Financial News

Goosehead Insurance, Inc. Announces Fourth Quarter and Full Year 2023 Results

Total Revenue Increased 25% for the year to $261.3 million
Core Revenue Grew 24% for the year to $233.0 million
Total Written Premium in 2023 Increased 34% to $3.0 billion
2023 Net Income of $23.7 million versus $2.6 million in 2022
Adjusted EBITDA in 2023 up 90% to $69.8 million

WESTLAKE, Texas, Feb. 21, 2024 (GLOBE NEWSWIRE) -- Goosehead Insurance, Inc. (“Goosehead” or the “Company”) (NASDAQ: GSHD), a rapidly growing independent personal lines insurance agency, today announced results for the fourth quarter and year ended December 31, 2023.

Fourth Quarter 2023 Highlights

  • Total Revenues grew 10% over the prior-year period to $63.0 million in the fourth quarter of 2023
  • Fourth quarter Core Revenues* of $56.9 million increased 10% over the prior-year period
  • Fourth quarter net income of $5.4 million improved from net income of $2.6 million a year ago. EPS of $0.15 per share increased 650% and adjusted EPS* of $0.28 per share increased 155%, over the prior-year period
  • Net income margin for the fourth quarter was 9%
  • Adjusted EBITDA* of $14.1 million increased from $11.9 million in the prior-year period
  • Adjusted EBITDA Margin* increased 1 percentage points over the prior-year period to 22%
  • Total written premiums placed for the fourth quarter increased 29% over the prior-year period to $756.1 million
  • Policies in force grew 16% from the prior-year period to approximately 1,486,000

*Core Revenue, Adjusted EPS, Adjusted EBITDA, and Adjusted EBITDA Margin are non-GAAP measures. Reconciliations of Core Revenue to total revenues, Adjusted EPS to basic earnings per share and Adjusted EBITDA to net income, the most directly comparable financial measures presented in accordance with GAAP, are set forth in the reconciliation table accompanying this release.

“We had a tremendous 2023 with premium growth of 34%, total revenue growth of 25%, Core revenue growth of 24%, and EBITDA growth of 90% with margin expansion of 900 basis points to 27%,” stated Mark E. Jones, Chairman and CEO. “Our overall results this year unfolded according to plan as we have successfully implemented strategic changes to improve productivity and increase earnings power. The results of our Corporate sales leadership reorganization in late 2022, followed by consolidating Franchise leadership with Corporate in Q4 2023 drove very large productivity gains. The next phase of our execution will be driving accelerating new business production growth in 2024, particularly in our Franchise network and adding meaningfully to our overall productive capacity which should spring load into accelerating revenue and earnings growth in 2025 and beyond. We will be driving this improved growth on a significantly higher and expanding profitability base, further enhancing our competitive moat and positioning us well to execute on our long term objective of personal lines industry leadership.”

Fourth Quarter 2023 Results
For the fourth quarter of 2023, revenues were $63.0 million, an increase of 10% compared to the corresponding period in 2022. Core Revenues, a non-GAAP measure which excludes contingent commissions, initial franchise fees, interest income, and other income, were $56.9 million, a 10% increase from $51.8 million in the prior-year period. Core Revenues are the most reliable revenue stream for the Company, consisting of New Business Commissions, Agency Fees, New Business Royalty Fees, Renewal Commissions, and Renewal Royalty Fees. Core Revenue growth was driven by improved productivity, strong client retention of 86%, and rising premium rates. The Company grew total written premiums, which we consider to be the leading indicator of future revenue growth, by 29% in the fourth quarter.

Total operating expenses, excluding equity-based compensation, depreciation and amortization and impairment expenses, for the fourth quarter of 2023 were $48.9 million, up 7% from $45.5 million in the prior-year period. The increase from the prior period was due to increased employee compensation and benefits expenses related to investments in partnership, technology, marketing, and service functions. Equity-based compensation increased to $5.0 million for the period, compared to $3.3 million a year ago. Bad debt expense of $1.0 million decreased from $1.4 million a year ago due to reduced terminations of signed franchises that have yet to launch. General and administrative expenses are also higher versus a year ago due to investments in technology, systems and marketing efforts to drive growth and continue to improve the client experience.

