Business
Goosehead Insurance, Inc. Announces Third Quarter 2022 Results
– Total and Core Revenue Each Increased 38% and 39% over the Prior Year, Respectively –– Total Written Premium Increased 42% to $616 million –– Net Income of
About this update from Goosehead Insurance, Inc.
[{"type":"text","content":"– Total and Core Revenue Each Increased 38% and 39% over the Prior Year, Respectively –– Total Written Premium Increased 42% to $616 million –– Net Income of $3.0 million, decreased $2.3 million from a Year Ago –– Adjusted EBITDA of $11.0 million was up 67% over the Prior-Year Period –– Adjusted EBITDA Margin Increased over 320 Basis Points to 19% in the Third Quarter –– Operating Franchises Increased 23% and Corporate Agent headcount decreased 18% – WESTLAKE, Texas, Oct. 26, 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 third quarter ended September 30, 2022. Third Quarter 2022 Highlights Total Revenues grew organically 38% over the prior-year period to $57.7 million in the third quarter of 2022Third quarter Core Revenues* of $51.9 million increased 39% over the prior-year periodThird quarter net income of $3.0 million decreased 43%, EPS of $0.09 per share decreased 55% and adjusted EPS* of $0.24 per share declined 8%, over the prior-year periodAdjusted EBITDA* grew 67% over the prior-year period to $11.0 millionAdjusted EBITDA Margin* increased 3 points over the prior-year period to 19%. Total written premiums placed for the third quarter increased 42% over the prior-year period to $616 millionPolicies in force grew 31% from the prior-year period to approximately 1,238,000Corporate sales headcount of 411 was down 18% year-over-yearTotal franchises increased 17% compared to the prior-year period to 2,287; operating franchises grew 23% compared to the prior-year period to 1,403 *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 excellent growth in revenue and earnings for the third quarter, further validating the strength and consistency of our platform in an increasingly challenging macro-economic environment,” stated Mark E. Jones, Chairman and CEO. “In the third quarter premiums grew 42% with some increasing benefit from auto and home rates that coul...