$HGTY reports 27% revenue growth in Q4 2022 and plans to improve profitability in 2023.
Mar 14th 2023, 11:08 am
Analyst Summary: Hagerty, a provider of collector car insurance, reported total revenue growth of 27% for Q4 2022. The company is focused on improving profitability in 2023 by prioritizing investments in the parts of the business that provide the most underlying value while also looking for ways to drive additional efficiencies, including reducing their workforce and taking a hard look at their overall cost structure as a managing general agency. The company's resilient business model and long-standing strengths, including the strength of the Hagerty brand, position the company well to serve the automotive enthusiast market. Hagerty is looking to lengthen its leadership position by finding new ways to serve its members, including through their buy/sell Marketplace, which aims to be a leading global trading platform in the collector car industry. The company's Net Promoter Score increased to a robust 83, double the industry average, highlighting their commitment to provide the very best member experience and a superior value proposition. Hagerty's long-term strategy and team commitment to achieve its 2023 plans demonstrates investor confidence in the company's fundamentals, future growth potential, and path to improved profitability.