Goosehead Insurance Inc (GSHD) 2025 Q3 法說會逐字稿

Good day everyone, and welcome to Goosehead Insurance third-quarter 2025 earnings conference call. (Operator Instructions) Please note that this conference is being recorded.

大家好，歡迎參加 Goosehead Insurance 2025 年第三季財報電話會議。（操作員指示）請注意，本次會議正在錄音。

Now it's my pleasure to turn the call over to Dan Farrell. Please go ahead.

現在我很高興將電話轉給丹法雷爾。請繼續。

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 discussions 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.

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。

These statements are not guarantees of future performance, and therefore, undue reliance should not be placed on them. 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.

這些聲明並非對未來業績的保證，因此不應過度依賴它們。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 and 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, 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階層和投資者來說是有用的指標，透過包含資本結構、稅務狀況、折舊、攤提和其他我們認為不代表我們核心業務的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績效比較。

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, everyone, and thank you for joining our Q3 2025 earnings call. We are pleased with the results this quarter as they reflect continued momentum and strong execution. Our sites remain squarely focused on our goal to become the largest distributor of personal lines insurance in the US and our founders lifetime.

謝謝，丹。大家下午好，感謝您參加我們的 2025 年第三季財報電話會議。我們對本季的業績感到滿意，因為它反映了持續的勢頭和強勁的執行力。我們的網站始終專注於我們的目標，即成為美國和我們創辦人一生中最大的個人保險經銷商。

It has now been slightly over three years since I joined Goosehead, and I've never been more excited about the direction we're headed. What originally drew me into this business with the strong fundamentals and market dynamics that create the opportunity for durable and sustainable growth. To hit a few of the most critical points, we distribute a product with almost completely inelastic demand. If you live somewhere or drive something, you must have insurance.

我加入 Goosehead 已經三年多了，我從未對我們的發展方向感到如此興奮。最初吸引我進入這個行業的是其強大的基本面和市場活力，它們創造了持久和可持續增長的機會。為了滿足一些最關鍵的點，我們分銷的產品需求幾乎完全缺乏彈性。如果您住在某個地方或駕駛某輛車，您必須有保險。

We operate in an industry with over $530 billion of total written premium annually. We have made great progress towards industry leadership over the past several years, growing from just over $2 billion in premiums in 2022 to over $4 billion this year.

我們所在的行業每年的保費總額超過 5,300 億美元。過去幾年，我們在行業領先地位方面取得了巨大進步，保費收入從 2022 年的略高於 20 億美元增長到今年的 40 多億美元。

Interestingly, we still represent less than 1% of total market share. So our runway for future growth is enormous. Our industry remains fragmented. No individual distributor has more than 20% market share which provides us freedom of movement across every market in the country and allows us to accelerate share capture. Our choice model and national scale are highly differentiated. We've worked incredibly hard to build out a product portfolio of national brands and niche regional products that allow our agents to be successful in just about every market in the country.

有趣的是，我們仍然佔據不到 1% 的總市場份額。因此，我們未來的成長空間是巨大的。我們的行業仍然比較分散。沒有一家分銷商擁有超過 20% 的市場份額，這使我們能夠在全國各個市場自由活動，並加快市場份額的獲取。我們的選擇模式和國家規模高度差異化。我們付出了極大的努力，打造了由國家品牌和利基區域產品組成的產品組合，使我們的代理商能夠在全國幾乎所有市場取得成功。

Clients demand choice, and we have built a platform that provides a superior shopping experience. The competitive set, specifically in the personal line space as major gaps in meeting client needs. Single-product platforms, like direct online distribution and captive agencies can't meet the clients' needs for choice. Subscale independent agencies generally lack the necessary service capabilities, product depth and technology to deliver an exceptional client experience. This very favorable backdrop attracted me here, and each one of these points remains true today.

客戶需要選擇，我們已經建立了一個提供卓越購物體驗的平台。競爭對手，特別是在個人線路領域，在滿足客戶需求方面存在重大差距。單一產品平台，如直接線上分銷和專屬代理，無法滿足客戶的選擇需求。規模較小的獨立機構通常缺乏提供卓越客戶體驗所需的服務能力、產品深度和技術。這種非常有利的背景吸引我來到這裡，而這些觀點至今仍然適用。

There are no structural limitations to our growth and we believe we are positioned better than anyone else for long-term industry leadership.

我們的成長沒有受到任何結構性限制，我們相信我們比任何人都更有能力保持長期的行業領導地位。

During our second quarter earnings call, I laid out five key strategic initiatives. Supporting accelerated expansion of our existing agencies; 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; and developing new and maturing technologies.

在我們第二季的財報電話會議上，我列出了五項關鍵的策略措施。支持我們現有代理商的加速擴張；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；並開發新的和成熟的技術。

The first three key strategic initiatives relate directly to maximizing growth of the franchise channel and we have made great progress here. For example, in Q3, our Agency Staffing Program, which we call ASP, helped our franchise owners place 90 new producers into their agencies, a record for one quarter. We have identified the top markets to launch new franchises in and we are aggressively pursuing that strategy, launching 34 new agencies across 13 different states during the quarter.

前三個關鍵策略舉措與特許經營管道的最大化成長直接相關，我們在這方面已經取得了巨大進展。例如，在第三季度，我們的代理人員配備計劃（我們稱之為 ASP）幫助我們的特許經營業主將 90 名新製作人安置到他們的代理機構，創下了單季度的最高紀錄。我們已經確定了推出新特許經營權的頂級市場，並且正在積極推行該策略，本季在 13 個不同的州推出了 34 家新代理商。

We launched 10 corporate agents into franchises during the quarter, resulting in new business production equal to 77 average franchise producers. To further support corporate agents launching into the right geographies, we opened our newest corporate office in Nashville, Tennessee on October 1 and have identified the next several locations for 2026. Expanding the corporate office footprint creates amazing career opportunities for our corporate teammates and exceeds new geographies with top decile future franchise talent.

本季度，我們向特許經營權引入了 10 名企業代理商，產生的新業務量相當於 77 名普通特許經營商。為了進一步支持企業代理商進入正確的地區，我們於 10 月 1 日在田納西州納許維爾開設了最新的企業辦事處，並確定了 2026 年的下幾個地點。擴大公司辦公室的覆蓋範圍為我們的公司隊友創造了絕佳的職業機會，並透過未來特許經營的頂尖人才超越了新的地區。

Our newest go-to-market team, the enterprise sales team, which takes inbound leads from a diversified set of partners continues to scale, growing over 100% versus Q3 last year. We've also made meaningful progress on our AI initiatives implementing new tools into our service delivery function to improve the client experience, reduce complexity and drive unit costs down.

我們最新的行銷團隊，即企業銷售團隊，從多元化的合作夥伴那裡獲取潛在客戶，規模不斷擴大，與去年第三季相比成長了 100% 以上。我們在人工智慧計畫方面也取得了重大進展，將新工具引入我們的服務交付功能，以改善客戶體驗、降低複雜性並降低單位成本。

On our previous earnings call, we talked about several new partnerships that took the form of a Goosehead franchise. I'm excited to share another win this quarter. Goosehead has partnered with a top 20 mortgage originator and servicer who upon launch immediately will be poised to become one of the largest agencies in the Goosehead system.

在我們先前的財報電話會議上，我們討論了以 Goosehead 特許經營形式建立的幾項新合作關係。我很高興本季再次取得勝利。Goosehead 已與前 20 名的抵押貸款發起人和服務商合作，該合作一旦啟動，將立即成為 Goosehead 系統中最大的機構之一。

We believe our industry knowledge, seamless user experience and white glove service will deliver an unparalleled client experience. Just to frame the size of the partnership business, we have already signed or taken live on our platform, partners that represent in total more than 1 million home loan serviced and 75,000 home closings annually.

我們相信我們的行業知識、無縫的用戶體驗和白手套服務將帶來無與倫比的客戶體驗。僅從合作業務的規模來看，我們已經在我們的平台上簽約或上線了總計超過 100 萬筆住房貸款服務和每年 75,000 套住房成交的合作夥伴。

Our partners, we have a captive audience, a great reputation with our clients and a specific need to solve client pain points are the perfect place to insert the Goosehead shopping experience. Over the years, Goosehead has become known for its innovative business model and technology. We have spent hundreds of thousands of hours and millions of dollars on building a technology stack that widens and deepens our competitive moat.

