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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549 
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the quarterly period ended September 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
Commission File No. 001-35210
https://cdn.kscope.io/ab9cae181556e63270550617ed0e42ec-hchc-20200930_g1.jpg
HC2 HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Delaware 54-1708481
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
450 Park Avenue, 29th Floor, New York, NY
10022
(Address of principal executive offices)(Zip Code)
(212) 235-2690
(Registrant’s telephone number, including area code)
_____________________________________________________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.001 per shareHCHCNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No   ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐Accelerated filer
Non-accelerated filer ☐Smaller reporting company
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  ý

As of October 31, 2020, 47,353,275 shares of common stock, par value $0.001, were outstanding.



HC2 HOLDINGS, INC.
INDEX TO FORM 10-Q

PART I. FINANCIAL INFORMATION
Condensed Consolidated Statements of Stockholders’ Equity
Notes to Condensed Consolidated Financial Statements
(1) Organization and Business
(2) Summary of Significant Accounting Policies
(4) Revenue
(5) Business Combinations
(6) Investments
(7) Fair Value of Financial Instruments
(8) Accounts Receivable
(9) Recoverable from Reinsurers
(10) Property, Plant and Equipment, net
(11) Goodwill and Intangible Assets
(12) Life, Accident and Health Reserves
(13) Accounts Payable and Other Current Liabilities
(14) Debt Obligations
(15) Income Taxes
(16) Commitments and Contingencies
(17) Share-based Compensation
(18) Equity
(19) Related Parties
(20) Operating Segment and Related Information
(21) Basic and Diluted (Loss) Income Per Common Share
(22) Subsequent Events
PART II. OTHER INFORMATION
Item 1.
Legal Proceedings
Item 1A.
Risk Factors
Item 2.
Item 3.
Item 4.
Mine Safety Disclosures
Item 5.
Other Information
Item 6.
Exhibits


1

HC2 HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in millions, except per share amounts)
PART I: FINANCIAL INFORMATION

Item 1. Financial Statements
 Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
Revenue$317.2 $349.3 $1,000.0 $1,112.3 
Life, accident and health earned premiums, net28.6 28.9 86.8 88.7 
Net investment income46.7 51.2 147.1 152.6 
Net realized and unrealized gains (losses) on investments0.8 (1.9)(18.8)2.1 
Net revenue393.3 427.5 1,215.1 1,355.7 
Operating expenses
Cost of revenue278.7 301.3 886.9 976.4 
Policy benefits, changes in reserves, and commissions59.6 66.1 195.0 166.8 
Selling, general and administrative45.2 50.7 145.6 143.8 
Depreciation and amortization2.4 2.2 4.1 3.7 
Other operating income (expense)9.5 (0.3)7.5 (1.7)
Total operating expenses395.4 420.0 1,239.1 1,289.0 
(Loss) income from operations(2.1)7.5 (24.0)66.7 
Interest expense(19.7)(20.1)(62.4)(58.0)
Loss on early extinguishment or restructuring of debt(4.2) (13.4) 
Loss from equity investees(1.3)(1.3)(4.0) 
Gain on bargain purchase   1.1 
Other income (loss)7.3 6.1 74.1 4.7 
(Loss) income from continuing operations before income taxes(20.0)(7.8)(29.7)14.5 
Income tax expense(1.6)(1.1)(4.4)(6.2)
(Loss) income from continuing operations(21.6)(8.9)(34.1)8.3 
Income (loss) from discontinued operations (including loss on disposal of $39.3 million)
 0.6 (60.0)(13.7)
Net loss(21.6)(8.3)(94.1)(5.4)
Net loss attributable to noncontrolling interest and redeemable noncontrolling interest4.3 1.2 6.8 4.9 
Net loss attributable to HC2 Holdings, Inc.(17.3)(7.1)(87.3)(0.5)
Less: Preferred dividends, deemed dividends and repurchase gains0.4 0.4 1.2 (0.4)
Net loss attributable to common stock and participating preferred stockholders$(17.7)$(7.5)$(88.5)$(0.1)
(Loss) income per share - continuing operations
Basic:$(0.38)$(0.16)$(0.94)$0.28 
Diluted:$(0.38)$(0.16)$(0.94)$0.23 
Loss per share - discontinued operations
Basic:$ $ $(0.95)$(0.28)
Diluted:$ $ $(0.95)$(0.21)
(Loss) income per share - Net (loss) income attributable to participating securities
Basic:$(0.38)$(0.16)$(1.89)$ 
Diluted:$(0.38)$(0.16)$(1.89)$0.02 
Weighted average common shares outstanding:
Basic:46.9 45.7 46.7 45.4 
Diluted:46.9 45.7 46.7 60.1 


