|GOOSEHEAD INSURANCE, INC. ANNOUNCES FIRST QUARTER 2019 RESULTS|
- Revenues Grew 59% Over Prior-Year Period to $23.1 Million -
- Net Income Increased 94% Over Prior-Year Period to $7.3 Million -
- Adjusted EBITDA Rose 86% Over Prior-Year Period to $9.5 Million -
- Total Written Premiums Placed Increased 45% Over Prior-Year Period -
- Total Operating Franchises Grew 47% Over Prior-Year Period -
“During the first quarter of 2019 we continued to demonstrate the strength and sustainability of our business and our growth strategy, as evidenced by organic revenue growth of 59% over the prior-year period,” stated Mark E. Jones, Chairman and Chief Executive Officer of Goosehead. “Our ongoing investments in quality control produced highly profitable business for our carrier partners which, in turn, facilitated strong contingent commission results for us. We are also proud that we delivered Adjusted EBITDA margin for the quarter of 41%, a strong increase from the prior-year period even while continuing to invest broadly in our business and absorbing over 350 basis points of public company costs during the quarter.”
“Additionally, we maintained our 88% client retention rate and our world-class service delivery pushed our Net Promoter Score higher again to 90,” continued Mr. Jones. “With our successful first full year as a public company now behind us, our unique business model and capabilities continue to enhance our position to drive sustained and elevated levels of productivity, growth, and margin expansion over the long term.”
The Company is maintaining its full-year 2019 outlook with respect to written premiums and revenue:
Total written premiums placed for 2019 of between $700 million and $725 million, representing organic growth of 38% on the low end of the range to 42% on the high end of the range.
Total revenues for 2019 of between $80 million and $85 million, representing organic growth of 33% on the low end of the range to 41% on the high end of the range.