Financial Performance - For the three months ended March 31, 2025, the company reported net income of $27.3 million, a 232.9% increase compared to the prior year[197]. - Adjusted EBITDA for the same period was $39.6 million, reflecting a 44.9% increase year-over-year, driven by an 11.9% growth in written premium[197]. - Total revenue for the quarter was $319.6 million, representing a 17.6% increase compared to $271.7 million in the prior year[199]. - Total revenue for the three months ended March 31, 2025, was $319.6 million, an increase of $47.9 million, or 17.6%, compared to the same period in 2024[220]. - Operating income for the three months ended March 31, 2025, was $25.7 million, a significant increase of $13.5 million, or 110.5%, compared to 2024[220]. - Adjusted EPS for Q1 2025 was $0.08, compared to $0.04 in Q1 2024, reflecting improved net income performance[282]. Premium and Revenue Growth - Total written premium reached $244.3 million, up by $26.0 million or 11.9% from the previous year[199]. - Earned premium at Hagerty Re was $169.4 million, an increase of $17.7 million, or 11.7%, primarily due to growth in subject premiums written through MGA subsidiaries[225]. - Membership, marketplace, and other revenue reached $50.0 million, an increase of $18.7 million, or 59.8%, with marketplace revenue alone increasing by $18.5 million, or 175.8%[226][228]. - Commission and fee revenue increased to $100.3 million, up $11.4 million, or 12.9%, driven by policy renewals contributing $11.9 million[221]. Expenses and Losses - The company recognized approximately $4.0 million in losses and impairments related to the reorganization of certain businesses in 2023[196]. - Losses and loss adjustment expenses were $71.1 million, an increase of $8.8 million, or 14.1%, driven by the increase in earned premium[232]. - Sales expenses increased by $15.0 million, or 37.7%, to $54.6 million for the three months ended March 31, 2025, primarily due to higher marketplace inventory sales and increased broker expenses[234]. - General and administrative expenses were $22.2 million, an increase of $2.3 million, or 11.7%, expected to decrease as a percentage of revenue over time[220]. - General and administrative expenses rose by $2.3 million, or 11.7%, to $22.2 million for the three months ended March 31, 2025, mainly due to increased software-related costs[235]. Loss Ratios and Claims - The Hagerty Re loss ratio was reported at 42.0%, slightly up from 41.1% in the prior year[199]. - For the three months ended March 31, 2025, the loss ratio was 42.0%, compared to 41.1% for the same period in 2024, with $10.4 million in pre-tax catastrophe losses from the Southern California wildfires[233]. Cash Flow and Financing - Net cash provided by operating activities decreased by $14.4 million, or 24.7%, to $43.8 million for the three months ended March 31, 2025[261]. - Cash from financing activities increased by $51.5 million in Q1 2025 compared to Q1 2024, primarily due to net proceeds from credit facility borrowings[265]. - As of March 31, 2025, total outstanding borrowings under the 2025 JPM Credit Facility were $88.8 million, with an aggregate borrowing capacity of $375.0 million[247]. - The BAC Credit Facility has an aggregate borrowing capacity of $75.0 million, with outstanding borrowings of $32.1 million as of March 31, 2025[249]. Tax and Other Financial Metrics - The effective income tax rate decreased to 17% for the three months ended March 31, 2025, down from 39% in the same period in 2024[240]. - Income tax expense increased by $0.4 million, or 7.0%, to $5.5 million for the three months ended March 31, 2025, driven by a $1.8 million increase in pre-tax income[241]. - The decrease in net cash from operating assets and liabilities was primarily driven by a $31.9 million net decrease in operating cash flows due to the timing of CUC receivables and payables[263]. - There were no material off-balance sheet arrangements as of March 31, 2025[269]. Membership and Engagement - The number of policies in force increased to 1,524,927, a 1.2% growth from the previous period[199]. - Hagerty Drivers Club (HDC) paid member count rose to 889,390, marking a 1.5% increase year-over-year[199]. - The net promoter score (NPS) remained stable at 82, indicating strong brand loyalty and engagement among members[199].

Core Viewpoint - Hagerty, Inc. (HGTY) reported quarterly earnings of $0.08 per share, exceeding the Zacks Consensus Estimate of $0.02 per share, marking a 300% earnings surprise compared to $0.04 per share a year ago [1][2] Financial Performance - The company achieved revenues of $319.59 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 5.97% and showing an increase from $271.71 million year-over-year [2] - Over the last four quarters, Hagerty has exceeded consensus EPS estimates three times and topped revenue estimates four times [2] Stock Performance and Outlook - Hagerty shares have declined approximately 8% since the beginning of the year, while the S&P 500 has decreased by 4.7% [3] - The current consensus EPS estimate for the upcoming quarter is $0.13 on revenues of $356.86 million, and for the current fiscal year, it is $0.31 on revenues of $1.35 billion [7] Industry Context - The Insurance - Property and Casualty industry, to which Hagerty belongs, is currently ranked in the top 15% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

