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    Hagerty Reports First Quarter 2025 Results; Reaffirms 2025 Outlook for Revenue and Profit Growth

    5/7/25 7:00:00 AM ET
    $HGTY
    Specialty Insurers
    Finance
    Get the next $HGTY alert in real time by email
    • First quarter 2025 Total Revenue increased 18% year-over-year to $319.6 million
    • First quarter 2025 Written Premium increased 12% year-over-year to $244.3 million
    • First quarter 2025 Marketplace revenue increased 176% year-over-year to $29.0 million
    • First quarter 2025 Operating Income increased 110% year-over-year to $25.7 million
      • First quarter 2025 Operating Income margin increased by 360 bps compared to the prior year period
    • First quarter 2025 Net Income increased 233% year-over-year to $27.3 million
    • First quarter 2025 Adjusted EBITDA increased 45% year-over-year to $39.6 million
    • Reaffirmed 2025 Outlook for 12-13% Total Revenue growth, 30-40% Net Income growth and 21-29% Adjusted EBITDA growth

    TRAVERSE CITY, Mich., May 7, 2025 /PRNewswire/ -- Hagerty, Inc. (NYSE:HGTY), an automotive enthusiast brand and leading specialty vehicle insurance provider, announced today financial results for the three months ended March 31, 2025.

    Hagerty (PRNewsfoto/Hagerty)

    "We are off to a solid start to 2025, with first quarter revenue growth of 18%, net income growth of 233%, and Adjusted EBITDA growth of 45%. We expanded our margins and are making substantial technology investments to become even more efficient in how we deliver on our brand promise to members over the coming years," said McKeel Hagerty, Chief Executive Officer and Chairman of Hagerty.

    "Hagerty enjoys the enviable position of operating in an industry that has historically performed well regardless of the economic cycle. Our industry-leading retention delivers visible revenue streams that are augmented by consistently high rates of new member growth thanks to the strength of the Hagerty brand and value proposition. Our strategic priorities enable us to acquire new customers and service existing ones more efficiently than ever, and we are well-positioned for accelerating growth as we move into 2026," continued Mr. Hagerty.

    "Our business momentum and first quarter results keep us on track to deliver 12-13% total revenue growth in 2025 as we help car enthusiasts protect, buy and sell, and enjoy their special vehicles. Operating margin expansion should drive even faster rates of bottom-line growth, with net income expected to increase by 30-40% compared to 2024," added Mr. Hagerty.

    FIRST QUARTER 2025 FINANCIAL HIGHLIGHTS

    • First quarter 2025 Total Revenue increased 18% year-over-year to $319.6 million
    • First quarter 2025 Written Premium increased 12% year-over-year to $244.3 million
    • First quarter 2025 Commission and fee revenue increased 13% year-over-year to $100.3 million
      • Policies in Force Retention was 89.0% as of March 31, 2025 compared to 88.7% in the prior year period, and total insured vehicles increased 8% year-over-year to 2.6 million
    • First quarter 2025 Loss Ratio was 42.0% including 6.7% of impact from catastrophe losses (including approximately $10.4 million in pre-tax losses from the Southern California wildfires), compared to 41.1% in the prior year period
    • First quarter 2025 Earned Premium increased 12% year-over-year to $169.4 million
    • First quarter 2025 Membership, marketplace and other revenue increased 60% year-over-year to $50.0 million
      • First quarter 2025 Marketplace revenue increased 176% year-over-year to $29.0 million
        • The increase was primarily due to a higher level of inventory sales, including cars sold in February 2025 from the Academy of Art University Collection
      • First quarter 2025 Membership revenue increased 14% year-over-year to $15.3 million
        • Hagerty Drivers Club (HDC) paid members increased 7% year-over-year to approximately 889,000 compared to 831,000
    • First quarter 2025 Operating Income of $25.7 million, an increase of $13.5 million compared to the prior year period
      • First quarter 2025 Operating Income margin increased by 360 bps compared to the prior year period
        • General and administrative expenses increased 11.7% due primarily to an increase in software-related costs, and Salary and benefits increased 5.3%
      • First quarter 2025 depreciation and amortization was $9.5 million compared to $10.6 million in the prior year period
    • First quarter 2025 Net Income of $27.3 million, an increase of $19.1 million compared to the prior year period
      • First quarter 2025 Net Income includes $7.1 million in interest and other income
    • First quarter 2025 Adjusted EBITDA (a non-GAAP measure) of $39.6 million, an increase of $12.3 million compared to the prior year period
    • First quarter 2025 Basic and Diluted Earnings per Share was $0.07
      • First quarter 2025 Adjusted EPS (a non-GAAP measure) was $0.08
    • We ended the quarter with $128 million of cash and $147 million of total debt, $32 million of which is back leverage for Broad Arrow Capital's portfolio of loans collateralized by collector cars
      • We increased the borrowing capacity under our unsecured credit facility to $375 million with lower borrowing costs and a March 2030 maturity

