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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
August 6, 2024
Date of Report (date of earliest event reported)
HAGERTY, INC.
(Exact name of registrant as specified in its charter)
| | | | | | | | |
Delaware | 001-40244 | 86-1213144 |
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
121 Drivers Edge
Traverse City, Michigan 49684
(Address of principal executive offices and zip code)
(800) 922-4050
Registrant's telephone number, including area code
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class | | Trading Symbols | | Name of each exchange on which registered |
Class A common stock, par value $0.0001 per share | | HGTY | | The New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
ITEM 2.02 Results of Operations and Financial Condition
On August 6, 2024, Hagerty, Inc. (the "Company") announced its financial results for the fiscal quarter ended June 30, 2024 by issuing a letter to its stockholders and a press release. The Company will also be holding a conference call on August 6, 2024 to discuss its financial results for the three and six months ended June 30, 2024. The full text of the Company's letter to its stockholders and press release are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively.
ITEM 7.01 Regulation FD Disclosure
On August 6, 2024, the Company posted to the investor relations page of its website an investor presentation expected to be used by the Company in connection with certain future presentations to investors and others. A copy of the investor presentation is attached as Exhibit 99.3 to this Current Report on Form 8-K.
The Company uses its investor relations website as a means of disclosing material non-public information, announcing upcoming investor conferences and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor the Company's investor relations website in addition to following its press releases, SEC filings and public conference calls and webcasts.
The information contained in Item 2.02 and Item 7.01 of this Current Report on Form 8-K, including Exhibits 99.1, 99.2 and 99.3, shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
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Exhibit No. | | Description |
99.1 | | |
99.2 | | |
99.3 | | |
104 | | Cover Page Interactive Data File (formatted as Inline XBRL) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| | HAGERTY, INC. |
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| | /s/ Diana M. Chafey |
Date: August 6, 2024 | | Diana M. Chafey |
| | Chief Legal Officer |
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Stockholder Letter Q2 2024
HAGERTY Q2 2024 | 2 August is a golden time for collectible car lovers. The breezes are warm. Curvy roads beckon. There are car shows and auctions in abundance. Hagerty is built for these moments. With these quarterly letters, my goal is to share a complete picture of Hagerty and how we are positioning the company to be a great long-term investment. Insurance companies are historically sound investments due to the substantial percentage of revenue that can be reliably expected to recur annually. We are at the positive extreme on this metric, with retention approaching 89%. Our value proposition for auto enthusiasts is driving high rates of compounding written premium growth. Written premiums jumped 18% during the first six months of 2024, on top of the prior year’s 17% gains, which were on top of 15% growth in the first half of 2022. We achieve such consistently great numbers by feeding the top of the funnel through our highly differentiated business model. A primary way we do that is through Hagerty Media, which includes our award- winning magazine featuring the work of the nation’s best automotive journalists, a robust YouTube channel with more than 3.2 million subscribers, and the thousands of immersive stories about cars and car lovers that we publish annually on the Hagerty Media website (which has 83 million lifetime page views and over 22,000 archived articles). Dear Hagerty Stockholders, Members and One Team Hagerty, Stockholder Letter FILLING THE FUNNEL
HAGERTY Q2 2024 | 3 Before I tell you more about Hagerty Media, let me address the “why we do it” question. We could, after all, just sell insurance, just as we could pay for a lot of expensive advertising the way most competitors do. But we think one of our distinct competitive advantages is that we focus on the same thing that our members and 67 million Americans who self-identify as car enthusiasts focus on: the love of cars. We think it is important to be a consistent and meaningful part of our members’ lives, and our media products do a fantastic job of showing, rather than telling, the motoring world who we are and what we are about in an authentic way. As a result, car fans of all generations know us, trust us, and count on us to inform and entertain them. We fuel their hobby, and in return they buy our insurance, join Hagerty Drivers Club, and attend our auctions and events, creating a virtuous cycle, which benefits our investors and allows us, in turn, to invest more in fulfilling our purpose to save driving and to fuel car culture for future generations. It is a satisfying (and fun) way to do business, and connects us better with members, as seen in our high retention and Net Promoter Score of 82. Our flagship media product is the Hagerty Drivers Club magazine, which members consistently rate as one of their most valued benefits. Produced six times a year, the magazine publishes top storytellers and vibrant photography. The current edition (July/August) was the first in our history celebrating do-it-yourselfers, including Matthew Crawford, author of The New York Times best seller “Shop Class as Soulcraft.” The magazine now goes to 850,000 mailboxes, making it the most widely distributed automotive magazine in the U.S. Our members love to share it as well, resulting in a pass- through rate that increases circulation to an estimated two million people for each issue. One of our most popular annual features is our Bull Market List, which highlights our experts’ picks for the cars, trucks, and motorcycles that collectors should snap up before they rise in value. The list is an annual smash with our readers and the media. This year, we added another annual feature – the Hagerty “Road of the Year” - which celebrates the unique emotional experiences that are created by driving, taking into consideration location, drivability, condition, scenery and more. If you missed the issue, our choice was California State Route 33 north of Los Angeles. In a country blessed with thousands of amazing roads worth driving, Route 33 is a stunning one that we think our readers should experience.
HAGERTY Q2 2024 | 4 Hagerty Media has become a widely respected part of the automotive world for all viewers, young and old. This was evident when we published late last year the first exclusive review of the Tesla Cybertruck on our popular YouTube program “Jason Cammisa on the Icons.” Jason not only shared his thoughts on the Cybertruck, but he raced it against a Rivian R1T Quad-Motor AWD and GMC Hummer EV Edition 1 Pickup. More than 5.3 million people have watched this epic battle. It was an incredible moment in the history of Hagerty Media and one we aim to replicate, over and over again, as we create and share amazing content with our loyal fans. We have not forgotten about social media, either. In fact, we have been dramatically expanding our social media content to reach even more viewers and potential customers. By producing original social content and reformatting existing material, our social media presence has grown significantly in the first half of 2024. On Instagram, @ Hagerty increased fans by 12% to over 560,000 followers and reached over 15 million people. On Facebook, we reach 4.4 million people. When you combine Hagerty Drivers Club magazine, YouTube and our social media channels with our newsletters, podcasts, and the Hagerty Channel on Samsung TV Plus, roughly 10 million people subscribe, like or follow us. And there is more to come. In an era when many automotive media brands are withering, Hagerty Media is thriving and growing. And most importantly, it continues to fill the top of our funnel and allow us to engage deeply with our members. We know that when someone becomes a Hagerty member, they tend to stay for life and become pillars of our industry-leading NPS of 82. With unaided brand awareness of 16% today, we also believe that we are well positioned to increase our fan base among the 67 million Americans who self- describe as car enthusiasts. Combined, it feels as if there is a lot of smooth road ahead of us. As always, thank you for being on this ride with us. Onward and upward! McKeel Hagerty CEO and Chairman, Hagerty
Never Stop Driving
For Immediate Release
Hagerty Reports Second Quarter 2024 Results
Increases 2024 Outlook for Revenue and Profit Growth
•Second quarter 2024 Total Revenue increased 20% year-over-year to $313.2 million, and year-to-date 2024 Total Revenue increased 22% year-over-year to $584.9 million
•Second quarter 2024 Written Premium increased 16% year-over-year to $321.2 million, and year-to-date 2024 Written Premium increased 18% year-over-year to $539.5 million
•Second quarter 2024 Operating Income margin expanded by 560 bps compared to the prior year period, and year-to-date 2024 Operating Income margin expanded by 840 bps compared to the prior year period
•Second quarter 2024 Net Income of $42.7 million, an increase of $27.1 million compared to the prior year period, and year-to-date 2024 Net Income of $50.9 million, an increase of $50.3 million compared to the prior year period
•Second quarter 2024 Adjusted EBITDA of $53.1 million, an increase of $18.7 million compared to the prior year period, and year-to-date 2024 Adjusted EBITDA of $80.4 million, an increase of $39.4 million compared to the prior year period
•Delivered Policies in Force Retention of 89% and maintained a Net Promoter Score of 82
•Increased 2024 growth outlook for Total Revenue to 16-18%, Written Premium of 14-15%, Net Income of 170-198% and Adjusted EBITDA of 47-59%
•Completed warrant exchange offer and mandatory exchange in July 2024, whereby the Company issued 3.9 million shares of Class A Common Stock in exchange for 19.5 million warrants
TRAVERSE CITY, Mich., August 6, 2024 /PRNewswire/ – Hagerty, Inc. (NYSE: HGTY), an automotive enthusiast brand and leading specialty vehicle insurance provider, announced today financial results for the three and six months ended June 30, 2024.
