Tiptree Inc. (NASDAQ:TIPT) (“Tiptree” or the “Company”), today
announced its financial results for the fourth quarter 2023.
“We are extremely pleased with our performance in the fourth
quarter and full-year 2023. Our operating businesses demonstrated
strong performance, resulting in an increase of revenues to $1.6
billion for the year, accompanied by an adjusted return on equity
of 15.2%. Notably, Fortegra, our specialty insurance business,
achieved record results, with premium and premium equivalent growth
of 21%, and an adjusted return on equity of 29%. We firmly believe
Fortegra is strategically positioned to maintain a trajectory of
consistent top-line growth and sustained underwriting profitability
over the long-term. Looking ahead, we see significant opportunities
to expand our businesses and remain confident in the long-term
outlook for the company”, said Tiptree’s Executive Chairman,
Michael Barnes.
Financial results for the quarter and year ended December 31,
2023 and 2022 are as follows:
Three Months Ended December
31,
Year Ended December
31,
($ in thousands, except per share
information)
2023
2022
2023
2022
Total revenues
$
446,374
$
369,528
$
1,649,031
$
1,397,752
Net income (loss) attributable to common
stockholders
$
6,871
$
871
$
13,951
$
(8,274
)
Diluted earnings per share
$
0.15
$
0.02
$
0.33
$
(0.23
)
Cash dividends paid per common share
$
0.05
$
0.04
$
0.20
$
0.16
Return on average equity
6.8
%
0.9
%
3.4
%
(2.1
)%
Non-GAAP:
(1)
Adjusted net income
$
13,854
$
9,684
$
61,917
$
53,034
Adjusted return on average equity
13.6
%
9.9
%
15.2
%
13.6
%
(1) See “—Non-GAAP Reconciliations” for a
discussion of non-GAAP financial measures. Adjusted net income is
presented after the impacts of non-controlling interests.
Fourth Quarter 2023 Summary
- Revenues of $446.4 million for the quarter, an increase of
20.8% from Q4'22, driven by growth in Fortegra’s specialty
insurance lines. Excluding investment gains and losses, revenues
increased 23.8%.
- Net income of $6.9 million compared to $0.9 million in Q4'22,
driven by growth in our insurance business, partially offset by
lower shipping income as a result of the sale of our vessels in
2022.
- Adjusted net income of $13.9 million increased by 43.1% from
$9.7 million in Q4'22, driven by growth in our insurance
operations. Annualized Adjusted return on average equity was 13.6%
for the quarter, as compared to 9.9% in Q4'22.
- Declared a dividend of $0.06 per share (an increase of 20%) to
stockholders of record on March 11, 2024 with a payment date of
March 18, 2024.
Full Year 2023 Summary
- Revenues of $1.6 billion, an increase of 18.0% from 2022,
driven by growth in Fortegra’s specialty insurance lines. Excluding
investment gains and losses, revenues increased 19.3%.
- Net income of $14.0 million compared to net loss of $8.3
million in 2022, driven by growth in insurance operations and the
decrease in tax expense related to the tax deconsolidation of
Fortegra from $33.1 million in 2022 to $19.1 million in 2023,
partially offset by lower mortgage and the sale of our vessels in
2022.
- Adjusted net income of $61.9 million increased by 16.7% from
$53.0 million in 2022, driven by revenue growth in our insurance
operations while maintaining a consistent combined ratio. Adjusted
return on average equity was 15.2% for the year, as compared to
13.6% in 2022.
Segment Financial Highlights - Fourth Quarter 2023
Insurance (The Fortegra Group):
Three Months Ended December
31,
Year Ended December
31,
($ in thousands)
2023
2022
2023
2022
Gross written premiums and premium
equivalents
$
724,124
$
526,557
$
2,747,854
$
2,263,128
Net written premiums
$
384,309
$
245,178
$
1,319,948
$
1,089,390
Revenues
$
433,170
$
345,408
$
1,593,070
$
1,248,796
Income before taxes
$
44,232
$
29,093
$
129,816
$
68,150
Return on average equity
36.9
%
23.2
%
25.7
%
14.6
%
Combined ratio
89.8
%
89.8
%
90.3
%
90.4
%
Non-GAAP:
(1)
Adjusted net income
$
32,604
$
23,939
$
115,705
$
83,832
Adjusted return on average equity
30.9
%
29.3
%
29.2
%
26.1
%
(1) See “—Non-GAAP Reconciliations” for a
discussion of non-GAAP financial measures. Adjusted net income is
presented before the impacts of non-controlling interests.
