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    Hagerty Reports Full Year 2024 Results; Provides 2025 Outlook for Revenue and Profit Growth

    3/4/25 7:00:00 AM ET
    $HGTY
    Specialty Insurers
    Finance
    Get the next $HGTY alert in real time by email
    • Full year 2024 Total Revenue increased 20% year-over-year to $1.200 billion
    • Full year 2024 Written Premium increased 15% year-over-year to $1.044 billion
      • Added a record 279,000 new members in 2024
    • Full year 2024 Marketplace revenue increased 90% year-over-year to $54.3 million
    • Full year 2024 Operating Income increased 538% year-over-year to $66.4 million
    • Full year 2024 Net Income increased 178% year-over-year to $78.3 million
    • Full year 2024 Adjusted EBITDA increased 41% year-over-year to $124.5 million
    • 2025 outlook for Total Revenue growth of 12-13% on Written Premium gains of 13-14%
      • Margin expansion due to continued efficiency gains should result in Net Income growth of 30-40% and Adjusted EBITDA growth of 21-29%

    TRAVERSE CITY, Mich., March 4, 2025 /PRNewswire/ -- Hagerty, Inc. (NYSE: HGTY), an automotive enthusiast brand and leading specialty vehicle insurance provider, announced today financial results for the three and twelve months ended December 31, 2024.

    Hagerty (PRNewsfoto/Hagerty)

    "2024 was another excellent year at Hagerty with 20% revenue growth fueled by a record 279,000 new members. We are also investing to improve Hagerty and become more efficient in how we deliver on our brand promise to members and maintain our industry leading net promoter score of 82. These initiatives allowed us to translate revenue growth into even higher rates of profit growth, with net income up 178% and Adjusted EBITDA up 41%," said McKeel Hagerty, Chief Executive Officer and Chairman of Hagerty.

    "In 2025, Hagerty's customer-centric model and automotive expertise should result in written premium growth of 13-14% and even faster rates of profit growth. Top-line growth should accelerate in the back half of 2025 as we anticipate rolling out the State Farm Classic Plus program to over 25 states in the year. Longer-term, we expect to more than double our policy count to three million by 2030," continued Mr. Hagerty.

    "2025 will be a year of elevated investment into our technology platforms that should enable us to deliver the accelerated growth we anticipate in 2026 and beyond, with more modern risk rating architecture and greater segmentation. These operational and capital investments will also position us for future margin expansion from the expected efficiency gains as the new technology platform improves and simplifies the member experience," added Mr. Hagerty.