Financial Performance Highlights - Total revenue grew by 18% to $320 million in Q1 2025[5] - Commission and Fee revenue increased by 13%[10] - Membership, Marketplace, and Other revenue saw a significant increase of 60%[10] - Earned premium in Hagerty Re grew by 12%[23] - Operating income increased by 110% to $26 million, improving the operating margin by 360 bps[10] - Net income reached $27 million, a 233% increase compared to $8 million in the prior year[10] - Adjusted EBITDA increased by 45% to $40 million, compared to $27 million in the prior year[10] Strategic Initiatives and Outlook - The company entered into a $375 million unsecured credit agreement with a March 2030 maturity[7] - The company reaffirms its 2025 outlook, projecting total revenue between $1.344 billion and $1.356 billion, representing a 12%-13% growth[32] - The company anticipates net income between $102 million and $110 million, a 30%-40% increase[32] - Adjusted EBITDA is projected to be between $150 million and $160 million, a 21%-29% increase[32]

Financial Performance - First quarter 2025 total revenue increased 18% year-over-year to $319.6 million[6] - First quarter 2025 net income increased 233% year-over-year to $27.3 million[6] - First quarter 2025 adjusted EBITDA increased 45% year-over-year to $39.6 million[6] - The company reaffirmed a 2025 outlook for total revenue growth of 12-13% and net income growth of 30-40%[5] - Total revenue rose to $319,593,000 for Q1 2025, reflecting a 17.6% increase from $271,708,000 in Q1 2024[28] - Net income for Q1 2025 was $27,293,000, a significant increase from $8,199,000 in Q1 2024, representing a year-over-year growth of 233%[32] - Adjusted EBITDA for Q1 2025 reached $39,608,000, compared to $27,327,000 in Q1 2024, indicating a growth of 45%[32] - The company projects a net income for the year 2025 between $102,000,000 and $110,000,000, with an Adjusted EBITDA forecasted between $150,000,000 and $160,000,000[32] Revenue Sources - First quarter 2025 marketplace revenue surged 176% year-over-year to $29.0 million, driven by higher inventory sales[9] - Hagerty's membership revenue increased 14% year-over-year to $15.3 million, with Hagerty Drivers Club paid members rising 7% to approximately 889,000[9] - Total written premium increased to $244,327,000, an 11.9% rise from $218,286,000 in Q1 2024[28] Operational Metrics - Policies in force retention was 89.0%, up from 88.7% in the prior year period, with total insured vehicles increasing 8% year-over-year to 2.6 million[9] - The number of policies in force grew to 1,524,927, representing a 1.2% increase from 1,506,451 policies as of December 31, 2024[28] - The first quarter 2025 loss ratio was 42.0%, including a 6.7% impact from catastrophe losses[9] - The Hagerty Re loss ratio was 42.0% for Q1 2025, slightly up from 41.1% in Q1 2024[28] Cash and Debt Position - The company ended the quarter with $128 million in cash and $147 million in total debt[9] - Cash and cash equivalents at the end of Q1 2025 totaled $286,308,000, down from $726,808,000 at the end of Q1 2024[26] Investment and Future Growth - The company plans to invest $20 million in technology, primarily in the new Duck Creek platform, to support future growth[11] - Total assets increased to $1,816,191,000 as of March 31, 2025, up from $1,709,338,000 as of December 31, 2024, representing a growth of 6.3%[24] Earnings Per Share - The company reported a basic earnings per share of $0.07 for Q1 2025, compared to a loss of $0.04 per share in Q1 2024[28] - Adjusted EPS for Q1 2025 was $0.08, up from $0.04 in Q1 2024, reflecting a 100% increase[37] - The weighted average shares of Class A Common Stock outstanding increased to 90,047,000 in Q1 2025 from 84,656,000 in Q1 2024[37] - Total potentially dilutive securities outstanding were 269,874,000 in Q1 2025, compared to 290,024,000 in Q1 2024[37] - The company reported a loss related to warrant liabilities of $6,140,000 in Q1 2024, which was excluded from the Adjusted EPS calculation[37] Expenses - Income tax expense for Q1 2025 was $5,489,000, slightly higher than $5,129,000 in Q1 2024[32] - Depreciation and amortization expenses decreased to $9,488,000 in Q1 2025 from $10,560,000 in Q1 2024[32] - The company emphasizes that Adjusted EPS is not a GAAP measure and should not be considered in isolation from Basic EPS[36]

