• Filing Date: 2014-03-12
  • Form Type: 10-K
  • Description: Annual report
v2.4.0.8
Condensed Financial Information of HCI Group, Inc. - Statements of Cash Flows (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities:      
Net income $ 65,562 $ 30,157 $ 9,964
Adjustments to reconcile net income to net cash (used in) provided by operating activities:      
Stock-based compensation 5,365 844 27
Net realized investment loss (80) (276) (290)
Depreciation and amortization 2,103 1,591 576
Deferred income taxes 557 (2,366) (1,984)
Changes in operating assets and liabilities:      
Other assets (9,728) (803) 82
Accrued expenses and other liabilities 3,381 (258) 1,399
Income taxes payable (8,270) 3,857 4,646
Net cash provided by operating activities 55,472 106,266 56,033
Cash flows from investing activities:      
Purchase of fixed-maturity securities (82,907) (10,128) (31,170)
Purchase of equity securities (11,308) (6,410) (6,625)
Purchases of property and equipment (3,433) (1,196) (3,144)
Proceeds from sales of equity securities 2,809 1,735 1,665
Net cash used in investing activities (90,040) (1,211) (16,951)
Cash flows from financing activities:      
Net proceeds from the issuance of common stock   20,082  
Repurchases of common stock (30,886)   (1,887)
Dividends paid to stockholders (10,902) (8,561) (3,825)
Proceeds from exercise of stock options   283 564
Proceeds from exercise of stock warrants   11,869  
Proceeds from sale of preferred stock, net of costs     11,307
Proceeds from issuance of long-term debt 143,250    
Debt issuance costs paid (4,770) (35)  
Tax benefits on stock-based compensation 1,060 1,161 265
Net cash provided by financing activities 97,752 24,799 6,424
Net increase (decrease) in cash and cash equivalents 63,184 129,859 45,506
Cash and cash equivalents at beginning of year 230,214 100,355 54,849
Cash and cash equivalents at end of year 293,398 230,214 100,355
HCI Group [Member]
     
Cash flows from operating activities:      
Net income 65,562 30,157 9,964
Adjustments to reconcile net income to net cash (used in) provided by operating activities:      
Stock-based compensation 2,362 237 27
Net realized investment loss 2    
Depreciation and amortization 1,000 788 214
Equity in income of subsidiaries (70,225) (32,067) (11,405)
Deferred income taxes (914) 763 (83)
Changes in operating assets and liabilities:      
Income taxes receivable 597 (2,379)  
Other assets (1,001) 84 (348)
Accrued expenses and other liabilities 1,136 (1,051) 1,488
Income taxes payable   (1,605) (1,957)
Due to related parties (6,338) 5,314 10,489
Net cash provided by operating activities (7,819) 241 8,389
Cash flows from investing activities:      
Redemption of short-term investments     2,074
Purchase of fixed-maturity securities (64)    
Purchase of equity securities (6,835)    
Purchases of property and equipment (262) (668) (900)
Proceeds from sales of equity securities 361    
Dividends received from subsidiary 4,000 6,000  
Investment in subsidiaries (5,735) (24,056) (16,400)
Net cash used in investing activities (8,535) (18,724) (15,226)
Cash flows from financing activities:      
Net proceeds from the issuance of common stock   20,082  
Repurchases of common stock (30,886)   (1,887)
Dividends paid to stockholders (10,902) (8,561) (3,827)
Proceeds from exercise of stock options   283 564
Proceeds from exercise of stock warrants   11,869  
Proceeds from sale of preferred stock, net of costs     11,307
Proceeds from issuance of long-term debt 143,250    
Debt issuance costs paid (4,770) (35)  
Tax benefits on stock-based compensation 1,060 1,161 265
Net cash provided by financing activities 97,752 24,799 6,422
Net increase (decrease) in cash and cash equivalents 81,398 6,316 (415)
Cash and cash equivalents at beginning of year 6,317 1 416
Cash and cash equivalents at end of year $ 87,715 $ 6,317 $ 1