“We delivered excellent top line growth and margin expansion during the first half of 2024 as our differentiated business model delivers sustained, compounding growth,” said McKeel Hagerty, Chief Executive Officer and Chairman of Hagerty. “Total revenue gains of 22% were fueled by written premium growth of 18% as our vehicle count increased 8% over the prior year. High rates of growth, combined with more efficient and effective business processes drove operating margin expansion of 840 basis points.”
“This laser focus on profitability resulted in Net Income of $51 million and Adjusted EBITDA of $80 million during the first six months of 2024, ahead of expectations,” continued Mr. Hagerty.
“Given the strong start to the year and continued business momentum, we have increased our 2024 growth outlook,” added Mr. Hagerty. “We now expect written premium growth of 14-15% for the year, powered by strong new business count. Operating margin expansion is expected to drive net income growth of 170-198% and Adjusted EBITDA growth of 47-59% as we help car enthusiasts protect, buy and sell, and enjoy their special vehicles."
SECOND QUARTER 2024 FINANCIAL HIGHLIGHTS
•Second quarter 2024 Total Revenue increased 20% year-over-year to $313.2 million, and year-to-date 2024 Total Revenue increased 22% year-over-year to $584.9 million
•Second quarter 2024 Written Premium increased 16% year-over-year to $321.2 million, and year-to-date 2024 Written Premium increased 18% year-over-year to $539.5 million
•Second quarter 2024 Commission and fee revenue increased 17% year-over-year to $128.8 million, and year-to-date 2024 Commission and fee revenue increased 18% year-over-year to $217.7 million
•Policies in Force Retention was 89% as of June 30, 2024 compared to 88% in the prior year period and total insured vehicles increased 8% year-over-year to 2.5 million
•Second quarter 2024 Loss Ratio was 41.1% compared to 42.0% in the prior year period, and year-to-date 2024 Loss Ratio was 41.1% compared to 41.7% in the prior year period
•Second quarter 2024 Earned Premium increased 24% year-over-year to $157.6 million, and year-to-date 2024 Earned Premium increased 26% year-over-year to $309.2 million
•Second quarter 2024 Membership, marketplace and other revenue increased 14% year-over-year to $26.8 million, and year-to-date 2024 Membership, marketplace and other revenue increased 16% year-over-year to $58.0 million
•Second quarter 2024 Marketplace revenue increased 20% year-over-year to $6.3 million, and year-to-date 2024 Marketplace revenue increased 41% year-over-year to $16.8 million
•Second quarter 2024 Membership revenue increased 7% year-over-year to $14.1 million, and year-to-date 2024 Membership revenue increased 7% year-over-year to $27.6 million
◦Hagerty Drivers Club (HDC) paid members increased 8% year-over-year to approximately 854,000 compared to 792,000
•Second quarter 2024 Operating Income of $38.1 million, an increase of $20.8 million compared to the prior year period, and year-to-date 2024 Operating Income of $50.3 million, an increase of $49.5 million compared to the prior year period
•Second quarter 2024 Operating Income margin expanded by 560 bps compared to the prior year period, and year-to-date 2024 Operating Income margin expanded by 840 bps compared to the prior year period
•Cost containment and resource prioritization initiatives held general and administrative growth to only 0.3% and salary and benefits growth to 7.7% in the second quarter 2024. Year-to-date 2024 general and administrative services declined 3.4% and salary and benefits increased only 4.6%
•Second quarter 2024 depreciation and amortization was $10.0 million compared to $10.4 million in the prior year period, and year-to-date 2024 depreciation and amortization was $20.6 million compared to $24.1 million in the prior year period. The year-to-date decrease was primarily driven by the prior year’s $3.8 million impairment of digital media content assets
•Second quarter 2023 results included restructuring charges of $2.8 million, and year-to-date 2023 results included restructuring charges of $8.4 million. The prior year period’s charges were primarily associated with a reduction in force and the impairment and related charges associated with operating lease assets and cost containment initiatives
•Second quarter 2024 Net Income of $42.7 million, an increase of $27.1 million compared to the prior year period, and year-to-date 2024 Net Income of $50.9 million, an increase of $50.3 million compared to the prior year period
•Second quarter 2024 Net Income includes an $8.6 million increase in interest and other income, and year-to-date 2024 Net Income includes a $10.2 million increase in interest and other income, primarily due to the diversification of Hagerty Re's investment portfolio which resulted in investing in higher yielding fixed maturity securities. In addition, Net Income includes a $1.9 million loss from the change in fair value of warrant liabilities
•Completed warrant exchange offer and mandatory exchange in July 2024, whereby the Company issued 3.9 million shares of Class A Common Stock in exchange for 19.5 million warrants
•Second quarter 2024 Adjusted EBITDA (a non-GAAP measure) of $53.1 million, an increase of $18.7 million compared to the prior year period, and year-to-date 2024 Adjusted EBITDA of $80.4 million, an increase of $39.4 million compared to the prior year period
•Second quarter 2024 Basic and Diluted Earnings per Share was $0.09, and year-to-date 2024 Basic and Diluted Earnings per Share was $0.06
•Second quarter 2024 Adjusted EPS (a non-GAAP measure) was $0.12, and year-to-date 2024 Adjusted EPS was $0.16
The definitions and reconciliations of non-GAAP financial measures are provided under the heading Key Performance Indicators and Certain Non-GAAP Financial Measures at the end of this press release.
INCREASED 2024 OUTLOOK FOR GROWTH AND PROFITABILITY
Despite the uncertain macro environment and challenging dynamics for the insurance industry with heightened inflationary pressures, 2024 is on track to be another year of strong top-line growth and margin expansion for Hagerty as our performance-based culture powers great results for stakeholders. We remain focused on growing our Insurance, Membership and Marketplace businesses, positioning us to deliver sustained, compounding profit growth over the coming years and fund our purpose to save driving and to fuel car culture for future generations.
•Key 2024 business priorities include:
◦Further improve loyalty to drive renewals and referrals
◦Enhance member experience in a cost effective and efficient way
◦Build Hagerty Marketplace into the most trusted and preferred place to buy, sell, and finance collector cars
◦Expand insurance offerings, particularly in the post-1980s collectible space
•For full year 2024, the Company increased its outlook:
◦Written Premium growth of 14-15%
◦Total Revenue growth of 16-18%
◦Net Income growth of 170-198%
◦Adjusted EBITDA growth of 47-59%
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| | | Prior 2024 Outlook 1 | | Revised 2024 Outlook | | |
in thousands | 2023 Results | | Low End | | High End | | Low End | | High End | | | | |
Total Written Premium | $907,175 | | $1,025,000 | | $1,034,000 | | $1,034,000 | | $1,043,000 | | | | |
Total Revenue | $1,000,213 | | $1,150,000 | | $1,170,000 | | $1,160,000 | | $1,180,000 | | | | |
Net Income 2 | $28,179 | | $61,000 | | $70,000 | | $76,000 | | $84,000 | | | | |
Adjusted EBITDA 3 | $88,162 | | $124,000 | | $135,000 | | $130,000 | | $140,000 | | | | |
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1 Prior 2024 Outlook shared on the Company’s first quarter earnings call on May 7th, 2024.
2 Net income range assumes no impact from warrants. Fully diluted share count post warrant exchange of ~360 million including Class A Common Stock, Class V Common Stock, Series A Convertible Preferred Stock, and share-based compensation awards.
3 See Non-GAAP Financial Measures below for additional information regarding this non-GAAP financial measure.
Conference Call Details
Hagerty will hold a conference call to discuss the financial results today at 10:00 am Eastern Time. A webcast of the conference call, including the Company's Investor Presentation highlighting second quarter 2024 financial results, will be available on Hagerty’s investor relations website at investor.hagerty.com. The dial-in for the conference call is (877) 423-9813 (toll-free) or (201) 689-8573 (international). Please dial the number 10 minutes prior to the scheduled start time.
