Watford (WTRE) Quarterly Cash Flow Statement

Cash Flow Summary

Watford Holdings (WTRE) quarterly cash flow statement covering the six quarters from December 2019 to March 2021, as reported to the SEC.

Watford Holdings generated $6.98M in cash from operations in the quarter ended March 31, 2021, down 71.6% from $24.57M a year earlier.
That is 0.2 times its reported net income of $41.92M.
After spending $14K on capital expenditures, free cash flow was $6.97M.
Investing activities used $17.5M and financing activities provided $37.92M. Overall, cash went up $24.71M.

A cash flow statement shows the cash that actually came in and went out, split between running the business, investing and financing.

Figures in USD thousands

						Mar'21	Dec'20	Sep'20	Jun'20	Mar'20	Dec'19
Operating Activities
Net income (loss) before preference dividends
41,925	62,431	79,154	189,937	-266,608	-15,655	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net income (loss) before preference dividends						41,925	62,431	79,154	189,937	-266,608	-15,655	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Net realized and unrealized (gains) losses on investments
46,173	70,073	67,995	172,063	-290,502	6,105	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net realized and unrealized (gains) losses on investments						46,173	70,073	67,995	172,063	-290,502	6,105	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Amortization of fixed assets
4	2	2	2	1	2	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Amortization of fixed assets						4	2	2	2	1	2	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Share-based compensation
270	278	278	242	610	183	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Share-based compensation						270	278	278	242	610	183	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Changes in:
Accrued investment income
-356	-1,561	1,860	-1,980	2,329	-4,262	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Accrued investment income						-356	-1,561	1,860	-1,980	2,329	-4,262	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Premiums receivable
29,097	-43,708	1,743	-24,893	16,272	-34,846	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Premiums receivable						29,097	-43,708	1,743	-24,893	16,272	-34,846	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Reinsurance recoverable on unpaid and paid losses and loss adjustment expenses
8,457	20,498	34,325	31,373	23,069	28,319	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Reinsurance recoverable on unpaid and paid losses and loss adjustment expenses						8,457	20,498	34,325	31,373	23,069	28,319	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Prepaid reinsurance premiums
-9,158	-9,547	-34	3,349	-4,007	2,668	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Prepaid reinsurance premiums						-9,158	-9,547	-34	3,349	-4,007	2,668	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Deferred acquisition costs, net
9,103	-5,089	-5,754	-5,610	7,995	-3,942	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Deferred acquisition costs, net						9,103	-5,089	-5,754	-5,610	7,995	-3,942	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Reserve for losses and loss adjustment expenses
50,539	65,196	60,967	50,735	60,178	75,271	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Reserve for losses and loss adjustment expenses						50,539	65,196	60,967	50,735	60,178	75,271	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Unearned premiums
22,422	-54,577	1,252	-22,330	42,654	-18,425	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Unearned premiums						22,422	-54,577	1,252	-22,330	42,654	-18,425	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Reinsurance balances payable
14,277	-6,558	-5,342	1,371	-6,901	-1,391	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Reinsurance balances payable						14,277	-6,558	-5,342	1,371	-6,901	-1,391	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Funds held with reinsurers
8,829	-3,623	4,693	-2,605	2,868	-11,237	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Funds held with reinsurers						8,829	-3,623	4,693	-2,605	2,868	-11,237	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other liabilities
-28,126	-1,861	25,451	7,575	-27,662	3,787	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other liabilities						-28,126	-1,861	25,451	7,575	-27,662	3,787	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other items
2,182	-10,238	1,683	-6,933	19,673	-1,135	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other items						2,182	-10,238	1,683	-6,933	19,673	-1,135	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net Cash Provided By Operating Activities
6,984	48,106	55,251	62,768	24,575	62,102	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net Cash Provided By Operating Activities						6,984	48,106	55,251	62,768	24,575	62,102	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Investing Activities
Purchase of term loans
105,440	103,369	68,331	72,948	86,702	100,440	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Purchase of term loans						105,440	103,369	68,331	72,948	86,702	100,440	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Purchase of fixed maturity investments
554,618	223,150	189,945	573,657	328,927	290,323	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Purchase of fixed maturity investments						554,618	223,150	189,945	573,657	328,927	290,323	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Purchase of short-term investments with maturities over three months
