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Goosehead Insurance, Inc. Announces Fourth Quarter and Full Year 2024 Results

1. Annual revenue increased 20% to $314.5M with a 17% Core Revenue boost. Strong performance amid macro headwinds. 2. Total written premium grew 29% to $3.8B, indicating robust market activity. This supports future revenue growth. 3. Q4 EPS surged 300%, with net income rising from $5.4M to $23.8M. Profit margins markedly improved. 4. Franchise productivity and client retention improved significantly. These gains underline a healthier producer base. 5. 2025 outlook expects strong organic growth and enhanced liquidity through new credit facilities. Strategic investments boost confidence.

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FAQ

Why Very Bullish?

Exceptional revenue and EPS growth, along with improved margins and dividend initiatives, signal strong fundamentals. Similar earnings beats in the insurance sector have often led to robust market rallies.

How important is it?

The report’s robust growth numbers, margin improvements, and strategic financial moves are highly likely to boost GSHD’s future performance. These significant positive indicators make this news crucial for valuation.

Why Long Term?

Sustained operational improvements, strategic investments in technology and franchise expansion support lasting growth. Historical trends in the industry favor long-term gains following such developments.

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– Total Revenue Increased 20% for the year to $314.5 million –– Core Revenue Grew 17% for the year to $273.7 million –– Total Written Premium in 2024 Increased 29% to $3.8 billion –– 2024 Net Income of $49.1 million versus $23.7 million in 2023 –– Adjusted EBITDA in 2024 up 43% to $99.9 million – WESTLAKE, Texas, Feb. 24, 2025 (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, 2024. Fourth Quarter 2024 Highlights Total Revenues grew 49% over the prior-year period to $93.9 million in the fourth quarter of 2024Fourth quarter Core Revenues* of $68.0 million increased 19% over the prior-year periodFourth quarter net income of $23.8 million improved from net income of $5.4 million a year ago. EPS of $0.60 per share increased 300% and adjusted EPS* of $0.79 per share increased 182%, over the prior-year periodNet income margin for the fourth quarter was 25%Adjusted EBITDA* of $37.4 million increased 164% from $14.1 million in the prior-year periodAdjusted EBITDA Margin* increased 17 percentage points over the prior-year period to 40%Total written premiums placed for the fourth quarter increased 28% over the prior-year period to $965.6 millionPolicies in force grew 13% from the prior-year period to approximately 1,674,000 *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 an outstanding 2024 in the face of significant macro headwinds. For the full year premium growth was 29%, total revenue increased 20%, core revenue was up 17%, net income grew 107% to $49.1 million and Adjusted EBITDA grew 43% to $99.9 million, with net income margin of 16% up 700 basis points and Adjusted EBITDA Margin of 32% up 500 basis points,” stated Mark K Miller, President and CEO. “I am pleased we began to demonstrate growth re-acceleration in a number of key performance indicators including policies in force were up 13%. Our producer base is healthier than ever as franchise productivity was up 49%, coupled with franchise producer growth of 7%. Loss activity and insurance market challenges in 2024 and the start of 2025 have further highlighted the importance of appropriate personal lines coverage, as well as the value we bring to clients, agents and carriers. We are encouraged to be seeing signs of gradual improvement in the product market. I couldn’t be more excited for what lies ahead as we continue to invest in people and technology. This further expands our competitive moat as we progress on our journey to becoming the largest distributor of personal lines in the US.”  