earnings
confidence high
sentiment positive
materiality 0.80
Hagerty Q3 revenue up 27% to $275.6M, turns to positive Adj. EBITDA, raises FY outlook
Hagerty, Inc.
- Total revenue $275.6M (+27% YoY); written premium $255.6M (+15%); earned premium $139.8M (+30%).
- Net income $18.6M (-23% YoY); includes lower loss ratio of 41.1% vs 56.4% prior year.
- Adjusted EBITDA $37.4M vs -$10.0M prior year; year-to-date Adj. EBITDA $78.4M vs $0.1M.
- Membership, marketplace & other revenue up 37% to $32.6M; HDC paid members ~807,000 (+8%).
- FY 2023 outlook raised: revenue growth 26-27%, Net income $2-12M, Adj. EBITDA $75-85M.