Universal Insurance Holdings (NYSE: UVE) (the “Company”) reported 2021 third quarter diluted EPS of $0.64 on a GAAP basis and $0.63 on a non-GAAP1 adjusted basis. Quarterly direct premiums earned were up 15.0% from the year-ago quarter to $410.6 million, with an annualized return on average equity of 16.4%.
1 Excludes net realized and unrealized gains and losses on investments as well as any extraordinary reinstatement premiums and associated commissions (“non-GAAP adjusted EPS”). Reconciliations of GAAP to non-GAAP financial measures are provided in the attached tables.
“Our third quarter results demonstrate continued execution of our multi-year strategic priorities, including disciplined growth and operational improvements,” said Stephen J. Donaghy, Chief Executive Officer. “Our direct premiums earned growth of 15.0% in the third quarter was primarily driven by primary rate increases in Florida earning through the book. We have now filed for more than 34% in primary rate increases in Florida over the past 18 months, while simultaneously continuing to shape our underwriting risks with total policies-in-force relatively flat year-over-year. Our business expenses were lower from continued expense management controls, including lower agency commissions and employee productivity gains, in addition to lower executive compensation accruals. These results were highlighted by a 16.4% annualized return on average equity in the quarter.”
Summary Financial Results
($thousands, except per share data) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||
(GAAP comparison) | ||||||||||||||||||||||
Total revenue | $ | 287,254 | $ | 311,665 | (7.8) | % | $ | 829,192 | $ | 799,644 | 3.7 | % | ||||||||||
Income (loss) before income taxes | 26,464 | (3,792) | NM | 92,874 | 51,230 | 81.3 | % | |||||||||||||||
Income (loss) before income taxes margin | 9.2 | % | (1.2) | % | NM | 11.2 | % | 6.4 | % | 4.8 | pts | |||||||||||
Diluted EPS | $ | 0.64 | $ | (0.10) | NM | $ | 2.19 | $ | 1.14 | 92.1 | % | |||||||||||
Annualized return on average equity (ROE) | 16.4 | % | (2.5) | % | NM | 19.3 | % | 10.0 | % | 9.3 | pts | |||||||||||
Book value per share, end of period | $ | 15.86 | $ | 15.15 | 4.7 | % | $ | 15.86 | $ | 15.15 | 4.7 | % | ||||||||||
(Non-GAAP comparison) 2 | ||||||||||||||||||||||
Adjusted operating income | 25,943 | (59,594) | NM | 90,638 | (817) | NM | ||||||||||||||||
Adjusted EPS | $ | 0.63 | $ | (1.43) | NM | $ | 2.13 | $ | (0.08) | NM | ||||||||||||
2 Reconciliation of GAAP to non-GAAP financial measures are provided in the attached tables. Adjusted operating income excludes net realized and unrealized gains and losses on investments, interest expense, and any extraordinary reinstatement premiums and associated commissions. Non-GAAP adjusted EPS excludes net realized and unrealized gains and losses on investments, as well as extraordinary reinstatement premiums and associated commissions. | ||||||||||||||||||||||
NM = Not Meaningful | ||||||||||||||||||||||
Total revenue declined 7.8% for the quarter, driven primarily by the realized gain on investments of $53.8 million in the third quarter of the prior year, versus a $4.3 million realized gain in the current quarter. Total revenue for the quarter benefited from continued primary rate increases earning through the book as policies renew. GAAP diluted EPS and non-GAAP adjusted EPS results for the quarter were driven primarily by a lower impact from weather events and lower prior years’ development when compared to the prior year’s quarter, partially offset by the impact of current year strengthening. The Company produced an annualized return on average equity of 16.4%.
