Business
Goosehead Insurance, Inc. Announces First Quarter 2020 Results
- First Quarter Revenues Were $20.4 million - - Total Written Premiums Increased 46% Over Prior-Year Period - - Total Franchises Grew 45% Over Prior-Year
About this update from Goosehead Insurance, Inc.
[{"type":"text","content":"- First Quarter Revenues Were $20.4 million -\n - Total Written Premiums Increased 46% Over Prior-Year Period - - Total Franchises Grew 45% Over Prior-Year Period - - Corporate Sales Headcount Increased 31% Over Prior-Year Period - WESTLAKE, Texas, April 30, 2020 (GLOBE NEWSWIRE) -- 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, 2020. Beginning with the fourth quarter and full year 2019, the Company began reporting results under accounting standard ASC 606. The Company is using the modified retrospective approach to applying ASC 606 and accordingly prior period numbers have not been restated in the Form 10-Q to give effect to the application of ASC 606. A reconciliation of ASC 606 accounting to ASC 605 accounting for 2020 has been provided as a supplemental schedule in this earnings release. First Quarter 2020 Highlights Revenues of $20.4 million in the first quarter of 2020 as recognized under ASC 606, compared to $23.1 million in the first quarter of 2019 as recognized under ASC 605; revenues would have been $24.9 million for the first quarter of 2020 if recognized under ASC 605Core Revenues* of $18.2 million as recognized under ASC 606; if recognized under ASC 605, Core Revenues increased 41% to $19.4 millionNet loss attributable to Goosehead Insurance, Inc. of $156 thousand or $0.01 per basic share and diluted shareAdjusted EPS* of $0.00 per shareAdjusted EBITDA* of $1.2 million in the first quarter of 2020 as recognized under ASC 606 or $5.3 million if recorded under ASC 605Total written premiums placed increased 46% from the prior-year period to $214 millionPolicies in force grew 45% from the prior-year period to 530,000Corporate sales headcount of 241 was up 31% year-over-yearTotal franchises increased 45% compared to the prior year period to 1,012; total operating franchises grew 36% compared to the prior-year period to 679 *Core Revenue, Adjusted EPS, and Adjusted EBITDA are non-GAAP measures. Reconciliation of Adjusted EBITDA to net income and basic earnings per share to Adjusted EPS, the most directly comparable financial measures presented in accordance with GAAP are set forth in the reconciliation table accompanying this release. “The strong start to 2020 continues to...