• Filing Date: 2014-03-12
  • Form Type: 10-K
  • Description: Annual report
v2.4.0.8
Condensed Financial Information of HCI Group, Inc. (Tables)
12 Months Ended
Dec. 31, 2013
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]  
Balance Sheets

Balance Sheets

 

     December 31,  
     2013      2012  

Assets

     

Cash and cash equivalents

   $ 87,715       $ 6,317   

Fixed-maturity securities, available for sale, at fair value

     56         —     

Equity securities, available for sale, at fair value

     6,581         —     

Investment in subsidiaries

     214,958         140,563   

Property and equipment, net

     1,119         1,293   

Income tax receivable

     1,782         2,379   

Other assets

     5,705         916   
  

 

 

    

 

 

 

Total assets

   $ 317,916       $ 151,468   
  

 

 

    

 

 

 

Liabilities and Stockholders’ Equity

     

Accrued expenses and other liabilities

   $ 1,863       $ 727   

Deferred income taxes, net

     5,888         415   

Dividends payable

     19         42   

Long-term debt

     126,932         —     

Due to related parties

     22,693         29,031   
  

 

 

    

 

 

 

Total liabilities

     157,395         30,215   

Total stockholders’ equity

     160,521         121,253   
  

 

 

    

 

 

 

Total liabilities and stockholders’ equity

   $ 317,916       $ 151,468   
  

 

 

    

 

 

 
Statements of Income

Statements of Income

 

     Years Ended December 31,  
     2013     2012     2011  

Net investment income

   $ 84      $ 8      $ 75   

Net realized loss on investments

     (2     —          —     

Other income

     864        144        66   

Interest expense

     (3,607     —          —     

Operating expenses

     (4,865     (2,812     (2,428
  

 

 

   

 

 

   

 

 

 

Loss before income tax benefit and equity in income of subsidiaries

     (7,526     (2,660     (2,287

Income tax benefit

     2,863        750        846   
  

 

 

   

 

 

   

 

 

 

Net loss before equity in income of subsidiaries

     (4,663     (1,910     (1,441

Equity in income of subsidiaries

     70,225        32,067        11,405   
  

 

 

   

 

 

   

 

 

 

Net income

   $ 65,562      $ 30,157      $ 9,964   
  

 

 

   

 

 

   

 

 

 
Statements of Cash Flows

Statements of Cash Flows

 

     Years Ended December 31,  
     2013     2012     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

     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 (used in) 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