The following is a summary of the Hagerty Inc. (HGTY) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Hagerty Inc. Q1 2024 total revenue witnessed a growth of 24% to $272 million.

• The commission and fee revenue smoothly jumped up by 19% to $89 million.

• Membership, marketplace, and other sources of revenue increased by 18% to $31 million.

• The GAAP basic and diluted earnings per share was reported at -$0.04 which was based on a weighted average of $85 million Class A shares outstanding.

• An impressive growth was seen in earned premium where it grew by 29% to $152 million.

• Q1 showed an operating profit of $12 million which signifies a significant improvement from prior year by $29 million.

• Mr. Hagerty has successfully increased the Adjusted EBITDA to $27 million, a year-over-year increase by $21 million.

Business Progress:

• Hagerty Inc. has reaffirmed its 2024 outlook where it's projected a 15% to 17% top line revenue growth driven by a written premium growth of 13% to 14%.

• The company's next goal is to build the marketplace into a trusted platform for the buying, selling, and financing of collectible vehicles.

• Hagerty also aims to increase control over underwriting profits which include the acquisition of CNIC insurance company and the launch of the Enthusiast Plus product.

• The rollout of the State Farm Classic Plus program and the Enthusiast Plus product are in their pipeline for the year 2025.

• Hagerty is continuously working towards serving members more efficiently with changes to the member service center process and also investing in marketing efforts to acquire new customers.

More details: Hagerty IR

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