Goosehead Insurance, Inc. Announces First Quarter 2020 Results
- First Quarter Revenues Were
- 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 -
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 strong start to 2020 continues to validate our powerful and resilient growth model,” stated
“I am particularly proud of our results in light of the current challenges related to COVID-19. While quickly and seamlessly transitioning to a remote working environment, our sales and service efforts did not miss a beat as evidenced by our strong finish to the quarter and momentum we have continued to sustain into April. While a single month's worth of data is not comparable to a full quarter, preliminary year-over-year premium growth in April is estimated at over 40%1. The duration and impact of the current macro environment remains uncertain; however, we have built an unmatched and highly resilient platform that we believe leaves us well positioned to continue to play offense during this challenging period. I want to thank our employees and franchise agents for their tremendous efforts in continuing to deliver for our clients and drive our business for our shareholders.”
1This is a preliminary estimate based on currently available information, which is subject to change.
First Quarter 2020 Results
For the first quarter of 2020, revenues were
Total operating expenses for the first quarter of 2020 were
Net loss for the first quarter of 2020 was
Liquidity and Capital Resources
As of
2020 Outlook
Based on our experience to date, the Company is maintaining its full-year 2020 outlook with respect to written premiums and revenue:
- 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.
Conference Call Information
Goosehead will host a conference call and webcast today at
The dial-in number for the conference call is (855) 327-6837 (toll-free) or (631) 891-4304 (international). Please dial the number 10 minutes prior to the scheduled start time.
In addition, a live webcast of the conference call will also be available on Goosehead’s investor relations website at http://ir.gooseheadinsurance.com.
A webcast replay of the call will be available at http://ir.gooseheadinsurance.com for one year following the call.
About Goosehead
Goosehead (NASDAQ: GSHD) is a rapidly growing and innovative independent personal lines insurance agency that distributes its products and services throughout
Forward-Looking Statements
This press release may contain various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which represent Goosehead’s expectations or beliefs concerning future events. Forward-looking statements are statements other than historical facts and may include statements that address future operating, financial or business performance or Goosehead’s strategies or expectations. In some cases, you can identify these statements by forward-looking words such as “may”, “might”, “will”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, “outlook” or “continue”, or the negative of these terms or other comparable terminology. Forward-looking statements are based on management’s current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements.
Factors that could cause actual results or performance to differ from the expectations expressed or implied in such forward-looking statements include, but are not limited to, 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 and the failure to attract and retain highly qualified franchisees. These risks and uncertainties also include, but are not limited to, those described under the captions “1A. Risk Factors” in Goosehead’s Annual Report on Form 10-K for the year ended
Contacts
Investor and Media Contact:
Phone: (214) 838-5290
Email: IR@goosehead.com; PR@goosehead.com
Condensed Consolidated Statements of Income
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended |
||||||||||||||||
2020 (ASC 606) | 2019 (ASC 605) | |||||||||||||||
Revenues: | ||||||||||||||||
Commissions and agency fees | $ | 11,811 | $ | 16,170 | ||||||||||||
Franchise revenues | 8,445 | 6,828 | ||||||||||||||
Interest income | 169 | 135 | ||||||||||||||
Total revenues | 20,425 | 23,133 | ||||||||||||||
Operating Expenses: | ||||||||||||||||