    The definitions and reconciliations of non-GAAP financial measures are provided under the heading Key Performance Indicators and Certain Non-GAAP Financial Measures at the end of this press release.

    2025 OUTLOOK - SUSTAINED GROWTH AND PROFITABILITY

    We believe 2025 is on track to be another year of strong profit growth for Hagerty as our team executes on our long-term plan to create value for stakeholders by delivering high rates of compounding revenue growth through investing in our long-term competitive advantages. In 2025, these investments aggregate to $20 million of elevated spend, primarily in our new technology platform, Duck Creek. Duck Creek will help us efficiently grow our business over the coming years. We remain focused on growing our Insurance, Membership and Marketplace businesses, positioning us to deliver sustained, compounding profit growth over the coming years, and fund our purpose to save driving and fuel car culture for future generations.

    • For full year 2025, Hagerty anticipates:
      • Written Premium growth of 13-14%
      • Total Revenue growth of 12-13%
      • Net Income growth of 30-40%
      • Adjusted EBITDA growth of 21-29%
        • Profit ranges incorporate $20 million of elevated technology investments in 2025, as well as an estimated $10 million pre-tax impact from the Southern California wildfires








    2025 Outlook ($)



    2025 Outlook (%)



    in thousands

    2024 Results





    Low End



    High End



    Low End



    High End



    Total Written Premium

    $1,044,492





    $1,180,000



    $1,191,000



    13 %



    14 %



    Total Revenue

    $1,200,038





    $1,344,000



    $1,356,000



    12 %



    13 %



    Net Income 1

    $78,303





    $102,000



    $110,000



    30 %



    40 %



    Adjusted EBITDA 2

    $124,473





    $150,000



    $160,000



    21 %



    29 %



























    1   

    Fully diluted share count of approximately 360 million shares including Class A Common Stock, Class V Common Stock, Series A Convertible Preferred Stock, and share-based compensation awards.

    2  

    See Non-GAAP Financial Measures below for additional information regarding this non-GAAP financial measure.

    Conference Call Details

    Hagerty will hold a conference call to discuss the financial results today at 10:00 am Eastern Time. A webcast of the conference call, including its Investor Presentation highlighting first quarter 2025 financial results, will be available on Hagerty's investor relations website at investor.hagerty.com. The dial-in for the conference call is (877) 423-9813 (toll-free) or (201) 689-8573 (international). Please dial the number 10 minutes prior to the scheduled start time.

    A webcast replay of the call will be available at investor.hagerty.com following the call.

    Forward-Looking Statements

    This press release contains statements that constitute "forward-looking statements" within the meaning of the federal securities laws. All statements provided, other than statements of historical fact, are forward-looking statements, including those regarding Hagerty's future operating results and financial position, Hagerty's business strategy and plans, products, services, and technology implementations, market conditions, growth and trends, expansion plans and opportunities, and Hagerty's objectives for future operations. The words "anticipate," "believe," "envision," "estimate," "expect," "intend," "may," "plan," "predict," "project," "target," "potential," "will," "would," "could," "should," "continue," "ongoing," "contemplate," and similar expressions, and the negative of these expressions, are intended to identify forward-looking statements.

