Company: TIPT
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001393726-25-000055
Chunk: 77

Company: TIPTREE INC.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 8
Chunk 77
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 performance among comparable companies. Adjusted net income, adjusted return on average equity, underwriting and fee revenues and underwriting and fee margin are not measurements of financial performance or liquidity under GAAP and should not be considered as an alternative or substitute for earned premiums, net income or any other measure derived in accordance with GAAP.Underwriting and Fee Revenues and Underwriting and Fee Margin — Non-GAAP (Insurance only)Underwriting and Fee Revenues — Non-GAAP — We define underwriting and fee revenues as earned premiums, net, service and administrative fees (excluding ceding fees) and other income (excluding cash and cash equivalent interest income). We reconcile underwriting and fee revenues as total revenues excluding net investment income, net realized gains (losses) and net unrealized gains (losses), ceding fees, ceding commissions and cash and cash equivalent interest income as reported in other income. Underwriting and fee revenues represents revenues generated by our underwriting and fee-based operations and allows us to evaluate our underwriting performance without regard to investment income. We use this metric as we believe it gives our management and other users of our financial information useful insight into our underlying business performance. Underwriting and fee revenues should not be viewed as a substitute for total revenues calculated in accordance with GAAP, and other companies may define underwriting and fee revenues differently.($ in thousands)Three Months EndedMarch 31, 20252024Total revenues$480,581 $478,756 Less: Net investment income(11,729)(6,758)Less: Net realized and unrealized gains (losses)3,419 (2,819)Less: Ceding fees (1)(14,607)(14,619)Less: Ceding commissions(3,633)(2,744)Less: Cash and cash equivalent interest income (2)(2,800)(3,733)Underwriting and fee revenues (3)$451,231 $448,083 (1)  Ceding fees were included in service and administrative fees on the statement of operations. (2)  Cash and cash equivalent interest income was included in other revenue on the statement of operations.(3)  Underwriting and fee revenues exclude ceding fees, ceding commissions and cash and cash equivalent interest income from other revenue.Underwriting and Fee Margin — Non-GAAP — We define underwriting and fee margin as income before taxes, excluding net investment income, net realized gains (losses), net unrealized gains (losses), cash