    FOURTH QUARTER AND FULL YEAR 2024 FINANCIAL HIGHLIGHTS

    • Fourth quarter 2024 Total Revenue increased 19% year-over-year to $291.7 million, and full year 2024 Total Revenue increased 20% year-over-year to $1.200 billion
    • Fourth quarter 2024 Written Premium increased 13% year-over-year to $217.4 million, and full year 2024 Written Premium increased 15% year-over-year to $1.044 billion
    • Fourth quarter 2024 Commission and fee revenue increased 15% year-over-year to $89.4 million, and full year 2024 Commission and fee revenue increased 16% year-over-year to $423.2 million
      • Policies in Force Retention was 89.0% as of December 31, 2024 compared to 88.7% in the prior year period, and total insured vehicles increased 8% year-over-year to 2.6 million
    • Fourth quarter 2024 Loss Ratio was 42.8% including 2.4% of impact from catastrophe losses, compared to 41.5% in the prior year period, and full year 2024 Loss Ratio was 46.4% including 5.6% of impact from catastrophe losses, compared to 41.5% in the prior year period
    • Fourth quarter 2024 Earned Premium increased 14% year-over-year to $168.4 million, and full year 2024 Earned Premium increased 21% year-over-year to $643.3 million
    • Fourth quarter 2024 Membership, marketplace and other revenue increased 68% year-over-year to $33.9 million, and full year 2024 Membership, marketplace and other revenue increased 30% year-over-year to $133.5 million
      • Fourth quarter 2024 Marketplace revenue increased 329% year-over-year to $16.0 million, and full year 2024 Marketplace revenue increased 90% year-over-year to $54.3 million
      • Fourth quarter 2024 Membership revenue increased 17% year-over-year to $15.2 million, and 2024 Membership revenue increased 10% year-over-year to $57.5 million
        • Hagerty Drivers Club (HDC) paid members increased 7% year-over-year to approximately 876,000 compared to 815,000
    • Fourth quarter 2024 Operating Income of $6.0 million, an increase of $12.5 million compared to the prior year period, and full year 2024 Operating Income of $66.4 million, an increase of $56.0 million compared to the prior year period, or growth of 538%
      • Fourth quarter 2024 Operating Income margin decreased by 470 bps compared to the prior year period, while full year 2024 Operating Income margin expanded by 450 bps compared to the prior year period
        • Cost containment and resource prioritization initiatives drove general and administrative expenses down by 3.4% in 2024. Salary and benefits increased 2.1% during 2024
        • Hurricanes Helene and Milton negatively impacted full year operating margins by 230 bps
      • Fourth quarter 2024 depreciation and amortization was $9.1 million compared to $10.9 million in the prior year period, and full year 2024 depreciation and amortization was $38.9 million compared to $45.8 million in the prior year period
    • Fourth quarter 2024 Net Income of $8.4 million, a decrease of $0.6 million compared to the prior year period, and full year 2024 Net Income of $78.3 million, an increase of $50.1 million compared to the prior year period, or growth of 178%
      • Fourth quarter 2024 Net Income includes a $0.7 million increase in interest and other income, and full year 2024 Net Income includes a $13.0 million increase in interest and other income, primarily due to the diversification of Hagerty Re's investment portfolio which resulted in investing in higher yielding fixed maturity securities.
        • Full year 2024 Net Income includes a $8.5 million loss due to the change in fair value and settlement of warrant liabilities. These warrants were exchanged in July of 2024 for 3.9 million shares of Class A Common Stock.
        • The Company ended the year with $105 million of cash and availability compared to $105 million of total debt, $30 million of which is back leverage for Broad Arrow Capital's portfolio of loans collateralized by collector cars
    • Fourth quarter 2024 Adjusted EBITDA (a non-GAAP measure) of $19.9 million, an increase of $10.2 million compared to the prior year period, and full year 2024 Adjusted EBITDA of $124.5 million, an increase of $36.3 million compared to the prior year period, or growth of 41%
    • Fourth quarter 2024 Basic and Diluted Earnings per Share was $0.01, and full year 2024 Basic and Diluted Earnings per Share was $0.10
      • Fourth quarter 2024 Adjusted EPS (a non-GAAP measure) was $0.02, and full year 2024 Adjusted EPS was $0.24, compared to $0.04 in full year 2023

    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 expect 2025 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 investing in our long-term competitive advantages and delivering high rates of compounding revenue growth. In 2025, these investments aggregate to $20 million of elevated spend, primarily in our new technology platform, Duck Creek, for our insurance products. Duck Creek should 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, 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 $11 million pre-tax impact from the Southern California wildfires during the first quarter of 2025 ($9 million post-tax)








    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 post warrant exchange of ~360 million 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 full year 2024 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 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 SEC. 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 over 875,000 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.

    Consolidated Statements of Operations (Unaudited)







    Three months ended December 31,





    2024



    2023



    $ Change



    % Change



















    REVENUE:



    in thousands (except percentages and per share amounts)

    Commission and fee revenue



    $       89,423



    $       77,540



    $       11,883



    15.3 %

    Earned premium



    168,407



    147,368



    21,039



    14.3 %

    Membership, marketplace and other revenue



    33,901



    20,135



    13,766



    68.4 %

    Total revenue



    291,731



    245,043



    46,688



    19.1 %

    OPERATING EXPENSES:

















    Salaries and benefits



    60,462



    56,774



    3,688



    6.5 %

    Ceding commissions, net



    79,842



    70,617



    9,225



    13.1 %

    Losses and loss adjustment expenses



    72,078



    61,197



    10,881



    17.8 %

    Sales expense



    43,732



    31,587



    12,145



    38.4 %

    General and administrative expenses



    20,432



    20,569



    (137)



