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Section 1: 10-Q (10-Q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
    
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarterly period ended June 30, 2020
OR
     
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from            to            
Commission File Number: 001-33549
Tiptree Inc.
(Exact name of Registrant as Specified in Its Charter)
Maryland                                38-3754322
(State or Other Jurisdiction of Incorporation of Organization        (IRS Employer Identification No.)

299 Park Avenue, 13th Floor, New York, New York                10171
(Address of Principal Executive Offices)                    Zip Code

Registrant’s Telephone Number, Including Area Code: (212446-1400
 
Securities registered pursuant to Section 12(b) of the Act:

Title of each class            Trading Symbol(s)    Name of each exchange on which registered
common stock, par value $0.001 per share        TIPT            NASDAQ Capital Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x No ¨ 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes x     No   ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer ¨                    Accelerated filer x
Non-accelerated filer ¨                    Smaller reporting company
Emerging growth company

If an emerging company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.)    Yes     No

As of August 1, 2020, there were 33,698,153 shares, par value $0.001, of the registrant’s common stock outstanding.




Tiptree Inc.
Quarterly Report on Form 10-Q
June 30, 2020

Table of Contents
ITEM
 
Page Number
 
Item 1. Financial Statements (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
(6) Investments
 
 
 
(9) Goodwill and Intangible Assets, net
 
 
 
 
 
 
(15) Other Assets and Other Liabilities and Accrued Expenses
 
 
 
 
(19) Stock Based Compensation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 1A. Risk Factors
 
 
 
 
 
 
 



PART I. FINANCIAL INFORMATION
Forward-Looking Statements

Except for the historical information included and incorporated by reference in this Quarterly Report on Form 10-Q, the information included and incorporated by reference herein are “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements provide our current expectations or forecasts of future events and are not statements of historical fact. These forward-looking statements include information about possible or assumed future events, including, among other things, discussion and analysis of our future financial condition, results of operations and our strategic plans and objectives. When we use words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “project,” “should,” “target,” “will,” or similar expressions, we intend to identify forward-looking statements.

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 forecasted 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 our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, in this Quarterly Report on Form 10-Q and in our other public filings with the SEC.
 
The factors described herein 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 applicable law, we undertake no obligation to update any forward-looking statements.

Market and Industry Data

Certain market data and industry data included in this Quarterly Report on Form 10-Q were obtained from reports of governmental agencies and industry publications and surveys. We believe the data from third party sources to be reliable based upon our management’s knowledge of the industry, but have not independently verified such data and as such, make no guarantees as to its accuracy, completeness or timeliness.

Note to Reader

In reading this Quarterly Report on Form 10-Q, references to:
“A.M. Best” means A.M. Best Company, Inc.
“CARES Act” means the Coronavirus Aid, Relief, and Economic Security Act.
“CLOs” means collateralized loan obligations.
“Corvid Peak” means collectively: Corvid Peak Holdings, L.P., Corvid Peak Capital Management, LLC, Corvid Peak GP Holdings, LLC and Corvid Peak Holdings GP, LLC, formerly known as “Tricadia”.
“EBITDA” means earnings before interest, taxes, depreciation and amortization.
“Exchange Act” means the Securities Exchange Act of 1934, as amended.
“Fortress” means Fortress Credit Corp., as administrative agent, collateral agent and lead arranger, and affiliates of Fortress that are lenders under the Credit Agreement among the Company, Fortress and the lenders party thereto.
“Fortegra” means Fortegra Financial Corporation.
“GAAP” means U.S. generally accepted accounting principles.
“Invesque” means Invesque Inc.
“Luxury” means Luxury Mortgage Corp.
“NAIC” means the National Association of Insurance Commissioners.
“NPL” means nonperforming residential real estate mortgage loans.
“Operating Company” means Tiptree Operating Company, LLC.
“Reliance” means Reliance First Capital, LLC.
“SEC” means the U.S. Securities and Exchange Commission.
“Securities Act” means the Securities Act of 1933, as amended.
“Smart AutoCare” means the following entities and their subsidiaries operating under the Smart AutoCare brand: SAC Holdings, Inc., Freedom Insurance Company, Ltd., Dealer Motor Services, Inc., Independent Dealer Group, Inc., Ownershield, Inc. and Accelerated Service Enterprise, LLC.