Core Insights - Broad Arrow Auctions, a subsidiary of Hagerty, is set to host its inaugural Concorso d'Eleganza Villa d'Este Auction on May 24-25, 2025, featuring over 70 collectible cars [1][2][19] - The auction will showcase a diverse range of iconic automobiles, including rare BMW models, pre- and post-war classics, and supercars with notable provenance [2][3][7] Auction Highlights - Featured cars include a 1989 Ferrari F40 "Competizione" with an estimated value of €2.3 million to €2.8 million, a 2022 Pagani Huayra R estimated at €2.8 million to €3.2 million, and a 2006 Porsche Carrera GT estimated at €1.3 million to €1.5 million [4][8][11] - The auction will also include a dedicated BMW-only sale, highlighting models such as the 1939 BMW 328 Wendler Cabriolet and the 1958 BMW 507 Roadster [13][14] Company Background - Broad Arrow Auctions was founded in 2021 and has quickly become a leading global collector car auction house, expanding its presence in Europe with this upcoming auction [19] - The company aims to provide exceptional quality cars to collectors and enthusiasts, with flagship events in the U.S. and now Europe [19][20]

Core Insights - Hagerty, Inc. will report its first quarter 2025 financial results on May 7, 2025, before market opens [1] - A conference call to discuss the financial results will take place at 10:00 am Eastern Time on the same day [2] Company Overview - Hagerty is a leading specialty vehicle insurance provider and an automotive enthusiast brand, dedicated to preserving driving culture for future generations [3] - The company serves over 67 million car enthusiasts in the U.S. and operates in Canada and the U.K., with a community of over 875,000 members in the Hagerty Drivers Club [3]

Core Insights - Broad Arrow Auctions, a Hagerty company, will auction two unique McLaren supercars owned by Lewis Hamilton and Jenson Button at the inaugural Concorso d'Eleganza Villa d'Este Auction on May 24-25, 2025 [1][12] Company Overview - Broad Arrow Auctions is a leading global collector car auction house, founded in 2021, and is expanding its footprint in Europe with its first auction in Italy [14][15] - The company is known for offering exceptional quality cars to collectors and enthusiasts, and is the fastest growing auction house in its segment [15] Industry Context - The McLaren MP4-12C is recognized as a pivotal model for McLaren Automotive, marking its return to the supercar market after the iconic McLaren F1 [2][8] - The involvement of F1 champions Hamilton and Button in the development of the MP4-12C highlights the intersection of motorsport and automotive innovation, enhancing the car's historical significance [4][11] Auction Details - The auction will feature Hamilton's MP4-12C, which has a unique specification and was registered on March 1, 2012, and Button's MP4-12C, which has been maintained in a private collection [4][10] - Hamilton's car is estimated to sell for €175,000 - €225,000, while Button's car is estimated at €125,000 - €150,000 and will be offered without reserve [13]

LONDON, England, April 23, 2025 (GLOBE NEWSWIRE) -- LONDON, England, April 23, 2025 (GLOBE NEWSWIRE) -- Broad Arrow Auctions, a Hagerty company (NYSE: HGTY), will be auctioning two unique McLaren supercars with exceptional provenance at its inaugural Concorso d'Eleganza Villa d'Este Auction on 24-25 May 2025. The McLaren MP4-12C is regarded as the cornerstone of the modern era for McLaren Automotive. It returned the renowned British marque to the upper echelons of the supercar world after the success of the ...

London, United Kingdom, April 17, 2025 (GLOBE NEWSWIRE) -- Exclusive Dario Franchitti lots offered with 100% of proceeds going to Jackie Stewart's Race Against Dementia charity Additional sale highlights include original overalls worn by Michael Schumacher, a 2011 Sebastian Vettel Red Bull Helmet and a 1977 Ferrari front wing as raced by Niki LaudaCatalogue can be viewed hereBidder registration is now open Broad Arrow Auctions, a Hagerty company (NYSE:HGTY), is proud to present an outstanding collection o ...

Event Overview - The 2025 Greenwich Concours d'Elegance will take place from May 30 to June 1 at Roger Sherman Baldwin Park in Greenwich, Connecticut, celebrating automotive excellence and luxury craftsmanship [1] - The event is recognized as the top automotive event in the Northeast, featuring a combination of prestigious cars and immersive experiences [1] Grand Marshal and Special Events - Ralph Marano, a renowned Packard collector with a collection of 85 classic models, will serve as the Grand Marshal for this year's event [1] - A new event, Reverie, will be held on Friday evening, offering a blend of New England coastal charm and luxury experiences, including fine dining and entertainment [2] Featured Classes - The Concours de Sport on Saturday will showcase a curated selection of sports, racing, and supercars, with featured classes including Mid-Engine Revolution and Affordable Ferrari [3] - The Concours d'Elegance on Sunday will highlight historically significant vehicles, featuring classes such as Muscle/Performance and 100 Years of Chrysler [4] Ticket Information - Detailed ticket pricing and information can be found on the official Greenwich Concours website [5] Organizational Background - Founded in 1996, the Greenwich Concours d'Elegance is a premier motoring event that supports local charities and includes various automotive heritage elements [6] - Hagerty, the parent company, is a leading provider of specialty vehicle insurance and automotive services, catering to car enthusiasts across the U.S., Canada, and the U.K. [7]