Annual Income Statements for Donegal Group
This table shows Donegal Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.
Quarterly Income Statements for Donegal Group
This table shows Donegal Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Net Income / (Loss) Attributable to Common Shareholders |
|
-10 |
3.48 |
5.20 |
2.00 |
-0.81 |
-1.97 |
5.96 |
4.15 |
17 |
24 |
Consolidated Net Income / (Loss) |
|
-10 |
3.48 |
5.20 |
2.00 |
-0.81 |
-1.97 |
5.96 |
4.15 |
17 |
24 |
Net Income / (Loss) Continuing Operations |
|
-10 |
3.48 |
5.20 |
2.00 |
-0.81 |
-1.97 |
5.96 |
4.15 |
17 |
24 |
Total Pre-Tax Income |
|
-13 |
4.08 |
6.30 |
2.25 |
-1.00 |
-2.48 |
7.25 |
5.01 |
20 |
30 |
Total Revenue |
|
213 |
223 |
225 |
229 |
234 |
239 |
241 |
247 |
251 |
250 |
Net Interest Income / (Expense) |
|
-0.07 |
-0.16 |
-0.15 |
-0.15 |
-0.16 |
-0.16 |
-0.15 |
-0.15 |
-0.37 |
-0.27 |
Total Interest Expense |
|
0.07 |
0.16 |
0.15 |
0.15 |
0.16 |
0.16 |
0.15 |
0.15 |
0.37 |
0.27 |
Long-Term Debt Interest Expense |
|
0.07 |
0.16 |
0.15 |
0.15 |
0.16 |
0.16 |
0.15 |
0.15 |
0.37 |
0.27 |
Total Non-Interest Income |
|
213 |
223 |
225 |
229 |
234 |
239 |
241 |
247 |
252 |
250 |
Other Service Charges |
|
0.41 |
0.35 |
0.31 |
0.19 |
0.16 |
0.25 |
0.22 |
0.58 |
1.00 |
0.94 |
Net Realized & Unrealized Capital Gains on Investments |
|
6.21 |
10 |
9.12 |
13 |
9.29 |
13 |
13 |
12 |
13 |
12 |
Premiums Earned |
|
206 |
213 |
215 |
216 |
224 |
226 |
228 |
234 |
238 |
237 |
Other Non-Interest Income |
|
0.09 |
0.09 |
0.09 |
0.09 |
0.09 |
0.08 |
0.08 |
0.08 |
0.08 |
0.08 |
Total Non-Interest Expense |
|
226 |
219 |
218 |
227 |
235 |
242 |
234 |
242 |
231 |
220 |
Property & Liability Insurance Claims |
|
156 |
149 |
138 |
151 |
157 |
163 |
151 |
165 |
146 |
141 |
Insurance Policy Acquisition Costs |
|
35 |
33 |
42 |
37 |
39 |
39 |
43 |
35 |
43 |
38 |
Other Operating Expenses |
|
0.22 |
0.25 |
0.44 |
0.32 |
0.21 |
0.23 |
0.44 |
0.37 |
1.50 |
0.25 |
Amortization Expense |
|
36 |
38 |
38 |
38 |
39 |
39 |
40 |
41 |
40 |
40 |
Income Tax Expense |
|
-2.99 |
0.60 |
1.09 |
0.26 |
-0.20 |
-0.51 |
1.29 |
0.86 |
3.66 |
5.66 |
Basic Earnings per Share |
|
($0.63) |
$0.18 |
$0.31 |
$0.11 |
($0.04) |
($0.13) |
$0.34 |
$0.24 |
$0.97 |
$1.36 |
Weighted Average Basic Shares Outstanding |
|
32.47M |
32.74M |
32.92M |
33.14M |
33.25M |
33.39M |
33.39M |
33.48M |
33.90M |
35.64M |
Diluted Earnings per Share |
|
($0.63) |
$0.18 |
$0.31 |
$0.11 |
($0.04) |
($0.13) |
$0.34 |
$0.24 |
$0.97 |
$1.36 |
Weighted Average Diluted Shares Outstanding |
|
32.47M |
32.74M |
32.92M |
33.14M |
33.25M |
33.39M |
33.39M |
33.48M |
33.90M |
35.64M |
Weighted Average Basic & Diluted Shares Outstanding |
|
32.47M |
32.74M |
32.92M |
33.14M |
33.25M |
33.39M |
33.39M |
33.48M |
33.90M |
35.64M |
Annual Cash Flow Statements for Donegal Group
This table details how cash moves in and out of Donegal Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.
