Goosehead Insurance Inc (GSHD) 2025 Q2 法說會逐字稿

Thank you for standing by and welcome to the Goosehead Insurance second-quarter 2025 earnings conference call. (Operator Instructions)

感謝您的支持，歡迎參加 Goosehead Insurance 2025 年第二季財報電話會議。（操作員指示）

As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Dan Farrell, Vice President, Capital Markets.

提醒一下，今天的節目正在錄製中。現在我想介紹今天節目的主持人，資本市場副總裁 Dan Farrell。

Thank you, and good afternoon. Before we begin our formal remarks, I need to remind everyone that part of our discussion today may include forward-looking statements, which are based on expectations, estimates and projections of management as of today. Forward-looking statements in our discussion are subject to various assumptions, risks, uncertainties that are difficult to predict and which could cause actual results to differ materially from those expressed or implied in the forward-looking statements. These statements are not guarantees of future performance, and therefore, undue reliance should not be placed on them.

謝謝，下午好。在我們開始正式發言之前，我需要提醒大家，我們今天的討論內容可能包括前瞻性陳述，這些陳述是基於截至今天的管理階層的預期、估計和預測。我們討論中的前瞻性陳述受各種難以預測的假設、風險和不確定性的影響，可能導致實際結果與前瞻性陳述中表達或暗示的結果有重大差異。這些聲明並非對未來業績的保證，因此不應過度依賴它們。

We refer all of you to our recent SEC filings for a more detailed discussion of risks and uncertainties that could impact future operating results and financial condition of Goosehead. We disclaim any intention or obligation to update or revise any forward-looking statements, except to the extent required by applicable law.

我們請大家參閱我們最近向美國證券交易委員會提交的文件，以便更詳細地討論可能影響 Goosehead 未來經營業績和財務狀況的風險和不確定性。我們不承擔更新或修改任何前瞻性陳述的意圖或義務，除非適用法律要求。

I would also like to point out that during this call, we will discuss certain financial measures that are not prepared in accordance with GAAP. Management uses these non-GAAP financial measures when planning, monitoring, evaluating our performance. We consider these non-GAAP financial measures to be useful metrics for management and investors to facilitate operating performance comparisons period-to-period, by including potential differences caused by variations in capital structure, tax position, depreciation and amortization, and certain other items that we believe are not representative of our core business.

我還想指出，在這次電話會議中，我們將討論某些未依照 GAAP 編制的財務指標。管理階層在規劃、監控和評估我們的績效時使用這些非公認會計準則財務指標。我們認為這些非公認會計準則財務指標對於管理層和投資者來說是有用的指標，透過包括資本結構、稅務狀況、折舊和攤銷以及我們認為不代表我們核心業務的其他某些項目的變化所造成的潛在差異，可以促進不同時期的經營業績比較。

For more information regarding the use of non-GAAP financial measures, including reconciliations of these measures to the most recent comparable GAAP financial measures, we refer you to today's earnings release. In addition, this call is being webcast and archived version will be available shortly after the call ends on the Investor Relations portion of the company's website at goosehead.com.

有關使用非 GAAP 財務指標的更多信息，包括這些指標與最新可比 GAAP 財務指標的對賬，請參閱今天的收益報告。此外，本次電話會議正在進行網路直播，會議結束後不久，存檔版本將在公司網站 goosehead.com 的投資者關係部分提供。

Now I'd like to turn the call over to our President and CEO, Mark Miller.

現在我想把電話轉給我們的總裁兼執行長馬克·米勒。

Thanks, Dan. Good afternoon, and thank you for joining our Q2 earnings call.

謝謝，丹。下午好，感謝您參加我們的第二季財報電話會議。

Before we begin, I want to take a moment to acknowledge the devastating floods that struck Texas earlier this month. As a company rooted in Texas, this is not only where we do business, but these are the communities where we serve. We are working hard to support our employees, clients, and agency owners during this devastating time where tragically lives were lost. Catastrophic events such as these are unfortunately a constant reminder of why we exist. Our hearts go out to the families affected by the devastation and our Goosehead team is here to support you.

在我們開始之前，我想花點時間來了解本月早些時候襲擊德克薩斯州的毀滅性洪水。作為一家紮根於德克薩斯州的公司，這裡不僅是我們開展業務的地方，也是我們服務的社區。在這場悲慘的、有人喪生的災難中，我們正在努力支持我們的員工、客戶和代理商所有者。不幸的是，諸如此類的災難性事件不斷提醒著我們存在的意義。我們向遭受災難影響的家庭表示慰問，我們的 Goosehead 團隊將在這裡為您提供支援。

Here at Goosehead, we continue to pursue our goal to become the largest distributor of personal lines insurance in the US and our founder's lifetime. We've steadily ramped our BaaS distribution network, which has grown to over 2,500 licensed agents and 200-plus carriers. Our growth plan centers around a few key strategic initiatives: supporting the accelerated expansion of our existing agencies, a strategy we've continued to optimize over the last several years; placing the right new franchise owners in the right geographies; expanding our corporate team to further support top decile agency growth; ramping new go-to-market motions through our enterprise sales and partnership teams, developing new and maturing technologies to help us win the AIR's race and accelerate our path to industry leadership.

在 Goosehead，我們將繼續追求我們的目標，成為美國和我們創辦人一生中最大的個人保險經銷商。我們穩步擴大我們的 BaaS 分銷網絡，目前已發展到擁有 2,500 多家授權代理商和 200 多家營運商。我們的成長計畫圍繞著幾個關鍵的策略性舉措：支持現有代理商的加速擴張，這是我們在過去幾年中不斷優化的策略；將合適的新特許經營業主安置在合適的地區；擴大我們的企業團隊，以進一步支持前十分位代理機構的成長；透過我們的企業銷售和合作團隊推動新的上市動議，開發新的和成熟的技術，以幫助我們走向新創企業的技術。

I'm going to expand on each of these topics that Mark Jones, Jr., our CFO, will provide more information about the quarter's results.

我將詳細闡述這些主題，我們的財務長馬克瓊斯 (Mark Jones, Jr.) 將提供有關本季業績的更多資訊。

First, our agency staffing program, which we call ASP has been a highly strategic asset for Goosehead. Simply put, this program helps existing agency owners find talented agents to grow their franchises.

首先，我們的代理人員配備計劃（我們稱之為 ASP）對於 Goosehead 來說是一項高度策略性的資產。簡而言之，該計劃可幫助現有的代理商所有者找到有才華的代理商來擴大他們的特許經營權。

20 years of industry experience has allowed our recruiting function to gain unique insight into identifying the highest potential sales agent recruits. We have leveraged our knowledge to create an internal recruiting firm that is dedicated to sourcing top talent to put in front of our most successful agency owners. Since the inception of this program in Q4 of 2022 our agencies hired over 500 producers sourced through this internal recruiting firm, with 132 starting in 2025 and roughly 150 more slated to start before the end of the year.

20 年的行業經驗使我們的招聘部門對識別最具潛力的銷售代理招聘人員具有獨特的見解。我們利用我們的知識創建了一家內部招聘公司，致力於尋找頂尖人才，並將其介紹給我們最成功的代理商所有者。自 2022 年第四季啟動該計劃以來，我們的代理商透過這家內部招聘公司聘請了 500 多名製作人，其中 132 名將於 2025 年開始工作，另有約 150 名計劃在年底前開始工作。

When an agency owner adds an incremental producer, the productivity of all agents in that franchise improves. They had accountability, shared best practices, and lead flow. The feedback we've received from our franchise community has been incredibly positive on this program. It allows our agency owners to focus on what they do best, capture lead flow and drive sales teams, allowing them to outsource a very time-consuming recruitment process to our trusted ASP team, who presents them with highly qualified talent.

當代理商所有者增加一名增量製作人時，該特許經營權內所有代理商的生產力都會提高。他們有責任、共享最佳實踐並引領潮流。我們從特許經營社區收到的關於該計劃的回饋非常積極。它使我們的代理商所有者能夠專注於他們最擅長的領域，獲取潛在客戶並推動銷售團隊，使他們能夠將非常耗時的招募流程外包給我們值得信賴的 ASP 團隊，該團隊為他們提供高素質的人才。

One example of this in practice is Troy Crop, an agency owner in Tucson, Arizona. We served as an Army Ranger and as a previous state farm agent. In July of 2021, Troy opened his Goosehead franchise and has since grown his agency to nine producers, seven of which were recruited through the agency staffing program.

實踐中的一個例子是亞利桑那州圖森市的一家代理商老闆特洛伊·克羅普 (Troy Crop)。我們曾擔任陸軍遊騎兵，也曾擔任州農場代理人。2021 年 7 月，特洛伊開設了他的 Goosehead 特許經營店，此後他的代理商發展到 9 名製片人，其中 7 名是透過代理商人員配備計劃招募的。

Today, Troy Crop is not just an agency owner. He's a sophisticated business owner, with a $10 million-plus premium book and over 6,500 policies in force. He has been part of our most advanced agency training programs, most of which focus on business growth. And he has put those trainings in practice by acquiring two other agency books, as well as opening a second office location with two more office locations in the pipeline. We're incredibly proud of the business Troy has grown thus far and look forward to seeing them continue to grow in our ecosystem.

如今，特洛伊·克羅普 (Troy Crop) 已不再只是一家代理公司的老闆。他是一位經驗豐富的企業主，擁有超過 1000 萬美元的保費帳簿和超過 6500 份有效保單。他參加過我們最先進的代理培訓項目，其中大部分項目都專注於業務成長。他將這些培訓付諸實踐，購買了另外兩本代理書籍，並開設了第二個辦公地點，另外兩個辦公地點正在籌備中。我們對 Troy 迄今為止的業務發展感到無比自豪，並期待看到他們在我們的生態系統中繼續成長。

To find the next group of agencies that look like Troy Crop, our franchise development team has built pipelines into new talent sources that we believe have the grit, intelligence, and leadership capability to be successful in our ecosystem. First, we developed a program to attract franchises from the veteran community. We believe former service members possess many of the intangibles that we know separate our top agencies from those in the middle of the pack. They're smart, determined, and execution oriented. And most importantly, they know how to follow a proven business model.

