• Filing Date: 2015-03-10
  • Form Type: 10-K
  • Description: Annual report
v2.4.1.9
Condensed Financial Information of HCI Group, Inc. (Tables)
12 Months Ended
Dec. 31, 2014
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Balance Sheets

Balance Sheets

 

     December 31,  
     2014      2013  

Assets

     

Cash and cash equivalents

   $ 32,082       $ 87,715   

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

     4,652         56   

Equity securities, available for sale, at fair value

     8,802         6,581   

Limited partnership investment, at equity

     2,550         —     

Investment in subsidiaries

     298,726         214,958   

Property and equipment, net

     946         1,119   

Income tax receivable

     2,596         1,782   

Other assets

     4,699         5,705   
  

 

 

    

 

 

 

Total assets

$ 355,053    $ 317,916   
  

 

 

    

 

 

 

Liabilities and Stockholders’ Equity

Accrued expenses and other liabilities

$ 3,085    $ 1,863   

Deferred income taxes, net

  3,631      5,888   

Dividends payable

  —        19   

Long-term debt

  129,539      126,932   

Due to related parties

  36,213      22,693   
  

 

 

    

 

 

 

Total liabilities

  172,468      157,395   

Total stockholders’ equity

  182,585      160,521   
  

 

 

    

 

 

 

Total liabilities and stockholders’ equity

$ 355,053    $ 317,916   
  

 

 

    

 

 

 

Statements of Income

Statements of Income

 

     Years Ended December 31,  
     2014     2013     2012  

Net investment income

   $ 739      $ 84      $ 8   

Net realized gain (loss) on investments

     309        (2     —     

Other income

     120        864        144   

Interest expense

     (10,453     (3,607     —     

Operating expenses

     (7,745     (4,865     (2,812
  

 

 

   

 

 

   

 

 

 

Loss before income tax benefit and equity in income of subsidiaries

  (17,030   (7,526   (2,660

Income tax benefit

  6,462      2,863      750   
  

 

 

   

 

 

   

 

 

 

Net loss before equity in income of subsidiaries

  (10,568   (4,663   (1,910

Equity in income of subsidiaries

  73,232      70,225      32,067   
  

 

 

   

 

 

   

 

 

 

Net income

$ 62,664    $ 65,562    $ 30,157   
  

 

 

   

 

 

   

 

 

 

Statements of Cash Flows

Statements of Cash Flows

 

     Years Ended December 31,  
     2014     2013     2012  

Cash flows from operating activities:

      

Net income

   $ 62,664      $ 65,562      $ 30,157   

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

      

Stock-based compensation

     5,502        2,362        237   

Net realized investment (gain) loss

     (309     2        —     

Depreciation and amortization

     3,712        1,000        788   

Loss from limited partnership investment

     90        —          —     

Equity in income of subsidiaries

     (73,232     (70,225     (32,067

Deferred income taxes

     (2,058     (914     763   

Changes in operating assets and liabilities:

      

Income taxes receivable

     (814     597        (2,379

Other assets

     629        (1,001     84   

Accrued expenses and other liabilities

     1,116        1,136        (1,051

Income taxes payable

     —          —          (1,605

Due to related parties

     11,520        (6,338     5,314   
  

 

 

   

 

 

   

 

 

 

Net cash provided by (used in) operating activities

  8,820      (7,819   241   
  

 

 

   

 

 

   

 

 

 

Cash flows from investing activities:

Investment in limited partnership interest

  (2,640   —        —     

Purchase of fixed-maturity securities

  (2,616   (64   —     

Purchase of equity securities

  (7,000   (6,835   —     

Purchases of property and equipment

  (277   (262   (668

Proceeds from sales of equity securities

  5,212      361      —     

Dividends received from subsidiary

  —        4,000      6,000   

Investment in subsidiaries

  (8,402   (5,735   (24,056
  

 

 

   

 

 

   

 

 

 

Net cash used in investing activities

  (15,723   (8,535   (18,724
  

 

 

   

 

 

   

 

 

 

Cash flows from financing activities:

      

Net proceeds from the issuance of common stock

     —          —          20,082   

Repurchases of common stock

     (643     (30,886     —     

Repurchases of common stock under share repurchase plan

     (38,354     —          —     

Cash dividends paid to stockholders

     (12,355     (10,902     (8,561

Cash dividends received under share repurchase forward contract

     685        —          —     

Proceeds from exercise of stock options

     125        —          283   

Proceeds from exercise of stock warrants

     —          —          11,869   

Proceeds from issuance of long-term debt

     —          143,250        —     

Redemption of Series A preferred stock

     (34     —          —     

Debt issuance costs paid

     (234     (4,770     (35

Tax benefits on stock-based compensation

     2,080        1,060        1,161   
  

 

 

   

 

 

   

 

 

 

Net cash (used in) provided by financing activities

  (48,730   97,752      24,799   
  

 

 

   

 

 

   

 

 

 

Net (decrease) increase in cash and cash equivalents

  (55,633   81,398      6,316   

Cash and cash equivalents at beginning of year

  87,715      6,317      1   
  

 

 

   

 

 

   

 

 

 

Cash and cash equivalents at end of year

$ 32,082    $ 87,715    $ 6,317