Goosehead Insurance, Inc. (“Goosehead” or the “Company”) (NASDAQ:
GSHD), a rapidly growing independent personal lines insurance
agency, today announced results for the first quarter ended March
31, 2024.
First Quarter
2024 Highlights
- Total Revenues grew 11% over the
prior-year period to $64.5 million in the first quarter of
2024
- First quarter Core Revenues* of
$58.8 million increased 13% over the prior-year period
- First quarter net income of $1.8
million improved from net loss of $0.2 million a year ago
- EPS of $0.07 per share increased
from $0.00 in the prior-year period, and adjusted EPS* of $0.28 per
share increased 59% over the prior-year period
- Net Income Margin for the first
quarter was 3%
- Adjusted EBITDA* of $11.7 million
increased from $10.2 million in the prior-year period
- Adjusted EBITDA Margin* remained
flat versus the prior-year period at 18%
- Total written premiums placed for
the first quarter increased 28% over the prior-year period to
$818.8 million
- Policies in force increased 13%
from the prior-year period to approximately 1,528,000
*Core Revenue, Adjusted EPS, Adjusted EBITDA,
and Adjusted EBITDA Margin are non-GAAP measures. Reconciliations
of Core Revenue to total revenues, Adjusted EPS to basic earnings
per share and Adjusted EBITDA to net income, the most directly
comparable financial measures presented in accordance with GAAP,
are set forth in the reconciliation table accompanying this
release.
“Our first quarter 2024 results demonstrate our
business is moving into a re-accelerating growth phase with total
revenue, core revenue and franchise productivity all accelerating
from fourth quarter 2023 growth rates,” stated Mark E. Jones,
Chairman and CEO. “One of the more exciting trends we are seeing is
continued improvement in our franchise new business productivity,
as this network now accounts for 87% of our distribution force.
While we are seeing some temporary headwinds related to product
availability, I could not be more pleased with the underlying
trends we are seeing on new business productivity, recruiting, and
technology investment. Goosehead is in a tremendous position of
financial strength with robust ongoing cash generation, so we have
recently taken steps to increase our leverage by amending our
credit agreement to upsize our term loan and revolver. In light of
the dislocation of our equity valuation from the long-term
fundamentals of our business, the board of directors has approved a
$100 million share repurchase authorization to capitalize on what
we see as a highly favorable buying opportunity.”
First Quarter
2024 ResultsFor the first quarter
of 2024, revenues were $64.5 million, an increase of 11% compared
to the corresponding period in 2023. Core Revenues, a non-GAAP
measure which excludes contingent commissions, initial franchise
fees, interest income, and other income, were $58.8 million, a 13%
increase from $52.0 million in the prior-year period. Core Revenues
are the most reliable revenue stream for the Company, consisting of
New Business Commissions, Agency Fees, New Business Royalty Fees,
Renewal Commissions, and Renewal Royalty Fees. Core Revenue growth
was driven by improved productivity, strong client retention of
85%, and rising premium rates. The Company grew total written
premiums, which we consider to be the leading indicator of future
revenue growth, by 28% in the first quarter.
Total operating expenses, excluding equity-based
compensation, depreciation and amortization and impairment
expenses, for the first quarter of 2024 were $52.7 million, up 10%
from $47.8 million in the prior-year period. The increase from the
prior period was due to increased employee compensation and
benefits expenses related to investments in partnership,
technology, marketing, and service functions. Equity-based
compensation increased to $7.4 million for the period, compared to
$6.6 million a year ago. Bad debt expense of $1.1 million decreased
from $1.7 million a year ago due to reduced terminations of signed
franchises that have yet to launch. General and administrative
expenses are also higher versus a year ago due to investments in
technology, systems and marketing efforts to drive growth and
continue to improve the client experience.
Net income in the first quarter of 2024 was $1.8
million versus net loss of $0.2 million a year ago. Earnings per
share and Net Income Margin for the first quarter of 2024 were
$0.07 and 3%, respectively. Adjusted EPS for the first quarter of
2024, which excludes equity-based compensation and impairment
expense, was $0.28 per share. Total Adjusted EBITDA was $11.7
million for the first quarter of 2024 compared to $10.2 million in
the prior-year period. Adjusted EBITDA Margin of 18% was flat
compared to the prior-year period.