我們的合作夥伴、我們擁有忠實的受眾、在客戶中享有盛譽，並且有解決客戶痛點的特定需求，這些都是插入 Goosehead 購物體驗的最佳場所。多年來，Goosehead 以其創新的商業模式和技術而聞名。我們花了數十萬小時和數百萬美元來建造技術堆疊，以擴大和加深我們的競爭優勢。

Going back to 2018, we were unsatisfied with the comparative rating tools available in the market. So we built our own. We call that technology Aviator and it allows our agents to quote more efficiently. We built a client-facing quoting tool, our digital agent that today provides lead flow to agents across the country and gives clients a real look at potential insurance options. We then deepened our integrations with a number of our carriers developing quote-to-issue technology within Aviator that allows our agents to bind policies without ever leaving the Goosehead ecosystem, speeding up time to close and reducing friction.

回顧 2018 年，我們對市場上可用的比較評級工具並不滿意。所以我們建立了自己的。我們將這項技術稱為 Aviator，它可以讓我們的代理商更有效率地報價。我們建立了一個面向客戶的報價工具，我們的數位代理商如今為全國各地的代理商提供潛在客戶流，並讓客戶真正了解潛在的保險選擇。然後，我們深化了與多家承運商的整合，在 Aviator 內部開發了報價到發行技術，使我們的代理商無需離開 Goosehead 生態系統即可綁定保單，從而加快了完成時間並減少了摩擦。

Building this foundation has been critical for the next step in our evolution, direct-to-consumer technology, which will integrate our quote-to-issue technology into our existing client-facing digital agent. We believe the digital agent will revolutionize how personal lines insurance is distributed, and it will break through the human capital bottleneck.

建立這個基礎對於我們下一步的發展至關重要，即直接面向消費者的技術，它將把我們的報價到發行技術整合到我們現有的面向客戶的數位代理商中。我們相信數位代理商將徹底改變個人保險的分銷方式，並將突破人力資本瓶頸。

Over the next year, we plan to deploy this tool to our existing and new partnerships. Leveraging their client relationships to provide a tailored insurance shopping experience that ultimately maximizes value creation across the entire distribution chain.

明年，我們計劃將此工具部署到我們現有和新的合作夥伴關係中。利用客戶關係提供量身訂製的保險購物體驗，最終最大限度地提高整個分銷鏈的價值創造。

For our carrier partners, delivering the highest quality client by utilizing precise client segmentation analysis and target marketing. For our distribution partners, increasing the lifetime value of their clients and solving pain points in their existing business. For our agents increased productivity, allowing them to focus on marketing and cross-selling into our existing client base. For Goosehead, by driving high growth and high-margin business at scale. And most importantly, for our clients, providing a world-class insurance shopping experience that doesn't exist in the US today.

對於我們的營運商合作夥伴，透過利用精確的客戶細分分析和目標行銷來提供最高品質的客戶。對於我們的分銷合作夥伴，增加其客戶的終身價值並解決其現有業務中的痛點。提高了我們代理商的生產力，使他們能夠專注於行銷並向現有客戶群進行交叉銷售。對於 Goosehead 來說，透過大規模推動高成長和高利潤的業務。最重要的是，對於我們的客戶來說，我們提供當今美國尚不存在的世界級的保險購物體驗。

This incredible opportunity is about investing for the long term and remaining laser-focused on delivering shareholder value. Mark Jones, Jr. will give you more specifics on the timing and level of investment. We have an exciting road ahead of us at Goosehead as we enter into what appears to be a stable pricing cycle that we believe will allow our business to operate much more efficiently, resulting in higher client retention, higher buying rates, higher package rates, higher contingent commissions and most importantly, higher client satisfaction.

這個難得的機會是關於長期投資並持續專注於實現股東價值。小馬克瓊斯 (Mark Jones, Jr.) 將向您提供有關投資時間和水平的更多具體資訊。在 Goosehead，我們面前有一條令人興奮的道路，因為我們進入了一個看似穩定的定價週期，我們相信這將使我們的業務更加高效地運作，從而實現更高的客戶保留率、更高的購買率、更高的套餐價格、更高的或有佣金，最重要的是，更高的客戶滿意度。

As I turn this call over, I am pleased with our performance. This quarter demonstrates that we continue to gain momentum, remain focused on our clients, empower our teammates and execute with excellence. We have a massive head start on our competition and I'm confident in our team. I would like to sincerely thank the Goosehead team for their hard work.

當我轉交這份報告時，我對我們的表現感到滿意。本季顯示我們持續保持強勁勢頭，繼續以客戶為中心，為團隊成員提供支援並出色地執行任務。我們在比賽中擁有巨大的領先優勢，我對我們的團隊充滿信心。我要由衷感謝Goosehead團隊的辛勤工作。

With that, I will hand the call over to Mark Jones, Jr our CFO and COO.

說完，我將把電話交給我們的財務長兼營運長小馬克瓊斯 (Mark Jones, Jr)。

Thanks, Mark, and good afternoon to everyone joining us today. My nine-year anniversary with you said is on Monday. But in reality, I've been around the business since its inception. I've seen or been directly involved in every iteration, every major decision, every success and every mistake from the front row. I can say with complete conviction this is the most exciting time in our company's 22-year history. We are literally building the future of personal lines distribution in real time.

謝謝，馬克，祝今天參加我們的各位下午好。我和你在一起的九週年紀念日是星期一。但實際上，我從這個行業創立之初就一直從事這個行業。我親眼目睹或直接參與了每一次迭代、每一個重大決策、每一次成功和每一次錯誤。我可以非常肯定地說，這是我們公司 22 年歷史上最令人興奮的時刻。我們實際上正在即時建立個人線路分銷的未來。

As Mark Miller mentioned, our evolution of the digital agent to allow a frictionless experience for clients, which paired with our strategic partnerships is a massive opportunity for Goosehead to rapidly take share in a sustainable and profitable fashion. For many years, the investor community has asked us why we can't simply invest more money to drive faster growth. Our limitation has always been our ability to absorb new agents into existing teams, not a capital constraint.

正如馬克米勒所提到的，我們對數位代理商的改進可以為客戶提供無摩擦的體驗，再加上我們的策略合作夥伴關係，這對 Goosehead 來說是一個巨大的機會，可以以可持續和有利可圖的方式迅速佔領市場份額。多年來，投資者群體一直在問我們，為什麼我們不能簡單地投入更多資金來推動更快的成長。我們的限制一直是我們吸收新經紀人加入現有團隊的能力，而不是資本限制。

With the next iteration of our digital agent, we now have the opportunity to utilize our strong cash flow to invest aggressively in areas that break the human capital bottleneck and allow for much more rapid growth in the future. While we believe the independent agent will remain a critical piece for personal lines distribution, we also recognize there's a growing portion of the population that wants to interact and transact digitally.

隨著我們數位代理商的下一次迭代，我們現在有機會利用我們強大的現金流積極投資於打破人力資本瓶頸的領域，並允許未來實現更快的成長。雖然我們相信獨立代理商仍將是個人險分銷的重要組成部分，但我們也認識到，越來越多的人希望透過數位化方式進行互動和交易。

With that segment of the population, the bottleneck to growth isn't how many producers we add or how productive each producer is, but how seamless and educational we can make the process for clients and about capturing the maximum amount of lead flow. Today, we're going to talk about the investments we're making in both of those areas, the technology build and the business enablement through partnerships. While both are well underway, now is the time to double down and aggressively drive towards a full-scale platform.

對於這部分人群來說，成長的瓶頸不在於我們增加了多少生產商，也不在於每個生產商的生產力如何，而在於我們能為客戶實現多麼無縫和有教育意義的流程，以及如何獲取最大數量的潛在客戶流。今天，我們將討論我們在這兩個領域所做的投資，即技術建設和透過合作夥伴關係實現的業務支援。雖然兩項工作都進展順利，但現在是加倍努力、積極推動全面平台建設的時候了。

Let's review several numbers. In 2025, so far, we have invested $10.9 million into the digital agent platform, of which $8 million has been capitalized and $2.9 million recognized into operating expenses. During 2026 and 2027, in each year, we expect to invest between $25 million and $35 million and anticipate approximately 70% or $17 million to $24 million to be capitalized with the remaining $8 million to $11 million flowing through operating expenses.

