Business
Goosehead Insurance, Inc. Announces Second Quarter 2022 Results
– Total and Core Revenue Each Increased 39% over the Prior-Year Period –– Total Written Premium Increased 42% to $566 Million –– Net Income Decreased 24% to
About this update from Goosehead Insurance, Inc.
[{"type":"text","content":"– Total and Core Revenue Each Increased 39% over the Prior-Year Period –– Total Written Premium Increased 42% to $566 Million –– Net Income Decreased 24% to $2.4 Million or 5% of Total Revenue –– Adjusted EBITDA of $12.5 Million was up 85% over the Prior-Year Period –– Adjusted EBITDA Margin Increased 6 Points to 24% in the Second Quarter –– Operating Franchises and Corporate Sales Headcount Increased 25% and 11%, Respectively – WESTLAKE, Texas, July 27, 2022 (GLOBE NEWSWIRE) -- Goosehead Insurance, Inc. (“Goosehead” or the “Company”) (NASDAQ: GSHD), a rapidly growing independent personal lines insurance agency, today announced results for the second quarter ended June 30, 2022. Second Quarter 2022 Highlights Total Revenues grew organically 39% over the prior-year period to $53.0 million in the second quarter of 2022Second quarter Core Revenues* of $48.1 million increased 39% over the prior-year periodSecond quarter net income of $2.4 million, decreased 24%, EPS of $0.02 per share decreased 79% and adjusted EPS* of $0.16 per share rose 20%, each over the prior-year periodAdjusted EBITDA grew 85% over the prior-year period to $12.5 millionAdjusted EBITDA Margin increased 6 points over the prior-year period to 24%.Total written premiums placed for the second quarter increased 42% over the prior-year period to $566 millionPolicies in force grew 35% from the prior-year period to approximately 1,181,000Corporate sales headcount of 503 was up 11% year-over-yearTotal franchises increased 30% compared to the prior-year period to 2,341; operating franchises grew 25% compared to the prior-year period to 1,344 *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 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 delivered very strong growth in revenue and earnings for the second quarter, demonstrating the incredible power and consistency of our platform and our increasing competitive advantage in the marketplace despite ongoing macro headwinds,” stated Mark E. Jones, Chairman and CEO. “In the second quarter premium increased 42% while Total and Core Revenue each grew 39...