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Goosehead Insurance, Inc. Announces Third Quarter 2021 Results

Published

2 years ago

October 27, 2021

–   Total Revenue Growth of 30% and Core Revenue Growth of 41% over the Prior Year Period –
– Total Written Premium Growth of 44% over the Prior Year Period   –
–   Total Franchises and Corporate Sales Headcount Grew 55% and 35%, Respectively   –
– Policies in Force Growth of 44% over the Prior Year Period –
– Launched Digital Agent Platform –

WESTLAKE, Texas , Oct. 27, 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 third quarter ended September 30, 2021.

Third Quarter 2021 Highlights

Total Revenues grew organically 30% over the prior-year period to $41.7 million
Core Revenues* of $37.2 million increased 41% over the prior year period
Third quarter net income of $5.4 million; net income attributable to Goosehead Insurance, Inc. of $4.0 million or $0.21 per basic share and $0.19 per diluted share
Third quarter Adjusted EBITDA* of $6.6 million.
Third quarter Adjusted EPS* of $0.26 per share.
Total written premiums placed increased 44% from the prior-year period to $435 million
Policies in force grew 44% from the prior-year period to 948,000
Corporate sales headcount of 502 was up 35% year-over-year
Total franchises increased 55% compared to the prior-year period to 1,958; operating franchises grew 38% compared to the prior-year period to 1,139

^*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.

“Goosehead delivered an exceptional third quarter with strong premium and Core Revenue growth, significant talent additions, a 92 net promoter score and industry leading client retention of 89% – all against a very strong year ago comparison,” stated Mark E. Jones, Chairman and CEO. “We are extremely excited to have launched our Digital Agent Platform during the third quarter and have received a tremendously favorable response from our clients, agents and carrier partners around the potential for this powerful and highly differentiated tool to drive growth and enhance the client experience. Leveraging agent-informed artificial intelligence across nearly 30 million of our prior quotes, individuals can run highly accurate home, auto, flood, condo and renter’s quotes online from multiple carriers in less than 60 seconds by entering as little as 3 data points. This is an incredibly effortless client experience as evidenced by an average 96 net promoter score on business generated through the Digital Agent Platform thus far. We are continuing to accelerate our work on deeper carrier technology integrations and expect to unveil a quote-to-issue shopping experience with multiple carriers during 2022, all while maintaining in the background the critical benefits that knowledgeable agents provide to clients. The significant investments we are making in our people and technology platform are clearly expanding our already powerful and substantial competitive moat in the marketplace.”

Third Quarter 2021 Results
For the third quarter of 2021, revenues were $41.7 million, an increase of 30% compared to the corresponding period in 2020. Core Revenues, a non-GAAP measure which excludes contingent commissions, initial franchise fees, interest income, and other income, were $37.2 million, a 41% increase from $26.4 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 the number of 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 strong client retention of 89%. The Company grew total written premiums, which we consider to be the leading indicator of future revenue growth, by 44% in the third quarter.

Total operating expenses for the third quarter of 2021 were $38.1 million, up 52% from $25.0 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, agent support team, service agents, and information systems developers. Also, we continued to expand our real estate footprint with additional office openings, plus additional investments in our technology roadmap, including the launch of our Digital Agent Platform and enhancements to our client-facing portal, which grew the Company’s general and administrative expenses for the quarter.

Net income for the third quarter of 2021 was $5.4 million. 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 fourth quarter. Net income attributable to Goosehead Insurance, Inc. for the third quarter of 2021 was $4.0 million, or $0.21 per basic share and $0.19 per diluted share. Total Adjusted EBITDA was $6.6 million for the third quarter of 2021. Adjusted EPS for the third quarter of 2021, which excludes equity-based compensation, was $0.26 per share.

Liquidity and Capital Resources
As of September 30, 2021, the Company had cash and cash equivalents of $25.5 million.

During the third quarter 2021, the Company refinanced its $25 million revolving credit facility and $77 million term note payable to a $50 million revolving facility and a $100 million term note payable agreement. We also had an unused line of credit of $24.8 million at quarter end. Total outstanding term note payable balance was $99.4 million as of September 30, 2021.

During the quarter ended September 30, 2021, Goosehead Financial, LLC paid a $60 million dividend to holders of LLC Units of record, including the Company. The Company’s Board of Directors also declared a special cash dividend of $1.63 per share (rounded) to all holders of the Company’s Class A common stock with a record date of August 9, 2021.

2021 Outlook
Based on our experience to date, the Company is raising its full-year 2021 outlook with respect to total written premiums and revenue:

Total written premiums placed for 2021 are expected to be between $1.54 billion and $1.56 billion, representing organic growth of 43% on the low end of the range to 45% on the high end of the range. Prior guidance issued was for organic premium growth between 40% and 45%.
Total revenues for 2021 are expected to be between $149 million and $155 million, representing organic growth of 27% on the low end of the range to 32% on the high end of the range. Prior guidance issued was for organic premium growth between 25% and 33%.

Conference Call Information
Goosehead will host a conference call and webcast today at 4:30 PM ET to discuss these results.

The dial-in number for the conference call is (855) 327-6837 (toll-free) or (631) 891-4304 (international). Please dial the number 10 minutes prior to the scheduled start time.

In addition, a live webcast of the conference call will also be available on Goosehead’s investor relations website at http://ir.gooseheadinsurance.com.