Fourth Quarter 2024 ResultsFor the fourth quarter of 2024, revenues were $93.9 million, an increase of 49% compared to the corresponding period in 2023. Core Revenues, a non-GAAP measure which excludes contingent commissions, initial franchise fees, interest income, and other income, were $68.0 million, a 19% increase from $56.9 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 primarily driven by strong client retention of 84% and rising premium rates as well as increases in both the number of corporate agents and productivity per agency. The Company grew total written premiums, which we consider to be the leading indicator of future revenue growth, by 28% in the fourth quarter compared to the corresponding period in prior year. Total operating expenses, excluding equity-based compensation, depreciation and amortization and impairment expenses, for the fourth quarter of 2024 were $56.5 million, up 16% from $48.9 million in the prior-year period. The increase from the prior period was primarily due to increased employee compensation and benefits expenses related to investments in corporate producers, technology, and service functions. General and administrative expenses, excluding impairment, increased to $17.8 million from $14.1 million primarily due to investments in technology and systems to drive growth and continue to improve the client experience. Equity-based compensation increased to $6.9 million for the period, compared to $5.0 million a year ago. Bad debt expense of $0.6 million decreased from $1.0 million a year ago. Net income in the fourth quarter of 2024 was $23.8 million versus net income of $5.4 million a year ago, with the improvement primarily due to strong revenue growth and expense discipline. Earnings per share and Net Income Margin for the fourth quarter of 2024 were $0.60 and 25%, respectively. Adjusted EPS for the fourth quarter of 2024, which excludes equity-based compensation and impairment expense, was $0.79 per share. Total Adjusted EBITDA was $37.4 million for the fourth quarter of 2024 compared to $14.1 million in the prior-year period. Adjusted EBITDA Margin of 40% was up 17 percentage points in the quarter. Liquidity and Capital ResourcesAs of December 31, 2024, the Company had cash and cash equivalents of $58.0 million. We had an unused line of credit of $74.8 million as of December 31, 2024. Total outstanding term note payable balance was $93.1 million as of December 31, 2024. On January 8, 2025, the Company entered into a credit agreement (the "2025 Credit Agreement") providing for an aggregate $300 million term notes payable (the "2025 Initial Term Loan") and $75 million revolving credit facility (the "2025 Revolving Credit Facility"). The 2025 Initial Term Loan matures on January 8, 2032 and the 2025 Revolving Credit Facility matures on January 8, 2030. This credit agreement replaces the existing Second Amended and Restated Credit Agreement, dated July 21, 2021, which was repaid with the proceeds of the 2025 Initial Term Loan and terminated. On January 9, 2025, Goosehead Financial, LLC (“GF”) declared a special distribution of $175 million, which was paid in cash on January 31, 2025 to holders of record of LLC Units, including to GSHD, as of the close of business on January 21, 2025. The special distribution resulted in a payment of $59 million to our non-controlling interest holders. On January 9, 2025, the board of directors of the Company declared a one-time special cash dividend of $5.91 to all holders of Class A common stock of GSHD as of the close of business on January 21, 2025, which was paid in cash on January 31, 2025 for a total of $146 million. $1.22 of the special cash dividend was funded by cash received by GSHD from prior tax distributions from GF that are in excess of the corporate income taxes payable by GSHD. The remaining $4.69 of the special dividend was funded by the cash received by the Company from the special distribution by GF. 2025 OutlookOur guidance for the full year 2025 is as follows: Total written premiums placed are expected to be between $4.65 billion and $4.88 billion representing 22% organic growth on the low end of the range, and 28% organic growth on the high end of the range.Total revenues are expected to be between $350 million and $385 million representing 11% organic growth on the low end of the range and 22% organic growth on the high end of the range. Conference Call InformationGoosehead 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 200 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, 2024 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. ContactsInvestor Contact:Dan FarrellGoosehead Insurance - VP Capital MarketsPhone: (214) 838-5290Email: dan.farrell@goosehead.com; IR@goosehead.com  PR Contact:Mission North for Goosehead InsuranceEmail: goosehead@missionnorth.com; PR@goosehead.com Goosehead Insurance, Inc.Consolidated Statements of Operations(Unaudited)(In thousands, except per share amounts)   Three Months Ended December 31, Twelve Months Ended December 31,   2024   2023   2024   2023 Revenues:        Commissions and agency fees $50,277  $27,424  $139,059  $116,061 Franchise revenues  43,438   35,282   174,514   143,772 Interest income  207   308   932   1,443 Total revenues  93,922   63,014   314,505   261,276 Operating Expenses:        Employee compensation and benefits  45,044   38,803   172,942   152,604 General and administrative