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goosehead INSURANCE Goosehead Insurance , Inc. Announces First Quarter 2021 Results - Growth Accelerates April 29 , 2021 - Revenue Growth Accelerated to 53 % Over Prior - Year - Period to $ 31.2 Million - - Core Revenue Growth Accelerated to 47 % Over Prior - Year - Period to $ 26.7 Million - - Total Written Premium Growth Accelerated to 49 % over Prior Year Period - - Total Franchises and Corporate Sales Headcount Growth Accelerated to 61 % and 51 % , Respectively- - Raising 2021 Outlook for Total Written Premiums and Revenue - WESTLAKE , Texas , April 29 , 2021 ( GLOBE NEWSWIRE ) -- Goosehead Insurance , Inc. ( " Goosehead " or the " Company " ) ( NASDAQ : GSHD ) , a rapidly growing independent personal lines insurance agency , today announced results for the first quarter ended March 31 , 2021 . First Quarter 2021 Highlights • Total Revenues grew organically 53 % to $ 31.2 million in the first quarter of 2021 • Core Revenues * of $ 26.7 million increased 47 % • First quarter net loss of $ ( 1.1 ) million ; net loss attributable to Goosehead Insurance , Inc. of $ ( 0.4 ) million or $ ( 0.02 ) per basic share and $ ( 0.02 ) per diluted share • First quarter Adjusted EBITDA * of $ 2.1 million , up 73 % from $ 1.2 million in the prior year . • First quarter Adjusted EPS * of $ 0.03 per share . • Total written premiums placed increased 49 % from the prior - year period to $ 319 million • Policies in force grew 49 % from the prior - year period to 788,000 . Corporate sales headcount of 363 was up 51 % year - over - year • Total franchises increased 61 % compared to the prior year period to 1,628 ; operating franchises grew 45 % compared to the prior - year period to 987 * Core Revenue , Adjusted EPS , and Adjusted EBITDA are non - GAAP measures . Reconciliations of Core Revenue to total revenues , Adjusted EBITDA to net income and Adjusted EPS to basic earnings per share , the most directly comparable financial measures presented in accordance with GAAP , are set forth in the reconciliation table accompanying this release . " Our first quarter of 2021 demonstrated accelerating growth in our business yet again and a formidable and expanding competitive moat , " stated Mark E. Jones , Chairman and CEO . " Our premiums , policies in force , core revenues , corporate agent count , and total franchise count all saw increased momentum in the quarter , benefiting from the significant investments we have made over the past several years . Our expanding depth of talent in the organization and improvements to our technology platform are enhancing our recruiting and onboarding capabilities , as evidenced by the strong growth in franchise count in the quarter . With our expanding geographic footprint , we are well positioned heading into the summer corporate agent recruiting season . This strong start to the year further validates the strength and consistency of our unique business , as the advantages of a choice model , knowledgeable agents , outstanding service , and industry leading technology continue to resonate with our clients . I want to thank our employees and franchises for their amazing efforts as we progress towards our long - term goal of becoming the leading distributor of personal lines insurance in the U.S. " First Quarter 2021 Results For the first quarter of 2021 , revenues were $ 31.2 million , an increase of 53 % compared to the corresponding period in 2020. Core Revenues , a non - GAAP measure which excludes contingent commissions and initial franchise fees , were $ 26.7 million , a 47 % increase from $ 18.2 million in the prior year period . Core Revenues are the most reliable revenue stream for the Company , consisting of New Business Commissions , Agency Fees , New Business Royalty Fees , Renewal Commissions , and Renewal Royalty Fees . Core Revenue growth was driven by growth in corporate agents and operating franchises ( which were driven by investments in our recruiting team in 2019 and prior ) , productivity improvements in the Franchise Channel , and continued high levels of retention . The Company accelerated total written premium growth , which is the leading indicator of future revenue growth , to 49 % in the first quarter , compared to 46 % growth in the first quarter of 2020 and 45 % growth for all of 2020 . Total operating expenses for the first quarter of 2021 were $ 32.0 million , up 58 % from $ 20.2 million in the prior - year period . The increase from the prior period was due to larger employee compensation and benefits expenses related to ongoing investments in our corporate agents , franchise sales team , and information systems developers . Also , the Company continued to expand its real estate footprint and invest in our technology roadmap , with enhancements to our client - facing portal and numerous additional carrier integration projects , which grew the Company's general and administrative expenses for the quarter . Net loss for the first quarter of 2021 was $ ( 1.1 ) million . Under ASC 606 , we expect to continue to experience seasonality in our earnings throughout each year due to insurance sales patterns and recognition of contingent commissions , with the bulk of contingents realized in the latter part of the year . Net loss attributable to Goosehead Insurance , Inc. for the first quarter of 2021 was $ ( 0.4 ) million , or $ ( 0.02 ) per basic share and $ ( 0.02 ) per diluted share . Adjusted EPS for the first quarter of 2021 , which excludes equity - based compensation , was $ 0.03 per share . Total Adjusted EBITDA was $ 2.1 million for the first quarter of 2021 . Liquidity and Capital Resources During the first quarter , the Company generated $ 7.9 million of operating cash flow , which brought the balance of cash and cash equivalents to $ 30.8