HCI Group, Inc. (NYSE:HCI), an
InsurTech company with operations in insurance, software
development and real estate, reported results for the quarter ended
March 31, 2021.
First Quarter 2021 - Financial ResultsNet
income for the first quarter of 2021 totaled $6.1 million or $0.75
diluted earnings per share compared with $0.5 million or $0.07
diluted earnings per share in the first quarter of 2020. Adjusted
net income (a non-GAAP measure which excludes net unrealized gains
or losses on equity securities) for the quarter was $6.4 million or
$0.77 diluted earnings per share compared with $4.2 million or
$0.54 diluted earnings per share in the first quarter of 2020. This
press release includes an explanation of adjusted net income as
well as a reconciliation to net income and earnings per share
calculated in accordance with generally accepted accounting
principles (known as “GAAP”).
Consolidated gross written premiums of $125.8 million for the
first quarter of 2021 were up 64.4% from $76.5 million in the first
quarter of 2020. This increase was due to the growth of Homeowners
Choice gross written premiums from $58.1 million to $81.0 million
and the growth of TypTap Insurance Company gross written premiums
from $18.4 million to $44.9 million.
Consolidated gross premiums earned of $130.9 million for the
first quarter of 2021 were up 41.8% from $92.4 million in the first
quarter of 2020. The increase was driven by the growth in
Homeowners Choice gross premiums earned from $75.8 million to
$102.1 million and the growth of TypTap gross premiums earned from
$16.6 million to $28.8 million.
Premiums ceded for reinsurance for the first quarter of 2021
increased to $43.1 million from $30.7 million in the first quarter
of 2020 and represented 32.9% and 33.3%, respectively, of gross
premiums earned.
Net investment income was $4.6 million, compared with a net
investment loss of $0.2 million in the first quarter of 2020. This
increase was due to an increase in limited partnership income as
well as a lawsuit settlement in the real estate division.
Net realized investment gains were $1.1 million compared with a
net realized investment losses of $2.2 million in the first quarter
of 2020.
Net unrealized investment losses were $0.3 million in the first
quarter of 2021 compared with net unrealized losses of $4.8 million
in 2020.
Losses and loss adjustment expenses were $45.8 million compared
with $28.1 million in the same period in 2020. The increase was
driven primarily by the growth in gross premiums earned.
Policy acquisition and other underwriting expenses were $23.1
million compared with $11.8 million in the same quarter of 2020.
The increase relates to the growth in gross premiums earned.
Interest expense decreased to $2.1 million in the first quarter
of 2021 compared with $3.0 in the first quarter of 2020 due to the
early adoption of a new accounting standard requiring the reversal
of discounts previously recorded to account for the cash conversion
feature of the Company’s convertible debt instrument. As a result,
interest expense no longer includes amounts representing the
amortization of the discount.
The effective tax rate for the first quarter was 32.2% versus a
rate of 16.7% for the first quarter of 2020. The increase in the
effective tax rate was primarily due to the derecognition of
deferred tax assets attributable to unvested restricted stock that
was cancelled in the quarter offset by a decrease in the
non-deductibility of certain executive compensation.
First Quarter 2021 – Other EventsDuring the
first quarter of 2021, the Company repaid the $23.75 million
outstanding balance of its revolving credit facility, leaving the
full $65 million line of credit available to the Company as of
March 31, 2021.
Long-term debt increased to $160.5 million in the first quarter
of 2021 compared with $156.5 million at December 31, 2020. The $4
million increase did not result from new indebtedness but was
caused by the early adoption of a new accounting standard that
allows the reversal of the discount previously recorded to account
for the cash conversion feature of the Company’s 4.25% convertible
senior notes.
During the first quarter of 2021, the Company’s subsidiary,
TypTap Insurance Group, Inc., completed a capital investment
transaction with a fund associated with Centerbridge Partners L.P.
As a result of this transaction, the Company recorded $85.9 million
of redeemable noncontrolling interest on the balance sheet
reflecting the cash increase of $100 million from the initial
proceeds received from Centerbridge less $6.3 million of issuance
costs and $8.6 million of fair value assigned to the warrants to
purchase HCI stock that were granted as part of the
transaction.
During the quarter, the number of common shares outstanding
increased from 7,785,617 to 8,289,682. The increase is attributable
to 100,000 shares issued to United Property & Casualty
Insurance Company in connection with a renewal rights agreement as
well as a net increase in the number of restricted common shares of
404,065.