Employee compensation and benefits | 13,503 | 9,191 | ||||||||||||||
General and administrative expenses | 5,872 | 4,430 | ||||||||||||||
Bad debts | 309 | 401 | ||||||||||||||
Depreciation and amortization | 540 | 423 | ||||||||||||||
Total operating expenses | 20,224 | 14,445 | ||||||||||||||
Income from operations | 201 | 8,688 | ||||||||||||||
Other Income (Expense): | ||||||||||||||||
Other income | 66 | — | ||||||||||||||
Interest expense | (604 | ) | (626 | ) | ||||||||||||
Income (loss) before taxes | (337 | ) | 8,062 | |||||||||||||
Tax expense (benefit) | (41 | ) | 744 | |||||||||||||
Net income (loss) | (296 | ) | 7,318 | |||||||||||||
Less: net income (loss) attributable to non-controlling interests | (140 | ) | 4,846 | |||||||||||||
Net income (loss) attributable to |
$ | (156 | ) | $ | 2,472 | |||||||||||
Earnings (loss) per share: | ||||||||||||||||
Basic | $ | (0.01 | ) | $ | 0.17 | |||||||||||
Diluted | $ | (0.01 | ) | $ | 0.16 | |||||||||||
Weighted average shares of Class A common stock outstanding | ||||||||||||||||
Basic | 15,564 | 14,211 | ||||||||||||||
Diluted | 15,564 | 15,289 |
Condensed Consolidated Supplemental Statements of Income
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended |
||||||||||||||||||||||||||
2020 (ASC 606) | 2020 (ASC 605) | 2019 (ASC 605) | ||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Core Revenue: | ||||||||||||||||||||||||||
Renewal Commissions(1) | $ | 5,733 | $ | 6,144 | $ | 4,789 | ||||||||||||||||||||
Renewal Royalty Fees(2) | 5,386 | 5,754 | 3,763 | |||||||||||||||||||||||
New Business Commissions(1) | 3,333 | 3,401 | 2,459 | |||||||||||||||||||||||
New Business Royalty Fees(2) | 2,048 | 2,128 | 1,355 | |||||||||||||||||||||||
Agency Fees(1) | 1,686 | 1,995 | 1,437 | |||||||||||||||||||||||
Total Core Revenue | 18,186 | 19,422 | 13,803 | |||||||||||||||||||||||
Cost Recovery Revenue: | — | |||||||||||||||||||||||||
Initial Franchise Fees(2) | 978 | 2,310 | 1,710 | |||||||||||||||||||||||
Interest Income | 169 | 169 | 135 | |||||||||||||||||||||||
Total Cost Recovery Revenue | 1,147 | 2,479 | 1,845 | |||||||||||||||||||||||
Ancillary Revenue: | — | |||||||||||||||||||||||||
Contingent Commissions(1) | 1,059 | 2,961 | 7,485 | |||||||||||||||||||||||
Other Income(2) | 33 | 34 | — | |||||||||||||||||||||||
Total Ancillary Revenue | 1,092 | 2,995 | 7,485 | |||||||||||||||||||||||
Total Revenues | 20,425 | 24,896 | 23,133 | |||||||||||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||||
Employee compensation and benefits | 13,503 | 13,575 | 9,191 | |||||||||||||||||||||||
General and administrative expenses | 5,872 | 5,872 | 4,430 | |||||||||||||||||||||||
Bad debts | 309 | 613 | 401 | |||||||||||||||||||||||
Depreciation and amortization | 540 | 540 | 423 | |||||||||||||||||||||||
Total operating expenses | 20,224 | 20,600 | 14,445 | |||||||||||||||||||||||
Income (loss) from operations | 201 | 4,296 | 8,688 | |||||||||||||||||||||||
Other Expense: | ||||||||||||||||||||||||||
Other expense | 66 | 66 | — | |||||||||||||||||||||||
Interest expense | (604 | ) | (604 | ) | (626 | ) | ||||||||||||||||||||
Income (loss) before taxes | (337 | ) | 3,758 | 8,062 | ||||||||||||||||||||||
Tax expense | (41 | ) | (458 | ) | 744 | |||||||||||||||||||||
Net Income (loss) | (296 | ) | 3,300 | 7,318 | ||||||||||||||||||||||
Less: net income (loss) attributable to non-controlling interests | (140 | ) | 2,198 | 4,846 | ||||||||||||||||||||||
Net Income (loss) attributable to |
$ | (156 | ) | $ | 1,102 | $ | 2,472 | |||||||||||||||||||
Earnings per share: | ||||||||||||||||||||||||||
Basic | $ | (0.01 | ) | $ | 0.07 | $ | 0.17 | |||||||||||||||||||
Diluted | $ | (0.01 | ) | $ | 0.07 | $ | 0.16 | |||||||||||||||||||
Weighted average shares of Class A common stock outstanding | ||||||||||||||||||||||||||
Basic | 15,564 | 15,564 | 14,211 | |||||||||||||||||||||||
Diluted | 15,564 | 16,918 | 15,289 |
(1) Renewal Commissions, New Business Commissions, Agency Fees, and Contingent Commissions are included in “Commissions and agency fees” as shown on the Consolidated statements of income within Goosehead’s Form 10-Q for the three months ended