Metric |
2022 |
2023 |
2024 |
Net Change in Cash & Equivalents |
-33 |
-1.33 |
29 |
Net Cash From Operating Activities |
67 |
29 |
67 |
Net Cash From Continuing Operating Activities |
67 |
29 |
67 |
Net Income / (Loss) Continuing Operations |
-1.96 |
4.43 |
51 |
Consolidated Net Income / (Loss) |
-1.96 |
4.43 |
51 |
Depreciation Expense |
4.84 |
4.33 |
3.87 |
Non-Cash Adjustments to Reconcile Net Income |
10 |
-3.17 |
-4.98 |
Changes in Operating Assets and Liabilities, net |
54 |
23 |
18 |
Net Cash From Investing Activities |
-98 |
-17 |
-48 |
Net Cash From Continuing Investing Activities |
-98 |
-17 |
-48 |
Purchase of Investment Securities |
-287 |
-156 |
-205 |
Sale and/or Maturity of Investments |
189 |
139 |
157 |
Net Cash From Financing Activities |
-1.20 |
-13 |
9.73 |
Net Cash From Continuing Financing Activities |
-1.20 |
-13 |
9.73 |
Issuance of Common Equity |
19 |
8.65 |
32 |
Payment of Dividends |
-21 |
-22 |
-23 |
Quarterly Cash Flow Statements for Donegal Group
This table details how cash moves in and out of Donegal Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Net Change in Cash & Equivalents |
|
4.85 |
-1.54 |
-2.29 |
1.91 |
-1.03 |
0.07 |
-3.99 |
4.42 |
4.43 |
24 |
Net Cash From Operating Activities |
|
15 |
17 |
-0.68 |
14 |
13 |
2.60 |
4.82 |
22 |
13 |
28 |
Net Cash From Continuing Operating Activities |
|
15 |
17 |
-0.68 |
14 |
13 |
2.60 |
4.82 |
22 |
13 |
28 |
Net Income / (Loss) Continuing Operations |
|
-10 |
3.48 |
5.20 |
2.00 |
-0.81 |
-1.97 |
5.96 |
4.15 |
17 |
24 |
Consolidated Net Income / (Loss) |
|
-10 |
3.48 |
5.20 |
2.00 |
-0.81 |
-1.97 |
5.96 |
4.15 |
17 |
24 |
Depreciation Expense |
|
1.14 |
1.09 |
1.12 |
1.07 |
1.02 |
1.11 |
0.97 |
0.93 |
0.98 |
1.00 |
Non-Cash Adjustments to Reconcile Net Income |
|
-12 |
14 |
0.33 |
-2.50 |
1.24 |
-2.24 |
-2.11 |
-0.74 |
-1.88 |
-0.26 |
Changes in Operating Assets and Liabilities, net |
|
36 |
-1.24 |
-7.34 |
13 |
12 |
5.70 |
0.01 |
17 |
-3.12 |
3.46 |
Net Cash From Investing Activities |
|
-7.95 |
-17 |
1.41 |
-9.65 |
-9.67 |
1.20 |
-3.82 |
-12 |
-6.74 |
-25 |
Net Cash From Continuing Investing Activities |
|
-7.95 |
-17 |
1.41 |
-9.65 |
-9.67 |
1.20 |
-3.82 |
-12 |
-6.74 |
-25 |
Purchase of Investment Securities |
|
-46 |
-81 |
-50 |
-42 |
-69 |
5.75 |
-46 |
-54 |
-49 |
-57 |
Sale and/or Maturity of Investments |
|
38 |
63 |
51 |
32 |
60 |
-4.55 |
42 |
42 |
42 |
32 |
Net Cash From Financing Activities |
|
-2.11 |
-1.30 |
-3.02 |
-2.18 |
-4.33 |
-3.72 |
-4.99 |
-5.13 |
-1.58 |
21 |
Net Cash From Continuing Financing Activities |
|
-2.11 |
-1.30 |
-3.02 |
-2.18 |
-4.33 |
-3.72 |
-4.99 |
-5.13 |
-1.58 |
21 |
Issuance of Common Equity |
|
3.13 |
3.96 |
2.29 |
3.32 |
1.20 |
1.83 |
0.59 |
0.54 |
4.10 |
27 |
Payment of Dividends |
|
-5.24 |
-5.26 |
-5.30 |
-5.50 |
-5.54 |
-5.55 |
-5.58 |
-5.67 |
-5.68 |
-5.77 |
Annual Balance Sheets for Donegal Group
This table presents Donegal Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.
Metric |
2022 |
2023 |
2024 |
Total Assets |
2,243 |
2,266 |
2,336 |
Cash and Due from Banks |
25 |
24 |
53 |
Trading Account Securities |
1,247 |
1,295 |
1,360 |
Loans and Leases, Net of Allowance |
0.00 |
0.00 |
0.00 |
Accrued Investment Income |
8.86 |
9.95 |
10 |
Customer and Other Receivables |
0.00 |
1.50 |
0.02 |
Premises and Equipment, Net |
2.76 |
2.63 |
2.48 |
Unearned Premiums Asset |
791 |
790 |
778 |
Deferred Acquisition Cost |
73 |
75 |
73 |
Goodwill |
5.63 |
5.63 |
5.63 |
Intangible Assets |
0.96 |
0.96 |
0.96 |
Other Assets |
89 |
60 |
43 |
Total Liabilities & Shareholders' Equity |
2,243 |
2,266 |
2,336 |
Total Liabilities |
1,760 |
1,787 |
1,790 |
Short-Term Debt |
35 |
35 |
35 |
Other Short-Term Payables |
9.52 |
9.52 |
2.92 |
Claims and Claim Expense |
1,121 |
1,126 |
1,121 |
Unearned Premiums Liability |
578 |
599 |
612 |
Other Long-Term Liabilities |
17 |
16 |
19 |
Total Equity & Noncontrolling Interests |
484 |
480 |
546 |
Total Preferred & Common Equity |
484 |
480 |
546 |
Preferred Stock |
0.00 |
0.00 |
0.00 |
Total Common Equity |
484 |
480 |
546 |
Common Stock |
326 |
336 |
370 |
Retained Earnings |
241 |
218 |
245 |
Treasury Stock |
-41 |
-41 |
-41 |
Accumulated Other Comprehensive Income / (Loss) |
-42 |
-33 |
-28 |
Quarterly Balance Sheets for Donegal Group
This table presents Donegal Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.
