EX-99.1 2 a20240930-earningsrelease1.htm EX-99.1 Document

goosehead insurance公司宣布2024年第三季度业绩
– 总营业收入增长了10％，核心营业收入增长了16％，较去年同期增长-
– 总保费增长28%，达到10.3亿美元，比去年同期提高了28% –
–净利润为1260万美元，而一年前为1130万美元–
– 调整后的EBITDA*为2610万美元，而去年同期为2240万美元 –

西湖，得克萨斯州 – 2024年10月23日 - goosehead insurance公司（“Goosehead”或“公司”）（纳斯达克：GSHD），一家快速增长的独立个人保险代理机构，今天宣布了截至2024年9月30日的第三季度业绩。

第三 2024年第一季度亮点
•2024年第三季度，总收入同比增长10%，达到7800万美元
•第三季度核心收入*达到7350万美元，同比增长16%
•去年同期相比，第三季度的净利润从1130万美元提高到1260万美元
•每股收益为0.31美元，较去年同期的0.29美元增加，调整后的每股收益*为0.50美元，较去年同期增长了10%
•第三季度的净利润率为16%
•调整后的EBITDA*为2610万美元，比去年同期的2240万美元增加了。
•调整后的EBITDA利润率*较去年同期提高至34%
•第三季度的总签单保费较去年同期增长28%，达到10.3亿美元
•现行政策比去年同期增加了12%，达到约163.6万
•公司代理人数量为458人，较去年同期增长45%。
•2,093家特许生产商的总数比去年同期增加了4%。 5% 相较于2024年第二季度

*核心营业收入、调整后每股收益、调整后息税摊销前利润和调整后息税摊销前利润率均为非GAAP财务指标。根据GAAP规定表述的最直接可比财务指标，核心营业收入与总营收对账，调整后每股收益与基本每股收益对账，调整后息税摊销前利润与净利润对账，请参阅本公告附带的对账表。

在持续的产品供应和房地产以及严重天气影响下，我们在第三季度取得了出色的业绩，总营业收入增长10％，核心收入增长16％，净利润率为16％，调整后的EBITDA利润率扩大至34％，而去年同期为32％。这是我们首次在单个季度实现了超过10亿美元的净利润，相比前一年增长28％，这对公司来说是一个重要的里程碑。我们看到了强劲的
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我们预计动力将会推动未来增长，包括特许经营生产力、总生产者人数和在行增长率等关键绩效指标。尽管市场仍然充满挑战，但我们在本季度成功稳定了客户保留水平，保持在84%。过去2年组织取得的巨大成就令我非常高兴，这得益于我们出色的员工和行业领先的科技。我们已经为2024年的强劲收官和2025年以及未来更快的增长做好了准备，朝着成为美国个人保险最大分销商的目标迈进。

2024年第三季度业绩
2024年第三季度，营业收入为7800万美元，较2023年同期增长10%。核心营业收入是一项非根据美国通用会计准则（GAAP）计量的指标，不包括奖金分成、初始特许费、利息收入和其他收入，为7350万美元，较去年同期的6310万美元增加了16%。核心营收是公司最可靠的收入流，包括新业务佣金、代理费、新业务版税费、续保佣金和续保版税费。核心营收增长是由提高特许经销商生产力、增加公司经纪人人数、客户保持率为84%以及不断提高的保费率推动的。公司第三季度总书面保费增长了28%，我们认为这是未来收入增长的主要指标。”

2024年第三季度除股权激励、折旧与摊销以及减值费用外的总营业费用 从前一年同期的4860万美元增长了7%至5190万美元。与前期相比增加的原因是与公司生产商、合作伙伴、科技和服务职能相关的员工薪酬和福利支出增加。除减值外的一般和管理费用增至1520万美元，主要是由于对科技和系统的投资，以推动增长并继续改善客户体验。股权激励支出从去年的650万美元增至710万美元。60万美元的坏账费用较去年的80万美元减少。

2024年第三季度的净利润为1260万美元，去年同期为1130万美元。2024年第三季度的每股收益和净利润率分别为0.31美元和16%。2024年第三季度调整后的每股收益（不包括股权报酬和减值费用）为0.50美元。总调整后的EBITDA为26.1美元。
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2024年第三季度的净利润为2240万美元，较上一年同期增长了24%。调整后的EBITDA利润率为34%，较上一年同期有所增加。