為了找到下一批像 Troy Crop 這樣的機構，我們的特許經營開發團隊已經建立了通往新人才來源的管道，我們相信這些人才擁有在我們的生態系統中取得成功的勇氣、智慧和領導能力。首先，我們制定了一項計劃來吸引退伍軍人社區的特許經營權。我們相信，退伍軍人擁有許多無形資產，這些資產使我們的頂級機構與中等機構區分開來。他們聰明、堅定、注重執行。最重要的是，他們知道如何遵循經過驗證的商業模式。

As a son of a veteran, veterans are near and dear to my heart for the tremendous personal sacrifices they made to our nation. And many have proven to be excellent franchise owners like Troy. We have also recently rolled out a new MBA franchise development program.

作為一名退伍軍人的兒子，我非常珍惜退伍軍人，因為他們為我們的國家做出了巨大的個人犧牲。事實證明，許多人都是像特洛伊一樣優秀的特許經營業主。我們最近也推出了一項新的 MBA 特許經營發展計劃。

As we've discussed in the past, we want our franchise community to evolve from largely consisting of solo agent operations to a tightened community consisting of more growth-oriented owners that have multiple agents with multiple locations. By leveraging our existing campus relationships, we can provide an incredibly compelling offer of business ownership for current or recent MBA graduates. This initiative includes an accelerated training program that allows for rapid ramp and sets them up to scale by leveraging their entrepreneurial business education.

正如我們過去所討論的，我們希望我們的特許經營社區從主要由單一代理商運營組成，發展成為一個緊密的社區，由更多以增長為導向的業主組成，這些業主擁有多個代理商和多個地點。透過利用我們現有的校園關係，我們可以為目前或最近的 MBA 畢業生提供極具吸引力的企業所有權機會。該計劃包括一項加速培訓計劃，該計劃允許他們快速晉升，並透過利用他們的創業商業教育來擴大規模。

While we're very excited about our veteran and MBA initiatives, it is abundantly clear to us that the single best source of new franchise owners is our own corporate sales department. Our corporate sales agents are steeped in the Goosehead corporate culture and highly educated and experienced in the Goosehead business model. As a reminder, when a corporate agent launches a franchise, they are up to 10x more productive than the average new franchise launch and have a very clear path to a seven-figure income.

雖然我們對我們的老兵和 MBA 計劃感到非常興奮，但我們非常清楚，新特許經營業主的最佳來源是我們自己的企業銷售部門。我們的企業銷售代理深受 Goosehead 企業文化的影響，並且在 Goosehead 商業模式方面受過良好的教育且經驗豐富。提醒一下，當企業代理商推出特許經營權時，他們的生產力比普通的新特許經營權推出者高出 10 倍，並且擁有一條通往七位數收入的非常明確的途徑。

To further support the growth of both the corporate footprint and franchise community in the right geographies, we recently expanded into Arizona with the launch of our Tempe office. This has been the most successful new office launch in many years. This location should help us seed new high-powered franchises in the western half of the US that we might otherwise not have been able to reach with our corporate footprint.

為了進一步支持公司在合適地區的業務範圍和特許經營社區的成長，我們最近將業務擴展到亞利桑那州，並在坦佩設立了辦事處。這是多年來最成功的新辦公室開幕。這個地點應該可以幫助我們在美國西部地區培養新的高實力特許經營權，否則我們的公司足跡可能無法到達這些地區。

We're also now announcing plans to launch in Nashville, Tennessee office in the fourth quarter of this year. We've developed a repeatable blueprint for successful office expansion and plan to continue to leverage that in the most strategic geographies over the next several years.

我們也宣布計劃於今年第四季在田納西州納許維爾開設辦事處。我們已經制定了可重複的成功辦公室擴張藍圖，並計劃在未來幾年繼續在最具戰略意義的地區利用該藍圖。

Over the past decade, we have refined a highly sophisticated go-to-market strategy that focused on corporate and franchise agents and building strong relationships with individual loan officers and realtors. This strategy has proven to be extremely scalable and highly profitable. However, for the past two years, we have been quickly developing a new sales motion that we believe will be a solid third leg of the stool.

在過去的十年中，我們完善了高度複雜的市場進入策略，該策略專注於企業和特許經營代理商，並與個人貸款人員和房地產經紀人建立了牢固的關係。事實證明，這項策略具有極強的可擴展性和高利潤率。然而，在過去的兩年裡，我們一直在快速制定新的銷售計劃，我們相信這將成為我們堅實的第三支柱。

We call it our enterprise sales and partnerships team. This new group has grown exponentially over the last year and continues to accelerate.

我們稱之為企業銷售和合作夥伴團隊。這個新群體在過去一年中呈指數級增長，並且還在繼續加速發展。

I'm excited to announce two additional strategic partnerships that we'll be launching from this team. First, Baird & Warner is one of the most prestigious real estate firms in Illinois, founded 170 years ago. They currently have more than 2,000 realtors, over 40 loan officers, and a title operation. They're launching a Goosehead franchise inside their existing business that allows them to further reduce friction in the home buying process, provide better outcomes for clients and capture insurance economics. They generate over 10,000 transaction analyte, which should allow them to scale rapidly.

我很高興地宣布，我們將從這個團隊啟動另外兩個策略夥伴關係。首先，Baird & Warner 是伊利諾伊州最負盛名的房地產公司之一，成立於 170 年前。他們目前擁有 2,000 多名房地產經紀人、40 多名貸款人員和產權營運人員。他們正在現有業務中推出 Goosehead 特許經營權，以便進一步減少購房過程中的摩擦，為客戶提供更好的結果並獲得保險經濟效益。他們產生了超過 10,000 個交易分析物，這應該可以讓它們快速擴展。

In the last month, we have also entered into a partnership with Fay Servicing, a large prominent mortgage servicer founded in 2007. Their partnership with Goosehead allows them to solve industry pain points and address the rising cost of home affordability by providing a robust portfolio of home insurance offerings to their existing clients. Fay's franchise has the embedded lead flow that could rapidly take them from a new franchise launch to one of the largest agencies in our system.

上個月，我們還與 Fay Servicing 建立了合作夥伴關係，Fay Servicing 是一家成立於 2007 年的大型知名抵押貸款服務公司。他們與 Goosehead 的合作使他們能夠透過向現有客戶提供強大的房屋保險產品組合來解決行業痛點並應對不斷上漲的住房負擔能力成本。Fay 的特許經營權擁有嵌入式領先流程，可以迅速將他們從新特許經營店發展成為我們系統中最大的代理商之一。

While both of these partnerships are Goosehead franchises, we also have a robust pipeline of traditional partners who would like to offer insurance products to their client base, but do not necessarily want the complexity of owning and operating the business. Because we can provide multiple ways to engage with our tech-first platform supported by agents nationwide, we believe we're the partner of choice for organizations looking to add value to their clients while capturing very compelling economics.

雖然這兩個合作夥伴都是 Goosehead 特許經營權，但我們也擁有強大的傳統合作夥伴管道，他們希望為其客戶群提供保險產品，但不一定希望擁有和經營業務的複雜性。由於我們可以提供多種方式與我們由全國代理商支持的技術優先平台互動，我們相信我們是希望為客戶增加價值同時獲得極具吸引力的經濟效益的組織的首選合作夥伴。

I believe our industry will be profoundly impacted by the rapid development of new technologies, particularly in the AI space. The list of potential use cases for AI in our business is incredibly long. However, we're thinking strategically and focused on what we believe will generate the maximum return.

我相信我們的產業將受到新技術快速發展的深刻影響，特別是在人工智慧領域。在我們的業務中，人工智慧的潛在用例清單非常長。然而，我們正在進行策略思考，並專注於我們認為能夠產生最大回報的事情。

First, we're already leveraging AI to optimize the client experience for our existing book of business, while reducing the cost to service. Second, we will utilize our data and carrier relationships to create the US first direct-to-consumer marketplace that maximizes outcomes across the value chain. We want to create a frictionless process that stands true to our founding principles making the client at the center of our universe. Our data should allow us to be intelligent about matching carrier risk appetite with client demand to optimize outcomes across the value chain.

首先，我們已經在利用人工智慧來優化現有業務的客戶體驗，同時降低服務成本。其次，我們將利用我們的數據和營運商關係來創建美國第一個直接面向消費者的市場，以最大限度地提高整個價值鏈的成果。我們希望創造一個無摩擦的流程，忠於我們的創始原則，將客戶置於我們宇宙的中心。我們的數據應該使我們能夠智慧地將承運人的風險偏好與客戶需求相匹配，以優化整個價值鏈的結果。

And third, we expect to capture additional market share through pinpoint marketing campaigns to drive client referrals and cross-sells. We know that we provide a differentiated client experience, and we should be leveraging that to continue to drive new business and fuel future growth.

第三，我們希望透過精準的行銷活動來推動客戶推薦和交叉銷售，從而佔領更多的市場份額。我們知道我們提供了差異化的客戶體驗，我們應該利用這一點來繼續推動新業務並促進未來成長。

We built a tech team with the human capital and the appropriate infrastructure that we believe is highly capable of delivering on each of the critical initiatives. Even with all the progress we've made in AI and tech, the foundation of our business hasn't changed. Great companies are built on great people. To date, we've been able to build a great business by attracting talent that doesn't exist elsewhere in the industry by having high standards for the quality of our work and by operating the utmost levels of integrity.

我們建立了一支擁有人力資本和適當基礎設施的技術團隊，我們相信團隊有能力完成每項關鍵舉措。即使我們在人工智慧和技術領域取得了許多進步，我們的業務基礎仍然沒有改變。偉大的公司建立在偉大的人才之上。到目前為止，我們透過吸引業界中其他任何地方都不存在的人才、對工作品質制定高標準以及以最高的誠信水平開展業務，已經能夠打造出一家偉大的企業。

While our day-to-day operations may shift in the coming years, our commitment to our people will not change. We will continue to invest in training, coaching, and leadership development that will take our already phenomenal talent to the next level. It has been a challenging fight for the last several years, battling a historically hard product and housing market. But we're coming out the other side poised for rapid and profitable growth with full commitment to our goals.

雖然未來幾年我們的日常營運可能會發生變化，但我們對員工的承諾不會改變。我們將繼續投資於培訓、指導和領導力發展，將我們本已非凡的人才提升到新的水平。過去幾年來，我們一直在與歷史上最艱難的產品和房屋市場作鬥爭，這是一場充滿挑戰的鬥爭。但我們已經做好了充分準備，將全力以赴實現我們的目標，實現快速且有利可圖的成長。

I would like to sincerely thank our employees, franchisees, carrier partners, and shareholders. We're just getting started.

我要真誠地感謝我們的員工、特許經營商、承運合作夥伴和股東。我們才剛開始。

I'll now turn the call over to Mark Jones Jr.