Liquidity and Capital
ResourcesAs of March 31, 2024, the Company had cash and
cash equivalents of $51.1 million. We had an unused line of credit
of $49.8 million as of March 31, 2024. Total outstanding term note
payable balance was $75.6 million as of March 31, 2024.
On April 24, 2024, the Company entered into
Amendment No. 2 of the Second Amended and Restated Credit
Agreement, increasing the term note payable by $25 million and
increasing the capacity of the revolving credit facility by
$25 million to a total capacity of $75 million.
2024
OutlookThe Company is revising its outlook for
full year 2024 as follows:
- Total written premiums placed for
2024 are expected to be between $3.62 billion and
$3.82 billion, representing growth of 22% on the low end of
the range to 29% on the high end of the range.
- Total revenues for 2024 are
expected to be between $290 million and $310 million,
representing growth of 11% on the low end of the range to 19% on
the high end of the range.
- Adjusted EBITDA Margin is expected
to expand for the full year 2024.
Conference Call
InformationGoosehead will host a conference call and
webcast today at 4:30 PM ET to discuss these results.
To access the call by phone, participants should
go to this link (registration link), and you will be provided with
the dial in details.
In addition, a live webcast of the conference
call will also be available on Goosehead’s investor relations
website at http://ir.goosehead.com.
A webcast replay of the call will be available
at http://ir.goosehead.com for one year following the
call.
About GooseheadGoosehead
(NASDAQ: GSHD) is a rapidly growing and innovative independent
personal lines insurance agency that distributes its products and
services through corporate and franchise locations throughout the
United States. Goosehead was founded on the premise that the
consumer should be at the center of our universe and that
everything we do should be directed at providing extraordinary
value by offering broad product choice and a world-class service
experience. Goosehead represents over 150 insurance companies that
underwrite personal and commercial lines. For more information,
please visit goosehead.com or
goosehead.com/become-a-franchisee.
Forward-Looking StatementsThis
press release may contain various “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995, which represent Goosehead’s expectations or beliefs
concerning future events. Forward-looking statements are statements
other than historical facts and may include statements that address
future operating, financial or business performance or Goosehead’s
strategies or expectations. In some cases, you can identify these
statements by forward-looking words such as “may”, “might”, “will”,
“should”, “expects”, “plans”, “anticipates”, “believes”,
“estimates”, “predicts”, “projects”, “potential”, “outlook” or
“continue”, or the negative of these terms or other comparable
terminology. Forward-looking statements are based on management’s
current expectations and beliefs and involve significant risks and
uncertainties that could cause actual results, developments and
business decisions to differ materially from those contemplated by
these statements.
Factors that could cause actual results or
performance to differ from the expectations expressed or implied in
such forward-looking statements include, but are not limited to,
conditions impacting insurance carriers or other parties with which
Goosehead does business, the loss of one or more key executives or
an inability to attract and retain qualified personnel and the
failure to attract and retain highly qualified franchisees. These
risks and uncertainties also include, but are not limited to, those
described under the captions “1A. Risk Factors” in Goosehead’s
Annual Report on Form 10-K for the year ended December 31, 2023 and
in Goosehead’s other filings with the SEC, which are available free
of charge on the Securities Exchange Commission's website at:
www.sec.gov. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those indicated. All
forward-looking statements and all subsequent written and oral
forward-looking statements attributable to Goosehead or to persons
acting on behalf of Goosehead are expressly qualified in their
entirety by reference to these risks and uncertainties. You should
not place undue reliance on forward-looking statements.
Forward-looking statements speak only as of the date they are made,
and Goosehead does not undertake any obligation to update them in
light of new information, future developments or otherwise, except
as may be required under applicable law.
