Hagerty Inc (HGTY) 2024 Q3 法說會逐字稿

Greetings, and welcome to the Hagerty third quarter 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加哈格蒂 2024 年第三季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。

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

現在我很高興向您介紹投資者關係高級副總裁 Jay Koval。謝謝。你可以開始了。

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.

謝謝你，接線生。大家早安，感謝您加入我們討論哈格蒂 2024 年第三季的表現。今天上午，執行長兼董事長 McKeel Hagerty 也加入了我的行列。和財務長派崔克·麥克萊蒙特。

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.

在今天早上的電話會議中，我們將參考一份隨附的演示文稿，該演示文稿可在該公司網站 Investor.hagerty.com 的哈格蒂投資者關係部分查看。我們涵蓋這段期間的收益發布、幻燈片和致股東的信函以及我們的 8-K 文件也發佈在 IR 網站上。

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.

今天的討論包含前瞻性陳述和非 GAAP 財務指標，如收益簡報投影片 2 中進一步所述。前瞻性陳述包括我們預期未來業務和財務績效的陳述，並非對未來績效的承諾或保證。它們面臨各種風險和不確定性，可能導致實際結果與我們的預期有重大差異。

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.

有關可能影響我們實際結果的重大風險和重要因素的討論，請參閱我們向 SEC 提交的文件中包含的內容，這些文件也可以在我們的投資者關係網站和 sec.gov 上找到。簡報的附錄還包含我們的非 GAAP 指標與最直接可比較的 GAAP 指標的對賬，今天早上的 8-K 備案進一步補充了這些指標。

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

接下來，我會將電話轉給 McKeel。

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.

謝謝傑伊，大家早安。我們感謝您抽出時間參加 Hagerty 的 2024 年第三季財報電話會議。最後一片最頑固的葉子終於落到了地上，標誌著北美又一個偉大的駕駛季節的結束。今年迄今為止，承保保費增加了 16%，Hagerty 客戶的數量比以往任何時候都多。

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.

事實上，我們預計在2024 年增加創紀錄的275,000 名新會員，因為我們透過活動和現場拍賣、哈格蒂司機俱樂部和媒體提供的令人印象深刻的增值服務組合，繼續推動著2024 年和2024年中十幾歲的複合收入成長。

Now as you've all seen in the news over the last month, Hurricanes Helene and Milton were large destructive catastrophes. Fortunately, we have a disciplined approach to underwriting, and our team of 1,700 Hagerty employees was well prepared to help members with their losses.

正如你們在上個月的新聞中看到的那樣，颶風海倫和米爾頓是一場巨大的破壞性災難。幸運的是，我們有嚴格的核保方法，我們的 1,700 名 Hagerty 員工團隊已做好充分準備，幫助會員應對損失。

Events like these are typically a perilous time for insurance carriers as a botched customer service experience can lead to attrition and low net promoter scores. One of our Florida members was on hold with his home insurance carrier the entire time it took for us to process his loss in person at our on-site pop-up center at the Porsche dealership in Clearwater, Florida, and deposited money into his account.

對於保險公司來說，此類事件通常是一個危險的時期，因為糟糕的客戶服務體驗可能會導致人員流失和淨推薦分數低。我們的一位佛羅裡達州會員在佛羅裡達州克利爾沃特保時捷經銷店的現場臨時中心親自處理他的損失的整個過程中，一直與他的家庭保險公司保持聯繫，並將錢存入他的帳戶。

We take pride in working closely with our members to get them back out on the road with minimal friction, leading to even higher net promoter scores after a claim than before.

我們很自豪能與我們的會員密切合作，以最小的摩擦讓他們重新上路，從而在索賠後獲得比以前更高的淨推薦分數。

Thank you to One Team Hagerty for helping us generate our NPS of [82], more than double the industry average. It's a key differentiator that not only fuels our direct business, but also helps us to create long-lasting partnerships with national carriers who look to Hagerty for the expertise and white glove service that car enthusiasts deserve for their prized possessions.

感謝 One Team Hagerty 幫助我們產生 [82] 的 NPS，是業界平均值的兩倍以上。這是一個關鍵的差異化因素，不僅推動了我們的直接業務，還幫助我們與國家航空公司建立了長期的合作夥伴關係，這些航空公司希望哈格蒂提供專業知識和白手套服務，這是汽車愛好者為其珍貴財產所應得的。

Our topline momentum persisted into the third quarter with total revenue growth of 20% over the first nine months of 2024. It also marks the seventh straight quarter of translating this incremental revenue into greater profitability.