expenses  17,833   14,092   67,069   62,111 Bad debts  556   1,009   2,901   4,361 Depreciation and amortization  2,639   2,427   10,453   9,244 Total operating expenses  66,072   56,331   253,365   228,320 Income from operations  27,850   6,683   61,140   32,956 Other Income:        Interest expense  (1,810)  (1,511)  (7,339)  (6,568)Other income (expense)  (1,359)  —   (7,101)  — Income before taxes  24,681   5,172   46,700   26,388 Tax expense (benefit)  859   (252)  (2,413)  2,692 Net Income  23,822   5,423   49,113   23,696 Less: net income attributable to non-controlling interests  8,968   1,803   18,688   9,556 Net Income attributable to Goosehead Insurance, Inc. $14,855  $3,620  $30,425  $14,140 Earnings per share:        Basic $0.60  $0.15  $1.23  $0.59 Diluted $0.57  $0.14  $1.15  $0.55 Weighted average shares of Class A common stock outstanding:        Basic  24,562   24,688   24,657   23,929 Diluted  38,399   25,516   38,301   38,356                   Goosehead Insurance, Inc.Consolidated Statements of Operations(Unaudited)(In thousands, except per share amounts)   Three Months Ended December 31, Twelve Months Ended December 31,   2024   2023   2024   2023 Revenues:        Core Revenue:        Renewal Commissions(1) $18,171  $17,335  $74,938  $70,730 Renewal Royalty Fees(2)  34,990   27,180   138,942   107,524 New Business Commissions(1)  5,997   5,512   24,608   23,411 New Business Royalty Fees(2)  6,725   5,349   27,122   23,168 Agency Fees(1)  2,091   1,532   8,127   8,174 Total Core Revenue  67,974   56,908   273,737   233,007 Cost Recovery Revenue:        Initial Franchise Fees(2)  1,332   2,458   6,620   11,238 Interest Income  207   308   932   1,443 Total Cost Recovery Revenue  1,539   2,766   7,552   12,681 Ancillary Revenue:        Contingent Commissions(1)  24,018   3,045   31,385   13,746 Other Franchise Revenues(2)  391   296   1,831   1,843 Total Ancillary Revenue  24,409   3,340   33,216   15,588 Total Revenues  93,922   63,014   314,505   261,276 Operating Expenses:        Employee compensation and benefits, excluding equity-based compensation  38,155   33,765   144,971   128,615 General and administrative expenses, excluding impairment  17,833   14,092   66,723   58,483 Bad debts  556   1,009   2,901   4,361 Total  56,544   48,866   214,594   191,459 Adjusted EBITDA  37,378   14,148   99,911   69,817 Adjusted EBITDA Margin  40%  22%  32%  27%         Interest expense  (1,810)  (1,511)  (7,339)  (6,568)Depreciation and amortization  (2,639)  (2,427)  (10,453)  (9,244)Tax (expense) benefit  (859)  252   2,413   (2,692)Equity-based compensation  (6,889)  (5,038)  (27,971)  (23,989)Impairment expense  —   —   (347)  (3,628)Other Income (expense)  (1,359)  —   (7,101)  — Net Income $23,822  $5,423  $49,113  $23,696 Net Income Margin  25%  9%  16%  9% (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 Operations within Goosehead’s Form 10-K for the twelve months ended December 31, 2024 and 2023.(2) Renewal Royalty Fees, New Business Royalty Fees, Initial Franchise Fees, and Other Franchise Revenues are included in "Franchise revenues" as shown on the Consolidated Statements of Operations within Goosehead’s Form 10-K for the twelve months ended December 31, 2024 and 2023. Goosehead Insurance, Inc.Consolidated Balance Sheets(Unaudited) (In thousands, except par value amounts)   December 31,   2024  2023Assets    Current Assets:    Cash and cash equivalents $54,280 $41,956Restricted cash  3,693  2,091Commissions and agency fees receivable, net  31,375  12,903Receivable from franchisees, net  11,077  9,720Prepaid expenses  8,139  7,889Total current assets  108,564  74,559Receivable from franchisees, net of current portion  3,469  9,269Property and equipment, net of accumulated depreciation  24,101  30,316Right-of-use asset  37,420  38,406Intangible assets, net of accumulated amortization  25,075  17,266Deferred income taxes, net  193,478  181,209Other assets  5,546  3,867Total assets $397,653 $354,892Liabilities and Stockholders’ Equity    Current Liabilities:    Accounts payable and accrued expenses $22,894 $16,398Premiums payable  3,693  2,091Lease liability  6,535  8,897Contract liabilities  3,275  4,129Note payable  10,063  9,375Total current liabilities  46,460  40,890Lease liability, net of current portion  54,536  57,382Note payable, net of current portion  82,251  67,562Contract liabilities, net of current portion  15,191  22,970Liabilities under tax receivable agreement  160,142  149,302Total liabilities  358,580  338,106Total equity  39,073  16,786Total liabilities and equity $397,653 $354,892 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, impairment expense, 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. 