Company: SLDE
Filing Date: 2025-05-23
Form Type: S-1
Source: 0001193125-25-125836
Chunk: 120

Company: Slide Insurance Holdings, Inc.
Filing Date: 2025-05-23
Form: S-1
Chunk 120
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 earned. The increase was primarily attributable to increased policies in force and fewer
premiums earned on Citizens policies in their assumption period, which have reduced policy acquisition costs.

General and administrative expenses.General and administrative expenses for the three months ended March 31, 2024 and 2025 were approximately $27.1 million and $41.4 million, respectively, representing 14.4% and 15.6%, respectively, of net
premiums earned. The increase was due primarily to the growth in staffing to support the Company’s increased policies in force. Payroll and related expenses increased from $7.8 million to $15.6 million for the three months ended
March 31, 2024 and 2025, respectively. This increase is attributed to increased personnel needed to grow and service in force policies. Personnel count increased from 204 at January 1, 2024 to 228 at March 31, 2024 and from 346 at
January 1, 2025 to 392 at March 31, 2025. Software

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and IT infrastructure expenses increased from $3.2 million to $12.1 million for the three months ended March 31, 2024 and 2025 respectively. This increase is attributed to
increased software costs related to increased policies in force. Professional services expenses decreased from $6.1 million to $2.1 million for the three months ended March 31, 2024 and 2025 respectively. This decrease is attributed
to reduced costs from third parties in servicing policies in force.

Interest expense.Interest expense increased from
$0.3 million for the three months ended March 31, 2024 to $0.9 million for the three months ended March 31, 2025. The increase was due primarily to the increase in outstanding debt.

Depreciation expense.Depreciation expense for the three months ended March 31, 2024 and 2025 were $0.3 and $1.1 million,
respectively. The increase was due primarily to depreciation of capitalized costs of internal-use software projects that were put into production in 2024.

Amortization expense. Amortization expense for the three months ended March 31, 2024 and 2025 were $2.0 million and
$1.9 million, respectively, representing 1.1% and 0.7%, respectively, of net premiums earned. The decrease was due primarily to an