Goosehead Insurance Inc
For the period ended Jun 30, 2024. Filed Jul 25, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Jul 25, 2024
GSHD$55.55-2.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-31; filed 2024-04-25.
0001726978-24-000046
Item 2. Management’s discussion and analysis of financial condition and results of operationsCurrent report: 10-Q
Period ended 2024-06-30; filed 2024-07-25.
0001726978-24-000069
Item 2. Management’s discussion and analysis of financial condition and results of operationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 155 previous paragraphs and 158 current paragraphs.
97 unchanged; 48 reworded; 13 added; 10 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 10 previous and 11 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (13)
Current report
•Total revenue increased 13% from the second quarter of 2023 to $78.1 million
Current report
•Core Revenue* increased by 20% from the second quarter of 2023 to $73.4 million
Current report
•Policies in Force increased 11% from June 30, 2023 to 1,588,000 at June 30, 2024
Current report
For the three months ended June 30, 2024 revenue increased 13% to $78.1 million from $69.3 million for the three months ended June 30, 2023. For the six months ended June 30, 2024 revenue increased 12% to $142.5 million from $127.2 million for the six months ended June 30, 2023.
Current report
New Business Commissions increased by $0.4 million, or 7%, to $6.7 million for the three months ended June 30, 2024 from $6.3 million for the three months ended June 30, 2023. New Business Commissions increased by $0.6 million, or 5%, to $12.4 million for the six months ended June 30, 2024 from $11.8 million for the six months ended June 30, 2023. The increase during the three and six months ended June 30, 2024 was primarily driven by an increase in the number of Corporate Sales agents.
Current report
Revenue from Contingent Commissions decreased by $1.8 million to $2.2 million for the three months ended June 30, 2024 from $4.0 million for the three months ended June 30, 2023. Revenue from Contingent Commissions decreased by $1.0 million, to $4.9 million for the six months ended June 30, 2024 from $5.9 million for the six months ended June 30, 2023. The decrease during the three and six months ended June 30, 2024 was primarily attributable to additional profitability requirements in order to earn a contingent bonus.
Current report
General and administrative expenses decreased by $0.5 million, or 3%, to $16.9 million for the three months ended June 30, 2024 from $17.3 million for the three months ended June 30, 2023. The decrease was primarily attributable to impairment charges in the prior year offset by increased spending on software. General and administrative expenses increased by $0.8 million, or 3%, to $34.0 million for the six months ended June 30, 2024 from $33.2 million for the six months ended June 30, 2023. This increase was primarily attributable to increased spending on software offset by a decrease in asset impairment charges and professional services.
Current report
Bad debts decreased by $0.2 million, or 27%, to $0.7 million for the three months ended June 30, 2024 from $0.9 million for the three months ended June 30, 2023. Bad debts decreased by $0.8 million, or 30%, to $1.8 million for the six months ended June 30, 2024 from $2.6 million for the six months ended June 30, 2023. The decrease during the three and six months ended June 30, 2024 was primarily attributable to lower turnover of franchises during the periods.
Current report
Other income (expense)
Current report
Other income (expense) consists of remeasurements of our TRA liability and interest income. Other income (expense) increased by $0.4 million for the three months ended June 30, 2024 as a result of interest income generated by cash held in interest-bearing checking accounts. Other income (expense) decreased by $6.3 million for the six months ended June 30, 2024 primarily due to remeasurements of our TRA liability due to an increase in the effective tax rate resulting from changes in state apportionment and related state filing requirements.
Current report
Tax (benefit) expense
Current report
Tax expense increased by $0.7 million for the three months ended June 30, 2024, to $3.0 million from expense of $2.3 million for the three months ended June 30, 2023 primarily due to an increase in income before taxes. Tax (benefit) expense decreased by $7.8 million for the six months ended June 30, 2024 to a benefit of $5.6 million from expense of $2.2 million for six months ended June 30, 2023. This is primarily due to the deferred tax impact of changes in state apportionment and related state filing requirements.
Current report
Ancillary Revenue decreased by $1.7 million to $2.8 million for the three months ended June 30, 2024 from $4.6 million for the three months ended June 30, 2023. Ancillary Revenue decreased by $1.2 million to $5.9 million for the six months ended June 30, 2024 from $7.1 million for the six months ended June 30, 2023. The decrease was primarily attributable to additional profitability requirements in order to earn a contingent bonus.
