Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information
Tiptree’s common stock is traded on the Nasdaq Capital Market under the ticker symbol “TIPT”.
Holders
As of December 31, 2020, there were 58 common stockholders of record. This number does not include beneficial owners whose shares are held by nominees in street name.
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
Share repurchase activity for the three months ended December 31, 2020 was as follows:
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Period Purchaser Total
Number of
Shares
Purchased (1)
Average
Price
Paid Per
Share Total Number
of Shares
Purchased
as Part of
Publicly
Announced
Plans or
Programs Approximate
Dollar Value of
Shares That
May Yet Be
Purchased
Under the
Plans or
Programs (1)
October 1, 2020 to October 31, 2020 Tiptree Inc. — $ — —
November 1, 2020 to November 30, 2020 Tiptree Inc. 210,763 $ 5.31 210,763
December 1, 2020 to December 31, 2020: Open Market Purchases Tiptree Inc. 446,936 $ 5.23 446,936
Total 657,699 $ 5.26 657,699 $ 16,571
(1) On November 2, 2020, the Board of Directors of Tiptree (“Board”) authorized Tiptree’s Executive Committee to repurchase up to $20 million of its outstanding common stock in the aggregate from time to time.
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Item 6. Selected Financial Data
The following tables set forth our consolidated selected financial data for the periods and as of the dates indicated and are derived from our audited Consolidated Financial Statements. The following consolidated financial data should be read in conjunction with Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) in Item 7 of this Form 10-K and the consolidated financial statements and related notes included in Item 8 of this Form 10-K. All amounts pertaining to our results of operations and financial condition are presented on a continuing operations basis. All acquisitions by Tiptree during the five years ended December 31, 2020 are included in results of operations since their respective dates of acquisition.
Consolidated Statement of Operations Data:
(in thousands, except shares and per share amounts) 2020 2019 2018 (1)
2017 (1)
2016 (1)
Total revenues $ 810,301 $ 772,728 $ 625,826 $ 581,798 $ 506,423
Total expenses 849,153 743,589 645,622 595,585 477,537
Net income (loss) attributable to consolidated CLOs (2)
— — — 10,457 20,254
Income (loss) before taxes (38,852) 29,139 (19,796) (3,330) 49,140
Less: provision (benefit) for income taxes (13,627) 9,017 (5,909) (12,562) 12,515
Net income (loss) from continuing operations (25,225) 20,122 (13,887) 9,232 36,625
Net income (loss) from discontinued operations — — 43,770 (3,998) (4,287)
Net income (loss) (25,225) 20,122 29,883 5,234 32,338
Less: net income (loss) attributable to non-controlling interests 3,933 1,761 5,950 1,630 7,018
Net income (loss) attributable to common stockholders $ (29,158) $ 18,361 $ 23,933 $ 3,604 $ 25,320
Net income (loss) per common share:
Basic, continuing operations, net $ (0.86) $ 0.52 $ (0.38) $ 0.22 $ 0.88
Basic, discontinued operations, net — — 1.07 (0.10) (0.09)
Basic earnings per share (0.86) 0.52 0.69 0.12 0.79
Diluted, continuing operations, net (0.86) 0.50 (0.38) 0.21 0.86
Diluted, discontinued operations, net — — 1.07 (0.10) (0.08)
Diluted earnings per share $ (0.86) $ 0.50 $ 0.69 $ 0.11 $ 0.78
Weighted average number of Common Shares:
Basic 33,859,775 34,578,292 34,715,852 29,134,190 31,721,449
Diluted 33,859,775 34,578,292 34,715,852 37,306,632 31,766,674
Cash dividends paid per common share $ 0.160 $ 0.155 $ 0.135 $ 0.120 $ 0.100
Consolidated Balance Sheet Data: (in thousands)
2020 2019 2018 2017 2016
Total assets (3)
$ 2,995,760 $ 2,198,286 $ 1,864,918 $ 1,989,742 $ 2,890,050
Debt, net (4)
366,246 374,454 354,083 346,081 554,870
Total stockholders’ equity 373,538 411,415 399,259 396,774 390,144
Total Tiptree Inc. stockholders’ equity 356,144 398,062 387,101 300,077 293,431
(1) Care revenues of $6.5 million, $76.0 million and $60.7 million and net income (loss) of $43.8 million, $(4.0) million and $(4.3) million for the years ended December 31, 2018, 2017 and 2016, respectively, are included in Net income (loss) from discontinued operations, net.
(2) During 2017, the Company exited all consolidated CLOs. The operations of the CLOs were consolidated in the results of the Company through the redemption date.
(3) Total assets on December 31, 2016 includes $989.5 million of assets held by consolidated CLO entities.
(4) Excludes debt of discontinued operations.
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