Total equity increased to $217.6 million in the first quarter of
2021 compared with $201.1 million at December 31, 2020. The $16.5
million increase was primarily due to the $8.6 million of fair
value assigned to the issued warrants and $5.4 million for HCI
common stock issued to United Property & Casualty Insurance
Company. Book value per common share (including noncontrolling
interest) increased to $26.25 at March 31, 2021 compared with
$25.83 at December 31, 2020.
Management Commentary “We are reaping the
benefits of decisions we made in previous periods,” said HCI Group
Chairman and Chief Executive Officer Paresh Patel. “We expect to
report more benefits as 2021 progresses.”
Conference CallHCI Group will hold a conference
call later today, May 6, 2021, to discuss these financial results.
Chairman and Chief Executive Officer Paresh Patel, Chief Operating
Officer Karin Coleman and Chief Financial Officer Mark Harmsworth
will host the call starting at 4:45 p.m. Eastern time. A
question-and-answer session will follow management's
presentation.
Interested parties can listen to the live presentation by
dialing the listen-only number below or by clicking the webcast
link available on the Investor Information section of the
company's website at www.hcigroup.com.
Listen-only toll-free number: (877) 545-0320Listen-only
international number: (973) 528-0016 Entry Code: 606423
Please call the conference telephone number 10 minutes before
the start time. An operator will register your name and
organization. If you have any difficulty connecting with the
conference call, please contact Gateway Investor Relations at (949)
574-3860.
A replay of the call will be available by telephone after 8:00
p.m. Eastern time on the same day as the call and via the Investor
Information section of the HCI Group website at www.hcigroup.com
through June 6, 2021.
Toll-free replay number: (877) 481-4010International replay
number: (919) 882-2331 Replay ID: 40734
About HCI Group, Inc.HCI Group, Inc. is an
InsurTech company with operations in insurance, software
development and real estate. HCI’s leading insurance operation,
TypTap Insurance Company, is a rapidly growing, technology-driven
insurance company that is expanding nationwide to provide
homeowners and flood insurance. TypTap’s operations are powered in
large part by insurance-related information technology developed by
HCI’s software subsidiary, Exzeo USA, Inc. HCI’s largest
subsidiary, Homeowners Choice Property & Casualty Insurance
Company, Inc., provides homeowners’ insurance primarily in Florida.
HCI’s real estate subsidiary, Greenleaf Capital, LLC, owns and
operates multiple properties in Florida, including office
buildings, retail centers and marinas.
The company's common shares trade on the New York Stock Exchange
under the ticker symbol "HCI" and are included in the Russell 2000
and S&P SmallCap 600 Index. HCI Group, Inc. regularly publishes
financial and other information in the Investor Information section
of the company’s website. For more information about HCI Group and
its subsidiaries, visit www.hcigroup.com.
Forward-Looking Statements
This news release may contain forward-looking statements made
pursuant to the Private Securities Litigation Reform Act of 1995.
Words such as "anticipate," "estimate," "expect," "intend," "plan,"
"confident," "prospects" and "project" and other similar words and
expressions are intended to signify forward-looking statements.
Forward-looking statements are not guarantees of future results and
conditions, but rather are subject to various risks and
uncertainties. For example, the estimation of reserves for losses
and loss adjustment expenses is an inherently imprecise process
involving many assumptions and considerable management judgment.
Some of these risks and uncertainties are identified in the
company's filings with the Securities and Exchange Commission.
Should any risks or uncertainties develop into actual events, these
developments could have material adverse effects on the company's
business, financial condition and results of operations. HCI Group,
Inc. disclaims all obligations to update any forward-looking
statements.
