Company Quick10K Filing
HCI Group
Price42.97 EPS1
Shares10 P/E38
MCap447 P/FCF12
Net Debt-41 EBIT21
TEV406 TEV/EBIT19
TTM 2019-09-30, in MM, except price, ratios
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HCI 10Q Quarterly Report

Part I - Financial Information
Item 1 - Financial Statements
Note 1 - - Nature of Operations
Note 2 - - Summary of Significant Accounting Policies
Note 3 - - Recent Accounting Pronouncements
Note 4 - - Cash, Cash Equivalents, and Restricted Cash
Note 5 - - Investments
Note 6 - - Comprehensive Income (Loss)
Note 7 - - Fair Value Measurements
Note 8 - - Intangible Assets
Note 9 - - Other Assets
Note 10 - - Revolving Credit Facility
Note 11 - - Long - Term Debt
Note 12 - - Reinsurance
Note 13 - - Losses and Loss Adjustment Expenses
Note 14 - - Segment Information
Note 15 - - Leases
Note 16 - - Income Taxes
Note 17 - - Earnings per Share
Note 18 - - Redeemable Noncontrolling Interest
Note 19 - - Equity
Note 20 - - Stock - Based Compensation
Note 21 - - Commitments and Contingencies
Note 22 - - Related Party Transactions
Note 23 - - Subsequent Events
Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3 - Quantitative and Qualitative Disclosures About Market Risk
Item 4 - Controls and Procedures
Part II - Other Information
Item 1 - Legal Proceedings
Item 1A - Risk Factors
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds
Item 3 - Defaults Upon Senior Securities
Item 4 - Mine Safety Disclosures
Item 5 - Other Information
Item 6 - Exhibits
EX-31.1 hci-ex311_9.htm
EX-31.2 hci-ex312_6.htm
EX-32.1 hci-ex321_8.htm
EX-32.2 hci-ex322_7.htm

HCI Group Earnings 2021-03-31

Balance SheetIncome StatementCash Flow
1.10.90.70.40.20.02012201420172020
Assets, Equity
0.10.10.0-0.0-0.1-0.12012201420172020
Rev, G Profit, Net Income
0.20.10.10.0-0.0-0.12012201420172020
Ops, Inv, Fin

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

Form 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021

 

OR

 

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission File Number

 

001-34126  

HCI Group, Inc.

(Exact name of Registrant as specified in its charter)

 

  Florida

 

20-5961396

(State of Incorporation)

 

(IRS Employer
Identification No.)

3802 Coconut Palm Drive
Tampa, FL 33619
(Address, including zip code, of principal executive offices)

 

(813849-9500
(Registrant’s telephone number, including area code)

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

 

Title of Each Class

 

Trading Symbol

 

Name of Each Exchange on Which Registered

Common Shares, no par value

 

HCI

 

New York Stock Exchange

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes      No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes      No 

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

 Large accelerated filer 

Accelerated filer 

Non-accelerated filer 

Smaller reporting company 

 

 

 

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.

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes      No 

The aggregate number of shares of the Registrant’s Common Stock, no par value, outstanding on April 30, 2021 was 8,483,372.

 

 

 


 

 

HCI GROUP, INC. AND SUBSIDIARIES

 

TABLE OF CONTENTS

 

 

 

 

 

Page

 

 

 

 

 

 

 

PART I – FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1

 

Financial Statements

 

 

 

 

Consolidated Balance Sheets:

 

 

 

 

March 31, 2021 (unaudited) and December 31, 2020

 

1-2

 

 

Consolidated Statements of Income:

 

 

 

 

Three months ended March 31, 2021 and 2020 (unaudited)

 

3

 

 

Consolidated Statements of Comprehensive Income (loss):

 

 

 

 

Three months ended March 31, 2021 and 2020 (unaudited)

 

4

 

 

Consolidated Statement of Equity:

 

 

 

 

Three months ended March 31, 2021 (unaudited)

 

5

 

 

Consolidated Statement of Stockholders’ Equity:

 

 

 

 

Three months ended March 31, 2020 (unaudited)

 

6

 

 

Consolidated Statements of Cash Flows:

 

 

 

 

Three months ended March 31, 2021 and 2020 (unaudited)

 

7-9

 

 

Notes to Consolidated Financial Statements (unaudited)

 

10-41

 

 

 

 

 

Item 2

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

42-54

 

 

 

 

 

Item 3

 

Quantitative and Qualitative Disclosures about Market Risk

 

55-56

 

 

 

 

 

Item 4

 

Controls and Procedures

 

57

 

 

 

 

 

 

 

 

 

 

 

 

PART II – OTHER INFORMATION

 

 

 

 

 

 

 

Item 1

 

Legal Proceedings

 

58

 

 

 

 

 

Item 1A

 

Risk Factors

 

58

 

 

 

 

 

Item 2

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

58-59

 

 

 

 

 

Item 3

 

Defaults upon Senior Securities

 

