Heritage insurance holdings, inc. (HRTG)
Income statement / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Sep'13Jun'13
REVENUES:
Gross premiums written

229,102

235,446

237,303

254,840

210,348

221,706

233,613

263,664

204,366

169,720

154,355

159,255

142,235

154,911

147,232

177,295

147,266

167,540

148,993

135,597

133,968

181,464

86,771

99,269

68,903

37,176

81,049

Change in gross unearned premiums

-5,614

1,364

5,686

24,882

-18,242

-12,322

-551

32,693

-22,797

-13,559

1,292

6,901

-12,373

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Change in gross unearned premiums

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-17,464

13,658

-4,677

-

20,759

8,496

7,967

74,809

6,897

35,144

8,043

-4,330

53,009

Gross premiums earned

234,716

234,082

231,617

229,958

228,590

234,028

234,164

230,971

227,163

183,279

153,063

152,354

154,608

160,242

164,696

163,637

151,943

143,404

128,234

127,101

126,001

106,655

79,874

64,125

60,860

41,506

28,040

Ceded premiums

108,710

103,005

107,755

115,875

118,899

115,396

115,926

119,767

121,055

81,551

57,855

61,902

62,432

65,336

63,141

54,719

45,601

45,832

45,873

32,255

24,512

25,101

24,347

19,830

18,624

19,701

6,416

Net premiums earned

126,006

131,077

123,862

114,083

109,691

118,632

118,238

111,204

106,108

101,728

95,208

90,452

92,176

94,906

101,555

108,918

106,342

97,572

82,361

94,846

101,489

81,554

55,527

44,295

42,236

21,805

21,624

Retroactive reinsurance

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

26,072

Net investment income

3,670

3,275

3,655

3,830

3,672

3,576

3,847

2,555

3,302

3,122

2,735

2,973

2,502

2,595

2,326

2,223

2,037

1,725

1,973

2,090

1,633

1,386

1,126

719

618

302

124

Net realized and unrealized gains

59

-

805

-

1,024

-

-123

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net realized gains (losses)

-

-

-

1,303

-

-

-

-85

-227

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net realized gains (losses)

-

-

-

-

-

-

-

-

-

-

365

-125

771

-

1,119

263

381

-

1,946

-

-

-

-

-

-

-

-

Net realized gains (losses)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-116

-3

-

80

-

-

-

-

Net realized gains (losses)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

24

-42

-123

-46

Other revenue

2,971

3,119

3,377

3,627

3,874

4,712

3,333

4,298

2,843

4,215

3,466

3,638

3,844

5,335

4,306

3,877

2,805

2,354

2,964

2,268

2,009

2,208

1,280

1,501

1,066

796

827

Total revenues

132,706

138,502

131,699

122,843

118,261

124,878

125,295

117,972

112,026

108,618

101,774

96,938

99,293

102,806

109,306

115,281

111,565

101,332

89,244

99,088

105,128

85,390

58,013

46,539

43,878

22,780

48,601

EXPENSES:
Losses and loss adjustment expenses

68,181

66,798

70,052

74,299

62,139

59,650

58,695

65,989

53,091

44,754

64,035

46,046

46,647

69,199

53,906

48,794

66,963

38,952

35,791

33,909

32,539

27,415

22,314

19,244

20,587

9,996

7,870

Policy acquisition costs, net of ceding commission income of $10.4 and $12.9

30,047

28,113

26,686

27,087

26,020

26,499

26,569

19,411

12,187

-

20,906

21,738

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Policy acquisition costs, net of ceding commission income of $14.3 million and $0, respectively

-

-

-

-

-

-

-

-

-

-

-

-

23,442

-

22,597

20,753

18,128

16,328

15,512

12,253

13,093

13,184

12,469

6,384

4,473

1,740

865

General and administrative expenses, net of ceding commission income of $3.5 and $4.3