A webcast replay of the call will be available at http://ir.gooseheadinsurance.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 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 140 insurance companies that underwrite personal lines and small commercial lines risks, and its operations include a network of 12 corporate sales offices and over 1,958 operating and contracted franchise locations. For more information, please visit gooseheadinsurance.com.

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 economic effects of the COVID-19 pandemic, 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, 2020 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.

Contacts
Investor Contact:
Dan Farrell
Goosehead Insurance – VP Capital Markets
Phone: (214) 838-5290
Email: [email protected]; [email protected];

PR Contact:
Mission North for Goosehead Insurance
Email: [email protected]; [email protected]

Goosehead Insurance, Inc.
Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share amounts)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Revenues:
Commissions and agency fees	$	22,420		$	19,385		$	61,007		$	49,444
Franchise revenues	18,960			12,418			49,234			32,347
Interest income	301			212			841			573
Total revenues	41,681			32,015			111,082			82,364
Operating Expenses:
Employee compensation and benefits	26,078			17,901			69,862			47,308
General and administrative expenses	10,141			5,872			29,549			17,108
Bad debts	732			376			1,825			1,004
Depreciation and amortization	1,188			900			3,320			2,152
Total operating expenses	38,139			25,049			104,556			67,572
Income from operations	3,542			6,966			6,526			14,792
Other Income (Expense):
Other income	7			10			146			76
Interest expense	(756		)	(582		)	(1,903		)	(1,665		)
Income before taxes	2,793			6,394			4,769			13,203
Tax expense (benefit)	(2,575		)	(331		)	(2,646		)	(612		)
Net income	5,368			6,725			7,415			13,815
Less: net income attributable to non-controlling interests	1,332			3,458			2,288			7,325
Net income attributable to Goosehead Insurance, Inc.	$	4,036		$	3,267		$	5,127		$	6,490
Earnings per share:
Basic	$	0.21		$	0.19		$	0.27		$	0.39
Diluted	$	0.19		$	0.17		$	0.25		$	0.36
Weighted average shares of Class A common stock outstanding
Basic	19,559			17,376			18,903			16,466
Diluted	21,206			18,915			20,570			17,926

Goosehead Insurance, Inc.
Consolidated Supplemental Statements of Operations
(Unaudited)
(In thousands, except per share amounts)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Revenues:
Core Revenue:
Renewal Commissions⁽¹⁾	$	10,969		$	7,931		$	29,036		$	21,382
Renewal Royalty Fees⁽²⁾	13,206			8,117			33,622			21,406
New Business Commissions⁽¹⁾	6,013			4,790			16,573			12,452
New Business Royalty Fees⁽²⁾	4,003			3,090			10,840			7,737
Agency Fees⁽¹⁾	3,050			2,491			8,579			6,362
Total Core Revenue	37,241			26,419			98,650			69,339
Cost Recovery Revenue:
Initial Franchise Fees⁽²⁾	1,680			1,152			4,570			3,031
Interest Income	301			212			841			573
Total Cost Recovery Revenue	1,981			1,364			5,411			3,604
Ancillary Revenue:
Contingent Commissions⁽¹⁾	2,388			4,173			6,819			9,248
Other Income⁽²⁾	71			59			202			173
Total Ancillary Revenue	2,459			4,232			7,021			9,421
Total Revenues	41,681			32,015			111,082			82,364
Operating Expenses:
Employee compensation and benefits	26,078			17,901			69,862			47,308
General and administrative expenses	10,141			5,872			29,549			17,108
Bad debts	732			376			1,825			1,004
Depreciation and amortization	1,188			900			3,320			2,152
Total operating expenses	38,139			25,049			104,556			67,572
Income from operations	3,542			6,966			6,526			14,792
Other Income (Expense):
Other income	7			10			146			76
Interest expense	(756		)	(582		)	(1,903		)	(1,665		)
Income before taxes	2,793			6,394			4,769			13,203
Tax (benefit) expense	(2,575		)	(331		)	(2,646		)	(612		)
Net Income	5,368			6,725			7,415			13,815
Less: net income attributable to non-controlling interests	1,332			3,458			2,288			7,325
Net Income attributable to Goosehead Insurance Inc.	$	4,036		$	3,267		$	5,127		$	6,490

Earnings per share:
Basic	$	0.21		0.19			0.27			0.39
Diluted	$	0.19		0.17			0.25			0.36
Weighted average shares of Class A common stock outstanding
Basic	19,559			17,376			18,903			16,466
Diluted	21,206			18,915			20,570			17,926

(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-Q for the three and nine months ended September 30, 2021 and 2020.
(2) Renewal Royalty Fees, New Business Royalty Fees, Initial Franchise Fees, and Other Income are included in “Franchise revenues” as shown on the Consolidated statements of operations within Goosehead’s Form 10-Q for the three and nine months ended September 30, 2021 and 2020.