- Gross written premiums and premium equivalents grew 37.5% for
the quarter and 21.4% for the year, driven by growth in specialty
E&S and admitted insurance lines in the U.S. and Europe, along
with benefits from a book-roll transaction with one of Fortegra’s
MGA partners.
- Net written premiums were $384.3 million for the quarter, an
increase of 56.7%, and $1,319.9 million for the year, an increase
of 21.2%. The increases in both periods were consistent with the
growth in gross written premiums and premium equivalents and
increased retention on Fortegra’s whole account quota share
reinsurance agreement from 30% to 40%, effective April 1,
2023.
- Record revenues increased 25.4% for the quarter and 27.6% for
the year driven by premium growth in specialty E&S and admitted
lines, and services businesses in the U.S. and Europe, along with
growth in net investment income. Excluding the impact of investment
gains and losses, revenues increased by 24.6% for the quarter and
25.9% for the year.
- The combined ratio for the quarter was 89.8%, in-line with the
prior year’s period. Total year 2023 combined ratio was 90.3%, as
compared to 90.4% in 2022, reflecting the consistent underwriting
performance and scalability of the Company’s operating
platform.
- Record income before taxes for the quarter of $44.2 million, up
$15.1 million. Total year 2023 income before the taxes was $129.8
million, up $61.7 million. After-tax return on equity for the year
was 25.7%, compared to 14.6% in 2022. The increases were driven by
growth in underwriting and fee revenues, the consistent combined
ratio and improved contributions from the investment
portfolio.
- Adjusted net income for the quarter of $32.6 million, up 36.2%
from Q4'22. Total year 2023 adjusted net income was $115.7 million,
up 38.0% from prior year. Adjusted return on average equity for the
year was 29.2%, compared to 26.1% in 2022. The increases in both
periods were driven by growth in underwriting and fee income and
increased net investment income.
- As of December 31, 2023, Fortegra held an outstanding balance
of $130.0 million on its revolving line of credit, as compared to a
balance of $46.0 million as of September 30, 2023. The increase in
borrowings was primarily to fund statutory capital requirements and
general corporate purposes.
- In December 2023, Fortegra entered into a commutation agreement
with a partner resulting in a reduction of policy liabilities and
unpaid claims of $75.6 million relating to policies written in the
2020 and 2021 treaty years.
Tiptree Capital:
Three Months Ended December
31,
Year Ended December
31,
($ in thousands)
2023
2022
2023
2022
Revenues
$
13,204
$
24,120
$
55,961
$
148,956
Income before taxes
$
(2,058
)
$
8,459
$
(6,549
)
$
32,277
Return on average equity
(3.8
)%
21.8
%
(3.6
)%
16.9
%
Non-GAAP:
(1)
Adjusted net income
$
(407
)
$
(787
)
$
(159
)
$
8,969
Adjusted return on average equity
(0.9
)%
(2.5
)%
(0.1
)%
5.8
%
(1) See “—Non-GAAP Reconciliations” for a
discussion of non-GAAP financial measures. Adjusted net income is
presented before the impacts of non-controlling interests.
- Tiptree Capital loss before taxes was $2.1 million for the
quarter, compared to income of $8.5 million in Q4’22, driven by
lower mortgage revenues and the sale of vessels in 2022.
- Loss before taxes was $6.5 million for the year, down from the
prior year driven by the sale of five vessels in 2022, losses on
Invesque and lower mortgage revenues, partially offset by improved
performance in the Company’s other investment holdings.
- Total Tiptree Capital book value was $178.1 million as of
Q4’23.
Corporate:
Corporate includes expenses of the holding company for employee
compensation and benefits, audit and professional fees, and public
company and other expenses. For the quarter, corporate expenses
were $12.1 million compared to $12.5 million in Q4'22. For the
year, the corporate expenses were $40.2 million compared to $46.4
million in the prior year. The decrease was primarily driven by
lower interest expense as we repaid our corporate holding company
borrowings in June 2022.
Non-GAAP
Management uses Adjusted net income and Adjusted return on
average equity as measurements of operating performance. Management
believes these measures provide supplemental information useful to
investors as they are frequently used by the financial community to
analyze financial performance and comparison among companies.