    (0.7) %

    Depreciation and amortization



    9,147



    10,916



    (1,769)



    (16.2) %

    Restructuring, impairment and related charges, net

    —



    (45)



    45



    (100.0) %

    Gains, losses, and impairments related to divestitures

    —



    (99)



    99



    (100.0) %

    Total operating expenses



    285,693



    251,516



    34,177



    13.6 %

    OPERATING INCOME (LOSS)



    6,038



    (6,473)



    12,511



    193.3 %

    Gain (loss) related to warrant liabilities, net



    —



    12,962



    (12,962)



    (100.0) %

    Interest and other income (expense), net



    7,863



    7,144



    719



    10.1 %

    INCOME BEFORE INCOME TAX EXPENSE

    13,901



    13,633



    268



    2.0 %

    Income tax expense



    (5,461)



    (4,591)



    (870)



    19.0 %

    NET INCOME



    8,440



    9,042



    (602)



    (6.7) %

    Net (income) loss attributable to non-controlling interest

    (5,335)



    5,529



    (10,864)



    (196.5) %

    Accretion of Series A Convertible Preferred Stock

    (1,875)



    (1,839)



    (36)



    2.0 %

    NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCKHOLDERS

    $         1,230



    $       12,732



    $     (11,502)



    (90.3) %

















    Earnings per share of Class A Common Stock:















    Basic



    $           0.01



    $           0.14









    Diluted



    $           0.01



    $           0.03



























    Weighted average shares of Class A Common Stock outstanding:















    Basic



    90,032



    84,588









    Diluted



    90,032



    347,455









     

    Hagerty, Inc.

    Consolidated Statements of Operations







    Year ended December 31,





    2024



    2023



    $ Change



    % Change



















    REVENUE:



    in thousands (except percentages and per share amounts)

    Commission and fee revenue

    $     423,240



    $     365,512



    $       57,728



    15.8 %

    Earned premium

    643,324



    531,866



    111,458



    21.0 %

    Membership, marketplace and other revenue

    133,474



    102,835



    30,639



    29.8 %

    Total revenue



    1,200,038



    1,000,213



    199,825



    20.0 %

    OPERATING EXPENSES:

















    Salaries and benefits



    221,463



    216,896



    4,567



    2.1 %

    Ceding commissions, net



    301,719



    251,805



    49,914



    19.8 %

    Losses and loss adjustment expenses



    298,593



    220,658



    77,935



    35.3 %

    Sales expense



    190,523



    156,378



    34,145



    21.8 %

    General and administrative expenses



    82,504



    85,434



    (2,930)



    (3.4) %

    Depreciation and amortization



    38,905



    45,809



    (6,904)



    (15.1) %

    Restructuring, impairment and related charges, net

    —



    8,812



    (8,812)



    (100.0) %

    Gains, losses, and impairments related to divestitures

    (87)



    4,013



    (4,100)



    (102.2) %

    Total operating expenses



    1,133,620



    989,805



    143,815



    14.5 %

    OPERATING INCOME



    66,418



    10,408



    56,010



    538.1 %

    Gain (loss) related to warrant liabilities, net



    (8,544)



    11,543



    (20,087)



    (174.0) %

    Interest and other income (expense), net



    35,808



    22,821



    12,987



    56.9 %

    INCOME BEFORE INCOME TAX EXPENSE

    93,682



    44,772



    48,910



    109.2 %

    Income tax expense



    (15,379)



    (16,593)



    1,214



    (7.3) %

    NET INCOME



    78,303



    28,179



    50,124



    177.9 %

    Net (income) loss attributable to non-controlling interest

    (61,286)



    (7,948)



    (53,338)



    N/M

    Accretion of Series A Convertible Preferred Stock

    (7,427)



    (3,677)



    (3,750)



    102.0 %

    NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCKHOLDERS

    $         9,590



    $       16,554



    $       (6,964)



    (42.1) %



















    Earnings per share of Class A Common Stock:















    Basic



    $           0.10



    $           0.19









    Diluted



    $           0.10



    $           0.09



























    Weighted average shares of Class A Common Stock outstanding:















    Basic



    87,529



    84,180









    Diluted



    88,504



    340,323



























    N/M = Not meaningful

     

    Hagerty, Inc.