Removed paragraphs (10)
Previous report
•Total revenue increased 11% from the first quarter of 2023 to $64.5 million
Previous report
•Core Revenue* increased by 13% from the first quarter of 2023 to $58.8 million
Previous report
•Policies in Force increased 13% from March 31, 2023 to 1,528,000 at March 31, 2024
Previous report
For the three months ended March 31, 2024 revenue increased 11% to $64.5 million from $58.0 million for the three months ended March 31, 2023.
Previous report
Revenue from Contingent Commissions increased by $0.7 million, to $2.7 million for the three months ended March 31, 2024 from $1.9 million for the three months ended March 31, 2023. The increase during the three months ended March 31, 2024 was primarily attributable to an increase in Total Written Premium as well as receiving and qualifying for additional contingent commissions.
Previous report
General and administrative expenses increased by $1.3 million, or 8%, to $17.2 million for the three months ended March 31, 2024 from $15.9 million for the three months ended March 31, 2023. This increase was primarily attributable to increased spending on software and professional services and $0.3 million asset impairment charges related to impairment of one office location the Company determined to sublease.
Previous report
Bad debts decreased by $0.5 million, or 32%, to $1.1 million for the three months ended March 31, 2024 from $1.7 million for the three months ended March 31, 2023. The decrease during the three months ended March 31, 2024 was primarily attributable to a decrease in the average tenure of a terminated franchise.
Previous report
Tax benefit
Previous report
Tax benefit increased by $1.8 million to $1.8 million for three months ended March 31, 2024 from $0.1 million for three months ended March 31, 2023. This increase is primarily due to the deferred tax impact of additional state tax filing requirements identified by the Company.
Previous report
Ancillary Revenue increased by $0.6 million to $3.1 million for the three months ended March 31, 2024 from $2.5 million for the three months ended March 31, 2023.
Reworded paragraphs (48)
Previous wording
We are a rapidly growing personal lines independent insurance agency, reinventing the traditional approach to distributing personal lines products and services throughout the United States. We were founded with one vision in mind—to provide consumers with superior insurance coverage at the best available price and in a timely manner. By leveraging our differentiated business model and innovative technology platform, we are able to deliver to consumers a superior insurance experience. Our management team continues to own approximately 34% of the company, representing our commitment to the long-term success of the Company.
Current wording
We are a rapidly growing personal lines independent insurance agency, reinventing the traditional approach to distributing personal lines products and services throughout the United States. We were founded with one vision in mind—to provide consumers with superior insurance coverage at the best available price and in a timely manner. By leveraging our differentiated business model and innovative technology platform, we are able to deliver to consumers a superior insurance experience. Our management team continues to own approximately 35% of the company, representing our commitment to the long-term success of the Company.
Previous wording
Financial Highlights for the First Quarter of 2024:
Current wording
Financial Highlights for the Second Quarter of 2024:
Previous wording
•Total Written Premiums placed increased 28% from the prior-year period to $818.8 million
Current wording
•Total Written Premiums placed increased 30% from the prior-year period to $998.9 million
Previous wording
•Net income (loss) increased by $2.0 million from the first quarter of 2023 to $1.8 million, or 3% of total revenues
Current wording
•Net income increased by $3.7 million from the second quarter of 2023 to $10.9 million, or 14% of total revenues
Previous wording
•Adjusted EBITDA* increased 15% from the first quarter of 2023 to $11.7 million, or 18% of total revenues
Current wording
•Adjusted EBITDA* increased 7% from the second quarter of 2023 to $24.7 million, or 32% of total revenues
Previous wording
•Basic and diluted earnings per share were $0.07 and $0.05, respectively, and Adjusted EPS* was $0.28 per share for the three months ended March 31, 2024
Current wording
•Basic and diluted earnings per share were $0.25 and $0.24, respectively, and Adjusted EPS* was $0.43 per share for the three months ended June 30, 2024
Previous wording
•Corporate sales headcount increased 6% from March 31, 2023 to 292 at March 31, 2024
Current wording
•Corporate sales headcount increased 12% from June 30, 2023 to 313 at June 30, 2024
Previous wording