(2) Renewal Royalty Fees, New Business Royalty Fees, Initial Franchise Fees, and Other Income are included in “Franchise revenues” as shown on the Consolidated statements of income within Goosehead’s Form 10-Q for the three months ended
Segment Information
(Unaudited)
Three Months Ended |
||||||||||||||||||||||||||||||||||||
Franchise Channel |
Corporate Channel |
Other | Total | |||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||
Core Revenue: | ||||||||||||||||||||||||||||||||||||
Renewal Commissions(1) | $ | — | $ | 5,733 | $ | — | $ | 5,733 | ||||||||||||||||||||||||||||
Renewal Royalty Fees(2) | 5,386 | — | — | 5,386 | ||||||||||||||||||||||||||||||||
New Business Commissions(1) | — | 3,333 | — | 3,333 | ||||||||||||||||||||||||||||||||
New Business Royalty Fees(2) | 2,048 | — | — | 2,048 | ||||||||||||||||||||||||||||||||
Agency Fees(1) | — | 1,686 | — | 1,686 | ||||||||||||||||||||||||||||||||
Total Core Revenue | 7,434 | 10,752 | — | 18,186 | ||||||||||||||||||||||||||||||||
Cost Recovery Revenue: | ||||||||||||||||||||||||||||||||||||
Initial Franchise Fees(2) | 978 | — | — | 978 | ||||||||||||||||||||||||||||||||
Interest Income | 169 | — | — | 169 | ||||||||||||||||||||||||||||||||
Total Cost Recovery Revenue | 1,147 | — | — | 1,147 | ||||||||||||||||||||||||||||||||
Ancillary Revenue: | ||||||||||||||||||||||||||||||||||||
Contingent Commissions(1) | 694 | 365 | — | 1,059 | ||||||||||||||||||||||||||||||||
Other Income(2) | 33 | — | — | 33 | ||||||||||||||||||||||||||||||||
Total Ancillary Revenue | 727 | 365 | — | 1,092 | ||||||||||||||||||||||||||||||||
Total Revenues | 9,308 | 11,117 | — | 20,425 | ||||||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||
Employee compensation and benefits, excluding equity-based compensation | 5,896 | 7,109 | — | 13,005 | ||||||||||||||||||||||||||||||||
General and administrative expenses, excluding state franchise tax | 2,225 | 2,709 | 938 | 5,872 | ||||||||||||||||||||||||||||||||
Bad debts | 81 | 228 | — | 309 | ||||||||||||||||||||||||||||||||
Total | 8,202 | 10,046 | 938 | 19,186 | ||||||||||||||||||||||||||||||||
Adjusted EBITDA | 1,106 | 1,071 | (938 | ) | 1,239 | |||||||||||||||||||||||||||||||
Other income (expense) | 66 | — | — | 66 | ||||||||||||||||||||||||||||||||
Equity based compensation | — | — | (498 | ) | (498 | ) | ||||||||||||||||||||||||||||||
Interest expense | — | — | (604 | ) | (604 | ) | ||||||||||||||||||||||||||||||
Depreciation and amortization | (313 | ) | (227 | ) | — | (540 | ) | |||||||||||||||||||||||||||||
Taxes | — | — | 41 | 41 | ||||||||||||||||||||||||||||||||
Net income | $ | 859 | $ | 844 | $ | (1,999 | ) | $ | (296 | ) | ||||||||||||||||||||||||||
At |
||||||||||||||||||||||||||||||||||||
Total Assets | $ | 23,527 | $ | 16,006 | $ | 36,355 | $ | 75,888 |
(1) Renewal Commissions, New Business Commissions, Agency Fees, and Contingent Commissions are included in “Commissions and agency fees” as shown on the Consolidated statements of income within Goosehead’s Form 10-Q for the three months ended
(2) Renewal Royalty Fees, New Business Royalty Fees, Initial Franchise Fees, and Other Income are included in “Franchise revenues” as shown on the Consolidated statements of income within Goosehead’s Form 10-Q for the three months ended
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands, except per share amounts)
Assets | ||||||||||||
Current Assets | ||||||||||||
Cash and cash equivalents | $ | 10,831 | $ | 14,337 | ||||||||
Restricted cash | 1,119 | 923 | ||||||||||
Commissions and agency fees receivable, net | 4,655 | 6,884 | ||||||||||
Receivable from franchisees, net | 2,859 | 2,602 | ||||||||||
Prepaid expenses | 5,755 | 1,987 | ||||||||||
Total current assets | 25,219 | 26,733 | ||||||||||
Receivable from franchisees, net of current portion | 11,477 | 11,014 | ||||||||||
Property and equipment, net of accumulated depreciation | 9,999 | 9,542 | ||||||||||
Intangible assets, net of accumulated amortization | 475 | 445 | ||||||||||
Deferred income taxes, net | 26,900 | 15,537 | ||||||||||
Other assets | 1,818 | 1,357 | ||||||||||
Total assets | $ | 75,888 | $ | 64,628 | ||||||||
Liabilities and Members’ Equity | ||||||||||||
Current Liabilities: | ||||||||||||
Accounts payable and accrued expenses | $ | 4,515 | $ | 5,033 | ||||||||
