0000950170-24-055761.txt : 20240508 0000950170-24-055761.hdr.sgml : 20240508 20240508162959 ACCESSION NUMBER: 0000950170-24-055761 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20240508 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240508 DATE AS OF CHANGE: 20240508 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HCI Group, Inc. CENTRAL INDEX KEY: 0001400810 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] ORGANIZATION NAME: 02 Finance IRS NUMBER: 000000000 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34126 FILM NUMBER: 24926656 BUSINESS ADDRESS: STREET 1: 3802 COCONUT PALM DRIVE CITY: TAMPA STATE: FL ZIP: 33619 BUSINESS PHONE: 813 849-9500 MAIL ADDRESS: STREET 1: 3802 COCONUT PALM DRIVE CITY: TAMPA STATE: FL ZIP: 33619 FORMER COMPANY: FORMER CONFORMED NAME: Homeowners Choice, Inc. DATE OF NAME CHANGE: 20070524 8-K 1 hci-20240508.htm 8-K 8-K
0001400810false00014008102024-05-082024-05-08

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities and Exchange Act of 1934

Date of Report (or Date of Earliest Event Reported): May 8, 2024

HCI Group, Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

 

 

 

 

Florida

001-34126

20-5961396

(State or Other Jurisdiction

of Incorporation or Organization)

(Commission File Number)

(I.R.S. Employer

Identification Number)

3802 Coconut Palm Drive

Tampa, Florida 33619

(Address of Principal Executive Offices)

(813) 405-3600

(Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

HCI

NYSE

 

Item 2.02 Results of Operations and Financial Condition

 

On May 8, 2024, we released our earnings for the three months ended March 31, 2024. We plan to host an earnings conference call that same day at 4:45 p.m. Eastern time during which our chief executive officer, chief operating officer and chief financial officer will discuss the results.

 

Interested parties may 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.

 

Date: Wednesday, May 8, 2024

Time: 4:45 p.m. Eastern time (1:45 p.m. Pacific time)

Listen-only toll-free number: (888) 506-0062

Listen-only international number: (973) 528-0011

Entry Code: 682325

 

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.

 

Toll-free replay number: (877) 481-4010

International replay number: (919) 882-2331

Replay ID: 50356

Our earnings release appears as Exhibit 99.1 to this form 8-K

Item 9.01 Exhibits.

Exhibit 99.1 Earnings Release

Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: May 8, 2024.

 

 

 

HCI GROUP, INC.

 

 

BY:

/s/ James Mark Harmsworth

 

Name: James Mark Harmsworth

Title: Chief Financial Officer

A signed original of this Form 8-K has been provided to HCI Group, Inc. and will be retained by HCI Group, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

 

 EX-99.1 2 hci-ex99_1.htm EX-99.1 EX-99.1

 

Exhibit 99.1

 

img19850711_0.jpg 

 

HCI Group Reports First Quarter 2024 Results

 

First Quarter Pre-Tax Income of $77.4 million

First Quarter Diluted EPS of $3.81

First Quarter Gross Loss Ratio of 31.1%

Tampa, Fla. – May 8, 2024 – HCI Group, Inc. (NYSE:HCI), a holding company with operations in homeowners insurance, information technology services, real estate, and reinsurance, reported pre-tax income of $77.4 million and net income of $57.0 million, or $3.81 diluted earnings per share, in the first quarter of 2024, compared with net income of $17.8 million, or $1.54 diluted earnings per share, in the first quarter of 2023.

Adjusted net income (a non-GAAP measure which excludes net unrealized gains or losses on equity securities) for the first quarter of 2024 was $55.0 million, or $3.65 diluted earnings per share compared with adjusted net income of $17.4 million, or $1.50 diluted earnings per share, in the first quarter of 2023. 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”).

Management Commentary

“The strong results in the first quarter further reinforce the power of the technology that we’ve built. We’ve successfully added a significant amount of premium with almost no added expense, and we’ve launched a new carrier,” said HCI Group Chairman and Chief Executive Officer Paresh Patel. “The opportunity for the future is to further leverage our technology platform.”

First Quarter 2024 Commentary

Consolidated gross premiums earned in the first quarter increased to $256.6 million from $180.1 million in the first quarter of 2023. Gross premiums earned in the first quarter of 2024 include $67.0 million of premium from the assumption of policies from Citizens Property Insurance Corporation.

