CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2016 |
Sep. 30, 2015 |
| Cash flows from operating activities |
|
|
| Net income (loss) |
$ 4,279
|
$ (22,972)
|
| Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
| Net realized investment losses (gains) |
758
|
(952)
|
| Loss (gain) from change in fair value of warrant liability |
187
|
(1,473)
|
| Depreciation and amortization |
4,300
|
3,646
|
| Net amortization of premium on investment securities |
954
|
0
|
| Amortization of debt discount and debt issuance costs |
1,416
|
0
|
| Share-based compensation expense |
4,987
|
5,895
|
| Changes in operating assets and liabilities: |
|
|
| Current tax payable |
114
|
0
|
| Accrued investment income |
(742)
|
28
|
| Premiums receivable |
(6,235)
|
(2,938)
|
| Prepaid expenses |
(885)
|
271
|
| Deferred policy acquisition costs, net |
(11,381)
|
(9,196)
|
| Other assets |
(116)
|
453
|
| Unearned premiums |
54,628
|
40,003
|
| Reserve for insurance claims and claims expenses |
1,454
|
275
|
| Reinsurance balances, net |
(431)
|
0
|
| Accounts payable and accrued expenses |
(1,075)
|
3,131
|
| Net cash provided by operating activities |
52,212
|
16,171
|
| Cash flows from investing activities |
|
|
| Purchase of fixed-maturity investments, available-for-sale |
(251,056)
|
(111,215)
|
| Proceeds from redemptions, maturities and sale of fixed-maturity investments, available-for-sale |
195,791
|
129,666
|
| Purchase of software and equipment |
(8,449)
|
(4,173)
|
| Net cash (used in) provided by investing activities |
(63,714)
|
14,278
|
| Cash flows from financing activities |
|
|
| Issuance of common stock |
526
|
415
|
| Taxes paid related to net share settlement of equity awards |
(694)
|
(1,094)
|
| Repayments of term loan |
(1,125)
|
0
|
| Net cash used in financing activities |
(1,293)
|
(679)
|
| Net (decrease) increase in cash and cash equivalents |
(12,795)
|
29,770
|
| Cash and cash equivalents, beginning of period |
57,317
|
103,021
|
| Cash and cash equivalents, end of period |
44,522
|
132,791
|
| Noncash financing activities |
|
|
| Interest paid |
$ 9,669
|
$ 0
|