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  "documentTitle": "Goosehead Insurance, Inc. (GSHD)",
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  "authorName": "Wolfpack Research",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-02-16 00:00:00",
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  "notes": "Includes footnote references 31-35. The slide argues that management's 'culling' narrative is a spin on systemic failure.",
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      "text": "According to our calculations, the rate of signed franchisees in their first year that have failed to successfully get to their second year has been increasing since the IPO, eclipsing 67% in 2021.",
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      "text": "FRANCHISES CLOSED IN FY 2022",
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      "text": "franchise closures: 85",
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      "text": "GSHD's agents do not have a magic wand... 193 franchisees have already closed their doors... As of Q3 2022, GSHD had 700 franchisees... 25% annualized in Q3... failure rate eclipsing 67% in 2021... median Gross Revenue ~$48,000.",
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      "text": "Franchisees Fail Because They Make Very Little Money While Taking on Significant Debt from GSHD",
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