Business
Goosehead Insurance, Inc. Announces Third Quarter 2024 Results
– Total Revenue Increased 10% and Core Revenue* Grew 16% over the Prior-Year Period – – Total Written Premium increased 28% to $1.03 billion over the
About this update from Goosehead Insurance, Inc.
[{"type":"text","content":"– Total Revenue Increased 10% and Core Revenue* Grew 16% over the Prior-Year Period – – Total Written Premium increased 28% to $1.03 billion over the Prior-Year Period – – Net Income of $12.6 million versus Net Income of $11.3 million a year ago – – Adjusted EBITDA* of $26.1 million versus $22.4 million in the Prior-Year Period – WESTLAKE, Texas, Oct. 23, 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 third quarter ended September 30, 2024. Third Quarter 2024 Highlights Total Revenues grew 10% over the prior-year period to $78.0 million in the third quarter of 2024Third quarter Core Revenues* of $73.5 million increased 16% over the prior-year periodThird quarter net income of $12.6 million improved from net income of $11.3 million a year agoEPS of $0.31 per share increased from $0.29 in the prior-year period, and Adjusted EPS* of $0.50 per share increased 10% over the prior-year periodNet Income Margin for the third quarter was 16%Adjusted EBITDA* of $26.1 million increased from $22.4 million in the prior-year periodAdjusted EBITDA Margin* increased versus the prior-year period to 34%Total Written Premiums placed for the third quarter increased 28% over the prior-year period to $1.03 billionPolicies in Force increased 12% from the prior-year period to approximately 1,636,000Corporate agent headcount of 458 was up 45% compared to the prior-year periodTotal franchise producers of 2,093 increased 4% from the prior-year period and 5% compared to second quarter 2024 *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 an outstanding third quarter result in the face of continued macro headwinds related to product availability and real estate as well as severe weather events which temporarily impacted production across several large states,” stated Mark Miller, President and CEO. “For the quarter, total revenue grew 10%, core revenue grew 16%, net income margin w...