我們的營收動能持續到第三季度，2024 年前 9 個月的總營收成長了 20%。這也標誌著連續第七個季度將增量收入轉化為更大的獲利能力。

Year-to-date operating income, excluding Helene's $25 million impact came in approximately 5 times higher than the prior year period. Importantly, our revenue growth and margin expansion generated $190 million of operating cash flow during the first nine months of the year, up 43%.

在扣除 Helene 的 2,500 萬美元影響後，年初至今的營業收入比去年同期高出約 5 倍。重要的是，我們的營收成長和利潤率擴張在今年前 9 個月產生了 1.9 億美元的營運現金流，成長了 43%。

Let me share a few other key highlights shown on slide 3. Revenue gains were driven by commission and fee growth of 16%, in line with written premium gains as we added 220,000 new members during the first nine months. Earned premium for our risk-taking entity, Hagerty Reinsurance jumped 24% due to written premium growth and historical increases in quota share.

讓我分享幻燈片 3 中顯示的其他一些關鍵亮點。收入成長是由 16% 的佣金和費用成長推動的，與我們在前 9 個月新增 22 萬名新會員的保費成長一致。由於承保保費增長和配額份額的歷史性增長，我們的風險承擔實體哈格蒂再保險 (Hagerty Reinsurance) 的盈利保費躍升了 24%。

Membership, marketplace and other revenue grew 20%, with marketplace up 54% due to strong results from our Monterey live auction, higher inventory sales and an increase in financing revenue. Year-to-date profitability improved significantly over the prior year period with operating margin expansion of 440 basis points despite Helene's negative 280 basis point drag on margins.

會員、市場和其他收入成長了 20%，其中市場成長了 54%，這得益於蒙特利現場拍賣的強勁業績、庫存銷售的增加以及融資收入的增加。儘管 Helene 對利潤率造成了 280 個基點的負拖累，但年初至今的盈利能力較上年同期顯著改善，營業利潤率增長了 440 個基點。

Our cost discipline drove a year-to-date decline in G&A of 4% and allowed us to hold growth in salaries and benefits to just 1%. Year-to-date loss ratio was 47%, 6 points higher than the prior year due to unusual cat losses during the first three quarters including, of course, Helene. This resulted in operating income of $60 million and adjusted EBITDA of $105 million.

我們的成本紀律導致年初至今的一般管理費用下降了 4%，並使我們能夠將薪資和福利的成長保持在 1%。年初至今的損失率為 47%，比前一年高出 6 個百分點，原因是前三個季度貓的異常損失，當然也包括海倫 (Helene)。營業收入達 6,000 萬美元，調整後 EBITDA 達 1.05 億美元。

Slides 4 and 5 are reminders of the 2024 priorities that are driving our operational efficiencies, including, first, improving loyalty to drive retention and referrals. Second, enhancing the member experience in a cost-effective and efficient way. Third, building Hagerty Marketplace into the most trusted place to buy, sell and finance collectible vehicles.

投影片 4 和投影片 5 提醒我們提高營運效率的 2024 年優先事項，其中首先包括提高忠誠度以提高保留率和推薦率。其次，以經濟有效的方式增強會員體驗。第三，將哈格蒂市場打造成最值得信賴的收藏車輛購買、銷售和融資場所。

And fourth, increasing our flexibility and control over our underwriting profits as we look to launch our Enthusiast Plus business in early 2025 through our newly acquired insurance company, which closed during the third quarter.

第四，提高我們對承保利潤的靈活性和控制力，因為我們希望透過新收購的保險公司（該公司於第三季度關閉）在 2025 年初推出 Enthusiast Plus 業務。

Let me now turn to our updated 2024 outlook. Given our underlying results during the first nine months and strong business momentum into the fourth quarter, we are increasing our full year revenue outlook. We now expect total revenue of approximately $1.18 billion on written premium growth of 15%.

