-

-

-

-

-

1,920

0

0

4,309

-

0

-

Payment of withholding taxes on exercise of restricted stock units

5

55

672

-

126

5,737

0

-

-

-

-

-

Purchases of treasury stock

9,977

27,621

690

-

-

-

-

645

0

-

-

-

Proceeds from sale of treasury stock (purchases by UCP, Inc. of its class A common stock)

-

-

-

-

-

220

-

-

-

-

-

-

Other financing activities, net

-

-

-

0

-27

242

0

-1,020

0

-

-

-

Purchases of stock of consolidated subsidiary

-

-

-

-

-

-

0

-

-

-

-

28

Cash used in financing activities - continuing operations

-

-

-117,222

0

-153

-

-

-

-

-

-

-

Cash used in financing activities - discontinuing operations

-

-

-11,638

2,315

-63,095

-

-

-

-

-

-

-

All other financing activities

-

-

-

-

-

-

-

-

-

709

0

62

Proceeds from debt

-

-

-

-

-

-

-

-

-

-

-

8,241

Net cash used in financing activities

-9,982

-27,676

-128,860

2,315

-63,248

76,027

94,165

40,063

38,068

-2,249

84,845

8,331

Increase (decrease) in cash and cash equivalents

5,619

-24,578

-

-

-

-

-

-

-

-

-

-

Effect of exchange rate changes on cash

-

-

-

-

-

1,896

-399

-535

-169

-2,020

3,084

-14,855

Net decrease in cash and cash equivalents

-

-

-23,852

3,580

-5,578

-75,061

37,924

-25,432

10,788

-39,786

58,229

25,525

Supplemental disclosure of cash flow information:
Cash paid (received) during the year for:
Payment (refund) of federal and state income taxes

-275

53

-367

-220

-67

-3,817

185

2,913

179

-9,235

-26,537

43,586

Interest paid, net of amounts capitalized

-

-

-

-

-

5,183

6,801

1,035

2,954

2,077

967

-

Non-cash investing and financing activities:
Issuance of common stock for vested restricted stock units

6

263

1,824

85

559

11,463

-

-

-

-

-

-

Fair value of common stock of Century received in the sale of UCP, Inc.

-

-

60,044

-

-

-

-

-

-

-

-

-

Fair value of assets acquired in Citizens acquisition

-

-

-

-

-

19,418

-

-

-

-

-

-

Cash paid for the acquisition of consolidated subsidiaries

-

-

-

-

-

-14,006

-

-

-

-

-

-

Contingent consideration and liabilities assumed in Citizens acquisition

-

-

-

-

-

5,412

-

-

-

-

-

-

Accrued debt issuance costs

-

-

-

-

-

473

-

-

-

-

-

-

Distribution of debt and equity securities to settle deferred compensation liability

-

-

-

-

-

-

-

-

-

-

-

4,501

Unpaid liability incurred for construction costs

-

-

-

0

388

917

98

538

8,808

0

0

457

Distribution of debt and equity securities in satisfaction of deferred compensation liability (including 1,375 shares of treasury stock in 2018)

0

1,866

15,709

856

-

-

-

-

-

-

-

-

Mortgage incurred to purchase real estate

-

-

-

-

-

-

6,605

5,420

5,276

5,372

5,255

-

Increase in assets from business combination with Spigit

-

-

-

-

-

-

21,432

-

0

18,447

0

-

Increase in liabilities from business combination with Spigit

-

-

-

-

-

-

20,377

-

0

10,001

0

-

Decrease in assets from disposition of Spigit

-

-

-

-

-

-

24,800

-

-

-

-

-

Decrease in liabilities from disposition of Spigit

-

-

-

-

-

-

18,900

-

-

-

-

-

Conversion of note receivable to common stock in Spigit

-

-

-

-

-

-

820

-

-

-

-

-

Mortgage incurred to purchase real estate

-

-

-

-

-

-

-

-

-

-

-

14,398

Accrued withholding taxes recorded on additional paid in capital related to stock appreciation rights exercised

-

-

-

-

-

-

-

-

-

-

-

78