Business
GOOSEHEAD INSURANCE, INC. ANNOUNCES FOURTH QUARTER AND FULL YEAR 2019 RESULTS
- Fourth Quarter 2019 Revenues of $23.4 Million Grew 59%, or 39% if reported under ASC 605 -- Full Year 2019 Revenue of $77.5 Million Increased 29%, or 40% if
About this update from Goosehead Insurance, Inc.
[{"type":"text","content":"- Fourth Quarter 2019 Revenues of $23.4 Million Grew 59%, or 39% if reported under ASC 605 -- Full Year 2019 Revenue of $77.5 Million Increased 29%, or 40% if reported under ASC 605 -- Total Written Premiums Increased 45% Over Prior-Year Period -- Total Franchises Grew 47% Over Prior-Year Period -- Corporate Sales head count increased 49% Over Prior-Year Period -\n WESTLAKE, Texas, March 12, 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 fourth quarter and full year ended December 31, 2019. Beginning with the fourth quarter of 2019, the Company will be reporting results under accounting standard ASC 606. A reconciliation of ASC 605 to ASC 606 reporting are set forth in the tables at the end of the release. The Company is using the modified retrospective approach to applying ASC 606 and accordingly prior period numbers have not been restated to give effect to the application of ASC 606. Fourth Quarter 2019 Highlights Revenue organically increased 59% from the prior-year period to $23.4 million. If reported under ASC 605, revenue would have grown organically 39% in the fourth quarter to $20.4 million.Net income attributable to Goosehead Insurance, Inc. of $1.8 million or $0.12 per basic share and $0.11 per diluted share.Adjusted EPS* of $0.13 per share includes a $0.06 per share benefit from the application ASC 606. If reported under ASC 605 Adjusted EPS would have been $0.07.Adjusted EBITDA* increased 224% from the prior year to $7.5 million, or 32% of revenues. If reported under ASC 605, Adjusted EBITDA would have risen 81% to $4.2 million, or 20% of revenues.Total written premiums placed increased 45% from the prior-year period to $196 million.Policies in force grew 44% from the prior-year period to 482,000.Corporate sales headcount of 248 was up 49% year-over-year.Total franchises increased 47% compared to the prior year period to 948; total operating franchises grew 34% compared to the prior-year period to 614. *Adjusted EPS, Adjusted EBITDA and Adjusted EBITDA Margin 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 th...