ContactsInvestor Contact:Dan FarrellGoosehead
Insurance - VP Capital MarketsPhone: (214) 838-5290Email:
dan.farrell@goosehead.com; IR@goosehead.com
PR Contact:Mission North for Goosehead InsuranceEmail:
goosehead@missionnorth.com; PR@goosehead.com
Goosehead Insurance, Inc.Condensed
Consolidated Statements of
Operations(Unaudited)(In thousands,
except per share amounts)
|
Three Months Ended March 31, |
|
|
2024 |
|
|
|
2023 |
|
Revenues: |
|
|
|
Commissions and agency
fees |
$ |
26,221 |
|
|
$ |
25,484 |
|
Franchise
revenues |
|
37,989 |
|
|
|
32,074 |
|
Interest
income |
|
250 |
|
|
|
397 |
|
Total
revenues |
|
64,460 |
|
|
|
57,955 |
|
Operating
Expenses: |
|
|
|
Employee compensation and
benefits |
|
42,130 |
|
|
|
36,882 |
|
General and administrative
expenses |
|
17,180 |
|
|
|
15,856 |
|
Bad debts |
|
1,127 |
|
|
|
1,655 |
|
Depreciation and
amortization |
|
2,568 |
|
|
|
2,093 |
|
Total operating
expenses |
|
63,005 |
|
|
|
56,486 |
|
Income from
operations |
|
1,455 |
|
|
|
1,469 |
|
Other Income
(Expense): |
|
|
|
Interest
expense |
|
(1,487 |
) |
|
|
(1,731 |
) |
Loss before
taxes |
|
(32 |
) |
|
|
(262 |
) |
Tax benefit |
|
(1,841 |
) |
|
|
(81 |
) |
Net income
(loss) |
|
1,809 |
|
|
|
(181 |
) |
Less: net loss attributable to
non-controlling
interests |
|
(5 |
) |
|
|
(100 |
) |
Net income (loss)
attributable to Goosehead Insurance,
Inc. |
$ |
1,814 |
|
|
$ |
(81 |
) |
Earnings per
share: |
|
|
|
Basic |
$ |
0.07 |
|
|
$ |
— |
|
Diluted |
$ |
0.05 |
|
|
$ |
— |
|
Weighted average
shares of Class A common stock outstanding |
|
|
|
Basic |
|
25,087 |
|
|
|
23,206 |
|
Diluted |
|
38,839 |
|
|
|
23,206 |
|
Goosehead Insurance, Inc.Condensed
Consolidated Statements of
Operations(Unaudited)(In thousands,
except per share amounts)
|
Three Months Ended March 31, |
|
2024 |
|
2023 |
Revenues: |
|
|
|
Core Revenue: |
|
|
|
Renewal Commissions(1) |
$ |
15,961 |
|
|
|
$ |
15,818 |
|
|
Renewal Royalty Fees(2) |
|
29,053 |
|
|
|
|
22,752 |
|
|
New Business Commissions(1) |
|
5,681 |
|
|
|
|
5,517 |
|
|
New Business Royalty Fees(2) |
|
6,234 |
|
|
|
|
5,671 |
|
|
Agency Fees(1) |
|
1,911 |
|
|
|
|
2,230 |
|
|
Total Core Revenue |
|
58,839 |
|
|
|
|
51,988 |
|
|
Cost Recovery Revenue: |
|
|
|
Initial Franchise Fees(2) |
|
2,245 |
|
|
|
|
3,063 |
|
|
Interest Income |
|
250 |
|
|
|
|
397 |
|
|
Total Cost Recovery Revenue |
|
2,495 |
|
|
|
|
3,460 |
|
|
Ancillary Revenue: |
|
|
|
Contingent Commissions(1) |
|
2,668 |
|
|
|
|
1,920 |
|
|
Other Franchise Revenues(2) |
|
458 |
|
|
|
|
587 |
|
|
Total Ancillary Revenue |
|
3,126 |
|
|
|
|
2,507 |
|
|
Total
Revenues |
|
64,460 |
|
|
|
|
57,955 |
|
|
Operating
Expenses: |
|
|
|
Employee compensation and benefits, excluding equity-based
compensation |
|
34,773 |
|
|
|
|
30,262 |
|
|
General and administrative expenses, excluding impairment |
|
16,833 |
|
|
|
|
15,856 |
|
|
Bad debts |
|
1,127 |
|
|
|
|
1,655 |
|
|
Total |
|
52,733 |
|
|
|
|
47,773 |
|
|
Adjusted
EBITDA |
|
11,727 |
|
|
|
|
10,182 |
|
|
Adjusted EBITDA Margin |
|
18 |
|
% |
|
|
18 |
|
% |
|
|
|
|
Interest expense |
|
(1,487 |
) |
|
|
|
(1,731 |
) |
|
Depreciation and amortization |
|
(2,568 |
) |
|
|
|
(2,093 |
) |
|
Tax benefit |
|
1,841 |
|
|
|
|
81 |
|
|
Equity-based compensation |
|
(7,357 |
) |
|
|
|
(6,620 |
) |
|
Impairment expense |
|
(347 |