    Hagerty has based these forward-looking statements largely on current expectations about future events, which may not materialize. Actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. These factors include, among other things, Hagerty's ability to: (i) compete effectively within our industry and attract and retain our insurance policyholders and paid Hagerty Drivers Club ("HDC") subscribers; (ii) maintain key strategic relationships with our insurance distribution and underwriting carrier partners; (iii) prevent, monitor, and detect fraudulent activity; (iv) manage risks associated with disruptions, interruptions, outages or other issues with our technology platforms or our use of third-party services; (v) accelerate the adoption of our membership and marketplace products and services, as well as any new insurance programs and products we offer; (vi) manage the cyclical nature of the insurance business, including through any periods of recession, economic downturn or inflation; (vii) address unexpected increases in the frequency or severity of claims, and (viii) comply with the numerous laws and regulations applicable to our business, including state, federal and foreign laws relating to insurance and rate increases, privacy, the internet, and accounting matters.

    The forward-looking statements herein represent the judgment of Hagerty as of the date of this release and Hagerty disclaims any intent or obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise. This press release should be read in conjunction with the information included in the Hagerty's other press releases, reports and other filings with the Securities and Exchange Commission. Understanding the information contained in these filings is important in order to fully understand Hagerty's reported financial results and its business outlook for future periods.

    About Hagerty, Inc. (NYSE:HGTY)

    Hagerty is an automotive enthusiast brand committed to saving driving and to fueling car culture for future generations. The company is a leading provider of specialty vehicle insurance, expert car valuation data and insights, live and digital car auction services, immersive events and automotive entertainment custom made for the 67 million Americans who self-describe as car enthusiasts. Hagerty also operates in Canada and the U.K. and is home to Hagerty Drivers Club, a community of nearly 890,000 who can't get enough of cars. For more information, please visit www.hagerty.com or connect with us on Facebook, Instagram, Twitter and LinkedIn..

    More information can be found at newsroom.hagerty.com.

    Category: Financial

    Source: Hagerty

     

    Hagerty, Inc.

    Condensed Consolidated Statements of Operations (Unaudited)

     





    Three months ended March 31,





    2025



    2024



    $ Change



    % Change

    REVENUE:



    in thousands (except percentages and per share amounts)

    Commission and fee revenue

    $     100,287



    $       88,840



    $       11,447



    12.9 %

    Earned premium

    169,355



    151,619



    17,736



    11.7 %

    Membership, marketplace and other revenue

    49,951



    31,249



    18,702



    59.8 %

    Total revenue



    319,593



    271,708



    47,885



    17.6 %

    OPERATING EXPENSES:

















    Salaries and benefits



    59,103



    56,116



    2,987



    5.3 %

    Ceding commissions, net



    77,333



    70,930



    6,403



    9.0 %

    Losses and loss adjustment expenses



    71,130



    62,356



    8,774



    14.1 %

    Sales expense



    54,626



    39,660



    14,966



    37.7 %

    General and administrative expenses



    22,185



    19,862



    2,323



    11.7 %

    Depreciation and amortization



    9,488



    10,560



    (1,072)



    (10.2) %

    Total operating expenses



    293,865



    259,484



    34,381



    13.2 %

    OPERATING INCOME



    25,728



    12,224



    13,504



    110.5 %

    Loss related to warrant liabilities, net



    —



    (6,140)



    6,140



    (100.0) %

    Interest and other income (expense), net



    7,054



    7,244



    (190)



    (2.6) %

    INCOME BEFORE INCOME TAX EXPENSE

    32,782



    13,328



    19,454



    146.0 %

    Income tax expense



    (5,489)



    (5,129)



    (360)