◦As of March 31, 2024, 138 of these Corporate sales agents had less than one year of tenure and 154 had greater than one year of tenure
Current wording
◦As of June 30, 2024, 157 of these Corporate sales agents had less than one year of tenure and 156 had greater than one year of tenure
Previous wording
•Total franchises decreased 35% compared to the prior-year period to 1,210; total operating franchises decreased 17% from March 31, 2023 to 1,155 at March 31, 2024
Current wording
•Total franchises decreased 33% compared to the prior-year period to 1,165; total operating franchises decreased 17% from June 30, 2023 to 1,122 at June 30, 2024
Previous wording
◦As of March 31, 2024, 133 operating Franchisees had less than one year of tenure and 1,022 operating Franchisees had greater than one year of tenure
Current wording
◦As of June 30, 2024, 89 operating Franchisees had less than one year of tenure and 1,033 operating Franchisees had greater than one year of tenure
Previous wording
For the three months ended March 31, 2024, revenue increased by 11% to $64.5 million from $58.0 million for the three months ended March 31, 2023. Total Written Premium, which we believe is the best leading indicator of future revenue, increased 28% for the three months ended March 31, 2024 to $819 million from $638 million for the three months ended March 31, 2023. Total Written Premiums drive our current and future Core Revenue and give us potential opportunities to earn Ancillary Revenue in the form of Contingent Commissions.
Current wording
For the three months ended June 30, 2024, revenue increased by 13% to $78.1 million from $69.3 million for the three months ended June 30, 2023. For the six months ended June 30, 2024, revenue increased by 12% to $142.5 million from $127.2 million for the six months ended June 30, 2023. Total Written Premium, which we believe is the best leading indicator of future revenue, increased to $999 million for the three months ended June 30, 2024 from $767 million for the three months ended June 30, 2023. Total Written Premium increased 29% for the six months ended June 30, 2024 to $1,818 million from $1,405 million for the six months ended June 30, 2023. Total Written Premiums drive our current and future Core Revenue and give us potential opportunities to earn Ancillary Revenue in the form of Contingent Commissions.
Previous wording
The following is a discussion of our consolidated results of operations for each of the three months ended March 31, 2024 and 2023. This information is derived from our accompanying condensed consolidated financial statements prepared in accordance with GAAP.
Current wording
The following is a discussion of our consolidated results of operations for each of the three and six months ended June 30, 2024 and 2023. This information is derived from our accompanying condensed consolidated financial statements prepared in accordance with GAAP.
Previous wording
The following table summarizes our results of operations for the three months ended March 31, 2024 and 2023(in thousands):
Current wording
The following table summarizes our results of operations for the three and six months ended June 30, 2024 and 2023(in thousands):
Previous wording
Renewal Commissions increased by $0.1 million or 1%, to $16.0 million for the three months ended March 31, 2024 from $15.8 million for the three months ended March 31, 2023. The increase during the three months ended March 31, 2024 was primarily attributable to an increase in the number of policies in the renewal term from March 31, 2023 to March 31, 2024 and premium rate increases.
Current wording
Renewal Commissions increased by $2.1 million, or 11%, to $20.6 million for the three months ended June 30, 2024 from $18.5 million for the three months ended June 30, 2023. Renewal Commissions increased by $2.2 million, or 6%, to $36.6 million for the six months ended June 30, 2024 from $34.4 million for the six months ended June 30, 2023. The increase during the three and six months ended June 30, 2024 was primarily attributable to an increase in the number of policies in the renewal term from June 30, 2023 to June 30, 2024 and premium rate increases.
Previous wording
New Business Commissions increased by $0.2 million or 3%, to $5.7 million for the three months ended March 31, 2024 from $5.5 million for the three months ended March 31, 2023. The increase during the three months ended March 31, 2024 was primarily driven by an increase in the number of Corporate Sales agents. Revenue from Agency Fees decreased by $0.3 million or 14%, to $1.9 million for the three months ended March 31, 2024 from $2.2 million for the three months ended March 31, 2023. The decrease in Agency Fees during the three months ended March 31, 2024 was primarily attributable to a decrease in the percentage of policies written where an Agency Fee was charged.