現在讓我談談我們更新後的 2024 年展望。鑑於我們前九個月的基本業績以及第四季度強勁的業務勢頭，我們正在提高全年營收預期。我們目前預計總收入約 11.8 億美元，保費成長 15%。

Our underlying profit outlook is in line with prior expectations, and our new outlook including estimated losses from Helene and Milton of $30 million is for net income of $65 million to $74 million and adjusted EBITDA of $110 million to $120 million. Our focus and execution on topline growth and margin initiatives should result in the profitability that allows us to lengthen our leadership position.

我們的基本利潤前景與先前的預期一致，我們的新前景（包括 Helene 和 Milton 預計損失 3000 萬美元）的淨利潤為 6500 萬美元至 7400 萬美元，調整後 EBITDA 為 1.1 億美元至 1.2 億美元。我們對營收成長和利潤計畫的關注和執行應該會帶來獲利能力，使我們能夠延長我們的領導地位。

Patrick will cover the outlook in more detail, but I believe the headline numbers don't adequately reflect the underlying profitability of our business, particularly as we invest in key growth initiatives such as the State Farm rollout, the launch of Enthusiast Plus, and the build-out of Hagerty Marketplace in 2025, all of which should pave the way for sustained profit growth and value creation for shareholders over the coming years.

帕特里克將更詳細地介紹前景，但我相信標題數字並不能充分反映我們業務的潛在盈利能力，特別是當我們投資於關鍵增長舉措時，例如 State Farm 的推出、Enthusiast Plus 的推出以及到2025 年擴建哈格蒂市場，所有這些都將為未來幾年持續利潤成長和為股東創造價值鋪平道路。

Let me now turn the call over to Patrick.

現在讓我把電話轉給派崔克。

Thank you, and good morning, everyone. Let me walk you through our results for the three months ended September 30, shown on slide 6 and 7. In the third quarter, we delivered 17% growth in total revenue to $323 million.

謝謝大家，大家早安。讓我向您介紹我們截至 9 月 30 日的三個月的結果，如幻燈片 6 和 7 所示。第三季度，我們的總營收成長了 17%，達到 3.23 億美元。

Written premiums grew 13% due primarily to robust new business count and retention that improved to 89%. This performance is in line with expectations as we are maintaining a selective approach to growth. Commission and fee revenue jumped 13% to $116 million, in line with written premium gains.

承保保費成長了 13%，主要歸功於強勁的新業務數量和保費率提高至 89%。這項績效符合預期，因為我們保持選擇性成長方式。佣金和費用收入成長 13%，達到 1.16 億美元，與保費收益一致。

Membership, marketplace and other revenue increased 27% to $42 million. Our membership business delivered high single-digit growth in new members as we launch new partnerships and began to introduce HDC local chapters. We also continue to invest in our Broad Arrow team of automotive specialists resulting in 26% growth at our Monterey sale, taking share against the muted industry backdrop.

會員、市場和其他收入成長了 27%，達到 4,200 萬美元。隨著我們建立新的合作夥伴關係並開始引入 HDC 本地分會，我們的會員業務在新會員方面實現了高個位數成長。我們也繼續投資 Broad Arrow 汽車專家團隊，使蒙特利拍賣會成長 26%，在產業低迷的背景下搶佔市場份額。

Earned premium grew at 19% to $166 million. Our underlying loss ratio came in at 44%, and fully loaded loss ratio was 60%, which included $25 million in catastrophe claims from Hurricane Helene. Year-to-date loss ratio of 47% included 7 points of cat impacts.

已賺保費成長 19%，達到 1.66 億美元。我們的基本損失率為 44%，滿載損失率為 60%，其中包括颶風海倫造成的 2500 萬美元的災難索賠。年初至今的損失率為 47%，其中包括 7 個貓咪影響點。

With ceding commission for Hagerty Re, our risk-taking entity at 47% of earned premium, our combined ratio of 94% is slightly above our long-term target of 90% due to the cat losses. Despite the elevated combined ratio, Hagerty Re delivered a very healthy 26% return on equity.

由於巨災損失，我們的風險承擔實體 Hagerty Re 的佣金為所賺取保費的 47%，因此我們 94% 的綜合成本率略高於我們 90% 的長期目標。儘管綜合成本率有所提高，Hagerty Re 仍實現了 26% 的非常健康的股本回報率。

Turning now to profitability, shown on slides 8 and 9. We reported a third quarter operating profit of $10 million. Operating profit excluding Helene would have been roughly double the prior year as underlying margins continue to climb higher on tight cost discipline and operational efficiencies.