A webcast replay of the call will be available at investor.hagerty.com following the call.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. These forward-looking statements reflect Hagerty’s current expectations and projections with respect to its expected future business and financial performance, including, among other things: (i) expected operating results, such as revenue growth and increases in profit and earned premium; (ii) changes in the market for Hagerty’s products and services, (iii) anticipated business objectives; and (iv) the strength of Hagerty’s business model. These statements may be preceded by, followed by or include the words "aim," "anticipate," "believe," "estimate," "expect," "forecast," "future," "goal," "intend," "likely," "outlook," "plan," "potential," "project," "seek," "target," "can," "could," "may," "should," "would," "will," the negatives thereof and other words and terms of similar meaning.
A number of factors could cause actual results or outcomes to differ materially from those indicated by these forward-looking statements. These factors include, among other things, Hagerty’s ability to: (i) compete effectively within its industry and attract and retain insurance policy holders and paid HDC subscribers; (ii) maintain key strategic relationships with its insurance distribution and underwriting carrier partners; (iii) prevent, monitor and detect fraudulent activity; (iv) manage risks associated with disruptions, interruptions, outages with its technology platforms or third-party services; (v) accelerate the adoption of Hagerty’s membership products as well as any new insurance programs and products; (vi) manage the cyclical nature of the insurance business including through any periods of recession, economic downturn or inflation; (vii) address unexpected increases in the frequency or severity of claims; (viii) comply with the numerous laws and regulations applicable to Hagerty’s business, including state, federal and foreign laws relating to insurance and rate increases, privacy, the internet and accounting matters; (ix) manage risks associated with being a controlled company; (x) successfully defend any litigation, government inquiries and investigations, and (xi) other risks and uncertainties indicated from time to time in documents filed or to be filed with the Securities and Exchange Commission (the "SEC") by Hagerty.
The forward-looking statements herein represent the judgment of Hagerty as of the date of this release and Hagerty disclaims any intent or obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise. This press release should be read in conjunction with the information included in the Company's other press releases, reports and other filings with the SEC. Understanding the information contained in these filings is important in order to fully understand Hagerty’s reported financial results and its business outlook for future periods.
About Hagerty, Inc. (NYSE: HGTY)
Hagerty is an automotive enthusiast brand committed to saving driving and to fueling car culture for future generations. The company is a leading provider of specialty vehicle insurance, expert car valuation data and insights, live and digital car auction services, immersive events and automotive entertainment custom made for the 67 million Americans who self-describe as car enthusiasts. Hagerty also operates in Canada and the U.K. and is home to Hagerty Drivers Club, a community of over 850,000 who can’t get enough of cars. As a purpose-driven organization, Hagerty Impact aims to be a catalyst for positive change across the issues that matter most to our teams, our members, the broader automotive community, our shareholders and the planet at large. For more information, please visit www.hagerty.com or connect with us on Facebook, Instagram, Twitter and LinkedIn.
More information can be found at newsroom.hagerty.com.
Contact: Jay Koval, investor@hagerty.com
Hagerty Media Contact: Andrew Heller, aheller@hagerty.com
Category: Financial
Source: Hagerty
Hagerty, Inc.
Condensed Consolidated Statements of Operations (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended June 30, |
| | 2024 | | 2023 | | $ Change | | % Change |
| | | | | | | | |
REVENUE: | | in thousands (except percentages and per share amounts) |
Commission and fee revenue | | $ | 128,816 | | | $ | 110,187 | | | $ | 18,629 | | | 16.9 | % |
Earned premium | | 157,612 | | | 127,482 | | | 30,130 | | | 23.6 | % |
Membership, marketplace and other revenue | | 26,797 | | | 23,575 | | | 3,222 | | | 13.7 | % |
Total revenue | | 313,225 | | | 261,244 | | | 51,981 | | | 19.9 | % |
OPERATING EXPENSES: | | | | | | | | |
Salaries and benefits | | 57,693 | | | 53,572 | | | 4,121 | | | 7.7 | % |
Ceding commissions, net | | 73,446 | | | 60,350 | | | 13,096 | | | 21.7 | % |
Losses and loss adjustment expenses | | 64,729 | | | 53,564 | | | 11,165 | | | 20.8 | % |
Sales expense | | 47,990 | | | 41,941 | | | 6,049 | | | 14.4 | % |
General and administrative | | 21,373 | | | 21,318 | | | 55 | | | 0.3 | % |
Depreciation and amortization | | 10,014 | | | 10,397 | | | (383) | | | (3.7) | % |
Restructuring, impairment and related charges, net | — | | | 2,849 | | | (2,849) | | | (100.0) | % |
Gain related to divestiture | (87) | | | — | | | (87) | | | — | % |
Total operating expenses | | 275,158 | | | 243,991 | | | 31,167 | | | 12.8 | % |
OPERATING INCOME | | 38,067 | | | 17,253 | | | 20,814 | | | 120.6 | % |
Change in fair value of warrant liabilities | | (1,941) | | | (1,754) | | | (187) | | | 10.7 | % |
Interest and other income (expense) | | 12,342 | | | 3,770 | | | 8,572 | | | N/M |
INCOME BEFORE INCOME TAX EXPENSE | 48,468 | | | 19,269 | | | 29,199 | | | 151.5 | % |
Income tax expense | | (5,811) | | | (3,730) | | | (2,081) | | | 55.8 | % |
NET INCOME | | 42,657 | | | 15,539 | | | 27,118 | | | 174.5 | % |
Net income attributable to non-controlling interest | (32,279) | | | (13,134) | | | (19,145) | | | 145.8 | % |
Accretion of Series A Convertible Preferred Stock | (1,839) | | | — | | | (1,839) | | | — | % |
NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCKHOLDERS | $ | 8,539 | | | $ | 2,405 | | | $ | 6,134 | | | N/M |
| | | | | | | | |
Earnings per share of Class A Common Stock: | | | | | | | |
Basic | | $ | 0.09 | | | $ | 0.03 | | | | | |
Diluted | | $ | 0.09 | | | $ | 0.03 | | | | | |
| | | | | | | | |
Weighted average shares of Class A Common Stock outstanding: | | | | | | | |
Basic | | 85,687 | | | 84,371 | | | | | |
Diluted | | 85,687 | | | 85,563 | | | | | |
| | | | | | | | |
N/M = Not meaningful
Hagerty, Inc.
Condensed Consolidated Statements of Operations (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six months ended June 30, |
| | 2024 | | 2023 | | $ Change | | % Change |
| | | | | | | | |
REVENUE: | | in thousands (except percentages and per share amounts) |
Commission and fee revenue | $ | 217,656 | | | $ | 184,799 | | | $ | 32,857 | | | 17.8 | % |
Earned premium | 309,231 | | | 244,713 | | | 64,518 | | | 26.4 | % |
Membership, marketplace and other revenue | 58,046 | | | 50,084 | | | 7,962 | | | 15.9 | % |
Total revenue | | 584,933 | | | 479,596 | | | 105,337 | | | 22.0 | % |
OPERATING EXPENSES: | | | | | | | | |
Salaries and benefits | | 113,809 | | | 108,804 | | | 5,005 | | | 4.6 | % |
Ceding commissions, net | | 144,376 | | | 115,775 | | | 28,601 | | | 24.7 | % |
Losses and loss adjustment expenses | | 127,085 | | | 101,976 | | | 25,109 | | | 24.6 | % |
Sales expense | | 87,650 | | | 77,054 | | | 10,596 | | | 13.8 | % |
General and administrative | | 41,235 | | | 42,699 | | | (1,464) | | | (3.4) | % |
Depreciation and amortization | | 20,574 | | | 24,140 | | | (3,566) | | | (14.8) | % |
Restructuring, impairment and related charges, net | — | | | 8,384 | | | (8,384) | | | (100.0) | % |
Gain related to divestiture | (87) | | | — | | | (87) | | | — | % |
Total operating expenses | | 534,642 | | | 478,832 | | | 55,810 | | | 11.7 | % |
OPERATING INCOME | | 50,291 | | | 764 | | | 49,527 | | | N/M |
Change in fair value of warrant liabilities | | (8,081) | | | (2,269) | | | (5,812) | | | N/M |
| | | | | | | |
Interest and other income (expense) | | 19,586 | | | 9,417 | | | 10,169 | | | 108.0 | % |
INCOME BEFORE INCOME TAX EXPENSE | 61,796 | | | 7,912 | | | 53,884 | | | N/M |
Income tax expense | | (10,940) | | | (7,398) | | | (3,542) | | | 47.9 | % |
| | | | | | | |
NET INCOME | | 50,856 | | | 514 | | | 50,342 | | | N/M |
Net income attributable to non-controlling interest | (41,829) | | | (208) | | | (41,621) | | | N/M |
Accretion of Series A Convertible Preferred Stock | (3,677) | | | — | | | (3,677) | | | — | % |
NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCKHOLDERS | $ | 5,350 | | | $ | 306 | | | $ | 5,044 | | | N/M |
| | | | | | | | |
Earnings per share of Class A Common Stock: | | | | | | | |
Basic | | $ | 0.06 | | | $ | — | | | | | |
Diluted | | $ | 0.06 | | | $ | — | | | | | |
| | | | | | | | |
Weighted average shares of Class A Common Stock outstanding: | | | | | | | |
Basic | | 85,171 | | | 83,820 | | | | | |
Diluted | | 86,072 | | | 84,424 | | | | | |
| | | | | | | | |
N/M = Not meaningful
Hagerty, Inc.