讓我們回顧一下幾個數字。2025年，到目前為止，我們已向數位代理平台投資1,090萬美元，其中800萬美元已資本化，290萬美元計入營運費用。在 2026 年和 2027 年期間，我們預計每年投資 2,500 萬美元至 3,500 萬美元，預計約 70% 或 1,700 萬美元至 2,400 萬美元將被資本化，剩餘的 800 萬美元至 1,100 萬美元將用於營運費用。

Operating expenses will include approximately $7 million to $10 million in headcount costs between both technology and partnership enablement and an additional $1 million in G&A. We expect revenue contributions to begin in the second half of 2026 with meaningful acceleration as additional carriers, states and partners come online throughout 2027 and beyond.

營運費用將包括技術和合作夥伴支援方面的約 700 萬至 1000 萬美元的員工成本以及額外的 100 萬美元的 G&A。我們預計收入貢獻將從 2026 年下半年開始，隨著更多業者、州和合作夥伴在 2027 年及以後上線，收入貢獻將顯著加速。

The digital agent provides us the ability to efficiently penetrate significant portions of our total addressable market in a much more scalable fashion than our traditional referral partner relationships. Because of this, we believe the digital agent can add substantial incremental growth on top of our existing business with the potential to drive to 40%-plus total written premium growth within the next five years.

與傳統的推薦合作夥伴關係相比，數位代理商使我們能夠以更具可擴展性的方式有效地滲透到我們整個可尋址市場的很大一部分。因此，我們相信數位代理可以在我們現有業務的基礎上實現大幅成長，並有可能在未來五年內推動總承保保費成長 40% 以上。

As Mark Miller mentioned, during the quarter, we signed a new partnership with a top 20 mortgage originator and servicer. This new partnership and others already on our platform are the ideal place to implement the next iteration of our digital agent. By integrating with our partners, we will be able to utilize the full depth of our data to provide actionable insights into what coverages make the most sense for a particular client and pairing that with newly developed AI tools, be able to risk match with carrier demand in their geography. This is critically important because it allows us to deliver exceptional value to clients, partners and carriers.

正如馬克米勒所提到的，在本季度，我們與排名前 20 的抵押貸款發起人和服務商簽署了新的合作夥伴關係。這項新的合作夥伴關係以及我們平台上已有的其他合作夥伴關係是實施我們數位代理的下一個迭代的理想場所。透過與合作夥伴的整合，我們將能夠充分利用我們的數據，提供可行的見解，了解哪些保險範圍對特定客戶最有意義，並將其與新開發的人工智慧工具相結合，從而能夠根據其所在地區的承運人需求進行風險匹配。這至關重要，因為它使我們能夠為客戶、合作夥伴和營運商提供卓越的價值。

While these new go-to-market motions are exciting and will be important for the medium and long term, our core business continues to perform and gain momentum. Franchise producers at quarter end were 2,124 up 1% from a year ago and producers per franchise was two, growing 6% over the previous year. As we have previously discussed, consolidation in our franchise network is continuing to take place.

雖然這些新的上市舉措令人興奮，並且對中長期而言很重要，但我們的核心業務仍在繼續表現並獲得發展動力。季度末特許經營生產商數量為 2,124 家，比去年同期增長 1%，每個特許經營店的生產商數量為 2 家，比上年增長 6%。正如我們之前所討論的，我們的特許經營網絡的整合正在繼續進行。

Our best agencies are reinvesting their cash flow into two main areas for growth: first, onboarding new producers; and second, acquiring other franchise owners in their regions to further grow their total cash generation. Our most productive agencies are the ones most active in franchise consolidation, which helps further drive value creation as they onboard the newly acquired book and reach out to the existing client base.

我們最好的代理商正在將其現金流重新投資到兩個主要成長領域：首先，引入新的製作人；其次，收購其所在地區的其他特許經營業主，以進一步增加其總現金產生量。我們最俱生產力的代理機構是那些在特許經營整合方面最活躍的代理機構，這有助於進一步推動價值創造，因為他們可以承接新收購的合約並接觸現有的客戶群。

Acquiring agencies during the quarter had 3 times higher average productivity per producer than agencies that were acquired. Operating franchise count for the quarter was 1,068 a decrease of 4% over the previous year. This is intentional and drives higher performance from the existing franchise base and further protects our brand. We expect operating franchises to continue to decline for the next 12 to 18 months, however, we anticipate continued growth in producer count during that time.

本季收購機構的每位製作人平均生產力比被收購機構高出 3 倍。本季經營特許經營店數量為 1,068 家，較上年減少 4%。這是有意為之，旨在提高現有特許經營基礎的業績，並進一步保護我們的品牌。我們預計未來 12 至 18 個月內特許經營權將繼續下降，但是，我們預計在此期間生產商數量將繼續增長。

Our corporate team delivered its highest growth quarter in nearly four years, generating new business commissions growth of 20% year-over-year accelerating off of 13% in the second quarter of this year. Our strategy with our corporate sales team can be boiled down into one simple goal, to become a talent incubator for the rest of the organization. This team is the best place in our business to learn the Goosehead operating model.

我們的企業團隊實現了近四年來最高的成長季度，新業務佣金年增 20%，高於今年第二季度的 13%。我們與企業銷售團隊的策略可以歸結為一個簡單的目標，就是成為組織其他部門的人才孵化器。這個團隊是我們公司內部學習鵝頭營運模式的最佳地點。

Our agents learn the value proposition to our clients and referral partners, the nuance of individual carriers, our systems and management practices, how to take care of clients on a daily basis and are grounded in the Goosehead winning culture.

我們的代理商了解對客戶和推薦合作夥伴的價值主張、各個承運商的細微差別、我們的系統和管理實踐、如何每天照顧客戶，並以 Goosehead 的成功文化為基礎。

Success for our corporate sales team should be measured in terms of franchise launches, 10-year adjusted productivity and turnover. When we are consistently populating the country with high-quality franchises out of corporate, demonstrating best practices while setting the bar for productivity, and minimizing turnover, our corporate sales team is executing exactly as designed.

我們企業銷售團隊的成功應該以特許經營的推出、10 年調整後的生產力和營業額來衡量。當我們持續在全國推廣高品質的企業外特許經營權、展示最佳實踐、設定生產力標準並最大限度地減少人員流動時，我們的企業銷售團隊正在按照設計執行。

During 2025, we will launch a total of 10 franchises from our corporate sales team and looking into 2026, we expect that to be at least 20 with a medium-term goal of 50 or more a year. Turnover is trending in the right direction but remains higher than our targeted level. We expect to reduce turnover with three key actions: first, reducing the sales manager span of control; second, by investing in additional training and development programs that help our agents come down the learning curve faster and create a greater sense of connection to the organization; and third, as we look into 2026, smoothing out hiring of new corporate agents through the first three quarters of 2026 with limited onboarding in the fourth quarter.

2025 年，我們的企業銷售團隊將推出總共 10 個特許經營店，而到 2026 年，我們預計這個數字將至少達到 20 個，中期目標是每年 50 個或更多。營業額正朝著正確的方向發展，但仍高於我們的目標水準。我們希望透過三項關鍵措施來降低人員流動率：首先，減少銷售經理的控制範圍；其次，投資額外的培訓和發展計劃，幫助我們的代理商更快地完成學習曲線，並與組織建立更緊密的聯繫感；第三，展望 2026 年，我們將在 2026 年前三個季度平穩招聘新的企業代理商，並在第四季度限制新代理商的入職人數。

Our corporate sales team ended the quarter with 523 total agents up 14% over the previous year, inclusive of 423 traditional corporate sales agents and 100 enterprise sales agents. The product market has improved dramatically over the last several months with national brands becoming more available, new entrants into important markets and more stable year-over-year pricing throughout the book of business. As we progress through the rest of 2025 and into 2026, we expect the product market to become a tailwind rather than the headwind it has been for the last 3.5 years.

