HCI Group, Inc. (NYSE:HCI), a
holding company with operations in homeowners insurance, software
development and real estate, reported results for the three and six
months ended June 30, 2021.
Second Quarter 2021 - Financial
ResultsNet income for the second quarter of 2021 totaled
$3.8 million or $0.24 diluted earnings per share compared with $8.9
million or $1.08 diluted earnings per share in the second quarter
of 2020. Adjusted net income (a non-GAAP measure which excludes net
unrealized gains or losses on equity securities) for the quarter
was $2.7 million or $0.11 diluted earnings per share compared with
$6.8 million or $0.86 diluted earnings per share in the second
quarter of 2020. This press release includes an explanation of
adjusted net income as well as a reconciliation to net income and
earnings per share calculated in accordance with generally accepted
accounting principles (known as “GAAP”).
Consolidated gross written premiums of $185.0
million for the second quarter of 2021 were up 7.6% from $171.9
million in the second quarter of 2020. The increase was due
primarily to a quota share arrangement with United and the
continued growth of TypTap.
Consolidated gross premiums earned of $139.4
million for the second quarter of 2021 were up 29.3% from $107.8
million in the second quarter of 2020. The increase was driven by
the growth in Homeowners Choice gross premiums earned from $89.4
million to $100.4 million and the growth of TypTap gross premiums
earned from $18.4 million to $39.0 million.
Premiums ceded for reinsurance for the second
quarter of 2021 increased to $46.4 million from $34.4 million in
the second quarter of 2020 as a result of the growth in both TypTap
and Homeowners Choice and represented 33.3% and 31.9%,
respectively, of gross premiums earned.
Net investment income increased to $2.6 million
from $1.6 million in the second quarter of 2020. This increase was
due to an increase in income from limited partnership and real
estate investments, offset by a decrease in interest income from
fixed-maturity security investments.
Net realized investment gains increased to $2.6
million from $1.4 million in the second quarter of 2020. This
increase was primarily due to net gains from selling equity
securities.
Net unrealized investment gains were $1.5 million
in the second quarter of 2021 compared with $2.9 million in 2020.
The decrease was primarily due to the sales of equity securities
with aggregate net gains during the second quarter.
Losses and loss adjustment expenses were $55.9
million compared with $39.8 million in the same period in 2020. The
increase was primarily due to growth in gross premiums earned
related to the quota share arrangement with United and the growth
in TypTap.
Policy acquisition and other underwriting expenses
were $23.2 million compared with $13.0 million in the same quarter
of 2020. The increase relates to the amortization of increased
costs associated with the quota share arrangement with United and
the growth of TypTap.
Six Months Ended June 30, 2021 - Financial
ResultsNet income for the six months ended June 30, 2021
totaled $10.7 million or $0.98 diluted earnings per share compared
with $9.5 million or $1.23 diluted earnings per share for the six
months ended June 30, 2020. The increase in net income was
primarily due to an increase in net premiums earned of $45.8
million, a $14.0 million increase in income from the company’s
investment portfolio, offset by a $33.7 million increase in losses
and loss adjustment expenses and a $21.4 million increase in policy
acquisition and other underwriting expenses.
Adjusted net income (a non-GAAP measure which
excludes net unrealized gains or losses on equity securities) for
the six-month period was $9.8 million or $0.87 diluted earnings per
share compared with $10.9 million or $1.41 diluted earnings per
share in the same period of 2020. An explanation of this non-GAAP
financial measure and reconciliations to the applicable GAAP
numbers accompany this press release.
Consolidated gross written premiums for the six
months increased 25.1% to $310.8 million in 2021 from $248.4
million in 2020. The increase was due primarily to a quota share
arrangement with United and the continued growth of TypTap.
Consolidated gross premiums earned increased to
$270.4 million from $200.2 million in the same period in 2020. The
increase was primarily attributable to a quota share arrangement
with United and the growth of TypTap’s business.
Premiums ceded were $89.5 million or 33.1% of gross
premiums earned compared with $65.1 million or 32.5% of gross
premiums earned during the same period in 2020. The increase was
attributable to the growth in both TypTap and Homeowners Choice
business.
