Goosehead Insurance(GSHD) - 2024 Q2 - Quarterly Results

Revenue Growth - Total revenue for Q2 2024 increased by 13% to $78.1 million compared to the prior-year period[5] - Core revenue grew by 20% to $73.4 million, up from $61.0 million in the prior-year period[5] - Total written premiums increased by 30% to $998.9 million over the prior-year period[3] - Total revenues for 2024 are projected to be between $290 million and $310 million, indicating growth of 11% to 19%[12] - Total revenues for Q2 2024 reached $78,088,000, a 12.5% increase from $69,277,000 in Q2 2023[19] - Core revenue for Q2 2024 was $73,407,000, up 20.3% from $61,021,000 in Q2 2023[27] - QTD written premium for Q2 2024 was $998,874,000, up from $767,253,000 in Q2 2023, marking a 30.2% increase[33] Profitability - Net income for Q2 2024 was $10.9 million, compared to $7.2 million a year ago, representing a 51% increase[3] - Adjusted EBITDA for Q2 2024 was $24.7 million, up from $23.1 million in the prior-year period[8] - Net income for Q2 2024 was $10,875,000, representing a net income margin of 14%, compared to $7,180,000 and 10% in Q2 2023[19] - Adjusted EBITDA for Q2 2024 reached $24,661,000, compared to $23,062,000 in Q2 2023, reflecting a growth of 6.9%[30] - Adjusted EBITDA margin for Q2 2024 was 32%, slightly down from 33% in Q2 2023[30] - Basic earnings per share (EPS) for Q2 2024 was $0.25, up from $0.15 in Q2 2023, representing a 66.7% increase[31] - Adjusted EPS for Q2 2024 was $0.43, compared to $0.41 in Q2 2023, indicating a growth of 4.9%[31] Operational Metrics - New business productivity per franchise increased by 54% in Q2 2024, marking the sixth consecutive quarter of growth[3] - Policies in force increased by 11% to approximately 1,588,000 compared to the prior-year period[5] - Total policies in force as of June 30, 2024, were 1,588,000, an increase from 1,427,000 in June 2023[33] - Client retention rate decreased to 84% in Q2 2024 from 88% in Q2 2023[33] - Corporate sales agents with less than one year of tenure increased to 157 in Q2 2024 from 146 in Q2 2023[33] - Net Promoter Score (NPS) remained stable at 91 in both Q2 2024 and Q2 2023[33] Financial Position - Cash and cash equivalents decreased to $23,643,000 as of June 30, 2024, down from $41,956,000 at the end of 2023[21] - Total assets decreased to $338,207,000 as of June 30, 2024, compared to $354,892,000 at the end of 2023[21] - Total liabilities increased to $357,940,000 as of June 30, 2024, up from $338,106,000 at the end of 2023[21] - The accumulated deficit improved to $(38,349,000) as of June 30, 2024, compared to $(47,056,000) at the end of 2023[21] - The company reported a total of 24,205,000 Class A common shares outstanding as of June 30, 2024, down from 24,966,000 shares at the end of 2023[21] Non-GAAP Measures - The company emphasizes the use of non-GAAP financial measures to evaluate performance, including Core Revenue and Adjusted EBITDA[22]