10-Q Filing

GOOSEHEAD INSURANCE, INC. CIK: 1726978 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001726978-21-000063`
Period End Date	20210331
Filing Date	20210430
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	gshd-20210331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 36 Cash Flow Statement 68 Stockholders Equity 21

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.83M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$30.80M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$24.91M	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$1.32M	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$1.16M	USD	Point-in-time
Commissions and agency fees receivable, net	`AccountsReceivableNetCurrentCommissionsAndAgencyFeesReceivable`	$18.60M	USD	Point-in-time
Commissions and agency fees receivable, net	`AccountsReceivableNetCurrentCommissionsAndAgencyFeesReceivable`	$4.89M	USD	Point-in-time
Receivable from franchisees, net	`AccountsReceivableNetCurrentFranchiseReceivable`	$2.10M	USD	Point-in-time
Receivable from franchisees, net	`AccountsReceivableNetCurrentFranchiseReceivable`	$3.38M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$7.58M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$3.71M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$47.80M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$50.65M	USD	Point-in-time
Receivable from franchisees, net of current portion	`AccountsReceivableNetNoncurrentFranchiseReceivable`	$20.42M	USD	Point-in-time
Receivable from franchisees, net of current portion	`AccountsReceivableNetNoncurrentFranchiseReceivable`	$18.18M	USD	Point-in-time
Property and equipment, net of accumulated depreciation	`PropertyPlantAndEquipmentNet`	$16.65M	USD	Point-in-time
Property and equipment, net of accumulated depreciation	`PropertyPlantAndEquipmentNet`	$17.67M	USD	Point-in-time
Right-of-use asset	`OperatingLeaseRightOfUseAsset`	$23.03M	USD	Point-in-time
Right-of-use asset	`OperatingLeaseRightOfUseAsset`	$22.51M	USD	Point-in-time
Intangible assets, net of accumulated amortization	`IntangibleAssetsNetExcludingGoodwill`	$639.00K	USD	Point-in-time
Intangible assets, net of accumulated amortization	`IntangibleAssetsNetExcludingGoodwill`	$549.00K	USD	Point-in-time
Deferred income taxes, net	`DeferredIncomeTaxAssetsNet`	$73.36M	USD	Point-in-time
Deferred income taxes, net	`DeferredIncomeTaxAssetsNet`	$77.75M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$5.28M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.94M	USD	Point-in-time
Total assets	`Assets`	$185.84M	USD	Point-in-time
Total assets	`Assets`	$192.61M	USD	Point-in-time
Total assets	`Assets`	$75.89M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$8.10M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$7.18M	USD	Point-in-time
Premiums payable	`PremiumsPayableCurrent`	$1.16M	USD	Point-in-time
Premiums payable	`PremiumsPayableCurrent`	$1.32M	USD	Point-in-time
Lease liability	`OperatingLeaseLiabilityCurrent`	$3.36M	USD	Point-in-time
Lease liability	`OperatingLeaseLiabilityCurrent`	$3.20M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$4.74M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$4.23M	USD	Point-in-time
Note payable	`LongTermDebtCurrent`	$4.00M	USD	Point-in-time
Note payable	`LongTermDebtCurrent`	$3.50M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$20.44M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$20.36M	USD	Point-in-time
Lease liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$32.93M	USD	Point-in-time
Lease liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$33.31M	USD	Point-in-time
Note payable, net of current portion	`LongTermDebtNoncurrent`	$78.47M	USD	Point-in-time
Note payable, net of current portion	`LongTermDebtNoncurrent`	$79.41M	USD	Point-in-time
Contract liabilities, net of current portion	`ContractWithCustomerLiabilityNoncurrent`	$33.01M	USD	Point-in-time
Contract liabilities, net of current portion	`ContractWithCustomerLiabilityNoncurrent`	$29.97M	USD	Point-in-time
Liabilities under tax receivable agreement, net of current portion	`DueToRelatedPartiesNoncurrent`	$63.68M	USD	Point-in-time
Liabilities under tax receivable agreement, net of current portion	`DueToRelatedPartiesNoncurrent`	$61.57M	USD	Point-in-time
Total liabilities	`Liabilities`	$228.91M	USD	Point-in-time
Total liabilities	`Liabilities`	$224.24M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$32.29M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$29.37M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-34.61M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-35.01M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$-2.35M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$-4.88M	USD	Point-in-time
Non-controlling interests	`MinorityInterest`	$-33.53M	USD	Point-in-time
