What is Hagerty's tax receivable agreement liability?

Hagerty (HGTY) reported tax receivable agreement liability of $38.28M in Q1 2026.

What does tax receivable agreement liability mean?

This represents the obligation to pay future tax benefits realized by the company to pre-IPO shareholders or other counterparties under a tax receivable agreement. It reflects the present value of expected future cash payments triggered by the utilization of tax attributes such as net operating losses or basis step-ups. Investors monitor this to assess potential future cash outflows that could impact liquidity and free cash flow availability.

Hagerty HGTY Tax receivable agreement liability

Tax receivable agreement liability at other companies

OppFiOPFI

$35.05M+6.7%

Shake ShackSHAK

$244.61M-1.1%

Virtu FinancialVIRT

$166.45M-5.3%

Rush Street InteractiveRSI

$132.14M—

Goosehead Insurance, Inc.GSHD

$6.24M-10.8%

Clearwater AnalyticsCWAN

$0+100%

Other financials

Income statement

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Revenue$311.8M-5.0%

Operating income$34.3M+240%

Net income-$12.7M-147%

EPS (diluted)-$0.06-186%

Balance sheet

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Cash & equivalents$366.7M+28.1%

Total debt$272.5M+50.3%

Total equity$218.7M+34.2%

Total assets$2.0B+11.5%

Cash flow

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Operating cash flow$16.3M-62.9%

CapEx$7.7M+43.1%

Free cash flow$8.5M-77.8%

Valuation

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Market cap$1.17B+30.8%

Enterprise value$1.07B+36.3%

P/E10.7×+1.5×

P/S0.8×+0.1×

Profitability

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Operating margin8.1%—

Net margin7.5%0.0pp

FCF margin11.4%—

Returns & leverage

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Return on equity57.2%-18.7pp

Debt / equity1.2×+0.1×

Current ratio1×0.0×

Where this comes from

Reported directly by Hagerty in its filing.

Tagged under the XBRL concept hgty:TaxReceivableAgreementLiability.

The official record: Hagerty’s 10-Q, filed May 6, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Hagerty's tax receivable agreement liability?: Hagerty (HGTY) reported tax receivable agreement liability of $38.28M in Q1 2026.
What does tax receivable agreement liability mean?: This represents the obligation to pay future tax benefits realized by the company to pre-IPO shareholders or other counterparties under a tax receivable agreement. It reflects the present value of expected future cash payments triggered by the utilization of tax attributes such as net operating losses or basis step-ups. Investors monitor this to assess potential future cash outflows that could impact liquidity and free cash flow availability.