截至本季末，我們的企業銷售團隊共有 523 名代理商，比上年成長 14%，其中包括 423 名傳統企業銷售代理商和 100 名企業銷售代理商。過去幾個月，產品市場大幅改善，國家品牌變得更加普及，新進業者進入重要市場，整個業務的同比定價更加穩定。隨著我們度過 2025 年剩餘時間並進入 2026 年，我們預計產品市場將成為順風，而不是過去 3.5 年的逆風。

Remember, our business functions much more efficiently in a stable pricing environment. More product is available, close rates and cross-sell rates for our agents improve, the burden on our service team comes down, client retention improves and contingent commissions become more meaningful. Simply put, lower year-over-year premium increases are a great thing for our business.

請記住，在穩定的定價環境中，我們的業務運作效率會更高。有更多的產品可供選擇，我們的代理商的成交率和交叉銷售率提高，我們服務團隊的負擔減輕，客戶保留率提高，且或有佣金變得更有意義。簡而言之，保費同比增幅較低對我們的業務來說是一件好事。

During the third quarter, we generated strong profitable growth. Total revenue grew 16% over the previous year to $90.4 million, core revenue growing 14% to $83.9 million and adjusted EBITDA growing 14% to $29.7 million. Adjusting for our renewal commission recovery in the second quarter of $4 million, core revenue year-over-year accelerated 131 basis points during the third quarter. We expect continued acceleration in the fourth quarter and improvement for the full year 2026.

第三季度，我們實現了強勁的獲利成長。總營收比上年成長 16% 至 9,040 萬美元，核心營收成長 14% 至 8,390 萬美元，調整後 EBITDA 成長 14% 至 2,970 萬美元。考慮到第二季 400 萬美元的續約佣金恢復，第三季核心營收年增 131 個基點。我們預計第四季將繼續加速，2026 年全年將有所改善。

As of quarter end, client retention improved to 85% after four consecutive quarters at 84%. We expect to see continued improvement in client retention over time as we enter into a softer pricing cycle. We see no structural reason our client retention cannot ultimately return to or exceed our previous high of 89% given the level of investment we made into our service delivery function and client-facing tools like our mobile app. Policies in force at quarter end were $1.9 million, a 13% increase over the previous year period.

截至季末，客戶保留率已從連續四個季度的 84% 提高至 85%。隨著我們進入較溫和的定價週期，我們預期客戶保留率將持續提高。考慮到我們對服務交付功能和行動應用程式等面向客戶的工具的投資水平，我們認為沒有任何結構性原因導致我們的客戶保留率無法最終恢復到或超過之前的 89% 的高點。季度末生效的保單金額為 190 萬美元，比去年同期成長 13%。

The policy in force growth rate, while still 13%, has accelerated 37 basis points during the quarter, and we anticipate further acceleration in the fourth quarter. Total written premiums was $1.2 billion for the quarter, up 15% from a year ago. This includes franchise premiums of $976 million, up 18% and corporate premiums of $206 million, an increase of 1% from a year ago. We anticipate similar year-over-year growth in total written premiums in the fourth quarter as improvements in client retention are offset by pricing declines, followed by acceleration through 2026.

有效保單成長率雖然仍為 13%，但本季已加速 37 個基點，我們預計第四季將進一步加速。本季總承保保費為 12 億美元，比去年同期成長 15%。其中包括特許經營保費 9.76 億美元，年增 18% 以及公司保費 2.06 億美元，年增 1%。我們預計第四季度總承保保費將出現類似的同比增長，因為客戶保留率的提高被價格下降所抵消，隨後到 2026 年將加速增長。

Contingent commissions for the quarter were $4.5 million compared to $2.5 million in the previous year, an increase of 82%. Based on current carrier loss performance and the frequency of catastrophic events in 2025, we now expect contingent commissions of 55 basis points to 80 basis points as a percentage of total written premium. While our outlook has improved, there remains a wide range of potential outcomes for the fourth quarter.

本季的或有佣金為 450 萬美元，而去年同期為 250 萬美元，成長了 82%。根據目前承運商的損失表現和 2025 年災難事件發生的頻率，我們目前預計或有佣金佔總承保保費的百分比為 55 個基點至 80 個基點。儘管我們的前景有所改善，但第四季度仍存在各種潛在結果。

Cost recovery revenue was $1.5 million compared to $1.6 million a year ago. Adjusted EBITDA for the quarter grew 14% to $29.7 million from $26.1 million in the prior year period. Adjusted EBITDA margin for the quarter was 33% compared to 34% a year ago. Adjusted EBITDA margin, excluding the effect of contingent commissions, was 29% compared to 31% a year ago.

成本回收收入為 150 萬美元，去年同期為 160 萬美元。本季調整後 EBITDA 從去年同期的 2,610 萬美元成長 14% 至 2,970 萬美元。本季調整後的 EBITDA 利潤率為 33%，而去年同期為 34%。調整後的 EBITDA 利潤率（不包括或有佣金的影響）為 29%，而去年同期為 31%。

As of quarter end, we had $51.6 million of cash and cash equivalents and total debt outstanding of $299 million. Because of our strong cash generation and conservative balance sheet management, we are afforded optionality in how we drive shareholder value.

截至季末，我們擁有 5,160 萬美元的現金和現金等價物，未償還債務總額為 2.99 億美元。由於我們擁有強大的現金創造能力和保守的資產負債表管理，因此我們在如何推動股東價值方面擁有自主選擇權。

During the quarter, we repurchased and retired 685,000 of our outstanding Class A shares, utilizing $58.7 million of our share repurchase authorization. We are incredibly confident in our trajectory and view the current market dynamics as a great buying opportunity for our organization and a lever to further compound earnings per share growth.

在本季度，我們回購並註銷了 685,000 股流通在外的 A 類股票，動用了 5,870 萬美元的股票回購授權。我們對我們的發展軌跡充滿信心，並將當前的市場動態視為我們組織的絕佳購買機會和進一步實現每股收益成長的槓桿。

We are reiterating our guidance for the full year 2025. Total revenues 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.

我們重申對 2025 年全年的指導。總收入預計在 3.5 億美元至 3.85 億美元之間，代表著最低 11% 的有機成長率和最高 22% 的有機成長率。

Total written premiums placed for 2025 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 2025 年的總承保保費將在 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%。

Before we open it up for questions, I would like to recognize and thank the Goosehead team for another quarter of disciplined execution, hard work and commitment. Also thank you to our valued partners who continue to make our journey to industry leadership a reality and importantly, our clients who we strive to serve with excellence.

在我們開始提問之前，我想先感謝 Goosehead 團隊又一個季度的嚴格執行、辛勤工作和承諾。也要感謝我們尊貴的合作夥伴，他們不斷幫助我們實現產業領導地位，更重要的是，感謝我們努力為客戶服務的各位。

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

現在，讓我們開始提問吧。操作員？

(Operator Instructions)

（操作員指示）

Brian Meredith, UBS.

瑞銀的 Brian Meredith。

Yeah, thanks. A couple of them here for you. First one, I'm just curious, now that you have the enterprises becoming bigger and bigger, maybe you could kind of break out kind of the margin profile of franchise versus corporate versus enterprise as we kind of think about it and kind of the growth rates you think longer term in those different channels?

是的，謝謝。這裡為您列舉了其中的幾個。首先，我很好奇，現在企業規模越來越大，也許您可以分析特許經營、公司和企業的利潤率狀況，以及您認為這些不同管道的長期成長率？

Yeah, Brian, thanks for the question. So the enterprise sales business, we've structured it so that the margin profile of that over the longer term is actually more impactful than the regular corporate or franchise business. So ultimately, in the short term, investing it and starting it from 0 doesn't have the same margin, but over the longer term, it will generate higher levels of profitability than the franchise or corporate business.

是的，布萊恩，謝謝你的提問。因此，我們對企業銷售業務進行了結構調整，以便其長期利潤率實際上比常規企業或特許經營業務更具影響力。因此，最終，從短期來看，投資和從 0 開始的利潤率是不一樣的，但從長期來看，它將比特許經營或公司業務產生更高的盈利水平。

The franchise business is still, however, the driving force of the entire organization. It's something like 80% of the total written premium and the vast majority of the agency force. It's growing at a nice rate right now. You saw 17% new business royalty fee growth in the third quarter that accelerated off the 9% in the second quarter. So we're really pleased with that, but we would like it to be growing even faster than it is.

