Hagerty Inc

For the period ended Dec 31, 2024. Filed Mar 4, 2025.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Mar 4, 2025

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 exhibits

Contents

Schedule I: Condensed Financial Information of Registrant Parent Company

Condensed Statement of Operations (Parent Company Only)

	Year ended December 31,
	2024	2023	2022
OPERATING EXPENSES: · (in thousands)
Sales expense	$1	$7	$14
General and administrative expenses	1,129	791	1,018
Total operating expenses	1,130	798	1,032
OPERATING LOSS	(1,130)	(798)	(1,032)
Gain (loss) related to warrant liabilities, net	(8,544)	11,543	41,899
Interest and other income (expense), net	(1,566)	2,788	529
Intercompany dividend income (1)	7,427	3,677	—
INCOME (LOSS) BEFORE INCOME TAX EXPENSE	(3,813)	17,210	41,396
Income tax expense	—	—	(3)
Equity earnings (loss) in subsidiaries, net of tax	82,116	10,969	(38,990)
NET INCOME	78,303	28,179	2,403
Net (income) loss attributable to non-controlling interest	(61,286)	(7,948)	29,675
Accretion of Series A Convertible Preferred Stock	(7,427)	(3,677)	—
NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCKHOLDERS	$9,590	$16,554	$32,078

Condensed Balance Sheets (Parent Company Only)

	December 31,
	2024	2023
ASSETS	in thousands (except share amounts)
Current Assets:
Cash and cash equivalents	$1,023	$604
Other current assets	733	549
Total current assets	1,756	1,153
Other long-term assets	984	1,498
Investment in subsidiaries (1)	608,529	526,130
TOTAL ASSETS	$611,269	$528,781
LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable, accrued expenses and other current liabilities	$316	$—
Intercompany payable (1)	831	846
Total current liabilities	1,147	846
Warrant liabilities	—	34,018
Other long-term liabilities	1,953	572
TOTAL LIABILITIES	3,100	35,436
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 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 deficit	(451,978)	(468,995)
Accumulated other comprehensive 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	$611,269	$528,781

Condensed Statements of Cash Flows (Parent Company Only)

	Year ended December 31,
	2024	2023	2022
OPERATING ACTIVITIES:
Net income	$78,303	$28,179	$2,403
Adjustments to reconcile net income to net cash from operating activities:
Equity in undistributed (income) loss of subsidiaries	(82,840)	(14,646)	38,990
(Gain) loss related to warrant liabilities, net	8,544	(11,543)	(41,899)
Other	1,606	(2,636)	(300)
Changes in operating assets and liabilities:
Prepaid expenses and other assets	329	478	513
Intercompany payable (1)	(15)	—	1,616
Accounts payable and accrued expenses	92	(32)	(50)
Net Cash Provided by (Used in) Operating Activities	6,019	(200)	1,273
INVESTING ACTIVITIES:
Investment in subsidiaries (1)	—	(102,635)	(30,000)
Net Cash Used in Investing Activities	—	(102,635)	(30,000)
FINANCING ACTIVITIES:
Proceeds from issuance of Series A Convertible Preferred Stock, net of issuance costs	—	79,262	—
Payment of Series A Convertible Preferred Stock dividends	(5,600)	—	—
Other financing activities	—	—	(1,651)
Net Cash Provided by (Used in) Financing Activities	(5,600)	79,262	(1,651)
Change in cash and cash equivalents and restricted cash and cash equivalents	419	(23,573)	(30,378)
Beginning cash and cash equivalents and restricted cash and cash equivalents	604	24,177	54,555
Ending cash and cash equivalents and restricted cash and cash equivalents	$1,023	$604	$24,177
CASH PAID FOR:
Taxes	$207	$—	$3

Notes to Condensed Financial Statements (Parent Company Only)

1 — Summary of Significant Accounting Policies

Nature of Operations — Hagerty, Inc. (the "Parent Company") was formed in 2020 as a Delaware corporation and is a holding company with no direct operations. The Parent Company's assets and liabilities primarily consist of its equity interest in THG and its consolidated subsidiaries.

Basis of Presentation —The Parent Company's Condensed Financial Statements have been prepared using the equity method, whereby the investment in consolidated subsidiaries is stated at cost plus equity in undistributed earnings of consolidated subsidiaries since the date of acquisition. These Condensed Financial Statements should be read in conjunction with the Company's Consolidated Financial Statements and related notes thereto.

Use of Estimates — The preparation of the Parent Company's Condensed Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities as of the date of the Condensed Financial Statements, as well as the reported amounts of revenue and expenses during the reporting period. Although the estimates are considered reasonable, actual results could materially differ from those estimates.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.