earnings
confidence high
sentiment negative
materiality 0.80
Hippo Q2: core GLR improves to 63% but cat losses of $51M drive net loss $108M
Hippo Holdings Inc.
2023-Q2 EPS reported
-$7.63
revenue$87,500,000
- GAAP net loss $108M ($4.61/share); adj EBITDA loss $88M, vs $74M and $56M year-ago.
- Core HHIP gross loss ratio improved to 63% from 75% YoY, but PCS cat losses of $110M gross/$51M net weighed on results.
- FY2023 adj EBITDA guidance cut to $(208-218)M loss from $(147)M, citing cat losses; still targeting positive adj EBITDA by end of 2024.
- TGP grew 56% YoY to $318M; revenue up 66% to $48M; operating expenses as % of revenue improved to 159% from 248%.