10-Q Filing

GOOSEHEAD INSURANCE, INC. CIK: 1726978 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001726978-22-000058`
Period End Date	20220331
Filing Date	20220428
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	gshd-20220331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 63 Income Statement 36 Cash Flow Statement 60 Stockholders Equity 22

Balance Sheet 63 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$28.53M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$21.19M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$30.80M	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$1.49M	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$1.95M	USD	Point-in-time
Commissions and agency fees receivable, net	`AccountsReceivableNetCurrentCommissionsAndAgencyFeesReceivable`	$12.06M	USD	Point-in-time
Commissions and agency fees receivable, net	`AccountsReceivableNetCurrentCommissionsAndAgencyFeesReceivable`	$8.80M	USD	Point-in-time
Receivable from franchisees, net	`AccountsReceivableNetCurrentFranchiseReceivable`	$252.00K	USD	Point-in-time
Receivable from franchisees, net	`AccountsReceivableNetCurrentFranchiseReceivable`	$493.00K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$10.46M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$4.79M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$47.81M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$42.19M	USD	Point-in-time
Receivable from franchisees, net of current portion	`AccountsReceivableNetNoncurrentFranchiseReceivable`	$29.18M	USD	Point-in-time
Receivable from franchisees, net of current portion	`AccountsReceivableNetNoncurrentFranchiseReceivable`	$31.54M	USD	Point-in-time
Property and equipment, net of accumulated depreciation	`PropertyPlantAndEquipmentNet`	$24.93M	USD	Point-in-time
Property and equipment, net of accumulated depreciation	`PropertyPlantAndEquipmentNet`	$25.26M	USD	Point-in-time
Right-of-use asset	`OperatingLeaseRightOfUseAsset`	$32.66M	USD	Point-in-time
Right-of-use asset	`OperatingLeaseRightOfUseAsset`	$37.42M	USD	Point-in-time
Intangible assets, net of accumulated amortization	`IntangibleAssetsNetExcludingGoodwill`	$3.40M	USD	Point-in-time
Intangible assets, net of accumulated amortization	`IntangibleAssetsNetExcludingGoodwill`	$2.80M	USD	Point-in-time
Deferred income taxes, net	`DeferredIncomeTaxAssetsNet`	$125.68M	USD	Point-in-time
Deferred income taxes, net	`DeferredIncomeTaxAssetsNet`	$128.98M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$6.49M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$4.74M	USD	Point-in-time
Total assets	`Assets`	$267.80M	USD	Point-in-time
Total assets	`Assets`	$275.27M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$10.50M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$6.74M	USD	Point-in-time
Premiums payable	`PremiumsPayableCurrent`	$1.49M	USD	Point-in-time
Premiums payable	`PremiumsPayableCurrent`	$1.95M	USD	Point-in-time
Lease liability	`OperatingLeaseLiabilityCurrent`	$5.63M	USD	Point-in-time
Lease liability	`OperatingLeaseLiabilityCurrent`	$4.89M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$6.21M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$6.05M	USD	Point-in-time
Note payable	`LongTermDebtCurrent`	$4.38M	USD	Point-in-time
Note payable	`LongTermDebtCurrent`	$5.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$27.78M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$25.08M	USD	Point-in-time
Lease liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$47.34M	USD	Point-in-time
Lease liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$52.36M	USD	Point-in-time
Note payable, net of current portion	`LongTermDebtNoncurrent`	$117.17M	USD	Point-in-time
Note payable, net of current portion	`LongTermDebtNoncurrent`	$118.36M	USD	Point-in-time
Contract liabilities, net of current portion	`ContractWithCustomerLiabilityNoncurrent`	$42.55M	USD	Point-in-time
Contract liabilities, net of current portion	`ContractWithCustomerLiabilityNoncurrent`	$45.36M	USD	Point-in-time
Liabilities under tax receivable agreement	`DueToRelatedPartiesNoncurrent`	$100.96M	USD	Point-in-time
Liabilities under tax receivable agreement	`DueToRelatedPartiesNoncurrent`	$103.19M	USD	Point-in-time
Total liabilities	`Liabilities`	$343.17M	USD	Point-in-time
Total liabilities	`Liabilities`	$336.99M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$52.59M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$46.28M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-60.67M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-63.41M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$-10.45M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$-14.02M	USD	Point-in-time
Non-controlling interests	`MinorityInterest`	$-57.45M	USD	Point-in-time
Non-controlling interests	`MinorityInterest`	$-55.17M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-38.40M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-69.19M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-36.30M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-67.90M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$267.80M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$275.27M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$31.23M	USD	1 Quarter
Revenues	`Revenues`	$41.28M	USD	1 Quarter
Employee compensation and benefits	`LaborAndRelatedExpense`	$21.31M	USD	1 Quarter
Employee compensation and benefits	`LaborAndRelatedExpense`	$31.48M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$9.27M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$13.52M	USD	1 Quarter
Bad debts	`ProvisionForDoubtfulAccounts`	$796.00K	USD	1 Quarter
Bad debts	`ProvisionForDoubtfulAccounts`	$447.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortizationExcludingDebtIssuanceCostAmortization`	$1.58M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortizationExcludingDebtIssuanceCostAmortization`	$1.00M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$32.03M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$47.38M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-802.00K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-6.10M	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$20.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Interest expense	`InterestExpense`	$601.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$883.00K	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-6.99M	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.38M	USD	1 Quarter
Tax benefit	`IncomeTaxExpenseBenefit`	$-1.60M	USD	1 Quarter
Tax benefit	`IncomeTaxExpenseBenefit`	$-294.00K	USD	1 Quarter
Net loss	`ProfitLoss`	$-5.38M	USD	1 Quarter
Net loss	`ProfitLoss`	$-1.09M	USD	1 Quarter
Less: net loss attributable to non-controlling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$-3.13M	USD	1 Quarter