現在我將把電話轉給小馬克瓊斯。

Thanks, Mark, and good afternoon to everyone on the call. I'm extremely pleased with the work our management team has been doing and the substantial investments we have made in people, technology, AI, and partnerships that is setting the foundation for our next phase of rapid growth at Goosehead.

謝謝，馬克，祝大家下午好。我對我們的管理團隊所做的工作以及我們在人員、技術、人工智慧和合作夥伴關係方面所做的大量投資感到非常滿意，這為 Goosehead 下一階段的快速成長奠定了基礎。

For the last several years, we've been delivering strong results through the most constricted product market over the last 50 years. As we look to the back half of 2025 and importantly into 2026 and beyond, the landscape for underwriting demand and capacity is becoming increasingly clearer every day. The challenging product market has made us a much stronger company across all facets of our operations. We built a scalable infrastructure, invested in our management and human capital, and develop the technology skill sets to be a company many multiples the size we are today.

過去幾年來，我們在過去 50 年來最狹窄的產品市場中取得了強勁的業績。當我們展望 2025 年下半年以及更重要的 2026 年及以後時，承保需求和承保能力的前景正變得越來越清晰。充滿挑戰的產品市場使我們在各個營運方面都變得更加強大。我們建立了可擴展的基礎設施，投資於我們的管理和人力資本，並開發技術技能，使公司規模比現在大數倍。

Mark Miller touched on the longest levers to continue to drive growth for our business. I'm going to touch on the economics of a couple of those items and provide an update for the quarter's results and outlook for the future.

馬克米勒談到了繼續推動我們業務成長的最長槓桿。我將談論及其中幾個項目的經濟狀況，並提供本季業績和未來展望的最新資訊。

We've made strong progress on our efforts to expand our go-to-market strategy through our enterprise sales and partnerships team, the most rapidly growing division in the company.

我們透過企業銷售和合作夥伴團隊（公司中發展最快的部門）擴大市場進入策略的努力取得了長足的進步。

This team is highly nimble and strategic, as it allows us to further insulate ourselves from cyclicality in the housing market and gain access to pools of clients that our traditional go-to-market strategy doesn't naturally reach, such as homebuilders and those not currently involved in a home closing transaction. This team is rapidly gaining momentum, producing 88% more new business in the second quarter than in the previous year period, and growing 41% sequentially over the first quarter of 2025. We believe the growth curve of this unit has the potential to be both exponential on earnings and revenue.

這個團隊非常靈活且具有策略性，因為它使我們能夠進一步免受房地產市場週期性的影響，並能夠接觸到我們傳統的市場進入策略無法自然觸及的客戶群，例如房屋建築商和那些目前沒有參與房屋交易的客戶。該團隊正在迅速發展，第二季的新業務比去年同期成長了 88%，比 2025 年第一季環比成長了 41%。我們相信，該部門的獲利和收入的成長曲線有可能呈指數級增長。

As Mark mentioned, we recently entered into a couple of new strategic partnerships that take the form of a franchise agreement. The benefits of these new partners will materialize in our P&L initially through new business royalties through our 20% share; and then into renewal royalties, where our economics become really interesting at 50% of the commission value. We plan to continue to expand our partnership aperture through new avenues in the coming quarters, and ultimately use these relationships as the most logical jumping off point of the direct-to-consumer marketplace for hard at work developing.

正如馬克所提到的，我們最近以特許經營協議的形式建立了幾個新的策略合作夥伴關係。這些新合作夥伴的利益將首先透過我們 20% 份額的新業務特許權使用費體現在我們的損益表中；然後是續約特許權使用費，其中我們的經濟效益在佣金價值的 50% 時變得真正有趣。我們計劃在未來幾季繼續透過新途徑擴大我們的合作關係，並最終將這些關係作為努力開發直接面向消費者市場的最合理的起點。

In corporate, we have taken steps to align our physical footprint with the most attractive markets, quickly expanding into Arizona with the launch of our Tempe office; doubling down across the country in Denver, Columbus, Charlotte, and Chicago offices; and beginning the expansion efforts of our 13th -- office in the Nashville market.

在公司方面，我們已採取措施將我們的實體足跡與最具吸引力的市場保持一致，隨著我們在坦佩設立辦事處，我們迅速將業務擴展到亞利桑那州；在丹佛、哥倫布、夏洛特和芝加哥設立辦事處，在全國範圍內加倍擴張；並開始在納什維爾市場設立第 13 家辦事處。

Our former corporate agents continue to be the highest quality possible franchise launches, hiring rapidly, and setting new records for new business productivity. This strategy is one that our competitors cannot easily replicate because they lack access to the pools of talent that we have spent decades cultivating, the technology infrastructure that we have spent millions of dollars building, and the deep referral partner relationships agents develop while part of the corporate team. Our corporate sales team ended the quarter with 479 total agents, up 53% over the previous year comprised of 379 traditional corporate sales agents, and 100 enterprise sales agents.

我們以前的公司代理商繼續以最高品質的方式推出特許經營權，快速招聘，並為新業務生產力創造新紀錄。我們的競爭對手無法輕易複製這項策略，因為他們無法獲得我們花費數十年時間培養的人才庫、我們花費數百萬美元建立的技術基礎設施以及代理商作為公司團隊成員所建立的深厚推薦合作夥伴關係。截至本季度，我們的企業銷售團隊共有 479 名代理商，比上年成長 53%，其中包括 379 名傳統企業銷售代理商和 100 名企業銷售代理商。

After multiple years of consistent total output, our corporate new business commissions is now growing at 13% compared to the prior year, the fastest corporate growth in the last three years, and we expect that to accelerate through the rest of the year.

經過多年穩定的總產出，我們的企業新業務佣金目前比上一年增長了 13%，這是過去三年來最快的企業增長速度，我們預計今年剩餘時間內這一速度將會加速。

Franchise producers at quarter end were 2,085, up 5% from a year ago, and producers per franchise was 1.9, growing 14% over the previous year. As we review our franchise community, it's easy to identify which agencies are fully committed to growth, following the business model and hiring aggressively.

本季末特許經營生產商數量為 2,085 家，比去年同期增長 5%，每個特許經營店的生產商數量為 1.9 家，比上年增長 14%。當我們回顧我們的特許經營社區時，很容易確定哪些機構完全致力於成長、遵循商業模式並積極招募。

Our top 200 franchises have nearly 4x as many producers per franchise as their peers. And as a result, they grow significantly faster. This elite group of agencies, just like Troy Crop, as Mark Miller discussed, look a lot like our corporate offices. They build cultures of excellence, have high standards for production and quality, and they have big goals that they pursue aggressively. Agencies in our top 200 grew their new business by over 30% in the second quarter and their gross earnings was also up 30%, allowing them to continually reinvest into growth.

我們的前 200 家特許經營店的每家特許經營店的製作人數量幾乎是同行的 4 倍。因此，它們的生長速度明顯加快。正如 Mark Miller 所討論的，這群精英機構就像 Troy Crop 一樣，看起來很像我們的公司辦公室。他們建立了卓越的文化，對生產和品質有著高標準，並且他們有積極追求的遠大目標。我們排名前 200 的代理商在第二季度的新業務增長了 30% 以上，總收入也增長了 30%，這使得他們能夠不斷地對成長進行再投資。

During the quarter, we launched 16 new franchises across 12 states. 8 existing agencies were terminated and 30 operating franchises consolidated into another existing agency. The data validates that the continued consolidation in our franchise network is a net positive. Over the last 12 months, the productivity of the purchasing agency increased 21%, as they can more effectively capture value from the existing books of business.

在本季度，我們在 12 個州推出了 16 個新的特許經營權。 8 個現有代理商被終止，30 個營運特許經營權合併到另一個現有代理商。數據證實，我們的特許經營網絡的持續整合是有利的。在過去的 12 個月中，採購機構的生產力提高了 21%，因為他們可以更有效地從現有業務帳簿中獲取價值。

As Mark Miller stated, the first place that AI is taking hold in our organization is the area that bears the most costs, our service team. We have built large language models that reduce complexity for our service agents, speed up the time to resolution for our clients, and allow us to forecast service demand with great precision.

正如馬克米勒所說，人工智慧在我們組織中首先佔據主導地位的是承擔成本最多的領域，也就是我們的服務團隊。我們建立了大型語言模型，以降低服務代理的複雜性，加快客戶解決問題的時間，並使我們能夠非常精確地預測服務需求。

For the first time in company history, we expect the cost-of-service delivery to be less in the second half of the year than it was in the first half of the year all while continuing to improve the client experience. This allows us to further invest in growth opportunities and technology which increases our ability to scale at a rapid pace.

在公司歷史上，我們首次預期下半年的服務交付成本將低於上半年，同時持續改善客戶體驗。這使我們能夠進一步投資於成長機會和技術，從而提高我們快速擴展的能力。

The next place we are aggressively pursuing new technologies is creating a true online choice shopping platform, but we are calling the direct-to-consumer marketplace. We believe the independent agent will always have a place in personal lines distribution, and we are committed to being a market leader in that space.

我們積極追求新技術的下一個方向是創建一個真正的線上選擇購物平台，但我們稱之為直接面向消費者的市場。我們相信獨立代理商在個人險分銷領域將始終佔有一席之地，我們致力於成為該領域的市場領導者。

We also recognize the tremendous opportunity in front of us to radically change how personal lines insurance is distributed in the United States. Through precise client segmentation and detailed risk matching models, we believe we can create a marketplace that, not only rapidly fuels our growth, but provides the best possible outcomes for our clients and our carrier partners.

我們也意識到，我們面前存在著巨大的機遇，可以從根本上改變美國個人保險的分銷方式。透過精確的客戶細分和詳細的風險匹配模型，我們相信我們可以創建一個市場，不僅可以快速推動我們的成長，還可以為我們的客戶和承運合作夥伴提供最好的結果。

Deploying this tool first through our partnership channel allows us to ensure our carrier partners get access to the highest quality client base. This will require significant investment, but the opportunity presents an incredibly asymmetric upside case. Disruption is in our DNA, and we do not plan on stopping now.

首先透過我們的合作管道部署此工具使我們能夠確保我們的營運商合作夥伴能夠獲得最高品質的客戶群。這將需要大量投資，但這機會呈現出極不對稱的優勢。顛覆已融入我們的 DNA，我們現在不打算停止。

Finally, maximizing the economic value of our existing client base to generate referrals, cross-sales and identify gaps and protection in our clients' portfolio represents another significant growth opportunity that can be greatly impacted by AI. We now have over 1 million clients and over 1.8 million policies in force, meaning, we have a significant and diverse captive audience who have placed their trust in us to present the most logical and valuable options for their personal lines insurance.