Premiums ceded for reinsurance in the first quarter decreased to $68.1 million from $70.5 million in the first quarter of 2023. Premiums ceded represented 26.5% of gross premiums earned in the first quarter of 2024 compared with 39.2% in the first quarter of 2023. The decrease in reinsurance cost as a percentage of gross premiums earned was due in part to the timing of the large assumption of premiums assumed from Citizens.

Net investment income in the first quarter was $14.1 million compared with $17.7 million in the first quarter of 2023. Net investment income in the first three months of 2023 included a gain of $8.9 million from the sale of two real estate investment properties. Excluding the real estate gain in the prior year quarter, net investment income increased to $14.1 million from $8.8 million. The increase was primarily attributable to higher balances of fixed maturity securities and cash combined with higher yields.

Losses and loss adjustment expenses in the first quarter were $79.9 million compared with $60.6 million in the first quarter of 2023. The increase in loss expense was due to the growth in policy count and premiums. The gross loss ratio in the first quarter was 31.1% down from 33.6% in the first quarter of 2023.

Policy acquisition and other underwriting expenses in the first quarter decreased to $22.1 million from $22.7 million in the first quarter of 2023 and declined to 8.6% of gross premiums earned from 12.6%, due in part to lower commissions and lower policy acquisition expense related to the timing of the assumption of policies from Citizens.

General and administrative personnel expenses in the first quarter increased to $16.3 million from $13.5 million in the first quarter of 2023. The increase was primarily attributable to an increase in employee incentive bonus and merit increases, offset by a decrease in stock-based compensation expense. General and administrative personnel expenses represented 6.3% of gross premiums earned in the first quarter of 2024 down from 7.5% in the first quarter of 2023.

 

Conference Call

1

 

HCI Group will hold a conference call later today, May 8, 2024, 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.

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) 506-0062

Listen-only international number: (973) 528-0011

Entry Code: 682325

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 May 8, 2025.

Toll-free replay number: (877) 481-4010

International replay number: (919) 882-2331

Replay ID: 50356

About HCI Group, Inc.

HCI Group, Inc. owns subsidiaries engaged in diverse, yet complementary business activities, including homeowners insurance, information technology services, insurance management, real estate, and reinsurance. HCI’s leading insurance operation, TypTap Insurance Company, is a technology-driven homeowners insurance company. 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:

Bill Broomall, CFA

Investor Relations

HCI Group, Inc.

Tel (813) 776-1012

wbroomall@typtap.com

Investor Relations Contact:

Matt Glover

Gateway Group, Inc.

Tel (949) 574-3860

HCI@gatewayir.com

 

- Tables to follow -

2

 

HCI GROUP, INC. AND SUBSIDIARIES

Selected Financial Metrics

(Dollar amounts in thousands, except per share amounts)

 

 

 

Q1 2024

 

 

 

Q1 2023

 

 

FY 2023

 

 

 

(Unaudited)

 

 

 

(Unaudited)

 

 

 

 

Insurance Operations

 

 

 

 

 

 

 

 

 

 

Gross Written Premiums:

 

 

 

 

 

 

 

 

 

 

Homeowners Choice

 

$

91,875

 

 

 

$

85,153

 

 

$

535,070

 

TypTap Insurance Company

 

 

143,624

 

 

 

 

114,701

 

 

 

363,552

 

Condo Owners Reciprocal Exchange

 

 

19,487

 

 

 

 

-

 

 

 

-

 

Total Gross Written Premiums

 

 

254,986

 

 

 

 

199,854

 

 

 

898,622

 

 

 

 

 

 

 

 

 

 

 

 

Gross Premiums Earned:

 

 

 

 

 

 

 

 

 

 

Homeowners Choice

 

 

149,271

 

 

 

 

92,456

 

 

 

417,202

 

TypTap Insurance Company

 

 

103,748

 

 

 

 

87,612

 

 

 

348,310

 

Condo Owners Reciprocal Exchange

 

 

3,625

 

 

 

 

-

 

 

 

-

 

Total Gross Premiums Earned

 

 

256,644

 

 

 

 

180,068

 

 

 

765,512

 

 

 

 

 

 

 

 

 

 

 

 

Gross Premiums Earned Loss Ratio

 

 

31.1

%

 

 

 

33.6

%

 

 

33.3

%

 

 

 

 

 

 

 

 

 

 

 

Per Share Metrics

 

 

 

 

 

 

 

 

 

 

GAAP Diluted EPS

 

$

3.81

 

 

 

$

1.54

 

 

$

7.62

 

Non-GAAP Adjusted Diluted EPS

 

$

3.65

 

 

 

$

1.50

 

 

$

7.41

 

 

 

 

 

 