) |
|
|
|
— |
|
|
Net Income
(Loss) |
$ |
1,809 |
|
|
|
$ |
(181 |
) |
|
Net Income (Loss) Margin |
|
3 |
|
% |
|
|
— |
|
% |
(1) Renewal Commissions, New Business Commissions, Agency Fees,
and Contingent Commissions are included in "Commissions and agency
fees" as shown on the Condensed Consolidated Statements of
Operations within Goosehead’s Form 10-Q for the three months ended
March 31, 2024 and 2023.(2) Renewal Royalty Fees, New Business
Royalty Fees, Initial Franchise Fees, and Other Franchise Revenues
are included in "Franchise revenues" as shown on the Condensed
Consolidated Statements of Operations within Goosehead’s Form 10-Q
for the three months ended March 31, 2024 and 2023.
Goosehead Insurance, Inc.Condensed
Consolidated Balance
Sheets(Unaudited) (In thousands,
except per share amounts)
|
March 31, |
|
December 31, |
|
|
2024 |
|
|
|
2023 |
|
Assets |
|
|
|
Current Assets: |
|
|
|
Cash and cash
equivalents |
$ |
51,089 |
|
|
$ |
41,956 |
|
Restricted
cash |
|
2,028 |
|
|
|
2,091 |
|
Commissions and agency fees receivable,
net |
|
7,487 |
|
|
|
12,903 |
|
Receivable from franchisees,
net |
|
10,034 |
|
|
|
9,720 |
|
Prepaid
expenses |
|
6,296 |
|
|
|
7,889 |
|
Total current
assets |
|
76,934 |
|
|
|
74,559 |
|
Receivable from franchisees, net of current
portion |
|
6,586 |
|
|
|
9,269 |
|
Property and equipment, net of accumulated
depreciation |
|
28,686 |
|
|
|
30,316 |
|
Right-of-use
asset |
|
37,121 |
|
|
|
38,406 |
|
Intangible assets, net of accumulated
amortization |
|
18,783 |
|
|
|
17,266 |
|
Deferred income taxes,
net |
|
193,518 |
|
|
|
181,209 |
|
Other assets |
|
4,581 |
|
|
|
3,867 |
|
Total
assets |
$ |
366,209 |
|
|
$ |
354,892 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
Current Liabilities: |
|
|
|
Accounts payable and accrued
expenses |
$ |
14,652 |
|
|
$ |
16,398 |
|
Premiums
payable |
|
2,028 |
|
|
|
2,091 |
|
Lease
liability |
|
9,194 |
|
|
|
8,897 |
|
Contract
liabilities |
|
3,611 |
|
|
|
4,129 |
|
Note payable |
|
10,000 |
|
|
|
9,375 |
|
Liabilities under tax receivable
agreement |
|
4,952 |
|
|
|
— |
|
Total current
liabilities |
|
44,437 |
|
|
|
40,890 |
|
Lease liability, net of
current
portion |
|
55,233 |
|
|
|
57,382 |
|
Note payable, net of current
portion |
|
65,118 |
|
|
|
67,562 |
|
Contract liabilities, net of
current
portion |
|
18,121 |
|
|
|
22,970 |
|
Liabilities under tax
receivable agreement, net of current
portion |
|
155,060 |
|
|
|
149,302 |
|
Total
liabilities |
|
337,969 |
|
|
|
338,106 |
|
Class A common stock, $0.01
par value per share - 300,000 shares authorized, 25,230 shares
issued and outstanding as of March 31, 2024, 24,966 shares issued
and outstanding as of December 31,
2023 |
|
252 |
|
|
|
250 |
|
Class B common stock, $0.01
par value per share - 50,000 shares authorized, 12,758 issued and
outstanding as of March 31, 2024, 12,954 shares issued and
outstanding as of December 31,
2023 |
|
128 |
|
|
|
130 |
|
Additional paid in
capital |
|
112,428 |
|
|
|
103,228 |
|
Accumulated
deficit |
|
(46,077 |
) |
|
|
(47,056 |
) |
Total stockholders'
equity |
|
66,731 |
|
|
|
56,552 |
|
Non-controlling
interests |
|
(38,491 |
) |
|
|
(39,766 |
) |
Total
equity |
|
28,240 |
|
|
|
16,786 |
|
Total liabilities and
equity |
$ |
366,209 |
|
|
$ |
354,892 |
|
Goosehead Insurance, Inc.Reconciliation
