Hagerty, Inc. (NYSE:HGTY) Q3 2024 Earnings Conference Call November 7, 2024 10:00 AM ET

Company Participants

Jay Koval - Senior Vice President, Investor Relations
McKeel Hagerty - Chief Executive Officer & Chairman
Patrick McClymont - Chief Financial Officer

Conference Call Participants

Pablo Singzon - JPMorgan
Mark Hughes - Truist Securities

Operator

Greetings and welcome to the Hagerty Third Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce Jay Koval, Senior Vice President of Investor Relations. Thank you. You may begin.

Jay Koval

Thank you operator. Good morning everyone and thank you for joining us to discuss Hagerty's results for the third quarter of 2024. I'm joined this morning by McKeel Hagerty, Chief Executive Officer and Chairman; and Patrick McClymont, Chief Financial Officer.

During this morning's conference call, we will refer to an accompanying presentation that is available on Hagerty's Investor Relations section of the company's corporate website at investor.hagerty.com. Our earnings release, slides, and letter to stockholders covering this period are also posted on the IR website as well as our 8-K filing.

Today's discussion contains forward-looking statements and non-GAAP financial metrics as described further on Slide 2 of the earnings presentation. Forward-looking statements include statements about our expected future business and financial performance and are not promises or guarantees of future performance. They are subject to a variety of risks and uncertainties that could cause the actual results to differ materially from our expectations.

For a discussion of material risks and important factors that could affect our actual results, please refer to those contained in our filings with the SEC which are also available on our Investor Relations website and at sec.gov.

The appendix of the presentation also contains reconciliations of our non-GAAP metrics to the most directly comparable GAAP measures that are further supplemented by this morning's 8-K filing.

And with that I'll turn the call over to McKeel.

McKeel Hagerty

Thanks, Jay, and good morning, everyone. We appreciate you taking the time to join Hagerty's third quarter 2024 earnings call. The last of the most stubborn leaves have finally fallen to the ground, signaling the end to yet another great driving season in North America.

With year-to-date written premium growth of 16%, Hagerty customers were out enjoying their special cars in larger numbers than ever. In fact we are on track to add a record 275,000 new members in 2024 as our impressive portfolio of value-added offerings from events and live auctions, the Hagerty Drivers Club and Media continues to fuel mid-teens compounding revenue growth year in and year out with a visible path to expanding margins including large gains in 2024.