Net income in the fourth quarter of 2023 was $5.4 million versus net income of $2.6 million a year ago, with the improvement due to strong revenue growth and expense discipline. Earnings per share and Net Income Margin for the fourth quarter of 2023 were $0.15 and 9%, respectively. Adjusted EPS for the fourth quarter of 2023, which excludes equity-based compensation and impairment expense, was $0.28 per share. Total Adjusted EBITDA was $14.1 million for the fourth quarter of 2023 compared to $11.9 million in the prior-year period. Adjusted EBITDA Margin of 22% was up 1 percentage point in the quarter.

Liquidity and Capital Resources
As of December 31, 2023, the Company had cash and cash equivalents of $44.0 million. We had an unused line of credit of $49.8 million as of December 31, 2023. Total outstanding term note payable balance was $77.5 million as of December 31, 2023.

2024 Outlook
Our guidance for the full year 2024 is as follows:

  • Total written premiums placed are expected to be between $3.70 billion and $3.85 billion representing 25% organic growth on the low end of the range, and 30% organic growth on the high end of the range.
  • Total revenues are expected to be between $310 million and $320 million representing 19% organic growth on the low end of the range and 22% organic growth on the high end of the range.
  • Contingent commissions for 2024 are expected to be approximately 35 basis points of total written premiums.
  • Adjusted EBITDA Margin is expected to expand for the full year 2024.

Conference Call Information
Goosehead will host a conference call and webcast today at 4:30 PM ET to discuss these results.

To access the call by phone, participants should go to this link (registration link), and you will be provided with the dial in details.

In addition, a live webcast of the conference call will also be available on Goosehead’s investor relations website at http://ir.goosehead.com.

A webcast replay of the call will be available at http://ir.goosehead.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 through corporate and franchise locations throughout the United States. Goosehead was founded on the premise that the consumer should be at the center of our universe and that everything we do should be directed at providing extraordinary value by offering broad product choice and a world-class service experience. Goosehead represents over 150 insurance companies that underwrite personal and commercial lines. For more information, please visit goosehead.com or goosehead.com/become-a-franchisee.

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 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 December 31, 2023 and in Goosehead’s other filings with the SEC, which are available free of charge on the Securities Exchange Commission's website at: www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All forward-looking statements and all subsequent written and oral forward-looking statements attributable to Goosehead or to persons acting on behalf of Goosehead are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and Goosehead does not undertake any obligation to update them in light of new information, future developments or otherwise, except as may be required under applicable law.

Contacts
Investor Contact:
Dan Farrell
Goosehead Insurance - VP Capital Markets
Phone: (214) 838-5290
Email: dan.farrell@goosehead.com; IR@goosehead.com;

PR Contact:
Mission North for Goosehead Insurance
Email: goosehead@missionnorth.com; PR@goosehead.com


Goosehead Insurance, Inc.

Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share amounts)

  Three Months Ended
December 31,
 Twelve Months Ended
December 31,
   2023   2022   2023   2022 
Revenues:        
Commissions and agency fees $27,424  $26,589  $116,061  $100,265 
Franchise revenues  35,282   30,423   143,772   107,722 
Interest income  308   391   1,443   1,403 
Total revenues  63,014   57,403   261,276   209,390 
Operating Expenses:        
Employee compensation and benefits  38,803   33,822   152,604   133,293 
General and administrative expenses  14,092   13,529   62,111   52,887 
Bad debts  1,009   1,436   4,361   6,198 
Depreciation and amortization  2,427   1,841   9,244   6,884 
Total operating expenses  56,331   50,628   228,320   199,262 
Income from operations  6,683   6,775   32,956   10,128 
Other Income:        
Interest expense  (1,511)  (1,588)  (6,568)  (4,999)
Income before taxes  5,172   5,187   26,388   5,129 
Tax expense (benefit)  (252)  2,603   2,692   2,499 
Net Income  5,423   2,584   23,696   2,630 
Less: net income attributable to non-controlling interests  1,803   2,083   9,556   2,065 
Net Income attributable to Goosehead Insurance, Inc. $3,620  $501  $14,140  $565 
Earnings per share:        
Basic $0.15  $0.02  $0.59  $0.03 
Diluted $0.14  $0.02  $0.55  $0.03 
Weighted average shares of Class A common stock outstanding:        
Basic  24,688   22,373   23,929   20,995 
Diluted  25,516   23,900   38,356   21,773 
                 

Goosehead Insurance, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share amounts)