Management uses Adjusted net income and adjusted return on average
equity as part of its capital allocation process and to assess
comparative returns on invested capital. Adjusted net income
represents income before taxes, less provision (benefit) for income
taxes, and excluding the after-tax impact of various expenses that
we consider to be unique and non-recurring in nature, stock-based
compensation, net realized and unrealized gains (losses), and
intangibles amortization associated with purchase accounting, all
of which is reduced for non-controlling interests. Adjusted net
income and Adjusted return on average equity are presented before
the impacts of non-controlling interests. Adjusted net income and
Adjusted return on average equity are not measurements of financial
performance or liquidity under GAAP and should not be considered as
an alternative or substitute for GAAP net income. See “Non-GAAP
Reconciliations” for a reconciliation of these measures to their
GAAP equivalents.
Earnings Conference Call
Tiptree will host a conference call on Thursday, February 29,
2024 at 10:30 a.m. Eastern Time to discuss its Q4 2023 financial
results. A copy of our investor presentation, to be used during the
conference call, as well as this press release, will be available
in the Investor Relations section of the Company’s website, located
at www.tiptreeinc.com.
The conference call will be available via live or archived
webcast at https://investors.tiptreeinc.com. To listen to a live
broadcast, go to the site at least 15 minutes prior to the
scheduled start time in order to register, download and install any
necessary audio software. To participate in the telephone
conference call, please dial 1-877-407-4018 (domestic) or
1-201-689-8471 (international). Please dial in at least five
minutes prior to the start time.
A replay of the call will be available from Thursday, February
29, 2024 at 01:30 p.m. Eastern Time, until midnight Eastern on
Thursday, March 7, 2024. To listen to the replay, please dial
1-844-512-2921 (domestic) or 1-412-317-6671 (international),
Passcode: 13743665.
About Tiptree
Tiptree Inc. (NASDAQ: TIPT) allocates capital to select small
and middle market companies with the mission of building long-term
value. Established in 2007, Tiptree has a significant track record
investing across a variety of industries and asset types, including
the insurance, asset management, specialty finance, real estate and
shipping sectors. With proprietary access and a flexible capital
base, Tiptree seeks to uncover compelling investment opportunities
and support management teams in unlocking the full value potential
of their businesses. For more information, please visit
tiptreeinc.com and follow us on LinkedIn.
Forward-Looking
Statements
This release contains “forward-looking statements” which involve
risks, uncertainties and contingencies, many of which are beyond
the Company’s control, which may cause actual results, performance,
or achievements to differ materially from anticipated results,
performance, or achievements. All statements contained in this
release that are not clearly historical in nature are
forward-looking, and the words “anticipate,” “believe,” “estimate,”
“expect,” “intend,” “may,” “might,” “plan,” “project,” “should,”
“target,” “will,” or similar expressions are intended to identify
forward-looking statements. Such forward-looking statements
include, but are not limited to, statements about the Company’s
plans, objectives, expectations for our businesses and intentions.
In addition, we make certain forward-looking statements regarding
the Company’s plans to take Fortegra public. Any initial public
offering by Fortegra would be subject to a variety of factors,
including market conditions, and may not be consummated. The
forward-looking statements are not guarantees of future performance
and are subject to risks, uncertainties and other factors, many of
which are beyond our control, are difficult to predict and could
cause actual results to differ materially from those expressed or
forecast in the forward-looking statements. Our actual results
could differ materially from those anticipated in these
forward-looking statements as a result of various factors,
including, but not limited to those described in the section
entitled “Risk Factors” in the Company’s Annual Report on Form
10-K, and as described in the Company’s other filings with the
Securities and Exchange Commission. Readers are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as to the date of this release. The factors described
therein are not necessarily all of the important factors that could
cause actual results or developments to differ materially from
those expressed in any of our forward-looking statements. Other
unknown or unpredictable factors also could affect our
forward-looking statements. Consequently, our actual performance
could be materially different from the results described or
anticipated by our forward-looking statements. Given these
uncertainties, you should not place undue reliance on these
forward-looking statements. Except as required by the federal
securities laws, we undertake no obligation to update any
forward-looking statements.
Tiptree Inc.