Non-controlling interests	`MinorityInterest`	$-33.96M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-38.40M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-36.30M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-31.01M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-29.99M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$192.61M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$185.84M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$31.23M	USD	1 Quarter
Revenues	`Revenues`	$20.43M	USD	1 Quarter
Employee compensation and benefits	`LaborAndRelatedExpense`	$13.50M	USD	1 Quarter
Employee compensation and benefits	`LaborAndRelatedExpense`	$21.31M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$9.27M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$5.87M	USD	1 Quarter
Bad debts	`ProvisionForDoubtfulAccounts`	$447.00K	USD	1 Quarter
Bad debts	`ProvisionForDoubtfulAccounts`	$309.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortizationExcludingDebtIssuanceCostAmortization`	$1.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortizationExcludingDebtIssuanceCostAmortization`	$540.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$20.22M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$32.03M	USD	1 Quarter
(Loss) income from operations	`OperatingIncomeLoss`	$-802.00K	USD	1 Quarter
(Loss) income from operations	`OperatingIncomeLoss`	$201.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$66.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$20.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$604.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$601.00K	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-337.00K	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.38M	USD	1 Quarter
Tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-294.00K	USD	1 Quarter
Tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-41.00K	USD	1 Quarter
Net loss	`ProfitLoss`	$-296.00K	USD	1 Quarter
Net loss	`ProfitLoss`	$-1.09M	USD	1 Quarter
Less: net loss attributable to non-controlling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$-693.00K	USD	1 Quarter
Less: net loss attributable to non-controlling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$-140.00K	USD	1 Quarter
Net loss attributable to Goosehead Insurance, Inc.	`NetIncomeLoss`	$-396.00K	USD	1 Quarter
Net loss attributable to Goosehead Insurance, Inc.	`NetIncomeLoss`	$-156.00K	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.02	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.02	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	18.38M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	15.56M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.38M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	15.56M	shares	1 Quarter

Cash Flow Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-296.00K	USD	1 Quarter
Net loss	`ProfitLoss`	$-1.09M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.07M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$747.00K	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$447.00K	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$309.00K	USD	1 Quarter
Equity-based compensation	`ShareBasedCompensation`	$1.94M	USD	1 Quarter
Equity-based compensation	`ShareBasedCompensation`	$498.00K	USD	1 Quarter
Impacts of Tax Receivable Agreement	`IncreaseDecreaseInDueToRelatedParties`	$3.42M	USD	1 Quarter
Impacts of Tax Receivable Agreement	`IncreaseDecreaseInDueToRelatedParties`	$9.66M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-3.57M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-9.66M	USD	1 Quarter
Noncash lease expense	`NoncashLeaseExpense`	$13.00K	USD	1 Quarter
Noncash lease expense	`NoncashLeaseExpense`	-	USD	1 Quarter
Receivable from franchisees	`IncreaseDecreaseInAccountsReceivableFranchiseReceivable`	$3.69M	USD	1 Quarter
Receivable from franchisees	`IncreaseDecreaseInAccountsReceivableFranchiseReceivable`	$809.00K	USD	1 Quarter
Commissions and agency fees receivable	`IncreaseDecreaseInAccountsReceivableCommissionsAndAgencyFeesReceivable`	$-13.42M	USD	1 Quarter
Commissions and agency fees receivable	`IncreaseDecreaseInAccountsReceivableCommissionsAndAgencyFeesReceivable`	$-2.00M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$3.77M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$3.87M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$1.34M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$461.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.24M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-2.80M	USD	1 Quarter
Deferred rent	`IncreaseDecreaseInDeferredRentCredit`	-	USD	1 Quarter
Deferred rent	`IncreaseDecreaseInDeferredRentCredit`	$71.00K	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$3.55M	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$1.29M	USD	1 Quarter
Premiums payable	`IncreaseDecreaseInPremiumsPayable`	$-165.00K	USD	1 Quarter
