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Dec 31, 2021
Kingsway Financial Q4 2021 Earnings Report
Announced full year results, showing improved net income and growth in non-GAAP adjusted income, along with strategic acquisitions and focus on tax-advantaged investments.
Key Takeaways
Kingsway Financial Services Inc. reported improved net income and non-GAAP adjusted income for the year ended December 31, 2021. The company saw significant operating improvements within its extended warranty businesses and made strategic acquisitions. Kingsway also focused on monetizing legacy assets and keeping non-strategic expenses in check.
Net income improved to $1.9 million for the twelve months ended December 31, 2021, from a net loss of ($5.4) million for the same period in 2020.
Non-GAAP adjusted income grew to $11.7 million for the twelve months ended December 31, 2021, compared to a non-GAAP adjusted loss of ($0.6) million for the same period in 2020.
Extended Warranty segment operating income increased to $12.6 million for the twelve months ended December 31, 2021 compared to $6.6 million for the same period in 2020.
Extended Warranty segment non-GAAP adjusted EBITDA improved to $13.0 million for the twelve months ended December 31, 2021, from $7.5 million for the same period in 2020.
Forward Guidance
This earnings report does not contain any forward guidance.
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