Underwriting
($thousands, except policies in force) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||
Policies in force (as of end of period) | 967,821 | 965,462 | 0.2 | % | 967,821 | 965,462 | 0.2 | % | ||||||||||||||
Premiums in force (as of end of period) | $ | 1,649,546 | $ | 1,459,971 | 13.0 | % | $ | 1,649,546 | $ | 1,459,971 | 13.0 | % | ||||||||||
Direct premiums written | $ | 432,984 | $ | 409,418 | 5.8 | % | $ | 1,271,925 | $ | 1,148,656 | 10.7 | % | ||||||||||
Direct premiums earned | 410,621 | 357,208 | 15.0 | % | 1,178,801 | 1,020,798 | 15.5 | % | ||||||||||||||
Net premiums earned | 264,654 | 234,191 | 13.0 | % | 764,131 | 681,390 | 12.1 | % | ||||||||||||||
Expense ratio 3 | 27.7 | % | 32.9 | % | (5.2) | pts | 31.1 | % | 32.8 | % | (1.7) | pts | ||||||||||
Loss & LAE ratio | 70.9 | % | 101.8 | % | (30.9) | pts | 65.3 | % | 77.0 | % | (11.7) | pts | ||||||||||
Combined ratio | 98.6 | % | 134.7 | % | (36.1) | pts | 96.4 | % | 109.8 | % | (13.4) | pts | ||||||||||
3 Expense ratio excludes interest expense. | ||||||||||||||||||||||
Direct premiums earned were up 15.0% for the quarter, led by primary rate increases in Florida and other states, while policies-in-force remained relatively flat.
On the expense side, the combined ratio improved 36.1 points for the quarter. The improvement was driven primarily by decreased weather events and lower prior years’ reserve development, in addition to business expense management, partially offset by current year strengthening and higher reinsurance costs impact on the ratio.
- The expense ratio improved 3.7 pointson a direct premiums earned basis due to continued focus on operating efficiencies. On a net basis, the expense ratio improved 5.2 points for the quarter.
-
The net loss and LAE ratio improved 30.9 points for the quarter. Quarterly drivers include:
- A 29.0 point net improvement related to weather events being within the plan.
- Adverse prior year’s reserve development of $11.5 million ($30.1 million in 3Q20) resulted in an 8.5 point net improvement for the quarter. Net adverse development in the current quarter was driven primarily by continued adjusting and settlement of Hurricane Irma and non-CAT claims on accident years prior to 2020.
- Core losses of $176.1 million for the quarter ($140.4 million in 3Q20) resulted in a 3.6 point increase on a direct premium earned basis, driven by current year strengthening. On a net basis, core losses increased 6.6 points for the quarter.
Services
($thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||
Commission revenue | $ | 11,418 | $ | 8,997 | 26.9 | % | $ | 30,404 | $ | 23,770 | 27.9 | % | ||||||||||
Policy fees | 5,859 | 6,167 | (5.0) | % | 17,821 | 18,253 | (2.4) | % | ||||||||||||||
Other revenue | 1,966 | 1,935 | 1.6 | % | 5,862 | 6,529 | (10.2) | % | ||||||||||||||
Total | $ | 19,243 | $ | 17,099 | 12.5 | % | $ | 54,087 | $ | 48,552 | 11.4 | % | ||||||||||
Total services revenue increased 12.5% for the quarter. The increase was primarily driven by commission revenue earned on ceded premiums, partially offset by lower policy fees.
Investments
($thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||
Net investment income | $ | 2,797 | $ | 4,557 | (38.6) | % | $ | 8,641 | $ | 17,570 | (50.8) | % | ||||||||||
Realized gains (losses) | 4,319 | 53,827 | (92.0) | % | 5,357 | 54,294 | (90.1) | % | ||||||||||||||
Unrealized gains (losses) | (3,759) | 1,991 | NM | (3,024) | (2,162) | 39.9 | % | |||||||||||||||
NM = Not Meaningful | ||||||||||||||||||||||
Net investment income decreased 38.6% for the quarter as well as a significant decline in realized gains when compared to the prior year’s quarter. Both decreases are the result of the sale, and subsequent reinvestment at lower yields, of a majority of securities in the portfolio that were in an unrealized gain position in the third and fourth quarters of 2020 to recognize the fair value benefits in surplus.
Capital Deployment
During the third quarter, the Company repurchased approximately 101 thousand shares at an aggregate cost of $1.4 million. The Company’s current share repurchase authorization program has $17.8 million remaining as of September 30, 2021 and runs through November 3, 2022.