Goosehead Insurance, Inc.
Segment Information
(Unaudited)
(In thousands, except per share amounts)

	Three Months Ended September 30, 2021
	Franchise Channel			Corporate Channel			Other			Total
Revenues:
Core Revenue:
Renewal Commissions⁽¹⁾	$	—		$	10,969		$	—		$	10,969
Renewal Royalty Fees⁽²⁾	13,206			—			—			13,206
New Business Commissions⁽¹⁾	—			6,013			—			6,013
New Business Royalty Fees⁽²⁾	4,003			—			—			4,003
Agency Fees⁽¹⁾	—			3,050			—			3,050
Total Core Revenue	17,209			20,032			—			37,241
Cost Recovery Revenue:
Initial Franchise Fees⁽²⁾	1,680			—			—			1,680
Interest Income	301			—			—			301
Total Cost Recovery Revenue	1,981			—			—			1,981
Ancillary Revenue:
Contingent Commissions⁽¹⁾	1,734			654			—			2,388
Other Income⁽²⁾	71			—			—			71
Total Ancillary Revenue	1,805			654			—			2,459
Total Revenues	20,995			20,686			—			41,681
Operating expenses:
Employee compensation and benefits, excluding equity based compensation	9,051			15,176			—			24,227
General and administrative expenses	3,908			5,035			1,198			10,141
Bad debts	220			512			—			732
Total Operating Expenses	13,179			20,723			1,198			35,100
Adjusted EBITDA	7,816			(37		)	(1,198		)	6,581
Other income (expense)	7			—			—			7
Equity based compensation	—			—			(1,851		)	(1,851		)
Interest expense	—			—			(756		)	(756		)
Depreciation and amortization	(759		)	(429		)	—			(1,188		)
Taxes	—			—			2,575			2,575
Net income	$	7,064		$	(466	)	$	(1,230	)	$	5,368
September 30, 2021:
Total Assets	$	45,700		$	43,257		$	158,183		$	247,140

(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-Q for the three months ended September 30, 2021 and 2020.
(2) Renewal Royalty Fees, New Business Royalty Fees, Initial Franchise Fees, and Other Income are included in “Franchise revenues” as shown on the Consolidated statements of operations within Goosehead’s Form 10-Q for the three months ended September 30, 2021 and 2020.

	Nine Months Ended September 30, 2021
	Franchise Channel			Corporate Channel			Other			Total
Revenues:
Core Revenue:
Renewal Commissions⁽¹⁾	$	—		$	29,036		$	—		$	29,036
Renewal Royalty Fees⁽²⁾	33,622			—			—			33,622
New Business Commissions⁽¹⁾	—			16,573			—			16,573
New Business Royalty Fees⁽²⁾	10,840			—			—			10,840
Agency Fees⁽¹⁾	—			8,579			—			8,579
Total Core Revenue	44,462			54,188			—			98,650
Cost Recovery Revenue:
Initial Franchise Fees⁽²⁾	4,570			—			—			4,570
Interest Income	841			—			—			841
Total Cost Recovery Revenue	5,411			—			—			5,411
Ancillary Revenue:
Contingent Commissions⁽¹⁾	4,986			1,833			—			6,819
Other Income⁽²⁾	202			—			—			202
Total Ancillary Revenue	5,188			1,833			—			7,021
Total Revenues	55,061			56,021			—			111,082
Operating expenses:
Employee compensation and benefits, excluding equity based compensation	24,640			39,578			—			64,218
General and administrative expenses	13,048			13,943			2,558			29,549
Bad debts	516			1,309			—			1,825
Total Operating Expenses	38,204			54,830			2,558			95,592
Adjusted EBITDA	16,857			1,191			(2,558		)	15,490
Other income	38			108			—			146
Equity based compensation	—			—			(5,644		)	(5,644		)
Interest expense	—			—			(1,903		)	(1,903		)
Depreciation and amortization	(2,134		)	(1,186		)	—			(3,320		)
Income tax benefit	—			—			2,646			2,646
Net income	$	14,761		$	113		$	(7,459	)	$	7,415
September 30, 2021:
Total Assets	$	45,700		$	43,257		$	158,183		$	247,140

(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-Q for the nine months ended September 30, 2021 and 2020.
(2) Renewal Royalty Fees, New Business Royalty Fees, Initial Franchise Fees, and Other Income are included in “Franchise revenues” as shown on the Consolidated statements of operations within Goosehead’s Form 10-Q for the nine months ended September 30, 2021 and 2020.

Goosehead Insurance, Inc.
Consolidated Balance Sheets
(Unaudited)
(In thousands, except per share amounts)

	September 30,			December 31,
	2021			2020
Assets
Current Assets:
Cash and cash equivalents	$	25,512		$	24,913
Restricted cash	1,179			1,323
Commissions and agency fees receivable, net	8,349			18,604
Receivable from franchisees, net	866			2,100
Prepaid expenses	6,487			3,705
Total current assets	42,393			50,645
Receivable from franchisees, net of current portion	25,734			18,179
Property and equipment, net of accumulated depreciation	21,794			16,650
Right-of-use asset	35,384			22,513
Intangible assets, net of accumulated amortization	2,256			549
Deferred income taxes, net	114,376			73,363
Other assets	5,203			3,938
Total assets	$	247,140		$	185,837
Liabilities and Stockholders’ Equity
Current Liabilities:
Accounts payable and accrued expenses	$	10,643		$	8,101
Premiums payable	1,179			1,323
Lease liability	4,400			3,203
Contract liabilities	5,646			4,233
Note payable	3,750			3,500
Total current liabilities	25,618			20,360
Lease liability, net of current portion	47,200			32,933
Note payable, net of current portion	119,555			79,408
Contract liabilities, net of current portion	38,963			29,968
Liabilities under tax receivable agreement, net of current portion	91,488			61,572
Total liabilities	322,824			224,241
Class A common stock, $0.01 par value per share – 300,000 shares authorized, 19,786 shares issued and outstanding as of September 30, 2021, 18,304 shares issued and outstanding as of December 31, 2020	196			183
Class B common stock, $0.01 par value per share – 50,000 shares authorized, 17,239 issued and outstanding as of September 30, 2021, 18,447 shares issued and outstanding as of December 31, 2020	173			184
Additional paid in capital	41,820			29,371
Accumulated deficit	(61,049		)	(34,614		)
Total stockholders’ equity	(18,860		)	(4,876		)
Non-controlling interests	(56,824		)	(33,528		)
Total equity	(75,684		)	(38,404		)
Total liabilities and equity	$	247,140		$	185,837

