Business
Goosehead Insurance, Inc. Announces Fourth Quarter 2022 Results
– Total Revenue Growth of 43% in the Fourth Quarter and 38% in the Full Year 2022 –– Core Revenue Growth of 49% in the Fourth Quarter and 41% in the Full Year
About this update from Goosehead Insurance, Inc.
[{"type":"text","content":"– Total Revenue Growth of 43% in the Fourth Quarter and 38% in the Full Year 2022 –– Core Revenue Growth of 49% in the Fourth Quarter and 41% in the Full Year 2022 –– Total Written Premium Growth of 44% in the Fourth Quarter and 42% for the Full Year –– Net Income Growth of 193% in the Fourth Quarter and Decline of 68% for the Full Year –– Adjusted EBITDA Growth of 123% in the Fourth Quarter and 76% for the Full Year 2022 – WESTLAKE, Texas, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Goosehead Insurance, Inc. (“Goosehead” or the “Company”) (NASDAQ: GSHD), a rapidly growing independent personal lines insurance agency, today announced results for the fourth quarter ended December 31, 2022. Fourth Quarter 2022 Highlights Total Revenues grew organically 43% over the prior-year period to $57.4 million in the fourth quarter of 2022Fourth quarter Core Revenues* of $51.8 million increased 49% over the prior-year periodFourth quarter net income of $2.6 million increased 193%, EPS of $0.02 per share increased 62% and adjusted EPS* of $0.11 per share increased 89%, over the prior-year period. Net income margin for the fourth quarter was 5%.Adjusted EBITDA* grew 123% over the prior-year period to $11.9 millionAdjusted EBITDA Margin* increased 8 percentage points over the prior-year period to 21%.Total written premiums placed for the fourth quarter increased 44% over the prior-year period to $585 million as pricing remains a tail-wind that will likely continue into 2023Policies in force grew 27% from the prior-year period to approximately 1,284,000Corporate sales headcount of 320 was down 37% year-over-year as we completed that unit’s revampOperating franchises grew 18% compared to the prior-year period to 1,413 *Core Revenue, Adjusted EPS, Adjusted EBITDA, and Adjusted EBITDA Margin are non-GAAP measures. Reconciliations of Core Revenue to total revenues, Adjusted EBITDA to Net Income, Adjusted EBITDA Margin to Net Income Margin and Adjusted EPS to basic earnings per share, the most directly comparable financial measures presented in accordance with GAAP, are set forth in the reconciliation table accompanying this release. “We finished 2022 with an exceptional fourth quarter that demonstrates the strength, consistency and resilience of our incredible company. In the quarter, revenues increased 43%, core revenues grew 49% and adjusted EBITDA increased...