Metric |
|
Q3 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Total Assets |
|
2,237 |
2,279 |
2,289 |
2,260 |
2,294 |
2,335 |
2,346 |
Cash and Due from Banks |
|
27 |
23 |
25 |
24 |
20 |
24 |
29 |
Trading Account Securities |
|
1,244 |
1,278 |
1,285 |
1,286 |
1,313 |
1,327 |
1,353 |
Loans and Leases, Net of Allowance |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Accrued Investment Income |
|
9.82 |
10 |
9.45 |
10 |
10 |
10 |
11 |
Customer and Other Receivables |
|
3.27 |
2.48 |
0.00 |
0.00 |
0.03 |
0.00 |
0.00 |
Premises and Equipment, Net |
|
2.80 |
2.76 |
2.72 |
2.67 |
2.59 |
2.56 |
2.52 |
Unearned Premiums Asset |
|
799 |
821 |
821 |
800 |
808 |
831 |
814 |
Deferred Acquisition Cost |
|
74 |
77 |
79 |
78 |
79 |
81 |
78 |
Goodwill |
|
5.63 |
5.63 |
5.63 |
5.63 |
5.63 |
5.63 |
5.63 |
Intangible Assets |
|
0.96 |
0.96 |
0.96 |
0.96 |
0.96 |
0.96 |
0.96 |
Other Assets |
|
70 |
58 |
55 |
53 |
46 |
43 |
35 |
Total Liabilities & Shareholders' Equity |
|
2,237 |
2,279 |
2,289 |
2,260 |
2,294 |
2,335 |
2,346 |
Total Liabilities |
|
1,756 |
1,785 |
1,803 |
1,787 |
1,809 |
1,851 |
1,833 |
Short-Term Debt |
|
35 |
35 |
35 |
35 |
35 |
35 |
35 |
Other Short-Term Payables |
|
4.31 |
4.69 |
4.53 |
4.11 |
3.69 |
3.51 |
2.99 |
Claims and Claim Expense |
|
1,108 |
1,124 |
1,123 |
1,113 |
1,124 |
1,147 |
1,135 |
Unearned Premiums Liability |
|
595 |
610 |
624 |
617 |
634 |
654 |
647 |
Other Long-Term Liabilities |
|
13 |
12 |
6.86 |
7.45 |
12 |
12 |
13 |
Total Equity & Noncontrolling Interests |
|
481 |
494 |
486 |
473 |
485 |
484 |
513 |
Total Preferred & Common Equity |
|
481 |
494 |
486 |
473 |
485 |
484 |
513 |
Preferred Stock |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Total Common Equity |
|
481 |
494 |
486 |
473 |
485 |
484 |
513 |
Common Stock |
|
322 |
329 |
332 |
334 |
337 |
338 |
343 |
Retained Earnings |
|
248 |
244 |
240 |
231 |
224 |
222 |
233 |
Treasury Stock |
|
-41 |
-41 |
-41 |
-41 |
-41 |
-41 |
-41 |
Accumulated Other Comprehensive Income / (Loss) |
|
-47 |
-38 |
-45 |
-50 |
-34 |
-35 |
-21 |
Annual Metrics And Ratios for Donegal Group
This table displays calculated financial ratios and metrics derived from Donegal Group's official financial filings.
Metric |
2022 |
2023 |
2024 |
Growth Metrics |
- |
- |
- |
Revenue Growth |
3.93% |
9.33% |
6.68% |
EBITDA Growth |
-96.67% |
680.24% |
605.14% |
EBIT Growth |
-111.99% |
239.18% |
1,131.15% |
NOPAT Growth |
-110.08% |
273.78% |
1,049.30% |
Net Income Growth |
-107.76% |
325.86% |
1,049.30% |
EPS Growth |
-108.28% |
292.31% |
1,064.00% |
Operating Cash Flow Growth |
-12.54% |
-57.35% |
135.61% |
Free Cash Flow Firm Growth |
-32.98% |
-81.57% |
-283.35% |
Invested Capital Growth |
-8.38% |
-0.74% |
12.83% |
Revenue Q/Q Growth |
1.57% |
1.77% |
1.06% |
EBITDA Q/Q Growth |
-69.63% |
-40.82% |
93.72% |
EBIT Q/Q Growth |
-221.97% |
-56.19% |
106.48% |
NOPAT Q/Q Growth |
-202.83% |
-55.18% |
104.35% |
Net Income Q/Q Growth |
-1,078.02% |
-55.18% |
104.35% |
EPS Q/Q Growth |
0.00% |
-55.36% |
104.93% |
Operating Cash Flow Q/Q Growth |
-1.55% |
-33.80% |
61.21% |
Free Cash Flow Firm Q/Q Growth |
-19.96% |
-53.36% |
-0.18% |
Invested Capital Q/Q Growth |
0.46% |
1.26% |
5.91% |
Profitability Metrics |
- |
- |
- |
EBITDA Margin |
0.14% |
1.01% |
6.70% |
EBIT Margin |
-0.43% |
0.55% |
6.31% |
Profit (Net Income) Margin |
-0.23% |
0.48% |
5.14% |
Tax Burden Percent |
53.86% |
87.40% |
81.59% |
Interest Burden Percent |
100.00% |
100.00% |
100.00% |
Effective Tax Rate |
0.00% |
12.60% |
18.41% |
Return on Invested Capital (ROIC) |
-0.47% |
0.86% |
9.29% |
ROIC Less NNEP Spread (ROIC-NNEP) |
1.21% |
0.86% |
9.29% |
Return on Net Nonoperating Assets (RNNOA) |
0.08% |
0.06% |
0.63% |
Return on Equity (ROE) |
-0.39% |
0.92% |
9.92% |
Cash Return on Invested Capital (CROIC) |
8.28% |
1.60% |
-2.77% |
Operating Return on Assets (OROA) |
-0.16% |
0.22% |
2.71% |
Return on Assets (ROA) |
-0.09% |
0.20% |
2.21% |
Return on Common Equity (ROCE) |
-0.39% |
0.92% |
9.92% |
Return on Equity Simple (ROE_SIMPLE) |
-0.41% |
0.92% |
9.32% |
Net Operating Profit after Tax (NOPAT) |
-2.55 |
4.43 |
51 |
NOPAT Margin |
-0.30% |