現在轉向獲利能力，如投影片 8 和 9 所示。我們報告第三季營業利潤為 1000 萬美元。由於嚴格的成本控制和營運效率，基本利潤率持續攀升，不包括海倫在內的營運利潤將大約是前一年的兩倍。

We better leveraged existing G&A, down 6% in the quarter and salaries and benefits declined by 8%, helped in part by lower incentive compensation. Adjusted EBITDA declined $13 million year-over-year to $24 million as improved margins were offset by Helene's $25 million of losses.

我們更好地利用了現有的 G&A，本季下降了 6%，薪資和福利下降了 8%，部分原因是激勵性薪資下降。調整後 EBITDA 年減 1,300 萬美元，至 2,400 萬美元，原因是利潤率的提高被 Helene 的 2,500 萬美元虧損所抵消。

On the bottom line, we delivered third quarter net income of $19 million, in line with the prior year's results. Net income was helped by the continued growth in our capital base and better diversified investments, offset by post-tax cat losses of $20 million. The loss related to the change in fair value and settlement of our private and public warrants in the quarter was negative $1 million.

總而言之，我們第三季淨利為 1,900 萬美元，與去年同期的結果一致。淨收入得益於我們資本基礎的持續成長和更多元化的投資，但被 2,000 萬美元的稅後巨額虧損所抵銷。本季與我們的私人和公共認股權證的公允價值變動和結算相關的損失為負 100 萬美元。

As a reminder, we completed our warrant exchange during the third quarter, whereby we issued 3.9 million shares of Class A common stock in exchange for all 19.5 million warrants. Net income attributable to Class A common shareholders was $3 million after attribution of earnings to the non-controlling interest and accretion on the preferred stock.

提醒一下，我們在第三季完成了認股權證交換，發行了 390 萬股 A​​ 類普通股，以換取全部 1,950 萬張認股權證。扣除非控制權益及優先股增值後，歸屬於 A 類普通股股東的淨利為 300 萬美元。

GAAP basic and diluted earnings per share was $0.03 for the quarter based on 90 million weighted average shares of Class A common stock outstanding. Adjusted earnings per share, defined as consolidated net income before the gains and losses related to our warrants divided by fully diluted shares of $360 million, came in at $0.05 for the third quarter and $0.22 for the first nine months of 2024.

根據 9,000 萬股已發行 A 類普通股的加權平均股計算，本季 GAAP 基本每股盈餘和稀釋每股盈餘為 0.03 美元。調整後每股盈餘（定義為與我們的認股權證相關的損益前的綜合淨利除以完全稀釋後的3.6 億美元股份），第三季為0.05 美元，2024 年前9 個月為0.22 美元。

Thanks to the $190 million of operating cash flow that McKeel mentioned, we ended September with an unrestricted cash balance of $147 million versus long-term debt of $123 million. Long-term debt, excluding back leverage for Broad Arrow Capital's portfolio of loans collateralized by collector cars was only $77 million.

由於 McKeel 提到的 1.9 億美元的營運現金流，我們截至 9 月的不受限制的現金餘額為 1.47 億美元，而長期債務為 1.23 億美元。Broad Arrow Capital 以收藏車為抵押的貸款組合的長期債務（不包括反槓桿）僅為 7,700 萬美元。

Let me wrap up with our updated 2024 outlook shown on slide 10. As McKeel mentioned, we increased our outlook for total revenue growth to a range of 18% to 19%, powered by 15% written premium gains. High rates of topline growth, combined with operational efficiencies and the benefits of scale are driving strong operating leverage and even faster rates of bottom line growth.

讓我以投影片 10 所示的最新 2024 年展望作為總結。正如 McKeel 所提到的，我們將總營收成長預期上調至 18% 至 19%，這主要得益於 15% 的承保保費收益。收入的高成長率，加上營運效率和規模效益，正在推動強大的營運槓桿和更快的利潤成長率。

Our revised outlook now incorporates $30 million of pre-tax impact from Helene and Milton, or $24 million post-tax. This results in a new net income range of $65 million to $74 million and adjusted EBITDA of $110 million to $120 million.