 

 

 

 

 

 

Dividends per share

 

$

0.40

 

 

 

$

0.40

 

 

$

1.60

 

 

 

 

 

 

 

 

 

 

 

 

Book value per share at the end of period

 

$

38.50

 

 

 

$

20.97

 

 

$

33.36

 

 

 

 

 

 

 

 

 

 

 

 

Shares outstanding at the end of period

 

 

10,276,463

 

 

 

 

8,596,673

 

 

 

9,738,183

 

3

 

HCI GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Dollar amounts in thousands)

 

 

 

March 31, 2024

 

 

December 31, 2023

 

 

 

(Unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Fixed-maturity securities, available for sale, at fair value (amortized cost: $475,170 and $387,687, respectively and allowance for credit losses: $0 and $0, respectively)

 

$

470,805

 

 

$

383,238

 

Equity securities, at fair value (cost: $47,852 and $44,011, respectively)

 

 

52,013

 

 

 

45,537

 

Limited partnership investments

 

 

24,015

 

 

 

23,583

 

Real estate investments

 

 

69,096

 

 

 

67,893

 

Total investments

 

 

615,929

 

 

 

520,251

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

655,384

 

 

 

536,478

 

Restricted cash

 

 

3,303

 

 

 

3,287

 

Receivable from maturities of fixed-maturity securities

 

 

—

 

 

 

91,085

 

Accrued interest and dividends receivable

 

 

4,052

 

 

 

3,507

 

Income taxes receivable

 

 

651

 

 

 

—

 

Deferred income taxes, net

 

 

—

 

 

 

512

 

Premiums receivable, net (allowance: $3,443 and $3,152, respectively)

 

 

43,291

 

 

 

38,037

 

Assumed premium receivable

 

 

—

 

 

 

19,954

 

Prepaid reinsurance premiums

 

 

34,125

 

 

 

86,232

 

Reinsurance recoverable, net of allowance for credit losses:

 

 

 

 

 

 

Paid losses and loss adjustment expenses (allowance: $0 and $0, respectively)

 

 

25,452

 

 

 

19,690

 

Unpaid losses and loss adjustment expenses (allowance: $69 and $118, respectively)

 

 

305,218

 

 

 

330,604

 

Deferred policy acquisition costs

 

 

45,152

 

 

 

42,910

 

Property and equipment, net

 

 

29,314

 

 

 

29,251

 

Right-of-use-assets - operating leases

 

 

1,352

 

 

 

1,407

 

Intangible assets, net

 

 

7,046

 

 

 

7,659

 

Funds withheld for assumed business

 

 

14,181

 

 

 

30,087

 

Other assets

 

 

57,184

 

 

 

50,365

 

 

 

 

 

 

 

 

Total assets

 

$

1,841,634

 

 

$

1,811,316

 

 

 

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

 

Losses and loss adjustment expenses

 

$

578,712

 

 

$

585,073

 

Unearned premiums

 

 

499,499

 

 

 

501,157

 

Advance premiums

 

 

26,518

 

 

 

15,895

 

Reinsurance payable on paid losses and loss adjustment expenses

 

 

—

 

 

 

3,145

 

Ceded reinsurance premiums payable

 

 

10,693

 

 

 

8,921

 

Assumed premiums payable

 

 

2,681

 

 

 

850

 

Accrued expenses

 

 

24,699

 

 

 

19,722

 

Income tax payable

 

 

23,184

 

 

 

7,702

 

Deferred income taxes, net

 

 

5,113

 

 

 

—

 

Revolving credit facility

 

 

50,000

 

 

 

—

 

Long-term debt

 

 

184,744

 

 

 

208,495

 

Lease liabilities - operating leases

 

 

1,357

 

 

 

1,408

 

Other liabilities

 

 

36,564

 

 

 

35,623

 

 

 

 

 

 

 

 

Total liabilities

 

 

1,443,764

 

 

 

1,387,991

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

Redeemable noncontrolling interest

 

 

—

 

 

 

96,160

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

Common stock, (no par value, 40,000,000 shares authorized, 10,276,463 and 9,738,183
shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively)

 

 

—

 

 

 

—

 

Additional paid-in capital

 

 

116,728

 

 

 

89,568

 

Retained income

 

 

282,056

 

 

 

238,438

 

Accumulated other comprehensive loss, net of taxes

 

 

(3,102

)

 

 

(3,163

)

Total stockholders' equity

 

 

395,682

 

 

 

324,843

 

Noncontrolling interests

 

 

2,188

 

 

 

