Tiptree Inc

NASDAQ:TIPTUnited States

Oct 30, 2024

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• -- Earnings Flash (TIPT) TIPTREE Reports Q3 Revenue $494.4M, from 4:04PM ET on Wednesday Oct 30, 2024 by MT Newswires

  4:04PM ET on Wednesday Oct 30, 2024 by MT Newswires
  Companies Mentioned: TIPT
  04:04 PM EDT, 10/30/2024 (MT Newswires) -- ...

• Tiptree Announces Third Quarter 2024 Results, from 4:03PM ET on Wednesday Oct 30, 2024 by Dow Jones

  4:03PM ET on Wednesday Oct 30, 2024 by Dow Jones
  Companies Mentioned: TIPT
  --------------------------------------------------------------- Tiptree Capital ------------------------ ($ in thousands) Insurance Mortgage Other Corporate Total ------------ ----------- ----------- --------- ------------ Income (loss) before taxes $135,270 $ 1,192 $ 602 $(29,938) $107,126 Less: Income tax (benefit) expense (35,604) (244) (704) (12,247) (48,799) Less: Net realized and unrealized gains (losses) (1) (7,582) 428 726 -- (6,428) Plus: Intangibles amortization (2) 11,557 -- -- -- 11,557 Plus: Stock-based compensation expense 5,999 -- -- 7,190 13,189 Plus: Non-recurring expenses (3) 3,455 -- -- -- 3,455 Plus: Non-cash fair value adjustments (4) 6,018 -- -- -- 6,018 Plus: Impact of tax deconsolidation of Fortegra (5) -- -- -- 16,729 16,729 Less: Tax on adjustments (6) (4,622) (145) 246 (1,752) (6,273) ------- ------ ------ ------- ------- Adjusted net income (before NCI) $114,491 $ 1,231 $ 870 $(20,018) $ 96,574 Less: Impact of non-controlling interests (23,747) -- -- -- (23,747) ------- ------ ------ ------- ------- Adjusted net income $ 90,744 $ 1,231 $ 870 $(20,018) $ 72,827 ======= ====== ====== ======= ======= Adjusted net income (before NCI) $114,491 $ 1,231 $ 870 $(20,018) $ 96,574 Average stockholders' equity $529,486 $52,771 $91,263 $(57,137) $616,383 ------- ------ ------ ------- ------- Adjusted return on average equity (7) 28.8% 3.1% 1.3% NM% 20.9% ======= ====== ====== ========= ======= Nine Months Ended September 30, 2023 ---------------------------------------------------------------- Tiptree Capital ------------------------- ($ in thousands) Insurance Mortgage Other Corporate Total ------------ ----------- ------------ --------- ------------ Income (loss) before taxes $ 85,584 $ (894) $ (3,597) $(28,105) $ 52,988 Less: Income tax (benefit) expense (22,936) 231 419 (6,833) (29,119) Less: Net realized and unrealized gains (losses) (1) 10,602 (933) 5,885 -- 15,554 Plus: Intangibles amortization (2) 12,667 -- -- -- 12,667 Plus: Stock-based compensation expense 1,238 -- -- 5,032 6,270 Plus: Non-recurring expenses (3) 2,476 -- -- -- 2,476 Plus: Non-cash fair value adjustments (4) (2,611) -- -- -- (2,611) Plus: Impact of tax deconsolidation of Fortegra (5) -- -- -- 10,210 10,210 Less: Tax on adjustments (6) (3,919) 207 (1,070) 1,468 (3,314) ------- ------ ------- ------- ------- Adjusted net income (before NCI) $ 83,101 $(1,389) $ 1,637 $(18,228) $ 65,121 Less: Impact of non-controlling interests (17,058) -- -- -- (17,058) ------- ------ ------- ------- ------- Adjusted net income $ 66,043 $(1,389) $ 1,637 $(18,228) $ 48,063 ======= ====== ======= ======= ======= Adjusted net income (before NCI) $ 83,101 $(1,389) $ 1,637 $(18,228) $ 65,121 Average stockholders' equity $365,375 $54,411 $103,332 $ 15,456 $538,574 ------- ------ ------- ------- ------- Adjusted return on average equity (7) 30.3% (3.4)% 2.1% NM% 16.1% ======= ====== ======= ========= ======= 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 and unrealized gains (losses) on mortgage servicing rights. (2) Specifically associated with acquisition purchase accounting. See Note (8) Goodwill and Intangible Assets, net, of the Company's Form 10-Q for the period ended September 30, 2024. (3) For the three and nine months ended September 30, 2024 and 2023, included in other expenses were expenses related to legal and other expenses associated with preparation of the registration statement for the withdrawn Fortegra initial public offering in 2024 and acquisitions of services businesses in 2023. (4) For the three and nine months ended September 30, 2024 and 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. (5) For the three and nine months ended September 30, 2024 and 2023, included in the adjustment is an add-back of $5.9 million and $16.7 million, respectively, and $4.4 million and $10.2 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 24.8% and 17.9% for the three months ended September 30, 2024 and 2023, respectively, based on $27.9 million and $17.9 million of Adjusted net income over $449.2 million and $399.0 million of average Tiptree Inc. stockholders' equity. Total Adjusted return on average equity after non-controlling interests was 22.1% and 16.2% for the nine months ended September 30, 2024 and 2023, respectively, based on $72.8 million and $48.1 million of Adjusted net income over $439.4 million and $396.7 million of average Tiptree Inc. stockholders' equity.
  