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 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 excluding other non-operating items. 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 nine months ended September 30, 2021 and 2020 (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Total Revenues	$	41,681	$	32,015	$	111,082	$	82,364

Core Revenue:
Renewal Commissions⁽¹⁾	$	10,969	$	7,931	$	29,036	$	21,382
Renewal Royalty Fees⁽²⁾	13,206		8,117		33,622		21,406
New Business Commissions⁽¹⁾	6,013		4,790		16,573		12,452
New Business Royalty Fees⁽²⁾	4,003		3,090		10,840		7,737
Agency Fees⁽¹⁾	3,050		2,491		8,579		6,362
Total Core Revenue	37,241		26,419		98,650		69,339
Cost Recovery Revenue:
Initial Franchise Fees⁽²⁾	1,680		1,152		4,570		3,031
Interest Income	301		212		841		573
Total Cost Recovery Revenue	1,981		1,364		5,411		3,604
Ancillary Revenue:
Contingent Commissions⁽¹⁾	2,388		4,173		6,819		9,248
Other Income⁽²⁾	71		59		202		173
Total Ancillary Revenue	2,459		4,232		7,021		9,421
Total Revenues	$	41,681	$	32,015	$	111,082	$	82,364

(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 Income 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 nine months ended September 30, 2021 and 2020 (in thousands):

	Three Months Ended September 30,								Nine Months Ended September 30,
	2021				2020				2021				2020
Net income (loss)	$	5,368			$	6,725			$	7,415			$	13,815
Interest expense	756				582				1,903				1,665
Depreciation and amortization	1,188				900				3,320				2,152
Tax expense (benefit)	(2,575		)		(331		)		(2,646		)		(612		)
Equity-based compensation	1,851				1,416				5,644				3,330
Other income (expense)	(7		)		(10		)		(146		)		(76		)
Adjusted EBITDA	$	6,581			$	9,282			$	15,490			$	20,274
Adjusted EBITDA Margin⁽¹⁾	16			%	29			%	14			%	25			%

(1) Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue ($6,581 / $41,681) and ($9,282 / $32,015) three months ended September 30, 2021 and 2020. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue ($15,490 / $111,082) and ($20,274 / $82,364) nine months ended September 30, 2021 and 2020.

The following tables show a reconciliation from basic earnings per share to Adjusted EPS (non-GAAP basis) for the three and nine months ended September 30, 2021 and 2020 (in thousands, except per share amounts). Note that totals may not sum due to rounding:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Earnings per share – basic (GAAP)	$	0.21	$	0.19	$	0.27	$	0.39
Add: equity-based compensation⁽¹⁾	0.05		0.04		0.15		0.09
Adjusted EPS (non-GAAP)	$	0.26	$	0.23	$	0.42	$	0.48

(1) Calculated as equity-based compensation divided by sum of weighted average Class A and Class B shares [ $1.9 million / ( 19.6 million + 17.3 million )] for the three months ended September 30, 2021 and [ $1.4 million / ( 16.5 million + 20.0 million )] for the three months ended September 30, 2020. Calculated as equity-based compensation divided by sum of weighted average Class A and Class B shares [ $5.6 million / ( 18.9 million + 17.9 million )] for the nine months ended September 30, 2021 and [ $3.3 million / ( 16.0 million + 20.4 million )] for the nine months ended September 30, 2020.

Goosehead Insurance, Inc.
Key Performance Indicators

	September 30, 2021			December 31, 2020			September 30, 2020
Corporate sales agents < 1 year tenured	301			207			222
Corporate sales agents > 1 year tenured	201			157			149
Operating franchises < 1 year tenured (TX)	56			43			36
Operating franchises > 1 year tenured (TX)	206			185			183
Operating franchises < 1 year tenured (Non-TX)	335			285			266
Operating franchises > 1 year tenured (Non-TX)	542			378			338
Policies in Force	948,000			713,000			657,000
Client Retention	89		%	88		%	88		%
Premium Retention	92		%	89		%	90		%
QTD Written Premium (in thousands)	$	434,752		$	285,209		$	301,037
Net Promoter Score (“NPS”)	92			92			91

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Artificial Intelligence

Terra Drone, Unifly, and Aloft Launch UTM Development for AAM Targeting Global Markets

Published

1 hour ago

April 24, 2024

CISION (PR Newswire)

terra-drone,-unifly,-and-aloft-launch-utm-development-for-aam-targeting-global-markets

TOKYO, April 25, 2024 /PRNewswire/ — Terra Drone Corporation, a leading drone and Advanced Air Mobility (AAM) technology provider headquartered in Japan, announced today the launch of joint development with its Group companies Unifly NV (“Unifly”) and Aloft Technologies Inc. (“Aloft”) focused on UAS Traffic Management (UTM) for AAMs targeting global markets. Terra Drone has been making strides in its pioneering UTM business via strategic investments in Unifly, a leading UTM technology provider based in Belgium, and Aloft, which has the top UTM market share in the U.S. This collaboration marks the world’s first-ever joint UTM development for AAMs by multiple companies with extensive track records in UTM implementation and operation.