    7.0 %

    NET INCOME



    27,293



    8,199



    19,094



    232.9 %

    Net income attributable to non-controlling interest

    (18,922)



    (9,550)



    (9,372)



    98.1 %

    Accretion of Series A Convertible Preferred Stock

    (1,875)



    (1,838)



    (37)



    2.0 %

    NET INCOME (LOSS) ATTRIBUTABLE TO CLASS A COMMON STOCKHOLDERS

    $         6,496



    $       (3,189)



    $         9,685



    303.7 %

















    Earnings (loss) per share of Class A Common Stock:















    Basic



    $           0.07



    $         (0.04)









    Diluted



    $           0.07



    $         (0.04)



























    Weighted average shares of Class A Common Stock outstanding:















    Basic



    90,047



    84,656









    Diluted



    346,311



    84,656









     

    Hagerty, Inc.

    Condensed Consolidated Balance Sheets (Unaudited)

     





    March 31,



    December 31,





    2025



    2024

    ASSETS



    in thousands (except share amounts)

    Current Assets:









    Cash and cash equivalents



    $                   127,704



    $                   104,784

    Restricted cash and cash equivalents



    158,604



    128,061

    Investments



    104,991



    73,957

    Accounts receivable



    97,610



    84,763

    Premiums receivable



    175,522



    153,748

    Commissions receivable



    17,135



    20,430

    Notes receivable



    62,053



    45,417

    Deferred acquisition costs, net



    152,270



    156,466

    Other current assets



    102,044



    90,779

    Total current assets



    997,933



    858,405

    Investments



    481,115



    515,570

    Notes receivable



    11,139



    11,555

    Property and equipment, net



    17,919



    18,205

    Lease right-of-use assets



    43,433



    44,485

    Intangible assets, net



    87,122



    90,107

    Goodwill



    114,127



    114,123

    Other long-term assets



    63,403



    56,888

    TOTAL ASSETS



    $                1,816,191



    $                1,709,338

    LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY









    Current Liabilities:









    Accounts payable, accrued expenses and other current liabilities



    $                   116,875



    $                     73,383

    Losses payable and provision for unpaid losses and loss adjustment expenses



    251,920



    266,878

    Commissions payable



    79,315



    77,389

    Advance premiums and due to insurers



    154,009



    108,352

    Unearned premiums



    352,162



    357,539

    Contract liabilities



    32,778



    31,905

    Total current liabilities



    987,059



    915,446

    Long-term lease liabilities



    41,956



    43,178

    Long-term debt, net



    132,596



    104,968

    Deferred tax liability



    18,421



    18,065

    Contract liabilities



    14,834



    15,334

    Other long-term liabilities



    2,130



    4,178

    TOTAL LIABILITIES



    1,196,996



    1,101,169

    Commitments and Contingencies



    —



    —

    TEMPORARY EQUITY 1









    Preferred stock, $0.0001 par value (20,000,000 shares authorized, 8,483,561 Series A Convertible

    Preferred Stock issued and outstanding as of March 31, 2025 and December 31, 2024)

    86,538



    84,663

    STOCKHOLDERS' EQUITY









    Class A Common Stock, $0.0001 par value (500,000,000 shares authorized, 90,064,663 and 90,032,391

    issued and outstanding as of March 31, 2025 and December 31, 2024, respectively)

    9



    9

    Class V Common Stock, $0.0001 par value (300,000,000 authorized, 251,033,906 shares issued and

    outstanding as of March 31, 2025 and December 31, 2024)

    25



    25

    Additional paid-in capital



    606,972



    603,780

    Accumulated earnings (deficit)



    (443,607)



    (451,978)

    Accumulated other comprehensive income (loss)



    (455)



    (1,514)

    Total stockholders' equity



    162,944



    150,322

    Non-controlling interest



    369,713



    373,184

    Total equity



    532,657



    523,506

    TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY



    $                1,816,191



    $                1,709,338











    1

    The Series A Convertible Preferred Stock is recorded within Temporary Equity because it has equity conversion and cash redemption features.

