Business
Goosehead Insurance, Inc. Announces Second Quarter 2023 Results
– Total Revenue Increased 31% over Prior Year Period to $69.3 million – – Core Revenue Grew 27% over Prior Year Period to $61.0 million – – Total Written
About this update from Goosehead Insurance, Inc.
[{"type":"text","content":"– Total Revenue Increased 31% over Prior Year Period to $69.3 million – – Core Revenue Grew 27% over Prior Year Period to $61.0 million – – Total Written Premium Increased 36% to $767 million – – Net Income of $7.2 million versus Net Income of $2.4 million a year ago – – Adjusted EBITDA of $23.1 million versus $12.5 million in the Prior Year Period – WESTLAKE, Texas, July 26, 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 second quarter ended June 30, 2023. Second Quarter 2023 Highlights Total Revenues grew organically 31% over the prior-year period to $69.3 million in the second quarter of 2023Second quarter Core Revenues* of $61.0 million increased 27% over the prior-year periodSecond quarter net income of $7.2 million improved from net income of $2.4 million a year ago. EPS of $0.15 per share increased 825% and adjusted EPS* of $0.41 per share increased 161%, over the prior-year periodNet income margin for the second quarter was 10%Adjusted EBITDA* of $23.1 million increased from $12.5 million in the prior-year periodAdjusted EBITDA Margin* increased 9 percentage points over the prior-year period to 33%Total written premiums placed for the second quarter increased 36% over the prior-year period to $767.3 millionPolicies in force grew 21% from the prior-year period to approximately 1,427,000Corporate sales headcount of 280 was down 44% year-over-yearOperating franchises remained steady with the prior-year period at 1,344Total franchise producers grew 3% from a year ago to 2,069 *Core Revenue, Adjusted EPS, Adjusted EBITDA, and Adjusted EBITDA Margin are non-GAAP measures. Reconciliations of Core Revenue to total revenues, Adjusted EPS to basic earnings per share and Adjusted EBITDA to net income, the most directly comparable financial measures presented in accordance with GAAP, are set forth in the reconciliation table accompanying this release. “We delivered outstanding second quarter results that demonstrate the tremendous strength and consistency of our business and the advantages of where we operate in the insurance value chain. For the quarter, premiums increased 36%, revenues were up 31%, core revenues grew 27%, and our adjusted EBITDA grew 85% with adjusted EBITDA margin expan...