← DONEGAL GROUP INC

Annual Trend FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities:
Net Income From Continuing Operations — — — — — — ($2.0m) $4.4m $50.9m $79.3m
Net Income (Loss) Attributable to Parent $30.8m $7.1m ($32.8m) $47.2m $52.8m $25.3m ($2.0m) $4.4m $50.9m $79.3m
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest — — ($32.8m) $47.2m $52.8m — — — — —
Depreciation and amortization $6.6m $6.1m $6.6m $5.6m $6.7m $5.8m $4.8m $4.3m $3.9m $3.1m
Deferred Policy Acquisition Costs, Amortization Expense $107.9m $115.1m $121.0m $122.4m $119.1m $128.7m $142.4m $154.2m $160.3m $152.8m
Depreciation $743k $479k $480k $282k $257k $209k $174k $166k $153k $150k
Share-based Payment Arrangement, Expense $2.5m $2.0m $1.7m $1.4m $1.1m $966k $819k $877k $981k $1.0m
Income Tax Expense (Benefit) $10.5m $5.0m ($15.5m) $9.9m $10.5m $5.1m ($1.7m) $638k $11.5m $18.3m
Operating Lease, Lease Income — — — — — $431k $383k $346k $314k $302k
Other Nonoperating Income (Expense) $2.9m $2.6m $1.7m $1.6m — — — — — —
Additional Financial Items
Goodwill $5.6m $5.6m $5.6m $5.6m $5.6m $5.6m $5.6m $5.6m $5.6m $5.6m
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims $423.3m $487.3m $576.5m $506.4m $459.8m $520.7m $564.1m $609.2m $604.1m $564.3m
Proceeds from Stock Options Exercised — $13.4m $1.1m $2.9m $17.5m $12.3m $17.4m $6.8m $30.7m $18.9m
Realized Investment Gains (Losses) $2.5m $5.7m ($4.8m) $22.0m $2.8m $6.5m ($10.2m) $3.2m $5.0m $619k
Unrealized Gain (Loss) on Investments ($103k) $112k ($387k) — — — — — — —
Beginning Cash Position — — — — — — $57.7m $25.1m $23.8m $52.9m
Cash Flow From Continuing Financing Activities — — — — — — ($1.2m) ($13.2m) $9.7m ($5.2m)
Cash Flow From Continuing Investing Activities — — — — — — ($98.5m) ($16.7m) ($48.0m) ($91.1m)
Change In Account Payable — — — — — — ($450k) $5.3m ($4.4m) ($861k)
Change In Accrued Expense — — — — — — $198k ($279k) ($1.0m) ($696k)
Change In Other Working Capital — — — — — — ($5.4m) $1.1m $8.7m ($4.4m)
Change In Payable — — — — — — $6.6m ($1.8m) ($10.9m) $4.2m
Change In Payables And Accrued Expense — — — — — — $6.8m ($2.1m) ($11.9m) $3.6m
Change In Prepaid Assets — — — — — — $16.3m ($8.1m) ($7.4m) $5.1m
Change In Receivables — — — — — — ($6.1m) $8.2m $19.2m $22.5m
Change In Working Capital — — — — — — $54.0m $23.0m $17.7m ($11.6m)
Changes In Account Receivables — — — — — — ($6.1m) $8.2m $19.2m $22.5m
Changes In Cash — — — — — — ($32.6m) ($1.3m) $29.1m ($26.1m)
End Cash Position — — — — — — $25.1m $23.8m $52.9m $26.8m
Financing Cash Flow — — — — — — ($1.2m) ($13.2m) $9.7m ($5.2m)
Free Cash Flow — — — — — — $67.1m $28.6m $67.4m $70.2m
Gain Loss On Investment Securities — — — — — — $10.2m ($3.2m) ($5.0m) ($619k)
Investing Cash Flow — — — — — — ($98.5m) ($16.7m) ($48.0m) ($91.1m)
Issuance Of Capital Stock — — — — — — $19.3m $8.6m $32.4m $20.5m
Net PPE Purchase And Sale — — — — — — $28k ($45k) $743 ($425)
Operating Gains Losses — — — — — — $10.2m ($3.2m) ($5.0m) ($619k)
Sale Of PPE — — — — — $1.2m $28k — — —
Net Cash Provided by (Used in) Operating Activities $60.0m $81.0m $63.8m $76.4m $101.1m $76.7m $67.1m $28.6m $67.4m $70.2m
Cash flows from investing activities:
Capital Expenditure — — — — — — — ($45k) — ($425)
Net Investment Purchase And Sale — — — — — — ($98.5m) ($16.7m) ($48.0m) ($91.1m)
Purchase Of Investment — — — — — — ($287.4m) ($180.8m) ($213.1m) ($475.0m)
Sale Of Investment — — — — — — $188.9m $164.1m $165.1m $383.9m
Net Cash Provided by (Used in) Investing Activities ($51.3m) ($58.4m) ($37.6m) ($43.4m) ($99.7m) ($62.2m) ($98.5m) ($16.7m) ($48.0m) ($91.1m)
Cash flows from financing activities:
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-sale $82.6m $99.5m $105.3m $119.1m $172.1m $165.9m $75.8m $58.3m $116.6m $148.6m
Issuance Of Debt — — — — — $0 $0 — — —
Net Issuance Payments Of Debt — — — — — ($55.0m) $0 $0 — —
Net Short Term Debt Issuance — — — — — ($50.0m) $0 $0 — —
Short Term Debt Issuance — — — — — $0 $0 — — —
Long Term Debt Payments — — — — — ($5.0m) $0 $0 — —
Repayment Of Debt — — — — — ($55.0m) $0 $0 — —
Short Term Debt Payments — — — — — ($50.0m) $0 $0 — —
Proceeds from Issuance of Common Stock $13.8m $15.5m $3.2m $4.8m $19.3m $14.2m $19.3m $8.6m $32.4m $20.5m
Common Stock Issuance — — — — — — $19.3m $8.6m $32.4m $20.5m
Net Common Stock Issuance — — — — — — $19.3m $8.6m $32.4m $20.5m
Payments of Ordinary Dividends, Common Stock $14.1m $14.8m $15.7m $16.1m $17.0m $19.1m $20.5m $21.9m $22.7m $25.7m
Dividends Payable $3.6m $3.8m $3.9m $4.1m $4.4m $4.9m $5.3m $5.6m $6.0m $6.6m
Cash Dividends Paid — — — — — — ($20.5m) ($21.9m) ($22.7m) ($25.7m)
Common Stock Dividend Paid — — — — — — ($20.5m) ($21.9m) ($22.7m) ($25.7m)
Net Cash Provided by (Used in) Financing Activities ($12.3m) ($9.3m) ($11.4m) ($36.3m) $52.3m ($59.9m) ($1.2m) ($13.2m) $9.7m ($5.2m)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents — — — — — $57.7m $25.1m $23.8m $52.9m $26.8m
Supplemental disclosure of cash flow information:
Change In Cash Supplemental As Reported — — — — — — ($32.6m) ($1.3m) $29.1m ($26.1m)
Interest Paid, Excluding Capitalized Interest, Operating Activities $1.4m $1.3m $1.3m $322k $1.2m $1.2m $624k $619k $969k $1.4m
Income Taxes Paid, Net $7.3m $3.0m ($3.3m) ($9.8m) $12.8m $6.2m $4.5m $0 $3.5m $22.7m

Data sourced from SEC EDGAR 10-K filings via EdgarTools. Amounts are shown in USD as reported in each fiscal year filing.