Current wording
Revenue from Agency Fees decreased by $0.3 million, or 11%, to $2.1 million for the three months ended June 30, 2024 from $2.4 million for the three months ended June 30, 2023. Revenue from Agency Fees decreased by $0.6 million, or 13%, to $4.0 million for the six months ended June 30, 2024 from $4.6 million for the six months ended June 30, 2023. The decrease in Agency Fees during the three and six months ended June 30, 2024 was primarily attributable to a decrease in the percentage of policies written where an Agency Fee was charged.
Previous wording
Revenue from Renewal Royalty Fees increased by $6.3 million, or 28%, to $29.1 million for the three months ended March 31, 2024 from $22.8 million for the three months ended March 31, 2023. The increase in revenue from Renewal Royalty Fees during the three months ended March 31, 2024 was primarily attributable to an increase in the number of policies in the renewal term and rising premium rates.
Current wording
Revenue from Renewal Royalty Fees increased by $9.3 million, or 34%, to $36.8 million for the three months ended June 30, 2024 from $27.6 million for the three months ended June 30, 2023. Revenue from Renewal Royalty Fees increased by $15.6 million, or 31%, to $65.9 million for the six months ended June 30, 2024 from $50.3 million for the six months ended June 30, 2023. The increase in revenue from Renewal Royalty Fees during the three and six months ended June 30, 2024 was primarily attributable to an increase in the number of policies in the renewal term and rising premium rates.
Previous wording
Revenue from New Business Royalty Fees increased by $0.6 million, or 10%, to $6.2 million for the three months ended March 31, 2024 from $5.7 million for the three months ended March 31, 2023. The increase in revenue from New Business Royalty Fees during the three months ended March 31, 2024 was primarily attributable to an increase in agent productivity and rising premium rates.
Current wording
Revenue from New Business Royalty Fees increased by $0.9 million, or 14%, to $7.2 million for the three months ended June 30, 2024 from $6.3 million for the three months ended June 30, 2023. Revenue from New Business Royalty Fees increased by $1.5 million, or 13%, to $13.4 million for the six months ended June 30, 2024 from $11.9 million for the six months ended June 30, 2023. The increase in revenue from New Business Royalty Fees during the three and six months ended June 30, 2024 was primarily attributable to an increase in agent productivity and rising premium rates.
Previous wording
Revenue from Initial Franchise Fees decreased by $0.8 million, or 27%, to $2.2 million for the three months ended March 31, 2024 from $3.1 million for the three months ended March 31, 2023. The primary reason for this decrease was lower turnover of franchises during the period, which avoids accelerated recognition of Initial Franchise Fees for terminated franchises.
Current wording
Revenue from Initial Franchise Fees decreased by $1.7 million, or 50%, to $1.6 million for the three months ended June 30, 2024 from $3.3 million for the three months ended June 30, 2023. Revenue from Initial Franchise Fees decreased by $2.5 million, or 39%, to $3.9 million for the six months ended June 30, 2024 from $6.4 million for the six months ended June 30, 2023. The primary reason for this decrease was lower turnover of franchises during the period, which avoids accelerated recognition of Initial Franchise Fees for terminated franchises.
Previous wording
Interest income decreased by $0.1 million, or 37%, to $0.3 million for the three months ended March 31, 2024 from $0.4 million for the three months ended March 31, 2023. The decrease was primarily attributable to fewer average Franchise Agreements signed under the payment plan option.
Current wording
Interest income decreased by $0.2 million, or 41%, to $0.2 million for the three months ended June 30, 2024 from $0.4 million for the three months ended June 30, 2023. Interest income decreased by $0.3 million, or 39%, to $0.5 million for the six months ended June 30, 2024 from $0.8 million for the six months ended June 30, 2023. The decrease was primarily attributable to fewer average Franchise Agreements signed under the payment plan option.
Previous wording
Employee compensation and benefits expenses increased by $5.2 million, or 14%, to $42.1 million for the three months ended March 31, 2024 from $36.9 million for the three months ended March 31, 2023. The 14% increase was primarily related to an increase in headcount and the hiring of more experienced team members, particularly at the leadership level, during 2023 and an increase in equity-based compensation of 11% related to stock option awards during the year.
