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

goosehead insurance公司宣佈2024年第三季度業績
– 總營業收入增長了10％，核心營業收入增長了16％，較去年同期增長-
– 總保費增長28%，達到10.3億美元，比去年同期提高了28% –
–淨利潤爲1260萬美元，而一年前爲1130萬美元–
– 調整後的EBITDA*爲2610萬美元，而去年同期爲2240萬美元 –

西湖，得克薩斯州 – 2024年10月23日 - goosehead insurance公司（「Goosehead」或「公司」）（納斯達克：GSHD），一家快速增長的獨立個人保險代理機構，今天宣佈了截至2024年9月30日的第三季度業績。

第三 2024年第一季度亮點
•2024年第三季度，總收入同比增長10%，達到7800萬美元
•第三季度核心收入*達到7350萬美元，同比增長16%
•去年同期相比，第三季度的淨利潤從1130萬美元提高到1260萬美元
•每股收益爲0.31美元，較去年同期的0.29美元增加，調整後的每股收益*爲0.50美元，較去年同期增長了10%
•第三季度的淨利潤率爲16%
•調整後的EBITDA*爲2610萬美元，比去年同期的2240萬美元增加了。
•調整後的EBITDA利潤率*較去年同期提高至34%
•第三季度的總簽單保費較去年同期增長28%，達到10.3億美元
•現行政策比去年同期增加了12%，達到約163.6萬
•公司代理人數量爲458人，較去年同期增長45%。
•2,093家特許生產商的總數比去年同期增加了4%。 5% 相較於2024年第二季度

*核心營業收入、調整後每股收益、調整後息稅攤銷前利潤和調整後息稅攤銷前利潤率均爲非GAAP財務指標。根據GAAP規定表述的最直接可比財務指標，核心營業收入與總營收對賬，調整後每股收益與基本每股收益對賬，調整後息稅攤銷前利潤與淨利潤對賬，請參閱本公告附帶的對賬表。

在持續的產品供應和房地產以及嚴重天氣影響下，我們在第三季度取得了出色的業績，總營業收入增長10％，核心收入增長16％，淨利潤率爲16％，調整後的EBITDA利潤率擴大至34％，而去年同期爲32％。這是我們首次在單個季度實現了超過10億美元的淨利潤，相比前一年增長28％，這對公司來說是一個重要的里程碑。我們看到了強勁的
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我們預計動力將會推動未來增長，包括特許經營生產力、總生產者人數和在行增長率等關鍵績效指標。儘管市場仍然充滿挑戰，但我們在本季度成功穩定了客戶保留水平，保持在84%。過去2年組織取得的巨大成就令我非常高興，這得益於我們出色的員工和行業領先的科技。我們已經爲2024年的強勁收官和2025年以及未來更快的增長做好了準備，朝着成爲美國個人保險最大分銷商的目標邁進。

2024年第三季度業績
2024年第三季度，營業收入爲7800萬美元，較2023年同期增長10%。核心營業收入是一項非根據美國通用會計準則（GAAP）計量的指標，不包括獎金分成、初始特許費、利息收入和其他收入，爲7350萬美元，較去年同期的6310萬美元增加了16%。核心營收是公司最可靠的收入流，包括新業務佣金、代理費、新業務版稅費、續保佣金和續保版稅費。核心營收增長是由提高特許經銷商生產力、增加公司經紀人人數、客戶保持率爲84%以及不斷提高的保費率推動的。公司第三季度總書面保費增長了28%，我們認爲這是未來收入增長的主要指標。”

2024年第三季度除股權激勵、折舊與攤銷以及減值費用外的總營業費用 從前一年同期的4860萬美元增長了7%至5190萬美元。與前期相比增加的原因是與公司生產商、合作伙伴、科技和服務職能相關的員工薪酬和福利支出增加。除減值外的一般和管理費用增至1520萬美元，主要是由於對科技和系統的投資，以推動增長並繼續改善客戶體驗。股權激勵支出從去年的650萬美元增至710萬美元。60萬美元的壞賬費用較去年的80萬美元減少。

2024年第三季度的淨利潤爲1260萬美元，去年同期爲1130萬美元。2024年第三季度的每股收益和淨利潤率分別爲0.31美元和16%。2024年第三季度調整後的每股收益（不包括股權報酬和減值費用）爲0.50美元。總調整後的EBITDA爲26.1美元。
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2024年第三季度的淨利潤爲2240萬美元，較上一年同期增長了24%。調整後的EBITDA利潤率爲34%，較上一年同期有所增加。

流動性和資本資源
截至2024年9月30日，公司的現金及現金等價物爲4750萬美元。截至2024年9月30日，我們擁有7480萬美元未使用的授信額度。截至2024年9月30日，應付的總未償還期限票據餘額爲9560萬美元。截至2024年9月30日，公司未回購任何A類普通股。截至2024年9月30日，剩餘3680萬美元可用於股份回購授權。

2024展望
公司正在提高2024年全年指引，具體如下：
•預計2024年的總保費將介於37億美元至38.2​​億美元之間，增長區間爲25%至29%。
•預計2024年總收入將在2.95億美元至3.1億美元之間，增長區間爲13%至19%。
•預計到2024年全年，調整後的EBITDA利潤率將會擴大。

電話會議信息
Goosehead將於今天下午4:30 ET舉行電話會議和網絡直播，討論這些結果。

要通過電話接聽看漲，參與者應該轉到此鏈接（註冊鏈接），然後您將獲得撥號詳細信息。

此外，漲漲電話會議的現場網絡直播也可以在 鵝頭投資者關係網站上觀看 http://ir.goosehead.com.

呼叫的網絡直播重播將在大約90天內提供。http://ir.goosehead.com ，會議結束後一年內可訪問。

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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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