Hagerty Q1 revenue +24% to $271.7M; swings to net income of $8.2M; reaffirms FY24 outlook

Hagerty, Inc.

Q1 total revenue $271.7M (+24% YoY); written premium $218.3M (+19%); insured vehicles 2.4M (+6%).
Net income $8.2M vs loss $15.0M YoY; Adj. EBITDA $27.3M vs $6.7M; operating margin +1,210 bps.
Policies in force retention 88.7% (up from 87.9%); HDC paid members 831,000 (+8% YoY).
Marketplace revenue surged 58% to $10.5M; commission and fee revenue $88.8M (+19%).
FY2024 guidance reaffirmed: revenue +15-17%, net income +116-148%, Adj. EBITDA +41-53%.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Hagerty, Inc. reported financial results for the fiscal quarter ended March 31, 2024.

Period: the fiscal quarter ended March 31, 2024
Result: reported results

Exact text from the filing

On May 7, 2024, Hagerty, Inc. (the "Company") announced its financial results for the fiscal quarter ended March 31, 2024 by issuing a letter to its stockholders and a press release.

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Source: SEC EDGAR

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