Goosehead Insurance(US:GSHD)2025-04-24 01:48Revenue Growth - Total revenue increased by 17% year-over-year to $75.6 million for Q1 2025, up from $64.5 million in Q1 2024[113] - Core Revenue increased by 17% to $69.1 million in Q1 2025, compared to $58.8 million in Q1 2024[113] - Total Written Premiums rose by 22% to $1.0 billion in Q1 2025, up from $0.82 billion in Q1 2024[114] - Renewal Revenue grew 20% to $54.2 million for the three months ended March 31, 2025, from $45.0 million for the same period in 2024[155] - New Business Revenue grew 8% to $14.9 million for the three months ended March 31, 2025, from $13.8 million for the same period in 2024[152] Profitability - Net income increased by $0.8 million to $2.6 million, representing 4% of total revenues for Q1 2025[113] - Adjusted EBITDA grew by 32% to $15.5 million, accounting for 21% of total revenues in Q1 2025[113] - Net income for Q1 2025 was $2.646 million, up from $1.809 million in Q1 2024, representing a 46.2% increase[170] - Adjusted EBITDA for Q1 2025 was $15.520 million, compared to $11.727 million in Q1 2024, reflecting a 32.5% increase; Adjusted EBITDA margin improved to 21% from 18%[170] Expenses - Employee compensation and benefits expenses increased by $6.2 million, or 15%, to $48.3 million for the three months ended March 31, 2025, from $42.1 million for the same period in 2024[134] - Revenue from Initial Franchise Fees decreased by $0.9 million, or 40%, to $1.3 million for the three months ended March 31, 2025, from $2.2 million for the same period in 2024[132] - Interest income decreased by $0.1 million, or 24%, to $0.2 million for the three months ended March 31, 2025, from $0.3 million for the same period in 2024[133] Operational Metrics - Policies in Force increased by 13% to 1,729,000 as of March 31, 2025, compared to the previous year[113] - Corporate sales headcount increased by 46% to 426 as of March 31, 2025, compared to the previous year[113] - Total operating franchises decreased by 5% to 1,098 as of March 31, 2025, from 1,155 in the previous year[113] Cash Flow and Financing - Cash and cash equivalents as of March 31, 2025, totaled $70.2 million, an increase from $57.973 million at the beginning of the period[173] - Net cash provided by operating activities rose to $15.484 million in Q1 2025, up from $12.067 million in Q1 2024, marking a 28.5% increase[175] - The company utilized $3.313 million for investing activities in Q1 2025, compared to $2.882 million in Q1 2024, indicating a 14.9% increase[177] - Financing activities generated $2.427 million in Q1 2025, a significant turnaround from a net cash used of $0.115 million in Q1 2024[178] - The company entered into a new credit agreement on January 8, 2025, for $300 million in term loans and a $75 million revolving credit facility[179] Shareholder Actions - A new share repurchase program was approved on April 23, 2025, allowing for the purchase of up to $100 million of Class A common stock through May 1, 2026[190] Accounting and Risk - No significant changes to critical accounting policies since the Annual Report for the fiscal year ended December 31, 2024[192] - No material changes to exposure to market risks as described in the Annual Report for the fiscal year ended December 31, 2024[194]