On July 19, 2021, the Board of Directors declared a quarterly cash dividend of 16 cents per share of common stock, which was paid on August 9, 2021, to shareholders of record as of the close of business on August 2, 2021.
Guidance
The Company is maintaining its guidance for 2021 (assuming no further extraordinary weather events and no realized or unrealized gains in 2021):
- GAAP and Non-GAAP Adjusted EPS in a range of $2.75 - $3.00
- Annualized return on average equity in a range of 17.0% - 19.0%
Conference Call and Webcast
- Thursday, October 28, 2021 at 9:00 a.m. ET
- U.S. Dial-in Number: (855) 752-6647
- International: (503) 343-6667
- Participant code: 3793583
- Listen to live webcast: UniversalInsuranceHoldings.com
- Replay of the call will be available on the UVE website and by phone at (855) 859-2056 or internationally at (404) 537-3406 using the participant code: 3793583 through November 12, 2021
About Universal Insurance Holdings, Inc.
Universal Insurance Holdings (UVE) is a holding company offering property and casualty insurance and value-added insurance services. We develop, market, and write insurance products for consumers predominantly in the personal residential homeowners lines of business and perform substantially all other insurance-related services for our primary insurance entities, including risk management, claims management and distribution. We sell insurance products through both our appointed independent agents and through our direct online distribution channels in the United States across 19 states (primarily Florida). Learn more at UniversalInsuranceHoldings.com.
Non-GAAP Financial Measures and Key Performance Indicators
This press release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the U.S. Securities and Exchange Commission (“SEC”), including adjusted earnings per diluted share, which excludes the impact of the net realized and unrealized gains and losses on investments as well as any extraordinary reinstatement premiums and associated commissions. Extraordinary reinstatement premiums are not covered by reinstatement premium protection and attach just below the Florida Hurricane Catastrophe Fund (“FHCF”) reinsurance layer. Adjusted operating income excludes the impact of the net realized and unrealized gains and losses on investments, as well as interest expense and any extraordinary reinstatement premiums and associated commissions. A “non-GAAP financial measure” is generally defined as a numerical measure of a company’s historical or future performance that excludes or includes amounts, or is subject to adjustments, so as to be different from the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles (“GAAP”). UVE management believes that these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period. UVE management also believes that these non-GAAP financial measures enhance the ability of investors to analyze UVE’s business trends and to understand UVE’s performance. UVE’s management utilizes these non-GAAP financial measures as guides in long-term planning. Non-GAAP financial measures should be considered in addition to, and not as a substitute for or superior to, financial measures presented in accordance with GAAP. For more information regarding our key performance indicators, please refer to the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Key Performance Indicators” in our forthcoming Quarterly Report on Form 10-Q for the quarter ended September 30, 2021.
Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “anticipate,” “will,” “plan,” and similar expressions identify forward-looking statements, which speak only as of the date the statement was made. Such statements may include commentary on plans, products and lines of business, marketing arrangements, reinsurance programs and other business developments and assumptions relating to the foregoing. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, including those risks and uncertainties described under the heading “Risk Factors” and “Liquidity and Capital Resources” in our 2020 Annual Report on Form 10-K, and supplemented in our subsequent Quarterly Reports on Form 10-Q. Future results could differ materially from those described, and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. For further information regarding risk factors that could affect the Company’s operations and future results, refer to the Company’s reports filed with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K and the most recent quarterly reports on Form 10-Q.
UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES | ||||||||
CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||||||||
(in thousands, except per share data) | ||||||||
September 30, | December 31, | |||||||
2021 | 2020 | |||||||
ASSETS: | ||||||||
Invested Assets | ||||||||
Fixed maturities, at fair value | $ | 1,029,157 | $ | 819,861 | ||||
Equity securities, at fair value | 77,099 | 84,887 | ||||||
Assets held for sale | 253 | — | ||||||
Investment real estate, net | 5,934 | 15,176 | ||||||
Total invested assets | 1,112,443 | 919,924 | ||||||
Cash and cash equivalents | 224,822 | 167,156 | ||||||
Restricted cash and cash equivalents | 15,836 | 12,715 | ||||||
Prepaid reinsurance premiums | 386,466 | 215,723 | ||||||
Reinsurance recoverable | 134,935 | 160,417 | ||||||
Premiums receivable, net | 71,132 | 66,883 | ||||||
Property and equipment, net | 53,222 | 53,572 | ||||||
Deferred policy acquisition costs | 113,979 | 110,614 | ||||||
Goodwill | 2,319 | 2,319 | ||||||
Other assets | 28,074 | 49,418 | ||||||
TOTAL ASSETS | $ | 2,143,228 | $ | 1,758,741 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
LIABILITIES: | ||||||||
Unpaid losses and loss adjustment expenses | $ | 212,488 | $ | 322,465 | ||||
Unearned premiums | 876,259 | 783,135 | ||||||
Advance premium | 71,069 | 49,562 | ||||||
Reinsurance payable, net | 399,905 | 10,312 | ||||||
Debt | 7,353 | 8,456 | ||||||
Other liabilities | 81,879 | 135,549 | ||||||
Total liabilities | 1,648,953 | 1,309,479 | ||||||
STOCKHOLDERS' EQUITY: | ||||||||
Cumulative convertible preferred stock ($0.01 par value) 4 | — | — | ||||||
Common stock ($0.01 par value) 5 | 470 | 468 | ||||||
Treasury shares, at cost - 15,797 and 15,680 | (227,115) | (225,506) | ||||||
Additional paid-in capital | 107,382 | 103,445 | ||||||
Accumulated other comprehensive income (loss), net of taxes | (7,398) | 3,343 | ||||||
Retained earnings | 620,936 | 567,512 | ||||||
Total stockholders' equity | 494,275 | 449,262 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 2,143,228 | $ | 1,758,741 | ||||
Notes: | ||||||||
4 Cumulative convertible preferred stock ($0.01 par value): Authorized - 1,000 shares; Issued - 10 and 10 shares; Outstanding - 10 and 10 shares; Minimum liquidation preference - $9.99 and $9.99 per share. | ||||||||
5 Common stock ($0.01 par value): Authorized - 55,000 shares; Issued - 46,964 and 46,817 shares; Outstanding 31,167 and 31,137 shares. | ||||||||
UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES | |||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | |||||||||||||||||
(in thousands) | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
REVENUES | |||||||||||||||||
Net premiums earned | $ | 264,654 | $ | 234,191 | $ | 764,131 | $ | 681,390 | |||||||||
Net investment income | 2,797 | 4,557 | 8,641 | 17,570 | |||||||||||||
Net realized gains/(losses) on investments | 4,319 | 53,827 | 5,357 | 54,294 | |||||||||||||
Net change in unrealized gains/(losses) of equity securities | (3,759) | 1,991 | (3,024) | (2,162) | |||||||||||||
Commission revenue | 11,418 | 8,997 | 30,404 | 23,770 | |||||||||||||
Policy fees | 5,859 | 6,167 | 17,821 | 18,253 | |||||||||||||
Other revenue | 1,966 | 1,935 | 5,862 | 6,529 | |||||||||||||
Total revenues | 287,254 | 311,665 | 829,192 | 799,644 | |||||||||||||
EXPENSES | |||||||||||||||||
Losses and loss adjustment expenses | 187,581 | 238,477 | 498,765 | 524,870 | |||||||||||||