然而，特許經營業務仍然是整個組織的驅動力。這大約佔總承保保費的 80% 和代理人員的絕大部分。目前它正以良好的速度成長。第三季新業務特許權使用費成長 17%，高於第二季的 9%。所以我們對此感到非常高興，但我們希望它能比現在成長得更快。

And so what we're doing about that is just continuing to add new producers into the best possible agencies, help them find the right people and then arm them with the right tools to be as successful as possible. And then on the corporate side, you probably noticed that the growth rate is continuing to accelerate.

因此，我們所做的就是繼續將新的製作人添加到最好的代理商中，幫助他們找到合適的人才，然後為他們提供合適的工具，以盡可能地取得成功。然後在企業方面，你可能注意到成長率正在持續加速。

The first quarter, 1%; the second quarter, 13%; third quarter, 22%. That team is going to continue to grow, but strategically into the right geographies with really the big purpose of launching franchises out of that. In the future, it's possible that you see disclosures broken out again, but the margin profile of that core business looks relatively consistent to how it has looked historically with the natural operating leverage year-over-year.

第一季度，1%；第二季度，13%；第三季度，22%。團隊將繼續發展壯大，但策略上將進入正確的地區，其真正重要目的是從那裡推出特許經營權。將來，您可能會再次看到披露的信息，但核心業務的利潤率狀況看起來與歷史上與去年同期的自然經營槓桿情況相對一致。

Got you. So just what you're kind of saying is that when you think about it, margin profile is going to be -- enterprise ultimately be the biggest then comes franchise SM corporate. So as the franchise is growing faster and enterprise is growing faster than corporate, that should have a really favorable impact on margins.

明白了。所以，您說的是，當您考慮這一點時，利潤率狀況將是——企業最終是最大的，然後是特許經營 SM 企業。因此，隨著特許經營權的成長速度更快，企業的成長速度也比公司更快，這應該會對利潤率產生真正有利的影響。

Yeah, that's right. Over time at scale, right?

是的，沒錯。隨著時間的推移，規模會擴大，對嗎？

Yeah. Okay. And then a question on the digital agent. It sounds really interesting what you're doing there. I guess the question I have is, one, how many carriers do you have on that digital agent right now? And what is the kind of pushback and resistance from a carrier perspective to be involved in that?

是的。好的。然後是關於數字代理的一個問題。聽起來你在那裡做的事情真的很有趣。我想我的問題是，第一，您現在在該數位代理商上有多少家營運商？從航母的角度來看，參與其中會遭遇什麼樣的阻力和阻礙？

Hey Brian, this is Mark Miller. I'll take that. So I would think about it in multiple ways. The digital agent that we've had for several years out there that hangs off the goosehead.com site, more of a shopping engine there than an actual booking engine. And then we've been talking about QTI integrations for some time now. There's about 12 carriers, I think, a mixture of home and auto that we built QTI connections for.

嘿，布萊恩，我是馬克米勒。我會接受的。所以我會從多個角度來思考這個問題。我們多年來一直使用的數位代理商掛在 goosehead.com 網站上，它更像是購物引擎，而不是實際的預訂引擎。然後我們已經討論了 QTI 整合一段時間了。我認為，我們為大約 12 家營運商（包括家庭和汽車營運商）建立了 QTI 連線。

What we're talking about with DTC, which we've kind of called -- continue the name of digital agent. You'll see us start using digital agent because I just want to come up with another new name. With digital agent, we're connecting that front end with the back-end capability. And we've talked to the major carriers that we need to integrate. Right now, our strategy is to go out with a handful of home and a handful of auto carriers at the same time, and we've talked to those carriers. And I would say their position is very strong and supportive of what we're doing there.

我們正在談論的 DTC，我們稱之為——繼續使用數位代理的名稱。您會看到我們開始使用數位代理，因為我只是想出另一個新名字。透過數位代理，我們將前端與後端功能連接起來。我們已經與需要整合的主要營運商進行了溝通。目前，我們的策略是同時與少數幾家房屋和汽車運輸公司合作，我們已經與這些運輸公司進行了洽談。我想說他們的立場非常堅定，並且支持我們在那裡所做的事情。

Great, thank you.

太好了，謝謝。

(Operator Instructions)

（操作員指示）

Andrew Kligerman, TD Cowen.

安德魯·克里格曼 (Andrew Kligerman)，TD Cowen。

Hey, good afternoon. I guess the first question is around home sales, home prices. What are you seeing there? And how is that affecting your written premium right now?

嘿，下午好。我想第一個問題是關於房屋銷售和房價。你在那裡看到了什麼？這對您目前的承保保費有何影響？

Yeah. I mean we're not seeing any progress in housing activity. It's still at really depressed levels. The good news is, for us, we are such a small percentage of the market share that there's still just opportunity for us to go make more loan officer and realtor lead sources.

是的。我的意思是我們沒有看到住房活動有任何進展。它仍然處於非常低迷的水平。好消息是，對我們來說，我們的市佔率很小，我們仍然有機會獲得更多的貸款人員和房地產經紀人線索來源。

So we've been continuing to do that, which is helping our teams continue to generate incremental lead flow. But the flip side of that is when you see an uptick in housing total volume, we've now got more total endpoints sending us leads than we've ever had before. So it will be a much bigger tailwind when housing starts to increase than it is a headwind right now.

因此我們一直在繼續這樣做，這有助於我們的團隊繼續產生增量的潛在客戶流。但另一方面，當你看到住房總量上升時，我們現在擁有的總終端數量比以往任何時候都多。因此，當房屋價格開始上漲時，它所帶來的順風將比現在的逆風大得多。

I mean it would certainly be favorable for us if housing starts to pick up. But right now, I think we've done a fantastic job of building out the entire referral partner network to capture as much lead flow as we possibly can and continue to take share in our existing markets.

我的意思是，如果房屋市場開始回暖，這對我們來說肯定是有利的。但目前，我認為我們在建立整個推薦合作夥伴網路方面做得非常出色，以盡可能多地獲取潛在客戶流量並繼續在現有市場中佔據份額。

And I would just add on top of it, I would say the biggest positive right now is just the reentry of insurance back into the market. So it's opening back up pretty quickly right now. And I talked about auto last time. Opening up the housing market is opening up pretty quickly, which kind of accelerates what Mark he just talked about with the housing market. It's an accelerator on it.

我想補充的是，目前最大的利多是保險重新進入市場。所以現在它很快就重新開放了。我上次談到了汽車。房地產市場的開放速度相當快，這在某種程度上加速了馬克剛才談到的房地產市場的發展。它是它的加速器。

I see. Thank you for that, Marks. And then the second question would be around franchise producer counts, which I think you've been emphasizing is more important than the actual franchise numbers. So we're looking at a quarter where the producer count is up about 1% year-over-year, 2% sequentially. And then I think, Mark Jones, you said you're going to add 10 franchises for the balance of the year, a minimum of 20 next year. So how could we think about producer count growing maybe for the balance of the year or next year?

我懂了。謝謝你，馬克斯。第二個問題是關於特許經營製作人的數量，我認為你一直強調這比實際特許經營數量更重要。因此，我們看到本季生產商數量年增約 1%，環比成長 2%。然後我想，馬克瓊斯，你說過你將在今年剩餘時間內增加 10 個特許經營權，明年至少增加 20 個。那麼，我們該如何看待今年或明年生產商數量的成長呢？

Or just what's kind of -- when do you think you'll get to like a run rate? And what would that be in terms of year-over-year?

或者只是什麼樣的——您認為什麼時候您會喜歡運行率？那麼與去年同期相比，情況又是如何呢？

So Andrew, a couple of things to unpack there. One, you mentioned 10 franchise launches this year. That's specifically corporate agents who are launching franchises, and we expect that number to in 2026 and a medium-term goal of 50. We're continuing to put new agencies into the system. I think we launched 34 in the third quarter.

那麼安德魯，有幾件事需要解決。第一，您提到今年將推出 10 家特許經營店。這具體指的是推出特許經營權的企業代理商，我們預計到 2026 年這一數字將達到 50，中期目標是 50。我們正在繼續將新機構納入該系統。我認為我們在第三季推出了 34 款產品。

But this franchise consolidation effort is continuing to take place. I said in my prepared remarks, these agencies that are actually acquiring in the market are 3x as productive as the ones that are exiting the market. So it's not purely about the number of producers. It's about where they're located and which franchises that they're in. So we're going to continue to help our agencies source as much as we can to drive that producer count growth.