最後，最大化現有客戶群的經濟價值，以產生推薦、交叉銷售並識別客戶組合中的差距和保護，代表了另一個重要的成長機會，可以受到人工智慧的巨大影響。我們現在擁有超過 100 萬客戶和超過 180 萬份有效保單，這意味著我們擁有大量多樣化的忠實客戶，他們信任我們為他們的個人保險提供最合理、最有價值的選擇。

Deploying technology strategically here can help us better capture full share of wallet with our clients, improve client retention, and generate client referrals.

在這裡策略性地部署技術可以幫助我們更好地從客戶那裡獲得全部份額，提高客戶保留率，並產生客戶推薦。

Turning to our second quarter results. We delivered another quarter of growth and profitability with total revenue growing 20% over the previous year to $94 million, Core Revenue growing 18% to $86.8 million and adjusted EBITDA growing 18% to $29.2 million, producing an adjusted EBITDA margin of 31% for the quarter.

談談我們的第二季業績。我們又實現了一個季度的成長和盈利，總營收比上年增長 20% 至 9,400 萬美元，核心營收成長 18% 至 8,680 萬美元，調整後 EBITDA 成長 18% 至 2,920 萬美元，本季調整後 EBITDA 利潤率為 31%。

We remain committed to a balanced approach of organic top line revenue growth with strong profitability. Our deliberate focus on organic growth provides high quality and consistent earnings, builds real competitive advantage, and has no dependency on cooperation from the capital markets to fuel our business.

我們仍致力於有機收入成長與強勁獲利能力的平衡發展方式。我們專注於有機成長，以提供高品質和穩定的收益，建立真正的競爭優勢，並且不依賴資本市場的合作來推動我們的業務。

Client retention for the quarter saw continued progress and while still at 84%, we're now seeing consistent basis point rises in retention over time. We are confident that the strategic actions we have taken, combined with greater product availability, will result in an increase in client retention in the second half of the year, providing a tailwind to what has been roughly a two-year headwind in growth and profitability. We also expect that our average commission rate will begin to increase throughout the remainder of this year and into 2026, as our mix of new business and renewals naturally shifts back to the admitted product and away from state-run insurers of last resort and more complex nonadmitted product.

本季客戶保留率持續取得進展，雖然仍為 84%，但我們現在看到保留率隨著時間的推移持續上升。我們相信，我們所採取的策略行動，加上更大的產品可用性，將會提高下半年的客戶保留率，為大約兩年來的成長和獲利逆風提供順風。我們也預計，隨著我們的新業務和續保組合自然轉向認可產品，並遠離最後的國有保險公司和更複雜的非認可產品，我們的平均佣金率將在今年剩餘時間和 2026 年開始增加。

During the quarter, we recovered $4 million of past due renewal commissions and royalty fees from an existing large carrier partner and increased our commission for all existing business. This increased commission rate should result in the benefit in our existing renewal book with this carrier of approximately $1.5 million for the second half of the year.

在本季度，我們從現有的大型承運合作夥伴處收回了 400 萬美元的逾期續約佣金和特許權使用費，並提高了所有現有業務的佣金。佣金率的提高將使我們與該航空公司的現有續約合約在今年下半年獲得約 150 萬美元的收益。

Total written premiums were $1.2 billion for the quarter, up 18% from a year ago. This included franchise premiums of $959 million, up 21% and corporate premiums of $217 million, an increase of 6% from a year ago. As a result of continued consolidation in our franchise community, which we believe is very positive for the health of the entire network, franchise new business premiums grew 13%.

本季總承保保費為 12 億美元，比去年同期成長 18%。其中包括特許經營保費 9.59 億美元，年增 21% 以及公司保費 2.17 億美元，年增 6%。由於我們的特許經營社區不斷整合，我們認為這對整個網路的健康非常有利，特許經營新業務保費增長了 13%。

Contingent Commissions for the quarter were $4.5 million compared to $2.2 million in the previous year, an increase of 103%. We continue to maintain our forecast of 40 to 65 basis points of Contingent Commissions as a percentage of total written premium. However, there is a wide range of potential outcomes depending on carrier underwriting performance and catastrophic loss activity.

本季的或有佣金為 450 萬美元，而去年同期為 220 萬美元，成長了 103%。我們繼續維持或有佣金佔總承保保費比例為 40 至 65 個基點的預測。然而，根據承運人的承保表現和災難性損失活動，可能會出現多種結果。

Cost Recovery Revenue, which is largely initial franchise fees, was $1.4 million compared to $1.9 million in the year ago period. Policies in force at quarter end were $1.8 million a 13% increase over the previous year.

成本回收收入（主要是初始特許經營費）為 140 萬美元，而去年同期為 190 萬美元。季度末生效的保單金額為 180 萬美元，比前一年增加 13%。

Adjusted EBITDA for the quarter grew 18% to $29.2 million, up from $24.7 million in the prior year period.

本季調整後的 EBITDA 成長 18%，達到 2,920 萬美元，高於去年同期的 2,470 萬美元。

Adjusted EBITDA margin for the quarter was 31%, and adjusted EBITDA margin, excluding the effect of Contingent Commissions, was 28%.

本季調整後的 EBITDA 利潤率為 31%，不包括或有佣金影響的調整後 EBITDA 利潤率為 28%。

We included in G&A for the quarter is a onetime noncash impairment charge of $4.7 million related to changes in our real estate footprint in Chicago, Columbus, and Las Vegas.

我們在本季的一般及行政費用中包括了 470 萬美元的一次性非現金減損費用，與我們在芝加哥、哥倫布和拉斯維加斯的房地產足跡變化有關。

As of quarter end, we had $92.4 million of cash and cash equivalents and total debt outstanding of $299.3 million.

截至季末，我們擁有 9,240 萬美元的現金和現金等價物，未償還債務總額為 2.993 億美元。

On July 9, we successfully repriced our existing term loan from accruing interest at SOFR plus 350 basis points to SOFR plus 300 basis points reducing our interest burden by approximately $1.5 million annually.

7 月 9 日，我們成功地將現有定期貸款的計息利率從 SOFR 加 350 個基點調整為 SOFR 加 300 個基點，從而每年減少約 150 萬美元的利息負擔。

During the quarter, we generated $28.9 million of cash flow from operations, representing a 53% increase over the prior year period.

本季度，我們產生了 2,890 萬美元的營運現金流，比去年同期成長 53%。

During the quarter, we repurchased and retired 5,600 of our Class A shares and have $99.5 million available on our outstanding repurchase authorization.

在本季度，我們回購並註銷了 5,600 股 A 類股票，並且有 9,950 萬美元的未償還回購授權可用。

We are reiterating our 2025 revenue guidance and revising our premium guidance for the year. Total revenues for the full year are expected to be between $350 million and $385 million, representing organic growth of 11% on the low end of the range and 22% on the high end of the range.

我們重申 2025 年的收入指引並修改今年的保費指引。預計全年總收入將在 3.5 億美元至 3.85 億美元之間，最低有機成長率為 11%，最高有機成長率為 22%。

Total written premiums for the full year are expected to be between $4.38 billion and $4.65 billion, representing organic growth of 15% on the low end of the range and 22% on the high end of the range.

預計全年總承保保費將在 43.8 億美元至 46.5 億美元之間，低端有機成長率為 15%，高端有機成長率為 22%。

Our adjustment to premium guidance reflects a near-term gap where premium increase moderation is outpacing the recovery in client retention. We believe this is a short-term phenomenon and the benefits from a more normalized product environment will ultimately more than offset the rate decline.

我們對保費指導的調整反映了近期的差距，即保費成長放緩的速度超過了客戶保留率的恢復。我們認為這只是一個短期現象，更正常化的產品環境帶來的好處最終將足以抵消利率下降的影響。

Importantly, our revenue guidance is unchanged to reflect the improving average commission rate in our book of business, allowing us to capture more dollars of revenue from the same dollars of premium.

重要的是，我們的收入預期保持不變，以反映我們業務中不斷提高的平均佣金率，這使我們能夠從相同的保費中獲得更多的收入。

I am incredibly excited to watch the next evolution of Goosehead, as we transition from an insurance distribution organization aided by technology to a technology organization aided by the best insurance professionals in the country.

我非常高興地看到 Goosehead 的下一步發展，因為我們從一個由技術輔助的保險分銷組織轉變為由國內最優秀的保險專業人士輔助的技術組織。

Thank you to the Goosehead team and to all those who place their confidence in us.

感謝 Goosehead 團隊以及所有對我們充滿信心的人。

With that, let's open up the line for questions. Operator?

現在，讓我們開始提問吧。操作員？

Tommy McJoynt, KBW.

湯米·麥克喬伊特，KBW。

Hey. Good afternoon, guys. Thanks for taking our questions. The first one here is, you mentioned the upside to commissions as a percentage of written premiums as volumes move away from state-backed carriers and the surplus lines. Is there any way you could quantify that? Are you currently running something in the order of 25 basis points below average? Or is it a whole percentage point? Any way to roughly quantify that?

嘿。大家下午好。感謝您回答我們的問題。第一個問題是，您提到，隨著保險業務量從國有保險公司和盈餘保險公司轉移，佣金佔已承保保費的百分比將會上升。有什麼方法可以量化這一點嗎？您目前的運行水準是否比平均值低 25 個基點？還是整個百分點？有什麼方法可以粗略地量化這一點嗎？

Yeah. Tommy, this is Mark Jones. Over the last couple of years, as more business has shifted towards the excess and surplus lines market and the state on plans market. There's just been a gradual and consistent decline in the average commission rate. We think we're at the point now where that is inverting back in the other direction as you're getting more of the national product available in specific regions that were pretty heavily impacted by that.

是的。湯米，這是馬克瓊斯。在過去的幾年裡，越來越多的業務轉向超額和剩餘線路市場以及計劃市場。平均佣金率一直逐漸持續下降。我們認為，我們現在正處於一個逆轉的階段，因為在受到嚴重影響的特定地區，可以獲得更多的國家產品。

So without putting a specific number on it, if you go back and look at the last couple of years, the ratio between premium to the gross numbers on the P&L to take your new business royalties divided by 0.2. Your new business -- your renewal royalty is divided by 0.5 and take the gross numbers from commissions and renewals.

