• Filing Date: 2018-03-07
  • Form Type: 10-K
  • Description: Annual report
v3.8.0.1
Condensed Financial Information of HCI Group, Inc. - Statements of Cash Flows (Detail) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:                              
Net (loss) income $ 12,091 $ (40,546) $ 9,542 $ 12,020 $ 4,608 $ 11,333 $ 7,024 $ 6,056 $ 11,090 $ 7,371 $ 22,022 $ 25,378 $ (6,893) $ 29,021 $ 65,861
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:                              
Stock-based compensation                         4,523 4,198 5,212
Net realized investment gains                         (4,346) (2,601) 608
Net unrealized investment gains                         (92)    
Amortization of premiums on investments in fixed-maturity securities                         1,252 726 855
Depreciation and amortization                         9,591 5,408 5,251
(Income) loss from limited partnership investments                         (2,334) (1,207) 3,244
Distributions from limited partnership interests                         881 544 12
Other-than-temporary impairment losses                         1,467 2,482 4,681
Gain on repurchases of convertible senior notes                           (153)  
Loss on repurchases of senior notes                         743    
Deferred income taxes                         (4,913) 155 (361)
Changes in operating assets and liabilities:                              
Other assets                         574 29,054 (7,230)
Accrued expenses and other liabilities                         2,548 (2,223) 4,157
Income taxes payable                         (13,381) (1,192) 766
Net cash provided by operating activities                         16,426 87,975 45,282
Cash flows from investing activities:                              
Investment in limited partnership interest                         (4,226) (4,670) (24,636)
Purchase of fixed-maturity securities                         (114,743) (85,530) (98,501)
Purchase of equity securities, available for sale                         (46,909) (22,434) (32,878)
Purchase of equity securities, trading                         (3,544)    
Purchase of property and equipment                         (2,340) (865) (840)
Proceeds from sales of fixed-maturity securities                         31,759 40,454 53,711
Proceeds from calls, repayments and maturities of fixed-maturity securities                         14,897 4,692 9,344
Proceeds from sales of equity securities, available for sale                         42,657 23,127 25,695
Proceeds from sales of equity securities, trading                         2,625    
Distributions from limited partnership interests                         11,758    
Net cash used in investing activities                         (80,164) (49,028) (80,374)
Cash flows from financing activities:                              
Repurchases of common stock                         (30,718) (464) (792)
Repurchases of common stock under share repurchase plan                         (15,154) (20,026) (1,610)
Repurchases of convertible senior notes                           (11,347)  
Repurchases of senior notes                         (40,250)    
Debt issuance costs paid                         (4,975) (339)  
Cash dividends paid to stockholders                         (13,906) (12,438) (12,428)
Cash dividends received under share repurchase forward contract                         1,073 747 747
Proceeds from exercise of stock options                         75 150 263
Proceeds from issuance of long-term debt                         143,859 18,200  
Tax benefits on stock-based compensation                           641 2,295
Net cash provided by (used in) financing activities                         39,030 (26,157) (11,525)
Net (decrease) increase in cash and cash equivalents                         (24,647) 12,793 (46,678)
Cash and cash equivalents at beginning of year       280,531       267,738       314,416 280,531 267,738 314,416
Cash and cash equivalents at end of year 255,884       280,531       267,738       255,884 280,531 267,738
HCI Group [Member]                              
Cash flows from operating activities:                              
Net (loss) income                         (6,893) 29,021 65,861
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:                              
Stock-based compensation                         2,630 2,878 4,341
Net realized investment gains                         (367) (151) (108)
Net unrealized investment gains                         (92)    
Amortization of premiums on investments in fixed-maturity securities                         51   1
Depreciation and amortization                         6,673 3,899 3,996
(Income) loss from limited partnership investments                         (1,354) (523) 3,277
Distributions from limited partnership interests                         881 544 12
Other-than-temporary impairment losses                         209 15 75
Gain on repurchases of convertible senior notes                           (153)  
Loss on repurchases of senior notes                         743    
Loss from disposal of property and equipment                         17    
Equity in income of subsidiaries                         (2,389) (38,154) (78,464)
Deferred income taxes                         (4,224) (1,542) (3,218)
Changes in operating assets and liabilities:                              
Income taxes receivable                         (1,461) (1,563) 2,596
Other assets                         (106) (129) 228
Accrued expenses and other liabilities                         1,544 (716) 689
Income taxes payable                           (1,518) 1,279
Due to related parties                         (54,896) 60,075 (14,831)
Net cash provided by operating activities                         (59,034) 51,983 (14,266)
Cash flows from investing activities:                              
Investment in limited partnership interest                         (4,611) (2,710) (19,956)
Investment in note receivable - related party                         (7,280)    
Purchase of fixed-maturity securities                         (31,034) (371) (384)
Purchase of equity securities, available for sale                         (8,939) (2,853) (3,196)
Purchase of equity securities, trading                         (3,544)    
Purchase of property and equipment                         (306) (202) (371)
Proceeds from sales of fixed-maturity securities                         667 423 259
Proceeds from calls, repayments and maturities of fixed-maturity securities                           130  
Proceeds from sales of equity securities, available for sale                         6,262 2,602 5,475
Proceeds from sales of equity securities, trading                         2,624    
Distributions from limited partnership interests                         11,758    
Dividends received from subsidiary                         105,000 19,000 92,700
Investment in subsidiaries                           (25,250) (78,536)
Net cash used in investing activities                         70,597 (9,231) (4,009)
Cash flows from financing activities:                              
Repurchases of common stock                         (30,718) (464) (792)
Repurchases of common stock under share repurchase plan                         (15,154) (20,026) (1,610)
Repurchases of convertible senior notes                           (11,347)  
Repurchases of senior notes                         (40,250)    
Debt issuance costs paid                         (4,975)    
Cash dividends paid to stockholders                         (13,906) (12,438) (12,428)
Cash dividends received under share repurchase forward contract                         1,073 747 747
Proceeds from exercise of stock options                         75 150 263
Proceeds from issuance of long-term debt                         143,750    
Tax benefits on stock-based compensation                           641 2,295
Net cash provided by (used in) financing activities                         39,895 (42,737) (11,525)
Net (decrease) increase in cash and cash equivalents                         51,458 15 (29,800)
Cash and cash equivalents at beginning of year       $ 2,297       $ 2,282       $ 32,082 2,297 2,282 32,082
Cash and cash equivalents at end of year $ 53,755       $ 2,297       $ 2,282       $ 53,755 $ 2,297 $ 2,282