Condensed Consolidated Balance
Sheets
($ in thousands, except share data)
As of December 31,
2023
2022
Assets:
Investments:
Available for sale securities, at fair
value, net of allowance for credit losses
$
802,609
$
611,980
Loans, at fair value
69,556
64,843
Equity securities
68,308
85,776
Other investments
111,088
73,025
Total investments
1,051,561
835,624
Cash and cash equivalents
468,711
538,065
Restricted cash
23,850
12,782
Notes and accounts receivable, net
684,608
502,311
Reinsurance recoverable
953,886
450,620
Prepaid reinsurance premiums
900,524
725,470
Deferred acquisition costs
565,746
498,925
Goodwill
206,155
186,608
Intangible assets, net
118,757
117,015
Other assets
165,515
172,143
Total assets
$
5,139,313
$
4,039,563
Liabilities and Stockholders’
Equity
Liabilities:
Debt, net
$
402,411
$
259,366
Unearned premiums
1,695,058
1,357,436
Policy liabilities and unpaid claims
844,848
567,193
Deferred revenue
673,085
649,150
Reinsurance payable
543,602
305,097
Other liabilities and accrued expenses
403,744
367,748
Total liabilities
$
4,562,748
$
3,505,990
Stockholders’ Equity:
Preferred stock: $0.001 par value,
100,000,000 shares authorized, none issued or outstanding
$
—
$
—
Common stock: $0.001 par value,
200,000,000 shares authorized, 36,756,187 and 36,385,299 shares
issued and outstanding, respectively
37
36
Additional paid-in capital
382,239
382,645
Accumulated other comprehensive income
(loss), net of tax
(26,073
)
(39,429
)
Retained earnings
60,663
54,113
Total Tiptree Inc. stockholders’
equity
416,866
397,365
Non-controlling interests:
Fortegra preferred interests
77,679
77,679
Common interests
82,020
58,529
Total non-controlling interests
159,699
136,208
Total stockholders’ equity
576,565
533,573
Total liabilities and stockholders’
equity
$
5,139,313
$
4,039,563
Tiptree Inc.
Condensed Consolidated Statements of
Operations
($ in thousands, except share data)
Three Months Ended
December 31,
Year Ended
December 31,
2023
2022
2023
2022
Revenues:
Earned premiums, net
$
301,416
$
242,531
$
1,127,834
$
904,765
Service and administrative fees
105,678
87,837
395,969
320,720
Ceding commissions
4,154
3,994
14,915
13,880
Net investment income
7,061
2,055
26,674
12,219
Net realized and unrealized gains
(losses)
12,277
19,933
24,736
69,983
Other revenue
15,788
13,178
58,903
76,185
Total revenues
446,374
369,528
1,649,031
1,397,752
Expenses:
Policy and contract benefits
158,419
122,252
601,794
452,605
Commission expense
160,140
140,251
603,033
522,686
Employee compensation and benefits
48,231
39,730
179,075
182,657
Interest expense
7,467
5,403
27,692
30,240
Depreciation and amortization
5,991
5,259
23,466
22,973
Other expenses
36,061
31,602
130,918
132,580
Total expenses
416,309
344,497
1,565,978
1,343,741
Income (loss) before taxes
30,065
25,031
83,053
54,011
Less: provision (benefit) for income
taxes
13,937
18,913
43,056
50,450
Net income (loss)
16,128
6,118
39,997
3,561
Less: net income (loss) attributable to
non-controlling interests
9,257
5,247
26,046
11,835
Net income (loss) attributable to
common stockholders
$
6,871
$
871
$
13,951
$
(8,274
)
Net income (loss) per common
share:
Basic earnings per share
$
0.19
$
0.02
$
0.38
$
(0.23
)
Diluted earnings per share
$
0.15
$
0.02
$
0.33
$
(0.23
)
Weighted average number of common
shares:
Basic
36,755,768
36,330,653
36,693,204
35,531,149
Diluted
37,744,257
37,161,862
37,619,095
35,531,149
Dividends declared per common share
$
0.05
$
0.04
$
0.20
$
0.16
Tiptree Inc. Non-GAAP Reconciliations
(Unaudited)
Non-GAAP Financial Measures — Adjusted
net income and Adjusted return on average equity
Adjusted net income is defined as income before taxes, less
provision (benefit) for income taxes, and excluding the after-tax
impact of various expenses that we consider to be unique and
non-recurring in nature, including merger and acquisition related
expenses, stock-based compensation, net realized and unrealized
gains (losses) and intangibles amortization associated with
purchase accounting, all of which is reduced for non-controlling
interests. The calculation of adjusted net income excludes net
realized and unrealized gains (losses) that relate to investments
or assets rather than business operations. Adjusted net income is
presented before the impacts of non-controlling interests. Adjusted
return on average equity represents adjusted net income expressed
on an annualized basis as a percentage of average beginning and
ending stockholders’ equity during the period. Management uses
Adjusted net income and adjusted return on average equity as part
of its capital allocation process and to assess comparative returns
on invested capital. We believe adjusted net income provides
additional clarity on the results of the Company’s underlying
business operations as a whole for the periods presented by
excluding distortions created by the unpredictability and
volatility of realized and unrealized gains (losses). We also
believe adjusted net income provides useful supplemental
information to investors as it is frequently used by the financial
community to analyze financial performance between periods and for
comparison among companies.