Company Contact:Rachel Swansiger, Esq.Investor
RelationsHCI Group, Inc.Tel (813)
405-3206rswansiger@hcigroup.com
Investor Relations Contact:Matt GloverGateway
Investor RelationsTel (949) 574-3860HCI@gatewayir.com
Media Contact:Jordan SchmidtGateway Investor
RelationsTel (949) 386-6332jordan@gatewayir.com
- Tables to follow -
HCI GROUP, INC. AND
SUBSIDIARIESConsolidated Balance
SheetsDollar amounts in thousands)
|
|
March 31, 2021 |
|
|
December 31, 2020 |
|
|
|
(Unaudited) |
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Fixed-maturity securities,
available for sale, at fair value (amortized cost: $58,921 and
$70,265, respectively) (allowance for credit losses: $579 and $588,
respectively) |
|
$ |
60,202 |
|
|
$ |
71,722 |
|
Equity securities, at fair value
(cost: $45,968 and $47,029, respectively) |
|
|
49,800 |
|
|
|
51,130 |
|
Limited partnership
investments |
|
|
26,726 |
|
|
|
27,691 |
|
Investment in unconsolidated
joint venture, at equity |
|
|
680 |
|
|
|
705 |
|
Real estate investments |
|
|
74,015 |
|
|
|
74,472 |
|
Total investments |
|
|
211,423 |
|
|
|
225,720 |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
553,397 |
|
|
|
431,341 |
|
Restricted cash |
|
|
2,400 |
|
|
|
2,400 |
|
Accrued interest and dividends
receivable |
|
|
595 |
|
|
|
588 |
|
Income taxes receivable |
|
|
481 |
|
|
|
4,554 |
|
Premiums receivable, net |
|
|
29,459 |
|
|
|
68,382 |
|
Prepaid reinsurance premiums |
|
|
14,974 |
|
|
|
36,376 |
|
Reinsurance recoverable, net
of allowance for credit losses: |
|
|
|
|
|
|
|
|
Paid losses and loss adjustment expenses (allowance: $0 and $0,
respectively) |
|
|
10,652 |
|
|
|
14,127 |
|
Unpaid losses and loss adjustment expenses (allowance: $73 and $85,
respectively) |
|
|
61,070 |
|
|
|
71,019 |
|
Deferred policy acquisition
costs |
|
|
40,466 |
|
|
|
43,858 |
|
Property and equipment, net |
|
|
13,026 |
|
|
|
12,767 |
|
Right-of-use-assets - operating
leases |
|
|
3,571 |
|
|
|
4,002 |
|
Intangible assets, net |
|
|
11,255 |
|
|
|
3,568 |
|
Other assets |
|
|
63,784 |
|
|
|
22,611 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,016,553 |
|
|
$ |
941,313 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity |
|
|
|
|
|
|
|
|
Losses and loss adjustment
expenses |
|
$ |
205,773 |
|
|
$ |
212,169 |
|
Unearned premiums |
|
|
264,305 |
|
|
|
269,399 |
|
Advance premiums |
|
|
24,291 |
|
|
|
11,370 |
|
Assumed reinsurance balances
payable |
|
|
88 |
|
|
|
87 |
|
Reinsurance payable on paid
losses and loss adjustment expenses |
|
|
2,317 |
|
|
|
— |
|
Accrued expenses |
|
|
14,404 |
|
|
|
10,181 |
|
Deferred income taxes, net |
|
|
10,052 |
|
|
|
11,925 |
|
Revolving credit facility |
|
|
— |
|
|
|
23,750 |
|
Long-term debt |
|
|
160,539 |
|
|
|
156,511 |
|
Lease liabilities - operating
leases |
|
|
3,579 |
|
|
|
4,014 |
|
Other liabilities |
|
|
27,705 |
|
|
|
40,771 |
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
713,053 |
|
|
|
740,177 |
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
Redeemable noncontrolling
interest |
|
|
85,892 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|
Common stock, (no par value, 40,000,000 shares authorized,
8,289,682 and 7,785,617 shares issued and outstanding at March
31, 2021 and December 31, 2020, respectively) |
|
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
|
— |
|
|
|
— |
|
Retained income |
|
|
216,086 |
|
|
|
199,592 |
|
Accumulated other comprehensive income, net of taxes |
|
|
1,405 |
|
|
|
1,544 |
|
Total stockholders’ equity |
|
|
217,491 |
|
|
|
201,136 |
|
Noncontrolling interests |
|
|
117 |
|
|
|
— |
|
Total equity |
|
|
217,608 |
|
|
|
201,136 |
|
|
|
|
|
|
|
|
|
|
Total liabilities, redeemable noncontrolling interest, and
equity |
|
$ |
1,016,553 |
|
|
$ |
941,313 |
|
HCI GROUP, INC. AND
SUBSIDIARIESConsolidated Statements of
Income(Unaudited)(Dollar amounts
in thousands, except per share amounts)
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
|
2021 |
|
|
2020 |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross premiums earned |
|
$ |
130,942 |
|
|
$ |
92,365 |
|
Premiums ceded |
|
|
(43,099 |
) |
|
|
(30,719 |
) |
|
|
|
|
|
|
|
|
|
Net premiums earned |