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, 2024 and 2023 (in thousands):  Three MonthsEnded December 31, Twelve Months Ended December 31,  2024  2023  2024  2023Total Revenues$93,922 $63,014 $314,505 $261,276        Core Revenue:       Renewal Commissions(1)$18,171 $17,335 $74,938 $70,730Renewal Royalty Fees(2) 34,990  27,180  138,942  107,524New Business Commissions(1) 5,997  5,512  24,608  23,411New Business Royalty Fees(2) 6,725  5,349  27,122  23,168Agency Fees(1) 2,091  1,532  8,127  8,174Total Core Revenue 67,974  56,908  273,737  233,007Cost Recovery Revenue:       Initial Franchise Fees(2) 1,332  2,458  6,620  11,238Interest Income 207  308  932  1,443Total Cost Recovery Revenue 1,539  2,766  7,552  12,681Ancillary Revenue:       Contingent Commissions(1) 24,018  3,045  31,385  13,746Other Franchise Revenues(2) 391  296  1,831  1,843Total Ancillary Revenue 24,409  3,340  33,216  15,588Total Revenues$93,922 $63,014 $314,505 $261,276 (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 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 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, 2024 and 2023 (in thousands):   Three Months Ended December 31, Twelve Months Ended December 31,   2024   2023   2024   2023 Net Income $23,822  $5,423  $49,113  $23,696 Interest expense  1,810   1,511   7,339   6,568 Depreciation and amortization  2,639   2,427   10,453   9,244 Tax expense (benefit)  859   (252)  (2,413)  2,692 Equity-based compensation  6,889   5,038   27,971   23,989 Impairment expense  —   —   347   3,628 Other (income) expense  1,359   —   7,101   — Adjusted EBITDA $37,378  $14,148  $99,911  $69,817 Net Income Margin(1)  25%  9%  16%  9%Adjusted EBITDA Margin(2)  40%  22%  32%  27% (1) Net Income Margin is calculated as Net Income divided by Total Revenue ($23,822/$93,922) and ($5,423/$63,014) for the three months ended December 31, 2024 and 2023. Net Income Margin is calculated as Net Income divided by Total Revenue ($49,113/$314,505) and ($23,696/$261,276) for the twelve months ended December 31, 2024 and 2023(2) Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue ($37,378/$93,922), and ($14,148/$63,014) for the three months ended December 31, 2024 and 2023, respectively. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue ($99,911/$314,505), and ($69,817/$261,276) for the twelve months ended December 31, 2024 and 2023. 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, 2024 and 2023. Note that totals may not sum due to rounding:   Three Months Ended December 31, Twelve Months Ended December 31,   2024  2023  2024  2023Earnings per share - basic (GAAP) $0.60 $0.15 $1.23 $0.59Add: equity-based compensation(1)  0.19  0.13  0.75  0.64Add: impairment expense(2)  —  —  0.01  0.10Adjusted EPS (non-GAAP) $0.79 $0.28 $1.99 $1.33 (1) Calculated as equity-based compensation divided by sum of weighted average Class A and Class B shares [$6.9 million/(24.6 million + 12.7 million)] for the three months ended December 31, 2024 and [$5.0 million/ (24.7 million + 13.2 million)] for the three months ended December 31, 2023. Calculated as equity-based compensation divided by sum of weighted average Class A and Class B shares [$28.0 million/(24.7 million + 12.7 million)] for the twelve months ended December 31, 2024 and [$24.0 million/ (23.9 million + 13.8 million)] for the twelve months ended December 31, 2023.(2) Calculated as impairment expense divided by sum of weighted average Class A and Class B shares [$0.3 million/(24.7 million + 12.7 million)] for the twelve months ended December 31, 2024 and [$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, 2024 nor the three months ended December 31, 2023. Goosehead Insurance, Inc.Key Performance Indicators   December 31, 2024 December 31, 2023Corporate sales agents < 1 year tenured  253   135 Corporate sales agents > 1 year tenured  164   165 Operating franchises < 1 year tenured  90   183 Operating franchises > 1 year tenured  1,013   1,043 Total Franchise Producers  2,092   1,957 QTD Corporate Agent Productivity < 1 Year (1) $12,787  $13,789 QTD Corporate Agent Productivity > 1 Year (1) $26,788  $25,738 QTD Franchise Productivity < 1 Year (2) $17,861  $10,975 QTD Franchise Productivity > 1 Year (2) $29,089  $21,103 Policies in Force  1,674,000   1,486,000 Client Retention  84%  86%Premium Retention  98%  101%QTD Written Premium (in thousands) $965,596  $756,082 Net Promoter Score ("NPS")  89   92  (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 Agency: 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 franchises for the same period, prior to paying Royalty Fees to the Company.

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