XML 175 R162.htm IDEA: XBRL DOCUMENT v3.22.4
Condensed Financial Information of HCI Group, Inc. - Statements of Cash Flows (Detail) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net (loss) income after noncontrolling interests $ (58,511) $ 1,856 $ 27,580
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Stock-based compensation expense 15,107 13,754 8,133
Net realized investment losses (gains) 1,187 (6,472) (1,000)
Net unrealized investment losses (gains) 7,153 (1,363) (679)
Net amortization of premiums (accretion of discount) on investments in fixed-maturity securities (961) 169 (100)
Depreciation and amortization 8,010 5,549 8,747
Net (income) loss from limited partnership interests (3,963) (4,947) 1,595
Distributions from limited partnership interests 3,001 3,604 1,215
Credit losses on investments 0 0 (611)
Debt conversion expense 0 1,754 0
Loss on repurchases of convertible senior notes 0 0 150
Equity in loss (income) of subsidiaries (495) (417) 57
Total deferred taxes (9,881) 1,142 8,123
Changes in operating assets and liabilities:      
Income taxes 1,277 470 (3,514)
Other assets (15,581) 4,487 (4,578)
Accrued expenses and other liabilities (8,397) 1,642 20,303
Net cash (used in) provided by operating activities (12) 96,503 77,311
Cash flows from investing activities:      
Investments in limited partnership interests (1,967) (3,756) (4,241)
Purchase of fixed-maturity securities (614,843) (18,303) (34,951)
Purchase of equity securities (22,887) (102,801) (68,223)
Purchase of short-term and other investments (42) (1,307) (200)
Purchase of intangible assets (3,800) 0 0
Purchase of property and equipment (6,341) (3,318) (6,437)
Proceeds from sales of fixed-maturity securities 11,716 23,055 81,433
Proceeds from calls, repayments and maturities of fixed-maturity securities 151,415 23,430 84,459
Proceeds from sales of equity securities 31,605 112,310 47,312
Proceeds from sales, redemptions and maturities of short-term and other investments 570 3,629 997
Distributions received from limited partnership interests 5,360 4,657 2,086
Received distribution 351 623 0
Net cash (used in) provided by investing activities (434,537) 36,852 143,215
Cash flows from financing activities:      
Repurchases of common stock (71,242) (1,314) (1,547)
Repurchases of common stock under share repurchase plan (17,070) 0 (5,161)
Repurchases of convertible senior notes 0 0 (4,459)
Debt issuance costs (6,041) (152) (165)
Cash dividends paid (15,233) (14,065) (12,694)
Cash dividends received under share repurchase forward contract 76 306 306
Net (repayment) borrowing under revolving credit facility (15,000) (8,750) 14,000
Proceeds from exercise of stock options 0 0 63
Debt conversion expense paid 0 (1,895) 0
Net cash provided by (used in) financing activities 41,067 64,301 (16,705)
Net (decrease) increase in cash, cash equivalents, and restricted cash (393,580) 197,602 203,823
Cash and cash equivalents at beginning of year 631,343    
Cash and cash equivalents at end of year 237,763 631,343  
HCI Group [Member]      
Cash flows from operating activities:      
Net (loss) income after noncontrolling interests (58,511) 1,856 27,580
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Stock-based compensation expense 6,430 5,874 4,488
Net realized investment losses (gains) 1,154 (3,344) (330)
Net unrealized investment losses (gains) 1,609 (92) (229)
Net amortization of premiums (accretion of discount) on investments in fixed-maturity securities (110) 3 (42)
Depreciation and amortization 1,403 1,490 4,686
Net (income) loss from limited partnership interests (3,345) (2,608) 1,781
Distributions from limited partnership interests 2,123 1,477 844
Credit losses on investments 0 0 20
Debt conversion expense 0 1,754 0
Loss on repurchases of convertible senior notes 0 0 150
Equity in loss (income) of subsidiaries 47,331 (9,274) (41,440)
Total deferred taxes (895) 232 (935)
Changes in operating assets and liabilities:      
Income taxes 11,708 5,067 (9,791)
Other assets (2,805) 2,679 (629)
Accrued expenses and other liabilities 4,078 (5,620) 1,096
Due to related parties 38,696 5,360 17,438
Net cash (used in) provided by operating activities 48,866 4,854 4,687
Cash flows from investing activities:      
Investments in limited partnership interests (1,261) (2,616) (3,376)
Investment in note receivable - related party (15,000) (40,000) (22,000)
Purchase of fixed-maturity securities (52,576) (1,685) (7)
Purchase of equity securities (11,406) (76,786) (35,855)
Purchase of short-term and other investments (42) (1,307) (200)
Purchase of intangible assets (3,800) 0 0
Purchase of property and equipment (581) (365) (742)
Proceeds from sales of fixed-maturity securities 86 134 447
Proceeds from calls, repayments and maturities of fixed-maturity securities 54,178 145 27
Proceeds from sales of equity securities 10,975 78,555 30,688
Proceeds from sales, redemptions and maturities of short-term and other investments 570 3,618 537
Collection of note receivable - related party 0 23,280 0
Distributions received from limited partnership interests 4,759 2,567 1,614
Dividends received from subsidiary 51,500 41,900 52,500
Received distribution 0 0 9
Investment in subsidiaries (41,868) (10,000) (22,629)
Net cash (used in) provided by investing activities (4,466) 17,440 1,013
Cash flows from financing activities:      
Repurchases of common stock (71,242) (1,314) (1,547)
Repurchases of common stock under share repurchase plan (17,070) 0 (5,161)
Repurchases of convertible senior notes 0 0 (4,459)
Debt issuance costs (6,041) (152) 0
Cash dividends paid (15,233) (14,065) (12,694)
Cash dividends received under share repurchase forward contract 76 306 306
Net (repayment) borrowing under revolving credit facility (15,000) (8,750) 14,000
Proceeds from exercise of stock options 0 0 63
Debt conversion expense paid 0 (1,895) 0
Proceeds from issuance of long-term debt 172,500 0 0
Repayment of long-term debt (1) (2) (2)
Net cash provided by (used in) financing activities 47,989 (25,872) (9,494)
Net (decrease) increase in cash, cash equivalents, and restricted cash 92,389 (3,578) (3,794)
Cash and cash equivalents at beginning of year 10,366 13,944 17,738
Cash and cash equivalents at end of year $ 102,755 $ 10,366 $ 13,944