0.48% |
5.14% |
Net Nonoperating Expense Percent (NNEP) |
-1.68% |
0.00% |
0.00% |
SG&A Expenses to Revenue |
0.00% |
0.00% |
0.00% |
Operating Expenses to Revenue |
100.43% |
99.45% |
93.69% |
Earnings before Interest and Taxes (EBIT) |
-3.64 |
5.06 |
62 |
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
1.20 |
9.39 |
66 |
Valuation Ratios |
- |
- |
- |
Price to Book Value (P/BV) |
0.86 |
0.91 |
0.95 |
Price to Tangible Book Value (P/TBV) |
0.87 |
0.93 |
0.96 |
Price to Revenue (P/Rev) |
0.49 |
0.47 |
0.52 |
Price to Earnings (P/E) |
0.00 |
99.08 |
10.19 |
Dividend Yield |
5.12% |
5.12% |
4.50% |
Earnings Yield |
0.00% |
1.01% |
9.81% |
Enterprise Value to Invested Capital (EV/IC) |
0.82 |
0.87 |
0.86 |
Enterprise Value to Revenue (EV/Rev) |
0.50 |
0.49 |
0.51 |
Enterprise Value to EBITDA (EV/EBITDA) |
353.16 |
47.89 |
7.56 |
Enterprise Value to EBIT (EV/EBIT) |
0.00 |
88.81 |
8.03 |
Enterprise Value to NOPAT (EV/NOPAT) |
0.00 |
101.61 |
9.84 |
Enterprise Value to Operating Cash Flow (EV/OCF) |
6.33 |
15.71 |
7.42 |
Enterprise Value to Free Cash Flow (EV/FCFF) |
9.47 |
54.36 |
0.00 |
Leverage & Solvency |
- |
- |
- |
Debt to Equity |
0.07 |
0.07 |
0.06 |
Long-Term Debt to Equity |
0.00 |
0.00 |
0.00 |
Financial Leverage |
0.07 |
0.07 |
0.07 |
Leverage Ratio |
4.43 |
4.68 |
4.49 |
Compound Leverage Factor |
4.43 |
4.68 |
4.49 |
Debt to Total Capital |
6.75% |
6.80% |
6.03% |
Short-Term Debt to Total Capital |
6.75% |
6.80% |
6.03% |
Long-Term Debt to Total Capital |
0.00% |
0.00% |
0.00% |
Preferred Equity to Total Capital |
0.00% |
0.00% |
0.00% |
Noncontrolling Interests to Total Capital |
0.00% |
0.00% |
0.00% |
Common Equity to Total Capital |
93.25% |
93.20% |
93.97% |
Debt to EBITDA |
29.08 |
3.73 |
0.53 |
Net Debt to EBITDA |
8.21 |
1.19 |
-0.27 |
Long-Term Debt to EBITDA |
0.00 |
0.00 |
0.00 |
Debt to NOPAT |
-13.74 |
7.91 |
0.69 |
Net Debt to NOPAT |
-3.88 |
2.53 |
-0.35 |
Long-Term Debt to NOPAT |
0.00 |
0.00 |
0.00 |
Noncontrolling Interest Sharing Ratio |
0.00% |
0.00% |
0.00% |
Liquidity Ratios |
- |
- |
- |
Cash Flow Metrics |
- |
- |
- |
Free Cash Flow to Firm (FCFF) |
45 |
8.27 |
-15 |
Operating Cash Flow to CapEx |
0.00% |
0.00% |
0.00% |
Free Cash Flow to Firm to Interest Expense |
72.35 |
13.35 |
-16.03 |
Operating Cash Flow to Interest Expense |
108.14 |
46.18 |
71.29 |
Operating Cash Flow Less CapEx to Interest Expense |
108.14 |
46.18 |
71.29 |
Efficiency Ratios |
- |
- |
- |
Asset Turnover |
0.38 |
0.41 |
0.43 |
Fixed Asset Turnover |
296.78 |
343.96 |
386.75 |
Capital & Investment Metrics |
- |
- |
- |
Invested Capital |
519 |
515 |
581 |
Invested Capital Turnover |
1.56 |
1.79 |
1.80 |
Increase / (Decrease) in Invested Capital |
-47 |
-3.85 |
66 |
Enterprise Value (EV) |
425 |
450 |
500 |
Market Capitalization |
415 |
438 |
518 |
Book Value per Share |
$14.89 |
$14.43 |
$16.10 |
Tangible Book Value per Share |
$14.69 |
$14.23 |
$15.91 |
Total Capital |
519 |
515 |
581 |
Total Debt |
35 |
35 |
35 |
Total Long-Term Debt |
0.00 |
0.00 |
0.00 |
Net Debt |
9.88 |
11 |
-18 |
Capital Expenditures (CapEx) |
0.00 |
0.00 |
0.00 |
Net Nonoperating Expense (NNE) |
-0.59 |
0.00 |
0.00 |
Net Nonoperating Obligations (NNO) |
35 |
35 |
35 |
Total Depreciation and Amortization (D&A) |
4.84 |
4.33 |
3.87 |
Earnings Adjustments |
- |
- |
- |
Adjusted Basic Earnings per Share |
($0.13) |
$0.25 |
$2.91 |
Adjusted Weighted Average Basic Shares Outstanding |
32.74M |
33.39M |
35.64M |
Adjusted Diluted Earnings per Share |
($0.13) |
$0.25 |
$2.91 |
Adjusted Weighted Average Diluted Shares Outstanding |
32.74M |
33.39M |
35.64M |
Adjusted Basic & Diluted Earnings per Share |
$0.00 |
$0.00 |
$0.00 |
Adjusted Weighted Average Basic & Diluted Shares Outstanding |
32.74M |
33.39M |
35.64M |
Normalized Net Operating Profit after Tax (NOPAT) |
-2.55 |
4.43 |
51 |
Normalized NOPAT Margin |
-0.30% |
0.48% |
5.14% |
Pre Tax Income Margin |
-0.43% |
0.55% |
6.31% |
Debt Service Ratios |
- |
- |
- |
EBIT to Interest Expense |
-5.86 |
8.17 |
65.90 |
NOPAT to Interest Expense |
-4.10 |
7.14 |
53.76 |
EBIT Less CapEx to Interest Expense |
-5.86 |
8.17 |
65.90 |
