GREENLIGHT CAPITAL RE LTD
For the period ended Mar 31, 2024. Filed May 8, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 8, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Key Financial Measures and Non-GAAP Measures
There have been no changes to our key financial measures, including non-GAAP financial measures, as described in the MD&A of our 2023 Form 10-K.
Fully Diluted Book Value Per Share
The following table presents a reconciliation of the fully diluted book value per share to basic book value per share (the most directly comparable U.S. GAAP financial measure):
| March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | |
|---|---|---|---|---|---|
| Numerator for basic and fully diluted book value per share: | |||||
| Total equity as reported under U.S. GAAP | $624,458 | $596,095 | $575,865 | $561,121 | $510,041 |
| Denominator for basic and fully diluted book value per share: | |||||
| Ordinary shares issued and outstanding as reported and denominator for basic book value per share | 35,321,144 | 35,336,732 | 35,337,407 | 35,272,013 | 35,262,678 |
| Add: In-the-money stock options (1) and all outstanding RSUs | 585,334 | 264,870 | 312,409 | 312,409 | 312,409 |
| Denominator for fully diluted book value per share | 35,906,478 | 35,601,602 | 35,649,816 | 35,584,422 | 35,575,087 |
| Basic book value per share | $17.68 | $16.87 | $16.30 | $15.91 | $14.46 |
| Increase in basic book value per share ($) | $0.81 | $0.57 | $0.39 | $1.45 | $0.01 |
| Increase in basic book value per share (%) | 4.8% | 3.5% | 2.5% | 10.0% | 0.1% |
| Fully diluted book value per share | $17.39 | $16.74 | $16.15 | $15.77 | $14.34 |
| Increase in fully diluted book value per share ($) | $0.65 | $0.59 | $0.38 | $1.43 | $0.01 |
| Increase in fully diluted book value per share (%) | 3.9% | 3.7% | 2.4% | 10.0% | 0.1% |
(1)Assuming net exercise by the grantee.
The above comparative prior quarters have been restated to conform with the revised calculation for basic and fully diluted book value per share as described in the MD&A of our 2023 Form 10-K.
Net Underwriting Income (Loss)
The reconciliations of net underwriting income (loss) to income (loss) before income taxes (the most directly comparable U.S. GAAP financial measure) on a consolidated basis are shown below:
| Three months ended March 31 | ||
|---|---|---|
| 2024 | 2023 | |
| Income before income tax | $27,538 | $5,941 |
| Add (subtract): | ||
| Total investment income | (26,391) | (5,240) |
| Foreign exchange losses (gains) | 1,649 | (4,931) |
| Other non-underwriting income | (5,035) | (2,166) |
| Corporate expenses | 4,375 | 5,997 |
| Interest expense | 1,249 | 776 |
| Net underwriting income | $3,385 | $377 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.