我們修訂後的前景現在納入了 Helene 和 Milton 的 3000 萬美元稅前影響，或 2400 萬美元稅後影響。這導致新的淨利潤範圍為 6,500 萬美元至 7,400 萬美元，調整後的 EBITDA 為 1.1 億美元至 1.2 億美元。

In summary, we are executing well on our plan to deliver compounding revenue growth, margin expansion and cash flow production and are investing in the initiatives that should sustain our high rates of profit growth over the coming years.

總而言之，我們正在很好地執行我們的計劃，以實現收入複合成長、利潤率擴張和現金流量產生，並正在投資於能夠在未來幾年維持高利潤成長率的舉措。

With that, let us now open the call to your questions.

現在讓我們開始回答您的問題。

(Operator Instructions) Pablo Singzon, JPMorgan.

（操作員指示）Pablo Singzon，摩根大通。

Hi. Good morning. My first question is on expenses. As you had both pointed out, good expense control with G&A down and salaries up low single-digits year-to-date. I guess if you take a step back and think about where Hagerty could go in the next few years, right? Is this sort of business where you can grow revenues mid-teens, but keep expense growth at recent levels? Or will there be some catch-up in expenses at some point?

你好。早安.我的第一個問題是關於費用。正如你們兩人都指出的那樣，費用控制良好，總費用和行政費用下降，年初至今工資上漲了低個位數。我想如果你退後一步想想哈格蒂在未來幾年會去哪裡，對嗎？在這種業務中，您可以將收入成長到十幾歲左右，但將支出成長保持在最近的水平嗎？或是在某個時候會出現一些費用追上的情況嗎？

Hey, Pablo, good morning. Thank you for the question. Yeah, we do believe that the business is built to deliver that mid-teens written premium growth, obviously, a bit faster growth in the marketplace business. So that side of the equation, I think, is pretty straightforward.

嘿，巴勃羅，早安。謝謝你的提問。是的，我們確實相信該業務的建立是為了實現十幾歲左右的保費增長，顯然，市場業務的增長速度更快。所以我認為等式的這一面非常簡單。

On the cost side, what you've seen for the last couple of years, we've put a lot of effort into rightsizing the cost structure and maintaining discipline on that, that will continue. And so, we do expect to see margin expansion over time. We'll give guidance for 2025 on our fourth quarter call.

在成本方面，正如您在過去幾年中看到的那樣，我們投入了大量精力來調整成本結構並維持紀律，這種情況將繼續下去。因此，我們確實預期利潤率會隨著時間的推移而擴大。我們將在第四季電話會議上給予 2025 年的指引。

As McKeel mentioned, it is a period where we are making investments in some pretty important initiatives. Obviously, the State Farm, which will really ramp up next year. And then also, we're going through our technology transformation, implementing what we call Apex, the Duck Creek implementation and all the related systems.

正如麥基爾所提到的，這是我們對一些非常重要的舉措進行投資的時期。顯然，國有農場明年將真正壯大。此外，我們正在經歷技術轉型，實施我們所謂的 Apex、Duck Creek 實施和所有相關係統。

And so, we are in a phase of investment. We expect that we'll continue to see some margin expansion. And then as we get through those investments, then we'd expect to see it leg up again. So it's the trajectory that we've been talking about. We're going to stay disciplined on the cost side, and we do believe that our revenues will grow faster than our costs and we'll be able to deliver some leverage.

因此，我們正處於投資階段。我們預計利潤率將繼續擴大。然後，當我們完成這些投資時，我們預計會看到它再次上漲。這就是我們一直在談論的軌跡。我們將在成本方面保持紀律，我們確實相信我們的收入成長速度將快於成本成長，並且我們將能夠提供一些槓桿作用。

Got you. And then just on the attritional loss ratio ex Helene, right? I think, Patrick, you had mentioned 44%, right? So that's a bit higher than where you guys have traditionally run. Anything unusual that came up this quarter that brought you to 44% instead of 41% or 40%?

明白你了。然後就是海倫的自然損耗率，對嗎？我想，派崔克，你提到了 44%，對吧？所以這比你們傳統上跑步的地方還要高。本季出現了什麼不尋常的情況，導致您的成功率從 41% 或 40% 上升到 44%？

No. As we've always talked about over the years, the range of loss ratio, it's kind of been mid-30s, sometimes up to the mid-40s. And so, it can move around, and it can certainly move around in a given quarter. There's nothing structural that we're seeing that is concerning to us. The big loss ratio for the quarter was certainly the cat event. But the underlying loss ratio, we still feel confident about.