See notes to Condensed Consolidated Financial Statements
2

HC2 HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited, in millions)
 Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
Net loss$(21.6)$(8.3)$(94.1)$(5.4)
Other comprehensive income
Foreign currency translation adjustment(0.5)(2.7)3.5 (2.5)
Unrealized gains (losses) on available-for-sale securities65.0 82.4 72.8 312.0 
Dispositions  22.1  
Other comprehensive income64.5 79.7 98.4 309.5 
Comprehensive income42.9 71.4 4.3 304.1 
Comprehensive (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests(4.6)1.9 2.7 5.5 
Comprehensive income attributable to HC2 Holdings, Inc. $38.3 $73.3 $7.0 $309.6 























See notes to Condensed Consolidated Financial Statements
3

HC2 HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in millions, except share amounts)
September 30,December 31,
20202019
Assets
Investments:
Fixed maturity securities, available-for-sale at fair value$4,295.2 $4,028.9 
Equity securities74.2 92.5 
Mortgage loans121.1 183.5 
Policy loans18.2 19.1 
Other invested assets60.7 68.1 
Total investments4,569.4 4,392.1 
Cash and cash equivalents163.6 228.8 
Accounts receivable, net252.3 311.8 
Recoverable from reinsurers961.4 953.7 
Deferred tax asset1.8 2.7 
Property, plant and equipment, net213.8 223.7 
Goodwill112.7 112.5 
Intangibles, net202.2 221.7 
Assets held for sale5.6 323.3 
Other assets205.6 188.0 
Total assets$6,688.4 $6,958.3 
Liabilities, temporary equity and stockholders’ equity
Life, accident and health reserves$4,622.9 $4,567.1 
Annuity reserves230.9 236.4 
Value of business acquired205.0 221.1 
Accounts payable and other current liabilities298.6 306.2 
Deferred tax liability113.2 83.7 
Debt obligations646.4 773.6 
Liabilities held for sale0.1 153.9 
Other liabilities135.7 151.1 
Total liabilities6,252.8 6,493.1 
Commitments and contingencies
Temporary equity
Preferred stock15.9 10.3 
Redeemable noncontrolling interest7.0 11.3 
Total temporary equity22.9 21.6 
Stockholders’ equity
Common stock, $0.001 par value
  
Shares authorized: 80,000,000 at September 30, 2020 and December 31, 2019;
Shares issued: 48,413,438 and 46,810,676 at September 30, 2020 and December 31, 2019;
Shares outstanding: 47,303,687 and 46,067,852 at September 30, 2020 and December 31, 2019, respectively
Additional paid-in capital293.6 281.1 
Treasury stock, at cost: 1,109,751 and 742,824 shares at September 30, 2020 and December 31, 2019, respectively
(4.2)(3.3)
Accumulated deficit(184.0)(96.7)
Accumulated other comprehensive income266.4 168.7 
Total HC2 Holdings, Inc. stockholders’ equity371.8 349.8 
Noncontrolling interest40.9 93.8 
Total stockholders’ equity412.7 443.6 
Total liabilities, temporary equity and stockholders’ equity$6,688.4 $6,958.3 





