Hagerty Inc
For the period ended Jun 30, 2024. Filed Aug 6, 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.
Jun 30, 2024 · Filed Aug 6, 2024
HGTY$17.22-4.2%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Unaudited)
| June 30, | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| ASSETS | in thousands (except share amounts) | |
| Current Assets: | ||
| Cash and cash equivalents | $120,936 | $108,326 |
| Restricted cash and cash equivalents | 194,586 | 615,950 |
| Investments | 65,444 | 10,946 |
| Accounts receivable | 88,365 | 71,530 |
| Premiums receivable | 221,788 | 137,525 |
| Commissions receivable | 17,719 | 79,115 |
| Notes receivable | 60,285 | 35,896 |
| Deferred acquisition costs, net | 159,307 | 141,637 |
| Other current assets | 84,371 | 49,293 |
| Total current assets | 1,012,801 | 1,250,218 |
| Investments | 404,799 | 5,526 |
| Notes receivable | 1,291 | 17,018 |
| Property and equipment, net | 19,899 | 20,764 |
| Lease right-of-use assets | 47,219 | 50,515 |
| Intangible assets, net | 82,838 | 91,924 |
| Goodwill | 114,165 | 114,214 |
| Other long-term assets | 46,619 | 38,033 |
| TOTAL ASSETS | $1,729,631 | $1,588,212 |
| LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY | ||
| Current Liabilities: | ||
| Accounts payable, accrued expenses and other current liabilities | $76,509 | $87,175 |
| Losses payable and provision for unpaid losses and loss adjustment expenses | 217,545 | 198,508 |
| Commissions payable | 101,100 | 108,739 |
| Due to insurers | 139,099 | 79,815 |
| Advanced premiums | 36,839 | 20,471 |
| Unearned premiums | 362,509 | 317,275 |
| Contract liabilities | 36,614 | 30,316 |
| Total current liabilities | 970,215 | 842,299 |
| Long-term lease liabilities | 46,689 | 50,459 |
| Long-term debt, net | 98,029 | 130,680 |
| Warrant liabilities | 42,099 | 34,018 |
| Deferred tax liability | 17,997 | 15,937 |
| Contract liabilities | 16,335 | 17,335 |
| Other long-term liabilities | 2,961 | 4,139 |
| TOTAL LIABILITIES | 1,194,325 | 1,094,867 |
| Commitments and Contingencies (Note 22) | — | — |
| TEMPORARY EQUITY | ||
| Preferred stock, $0.0001 par value (20,000,000 shares authorized, 8,483,561 Series A Convertible Preferred Stock issued and outstanding as of June 30, 2024 and December 31, 2023) | 80,913 | 82,836 |
| STOCKHOLDERS' EQUITY | ||
| Class A Common Stock, $0.0001 par value (500,000,000 shares authorized, 85,703,286 and 84,588,536 issued and outstanding as of June 30, 2024 and December 31, 2023, respectively) | 8 | 8 |
| Class V Common Stock, $0.0001 par value (300,000,000 authorized, 251,033,906 shares issued and outstanding as of June 30, 2024 and December 31, 2023) | 25 | 25 |
| Additional paid-in capital | 555,040 | 561,754 |
| Accumulated earnings (deficit) | (459,968) | (468,995) |
| Accumulated other comprehensive income (loss) | (667) | (88) |
| Total stockholders' equity | 94,438 | 92,704 |
| Non-controlling interest | 359,955 | 317,805 |
| Total equity (Note 16) | 454,393 | 410,509 |
| TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY | $1,729,631 | $1,588,212 |
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