Net investment income was $7.2 million compared
with $1.4 million in the six months ended June 30, 2020. The $5.8
million increase was primarily due to of losses from limited
partnership investments in 2020 due to the economic effects of the
COVID-19 pandemic and a net gain of $2.8 million recognized in 2021
for a real estate investment legal settlement.
Net unrealized investment gains for the period were
$1.2 million compared with net unrealized losses of $1.9 million in
the same period in 2020, reflecting a deterioration in the fair
value of equity securities caused by the COVID-19 pandemic in
2020.
Losses and loss adjustment expenses for the six
months ended June 30, 2021 and 2020 were $101.7 million and $67.9
million, respectively. The increase was primarily due to the losses
attributable to a quota share arrangement with United and to the
growth in gross premiums earned for TypTap.
Policy acquisition and other underwriting expenses
were $46.2 million compared with $24.8 million in the same period
in 2020. The increase relates to the amortization of increased
costs associated with a quota share arrangement with United and the
growth of TypTap.
Management Commentary “As TypTap
continues to expand, we are making important investments to
maximize TypTap’s opportunity,” said HCI Group Chairman and Chief
Executive Officer Paresh Patel. “We are confident the long-term
payback on these investments will outweigh any short-term
impact.”
Conference CallHCI Group will hold
a conference call later today, August 5, 2021, to discuss these
financial results. Chairman and Chief Executive Officer Paresh
Patel, Chief Operating Officer Karin Coleman and Chief Financial
Officer Mark Harmsworth will host the call starting at 4:45 p.m.
Eastern time. A question-and-answer session will follow
management's presentation.
Interested parties can listen to the live
presentation by dialing the listen-only number below or by clicking
the webcast link available on the Investor Information section
of the company's website at www.hcigroup.com.
Listen-only toll-free number: (888)
506-0062Listen-only international number: (973) 528-0011 Entry
Code: 701390
Please call the conference telephone number 10
minutes before the start time. An operator will register your name
and organization. If you have any difficulty connecting with the
conference call, please contact Gateway Investor Relations at (949)
574-3860.
A replay of the call will be available by telephone
after 8:00 p.m. Eastern time on the same day as the call and via
the Investor Information section of the HCI Group website at
www.hcigroup.com through September 5, 2021.
Toll-free replay number: (877)
481-4010International replay number: (919) 882-2331 Replay ID:
41773
About HCI Group, Inc.
HCI Group, Inc. owns subsidiaries engaged in
diverse, yet complementary business activities, including
homeowners insurance, reinsurance, real estate and information
technology services. HCI’s leading insurance operation, TypTap
Insurance Company, is a rapidly growing, technology-driven
insurance company that is expanding nationwide to provide
homeowners and flood insurance. TypTap’s operations are powered in
large part by insurance-related information technology developed by
HCI’s software subsidiary, Exzeo USA, Inc. HCI’s largest
subsidiary, Homeowners Choice Property & Casualty Insurance
Company, Inc., provides homeowners’ insurance primarily in Florida.
HCI’s real estate subsidiary, Greenleaf Capital, LLC, owns and
operates multiple properties in Florida, including office
buildings, retail centers and marinas.
The company's common shares trade on the New York
Stock Exchange under the ticker symbol "HCI" and are included in
the Russell 2000 and S&P SmallCap 600 Index. HCI Group, Inc.
regularly publishes financial and other information in the Investor
Information section of the company’s website. For more information
about HCI Group and its subsidiaries, visit www.hcigroup.com.
Forward-Looking Statements
This news release may contain forward-looking
statements made pursuant to the Private Securities Litigation
Reform Act of 1995. Words such as "anticipate," "estimate,"
"expect," "intend," "plan," "confident," "prospects" and "project"
and other similar words and expressions are intended to signify
forward-looking statements. Forward-looking statements are not
guarantees of future results and conditions, but rather are subject
to various risks and uncertainties. For example, the estimation of
reserves for losses and loss adjustment expenses is an inherently
imprecise process involving many assumptions and considerable
management judgment. Some of these risks and uncertainties are
identified in the company's filings with the Securities and
Exchange Commission. Should any risks or uncertainties develop into
actual events, these developments could have material adverse
effects on the company's business, financial condition and results
of operations. HCI Group, Inc. disclaims all obligations to update
any forward-looking statements.