See notes to Condensed Consolidated Financial Statements
4

HC2 HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited, in millions)


Three Months Ended September 30, 2020
Common StockAdditional
Paid-In
Capital
Treasury
Stock
Accumulated DeficitAccumulated Other Comprehensive Income (Loss)Total HC2 Stockholders' EquityNon-
controlling
Interest
Total Stockholders’ EquityTemporary Equity
SharesAmount
Balance as of June 30, 202046.6 $— $288.5 $(4.2)$(166.7)$201.7 $319.3 $45.9 $365.2 $18.7 
Share-based compensation— — 3.0 — — — 3.0 — 3.0 — 
Fair value adjustment of redeemable noncontrolling interest— — (0.2)— — — (0.2)— (0.2)0.2 
Preferred stock dividend — — (0.2)— — — (0.2)— (0.2)— 
Issuance of common stock0.7 — — — — — — —  — 
Issuance of preferred stock— — — — — — — — — 5.6 
Transactions with noncontrolling interests— — 0.8 — — — 0.8 (2.0)(1.2) 
Other— — 1.7 — — — 1.7 — 1.7 — 
Net loss— — — — (17.3)— (17.3)(2.8)(20.1)(1.5)
Other comprehensive income (loss)— — — — — 64.7 64.7 (0.2)64.5 (0.1)
Balance as of September 30, 2020
47.3 $— $293.6 $(4.2)$(184.0)$266.4 $371.8 $40.9 $412.7 $22.9 


Nine Months Ended September 30, 2020
Common StockAdditional Paid-In CapitalTreasury StockAccumulated DeficitAccumulated Other Comprehensive Income (Loss)Total HC2 Stockholders' EquityNon- controlling InterestTotal Stockholders’ EquityTemporary Equity
SharesAmount
Balance as of December 31, 201946.1 $— $281.1 $(3.3)$(96.7)$168.7 $349.8 $93.8 $443.6 $21.6 
Share-based compensation— — 5.9 — — — 5.9 — 5.9 — 
Fair value adjustment of redeemable noncontrolling interest— — (1.4)— — — (1.4)— (1.4)1.4 
Taxes paid in lieu of shares issued for share-based compensation(0.4)— — (0.9)— — (0.9)— (0.9)— 
Preferred stock dividend — — (0.6)— — — (0.6)— (0.6)— 
Issuance of common stock1.6 — — — — — — —  — 
Issuance of preferred stock— — — — — — — — — 5.6 
Transactions with noncontrolling interests— — 6.9 — — — 6.9 (57.3)(50.4)(4.0)
Other— — 1.7 — — — 1.7 — 1.7 — 
Net loss— — — — (87.3)— (87.3)(3.8)(91.1)(3.0)
Other comprehensive income— — — — — 97.7 97.7 8.2 105.9 1.3 
Balance as of September 30, 2020
47.3 $— $293.6 $(4.2)$(184.0)$266.4 $371.8 $40.9 $412.7 $22.9 








See notes to Condensed Consolidated Financial Statements

5

HC2 HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited, in millions)


Three Months Ended September 30, 2019
Common StockAdditional
Paid-In
Capital
Treasury
Stock
Accumulated DeficitAccumulated Other Comprehensive Income (Loss)Total HC2 Stockholders' EquityNon-
controlling
Interest
Total Stockholders’ EquityTemporary Equity
SharesAmount
Balance as of June 30, 201945.8 $— $270.9 $(3.2)$(54.9)$117.1 $329.9 $100.9 $430.8 $20.6 
Share-based compensation— — 2.0 — — — 2.0 — 2.0 — 
Fair value adjustment of redeemable noncontrolling interest— — (1.1)— — — (1.1)— (1.1)1.1 
Preferred stock dividend — — (0.2)— — — (0.2)— (0.2)—