Current wording
Employee compensation and benefits expenses increased by $5.1 million, or 14%, to $42.6 million for the three months ended June 30, 2024 from $37.5 million for the three months ended June 30, 2023. Employee compensation and benefits expenses increased by $10.3 million, or 14%, to $84.7 million for the six months ended June 30, 2024 from $74.4 million for the six months ended June 30, 2023. The increase was primarily related to an investments in corporate producers, partnership, technology, and service functions, and an increase in equity-based compensation of 12% related to stock option awards during the year.
Previous wording
Depreciation and amortization increased by $0.5 million, or 23%, to $2.6 million for the three months ended March 31, 2024 from $2.1 million for the three months ended March 31, 2023. This increase during the three months ended March 31, 2024 was primarily attributable to increased spending on software development since March 31, 2023, as well as book of business purchases since March 31, 2023.
Current wording
Depreciation and amortization increased by $0.3 million, or 11%, to $2.6 million for the three months ended June 30, 2024 from $2.4 million for the three months ended June 30, 2023. Depreciation and amortization increased by $0.7 million, or 16%, to $5.2 million for the six months ended June 30, 2024 from $4.5 million for the six months ended June 30, 2023. This increase during the three and six months ended June 30, 2024 was primarily attributable to increased spending on software development since June 30, 2023.
Previous wording
Interest expenses decreased by $0.2 million for the three months ended March 31, 2024, to $1.5 million from $1.7 million for the three months ended March 31, 2023. The primary driver of this decrease during the three months ended March 31, 2024 was a decrease in total borrowings outstanding partially offset by the rising interest rate environment.
Current wording
Interest expense increased by $0.3 million for the three months ended June 30, 2024, to $2.0 million from $1.7 million for the three months ended June 30, 2023. Interest expense increased to $3.5 million for the six months ended June 30, 2024 from $3.4 million for the six months ended June 30, 2023. The primary driver of this increase during the three and six months ended June 30, 2024 was an increase in total borrowings outstanding during the periods.
Previous wording
Total Written Premium represents for any reported period, the total amount of current (non-cancelled) gross premium that is placed with Goosehead’s portfolio of Carriers. Total Written Premium placed is an appropriate measure of operating performance because it reflects growth of our business relative to other insurance agencies.
Current wording
Total Written Premium represents for any reported period, the total amount of current (non-cancelled) gross premium that is placed by Goosehead with its portfolio of Carriers. Total Written Premium placed is an appropriate measure of operating performance because it reflects growth of our business relative to other insurance agencies.
Previous wording
The following tables show Total Written Premium placed by corporate agents and franchisees for the three months ended 2024 and 2023(in thousands).
Current wording
The following tables show Total Written Premium placed by corporate agents and franchisees for the three and six months ended June 30, 2024 and 2023(in thousands).
Previous wording
Policies in Force means, as of any reported date, the total count of current (non-cancelled) policies placed with Goosehead’s portfolio of Carriers. We believe that Policies in Force is an appropriate measure of operating performance because it reflects growth of our business relative to other insurance agencies.
Current wording
Policies in Force means, as of any reported date, the total count of current (non-cancelled) policies placed by Goosehead with its portfolio of Carriers. We believe that Policies in Force is an appropriate measure of operating performance because it reflects growth of our business relative to other insurance agencies.
Previous wording
As of March 31, 2024, we had 1.5 million Policies in Force compared to 1.5 million as of December 31, 2023 and 1.4 million as of March 31, 2023, representing a 3% and 13% increase, respectively.
Current wording
As of June 30, 2024, we had 1.6 million Policies in Force compared to 1.5 million as of December 31, 2023 and 1.4 million as of June 30, 2023, representing a 7% and 11% increase, respectively.
Previous wording
NPS has remained steady to 91 as of March 31, 2024, from 91 as of March 31, 2023.
Current wording
NPS has remained steady at 91 as of June 30, 2024, compared to 91 as of June 30, 2023.
