Hagerty(HGTY)2025-03-04 12:07Revenue Growth - Full year 2024 Total Revenue increased 20% year-over-year to 1.044 billion[6]. - For 2025, Hagerty anticipates Total Revenue growth of 12-13% and Written Premium growth of 13-14%[14]. - Total revenue for the three months ended December 31, 2024, was 245,043,000 in the same period of 2023[23]. - For the year ended December 31, 2024, total revenue was 1,000,213,000 in 2023[25]. - Total revenue rose to 1,000,213,000 in the previous year[31]. Net Income and Earnings - Full year 2024 Net Income surged 178% to 124.5 million[6]. - The company expects Net Income growth of 30-40% and Adjusted EBITDA growth of 21-29% in 2025, incorporating 78,303,000, reflecting a 177.9% increase from 78,303,000, compared to 86,847,000, up from 66.4 million, with a full year Operating Income margin expanding by 450 basis points[8][10]. - Operating income for the year increased dramatically by 538.1% to 10,408,000 in the previous year[25]. - Operating income improved significantly to 6,473,000 in the previous year[23]. - Adjusted EBITDA for the year was 88,162,000 in 2023[31]. Membership and Marketplace Growth - Hagerty added a record 279,000 new members in 2024, contributing to a 90% increase in Marketplace revenue to 57.5 million, with Hagerty Drivers Club paid members rising 7% to approximately 876,000[8]. - Membership, marketplace, and other revenue surged by 68.4%, reaching 20,135,000 in the prior year[23]. Policy and Retention Metrics - Policies in Force Retention improved to 89.0% as of December 31, 2024, with total insured vehicles increasing 8% year-over-year to 2.6 million[8]. - The number of new business counts in insurance grew to 278,556, a 9.5% increase from 254,386 in 2023[31]. Financial Position - Total assets as of December 31, 2024, amounted to 1,588,212,000 in 2023[27]. - Total liabilities increased slightly to 1,094,867,000 year-over-year[27]. - The company reported a net cash provided by operating activities of 133,706,000 in 2023[31]. - Ending cash and cash equivalents decreased to 724,276,000 in 2023[31]. Earnings Per Share - The company reported a basic earnings per share of 0.19 in 2023[25]. - The Basic EPS for the year ended December 31, 2024, was 0.19 in 2023, while the Adjusted EPS increased to 0.04[41]. Loss Ratios and Other Metrics - The fourth quarter 2024 Loss Ratio was 42.8%, including a 2.4% impact from catastrophe losses, compared to 41.5% in the prior year[8]. - The Hagerty Re loss ratio increased to 46.4% from 41.5%, indicating a 4.9% rise[31]. - The company experienced a loss of $5,529,000 attributable to non-controlling interest for the three months ended December 31, 2023, highlighting volatility in this area[41].