Business
Goosehead Insurance, Inc. Announces Second Quarter 2024 Results
– Total Revenue Increased 13% and Core Revenue* Grew 20% over the Prior-Year Period – – Total Written Premium increased 30% to $999 million over the
About this update from Goosehead Insurance, Inc.
[{"type":"text","content":"– Total Revenue Increased 13% and Core Revenue* Grew 20% over the Prior-Year Period – – Total Written Premium increased 30% to $999 million over the Prior-Year Period – – Net Income of $10.9 million versus Net Income of $7.2 million a year ago – – Adjusted EBITDA* of $24.7 million versus $23.1 million in the Prior-Year Period – – Repurchased 1.045 million shares at average share price of $60.46 – WESTLAKE, Texas, July 24, 2024 (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, 2024. Second Quarter 2024 Highlights Total Revenues grew 13% over the prior-year period to $78.1 million in the second quarter of 2024Second quarter Core Revenues* of $73.4 million increased 20% over the prior-year periodSecond quarter net income of $10.9 million improved from net income of $7.2 million a year ago.EPS of $0.25 per share increased from $0.15 in the prior-year period, and adjusted EPS* of $0.43 per share increased 5% over the prior-year periodNet Income Margin for the second quarter was 14%Adjusted EBITDA* of $24.7 million increased from $23.1 million in the prior-year periodAdjusted EBITDA Margin* remained flat versus the prior-year period at 32%Total written premiums placed for the second quarter increased 30% over the prior-year period to $998.9 millionPolicies in force increased 11% from the prior-year period to approximately 1,588,000 *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. “Our excellent second quarter 2024 results reinforce our return to an accelerating profitable growth phase as total revenue was up 13%, core revenue grew 20%, premiums increased 30% and a significant number of new high-quality producers were added to both corporate and franchise networks during the quarter”, stated Mark Miller, President and CEO. “We are particularly pleased that new business productivity continues to trend well despite continued headwinds from product avail...