Hagerty, Inc.
For the period ended Sep 30, 2025. Filed Nov 4, 2025.
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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, 2025 · Filed Nov 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.
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Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows (Unaudited)
| Nine months ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| OPERATING ACTIVITIES: | in thousands | |
| Net income | $120,666 | $69,863 |
| Adjustments to reconcile net income to net cash from operating activities: | ||
| Loss on disposals of equipment, software and other assets | 1,440 | 401 |
| Loss related to warrant liabilities, net | — | 8,544 |
| Expense related to tax receivable agreement liability | 32,275 | 1,322 |
| Depreciation and amortization | 27,734 | 29,758 |
| Provision for deferred taxes | (34,413) | 2,772 |
| Share-based compensation expense | 14,627 | 13,018 |
| Non-cash lease expense | 6,590 | 5,920 |
| Realized (gain) loss on investments, net | (2,150) | (1,783) |
| (Accretion) amortization of discount and premium, net | (3,489) | (1,755) |
| Other | 1,681 | 1,775 |
| Changes in operating assets and liabilities: | ||
| Accounts, premiums and commissions receivable | (124,250) | (28,062) |
| Deferred acquisition costs, net | (36,030) | (26,998) |
| Losses payable and provision for unpaid losses and loss adjustment expenses | 9,800 | 60,328 |
| Ceding commissions payable | 30,084 | (14,734) |
| Advance premiums and due to insurers | 62,583 | 48,752 |
| Unearned premiums | 81,855 | 68,344 |
| Operating lease assets and liabilities | (6,876) | (6,781) |
| Other assets and liabilities, net | 7,758 | (41,042) |
| Net Cash Provided by Operating Activities | 189,885 | 189,642 |
| INVESTING ACTIVITIES: | ||
| Capital expenditures | (18,499) | (17,278) |
| Acquisitions, net of cash acquired, and other investments | (2,125) | (23,865) |
| Issuance of notes receivable | (49,095) | (55,030) |
| Collection of notes receivable | 14,832 | 32,099 |
| Purchases of fixed maturity securities | (223,055) | (565,838) |
| Proceeds from sales of fixed maturity securities | 41,173 | 53,253 |
| Proceeds from maturities of fixed maturity securities | 122,196 | 23,766 |
| Purchases of equity securities | (10,565) | (10,602) |
| Proceeds from sales of equity securities | 911 | — |
| Other investing activities | 1,421 | 1,005 |
| Net Cash Used in Investing Activities | (122,806) | (562,490) |
| FINANCING ACTIVITIES: | ||
| Payments on long-term debt | (170,673) | (63,202) |
| Proceeds from long-term debt, net of issuance costs | 240,701 | 52,718 |
| Distributions paid to non-controlling interest unit holders | (30,547) | (5,320) |
| Payment of Series A Convertible Preferred Stock dividends | (5,600) | (5,600) |
| Funding of tax receivable agreement payments | (223) | — |
| Funding of employee tax obligations upon vesting of share-based payments | (3,536) | (5,713) |
| Other financing activities | 289 | — |
| Net Cash Provided by (Used in) Financing Activities | 30,411 | (27,117) |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents | 2,312 | (882) |
| Change in cash and cash equivalents and restricted cash and cash equivalents | 99,802 | (400,847) |
| Beginning cash and cash equivalents and restricted cash and cash equivalents | 232,845 | 724,276 |
| Ending cash and cash equivalents and restricted cash and cash equivalents | $332,647 | $323,429 |
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