Condensed Consolidated Balance Sheets (Unaudited) | | | | | | | | | | | | | | |
| | June 30, | | December 31, |
| | 2024 | | 2023 |
| | | | |
ASSETS | | in thousands (except share amounts) |
Current Assets: | | | | |
Cash and cash equivalents | | $ | 120,936 | | | $ | 108,326 | |
Restricted cash and cash equivalents | | 194,586 | | | 615,950 | |
Investments | | 65,444 | | | 10,946 | |
Accounts receivable | | 88,365 | | | 71,530 | |
Premiums receivable | | 221,788 | | | 137,525 | |
Commissions receivable | | 17,719 | | | 79,115 | |
Notes receivable | | 60,285 | | | 35,896 | |
Deferred acquisition costs, net | | 159,307 | | | 141,637 | |
Other current assets | | 84,371 | | | 49,293 | |
Total current assets | | 1,012,801 | | | 1,250,218 | |
Investments | | 404,799 | | | 5,526 | |
Notes receivable | | 1,291 | | | 17,018 | |
Property and equipment, net | | 19,899 | | | 20,764 | |
Lease right-of-use assets | | 47,219 | | | 50,515 | |
Intangible assets, net | | 82,838 | | | 91,924 | |
Goodwill | | 114,165 | | | 114,214 | |
Other long-term assets | | 46,619 | | | 38,033 | |
TOTAL ASSETS | | $ | 1,729,631 | | | $ | 1,588,212 | |
LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY | | | | |
Current Liabilities: | | | | |
Accounts payable, accrued expenses and other current liabilities | | $ | 76,509 | | | $ | 87,175 | |
Losses payable and provision for unpaid losses and loss adjustment expenses | | 217,545 | | | 198,508 | |
| | | | |
Commissions payable | | 101,100 | | | 108,739 | |
Due to insurers | | 139,099 | | | 79,815 | |
Advanced premiums | | 36,839 | | | 20,471 | |
Unearned premiums | | 362,509 | | | 317,275 | |
Contract liabilities | | 36,614 | | | 30,316 | |
Total current liabilities | | 970,215 | | | 842,299 | |
Long-term lease liabilities | | 46,689 | | | 50,459 | |
Long-term debt, net | | 98,029 | | | 130,680 | |
Warrant liabilities | | 42,099 | | | 34,018 | |
Deferred tax liability | | 17,997 | | | 15,937 | |
Contract liabilities | | 16,335 | | | 17,335 | |
Other long-term liabilities | | 2,961 | | | 4,139 | |
TOTAL LIABILITIES | | 1,194,325 | | | 1,094,867 | |
Commitments and Contingencies | | — | | | — | |
TEMPORARY EQUITY 1 | | | | |
Preferred stock, $0.0001 par value (20,000,000 shares authorized, 8,483,561 Series A Convertible Preferred Stock issued and outstanding as of June 30, 2024 and December 31, 2023) | 80,913 | | | 82,836 | |
STOCKHOLDERS' EQUITY | | | | |
Class A Common Stock, $0.0001 par value (500,000,000 shares authorized, 85,703,286 and 84,588,536 issued and outstanding as of June 30, 2024 and December 31, 2023, respectively) | 8 | | | 8 | |
Class V Common Stock, $0.0001 par value (300,000,000 authorized, 251,033,906 shares issued and outstanding as of June 30, 2024 and December 31, 2023) | 25 | | | 25 | |
Additional paid-in capital | | 555,040 | | | 561,754 | |
Accumulated earnings (deficit) | | (459,968) | | | (468,995) | |
Accumulated other comprehensive income (loss) | | (667) | | | (88) | |
Total stockholders' equity | | 94,438 | | | 92,704 | |
Non-controlling interest | | 359,955 | | | 317,805 | |
Total equity | | 454,393 | | | 410,509 | |
TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY | | $ | 1,729,631 | | | $ | 1,588,212 | |
| | | | |
1 The Series A Convertible Preferred Stock is recorded within Temporary Equity because it has equity conversion and cash redemption features.
Hagerty, Inc.
Condensed Consolidated Statements of Cash Flows (Unaudited)
| | | | | | | | | | | |
| Six months ended June 30, |
| 2024 | | 2023 |
| | | |
OPERATING ACTIVITIES: | in thousands |
Net income | $ | 50,856 | | | $ | 514 | |
Adjustments to reconcile net income to net cash from operating activities: | | | |
Change in fair value of warrant liabilities | 8,081 | | | 2,269 | |
| | | |
| | | |
Depreciation and amortization | 20,574 | | | 24,140 | |
Provision for deferred taxes | 1,984 | | | 3,480 | |
| | | |
| | | |
| | | |
Share-based compensation expense | 8,926 | | | 8,222 | |
Non-cash lease expense | 4,038 | | | 6,300 | |
Other | (5) | | | 3,433 | |
Changes in operating assets and liabilities: | | | |
Accounts, premiums and commission receivable | (39,306) | | | (93,549) | |
Deferred acquisition costs, net | (17,670) | | | (32,756) | |
Losses payable and provision for unpaid losses and loss adjustment expenses | 19,037 | | | 4,876 | |
| | | |
Commissions payable | (7,639) | | | 24,664 | |
Due to insurers | 59,470 | | | 60,174 | |
Advanced premiums | 16,399 | | | 17,043 | |
Unearned premiums | 45,234 | | | 68,123 | |
Operating lease liabilities | (4,531) | | | (5,960) | |
Other assets and liabilities, net | (43,193) | | | (20,416) | |
Net Cash Provided by Operating Activities | 122,255 | | | 70,557 | |
INVESTING ACTIVITIES: | | | |
Capital expenditures | (11,936) | | | (16,251) | |
Acquisitions, net of cash acquired | (3,843) | | | (7,084) | |
| | | |
| | | |
Issuance of notes receivable | (32,136) | | | (11,015) | |
Collection of notes receivable | 19,354 | | | 6,235 | |
Purchases of fixed maturity securities | (455,766) | | | (6,172) | |
Proceeds from sales of fixed maturity securities | 7,570 | | | — | |
Proceeds from maturities of fixed maturity securities | 5,596 | | | 2,964 | |
Purchases of equity securities | (9,407) | | | — | |
Other investing activities | 631 | | | 22 | |
Net Cash Used in Investing Activities | (479,937) | | | (31,301) | |
FINANCING ACTIVITIES: | | | |
Payments on long-term debt | (60,757) | | | (99,250) | |
Proceeds from long-term debt, net of issuance costs | 25,482 | | | 71,590 | |
Proceeds from issuance of Series A Preferred Stock, net of issuance costs | — | | | 79,159 | |
| | | |
Contribution from non-controlling interest | — | | | 600 | |
Distributions paid to non-controlling interest unit holders | (5,320) | | | — | |
| | | |
Payment of Series A Preferred Stock dividends | (5,600) | | | — | |
Funding of employee tax obligations upon vesting of share-based payments | (4,588) | | | — | |
Proceeds from issuance of Class A Common Stock under employee stock purchase plan | — | | | 906 | |
Net Cash Provided by (Used in) Financing Activities | (50,783) | | | 53,005 | |
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents | (289) | | | 909 | |
| | | |
Change in cash and cash equivalents and restricted cash and cash equivalents | (408,754) | | | 93,170 | |
Beginning cash and cash equivalents and restricted cash and cash equivalents | 724,276 | | | 539,191 | |
Ending cash and cash equivalents and restricted cash and cash equivalents | $ | 315,522 | | | $ | 632,361 | |
Hagerty, Inc.