21,718

22,079

21,477

18,384

18,604

16,376

25,815

24,422

21,931

22,888

15,420

16,092

17,314

14,308

14,191

15,977

14,434

12,759

10,226

11,936

11,204

13,579

7,121

5,801

6,997

3,373

5,579

Total expenses

119,946

116,990

118,215

119,770

106,763

102,525

111,079

109,822

87,209

85,448

100,361

83,876

87,403

106,450

90,694

85,524

99,525

-

-

-

-

-

-

-

-

-

-

Interest expense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4

6

Total expenses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

61,529

58,098

56,836

54,178

41,904

31,429

32,057

15,113

14,320

Operating income

12,760

21,512

13,484

3,073

11,498

22,353

14,216

8,150

24,817

23,170

1,413

13,062

11,890

-3,644

18,612

29,757

12,040

-

-

-

-

-

-

-

-

-

-

Interest expense, net

1,966

2,021

2,401

1,984

2,117

4,584

5,225

5,386

4,820

5,047

3,751

2,231

2,181

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other non-operating loss, net

-

0

0

0

-48

-

-

542

-

-

-6,883

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Income before income taxes

10,794

19,491

11,083

1,089

9,333

6,700

8,991

3,306

19,997

-17,211

-9,221

10,831

9,709

-4,006

18,612

29,757

12,040

33,293

27,715

40,990

48,292

31,212

16,109

15,110

11,821

7,667

34,281

Provision for income taxes

3,174

6,673

2,950

368

2,369

2,771

3,002

898

5,168

-12,163

-525

4,189

3,726

-1,150

7,682

11,389

4,617

13,050

10,902

15,590

18,236

11,534

6,144

5,544

3,933

2,340

13,263

Net income

7,620

12,818

8,133

721

6,964

3,929

5,989

2,408

14,829

-5,048

-8,696

6,642

5,983

-2,856

10,930

18,368

7,423

20,243

16,813

25,400

30,056

19,678

9,965

9,566

7,888

5,327

21,018

OTHER COMPREHENSIVE INCOME
Change in net unrealized gains on investments

2,027

232

4,429

7,068

8,036

4,218

-2,895

-545

-6,478

-2,785

593

3,899

3,981

-

-

8,928

4,082

-

-

-

-

-

-

-

-

-

-

Reclassification adjustment for net realized investment (gains) losses

59

2,025

103

-59

-335

144

5

-85

-227

-447

365

-125

771

-

-

263

381

-

-

-

-

-

-

-

-

-

-

Change in net unrealized (losses) gains on investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-1,168

-2,663

1,622

-384

-139

2,908

2,010

32

-1,811

Reclassification adjustment for net realized investment gain

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,946

-116

-3

242

80

24

-42

-123

-46

Income tax expense related to items of other comprehensive income

456

-573

1,035

1,304

2,408

1,017

-1,665

239

-1,823

304

81

1,549

1,236

-

-

3,348

1,422

-800

-1,201

-983

626

-243

-83

1,112

792

59

-681

Total comprehensive income

9,132

11,598

11,424

6,544

12,927

6,986

4,754

1,709

10,401

-7,690

-8,549

9,117

7,957

-

-

23,685

9,702

18,965

14,900

23,836

31,055

19,295

9,829

11,338

9,148

5,423

19,934

Weighted average shares outstanding
Basic

28,548

28,858

29,109

29,346

29,540

26,773

25,631

25,631

25,727

24,220

25,883

28,283

28,806

29,293

29,213

29,653

30,367

30,372

30,177

29,877

29,798

29,999

29,794

22,119

16,360

15,254

15,203

Diluted

28,549

28,866

29,168

29,352

29,544

25,287

26,046

26,316

26,732

24,220

25,883

28,283

28,806

29,178

29,213

29,653

30,491

30,437

30,483

30,268

30,115

30,120

29,814

24,333

18,997

15,254

15,203

Earnings per share
Basic

0.27

0.44

0.28

0.02

0.24

0.15

0.23

0.09

0.58

-0.14

-0.34

0.23

0.21

-0.09

0.37

0.62

0.24

0.66

0.56

0.85

1.01

0.68

0.33

0.43

0.48

0.35

1.38

Diluted

0.27

0.44

0.28

0.02

0.24

0.17

0.23

0.09

0.55

-0.14

-0.34

0.23

0.21

-0.09

0.37

0.62

0.24

0.66

0.55

0.84

1.00

0.68

0.33

0.39

0.42

0.35

1.38