59

 

 

 

 

 

Item 4

 

Mine Safety Disclosures

 

59

 

 

 

 

 

Item 5

 

Other Information

 

59

 

 

 

 

 

Item 6

 

Exhibits

 

60-66

 

 

 

 

 

Signatures

 

67

 

 

 

Certifications

 

 

 

 

 

 


 

 

PART I – FINANCIAL INFORMATION

Item 1 – Financial Statements

HCI GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Dollar amounts in thousands)

 

 

 

March 31,

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

 

(Unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Fixed-maturity securities, available for sale, at fair value (amortized cost: $58,921

    and $70,265, respectively and allowance for credit losses: $579 and $588, respectively)

 

$

60,202

 

 

$

71,722

 

Equity securities, at fair value (cost: $45,968 and $47,029, respectively)

 

 

49,800

 

 

 

51,130

 

Limited partnership investments

 

 

26,726

 

 

 

27,691

 

Investment in unconsolidated joint venture, at equity

 

 

680

 

 

 

705

 

Real estate investments

 

 

74,015

 

 

 

74,472

 

Total investments

 

 

211,423

 

 

 

225,720

 

Cash and cash equivalents

 

 

553,397

 

 

 

431,341

 

Restricted cash

 

 

2,400

 

 

 

2,400

 

Accrued interest and dividends receivable

 

 

595

 

 

 

588

 

Income taxes receivable

 

 

481

 

 

 

4,554

 

Premiums receivable, net

 

 

29,459

 

 

 

68,382

 

Prepaid reinsurance premiums

 

 

14,974

 

 

 

36,376

 

Reinsurance recoverable, net of allowance for credit losses:

 

 

 

 

 

 

 

 

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

 

 

10,652

 

 

 

14,127

 

Unpaid losses and loss adjustment expenses (allowance: $73 and $85, respectively)

 

 

61,070

 

 

 

71,019

 

Deferred policy acquisition costs

 

 

40,466

 

 

 

43,858

 

Property and equipment, net

 

 

13,026

 

 

 

12,767

 

Right-of-use assets - operating leases

 

 

3,571

 

 

 

4,002

 

Intangible assets, net

 

 

11,255

 

 

 

3,568

 

Other assets

 

 

63,784

 

 

 

22,611

 

Total assets

 

$

1,016,553

 

 

$

941,313

 

 

(continued)

1


 

HCI GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets – (Continued)

(Dollar amounts in thousands)

 

 

 

March 31,

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

 

(Unaudited)

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

 

 

 

Losses and loss adjustment expenses

 

$

205,773

 

 

$

212,169

 

Unearned premiums

 

 

264,305

 

 

 

269,399

 

Advance premiums

 

 

24,291

 

 

 

11,370

 

Assumed reinsurance balances payable

 

 

88

 

 

 

87

 

Reinsurance payable on paid losses and loss adjustment expenses

 

 

2,317

 

 

 

 

Accrued expenses

 

 

14,404

 

 

 

10,181

 

Deferred income taxes, net

 

 

10,052

 

 

 

11,925

 

Revolving credit facility

 

 

 

 

 

23,750

 

Long-term debt

 

 

160,539

 

 

 

156,511

 

Lease liabilities - operating leases

 

 

3,579

 

 

 

4,014

 

Other liabilities

 

 

27,705

 

 

 

40,771

 

Total liabilities

 

 

713,053

 

 

 

740,177

 

Commitments and contingencies (Note 21)

 

 

 

 

 

 

 

 

Redeemable noncontrolling interest (Note 18)

 

 

85,892

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Common stock (no par value, 40,000,000 shares authorized, 8,289,682 and 7,785,617

    shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively)

 

 

 

 

 

 

Additional paid-in capital

 

 

 

 

 

 

Retained income

 

 

216,086

 

 

 

199,592

 

Accumulated other comprehensive income, net of taxes

 

 

1,405

 

 

 

1,544

 

Total stockholders’ equity

 

 

217,491

 

 

 

201,136

 

Noncontrolling interests

 

 

117

 

 

 

 

Total equity

 

 

217,608

 

 

 

201,136

 

Total liabilities, redeemable noncontrolling interest and equity

 

$

1,016,553

 

 

$

941,313

 

 

See accompanying Notes to Consolidated Financial Statements (unaudited).

