• Filing Date: 2019-03-08
  • Form Type: 10-K
  • Description: Annual report
v3.10.0.1
Condensed Financial Information of HCI Group, Inc. - Statements of Cash Flows (Detail) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
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, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:                              
Net income (loss) $ (8,466) $ 8,997 $ 6,403 $ 10,791 $ 12,091 $ (40,546) $ 9,542 $ 12,020 $ 4,608 $ 11,333 $ 7,024 $ 6,056 $ 17,725 $ (6,893) $ 29,021
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:                              
Stock-based compensation                         4,632 4,523 4,198
Net realized investment gains                         (6,183) (4,346) (2,601)
Net unrealized investment losses (gains)                         10,202 (92)  
Amortization of (discounts) premiums on investments in fixed-maturity securities                         761 1,252 726
Depreciation and amortization                         10,996 9,591 5,408
Net income from limited partnership investments                         (4,430) (2,334) (1,207)
Distributions from limited partnership interests                         2,345 881 544
Other-than-temporary impairment loss, Before Tax                         80 1,467 2,482
Gain on repurchases of convertible senior notes                             (153)
Loss on repurchases of senior notes                           743  
Deferred income taxes                         140 (4,913) 155
Changes in operating assets and liabilities:                              
Other assets                         408 783 29,354
Accrued expenses and other liabilities                         2,444 2,548 (2,223)
Income taxes payable                         15,221 (13,381) (1,192)
Net cash provided by operating activities                         28,595 16,635 88,275
Cash flows from investing activities:                              
Investment in limited partnership interest                         (7,182) (4,226) (4,670)
Purchase of fixed-maturity securities                         (113,174) (114,743) (85,530)
Purchase of equity securities                         (52,250) (50,453) (22,434)
Purchase of short-term and other investments                         (201,538)    
Purchase of property and equipment                         (2,187) (2,340) (865)
Proceeds from sales of fixed-maturity securities                         81,809 31,759 40,454
Proceeds from calls, repayments and maturities of fixed-maturity securities                         82,177 14,897 4,692
Proceeds from sales, redemptions and maturities of short-term and other investments                         135,256    
Distributions from limited partnership interests                         158 11,758  
Return of capital from subsidiary                         695 417  
Net cash used in investing activities                         (17,678) (80,164) (49,028)
Cash flows from financing activities:                              
Repurchases of common stock                         (1,151) (30,718) (464)
Repurchases of common stock under share repurchase plan                         (20,015) (15,154) (20,026)
Repurchases of convertible senior notes                             (11,347)
Repurchases of senior notes                           (40,250)  
Debt issuance costs paid                         (105) (4,975) (339)
Cash dividends paid to stockholders                         (11,318) (13,906) (12,438)
Cash dividends received under share repurchase forward contract                         967 1,073 747
Proceeds from exercise of stock options                           75 150
Proceeds from issuance of long-term debt                         6,000 143,859 18,200
Tax benefits on stock-based compensation                             641
Net cash (used in) provided by financing activities                         (27,288) 39,030 (26,157)
Cash and cash equivalents at beginning of year       255,884                 255,884    
Cash and cash equivalents at end of year 239,458       255,884               239,458 255,884  
HCI Group [Member]                              
Cash flows from operating activities:                              
Net income (loss)                         17,725 (6,893) 29,021
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:                              
Stock-based compensation                         2,550 2,630 2,878
Net realized investment gains                         (1,544) (367) (151)
Net unrealized investment losses (gains)                         1,514 (92)
Amortization of (discounts) premiums on investments in fixed-maturity securities                         (3) 51
Depreciation and amortization                         7,737 6,673 3,899
Net income from limited partnership investments                         (3,007) (1,354) (523)
Distributions from limited partnership interests                         1,495 881 544
Other-than-temporary impairment loss, Before Tax                         80 209 15
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                         (33,007) (2,389) (38,154)
Deferred income taxes                         1,075 (4,224) (1,542)
Changes in operating assets and liabilities:                              
Income taxes receivable                         4 (1,461) (1,563)
Other assets                         (144) (106) (129)
Accrued expenses and other liabilities                         273 1,544 (716)
Income taxes payable                         (1,518)
Due to related parties                         (2,600) (54,896) 60,075
Net cash provided by operating activities                         (7,852) (59,034) 51,983
Cash flows from investing activities:                              
Investment in limited partnership interest                         (5,125) (4,611) (2,710)
Investment in note receivable – related party                         (7,280)
Purchase of fixed-maturity securities                         (5,864) (31,034) (371)
Purchase of equity securities                         (16,913) (12,483) (2,853)
Purchase of short-term and other investments                         (50,510)
Purchase of property and equipment                         (154) (306) (202)
Proceeds from sales of fixed-maturity securities                         2,215 667 423
Proceeds from calls, repayments and maturities of fixed-maturity securities                         130
Proceeds from sales of equity securities                         20,698 8,886 2,602
Proceeds from sales, redemptions and maturities of short-term and other investments                         25,401
Collection of note receivable – related party                         6,000
Distributions from limited partnership interests                         158 11,758
Dividends received from subsidiary                         42,000 105,000 19,000
Return of capital from subsidiary                         10,000
Investment in subsidiaries                         0 (25,250)
Net cash used in investing activities                         27,906 70,597 (9,231)
Cash flows from financing activities:                              
Repurchases of common stock                         (1,151) (30,718) (464)
Repurchases of common stock under share repurchase plan                         (20,015) (15,154) (20,026)
Repurchases of convertible senior notes                         (11,347)
Repurchases of senior notes                         (40,250)
Debt issuance costs paid                         (4,975)
Cash dividends paid to stockholders                         (11,318) (13,906) (12,438)
Cash dividends received under share repurchase forward contract                         967 1,073 747
Proceeds from exercise of stock options                         75 150
Proceeds from issuance of long-term debt                         143,750
Tax benefits on stock-based compensation                         641
Net cash (used in) provided by financing activities                         (31,517) 39,895 (42,737)
Net (decrease) increase in cash and cash equivalents                         (11,463) 51,458 15
Cash and cash equivalents at beginning of year       $ 53,755       $ 2,297       $ 2,282 53,755 2,297 2,282
Cash and cash equivalents at end of year $ 42,292       $ 53,755       $ 2,297       $ 42,292 $ 53,755 $ 2,297