Non-GAAP Measures to GAAP
This release includes Core Revenue, Cost
Recovery Revenue, Ancillary Revenue, Adjusted EBITDA, Adjusted
EBITDA Margin and Adjusted EPS that are not required by, nor
presented in accordance with, generally accepted accounting
principles in the United States (“GAAP”). The Company refers to
these measures as “non-GAAP financial measures.” The Company uses
these non-GAAP financial measures when planning, monitoring and
evaluating its performance and considers these non-GAAP financial
measures to be useful metrics for management and investors to
facilitate operating performance comparisons from period to period
by excluding potential differences caused by variations in capital
structures, tax position, depreciation, amortization and certain
other items that the Company believes are not representative of its
core business. The Company uses Core Revenue, Cost Recovery
Revenue, Ancillary Revenue, Adjusted EBITDA, Adjusted EBITDA Margin
and Adjusted EPS for business planning purposes and in measuring
its performance relative to that of its competitors.
These non-GAAP financial measures are defined by
the Company as follows:
- "Core Revenue" is
a supplemental measure of our performance and includes Renewal
Commissions, Renewal Royalty Fees, New Business Commissions, New
Business Royalty Fees, and Agency Fees. We believe that Core
Revenue is an appropriate measure of operating performance because
it summarizes all of our revenues from sales of individual
insurance policies.
- "Cost Recovery
Revenue" is a supplemental measure of our performance and includes
Initial Franchise Fees and Interest Income. We believe that Cost
Recovery Revenue is an appropriate measure of operating performance
because it summarizes revenues that are viewed by management as
cost recovery mechanisms.
- "Ancillary
Revenue" is a supplemental measure of our performance and includes
Contingent Commissions and Other Income. We believe that Ancillary
Revenue is an appropriate measure of operating performance because
it summarizes revenues that are ancillary to our core
business.
- "Adjusted EBITDA"
is a supplemental measure of the Company's performance. We believe
that Adjusted EBITDA is an appropriate measure of operating
performance because it eliminates the impact of items that do not
relate to business performance. Adjusted EBITDA is defined as net
income (the most directly comparable GAAP measure) before interest,
income taxes, depreciation and amortization, adjusted to exclude
equity-based compensation and other non-operating items, including,
among other things, certain non-cash charges and certain
non-recurring or non-operating gains or losses.
- "Adjusted EBITDA
Margin" is Adjusted EBITDA as defined above, divided by total
revenue excluding other non-operating items. Adjusted EBITDA Margin
is helpful in measuring profitability of operations on a
consolidated level.
- "Adjusted EPS" is
a supplemental measure of our performance, defined as earnings per
share (the most directly comparable GAAP measure) before
non-recurring or non-operating income and expenses. Adjusted EPS is
a useful measure to management because it eliminates the impact of
items that do not relate to business performance and helps measure
our profitability on a consolidated level.
