SAFETY INSURANCE GROUP, INC. SAFT Cash Flow

Safety insurance group, inc. (SAFT)

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	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11
Cash flows from operating activities:
Net (loss) income
-1,990	28,102	15,619	25,934	29,946	18,346	28,908	26,816	9,125	11,309	17,954	21,105	12,019	11,953	18,597	21,365	12,670	10,290	11,981	-1,053	-35,071	10,370	15,436	21,423	12,125	11,652	17,656	18,059	13,984	9,571	14,334	16,956	17,209	4,760	8,810	4,086	-3,954
Adjustments to reconcile net (loss) income to net cash used for operating activities:
Investment amortization, net
-1,774	1,319	821	3,559	-777	1,330	1,085	4,101	-1,243	1,893	1,616	1,474	1,979	851	-1,819	3,315	3,041	-3,867	3,194	3,027	2,608	3,319	3,202	3,257	3,345	1,241	3,812	3,799	3,474	3,631	3,408	3,483	3,800	4,358	2,944	3,085	3,167
Fixed Asset depreciation, net
1,606	1,631	1,475	1,172	1,207	1,628	1,472	1,214	1,153	1,446	1,365	1,310	916	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Stock based compensation
1,744	1,485	1,192	1,630	1,723	2,302	1,495	1,168	1,614	1,139	1,313	1,192	1,522	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
(Credit) Provision for deferred income taxes
-5,927	3,628	-109	769	469	-4,932	-402	-300	34	-1,741	875	2,468	483	1,104	-49	519	107	1,049	1,674	3,321	-5,492	-740	-2	73	67	1,249	425	166	59	473	72	502	-24	-861	167	-21	22
Net realized losses on investments
-631	1,463	1,194	483	-164	278	53	1,589	1,306	1,210	2,717	567	1,542	631	4,891	360	-323	-397	-310	-173	411	-486	284	379	20	478	657	140	402	3,201	-153	-617	-456	7,062	-1,844	-1,277	419
Net impairment losses on investments
-	492	123	54	220	-	-	-	-	-	-	-	-	369	0	137	292	362	434	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Credit loss expense
2,510	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings from partnership investments
1,339	-100	-156	325	835	-2,604	762	-34	2,526	849	351	769	113	96	802	1,409	878	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change in net unrealized gains on equity investments
-29,988	6,286	-387	3,754	11,801	-12,575	2,444	-2,711	-3,482	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Changes in assets and liabilities:
Accounts receivable
-3,698	-16,537	248	21,004	-1,408	-19,408	2	16,255	2,564	-15,186	3,954	17,936	-3,751	-11,959	4,146	16,838	104	-15,201	1,714	14,886	1,636	-15,595	-22	16,029	5,816	-16,242	-3,710	15,926	7,580	-14,583	4,337	16,275	5,578	-10,060	3,769	13,556	1,152
Accrued investment income
748	-1,071	1,171	-1,146	1,030	-717	290	-1,185	1,156	-798	1,203	-1,088	701	-744	1,133	-905	452	-472	59	-725	-235	318	164	-462	-54	78	-115	279	-500	341	565	-1,063	575	-153	938	-573	486
Receivable from reinsurers
1,685	-17,402	10,046	1,966	16,992	-2,816	4,255	6,235	6,554	-27,946	4,833	12,156	5,590	-2,018	10,759	-395	-4,351	-6,937	-10,491	8,425	50,724	455	-3,709	4,374	1,458	-5,726	1,018	10,103	744	-2,082	451	5,252	-126	-5,711	117	4,420	-1,252
Ceded unearned premiums
-4,991	77	-795	2,363	-437	-440	-2,536	3,780	995	1,597	146	2,728	-881	1,985	-2,286	4,541	1,123	1,008	1,012	-186	1,750	1,197	-208	-26	775	674	-524	1,216	328	1,194	-443	892	541	1,388	1,082	-926	17