    Consolidated Balance Sheets







    December 31,



    December 31,





    2024



    2023











    ASSETS



    in thousands (except share amounts)

    Current Assets:









    Cash and cash equivalents



    $                   104,784



    $                   108,326

    Restricted cash and cash equivalents



    128,061



    615,950

    Investments



    73,957



    10,946

    Accounts receivable



    84,763



    71,530

    Premiums receivable



    153,748



    137,525

    Commissions receivable



    20,430



    79,115

    Notes receivable



    45,417



    35,896

    Deferred acquisition costs, net



    156,466



    141,637

    Other current assets



    90,779



    49,293

    Total current assets



    858,405



    1,250,218

    Investments



    515,570



    5,526

    Notes receivable



    11,555



    17,018

    Property and equipment, net



    18,205



    20,764

    Lease right-of-use assets



    44,485



    50,515

    Intangible assets, net



    90,107



    91,924

    Goodwill



    114,123



    114,214

    Other long-term assets



    56,888



    38,033

    TOTAL ASSETS



    $                1,709,338



    $                1,588,212

    LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY









    Current Liabilities:









    Accounts payable, accrued expenses and other current liabilities



    $                     73,383



    $                     87,175

    Losses payable



    98,386



    62,001

    Provision for unpaid losses and loss adjustment expenses



    168,492



    136,507

    Commissions payable



    77,389



    108,739

    Advance premiums and due to insurers



    108,352



    100,286

    Unearned premiums



    357,539



    317,275

    Contract liabilities



    31,905



    30,316

    Total current liabilities



    915,446



    842,299

    Long-term lease liabilities



    43,178



    50,459

    Long-term debt, net



    104,968



    130,680

    Warrant liabilities



    —



    34,018

    Deferred tax liability



    18,065



    15,937

    Contract liabilities



    15,334



    17,335

    Other long-term liabilities



    4,178



    4,139

    TOTAL LIABILITIES



    1,101,169



    1,094,867

    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 December 31, 2024 and December 31, 2023)

    84,663



    82,836

    STOCKHOLDERS' EQUITY









    Class A Common Stock, $0.0001 par value (500,000,000 shares authorized, 90,032,391 and 84,588,536 issued and outstanding as of December 31, 2024 and December 31, 2023, respectively)

    9



    8

    Class V Common Stock, $0.0001 par value (300,000,000 authorized, 251,033,906 shares issued and outstanding as of December 31, 2024 and December 31, 2023)

    25



    25

    Additional paid-in capital



    603,780



    561,754

    Accumulated earnings (deficit)



    (451,978)



    (468,995)

    Accumulated other comprehensive income (loss)



    (1,514)



    (88)

    Total stockholders' equity



    150,322



    92,704

    Non-controlling interest



    373,184



    317,805

    Total equity



    523,506



    410,509

    TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY



    $                1,709,338



    $                1,588,212











    1

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

     

    Hagerty, Inc.

    Consolidated Statements of Cash Flows





    Year ended December 31,



    2024



    2023









    OPERATING ACTIVITIES:

    in thousands

    Net income

    $                    78,303



    $                    28,179

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







    Impairment of operating lease right-of-use assets

    —



    1,147

    Loss on disposals of equipment, software and other assets

    500



    1,894

    (Gain) loss related to warrant liabilities, net

    8,544



    (11,543)

    Depreciation and amortization

    38,905



    45,809

    Provision for deferred taxes

    2,929



    2,921

    Share-based compensation expense

    17,357



    18,017

    Non-cash lease expense

    8,053



    11,681

    Realized (gain) loss on investments, net

    (2,223)



    —

    (Accretion) amortization of discount and premium, net

    (3,386)