流动性和资本资源
截至2024年9月30日，公司的现金及现金等价物为4750万美元。截至2024年9月30日，我们拥有7480万美元未使用的授信额度。截至2024年9月30日，应付的总未偿还期限票据余额为9560万美元。截至2024年9月30日，公司未回购任何A类普通股。截至2024年9月30日，剩余3680万美元可用于股份回购授权。

2024展望
公司正在提高2024年全年指引，具体如下：
•预计2024年的总保费将介于37亿美元至38.2​​亿美元之间，增长区间为25%至29%。
•预计2024年总收入将在2.95亿美元至3.1亿美元之间，增长区间为13%至19%。
•预计到2024年全年，调整后的EBITDA利润率将会扩大。

电话会议信息
Goosehead将于今天下午4:30 ET举行电话会议和网络直播，讨论这些结果。

要通过电话接听看涨，参与者应该转到此链接（注册链接），然后您将获得拨号详细信息。

此外，涨涨电话会议的现场网络直播也可以在 鹅头投资者关系网站上观看 http://ir.goosehead.com.

呼叫的网络直播重播将在大约90天内提供。http://ir.goosehead.com ，会议结束后一年内可访问。

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About Goosehead
Goosehead (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 Statements
This 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
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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.

Contacts
Investor Contact:
Dan Farrell
Goosehead Insurance - VP Capital Markets
Phone: (214) 838-5290
Email: dan.farrell@goosehead.com; IR@goosehead.com;