Company Contact:Rachel Swansiger,
Esq.Investor RelationsHCI Group, Inc.Tel (813)
405-3206rswansiger@hcigroup.com
Investor Relations Contact:Matt
GloverGateway Investor RelationsTel (949)
574-3860HCI@gatewayir.com
Media Contact:Jordan
SchmidtGateway Investor RelationsTel (949)
386-6332jordan@gatewayir.com
- Tables to follow -
HCI GROUP, INC. AND
SUBSIDIARIESConsolidated Balance
Sheets(Dollar amounts in thousands)
|
June 30, 2021 |
|
December 31, 2020 |
|
(Unaudited) |
|
|
|
Assets |
|
|
|
|
|
Fixed-maturity securities,
available for sale, at fair value (amortized cost: $45,031 and
$70,265, respectively and allowance for credit losses: $0 and $588,
respectively) |
$ |
46,414 |
|
$ |
71,722 |
Equity securities, at fair value
(cost: $39,603 and $47,029, respectively) |
|
44,924 |
|
|
51,130 |
Limited partnership
investments |
|
26,305 |
|
|
27,691 |
Investment in unconsolidated
joint venture, at equity |
|
655 |
|
|
705 |
Real estate investments |
|
73,812 |
|
|
74,472 |
Total investments |
|
192,110 |
|
|
225,720 |
|
|
|
|
|
|
Cash and cash equivalents |
|
626,286 |
|
|
431,341 |
Restricted cash |
|
2,400 |
|
|
2,400 |
Accrued interest and dividends
receivable |
|
330 |
|
|
588 |
Income taxes receivable |
|
— |
|
|
4,554 |
Premiums receivable, net
(allowance: $2,237 and $2,053, respectively) |
|
69,121 |
|
|
68,382 |
Prepaid reinsurance premiums |
|
762 |
|
|
36,376 |
Reinsurance recoverable, net
of allowance for credit losses: |
|
|
|
|
|
Paid losses and loss adjustment expenses (allowance: $0 and $0,
respectively) |
|
13,166 |
|
|
14,127 |
Unpaid losses and loss adjustment expenses (allowance: $57 and $85,
respectively) |
|
48,827 |
|
|
71,019 |
Deferred policy acquisition
costs |
|
44,427 |
|
|
43,858 |
Property and equipment, net |
|
13,317 |
|
|
12,767 |
Right-of-use-assets - operating
leases |
|
2,946 |
|
|
4,002 |
Intangible assets, net |
|
10,933 |
|
|
3,568 |
Other assets |
|
55,585 |
|
|
22,611 |
|
|
|
|
|
|
Total assets |
$ |
1,080,210 |
|
$ |
941,313 |
|
|
|
|
|
|
Liabilities and Equity |
|
|
|
|
|
Losses and loss adjustment
expenses |
$ |
203,785 |
|
$ |
212,169 |
Unearned premiums |
|
309,842 |
|
|
269,399 |
Advance premiums |
|
21,225 |
|
|
11,370 |
Assumed reinsurance balances
payable |
|
87 |
|
|
87 |
Reinsurance payable on paid
losses and loss adjustment expenses |
|
7,398 |
|
|
— |
Accrued expenses |
|
11,776 |
|
|
10,181 |
Income taxes payable |
|
2,552 |
|
|
— |
Deferred income taxes, net |
|
7,050 |
|
|
11,925 |
Revolving credit facility |
|
— |
|
|
23,750 |
Long-term debt |
|
160,569 |
|
|
156,511 |
Lease liabilities - operating
leases |
|
2,950 |
|
|
4,014 |
Other liabilities |
|
46,856 |
|
|
40,771 |
|
|
|
|
|
|
Total liabilities |
|
774,090 |
|
|
740,177 |
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
Redeemable noncontrolling
interest |
|
88,071 |
|
|
— |
|
|
|
|
|
|
Equity: |
|
|
|
|
|
Common stock, (no par value, 40,000,000 shares authorized,
8,265,640 and 7,785,617shares issued and outstanding at June 30,
2021 and December 31, 2020, respectively) |
|
— |
|
|
— |
Additional paid-in capital |
|
— |
|
|
— |
Retained income |
|
215,612 |
|
|
199,592 |
Accumulated other comprehensive income, net of taxes |
|
1,054 |
|
|
1,544 |
Total stockholders' equity |
|
216,666 |
|
|
201,136 |
Noncontrolling interests |
|
1,383 |
|
|
— |
Total equity |
|
218,049 |
|
|
201,136 |
|