Policy acquisition costs | 57,062 | 51,594 | 170,287 | 146,982 | |||||||||||||
Other operating expenses | 16,108 | 25,370 | 67,169 | 76,477 | |||||||||||||
Interest expense | 39 | 16 | 97 | 85 | |||||||||||||
Total expenses | 260,790 | 315,457 | 736,318 | 748,414 | |||||||||||||
Income (loss) before income tax expense | 26,464 | (3,792) | 92,874 | 51,230 | |||||||||||||
Income tax expense (benefit) | 6,281 | (623) | 24,342 | 14,450 | |||||||||||||
NET INCOME (LOSS) | $ | 20,183 | $ | (3,169) | $ | 68,532 | $ | 36,780 | |||||||||
UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES | |||||||||||||||||
SHARE AND PER SHARE INFORMATION | |||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
Weighted average common shares outstanding - basic | 31,247 | 31,659 | 31,232 | 32,116 | |||||||||||||
Weighted average common shares outstanding - diluted | 31,337 | 31,659 | 31,302 | 32,202 | |||||||||||||
Shares outstanding, end of period | 31,167 | 31,334 | 31,167 | 31,334 | |||||||||||||
Basic earnings (loss) per common share | $ | 0.65 | $ | (0.10) | $ | 2.19 | $ | 1.14 | |||||||||
Diluted earnings (loss) per common share | $ | 0.64 | $ | (0.10) | $ | 2.19 | $ | 1.14 | |||||||||
Cash dividend declared per common share | $ | 0.16 | $ | 0.16 | $ | 0.48 | $ | 0.48 | |||||||||
Book value per share, end of period | $ | 15.86 | $ | 15.15 | $ | 15.86 | $ | 15.15 | |||||||||
Annualized return on average equity (ROE) | 16.4 | % | (2.5) | % | 19.3 | % | 10.0 | % | |||||||||
UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES | |||||||||||||||||
SUPPLEMENTARY INFORMATION | |||||||||||||||||
(in thousands, except for Policies In Force data) | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
Premiums | |||||||||||||||||
Direct premiums written - Florida | $ | 354,799 | $ | 334,916 | $ | 1,062,180 | $ | 948,196 | |||||||||
Direct premiums written - Other States | 78,185 | 74,502 | 209,745 | 200,460 | |||||||||||||
Direct premiums written - Total | $ | 432,984 | $ | 409,418 | $ | 1,271,925 | $ | 1,148,656 | |||||||||
Direct premiums earned | $ | 410,621 | $ | 357,208 | $ | 1,178,801 | $ | 1,020,798 | |||||||||
Net premiums earned | $ | 264,654 | $ | 234,191 | $ | 764,131 | $ | 681,390 | |||||||||
Underwriting Ratios - Net | |||||||||||||||||
Loss and loss adjustment expense ratio | 70.9 | % | 101.8 | % | 65.3 | % | 77.0 | % | |||||||||
Policy acquisition cost ratio | 21.6 | % | 22.1 | % | 22.3 | % | 21.6 | % | |||||||||
Other operating expense ratio6 | 6.1 | % | 10.8 | % | 8.8 | % | 11.2 | % | |||||||||
General and administrative expense ratio6 | 27.7 | % | 32.9 | % | 31.1 | % | 32.8 | % | |||||||||
Combined ratio | 98.6 | % | 134.7 | % | 96.4 | % | 109.8 | % | |||||||||
Other Items | |||||||||||||||||
(Favorable)/Unfavorable prior year's reserve development | $11,489 | $30,085 | $17,983 | $34,904 | |||||||||||||
Points on the loss and loss adjustment expense ratio | 4.4 pts | 12.9 | pts | 2.4 | pts | 5.1 | pts | ||||||||||
6 Expense ratio excludes interest expense. | |||||||||||||||||
As of | ||||||||
September 30, | ||||||||
2021 | 2020 | |||||||
Policies in force | ||||||||
Florida | 716,767 | 715,130 | ||||||
Other States | 251,054 | 250,332 | ||||||
Total | 967,821 | 965,462 | ||||||
Premiums in force | ||||||||
Florida | $ | 1,371,760 | $ | 1,202,318 | ||||
Other States | 277,786 | 257,653 | ||||||
Total | $ | 1,649,546 | $ | 1,459,971 | ||||