Deferred policy acquisition costs
-2,155	-4,057	2,674	3,765	-1,450	-4,178	2,310	4,006	-985	-4,256	2,048	3,842	-428	-4,103	2,713	3,982	-533	-4,039	1,703	3,998	-54	-3,850	2,069	4,298	1,424	-3,700	1,337	3,694	1,392	-3,240	1,879	3,399	1,911	-2,791	1,528	3,381	1,774
Taxes recoverable
-1,003	-	-	-	-	-170	-2,565	167	1,660	-	-	-	-	0	-17,037	2,855	-1,315	-8,432	-5,200	3,314	25,815	-	-	-	4,765	-	-	-	-	-	-	-	-	-	-	-	-
Other assets
-877	-3,404	1,049	370	3,849	-3,175	-5,815	772	5,653	-1,854	3,914	223	3,117	-4,346	-2,330	6,655	-327	-4,801	985	1,614	2,928	-4,759	4,101	428	3,101	445	-182	-219	-3,128	3,235	2,668	-4,891	432	-405	-2,652	1,718	-812
Loss and loss adjustment expense reserves
-1,873	9,107	12,336	7,361	-2,957	1,762	3,166	17	5,720	-3,583	14,928	-6,840	9,228	8,079	8,160	-5,819	-4,076	648	-7,106	-9,578	88,001	14,239	15,534	3,233	-6,008	45,826	-5,900	-800	-7,954	-10,201	-10,182	-2,321	2,734	-5,535	5,413	-7,018	7,659
Unearned premium reserves
-13,928	-23,784	12,391	23,223	-4,991	-25,025	8,003	25,171	-1,026	-22,862	9,088	23,720	278	-21,699	11,597	25,052	1,122	-23,048	8,628	21,545	4,475	-21,543	8,266	22,226	10,829	-21,682	4,954	21,515	12,577	-18,218	8,758	18,814	14,303	-15,603	8,043	18,178	12,891
Taxes payable
543	0	0	-8,286	2,196	-	-	-	-	0	0	-1,537	427	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accounts payable and accrued liabilities
-18,748	13,377	4,605	2,770	-17,357	13,788	4,425	1,877	-9,412	9,336	-2,880	4,942	-17,731	13,035	2,969	5,099	-7,035	10,687	-1,825	-131	-21,154	13,437	-191	5,632	-19,455	15,262	2,731	3,893	-20,836	16,738	889	5,250	-9,451	13,132	-315	1,211	-16,163
Payable to reinsurers
-10,465	-20,190	11,861	2,301	6,719	-21,594	11,453	2,905	5,655	-15,212	11,612	11,576	-7,677	-16,891	7,216	11,591	39	-14,733	9,053	7,516	2,058	-11,326	6,021	5,517	347	-10,580	5,654	5,647	-683	-7,821	4,542	5,362	-365	-5,626	3,668	2,702	-977
Other liabilities
-23,332	-7,558	10,747	-2,949	5,084	-2,206	5,532	-5,383	1,847	905	-4,290	-1,890	5,435	3,506	-4,419	1,841	-8,299	6,330	-11,045	-18,283	37,477	2,361	950	-1,922	-4,056	8,106	-12,644	7,500	-4,853	-832	1,626	-500	-3,077	-1,063	1,241	-3,090	9,553
Net cash used for operating activities
-28,515	42,805	56,234	21,429	-8,012	37,294	66,165	26,226	-1,994	31,955	32,904	16,305	876	23,013	45,898	27,760	2,153	33,673	24,657	-25,366	-10,073	31,959	40,987	32,718	-8,095	45,759	30,007	30,240	4,858	27,975	35,331	29,581	11,444	19,004	14,395	9,170	-3,094
Cash flows from investing activities:
Fixed maturities purchased
32,329	71,251	68,733	48,502	31,389	68,537	95,054	86,496	54,567	63,174	59,038	49,853	33,161	85,148	92,385	57,161	60,517	69,508	62,442	30,873	64,505	66,037	54,935	47,651	65,549	21,847	75,170	54,828	41,969	99,268	140,300	72,457	21,578	84,028	136,585	101,348	22,472
Equity securities purchased
12,095	10,256	4,609	8,552	5,169	5,259	23,083	25,826	12,664	6,790	8,619	4,068	7,963	11,690	7,665	6,780	3,925	2,933	3,623	3,749	16,353	6,825	13,468	3,070	4,302	36,260	14,709	11,882	13,040	1,054	1,940	3,233	3,170	637	2,152	6,153	4,207
Other invested assets purchased