Key Performance Indicators and Certain Non-GAAP Financial Measures
Key Performance Indicators
The tables below present a summary of our Key Performance Indicators, which include important operational metrics, as well as certain accounting principles generally accepted in the United States of America ("GAAP") and non-GAAP financial measures as of and for the periods presented. We use these Key Performance Indicators to evaluate our business, measure our performance, identify trends against planned initiatives, prepare financial projections, and make strategic decisions. We believe these Key Performance Indicators are useful in evaluating our performance when read together with our Condensed Consolidated Financial Statements prepared in accordance with GAAP.
| | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended June 30, | | Six months ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Operational Metrics | | | | | | | |
Total Written Premium (in thousands) | $ | 321,173 | | | $ | 275,895 | | | $ | 539,459 | | | $ | 458,745 | |
Loss Ratio | 41.1 | % | | 42.0 | % | | 41.1 | % | | 41.7 | % |
New Business Count — Insurance | 89,049 | | | 80,140 | | | 148,335 | | 131,902 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
GAAP Measures | | | | | | | |
Total Revenue (in thousands) | $ | 313,225 | | | $ | 261,244 | | | $ | 584,933 | | | $ | 479,596 | |
Operating Income (in thousands) | $ | 38,067 | | | $ | 17,253 | | | $ | 50,291 | | | $ | 764 | |
Net Income (in thousands) | $ | 42,657 | | | $ | 15,539 | | | $ | 50,856 | | | $ | 514 | |
Basic Earnings Per Share | $ | 0.09 | | | $ | 0.03 | | | $ | 0.06 | | | $ | — | |
Diluted Earnings Per Share | $ | 0.09 | | | $ | 0.03 | | | $ | 0.06 | | | $ | — | |
| | | | | | | |
Non-GAAP Financial Measures | | | | | | | |
Adjusted EBITDA (in thousands) | $ | 53,113 | | | $ | 34,367 | | | $ | 80,440 | | | $ | 41,072 | |
Adjusted Earnings Per Share | $ | 0.12 | | | $ | 0.05 | | | $ | 0.16 | | | $ | 0.01 | |
| | | | | | | | | | | |
| June 30, | | December 31, |
| 2024 | | 2023 |
Operational Metrics | | | |
Policies in Force | 1,468,612 | | | 1,401,037 | |
Policies in Force Retention | 88.7 | % | | 88.7 | % |
Vehicles in Force | 2,510,566 | | | 2,378,883 | |
HDC Paid Member Count | 853,564 | | | 815,007 | |
Net Promoter Score (NPS) | 82 | | | 82 | |
Non-GAAP Financial Measures
Adjusted EBITDA
We define Adjusted EBITDA as consolidated Net income, excluding interest and other income (expense), income tax expense, and depreciation and amortization, further adjusted to exclude (i) changes in the fair value of our warrant liabilities; (ii) share-based compensation expense; and when applicable, (iii) restructuring, impairment and related charges, net; (iv) gains, losses and impairments related to divestitures; and (v) certain other unusual items.
We present Adjusted EBITDA because we consider it to be an important supplemental measure of our performance and believe it is frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in our industry. Management uses Adjusted EBITDA as a measure of the operating performance of our business on a consistent basis, as it removes the impact of items not directly resulting from our core operations.
By providing this non-GAAP financial measure, together with a reconciliation to Net income, which is the most comparable GAAP measure, we believe we are enhancing investors' understanding of our business and our results of
operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives. However, Adjusted EBITDA has limitations as an analytical tool, and should not be considered in isolation, or as an alternative to, or a substitute for Net income or other financial statement data presented in our Condensed Consolidated Financial Statements as indicators of financial performance.Hagerty's Our definition of Adjusted EBITDA may be different than similarly titled measures used by other companies in our industry, which could reduce the usefulness of this non-GAAP financial measure when comparing our performance to that of other companies.
The following table reconciles Adjusted EBITDA to the most directly comparable GAAP measure, which is Net income:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended June 30, | | Six months ended June 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| | | | | | | | |
| | in thousands |
Net income | $ | 42,657 | | | $ | 15,539 | | | $ | 50,856 | | | $ | 514 | |
Interest and other (income) expense 1 | (12,342) | | | (3,770) | | | (19,586) | | | (9,417) | |
Income tax expense | 5,811 | | | 3,730 | | | 10,940 | | | 7,398 | |
Depreciation and amortization | 10,014 | | | 10,397 | | | 20,574 | | | 24,140 | |
EBITDA | 46,140 | | | 25,896 | | | 62,784 | | | 22,635 | |
Restructuring, impairment and related charges, net | — | | | 2,849 | | | — | | | 8,384 | |
Change in fair value of warrant liabilities | 1,941 | | | 1,754 | | | 8,081 | | | 2,269 | |
Share-based compensation expense | 4,383 | | | 4,018 | | | 8,926 | | | 7,934 | |
Gain related to divestiture | (87) | | | — | | | (87) | | | — | |
| | | | | | | |
Other unusual items 2 | 736 | | | (150) | | | 736 | | | (150) | |
Adjusted EBITDA | $ | 53,113 | | | $ | 34,367 | | | $ | 80,440 | | | $ | 41,072 | |
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1 Excludes interest expense related to the BAC Credit Facility, which is recorded within "Sales expense" on the Condensed Consolidated Statements of Operations.
2 Other unusual items includes $0.7 million of professional fees associated with the exchange offer related to our warrants for the three and six months ended June 30, 2024 and a net legal settlement recovery for the three and six months ended June 30, 2023.
The following table reconciles Adjusted EBITDA for the year ended December 31, 2024 Outlook to the most directly comparable GAAP measure, which is Net income:
| | | | | | | | | | | | | | |
| | 2024 Low | | 2024 High |
| | | | |
| | in thousands |
Net income | $ | 76,000 | | | $ | 84,000 | |
Interest and other (income) expense 1 | (30,000) | | | (30,000) | |
Income tax expense | 20,000 | | | 22,000 | |
Depreciation and amortization | 46,000 | | | 46,000 | |
| | | |
| | | |
Change in fair value of warrant liabilities | — | | | — | |
Share-based compensation expense | 18,000 | | | 18,000 | |
| | | |
Adjusted EBITDA | $ | 130,000 | | | $ | 140,000 | |
| | | | |
1 Excludes interest expense related to the BAC Credit Facility, which is recorded within "Sales expense" on the Condensed Consolidated Statements of Operations.
Adjusted EPS
We define Adjusted Earnings Per Share ("Adjusted EPS") as consolidated Net income, less changes in the fair value of our warrant liabilities, divided by our outstanding and total potentially dilutive securities, which includes (i) the weighted average issued and outstanding shares of Class A Common Stock; (ii) all issued and outstanding non-controlling interest units of THG; (iii) all issued and outstanding shares of our Series A Convertible Preferred Stock on an as-converted basis; (iv) all unissued share-based compensation awards; and (v) all unexercised warrants.
The most directly comparable GAAP measure to Adjusted EPS is basic earnings per share ("Basic EPS"), which is calculated as Net income available to Class A Common Stockholders divided by the weighted average number of Class A Common Stock shares outstanding during the period.
We present Adjusted EPS because we consider it to be an important supplemental measure of our operating performance and believe it is used by securities analysts, investors and other interested parties in evaluating the consolidated performance of other companies in our industry. We also believe that Adjusted EPS, which compares our consolidated Net income with our outstanding and potentially dilutive shares, provides useful information to investors regarding our performance on a fully consolidated basis.
