Hagerty Q1 revenue up 30% to $218.4M; raises FY2023 Adj. EBITDA guidance to $55-75M

Hagerty, Inc.

Total revenue $218.4M (+30% YoY); written premium $182.9M (+18% YoY).
Net loss $(15.0)M vs prior year income $15.9M; adjusted EBITDA $6.7M vs $(6.0)M.
Raised FY2023 net income outlook to $(13)-$7M and Adj. EBITDA to $55-75M (prev. $40-60M).
Restructuring charge $5.5M; expected annual cost savings of $20-25M ($15M in 2023).
Marketplace revenue $5.8M from Broad Arrow; HDC paid members 768k (+6% YoY).

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Hagerty, Inc. updated its three months ended March 31, 2023 guidance (raised).

Period: three months ended March 31, 2023
Guidance: raised
Result: reported results

Exact text from the filing

On May 9, 2023, Hagerty, Inc. (the "Company") announced its financial results for the fiscal quarter March 31, 2023 by issuing a letter to its stockholders and a press release.

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Hagerty, Inc. filing history →

Source: SEC EDGAR

accession 0001840776-23-000113

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