  Three Months Ended
December 31,
 Twelve Months Ended
December 31,
   2023   2022   2023   2022 
Revenues:        
Core Revenue:        
Renewal Commissions(1) $17,335  $16,310  $70,730  $57,543 
Renewal Royalty Fees(2)  27,180   22,900   107,524   77,346 
New Business Commissions(1)  5,512   5,814   23,411   24,126 
New Business Royalty Fees(2)  5,349   4,402   23,168   18,244 
Agency Fees(1)  1,532   2,421   8,174   10,912 
Total Core Revenue  56,908   51,847   233,007   188,171 
Cost Recovery Revenue:        
Initial Franchise Fees(2)  2,458   2,910   11,238   10,853 
Interest Income  308   391   1,443   1,403 
Total Cost Recovery Revenue  2,766   3,301   12,681   12,256 
Ancillary Revenue:        
Contingent Commissions(1)  3,045   2,044   13,746   7,684 
Other Franchise Revenues(2)  295   211   1,843   1,279 
Total Ancillary Revenue  3,340   2,255   15,588   8,963 
Total Revenues  63,014   57,403   261,276   209,390 
Operating Expenses:        
Employee compensation and benefits, excluding equity-based compensation  33,765   30,536   128,615   113,651 
General and administrative expenses, excluding impairment  14,092   13,529   58,483   52,887 
Bad debts  1,009   1,436   4,361   6,198 
Total  48,866   45,501   191,459   172,736 
Adjusted EBITDA  14,148   11,902   69,817   36,654 
Adjusted EBITDA Margin  22%  21%  27%  18%
         
Interest expense  (1,511)  (1,588)  (6,568)  (4,999)
Depreciation and amortization  (2,427)  (1,841)  (9,244)  (6,884)
Tax (expense) benefit  252   (2,603)  (2,692)  (2,499)
Equity-based compensation  (5,038)  (3,286)  (23,989)  (19,642)
Impairment expense        (3,628)   
Net Income $5,424  $2,584  $23,696  $2,630 
Net Income Margin  9%  5%  9%  1%

(1) Renewal Commissions, New Business Commissions, Agency Fees, and Contingent Commissions are included in "Commissions and agency fees" as shown on the Condensed Consolidated Statements of Operations within Goosehead’s Form 10-K for the three and twelve months ended December 31, 2023 and 2022.

(2) Renewal Royalty Fees, New Business Royalty Fees, Initial Franchise Fees, and Other Franchise Revenues are included in "Franchise revenues" as shown on the Condensed Consolidated Statements of Operations within Goosehead’s Form 10-K for the three and twelve months ended December 31, 2023 and 2022.

Goosehead Insurance, Inc.
Condensed Consolidated Balance Sheets
(Unaudited) 
(In thousands, except par value amounts)

  December 31,
   2023   2022 
Assets    
Current Assets:    
Cash and cash equivalents $41,956  $28,743 
Restricted cash  2,091   1,644 
Commissions and agency fees receivable, net  12,903   14,440 
Receivable from franchisees, net  9,720   4,932 
Prepaid expenses  7,889   4,334 
Total current assets  74,559   54,093 
Receivable from franchisees, net of current portion  9,269   23,835 
Property and equipment, net of accumulated depreciation  30,316   35,347 
Right-of-use asset  38,406   44,080 
Intangible assets, net of accumulated amortization  17,266   4,487 
Deferred income taxes, net  181,209   155,318 
Other assets  3,867   4,193 
Total assets $354,892  $321,353 
Liabilities and Stockholders’ Equity    
Current Liabilities:    
Accounts payable and accrued expenses $16,398  $15,958 
Premiums payable  2,091   1,644 
Lease liability  8,897   6,627 
Contract liabilities  4,129   6,031 
Note payable  9,375   6,875 
Total current liabilities  40,890   37,135 
Lease liability, net of current portion  57,382   64,947 
Note payable, net of current portion  67,562   86,711 
Contract liabilities, net of current portion  22,970   40,522 
Liabilities under tax receivable agreement  149,302   125,662 
Total liabilities  338,106   354,977 
Class A common stock, $0.01 par value per share 300,000 shares authorized, 24,966 shares issued and outstanding as of December 31, 2023, 23,034 issued and outstanding as of December 31, 2022  250   228 
Class B common stock, $0.01 par value per share - 50,000 shares authorized, 12,954 issued and outstanding as of December 31, 2023, 14,471 issued and outstanding as of December 31, 2022  130   146 
Additional paid in capital  103,228   70,866 
Accumulated deficit  (47,056)  (60,570)
Total stockholders' equity  56,552   10,670 
Non-controlling interests  (39,766)  (44,294)
Total equity  16,786   (33,624)
Total liabilities and equity $354,892  $321,353 
         