Management uses Adjusted EPS:
•as a measurement of operating performance of our business on a fully consolidated basis;
•to evaluate the performance and effectiveness of our operational strategies; and
•as a preferred predictor of core operating performance, comparisons to prior periods and competitive positioning.
We caution investors that Adjusted EPS is not a recognized measure under GAAP and should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP, including Basic EPS, and that Adjusted EPS, as we define it, may be defined or calculated differently by other companies. In addition, Adjusted EPS has limitations as an analytical tool and should not be considered as a measure of profit or loss per share.
The following table reconciles Adjusted EPS to the most directly comparable GAAP measure, which is Basic EPS:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended June 30, | | Six months ended June 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| | | | | | | | |
| | in thousands (except per share amounts) |
Numerator: | | | | | | | |
Net income available to Class A Common Stockholders 1 | $ | 7,912 | | | $ | 2,388 | | | $ | 4,955 | | | $ | 305 | |
Accretion of Series A Convertible Preferred Stock | 1,839 | | | — | | | 3,677 | | | — | |
Undistributed earnings allocated to Series A Convertible Preferred Stock | 627 | | | 17 | | | 395 | | | 1 | |
Net income attributable to non-controlling interest | 32,279 | | | 13,134 | | | 41,829 | | | 208 | |
Consolidated net income | 42,657 | | | 15,539 | | | 50,856 | | | 514 | |
Change in fair value of warrant liabilities | 1,941 | | | 1,754 | | | 8,081 | | | 2,269 | |
| | | | | | | |
Adjusted consolidated net income 2 | $ | 44,598 | | | $ | 17,293 | | | $ | 58,937 | | | $ | 2,783 | |
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Denominator: | | | | | | | |
Weighted average shares of Class A Common Stock outstanding — basic 1 | 85,687 | | | 84,371 | | | 85,171 | | | 83,820 | |
Total potentially dilutive securities outstanding: | | | | | | | |
Non-controlling interest units | 255,368 | | | 255,499 | | | 255,368 | | | 255,499 | |
Series A Convertible Preferred Stock, on an as-converted basis | 6,785 | | | 6,785 | | | 6,785 | | | 6,785 | |
Total unissued share-based compensation awards | 8,228 | | | 7,022 | | | 8,228 | | | 7,022 | |
Total warrants outstanding 3 | 3,876 | | | 19,484 | | | 3,876 | | | 19,484 | |
Potentially dilutive shares outstanding | 274,257 | | | 288,790 | | | 274,257 | | | 288,790 | |
Fully dilutive shares outstanding 2 | 359,944 | | | 373,161 | | | 359,428 | | | 372,610 | |
| | | | | | | | |
Basic EPS 1 | $ | 0.09 | | | $ | 0.03 | | | $ | 0.06 | | | $ | — | |
| | | | | | | | |
Adjusted EPS 2 | $ | 0.12 | | | $ | 0.05 | | | $ | 0.16 | | | $ | 0.01 | |
| | | | | | | | |
1 Numerator and Denominator of the GAAP measure Basic EPS.
2 Numerator and Denominator of the non-GAAP measure Adjusted EPS.
3 For the three and six months ended June 30, 2024, the dilutive impact of the outstanding warrants included in the calculation of Adjusted EPS represents the number of Class A Common Stock shares issued in relation to the warrant exchange transaction that closed in July 2024.
Investor Presentation Q2 2024 SPEAKERS: McKeel Hagerty | Chief Executive Officer and Chairman Patrick McClymont | Chief Financial Officer
HAGERTY Q2 2024 | 2 FORWARD LOOKING STATEMENTS / NON-GAAP FINANCIAL MEASURES This presentation contains statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. These forward-looking statements reflect our current expectations and projections with respect to our expected future business and financial performance, including, among other things: (i) expected operating results, such as revenue growth and financial position; (ii) changes in the market for our products and services; (iii) our plans to expand market share, including planned investments and partnerships; (iv) anticipated business objectives; and (v) the strength of our business model. These statements may be preceded by, followed by, or include the words “anticipate,” “believe,” “envision,” “estimate,” “expect,” “forecast,” “future,” “goal,” “intend,” “likely,” “outlook,” “plan,” “potential,” “project,” “seek,” “target,” “can,” “could,” “may,” “should,” “would,” “will,” the negatives thereof and other words and terms of similar meaning. A number of factors could cause actual results or outcomes to differ materially from those indicated by these forward-looking statements. These factors include, among other things, our ability to: (i) compete effectively within our industry and attract and retain insurance policyholders and paid HDC members; (ii) maintain key strategic relationships with our insurance distribution and underwriting carrier partners; (iii) prevent, monitor and detect fraudulent activity; (iv) manage risks associated with disruptions, interruptions, outages or other issues with our technology platforms or our use of third-party services; (v) accelerate the adoption of our membership products as well as any new insurance programs and products we offer; (vi) manage the cyclical nature of the insurance business, including through any periods of recession, economic downturn or inflation; (vii) address unexpected increases in the frequency or severity of claims; (viii) comply with the numerous laws and regulations applicable to our business, including state, federal, and foreign laws relating to insurance and rate increases, privacy, the internet and accounting matters; (ix) manage risks associated with being a controlled company; and (x) successfully defend any litigation, government inquiries and investigations. The forward-looking statements herein represent our judgment as of the date of this release and we disclaim any intent or obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise. This presentation should be read in conjunction with the information included in our filings with the SEC and press releases. Understanding the information contained in these filings is important in order to fully understand our reported financial results and our business outlook for future periods. In addition, this presentation contains certain “non-GAAP financial measures”. The non-GAAP measures are presented for supplemental informational purposes only. These financial measures are not recognized measures under GAAP and should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. Reconciliations to the most directly comparable financial measure calculated and presented in accordance with GAAP are provided in the appendix to this presentation.
HAGERTY Q2 2024 | 3 SECOND QUARTER YTD 2024 Highlights Total Revenue growth of 22% Commission and Fee growth of 18% Written Premium growth of 18% » Added 148,000 new customers in the first half of 2024 Membership, Marketplace and other revenue growth of 16% » Marketplace growth of 41% Significantly improved profitability » Improved Operating margin by 840 bps » Net Income1 of $51 million compared to $1 million » Adjusted EBITDA2 of $80 million compared to $41 million Completed warrant exchange offer3 and mandatory exchange in July, whereby the Company issued 3.9 million shares of Class A Common Stock in exchange for 19.5 million warrants Increased 2024 growth outlook for revenue and profitability 1 Net Income in the current year and prior year include an $8 million loss and a $2 million loss, respectively, as a result of an increase in the fair value of warrant liabilities. 2 See Appendix for additional information regarding this non-GAAP financial measure. 3 Fully diluted share count post warrant exchange of ~360 million including Class A Common Stock, Class V Common Stock, Series A Convertible Preferred Stock, and share-based compensation awards.
2024 Priorities Deliver sustained top-line momentum with continued margin expansion KEY 2024 BUSINESS PRIORITIES INCLUDE: » Further improve loyalty to drive renewals and referrals. » Enhance member experience in a cost effective and efficient way. » Build Hagerty Marketplace into the most trusted and preferred place to buy, sell and finance collector cars. » Expand insurance offerings, particularly in the post-1980s collectible space. HAGERTY Q2 2024 | 4
HAGERTY Q2 2024 | 5 Business Process Re-engineering Driving Sustained Margin Expansion 1 See Appendix for additional information regarding this non-GAAP financial information. 2024 Began to implement changes to business processes to drive sustained reductions in cost to acquire and cost to serve » Marketing efforts powering efficient customer acquisition. » Improve efficiency of our member service center focused on reducing handle times and freeing up existing resources for continued growth in new members. » Adding resources to claims team to optimize spend and reduce losses. » Operating income margins expanded by another 840 bps in the first half of 2024 compared to 2023, equating to two year margin expansion of 1100 bps. » Increased first half Net Income by $41 million and Adjusted EBITDA1 by $70 million compared to the first half of 2022.
