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)

3/31/2023
MRQ
12/31/2022
12/31/2021
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments95,172275,332
Cash and cash equivalents95,172275,332
Restricted cash and investments444,019328,640
Receivables83,74846,729
Inventory, net of allowances, customer advances and progress billings  
Inventory  
Other current assets  
Other undisclosed current assets313,844244,583
Total current assets:936,783895,284
Noncurrent Assets
Operating lease, right-of-use asset  
Property, plant and equipment 28,363
Long-term investments and receivables  
Accounts and financing receivable, after allowance for credit loss  
Intangible assets, net (including goodwill)  
Goodwill  
Intangible assets, net (excluding goodwill)  
Other noncurrent assets375,735118,224
Total noncurrent assets:375,735146,587
TOTAL ASSETS:1,312,5181,041,871
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities 16,28255,158
Accounts payable 16,2829,084
Accrued liabilities  46,074
Deferred revenue25,25721,723
Debt  1,000
Other liabilities  1,886
Other undisclosed current liabilities625,816416,051
Total current liabilities:667,355495,818
Noncurrent Liabilities
Long-term debt and lease obligation108,280135,500
Long-term debt, excluding current maturities108,280135,500
Liabilities, other than long-term debt123,95350,386
Accounts payable and accrued liabilities 7,95213,166
Deferred revenue19,16919,667
Deferred income tax liabilities12,85010,510
Other liabilities3,2107,043
Operating lease, liability80,772 
Other undisclosed noncurrent liabilities45,56189,366
Total noncurrent liabilities:277,794275,252
Total liabilities:945,149771,070
Temporary equity, carrying amount  593,277
Equity
Equity, attributable to parent, including:59,252(323,781)
Additional paid in capital549,034160,189
Accumulated other comprehensive loss(213)(1,727)
Accumulated deficit(489,602)(482,276)
Other undisclosed equity, attributable to parent3333
Equity, attributable to noncontrolling interest308,1171,305
Total equity:367,369(322,476)
TOTAL LIABILITIES AND EQUITY:1,312,5181,041,871

Income Statement (P&L) ($ in thousands)

3/31/2023
TTM
12/31/2022
12/31/2021
Revenues787,588619,079
Premiums earned, net403,061295,824
Cost of revenue
(Deferred Policy Acquisition Costs, Amortization Expense)
 (191,150)(140,983)
Other undisclosed gross profit  
Gross profit:596,438478,096
Operating expenses(248,173)(172,041)
Other undisclosed operating loss(415,831)(316,125)
Operating loss:(67,566)(10,070)
Nonoperating income (expense)36,763(1,993)
Investment income, nonoperating34,735 
Other nonoperating income (expense)2,028(1,993)
Other undisclosed income from continuing operations before equity method investments, income taxes41,899 
Income (loss) from continuing operations before equity method investments, income taxes:11,096(12,063)
Loss from equity method investments(1,676) 
Other undisclosed income (loss) from continuing operations before income taxes1,676(42,540)
Income (loss) from continuing operations before income taxes:11,096(54,603)
Income tax expense(7,017)(6,751)
Income (loss) from continuing operations:4,079(61,354)
Income (loss) before gain (loss) on sale of properties:(61,354)
Other undisclosed net loss(1,676) 
Net income (loss):2,403(61,354)
Net income attributable to noncontrolling interest29,675398
Other undisclosed net income attributable to parent  14,598
Net income (loss) attributable to parent:32,078(46,358)
Other undisclosed net loss available to common stockholders, basic(56,034) 
Net loss available to common stockholders, diluted:(23,956)(46,358)

Comprehensive Income ($ in thousands)

3/31/2023
TTM
12/31/2022
12/31/2021
Net income (loss):2,403(61,354)
Other comprehensive income (loss)865227
Comprehensive income (loss):3,268(61,127)
Comprehensive income, net of tax, attributable to noncontrolling interest29,675398
Other undisclosed comprehensive income, net of tax, attributable to parent  14,598
Comprehensive income (loss), net of tax, attributable to parent:32,943(46,131)

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.

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