F- 1


“Tax Act” means Public Law no. 115-97, commonly referred to as the Tax Cuts and Jobs Act.
“Tiptree”, the “Company”, “we”, “its”, “us” and “our” means, unless otherwise indicated by the context, Tiptree Inc. and its consolidated subsidiaries.
“Transition Services Agreement” means the Amended and Restated Transition Services Agreement between Corvid Peak and Tiptree Inc., effective as of January 1, 2019.
“Tricadia” means collectively, Tricadia Holdings, L.P., Tricadia Capital Management, LLC, Tricadia Holdings GP, LLC, Tricadia Holdings and Tricadia GP Holdings LLC.

F- 2

TIPTREE INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share data)

Item 1. Financial Statements (Unaudited)

 
As of
 
June 30, 2020
 
December 31, 2019
Assets:
 
 
 
Investments:
 
 
 
Available for sale securities, at fair value, net of allowance for credit losses
$
345,718

 
$
335,192

Loans, at fair value
86,271

 
108,894

Equity securities
118,328

 
155,378

Other investments
207,524

 
137,472

Total investments
757,841

 
736,936

Cash and cash equivalents
80,604

 
133,117

Restricted cash
77,307

 
11,473

Notes and accounts receivable, net
324,617

 
286,968

Reinsurance receivables
591,034

 
539,833

Deferred acquisition costs
181,367

 
166,493

Goodwill
163,366

 
99,147

Intangible assets, net
136,525

 
47,974

Other assets
86,775

 
68,510

Assets held for sale
81,065

 
107,835

Total assets
$
2,480,501

 
$
2,198,286


 
 
 
Liabilities and Stockholders’ Equity
 
 
 
Liabilities:
 
 
 
Debt, net
$
402,282

 
$
374,454

Unearned premiums
712,592

 
754,993

Policy liabilities and unpaid claims
195,780

 
144,384

Deferred revenue
320,024

 
94,601

Reinsurance payable
169,297

 
143,869

Other liabilities and accrued expenses
258,192

 
172,140

Liabilities held for sale
75,145

 
102,430

Total liabilities
$
2,133,312

 
$
1,786,871


 
 
 
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, 33,676,183 and 34,562,553 shares issued and outstanding, respectively
34

 
35

Additional paid-in capital
318,817

 
326,140

Accumulated other comprehensive income (loss), net of tax
5,827

 
1,698

Retained earnings
11,143

 
70,189

Total Tiptree Inc. stockholders’ equity
335,821

 
398,062

Non-controlling interests
11,368

 
13,353

Total stockholders’ equity
347,189

 
411,415

Total liabilities and stockholders’ equity
$
2,480,501

 
$
2,198,286














See accompanying notes to condensed consolidated financial statements.

F- 3

TIPTREE INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except share data)


 
Three Months Ended  
 June 30,
 
Six Months Ended 
 June 30,
 
2020
 
2019
 
2020
 
2019
Revenues:

 

 
 
 
 
Earned premiums, net
$
107,255

 
$
116,576

 
$
228,576

 
$
235,549

Service and administrative fees
42,865

 
26,728

 
86,589

 
52,623

Ceding commissions
4,535

 
3,048

 
11,060

 
5,552

Net investment income
2,292

 
3,428

 
5,780

 
7,729

Net realized and unrealized gains (losses)
30,110

 
23,333

 
(32,331
)
 
43,444

Other revenue
12,137

 
17,959

 
29,191

 
30,078

Total revenues
199,194

 
191,072

 
328,865

 
374,975

Expenses:
 
 
 
 
 
 
 