• *DJ Tiptree 3Q EPS 29c >TIPT, from 4:03PM ET on Wednesday Oct 30, 2024 by Dow Jones

  4:03PM ET on Wednesday Oct 30, 2024 by Dow Jones
  Companies Mentioned: TIPT
  --------------------------------------------------------------- Tiptree Capital ------------------------ ($ in thousands) Insurance Mortgage Other Corporate Total ------------ ----------- ----------- --------- ------------ Income (loss) before taxes $135,270 $ 1,192 $ 602 $(29,938) $107,126 Less: Income tax (benefit) expense (35,604) (244) (704) (12,247) (48,799) Less: Net realized and unrealized gains (losses) (1) (7,582) 428 726 -- (6,428) Plus: Intangibles amortization (2) 11,557 -- -- -- 11,557 Plus: Stock-based compensation expense 5,999 -- -- 7,190 13,189 Plus: Non-recurring expenses (3) 3,455 -- -- -- 3,455 Plus: Non-cash fair value adjustments (4) 6,018 -- -- -- 6,018 Plus: Impact of tax deconsolidation of Fortegra (5) -- -- -- 16,729 16,729 Less: Tax on adjustments (6) (4,622) (145) 246 (1,752) (6,273) ------- ------ ------ ------- ------- Adjusted net income (before NCI) $114,491 $ 1,231 $ 870 $(20,018) $ 96,574 Less: Impact of non-controlling interests (23,747) -- -- -- (23,747) ------- ------ ------ ------- ------- Adjusted net income $ 90,744 $ 1,231 $ 870 $(20,018) $ 72,827 ======= ====== ====== ======= ======= Adjusted net income (before NCI) $114,491 $ 1,231 $ 870 $(20,018) $ 96,574 Average stockholders' equity $529,486 $52,771 $91,263 $(57,137) $616,383 ------- ------ ------ ------- ------- Adjusted return on average equity (7) 28.8% 3.1% 1.3% NM% 20.9% ======= ====== ====== ========= ======= Nine Months Ended September 30, 2023 ---------------------------------------------------------------- Tiptree Capital ------------------------- ($ in thousands) Insurance Mortgage Other Corporate Total ------------ ----------- ------------ --------- ------------ Income (loss) before taxes $ 85,584 $ (894) $ (3,597) $(28,105) $ 52,988 Less: Income tax (benefit) expense (22,936) 231 419 (6,833) (29,119) Less: Net realized and unrealized gains (losses) (1) 10,602 (933) 5,885 -- 15,554 Plus: Intangibles amortization (2) 12,667 -- -- -- 12,667 Plus: Stock-based compensation expense 1,238 -- -- 5,032 6,270 Plus: Non-recurring expenses (3) 2,476 -- -- -- 2,476 Plus: Non-cash fair value adjustments (4) (2,611) -- -- -- (2,611) Plus: Impact of tax deconsolidation of Fortegra (5) -- -- -- 10,210 10,210 Less: Tax on adjustments (6) (3,919) 207 (1,070) 1,468 (3,314) ------- ------ ------- ------- ------- Adjusted net income (before NCI) $ 83,101 $(1,389) $ 1,637 $(18,228) $ 65,121 Less: Impact of non-controlling interests (17,058) -- -- -- (17,058) ------- ------ ------- ------- ------- Adjusted net income $ 66,043 $(1,389) $ 1,637 $(18,228) $ 48,063 ======= ====== ======= ======= ======= Adjusted net income (before NCI) $ 83,101 $(1,389) $ 1,637 $(18,228) $ 65,121 Average stockholders' equity $365,375 $54,411 $103,332 $ 15,456 $538,574 ------- ------ ------- ------- ------- Adjusted return on average equity (7) 30.3% (3.4)% 2.1% NM% 16.1% ======= ====== ======= ========= ======= 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 and unrealized gains (losses) on mortgage servicing rights. (2) Specifically associated with acquisition purchase accounting. See Note (8) Goodwill and Intangible Assets, net, of the Company's Form 10-Q for the period ended September 30, 2024. (3) For the three and nine months ended September 30, 2024 and 2023, included in other expenses were expenses related to legal and other expenses associated with preparation of the registration statement for the withdrawn Fortegra initial public offering in 2024 and acquisitions of services businesses in 2023. (4) For the three and nine months ended September 30, 2024 and 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. (5) For the three and nine months ended September 30, 2024 and 2023, included in the adjustment is an add-back of $5.9 million and $16.7 million, respectively, and $4.4 million and $10.2 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 24.8% and 17.9% for the three months ended September 30, 2024 and 2023, respectively, based on $27.9 million and $17.9 million of Adjusted net income over $449.2 million and $399.0 million of average Tiptree Inc. stockholders' equity. Total Adjusted return on average equity after non-controlling interests was 22.1% and 16.2% for the nine months ended September 30, 2024 and 2023, respectively, based on $72.8 million and $48.1 million of Adjusted net income over $439.4 million and $396.7 million of average Tiptree Inc. stockholders' equity.