HAGERTY Q2 2024 | 6 And a 840 bps improvement in operating margin $585M +22% +50M +50M +18% +39M $539M 41.1% 89% 82 $50M $80M $51M $0.06 SECOND QUARTER YTD 2024 Financial Highlights 1 See Appendix for additional information regarding this non-GAAP measure.
HAGERTY Q2 2024 | 7 Q2 YTD $261 $313 $24 $158 $110 $27 $127 $129 $480 $585 $245 $50 $185 $218 $58 $309 17% 18% 14% 16% 24% 26% Growth Growth 2023 2024 2023 2024 20% growth 22% growth Strong double-digit gains TOTAL REVENUE SECOND QUARTER YTD 2024 HIGHLIGHTS Commission + fee revenue (+18%) » Written premium growth of 18% » Policies in Force retention of 89% Membership, marketplace + other revenue (+16%) » Membership revenue growth of 7% » Marketplace revenue growth of 41% Earned premium in Hagerty Re (+26%) » Contractual quota share2 ~80% in 2024 Revenue Components 1 Includes base commissions, payment plan fees and contingent underwriting commissions. 2 Currently applies to U.S. classic auto programs. Generally described as an arrangement where underwriting risk and profit is shared proportionately.
HAGERTY Q2 2024 | 8 $16 $34 $53 $(6) $16 $43 Q2 2022 Q2 2022Q2 2023 Q2 2023Q2 2024 Q2 2024 Delivering sustained profit growth Second Quarter Earnings Analysis SECOND QUARTER NET INCOME1 SECOND QUARTER ADJUSTED EBITDA2 1 Q2 2022 Net Income includes a $5 million loss as a result of an increase in fair value of warrant liabilities. Q2 2023 Net Income includes a $3 million loss due to restructuring and a $2 million loss as a result of an increase in fair value of warrant liabilities. Q2 2024 includes a $2 million loss as a result of an increase in fair value of warrant liabilities. 2 See Appendix for additional information regarding this non-GAAP financial measure.
HAGERTY Q2 2024 | 9 $41 $80 $10$10 $1 $51 YTD Q2 2022 YTD Q2 2022YTD Q2 2023 YTD Q2 2023YTD Q2 2024 YTD Q2 2024 Delivering sustained profit growth YTD 2024 Earnings Analysis SECOND QUARTER YTD NET INCOME1 SECOND QUARTER YTD ADJUSTED EBITDA2 1 2022 Net Income includes a $26 million gain as a result of a decrease in fair value of warrant liabilities. 2023 Net Income includes an $8 million loss due to restructuring and a $2 million loss as a result of an increase in fair value of warrant liabilities. 2024 Net income includes an $8 million loss as a result of an increase in fair value of warrant liabilities. 2 See Appendix for additional information regarding this non-GAAP financial measure.
HAGERTY Q2 2024 | 10 IN THOUSANDS 2023 RESULTS PRIOR 2024 OUTLOOK1 REVISED 2024 OUTLOOK Total Written Premium $907,175 $1,025,000 - $1,034,000 $1,034,000 - $1,043,000 Total Revenue $1,000,213 $1,150,000 - $1,170,000 $1,160,000 - $1,180,000 Net Income2 $28,179 $61,000 - $70,000 $76,000 - $84,000 Adjusted EBITDA3 $88,162 $124,000 - $135,000 $130,000 - $140,000 1 Prior 2024 Outlook shared on the Company’s first quarter earnings call on May 7th, 2024. 2 Net income range assumes no impact from warrants. Fully diluted share count post warrant exchange of ~360 million including Class A Common Stock, Class V Common Stock, Series A Convertible Preferred Stock, and share-based compensation awards. 3 See Appendix for additional information regarding this non-GAAP financial measure. Increased 2024 Outlook Deliver sustained top-line momentum in 2024 with strong margin expansion
APPENDIX
HAGERTY Q2 2024 | 12 To ta l L os s Pe rfo rm an ce 0% 100% 200% 300% 400% 500% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 To ta l P er ce nt ag e G ro w th 0% 100% 200% 300% 400% 500% 2010 2011 2012 2013 2014 2015 2016 2017 2018 19 2020 021 022 2023 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 2010 2011 2012 2013 2014 2015 2016 2017 2018 19 2020 021 2022 2023 PROVEN TRACK RECORD OF PROFITABLE LONG-TERM GROWTH Hagerty U.S. Auto - CAGR 14% Industry Top 100 - CAGR 5% Hagerty Loss Ratio - average = 38% Industry Loss Ratio - average = 68% HAGERTY U.S. AUTO PREMIUM GROWTH VS. INDUSTRY TOP 100 HAGERTY U.S. AUTO LOSS PERFORMANCE VS. INDUSTRY TOP 100 Source: Hagerty Internal Data, S&P Global Market Intelligence (2023).
HAGERTY Q2 2024 | 13 0 100 200 300 400 500 600 700 800 900 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 2 0 10 2 0 11 2 0 12 2 0 13 2 0 14 2 0 15 2 0 16 2 0 17 2 0 18 2 0 19 2 0 2 0 2 0 2 1 2 0 2 2 2 0 2 3 0% 5% 10% 15% 20% 25% 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 2 0 10 2 0 11 2 0 12 2 0 13 2 0 14 2 0 15 2 0 16 2 0 17 2 0 18 2 0 19 2 0 2 0 2 0 2 1 2 0 2 2 2 0 2 3 Total U.S. Auto Written Premium U.S. Auto Written Premium Annual Growth 0 1 0 2 0 3 0 4 0 5 0 6 0 7 0 8 0 9 0 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 2 0 10 2 0 11 2 0 12 2 0 13 2 0 14 2 0 15 2 0 16 2 0 17 2 0 18 2 0 19 2 0 2 0 2 0 2 1 2 0 2 2 2 0 2 3 0% 5% 10% 15% 20% 25% 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 2 0 10 2 0 11 2 0 12 2 0 13 2 0 14 2 0 15 2 0 16 2 0 17 2 0 18 2 0 19 2 0 2 0 2 0 2 1 2 0 2 2 2 0 2 3 Total U.S. Auto Written Premium U.S. Auto Written Premium A nual Growth HISTORICAL WRITTEN PREMIUM GROWTH Durable mid-teens growth TOTAL U.S. AUTO WRITTEN PREMIUM U.S. AUTO WRITTEN PREMIUM ANNUAL GROWTH
HAGERTY Q2 2024 | 14 WRITTEN PREMIUM GROWTH FUELED BY NEW MEMBERS Strong and growing New Business Count Global New Business Count 0 50,000 100,000 150,000 200,000 250,000 300,000 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
HAGERTY Q2 2024 | 15 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 7% annual growth in pre 1980s 18% annual growth in post 1980s ~13% ~2% Pre 1980 Vehicle Count Type Total Market (cars, mm) Collectible Vehicles by CohortHagerty Penetration and U.S. Auto Insured Vehicle Count Hagerty Penetration Pre 1980 Vehicles 11.2 13.3% Post 1980 Vehicles 35.2 1.7% Total ~46.3 4.5% Post 1980 Vehicle Count POST 1980 VEHICLES BECOMING MORE IMPACTFUL FOR GROWTH
HAGERTY Q2 2024 | 16 Total Revenue 5 YEAR AVERAGE Operating Income 5 YEAR AVERAGE $ IN THOUSANDS Q1 Q2 Q3 Q4 Total 2019 78,479 109,722 111,472 97,601 397,274 2020 106,859 135,462 135,781 121,446 499,548 2021 129,200 167,409 168,086 154,384 619,079 2022 167,811 206,017 216,757 197,003 787,588 2023 218,352 261,244 275,574 245,043 1,000,213 5 Year Average Total Revenue % 21% 27% 27% 25% 100% $ IN THOUSANDS Q1 Q2 Q3 Q4 Total 2019 (5,808) 13,247 9,258 (6,149) 10,548 2020 (4,171) 17,441 12,650 (10,074) 15,846 2021 (5,096) 14,274 1,758 (21,006) (10,070) 2022 (13,004) 2,387 (21,223) (35,726) (67,566) 2023 (16,489) 17,253 16,117 (6,473) 10,408 5 Year Average Operating Income % (34)% 51% 67% 15% 100% (34%) 51% 67% 15% 70% 80% 60% 50% 40% 30% 20% 10% 0 (10%) (20%) (30%) (40%) (50%) HISTORICAL SEASONALITY TRENDS Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Geographic footprint of our North American book creates seasonal differences by quarter for revenue and total operating income.