Premiums payable | 1,119 | 923 | ||||||||||
Deferred rent | 703 | 683 | ||||||||||
Contract liabilities | 3,006 | 2,771 | ||||||||||
Note payable | 2,000 | 4,000 | ||||||||||
Total current liabilities | 11,343 | 13,410 | ||||||||||
Deferred rent, net of current portion | 6,732 | 6,681 | ||||||||||
Note payable, net of current portion | 44,383 | 42,161 | ||||||||||
Contract liabilities, net of current portion | 21,079 | 20,024 | ||||||||||
Liabilities under tax receivable agreement, net of current portion | 22,339 | 13,359 | ||||||||||
Total liabilities | 105,876 | 95,635 | ||||||||||
Commitments and contingencies (see note 7) | ||||||||||||
Class A common stock, |
160 | 152 | ||||||||||
Class B common stock, |
202 | 210 | ||||||||||
Additional paid in capital | 15,891 | 14,442 | ||||||||||
Accumulated deficit | (23,967 | ) | (23,811 | ) | ||||||||
Total stockholders' equity and members' deficit | (7,714 | ) | (9,007 | ) | ||||||||
Non-controlling interests | (22,274 | ) | (22,000 | ) | ||||||||
Total equity | (29,988 | ) | (31,007 | ) | ||||||||
Total liabilities and equity | $ | 75,888 | $ | 64,628 |
Reconciliation of Core Revenue, Cost Recovery Revenue, Ancillary Revenue, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EPS to Net Income
This release includes Core Revenue, Cost Recovery Revenue, Ancillary Revenue, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EPS that are not required by, or presented in accordance with, generally accepted accounting principles in
These non-GAAP financial measures are defined by the Company as follows:
- “Core Revenue” is a supplemental measure of our performance and includes Renewal Commissions, Renewal Royalty Fees, New Business Commissions, New Business Royalty Fees, and Agency Fees. We believe that Core Revenue is an appropriate measure of operating performance because it summarizes all of our revenues from sales of individual insurance policies.
- “Cost Recovery Revenue” is a supplemental measure of our performance and includes Initial Franchise Fees and Interest Income. We believe that Cost Recovery Revenue is an appropriate measure of operating performance because it summarizes revenues that are viewed by management as cost recovery mechanisms.
- “Ancillary Revenue” is a supplemental measure of our performance and includes Contingent Commissions and Other Income. We believe that Ancillary Revenue is an appropriate measure of operating performance because it summarizes revenues that are ancillary to our core business.
- “Adjusted EBITDA” is a supplemental measure of the Company's performance. We believe that Adjusted EBITDA is an appropriate measure of operating performance because it eliminates the impact of items that do not relate to business performance. Adjusted EBITDA is defined as net income (the most directly comparable GAAP measure) before interest, income taxes, depreciation and amortization, adjusted to exclude equity-based compensation and other non-operating items, including, among other things, certain non-cash charges and certain non-recurring or non-operating gains or losses.
- “Adjusted EBITDA Margin” is Adjusted EBITDA as defined above, divided by total revenue excluding other non-operating items. Adjusted EBITDA Margin is helpful in measuring profitability of operations on a consolidated level.
- “Adjusted EPS” is a supplemental measure of our performance, defined as earnings per share (the most directly comparable GAAP measure) before non-recurring or non-operating income and expenses. Adjusted EPS is a useful measure to management because it eliminates the impact of items that do not relate to business performance and helps measure our profitability on a consolidated level.
While the Company believes that these non-GAAP financial measures are useful in evaluating its business, this information should be considered as supplemental in nature and is not meant as a substitute for revenues, net income, or earnings per share, in each case as recognized in accordance with GAAP. In addition, other companies, including companies in the Company’s industry, may calculate such measures differently, which reduces their usefulness as comparative measures.
