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What factors drove the changes in Hagerty's revenue and profit?

- **Revenue Surge**: 18% total revenue growth, fueled by 13% written premium increase and record PIF growth in October.
- **Strategic Partnerships**: New deals with Liberty Mutual and Safeco add to add tens of thousands of policies.
- **Modern Vehicle Expansion**: Enthusiast Plus program targeting modern cars, with $240M in live auction sales YTD.
- **Profitability Boost**: Net income up 143% to $46M, operating margins expand 590bps to 9%, and EBITDA surges 106%.
- **Tax Efficiency**: $38M deferred tax asset release offsets $29M TRA expense, driving 2025 net income guidance of $124-129M.

**CEO Summary Section**
- **Revenue Growth**: Total revenue increased 18% year-over-year, driven by 13% growth in written premium and 14% rise in commission revenue. October 2025 marked the highest Policy in Force (PIF) growth in company history.
- **Partnerships**: Signed a new partnership with Liberty Mutual and Safeco, adding tens of thousands of new policies. Expanded European auction business with sales in Belgium and Switzerland.
- **Enthusiast Plus Program**: Launched in Colorado to target modern enthusiast vehicles, with early positive underwriting results despite early-stage claims data.
- **Financial Performance**: Operating margins expanded 590 basis points to 9%, net income rose 143% to $46 million, and adjusted EBITDA increased 106% to $50 million.
- **Strategic Priorities**: Focus on modern vehicle insurance, integrating membership experiences, and global marketplace expansion with $240 million in live auction sales year-to-date.

**CFO Financial Commentary**
- **Financial Metrics**: GAAP net income of $46 million (vs. $19 million prior), non-GAAP EPS of $0.18, and adjusted EBITDA of $50 million. Released $38 million in deferred tax assets, partially offset by a $29 million tax receivable agreement expense.
- **Cost Management**: G&A and salaries grew 17% and 44%, respectively, due to technology investments and incentive compensation. Operating expenses remain controlled, with core growth in single digits.
- **Outlook**: 2025 guidance updated to 14-15% revenue growth, net income of $124-129 million (58-65% YoY), and adjusted EBITDA of $170-176 million (37-41% growth).

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