    34

    Other

    5,300



    1,334

    Changes in operating assets and liabilities:







    Accounts, premiums and commissions receivable

    26,498



    (69,879)

    Deferred acquisition costs, net

    (14,829)



    (34,295)

    Losses payable

    36,385



    6,485

    Provision for unpaid losses and loss adjustment expenses

    31,985



    24,766

    Commissions payable

    (31,350)



    31,664

    Advance premiums and due to insurers

    8,418



    14,880

    Unearned premiums

    40,264



    81,813

    Operating lease assets and liabilities

    (9,036)



    (11,243)

    Other assets and liabilities, net

    (65,593)



    (9,958)

    Net Cash Provided by Operating Activities

    177,024



    133,706

    INVESTING ACTIVITIES:







    Capital expenditures

    (21,344)



    (26,403)

    Acquisitions, net of cash acquired, and other investments

    (25,120)



    (8,683)

    Issuance of notes receivable

    (65,770)



    (24,939)

    Collection of notes receivable

    59,788



    10,357

    Purchases of fixed maturity securities

    (669,452)



    (10,568)

    Proceeds from sales of fixed maturity securities

    64,827



    —

    Proceeds from maturities of fixed maturity securities

    48,389



    7,468

    Purchases of equity securities

    (10,861)



    —

    Other investing activities

    979



    121

    Net Cash Used in Investing Activities

    (618,564)



    (52,647)

    FINANCING ACTIVITIES:







    Payments on long-term debt

    (90,775)



    (139,850)

    Proceeds from long-term debt, net of issuance costs

    61,972



    161,547

    Proceeds from issuance of Series A Convertible Preferred Stock, net of issuance costs

    —



    79,159

    Distributions paid to non-controlling interest unit holders

    (6,683)



    —

    Payment of Series A Convertible Preferred Stock dividends

    (5,600)



    —

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

    (5,836)



    —

    Other financing activities

    —



    2,305

    Net Cash Provided by (Used in) Financing Activities

    (46,922)



    103,161

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

    (2,969)



    865









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

    (491,431)



    185,085

    Beginning cash and cash equivalents and restricted cash and cash equivalents

    724,276



    539,191

    Ending cash and cash equivalents and restricted cash and cash equivalents

    $                  232,845



    $                  724,276

    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 Consolidated Financial Statements prepared in accordance with GAAP.























    Year ended December 31,





    2024



    2023



    Change



















    Operational Metrics



    dollars in thousands (except per share amounts)

    Total Written Premium



    $ 1,044,492



    $    907,175



    $    137,317



    15.1 %

    Hagerty Re Loss Ratio



    46.4 %



    41.5 %



    4.9 %



    N/M

    Hagerty Re Combined Ratio



    94.1 %



    89.2 %



    4.9 %



    N/M

    New Business Count — Insurance



    278,556



    254,386



    24,170



    9.5 %



















    GAAP Financial Measures

















    Total Revenue



    $ 1,200,038



    $ 1,000,213



    $    199,825



    20.0 %

    Operating Income



    $     66,418



    $     10,408



    $     56,010



    538.1 %

    Net Income



    $     78,303



    $     28,179



    $     50,124



    177.9 %

    Basic Earnings Per Share



    $         0.10



    $         0.19



    $        (0.09)



    (47.4) %

    Diluted Earnings Per Share



    $         0.10



    $         0.09



    $         0.01



    11.1 %



















    Non-GAAP Financial Measures

















    Adjusted EBITDA



    $    124,473



    $     88,162



    $     36,311



    41.2 %

    Adjusted Earnings Per Share



    $         0.24



    $         0.04



    $         0.20



    500.0 %



















    N/M = Not meaningful

     





    December 31,





    2024



    2023



    Change



















    Operational Metrics

















    Policies in Force



    1,506,451



    1,401,037



    105,414



    7.5 %

    Policies in Force Retention



    89.0 %



    88.7 %



    0.3 %



    N/M

    Vehicles in Force



    2,576,700



    2,378,883



    197,817



    8.3 %

    HDC Paid Member Count



    875,822



    815,007



    60,815



    7.5 %

    Net Promoter Score (NPS)



