Universal insurance holdings, inc. (UVE)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09
Cash flows from operating activities:
Cash flows from operating activities:
Net income

46,514

117,051

106,935

99,410

106,484

72,988

58,977

30,312

20,109

36,984

28,787

Adjustments to reconcile net income to net cash provided by operating activities:
Bad debt expense

453

467

501

406

611

431

428

319

653

1,315

1,354

Depreciation and amortization

4,957

4,820

4,058

-

-

-

-

-

-

-

-

Depreciation

-

-

-

3,242

2,033

1,194

1,012

840

639

831

490

Amortization of share-based compensation

13,008

12,786

10,515

10,288

17,386

12,342

6,417

3,830

2,848

2,962

2,176

Amortization of original issue discount on debt

0

0

10

149

521

840

601

-

0

-

-

Accretion of deferred credit

-

-

-

149

521

840

601

-

0

-

-

Book overdraft increase (decrease)

-12,442

66,128

36,715

0

-5,924

-9,023

-11,047

509

2,455

-

-

Debt Securities, Available-for-sale, Realized Gain (Loss)

-12,715

-2,089

2,570

2,294

1,060

5,627

-14,740

-11,943

2,350

27,692

24,175

Net change in unrealized gains (losses) of equity securities

23,188

-17,169

0

0

-

-

-

-

-

-

-

Amortization of premium/accretion of discount, net

1,663

1,482

3,994

-3,481

-1,831

-2,116

-1,582

4

-203

-545

-236

Net change in unrealized (gains) losses on investments

-

-

-

-

-

-

7,850

9,443

-18,410

1,754

-

Net foreign currency (gains) losses on investments

-

-

-

-

-

-

-

22

1,532

1,143

6,760

Deferred income taxes

-1,972

3,740

-1,309

-4,724

693

-1,118

-7,363

-3,813

9,543

1,333

-1,881

Excess tax (benefit) shortfall from share-based compensation

641

5,427

5,793

-1,154

5,310

7,006

359

-1,760

195

4,099

728

Other

-411

-196

-35

-31

-42

-19

-10

-5

17

627

-130

Issuance of common stock

147

0

634

0

-

-

-

207

5

14

55

Net change in assets and liabilities relating to operating activities:
Restricted cash and cash equivalents

-

-

-

-

-

35

-30,409

-45,304

64,372

-5,175

16,515

Purchase of trading securities

-

-

-

-

-

-

26,009

343,962

801,704

617,994

-

Proceeds from sales of trading securities

-

-

-

-

-

-

102,661

360,000

921,625

549,305

-

Prepaid reinsurance premiums

32,458

9,944

8,421

9,712

-75,832

-50,709

1,293

-3,174

22,009

20,792

27,247

Reinsurance recoverable

-225,367

236,198

182,299

-22,747

-32,334

-52,660

18,656

3,485

6,154

-12,265

47,807

Reinsurance receivable, net

0

0

-186

-167

-7,115

7,265

-24,131

-30,871

17,598

-3,575

-3,683

Premiums receivable, net

4,475

3,823

3,162

3,249

385

4,911

-3,256

4,589

2,855

7,574

-1,642

Accrued investment income

330

1,149

708

1,514

298

230

720

-325

0

-

-

Other receivables

-

-

-

-

-

-12

-131

-360

-129

-2,810

2,551

Income taxes recoverable

22,483

-3,741

417

-1,004

-255

-2,477

5,558

2,594

0

-3,212

729

Deferred policy acquisition costs, net

7,196

11,627

8,147

4,893

34,359

9,761

-1,383

4,286

3,550

-19

9,057

Other assets

2,498

968

1,860

-767

2,533

740

459

-331

726

779

-29

Unpaid losses and loss adjustment expenses

-205,100

224,404

189,931

-40,346

-35,513

-24,869

-34,019

-6,026

-28,286

-31,731

-39,250

Unearned premiums

59,600

69,235

56,688

33,390

46,618

12,260

-4,583

28,229

31,508

49,964

19,881

Accounts payable

-960

193

-321

2,809

-3,743

680

-927

54

547

595

25

Reinsurance payable, net

29,275

-17,075

29,490

7,306

7,519

-20,166

973

-2,237

11,944

-38,733

45,437

Income taxes payable

-

-

-

-

3,510

6,239

2,226

-13,801

4,653

12,012

1,097

Other liabilities and accrued expenses

-4,497

289

9,287

-505

625

2,774

4,803

3,292

1,630

2,399

6,070

Advance premium

4,753

6

8,420

-7,017

6,894

-5,040

7,937

-4,368

-450

2,761

4,218

Net cash provided by operating activities

84,598

230,105

245,010

121,396

219,271

123,346

156,959

142,506

112,584

-4,060

20,817

Cash flows from investing activities:
Cash flows from investing activities:
Proceeds from sale of property and equipment

