GREENLIGHT CAPITAL RE, LTD. GLRE Income Statement

Greenlight capital re, ltd. (GLRE)

Income statement / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Sep'10	Jun'10
Revenues
Gross premiums written
109,787	98,470	110,607	152,340	162,560	135,143	115,154	142,109	175,125	138,960	181,588	174,889	197,214	148,838	128,205	92,237	166,792	144,884	134,568	92,990	129,682	74,268	97,200	33,654	118,901	124,775	148,765	135,198	126,964	123,994	67,644	83,986	152,220	90,498	93,156	113,266	100,739	151,247	88,956
Gross premiums ceded
678	90	4,035	23,141	21,401	30,252	15,456	27,237	29,843	42,707	7,931	2,523	3,426	2,267	2,119	3,522	2,107	3,219	2,288	1,868	1,626	2,088	2,706	2,759	5,940	1,855	2,389	2,514	-3,978	-30	-30,637	-4,602	10,994	16,953	9,308	17,183	3,476	3,639	4,011
Net premiums written
109,109	98,380	106,572	129,199	141,159	104,891	99,698	114,872	145,282	96,253	173,657	172,366	193,788	146,571	126,086	88,715	164,685	141,665	132,280	91,122	128,056	72,180	94,494	30,895	112,961	122,920	146,376	132,684	130,942	124,024	98,281	88,588	141,226	73,545	83,848	96,083	97,263	147,608	84,945
Change in net unearned premium reserves
1,912	10,243	22,582	-8,758	-15,797	14,708	14,406	13,944	562	44,832	-964	-12,042	-41,886	-9,939	-13,294	36,867	-26,573	-21,750	-30,286	563	-33,263	3,025	-15,003	56,960	-1,272	18,617	17,515	316	-21,471	-5,470	18,276	41,426	-39,637	-3,574	-6,500	-11,068	-7,894	68,207	35,544
Net premiums earned
111,021	108,623	129,154	120,441	125,362	119,599	114,104	128,816	145,844	141,085	172,693	160,324	151,902	136,632	112,792	125,582	138,112	119,915	101,994	91,685	94,793	75,205	79,491	87,855	111,689	141,537	163,891	133,000	109,471	118,554	116,557	130,014	101,589	77,119	90,348	107,151	105,157	79,401	49,401
Income (loss) from investment in related party investment fund [net of related party expenses of $662 and $5,432, respectively]
-42,126	-5,714	6,609	14,405	30,756	-50,548	-10,025	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net investment income
6,837	-3,054	3,312	4,386	1,567	-5,810	-70,851	-40,656	-145,216	-16,214	63,976	-39,149	11,618	52,857	32,945	-38,054	28,435	-45,468	-191,322	-20,305	-24,829	72,820	-54,027	113,932	-10,150	83,306	49,448	24,247	61,139	-52,219	96,450	-36,896	71,606	77,693	1,070	-19,469	-36,176	33,881	22,632
Other income (expense), net
213	1,007	-887	1,117	1,069	-982	-683	-76	-487	-336	-520	303	-7	-754	-192	282	-271	-699	-542	-3,760	1,588	1,542	2,663	-1,400	182	-850	-1	-488	389	-2	191	-236	-212	416	184	-86	-261	-	-
Other expense, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-474	-374
Total revenues
75,945	100,862	138,188	140,349	158,754	62,259	32,545	88,084	141	124,535	236,149	121,478	163,513	188,735	145,545	87,810	166,276	73,748	-89,870	67,620	71,552	149,567	28,127	200,387	101,721	223,993	213,338	156,759	170,999	66,333	213,198	92,882	172,983	155,228	91,602	87,596	68,720	112,808	71,659
Expenses
Net loss and loss adjustment expenses incurred
75,700	94,184	92,962	78,476	122,900	96,454	86,780	84,815	95,824	122,658	168,918	106,016	104,812	97,304	81,467	111,376	90,668	79,816	97,421	76,653	63,207	57,951	53,028	56,644	67,363	99,504	94,366	78,345	66,278	89,333	126,624	87,337	63,307	-	-	-	-	-	-
Loss and loss adjustment expenses incurred, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	56,696	62,399	56,870	65,725	50,257	35,544
Acquisition costs
31,739	27,424	30,962	37,172	21,526	38,312	28,331	34,623	44,209	35,089	38,011	45,429	43,211	34,243	25,844	35,484	38,963	33,281	32,146	23,939	26,841	21,821	22,478	25,570	37,796	34,119	53,521	42,936	41,296	34,971	33,820	37,905	36,025	21,959	31,847	42,824	42,121	28,807	14,465