Total Insured Value | ||||||||
Florida | $ | 204,334,645 | $ | 185,382,817 | ||||
Other States | 114,992,734 | 105,432,408 | ||||||
Total | $ | 319,327,379 | $ | 290,815,225 | ||||
Three Months Ended September 30, 2021 | ||||||||||||||||||||
Direct |
Loss
| Ceded |
Loss
| Net |
Loss
| |||||||||||||||
Premiums earned | $ | 410,621 | $ | 145,967 | $ | 264,654 | ||||||||||||||
Loss and loss adjustment expenses: | ||||||||||||||||||||
Core losses | $ | 176,161 | 42.9 | % | $ | 69 | — | % | $ | 176,092 | 66.5 | % | ||||||||
Weather events7 | — | — | % | — | — | % | — | — | % | |||||||||||
Prior year’s reserve development | 87,907 | 21.4 | % | 76,418 | 52.4 | % | 11,489 | 4.4 | % | |||||||||||
Total losses and loss adjustment expenses | $ | 264,068 | 64.3 | % | $ | 76,487 | 52.4 | % | $ | 187,581 | 70.9 | % | ||||||||
7 Includes only current year weather events beyond those expected. | ||||||||||||||||||||
Nine Months Ended September 30, 2021 | ||||||||||||||||||||
Direct |
Loss
| Ceded |
Loss
| Net |
Loss
| |||||||||||||||
Premiums earned | $ | 1,178,801 | $ | 414,670 | $ | 764,131 | ||||||||||||||
Loss and loss adjustment expenses: | ||||||||||||||||||||
Core losses | $ | 480,801 | 40.8 | % | $ | 19 | — | % | $ | 480,782 | 62.9 | % | ||||||||
Weather events7 | — | — | % | — | — | % | — | — | % | |||||||||||
Prior year’s reserve development | 296,867 | 25.2 | % | 278,884 | 67.3 | % | 17,983 | 2.4 | % | |||||||||||
Total losses and loss adjustment expenses | $ | 777,668 | 66.0 | % | $ | 278,903 | 67.3 | % | $ | 498,765 | 65.3 | % | ||||||||
7 Includes only current year weather events beyond those expected. | ||||||||||||||||||||
UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | ||||||||||||||||||||
(in thousands, except for per share data) | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | Guidance | ||||||||||||||||||
September 30, | September 30, | Full Year 2021E | ||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||
Income (Loss) Before Income Taxes | $ | 26,464 | $ | (3,792) | $ | 92,874 | $ | 51,230 | ||||||||||||
Adjustments: | ||||||||||||||||||||
Net unrealized (gains)/losses on equity securities | 3,759 | (1,991) | 3,024 | 2,162 | ||||||||||||||||
Net realized (gains)/losses on investments | (4,319) | (53,827) | (5,357) | (54,294) | ||||||||||||||||
Interest Expense | 39 | 16 | 97 | 85 | ||||||||||||||||
Total Adjustments | (521) | (55,802) | (2,236) | (52,047) | ||||||||||||||||
Non-GAAP Adjusted Operating Income (Loss) | $ | 25,943 | $ | (59,594) | $ | 90,638 | $ | (817) | ||||||||||||
GAAP Diluted EPS | $ | 0.64 | $ | (0.10) | $ | 2.19 | $ | 1.14 | $ 2.75 - 3.00 | |||||||||||
Adjustments: | ||||||||||||||||||||
Net unrealized (gains)/losses on equity securities | 0.12 | (0.06) | 0.09 | 0.07 | — | |||||||||||||||
Net realized (gains)/losses on investments | (0.14) | (1.70) | (0.17) | (1.69) | — | |||||||||||||||
Total Pre-Tax Adjustments | (0.02) | (1.76) | (0.08) | (1.62) | — | |||||||||||||||
Income Tax on Above Adjustments | 0.01 | 0.43 | 0.02 | 0.40 | — | |||||||||||||||
Total Adjustments | (0.01) | (1.33) | (0.06) | (1.22) | — | |||||||||||||||
Non-GAAP Adjusted EPS | $ | 0.63 | $ | (1.43) | $ | 2.13 | $ | (0.08) | $ 2.75 - 3.00 | |||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20211027005823/en/
Contacts:
Rob Luther, 954-958-1200 ext. 6750
VP, Corporate Development, Strategy & IR
rluther@universalproperty.com
