Hagerty, Inc. (NYSE:HGTY) Q4 2022 Earnings Conference Call March 14, 2023 10:00 AM ET Company Participants Jay Koval - Senior Vice President, Investor Relations McKeel Hagerty - Chief Executive Officer Patrick McClymont - Chief Financial Officer Conference Call Participants Sidney Schultz - Raymond James Paul Newsome - Piper Sandler Pablo Singzon - JPMorgan Operator Greetings, and welcome to Hagerty Fourth Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A bri ...

Hagerty, Inc. (NYSE:HGTY) Q3 2022 Earnings Conference Call November 10, 2022 10:00 AM ET Company Participants Jason Koval - Head, IR McKeel Hagerty - CEO Patrick McClymont - CFO Conference Call Participants Mark Hughes - Truist Sidney Schultz - Raymond James Paul Newsome - Piper Sandler Pablo Singzon - JPMorgan Operator Greetings, and welcome to Hagerty's Third Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentat ...

Financial Data and Key Metrics Changes - Total revenue grew 23% year-over-year to $206 million in Q2 2022, with a 26% increase in the first half of the year [33][15] - Written premiums increased by 14% in Q2 and 15% in the first half, reaching $238 million [15][36] - The loss ratio remained stable at 41%, allowing for reinvestment in the platform [36][19] - Net loss for the quarter was $5.5 million, compared to a net income of $12.5 million in the prior year [41] Business Line Data and Key Metrics Changes - Commission and fee revenue grew 14% to $96 million, driven by new business written premiums and policy retention of 88% [34] - Membership and other revenue increased 21% to $16 million, benefiting from an increase in total paid members [34] - Earned premium grew 34% to $94 million, driven by new business premium growth and policy retention [34] Market Data and Key Metrics Changes - Total active members grew 9% year-over-year to 2.5 million [15] - The company noted a modest demand impact at the beginning of Q2 due to inflation affecting consumer behavior, but demand stabilized quickly [20][21] Company Strategy and Development Direction - The company is focused on expanding its marketplace through the acquisition of the remaining 60% of Broad Arrow Group for $64.8 million, which is expected to be accretive to revenue and EBITDA [16][25] - Strategic partnerships, such as with State Farm, are aimed at augmenting organic growth and driving operating leverage [29][27] - The company aims to enhance its digital transformation and cross-selling of products while maintaining cost discipline [31][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to grow despite economic challenges, noting that the enthusiast vehicle market tends to be resilient during downturns [18][20] - The company anticipates a revenue growth trajectory of 24% to 28% for the full year, supported by mid-teens organic growth in written premiums and contributions from new partnerships [45][46] - Management emphasized the importance of customer-centric approaches and the need for careful management of costs while investing in growth [28][32] Other Important Information - The company reported a fair value loss of $5.4 million related to private and public warrants, impacting net loss for the quarter [41] - The company is expected to see an increase in adjusted EBITDA in the coming years as investments in digital platforms and partnerships begin to yield results [40][47] Q&A Session Summary Question: What was the catalyst for the acceleration in July? - Management noted that consumer confidence stabilized, leading to increased demand as summer driving months approached [56] Question: Was the increase in EBITDA guidance due to spending more or timing of revenue? - Management clarified that the increased spending was primarily for development related to State Farm and Broad Arrow, with no State Farm revenue included in 2022 guidance [57][58] Question: Can you size the expenses made for State Farm and other investments? - Management indicated that $80 million was spent on non-recurring pre-revenue costs, with a significant portion related to State Farm development [67] Question: Will expenses continue to rise in line with revenue? - Management expects expenses to grow at a slower pace compared to revenue growth as major development projects are completed [71]

Hagerty, Inc. (NYSE:HGTY) Q1 2022 Earnings Conference Call May 9, 2022 5:00 PM ET Company Participants Garrett Edson - ICR, IR McKeel Hagerty - Chief Executive Officer Fred Turcotte - Chief Financial Officer Conference Call Participants Operator Greetings. And welcome to the Hagerty’s First Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is bei ...

"Investor Speakers: McKeel Hagerty | Chief Executive Officer Frederick J. Turcotte | SVP & Chief Financial Officer THE AMELIA HAGERTYRS D'ELEGANCE | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

a Investor & Presentation Speakers: McKeel Hagerty | Chief Executive Officer Frederick J. Turcotte | SVP & Chief Financial Officer HAGERTY FORWARD LOOKING STATEMENTS / NON-GAAP FINANCIAL MEASURES This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may relate to, but are not limited to, expectations of future operating results or financial perform ...

Hagerty, Inc. (NYSE:HGTY) Q4 2021 Earnings Conference Call March 24, 2022 5:00 PM ET Company Participants McKeel Hagerty - Chief Executive Officer Fred Turcotte - Chief Financial Officer Operator Greetings. Welcome to the Hagerty Full Year 2021 Earnings Call. At this time all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] A short video will be played to the webcast followed by prepared remarks from Hagerty. [Audio/Video Pre ...