|
|
|
|
|
Total liabilities, redeemable noncontrolling interest, and
equity |
$ |
1,080,210 |
|
$ |
941,313 |
|
|
|
|
|
|
|
|
|
|
|
|
HCI GROUP, INC. AND
SUBSIDIARIESConsolidated Statements of
Income(Unaudited)(Dollar amounts
in thousands, except per share amounts)
|
Three Months Ended |
|
|
Six Months Ended |
|
|
June 30, |
|
|
June 30, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
2020 |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross premiums earned |
$ |
139,440 |
|
|
$ |
107,803 |
|
|
$ |
270,382 |
|
|
$ |
200,168 |
|
Premiums ceded |
|
(46,436 |
) |
|
|
(34,354 |
) |
|
|
(89,535 |
) |
|
|
(65,073 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net premiums earned |
|
93,004 |
|
|
|
73,449 |
|
|
|
180,847 |
|
|
|
135,095 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
2,635 |
|
|
|
1,604 |
|
|
|
7,229 |
|
|
|
1,412 |
|
Net realized investment gains
(losses) |
|
2,607 |
|
|
|
1,435 |
|
|
|
3,720 |
|
|
|
(809 |
) |
Net unrealized investment gains
(losses) |
|
1,489 |
|
|
|
2,884 |
|
|
|
1,220 |
|
|
|
(1,921 |
) |
Credit losses on investments |
|
— |
|
|
|
(87 |
) |
|
|
— |
|
|
|
(526 |
) |
Policy fee income |
|
992 |
|
|
|
847 |
|
|
|
1,962 |
|
|
|
1,676 |
|
Other |
|
777 |
|
|
|
585 |
|
|
|
1,400 |
|
|
|
1,170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
101,504 |
|
|
|
80,717 |
|
|
|
196,378 |
|
|
|
136,097 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses and loss adjustment
expenses |
|
55,917 |
|
|
|
39,843 |
|
|
|
101,668 |
|
|
|
67,921 |
|
Policy acquisition and other
underwriting expenses |
|
23,169 |
|
|
|
12,991 |
|
|
|
46,234 |
|
|
|
24,817 |
|
General and administrative
personnel expenses |
|
10,546 |
|
|
|
9,731 |
|
|
|
20,196 |
|
|
|
18,098 |
|
Interest expense |
|
2,000 |
|
|
|
3,020 |
|
|
|
4,079 |
|
|
|
5,990 |
|
Loss on repurchases of
convertible senior notes |
|
— |
|
|
|
150 |
|
|
|
— |
|
|
|
150 |
|
Other operating expenses |
|
4,775 |
|
|
|
3,159 |
|
|
|
9,002 |
|
|
|
6,641 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses |
|
96,407 |
|
|
|
68,894 |
|
|
|
181,179 |
|
|
|
123,617 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
5,097 |
|
|
|
11,823 |
|
|
|
15,199 |
|
|
|
12,480 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
1,267 |
|
|
|
2,887 |
|
|
|
4,524 |
|
|
|
2,997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
3,830 |
|
|
$ |
8,936 |
|
|
$ |
10,675 |
|
|
$ |
9,483 |
|
Net income attributable to redeemable noncontrolling interest |
|
(2,179 |
) |
|
|
— |
|
|
|
(2,973 |
) |
|
|
— |
|
Net loss attributable to noncontrolling interests |
|
266 |
|
|
|
— |
|
|
|
363 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income after noncontrolling interests |
$ |
1,917 |
|
|
$ |
8,936 |
|
|
$ |
8,065 |
|
|
$ |
9,483 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
$ |
0.25 |
|
|
$ |
1.16 |
|
|
$ |
1.02 |
|
|
$ |
1.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
$ |
0.24 |
|
|
$ |
1.08 |
|
|
$ |
0.98 |
|
|
$ |
1.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per share |
$ |
0.40 |
|
|
$ |
0.40 |
|
|
$ |
0.80 |
|
|
$ |
0.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HCI GROUP, INC. AND
SUBSIDIARIES(Amounts in thousands, except per share
amounts)
A summary of the numerator and denominator of basic
and diluted income per common share calculated in accordance with
GAAP is presented below.
