Hagerty, Inc.

For the period ended Mar 31, 2025. Filed May 7, 2025.

About this filing

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, 2025 · Filed May 7, 2025

HGTY$16.94-1.6%Stored close · as of Nov 10, 2026

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Contents

Condensed Consolidated Statements of Operations

Condensed Consolidated Statements of Operations (Unaudited)

	Three months ended March 31,
	2025	2024
REVENUE:	in thousands (except per share amounts)
Commission and fee revenue	$100,287	$88,840
Earned premium	169,355	151,619
Membership, marketplace and other revenue	49,951	31,249
Total revenue	319,593	271,708
OPERATING EXPENSES:
Salaries and benefits	59,103	56,116
Ceding commissions, net	77,333	70,930
Losses and loss adjustment expenses	71,130	62,356
Sales expense	54,626	39,660
General and administrative expenses	22,185	19,862
Depreciation and amortization	9,488	10,560
Total operating expenses	293,865	259,484
OPERATING INCOME	25,728	12,224
Loss related to warrant liabilities, net	—	(6,140)
Interest and other income (expense), net	7,054	7,244
INCOME BEFORE INCOME TAX EXPENSE	32,782	13,328
Income tax expense	(5,489)	(5,129)
NET INCOME	27,293	8,199
Net income attributable to non-controlling interest	(18,922)	(9,550)
Accretion of Series A Convertible Preferred Stock	(1,875)	(1,838)
NET INCOME (LOSS) ATTRIBUTABLE TO CLASS A COMMON STOCKHOLDERS	$6,496	$(3,189)
Earnings (loss) per share of Class A Common Stock:
Basic	$0.07	$(0.04)
Diluted	$0.07	$(0.04)
Weighted average shares of Class A Common Stock outstanding:
Basic	90,047	84,656
Diluted	346,311	84,656

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.