Goosehead Insurance, Inc. reported strong financial performance for the third quarter and the nine months ended September 30, 2024, with total revenues reaching $78.0 million, a 10% increase from $71.0 million in Q3 2023. For the nine-month period, total revenues were $220.6 million, up 11% from $198.3 million in the same period last year. Franchise revenues significantly contributed to this growth, totaling $46.9 million in Q3 2024, compared to $38.7 million in Q3 2023, and $131.1 million for the nine months, up from $108.5 million.
Net income for Q3 2024 was $12.6 million, an increase of $1.3 million from $11.3 million in Q3 2023, while net income attributable to Goosehead Insurance, Inc. rose to $7.6 million from $6.9 million. For the nine months, net income reached $25.3 million, compared to $18.3 million in the prior year. Basic earnings per share for Q3 2024 were $0.31, up from $0.29, and $0.63 for the nine months, compared to $0.44 in 2023.
The company’s cash and cash equivalents increased to $47.5 million as of September 30, 2024, from $35.2 million a year earlier. Net cash provided by operating activities for the nine months was $59.0 million, a significant increase from $37.4 million in 2023. However, net cash used for financing activities rose to $43.7 million, primarily due to share repurchases totaling $63.2 million.
Goosehead's core revenue, which includes renewal commissions and renewal royalty fees, also saw substantial growth, reaching $73.5 million in Q3 2024, a 16% increase from $63.1 million in Q3 2023. The total written premiums placed for Q3 2024 were $1.03 billion, reflecting a 28% increase from $0.80 billion in the prior-year period.
The company maintained its corporate sales headcount at 458, a 45% increase from the previous year, while the total number of operating franchise locations decreased to 1,116 from 1,285. Goosehead did not acquire any franchises during the quarter.
In terms of expenses, employee compensation and benefits rose to $43.2 million for Q3 2024, a 10% increase from $39.4 million in Q3 2023. General and administrative expenses also increased slightly to $15.2 million. Interest expense for the quarter was $2.1 million, up from $1.6 million in the same period last year.
The company continues to navigate market conditions and strategic initiatives, including a share repurchase program authorized for up to $100 million through March 31, 2025.
About Goosehead Insurance, Inc.
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