2


 

HCI GROUP, INC. AND SUBSIDIARIES

Consolidated Statements of Income

(Unaudited)

(Dollar amounts in thousands, except per share amounts)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2021

 

 

2020

 

Revenue

 

 

 

 

 

 

 

 

Gross premiums earned

 

$

130,942

 

 

$

92,365

 

Premiums ceded

 

 

(43,099

)

 

 

(30,719

)

Net premiums earned

 

 

87,843

 

 

 

61,646

 

Net investment income (loss)

 

 

4,594

 

 

 

(192

)

Net realized investment gains (losses)

 

 

1,113

 

 

 

(2,244

)

Net unrealized investment losses

 

 

(269

)

 

 

(4,805

)

Credit losses on investments

 

 

 

 

 

(439

)

Policy fee income

 

 

970

 

 

 

829

 

Other

 

 

623

 

 

 

585

 

Total revenue

 

 

94,874

 

 

 

55,380

 

Expenses

 

 

 

 

 

 

 

 

Losses and loss adjustment expenses

 

 

45,751

 

 

 

28,078

 

Policy acquisition and other underwriting expenses

 

 

23,065

 

 

 

11,826

 

General and administrative personnel expenses

 

 

9,650

 

 

 

8,367

 

Interest expense

 

 

2,079

 

 

 

2,970

 

Other operating expenses

 

 

4,227

 

 

 

3,482

 

Total expenses

 

 

84,772

 

 

 

54,723

 

Income before income taxes

 

 

10,102

 

 

 

657

 

Income tax expense

 

 

3,257

 

 

 

110

 

Net income

 

 

6,845

 

 

 

547

 

Net income attributable to redeemable noncontrolling interest (Note 18)

 

 

(794

)

 

 

 

Net loss attributable to noncontrolling interests

 

 

97

 

 

 

 

Net income attributable to HCI

 

$

6,148

 

 

$

547

 

Basic earnings per share

 

$

0.82

 

 

$

0.07

 

Diluted earnings per share

 

$

0.75

 

 

$

0.07

 

 

See accompanying Notes to Consolidated Financial Statements (unaudited).

3


 

HCI GROUP, INC. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

(Amounts in thousands)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2021

 

 

2020

 

Net income

 

$

6,845

 

 

$

547

 

Other comprehensive loss:

 

 

 

 

 

 

 

 

Change in unrealized loss on investments:

 

 

 

 

 

 

 

 

Net unrealized losses arising during the period

 

 

(182

)

 

 

(3,471

)

Credit losses charged to income

 

 

 

 

 

439

 

Call and repayment gains charged to investment income

 

 

(2

)

 

 

(66

)

Reclassification adjustment for net realized (gains) losses

 

 

(1

)

 

 

273

 

Net change in unrealized losses

 

 

(185

)

 

 

(2,825

)

Deferred income taxes on above change

 

 

45

 

 

 

693

 

Total other comprehensive loss, net of income taxes

 

 

(140

)

 

 

(2,132

)

Comprehensive income (loss)

 

 

6,705

 

 

 

(1,585

)

Comprehensive loss attributable to noncontrolling interests

 

 

98

 

 

 

 

Comprehensive income (loss) attributable to HCI

 

$

6,803

 

 

$

(1,585

)

 

See accompanying Notes to Consolidated Financial Statements (unaudited).

 

4


 

 

HCI GROUP, INC. AND SUBSIDIARIES

Consolidated Statement of Equity

For the Three Months Ended March 31, 2021

(Unaudited)

(Dollar amounts in thousands, except per share amount)

 

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Retained

 

 

Accumulated

Other

Comprehensive

Income,

 

 

Total

Stockholders’

 

 

Noncontrolling

 

 

Total

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income

 

 

Net of Tax

 

 

Equity

 

 

Interests

 

 

Equity

 

Balance at December 31, 2020

 

 

7,785,617

 

 

$

 

 

$

 

 

$

199,592

 

 

$

1,544

 

 

$

201,136

 

 

$

 

 

$

201,136

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

6,148

 

 

 

 

 

 

6,148

 

 

 

(97

)

 

 

6,051

 

Cumulative effect of change in accounting

    principle

 

 

 

 

 

 

 

 

 

 

 

(3,018

)

 

 

 

 

 

(3,018

)

 

 

 

 

 

(3,018

)

Total other comprehensive loss, net of

    income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(139

)

 

 

(139

)

 

 

(1

)

 

 

(140

)

Issuance of restricted stock

 

 

548,086

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forfeiture of restricted stock

 

 

(2,050

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cancellation of restricted stock

 

 

(141,600

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase and retirement of common stock

 

 

(371

)

 

 

 

 

 

(20

)

 

 

 

 

 

 

 

 

(20

)

 

 

 

 

 

(20

)

Issuance of common stock

 

 

100,000

 

 

 

 

 

 

 

5,410

 

 

 

 

 

 

 

 

 

 

 

5,410

 

 

 

 

 

 

5,410

 

Dilution from subsidiary stock-based

    compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

215

 

 

 

215

 

Issuance of warrants, net of issuance costs (Note 18)

 

 

 

 

 

 

 

 

8,640

 

 

 

 

 

 

 

 

 

8,640

 

 

 

 

 

 

8,640

 

Common stock dividends ($0.40 per share)

 

 

 

 

 

 

 

 

 

 

 

(2,793

)

 

 

 

 

 

(2,793

)

 

 

 

 

 

(2,793

)

Stock-based compensation

 

 

 

 

 

 

 

 

2,127