Less: net loss attributable to non-controlling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$-693.00K	USD	1 Quarter
Net loss attributable to Goosehead Insurance, Inc.	`NetIncomeLoss`	$-396.00K	USD	1 Quarter
Net loss attributable to Goosehead Insurance, Inc.	`NetIncomeLoss`	$-2.26M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.11	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.02	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.02	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.11	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.24M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	18.38M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.38M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	20.24M	shares	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-5.38M	USD	1 Quarter
Net loss	`ProfitLoss`	$-1.09M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.07M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.63M	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$796.00K	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$447.00K	USD	1 Quarter
Equity-based compensation	`ShareBasedCompensation`	$1.94M	USD	1 Quarter
Equity-based compensation	`ShareBasedCompensation`	$5.79M	USD	1 Quarter
Impacts of Tax Receivable Agreement	`IncreaseDecreaseInDueToRelatedParties`	$2.23M	USD	1 Quarter
Impacts of Tax Receivable Agreement	`IncreaseDecreaseInDueToRelatedParties`	$3.42M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-2.88M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-3.57M	USD	1 Quarter
Noncash lease activity	`NoncashLeaseExpense`	$1.00M	USD	1 Quarter
Noncash lease activity	`NoncashLeaseExpense`	$13.00K	USD	1 Quarter
Receivable from franchisees	`IncreaseDecreaseInAccountsReceivableFranchiseReceivable`	$3.69M	USD	1 Quarter
Receivable from franchisees	`IncreaseDecreaseInAccountsReceivableFranchiseReceivable`	$2.40M	USD	1 Quarter
Commissions and agency fees receivable	`IncreaseDecreaseInAccountsReceivableCommissionsAndAgencyFeesReceivable`	$-2.73M	USD	1 Quarter
Commissions and agency fees receivable	`IncreaseDecreaseInAccountsReceivableCommissionsAndAgencyFeesReceivable`	$-13.42M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$5.67M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$3.87M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$1.34M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$1.74M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-2.80M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-3.76M	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$2.97M	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$3.55M	USD	1 Quarter
Premiums payable	`IncreaseDecreaseInPremiumsPayable`	$-165.00K	USD	1 Quarter
Premiums payable	`IncreaseDecreaseInPremiumsPayable`	$-461.00K	USD	1 Quarter
Payments pursuant to the tax receivable agreement	`IncreaseDecreaseInTaxReceivableAgreementPayment`	$-549.00K	USD	1 Quarter
Payments pursuant to the tax receivable agreement	`IncreaseDecreaseInTaxReceivableAgreementPayment`	-	USD	1 Quarter
Net cash provided by (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.15M	USD	1 Quarter
Net cash provided by (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$7.89M	USD	1 Quarter
Proceeds from notes receivable	`ProceedsFromSaleAndCollectionOfNotesReceivable`	$10.00K	USD	1 Quarter
Proceeds from notes receivable	`ProceedsFromSaleAndCollectionOfNotesReceivable`	$10.00K	USD	1 Quarter
Purchase of software	`PaymentsForSoftware`	$773.00K	USD	1 Quarter
Purchase of software	`PaymentsForSoftware`	$165.00K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.95M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.73M	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.49M	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.10M	USD	1 Quarter
Repayment of note payable	`RepaymentsOfSecuredDebt`	$500.00K	USD	1 Quarter
Repayment of note payable	`RepaymentsOfSecuredDebt`	$625.00K	USD	1 Quarter
Proceeds from the issuance of Class A common stock	`ProceedsFromIssuanceInitialPublicOffering`	$470.00K	USD	1 Quarter
Proceeds from the issuance of Class A common stock	`ProceedsFromIssuanceInitialPublicOffering`	$431.00K	USD	1 Quarter
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-155.00K	USD	1 Quarter
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-69.00K	USD	1 Quarter
Net decrease in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-7.80M	USD	1 Quarter
Net decrease in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$5.72M	USD	1 Quarter
Cash and cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$22.68M	USD	Point-in-time
Cash and cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$30.48M	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`	$26.24M	USD	Point-in-time
Cash and cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$22.68M	USD	Point-in-time
Cash and cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$30.48M	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`	$26.24M	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`	$1.09M	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$9.00K	USD	1 Quarter

Stockholders Equity 22 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-38.40M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-69.19M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-36.30M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-67.90M	USD	Point-in-time
Net loss	`ProfitLoss`	$-5.38M	USD	1 Quarter
Net loss	`ProfitLoss`	$-1.09M	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$226.00K	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$256.00K	USD	1 Quarter
Equity-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.94M	USD	1 Quarter
Equity-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$5.79M	USD	1 Quarter
Activity under employee stock purchase plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$205.00K	USD	1 Quarter
Activity under employee stock purchase plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$214.00K	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`	$816.00K	USD	1 Quarter
Deferred tax adjustments related to Tax Receivable Agreement	`AdjustmentsToAdditionalPaidInCapitalTaxReceivableAgreement`	$416.00K	USD	1 Quarter
Reallocation of Non-controlling interest	`IncreaseDecreaseInNonControllingInterestReallocation`	-	USD	1 Quarter
Reallocation of Non-controlling interest	`IncreaseDecreaseInNonControllingInterestReallocation`	-	USD	1 Quarter
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-38.40M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-69.19M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-36.30M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-67.90M	USD	Point-in-time

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