    82



    82



    —



    — %



















    N/M = Not meaningful

    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; (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 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

    December 31,



    Year ended

    December 31,





    2024



    2023



    2024



    2023























    in thousands

    Net income

    $            8,440



    $            9,042



    $         78,303



    $         28,179

    Interest and other (income) expense 1, 2

    (7,863)



    (7,144)



    (35,808)



    (22,821)

    Income tax expense

    5,461



    4,591



    15,379



    16,593

    Depreciation and amortization

    9,147



    10,916



    38,905



    45,809

    EBITDA

    15,185



    17,405



    96,779



    67,760

    Restructuring, impairment and related charges, net

    —



    (45)



    —



    8,812

    (Gain) loss related to warrant liabilities, net

    —



    (12,962)



    8,544



    (11,543)

    Share-based compensation expense

    4,339



    4,860



    17,357



    17,729

    Gains, losses, and impairments related to divestitures

    —



    (99)



    (87)



    4,013

    Other unusual items 3

    344



    554



    1,880



    1,391

    Adjusted EBITDA

    $         19,868



    $            9,713



    $       124,473



    $         88,162



















    1

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

    2

    Includes interest income and net investment income related to our investment portfolio, which was diversified in the second quarter of 2024 and resulted in opening positions in higher yielding fixed maturity securities, and, to a much lesser extent, equity securities.

    3

    Other unusual items include professional fees associated with the warrant exchange, as well as certain material severance expenses for the year ended December 31, 2024 and certain legal settlement expenses (net) recognized for the year ended December 31, 2023.

    The following table reconciles Adjusted EBITDA for the year ended December 31, 2024 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" on the Consolidated Statements of Operations.

    2

    Includes interest income and net investment income related to our investment portfolio, which was diversified in the second quarter of 2024 and resulted in opening positions in higher yielding fixed maturity securities, and, to a much lesser extent, equity securities.

    Adjusted EPS

    We define Adjusted Earnings Per Share ("Adjusted EPS") as consolidated Net income, excluding net gains and losses related to our warrant liabilities, 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 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

    December 31,



    Year ended

    December 31,





    2024



    2023



    2024



    2023























    in thousands (except per share amounts)

    Numerator:















    Net income available to Class A Common Stockholders 1

    $         1,144



    $       11,786



    $         8,900



    $       15,881

    Accretion of Series A Convertible Preferred Stock

    1,875



    1,839



    7,427



    3,677

    Undistributed earnings allocated to Series A Convertible Preferred Stock

    86



    946



    690



    673

    Net income (loss) attributable to non-controlling interest

    5,335



    (5,529)



    61,286



    7,948

    Consolidated net income

    8,440



    9,042



    78,303



    28,179

    (Gain) loss related to warrant liabilities, net

    —



    (12,962)



    8,544



    (11,543)

    Adjusted consolidated net income (loss) 2

    $         8,440



    $       (3,920)



    $       86,847



    $       16,636

















    Denominator:















    Weighted average shares of Class A Common Stock outstanding 1

    90,032



    84,588



    87,529



    84,180

    Total potentially dilutive securities outstanding:















    Non-controlling interest THG units

    255,178



    255,499



    255,178



    255,499

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

    6,785



    6,785



    6,785



    6,785

    Total unissued share-based compensation awards

    7,980



    8,385



    7,980



    8,385

    Total warrants outstanding

    —



    19,484



    —



    19,484

    Potentially dilutive shares outstanding

    269,943



    290,153



    269,943



    290,153

    Fully dilutive shares outstanding 2

    359,975



    374,741



    357,472



    374,333



















    Basic EPS 1

    $           0.01



    $           0.14



    $           0.10



    $           0.19



















    Adjusted EPS 2

    $           0.02



    $         (0.01)



    $           0.24



    $           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-full-year-2024-results-provides-2025-outlook-for-revenue-and-profit-growth-302391075.html

    SOURCE Hagerty

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