While the Company believes that these non-GAAP
financial measures are useful in evaluating its business, this
information should be considered as supplemental in nature and is
not meant as a substitute for revenues, net income, or earnings per
share, in each case as recognized in accordance with GAAP. In
addition, other companies, including companies in the Company’s
industry, may calculate such measures differently, which reduces
their usefulness as comparative measures.
The following tables show a reconciliation from
total revenues to Core Revenue, Cost Recovery Revenue, and
Ancillary Revenue (non-GAAP basis) for the three months ended March
31, 2024 and 2023 (in thousands):
|
Three Months Ended March 31, |
|
|
2024 |
|
|
|
2023 |
|
Total
Revenues |
$ |
64,460 |
|
|
$ |
57,955 |
|
|
|
|
|
Core Revenue: |
|
|
|
Renewal
Commissions(1) |
$ |
15,961 |
|
|
$ |
15,818 |
|
Renewal Royalty
Fees(2) |
|
29,053 |
|
|
|
22,752 |
|
New Business
Commissions(1) |
|
5,681 |
|
|
|
5,517 |
|
New Business Royalty
Fees(2) |
|
6,234 |
|
|
|
5,671 |
|
Agency Fees(1) |
|
1,911 |
|
|
|
2,230 |
|
Total Core
Revenue |
|
58,839 |
|
|
|
51,988 |
|
Cost Recovery Revenue: |
|
|
|
Initial Franchise
Fees(2) |
|
2,245 |
|
|
|
3,063 |
|
Interest
Income |
|
250 |
|
|
|
397 |
|
Total Cost Recovery
Revenue |
|
2,495 |
|
|
|
3,460 |
|
Ancillary Revenue: |
|
|
|
Contingent
Commissions(1) |
|
2,668 |
|
|
|
1,920 |
|
Other Franchise
Revenues(2) |
|
458 |
|
|
|
587 |
|
Total Ancillary
Revenue |
|
3,126 |
|
|
|
2,507 |
|
Total
Revenues |
$ |
64,460 |
|
|
$ |
57,955 |
|
(1) Renewal Commissions, New Business Commissions, Agency Fees,
and Contingent Commissions are included in "Commissions and agency
fees" as shown on the Condensed Consolidated Statements of
Operations.(2) Renewal Royalty Fees, New Business Royalty Fees,
Initial Franchise Fees, and Other Franchise Revenues are included
in "Franchise revenues" as shown on the Condensed Consolidated
Statements of Operations.
The following tables show a reconciliation from
net income (loss) to Adjusted EBITDA and Adjusted EBITDA Margin
(non-GAAP basis) for the three months ended March 31, 2024 and 2023
(in thousands):
|
Three Months Ended March 31, |
|
2024 |
|
2023 |
Net Income
(Loss) |
$ |
1,809 |
|
|
|
$ |
(181 |
) |
|
Interest
expense |
|
1,487 |
|
|
|
|
1,731 |
|
|
Depreciation and
amortization |
|
2,568 |
|
|
|
|
2,093 |
|
|
Tax benefit |
|
(1,841 |
) |
|
|
|
(81 |
) |
|
Equity-based
compensation |
|
7,357 |
|
|
|
|
6,620 |
|
|
Impairment
expense |
|
347 |
|
|
|
|
— |
|
|
Adjusted
EBITDA |
$ |
11,727 |
|
|
|
$ |
10,182 |
|
|
Net Income (Loss)
Margin(1) |
|
3 |
|
% |
|
|
— |
|
% |
Adjusted EBITDA
Margin(2) |
|
18 |
|
% |
|
|
18 |
|
% |
(1) Net Income (Loss) Margin is calculated as
Net Income (Loss) divided by Total Revenue ($1,809/$64,460) and
($(181)/$57,955) for the three months ended March 31, 2024 and
2023.(2) Adjusted EBITDA Margin is calculated as Adjusted EBITDA
divided by Total Revenue ($11,727/$64,460), and ($10,182/$57,955)
for the three months ended March 31, 2024 and 2023.