The three companies pursue joint UTM development to capitalize on the rapid global progress in electric vertical take-off and landing aircrafts (eVTOLs), set to revolutionize transportation. Morgan Stanley forecasts the Urban Air Mobility (UAM) market to reach $1 trillion by 2040 and $9 trillion by 2050 (1), with eVTOLs gaining global recognition through test flights and prototype showcases.
The companies proudly announce initiatives to enhance their existing UTM platforms in anticipation of the surge in eVTOL aircraft and drone activities. The shared vision for the UTM platform is to enable safe and efficient flight operations for eVTOLs and drones in the foreseeable future.
Recognizing the evolving needs of the AAM industry, they are dedicated to extending their platform by incorporating crucial additional functions. These enhancements, designed with automation at their core, aim to streamline operational efficiencies and pave the way for the integration of their increasingly automated UTM technology into the design and operational framework of AAMs. Through these efforts, they aim to set new standards in UTM and to facilitate the seamless integration of eVTOLs and drones into the national airspace, bolstering the potential for the AAM industry.
Through this initiative, they aim to build a global UTM infrastructure that kickstarts the AAM industry worldwide, creating a cohesive ecosystem that supports AAM growth and addresses broader challenges of urban mobility, sustainability, and air traffic safety.
Notes to Editor:
Research by Morgan Stanley in a report titled “eVTOL/Urban Air Mobility TAM Update: A Slow Take-Off, But Sky’s the Limit” https://advisor.morganstanley.com/the-busot-group/documents/field/b/bu/busot-group/Electric%20Vehicles.pdf]
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Artificial Intelligence

IBM to Acquire HashiCorp, Inc. Creating a Comprehensive End-to-End Hybrid Cloud Platform

Published

3 hours ago

April 24, 2024

CISION (PR Newswire)

ibm-to-acquire-hashicorp,-inc.-creating-a-comprehensive-end-to-end-hybrid-cloud-platform

$6.4 billion acquisition adds suite of leading hybrid and multi-cloud lifecycle management products to help clients grappling with today’s AI-driven application growth and complexity
HashiCorp’s capabilities to drive significant synergies across multiple strategic growth areas for IBM, including Red Hat, watsonx, data security, IT automation and Consulting
As a part of IBM, HashiCorp is expected to accelerate innovation and enhance its go-to-market, growth and monetization initiatives
Transaction expected to be accretive to Adjusted EBITDA within the first full year, post close, and free cash flow in year two
ARMONK, N.Y. and SAN FRANCISCO, April 24, 2024 /PRNewswire/ — IBM (NYSE: IBM) and HashiCorp Inc. (NASDAQ: HCP), a leading multi-cloud infrastructure automation company, today announced they have entered into a definitive agreement under which IBM will acquire HashiCorp for $35 per share in cash, representing an enterprise value of $6.4 billion. HashiCorp’s suite of products provides enterprises with extensive Infrastructure Lifecycle Management and Security Lifecycle Management capabilities to enable organizations to automate their hybrid and multi-cloud environments. Today’s announcement is a continuation of IBM’s deep focus and investment in hybrid cloud and AI, the two most transformational technologies for clients today.

