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Mar 31, 2024
Hippo Holdings Q1 2024 Earnings Report
Hippo demonstrated strong top-line growth and improved loss ratios in Q1 2024.
Key Takeaways
Hippo Holdings reported a strong start to 2024 with revenue up 114% year-over-year to $85 million. The company saw improvements in its HHIP gross loss ratio and a reduction in GAAP sales and marketing, technology and development, and general and administrative expenses. Net loss and Adjusted EBITDA also improved significantly.
Consolidated TGP increased by 20% year-over-year, with Services and IaaS representing 80% of TGP.
Services and IaaS drove TGP growth, increasing by 37% and 25% year-over-year, respectively.
HHIP Q1 gross loss ratio improved by 21 percentage points year-over-year to 80%.
GAAP S&M, T&D, and G&A collectively declined from 135% of revenue to 48% and these expenses declined 24% year-over-year, a reduction of $13 million.
Forward Guidance
Hippo is reiterating its guidance for the full year 2024.
Positive Outlook
- Expects TGP to grow to more than $1.3 billion
- Expects revenue to grow to more than $340 million
- Expects an adjusted EBITDA loss of between $41 and $51 million for the full year, with more than 90% of the losses coming in the first two quarters
- Expects to be adjusted EBITDA positive in Q4
- 41% of annual PCS-cat load is estimated to occur in Q2
Historical Earnings Impact
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Avg. Return Before/After Earnings
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