Previous wording
Client Retention decreased modestly to 85% at March 31, 2024 when compared to 86% at December 31, 2023 and 88% at March 31, 2023. For the trailing twelve months ended March 31, 2024, we retained 100% of the premiums we distributed in the trailing twelve months ended March 31, 2023, which decreased modestly from the 101% premium retention at December 31, 2023. Our premium retention rate is higher than our Client Retention rate as a result of both premiums increasing year over year and additional coverages sold by our sales and service teams.
Current wording
Client Retention decreased modestly to 84% at June 30, 2024 when compared to 86% at December 31, 2023 and 88% at June 30, 2023. For the trailing twelve months ended June 30, 2024, we retained 99% of the premiums we distributed in the trailing twelve months ended June 30, 2023, which decreased modestly from the 101% premium retention at December 31, 2023. Our premium retention rate is higher than our Client Retention rate as a result of both premiums increasing year over year and additional coverages sold by our sales and service teams.
Previous wording
For the three months ended March 31, 2024, New Business Revenue grew 3% to $13.8 million, from $13.4 million for the three months ended March 31, 2023. Growth in New Business Revenue during the three months ended March 31, 2024 was primarily driven by growth in agent productivity and rising premium rates.
Current wording
For the three months ended June 30, 2024, New Business Revenue grew 7% to $16.0 million, from $14.9 million for the three months ended June 30, 2023. For the six months ended June 30, 2024, New Business Revenue grew 5% to $29.8 million, from $28.3 million for the six months ended June 30, 2023. Growth in New Business Revenue during the three and six months ended June 30, 2024 was primarily driven by growth in productivity and rising premium rates.
Previous wording
For the three months ended March 31, 2024, Renewal Revenue grew 17% to $45.0 million, from $38.6 million for the three months ended March 31, 2023. Growth in Renewal Revenue during the three months ended March 31, 2024 was primarily driven by Client Retention of 85% at March 31, 2024, and rising premium rates.
Current wording
For the three months ended June 30, 2024, Renewal Revenue grew 25% to $57.4 million, from $46.1 million for the three months ended June 30, 2023. For the six months ended June 30, 2024, Renewal Revenue grew 21% to $102.4 million, from $84.7 million for the six months ended June 30, 2023. Growth in Renewal Revenue during the three and six months ended June 30, 2024 was primarily driven by Client Retention of 84% at June 30, 2024, and rising premium rates.
Previous wording
Core Revenue increased by $6.9 million, or 13%, to $58.8 million for the three months ended March 31, 2024 from $52.0 million for the three months ended March 31, 2023. The primary drivers of the increase during the three months ended March 31, 2024 were the higher number of policies in the renewal term from March 31, 2023 to March 31, 2024 as well as premium retention of 100% as of March 31, 2024.
Current wording
Core Revenue increased by $12.4 million, or 20%, to $73.4 million for the three months ended June 30, 2024 from $61.0 million for the three months ended June 30, 2023. Core Revenue increased by $19.3 million, or 17%, to $132.2 million for the six months ended June 30, 2024 from $113.0 million for the six months ended June 30, 2023. The primary drivers of the increase during the three and six months ended June 30, 2024 were the higher number of policies in the renewal term from June 30, 2023 to June 30, 2024 as well as premium retention of 99% as of June 30, 2024.
Previous wording
Cost Recovery Revenue decreased by $1.0 million, or 28%, to $2.5 million for the three months ended March 31, 2024 from $3.5 million for the three months ended March 31, 2023. The primary driver was a decrease in terminations of franchises, resulting in less acceleration of initial franchise fee revenue.
Current wording
Cost Recovery Revenue decreased by $1.8 million, or 49%, to $1.9 million for the three months ended June 30, 2024 from $3.7 million for the three months ended June 30, 2023. The primary driver of the decrease was a decrease in total franchises. Cost Recovery Revenue decreased by $2.8 million, or 39%, to $4.4 million for the six months ended June 30, 2024 from $7.2 million for the six months ended June 30, 2023. The primary driver was a decrease in terminations of franchises, resulting in less acceleration of initial franchise fee revenue.
Previous wording
Adjusted EBITDA increased by $1.5 million, or 15%, to $11.7 million for the three months ended March 31, 2024 from $10.2 million for the three months ended March 31, 2023. The primary driver of the increase in Adjusted EBITDA during the three months ended March 31, 2024 was growth in Total Revenue.
