Hagerty Inc
For the period ended Mar 31, 2024. Filed May 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 7, 2024
HGTY$16.94-1.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows (Unaudited)
| Three months endedMarch 31, | ||
|---|---|---|
| 2024 | 2023 | |
| OPERATING ACTIVITIES: | in thousands | |
| Net income (loss) | $8,199 | $(15,025) |
| Adjustments to reconcile net income (loss) to net cash from operating activities: | ||
| Change in fair value of warrant liabilities | 6,140 | 515 |
| Depreciation and amortization | 10,560 | 13,743 |
| Provision for deferred taxes | (571) | 937 |
| Share-based compensation expense | 4,543 | 4,113 |
| Non-cash lease expense | 2,197 | 3,147 |
| Other | 1,140 | 814 |
| Changes in operating assets and liabilities: | ||
| Accounts, premiums and commission receivable | 42,736 | 3,777 |
| Deferred acquisition costs, net | 4,712 | (6,344) |
| Losses payable and provision for unpaid losses and loss adjustment expenses | 5,567 | (5,302) |
| Commissions payable | (37,669) | (14,084) |
| Due to insurers | 17,642 | 19,510 |
| Advanced premiums | 17,299 | 17,422 |
| Unearned premiums | (4,573) | 11,791 |
| Operating lease liabilities | (2,282) | (2,896) |
| Other assets and liabilities, net | (17,402) | (20,390) |
| Net Cash Provided by Operating Activities | 58,238 | 11,728 |
| INVESTING ACTIVITIES: | ||
| Capital expenditures | (4,538) | (8,133) |
| Acquisitions, net of cash acquired | (3,843) | (6,076) |
| Issuance of notes receivable | (17,828) | (7,833) |
| Collection of notes receivable | 11,041 | 415 |
| Purchase of fixed income securities | (2,956) | (4,348) |
| Maturities of fixed income securities | 1,075 | 1,150 |
| Other investing activities | (1,238) | 22 |
| Net Cash Used in Investing Activities | (18,287) | (24,803) |
| FINANCING ACTIVITIES: | ||
| Payments on long-term debt | (45,331) | (47,250) |
| Proceeds from long-term debt, net of issuance costs | 8,098 | 27,871 |
| Contribution from non-controlling interest | — | 500 |
| Net Cash Used in Financing Activities | (37,233) | (18,879) |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents | (186) | 154 |
| Change in cash and cash equivalents and restricted cash and cash equivalents | 2,532 | (31,800) |
| 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 | $726,808 | $507,391 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.