“Enterprise clients are wrestling with an unprecedented expansion in infrastructure and applications across public and private clouds, as well as on-prem environments. The global excitement surrounding generative AI has exacerbated these challenges and CIOs and developers are up against dramatic complexity in their tech strategies,” said Arvind Krishna, IBM chairman and chief executive officer. “HashiCorp has a proven track record of enabling clients to manage the complexity of today’s infrastructure and application sprawl. Combining IBM’s portfolio and expertise with HashiCorp’s capabilities and talent will create a comprehensive hybrid cloud platform designed for the AI era.”
The rise of cloud-native workloads and associated applications is driving a radical expansion in the number of cloud workloads enterprises are managing. In addition, generative AI deployment continues to grow alongside traditional workloads. As a result, developers are working with increasingly heterogeneous, dynamic, and complex infrastructure strategies. This represents a massive challenge for technology professionals.
HashiCorp’s capabilities enable enterprises to use automation to deliver lifecycle management for infrastructure and security, providing a system of record for the critical workflows needed for hybrid and multi-cloud environments. HashiCorp’s Terraform is the industry standard for infrastructure provisioning in these environments. HashiCorp’s offerings help clients take a cloud-agnostic, and highly interoperable approach to multi-cloud management, and complement IBM’s commitment to industry collaboration (including deep and expanding partnerships with hyperscale cloud service providers), developer communities, and open-source hybrid cloud and AI innovation.
“Our strategy at its core is about enabling companies to innovate in the cloud, while providing a consistent approach to managing cloud at scale. The need for effective management and automation is critical with the rise of multi-cloud and hybrid cloud, which is being accelerated by today’s AI revolution,” said Armon Dadgar, HashiCorp co-founder and chief technology officer. “I’m incredibly excited by today’s news and to be joining IBM to accelerate HashiCorp’s mission and expand access to our products to an even broader set of developers and enterprises.”
“Today is an exciting day for our dedicated teams across the world as well as the developer communities we serve,” said Dave McJannet, HashiCorp chief executive officer. “IBM’s leadership in hybrid cloud along with its rich history of innovation, make it the ideal home for HashiCorp as we enter the next phase of our growth journey. I’m proud of the work we’ve done as a standalone company, I am excited to be able to help our customers further, and I look forward to the future of HashiCorp as part of IBM.”
Transaction Rationale
Strong Strategic Fit – The acquisition of HashiCorp by IBM creates a comprehensive end-to-end hybrid cloud platform built for AI-driven complexity. The combination of each company’s portfolio and talent will deliver clients extensive application, infrastructure and security lifecycle management capabilitiesAccelerates growth in key focus areas – Upon close, HashiCorp is expected to drive significant synergies for IBM, including across multiple strategic growth areas like Red Hat, watsonx, data security, IT automation and Consulting. For example, the powerful combination of Red Hat’s Ansible Automation Platform’s configuration management and Terraform’s automation will simplify provisioning and configuration of applications across hybrid cloud environments. The two companies also anticipate an acceleration of HashiCorp’s growth initiatives by leveraging IBM’s world-class go-to-market strategy, scale, and reach, operating in more than 175 countries across the globeExpands Total Addressable Market (TAM) – The acquisition will create the opportunity to deliver more comprehensive hybrid and multi-cloud offerings to enterprise clients. HashiCorp’s offerings, combined with IBM and Red Hat, will give clients a platform to automate the deployment and orchestration of workloads across evolving infrastructure including hyperscale cloud service providers, private clouds and on-prem environments. This will enhance IBM’s ability to address the total cloud opportunity, which according to IDC had a TAM of $1.1 trillion in 2023, with a compound annual growth rate in the high teens through 2027.1Attractive Financial Opportunity – The transaction will accelerate IBM’s growth profile over time driven by go-to-market and product synergies. This growth combined with operating efficiencies, is expected to achieve substantial near-term margin expansion for the acquired business. It is anticipated that the transaction will be accretive to Adjusted EBITDA within the first full year, post close, and free cash flow in year two.HashiCorp boasts a roster of more than 4,400 clients, including Bloomberg, Comcast, Deutsche Bank, GitHub, J.P Morgan Chase, Starbucks and Vodafone. HashiCorp’s offerings have widescale adoption in the developer community and are used by 85% of the Fortune 500. Their community products across infrastructure and security were downloaded more than 500 million times in HashiCorp’s FY2024 and include:
Terraform – provides organizations with a single workflow to provision their cloud, private datacenter, and SaaS infrastructure and continuously manage infrastructure throughout its lifecycleVault – provides organizations with identity-based security to automatically authenticate and authorize access to secrets and other sensitive dataAdditional products – Boundary for secure remote access; Consul for service-based networking; Nomad for workload orchestration; Packer for building and managing images as code; and Waypoint internal developer platformTransaction Details
Under the terms of the agreement, IBM will acquire HashiCorp for $35 per share in cash, or $6.4 billion enterprise value, net of cash. HashiCorp will be acquired with available cash on hand.
The boards of directors of IBM and HashiCorp have both approved the transaction. The acquisition is subject to approval by HashiCorp shareholders, regulatory approvals and other customary closing conditions.
The Company’s largest shareholders and investors, who collectively hold approximately 43% of the voting power of HashiCorp’s outstanding common stock, entered into a voting agreement with IBM pursuant to which each has agreed to vote all of their common shares in favor of the transaction and against any alternative transactions.
The transaction is expected to close by the end of 2024.
____________________1 The total cloud opportunity is the sum of the cloud-directed spends across Hardware, IT services and SW for Private and Public cloud implementation, sourced from IDC’s Worldwide Black Book Live Edition, March 2024 (V1 2024)
Conference Call Details
IBM’s regular quarterly earnings conference call is scheduled to begin at 5:00 p.m. ET, today. The Webcast may be accessed here. Presentation charts will be available shortly before the Webcast.
About IBM
IBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Thousands of government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service. Visit www.ibm.com for more information.
About HashiCorp
HashiCorp is The Infrastructure Cloud™ company, helping organizations automate multi-cloud and hybrid environments with Infrastructure Lifecycle Management and Security Lifecycle Management. HashiCorp offers The Infrastructure Cloud on the HashiCorp Cloud Platform (HCP) for managed cloud services, as well as self-hosted enterprise offerings and community source-available products. The company is headquartered in San Francisco, California. For more information, visit HashiCorp.com.
Press Contacts:
IBM:Tim Davidson, [email protected]
HashiCorp:Matthew Sherman / Jed Repko / Haley Salas / Joycelyn BarnettJoele Frank, Wilkinson Brimmer Katcher212-355-4449