General and administrative expenses
6,794	7,338	7,725	7,919	6,840	5,123	7,136	6,958	5,956	5,064	8,202	6,347	6,743	6,878	6,937	4,994	6,999	4,998	5,382	6,894	6,160	6,729	6,012	5,559	6,200	4,930	7,085	5,943	3,760	3,919	4,637	4,359	4,624	3,025	1,532	4,336	4,999	3,392	3,094
Interest expense
1,561	1,579	1,578	1,562	1,544	1,578	927	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total expenses
115,791	130,525	133,227	125,129	152,775	141,467	123,174	126,396	145,989	162,811	215,131	157,792	154,766	138,425	114,248	151,854	136,630	118,095	134,949	107,486	96,208	86,501	81,518	87,773	111,359	138,553	154,972	127,224	111,334	128,223	165,081	129,601	103,956	81,680	95,778	104,030	112,845	82,456	53,103
Income (loss) before income tax
-39,846	-29,663	4,961	15,220	5,979	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income (loss) before income tax
-	-	-	-	-	-	-	-	-	-38,276	21,018	-36,314	8,747	50,310	31,297	-64,044	29,646	-44,347	-224,819	-39,866	-24,656	63,066	-53,391	112,614	-9,638	85,440	58,366	29,535	59,665	-61,890	48,117	-36,719	69,027	73,548	-4,176	-16,434	-44,125	30,352	18,556
Net income (loss) before income tax expense
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	29,039	17,702
Income tax (expense) benefit
424	683	-179	-94	73	1,780	-355	-323	-770	-342	65	-295	121	258	305	-258	204	-361	-1,233	54	-215	204	-254	-14	-560	-2	90	142	308	-620	645	-201	262	58	148	40	1	25	50
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
-	-	-	-	-	-80,988	-90,274	-37,989	-145,078	-37,934	20,953	-36,019	8,626	50,052	30,992	-63,786	29,442	-43,986	-223,586	-39,920	-24,441	62,862	-53,137	112,628	-9,078	85,442	58,276	29,393	59,357	-61,270	47,472	-36,518	68,765	73,490	-4,324	-16,474	-44,126	-	-
Loss (income) attributable to non-controlling interest in related party joint venture
-	-	-	-	-	-169	-1,159	-621	-2,326	-202	1,078	-550	252	856	981	-791	773	-881	-3,909	-324	-394	2,174	-1,369	3,075	-197	1,512	1,740	893	2,624	-667	1,335	-449	3,632	-	-	-	-	-	-
Income (loss) attributable to non-controlling interest in joint venture
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,290	156	-513	-1,136	1,313	854
Net income (loss)
-40,270	-30,346	5,140	15,314	5,906	-80,819	-89,115	-37,368	-142,752	-37,732	19,875	-35,469	8,374	49,196	30,011	-62,995	28,669	-43,105	-219,677	-39,596	-24,047	60,688	-51,768	109,553	-8,881	83,930	56,536	28,500	56,733	-60,603	46,137	-36,069	65,133	70,200	-4,480	-15,961	-42,990	29,014	17,652
Earnings (loss) per share
Basic (in dollars per share)
-1.11	-0.84	0.14	0.42	0.16	-2.25	-2.48	-1.01	-3.85	-1.02	0.53	-0.96	0.22	1.32	0.80	-1.69	0.77	-1.17	-5.98	-1.06	-0.65	1.62	-1.40	2.94	-0.24	2.27	1.53	0.77	1.54	-1.65	1.26	-0.98	1.78	1.92	-0.12	-0.44	-1.19	0.80	0.48
Diluted (in dollars per share)
-1.11	-0.84	0.14	0.42	0.16	-2.25	-2.48	-1.01	-3.85	-1.02	0.53	-0.96	0.22	1.31	0.80	-1.69	0.77	-1.17	-5.98	-1.06	-0.65	1.60	-1.40	2.89	-0.24	2.22	1.50	0.76	1.52	-1.65	1.23	-0.98	1.75	1.89	-0.12	-0.44	-1.19	0.78	0.47
Weighted average number of ordinary shares used in the determination of earnings and loss per share
Basic (in shares)
36,138	36,121	36,841	36,100	35,972	35,952	35,952	36,952	37,087	37,023	37,345	37,025	37,341	37,381	37,323	37,281	37,107	36,720	36,710	37,303	37,173	37,356	36,984	37,246	36,808	36,908	36,875	36,830	36,730	36,702	36,678	36,660	36,550	36,536	36,153	36,153	36,118	36,452	36,436
Diluted (in shares)
36,138	36,121	36,921	36,829	36,364	35,952	35,952	36,952	37,087	37,023	37,375	37,025	37,376	37,414	37,385	37,281	37,422	36,720	36,710	37,303	37,173	37,905	36,984	37,902	36,808	37,746	37,645	37,537	37,424	36,702	37,402	36,660	37,279	37,203	36,153	36,153	36,118	37,218	37,218