|
Three Months Ended |
|
Six Months Ended |
GAAP |
June 30, 2021 |
|
June 30, 2021 |
|
Income |
|
|
Shares (a) |
|
Per Share |
|
Income |
|
|
Shares (a) |
|
Per Share |
|
(Numerator) |
|
|
(Denominator) |
|
Amount |
|
(Numerator) |
|
|
(Denominator) |
|
Amount |
Net income |
$ |
3,830 |
|
|
|
|
|
|
|
$ |
10,675 |
|
|
|
|
|
|
Less: Net income attributable to
redeemable noncontrolling interest |
|
(2,179 |
) |
|
|
|
|
|
|
|
(2,973 |
) |
|
|
|
|
|
Less: TypTap Group's net loss
attributable to non-HCI common stockholders and TypTap Group's
participating securities |
|
429 |
|
|
|
|
|
|
|
|
501 |
|
|
|
|
|
|
Net income attributable to
HCI |
|
2,080 |
|
|
|
|
|
|
|
|
8,203 |
|
|
|
|
|
|
Less: Income attributable to
participating securities |
|
(168 |
) |
|
|
|
|
|
|
|
(569 |
) |
|
|
|
|
|
Basic Earnings Per
Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income allocated to common
stockholders |
|
1,912 |
|
|
7,526 |
|
$ |
0.25 |
|
|
7,634 |
|
|
7,500 |
|
$ |
1.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of Dilutive
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock options |
|
— |
|
|
175 |
|
|
|
|
|
— |
|
|
141 |
|
|
|
Convertible senior notes* |
|
— |
|
|
— |
|
|
|
|
|
— |
|
|
— |
|
|
|
Warrants |
|
— |
|
|
247 |
|
|
|
|
|
— |
|
|
161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings Per
Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income available to common
stockholders and assumed conversions |
$ |
1,912 |
|
|
7,948 |
|
$ |
0.24 |
|
$ |
7,634 |
|
|
7,802 |
|
$ |
0.98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Shares in
thousands. |
* For the three and
six months ended June 30, 2021, convertible senior notes were
excluded due to anti-dilutive effect. |
|
Non-GAAP Financial Measures
Adjusted net income is a Non-GAAP financial measure
that removes from net income the effect of unrealized gains or
losses on equity securities required to be included in results of
operations in accordance with Accounting Standards Codification
321. HCI Group believes net income without the effect of volatility
in equity prices more accurately depicts operating results. This
financial measurement is not recognized in accordance with
accounting principles generally accepted in the United States of
America ("GAAP") and should not be viewed as an alternative to GAAP
measures of performance. A reconciliation of GAAP net income to
Non-GAAP Adjusted net income and GAAP diluted earnings per share to
Non-GAAP Adjusted diluted earnings per share is provided below.