     

    Hagerty, Inc.

    Condensed Consolidated Statements of Cash Flows (Unaudited)

     



    Three months ended March 31,



    2025



    2024

    OPERATING ACTIVITIES:

    in thousands

    Net income

    $                   27,293



    $                     8,199

    Adjustments to reconcile net income to net cash from operating activities:







    Loss on disposals of equipment, software and other assets

    1,136



    —

    Loss related to warrant liabilities, net

    —



    6,140

    Depreciation and amortization

    9,488



    10,560

    Provision for deferred taxes

    (939)



    (571)

    Share-based compensation expense

    4,392



    4,543

    Non-cash lease expense

    2,109



    2,197

    Realized (gain) loss on investments, net

    315



    —

    (Accretion) amortization of discount and premium, net

    (1,184)



    —

    Other

    1,852



    1,140

    Changes in operating assets and liabilities:







    Accounts, premiums and commissions receivable

    (39,394)



    42,736

    Deferred acquisition costs, net

    4,196



    4,712

    Losses payable and provision for unpaid losses and loss adjustment expenses

    (14,958)



    5,567

    Commissions payable

    1,926



    (37,669)

    Advance premiums and due to insurers

    45,257



    34,941

    Unearned premiums

    (5,377)



    (4,573)

    Operating lease assets and liabilities

    (2,252)



    (2,282)

    Other assets and liabilities, net

    9,970



    (17,402)

    Net Cash Provided by Operating Activities

    43,830



    58,238

    INVESTING ACTIVITIES:







    Capital expenditures

    (5,389)



    (4,538)

    Acquisitions, net of cash acquired, and other investments

    —



    (3,843)

    Issuance of notes receivable

    (9,886)



    (17,828)

    Collection of notes receivable

    1,650



    11,041

    Purchases of fixed maturity securities

    (39,150)



    (2,956)

    Proceeds from sales of fixed maturity securities

    14,804



    —

    Proceeds from maturities of fixed maturity securities

    33,722



    1,075

    Purchases of equity securities

    (246)



    —

    Sales of equity securities

    247



    —

    Other investing activities

    (233)



    (1,238)

    Net Cash Used in Investing Activities

    (4,481)



    (18,287)

    FINANCING ACTIVITIES:







    Payments on long-term debt

    (120,880)



    (45,331)

    Proceeds from long-term debt, net of issuance costs

    160,067



    8,098

    Distributions paid to non-controlling interest unit holders

    (24,676)



    —

    Funding of TRA liability payments

    (223)



    —

    Funding of employee tax obligations upon vesting of share-based payments

    (44)



    —

    Net Cash Provided by (Used in) Financing Activities

    14,244



    (37,233)

    Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents

    (130)



    (186)









    Change in cash and cash equivalents and restricted cash and cash equivalents

    53,463



    2,532

    Beginning cash and cash equivalents and restricted cash and cash equivalents

    232,845



    724,276

    Ending cash and cash equivalents and restricted cash and cash equivalents

    $                 286,308



    $                 726,808

     

    Hagerty, Inc.

    Key Performance Indicators and Certain Non-GAAP Financial Measures

    Key Performance Indicators

    The tables below present a summary of our Key Performance Indicators, which include important operational metrics, as well as certain financial measures prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and non-GAAP financial measures. We use these Key Performance Indicators to evaluate our business, measure our performance, identify trends against planned initiatives, prepare financial projections, and make strategic decisions. We believe these Key Performance Indicators are useful in evaluating our performance when read together with our Condensed Consolidated Financial Statements prepared in accordance with GAAP.





