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Dec 31, 2023
Goosehead Insurance Q4 2023 Earnings Report
Reported a 10% increase in total revenues and a rise in net income compared to the prior-year period.
Key Takeaways
Goosehead Insurance reported strong Q4 2023 results, with a 10% increase in total revenues to $63.0 million and net income improving to $5.4 million from $2.6 million year-over-year. Adjusted EPS increased by 155% to $0.28 per share, and total written premiums placed grew by 29% to $756.1 million. The company's focus on productivity and strategic changes contributed to these positive results.
Total revenues grew 10% year-over-year to $63.0 million.
Core revenues increased 10% year-over-year to $56.9 million.
Net income improved to $5.4 million, with EPS increasing by 650% and adjusted EPS increasing by 155%.
Total written premiums placed increased 29% year-over-year to $756.1 million.
Goosehead Insurance
Goosehead Insurance
Goosehead Insurance Revenue by Segment
Revenue by Segment
Core Revenue
CapyFin.comCost Recovery Revenue
CapyFin.comAncillary Revenue
CapyFin.com Forward Guidance
Goosehead Insurance provided guidance for the full year 2024, expecting total written premiums placed to be between $3.70 billion and $3.85 billion, representing 25% to 30% organic growth. Total revenues are expected to be between $310 million and $320 million, representing 19% to 22% organic growth. The company also anticipates adjusted EBITDA Margin to expand for the full year 2024.
Positive Outlook
- Total written premiums placed are expected to grow by 25% to 30%.
- Total revenues are expected to increase by 19% to 22%.
- Contingent commissions are expected to be approximately 35 basis points of total written premiums.
- Adjusted EBITDA Margin is expected to expand for the full year 2024.
- Focus on driving accelerating new business production growth in 2024.
Challenges Ahead
- No specific negative guidance was provided in the summary.
- Guidance is subject to various risks and uncertainties.
- Conditions impacting insurance carriers could affect results.
- Loss of key executives or failure to attract qualified personnel could impact performance.
- Inability to attract and retain highly qualified franchisees could affect growth.
Revenue & Expenses
Visualization of income flow from segment revenue to net income