HCI Group, Inc. (NYSE: HCI) has announced its decision to redeem the remaining $24 million principal balance of its 4.25% convertible senior notes, with the redemption date set for March 15, 2024. Following this notice, the notes have become immediately convertible into HCI common shares at a current conversion rate of 16.5893 common shares per $1,000 principal amount of the notes.
Paresh Patel, Chairman and CEO of HCI Group, commented on the decision, stating, "HCI has taken several steps over the past few years to strengthen its balance sheet. This latest conversion helps simplify our balance sheet and reduce our debt-to-capital ratio. The company continues to have significant liquidity at the holding company to execute on our future business initiatives."
HCI Group, Inc. is a holding company with operations in homeowners insurance, information technology services, real estate, and reinsurance. Its subsidiaries engage in diverse yet complementary business activities, including homeowners insurance, information technology services, insurance management, real estate, and reinsurance. 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.
As of the latest trading session, HCI Group's stock moved -2.7% and is currently trading at a price of $83.96 per share.
The company's full 8-K submission is available here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (k) | $231,292 | $242,474 | $310,437 | $407,915 | $499,563 | $507,943 |
| Revenue Growth | n/a | 4.83% | 28.03% | 31.4% | 22.47% | 1.68% |
| Interest Income (k) | $18,096 | $13,055 | $11,734 | $6,400 | $7,768 | $11,134 |
| Operating Margins | 12% | 15% | 12% | 3% | -14% | 13% |
| Net Margins | 8% | 11% | 9% | 0% | -12% | 8% |
| Net Income (k) | $17,725 | $26,576 | $27,580 | $1,856 | -$58,511 | $42,464 |
| Depreciation & Amort. (k) | $1,369 | $1,550 | $1,853 | $2,184 | $8,010 | $8,552 |
| Earnings Per Share | $2.34 | $3.31 | $3.49 | $0.21 | -$6.24 | $4.34 |
| EPS Growth | n/a | 41.45% | 5.44% | -93.98% | -3071.43% | 169.55% |
| Diluted Shares (k) | 7,895 | 10 | 9,694 | 8,580 | 8,817 | 10,975 |
| Free Cash Flow (k) | $26,408 | $51,160 | $70,874 | $93,185 | -$6,353 | $89,476 |
| Capital Expenditures | $2,187 | $2,887 | $6,437 | $3,318 | $6,341 | $6,094 |
| Current Ratio | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 |