    Three months ended March 31,





    2025



    2024



    Change

    Operational Metrics



    dollars in thousands (except per share amounts)

    Total Written Premium



    $    244,327



    $    218,286



    $     26,041



    11.9 %

    Hagerty Re Loss Ratio



    42.0 %



    41.1 %



    0.9 %



    N/M

    Hagerty Re Combined Ratio



    88.5 %



    88.5 %



    — %



    N/M

    New Business Count — Insurance



    55,309



    59,286



    (3,977)



    (6.7) %



















    GAAP Financial Measures

















    Total Revenue



    $    319,593



    $    271,708



    $     47,885



    17.6 %

    Operating Income



    $     25,728



    $     12,224



    $     13,504



    110.5 %

    Net Income



    $     27,293



    $       8,199



    $     19,094



    232.9 %

    Basic Earnings (Loss) Per Share



    $         0.07



    $        (0.04)



    $         0.11



    N/M

    Diluted Earnings (Loss) Per Share



    $         0.07



    $        (0.04)



    $         0.11



    N/M



















    Non-GAAP Financial Measures

















    Adjusted EBITDA



    $     39,608



    $     27,327



    $     12,281



    44.9 %

    Adjusted Earnings Per Share



    $         0.08



    $         0.04



    $         0.04



    100.0 %



















    N/M = Not meaningful

     





    March 31,



    December 31,













    2025



    2024



    Change



















    Operational Metrics

















    Policies in Force



    1,524,927



    1,506,451



    18,476



    1.2 %

    Policies in Force Retention



    89.0 %



    89.0 %



    — %



    — %

    Vehicles in Force



    2,609,209



    2,576,700



    32,509



    1.3 %

    HDC Paid Member Count



    889,390



    875,822



    13,568



    1.5 %

    Net Promoter Score (NPS)



    82



    82



    —



    — %

    Non-GAAP Financial Measures

    Adjusted EBITDA

    We define Adjusted EBITDA as consolidated Net income, excluding net interest and other income (expense), income tax expense, and depreciation and amortization, further adjusted to exclude (i) net gains and losses related to our warrant liabilities prior to the Warrant Exchange; (ii) share-based compensation expense; and when applicable, (iii) restructuring, impairment and related charges; (iv) gains, losses and impairments related to divestitures; and (v) certain other unusual items. 

    We present Adjusted EBITDA because we consider it to be an important supplemental measure of our performance and believe it is frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in our industry. We use Adjusted EBITDA as a measure of the operating performance of our business on a consistent basis, as it removes the impact of items not directly resulting from our core operations.

    By providing this non-GAAP financial measure, together with a reconciliation to Net income, which is the most comparable GAAP measure, we believe we are enhancing investors' understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives. However, Adjusted EBITDA has limitations as an analytical tool, and should not be considered in isolation, or as an alternative to, or a substitute for Net income or other financial statement data presented in our Condensed Consolidated Financial Statements as indicators of financial performance. Our definition of Adjusted EBITDA may be different than similarly titled measures used by other companies in our industry, which could reduce the usefulness of this non-GAAP financial measure when comparing our performance to that of other companies.

    The following table reconciles Adjusted EBITDA to the most directly comparable GAAP measure, which is Net income:





    Three months ended

    March 31,





    2025



    2024





    in thousands

    Net income

    $            27,293



    $              8,199

    Interest and other (income) expense 1, 2

    (7,054)



    (7,244)

    Income tax expense

    5,489



    5,129

    Depreciation and amortization

    9,488



    10,560

    EBITDA

    35,216



    16,644

    Loss related to warrant liabilities, net

    —



    6,140

    Share-based compensation expense

    4,392



    4,543

    Adjusted EBITDA

    $            39,608



    $            27,327











    1

    Excludes interest expense related to the BAC Credit Facility, which is recorded within "Sales expense" in the Condensed Consolidated Statements of Operations.

    2 

    Includes interest income and net investment income related to our investment portfolio.