所以，不用設定一個具體的數字，如果你回顧過去幾年，你會發現保費與損益表上總額的比率是：將你的新業務特許權使用費除以 0.2。將你的新業務－續約特許權使用費除以 0.5，然後取佣金和續約的總額。

You can get to where generally the commission rate was two years ago and to where it is now. Expect the trend to be kind of similar in terms of the recovery. So we think it's a very positive thing for the business, not just for our own economics, but also for the insurance industry in general.

您可以了解兩年前的佣金率以及目前的佣金率。預計復甦趨勢將會類似。因此，我們認為這對企業來說是一件非常積極的事情，不僅對我們自己的經濟有利，而且對整個保險業也有利。

Yeah. And the majority of that rate shift was just mix, right?

是的。大部分利率變動只是混合的，對嗎？

Yeah.

是的。

Got it. And so no reason I can't get back to where it was two years ago. Just to clarify.

知道了。所以我沒有理由不能回到兩年前的狀態。只是為了澄清一下。

No.

不。

Okay. And then just a follow-up question, another area. I want to make sure I heard you correctly. You mentioned the cost of servicing being down in the second half of the year relative to the for the first.

好的。然後只是一個後續問題，另一個領域。我想確認一下我是否聽清楚了你的意思。您提到下半年的服務成本相對於上半年有所下降。

Is that cost of the risk referring to kind of the total expense base? Or what are you explicitly referring to the cost of service?

風險成本是指總費用基礎嗎？或是您明確指的是服務成本嗎？

Yeah. Really, the total cost of our service department. So not the whole back-office expense base, but the service department is the biggest portion P&L. And this is the first time in company history. We've been able to deliver what we expect to be really strong scale out of that department in the second half of the year through leveraging AI to better route cases and meet client needs. So it's exciting for us to see those things start to materialize.

是的。確實，這是我們服務部門的總成本。因此，不是整個後台費用基礎，而是服務部門是損益表中最大的部分。這在公司歷史上還是第一次。透過利用人工智慧更好地處理案件並滿足客戶需求，我們已經能夠在今年下半年實現該部門真正強大的規模化。因此，看到這些事情開始實現，我們感到非常興奮。

But what's even more exciting is the impact that has to the client experience. It's going to continue to get better over time. And we should be able to drive incremental margin improvement in the future.

但更令人興奮的是它對顧客體驗的影響。隨著時間的推移，情況將會變得越來越好。我們應該能夠在未來推動利潤率的逐步提高。

Now just looking at the rest of this year, right, you got to remember, we hired a bunch of new producers in June. So their cost is not fully baked into the run rate. We have a big class coming in July, coming in August. So you should expect margin pressure in Q3 relative to Q2 and then improvement in Q4. But that comment specifically on service is to document some of the improvements we've made leveraging technology.

現在看看今年剩下的時間，對吧，你必須記住，我們在六月聘請了一批新的製作人。因此，它們的成本並未完全計入運行率。我們七月和八月有一個大班。因此，您應該預期第三季的利潤率相對於第二季將面臨壓力，而第四季將有所改善。但針對服務的評論是為了記錄我們利用科技所取得的一些改進。

Great. And you're referring to margin excluding the contingents, right, when you talk about margin?

偉大的。當您談論保證金時，您指的是不包括偶然因素的保證金，對嗎？

Correct. Yeah.

正確的。是的。

Thank you.

謝謝。

Michael Zaremski, BMO.

邁克爾·扎雷姆斯基，BMO。

Hey, good afternoon. I guess, a follow-up on some of the comments on kind of the mix shift timing drag, in terms of the revenues versus the premium dynamics right now. Is that coming from -- if you look at like premiums per policy in force, I think it's up 4% year over year, so it's been decelerating. Is that what you're referring to?

嘿，下午好。我想，就目前的收入與溢價動態而言，對混合轉變時機拖累的一些評論進行跟進。這是因為——如果你看一下每份有效保單的保費，我認為它同比增長了 4%，所以它一直在減速。這就是你指的那個嗎？

And is that coming from the kind of dynamic you've talked about in the past of moving -- accelerating sales but work cost states, like, for example, Arizona, more sales there versus like historical levels in Texas? Or what other dynamics would be -- I know there's other dynamics you talked about, if you could help out to be helpful.

這是否源於您過去談到的那種動態——加速銷售，但成本卻在增加，例如亞利桑那州，那裡的銷售額與德克薩斯州的歷史水平相比有所增加？或其他動力是什麼——我知道您談到了其他動力，如果您能提供幫助的話。

Yeah. So it's two things. One, it's putting more business into lower premium states, which we've done that very intentionally things like the Columbus, Ohio market for our corporate sales team generates a ton of policy productivity. But obviously, the policies there are less from a premium perspective than they are in Houston. And we've been doing that very intentionally across the country to kind of reduce Texas exposure. And now at the same time, you're getting to the point where premiums are leveling off on a growth rate on a year-over-year basis for the same policy.

是的。所以這是兩件事。首先，我們將更多的業務投入到保費較低的州，這是我們有意為之的，例如俄亥俄州哥倫布市的市場為我們的企業銷售團隊創造了大量的保單生產力。但顯然，從保費角度來看，那裡的保險政策比休士頓的要少。我們一直在全國範圍內刻意這樣做，以減少德克薩斯州的暴露。現在，與此同時，對於同一保單，保費的成長率正在趨於平穩。

So everywhere outside of Texas, on average, the book is increasing at a much lower rate. Texas is still increasing pretty aggressively. But then if you talk about the actual dollars of revenue per that premium, that's come down over the last couple of years with commission rate pressure just from business mix shift, and we expect that -- the trend to reverse in basically the same fashion in the future.

因此，在德克薩斯州以外的所有地方，平均而言，書籍的增長率要低得多。德克薩斯州的成長速度仍然相當快。但是，如果你談論每份保費的實際收入，那麼過去幾年裡，由於業務組合轉變帶來的佣金率壓力，這一數字已經下降，我們預計，未來這一趨勢將以基本相同的方式逆轉。

And as you think about just converting that into revenue dollars, that's why I see the revenue guidance, we still feel really confident on.

當你考慮將其轉化為收入時，這就是為什麼我看到收入指引時，我們仍然感到非常有信心。

Okay. Got it. That's helpful. And you guys discussed a lot of new initiatives or some of them are existing, some of them new like the Baird & Warner, I guess, joint venture, you could call it, the servicing agreements. How many of these items -- if any of them are baked into your guidance, and if they are in the guide, how material are they?

好的。知道了。這很有幫助。你們討論了很多新舉措，其中一些是現有的，有些是新的，例如 Baird & Warner，我想，合資企業，你可以稱之為服務協議。這些項目中有多少項——如果其中任何一項被納入您的指導中，並且如果它們在指南中，那麼它們的重要性如何？

Yeah. None of that is baked into the guide at this point given those are relatively new. Baird & Warner launched our franchise in July of this year, and the Fay agreement just got done. We're really excited about those. We've made really good progress in the partnership space, and we expect that to be a really meaningful portion of the business over time.

是的。由於這些內容相對較新，目前指南中尚未包含這些內容。貝爾德與華納於今年 7 月推出了我們的特許經營權，而 Fay 協議剛剛達成。我們對此感到非常興奮。我們在合作領域取得了非常好的進展，我們預計隨著時間的推移，這將成為我們業務中真正有意義的一部分。

And importantly, really the best place to interject the direct-to-consumer marketplace that we're building. But none of that is baked into this year's assumptions. Those things take a little bit of time to materialize. But once they get moving, it opens into a really big snowball pretty fast.

重要的是，這確實是我們正在建立的直接面向消費者的市場的最佳插入點。但這些都沒有納入今年的假設中。這些事情需要一點時間才能實現。但一旦它們開始行動，很快就會變成一個大雪球。

Got it. And lastly, you talked about it, I think, a couple of times in the remarks about kind of expecting your commission rate or take rate there might be another term for us to kind of I think we saw a bit of an inflection this quarter and you expect it to continue to improve as the -- this kind of the -- I guess, probably the profitability of the carriers improves and they open up their kind of their appetite a bit more.

知道了。最後，我想，您在評論中多次談到了佣金率或收取率的預期，我們可能有另一個術語來表示，我認為我們在本季度看到了一些變化，並且您預計它會繼續改善，因為 - 這種 - 我想，可能是承運商的盈利能力提高了，他們的胃口也更大了。

Is that -- is the line of sight fairly clear right now? Or is there still a bit of uncertainty in certain locations, depending on kind of how the wind blows during hurricane season, maybe that's always the case. But I'm just kind of curious how -- if things sound like your outlook might sound like a little bit better on the commission rate than it was quarter ago, if I'm understanding correctly.

那是──現在視線是否相當清晰？或者某些地方仍然存在一些不確定性，這取決於颶風季節的風向，也許情況總是如此。但我只是有點好奇——如果我理解正確的話，你的佣金率前景可能比上個季度好一點。

Yeah. I would definitely say we feel like the product environment is in a better position today than it was on our first quarter call. We are seeing progress from the big, admitted carriers coming back into markets in specific locations, more businesses flowing away from the state-run plans, which is a super positive thing, not just for us but also for clients.

是的。我可以肯定地說，我們感覺今天的產品環境比我們第一季電話會議上要好。我們看到，大型、認可的營運商正在重返特定地區的市場，越來越多的企業脫離了國營計劃，這對我們來說和對客戶來說都是一件非常積極的事情。

So generally, feeling much more optimistic about the product environment now as opposed to the first quarter and certainly relative to last year.

因此，總體而言，與第一季相比，以及與去年相比，現在對產品環境的感覺更加樂觀。

I think what we said on the last call, I'll just reiterate that the auto market is pretty wide open right now. So we've got plenty of product in every geo, admitted carriers there. And when you look at the home market, it's very geo dependent. Some look a lot better than others.

我想我們在上次電話會議上說過，我只想重申一下，現在汽車市場相當開放。因此，我們在每個地區都有大量產品，並在那裡擁有承運商。當你觀察國內市場時，你會發現它非常依賴地理位置。有些看起來比其他的好得多。

But overall, I would say, improving dramatically over the last six months or so, and carriers are starting to run incentives for growth, things we haven't seen in a long time, which then naturally the commission rates kind of follow those national carriers in the admitted market instead of doing state-run plans, which for the last three years, we've had to do a lot of state-run plans because that was the only carrier that was available in certain states.