|
|
87,843 |
|
|
|
61,646 |
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
|
4,594 |
|
|
|
(192 |
) |
Net realized investment gains
(losses) |
|
|
1,113 |
|
|
|
(2,244 |
) |
Net unrealized investment
losses |
|
|
(269 |
) |
|
|
(4,805 |
) |
Credit losses on investments |
|
|
— |
|
|
|
(439 |
) |
Policy fee income |
|
|
970 |
|
|
|
829 |
|
Other |
|
|
623 |
|
|
|
585 |
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
|
94,874 |
|
|
|
55,380 |
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses and loss adjustment
expenses |
|
|
45,751 |
|
|
|
28,078 |
|
Policy acquisition and other
underwriting expenses |
|
|
23,065 |
|
|
|
11,826 |
|
General and administrative
personnel expenses |
|
|
9,650 |
|
|
|
8,367 |
|
Interest expense |
|
|
2,079 |
|
|
|
2,970 |
|
Other operating expenses |
|
|
4,227 |
|
|
|
3,482 |
|
|
|
|
|
|
|
|
|
|
Total expenses |
|
|
84,772 |
|
|
|
54,723 |
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
10,102 |
|
|
|
657 |
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
3,257 |
|
|
|
110 |
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
6,845 |
|
|
|
547 |
|
Net income attributable to redeemable noncontrolling interest |
|
|
(794 |
) |
|
|
— |
|
Net loss attributable to noncontrolling interests |
|
|
97 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Net income attributable to HCI |
|
$ |
6,148 |
|
|
$ |
547 |
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
$ |
0.82 |
|
|
$ |
0.07 |
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
|
$ |
0.75 |
|
|
$ |
0.07 |
|
|
|
|
|
|
|
|
|
|
Dividends per share |
|
$ |
0.40 |
|
|
$ |
0.40 |
|
HCI GROUP, INC. AND
SUBSIDIARIES(Amounts in thousands, except per share
amounts)
A summary of the numerator and denominator of basic and diluted
income per common share calculated in accordance with GAAP is
presented below.
|
|
Three Months Ended |
|
|
Three Months Ended |
|
GAAP |
|
March 31, 2021 |
|
|
March 31, 2020 |
|
|
|
Income |
|
|
Shares (a) |
|
|
Per Share |
|
|
Income |
|
|
Shares (a) |
|
|
Per Share |
|
|
|
(Numerator) |
|
|
(Denominator) |
|
|
Amount |
|
|
(Numerator) |
|
|
(Denominator) |
|
|
Amount |
|
Net income attributable to HCI |
|
$ |
6,148 |
|
|
|
|
|
|
|
|
|
|
$ |
547 |
|
|
|
|
|
|
|
|
|
Less: Income attributable to
participating securities |
|
|
(18 |
) |
|
|
|
|
|
|
|
|
|
|
(13 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per
Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income allocated to common
stockholders |
|
|
6,130 |
|
|
|
7,474 |
|
|
$ |
0.82 |
|
|
|
534 |
|
|
|
7,369 |
|
|
$ |
0.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of Dilutive
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock options |
|
|
— |
|
|
|
96 |
|
|
|
|
|
|
|
— |
|
|
|
9 |
|
|
|
|
|
Convertible senior notes (b) |
|
|
1,312 |
|
|
|
2,288 |
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Warrants |
|
|
— |
|
|
|
72 |
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings Per
Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income available to common
stockholders and assumed conversions |
|
$ |
7,442 |
|
|
|
9,930 |
|
|
$ |
0.75 |
|
|
$ |
534 |
|
|
|
7,378 |
|
|
$ |
0.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Shares in
thousands. |
|
(b) For the three
months ended March 31, 2020, convertible senior notes were excluded
due to their anti-dilutive effect. |
|
Non-GAAP Financial Measures
Adjusted net income is a Non-GAAP financial measure that removes
from net income the effect of unrealized gains or losses on equity
securities required to be included in results of operations in
accordance with Accounting Standards Codification 321. HCI Group
believes net income without the effect of volatility in equity
prices more accurately depicts operating results. This financial
measurement is not recognized in accordance with accounting
principles generally accepted in the United States of America
("GAAP") and should not be viewed as an alternative to GAAP
measures of performance. A reconciliation of GAAP net income to
Non-GAAP Adjusted net income and GAAP diluted earnings per share to
Non-GAAP Adjusted diluted earnings per share is provided below.
