Hagerty Inc
For the period ended Sep 30, 2024. Filed Nov 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.
Sep 30, 2024 · Filed Nov 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 endedSeptember 30, | Nine months endedSeptember 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| REVENUE: | in thousands (except per share amounts) | |||
| Commission and fee revenue | $116,161 | $103,173 | $333,817 | $287,972 |
| Earned premium | 165,686 | 139,785 | 474,917 | 384,498 |
| Membership, marketplace and other revenue | 41,527 | 32,616 | 99,573 | 82,700 |
| Total revenue | 323,374 | 275,574 | 908,307 | 755,170 |
| OPERATING EXPENSES: | ||||
| Salaries and benefits | 47,192 | 51,318 | 161,001 | 160,122 |
| Ceding commissions, net | 77,501 | 65,413 | 221,877 | 181,188 |
| Losses and loss adjustment expenses | 99,430 | 57,485 | 226,515 | 159,461 |
| Sales expense | 59,141 | 47,737 | 146,791 | 124,791 |
| General and administrative | 20,837 | 22,166 | 62,072 | 64,865 |
| Depreciation and amortization | 9,184 | 10,753 | 29,758 | 34,893 |
| Restructuring, impairment and related charges, net | — | 473 | — | 8,857 |
| Gains, losses, and impairments related to divestitures | — | 4,112 | (87) | 4,112 |
| Total operating expenses | 313,285 | 259,457 | 847,927 | 738,289 |
| OPERATING INCOME | 10,089 | 16,117 | 60,380 | 16,881 |
| Gain (loss) related to warrant liabilities, net | (463) | 850 | (8,544) | (1,419) |
| Interest and other income (expense), net | 8,359 | 6,260 | 27,945 | 15,677 |
| INCOME BEFORE INCOME TAX EXPENSE | 17,985 | 23,227 | 79,781 | 31,139 |
| Income tax benefit (expense) | 1,022 | (4,604) | (9,918) | (12,002) |
| NET INCOME | 19,007 | 18,623 | 69,863 | 19,137 |
| Net income attributable to non-controlling interest | (14,122) | (13,269) | (55,951) | (13,477) |
| Accretion of Series A Convertible Preferred Stock | (1,875) | (1,838) | (5,552) | (1,838) |
| NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCKHOLDERS | $3,010 | $3,516 | $8,360 | $3,822 |
| Earnings per share of Class A Common Stock: | ||||
| Basic | $0.03 | $0.04 | $0.09 | $0.04 |
| Diluted | $0.03 | $0.04 | $0.09 | $0.04 |
| Weighted average shares of Class A Common Stock outstanding: | ||||
| Basic | 89,691 | 84,479 | 86,689 | 84,042 |
| Diluted | 89,691 | 84,479 | 87,601 | 84,042 |
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