但總體而言，我想說，在過去六個月左右的時間裡，情況有了顯著改善，運營商開始推出增長激勵措施，這是我們很久沒有見過的事情，因此，佣金率自然會跟隨那些在認可市場上的全國性運營商，而不是執行國營計劃，在過去三年中，我們不得不做很多國營計劃，因為那是某些州唯一可用的運營商。

Understood. Appreciate the color.

明白了。欣賞色彩。

Andrew Kligerman, TD Cowen.

安德魯·克里格曼 (Andrew Kligerman)，TD Cowen。

Hey, good afternoon. So I'd like to unpack some of the figures towards the end of your press release. Maybe starting with the total franchise producers. And you mentioned it's up 5% year over year, but since year-end, it's down slightly to 2,085 producers. Is there something seasonal there? Or is there -- I would have thought more -- we'd be seeing more producers on a sequential basis?

嘿，下午好。因此，我想在新聞稿的結尾解釋一些數據。也許可以從總特許經營生產商開始。您提到它比去年同期增長了 5%，但自年底以來，它略微下降到 2,085 家生產商。那裡有什麼季節性的東西嗎？或者——我本來以為更多——我們會連續看到更多的生產商？

Yeah. Great question, Andrew. What I would say there is it's a bit seasonal, but more than anything what we've seen is some mergers and consolidations of the smaller franchises into the larger ones, which is very common in a franchise or sort of environment when they get to a certain age.

是的。很好的問題，安德魯。我想說的是，這有點季節性，但我們最常看到的是一些小型特許經營店與大型特許經營店的合併和整合，當特許經營店或某種環境發展到一定年齡時，這種情況非常常見。

The smaller ones start to consolidate with the bigger ones. And we looked at it as very favorable to our overall ecosystem. The bigger ones will take that cash and reinvest it in producers where some of the smaller ones would not. And that's exactly what we're seeing.

較小的開始與較大的合併。我們認為這對我們的整體生態系統非常有利。較大的企業將利用這些現金並將其重新投資於生產商，而一些較小的企業則不會這樣做。這正是我們所看到的。

So we've seen a lot of orders, if you will, for our ASP program to help staff up these larger agencies. And we've got a lot of agents that started in July and we'll have a lot more starting in August. So I think it's just a timing thing.

因此，如果您願意的話，我們已經看到了很多訂單，要求我們的 ASP 計劃幫助這些大型機構配備人員。我們已有許多代理商於 7 月開始工作，8 月將有更多的代理商開始工作。所以我認為這只是時間問題。

Yeah, you should see it up sequentially in the third quarter relative to the second quarter. And like we talked about, our kind of top bucket of agencies, they've got 4 times as many producers per franchise as the rest of the group. And you're getting more agencies now kind of getting into that big scaling mode makes us feel really confident about the direction of the franchise community.

是的，你應該會看到第三季相對於第二季有所上升。正如我們所說的，我們頂尖的代理機構，其每個特許經營權的製片人數量是其他代理機構的 4 倍。現在有越來越多的機構進入這種大規模擴展模式，這讓我們對特許經營社區的發展方向充滿信心。

Got it. And then maybe moving down a bit, it looks like corporate agent productivity both under a year and over a year was down year over year. Then I looked at the franchise productivity, those under a year productivity was down. And then, of course, I guess based on what you've been saying, those franchises with more than a year of experience, that was up a lot, like 20%.

知道了。然後可能會下降一點，看起來企業代理商的生產效率無論是一年內還是一年以上都比去年同期下降。然後我看了看特許經營的生產力，那些不到一年的生產力就下降了。然後，當然，我想根據你所說的，那些擁有一年以上經驗的特許經營權，增長了很多，例如 20%。

And I assume, maybe that's part of the emerging activity, but maybe a little color on why those other three components were down and why franchises with more than a year were up 20%-ish?

我認為，這也許是新興活動的一部分，但也許可以解釋為什麼其他三個組成部分下降，以及為什麼經營超過一年的特許經營權上漲了 20% 左右？

Yeah, sure. Happy to talk about it. So less than one year corporate agents, the tenure of that group is down 24% year over year. So productivity, being down 13% compared to tenure down 24% actually means they're on a tenure adjusted basis, significantly more productive. I think that's a good thing.

是的，當然。很高興談論它。因此，對於任職時間少於一年的企業代理商而言，該群體的任職期限年減了 24%。因此，生產力下降了 13%，而任期內則下降了 24%，這實際上意味著他們在任期調整的基礎上，生產力明顯更高。我認為這是一件好事。

Now the tenure of that team will come up next year. But this year, we do have another big class in July, another big class in August. So you're going to see more tenure dilution in the third quarter. We're going to keep building that corporate team because it's the best place to launch franchises out of that's less than one year, greater than one year. Previous year's numbers include not as many franchise launches.

現在，該團隊的任期將於明年到期。但今年，我們七月還有一期大班，八月還有一期大班。因此，你將在第三季看到更多的任期稀釋。我們將繼續建立這個企業團隊，因為它是推出特許經營權的最佳場所，無論是在一年以內還是一年以上。去年的數字顯示特許經營店的開業數量沒有今年那麼多。

So we launched a lot of agencies out of last year's greater than one-year bucket. And if you didn't launch those franchises, so you can back them out of the math, that productivity is actually up 2%. So we feel really good about that. Similar story on the less than one-year franchises.

因此，我們在去年超過一年的時間內推出了許多機構。如果你沒有推出這些特許經營權，那麼你可以將它們從計算中剔除，那麼生產力實際上提高了 2%。所以我們對此感到非常高興。對於期限少於一年的特許經營權，也有類似情況。

Last year's less than one-year franchise included 24 corporate launches. This year has only included six in that bucket. And we talked about how those can be up to 10 times as productive as the average franchise. It makes a meaningful difference, especially in the less than one-year group, because there's just less franchises in that bucket.

去年不到一年的特許經營期包括 24 家企業開業。今年只有六個屬於這一類。我們討論瞭如何使這些特許經營店的生產力達到普通特許經營店的 10 倍。這會產生重大影響，尤其是在不到一年的組別中，因為該組中的特許經營權較少。

And then in the greater than one year, they just keep scaling, there's more agencies that are hiring. We feel really great about the direction of that team.

然後在一年多的時間裡，他們不斷擴大規模，有更多的機構在招募。我們對團隊的方向感到非常滿意。

That was super helpful. And then just the last one, premium retention, 99% in a year ago quarter, 95% this quarter, still good. I mean, does that -- I'm just not quite sure what that implies. Is rate coming down in some instances? Or just help me think through that.

這非常有幫助。最後一點，保費保留率，去年同期為 99%，本季為 95%，仍然很好。我的意思是，那是否——我只是不太確定那意味著什麼。在某些情況下利率會下降嗎？或者只是幫我思考一下。

Yeah. Rate is leveling off. So the rate of increase and premiums year over year is leveling off that rates decline. Client retention is improving. Now it's still showing at 84%, but we see it basically going up basis points every single day. So we feel confident about that continuing to accelerate in the second half of the year.

是的。利率正在趨於平穩。因此，保費的年增長率趨於平穩，費率下降。客戶保留率正在提高。現在它仍然顯示為 84%，但我們看到它基本上每天都在上升基點。因此，我們有信心今年下半年這一增長將繼續加速。

But we should be getting to a point relatively soon, where premium retention and client retention go in the same direction and there's just a small gap between the two of them for normal year-over-year pricing. I mean, I've said it publicly many, many times. I'd much rather have a kind of 5% to 7% year-over-year pricing impact as opposed to a 20%. It's just a much healthier market for everybody in that situation.

但我們應該很快就會達到這樣一個水平，即保費保留率和客戶保留率朝著同一個方向發展，而兩者之間在正常的同比定價方面只有很小的差距。我的意思是，我已經公開說過很多次了。我更希望價格年增 5% 到 7%，而不是 20%。在這種情況下，對每個人來說，這都是一個更健康的市場。

Got it. That's very helpful. Thank you.

知道了。這非常有幫助。謝謝。

Jon Paul Newsome, Piper Sandler.

喬恩·保羅·紐瑟姆、派珀·桑德勒。

Great. Good evening. I was hoping you could give us a few more thoughts on the direct channel comments that you were making. Is this tied to what you had previously been working on? And I guess, maybe any thoughts about what a significant investment could be prospectively. Because I think in the past, there was really heavy tech expenses that came to the system and was something that we talked about a little bit in the past.

偉大的。晚安.我希望您能就您所做的直接管道評論給我們更多的想法。這和您之前從事的工作有關係嗎？我想，也許有人想過未來會有什麼重大投資。因為我認為在過去，系統的技術費用確實很高，這是我們過去討論過的問題。

Yes, Paul. So to go back to the previous investments, I think you're talking about QTI investments there. And all of that stuff that we've done over the last few years on QTI help enable what we're talking about. So it opens up the connections between us and the carriers. So that code is all very valuable and still really relevant.

是的，保羅。所以回到之前的投資，我想您談論的是 QTI 投資。過去幾年我們在 QTI 上所做的一切都有助於實現我們所談論的目標。因此它打開了我們與運營商之間的聯繫。因此，這些代碼非常有價值，並且仍然非常相關。

When you think about our new enterprise opportunities that we have, there's a good opportunity to cross-sell into our existing book and sell into these enterprise clients using a direct-to-consumer sort of interface, which brings a very targeted client to the carrier, which is what they would want in a more automated fashion than what we do today.

當您考慮我們擁有的新企業機會時，就有一個很好的機會將產品交叉銷售到我們現有的客戶群中，並使用直接面向消費者的介面向這些企業客戶銷售，從而為運營商帶來非常有針對性的客戶，這是他們想要的，並且比我們今天所做的更加自動化。

Now on the size of the tech investment, I think we're still scaling out all that, and we'll provide more color down the road. But we're working on the sizing of that project right now and staffing it.

現在就技術投資的規模而言，我認為我們仍在擴大規模，並將在未來提供更多細節。但我們目前正在確定該項目的規模並配備人員。

Great. Completely different question. Did the increased proportion of your business that was from state funds or residual businesses policies impact the Contingent Commissions? Is that part of the story that you get less contingency on those kinds of policies? I simply don't know the answer.

偉大的。完全不同的問題。您的業務中來自國家基金或剩餘業務政策的比例增加是否影響了應急佣金？故事的一部分是否意味著這些類型的政策所帶來的意外事件較少？我根本不知道答案。

Are you asking if we get less Contingent Commissions associated with the renewal book?

