GWG Holdings, 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

	FY2020 12 months to Dec 31, 2020	FY2019 12 months to Dec 31, 2019	FY2018 12 months to Dec 31, 2018	FY2017 12 months to Dec 31, 2017	FY2016 12 months to Dec 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)
Adjustments to reconcile net income (loss) to net cash flows used in operating activities:
Change in fair value of life insurance policies
Change in fair value of investment in life insurance policies
Investment income, net
Amortization of deferred financing and issuance costs
Amortization of premium and accretion of discount on financing receivables
Amortization and depreciation of long-lived assets
Accretion of discount on financing receivables from affiliate
Provision for uncollectible policy benefit receivable
Return on investments in alternative assets
Non-cash interest income, including interest paid-in-kind and accretion of purchase discount
Non-cash interest expense
Loss from equity method investments
Loss on fair value of put options
Equity-based compensation
Payments for exercised stock options
Forfeiture of vested equity-based compensation
Gain on consolidation of equity method investment
Deferred income taxes
Due from related parties
Preferred stock issued in lieu of cash dividends

Life insurance policy benefits receivable
Interest receivable added to commercial loan principal
Change in operating assets and liabilities:
Life insurance policy benefits receivable
Accrued interest on financing receivables
Other assets
Accounts payable
Accounts payable and accrued expenses
Interest and dividends payable
Other accrued expenses
NET CASH FLOWS USED IN OPERATING ACTIVITIES
CASH FLOWS FROM INVESTING ACTIVITIES
Carrying value of matured life insurance policies
Investment in Secured MCA advances
Proceeds from Secured MCA advances
Equity investment acquired
Investment in life insurance policies
Return of investment for matured life insurance policies
Purchases of fixed assets
Contributions to equity method investments
Business combination consideration, net of cash and restricted cash acquired
Return of investments in alternative assets
Investments in alternative assets
Financing receivables from affiliate issued
Investment in put options
NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES

CASH FLOWS FROM FINANCING ACTIVITIES
Net borrowings on (repayments of) senior debt
Borrowings on senior debt
Repayments of senior debt
Payments for senior debt issuance costs
Payments for redemption of Series I Secured Notes
Payments for L Bonds issuance costs
Issuance (repurchase) of common stock
Proceeds from (increase in) restricted cash
Borrowings on senior debt
Repayments of senior debt and debt due to related parties
Payments for deferred financing costs and issuance costs
Debt Due To Related Parties
Senior Debt
L Bonds
Proceeds from issuance of L Bonds
Payments for redemption of L Bonds
Payment of employee taxes on stock awards
Purchase of noncontrolling interest
Issuance of common stock
Proceeds from issuance of convertible preferred stock
Payments for issuance costs of preferred stock
Payments for redemption of preferred stock
Proceeds from Issuance of redeemable preferred stock
Payments for redemption of redeemable preferred stock
Common stock dividends
Payments for equity issuance costs
Preferred stock dividends
Tax distribution to noncontrolling interest
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
BEGINNING OF YEAR
END OF YEAR

NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
BEGINNING OF PERIOD
END OF PERIOD
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Interest paid
Premiums paid, including prepaid
NON-CASH INVESTING AND FINANCING ACTIVITIES
Financing receivable from affiliate acquired
Conversion of interest receivable to commercial loan principal
L Bonds: Conversion of accrued interest and commissions payable to principal
Distribution payable to noncontrolling interest (see Note 12)
Noncash issuance of noncontrolling interest (see Note 12)
Liquidity Bonds, net of financing costs (see Note 10)
Common stock issued
Conversion of accrued interest and commissions payable to principal
Conversion of L Bonds to redeemable preferred stock
Issuance of Series A preferred stock in lieu of cash dividends
Conversion of Series B convertible preferred stock to common stock
Common stock issued for vendor services
Options and stock appreciation rights issued
Conversion of accrued interest and commission payable to principal
Investment in life insurance policies included in accounts payable
Consideration given
L Bonds
Treasury Stock
Total consideration given

Deemed capital contribution from related party
Equity method investment acquired
Equity security acquired
Adjustment to noncontrolling interest

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