但特許經營權整合工作仍在持續進行中。我在準備好的發言中說過，這些實際在市場上收購的機構的生產力是退出市場的機構的三倍。因此，這不僅與生產者的數量有關。這取決於他們位於何處以及他們屬於哪個特許經營店。因此，我們將繼續盡力幫助我們的代理商尋找資源，以推動製作人數量的成長。

I expect to see consistent producer count growth.

我預計生產者數量將持續成長。

Now it may not be perfect every single quarter that you get consistent sequential growth. But over time, we expect to continue to drive expansion in the producer number. And we did talk about in the prepared remarks, you should expect to see operating franchise count come down for the next year, 1.5 years. That is a really good thing for the business. It protects the brand and make sure we have the right agencies working in the right geographies.

現在，每個季度都實現持續連續成長可能並不完美。但隨著時間的推移，我們預計將繼續推動生產商數量的擴大。我們在準備好的演講中確實談到過，您應該預計未來一年半的特許經營店數量將會下降。這對企業來說確實是件好事。它可以保護品牌並確保我們在合適的地區擁有合適的代理商。

But you'll continue to see producers per franchise expand.

但你將繼續看到每個特許經營權的製片人不斷擴大。

Got it. So grow to producer count, no particular numbers right now, but it's just more the quality of the situation. Okay, thank you.

知道了。因此，增加生產者數量，現在沒有具體的數字，但這只是情況的品質問題。好的，謝謝。

No problem.

沒問題。

Ryan Tunis, Cantor Fitzgerald

瑞安突尼斯、康托費茲傑拉

I guess I'm just curious why we're not a little bit more upbeat about the revenue trajectory here just given, again, like you guys said that things kind of reopening, Texas, et cetera, we haven't had any real catastrophes this year. It seems like all the homeowners' companies are wanting to get back in there. We're kind of reiterating revenue guidance. So I'm just kind of wondering like why are we not -- and yes, you guys bought back $60 million of stock. I'm just wondering why that's not kind of the main focal point here.

我想我只是好奇為什麼我們對這裡的收入軌跡不那麼樂觀，因為就像你們說的那樣，事情正在重新開放，德克薩斯州等等，我們今年沒有遇到任何真正的災難。看起來所有房主的公司都想回到那裡。我們正在重申收入指引。所以我只是有點好奇為什麼我們沒有——是的，你們回購了價值 6000 萬美元的股票。我只是想知道為什麼這不是這裡的主要焦點。

Ryan, I think we're really optimistic about the direction of the business, right? We've been fighting an incredibly challenging product market for the last 3.5 years, and we're just now starting to enter a soft cycle that we don't know how long it's going to last for. But if you look at history, the soft cycles typically end up being longer than the hard cycles. I think we've got producers generally in the right geographies. We're continuing to expand the geographies that we have the corporate agent footprint in so we can capture as much market share across the country as possible.

瑞安，我認為我們對業務的發展方向非常樂觀，對嗎？過去三年半以來，我們一直在極具挑戰性的產品市場中奮戰，現在我們才剛開始進入一個疲軟週期，我們不知道這個週期會持續多久。但如果你回顧歷史，你會發現軟週期通常比硬週期更長。我認為我們的生產商普遍位於正確的地區。我們正在繼續擴大公司代理商的業務範圍，以便盡可能佔領全國的市場份額。

Your point on carrier loss ratios having a really good year. I mean, there's certainly potential upside to the contingent commission numbers, right? You saw that last year where we had a really strong fourth quarter that was not necessarily exactly what we forecasted. Is that within the realm of possibility for this year? Yes, certainly.

您關於承運商損失率的觀點是今年的情況非常好。我的意思是，或有佣金數字肯定有潛在的上升空間，對吧？大家可以看到，去年我們的第四季表現非常強勁，但這不一定完全符合我們的預期。這在今年有可能實現嗎？是的，當然。

But I think we feel very optimistic about the direction of the business. The quality of the agent force is getting better. Client retention is improving, which is really the longest lever for future growth and growing premium. So we're very satisfied with the direction of the organization. I think you can see that with the $60 million buyback.

但我認為我們對業務的發展方向非常樂觀。代理人隊伍素質越來越好。客戶保留率正在提高，這實際上是未來成長和保費成長的長期槓桿。所以我們對組織的方向非常滿意。我認為您可以從 6000 萬美元的回購中看到這一點。

And I would just add, I would say the product market is about 80% healed, rough estimation, right? So it's not 100% healed. And some of it doesn't come back until January, like we've been notified that the product will be back in January, but it's not there yet in some of our key markets. So we feel a lot better about where we are today versus where we were a year ago, but still not completely back to a normal market yet.

我還要補充一點，粗略估計一下，產品市場已經恢復了約 80%，對嗎？所以它還沒有100%治癒。有些產品直到一月份才會恢復，例如我們已經收到通知說產品將在一月恢復，但它還沒有出現在我們的一些主要市場。因此，與一年前相比，我們對目前的狀況感覺好多了，但仍然沒有完全恢復到正常市場。

Ryan, this is Dan. Just to clarify, and Mark in his comments did indicate that we expect to have fourth quarter core revenue growth better than what we put up in the third quarter on a year-over-year basis and then acceleration in 2026 as well. And then on premium growth, similar in the fourth quarter that it was in the third quarter and then acceleration next year as well. So I think we are positive that we're in an accelerating phase.

瑞安，這是丹。需要澄清的是，馬克在他的評論中確實表示，我們預計第四季度核心收入增長將比第三季度同比增長更好，並且在 2026 年也將加速增長。然後就保費成長而言，第四季與第三季類似，明年也將加速。因此我認為我們確信我們正處於加速階段。

We had a very large contingency last year in the fourth quarter, contingency quarter.

去年第四季度，我們有一個非常大的應急季度。

Got it. Okay. So like if we get Jurassic Park back online here, proverbially, I guess, in January, how do we think about the margin trajectory? Like if you have the view that carriers are all of a sudden, the product is really going to be there next year, which is our view. Should we still just be thinking about like 1 point of margin expansion? Or are you guys going to let that fall to the bottom line?

知道了。好的。因此，如果我們讓侏羅紀公園在一月重新上線，我想，我們會如何看待利潤軌跡？例如，如果你認為運營商突然就會推出該產品，那麼該產品明年就會真正出現，這是我們的看法。我們是否仍應該只考慮 1 個點的利潤擴張？還是你們打算讓它落到底線？

Yeah. So Ryan, I would say if you look at the core business, the franchise and corporate business, you should expect to see normal operating margin -- operating leverage happen on a year-over-year basis just as more of the book comes to renewal and you get better productivity out of agents from a healthier product environment.

是的。因此，瑞安，我想說，如果你看一下核心業務、特許經營和企業業務，你應該會看到正常的營業利潤率——營業槓桿會逐年增加，因為更多的書籍需要續訂，而且你會在更健康的產品環境中從代理商那裡獲得更高的生產力。

Remember in our prepared remarks, we talked about this investment that we're making in the digital agent, which will yield approximately $8 million to $11 million into operating expenses. So you shouldn't necessarily be thinking about margin expansion in that context. And it's kind of similar to the carriers, right, they have a new business bias in their loss ratios. We compensate much more heavily on new business and there's more back-office expense associated with that.

請記住，在我們準備好的演講中，我們談到了我們在數位代理商所做的投資，這將產生約 800 萬至 1100 萬美元的營運費用。因此，您不一定要在這種背景下考慮利潤率的擴大。這有點類似承運商，他們的損失率有新的業務偏差。我們對新業務的補償要多得多，而且與此相關的後台費用也更多。

So in periods where we can really lay into growth because the product is out there, we're going to do that. That helps maximize long-term profit dollars.

因此，在產品上市後我們能夠真正實現成長的時期，我們就會這樣做。這有助於最大化長期利潤。

Tomny McJoynt, KBW.