您是在問我們是否會因為續約書而獲得更少的或有佣金嗎？

Associated with -- probably right from the state-run plan premiums.

與之相關－可能直接來自國營計畫保費。

Yeah. No, there's no contingencies associated with the state run plans. The state run plans are not trying to incentivize agents to put business there. It's simply there as a backstop for when there's not other product available for our client, specifically related to kind of our forecast and guide for Contingent Commissions this year. Like I said in my prepared remarks, there really is a wide range of outcomes that could happen here.

是的。不，國家計劃中不存在任何意外情況。國家運營的計劃並沒有試圖激勵代理商在那裡開展業務。它只是在我們的客戶沒有其他可用產品時作為一種後盾，具體涉及我們今年對或有佣金的預測和指南。正如我在準備好的演講中所說的那樣，這裡確實可能會出現各種各樣的結果。

I mean, we had a really light hail season in DFW, which is super positive for underwriter profitability. We don't know what's going to happen with hurricane season. So we'll see how that plays out. It could certainly be better than what we're expecting, although I'm not ready to promise that at this point. We'll have a lot more clarity.

我的意思是，達拉斯-沃斯堡國際機場的冰雹季節非常輕微，這對承保人的獲利能力非常有利。我們不知道颶風季節會發生什麼事。因此我們將拭目以待事情將如何發展。它肯定會比我們預期的要好，儘管我現在還不準備好要承諾。我們將獲得更清晰的認識。

And certainly, by the fourth quarter, likely by the third quarter, we'll have a lot more clarity on what contingencies look like for the year.

當然，到第四季度，很可能到第三季度，我們將對今年的緊急情況有更清晰的認識。

But if you just -- just so I make sure I'm not confused. If you write a higher proportion of nonresidual fund or recall policies that gives you more opportunities for Contingent Commissions. Is that fair?

但如果你只是——只是為了確保我沒有感到困惑。如果您簽訂更高比例的非剩餘基金或召回政策，您將獲得更多的或有佣金機會。這樣公平嗎？

Yeah. Less policies on state run plans should equal a higher percentage of policies earn Contingent Commissions, yes.

是的。是的，國家營運計畫中的保單越少，賺取應急佣金的保單比例就越高。

Katie Sakys, Autonomous Research.

凱蒂·薩克斯，自主研究。

Hey, thanks. Good afternoon. I wanted to circle back to the 28% adjusted EBITDA margin, excluding the impact of the impairment expense this quarter. If I want to take a look at your adjusted EBITDA margin ex contingent thus far this year, to put up expansion for the full year 2025, I think it implies fairly significant improvement over the back half of the year.

嘿，謝謝。午安.我想回到 28% 的調整後 EBITDA 利潤率，不包括本季減損費用的影響。如果我想看您今年迄今為止的調整後 EBITDA 利潤率（不包括或有因素），以便為 2025 年全年的增長做好準備，我認為這意味著下半年會有相當顯著的改善。

Would you mind kind of walking us through where you think some of the drivers of that expansion might come from? And if possible, quantify how much margin expansion you guys are kind of getting a sight line on for the full year at this point?

您能否向我們介紹一下您認為這種擴張的一些驅動力可能來自哪裡？如果可能的話，請量化一下目前你們對全年利潤率成長的預期是多少？

Yeah, Katie. So I think in a previous question, I talked about the third quarter you should expect to see weaker margin relative to the second quarter and on a year-over-year basis because we have a significant amount of new hires coming in and also now expanding into the Nashville market, in the fourth quarter and doing some of these very interesting tech investments. Margin ex contingents, it wouldn't surprise me if it is down slightly for the full year, although we firmly believe making the right decisions to maximize long-term profit dollars.

是的，凱蒂。所以我認為在之前的問題中，我談到了第三季度，與第二季度和去年同期相比，利潤率應該會下降，因為我們有大量新員工加入，而且現在我們還在第四季度擴展到納許維爾市場，並進行了一些非常有趣的技術投資。扣除或有事項後的保證金，如果全年略有下降，我不會感到驚訝，儘管我們堅信做出正確的決策可以最大化長期利潤。

But as the client retention continues to improve, that could certainly aid that as our corporate agents come down the ramp-up curve and generate more productivity per agent that generates incremental margin opportunity. But you shouldn't be surprised to see it ticked down slightly in the third quarter, ticked up slightly in the fourth quarter and potentially on the year, some slight compression because we're very intentionally making investments that are going to drive long-term value.

但隨著客戶保留率的不斷提高，這肯定會有所幫助，因為我們的公司代理商會降低上升曲線並提高每個代理商的生產力，從而產生增量利潤機會。但您不應該感到驚訝，因為它在第三季度略有下降，在第四季度略有上升，並且可能在今年出現一些輕微的壓縮，因為我們非常有意地進行能夠推動長期價值的投資。

I would say we're going to continue to be super cautious on our spending, but this is what we've been waiting for, for several years is to accelerate into the growth opportunity. And based on what we're seeing from the carriers, it's the time to press on it with more agents.

我想說，我們將繼續對我們的支出保持高度謹慎，但這正是我們多年來一直在等待的，即加速成長的機會。根據我們從承運商看到的情況，現在是時候與更多的代理商合作了。

Yeah. It feels like we've got a really interesting window of opportunity here where the product market is turning around. The technology is at a point now where we can really lean into it. And the partnerships that we're bringing on, which do take incremental investment to operationalize kind of each 1 of them. All of those things drive really nice long-term growth opportunities, and I want to make sure we're being disciplined enough to invest in those things as opposed to just arbitrarily dragging down cost.

是的。感覺我們在這裡遇到了一個非常有趣的機會之窗，產品市場正在好轉。這項技術現在已經發展到我們可以真正依賴它的程度。我們正在建立的合作夥伴關係確實需要增量投資才能使每項合作得以運作。所有這些都會帶來非常好的長期成長機會，我希望確保我們有足夠的自律來投資這些事情，而不是隨意降低成本。

Yeah, I can appreciate a more long-term view here. I guess, perhaps following up on the adjustment to the full year 2025 guidance, I think I've reconciled all the different mining pieces there and how they impact premium growth and revenue growth this year. But I assume that you guys also have more or less some sort of mental model built for 2026 at this point.

是的，我可以欣賞更長遠的觀點。我想，也許是在對 2025 年全年指引進行調整之後，我認為我已經協調了所有不同的採礦部分以及它們如何影響今年的保費增長和收入增長。但我認為你們現在或多或少也已經為 2026 年建立了某種心理模型。

Any changes to how you guys are thinking internally about the growth opportunity in 2026? And any quantification that you can provide us?

你們內部對於 2026 年成長機會的看法有什麼改變嗎？您能為我們提供任何量化數據嗎？

Yeah. So we're not ready to give 2026 guidance at this point, but I can certainly speak in generalities about where the business is going. So going to continue to expand the corporate team, going to be placing agents in the appropriate geographies where they have the highest likelihood of success and holding people accountable to really high standards. I mean, we've got multiples industry best practice on the corporate team in terms of productivity.

是的。因此，我們目前還沒有準備好給予 2026 年的指導，但我可以概括地談談業務的發展方向。因此，我們將繼續擴大公司團隊，將代理商安置在最有可能成功的地方，並要求員工承擔真正高標準的責任。我的意思是，就生產力而言，我們的企業團隊擁有多項行業最佳實踐。

And same thing on the franchise side of the business. We're going to keep investing in our biggest and best agencies while pumping in new blood into the system from our NDA program, which we're feeling really good about from the veteran program and continuing to launch corporate agents into franchises.

特許經營業務方面的情況也一樣。我們將繼續投資於我們最大、最好的代理商，同時透過我們的 NDA 計畫為系統注入新血，我們對資深代理商計畫感到非常滿意，並將繼續將企業代理商引入特許經營。

So if you break down some of the individual pieces, the second half of the year, you should see really -- second half of 2025, I should say, you should see really strong acceleration in new business commissions generated from the corporate and enterprise teams. You should see new business royalty fees relatively consistent levels of production, because we've got a really good group of agencies today, we're being really intentional about the ones that we consolidate into franchises.

因此，如果你分解一些單獨的部分，那麼到今年下半年，你應該會看到——我應該說，到 2025 年下半年，你應該會看到企業和企業團隊產生的新業務佣金出現強勁增長。您應該會看到新業務特許權使用費的生產水平相對穩定，因為我們今天擁有一批非常優秀的代理機構，我們非常有意將那些代理機構合併為特許經營機構。

And then the pace of recovery of client retention will drive that renewal book. And obviously, that's the biggest lever to growth because it's the majority of our revenue.

然後，客戶保留率的恢復速度將推動續約進程。顯然，這是成長的最大槓桿，因為它占我們收入的大部分。

Got it. And then if I could just sneak one more in. On your discussion of the recovery of past due commissions this quarter. How much more of that do you guys see potentially still sitting ahead of you for the rest of the year? Are there other carrier partners where you still need to recover past due commissions?

知道了。然後如果我能再偷偷地再進去一個。關於您討論的本季逾期佣金的追討情況。你們認為在今年剩餘的時間裡，還有多少可能實現這樣的目標？是否有其他承運合作夥伴需要您追討逾期佣金？

And the example of the $1.5 million commission rate increase that you mentioned with a specific carrier partner. Is that a one-off example? Or is that pretty representative of the degree to which commission rates are changing across your average book?

您提到的與特定承運合作夥伴的佣金率增加 150 萬美元的例子。這是個例嗎？或者這是否很好地代表了您的平均帳簿中佣金率的變化程度？

Yeah. I mean, that specifically is a one-off example, but we are seeing continuous improvement and specifically engagement from our carrier partners on trying to incentivize growth in the best way as possible. I mean, more and more of the conversations with carriers now are how do we get in front of your agents more frequently, what do we need to do to continue to drive growth.

是的。我的意思是，這只是一個一次性的例子，但我們看到我們的營運商合作夥伴正在不斷改進，特別是參與其中，試圖以最好的方式激勵成長。我的意思是，現在與營運商的對話越來越多是關於我們如何更頻繁地與你們的代理商溝通，我們需要做什麼才能繼續推動成長。

And obviously, one of the levers is compensation. We have other things in the mix with other carriers regarding commission rates, but we were satisfied to get that $4 million recovery and that's showing up in renewal commissions and royalty fees, and that should generate another incremental $1.5 million throughout the second half of this year with improvement in the average commission rate.

