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Sep 30, 2024
Hippo Holdings Q3 2024 Earnings Report
Hippo achieved strong top-line growth, substantial loss ratio improvements, and operating leverage gains.
Key Takeaways
Hippo Holdings reported a revenue increase of 65% year-over-year to $95 million in Q3 2024, driven by higher premium retention and volume increases in the IaaS and Services segments. The company's net loss improved by 84% year-over-year to $8.5 million, and adjusted EBITDA loss improved by 81% to $7.5 million. Loss results improved substantially with HHIP accident period loss ratio improving 22pp YoY to 70%.
Revenue increased by 65% year-over-year to $95 million.
HHIP accident period loss ratio improved 22 percentage points year-over-year to 70%.
Net loss attributable to Hippo improved by 84% year-over-year to $8.5 million.
Adjusted EBITDA loss improved by 81% year-over-year to $7.5 million.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Hippo expects Q4 revenue of $95 to $99 million and adjusted EBITDA of positive $5 to $6 million.
Positive Outlook
- Reiterating previous Q4 revenue guidance of $95 to $99 million.
- Reiterating previous Q4 adjusted EBITDA guidance of positive $5 to $6 million.
Challenges Ahead
- Removal of First Connect from Hippo’s financials from the beginning of November will lower expected Q4 TGP by approximately $50 to $60 million.
- Removal of First Connect from Hippo’s financials from the beginning of November will lower expected Q4 revenue by approximately $1.5 to $1.8 million.
- Expected impact of Hurricane Milton in Q4.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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