← Hagerty, Inc.
| Annual Trend | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Net income | $10.0m |
($61.4m)
-711.16%
|
$2.4m
+103.92%
|
$28.2m
+1072.66%
|
$78.3m
+177.88%
|
$149.2m
+90.57%
|
$70.0m
-53.07%
|
|
| Depreciation and amortization | $11.8m | $22.1m | $33.9m | $45.8m | $38.9m | $37.5m | $38.6m | |
| (Accretion) amortization of discount and premium, net | — | — | $196k | $34k | ($3.4m) | ($4.1m) | — | |
| Provision for deferred taxes | $1.5m | $3.0m | $3.0m | $2.9m | $2.9m | ($34.5m) | — | |
| Share-based compensation expense | — | $0 | $12.1m | $18.0m | $17.4m | $18.9m | $19.1m | |
| Funding of employee tax obligations upon vesting of share-based payments | — | — | $0 | $0 | ($5.8m) | ($3.9m) | — | |
| Unearned premiums | $25.6m | $50.5m | $60.3m | $81.8m | $40.3m | $54.5m | — | |
| Loss on disposals of equipment, software and other assets | $2.6m | $2.4m | $4.3m | $1.9m | $500k | $1.9m | — | |
| Other | $758k | $155k | $533k | ($1.5m) | $5.3m | $1.3m | — | |
| Other assets and liabilities, net | — | ($13.3m) | ($2.2m) | ($10.0m) | ($65.6m) | $28.0m | — | |
| Net Cash Provided by Operating Activities | $84.6m |
$42.3m
-50.01%
|
$55.3m
+30.86%
|
$133.7m
+141.66%
|
$177.0m
+32.40%
|
$219.0m
+23.70%
|
$307.4m
+40.39%
|
|
| Capital expenditures | ($38.3m) | ($43.4m) | ($44.4m) | ($26.4m) | ($21.3m) | ($24.5m) | ($28.9m) | |
| Acquisitions, net of cash acquired, and other investments | ($8.9m) | ($14.6m) | ($15.4m) | ($8.7m) | ($25.1m) | ($1.6m) | ($21.3m) | |
| Other investing activities | ($255k) | $48k | ($721k) | $121k | $979k | $3.0m | — | |
| Net Cash Used in Investing Activities | ($47.4m) | ($69.0m) | ($91.5m) | ($52.6m) | ($618.6m) | ($185.2m) | ($236.1m) | |
| Payments on long-term debt | ($29.1m) | ($42.5m) | ($122.5m) | ($139.8m) | ($90.8m) | ($187.9m) | — | |
| Proceeds from long-term debt, net of issuance costs | $73.0m | $110.0m | $94.4m | $161.5m | $62.0m | $257.2m | — | |
| Payment of Series A Convertible Preferred Stock dividends | — | — | $0 | $0 | ($5.6m) | ($5.6m) | — | |
| Other financing activities | — | — | $49k | $2.3m | $0 | $552k | — | |
| Net Cash Provided by (Used in) Financing Activities | $39.9m |
$332.1m
+731.26%
|
($28.1m)
-108.46%
|
$103.2m
+467.33%
|
($46.9m)
-145.48%
|
$29.9m
+163.78%
|
$65.8m
+119.81%
|
|
| Beginning cash and cash equivalents and restricted cash and cash equivalents | $299.1m | $604.0m | $539.2m | $724.3m | $232.8m | $299.0m | — | |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents | $885k | ($464k) | ($504k) | $865k | ($3.0m) | $2.4m | ($104k) | |
| Change in cash and cash equivalents and restricted cash and cash equivalents | $78.0m | $304.9m | ($64.8m) | $185.1m | ($491.4m) | $66.2m | — | |
| Additional Supplementary Disclosures | ||||||||
| Additional Supplementary Disclosures | ||||||||
| Loss (gain) related to warrant liabilities, net | — | — | ($41.9m) | ($11.5m) | $8.5m | $0 | — | |
| Change in TRA Liability | — | — | — | ($2.6m) | $1.6m | $32.2m | — | |
| Non-cash lease expense | — | $0 | $10.9m | $11.7m | $8.1m | $8.9m | — | |
| Net investment gains | — | — | $0 | $0 | ($2.2m) | ($3.1m) | — | |
| Accounts, premiums and commissions receivable | — | ($39.1m) | ($52.0m) | ($69.9m) | $26.5m | ($62.6m) | — | |
| Deferred acquisition costs, net | ($11.8m) | ($23.0m) | ($25.8m) | ($34.3m) | ($14.8m) | ($22.8m) | — | |
| Reinsurance recoverables | — | — | — | ($1.3m) | ($9.1m) | ($3.4m) | — | |
| Prepaid reinsurance premiums | — | — | — | ($10.4m) | ($8.0m) | ($3.4m) | — | |
| Advance premiums and due to insurers | — | — | $13.7m | $14.9m | $8.4m | $14.2m | — | |
| Losses payable and provision for unpaid losses and loss adjustment expenses | $5.2m | $12.5m | $21.0m | $6.5m | $36.4m | ($3.0m) | — | |
| Increase (Decrease) in Liability for Claims and Claims Adjustment Expense Reserve | $22.4m | $19.9m | $36.9m | $24.8m | $32.0m | $359k | — | |
| Ceding commissions payable | — | — | — | $31.7m | ($31.4m) | $8.8m | — | |
| Issuance of notes receivable | — | $0 | ($6.1m) | ($24.9m) | ($65.8m) | ($74.7m) | — | |
| Collection of notes receivable | — | $0 | $370k | $10.4m | $59.8m | $37.7m | — | |
| Purchases of fixed maturity securities | $0 | ($12.2m) | ($4.2m) | ($10.6m) | ($669.5m) | ($333.1m) | — | |
| Purchases of equity securities | — | — | $0 | $0 | ($10.9m) | ($21.9m) | — | |
| Proceeds from maturities of fixed maturity securities | $0 | $1.2m | $1.2m | $7.5m | $48.4m | $229.9m | — | |
| Proceeds from Issuance of Preferred Stock and Preference Stock | — | $0 | $0 | $79.2m | $0 | $0 | — | |
| Distributions paid to non-controlling interest unit holders | — | — | $0 | $0 | ($6.7m) | ($30.3m) | — | |
| Funding of TRA Liability payments | — | — | — | $0 | $0 | ($223k) | — |