Three Months Ended December
31, 2023
Tiptree Capital
($ in thousands)
Insurance
Mortgage
Other
Corporate
Total
Income (loss) before taxes
$
44,232
$
(2,391
)
$
333
$
(12,109
)
$
30,065
Less: Income tax (benefit) expense
(5,288
)
606
(266
)
(8,989
)
(13,937
)
Less: Net realized and unrealized gains
(losses) (1)
(6,395
)
2,794
(596
)
—
(4,197
)
Plus: Intangibles amortization (2)
4,252
—
—
—
4,252
Plus: Stock-based compensation expense
780
—
—
1,219
1,999
Plus: Non-recurring expenses (3)
348
—
—
—
348
Plus: Non-cash fair value adjustments
(4)
842
—
—
—
842
Plus: Impact of tax deconsolidation of
Fortegra(5)
—
—
—
8,891
8,891
Less: Tax on adjustments (6)
(6,167
)
(702
)
(185
)
(671
)
(7,725
)
Adjusted net income (before NCI)
$
32,604
$
307
$
(714
)
$
(11,659
)
$
20,538
Less: Impact of non-controlling
interests
(6,684
)
—
—
—
(6,684
)
Adjusted net income
$
25,920
$
307
$
(714
)
$
(11,659
)
$
13,854
Adjusted net income (before NCI)
$
32,604
$
307
$
(714
)
$
(11,659
)
$
20,538
Average stockholders’ equity
$
422,327
$
53,188
$
128,827
$
(44,272
)
$
560,070
Adjusted return on average equity (7)
30.9
%
2.3
%
(2.2
)%
NM%
14.7
%
Three Months Ended December
31, 2022
($ in thousands)
Tiptree Capital
Insurance
Mortgage
Other
Corporate
Total
Income (loss) before taxes
$
29,093
$
(2,476
)
$
10,935
$
(12,521
)
$
25,031
Less: Income tax (benefit) expense
(10,152
)
511
(2,076
)
(7,196
)
(18,913
)
Less: Net realized and unrealized gains
(losses) (1)
(2,804
)
973
(10,495
)
—
(12,326
)
Plus: Intangibles amortization (2)
4,083
—
—
—
4,083
Plus: Stock-based compensation expense
47
—
(98
)
1,656
1,605
Plus: Non-recurring expenses (3)
1,813
—
140
—
1,953
Plus: Non-cash fair value adjustments
(4)
(939
)
—
1
—
(938
)
Plus: Impact of tax deconsolidation of
Fortegra (5)
—
—
—
9,029
9,029
Less: Tax on adjustments (6)
2,798
(150
)
1,948
448
5,044
Adjusted net income (before NCI)
$
23,939
$
(1,142
)
$
355
$
(8,584
)
$
14,568
Less: Impact of non-controlling
interests
(4,884
)
—
—
—
(4,884
)
Adjusted net income
$
19,055
$
(1,142
)
$
355
$
(8,584
)
$
9,684
Adjusted net income (before NCI)
$
23,939
$
(1,142
)
$
355
$
(8,584
)
$
14,568
Average stockholders’ equity
$
326,431
$
55,726
$
70,628
$
73,789
$
526,574
Adjusted return on average equity (7)
29.3
%
(8.2
)%
2.0
%
NM%
11.1
%
Year Ended December 31,
2023
Tiptree Capital
($ in thousands)
Insurance
Mortgage
Other
Corporate
Total
Income (loss) before taxes
$
129,816
$
(3,285
)
$
(3,264
)
$
(40,214
)
$
83,053
Less: Income tax (benefit) expense
(28,224
)
837
153
(15,822
)
(43,056
)
Less: Net realized and unrealized gains
(losses) (1)
4,207
1,861
5,289
—
11,357
Plus: Intangibles amortization (2)
16,919
—
—
—
16,919
Plus: Stock-based compensation expense
2,018
—
—
6,251
8,269
Plus: Non-recurring expenses (3)
2,824
—
—
—
2,824
Plus: Non-cash fair value adjustments
(4)
(1,769
)
—
—
—
(1,769
)
Plus: Impact of tax deconsolidation of
Fortegra (5)
—
—
—
19,101
19,101
Less: Tax on adjustments (6)
(10,086
)
(495
)
(1,255
)
797
(11,039
)
Adjusted net income (before NCI)
$
115,705
$
(1,082
)
$
923
$
(29,887
)
$
85,659
Less: Impact of non-controlling
interests
(23,742
)
—
—
—
(23,742
)
Adjusted net income
$
91,963
$
(1,082
)
$
923
$
(29,887
)
$
61,917
Adjusted net income (before NCI)
$
115,705
$
(1,082
)
$
923
$
(29,887
)
$
85,659
Average stockholders’ equity
$
395,661
$
53,520
$
100,325
$
5,564
$
555,070
Adjusted return on average equity (7)
29.2
%
(2.0
)%
0.9
%
NM%
15.4
%
Year Ended December 31,
