Business
Tiptree Reports Q1 2020 Results
Revenues of $129.7 million, a decrease of $54.2 million or 29.5% from the prior year period, primarily driven by net unrealized losses of $83.9 million on
About this update from Tiptree Inc.
[{"type":"text","content":"\n\nRevenues of $129.7 million, a decrease of $54.2 million or 29.5% from the prior year period, primarily driven by net unrealized losses of $83.9 million on investments impacted by market disruptions in Q1 2020.\n\n\n\n\nExcluding net unrealized losses, revenues were up 18.7% and Operating EBITDA(1) of $15.8 million increased 25.4% from the prior year period, primarily driven by improved performance in Tiptree Insurance.\n\n\n\n\nBook value per share of $9.73 as of March 31, 2020, a decrease of 15.2% (including dividends), driven by the unrealized mark-to-market losses on our investment in Invesque and other securities in our insurance investment portfolio.\n\n\n\n\nDeclared a dividend of $0.04 per share to stockholders of record on May 18, 2020 with a payment date of May 25, 2020.\n\n\n NEW YORK--(BUSINESS WIRE)--\nTiptree Inc. (NASDAQ:TIPT) (“Tiptree” or the “Company”), a holding company that combines specialty insurance operations with investment management, today announced its financial results for the three months ended March 31, 2020.\n\n\n\n\n\n \n\n\n\n($ in millions, except per share information)\n\n\n\n\nThree Months Ended\nMarch 31,\n\n\n\n\n\nGAAP:\n\n\n\n\n2020\n\n\n\n \n\n\n\n2019\n\n\n\n\n\nTotal revenues\n\n\n\n\n$\n\n\n\n129.7\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n183.9\n\n\n\n \n\n\n\n\n\nNet income (loss) attributable to common stockholders\n\n\n\n\n$\n\n\n\n(60.0\n\n\n\n)\n\n\n\n \n\n\n\n$\n\n\n\n3.9\n\n\n\n \n\n\n\n\n\nDiluted earnings per share\n\n\n\n\n$\n\n\n\n(1.74\n\n\n\n)\n\n\n\n \n\n\n\n$\n\n\n\n0.11\n\n\n\n \n\n\n\n\n\nCash dividends paid per common share\n\n\n\n\n$\n\n\n\n0.040\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n—\n\n\n\n \n\n\n\n\n\n \n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nNon-GAAP: (1)\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nOperating EBITDA\n\n\n\n\n$\n\n\n\n15.8\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n12.6\n\n\n\n \n\n\n\n\n\nAdjusted EBITDA\n\n\n\n\n$\n\n\n\n(70.9\n\n\n\n)\n\n\n\n \n\n\n\n$\n\n\n\n14.6\n\n\n\n \n\n\n\n\n\nBook value per share\n\n\n\n\n$\n\n\n\n9.73\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n11.12\n\n\n\n \n\n\n\n\n\n(1) For further information relating to the Company’s Operating EBITDA, Adjusted EBITDA and Book value per share, including a reconciliation to GAAP financials, see “—Non-GAAP Reconciliations” below.\n\n\nEarnings Conference Call\n\n\nTiptree will host a conference call on Friday, M...