Premiums payable	`IncreaseDecreaseInPremiumsPayable`	$196.00K	USD	1 Quarter
Payments pursuant to the tax receivable agreement	`IncreaseDecreaseInTaxReceivableAgreementPayment`	$-549.00K	USD	1 Quarter
Payments pursuant to the tax receivable agreement	`IncreaseDecreaseInTaxReceivableAgreementPayment`	$9.00K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.48M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$7.89M	USD	1 Quarter
Proceeds from notes receivable	`ProceedsFromSaleAndCollectionOfNotesReceivable`	$9.00K	USD	1 Quarter
Proceeds from notes receivable	`ProceedsFromSaleAndCollectionOfNotesReceivable`	$10.00K	USD	1 Quarter
Purchase of software	`PaymentsForSoftware`	$165.00K	USD	1 Quarter
Purchase of software	`PaymentsForSoftware`	$60.00K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.95M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$967.00K	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.10M	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.02M	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$530.00K	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	-	USD	1 Quarter
Repayment of note payable	`RepaymentsOfSecuredDebt`	$500.00K	USD	1 Quarter
Repayment of note payable	`RepaymentsOfSecuredDebt`	$26.32M	USD	1 Quarter
Proceeds from notes payable	`ProceedsFromIssuanceOfSecuredDebt`	$26.92M	USD	1 Quarter
Proceeds from notes payable	`ProceedsFromIssuanceOfSecuredDebt`	-	USD	1 Quarter
Proceeds from the issuance of Class A common stock	`ProceedsFromIssuanceInitialPublicOffering`	$431.00K	USD	1 Quarter
Proceeds from the issuance of Class A common stock	`ProceedsFromIssuanceInitialPublicOffering`	$116.00K	USD	1 Quarter
Member distributions and dividends	`PaymentsOfDividends`	-	USD	1 Quarter
Member distributions and dividends	`PaymentsOfDividends`	$1.00M	USD	1 Quarter
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-69.00K	USD	1 Quarter
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-817.00K	USD	1 Quarter
Net increase (decrease) in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$5.72M	USD	1 Quarter
Net increase (decrease) in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-3.31M	USD	1 Quarter
Cash and cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$26.24M	USD	Point-in-time
Cash and cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$15.26M	USD	Point-in-time
Cash and cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$31.95M	USD	Point-in-time
Cash and cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.95M	USD	Point-in-time
Cash and cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$26.24M	USD	Point-in-time
Cash and cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$15.26M	USD	Point-in-time
Cash and cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$31.95M	USD	Point-in-time
Cash and cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.95M	USD	Point-in-time
Cash paid during the year for interest	`InterestPaidNet`	$535.00K	USD	1 Quarter
Cash paid during the year for interest	`InterestPaidNet`	$326.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter

Stockholders Equity 21 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-38.40M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-36.30M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-31.01M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-29.99M	USD	Point-in-time
Distributions	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$1.00M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$-296.00K	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$-1.09M	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$226.00K	USD	1 Quarter
Equity-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$498.00K	USD	1 Quarter
Equity-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.94M	USD	1 Quarter
Activity under employee stock purchase plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$205.00K	USD	1 Quarter
Activity under employee stock purchase plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$116.00K	USD	1 Quarter
Redemption of LLC Units	`StockRedeemedOrCalledDuringPeriodValue`	-	USD	1 Quarter
Redemption of LLC Units	`StockRedeemedOrCalledDuringPeriodValue`	-	USD	1 Quarter
Deferred tax adjustments related to Tax Receivable Agreement	`AdjustmentsToAdditionalPaidInCapitalTaxReceivableAgreement`	$1.70M	USD	1 Quarter
Deferred tax adjustments related to Tax Receivable Agreement	`AdjustmentsToAdditionalPaidInCapitalTaxReceivableAgreement`	$816.00K	USD	1 Quarter
Reallocation of Non-controlling interest	`IncreaseDecreaseInNonControllingInterestReallocation`	-	USD	1 Quarter
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-38.40M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-36.30M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-31.01M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-29.99M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.