2,322

 

Total equity

 

 

397,870

 

 

 

327,165

 

 

 

 

 

 

 

 

Total liabilities, redeemable noncontrolling interest, and equity

 

$

1,841,634

 

 

$

1,811,316

 

 

4

 

HCI GROUP, INC. AND SUBSIDIARIES

Consolidated Statements of Income

(Unaudited)

(Dollar amounts in thousands, except per share amounts)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2024

 

 

2023

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross premiums earned

 

$

256,644

 

 

$

180,068

 

Premiums ceded

 

 

(68,106

)

 

 

(70,509

)

 

 

 

 

 

 

 

Net premiums earned

 

 

188,538

 

 

 

109,559

 

 

 

 

 

 

 

 

Net investment income

 

 

14,067

 

 

 

17,715

 

Net realized investment losses

 

 

—

 

 

 

(1,149

)

Net unrealized investment gains

 

 

2,635

 

 

 

529

 

Policy fee income

 

 

1,019

 

 

 

1,090

 

Other

 

 

355

 

 

 

1,285

 

 

 

 

 

 

 

 

Total revenue

 

 

206,614

 

 

 

129,029

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Losses and loss adjustment expenses

 

 

79,922

 

 

 

60,565

 

Policy acquisition and other underwriting expenses

 

 

22,139

 

 

 

22,720

 

General and administrative personnel expenses

 

 

16,274

 

 

 

13,502

 

Interest expense

 

 

3,149

 

 

 

2,801

 

Other operating expenses

 

 

7,700

 

 

 

6,305

 

 

 

 

 

 

 

 

Total expenses

 

 

129,184

 

 

 

105,893

 

 

 

 

 

 

 

 

Income before income taxes

 

 

77,430

 

 

 

23,136

 

 

 

 

 

 

 

 

Income tax expense

 

 

20,474

 

 

 

5,343

 

 

 

 

 

 

 

 

Net income

 

$

56,956

 

 

$

17,793

 

Net income attributable to redeemable noncontrolling interest

 

 

(10,149

)

 

 

(2,324

)

Net loss (income) attributable to noncontrolling interests

 

 

804

 

 

 

(131

)

 

 

 

 

 

 

 

Net income after noncontrolling interests

 

$

47,611

 

 

$

15,338

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

4.76

 

 

$

1.78

 

 

 

 

 

 

 

 

Diluted earnings per share

 

$

3.81

 

 

$

1.54

 

 

 

 

 

 

 

 

Dividends per share

 

$

0.40

 

 

$

0.40

 

 

5

 

HCI GROUP, INC. AND SUBSIDIARIES

(Amounts in thousands, except per share amounts)

 

A summary of the numerator and denominator of basic and diluted earnings per common share calculated in accordance with GAAP is presented below.

 

 

 

Three Months Ended

 

 

Three Months Ended

 

GAAP

 

March 31, 2024

 

 

March 31, 2023

 

 

 

Income

 

 

Shares (a)

 

 

Per Share

 

 

Income

 

 

Shares (a)

 

 

Per Share

 

 

 

(Numerator)

 

 

(Denominator)

 

 

Amount

 

 

(Numerator)

 

 

(Denominator)

 

 

Amount

 

Net income

 

$

56,956

 

 

 

 

 

 

 

 

$

17,793

 

 

 

 

 

 

 

Less: Net income attributable to redeemable noncontrolling interest

 

 

(10,149

)

 

 

 

 

 

 

 

 

(2,324

)

 

 

 

 

 

 

Less: Net loss (income) attributable to noncontrolling interests

 

 

804

 

 

 

 

 

 

 

 

 

(131

)

 

 

 

 

 

 

Net income attributable to HCI

 

 

47,611

 

 

 

 

 

 

 

 

 

15,338

 

 

 

 

 

 

 

Less: Income attributable to participating securities

 

 

(1,218

)

 

 

 

 

 

 

 

 

(564

)

 

 

 

 

 

 

Basic Earnings Per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income allocated to common stockholders

 

 

46,393

 

 

 

9,751

 

 

$

4.76

 

 

 

14,774

 

 

 

8,278

 

 

$

1.78

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of Dilutive Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options

 

 

—

 

 

 

280

 

 

 

 

 

 

—

 

 

 

45

 

 

 

 

Convertible senior notes

 

 

1,640

 

 

 

2,282

 

 

 

 

 

 

1,921

 

 

 

2,537

 

 

 

 

Warrants

 

 

—

 

 

 

305

 

 

 

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Earnings Per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income available to common stockholders and assumed conversions

 

$

48,033

 

 

 

12,618

 

 

$

3.81

 

 

$

16,695

 

 

 

10,860

 

 

$

1.54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Shares in thousands.

