Hagerty, Inc. (HGTY) Financial Statements (2023 and earlier)
Company Profile
| Business Address |
121 DRIVERS EDGE TRAVERSE CITY, MI 49684 |
| State of Incorp. | DE |
| Fiscal Year End | December 31 |
| Industry (SIC) | 6411 - Insurance Agents, Brokers, and Service (benchmarking) |
| More info | Complete Financial Analysis Financial Benchmarking |
Balance Sheet (Statement of Financial Position) ($ in thousands)Annual | Quarterly
| 6/30/2023 Q2 | 3/31/2023 Q1 | 12/31/2022 Q4 | 9/30/2022 Q3 | 6/30/2022 Q2 | 3/31/2022 Q1 | 12/31/2021 Q4 | |||
|---|---|---|---|---|---|---|---|---|---|
| ASSETS | |||||||||
| Current Assets | |||||||||
| Cash, cash equivalents, and short-term investments | 63,367 | 95,172 | 180,417 | 180,165 | 237,590 | 275,332 | |||
| Cash and cash equivalents | 63,367 | 95,172 | 180,417 | 180,165 | 237,590 | 275,332 | |||
| Restricted cash and investments | 444,024 | 444,019 | 435,916 | 381,284 | 324,605 | 328,640 | |||
| Receivables | 96,559 | 83,748 | 92,120 | 57,999 | 47,845 | 46,729 | |||
| Inventory, net of allowances, customer advances and progress billings | 5,004 | ||||||||
| Inventory | 5,004 | ||||||||
| Other current assets | 57,775 | ||||||||
| Other undisclosed current assets | 259,686 | 313,844 | 345,106 | 321,169 | 240,425 | 244,583 | |||
| Total current assets: | 926,415 | 936,783 | 1,053,559 | 940,617 | 850,465 | 895,284 | |||
| Noncurrent Assets | |||||||||
| Operating lease, right-of-use asset | 80,462 | ||||||||
| Property, plant and equipment | 24,617 | 28,142 | 28,160 | 27,795 | 28,363 | ||||
| Long-term investments and receivables | 12,707 | ||||||||
| Accounts and financing receivable, after allowance for credit loss | 12,707 | ||||||||
| Intangible assets, net (including goodwill) | 217,827 | ||||||||
| Goodwill | 115,041 | ||||||||
| Intangible assets, net (excluding goodwill) | 102,786 | ||||||||
| Other noncurrent assets | 39,925 | 375,735 | 263,024 | 166,204 | 144,834 | 118,224 | |||
| Total noncurrent assets: | 375,538 | 375,735 | 291,166 | 194,364 | 172,629 | 146,587 | |||
| TOTAL ASSETS: | 1,301,953 | 1,312,518 | 1,344,725 | 1,134,981 | 1,023,094 | 1,041,871 | |||
| LIABILITIES AND EQUITY | |||||||||
| Liabilities | |||||||||
| Current Liabilities | |||||||||
| Accounts payable and accrued liabilities | 16,282 | 74,541 | 56,682 | 43,974 | 55,158 | ||||
| Accounts payable | 16,282 | 26,374 | 11,227 | 9,733 | 9,084 | ||||
| Accrued liabilities | 48,167 | 45,455 | 34,241 | 46,074 | |||||
| Deferred revenue | 25,662 | 25,257 | 27,830 | 24,984 | 21,253 | 21,723 | |||
| Debt | 1,000 | ||||||||
| Other liabilities | 1,404 | 2,783 | 5,394 | 1,886 | |||||
| Other undisclosed current liabilities | 669,603 | 625,816 | 616,762 | 562,993 | 443,069 | 416,051 | |||
| Total current liabilities: | 695,265 | 667,355 | 720,537 | 647,442 | 513,690 | 495,818 | |||
| Noncurrent Liabilities | |||||||||
| Long-term debt and lease obligation | 89,030 | 108,280 | 136,000 | 87,000 | 117,500 | 135,500 | |||
| Long-term debt, excluding current maturities | 89,030 | 108,280 | 136,000 | 87,000 | 117,500 | 135,500 | |||
| Liabilities, other than long-term debt | 114,866 | 123,953 | 48,838 | 49,844 | 45,740 | 50,386 | |||
| Accounts payable and accrued liabilities | 7,952 | 9,167 | 10,676 | 8,127 | 13,166 | ||||
| Deferred revenue | 18,669 | 19,169 | 18,833 | 18,833 | 19,167 | 19,667 | |||
| Deferred income tax liabilities | 13,846 | 12,850 | 13,546 | 12,967 | 11,002 | 10,510 | |||
| Other liabilities | 3,506 | 3,210 | 7,292 | 7,368 | 7,444 | 7,043 | |||
| Operating lease, liability | 78,845 | 80,772 | |||||||
| Other undisclosed noncurrent liabilities | 46,076 | 45,561 | 49,591 | 61,174 | 55,773 | 89,366 | |||
| Total noncurrent liabilities: | 249,972 | 277,794 | 234,429 | 198,018 | 219,013 | 275,252 | |||
| Total liabilities: | 945,237 | 945,149 | 954,966 | 845,460 | 732,703 | 771,070 | |||
| Temporary equity, carrying amount | 593,277 | ||||||||
| Equity | |||||||||
| Equity, attributable to parent, including: | 62,109 | 59,252 | 99,108 | 72,109 | 73,972 | (323,781) | |||
| Additional paid in capital | 554,049 | 549,034 | 546,393 | 532,922 | 528,615 | 160,189 | |||