HAGERTY Q2 2024 | 17 REVENUE COMPONENTS BY QUARTER $ IN MILLIONS 107 112 117 127 140 147 152 158 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 86 64 75 110 103 78 89 129 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 24 21 27 24 33 20 31 27 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 COMMISSION + FEE REVENUE1 EARNED PREMIUM IN HAGERTY RE MEMBERSHIP, MARKETPLACE + OTHER REVENUE 1 Includes base commissions, payment plan fees and contingent underwriting commissions.
HAGERTY Q2 2024 | 18 IN THOUSANDS Q2 2023 Q3 2023 - Q1 2024 Q2 2024 TTM Net income $15,539 $35,864 $42,657 $78,521 Interest and other (income) expense1 (3,770) (20,648) (12,342) (32,990) Income tax expense 3,730 14,324 5,811 20,135 Depreciation and amortization 10,397 32,229 10,014 42,243 EBITDA 25,896 61,769 46,140 107,909 Restructuring, impairment and related charges, net 2,849 428 — 428 Change in fair value of warrant liabilities 1,754 (7,672) 1,941 (5,731) Share-based compensation expense 4,018 14,338 4,383 18,721 Gain related to divestiture — 4,013 (87) 3,926 Other unusual items2 (150) 1,541 736 2,277 Adjusted EBITDA $34,367 $74,417 $53,113 $127,530 RECONCILIATION OF NON-GAAP METRICS Net Income to Adjusted EBITDA 1 Excludes interest expense related to the BAC Credit Facility, which is recorded within “Sales expense” on the Condensed Consolidated Statements of Operations. 2 Other unusual items includes $0.7 million of professional fees associated with the exchange offer related to our warrants for the three and six months ended June 30, 2024 and a net legal settlement recovery for the three and six months ended June 30, 2023. Adjusted EBITDA We define Adjusted EBITDA as consolidated Net income, excluding interest and other income (expense), income tax expense, and depreciation and amortization, further adjusted to exclude (i) changes in the fair value of our warrant liabilities; (ii) share-based compensation expense; and when applicable, (iii) restructuring, impairment and related charges, net; (iv) gains, losses and impairments related to divestitures; and (v) certain other unusual items. We present Adjusted EBITDA because we consider it to be an important supplemental measure of our performance and believe it is frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in our industry. Management uses Adjusted EBITDA as a measure of the operating performance of our business on a consistent basis, as it removes the impact of items not directly resulting from our core operations. By providing this non-GAAP financial measure, together with a reconciliation to Net income, which is the most comparable GAAP measure, we believe we are enhancing investors’ understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives. However, Adjusted EBITDA has limitations as an analytical tool, and should not be considered in isolation, or as an alternative to, or a substitute for Net income or other financial statement data presented in our Condensed Consolidated Financial Statements as indicators of financial performance. Our definition of Adjusted EBITDA may be different than similarly titled measures used by other companies in our industry, which could reduce the usefulness of this non-GAAP financial measure when comparing our performance to that of other companies.
HAGERTY Q2 2024 | 19 IN THOUSANDS (EXCEPT PER SHARE AMOUNTS) Q2 2024 Q2 2023 YTD 2024 YTD 2023 Numerator: Net income available to Class A Common Stockholders1 $7,912 $2,388 $4,955 $305 Accretion of Series A Convertible Preferred Stock 1,839 — 3,677 — Undistributed earnings allocated to Series A Convertible Preferred Stock 627 17 395 1 Net income attributable to non-controlling interest 32,279 13,134 41,829 208 Consolidated net income 42,657 15,539 50,856 514 Change in fair value of warrant liabilities 1,941 1,754 8,081 2,269 Adjusted consolidated net income2 $44,598 $17,293 $58,937 $2,783 Denominator: Weighted-average shares of Class A Common Stock Outstanding - basic1 85,687 84,371 85,171 83,820 Total potentially dilutive shares outstanding: Non-controlling interest units 255,368 255,499 255,368 255,499 Series A Convertible Preferred Stock, on an as-converted basis 6,785 6,785 6,785 6,785 Total unissued share-based compensation awards 8,228 7,022 8,228 7,022 Total warrants outstanding3 3,876 19,484 3,876 19,484 Potentially dilutive shares outstanding 274,257 288,790 274,257 288,790 Fully dilutive shares outstanding2 359,944 373,161 359,428 372,610 Basic Earnings per Share1 $0.09 $0.03 $0.06 $— Adjusted Earnings per Share2 $0.12 $0.05 $0.16 $0.01 Basic Earnings Per Share to Adjusted Earnings Per Share RECONCILIATION OF NON-GAAP METRICS 1 Numerator and Denominator of the GAAP measure Basic EPS. 2 Numerator and Denominator of the non-GAAP measure Adjusted EPS. 3 For the three and six months ended June 30, 2024, the dilutive impact of the outstanding warrants included in the calculation of Adjusted EPS represents the number of Class A Common Stock shares issued in relation to the warrant exchange transaction that closed in July 2024. Adjusted EPS We define Adjusted Earnings Per Share (“Adjusted EPS”) as consolidated Net income, less changes in the fair value of our warrant liabilities, divided by our outstanding and total potentially dilutive securities, which includes (i) the weighted average issued and outstanding shares of Class A Common Stock; (ii) all issued and outstanding non-controlling interest units of THG; (iii) all issued and outstanding shares of our Series A Convertible Preferred Stock on an as-converted basis; (iv) all unissued share-based compensation awards; and (v) all unexercised warrants. The most directly comparable GAAP measure to Adjusted EPS is basic earnings per share (“Basic EPS”), which is calculated as Net income available to Class A Common Stockholders divided by the weighted average number of Class A Common Stock shares outstanding during the period. We caution investors that Adjusted EPS is not a recognized measure under GAAP and should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP, including Basic EPS, and that Adjusted EPS, as we define it, may be defined or calculated differently by other companies. In addition, Adjusted EPS has limitations as an analytical tool and should not be considered as a measure of profit or loss per share.
HAGERTY Q2 2024 | 20 IN THOUSANDS 2024 Low 2024 High Net income $76,000 $84,000 Interest and other (income) expense1 (30,000) (30,000) Income tax expense 20,000 22,000 Depreciation and amortization 46,000 46,000 Change in fair value of warrant liabilities — — Share-based compensation expense 18,000 18,000 Adjusted EBITDA $130,000 $140,000 Net Income to Adjusted EBITDA RECONCILIATION OF NON-GAAP METRICS | 2024 OUTLOOK 1 Excludes interest expense related to the BAC Credit Facility, which is recorded within “Sales expense” on the Condensed Consolidated Statements of Operations. Adjusted EBITDA We define Adjusted EBITDA as consolidated Net income, excluding interest and other income (expense), income tax expense, and depreciation and amortization, further adjusted to exclude (i) changes in the fair value of our warrant liabilities; (ii) share-based compensation expense; and when applicable, (iii) restructuring, impairment and related charges, net; (iv) gains, losses and impairments related to divestitures; and (v) certain other unusual items. We present Adjusted EBITDA because we consider it to be an important supplemental measure of our performance and believe it is frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in our industry. Management uses Adjusted EBITDA as a measure of the operating performance of our business on a consistent basis, as it removes the impact of items not directly resulting from our core operations. By providing this non-GAAP financial measure, together with a reconciliation to Net income, which is the most comparable GAAP measure, we believe we are enhancing investors’ understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives. However, Adjusted EBITDA has limitations as an analytical tool, and should not be considered in isolation, or as an alternative to, or a substitute for Net income or other financial statement data presented in our Condensed Consolidated Financial Statements as indicators of financial performance. Our definition of Adjusted EBITDA may be different than similarly titled measures used by other companies in our industry, which could reduce the usefulness of this non-GAAP financial measure when comparing our performance to that of other companies.
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Hagerty (NYSE:HGTY)
過去 株価チャート
から 8 2024 まで 9 2024
Hagerty (NYSE:HGTY)
過去 株価チャート
から 9 2023 まで 9 2024