CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
| Cash flows from operating activities |
|
|
|
| Net income |
$ 171,957
|
$ 107,927
|
$ 22,050
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Net realized investment gains |
(45)
|
(57)
|
(208)
|
| Loss from change in fair value of warrant liability |
8,657
|
1,397
|
4,105
|
| Depreciation and amortization |
9,299
|
7,811
|
6,663
|
| Net amortization of premium on investment securities |
1,252
|
1,519
|
1,599
|
| Amortization of debt discount and debt issuance costs |
1,011
|
3,390
|
1,473
|
| Deferred income taxes |
45,082
|
25,927
|
31,102
|
| Share-based compensation expense |
13,031
|
12,557
|
9,484
|
| Changes in operating assets and liabilities: |
|
|
|
| Premiums receivable |
(10,078)
|
(10,828)
|
(11,451)
|
| Accrued investment income |
(1,137)
|
(1,482)
|
(791)
|
| Prepaid expenses |
(472)
|
(1,090)
|
(160)
|
| Deferred policy acquisition costs, net |
(13,132)
|
(8,915)
|
(7,816)
|
| Other assets |
(8,831)
|
1,304
|
(1,547)
|
| Unearned premiums |
(22,251)
|
(4,273)
|
10,260
|
| Reserve for insurance claims and claim expenses |
10,941
|
4,050
|
5,760
|
| Reinsurance balances, net |
(1,022)
|
560
|
(274)
|
| Accounts payable and accrued expenses |
3,888
|
6,064
|
(2,486)
|
| Net cash provided by operating activities |
208,150
|
145,861
|
67,763
|
| Cash flows from investing activities |
|
|
|
| Purchase of short-term investments |
(230,362)
|
(257,916)
|
(131,196)
|
| Purchase of fixed-maturity investments, available-for-sale |
(290,533)
|
(356,337)
|
(219,079)
|
| Proceeds from maturity of short-term investments |
244,921
|
221,685
|
170,278
|
| Proceeds from redemptions, maturities and sale of fixed-maturity investments, available-for-sale |
91,575
|
179,978
|
95,435
|
| Software and equipment |
(9,956)
|
(8,060)
|
(8,510)
|
| Net cash used in investing activities |
(194,355)
|
(220,650)
|
(93,072)
|
| Cash flows from financing activities |
|
|
|
| Proceeds from issuance of common stock related to public offering, net of issuance costs |
0
|
79,165
|
0
|
| Proceeds from issuance of common stock related to employee equity plans |
21,748
|
12,857
|
7,103
|
| Proceeds from issuance of common stock related to warrant exercises |
0
|
321
|
183
|
| Taxes paid related to net share settlement of equity awards |
(18,248)
|
(9,722)
|
(8,582)
|
| Proceeds from senior note, net |
0
|
149,250
|
0
|
| Repayments of term loan |
(1,500)
|
(147,375)
|
(1,500)
|
| Payments of debt issuance/modification costs |
0
|
(3,609)
|
(445)
|
| Net cash provided by (used in) financing activities |
2,000
|
80,887
|
(3,241)
|
| Net increase (decrease) in cash, cash equivalents and restricted cash |
15,795
|
6,098
|
(28,550)
|
| Cash, cash equivalents and restricted cash, beginning of period |
25,294
|
19,196
|
47,746
|
| Cash, cash equivalents and restricted cash, end of period |
41,089
|
25,294
|
19,196
|
| Supplemental disclosures of cash flow information |
|
|
|
| Interest paid |
10,691
|
12,093
|
13,355
|
| Income taxes (refunded) paid |
$ (64)
|
$ 867
|
$ 1,220
|