不。正如我們多年來一直在談論的那樣，損失率的範圍大約是 30 多歲，有時高達 40 多歲。因此，它可以四處移動，而且肯定可以在給定的季度內移動。我們沒有看到任何與我們有關的結構性內容。本季最大的虧損率肯定是貓咪事件。但對於潛在的損失率，我們仍然充滿信心。

Okay. And then last for me. So the losses from Helene and Milton, are those losses something you hope to [reduce] through pricing? Or is this sort of water under the bridge? And going forward, it will just be a matter of risk selection terms? So basically, I guess, simplistically, would these losses have any implications for how you're pricing business run on a go forward basis?

好的。然後最後對我來說。那麼 Helene 和 Milton 的損失是您希望透過定價來[減少]的損失嗎？或者說，這就是橋下的水嗎？展望未來，這只是風險選擇條款的問題嗎？所以基本上，我想，簡單地說，這些損失會對您未來業務定價的方式產生任何影響嗎？

Well, we always include in our pricing a cat load, right? And so, the question is what actually happens? So 2022, we had a cat event in Ian. 2023, we had nothing. This year, obviously, we've got the two cats, and those are reflected in the updated guidance.

好吧，我們總是在定價中包含貓負載，對嗎？所以，問題是實際發生了什麼事？所以 2022 年，我們在伊恩舉辦了一場貓咪活動。 2023年，我們一無所有。顯然，今年我們有了兩隻貓，這些都反映在更新的指南中。

So I guess the answer is yes, right? We're always looking at what our pricing is and what we need to load in relative to cats. And as our modeling suggests that we need to make changes there, those will flow through.

所以我想答案是肯定的，對嗎？我們一直在考慮我們的定價以及相對於貓我們需要加載的內容。正如我們的模型表明我們需要在那裡做出改變，這些改變將會得以實現。

You have seen us pretty consistently increasing our rates. A lot of that lately has been more on the liability side. But if we conclude that we need to do something on the cat side, then yes, we'll feather that in over time.

您已經看到我們一直在提高費率。最近，其中很多都是在責任方面。但如果我們得出結論認為我們需要在貓方面做一些事情，那麼是的，我們會隨著時間的推移而完善這一點。

(Operator Instructions) Mark Hughes, Truist Securities.

（操作員指示）Mark Hughes，Truist Securities。

Yeah. Thank you. Good morning. I wonder if you've seen any change in shopping behavior. I think with the auto rates going up pretty substantially across the industry. It's understanding, I think, that's helped you because you've got a good price point and people have been more likely to be looking around.

是的。謝謝。早安.我想知道您的購物行為是否有任何變化。我認為整個產業的汽車價格大幅上漲。我認為，理解對你有幫助，因為你有一個很好的價格點，人們更有可能四處尋找。

Do you notice any change in trend in that behavior? Number one, is that a fair assessment? And then two, how do you see that lately in terms of new business?

您注意到這種行為趨勢有什麼改變嗎？第一，這是一個公平的評估嗎？第二個問題，您如何看待最近的新業務？

Thanks, Mark. It's McKeel. It's a great question. And I think we've talked about this before that indeed, the hardening of the auto insurance rate market pricing has definitely pushed more people to shop, especially in some states, where there's just a lot of rates being taken or coverage is being limited by whether it's a result of the regulatory market or just actions by individual carriers.

謝謝，馬克。這是麥基爾。這是一個很好的問題。我想我們之前已經討論過這一點，事實上，汽車保險費率市場定價的硬化肯定促使更多的人去購物，特別是在一些州，那裡的費率很高，或者保險範圍受到限制。是監管市場的結果還是個別業者的行為。

So that benefits us. It just pushes more of this business, these people at the market and we definitely benefit from it. I think heading into the summer, you were starting to see the predictions of the increases slowing down out of the regular auto markets. We certainly have heard that signaling from some of our best partners who are out there, the names that you know.

這對我們有利。它只會推動更多的業務、市場上的這些人，我們肯定會從中受益。我認為進入夏季，您開始看到常規汽車市場成長放緩的預測。我們當然已經聽到了來自我們一些最好的合作夥伴的信號，他們的名字你們都知道。

And so, I think what we saw is that maybe the increase in people shopping is leveling off. But it's going to be interesting to see what happens after this hurricane season to see whether again, some of those states who are hoping for some moderating in the rate increases that they might need to take more rate.

