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Goosehead Insurance, Inc. (GSHD) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

Goosehead Insurance, Inc.

CIK: 1726978 Ticker: GSHD




GOOSEHEAD INSURANCE, INC. ANNOUNCES FIRST QUARTER 2020 RESULTS

- First Quarter Revenues Were $20.4 million -
- Total Written Premiums Increased 46% Over Prior-Year Period -
- Total Franchises Grew 45% Over Prior-Year Period -
- Corporate Sales Headcount Increased 31% Over Prior-Year Period -


WESTLAKE, TEXAS - April 30, 2020 -
Goosehead Insurance, Inc. (“Goosehead” or the “Company”) (NASDAQ: GSHD), a rapidly growing independent personal lines insurance agency, today announced results for the first quarter ended March 31, 2020. Beginning with the fourth quarter and full year 2019, the Company began reporting results under accounting standard ASC 606. The Company is using the modified retrospective approach to applying ASC 606 and accordingly prior period numbers have not been restated in the Form 10-Q to give effect to the application of ASC 606. A reconciliation of ASC 606 accounting to ASC 605 accounting for 2020 has been provided as a supplemental schedule in this earnings release.
First Quarter 2020 Highlights
Revenues of $20.4 million in the first quarter of 2020 as recognized under ASC 606, compared to $23.1 million in the first quarter of 2019 as recognized under ASC 605; revenues would have been $24.9 million for the first quarter of 2020 if recognized under ASC 605
Core Revenues* of $18.2 million as recognized under ASC 606; if recognized under ASC 605, Core Revenues increased 41% to $19.4 million
Net loss attributable to Goosehead Insurance, Inc. of $156 thousand or $0.01 per basic share and diluted share
Adjusted EPS* of $0.00 per share
Adjusted EBITDA* of $1.2 million in the first quarter of 2020 as recognized under ASC 606 or $5.3 million if recorded under ASC 605
Total written premiums placed increased 46% from the prior-year period to $214 million
Policies in force grew 45% from the prior-year period to 530,000
Corporate sales headcount of 241 was up 31% year-over-year
Total franchises increased 45% compared to the prior year period to 1,012; total operating franchises grew 36% compared to the prior-year period to 679
*Core Revenue, Adjusted EPS, and Adjusted EBITDA are non-GAAP measures. Reconciliation of Adjusted EBITDA to net income and basic earnings per share to Adjusted EPS, the most directly comparable financial measures presented in accordance with GAAP are set forth in the reconciliation table accompanying this release.




The following information was filed by Goosehead Insurance, Inc. (GSHD) on Thursday, April 30, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Goosehead Insurance, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) Parenthetical
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Income (Unaudited)
Condensed Consolidated Statements Of Stockholders' Equity (Unaudited)
Allowance For Uncollectible Agency Fees
Allowance For Uncollectible Agency Fees (Tables)
Allowance For Uncollectible Agency Fees - Roll-Forward Of Allowance (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Commitments And Contingencies (Tables)
Debt
Debt (Tables)
Debt - Leverage (Details)
Debt - Narrative (Details)
Debt - Schedule Of Maturities Of Note Payable (Details)
Dividends
Dividends (Details)
Dividends (Tables)
Equity-Based Compensation
Equity-Based Compensation - Schedule Of Equity-Based Compensation Expense (Details)
Franchise Fees Receivable
Franchise Fees Receivable (Tables)
Franchise Fees Receivable - Balance Of Franchise Fees Receivable (Details)
Franchise Fees Receivable - Roll-Forward Of Allowance (Details)
Income Taxes
Income Taxes (Details)
Litigation
Non-Controlling Interest
Non-Controlling Interest (Details)
Non-Controlling Interest (Tables)
Non-Controlling Interest - Effect Of Changes In Ownership Interests On Equity (Details)
Non-Controlling Interest - Ownership Interests (Details)
Organization
Organization - Narrative (Details)
Property And Equipment
Property And Equipment (Details)
Property And Equipment (Tables)
Revenue
Revenue (Details)
Revenue (Tables)
Revenue - Contract Balances (Details)
Revenue - Disaggregation Of Revenue (Details)
Segment Information
Segment Information (Tables)
Segment Information - Schedule Of Segment Information (Details)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Basic Eps (Details)
Stockholders' Equity - Narrative (Details)
Subsequent Events
Subsequent Events (Details)
Subsequent Events (Tables)
Subsequent Events - Stock Option Grant, Valuation Assumptions (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Impact Of Revenue Recognition Standard (Details)
Summary Of Significant Accounting Policies - Narrative (Details)
Summary Of Significant Accounting Policies - Restricted Cash (Details)

Material Contracts, Statements, Certifications & more

Goosehead Insurance, Inc. provided additional information to their SEC Filing as exhibits

Ticker: GSHD
CIK: 1726978
Form Type: 10-Q Quarterly Report
Accession Number: 0001726978-20-000133
Submitted to the SEC: Mon May 04 2020 2:30:58 PM EST
Accepted by the SEC: Mon May 04 2020
Period: Tuesday, March 31, 2020
Industry: Insurance Agents Brokers And Service

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