Reconciliation of GAAP Net Income to Non-GAAP Adjusted
Net Income
|
|
Three Months Ended |
|
Three Months Ended |
|
|
March 31, 2021 |
|
March 31, 2020 |
GAAP Net income attributable to HCI |
|
|
|
|
|
$ |
6,148 |
|
|
|
|
|
|
|
|
$ |
547 |
|
|
|
Net unrealized investment losses
(gains) |
|
$ |
269 |
|
|
|
|
|
|
|
|
$ |
4,805 |
|
|
|
|
|
|
|
Less: Tax effect at
24.52182% |
|
$ |
(66 |
) |
|
|
|
|
|
|
|
$ |
(1,178 |
) |
|
|
|
|
|
|
Net adjustment to Net income |
|
|
|
|
|
$ |
203 |
|
|
|
|
|
|
|
|
$ |
3,627 |
|
|
|
Non-GAAP Adjusted Net income |
|
|
|
|
|
$ |
6,351 |
|
|
|
|
|
|
|
|
$ |
4,174 |
|
|
|
HCI GROUP, INC. AND
SUBSIDIARIES(Amounts in thousands, except per share
amounts)
A summary of the numerator and denominator of the basic and
diluted income per common share calculated with the Non-GAAP
financial measure Adjusted net income is presented below.
|
|
Three Months Ended |
|
|
Three Months Ended |
|
Non-GAAP |
|
March 31, 2021 |
|
|
March 31, 2020 |
|
|
|
Income |
|
|
Shares (a) |
|
|
Per Share |
|
|
Income |
|
|
Shares (a) |
|
|
Per Share |
|
|
|
(Numerator) |
|
|
(Denominator) |
|
|
Amount |
|
|
(Numerator) |
|
|
(Denominator) |
|
|
Amount |
|
Adjusted net income attributable to HCI (non-GAAP) |
|
$ |
6,351 |
|
|
|
|
|
|
|
|
|
|
$ |
4,174 |
|
|
|
|
|
|
|
|
|
Less: Income attributable to
participating securities |
|
|
(31 |
) |
|
|
|
|
|
|
|
|
|
|
(200 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per Share
before unrealized gains/losses on equity
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income allocated to common
stockholders |
|
|
6,320 |
|
|
|
7,474 |
|
|
$ |
0.85 |
|
|
|
3,974 |
|
|
|
7,369 |
|
|
$ |
0.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of Dilutive
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock options |
|
|
— |
|
|
|
96 |
|
|
|
|
|
|
|
— |
|
|
|
9 |
|
|
|
|
|
Convertible senior notes (b) |
|
|
1,312 |
|
|
|
2,288 |
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Warrants |
|
|
— |
|
|
|
72 |
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings Per
Share before unrealized gains/losses on
equity securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income available to common
stockholders and assumed conversions |
|
$ |
7,632 |
|
|
|
9,930 |
|
|
$ |
0.77 |
|
|
$ |
3,974 |
|
|
|
7,378 |
|
|
$ |
0.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Shares in
thousands. |
|
(b) For the three
months ended March 31, 2020, convertible senior notes were excluded
due to their anti-dilutive effect. |
|
Reconciliation of GAAP Diluted EPS to Non-GAAP Adjusted
Diluted EPS
|
|
Three Months Ended |
|
Three Months Ended |
|
|
March 31, 2021 |
|
March 31, 2020 |
GAAP diluted Earnings Per Share |
|
|
|
|
|
$ |
0.75 |
|
|
|
|
|
|
|
|
$ |
0.07 |
|
|
|
Net unrealized investment losses
(gains) |
|
$ |
0.03 |
|
|
|
|
|
|
|
|
$ |
0.65 |
|
|
|
|
|
|
|
Less: Tax effect at
24.52182% |
|
$ |
(0.01 |
) |
|
|
|
|
|
|
|
$ |
(0.18 |
) |
|
|
|
|
|
|
Net adjustment to GAAP diluted
EPS |
|
|
|
|
|
$ |
0.02 |
|
|
|
|
|
|
|
|
$ |
0.47 |
|
|
|
Non-GAAP Adjusted diluted
EPS |
|
|
|
|
|
$ |
0.77 |
|
|
|
|
|
|
|
|
$ |
0.54 |
|
|
|
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