NOPAT Less CapEx to Interest Expense |
-4.10 |
7.14 |
53.76 |
Payout Ratios |
- |
- |
- |
Dividend Payout Ratio |
-1,046.37% |
494.72% |
44.63% |
Augmented Payout Ratio |
-1,046.37% |
494.72% |
44.63% |
Quarterly Metrics And Ratios for Donegal Group
This table displays calculated financial ratios and metrics derived from Donegal Group's official financial filings.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Growth Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Revenue Growth |
|
4.90% |
6.25% |
8.25% |
12.24% |
9.84% |
7.21% |
7.30% |
7.67% |
7.53% |
4.33% |
EBITDA Growth |
|
-68.37% |
-35.08% |
-57.77% |
135.67% |
100.15% |
-126.84% |
10.73% |
78.87% |
114,347.65% |
2,337.34% |
EBIT Growth |
|
-54.09% |
-38.46% |
-61.20% |
121.30% |
92.44% |
-161.84% |
15.12% |
122.43% |
2,131.15% |
1,295.51% |
NOPAT Growth |
|
-54.92% |
-34.01% |
-60.41% |
126.97% |
92.48% |
-149.93% |
14.45% |
107.91% |
2,481.37% |
1,481.78% |
Net Income Growth |
|
-54.59% |
-34.01% |
-60.41% |
124.34% |
92.24% |
-156.63% |
14.45% |
107.91% |
2,180.16% |
1,318.26% |
EPS Growth |
|
-50.00% |
-41.94% |
-62.20% |
122.00% |
93.65% |
-172.22% |
9.68% |
118.18% |
2,525.00% |
1,146.15% |
Operating Cash Flow Growth |
|
2,196.14% |
-5.79% |
-103.28% |
-3.54% |
-12.99% |
-84.92% |
807.79% |
57.83% |
-1.79% |
986.45% |
Free Cash Flow Firm Growth |
|
219.39% |
8.32% |
55.35% |
-21.56% |
-84.95% |
-95.86% |
-59.81% |
-77.56% |
-425.11% |
-2,091.31% |
Invested Capital Growth |
|
-9.93% |
-8.38% |
-5.49% |
-4.74% |
-1.52% |
-0.74% |
-1.60% |
-0.41% |
7.87% |
12.83% |
Revenue Q/Q Growth |
|
4.30% |
4.88% |
0.62% |
1.98% |
2.07% |
2.37% |
0.70% |
2.34% |
1.93% |
-0.67% |
EBITDA Q/Q Growth |
|
-30.49% |
142.01% |
45.29% |
-55.21% |
-99.44% |
-7,432.27% |
699.45% |
-27.66% |
259.93% |
43.34% |
EBIT Q/Q Growth |
|
-25.70% |
130.17% |
56.92% |
-64.21% |
-144.59% |
-146.94% |
392.09% |
-30.85% |
307.21% |
45.34% |
NOPAT Q/Q Growth |
|
-26.37% |
137.18% |
49.56% |
-61.61% |
-135.22% |
-146.94% |
442.85% |
-30.27% |
303.38% |
43.28% |
Net Income Q/Q Growth |
|
-26.42% |
133.53% |
49.56% |
-61.61% |
-140.32% |
-144.66% |
402.28% |
-30.27% |
303.38% |
43.28% |
EPS Q/Q Growth |
|
-26.00% |
128.57% |
72.22% |
-64.52% |
-136.36% |
-225.00% |
361.54% |
-29.41% |
304.17% |
40.21% |
Operating Cash Flow Q/Q Growth |
|
4.71% |
15.43% |
-103.96% |
2,117.80% |
-5.55% |
-79.99% |
85.62% |
349.96% |
-41.23% |
121.35% |
Free Cash Flow Firm Q/Q Growth |
|
33.56% |
7.04% |
-29.49% |
-22.20% |
-74.37% |
-70.52% |
583.75% |
-56.55% |
-471.25% |
-80.54% |
Invested Capital Q/Q Growth |
|
-5.65% |
0.46% |
1.92% |
-1.39% |
-2.47% |
1.26% |
1.04% |
-0.19% |
5.64% |
5.91% |
Profitability Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBITDA Margin |
|
-5.71% |
2.29% |
3.30% |
1.45% |
0.01% |
-0.57% |
3.41% |
2.41% |
8.51% |
12.28% |
EBIT Margin |
|
-6.25% |
1.80% |
2.80% |
0.98% |
-0.43% |
-1.04% |
3.01% |
2.03% |
8.12% |
11.88% |
Profit (Net Income) Margin |
|
-4.88% |
1.56% |
2.32% |
0.87% |
-0.34% |
-0.82% |
2.47% |
1.68% |
6.66% |
9.61% |
Tax Burden Percent |
|
77.61% |
85.19% |
82.64% |
88.64% |
80.14% |
79.40% |
82.16% |
82.85% |
82.07% |
80.91% |
Interest Burden Percent |
|
100.54% |
101.78% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
Effective Tax Rate |
|
0.00% |
14.81% |
17.36% |
11.36% |
0.00% |
0.00% |
17.84% |
17.15% |
17.93% |
19.09% |
Return on Invested Capital (ROIC) |
|
-6.74% |
2.44% |
3.68% |
1.45% |
-0.53% |
-1.30% |
4.45% |
3.11% |
12.34% |
17.35% |
ROIC Less NNEP Spread (ROIC-NNEP) |
|
-9.64% |
2.44% |
3.68% |
1.45% |
-0.83% |
-1.97% |
4.45% |
3.11% |
12.34% |
17.35% |
Return on Net Nonoperating Assets (RNNOA) |
|
-0.66% |
0.17% |
0.25% |
0.10% |
-0.06% |
-0.14% |
0.32% |
0.22% |
0.88% |
1.18% |
Return on Equity (ROE) |
|
-7.40% |
2.60% |
3.94% |
1.56% |
-0.60% |
-1.44% |
4.76% |
3.33% |
13.21% |
18.54% |
Cash Return on Invested Capital (CROIC) |
|
10.30% |
8.28% |
3.90% |
4.76% |
3.46% |
1.60% |
2.60% |
1.82% |
-2.87% |
-2.77% |
Operating Return on Assets (OROA) |
|
-2.32% |
0.68% |
1.07% |
0.39% |
-0.17% |
-0.43% |
1.24% |
0.84% |
3.45% |
5.10% |
Return on Assets (ROA) |
|
-1.81% |
0.59% |
0.89% |
0.34% |
