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.
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Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations (Unaudited)
| Three months endedMarch 31, | ||
|---|---|---|
| 2024 | 2023 | |
| REVENUE: | in thousands (except per share amounts) | |
| Commission and fee revenue | $88,840 | $74,612 |
| Earned premium | 151,619 | 117,231 |
| Membership, marketplace and other revenue | 31,249 | 26,509 |
| Total revenue | 271,708 | 218,352 |
| OPERATING EXPENSES: | ||
| Salaries and benefits | 56,116 | 55,232 |
| Ceding commissions, net | 70,930 | 55,425 |
| Losses and loss adjustment expenses | 62,356 | 48,412 |
| Sales expense | 39,660 | 35,113 |
| General and administrative services | 19,862 | 21,381 |
| Depreciation and amortization | 10,560 | 13,743 |
| Restructuring, impairment and related charges, net | — | 5,535 |
| Total operating expenses | 259,484 | 234,841 |
| OPERATING INCOME (LOSS) | 12,224 | (16,489) |
| Change in fair value of warrant liabilities | (6,140) | (515) |
| Interest and other income (expense) | 7,244 | 5,647 |
| INCOME (LOSS) BEFORE INCOME TAX EXPENSE | 13,328 | (11,357) |
| Income tax expense | (5,129) | (3,668) |
| NET INCOME (LOSS) | 8,199 | (15,025) |
| Net (income) loss attributable to non-controlling interest | (9,550) | 12,926 |
| Accretion of Series A Convertible Preferred Stock | (1,838) | — |
| NET INCOME (LOSS) ATTRIBUTABLE TO CLASS A COMMON STOCKHOLDERS | $(3,189) | $(2,099) |
| Earnings (loss) per share of Class A Common Stock: | ||
| Basic | $(0.04) | $(0.03) |
| Diluted | $(0.04) | $(0.03) |
| Weighted average shares of Class A Common Stock outstanding: | ||
| Basic | 84,656 | 83,227 |
| Diluted | 84,656 | 83,227 |
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