    The following table reconciles Adjusted EBITDA for the year ended December 31, 2025 Outlook to the most directly comparable GAAP measure, which is Net income:





    2025 Low



    2025 High





    in thousands

    Net income

    $           102,000



    $           110,000

    Interest and other (income) expense 1, 2

    (32,000)



    (32,000)

    Income tax expense

    21,000



    23,000

    Depreciation and amortization

    39,000



    39,000

    Share-based compensation expense

    20,000



    20,000

    Adjusted EBITDA

    $           150,000



    $           160,000











    1

    Excludes interest expense related to the BAC Credit Facility, which is recorded within "Sales expense" in the Condensed Consolidated Statements of Operations.

    2 

    Includes interest income and net investment income related to our investment portfolio.

    Adjusted EPS

    We define Adjusted Earnings Per Share ("Adjusted EPS") as consolidated Net income, excluding net gains and losses related to our warrant liabilities prior to the Warrant Exchange, divided by our outstanding and total potentially dilutive securities, which includes (i) the weighted average issued and outstanding shares of Class A Common Stock; (ii) all issued and outstanding non-controlling interest units of THG; (iii) all issued and outstanding shares of our Series A Convertible Preferred Stock on an as-converted basis; (iv) all unissued share-based compensation awards; and (v) all unexercised warrants outstanding prior to the Warrant Exchange.

    The most directly comparable GAAP measure to Adjusted EPS is basic earnings per share ("Basic EPS"), which is calculated as Net income (loss) available to Class A Common Stockholders divided by the weighted average number of Class A Common Stock shares outstanding during the period.

    We present Adjusted EPS because we consider it to be an important supplemental measure of our operating performance and believe it is used by securities analysts, investors and other interested parties in evaluating the consolidated performance of other companies in our industry. We also believe that Adjusted EPS, which compares our consolidated Net income with our outstanding and potentially dilutive shares, provides useful information to investors regarding our performance on a fully consolidated and fully diluted basis.

    Management uses Adjusted EPS:

    • as a measurement of operating performance of our business on a fully consolidated and fully diluted basis;
    • to evaluate the performance and effectiveness of our operational strategies; and
    • as a preferred predictor of core operating performance, comparisons to prior periods and competitive positioning.

    We caution investors that Adjusted EPS is not a recognized measure under GAAP and should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP, including Basic EPS, and that Adjusted EPS, as we define it, may be defined or calculated differently by other companies. In addition, Adjusted EPS has limitations as an analytical tool and should not be considered as a measure of profit or loss per share.

    The following table reconciles Adjusted EPS to the most directly comparable GAAP measure, which is Basic EPS:





    Three months ended

    March 31,





    2025



    2024





    in thousands (except per share amounts)

    Numerator:







    Net income (loss) available to Class A Common Stockholders 1

    $              6,041



    $             (3,189)

    Accretion of Series A Convertible Preferred Stock

    1,875



    1,838

    Undistributed earnings allocated to Series A Convertible Preferred Stock

    455



    —

    Net income attributable to non-controlling interest

    18,922



    9,550

    Consolidated net income

    27,293



    8,199

    Loss related to warrant liabilities, net

    —



    6,140

    Adjusted consolidated net income 2

    $            27,293



    $            14,339









    Denominator:







    Weighted average shares of Class A Common Stock outstanding 1

    90,047



    84,656

    Total potentially dilutive securities outstanding:







    Non-controlling interest THG units

    255,154



    255,499

    Series A Convertible Preferred Stock, on an as-converted basis

    6,785



    6,785

    Total unissued share-based compensation awards

    7,935



    8,256

    Total warrants outstanding

    —



    19,484

    Potentially dilutive shares outstanding

    269,874



    290,024

    Fully dilutive shares outstanding 2

    359,921



    374,680











    Basic EPS 1

    $                0.07



    $               (0.04)











    Adjusted EPS 2

    $                0.08



    $                0.04











    1

    Numerator and Denominator of the GAAP measure Basic EPS

    2

    Numerator and Denominator of the non-GAAP measure Adjusted EPS

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/hagerty-reports-first-quarter-2025-results-reaffirms-2025-outlook-for-revenue-and-profit-growth-302448100.html

    SOURCE Hagerty

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