-0.14% |
-0.34% |
1.02% |
0.70% |
2.83% |
4.13% |
Return on Common Equity (ROCE) |
|
-7.40% |
2.60% |
3.94% |
1.56% |
-0.60% |
-1.44% |
4.76% |
3.33% |
13.21% |
18.54% |
Return on Equity Simple (ROE_SIMPLE) |
|
-0.03% |
0.00% |
-2.01% |
0.06% |
2.09% |
0.00% |
1.07% |
1.51% |
4.85% |
0.00% |
Net Operating Profit after Tax (NOPAT) |
|
-9.36 |
3.48 |
5.20 |
2.00 |
-0.70 |
-1.74 |
5.96 |
4.15 |
17 |
24 |
NOPAT Margin |
|
-4.40% |
1.56% |
2.32% |
0.87% |
-0.30% |
-0.73% |
2.47% |
1.68% |
6.66% |
9.61% |
Net Nonoperating Expense Percent (NNEP) |
|
2.91% |
0.00% |
0.00% |
0.00% |
0.29% |
0.67% |
0.00% |
0.00% |
0.00% |
0.00% |
SG&A Expenses to Revenue |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Operating Expenses to Revenue |
|
106.25% |
98.20% |
97.20% |
99.02% |
100.43% |
101.04% |
96.99% |
97.97% |
91.88% |
88.12% |
Earnings before Interest and Taxes (EBIT) |
|
-13 |
4.01 |
6.30 |
2.25 |
-1.00 |
-2.48 |
7.25 |
5.01 |
20 |
30 |
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
|
-12 |
5.11 |
7.42 |
3.32 |
0.02 |
-1.37 |
8.22 |
5.94 |
21 |
31 |
Valuation Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Price to Book Value (P/BV) |
|
0.83 |
0.86 |
0.94 |
0.92 |
0.94 |
0.91 |
0.95 |
0.88 |
0.95 |
0.95 |
Price to Tangible Book Value (P/TBV) |
|
0.84 |
0.87 |
0.96 |
0.93 |
0.95 |
0.93 |
0.96 |
0.89 |
0.96 |
0.96 |
Price to Revenue (P/Rev) |
|
0.48 |
0.49 |
0.54 |
0.50 |
0.49 |
0.47 |
0.49 |
0.44 |
0.50 |
0.52 |
Price to Earnings (P/E) |
|
0.00 |
0.00 |
0.00 |
1,471.04 |
45.09 |
99.08 |
88.98 |
57.97 |
19.60 |
10.19 |
Dividend Yield |
|
5.29% |
5.12% |
4.64% |
4.89% |
4.99% |
5.12% |
4.93% |
5.36% |
4.70% |
4.50% |
Earnings Yield |
|
0.00% |
0.00% |
0.00% |
0.07% |
2.22% |
1.01% |
1.12% |
1.73% |
5.10% |
9.81% |
Enterprise Value to Invested Capital (EV/IC) |
|
0.79 |
0.82 |
0.90 |
0.88 |
0.90 |
0.87 |
0.92 |
0.84 |
0.90 |
0.86 |
Enterprise Value to Revenue (EV/Rev) |
|
0.49 |
0.50 |
0.55 |
0.51 |
0.50 |
0.49 |
0.50 |
0.45 |
0.51 |
0.51 |
Enterprise Value to EBITDA (EV/EBITDA) |
|
102.36 |
353.16 |
0.00 |
124.05 |
28.77 |
47.89 |
46.72 |
34.03 |
14.46 |
7.56 |
Enterprise Value to EBIT (EV/EBIT) |
|
0.00 |
0.00 |
0.00 |
0.00 |
39.50 |
88.81 |
79.11 |
49.67 |
16.37 |
8.03 |
Enterprise Value to NOPAT (EV/NOPAT) |
|
0.00 |
0.00 |
0.00 |
0.00 |
46.23 |
101.61 |
91.92 |
59.44 |
19.86 |
9.84 |
Enterprise Value to Operating Cash Flow (EV/OCF) |
|
5.95 |
6.33 |
10.47 |
10.14 |
10.56 |
15.71 |
13.95 |
10.36 |
11.82 |
7.42 |
Enterprise Value to Free Cash Flow (EV/FCFF) |
|
7.23 |
9.47 |
22.55 |
18.01 |
25.74 |
54.36 |
34.86 |
46.12 |
0.00 |
0.00 |
Leverage & Solvency |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Debt to Equity |
|
0.07 |
0.07 |
0.07 |
0.07 |
0.07 |
0.07 |
0.07 |
0.07 |
0.07 |
0.06 |
Long-Term Debt to Equity |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Financial Leverage |
|
0.07 |
0.07 |
0.07 |
0.07 |
0.07 |
0.07 |
0.07 |
0.07 |
0.07 |
0.07 |
Leverage Ratio |
|
4.40 |
4.43 |
4.44 |
4.55 |
4.71 |
4.68 |
4.67 |
4.77 |
4.67 |
4.49 |
Compound Leverage Factor |
|
4.43 |
4.51 |
4.44 |
4.55 |
4.71 |
4.68 |
4.67 |
4.77 |
4.67 |
4.49 |
Debt to Total Capital |
|
6.78% |
6.75% |
6.62% |
6.72% |
6.89% |
6.80% |
6.73% |
6.74% |
6.38% |
6.03% |
Short-Term Debt to Total Capital |
|
6.78% |
6.75% |
6.62% |
6.72% |
6.89% |
6.80% |
6.73% |
6.74% |
6.38% |
6.03% |
Long-Term Debt to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Preferred Equity to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Noncontrolling Interests to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Common Equity to Total Capital |
|
93.22% |
93.25% |
93.38% |
93.28% |
93.11% |
93.20% |
93.27% |
93.26% |
93.62% |
93.97% |
Debt to EBITDA |
|
8.83 |
29.08 |
-3.91 |
9.48 |
2.21 |
3.73 |
3.44 |
2.73 |
1.02 |
0.53 |
Net Debt to EBITDA |
|
2.10 |
8.21 |
-1.36 |
2.78 |
0.71 |
1.19 |
1.49 |
0.84 |
0.19 |
-0.27 |
Long-Term Debt to EBITDA |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Debt to NOPAT |
|
-41.62 |
-13.74 |
-3.69 |
-68.00 |
3.54 |
7.91 |
6.76 |
4.77 |
1.41 |
0.69 |
Net Debt to NOPAT |
|
-9.92 |
-3.88 |
-1.28 |
-19.92 |
1.14 |
2.53 |
2.93 |
1.47 |
0.26 |
-0.35 |
