HGTY - Hagerty Non-GAAP EPS of -$0.04 in-line revenue of $218.4M beats by $4.53M

2023-05-09 07:13:47 ET

• Hagerty press release ( NYSE: HGTY ): Q1 Non-GAAP EPS of -$0.04 in-line.
• Revenue of $218.4M (+30.2% Y/Y) beats by $4.53M .
• First quarter 2023 Written Premium increased 18% year-over-year to $182.9 million
  • First quarter 2023 Membership, marketplace and other revenue increased 63% year-over-year to $26.5 million
  • • Policies in Force Retention was 88% as of March 31, 2023 compared to 89% as of March 31, 2022. Total insured vehicles increased 7% year-over-year to 2.3 million compared to the prior year period.
    • First quarter Loss Ratio was 41.3% compared to 41.4% in the prior year period.
    • First quarter Earned premium increased 32% to $117.2 million compared to the prior year period.
    • • Earned premium growth was driven by the 18% Written Premium growth as well as the increased quota share to approximately 80% compared to 70% in the prior year period.
    • First quarter Membership, marketplace and other revenue increased 63% to $26.5 million compared to the prior year period

  • For full year 2023, we anticipate:

    • Total Revenue growth of 22-26% powered by Written Premium growth of 11-13%
    • • Net Income (Loss) of $(13)-$7 million
      • • Adjusted EBITDA of $55-$75 million

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