湯尼麥克喬伊特，KBW。

Hey, good afternoon. Thanks. So it looks like there is still a wide range embedded in the full-year outlook despite just a couple of months to go. So what needs to happen, either Goosehead specific or just in terms of the market backdrop to get to the high end of these ranges? And along the same lines, it looks like the contingent guide was raised 15 basis points at the midpoint, which by my math is about a 2% tailwind to revenue. So was that offset by a reduction in core revenues or other types of revenues? I just want to clarify that. Thanks.

嘿，下午好。謝謝。因此，儘管只剩下幾個月的時間，但全年前景看起來仍然存在很大差異。那麼，需要發生什麼事呢，無論是 Goosehead 特有的還是僅僅從市場背景來看，才能達到這些範圍的高端？同樣，看起來，應急指南的中點提高了 15 個基點，根據我的計算，這對收入來說大約是 2% 的順風。那麼，這是否被核心收入或其他類型收入的減少所抵消了？我只是想澄清這一點。謝謝。

Yeah, Tommy, I would say, yes, I certainly recognize there's a wide range for the fourth quarter. As we saw last year, contingent commissions are pretty variable near the end of the year. It's been a really good loss ratio year for our underwriters. It's been a pretty light catastrophic year. It was a light hail season in DFW, which is tremendously helpful.

是的，湯米，我想說，是的，我當然認識到第四季的範圍很廣。正如我們去年所見，臨近年底，或有佣金的變動相當大。對我們的核保人來說，這是損失率非常好的一年。這是災難較少的一年。達拉斯-沃斯堡國際機場 (DFW) 正處於小冰雹季節，這非常有幫助。

It would be placing some pretty false precision on it to say we can call that number super precisely.

如果我們說我們可以非常精確地稱呼這個數字，那麼這種說法就太不準確了。

I think there is upside to the forecast that we put out there. I'm not ready to commit to that yet, but that's kind of why the revenue range is so wide because there is still, as I mentioned, a wide range of potential outcomes with contingent commissions. We've seen it go one way and another way in the fourth quarter really in the last two consecutive years. So it's hard to be super precise on that specific line. On the core revenue, we did tell you, you should expect acceleration in the fourth quarter over the third quarter numbers.

我認為我們所做的預測是有好處的。我還沒有準備好做出承諾，但這就是為什麼收入範圍如此之廣的原因，因為正如我所提到的，附帶佣金仍然存在著廣泛的潛在結果。在過去連續兩年的第四季度，我們看到情況發生了變化。因此，很難對那條特定的線做到非常精確。關於核心收入，我們確實告訴過你，你應該預期第四季的收入將比第三季有所加速。

Great. Thanks. And then going over to the digital agent side. Thanks for giving us some of those numbers around the investment spend and some of the expectations around what that can drive the growth. I want to clarify the 40% total written premium growth opportunity over the next five years that you referenced, what is that in dollar terms? Or just what is the baseline for that 40%? And then does that factor in any cannibalization risk of the core business?

偉大的。謝謝。然後轉到數位代理方面。感謝您向我們提供一些有關投資支出的數據以及一些關於投資支出將如何推動成長的預期。我想澄清一下您提到的未來五年內 40% 的總承保保費成長機會，以美元計算是多少？或者那 40% 的基準是什麼？那麼這是否考慮了核心業務的蠶食風險？

So Tommy, I would say if you're looking at the third quarter, we grew total written premiums 15%. We think the ability to penetrate additional markets that we're not necessarily penetrating today through this digital platform could allow the business to, within the next 5 years, be growing total written premium at a 40% plus rate.

所以湯米，我想說，如果你看一下第三季度，我們的總承保保費增加了 15%。我們認為，透過這個數位平台滲透到我們目前未必能滲透的額外市場的能力，將使公司在未來 5 年內實現總承保保費以 40% 以上的速度成長。

Because if you think about how our traditional corporate and franchise agents go to market today, they're basically attacking 4 million-ish home closing transactions a year. And the starting point for this digital agent is integrating into our partners who are largely mortgage servicers and to a lesser extent, originators. We said in our prepared remarks, our current partners represent around 1 million mortgages serviced.

因為如果你想想我們今天的傳統公司和特許經營代理商如何進入市場，他們每年基本上要完成 400 萬筆房屋交易。這個數位代理商的起點是融入我們的合作夥伴，這些合作夥伴主要是抵押貸款服務商，其次是發起人。我們在準備好的演講中說過，我們目前的合作夥伴代表著約 100 萬筆抵押貸款服務。

Those are clients that we're not even really trying to go after today with our current go-to-market strategy. Now likely the conversion ratio on those may not be potentially exactly as high. But just from a sizing perspective, we have 1.2 million clients on our existing book today. The partners that we currently have are 1 million clients. So you could see how that's a really compelling opportunity to add a significant amount of market share in a relatively short period of time if you can optimize the tech integrations and get the funnel converting at a really high rate.

我們目前的行銷策略甚至還沒有真正嘗試去爭取這些客戶。現在這些的轉換率可能沒有那麼高。但僅從規模角度來看，我們目前已有 120 萬客戶。我們目前的合作夥伴有100萬客戶。因此，您會發現，如果您可以優化技術整合並以非常高的速度實現通路轉換，那麼這是一個在相對較短的時間內增加大量市場份額的真正引人注目的機會。

Great, thanks. And I'll just sneak one more in. The stock now is at a price about $17 lower than the average price that you bought back stock during the quarter. Can you talk about your appetite and capacity to do more buybacks here and how that balances with the investment spend that you need on the digital agent side?

太好了，謝謝。我再偷偷地放進去一個。現在股票的價格比您在本季回購股票的平均價格低約 17 美元。您能否談談您在這裡進行更多回購的興趣和能力，以及如何與您在數位代理商方面所需的投資支出保持平衡？

Yeah. I mean the great news is this business generates a ton of cash, and we've been really conservative with our balance sheet for our entire history. So we have a lot of optionality. You're right, we did buy back stock at a level that is over where the share price is today. We still have $36 million on our existing authorization as of the end of the third quarter. So there's still an opportunity to continue to act strategically in the market.

是的。我的意思是，好消息是這項業務產生了大量現金，而且我們在整個歷史中一直對我們的資產負債表非常保守。所以我們有很多選擇。你說得對，我們確實以高於當前股價的水平回購了股票。截至第三季末，我們現有的授權金額仍為 3,600 萬美元。因此，仍有機會繼續在市場上採取策略行動。

(Operator Instructions)

（操作員指示）

Mike Zaremski, BMO.

麥克·扎雷姆斯基，BMO。

Hey, great, good evening. Regarding the auto and home pricing kind of year-over-year decel that's taking place impacting some of your KPIs. I know you've talked in the past, and I think we've had a tough time quantifying it kind of how much of that is coming from kind of a mix shift to lower cost states or geographies. Is there a way to help frame that or to figure out that's still a drag that's playing through the KPIs?

嘿，太好了，晚上好。關於汽車和房屋價格的同比下降，這會對您的一些 KPI 產生影響。我知道您過去曾談過，我認為我們很難量化其中有多少來自向低成本州或地區的混合轉移。有沒有辦法幫助解決這個問題，或者弄清楚這仍然是 KPI 的拖累因素？

Yeah. Good question, Michael. I think there's two ways to look at it that kind of can help explain the story. So we've got premium retention for the quarter of 93% against client retention of 85%. So that would indicate 8% year-over-year price increase on the existing book of business. So that doesn't really factor into geographic dispersion.

是的。問得好，麥可。我認為有兩種看待這個問題的方式可以幫助解釋這個故事。因此，本季我們的保費保留率為 93%，而客戶保留率為 85%。因此，這意味著現有業務的價格比去年同期上漲了 8%。所以這其實並沒有考慮到地理分佈。

That's policies that are on the books last year compared to the same policies this year. The geographic dispersion, I would point you to policy in force growth rate of 13% versus premium growth rate of 15%. That's going to take into account the impact of going from markets like Houston that have really high average premium per policy to markets like Columbus, which are a different level of premium per policy.

這是去年實施的政策與今年實施的相同政策的比較。從地理分佈來看，我想指出的是，有效保單成長率為 13%，而保費成長率為 15%。這將考慮到從休士頓等每份保單平均保費非常高的市場轉向哥倫布等每份保單保費水準不同的市場的影響。

It's easier bind rate, easier package rate, but each individual policy isn't worth exactly the same amount of dollars. So that's how I would look at it that way. Premium versus client retention tells you the change in price of the existing policies and then PIF growth versus premium growth tells you the change in the average premium per policy.