Long-Term Debt to NOPAT |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Noncontrolling Interest Sharing Ratio |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Liquidity Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Cash Flow Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Free Cash Flow to Firm (FCFF) |
|
48 |
51 |
36 |
28 |
7.16 |
2.11 |
14 |
6.27 |
-23 |
-42 |
Operating Cash Flow to CapEx |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Free Cash Flow to Firm to Interest Expense |
|
665.99 |
325.65 |
234.75 |
180.67 |
45.81 |
13.54 |
93.35 |
40.56 |
-63.33 |
-156.09 |
Operating Cash Flow to Interest Expense |
|
208.74 |
110.06 |
-4.45 |
88.83 |
82.99 |
16.65 |
31.17 |
140.24 |
34.66 |
104.74 |
Operating Cash Flow Less CapEx to Interest Expense |
|
208.74 |
110.06 |
-4.45 |
88.83 |
82.99 |
16.65 |
31.17 |
140.24 |
34.66 |
104.74 |
Efficiency Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Asset Turnover |
|
0.37 |
0.38 |
0.38 |
0.39 |
0.41 |
0.41 |
0.41 |
0.42 |
0.42 |
0.43 |
Fixed Asset Turnover |
|
273.71 |
296.78 |
306.52 |
320.19 |
332.85 |
343.96 |
352.48 |
364.50 |
376.94 |
386.75 |
Capital & Investment Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Invested Capital |
|
516 |
519 |
529 |
521 |
508 |
515 |
520 |
519 |
548 |
581 |
Invested Capital Turnover |
|
1.53 |
1.56 |
1.59 |
1.67 |
1.78 |
1.79 |
1.80 |
1.85 |
1.85 |
1.80 |
Increase / (Decrease) in Invested Capital |
|
-57 |
-47 |
-31 |
-26 |
-7.86 |
-3.85 |
-8.48 |
-2.12 |
40 |
66 |
Enterprise Value (EV) |
|
406 |
425 |
478 |
458 |
457 |
450 |
476 |
436 |
494 |
500 |
Market Capitalization |
|
397 |
415 |
466 |
448 |
445 |
438 |
461 |
425 |
488 |
518 |
Book Value per Share |
|
$14.89 |
$14.89 |
$15.08 |
$14.77 |
$14.28 |
$14.43 |
$14.53 |
$14.50 |
$15.33 |
$16.10 |
Tangible Book Value per Share |
|
$14.68 |
$14.69 |
$14.87 |
$14.57 |
$14.08 |
$14.23 |
$14.33 |
$14.30 |
$15.14 |
$15.91 |
Total Capital |
|
516 |
519 |
529 |
521 |
508 |
515 |
520 |
519 |
548 |
581 |
Total Debt |
|
35 |
35 |
35 |
35 |
35 |
35 |
35 |
35 |
35 |
35 |
Total Long-Term Debt |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Net Debt |
|
8.34 |
9.88 |
12 |
10 |
11 |
11 |
15 |
11 |
6.35 |
-18 |
Capital Expenditures (CapEx) |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Net Nonoperating Expense (NNE) |
|
1.02 |
0.00 |
0.00 |
0.00 |
0.10 |
0.23 |
0.00 |
0.00 |
0.00 |
0.00 |
Net Nonoperating Obligations (NNO) |
|
35 |
35 |
35 |
35 |
35 |
35 |
35 |
35 |
35 |
35 |
Total Depreciation and Amortization (D&A) |
|
1.14 |
1.09 |
1.12 |
1.07 |
1.02 |
1.11 |
0.97 |
0.93 |
0.98 |
1.00 |
Earnings Adjustments |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Adjusted Basic Earnings per Share |
|
($0.63) |
$0.18 |
$0.31 |
$0.11 |
($0.04) |
($0.13) |
$0.34 |
$0.24 |
$0.97 |
$1.36 |
Adjusted Weighted Average Basic Shares Outstanding |
|
32.47M |
32.74M |
32.92M |
33.14M |
33.25M |
33.39M |
33.39M |
33.48M |
33.90M |
35.64M |
Adjusted Diluted Earnings per Share |
|
($0.63) |
$0.18 |
$0.31 |
$0.11 |
($0.04) |
($0.13) |
$0.34 |
$0.24 |
$0.97 |
$1.36 |
Adjusted Weighted Average Diluted Shares Outstanding |
|
32.47M |
32.74M |
32.92M |
33.14M |
33.25M |
33.39M |
33.39M |
33.48M |
33.90M |
35.64M |
Adjusted Basic & Diluted Earnings per Share |
|
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
Adjusted Weighted Average Basic & Diluted Shares Outstanding |
|
32.47M |
32.74M |
32.92M |
33.14M |
33.25M |
33.39M |
33.39M |
33.48M |
33.90M |
35.64M |
Normalized Net Operating Profit after Tax (NOPAT) |
|
-9.36 |
3.48 |
5.20 |
2.00 |
-0.70 |
-1.74 |
5.96 |
4.15 |
17 |
24 |
Normalized NOPAT Margin |
|
-4.40% |
1.56% |
2.32% |
0.87% |
-0.30% |
-0.73% |
2.47% |
1.68% |
6.66% |
9.61% |
Pre Tax Income Margin |
|
-6.28% |
1.83% |
2.80% |
0.98% |
-0.43% |
-1.04% |
3.01% |
2.03% |
8.12% |
11.88% |
Debt Service Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBIT to Interest Expense |
|
-186.17 |
25.66 |
41.16 |
14.57 |
-6.43 |
-15.92 |
46.89 |
32.42 |
55.53 |
110.18 |
NOPAT to Interest Expense |
|
-131.02 |
22.25 |
34.02 |
12.92 |
-4.50 |
-11.14 |
38.52 |
26.86 |
45.57 |
89.14 |
EBIT Less CapEx to Interest Expense |
|
-186.17 |