 

*For the three months ended March 31, 2023, warrants 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 of HCI's portion of 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

 

Three Months Ended

 

 

March 31, 2024

 

March 31, 2023

GAAP Net income

 

 

 

 

$

56,956

 

 

 

 

 

 

 

$

17,793

 

 

 

Net unrealized investment gains

 

$

(2,635

)

 

 

 

 

 

 

$

(529

)

 

 

 

 

 

Less: Tax effect at 25.041% (Q1 2024) & 25.345% (Q1 2023)

 

$

660

 

 

 

 

 

 

 

$

134

 

 

 

 

 

 

Net adjustment to Net income

 

 

 

 

$

(1,975

)

 

 

 

 

 

 

$

(395

)

 

 

Non-GAAP Adjusted Net income

 

 

 

 

$

54,981

 

 

 

 

 

 

 

$

17,398

 

 

 

 

6

 

HCI GROUP, INC. AND SUBSIDIARIES

(Amounts in thousands, except per share amounts)

 

A summary of the numerator and denominator of the basic and diluted earnings per common share calculated with the Non-GAAP financial measure Adjusted net income is presented below.

 

 

 

Three Months Ended

 

 

Three Months Ended

 

Non-GAAP

 

March 31, 2024

 

 

March 31, 2023

 

 

 

Income

 

 

Shares (a)

 

 

Per Share

 

 

Income

 

 

Shares (a)

 

 

Per Share

 

 

 

(Numerator)

 

 

(Denominator)

 

 

Amount

 

 

(Numerator)

 

 

(Denominator)

 

 

Amount

 

Adjusted net income (non-GAAP)

 

$

54,981

 

 

 

 

 

 

 

 

$

17,398

 

 

 

 

 

 

 

Less: Net income attributable to redeemable noncontrolling interest

 

 

(10,149

)

 

 

 

 

 

 

 

$

(2,324

)

 

 

 

 

 

 

Less: Net loss (income) attributable to noncontrolling interests

 

 

815

 

 

 

 

 

 

 

 

 

(127

)

 

 

 

 

 

 

Net income attributable to HCI

 

 

45,647

 

 

 

 

 

 

 

 

 

14,947

 

 

 

 

 

 

 

Less: Income attributable to participating securities

 

 

(1,168

)

 

 

 

 

 

 

 

 

(550

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share before unrealized gains/losses on equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income allocated to common stockholders

 

 

44,479

 

 

 

9,751

 

 

$

4.56

 

 

 

14,397

 

 

 

8,278

 

 

$

1.74

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of Dilutive Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options

 

 

—

 

 

 

280

 

 

 

 

 

 

—

 

 

 

45

 

 

 

 

Convertible senior notes

 

 

1,640

 

 

 

2,282

 

 

 

 

 

 

1,921

 

 

 

2,537

 

 

 

 

Warrants

 

 

—

 

 

 

305

 

 

 

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Earnings Per Share before unrealized gains/losses on equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income available to common stockholders and assumed conversions

 

$

46,119

 

 

$

12,618

 

 

$

3.65

 

 

$

16,318

 

 

$

10,860

 

 

$

1.50

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Shares in thousands.

 

*For the three months ended March 31, 2023, warrants were excluded due to anti-dilutive effect

 

 

Reconciliation of GAAP Diluted EPS to Non-GAAP Adjusted Diluted EPS

 

 

 

Three Months Ended

 

Three Months Ended

 

 

March 31, 2024

 

March 31, 2023

GAAP diluted Earnings Per Share

 

 

 

 

$

3.81

 

 

 

 

 

 

 

$

1.54

 

 

 

Net unrealized investment gains

 

$

(0.21

)

 

 

 

 

 

 

$

(0.05

)

 

 

 

 

 

Less: Tax effect at 25.041% (Q1 2024) & 25.345% (Q1 2023)

 

$

0.05

 

 

 

 

 

 

 

$

0.01

 

 

 

 

 

 

Net adjustment to GAAP diluted EPS

 

 

 

 

$

(0.16

)

 

 

 

 

 

 

$

(0.04

)

 

 

Non-GAAP Adjusted diluted EPS

 

 

 

 

$

3.65

 

 

 

 

 

 

 

$

1.50

 

 

 

 

7

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Trading Symbol(s) HCI
Name of each exchange on which registered NYSE
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