2022
Tiptree Capital
($ in thousands)
Insurance
Mortgage
Other
Corporate
Total
Income (loss) before taxes
$
68,150
$
874
$
31,403
$
(46,416
)
$
54,011
Less: Income tax (benefit) expense
(21,251
)
(363
)
(5,545
)
(23,291
)
(50,450
)
Less: Net realized and unrealized gains
(losses) (1)
20,347
(7,003
)
(18,788
)
—
(5,444
)
Plus: Intangibles amortization (2)
16,229
—
—
—
16,229
Plus: Stock-based compensation expense
2,423
—
—
7,093
9,516
Plus: Non-recurring expenses (3)
3,374
—
(729
)
2,108
4,753
Plus: Non-cash fair value adjustments
(4)
(939
)
—
3,555
—
2,616
Plus: Impact of tax deconsolidation of
Fortegra (5)
1,560
—
—
31,573
33,133
Less: Tax on adjustments (6)
(6,061
)
1,834
3,731
(467
)
(963
)
Adjusted net income (before NCI)
$
83,832
$
(4,658
)
$
13,627
$
(29,400
)
$
63,401
Less: Impact of non-controlling
interests
(10,367
)
—
—
—
(10,367
)
Adjusted net income
$
73,465
$
(4,658
)
$
13,627
$
(29,400
)
$
53,034
Adjusted net income (before NCI)
$
83,832
$
(4,658
)
$
13,627
$
(29,400
)
$
63,401
Average stockholders’ equity
$
321,320
$
57,575
$
98,373
$
(10,390
)
$
466,878
Adjusted return on average equity (7)
26.1
%
(8.1
)%
13.9
%
NM%
13.6
%
Notes
(1)
Net realized and unrealized gains (losses)
added back in Adjusted net income excludes net realized and
unrealized gains (losses) from the mortgage segment, those relating
to our held-for-sale mortgage originator (Luxury), and unrealized
gains (losses) on mortgage servicing rights.
(2)
Specifically associated with acquisition
purchase accounting. See Note (9) Goodwill and Intangible Assets,
net, of the Company’s Form 10-K for the period ended December 31,
2023.
(3)
For the three months and year ended
December 31, 2023, included in other expenses were expenses related
to banker and legal fees associated with the acquisitions of Premia
and ITC.
(4)
For the three months and year ended
December 31, 2023, non-cash fair-value adjustments represent a
change in fair value of the Fortegra Additional Warrant liability
which are added-back to adjusted net income. For the 2022 periods,
maritime transportation depreciation and amortization was deducted
as a reduction in the value of the vessel.
(5)
For the three months and year ended
December 31, 2023, included in the adjustment is an add-back of
$8.9 million and $19.1 million, respectively, related to deferred
tax expense from the WP Transaction. For the three months and year
ended December 31, 2022, included in the adjustment is an add-back
of $9.0 million and $33.1 million, respectively, related to
deferred tax expense from the WP Transaction.
(6)
Tax on adjustments represents the tax
applied to the total non-GAAP adjustments and includes adjustments
for non-recurring or discrete tax impacts.
(7)
Total Adjusted return on average equity,
after non-controlling interests was 13.6% and 9.9% for the three
months ended December 31, 2023 and 2022, respectively, based on
$13.9 million and $9.7 million of Adjusted net income over $406.5
million and $392.3 million of average Tiptree Inc. stockholders’
equity, and 15.2% and 13.6% for the years ended December 31, 2023
and 2022, respectively, based on $61.9 million and $53.0 million of
Adjusted net income over $407.1 million and $390.2 million of
average Tiptree Inc. stockholders’ equity.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240228258875/en/
Tiptree Inc. Investor Relations, 212-446-1400
ir@tiptreeinc.com
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