Hagerty, Inc.
For the period ended Sep 30, 2026. Filed Nov 3, 2026.
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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, 2026 · Filed Nov 3, 2026
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 exhibitsContents
Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows (Unaudited)
| Nine months ended September 30, | ||
|---|---|---|
| 2026 | 2025 | |
| OPERATING ACTIVITIES: | in thousands | |
| Net income | $31,565 | $120,666 |
| Adjustments to reconcile net income to net cash from operating activities: | ||
| Loss on disposals of equipment, software, and other assets | 2,947 | 1,440 |
| Expense related to TRA Liability | — | 32,275 |
| Depreciation and amortization | 29,213 | 27,734 |
| Provision for deferred taxes | (33,718) | (34,413) |
| Impairment of operating lease right-of-use assets | 2,057 | — |
| Share-based compensation expense | 14,926 | 14,627 |
| Non-cash lease expense | 6,279 | 6,590 |
| Net investment gains | (5,641) | (2,150) |
| (Accretion) amortization of discount and premium, net | (1,821) | (3,489) |
| Amortization of gain on loss portfolio transfer | (4,478) | — |
| Other | 472 | 1,681 |
| Changes in assets and liabilities: | ||
| Accounts and premiums receivable | 118,273 | (118,634) |
| Deferred acquisition costs, net | 103,708 | (36,030) |
| Reinsurance recoverables | (1,765) | (5,903) |
| Prepaid reinsurance premiums | (31,075) | (5,674) |
| Advance premiums | 15,772 | 12,656 |
| Due to insurers | (75,556) | 49,927 |
| Losses payable and reserves for unpaid losses and loss adjustment expenses | (32,072) | 9,800 |
| Unearned premiums | 230,711 | 81,855 |
| Ceding commissions payable | (81,620) | 30,084 |
| Other assets and liabilities, net | (8,032) | 6,843 |
| Net Cash Provided by Operating Activities | 280,145 | 189,885 |
| INVESTING ACTIVITIES: | ||
| Capital expenditures | (23,564) | (18,499) |
| Acquisitions, net of cash acquired, and other investments | (701) | (2,125) |
| Issuance of notes receivable | (119,687) | (49,095) |
| Collection of notes receivable | 72,538 | 14,832 |
| Purchases of fixed maturity securities | (302,630) | (223,055) |
| Purchases of equity securities | (79,300) | (10,565) |
| Proceeds from maturities and sales of fixed maturity securities | 352,660 | 163,369 |
| Proceeds from sales of equity securities | 35,395 | 911 |
| Other investing activities | (751) | 1,421 |
| Net Cash Used in Investing Activities | (66,040) | (122,806) |
| FINANCING ACTIVITIES: | ||
| Repayments of debt | (80,950) | (170,673) |
| Proceeds from debt, net of issuance costs | 150,605 | 240,701 |
| Proceeds from loss portfolio transfer | 50,500 | — |
| Claims payments made from loss portfolio transfer | (16,876) | — |
| Distributions paid to non-controlling interest unit holders | (11,132) | (30,547) |
| Payment of Series A Convertible Preferred Stock dividends | (5,600) | (5,600) |
| Funding of TRA Liability payments | (1,545) | (223) |
| Funding of employee tax obligations upon vesting of share-based payments | (4,845) | (3,536) |
| Other financing activities | 309 | 289 |
| Net Cash Provided by Financing Activities | 80,466 | 30,411 |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents | (8) | 2,312 |
| Change in cash and cash equivalents and restricted cash and cash equivalents | 294,563 | 99,802 |
| Beginning cash and cash equivalents and restricted cash and cash equivalents | 299,000 | 232,845 |
| Ending cash and cash equivalents and restricted cash and cash equivalents | $593,563 | $332,647 |
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