Policy and contract benefits
49,147

 
39,422

 
110,023

 
80,263

Commission expense
67,903

 
72,737

 
138,304

 
147,640

Employee compensation and benefits
40,678

 
30,969

 
79,179

 
60,122

Interest expense
7,646

 
6,532

 
15,197

 
13,452

Depreciation and amortization
4,371

 
3,291

 
8,234

 
6,385

Other expenses
25,015

 
22,416

 
55,245

 
46,253

Total expenses
194,760

 
175,367

 
406,182

 
354,115

Income (loss) before taxes
4,434

 
15,705

 
(77,317
)
 
20,860

Less: provision (benefit) for income taxes
(5
)
 
3,501

 
(21,186
)
 
4,355

Net income (loss) before non-controlling interests
4,439

 
12,204

 
(56,131
)
 
16,505

Less: net income (loss) attributable to non-controlling interests
623

 
458

 
60

 
834

Net income (loss) attributable to common stockholders
$
3,816

 
$
11,746

 
$
(56,191
)
 
$
15,671

 
 
 
 
 
 
 
 
Net income (loss) per common share:
 
 
 
 
 
 
 
Basic earnings per share
$
0.11

 
$
0.33

 
$
(1.64
)
 
$
0.44

Diluted earnings per share
$
0.10

 
$
0.32

 
$
(1.64
)
 
$
0.43

 
 
 
 
 
 
 
 
Weighted average number of common shares:
 
 
 
 
 
 
 
Basic
33,984,195

 
34,527,230

 
34,269,096

 
34,599,739

Diluted
33,984,195

 
34,527,230

 
34,269,096

 
34,599,739

 
 
 
 
 
 
 
 
Dividends declared per common share
$
0.04

 
$
0.04

 
$
0.08

 
$
0.08






















See accompanying notes to condensed consolidated financial statements.

F- 4

TIPTREE INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
(in thousands)



 
Three Months Ended  
 June 30,
 
Six Months Ended 
 June 30,
 
2020
 
2019
 
2020
 
2019
Net income (loss) before non-controlling interests
$
4,439

 
$
12,204

 
$
(56,131
)
 
$
16,505

 
 
 
 
 
 
 
 
Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Unrealized gains (losses) on available for sale securities:
 
 
 
 
 
 
 
Unrealized holding gains (losses) arising during the period
4,998

 
2,531

 
5,357

 
5,659

Related tax (expense) benefit
(1,121
)
 
(561
)
 
(1,179
)
 
(1,274
)
Reclassification of (gains) losses included in net income
(87
)
 
(1,046
)
 
(91
)
 
(1,041
)
Related tax expense (benefit)
20

 
222

 
21

 
221

Unrealized gains (losses) on available for sale securities, net of tax
3,810

 
1,146

 
4,108

 
3,565

 
 
 
 
 
 
 
 
Other comprehensive income (loss), net of tax
3,810

 
1,146

 
4,108

 
3,565

Comprehensive income (loss)
8,249

 
13,350

 
(52,023
)
 
20,070

Less: Comprehensive income (loss) attributable to non-controlling interests
636

 
466

 
81

 
853

Comprehensive income (loss) attributable to common stockholders
$
7,613

 
$
12,884

 
$
(52,104
)
 
$
19,217







































See accompanying notes to condensed consolidated financial statements.

F- 5

TIPTREE INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)
(in thousands, except shares)


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stock
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of shares
 
Par value
 
Additional paid-in capital
 
Accumulated other comprehensive income (loss)
 
Retained earnings
 
Total
Tiptree Inc. stockholders’ equity
 
Non-controlling interests
 
Total stockholders' equity
Balance at December 31, 2019
34,562,553

 
$
35

 
$
326,140

 
$
1,698

 
$
70,189

 
$
398,062

 
$
13,353

 
$
411,415

Adoption of accounting standard (1)

 

 

 
42

 
(42
)
 

 

 

Amortization of share-based incentive compensation

 

 
1,941

 

 

 
1,941

 
1,522

 
3,463

Vesting of share-based incentive compensation (2)
455,798

 

 
(178
)
 

 

 
(178
)
 
(1,868
)
 
(2,046
)
Shares purchased under stock purchase plan
(1,342,168
)
 
(1
)
 
(8,499
)
 

 

 
(8,500
)
 