Goosehead Insurance, Inc.
Reconciliation Non-GAAP Measures to GAAP

This release includes Core Revenue, Cost Recovery Revenue, Ancillary Revenue, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EPS that are not required by, nor presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). The Company refers to these measures as “non-GAAP financial measures.” The Company uses these non-GAAP financial measures when planning, monitoring and evaluating its performance and considers these non-GAAP financial measures to be useful metrics for management and investors to facilitate operating performance comparisons from period to period by excluding potential differences caused by variations in capital structures, tax position, depreciation, amortization and certain other items that the Company believes are not representative of its core business. The Company uses Core Revenue, Cost Recovery Revenue, Ancillary Revenue, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EPS for business planning purposes and in measuring its performance relative to that of its competitors.

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 the three and twelve months ended December 31, 2023 and 2022 (in thousands):

 Three Months Ended
December 31,
 Twelve Months Ended
December 31,
  2023  2022  2023  2022
Total Revenues$63,014 $57,403 $261,276 $209,390
        
Core Revenue:       
Renewal Commissions(1)$17,335 $16,310 $70,730 $57,543
Renewal Royalty Fees(2) 27,180  22,900  107,524  77,346
New Business Commissions(1) 5,512  5,814  23,411  24,126
New Business Royalty Fees(2) 5,349  4,402  23,168  18,244
Agency Fees(1) 1,532  2,421  8,174  10,912
Total Core Revenue 56,908  51,847  233,007  188,171
Cost Recovery Revenue:       
Initial Franchise Fees(2) 2,458  2,910  11,238  10,853
Interest Income 308  391  1,443  1,403
Total Cost Recovery Revenue 2,766  3,301  12,681  12,256
Ancillary Revenue:       
Contingent Commissions(1) 3,045  2,044  13,746  7,684
Other Franchise Revenues(2) 295  211  1,843  1,279
Total Ancillary Revenue 3,340  2,255  15,588  8,963
Total Revenues$63,014 $57,403 $261,276 $209,390

(1) Renewal Commissions, New Business Commissions, Agency Fees, and Contingent Commissions are included in "Commissions and agency fees" as shown on the Condensed Consolidated Statements of Operations.

(2) Renewal Royalty Fees, New Business Royalty Fees, Initial Franchise Fees, and Other Franchise Revenues are included in "Franchise revenues" as shown on the Condensed Consolidated Statements of Operations.

The following tables show a reconciliation from net income to Adjusted EBITDA and Adjusted EBITDA Margin (non-GAAP basis) for the three and twelve months ended December 31, 2023 and 2022 (in thousands):

  Three Months Ended
December 31,
 Twelve Months Ended
December 31,
   2023   2022   2023   2022 
Net Income $5,424  $2,584  $23,696  $2,630 
Interest expense  1,511   1,588   6,568   4,999 
Depreciation and amortization  2,427   1,841   9,244   6,884 
Tax expense (benefit)  (252)  2,603   2,692   2,499 
Equity-based compensation  5,038   3,286   23,989   19,642 
Impairment expense        3,628    
Other (income) expense            
Adjusted EBITDA $14,148  $11,902  $69,817  $36,654 
Net Income Margin(1)  9%  5%  9%  1%
Adjusted EBITDA Margin(2)  22%  21%  27%  18%

(1) Net Income Margin is calculated as Net Income divided by Total Revenue ($5,424/$63,014) and ($2,584/$57,403) for the three months ended December 31, 2023 and 2022. Net Income Margin is calculated as Net Income divided by Total Revenue ($23,696/$261,276) and ($2,630/$209,390) for the twelve months ended December 31, 2023 and 2022.

(2) Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue ($14,148/$63,014), and ($11,902/$57,403) for the three months ended December 31, 2023 and 2022, respectively. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue ($69,817/$261,276), and ($36,654/$209,390) for the twelve months ended December 31, 2023 and 2022.

