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Mar 31, 2020
Goosehead Insurance Q1 2020 Earnings Report
Goosehead Insurance's first quarter revenues were reported as $20.4 million, with total written premiums increasing by 46%.
Key Takeaways
Goosehead Insurance reported a decrease in revenues to $20.4 million, but an increase of 46% in total written premiums. The company experienced a net loss of $156 thousand, with adjusted EPS at $0.00 per share.
Revenues were $20.4 million, but would have been $24.9 million under ASC 605.
Core Revenues were $18.2 million under ASC 606.
Net loss attributable to Goosehead Insurance, Inc. was $156 thousand, or $0.01 per share.
Total written premiums placed increased 46% to $214 million.
Goosehead Insurance
Goosehead Insurance
Forward Guidance
The Company is maintaining its full-year 2020 outlook with respect to written premiums and revenue.
Positive Outlook
- Total written premiums placed for 2020 are expected to be between $975 million and $1.035 billion, representing organic growth of 32% on the low end of the range to 40% on the high end of the range.
- Total revenues for 2020 under ASC 606 revenue accounting are expected to be between $100 million and $105 million, representing organic growth of 29% on the low end of the range to 36% on the high end of the range.
- Company's go to market strategy is unique.
- Company is continuing investment in industry leading technology and human capital.
- Company has unmatched sales and service capabilities.
Challenges Ahead
- Conditions impacting insurance carriers or other parties with which Goosehead does business.
- The economic effects of the COVID-19 pandemic.
- The loss of one or more key executives or an inability to attract and retain qualified personnel.
- The failure to attract and retain highly qualified franchisees.
- The duration and impact of the current macro environment remains uncertain.