顯然，其中一個手段就是補償。在佣金率方面，我們與其他承運商還有其他合作，但我們很高興能收回 400 萬美元，這筆錢將體現在續約佣金和特許權使用費中，隨著平均佣金率的提高，這應該會在今年下半年產生另外 150 萬美元的增量收入。

Thanks so much.

非常感謝。

Mark Hughes, Truist Securities.

馬克·休斯，Truist Securities。

Yeah. The $4 million gain, are you able to share how much within each category?

是的。400 萬美元的收益，您能分享一下每個類別的收益是多少嗎？

Yeah. Renewal commissions was $3 million, renewal royalty fees was $1 million of that net that's where they showed up. And so you can see what the revenue retention would have been absent that, which is a better guidepost for the third quarter than what you're seeing on the face right now.

是的。續約佣金為 300 萬美元，續約特許權使用費為 100 萬美元，這就是他們的淨收入。因此，您可以看到，如果沒有這個數字，收入保留率會是多少，這比您現在看到的情況更能指導第三季。

Yeah. And I assume were there any expenses related to that? Was there a commission payout? Or what was the flow-through from that $4 million?

是的。我猜想這其中是否有相關費用？有支付佣金嗎？或者說這 400 萬美元的流轉情況如何？

Yeah. Agents were shared some compensation associated with the recovery.

是的。代理商分享了與恢復相關的一些補償。

Yeah. Any change in your experience, just your ability to convert leads. It seems like there's been a drop off in kind of applications or more contracts are falling through. So are you seeing anything in terms of your ability to convert leads either because of the nature of the housing market or because of availability of product, which seems like it ought to be getting better, and the housing market presumably will improve. But I'm just sort of curious what you're seeing short term here.

是的。您的經驗中的任何變化都只是您轉換潛在客戶的能力。看起來申請數量有所下降，或者更多的合約失敗了。那麼，您是否看到了您在轉換潛在客戶的能力方面有什麼變化，無論是由於房地產市場的性質還是由於產品的可用性，情況似乎應該會變得更好，而且房地產市場也可能會改善。但我只是有點好奇你在這裡看到了什麼短期狀況。

Yeah. I mean, product availability is beginning to improve. And so that's right now, not necessarily a significant headwind relative to the first quarter. Certainly compared to the historical numbers that we're used to. The housing market and specifically kind of cancellations of mortgage applications does result in an increase in what we call false starts.

是的。我的意思是，產品的可用性開始提高。因此，就目前而言，與第一季相比，這不一定是一個重大的阻力。當然，與我們習慣的歷史數字相比。房地產市場，特別是抵押貸款申請的取消，確實導致了我們所說的錯誤啟動的增加。

Basically policies that we write that don't end up actually become ineffective. That's certainly a short-term thing, which means that there's potential upside in the future to mortgage cancellations coming down.

基本上，我們制定的政策如果最終沒有執行，就會變得無效。這當然是短期現象，這意味著未來房貸取消量下降有潛在的上升空間。

Yeah. And then one final question. You had a very big increase in the corporate agent count last year. How should we think about the magnitude of what you're looking at this year again?

是的。最後一個問題。去年，你們的公司代理數量大幅增加。我們應該如何看待您今年再次關注的事情的規模？

Yeah. Last year, a bigger portion of the class started in July and August. This year, we front-loaded a little bit more of that in June, and we still do have a good size class that comes in July and August, but not quite as much relative to last year. You'll still see the numbers grow sequentially in the third quarter.

是的。去年，大部分班級在七月和八月開學。今年，我們在 6 月提前安排了更多此類課程，7 月和 8 月我們仍然有不錯的規模課程，但與去年相比沒有那麼多。您仍會看到第三季的數字連續成長。

And then typically, in the fourth quarter, you just get normal attrition and not much onboarding. So without giving you specific guidance, the head count is going to go, it should be up from here by the end of the year.

通常，在第四季度，員工流動率正常，新進員工入職人數不多。因此，在不給您具體指導的情況下，員工人數將會增加，到今年年底應該會增加。

Yeah. Thank you very much.

是的。非常感謝。

Absolutely.

絕對地。

Pablo Singzon, JPMorgan.

摩根大通的 Pablo Singzon。

It sounds like homeowners and personal auto have become more competitive versus several years ago, perhaps Brazil automotive owners. As the impact of tariffs begins to roll through -- do you see the environment changing and how that might affect your business?

聽起來，與幾年前相比，房主和私家車的競爭變得更激烈了，也許是巴西的汽車車主。隨著關稅的影響開始顯現——您是否看到環境變化以及這將如何影響您的業務？

Yeah, I would say one place you'll see it is what we just talked about a minute ago, you'll see a shift to the admitted markets from kind of the state-run carriers. Because in a lot of places, we just didn't have the product availability. You'll also see our conversion rates are something that we look at, like how many times do you quote versus how many times do you actually close on the policy with more product availability, you close it a much more frequent way.

是的，我想說，你會看到的一個地方就是我們剛才談到的，你會看到從國營航空公司轉向承認的市場。因為在很多地方，我們沒有可用的產品。您還會看到，我們關注的是轉換率，例如您報價的次數與您實際完成保單的次數，隨著產品可用性的增加，您會以更頻繁的方式完成保單。

So each lead is worth a lot more if you can close at a faster rate. So I believe that's what we'll see. You'll see carriers -- we're already seeing it incentivize some growth and a commission mix upward to more profitable carriers.

因此，如果您能夠以更快的速度完成交易，那麼每個線索的價值都會更高。所以我相信這就是我們將會看到的。您會看到承運商——我們已經看到它激勵了一些成長，並且佣金組合上升到更有利可圖的承運商。

Pablo, sorry. Were you asking about tariffs, specifically? I want to make sure we covered your question.

帕布羅，對不起。您具體問的是關稅問題嗎？我想確保我們已經解答了你的問題。

Yeah. About tariffs, yes.

是的。關於關稅，是的。

I'm sorry, I missed it. I didn't quite understand. I didn't see the -- hear the tariff part.

抱歉，我錯過了。我不太明白。我沒有看到或聽到有關關稅的部分。

I'm not sure that tariffs is really going to make impact on our business. I mean there's certainly the possibility that it increases their repair cost for autos and kind of roots and lumber, things like that. But we're obviously downstream of that. We're not the ones underwriting the product. we'll distribute it.

我不確定關稅是否真的會對我們的業務產生影響。我的意思是，這確實有可能增加汽車、樹根、木材等物品的維修成本。但我們顯然處於其下游。我們不是該產品的承保人。我們只會分銷該產品。

I don't think it's going to change in sort of like severity or frequency. So maybe there's an increase in premiums associated with that, but I don't think it causes any restriction in the product market.

我認為它的嚴重程度或頻率不會改變。因此，這可能會導致保費上漲，但我認為這不會對產品市場造成任何限制。

We certainly haven't heard anything about it from our carriers at this point.

目前我們還沒有從運營商那裡聽到任何有關此事的消息。

Yes. And then second question, can you talk about demand on the new business side. So it's clearly capacity opening up is just good retention is picking up too as well. But are you seeing more applications coming in? And maybe because it's more shopping or perhaps underlying markets getting better like housing?

是的。第二個問題，您能談談新業務方面的需求嗎？因此，很明顯，產能開放意味著良好的保留率也在提高。但您是否看到有更多申請湧入？也許是因為購物需求增加，還是因為住房等基礎市場正在好轉？

Yeah. I mean, we're still such a low percentage of market share in terms of home closing transactions across the country that we're still able to just go get more referral partners to maintain our lead flow. I would say definitely lead flow per referral partner is down, but our team knows exactly what to do to go develop more lead sources and continue to execute on their new business quotas. So expect that to be a tailwind in the future when housing recovers, but housing is certainly down year over year.

是的。我的意思是，就全國房屋交易而言，我們的市場份額仍然很低，我們仍然能夠獲得更多的推薦合作夥伴來維持我們的領先流量。我想說的是，每個推薦合作夥伴的潛在客戶流量肯定下降了，但我們的團隊確切地知道如何開發更多的潛在客戶來源並繼續執行他們的新業務配額。因此，預計這將成為未來住房市場復甦的順風，但住房市場肯定是逐年下降的。

But we've been able to keep lead flow pretty consistent.

但我們已經能夠保持潛在客戶流量相當穩定。

Yeah.

是的。

Okay. And then just last one for me. Where do you expect client retention and premium retention settling longer term right? Because I think now we're in a period of normalization, but where you see those two numbers longer in term?

好的。對我來說這是最後一個了。您認為客戶保留率和保費保留率的長期穩定如何？因為我認為現在我們正處於正常化時期，但從長遠來看，您認為這兩個數字會如何變化？

I mean, client retention, I think our historical high was 89% I think it's pretty reasonable to say that we get back to that over time. We will -- I would imagine we'll end up better than that at some point that I can give you a specific time line on that. I mean we learn more every day about how to better serve clients' needs. And as we continue to roll out technology that makes it easier to be a client and easier to handle your own insurance portfolio and interact with us however you want to, I would expect that increases client retention over time. And then premium retention should just be a function of client retention plus pricing.

我的意思是，客戶保留率，我認為我們的歷史最高水平是 89%，我認為說我們會隨著時間的推移回到這個水平是相當合理的說法。我們會的——我想我們最終會做得更好，我可以給你一個具體的時間表。我的意思是我們每天都在學習如何更好地滿足客戶的需求。隨著我們不斷推出技術，讓客戶更輕鬆地管理自己的保險組合，並以您想要的方式與我們互動，我預計這會隨著時間的推移提高客戶保留率。那麼，保費保留應該只是客戶保留加上定價的函數。

So if you're going to normalize kind of 5% to 7% pricing year and you've got 89% premium retention, you should expect kind of 94%-ish if you have 89% client retention, 94%-ish premium retention.

因此，如果您要將定價年率標準化為 5% 到 7%，並且保費保留率為 89%，那麼如果客戶保留率為 89%，保費保留率為 94% 左右，那麼您應該預期保費保留率為 94% 左右。

Thank you. This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Mark Miller for any further remarks.

謝謝。今天節目的問答環節到此結束。我想將節目單交還給馬克·米勒，以便他可以發表進一步的評論。

All right. I just want to thank everybody for taking the time to join the call today. I appreciate your continued support and interest. And once again, we look forward to speaking to you on the third quarter earnings call.

好的。我只想感謝大家今天抽出時間來參加電話會議。感謝您一直以來的支持與關注。我們再次期待在第三季財報電話會議上與您交談。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們、先生們，感謝各位參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。再會。