PR Contact:
Mission North for Goosehead Insurance
Email: goosehead@missionnorth.com; PR@goosehead.com
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Goosehead Insurance, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Revenues:
Commissions and agency fees$30,942 $31,980 $88,782 $88,637 
Franchise revenues46,862 38,729 131,076 108,490 
Interest income231 321 725 1,135 
Total revenues78,035 71,030 220,583 198,262 
Operating Expenses:
Employee compensation and benefits43,217 39,436 127,898 113,801 
General and administrative expenses15,201 14,831 49,236 48,019 
Bad debts565 797 2,345 3,352 
Depreciation and amortization2,614 2,352 7,814 6,817 
Total operating expenses61,597 57,416 187,293 171,989 
Income from operations16,438 13,614 33,290 26,273 
Other Income:
Interest expense(2,060)(1,617)(5,529)(5,057)
Other income (expense) 544 — (5,742)— 
Income before taxes14,922 11,997 22,019 21,216 
Tax (benefit) expense2,315 724 (3,272)2,944 
Net income12,607 11,273 25,291 18,272 
Less: net income attributable to non-controlling interests5,048 4,339 9,720 7,753 
Net income attributable to Goosehead Insurance, Inc.$7,559 $6,934 $15,571 $10,519 
Earnings per share:
Basic$0.31 $0.29 $0.63 $0.44 
Diluted$0.29 $0.28 $0.58 $0.43 
Weighted average shares of Class A common stock outstanding
Basic24,293 24,124 24,689 23,674 
Diluted37,942 24,891 38,269 24,274 
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Goosehead Insurance, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Revenues:
Core Revenue:
Renewal Commissions(1)
$20,215$19,036$56,767$53,395
Renewal Royalty Fees(2)
38,07030,040103,95180,344
New Business Commissions(1)
6,2496,12518,61217,899
New Business Royalty Fees(2)
6,9945,91020,39617,819
Agency Fees(1)
1,9892,0086,0366,642
Total Core Revenue73,51663,119205,762176,099
Cost Recovery Revenue:
Initial Franchise Fees(2)
1,4132,4305,2888,780
Interest Income2313217251,135
Total Cost Recovery Revenue1,6442,7516,0139,915
Ancillary Revenue:
Contingent Commissions(1)
2,4904,8117,36710,701
Other Franchise Revenues(2)
3853491,4401,547
Total Ancillary Revenue2,8755,1608,80812,248
Total Revenues78,03571,030220,583198,262
Operating Expenses:
Employee compensation and benefits, excluding equity-based compensation36,12432,977106,81694,850
General and administrative expenses, excluding impairment15,20114,83148,88944,391
Bad debts5657972,3453,352
Total51,89048,605158,050142,593
Adjusted EBITDA26,14522,42562,53355,669
Adjusted EBITDA Margin34 %32 %28 %28 %
Interest expense(2,060)(1,617)(5,529)(5,057)
Depreciation and amortization(2,614)(2,352)(7,814)(6,817)
Tax benefit (expense)(2,315)(724)3,272(2,944)
Equity-based compensation(7,093)(6,459)(21,082)(18,951)
Impairment expense——(347)(3,628)
Other income (expense)544—(5,742)—
Net Income$12,607$11,273$25,291$18,272
Net Income Margin16 %16 %11 %9 %
(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 and nine months ended September 30, 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 and nine months ended September 30, 2024 and 2023.
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Goosehead Insurance, Inc.
Condensed Consolidated Balance Sheets
(Unaudited) 
(In thousands, except per share amounts)
September 30,December 31,
20242023
Assets
Current Assets:
Cash and cash equivalents$47,544 $41,956 
Restricted cash2,568 2,091 
Commissions and agency fees receivable, net9,679 12,903 
Receivable from franchisees, net11,261 9,720 
Prepaid expenses5,701 7,889 
Total current assets76,753 74,559 
Receivable from franchisees, net of current portion3,644 9,269 
Property and equipment, net of accumulated depreciation25,369 30,316 
Right-of-use asset34,134 38,406 
Intangible assets, net of accumulated amortization23,230 17,266 
Deferred income taxes, net190,368 181,209 
Other assets4,565 3,867 
Total assets$358,063 $354,892 
Liabilities and Stockholders’ Equity
Current Liabilities:
Accounts payable and accrued expenses$19,259 $16,398 
Premiums payable2,568 2,091 
Lease liability9,297 8,897 
Contract liabilities3,337 4,129 
Note payable10,063 9,375 
Liabilities under tax receivable agreement4,948 — 
Total current liabilities49,472 40,890 
Lease liability, net of current portion50,249 57,382 
Note payable, net of current portion84,639 67,562 
Contract liabilities, net of current portion15,710 22,970 
Liabilities under tax receivable agreement, net of current portion155,748 149,302 
Total liabilities355,818 338,106 
Class A common stock, $0.01 par value per share - 300,000 shares authorized, 24,369 shares issued and outstanding as of September 30, 2024, 24,966 shares issued and outstanding as of December 31, 2023244 250 
Class B common stock, $0.01 par value per share - 50,000 shares authorized, 12,722 issued and outstanding as of September 30, 2024, 12,954 shares issued and outstanding as of December 31, 2023127 130 
Additional paid in capital89,005 103,228 
Accumulated deficit(31,029)(47,056)
Total stockholders' equity58,347 56,552 
Non-controlling interests(56,102)(39,766)
Total equity2,245 16,786 
Total liabilities and equity$358,063 $354,892 
.
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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
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net income (the most directly comparable GAAP measure) before interest, income taxes, depreciation and amortization, adjusted to exclude equity-based compensation, impairment expense, 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.
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The following tables show a reconciliation from total revenues to Core Revenue, Cost Recovery Revenue, and Ancillary Revenue (non-GAAP basis) for the three and nine months ended September 30, 2024 and 2023 (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Total Revenues$78,035 $71,030 $220,583 $198,262 
Core Revenue:
Renewal Commissions(1)
$20,215 $19,036 $56,767 $53,395 
Renewal Royalty Fees(2)
38,070 30,040 103,951 80,344 
New Business Commissions(1)
6,249 6,125 18,612 17,899 
New Business Royalty Fees(2)
6,994 5,910 20,396 17,819 
Agency Fees(1)
1,989 2,008 6,036 6,642 
Total Core Revenue73,516 63,119 205,762 176,099 
Cost Recovery Revenue:
Initial Franchise Fees(2)
1,413 2,430 5,288 8,780 
Interest Income231 321 725 1,135 
Total Cost Recovery Revenue1,644 2,751 6,013 9,915 
Ancillary Revenue:
Contingent Commissions(1)
2,490 4,811 7,367 10,701 
Other Franchise Revenues(2)
385 349 1,440 1,547 
Total Ancillary Revenue2,875 5,160 8,808 12,248 
Total Revenues$78,035 $71,030 $220,583 $198,262 
(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.