Additional Information and Where to Find It
HashiCorp, Inc. (“HashiCorp”), the members of HashiCorp’s board of directors and certain of HashiCorp’s executive officers are participants in the solicitation of proxies from stockholders in connection with the pending acquisition of HashiCorp (the “Transaction”). HashiCorp plans to file a proxy statement (the “Transaction Proxy Statement”) with the Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies to approve the Transaction. David McJannet, Armon Dadgar, Susan St. Ledger, Todd Ford, David Henshall, Glenn Solomon and Sigal Zarmi, all of whom are members of HashiCorp’s board of directors, and Navam Welihinda, HashiCorp’s chief financial officer, are participants in HashiCorp’s solicitation. Information regarding such participants, including their direct or indirect interests, by security holdings or otherwise, will be included in the Transaction Proxy Statement and other relevant documents to be filed with the SEC in connection with the Transaction. Additional information about such participants is available under the captions “Board of Directors and Corporate Governance,” “Executive Officers” and “Security Ownership of Certain Beneficial Owners and Management” in HashiCorp’s definitive proxy statement in connection with its 2023 Annual Meeting of Stockholders (the “2023 Proxy Statement”), which was filed with the SEC on May 17, 2023 (and is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/1720671/000114036123025250/ny20008192x1_def14a.htm). To the extent that holdings of HashiCorp’s securities have changed since the amounts printed in the 2023 Proxy Statement, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC (which are available at https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001720671&type=&dateb=&owner=only&count=40&search_text=). Information regarding HashiCorp’s transactions with related persons is set forth under the caption “Related Person Transactions” in the 2023 Proxy Statement. Certain illustrative information regarding the payments to that may be owed, and the circumstances in which they may be owed, to HashiCorp’s named executive officers in a change of control of HashiCorp is set forth under the caption “Executive Compensation—Potential Payments upon Termination or Change in Control” in the 2023 Proxy Statement. With respect to Ms. St. Ledger, certain of such illustrative information is contained in the Current Report on Form 8-K filed with the SEC on June 7, 2023 (and is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/1720671/000162828023021270/hcp-20230607.htm). Promptly after filing the definitive Transaction Proxy Statement with the SEC, HashiCorp will mail the definitive Transaction Proxy Statement and a WHITE proxy card to each stockholder entitled to vote at the special meeting to consider the Transaction. STOCKHOLDERS ARE URGED TO READ THE TRANSACTION PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT HASHICORP WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders may obtain, free of charge, the preliminary and definitive versions of the Transaction Proxy Statement, any amendments or supplements thereto, and any other relevant documents filed by HashiCorp with the SEC in connection with the Transaction at the SEC’s website (http://www.sec.gov). Copies of HashiCorp’s definitive Transaction Proxy Statement, any amendments or supplements thereto, and any other relevant documents filed by HashiCorp with the SEC in connection with the Transaction will also be available, free of charge, at HashiCorp’s investor relations website (https://ir.hashicorp.com/), or by emailing HashiCorp’s investor relations department ([email protected]).
Forward-Looking Statements
Certain statements contained in this communication may be characterized as forward-looking under the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially.
Statements in this communication regarding IBM and HashiCorp that are forward-looking may include statements regarding: (i) the Transaction; (ii) the expected timing of the closing of the Transaction; (iii) considerations taken into account in approving and entering into the Transaction; (iv) the anticipated benefits to, or impact of, the Transaction on IBM’s and HashiCorp’s businesses; and (v) expectations for IBM and HashiCorp following the closing of the Transaction. There can be no assurance that the Transaction will be consummated.
Risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements, in addition to those identified above, include: (i) the possibility that the conditions to the closing of the Transaction are not satisfied, including the risk that required approvals from HashiCorp’s stockholders for the Transaction or required regulatory approvals to consummate the Transaction are not obtained, on a timely basis or at all; (ii) the occurrence of any event, change or other circumstance that could give rise to a right to terminate the Transaction, including in circumstances requiring HashiCorp to pay a termination fee; (iii) possible disruption related to the Transaction to IBM’s and HashiCorp’s current plans, operations and business relationships, including through the loss of customers and employees; (iv) the amount of the costs, fees, expenses and other charges incurred by IBM and HashiCorp related to the Transaction; (v) the risk that IBM’s or HashiCorp’s stock price may fluctuate during the pendency of the Transaction and may decline if the Transaction is not completed; (vi) the diversion of IBM and HashiCorp management’s time and attention from ongoing business operations and opportunities; (vii) the response of competitors and other market participants to the Transaction; (viii) potential litigation relating to the Transaction; (ix) uncertainty as to timing of completion of the Transaction and the ability of each party to consummate the Transaction; and (x) other risks and uncertainties detailed in the periodic reports that IBM and HashiCorp filed with the SEC, including IBM’s and HashiCorp’s respective Annual Reports on Form 10-K. All forward-looking statements in this communication are based on information available to IBM and HashiCorp as of the date of this communication, and, except as required by law, IBM and HashiCorp do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
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Artificial Intelligence

Businessabc.net, part of Ztudium group partners with IEBF to offer GenerativeAI tools for SMEs, Adds Dilip Pungliya to Leadership

Published

5 hours ago

April 24, 2024

CISION (PR Newswire)

LONDON and NEW DELHI, April 24, 2024 /PRNewswire/ — Businessabc.net part of ztudium group partners with Indo-European Business Forum IEBF and signed an MOU to collaborate in building tech AI-powered tools and trade corridors and technological solutions for businesses in India, UK, and Europe.