3,389	4,588	4,355	4,101	1,750	3,315	2,339	865	129	1,811	0	2,708	2,973	1,723	1,512	283	1,730	1,390	30	3,397	7	2,076	1,130	1,020	750	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sales and paydowns of fixed maturities
33,433	20,743	28,161	52,628	33,587	20,074	101,015	60,885	35,247	37,031	22,951	43,554	47,535	22,168	34,429	27,596	15,489	41,586	38,914	51,954	18,478	34,350	26,625	64,525	28,201	39,759	53,992	37,776	48,202	33,302	44,469	36,100	52,007	63,907	77,275	75,263	48,190
Proceeds from maturities, redemptions, and calls of fixed maturities
28,909	27,400	16,433	7,583	7,260	12,473	4,657	23,226	23,272	13,230	5,672	8,476	10,490	21,888	13,533	23,419	41,043	12,786	30,375	16,548	50,480	27,753	1,252	7,132	16,116	0	13,559	6,636	14,069	50,031	15,980	18,642	13,392	4,081	42,162	30,737	1,263
Proceed from sales of equity securities
8,638	7,617	4,026	7,449	4,874	3,355	2,636	6,752	5,911	5,336	17,676	3,015	8,637	9,134	27,336	4,813	5,337	1,348	4,358	2,678	15,996	5,441	2,346	2,382	3,928	6,346	5,143	1,625	1,820	898	1,900	3,195	2,844	433	2,069	1,084	3,082
Proceeds from other invested assets redeemed
106	-	-	-	-	2,996	205	2,665	944	7,386	0	0	203	2,336	0	0	2,656	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Fixed assets purchased
2,977	3,239	4,028	1,200	1,127	670	9,458	497	558	1,296	1,817	2,087	758	1,665	870	711	1,664	901	1,001	1,324	815	170	584	391	615	1,458	1,424	1,083	955	1,218	1,128	1,018	841	1,549	777	1,302	749
Net cash provided by investing activities
20,296	-32,137	-32,977	5,864	6,286	-38,883	-21,421	-20,156	-2,544	-10,088	-23,175	-3,671	22,010	-44,700	-27,134	-9,107	-3,311	-19,012	7,746	31,837	3,274	-7,564	-39,894	21,907	-22,971	-19,060	-18,609	-21,756	8,127	-17,309	-81,019	-18,771	42,654	-17,793	-18,008	-1,719	25,107
Cash flows from financing activities:
Debt
30,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from stock options exercised
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	257	85	43	43	107	150	0	86	61	113	255	1,705	519	213	587	61	380	2	3	212	685
Excess tax expense from stock options exercised
-	-	-	-	-	-	-	-	-	-	-	-	-	12	0	0	-6	-1	0	0	2	-1	0	-5	9	-	-	-76	17	-	-2	2	0	-	2	13	-19
Dividends paid to shareholders
14,229	13,743	13,743	12,217	12,964	12,146	12,149	12,178	12,340	12,093	12,092	10,578	10,697	10,538	10,540	10,540	10,647	10,494	10,496	10,493	10,493	10,462	10,460	9,169	9,211	9,240	9,195	9,230	9,200	9,193	9,191	7,652	7,598	7,593	7,594	7,593	7,542
Acquisition of treasury stock
10,392	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-
Net cash provided by (used for) financing activities
5,379	-13,743	-13,743	-12,217	-12,964	-12,146	-12,149	-12,178	-12,340	-12,093	-12,092	-10,578	-10,697	-10,538	-10,540	-10,540	-10,396	-10,410	-10,453	-10,450	-10,384	-10,313	-10,460	-32,555	-9,141	-9,127	-8,881	-12,400	-8,664	-8,980	-8,606	-7,589	-7,218	-7,587	-7,632	-7,368	-6,876
Net decrease in cash and cash equivalents
-2,840	-3,075	9,514	15,076	-14,690	-13,735	32,595	-6,108	-16,878	9,774	-2,363	2,056	12,189	-32,225	8,224	8,113	-11,554	4,251	21,950	-3,979	-17,183	14,082	-9,367	22,070	-40,207	17,572	2,517	-3,916	4,321	1,686	-54,294	3,221	46,880	-6,376	-11,245	83	15,137