Hippo Q1 revenue $85M (+114% YoY); net loss -$36M (-49%); FY TGP >$1.3B reiterated

Hippo Holdings Inc.

2024-Q1 EPS reported -$1.47 revenue$85,100,000

Revenue $85M, up 114% YoY; TGP $294M, up 20% YoY with services/IaaS 80% of TGP.
HHIP gross loss ratio improved 21pp to 80% from 101%; net loss ratio improved 455pp to 100%.
GAAP S&M/T&D/G&A expenses fell to 48% of revenue from 135% YoY, down $13M absolute.
Adjusted EBITDA loss $20M, down 62% YoY; net loss attributable to Hippo $36M, down 49%.
Cash & investments rose to $511M, first cash flow positive quarter; Spinnaker surplus $197M.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Hippo Holdings Inc. reported the quarter ended March 31, 2024 results: revenue $85 million, net income $36 million.

Period: the quarter ended March 31, 2024
Revenue: $85 million
Net income: $36 million
Result: reported results

Exact text from the filing

with Services and Insurance-as-a-Service (“IaaS”) representing 80% of TGP • Services and IaaS driving TGP growth, up 37% and 25% YoY, respectively in Q1 • Revenue up 114% YoY to $85 million; significantly better Revenue monetization in Hippo Home Insurance Program (“HHIP") Continued HHIP Loss Ratio Improvement • HHIP Q1 gross loss ratio improved 21pp YoY to 80% • Q1

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Source: SEC EDGAR

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