25.66 |
41.16 |
14.57 |
-6.43 |
-15.92 |
46.89 |
32.42 |
55.53 |
110.18 |
NOPAT Less CapEx to Interest Expense |
|
-131.02 |
22.25 |
34.02 |
12.92 |
-4.50 |
-11.14 |
38.52 |
26.86 |
45.57 |
89.14 |
Payout Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Dividend Payout Ratio |
|
-12,119.49% |
-1,046.37% |
-210.95% |
6,998.13% |
218.72% |
494.72% |
428.17% |
304.66% |
90.33% |
44.63% |
Augmented Payout Ratio |
|
-12,119.49% |
-1,046.37% |
-210.95% |
6,998.13% |
218.72% |
494.72% |
428.17% |
304.66% |
90.33% |
44.63% |
Key Financial Trends
Donegal Group (NASDAQ:DGICA) has demonstrated a significant turnaround in profitability in the last four quarters compared to the prior year periods. From Q4 2023 to Q4 2024, the company moved from a net loss to strong net income growth, supported by increases in total revenue and improved operating efficiency.
Key positive trends:
- Q4 2024 consolidated net income rose impressively to $24.0 million, from a loss of $1.97 million in Q4 2023, showing robust profitability improvement.
- Premiums earned steadily increased from approximately $212.99 million in Q4 2022 to $236.63 million in Q4 2024, reflecting growth in core insurance underwriting revenue.
- Net realized & unrealized capital gains on investments showed strong gains in recent quarters, reaching $12.3 million in Q4 2024 compared to around $10.0 million in Q4 2022, boosting total non-interest income.
- Total revenue increased from $223.4 million in Q4 2022 to $249.7 million in Q4 2024, highlighting top-line growth across the company's operations.
- Operating cash flow improved greatly over the past year, with Q4 2024 net cash from continuing operating activities at $28.2 million versus $2.6 million in Q4 2023, signaling stronger cash generation.
- Common equity increased from roughly $481 million in Q4 2022 to $513 million in Q3 2024, indicating a solid capital base for underwriting and growth.
- Weighted average diluted shares outstanding showed modest growth from 32.7 million in Q4 2022 to 35.6 million in Q4 2024, consistent with modest equity issuances supporting capital needs.
- Dividend payments steadily increased from around $5.3 million in Q4 2022 to $5.7 million in Q4 2024, reflecting management’s confidence in earnings stability and shareholder returns.
Neutral observations:
- Long-term debt interest expense remained relatively stable near $150,000-$370,000 per quarter, indicating manageable interest costs.
- Total assets have grown slightly from $2.29 billion in Q4 2022 to $2.35 billion by Q3 2024, reflecting consistent business scale.
Potential areas of concern or negative trends:
- Gross property & liability insurance claims expense has increased slightly from $148.8 million in Q4 2022 to $141.4 million in Q4 2024, suggesting ongoing underwriting risk pressure.
- Insurance policy acquisition costs remain substantial and increased to $38.5 million in Q4 2024 from $32.6 million in Q4 2022, putting pressure on operating margins.
- Amortization expense remains high and fairly steady above $37 million per quarter, which could reflect ongoing intangible asset amortization impacting net income.
- The company has experienced historical quarterly net losses during 2022 and early 2023, evidencing past volatility and challenges in profitability consistency.
- Net cash used in investing activities remains negative as the company continues to deploy significant funds into investment securities, potentially signaling heavy capital allocation which could stress free cash flow if not managed effectively.
Summary: DONEGAL GROUP INC has shown encouraging financial improvement into 2024 with sustained revenue growth and a clear return to profitability after quarters of losses in 2022 and early 2023. Rising investment gains and revenues offset some ongoing expense pressures from claims and acquisition costs. The company’s strengthening cash flow and equity position provide a solid foundation, but investors should monitor claims trends, expense management, and capital deployment to ensure continued stable earnings performance.
08/09/25 07:29 AMAI Generated. May Contain Errors.