The following tables show a reconciliation from basic earnings per share to Adjusted EPS (non-GAAP basis) for the three and twelve months ended December 31, 2023 and 2022. Note that totals may not sum due to rounding:

  Three Months Ended December 31, Twelve Months Ended December 31,
   2023  2022  2023  2022
Earnings per share - basic (GAAP) $0.15 $0.02 $0.59 $0.03
Add: equity-based compensation(1)  0.13  0.09  0.64  0.52
Add: impairment expense(2)      0.10  
Adjusted EPS (non-GAAP) $0.28 $0.11 $1.33 $0.55

(1) Calculated as equity-based compensation divided by sum of weighted average Class A and Class B shares [$5.0 million/(24.7 million + 13.2 million)] for the three months ended December 31, 2023 and [$3.3 million/ (22.4 million + 15.0 million)] for the three months ended December 31, 2022. Calculated as equity-based compensation divided by sum of weighted average Class A and Class B shares [$24.0 million/(23.9 million + 13.8 million)] for the twelve months ended December 31, 2023 and [$19.6 million/ (21.0 million + 16.2 million)] for the twelve months ended December 31, 2022.

(2) Calculated as impairment expense divided by sum of weighted average Class A and Class B shares [$3.6 million/(23.9 million + 13.8 million)] for the twelve months ended December 31, 2023. No impairment was recorded for the three months ended December 31, 2023, three months ended December 31, 2022 nor the twelve months ended December 31, 2022.

Goosehead Insurance, Inc.
Key Performance Indicators

  December 31, 2023 December 31, 2022
Corporate sales agents < 1 year tenured  135   165 
Corporate sales agents > 1 year tenured  165   155 
Operating franchises < 1 year tenured  183   472 
Operating franchises > 1 year tenured  1,043   941 
Total Franchise Producers  1,957   2,101 
QTD Corporate Agent Productivity < 1 Year(1) $13,789  $13,241 
QTD Corporate Agent Productivity > 1 Year(1) $25,738  $27,228 
QTD Franchise Productivity < 1 Year(2) $10,975  $8,481 
QTD Franchise Productivity > 1 Year(2) $21,103  $18,059 
Policies in Force  1,486,000   1,284,000 
Client Retention  86%  88%
Premium Retention  101%  100%
QTD Written Premium (in thousands) $756,082  $584,575 
Net Promoter Score ("NPS")  92   90 

(1) - Corporate Productivity is New Business Production per Agent (Corporate): The New Business Revenue collected related to corporate sales, divided by the average number of full-time corporate sales agents for the same period. This calculation excludes interns, part-time sales agents and partial full-time equivalent sales managers.

(2) - Franchise Productivity is New Business Production per Agent (Franchise): The gross commissions paid by Carriers and Agency Fees received related to policies in their first term sold by franchise sales agents divided by the average number of franchise sales agents for the same period prior to paying Royalty Fees to the Company.

Goosehead Insurance, Inc.
Supplemental Disclosure

  Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022
Corporate sales agents < 1 year tenured  135  132  146  117  165  241  312  297
Corporate sales agents > 1 year tenured  165  184  134  159  155  170  191  193
Operating franchises < 1 year tenured  183  254  348  426  472  465  421  383
Operating franchises > 1 year tenured  1,043  1,031  996  961  941  938  923  885
Total Franchise Producers  1,957  2,008  2,069  2,098  2,101  2,102  2,005  1,912
Corporate Agent Productivity < 1 Year(1) $13,789 $16,266 $23,664 $19,747 $13,241 $12,206 $13,935 $10,442
Corporate Agent Productivity > 1 Year(1) $25,738 $28,963 $33,323 $30,429 $27,228 $27,952 $28,803 $26,245
Franchise Productivity < 1 Year(2) $10,975 $9,583 $9,606 $9,020 $8,481 $9,370 $9,435 $8,532
Franchise Productivity > 1 Year(2) $21,103 $22,305 $23,348 $20,812 $18,059 $21,293 $21,681 $20,135

(1) - Corporate Productivity is New Business Production per Agent (Corporate): The New Business Revenue collected related to corporate sales, divided by the average number of full-time corporate sales agents for the same period. This calculation excludes interns, part-time sales agents and partial full-time equivalent sales managers.

(2) - Franchise Productivity is New Business Production per Agent (Franchise): The gross commissions paid by Carriers and Agency Fees received related to policies in their first term sold by franchise sales agents divided by the average number of franchise sales agents for the same period prior to paying Royalty Fees to the Company.


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