• Filing Date: 2020-03-06
  • Form Type: 10-K
  • Description: Annual report
v3.19.3.a.u2
Condensed Financial Information of HCI Group, Inc. - Statements of Cash Flows (Detail) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
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, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:                              
Net income (loss) $ 6,432 $ 5,853 $ 7,553 $ 6,738 $ (8,466) $ 8,997 $ 6,403 $ 10,791 $ 12,091 $ (40,546) $ 9,542 $ 12,020 $ 26,576 $ 17,725 $ (6,893)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:                              
Stock-based compensation                         6,460 4,632 4,523
Net realized investment losses (gains)                         254 (6,183) (4,346)
Net unrealized investment (gains) losses                         (7,950) 10,202 (92)
Amortization of premiums (discounts) on investments in fixed-maturity securities                         50 761 1,252
Depreciation and amortization                         8,942 10,996 9,591
Net income from limited partnership interests                         (1,176) (4,430) (2,334)
Distributions from limited partnership interests                         4,176 2,345 881
Other-than-temporary impairment losses                         289 80 1,467
Loss on repurchases of senior notes                             743
Deferred income taxes                         1,871 141 (4,913)
Changes in operating assets and liabilities:                              
Income taxes                         (69) 15,221 (13,381)
Other assets                         (7,837) 408 783
Accrued expenses and other liabilities                         9,413 2,444 2,548
Net cash provided by operating activities                         54,047 28,595 16,635
Cash flows from investing activities:                              
Investments in limited partnership interests                         (1,174) (7,182) (4,226)
Purchase of fixed-maturity securities                         (82,662) (113,174) (114,743)
Purchase of equity securities                         (24,637) (52,250) (50,453)
Purchase of short-term and other investments                         (1,178) (201,538)  
Purchase of property and equipment                         (2,887) (2,187) (2,340)
Proceeds from sales of fixed-maturity securities                         7,947 81,809 31,759
Proceeds from calls, repayments and maturities of fixed-maturity securities                         59,343 82,177 14,897
Proceeds from sales of equity securities                         37,669 66,439 45,282
Distributions from limited partnership interests                         2,121 158 11,758
Return of capital from subsidiary                           695 417
Net cash provided by (used in) investing activities                         50,459 (17,678) (80,164)
Cash flows from financing activities:                              
Repurchases of common stock                         (1,203) (1,151) (30,718)
Repurchases of common stock under share repurchase plan                         (18,851) (20,015) (15,154)
Repurchases of senior notes                             (40,250)
Debt issuance costs paid                         (459) (105) (4,975)
Cash dividends paid to stockholders                         (13,012) (11,318) (13,906)
Cash dividends received under share repurchase forward contract                         306 967 1,073
Proceeds from revolving credit facility                         9,750    
Proceeds from exercise of stock options                         63   75
Proceeds from the issuance of long-term debt                           6,000 143,859
Net cash (used in) provided by financing activities                         (114,724) (27,288) 39,030
Net decrease in cash, cash equivalents and restricted cash                         (10,240) (16,535) (24,438)
Cash and cash equivalents at beginning of year       240,158                 240,158    
Cash and cash equivalents at end of year 229,918       240,158               229,918 240,158  
HCI Group [Member]                              
Cash flows from operating activities:                              
Net income (loss)                         26,576 17,725 (6,893)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:                              
Stock-based compensation                         3,638 2,550 2,630
Net realized investment losses (gains)                         541 (1,544) (367)
Net unrealized investment (gains) losses                         (1,385) 1,514 (92)
Amortization of premiums (discounts) on investments in fixed-maturity securities                         66 (3) 51
Depreciation and amortization                         5,194 7,737 6,673
Net income from limited partnership interests                         (701) (3,007) (1,354)
Distributions from limited partnership interests                         1,661 1,495 881
Other-than-temporary impairment losses                           80 209
Loss on repurchases of senior notes                             743
Loss from disposal of property and equipment                             17
Equity in income of subsidiaries                         (38,740) (33,007) (2,389)
Deferred income taxes                         (916) 1,075 (4,224)
Changes in operating assets and liabilities:                              
Income taxes                         4,462 4 (1,461)
Other assets                         (3,042) (144) (106)
Accrued expenses and other liabilities                         1,750 273 1,544
Due to related parties                         (16,754) (2,600) (54,896)
Net cash provided by operating activities                         (17,650) (7,852) (59,034)
Cash flows from investing activities:                              
Investments in limited partnership interests                         (1,602) (5,125) (4,611)
Investment in note receivable – related party                             (7,280)
Purchase of fixed-maturity securities                         (234) (5,864) (31,034)
Purchase of equity securities                         (8,733) (16,913) (12,483)
Purchase of short-term and other investments                         (187) (50,510)  
Purchase of property and equipment                         (176) (154) (306)
Proceeds from sales of fixed-maturity securities                         477 2,215 667
Proceeds from calls, repayments and maturities of fixed-maturity securities                         35,361    
Proceeds from sales of equity securities                         9,906 20,698 8,886
Proceeds from sales, redemptions and maturities of short-term and other investments                         25,733 25,401  
Collection of note receivable – related party                           6,000  
Distributions from limited partnership interests                         948 158 11,758
Dividends received from subsidiary                         44,000 42,000 105,000
Return of capital from subsidiary                         6,000 10,000  
Investment in subsidiaries                         (5,000)    
Net cash provided by (used in) investing activities                         106,493 27,906 70,597
Cash flows from financing activities:                              
Repurchases of common stock                         (1,203) (1,151) (30,718)
Repurchases of common stock under share repurchase plan                         (18,851) (20,015) (15,154)
Repurchases of senior notes                             (40,250)
Debt issuance costs paid                         (459)   (4,975)
Cash dividends paid to stockholders                         (13,012) (11,318) (13,906)
Cash dividends received under share repurchase forward contract                         306 967 1,073
Proceeds from revolving credit facility                         9,750    
Proceeds from exercise of stock options                         63   75
Proceeds from the issuance of long-term debt                             143,750
Repayment of long-term debt                         (89,991)    
Net cash (used in) provided by financing activities                         (113,397) (31,517) 39,895
Net decrease in cash, cash equivalents and restricted cash                         (24,554) (11,463) 51,458
Cash and cash equivalents at beginning of year       $ 42,292       $ 53,755       $ 2,297 42,292 53,755 2,297
Cash and cash equivalents at end of year $ 17,738       $ 42,292       $ 53,755       $ 17,738 $ 42,292 $ 53,755