From GlobeNewswire: 2025-02-24 16:01:00

Goosehead Insurance, Inc. reported a 20% increase in total revenue for the year to $314.5 million. Core revenue grew by 17% to $273.7 million, with a 29% increase in total written premium to $3.8 billion in 2024. Net income rose to $49.1 million from $23.7 million in 2023, and Adjusted EBITDA increased by 43% to $99.9 million.

In the fourth quarter of 2024, Goosehead’s total revenues grew by 49% to $93.9 million. Core revenues reached $68.0 million, a 19% increase over the prior-year period. Net income improved to $23.8 million from $5.4 million a year ago, with EPS at $0.60 per share. Adjusted EBITDA rose by 164% to $37.4 million.

The company saw strong growth in core revenue driven by client retention, premium rate increases, and agent productivity. Total written premiums increased by 28% in the fourth quarter of 2024. Operating expenses were up 16% to $56.5 million, primarily due to investments in corporate producers and technology. Net income for the quarter was $23.8 million, with an EPS of $0.60 and net income margin of 25%.

As of December 31, 2024, Goosehead had $58.0 million in cash and cash equivalents, with an unused line of credit of $74.8 million. The company entered into a credit agreement on January 8, 2025, providing for a $300 million term notes payable and a $75 million revolving credit facility. This agreement replaces the existing credit agreement dated July 21, 2021. Goosehead Financial, LLC declared a special distribution of $175 million on January 9, 2025, paid in cash on January 31, 2025. The distribution included a $59 million payment to non-controlling interest holders. The company also declared a one-time special cash dividend of $5.91 per Class A common stock, totaling $146 million, funded partly by prior tax distributions. The 2025 outlook projects total written premiums between $4.65 billion and $4.88 billion, and total revenues between $350 million and $385 million, with organic growth. Goosehead will host a conference call today at 4:30 PM ET to discuss these results. The company, founded on providing extraordinary value, represents over 200 insurance companies. Forward-looking statements in the press release contain expectations for future events and involve risks and uncertainties. The consolidated statements of operations for Goosehead Insurance, Inc. show revenues for the three and twelve months ended December 31, 2024, with net income attributable to the company. Operating expenses, adjusted EBITDA, and other financial details are provided. Goosehead Insurance, Inc. released its Consolidated Balance Sheets for December 31, 2024, showing total assets of $397,653, an increase from $354,892 in 2023. Current assets include $54,280 in cash and cash equivalents. The company also reported total equity of $39,073, up from $16,786 in 2023.

The insurance company provided a reconciliation of non-GAAP measures to GAAP, including Core Revenue, Cost Recovery Revenue, Ancillary Revenue, Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted EPS. For the three months ended December 31, 2024, total revenues were $93,922, with Core Revenue totaling $67,974. Adjusted EBITDA was $37,378, with a margin of 40%.

In the same report, Goosehead Insurance, Inc. showed a reconciliation from basic earnings per share to Adjusted EPS for the three months ended December 31, 2024, with Adjusted EPS coming in at $0.79. This non-GAAP measure accounts for equity-based compensation and impairment expense, providing a clearer picture of the company’s performance. Adjusted EPS for the twelve months ended December 31, 2024, was $1.99. Goosehead Insurance, Inc. reported key performance indicators for December 31, 2024, compared to December 31, 2023. Corporate sales agents under 1 year tenure increased to 253 from 135, while those over 1 year tenure remained steady at 164. Operating franchises under 1 year tenure decreased to 90 from 183, with over 1 year tenure franchises at 1,013 from 1,043. Total Franchise Producers increased to 2,092 from 1,957. QTD Corporate Agent Productivity for < 1 Year tenure was $12,787 and > 1 Year tenure $26,788. QTD Franchise Productivity for < 1 Year tenure was $17,861 and > 1 Year tenure $29,089. Policies in Force increased to 1,674,000 from 1,486,000. Client Retention decreased to 84% from 86%, while Premium Retention decreased to 98% from 101%. QTD Written Premium increased to $965,596 from $756,082. Net Promoter Score (“NPS”) declined to 89 from 92. Corporate Productivity is New Business Production per Agent (Corporate), while Franchise Productivity is New Business Production per Agency.



Read more at GlobeNewswire:: Goosehead Insurance, Inc. Announces Fourth Quarter and Full