XML 25 R8.htm IDEA: XBRL DOCUMENT v3.20.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities      
Net income $ 58,271 $ 32,899  
Adjustments to reconcile net income to net cash provided by operating activities:      
Net realized investment losses 72 187  
(Gain) loss from change in fair value of warrant liability (5,959) 5,479  
Depreciation and amortization 2,441 2,103  
Net amortization of premium on investment securities 318 314  
Amortization of debt discount and debt issuance costs 258 248  
Deferred income taxes 13,880 6,038  
Share-based compensation expense 2,552 2,981  
Changes in operating assets and liabilities:      
Premiums receivable (787) (2,472)  
Accrued investment income (361) (859)  
Prepaid expenses (1,238) (1,407)  
Deferred policy acquisition costs, net (2,662) (1,980)  
Other assets (157) 191  
Unearned premiums (9,734) (4,568)  
Reserve for insurance claims and claim expenses 5,727 2,726  
Reinsurance balances, net (691) (148)  
Accounts payable and accrued expenses (14,078) (13,453)  
Net cash provided by operating activities 47,852 28,279  
Cash flows from investing activities      
Purchase of short-term investments (41,872) (47,994)  
Purchase of fixed-maturity investments, available-for-sale (58,427) (72,586)  
Proceeds from maturity of short-term investments 81,207 81,311  
Proceeds from redemptions, maturities and sale of fixed-maturity investments, available-for-sale 46,368 29,043  
Software and equipment (1,493) (1,751)  
Net cash provided by used in investing activities 25,783 (11,977)  
Cash flows from financing activities      
Proceeds from issuance of common stock related to employee equity plans 3,367 11,017  
Taxes paid related to net share settlement of equity awards (7,117) (12,477)  
Repayments of term loan (375) (375)  
Payments of debt issuance/modification costs (778) 0  
Net cash (used in) financing activities (4,903) (1,835)  
Net increase in cash, cash equivalents and restricted cash 68,732 14,467  
Cash, cash equivalents and restricted cash, beginning of period 41,089 25,294  
Cash, cash equivalents and restricted cash, end of period 109,821 $ 39,761  
Supplemental disclosures of cash flow information      
Interest paid 2,403   $ 2,617
Income taxes refunded $ 0   $ 209