Kingsway FY2023 revenue up 11% to $103.2M, net income $24M; extended warranty softness offsets KSX growth

KINGSWAY FINANCIAL SERVICES INC

Revenue $103.2M (+11% YoY); net income $24M vs $15.1M; adjusted EBITDA $9.1M vs $11.1M.
Extended Warranty revenue fell to $68.2M, adjusted EBITDA $8.4M; KSX revenue surged 82% to $35M.
Repurchased $96.7M trust preferred debt at 60.8 cents on dollar, realizing >20% IRR; net debt $35.3M.
Repurchased 1.09M warrants and 430k shares for $7.2M; warrant exercises generated $16.7M in 2023.
Appointed Paul Vidal as Operator-in-Residence; Tyler Gordy to Advisory Board; Investor Day on May 20.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

KINGSWAY FINANCIAL SERVICES INC reported the twelve months ended December 31, 2023 results: revenue $103.2 million, net income $24 million.

Period: the twelve months ended December 31, 2023
Revenue: $103.2 million
Net income: $24 million
Result: reported results

Exact text from the filing

KINGSWAY REPORTS FULL YEAR 2023 FINANCIAL RESULTS Management to Host Conference Call Today at 5 p.m. ET Save the Date: Kingsway to also Host Investor Day at the New York Stock Exchange on May 20, 2024 CHICAGO, March 5, 2024 - (NYSE: KFS) Kingsway Financial Services Inc. (“Kingsway” or the “Company”) today announced its operating results for the twelve months ended December 31, 2023, and announces its 2024 Investor Day will take place on May 20, 2024, at the New York Stock Exchange. Full Year 2023 Consolidated Financial Highlights ● Consolidated revenue increased 11% to $103.2 million for the twelve months ended December 31, 2023, compared to $93.3 million in prior year period o Extended Warranty revenue was $68.2 million in 2023 compared to $74.0 million in 2022; $4.9 million of the $5.8 million decrease was attributable to PWSC, which was sold in July 2022 o KSX revenue increased by 82% to $35.0 million in 2023, compared to $19.2 million for 2022, primarily due to the inclusion of CSu

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Source: SEC EDGAR

accession 0001437749-24-006649

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