Current wording
Adjusted EBITDA increased by $1.6 million, or 7%, to $24.7 million for the three months ended June 30, 2024 from $23.1 million for the three months ended June 30, 2023. Adjusted EBITDA increased by $3.1 million, or 9%, to $36.4 million for the six months ended June 30, 2024 from $33.2 million for the six months ended June 30, 2023. The primary driver of the increase in Adjusted EBITDA during the three and six months ended June 30, 2024 was growth in Total Revenue.
Previous wording
For the three months ended March 31, 2024, Adjusted EBITDA Margin was 18% compared to 18% for the three months ended March 31, 2023 as a result of maintaining growth in expenses in proportion to growth in Total Revenue.
Current wording
For the three months ended June 30, 2024, Adjusted EBITDA Margin was 32% compared to 33% for the three months ended June 30, 2023. For the six months ended June 30, 2024, Adjusted EBITDA Margin was 26% compared to 26% for the six months ended June 30, 2023 as a result of maintaining growth in expenses in proportion to growth in Total Revenue.
Previous wording
The following tables show a reconciliation from Total Revenues to Core Revenue, Cost Recovery Revenue, and Ancillary Revenue for the three months ended March 31, 2024 and 2023(in thousands):
Current wording
The following tables show a reconciliation from Total Revenues to Core Revenue, Cost Recovery Revenue, and Ancillary Revenue for the three and six months ended June 30, 2024 and 2023(in thousands):
Previous wording
The following tables show a reconciliation from net income to Adjusted EBITDA and Adjusted EBITDA margin for the three months ended March 31, 2024 and 2023(in thousands):
Current wording
The following tables show a reconciliation from net income to Adjusted EBITDA and Adjusted EBITDA margin for the three and six months ended June 30, 2024 and 2023(in thousands):
Previous wording
(1) Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue ($11,727/$64,460), and ($10,182/$57,955) for the three months ended March 31, 2024 and 2023, respectively.
Current wording
(1) Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue ($24,661/$78,088), and ($23,062/$69,277) for the three months ended June 30, 2024 and 2023, respectively. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue ($36,388/$142,548), and ($33,244/$127,232) for the six months ended June 30, 2024 and 2023, respectively.
Previous wording
The following tables show a reconciliation from basic earnings per share to Adjusted EPS (non-GAAP basis) for the three months ended March 31, 2024 and 2023. Note that totals may not sum due to rounding:
Current wording
The following tables show a reconciliation from basic earnings per share to Adjusted EPS (non-GAAP basis) for the three and six months ended June 30, 2024 and 2023. Note that totals may not sum due to rounding:
Previous wording
(1) Calculated as equity-based compensation divided by sum of weighted average Class A and Class B shares [$7.4 million/(25.1 million + 12.9 million)] for the three months ended March 31, 2024 and [$6.6 million/ (23.2 million + 14.3 million)] for the three months ended March 31, 2023.
Current wording
(1) Calculated as equity-based compensation divided by sum of weighted average Class A and Class B shares [$6.6 million/(24.7 million + 12.8 million)] for the three months ended June 30, 2024 and [$5.9 million/ (23.7 million + 13.9 million)] for the three months ended June 30, 2023. Calculated as equity-based compensation divided by sum of weighted average Class A and Class B shares [$14.0 million/(24.9 million + 12.8 million)] for the six months ended June 30, 2024 and [$12.5 million/ (23.4 million + 14.1 million)] for the six months ended June 30, 2023.
Previous wording
(2) Calculated as impairment expense divided by sum of weighted average Class A and Class B shares [$0.3 million/(25.1 million + 12.9 million)] for the three months ended March 31, 2024.
Current wording
(2) Calculated as impairment expense divided by sum of weighted average Class A and Class B shares [$0.3 million/(24.9 million + 12.8 million)] for the six months ended June 30, 2024. Calculated as impairment expense divided by sum of weighted average Class A and Class B shares [$3.6 million/(23.7 million + 13.9 million)] for the three months ended June 30, 2023. Calculated as impairment expense divided by sum of weighted average Class A and Class B shares [$3.6 million/(23.4 million + 14.1 million)] for the six months ended June 30, 2023. No impairment was recorded for the three months ended June 30, 2024.
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