 
(8,500
)
Non-controlling interest distributions (2)

 

 
(587
)
 

 

 
(587
)
 
(1,220
)
 
(1,807
)
Net change in non-controlling interests

 

 

 

 

 

 
(500
)
 
(500
)
Dividends declared

 

 

 

 
(2,813
)
 
(2,813
)
 

 
(2,813
)
Other comprehensive income (loss), net of tax

 

 

 
4,087

 

 
4,087

 
21

 
4,108

Net income (loss)

 

 

 

 
(56,191
)
 
(56,191
)
 
60

 
(56,131
)
Balance at June 30, 2020
33,676,183

 
$
34

 
$
318,817

 
$
5,827

 
$
11,143

 
$
335,821

 
$
11,368

 
$
347,189

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at March 31, 2020
34,302,131

 
$
34

 
$
323,064

 
$
2,030

 
$
8,725

 
$
333,853

 
$
10,483

 
$
344,336

Amortization of share-based incentive compensation

 

 
741

 

 

 
741

 
1,179

 
1,920

Vesting of share-based incentive compensation
133,089

 

 
154

 

 

 
154

 
(2
)
 
152

Shares purchased under stock purchase plan
(759,037
)
 

 
(4,555
)
 

 

 
(4,555
)
 

 
(4,555
)
Non-controlling interest distributions (2)

 

 
(587
)
 

 

 
(587
)
 
(428
)
 
(1,015
)
Net change in non-controlling interests

 

 

 

 

 

 
(500
)
 
(500
)
Dividends declared

 

 

 

 
(1,398
)
 
(1,398
)
 

 
(1,398
)
Other comprehensive income (loss), net of tax

 

 

 
3,797

 

 
3,797

 
13

 
3,810

Net income (loss)

 

 

 

 
3,816

 
3,816

 
623

 
4,439

Balance at June 30, 2020
33,676,183

 
$
34

 
$
318,817

 
$
5,827

 
$
11,143

 
$
335,821

 
$
11,368

 
$
347,189


(1) 
Amounts reclassified due to adoption of ASU 2016-13. See Note (2) Summary of Significant Accounting Policies.
(2) 
Includes subsidiary RSU exchanges. See Note (19) Stock Based Compensation.


F- 6

TIPTREE INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)
(in thousands, except shares)

 
Common stock
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of shares
 
Par value
 
Additional paid-in capital
 
Accumulated other comprehensive income (loss)
 
Retained earnings
 
Total
Tiptree Inc. stockholders’ equity
 
Non-controlling interests
 
Total stockholders' equity
Balance at December 31, 2018
35,870,348

 
$
36

 
$
331,892

 
$
(2,058
)
 
$
57,231

 
$
387,101

 
$
12,158

 
$
399,259

Adoption of accounting standard (1)

 

 

 
(99
)
 
99

 

 

 

Amortization of share-based incentive compensation

 

 
1,533

 

 

 
1,533

 
1,313

 
2,846

Vesting of share-based incentive compensation (2)
142,814

 

 
(20
)
 

 

 
(20
)
 
(2,236
)
 
(2,256
)
Shares purchased under stock purchase plan
(1,472,730
)
 
(1
)
 
(9,084
)
 

 

 
(9,085
)
 

 
(9,085
)
Non-controlling interest contributions

 

 

 

 

 

 
50

 
50

Non-controlling interest distributions

 

 

 

 

 

 
(1,185
)
 
(1,185
)
Dividends declared

 

 

 

 
(2,661
)
 
(2,661
)
 

 
(2,661
)
Other comprehensive income (loss), net of tax

 

 

 
3,546

 

 
3,546

 
19

 
3,565

Net income (loss)

 

 

 

 
15,671

 
15,671

 
834

 
16,505

Balance at June 30, 2019
34,540,432

 
$
35

 
$
324,321

 
$
1,389

 
$
70,340

 
$
396,085

 
$
10,953

 
$
407,038

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at March 31, 2019
34,505,781

 
$
35

 
$
323,334

 
$
251

 
$
60,015

 
$
383,635

 
$
11,020

 
$