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The following tables show a reconciliation from net income to Adjusted EBITDA and Adjusted EBITDA Margin (non-GAAP basis) for the three and nine months ended September 30, 2024 and 2023 (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Net Income$12,607$11,273$25,291$18,272
Interest expense2,0601,6175,5295,057
Depreciation and amortization2,6142,3527,8146,817
Tax (benefit) expense2,315724(3,272)2,944
Equity-based compensation7,0936,45921,08218,951
Impairment expense——3473,628
Other (income) expense(544)—5,742—
Adjusted EBITDA$26,145$22,425$62,533$55,669
Net Income Margin(1)
16 %16 %11 %9 %
Adjusted EBITDA Margin(2)
34 %32 %28 %28 %
(1) Net Income Margin is calculated as Net Income divided by Total Revenue ($12,607/$78,035) and ($11,273/$71,030) for the three months ended September 30, 2024 and 2023. Net Income Margin is calculated as Net Income divided by Total Revenue ($25,291/$220,583) and ($18,272/$198,262) for the nine months ended September 30, 2024 and 2023.
(2) Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue ($26,145/$78,035), and ($22,425/$71,030) for the three months ended September 30, 2024 and 2023, respectively. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue ($62,533/$220,583), and ($55,669/$198,262) for the nine months ended September 30, 2024 and 2023.

The following tables show a reconciliation from basic earnings per share to Adjusted EPS (non-GAAP basis) for the three and nine months ended September 30, 2024 and 2023. Note that totals may not sum due to rounding:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Earnings per share - basic (GAAP)$0.31 $0.29 $0.63 $0.44 
Add: equity-based compensation(1)
0.19 0.17 0.56 0.50 
Add: impairment expense(2)
— — 0.01 0.10 
Adjusted EPS (non-GAAP)$0.50 $0.46 $1.20 $1.04 
(1) Calculated as equity-based compensation divided by sum of weighted average Class A and Class B shares [$7.1 million/(24.3 million + 12.7 million)] for the three months ended September 30, 2024 and [$6.5 million/ (24.1 million + 13.6 million)] for the three months ended September 30, 2023. Calculated as equity-based compensation divided by sum of weighted average Class A and Class B shares [$21.1 million/(24.7 million + 12.8 million)] for the nine months ended September 30, 2024 and [$19.0 million/ (23.7 million + 14.0 million)] for the nine months ended September 30, 2023.
(2) Calculated as impairment expense divided by sum of weighted average Class A and Class B shares [$0.3 million/(24.7 million + 12.8 million)] for the nine months ended September 30, 2024. Calculated as impairment expense divided by sum of weighted average Class A and Class B shares [$3.6 million/(23.7 million + 14.0 million)] for the nine months ended September 30, 2023. No impairment was recorded for the three months ended September 30, 2024 and three months ended September 30, 2023.

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Goosehead Insurance, Inc.
Key Performance Indicators

September 30, 2024December 31, 2023September 30, 2023
Corporate sales agents < 1 year tenured277 135 132 
Corporate sales agents > 1 year tenured181 165 184 
Operating franchises < 1 year tenured93 183 254 
Operating franchises > 1 year tenured1,023 1,043 1,031 
Total Franchise Producers2,093 1,957 2,008 
QTD Corporate Agent Productivity < 1 Year (1)
$15,570 $13,789 $16,266 
QTD Corporate Agent Productivity > 1 Year (1)
$28,887 $25,738 $28,963 
QTD Franchise Productivity < 1 Year (2)
$22,303 $10,975 $9,583 
QTD Franchise Productivity > 1 Year (2)
$29,950 $21,103 $22,305 
Policies in Force1,636,000 1,486,000 1,456,000 
Client Retention84 %86 %87 %
Premium Retention99 %101 %102 %
QTD Written Premium (in thousands)$1,028,736 $756,082 $802,939 
Net Promoter Score ("NPS")90 92 92 
(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.
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