CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands |
6 Months Ended |
Jun. 30, 2017 |
Jun. 30, 2016 |
| Cash flows from operating activities |
|
|
| Net income (loss) |
$ 11,504
|
$ (1,896)
|
| Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
| Net realized investment losses |
(130)
|
824
|
| Loss (gain) from change in fair value of warrant liability |
177
|
(611)
|
| Depreciation and amortization |
3,119
|
2,295
|
| Net amortization of premium on investment securities |
772
|
649
|
| Amortization of debt discount and debt issuance costs |
757
|
918
|
| Share-based compensation expense |
4,219
|
3,156
|
| Deferred income taxes |
4,449
|
0
|
| Changes in operating assets and liabilities: |
|
|
| Accrued investment income |
(445)
|
(195)
|
| Premiums receivable |
(4,067)
|
(3,725)
|
| Prepaid expenses |
(81)
|
(382)
|
| Deferred policy acquisition costs, net |
(4,097)
|
(7,598)
|
| Other assets |
(929)
|
5
|
| Unearned premiums |
4,246
|
41,143
|
| Reserve for insurance claims and claims expenses |
2,047
|
796
|
| Reinsurance balances, net |
409
|
0
|
| Accounts payable and accrued expenses |
(7,358)
|
(7,817)
|
| Net cash provided by operating activities |
14,592
|
27,562
|
| Cash flows from investing activities |
|
|
| Purchase of short-term investments |
(78,564)
|
(80,674)
|
| Purchase of fixed-maturity investments, available-for-sale |
(116,991)
|
(93,974)
|
| Proceeds from maturity of short-term investments |
94,677
|
56,758
|
| Proceeds from redemptions, maturities and sale of fixed-maturity investments, available-for-sale |
65,587
|
86,930
|
| Additions to software and equipment |
(4,863)
|
(6,182)
|
| Net cash used in by investing activities |
(40,154)
|
(37,142)
|
| Cash flows from financing activities |
|
|
| Proceeds from issuance of common stock related to employee equity plans |
2,614
|
504
|
| Taxes paid related to net share settlement of equity awards |
(3,643)
|
(664)
|
| Repayments of term loan |
(750)
|
(750)
|
| Payments of debt modification costs |
(370)
|
0
|
| Net cash used in financing activities |
(2,149)
|
(910)
|
| Net decrease in cash and cash equivalents |
(27,711)
|
(10,490)
|
| Cash and cash equivalents, beginning of period |
47,746
|
57,317
|
| Cash and cash equivalents, end of period |
20,035
|
46,827
|
| Supplemental disclosures of cash flow information |
|
|
| Interest paid |
7,292
|
6,431
|
| Income taxes paid |
$ 585
|
$ 0
|