38

35

23

36

86

84

8

28

64

32

-

Purchases of property and equipment

11,314

6,731

4,618

8,223

11,869

9,267

1,350

2,726

2,395

1,714

762

Purchases of equity securities

1,351

25,803

89,302

66,688

65,038

116,541

77,859

-

0

80,730

206,054

Payments to acquire a business

-

-

-

-

1,000

-

-

-

-

-

-

Purchases of available-for-sale debt securities

221,647

437,635

180,604

320,131

178,198

106,885

305,330

-

0

129,141

325,674

Purchases of short-term investments

0

0

10,000

0

87,538

50,000

-

-

-

-

-

Purchases of investment real estate, net

883

6,375

7,218

5,496

6,220

-

-

-

-

-

-

Proceeds from sales of equity securities

29,680

8,285

77,640

60,558

41,456

163,981

15,542

-

0

70,681

147,635

Proceeds from sales of available-for-sale debt securities

77,790

134,591

26,179

86,018

38,379

17,153

-

-

0

116,238

299,033

Proceeds from sales of investment real estate

10,500

0

0

-

-

-

-

-

-

-

-

Proceeds from sales of short-term investments

-

-

-

-

12,500

-

-

-

-

-

-

Maturities of available-for-sale debt securities

145,476

111,347

97,191

54,615

74,390

24,287

16,306

-

0

-

-

Maturities of short-term investments

0

10,000

5,000

25,000

100,000

-

-

-

-

-

-

Net cash provided by (used in) investing activities

28,326

-212,286

-85,709

-174,311

-83,052

-77,188

-352,683

-2,698

-2,331

-24,634

-85,822

Cash flows from financing activities:
Cash flows from financing activities:
Bank overdraft increase (decrease)

-

-

-

-

-

-

-

-

-

2,733

4,597

Preferred stock dividend

10

10

10

10

10

13

29

287

20

20

27

Common stock dividend

26,106

25,508

24,001

24,192

22,287

19,240

17,725

18,669

12,750

12,533

20,313

Issuance of common stock for stock option exercises

239

102

0

119

511

73

-

-

-

-

-

Purchase of treasury stock

66,186

25,276

18,141

8,510

18,649

29,736

32,366

-

0

-

-

Sale of treasury stock

-

-

-

2,965

-

-

-

-

-

-

-

Purchase of preferred stock

-

-

-

-

256

-

-

-

-

-

-

Proceeds received from issuance of contingently redeemable common stock

-

-

-

-

-

19,000

-

-

-

-

-

Payments related to tax withholding for share-based compensation

3,709

12,714

7,223

5,451

12,141

17,655

3,161

121

172

4,292

223

Excess tax benefit (shortfall) from share-based compensation

-

-

-

-1,154

5,310

7,006

359

-1,760

195

4,099

728

Repayment of debt

1,471

1,471

2,170

2,136

8,470

7,471

1,471

1,471

1,471

1,471

368

Borrowings under promissory note

-

-

-

-

1,390

-

-

-

-

-

-

Proceeds from borrowings

-

-

-

-

-

-

20,000

-

0

-

-

Net cash provided by (used in) financing activities

-97,243

-64,877

-51,545

-38,369

-54,602

-48,036

-34,393

-22,101

-14,213

-11,470

-15,551

Cash and cash equivalents, and restricted cash and cash equivalents:
Cash and cash equivalents, and restricted cash and cash equivalents:
Net increase (decrease) during the period

15,681

-47,058

107,756

-91,284

81,617

-1,878

-230,117

117,707

96,040

-40,164

-80,556

Supplemental cash and non-cash flow disclosures:
Interest paid

248

346

348

421

963

1,486

1,166

414

856

805

740

Income taxes paid

38,945

41,996

68,883

63,378

65,383

44,769

36,634

28,151

19,081

11,163

15,609

Income tax refund

789

747

434

5,633

-

-

-

-

-

-

-

Cash and cash equivalents, and restricted cash and cash equivalents within the Consolidated Balance Sheets
Non-cash transfer of investments from trading to available for sale portfolio

-

-

-

-

-

-

4,004

-

0

-

-