Amtrust Financial Services, Inc. Cashflow Statement

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Financial Statements

Income Statement Balance Sheet Cashflow Statement

Consolidated Statements of Cash Flows

In millions of USD, except per-share amounts

	FY2017 12 months to Dec 31, 2017	FY2016 12 months to Dec 31, 2016	FY2015 12 months to Dec 31, 2015	FY2014 12 months to Dec 31, 2014	FY2013 12 months to Dec 31, 2013
Cash flows from operating activities:
Net (loss) income
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization
Amortization of deferred gain
Net amortization of bond premium or discount
Equity earnings on investment in unconsolidated subsidiaries
Gain on investment in life settlement contracts, net
Realized gain on marketable securities
Non-cash write-down of marketable securities
Non-cash write-down of investments
Non-cash write-down of goodwill
Discount on notes payable
Stock based compensation
Loss on extinguishment of debt
Bad debt expense
Foreign currency loss (gain)
Gain on sale of policy management system
Acquisition gain
Dividend received from equity investment
Changes in assets – (increase) decrease:
Premiums and notes receivable
Reinsurance recoverable
Deferred policy acquisition costs, net
Prepaid reinsurance premiums
Prepaid expenses and other assets
Changes in liabilities – increase (decrease):
Reinsurance premium payable
Loss and loss expense reserves
Unearned premiums
Funds held under reinsurance treaties
Accrued expenses and other current liabilities
Deferred tax asset and liability, net
Net cash (used in) provided by operating activities
Cash flows from investing activities:
Purchases of:
Fixed maturity securities, available-for-sale
Equity securities, available-for-sale
Equity securities, trading
Other investments
Subsidiaries, net of cash received
Acquisition of intangible assets
Loss portfolio transfer, net of cash obtained
Sale of subsidiary
Property, equipment and software
Life settlement contracts

Sales of:
Fixed maturity securities, available-for-sale (includes maturities & paydowns)
Equity securities, available-for-sale
Equity securities, trading
Other investments
Securities sold but not purchased, net
Equity method investment
Life settlement contracts
Policy management system
Short term investments (purchases) sales, net
Advance on equity interest in life settlement contracts entity
Receipt of life settlement contract proceeds
Loan to ACP Re
Acquisition of reinsurance entities, net of cash obtained
Decrease (Increase) in restricted cash and cash equivalents, net
Net cash provided by (used in) investing activities
Cash flows from financing activities:
Revolving credit facility borrowings
Revolving credit facility payments
Repurchase agreements, net
Secured loan agreement borrowings
Secured loan agreement payments
Promissory note borrowings
Promissory note payments
Term loan payment
2055 Subordinated notes proceeds
Senior notes proceeds
Convertible senior notes proceeds
Convertible senior notes payments
Financing fees
Common share (repurchase) issuance
Common share issuance
Common share repurchase
Total common share (repurchase) issuance

Preferred share issuance
Contingent consideration payments
Non-controlling interest capital (dividends) contributions to consolidated subsidiaries, net
Stock option exercise and other
Dividends distributed on common stock
Dividends distributed on preferred stock
Net cash (used in) provided by financing activities

Effect of exchange rate changes on cash
Cash included in business classified as held for sale
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents, beginning year
Cash and cash equivalents, end of year
Supplemental Cash Flow Information
Interest payments on debt
Income tax payments
Declared dividends on common stock

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