The following tables show a reconciliation from total revenues to Core Revenue, Cost Recovery Revenue, and Ancillary Revenue (non-GAAP basis) for three months ended
Three Months Ended |
||||||||||||||||||||||||||
2020 (ASC 606) | 2020 (ASC 605) | 2019 (ASC 605) | ||||||||||||||||||||||||
Total Revenues | $ | 20,425 | $ | 24,895 | $ | 23,133 | ||||||||||||||||||||
Core Revenue: | ||||||||||||||||||||||||||
Renewal Commissions(1) | $ | 5,733 | $ | 6,144 | $ | 4,789 | ||||||||||||||||||||
Renewal Royalty Fees(2) | 5,386 | 5,754 | 3,763 | |||||||||||||||||||||||
New Business Commissions(1) | 3,333 | 3,401 | 2,459 | |||||||||||||||||||||||
New Business Royalty Fees(2) | 2,048 | 2,128 | 1,355 | |||||||||||||||||||||||
Agency Fees(1) | 1,686 | 1,995 | 1,437 | |||||||||||||||||||||||
Total Core Revenue | 18,186 | 19,422 | 13,803 | |||||||||||||||||||||||
Cost Recovery Revenue: | ||||||||||||||||||||||||||
Initial Franchise Fees(2) | 978 | 2,310 | 1,710 | |||||||||||||||||||||||
Interest Income | 169 | 169 | 135 | |||||||||||||||||||||||
Total Cost Recovery Revenue | 1,147 | 2,479 | 1,845 | |||||||||||||||||||||||
Ancillary Revenue: | ||||||||||||||||||||||||||
Contingent Commissions(1) | 1,059 | 2,961 | 7,485 | |||||||||||||||||||||||
Other Income(2) | 33 | 34 | — | |||||||||||||||||||||||
Total Ancillary Revenue | 1,092 | 2,995 | 7,485 | |||||||||||||||||||||||
Total Revenues | $ | 20,425 | $ | 24,896 | $ | 23,133 |
(1) Renewal Commissions, New Business Commissions, Agency Fees, and Contingent Commissions are included in “Commissions and agency fees” as shown on the Consolidated statements of income within Goosehead’s Form 10-Q for the three months ended
(2) Renewal Royalty Fees, New Business Royalty Fees, Initial Franchise Fees, and Other Income are included in “Franchise revenues” as shown on the Consolidated statements of income within Goosehead’s Form 10-Q for the three months ended
The following tables show a reconciliation from net income to Adjusted EBITDA and Adjusted EBITDA Margin (non-GAAP basis) for three months ended
Three Months Ended |
||||||||||||||||||||||||||
(in thousands) | 2020 (ASC 606) | 2020 (ASC 605) | 2019 (ASC 605) | |||||||||||||||||||||||
Net income (loss) | $ | (296 | ) | $ | 3,300 | $ | 7,318 | |||||||||||||||||||
Interest expense | 604 | 604 | 626 | |||||||||||||||||||||||
Depreciation and amortization | 540 | 540 | 423 | |||||||||||||||||||||||
Tax expense (benefit) | (41 | ) | 458 | 744 | ||||||||||||||||||||||
Equity-based compensation | 498 | 498 | 368 | |||||||||||||||||||||||
Other (income) expense | (66 | ) | (66 | ) | — | |||||||||||||||||||||
Adjusted EBITDA | $ | 1,239 | $ | 5,334 | $ | 9,479 | ||||||||||||||||||||
Adjusted EBITDA Margin(1) | 6 | % | 21 | % | 41 | % |
(1) Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue (
The following tables show a reconciliation from basic earnings per share to Adjusted EPS (non-GAAP basis) for the three months ended
Three Months Ended |
|||||||||||||||||||||||||||
2020 (ASC 606) | 2020 (ASC 605) | 2019 (ASC 605) | |||||||||||||||||||||||||
Earnings (loss) per share - basic (GAAP) | $ |
(0.01 | ) | $ | 0.07 | $ | 0.17 | ||||||||||||||||||||
Add: equity-based compensation(1) | 0.01 | 0.01 | 0.01 | ||||||||||||||||||||||||
Adjusted EPS (non-GAAP) | $ | — | $ | 0.08 | $ | 0.18 |
(1) Calculated as equity-based compensation divided by the weighted average of Class A and Class B shares outstanding during the period [
Key Performance Indicators
Corporate sales agents < 1 year tenured | 130 | 141 | 103 | |||||||||||||||
Corporate sales agents > 1 year tenured | 111 | 107 | 81 | |||||||||||||||
Operating franchises < 1 year tenured (TX) | 22 | 18 | 29 | |||||||||||||||
Operating franchises > 1 year tenured (TX) | 181 | 180 | 175 | |||||||||||||||
Operating franchises < 1 year tenured (Non-TX) | 233 | 215 | 178 | |||||||||||||||
Operating franchises > 1 year tenured (Non-TX) | 243 | 201 | 119 | |||||||||||||||
Policies in Force (in thousands) | 530,000 | 482,000 | 365,000 | |||||||||||||||
Client Retention | 88 | % | 88 | % | 88 | % | ||||||||||||
Premium Retention | 90 | % | 91 | % | 93 | % | ||||||||||||
QTD Written Premium (in thousands) | $ | 214,137 | $ | 196,025 | $ | 146,874 | ||||||||||||
Net Promoter Score (“NPS”) | 89 | 89 | 90 |
Source: Goosehead Insurance, Inc.