Reconciliation of GAAP Net Income to
Non-GAAP Adjusted Net Income
|
Three Months Ended |
|
Six Months Ended |
|
June 30, 2021 |
|
June 30, 2021 |
GAAP Net income |
|
|
|
|
$ |
3,830 |
|
|
|
|
|
|
$ |
10,675 |
|
Net unrealized investment losses
(gains) |
$ |
(1,489 |
) |
|
|
|
|
|
$ |
(1,220 |
) |
|
|
|
|
Less: Tax effect at
24.52182% |
$ |
365 |
|
|
|
|
|
|
$ |
299 |
|
|
|
|
|
Net adjustment to Net income |
|
|
|
|
$ |
(1,124 |
) |
|
|
|
|
|
$ |
(921 |
) |
Non-GAAP Adjusted Net income |
|
|
|
|
$ |
2,706 |
|
|
|
|
|
|
$ |
9,754 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HCI GROUP, INC. AND
SUBSIDIARIES(Amounts in thousands, except per share
amounts)
A summary of the numerator and denominator of the
basic and diluted income per common share calculated with the
Non-GAAP financial measure Adjusted net income is presented
below.
|
Three Months Ended |
|
Six Months Ended |
Non-GAAP |
June 30, 2021 |
|
June 30, 2021 |
|
Income |
|
|
Shares (a) |
|
Per Share |
|
Income |
|
|
Shares (a) |
|
Per Share |
|
(Numerator) |
|
|
(Denominator) |
|
Amount |
|
(Numerator) |
|
|
(Denominator) |
|
Amount |
Adjusted net income (non-GAAP) |
$ |
2,706 |
|
|
|
|
|
|
|
$ |
9,754 |
|
|
|
|
|
|
Less: Net income attributable to
redeemable noncontrolling interest |
$ |
(2,179 |
) |
|
|
|
|
|
|
$ |
(2,973 |
) |
|
|
|
|
|
Less: TypTap Group's net loss
attributable to non-HCI common stockholders and TypTap Group's
participating securities |
$ |
431 |
|
|
|
|
|
|
|
$ |
504 |
|
|
|
|
|
|
Net income attributable to
HCI |
$ |
958 |
|
|
|
|
|
|
|
$ |
7,285 |
|
|
|
|
|
|
Less: Income attributable to
participating securities |
|
(65 |
) |
|
|
|
|
|
|
|
(496 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per Share
before unrealized gains/losses on equity
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income allocated to common
stockholders |
|
893 |
|
|
7,526 |
|
$ |
0.12 |
|
|
6,789 |
|
|
7,500 |
|
$ |
0.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of Dilutive
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock options |
|
— |
|
|
175 |
|
|
|
|
|
— |
|
|
141 |
|
|
|
Convertible senior notes* |
|
— |
|
|
— |
|
|
|
|
|
— |
|
|
— |
|
|
|
Warrants |
|
— |
|
|
247 |
|
|
|
|
|
— |
|
|
161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings Per
Share before unrealized gains/losses on
equity securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income available to common
stockholders and assumed conversions |
$ |
893 |
|
|
7,948 |
|
$ |
0.11 |
|
$ |
6,789 |
|
|
7,802 |
|
$ |
0.87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Shares in
thousands. |
* For the three and
six months ended June 30, 2021, convertible senior notes were
excluded due to anti-dilutive effect. |
|
Reconciliation of GAAP Diluted EPS to
Non-GAAP Adjusted Diluted EPS
|
Three Months Ended |
|
Six Months Ended |
|
June 30, 2021 |
|
June 30, 2021 |
GAAP diluted Earnings Per Share |
|
|
|
|
$ |
0.24 |
|
|
|
|
|
|
$ |
0.98 |
|
Net unrealized investment losses
(gains) |
$ |
(0.19 |
) |
|
|
|
|
|
$ |
(0.16 |
) |
|
|
|
|
Less: Tax effect at
24.52182% |
$ |
0.06 |
|
|
|
|
|
|
$ |
0.05 |
|
|
|
|
|
Net adjustment to GAAP diluted
EPS |
|
|
|
|
$ |
(0.13 |
) |
|
|
|
|
|
$ |
(0.11 |
) |
Non-GAAP Adjusted diluted
EPS |
|
|
|
|
$ |
0.11 |
|
|
|
|
|
|
$ |
0.87 |
|
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