The following tables show a reconciliation from
basic earnings per share to Adjusted EPS (non-GAAP basis) for the
three months ended March 31, 2024 and 2023. Note that totals may
not sum due to rounding:
|
Three Months Ended March 31, |
|
|
2024 |
|
|
|
2023 |
|
Earnings per share - basic
(GAAP) |
$ |
0.07 |
|
|
$ |
— |
|
Add: equity-based
compensation(1) |
|
0.19 |
|
|
|
0.18 |
|
Add: impairment
expense(2) |
|
0.01 |
|
|
|
— |
|
Adjusted EPS
(non-GAAP) |
$ |
0.28 |
|
|
$ |
0.17 |
|
(1) Calculated as equity-based compensation divided by sum of
weighted average Class A and Class B shares [$7.4 million/(25.1
million + 12.9 million)] for the three months ended March 31, 2024
and [$6.6 million/ (23.2 million + 14.3 million)] for the three
months ended March 31, 2023.(2) Calculated as impairment expense
divided by sum of weighted average Class A and Class B shares [$0.3
million/(25.1 million + 12.9 million)] for the three months ended
March 31, 2024. No impairment was recorded for the three months
ended March 31, 2023.
Goosehead Insurance, Inc.Key
Performance Indicators
|
March 31, 2024 |
|
December 31, 2023 |
|
March 31, 2023 |
Corporate sales agents < 1 year
tenured |
|
138 |
|
|
|
|
135 |
|
|
|
|
117 |
|
|
Corporate sales agents > 1
year tenured |
|
154 |
|
|
|
|
165 |
|
|
|
|
159 |
|
|
Operating franchises < 1
year tenured |
|
133 |
|
|
|
|
183 |
|
|
|
|
426 |
|
|
Operating franchises > 1
year tenured |
|
1,022 |
|
|
|
|
1,043 |
|
|
|
|
961 |
|
|
Total Franchise
Producers |
|
1,963 |
|
|
|
|
1,957 |
|
|
|
|
2,098 |
|
|
QTD Corporate Agent
Productivity < 1 Year
(1) |
$ |
16,520 |
|
|
|
$ |
13,789 |
|
|
|
$ |
19,747 |
|
|
QTD Corporate Agent
Productivity > 1 Year
(1) |
$ |
27,261 |
|
|
|
$ |
25,738 |
|
|
|
$ |
30,429 |
|
|
QTD Franchise Productivity
< 1 Year
(2) |
$ |
16,736 |
|
|
|
$ |
10,975 |
|
|
|
$ |
9,020 |
|
|
QTD Franchise Productivity
> 1 Year
(2) |
$ |
25,109 |
|
|
|
$ |
21,103 |
|
|
|
$ |
20,812 |
|
|
Policies in
Force |
|
1,528,000 |
|
|
|
|
1,486,000 |
|
|
|
|
1,354,000 |
|
|
Client
Retention |
|
85 |
|
% |
|
|
86 |
|
% |
|
|
88 |
|
% |
Premium
Retention |
|
100 |
|
% |
|
|
101 |
|
% |
|
|
102 |
|
% |
QTD Written Premium (in
thousands) |
$ |
818,785 |
|
|
|
$ |
756,082 |
|
|
|
$ |
637,711 |
|
|
Net Promoter Score
("NPS") |
|
91 |
|
|
|
|
92 |
|
|
|
|
91 |
|
|
(1) - Corporate Productivity is New Business Production per
Agent (Corporate): The New Business Revenue collected related to
corporate sales, divided by the average number of full-time
corporate sales agents for the same period. This calculation
excludes interns, part-time sales agents and partial full-time
equivalent sales managers.(2) - Franchise Productivity is New
Business Production per Franchise: The gross commissions paid by
Carriers and Agency Fees received related to policies in their
first term sold by franchise sales agents divided by the average
number of franchises for the same period prior to paying Royalty
Fees to the Company.
Goosehead Insurance (NASDAQ:GSHD)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
Goosehead Insurance (NASDAQ:GSHD)
Historical Stock Chart
Von Jun 2023 bis Jun 2024