Hci Group Inc (HCI) 2025 Q2 法說會逐字稿

Good afternoon, and welcome to HCI Group's second quarter 2025 earnings call. My name is Paul, and I will be your conference operator.

下午好，歡迎參加 HCI Group 2025 年第二季財報電話會議。我叫保羅，我將擔任您的會議接線生。

(Operator Instructions) Before we begin today's call, I would like to remind everyone that this conference call is being recorded and will be available for replay through September 6, 2025, starting later today. The call is also being broadcast live via webcast and available via webcast replay until August 8, 2026, on the investor information section of HCI Group's website at www.hcigroup.com.

（操作員指示）在我們開始今天的電話會議之前，我想提醒大家，本次電話會議正在錄音，並將於今天晚些時候開始重播至 2025 年 9 月 6 日。此次電話會議也將透過網路直播進行現場直播，並可透過網路直播重播，直至 2026 年 8 月 8 日，在 HCI Group 網站 www.hcigroup.com 的投資者資訊部分提供。

I would now like to turn the call over to Bill Broomall, VP of Investor Relations. Bill, please proceed.

現在我想將電話轉給投資者關係副總裁 Bill Broomall。比爾，請繼續。

Thank you, and good afternoon. Welcome to HCI Group's second quarter 2025 earnings call. To access today's webcast, please visit the investor information section of our corporate website at www.hcigroup.com.

謝謝，下午好。歡迎參加 HCI 集團 2025 年第二季財報電話會議。要觀看今天的網路廣播，請訪問我們公司網站 www.hcigroup.com 的投資者資訊部分。

Before we begin, I would like to take the opportunity to remind our listeners that today's presentation and responses to questions may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995.

在我們開始之前，我想藉此機會提醒我們的聽眾，今天的演講和對問題的回答可能包含根據 1995 年《私人證券訴訟改革法》做出的前瞻性陳述。

Words such as anticipate, estimate, expect, intend, plan and project and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions, but rather are subject to various risks and uncertainties.

預期、估計、期望、打算、計劃、預測等詞語以及其他類似的詞語和表達旨在表示前瞻性陳述。前瞻性陳述並非對未來結果和條件的保證，而是受各種風險和不確定性的影響。

Some of these risks and uncertainties are identified in the company's filings with the Securities and Exchange Commission. Should any risks or uncertainties develop into actual events, these developments could have material adverse effects on the company's business, financial conditions and the results of operations.

該公司向美國證券交易委員會提交的文件中指出了其中一些風險和不確定性。如果任何風險或不確定性發展成為實際事件，這些發展可能會對公司的業務、財務狀況和經營業績產生重大不利影響。

HCI Group disclaims all the obligations to update any forward-looking statements. Now with that, I'd like to turn the call over to Karin Coleman, Chief Operating Officer. Karin?

HCI 集團不承擔更新任何前瞻性聲明的所有義務。現在，我想將電話轉給營運長卡琳·科爾曼 (Karin Coleman)。卡琳？

Thank you, Bill, and welcome, everyone. HCI reported another great quarter. Highlights for the second quarter include reported earnings of $5.18 per share. We improved the net combined ratio to 62% and total shareholders' equity grew to $759 million, up 65% year-to-date. In addition to these financial achievements, we had several other important developments in the quarter.

謝謝你，比爾，歡迎大家。HCI 報告了又一個出色的季度。第二季的亮點包括每股收益 5.18 美元。我們將淨綜合成本率提高至 62%，股東權益總額成長至 7.59 億美元，年初至今成長了 65%。除了這些財務成就之外，本季我們還有其他幾項重要進展。

We reduced our debt-to-cap ratio to less than 10%. Homeowners Choice, TypTap Insurance Company and Tailrow Reciprocal Exchange were each approved for depopulation from Citizens in October of this year.

我們將債務與資本比率降低至 10% 以下。今年 10 月，Homeowners Choice、TypTap Insurance Company 和 Tailrow Reciprocal Exchange 分別獲準從 Citizens 中撤出。

Also, HCI successfully placed its reinsurance program for the 2025, 2026 treaty year. Our conservative reinsurance strategy ensures we are well protected for the year ahead. The technology developed at Exzeo continues to play an important role in HCI's success and is a real differentiator.

此外，HCI 也成功制定了 2025 年、2026 年條約年度的再保險計畫。我們保守的再保險策略確保我們在未來一年得到良好的保障。Exzeo 開發的技術繼續在 HCI 的成功中發揮重要作用，並且是真正的差異化因素。

For example, it has enabled HCI to identify favorable market shifts early. We detected improvements in Florida's underwriting environment ahead of many peers, and we executed on that opportunity.

例如，它使 HCI 能夠及早識別有利的市場變化。我們比許多同行更早發現佛羅裡達州承保環境有所改善，並且抓住了這個機會。

We've been able to scale rapidly without compromising underwriting discipline. HCI has grown in-force premium by more than $460 million to approximately $1.2 billion since the end of 2022.

我們能夠在不損害承保紀律的情況下迅速擴大規模。自 2022 年底以來，HCI 的有效保費成長了 4.6 億美元以上，達到約 12 億美元。

The technology has allowed HCI to select and retain the right customers, supporting a retention ratio of about 90% and our gross loss ratio improved during that time to below 25%. Collectively, Exzeo's technology has delivered meaningful value to shareholders as reflected in HCI's strong financial performance in recent quarters.

該技術使 HCI 能夠選擇和留住合適的客戶，支援約 90% 的保留率，並且我們的毛損失率在此期間改善到 25% 以下。總的來說，Exzeo 的技術為股東帶來了有意義的價值，這體現在 HCI 最近幾季強勁的財務表現上。

Looking ahead, irrespective of market conditions, we're confident that our experienced team, combined with our technology will continue to help identify and underwrite attractive policies that align with our risk and profitability standards. With this advantage, we believe HCI is well positioned to generate compelling returns on shareholder capital.

展望未來，無論市場狀況如何，我們相信，我們經驗豐富的團隊加上我們的技術將繼續幫助識別和承保符合我們的風險和盈利標準的有吸引力的政策。憑藉這一優勢，我們相信 HCI 能夠為股東資本帶來豐厚的回報。

Now I'll turn it over to Mark to provide more details on our financial results.

現在我將把時間交給馬克，讓他提供有關我們財務表現的更多細節。

Thanks, Karin. Pretax income for the quarter was just over $94 million and diluted earnings per share were $5.18 compared to $4.24 in the second quarter last year. Year-to-date, pretax income is $195 million and diluted earnings per share are $10.57.

謝謝，卡琳。本季稅前收入略高於 9,400 萬美元，每股攤薄收益為 5.18 美元，去年第二季為 4.24 美元。年初至今，稅前收入為 1.95 億美元，每股稀釋收益為 10.57 美元。

This significant continuing improvement is driven by higher premiums, a lower loss ratio and lower operating expenses as a percentage of premiums. The gross loss ratio this quarter was 21.3%, up slightly from the first quarter this year, but more than 6 points lower than the second quarter last year, reflecting the continuing decline in claims frequency.

這一顯著的持續改善是由更高的保費、更低的損失率和更低的營運費用佔保費的百分比所推動的。本季毛賠率為21.3%，較今年第一季略有上升，但較去年第二季下降6個百分點以上，反映理賠頻率持續下降。

We also continue to generate significant operational leverage as evidenced by the lower operating expenses as a percentage of revenue. When combined with lower loss ratios, the result is a combined ratio, which was just under 62% for the second quarter.

我們也繼續產生顯著的營運槓桿，這從營運費用佔收入的百分比降低中可以看出。加上較低的損失率，第二季的綜合賠付率略低於 62%。

As we announced back in June, we completed our reinsurance program for the year. Because the effective date of the new program is June 1, part of the impact shows up in the second quarter, but the full impact will be reflected in the third quarter.

正如我們六月宣布的那樣，我們完成了今年的再保險計劃。由於新計畫的生效日期是6月1日，部分影響將在第二季顯現，但全部影響將在第三季體現。

At that time, premium ceded to reinsurance will be $106 million per quarter, just slightly higher than they were in the first and second quarters. Once the full effect of the new program is reflected, we expect the net combined ratio to be about 70%.

屆時，每季轉給再保險的保費將達到 1.06 億美元，略高於第一季和第二季。一旦新計劃的全部效果得到體現，我們預計淨綜合成本率將達到 70% 左右。

Now let's look at the balance sheet, which continues to strengthen. In June, we redeemed the remaining balance of our 4.75% convertible notes, fully settling the $172 million obligation. As Karin mentioned, this brings the debt-to-cap ratio well under 10% and interest expense going forward will now be a little less than $1 million per quarter, which is less than 1/3 of what it had been.

現在我們來看看資產負債表，它繼續增強。6 月份，我們贖回了剩餘的 4.75% 可轉換票據，完全償還了 1.72 億美元的債務。正如卡琳所提到的，這使得債務與資本比率遠低於 10%，未來的利息支出現在將略低於每季 100 萬美元，不到之前的 1/3。

Due in part to this redemption, but also because of continued profitability, shareholder equity has grown by more than $300 million so far this year and is now well over $0.75 billion. Book value per share has grown by more than $16 so far this year to $58.55 at the end of June.

部分由於此次贖回，同時也因為持續的獲利，今年迄今股東權益已成長了 3 億多美元，目前已遠遠超過 7.5 億美元。今年迄今，每股帳面價值已成長逾 16 美元，至 6 月底的 58.55 美元。

In terms of holding company liquidity, it's just over $250 million at the end of the second quarter, and there is now very little debt at the holding company level. To summarize, this was another fantastic quarter for the company.

就控股公司流動性而言，第二季末略高於 2.5 億美元，目前控股公司層級的債務非常少。總而言之，對於公司來說，這又是一個出色的季度。

The company is growing, but even more importantly, all of our financial metrics continue to improve. The loss ratio continues to come down. The combined ratio continues to come down and the balance sheet continues to get stronger.

公司正在發展，但更重要的是，我們所有的財務指標都在持續改善。賠付率持續下降。綜合比率持續下降，資產負債表持續增強。

And with that, I'll hand it over to our President of Exzeo, Kevin Mitchell, to give us an update on Exzeo.

接下來，我將把時間交給 Exzeo 總裁 Kevin Mitchell，讓他向我們介紹 Exzeo 的最新情況。

Thanks, Mark. We remain excited about our momentum at Exzeo. As we have mentioned on our prior earnings call, we are moving forward with our plans to have Exzeo be a separate publicly traded entity. After careful consideration of all of our options, we believe the best path is to pursue an initial public offering of Exzeo shares.

謝謝，馬克。我們對 Exzeo 的發展勢頭感到興奮。正如我們在之前的財報電話會議上提到的那樣，我們正在推進將 Exzeo 打造為獨立上市公司的計劃。在仔細考慮了所有選擇之後，我們認為最好的方法是進行 Exzeo 股票的首次公開募股。

Earlier this week, Exzeo confidentially submitted a draft registration statement on Form S-1 with the US Securities and Exchange Commission relating to a proposed initial public offering of Exzeo's common stock. As a result, our CFO, Suela Bulku, and I won't be making statements on Exzeo's results in the near term.

本週早些時候，Exzeo 向美國證券交易委員會秘密提交了 S-1 表格註冊聲明草案，涉及 Exzeo 普通股的擬議首次公開發行。因此，我們的財務長 Suela Bulku 和我近期不會對 Exzeo 的業績發表聲明。

Additionally, with the suggestion of counsel, we are advised to provide the following disclosure. The size and price range of the proposed offering by Exzeo have not yet been determined. The initial public offering is expected to take place after the completion of the SEC review process, subject to market and other conditions.

此外，根據律師的建議，我們建議提供以下披露。Exzeo 提議的發行規模和價格範圍尚未確定。首次公開發行預計將在美國證券交易委員會審查程序完成後進行，但需遵守市場和其他條件。

There is no assurance that the initial public offering will be completed. We note that this announcement regarding Exzeo is being made under SEC Rule 135 and does not constitute an offer to sell or the solicitation of an offer to buy securities.

無法保證首次公開募股能夠完成。我們注意到，有關 Exzeo 的此公告是根據美國證券交易委員會第 135 條規則發布的，並不構成出售要約或購買證券的要約邀請。

Furthermore, it does not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. Now I want to turn the call over to Paresh.

此外，它不構成任何司法管轄區的要約、招攬或出售，如果在該司法管轄區的證券法下註冊或取得資格之前，此類要約、招攬或出售是非法的。現在我想把電話轉給帕雷什。

Thank you, Kevin. As Karin and Mark highlighted in their comments, HCI reported another quarter of strong financial results. Kevin's exciting comments on Exzeo reminded me of a time 18 years ago. Last week marked the 17th anniversary of HCI's IPO.

謝謝你，凱文。正如卡琳和馬克在評論中所強調的那樣，HCI 報告了又一個季度強勁的財務表現。Kevin 對 Exzeo 的激動人心的評論讓我想起了 18 年前的時光。上週是HCI首次公開募股（IPO）17週年紀念日。

The company has come a long way since going public in 2008 in the middle of the great financial crisis. But over the past 18 years, our management team has always been guided by a central principle, building long-term shareholder value.

自 2008 年金融危機期間上市以來，該公司已經取得了長足的發展。但在過去 18 年裡，我們的管理團隊始終遵循一個核心原則，那就是創造長期股東價值。

And along the way, there's always been ups and downs, but what matters most is what you achieve, not where you begin. As an example, 18 years ago, you wouldn't have predicted that we would grow earnings 25 times or increase the share price by 20 times and increase the shareholders equity over 30 times.

一路走來，總是會有起伏，但最重要的是你取得了什麼成就，而不是從哪裡開始。舉個例子，18 年前，你不會預測到我們的收益會成長 25 倍，股價會上漲 20 倍，股東權益會成長 30 倍以上。

I note that because our management team has a proven track record of delivering strong long-term returns for our shareholders, and we are all very committed to building on that success. Please join us as we embark on the next leg of our journey. Our best days are in front of us.

我注意到這一點，因為我們的管理團隊在為股東帶來強勁的長期回報方面有著良好的記錄，而且我們都非常致力於在這一成功的基礎上再接再厲。請加入我們，踏上旅程的下一站。我們最好的日子就在眼前。

And with that, I will turn it over for questions.

接下來，我將回答大家的提問。

(Operator Instructions)

（操作員指示）

Matt Carletti, Citizens Capital Markets.

馬特‧卡萊蒂 (Matt Carletti)，公民資本市場。

Paresh, maybe I'll start. I was hoping that you might be able to kind of update us on what you're seeing market condition-wise in Florida, competitive landscape and so forth.

Paresh，也許我先開始。我希望您能向我們介紹一下您所看到的佛羅裡達州的市場狀況、競爭格局等等。

I'm going to give that question to Karin.

我要把這個問題交給卡琳。

Sure. Thanks, Paresh. The environment in Florida now is a healthy one, as you can see from our financial results. It's natural that it will attract capital and competition, but that's not new to us. We've been around for a long time and have succeeded in all kinds of markets.

當然。謝謝，帕雷什。從我們的財務結果可以看出，佛羅裡達州現在的環境是健康的。它自然會吸引資本和競爭，但這對我們來說並不新鮮。我們已經存在很長時間了，並且在各種市場都取得了成功。

The more competitive market is already here. Look at the 2023 takeout process. That was somewhat competitive in 2024, even more so. But even with that, we got more policies than we thought we would get. The attrition of those policies has been less than what we thought and the loss ratio has been lower than we thought.

競爭更加激烈的市場已經來臨。看看2023年的外送流程。到 2024 年，這種競爭還會更加激烈。但即便如此，我們獲得的政策仍然比我們想像的還要多。這些保單的損耗比我們想像的少，損失率也比我們想像的還要低。

So we believe we're well positioned in a competitive market. We have multiple underwriters that can pursue different strategies. We have a strong capital position. And as I mentioned earlier, we have the people and the technology to make the right decisions.

因此我們相信我們在競爭激烈的市場中佔有有利地位。我們有多個承銷商，可以採取不同的策略。我們擁有雄厚的資本實力。正如我之前提到的，我們擁有做出正確決策的人才和技術。

Maybe Karin, sticking with that, you mentioned in your prepared remarks about HCI and Tailrow being approved for an October depop. Can you just give us kind of your outlook for maybe what we should expect as we progress through kind of the balance of the year in terms of any of the HCI entities, what appetite for depop might be or prospects for it?

也許卡琳，堅持這一點，你在準備好的發言中提到了 HCI 和 Tailrow 被批准在 10 月進行 depop。您能否為我們提供一些展望，就今年餘下的時間而言，我們應該對任何 HCI 實體進行哪些預期，對 depop 的需求可能是什麼，或者前景如何？

Sure. The three carriers I mentioned earlier, Homeowners Choice, TypTap and Tailrow, each have been approved for 25,000 policies in October. And we'll leverage our technology as we've done in the past to identify those greenhouses that you know that we focus on. So there'll be some that we want, and we'll be able to select those given our underwriting criteria.

當然。我之前提到的三家保險公司 Homeowners Choice、TypTap 和 Tailrow 在 10 月各自獲得了 25,000 份保單的批准。我們將像過去一樣利用我們的技術來識別我們關注的溫室。因此，我們將有一些想要的，並且能夠根據我們的承保標準來選擇它們。

Okay. Great. And then one last one, if I could. And I appreciate based on kind of Kevin's remarks that you may not be able to answer this, and that's fine. But I was just curious, obviously, a focus has been getting Exzeo out on its own stand-alone so it can really thrive.

好的。偉大的。如果可以的話，我還有最後一個問題。我知道根據凱文的評論，您可能無法回答這個問題，這沒關係。但我只是好奇，顯然，我們的重點是讓 Exzeo 獨立發展，以便它可以真正蓬勃發展。

Just the decision for IPO versus spin, if there's anything you can comment on? And again, if you can't, totally understand.

只是 IPO 還是分拆的決定，您有什麼可以評論的嗎？再說一次，如果你不能，我完全理解。

Matt, it's Mark. We sort of in line with Kevin's comment, we can't really get too far into that. I mean, obviously, Exzeo is a great company. It's done great work for us. Karin talked about the effect on our operations.

馬特，我是馬克。我們有點同意凱文的評論，我們不能對此進行過多的探討。我的意思是，顯然，Exzeo 是一家很棒的公司。它為我們做出了巨大的貢獻。卡琳談到了這對我們營運的影響。

It's a tremendous asset for us. The way it's structured right now sort of being tucked under HCI, it's not ideal for either valuation purposes or competitive reasons. But we're very focused on that. We're really excited about it.

這對我們來說是一筆巨大的財富。它目前的結構有點像是被夾在 HCI 之下，無論從估值目的或競爭原因來看都不太理想。但我們非常關注這一點。我們對此感到非常興奮。

We're excited about the future. But unfortunately, we just can't get into the details and pros and cons of one strategy over the other at this point.

我們對未來充滿期待。但不幸的是，我們目前無法詳細討論一種策略相對於另一種策略的優缺點。

Michael Phillips, Oppenheimer.

麥可·菲利普斯，奧本海默。

On the Exzeo thing, this is really related to the IPO process, but just a random question. You've talked in the past couple of quarters since you started talking about this of the benefits to Exzeo for being independent from Homeowners Choice. I guess I wanted to ask on the flip side of that, what do you think are the benefits to Homeowners Choice from being independent from Exzeo?

關於 Exzeo 的事情，這確實與 IPO 過程有關，但只是一個隨機問題。自從您開始談論這個問題以來，過去幾季您一直在談論 Exzeo 獨立於 Homeowners Choice 所帶來的好處。我想問的是，另一方面，您認為 Homeowners Choice 脫離 Exzeo 獨立後會有什麼好處？

Great question. I would simply tell you that what we now have is people can focus on what they do. So HCI Group ex Exzeo has some interesting opportunities in front of them, and we are not quite ready to talk about them on an open mic.

好問題。我只是想告訴你，我們現在可以專注於自己所做的事情。因此，HCI Group ex Exzeo 面前有一些有趣的機會，我們還沒有準備好公開談論這些機會。

But I think people are looking forward to what a pure insurance play might do in the coming years given the volatility in the property and casualty market on a national basis, yes. So we have some great opportunities there as well.

但我認為，考慮到全國財產和意外險市場的波動性，人們期待著純保險業務在未來幾年能取得怎樣的成績，是的。所以我們在那裡也有一些很好的機會。

Okay. Could you maybe just on the environment, could you comment on what you're seeing in your condo business for the pricing environment?

好的。您能否僅從環境角度評論一下您在公寓業務中看到的定價環境？

I think we would confirm the same item that lots of other people would, I think you're talking about commercial residential. That market is very soft, continues to be soft. But as Karin mentioned, this is nothing new I'm telling. It's been this way for months.

我認為我們會確認許多其他人會確認的同一件事，我認為您談論的是商業住宅。那個市場非常疲軟，而且持續疲軟。但正如卡琳所提到的，我所說的並不是什麼新鮮事。幾個月來一直如此。

But we're fine with it, and we anticipate it, and it's a very small part of our business and it is not a significant issue to us. But I think the whole market is soft. That's all news at this point.

但我們對此沒有意見，我們也預料到了這一點，這只是我們業務中很小的一部分，對我們來說不是什麼大問題。但我認為整個市場都很疲軟。到目前為止，這就是全部新聞了。

Okay. And then just lastly, quick numbers, just to confirm. Since 4Q is pretty sizable favorable reserve adjustment, you haven't done anything since then, just confirming that?

好的。最後，快速數字，只是為了確認。由於第四季的優惠準備金調整幅度相當大，所以從那時起你們就沒有再做過任何事，只是確認了這一點？

No changes.

沒有變化。

Mark Hughes, Truist.

馬克·休斯，Truist。

Mark, you commented in the past on weather being an influencer on the loss ratio. Was this an unusual quarter from a weather standpoint? Or was this more normal?

馬克，您之前曾評論過天氣對損失率的影響。從天氣角度來看，這是一個不尋常的季度嗎？或者這更正常？

No. Actually, just to give you a little bit more color, Mark. If you go back to the second quarter of last year, compare that to the second quarter of this year, we have about 12%, 12.5% more policies now, and we actually had, I think, 40 or 50 fewer claims.

不。實際上，只是為了給你更多一點的信息，馬克。如果回顧去年第二季度，與今年第二季度相比，我們現在的保單數量增加了約 12% 到 12.5%，而實際上，我認為我們的索賠減少了 40 或 50 起。

But that's despite the fact that we actually had a little bit more weather in the second quarter of this year versus the second quarter last year. So we had, I think, about 100 more weather claims this quarter, but 150 fewer non-weather claims.

但事實上，與去年第二季相比，今年第二季的天氣狀況確實略有惡化。因此，我認為本季天氣索賠增加了約 100 起，但非天氣索賠減少了 150 起。

So frequency is down significant. I don't think it's an aberration. We had more weather in Q2 than we had in Q1. We had more weather in Q2 than we had in the last second quarter, but the loss ratio just continues to come down because the frequency is coming down.

因此頻率顯著下降。我不認為這是一種異常現象。第二季的天氣狀況比第一季更糟。與去年第二季相比，第二季的天氣狀況更加糟糕，但損失率卻持續下降，因為頻率正在下降。

Very good. I think in the last call and in the queue, you gave some summary Exzeo Financials revenue and pretax income. Is that going to be in the queue this time around? Are you able to share that on the call?

非常好。我認為在上次通話和排隊中，您給出了一些 Exzeo Financials 收入和稅前收入的摘要。這次會排隊嗎？您能在通話中分享這一點嗎？

Yeah. So we won't go through it on the call, but it will be the same as it always is in the queue, Mark. It's disclosed in the segmented information, and it's been there for quite a while. It will be there. You'll see it tomorrow.

是的。因此，我們不會在電話中討論這個問題，但它會和隊列中一樣，馬克。它在分段資訊中披露，並且已經存在相當長一段時間了。它會在那裡。明天你就會看到它。

Okay. And then investment income was a little bit higher sequentially. Was there anything unusual there? Or is that a good number on a go forward?

好的。然後投資收益環比略有上升。那裡有什麼不尋常的事嗎？或者說，這是一個向前發展的好數字嗎？

That is, I think, a good number going forward. There's nothing unusual there. I mean, it reflects, if you look at cash and invested balances at the end of Q2 compared to the start of the year, it's like $300 million higher because we generated $300 million of positive cash flow so far this year.

我認為，這是一個不錯的數字。那裡沒有什麼不尋常的事情。我的意思是，如果你將第二季末的現金和投資餘額與年初進行比較，你會發現它高出了 3 億美元，因為今年到目前為止我們已經產生了 3 億美元的正現金流。

So cash is, I think, $950 million or something like that at the end of Q2. So it's really just that. To this point, rates have been fairly flat, but just the invested balances are up significantly. And yes, I think that's a pretty good number to project forward.

所以我認為第二季末的現金是 9.5 億美元或類似的數字。所以事實就是這樣。到目前為止，利率一直相當平穩，但投資餘額卻大幅上升。是的，我認為這是一個相當不錯的預測數字。

Yeah. And then what was your comment on interest expense post these developments?

是的。那麼，您對這些發展後的利息費用有何評論？

So we had a quarterly interest expense on the convertible notes, which was significant. And going forward, that's gone. So the only interest expense we'll have going forward is on the credit line and on real estate loans. And I think our projection there is about $950,000 per quarter, which is about 1/3 of what it's been in the past.

因此，我們在可轉換票據上產生了季度利息支出，這是一筆相當大的支出。而從現在開始，這一切都不復存在了。因此，我們未來唯一的利息支出是信用額度和房地產貸款。我認為我們的預測是每季約 95 萬美元，約為過去的 1/3。

Yeah. How is the kind of the remaining policies that are available for takeout, how would you characterize the opportunity now versus a year two years ago? The 25,000, I think, is a lower number, maybe that reflects that, but you've got across all three subsidiaries, you're doing 25,000. So I'm just curious how you'd characterize the potential this time around.

是的。剩餘可供外帶的政策是什麼樣的？與兩年前相比，您如何描述現在的機會？我認為 25,000 這個數字較低，也許這反映了這一點，但你們的三家子公司的人數都是 25,000。所以我只是好奇你如何描述這次的潛力。

Yes. Mark, so about the 25,000 PECs per carrier, it just seems they're all financially healthy enough that they can aspire to those numbers, right? What they will do in practice is what Karin said is how many greenhouses can they find that makes sense for us to take, right?

是的。馬克，關於每家航空母艦 25,000 PEC，看起來他們的財務狀況都足夠健康，可以達到這個數字，對嗎？他們在實踐中會做的就是卡琳所說的，他們能找到多少個溫室對我們來說是有意義的，對嗎？

To your bigger question, the ratio of red houses to greenhouses has obviously dramatically shifted, right? Because if you recall things from the past, we had said there's about 500,000 policies that should remain in Citizens.

對於您更大的問題，紅房和溫室的比例顯然發生了巨大變化，對嗎？因為如果你回想一下過去的事情，我們曾說過大約有 50 萬項政策應該保留在 Citizens 中。

So as you approach that number, the book gets a lot more red than green, if you like, yes. And that's occurring. But that's okay. We know what we're doing, and that's what Karin was alluding to as to how the software runs.

因此，當你接近這個數字時，這本書的紅色會比綠色多得多，如果你願意的話，是的。而這正在發生。但沒關係。我們知道我們在做什麼，這就是卡琳所暗示的軟體如何運作。

Understood. On the gross premiums written, the TypTap was a nice jump this quarter, 40% Homeowners Choice up 18%. Was there any, could you characterize how much of that was that kind of continuing takeout or renewal on takeout revenue? Is that just kind of a timing issue? Was there much or any voluntary in those numbers?

明白了。從承保毛保費來看，TypTap 本季實現了大幅成長，上漲了 40%，而 Homeowners Choice 則上漲了 18%。有沒有，您能否描述一下其中有多少是這種持續的外賣或外賣收入的更新？這僅僅是一個時間問題嗎？這些數字中有多少是自願的？

Not a lot of voluntary in there. No. It's the renewal of the existing book, renewal of the takeouts that we did, obviously. And the only thing you have to just be a little bit careful of when you're comparing quarter-over-quarter is in the second quarter of last year, we did the core takeout.

那裡沒有太多的志工。不。顯然，這是對現有書籍的更新，也是對我們所做的外賣的更新。當你進行季度環比比較時，你唯一需要注意的是，在去年第二季度，我們進行了核心業務的剝離。

So gross written premium was a little bit higher in Q2 last year. But other than that, it's pretty comparative. It was up 18% quarter-over-quarter, something like that.

因此，去年第二季的毛承保保費略高一些。但除此之外，它還是相當具有可比性的。與上一季相比，成長了 18% 左右。

And just one more, Mark, you had used the kind of the 70% net combined ratio. Is that normalized for the expense savings associated with the takeouts? Is that giving kind of a full load at this point?

還有一點，馬克，你使用了 70% 的淨綜合比率。這是否與外送相關的費用節省有關？這時這算是全負荷了嗎？

Yes. So that's the reason that it was 62% this quarter. The reason we're saying 70% is that, that's normalizing for three things. It's got the full reinsurance load in it. It also has full policy acquisition expenses because remember, you've got a period of time where you're amortizing in premium that doesn't have any commissions on it.

是的。這就是本季這一比例達到 62% 的原因。我們之所以說 70%，是因為這是三件事的正常化。它包含全部的再保險負擔。它還具有全部的保單購買費用，因為請記住，您有一段時間在攤銷保費，而保費中沒有任何佣金。

And then we've also allowed a little bit of wiggle room on the loss ratio if it drifts up a couple of points. But that's all captured in that 70% combined ratio, which should be normalized, fully loaded. It's a non-GAAP number, obviously, but that's once everything sort of normalizes out.

如果損失率上升幾個點，我們也會留一點迴旋餘地。但這一切都包含在 70% 的綜合比率中，該比率應該是正常且滿載的。顯然，這是一個非 GAAP 數字，但這是一切正常化之後的數字。

(Operator Instructions)

（操作員指示）

Casey Alexander, Compass Point.

凱西‧亞歷山大 (Casey Alexander)，指南針點。

Paresh, it's funny when you were making your comments about 18 years ago, before the call started, I was looking at the six month diluted earnings per share of $10.57 and thinking to myself, geez, that's more than what the price of the stock was when we first met 18 years ago.

Paresh，有趣的是，大約 18 年前，當你發表評論時，在電話會議開始之前，我看到了每股 10.57 美元的六個月稀釋收益，心想，天哪，這比我們 18 年前第一次見面時的股價還要高。

So it is actually quite an achievement. I just want to clarify on the depop, that is 25,000 policies each for each of the three entities or 25,000 spread across the three entities?

所以這其實是一項相當大的成就。我只是想澄清一下 depop，即三個實體各自有 25,000 份保單，還是 25,000 份分佈在三個實體上？

25,000 for each underwriter.

每個承銷商25,000。

So a total of 75,000.

總共是 75,000。

Yeah.

是的。

Okay. Great. And I'm curious about your comments. Where do you see some opportunities emerging outside of the state of Florida? And to a certain extent, how helpful will Exzeo be to HCI TypTap at all in identifying those opportunities?

好的。偉大的。我對您的評論很好奇。您認為佛羅裡達州以外還有哪些新興機會？並且在某種程度上，Exzeo 對 HCI TypTap 識別這些機會有多大幫助？

So this is what gets us very excited. And I'm speaking as HCI, ex Exzeo, right? Because of this technology and everything else, we are starting to see shoots of opportunity in certain states and we also see potential opportunities in some other really big states.

這讓我們非常興奮。我是以 HCI（前 Exzeo）的身份發言的，對嗎？由於這項技術以及其他一切，我們開始在某些州看到機會的萌芽，我們也在其他一些真正的大州看到了潛在的機會。

But we are being very careful as to how we go at this thing because to be blunt, we have a very good thing going as HCI, ex Exzeo. So you want to make sure you take your next steps carefully.

但我們在處理這件事情時非常小心，因為坦白說，作為 HCI，我們做得非常好，例如 Exzeo。因此，您要確保謹慎採取下一步行動。

But you want to, again, when we do them, we are trying to do this with a multiyear horizon, multiyear time frame in mind. So that's why we're trying to be level in our tone, but we are excited that just look at the numbers, this Exzeo technology just keeps making us better and better, right?

但是，當我們這樣做時，您要再次考慮，我們試圖以多年的視野、多年的時間框架來考慮。所以這就是為什麼我們試圖保持語氣平穩，但我們很高興看到這些數字，Exzeo 技術讓我們變得越來越好，對吧？

And you can no longer attribute it to, what it was being attributed to a couple of years ago because of the legislative reforms, right? That was three years ago now, and these numbers just keep improving, right?

而且你不能再將其歸咎於幾年前由於立法改革而導致的問題，對嗎？那已經是三年前的事了，而且這些數字還在不斷提高，對吧？

Back to your opening comments also, 18 years ago, you're right, right? You wouldn't have said EPS for two quarters would exceed the share price that we were talking about back then, yes.

回到你開場白，18 年前，你是對的，對嗎？是的，你不會說兩季的每股盈餘會超過我們當時談論的股價。

That's for sure. Congrats on a good quarter.

那是肯定的。恭喜本季業績良好。

Thank you. At this time, this does conclude our question-and-answer session. I would now like to turn the call back over to Paresh Patel, who has a few closing remarks.

謝謝。至此，我們的問答環節就結束了。現在我想把電話轉回給帕雷什·帕特爾 (Paresh Patel)，他還有一些結束語。

Thank you. On behalf of the entire management team, I would like to thank our shareholders, employees, agents and most importantly, our policyholders for their continued support as we embark on the next phase of our growth. Stay tuned. Thank you.

謝謝。我謹代表整個管理團隊感謝我們的股東、員工、代理商，最重要的是我們的保單持有人，感謝他們在我們進入下一階段成長時給予的持續支持。敬請關注。謝謝。

Thank you. At this time, this concludes our question-and-answer session, and this concludes today's call. You may now disconnect.

謝謝。至此，我們的問答環節就結束了，今天的電話會議也結束了。您現在可以斷開連線。