Businessabc.net is a global business abc AI, digital certification search engine, and directory marketplace that offers a fresh approach to business insights, and analytics and makes it accessible to every company, and employee, empowering knowledge-sharing and strategic insights across every level for businesses worldwide. Businessabc offers a digital hub marketplace to empower SMEs and businesses of all types with B2B, B2C, and AI-powered tools, that give them access to strategies, and insights and connect them with chambers of commerce, trade corridors, digital supply chains, provenance tools, and multi-store e-commerce solutions. The Indo-European Business Forum – IEBF is an independent, impartial organisation promoting two-way flows of trade, and investment in India, the UK, and EU member countries.
Businessabc.net owned by ztudium announces this strategic partnership with the IEBF and announces Dilip Pungliya as a new partner and Board Member to lead these endeavours. In this role, Mr. Pungliya, a tech, business, and data scientist executive will bring his extensive expertise in business strategy and digital transformation to lead key initiatives within the organisation.
The growth of Generative AI among Small and Medium Enterprises (SMEs) worldwide has been steadily gaining momentum, and in India, the UK, and Europe a burgeoning tech ecosystem is growing awareness of the transformative potential of artificial intelligence.
IEBF and Businessabc.net join forces to expand the platform with new indexes powered by Generative AI to enhance efficiency, streamline operations, and give companies a competitive edge in the market. Factors such as the availability of cost-effective AI solutions, the skilled workforce, and a global need to push towards digitalisation have contributed to the adoption of Generative AI technologies. GenAI tools and tech solutions are critical to unlocking new value for businesses and becoming the most important tools for organisations of all sizes. AI revolution through platforms such as businessabc.net semantic and GenAI search, indexes, and chatbots, can solve business problems and offer leaders integrated solutions for their growth.
IEBF has been collaborating with Governments in India, UK, and Europe,. Their contribution includes events in the UK House of Lords, Indian governmental organisations, and research and education initiatives for businesses. Created by Mr. Vijay Goel and Mr. Sunil Kumar Gupta the founders, responsibles for the organisation said about this: “We are excited to work and enhance business solutions between IEBF and Businessabc.net, part of Ztudium group. All businesses need to be aware, educated, and prepared for this new AI and digital growth tools world. Data from India’s Ministry of Electronics and Information Technology (MeitY) reports that GenAI is expected to add USD 450–500 billion to India’s GDP by 2025 – 10% of the country’s USD 5 trillion GDP target. We expect to work together to empower businesses in India, the UK, and Europe joining forces with Businessabc.net to organise strategic trade corridors, events, and Indexes.”
Dinis Guarda, Founder of Ztudium / Businessabc.net, a business top thought leader, author, and Youtuber said about the partnership: “We are thrilled to work with IEBF to expand the businessabc.net solutions to India, UK, and Europe businesses and welcome Dilip Punglyia to support, lead this partnership and Ztudium group. Together we will offer cutting-edge simple tools that use genAI in business and finance. In the financial sector alone GenAI is expected to increase global gross domestic product (GDP) by 7%—nearly $7 trillion—and boost productivity growth by 1.5%, according to Goldman Sachs Research.”
Dilip Pungliya, a seasoned tech, digital, and business strategy leader with more than twenty five years of experience creating data-driven solutions will be at the forefront of this partnership. Mr. Dilip Pungliya said about this: “I’m thrilled to join businessabc.net and Ztudium leadership team and contribute to the growth of the partnership with the IEBF and its holistic company’s mission of driving innovation and digital transformation through cutting-edge technologies like AI, fintech, Web 3.0, Metaverse, and Blockchain. This partnership will allow us to create a digital ID, new AI data-driven generative tools, and scale growth for businesses in India, UK, and Europe, and Dilip’s wealth of experience and strategic vision will be invaluable as we continue to drive innovation and empower businesses with transformative technologies.”
About the Indo-European Business Forum
IEBF is an independent, impartial body actively promoting two-way flows of trade, and investment in India and EU member countries. Indo European Business Forum is an open forum comprising like-minded people who believe that “India can offer strong and sustained business opportunities for European Union countries”. IEBF is patronised by leading personalities from both India and the EU having excellence in the fields of business, finance, real estate, and art, to name a few. Our advisory board consists of people who are determined to create a progressive world.
About the Businessabc.net,
Founded in August 2011 by Dinis Guarda, who was joined by Sonesh Sira as board and partner some years after businessabc.net part of Ztudium group has been creating Digital Transformation, and AI tools and being recognised as one of the top global thought leaders organisations by organisations like Thinkers360.com. The company has been working and advising Fortune 500 companies and governments and offers technology products and platforms. Some of its offers are citiesabc.com, fashionsabc.com, sportsabc.org. It also manages a media division with intelligenthq.com, tradersdna.com, hedgethink.com, and services that integrate a wide range of 4IR, AI, 3D, web 3.0, and blockchain technologies solutions such as Metaverseabc. tech, MStores.shopping, iDNA.technology, and AI.DNA. The platform unveiled recently its Top 10,000 Public Companies Market Cap Index, which lists tech giants like Apple, Microsoft, Google, Alphabet, Nvidia, and Meta, and LVMH, IBM, and JPMorgan Chase & Co., from other industries at the top.
About Ztudium: The maker of 4IR, AI, Web 3.0, and Smart Cities technologies
Ztudium is a UK-based global maker of leading proprietary intellectual property and technologies that integrate Fourth Industrial Revolution (4IR) technologies. The company creates technology products, platforms, media, and services that integrate fintech, smart cities, Web 3.0, AI, Metaverse, and Blockchain. Ztudium collaborates with multiple governments, organisations, educational institutions, and business networks worldwide.
For media inquiries, please contact:
Media Contact Name: Manan KothariEmail Address: [email protected] Number: +44 7833881659
Company Name: Businessabc / ZtudiumCompany Address: 85, Great portland street, London W1W7LTWebsite URL: www.businessabc.net, www.ztudium.com

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