| Accumulated other comprehensive income (loss) | (272) | (213) | (1,728) | (542) | 92 | (1,727) | |||
| Accumulated deficit | (491,701) | (489,602) | (445,590) | (460,304) | (454,768) | (482,276) | |||
| Other undisclosed equity, attributable to parent | 33 | 33 | 33 | 33 | 33 | 33 | |||
| Equity, attributable to noncontrolling interest | 294,607 | 308,117 | 290,651 | 217,412 | 216,419 | 1,305 | |||
| Total equity: | 356,716 | 367,369 | 389,759 | 289,521 | 290,391 | (322,476) | |||
| TOTAL LIABILITIES AND EQUITY: | 1,301,953 | 1,312,518 | 1,344,725 | 1,134,981 | 1,023,094 | 1,041,871 | |||
Income Statement (P&L) ($ in thousands)Annual | Quarterly
| 6/30/2023 Q2 | 3/31/2023 Q1 | 12/31/2022 Q4 | 9/30/2022 Q3 | 6/30/2022 Q2 | 3/31/2022 Q1 | 12/31/2021 Q4 | ||
|---|---|---|---|---|---|---|---|---|
| Revenues | 218,352 | 197,003 | 216,757 | 206,017 | 167,811 | 619,079 | ||
| Premiums earned, net | 117,231 | 112,342 | 107,487 | 94,100 | 89,132 | |||
| Other undisclosed gross profit | (191,150) | |||||||
| Gross profit: | 218,352 | 5,853 | 216,757 | 206,017 | 167,811 | |||
| Operating expenses | (62,029) | (74,144) | (67,950) | (58,184) | (47,895) | (170,570) | ||
| Other undisclosed operating income (loss) | (172,812) | 32,565 | (170,030) | (145,446) | (132,920) | 161,971 | ||
| Operating income (loss): | (16,489) | (35,726) | (21,223) | 2,387 | (13,004) | (8,599) | ||
| Nonoperating income (expense) | 5,647 | 2,403 | 35,397 | (353) | (684) | 7,101 | ||
| Investment income, nonoperating | 34,735 | |||||||
| Other nonoperating income (expense) | 5,647 | 2,403 | 662 | (353) | (684) | 7,101 | ||
| Other undisclosed income (loss) from continuing operations before equity method investments, income taxes | (515) | 4,030 | 11,583 | (5,400) | 31,686 | |||
| Income (loss) from continuing operations before equity method investments, income taxes: | (11,357) | (29,293) | 25,757 | (3,366) | 17,998 | (1,497) | ||
| Loss from equity method investments | (1,535) | (39) | (102) | |||||
| Other undisclosed income (loss) from continuing operations before income taxes | 1,676 | (42,540) | ||||||
| Income (loss) from continuing operations before income taxes: | (11,357) | (27,617) | 24,222 | (3,405) | 17,896 | (44,037) | ||
| Income tax expense (benefit) | (3,668) | (2,940) | 91 | (2,138) | (2,030) | |||
| Other undisclosed loss from continuing operations | (6,751) | |||||||
| Income (loss) from continuing operations: | (15,025) | (30,557) | 24,313 | (5,543) | 15,866 | (50,788) | ||
| Income (loss) before gain (loss) on sale of properties: | ✕ | ✕ | ✕ | 24,313 | (5,543) | 15,866 | (50,788) | |
| Other undisclosed net loss | (1,676) | |||||||
| Net income (loss): | (15,025) | (32,233) | 24,313 | (5,543) | 15,866 | (50,788) | ||
| Net income (loss) attributable to noncontrolling interest | 12,926 | 27,626 | (9,599) | 7 | 11,641 | |||
| Other undisclosed net income attributable to parent | 14,996 | |||||||
| Net income (loss) attributable to parent: | (2,099) | (4,607) | 14,714 | (5,536) | 27,507 | (35,792) | ||
| Other undisclosed net income (loss) available to common stockholders, basic | (29,861) | 9,817 | (32,072) | |||||
| Net income (loss) available to common stockholders, diluted: | (2,099) | (34,468) | 24,531 | (5,536) | (4,565) | (35,792) | ||
Comprehensive Income ($ in thousands)Annual | Quarterly
| 6/30/2023 Q2 | 3/31/2023 Q1 | 12/31/2022 Q4 | 9/30/2022 Q3 | 6/30/2022 Q2 | 3/31/2022 Q1 | 12/31/2021 Q4 | ||
|---|---|---|---|---|---|---|---|---|
| Net income (loss): | (15,025) | (32,233) | 24,313 | (5,543) | 15,866 | (50,788) | ||
| Other comprehensive income (loss) | (241) | 866 | (1,186) | (634) | 1,819 | |||
| Other undisclosed comprehensive income | 227 | |||||||
| Comprehensive income (loss): | (15,266) | (31,367) | 23,127 | (6,177) | 17,685 | (50,561) | ||
| Comprehensive income (loss), net of tax, attributable to noncontrolling interest | 13,108 | 27,626 | (9,599) | 7 | 11,641 | |||
| Other undisclosed comprehensive income, net of tax, attributable to parent | 14,996 | |||||||
| Comprehensive income (loss), net of tax, attributable to parent: | (2,158) | (3,741) | 13,528 | (6,170) | 29,326 | (35,565) | ||
Statements Sources
The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.