-	-4,895	8,965	-29,071	36,119	36,394	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Purchase of short-term investments with maturities over three months						-	-4,895	8,965	-29,071	36,119	36,394	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Proceeds from sale, redemptions and maturity of term loans
166,281	129,208	108,436	168,401	98,992	41,016	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Proceeds from sale, redemptions and maturity of term loans						166,281	129,208	108,436	168,401	98,992	41,016	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Proceeds from sales, redemptions and maturities of fixed maturity investments
546,187	394,398	205,558	544,775	215,719	391,610	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Proceeds from sales, redemptions and maturities of fixed maturity investments						546,187	394,398	205,558	544,775	215,719	391,610	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Proceeds from sales, redemptions and maturities of short-term investments with maturities over three months
-	-8,448	-8,239	17,606	5,596	-21,838	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Proceeds from sales, redemptions and maturities of short-term investments with maturities over three months						-	-8,448	-8,239	17,606	5,596	-21,838	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net (purchases) sales of short-term investments with maturities less than three months
64,138	60,236	-30,894	68,208	-22,337	-92,820	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net (purchases) sales of short-term investments with maturities less than three months						64,138	60,236	-30,894	68,208	-22,337	-92,820	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Purchases of equity securities
6,180	799	4,009	-175	6,388	8,571	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Purchases of equity securities						6,180	799	4,009	-175	6,388	8,571	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Proceeds from sales of equity securities
1,024	10,466	14,098	7,587	1,531	218	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Proceeds from sales of equity securities						1,024	10,466	14,098	7,587	1,531	218	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net settlements of derivative instruments
600	3,814	1,471	-108	-2,336	-983	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net settlements of derivative instruments						600	3,814	1,471	-108	-2,336	-983	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Purchases of furniture, equipment and other assets
14	10	1	-	2	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Purchases of furniture, equipment and other assets						14	10	1	-	2	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net Cash Provided by (Used For) Investing Activities
-17,498	140,169	112,219	52,910	-111,627	69,074	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net Cash Provided by (Used For) Investing Activities						-17,498	140,169	112,219	52,910	-111,627	69,074	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Financing Activities
Dividends paid on redeemable preference shares
1,000	1,009	1,067	1,133	1,100	1,202	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Dividends paid on redeemable preference shares						1,000	1,009	1,067	1,133	1,100	1,202	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Repayments on borrowings
-	-	-	-	-	35,916	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Repayments on borrowings						-	-	-	-	-	35,916	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Proceeds from borrowings
38,939	-123,554	56,859	60,849	92,199	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Proceeds from borrowings						38,939	-123,554	56,859	60,849	92,199	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Repurchase of preference shares
-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Repurchase of preference shares						-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Purchases of common shares under share repurchase program
-	-	-	-	2,867	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Purchases of common shares under share repurchase program						-	-	-	-	2,867	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net Cash Provided By (Used For) Financing Activities
37,924	-179,592	-83,179	-105,236	88,184	-112,158	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net Cash Provided By (Used For) Financing Activities						37,924	-179,592	-83,179	-105,236	88,184	-112,158	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Effects of exchange rate changes on foreign currency cash
-2,697	7,435	3,389	631	-6,989	3,029	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Effects of exchange rate changes on foreign currency cash						-2,697	7,435	3,389	631	-6,989	3,029	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Increase (decrease) in cash
24,713	16,118	87,680	11,073	-5,857	22,047	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Increase (decrease) in cash						24,713	16,118	87,680	11,073	-5,857	22,047	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Supplementary information
Income taxes paid
8	82	297	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Income taxes paid						8	82	297	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Interest paid
1,810	7,683	9,125	4,157	5,422	11,386	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Interest paid						1,810	7,683	9,125	4,157	5,422	11,386	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Non-cash exchange of investments
15,300	26,100	41,800	19,733	13,467	16,868	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Non-cash exchange of investments						15,300	26,100	41,800	19,733	13,467	16,868	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx