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v3.23.2

Accounting Changes and Error Corrections (Tables) | 3 Months Ended
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Mar. 31, 2023
Accounting Changes and Error Corrections [Abstract] |
Schedule of Error Corrections and Prior Period Adjustments | The impact of the restatement on the financial statements for the affected quarterly periods are presented below. Restated Condensed Consolidated Balance Sheets (Unaudited)
|  | As of March 31, 2023
|  | As Previously Reported |  | Adjustment |  | As Restated
ASSETS |  |  |  |  |  |
Property and equipment, net |  | 18,118 |  |  | (13,395) |  |  | 4,723 |
Other Assets |  | 15,426 |  |  | 2,050 |  |  | 17,476 |
Assets held for disposal |  | — |  |  | 13,395 |  |  | 13,395 |
Total Assets |  | $ | 1,445,386 |  |  | 2,050 |  |  | $ | 1,447,436 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |
Liabilities: |  |  |  |  |  |
Other liabilities |  | 36,242 |  |  | (6,169) |  |  | 30,073 |
Liabilities held for disposal |  | — |  |  | 1,817 |  |  | 1,817 |
Total Liabilities |  | $ | 1,361,898 |  |  | (4,352) |  |  | $ | 1,357,546 |
Stockholders' Equity: |  |  |  |  |  |
Retained earnings (deficit) |  | $ | (286,422) |  |  | 6,402 |  |  | $ | (280,020) |
Total Stockholders' Equity (Deficit) |  | $ | 83,488 |  |  | 6,402 |  |  | $ | 89,890 |
|  | As of December 31, 2022
|  | As Previously Reported |  | Adjustment |  | As Restated
ASSETS |  |  |  |  |  |
Property and equipment, net |  | 19,591 |  |  | (14,298) |  |  | 5,293 |
Deferred policy acquisition costs, net |  | 60,979 |  |  | (8,610) |  |  | 52,369 |
Assets held for disposal |  | 1,411,907 |  |  | 22,908 |  |  | 1,434,815 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |
Liabilities: |  |  |  |  |  |
Accounts payable and accrued expenses |  | 75,374 |  |  | (988) |  |  | 74,386 |
Other liabilities |  | 17,466 |  |  | (11,617) |  |  | 5,849 |
Liabilities held for disposal |  | 1,642,212 |  |  | 12,605 |  |  | 1,654,817 |
Restated Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
|  | Three Months Ended March 31, 2023
REVENUE: |  | As Previously Reported |  | Adjustment |  | As Restated
Management fee income |  | 9,668 |  |  | (9,668) |  |  | — |
Other revenue |  | 4,075 |  |  | (4,059) |  |  | 16 |
Total revenue |  | 104,047 |  |  | (13,727) |  |  | 90,320 |
EXPENSES: |  |  |  |  |  |
Losses and loss adjustment expenses |  | 19,073 |  |  | (2,661) |  |  | 16,412 |
Policy acquisition costs |  | 26,927 |  |  | 45 |  |  | 26,972 |
Operating expenses |  | 5,651 |  |  | (3,483) |  |  | 2,168 |
General and administrative expenses |  | 9,837 |  |  | (1,044) |  |  | 8,793 |
Total expenses |  | 61,488 |  |  | (7,143) |  |  | 54,345 |
Income before other income |  | 39,840 |  |  | (6,584) |  |  | 33,256 |
Income before income taxes |  | 40,428 |  |  | (6,584) |  |  | 33,844 |
Provision for income taxes |  | 9,855 |  |  | (6,378) |  |  | 3,477 |
Income from continuing operations, net of tax |  | $ | 30,573 |  |  | $ | (206) |  |  | $ | 30,367 |
Income from discontinued operations, net of tax |  | 230,305 |  |  | 6,608 |  |  | 236,913 |
Net income |  | $ | 260,878 |  |  | $ | 6,402 |  |  | $ | 267,280 |
Earnings available to UIHC common stockholders per share |  |  |  |  |  |
Basic |  |  |  |  |  |
Continuing operations |  | $ | 0.71 |  |  | $ | (0.01) |  |  | $ | 0.70 |
Discontinued operations |  | 5.34 |  |  | 0.15 |  |  | 5.49 |
Total |  | $ | 6.05 |  |  | $ | 0.14 |  |  | $ | 6.19 |
Diluted |  |  |  |  |  |
Continuing operations |  | $ | 0.70 |  |  | $ | — |  |  | $ | 0.70 |
Discontinued operations |  | 5.29 |  |  | 0.15 |  |  | 5.44 |
Total |  | $ | 5.99 |  |  | $ | 0.15 |  |  | $ | 6.14 |
|  | Three Months Ended March 31, 2022
REVENUE: |  | As Previously Reported |  | Adjustment |  | As Restated
Management fee income |  | 50,206 |  |  | (50,206) |  |  | — |
Other revenue |  | 8,738 |  |  | (8,723) |  |  | 15 |
Total revenue |  | 117,361 |  |  | (58,929) |  |  | 58,432 |
EXPENSES: |  |  |  |  |  |
Losses and loss adjustment expenses |  | 32,518 |  |  | (6,203) |  |  | 26,315 |
Policy acquisition costs |  | 52,152 |  |  | (31,844) |  |  | 20,308 |
Operating expenses |  | 10,603 |  |  | (6,896) |  |  | 3,707 |
General and administrative expenses |  | 15,435 |  |  | (7,371) |  |  | 8,064 |
Total expenses |  | 113,067 |  |  | (52,314) |  |  | 60,753 |
Income (loss) before other income |  | 4,294 |  |  | (6,615) |  |  | (2,321) |
Income (loss) before income taxes |  | 5,627 |  |  | (6,615) |  |  | (988) |
Provision (benefit) for income taxes |  | 980 |  |  | (1,695) |  |  | (715) |
Income (loss) from continuing operations, net of tax |  | $ | 4,647 |  |  | $ | (4,920) |  |  | $ | (273) |
Loss from discontinued operations, net of tax |  | (37,904) |  |  | 4,920 |  |  | (32,984) |
Net loss |  | $ | (33,257) |  |  | $ | — |  |  | $ | (33,257) |
Restated Condensed Consolidated Statements of Cash Flows (Unaudited)
|  | Three Months Ended March 31, 2023
|  | As Previously Reported |  | Adjustment |  | As Restated
OPERATING ACTIVITIES |  |  |  |  |  |
Net income (loss) |  | $ | 260,878 |  |  | $ | 6,402 |  |  | $ | 267,280 |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |  |  |  |  |  |
Disposition of former subsidiary |  | (229,183) |  |  | (9,257) |  |  | (238,440) |
Changes in operating assets and liabilities: |  |  |  |  |  |
Other liabilities |  | (6,416) |  |  | 2,855 |  |  | (3,561) |
Restated Condensed Consolidated Statements of Stockholders’ Equity for the Three Months Ended (Unaudited)
|  | Three Months Ended March 31, 2023
|  | As Previously Reported |  | Adjustment |  | As Restated
Net Income for the three months ended March 31, 2023 |  | $ | 260,878 |  |  | $ | 6,402 |  |  | $ | 267,280 |
Retained Earnings (Deficit) as of March 31, 2023 |  | (286,422) |  |  | 6,402 |  |  | (280,020) |
Stockholders Equity (Deficit) attributable to UIHC at March 31, 2023 |  | 83,488 |  |  | 6,402 |  |  | 89,890 |
Total Stockholders' Equity (Deficit) |  | 83,488 |  |  | 6,402 |  |  | 89,890 |

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- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-8 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-7 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-9 + Details
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