Hagerty Q2 revenue $206M (+23%), net loss $5.5M; cuts FY22 Adj. EBITDA guidance to $15-20M

Hagerty, Inc.

Total revenue $206.0M (+23% YoY); written premium $237.7M (+14% YoY).
Net loss of $5.5M vs $12.5M income a year ago; Adjusted EBITDA fell 17% to $16.1M.
2022 revised outlook: Total revenue $767-792M (24-28% growth); Adj. EBITDA $15-20M (down 21-41% vs prior).
Agreed to acquire remaining 60% of Broad Arrow Group for $64.8M in stock; expected immediately accretive.
State Farm partnership on track for activation first half 2023; revenue per paid member up 16% to $158.

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