因此，我認為我們看到的是，購物人數的成長可能正在趨於平穩。但有趣的是，看看這個颶風季節之後會發生什麼，看看那些希望利率上漲放緩的州是否再次需要更高的利率。

We're not looking at that ourselves right now. We think our underlying price and underwriting discipline works well in the states where we're flood exposed. I mean, and it's important to remember that really, Helene was a flooding event, whereas -- except for where it went up further into the Carolinas, and Milton was more of a wind event, not so much a flooding event.

我們現在還沒有考慮這個問題。我們認為我們的基本價格和承保紀律在我們遭受洪水影響的州運作良好。我的意思是，重要的是要記住，海倫確實發生了洪水事件，而 - 除了它進一步上升到卡羅來納州，而米爾頓更多的是風事件，而不是洪水事件。

So it has very different dynamics to it so. We're benefiting from things going on in the market, and it will be interesting to see how the overall thing settles out.

所以它有非常不同的動力。我們從市場上發生的事情中受益，看看整體情況如何解決將會很有趣。

Mark, when we look back at '23, the industry rates were up 14% and our rates were up 3% to 4%. We think in '24, the industry probably ends up being something like up 10% and will be a similar up 3% to 4%. And so, those rate increases drive shopping as McKeel suggested.

馬克，當我們回顧 23 年時，產業利率上漲了 14%，我們的利率上漲了 3% 到 4%。我們認為，到 24 年，該行業最終可能會成長 10% 左右，甚至會成長 3% 到 4%。因此，正如麥基爾所說，這些利率的上漲推動了購物。

And then when people do shop, our rates are going up -- our rate gap with the industry is as wide as it's ever been because different product, we're pricing appropriately, but we just think about the risk differently. And so, that matters.

然後，當人們購物時，我們的費率就會上升 - 我們與行業的費率差距與以往一樣大，因為不同的產品，我們定價適當，但我們只是以不同的方式考慮風險。所以，這很重要。

And this year, we're on track to bring in something like 275,000 new customers versus 250,000 or so last year. So yeah, we do think that our value prop is pretty compelling right now, and that's helping with our growth.

今年，我們預計將引入約 275,000 名新客戶，而去年為 25 萬名左右。所以，是的，我們確實認為我們的價值支撐現在非常引人注目，這有助於我們的成長。

I would like to turn the floor over to McKeel for closing remarks.

我想請麥基爾發表閉幕詞。

Thank you, operator, and thanks to all of you for joining us today during this busy election week. We have carefully curated the Hagerty brand over the last four decades around a shared passion for the automobile, and that campaign continues today to bring together car lovers.

謝謝您，接線員，也謝謝大家今天在這個繁忙的選舉週加入我們。在過去的四十年裡，我們圍繞著對汽車的共同熱情精心策劃了哈格蒂品牌，這項活動至今仍在繼續，將汽車愛好者聚集在一起。

We've built a unique and highly differentiated business model that allows us to help members protect, buy, sell and enjoy their special cars. We believe we have the recipe for success that should position us to further penetrate the 46 million collectible car opportunity in the United States, delivering durable, profitable growth year after year.

我們建立了獨特且高度差異化的商業模式，使我們能夠幫助會員保護、購買、銷售和享受他們的特殊汽車。我們相信我們擁有成功的秘訣，使我們能夠進一步滲透美國 4600 萬輛收藏汽車的機會，年復一年地實現持久、盈利的增長。

With only 5% market share today, we believe we have a long runway ahead. We will share our outlook for 2025 on our fourth quarter earnings call as we have done in the past. But we are highly encouraged by our business momentum as well as the quality of our team's execution that should allow us to sustain high rates of profit growth and create value for all stakeholders. Until then, never stop driving.

目前我們的市佔率只有 5%，但我們相信我們還有很長的路要走。我們將像過去一樣在第四季財報電話會議上分享我們對 2025 年的展望。但我們的業務動能以及團隊的執行品質令我們深受鼓舞，這將使我們能夠維持高利潤成長率並為所有利害關係人創造價值。在那之前，永遠不要停止駕駛。

This concludes today's teleconference. You may disconnect your lines at this time and thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路，感謝您的參與。