綁定費率和套餐費率都比較容易，但每筆保單的價值並不完全相同。這就是我看待這個問題的方式。保費與客戶留任率的關係可以告訴您現有保單價格的變化，而 PIF 成長與保費成長的關係可以告訴您每份保單平均保費的變化。

Okay. That's super helpful. Regarding franchise growth, I guess, keeping in line with kind of the shift to different markets a bit. Are there any major geographies or metros that you're near capacity?

好的。這非常有幫助。關於特許經營的成長，我想，與向不同市場的轉變保持一致。有哪些主要地區或大都會的容量已接近飽和？

No, I don't think so. I mean we've got 1.2 million clients, right? There's 8 million households in the city of Houston. So there's a long way to go in every specific geography. What we don't want to be is super dependent on one specific product market.

不，我不這麼認為。我的意思是我們有 120 萬客戶，對嗎？休士頓市有 800 萬戶家庭。因此，在每個特定地理區域，還有很長的路要走。我們不想過度依賴某個特定的產品市場。

So if you get a bad storm season in like Louisiana, I don't want to be relying on just New Orleans for my future growth.

因此，如果路易斯安那州遭遇嚴重的風暴季節，我不想只依靠新奧爾良來實現未來的成長。

So we've been very intentional about trying to diversify the total risk pool, so we're not overly reliant on one individual market. But there's nowhere that we feel like we are saturated that we can't grow anymore because we have either too many producers or too much of the book. That's just not a reality. We're a long way away from that.

因此，我們一直致力於嘗試分散整體風險池，這樣我們就不會過度依賴單一市場。但我們並不覺得我們已經飽和，無法再發展，因為我們有太多的製作人或太多的書。但這根本不是事實。我們距離這個目標還很遠。

I would say there are certain markets that we know that we're not saturated nearly at all, right? Like there's a lot of markets that we need more penetration in. And that's what we're really focused on is how do we get franchises in every geo, especially the ones with the best insurance markets.

我想說的是，我們知道某些市場還遠遠不飽和，對嗎？有很多市場我們需要進一步滲透。我們真正關注的是如何在各個地區獲得特許經營權，尤其是那些擁有最佳保險市場的地區。

Got it. And lastly, kind of sticking to as follow-ups to both of my questions. So when you kind of talk about feeling good about an upwards trajectory in next year in some of the KPIs and growth, is there a way on a macro level for you to frame whether you're baking in an expectation for, say, home and auto pricing to decel further from kind of current run rates or for this kind of geographic mix to lower cost states to kind of not be a drag anymore? Is there any kind of macro overlay you'd be willing to touch on at this point?

知道了。最後，繼續回答我兩個問題。因此，當您談到對明年某些 KPI 和增長的上升軌跡感到滿意時，您是否可以從宏觀層面上確定您是否預期住房和汽車價格將從目前的運行率進一步下降，或者這種地理組合到成本較低的州不再成為拖累？此時您是否願意談及任何類型的宏觀覆蓋？

Yeah. I mean I would probably expect you're going to see continued progress in price stabilization. So we have markets that are basically flat year-over-year now. We have markets that are still kind of high teens. I expect those markets that are high teens to continue to trend down into the single-digit type growth numbers.

是的。我的意思是我可能希望你會看到價格穩定方面繼續取得進展。因此，我們現在的市場與去年同期相比基本持平。我們的市場仍處於青少年時期。我預期那些成長率處於高位的市場將持續呈下降趨勢，達到個位數成長。

And I think if you look at the revenue retention numbers in the second half of next year, they'll start to perform improving at the same rate that client retention is improving because what you're seeing right now is the price deceleration is happening faster than the client retention improvement, which just means you don't get that full benefit into revenue retention. But on a year-over-year basis, next year, you won't have that same dynamic, which means you get better renewal revenue retention growing with your client retention, which we expect to continue to improve.

我認為，如果你看一下明年下半年的收入保留數字，它們的表現將開始以與客戶保留率提高相同的速度提高，因為你現在看到的是價格減速的速度比客戶保留率提高的速度更快，這意味著你無法從收入保留中獲得全部好處。但與去年同期相比，明年你將不會有同樣的動態，這意味著你將獲得更好的續約收入保留率，同時客戶保留率也會成長，我們預計這種情況將繼續改善。

Got it. And lastly, on the some of these kind of joint ventures, in my words, with the mortgage participants, servicers, for example, that are now kind of actually in place. Is there any quantification you want to offer on kind of how that should play out in the income statement in the quarters to come?

知道了。最後，關於一些這類合資企業，用我的話來說，就是與抵押貸款參與者、服務商等建立的合資企業，這些合資企業現在實際上已經到位了。您是否想提供一些量化數據來說明這將如何在未來幾季的損益表中反映出來？

Yes. I mean what you'll see is that will largely materialize at least the ones on the platform today through new business royalties initially, because most of the mortgage servicer and origination partnerships that we've done to date have been in the form of a franchise agreement. So they don't have to be. That's just how they've materialized so far because these guys want to actually own the business, they want to manage the employees and capture the economic value associated with that.

是的。我的意思是，你會看到，這將在很大程度上至少透過新的業務特許權使用費來實現今天平台上的目標，因為迄今為止我們所做的大多數抵押貸款服務商和發起合作夥伴關係都是以特許經營協議的形式實現的。所以他們不必如此。這就是他們迄今為止實現的目標，因為這些人想要真正擁有企業，他們想要管理員工並獲得與之相關的財務價值。

So you'll see that in, a, improving franchise productivity. You'll see it in continued growth in producers per franchise because they've got captive audiences that can sustain a significantly higher number of producers per franchise than what probably the average franchise would be able to do right off of the bat. And then over time, you see that continue to materialize through renewal royalty fees. Thank you.

因此，您會看到特許經營生產力的提高。您會看到每個特許經營的製作人數量持續增長，因為他們擁有忠實的觀眾，可以維持每個特許經營的製作人數量遠高於平均特許經營能夠立即做到的數量。然後隨著時間的推移，您會看到這一點透過續訂特許權使用費繼續實現。謝謝。

Katie Sakys, Autonomous Research.

凱蒂·薩克斯，自主研究。

Hi, thanks for taking my question. I guess circling back to client retention. I mean it's great to see that, that number is finally coming up on a sequential basis. If I kind of think about the net of headwinds and tailwinds facing the broader personal lines market next year, how much improvement off that 85% client retention number is realistic next year? And how much of that might be coming from your service delivery tools coming online fully?

你好，謝謝你回答我的問題。我想又回到了客戶保留的問題。我的意思是，很高興看到這個數字終於連續上升。如果我考慮一下明年個人險市場面臨的各種不利因素和有利因素，那麼明年 85% 的客戶保留率能實現多大的提高呢？其中有多少可能來自於您的服務交付工具的全面上線？

Yes. I mean I can't promise any specific number, but we're really encouraged by the current trajectory of it. The rate of improvement right now is faster than the rate of decline that it was leading into the trough. So the mirror image is actually an improving environment. If that holds true, then you can just kind of look backwards at the previous quarters and see what that trajectory looks like.

是的。我的意思是我無法承諾任何具體的數字，但我們對目前的進展確實感到鼓舞。目前的改善速度比陷入低谷時的下降速度還要快。因此鏡像其實是一個不斷改善的環境。如果這是真的，那麼你就可以回顧一下前幾季度，看看其軌跡是什麼樣的。

We have spent a lot of resource into client-facing tools into automation that improves our service delivery into our mobile app that should help create stickier clients. And with a stable pricing environment, we expect that, that will create stickier clients. So ultimately, continue to expect it to improve. I can't give you a perfect answer on exactly the pace of improvement.

我們在面向客戶的工具自動化方面投入了大量資源，以改善我們在行動應用程式中的服務交付，從而有助於創造更具黏性的客戶。我們預計，在穩定的定價環境下，這將創造更忠誠的客戶。因此最終，我們繼續期待它會有所改善。關於改進的具體速度，我無法給你一個完美的答案。

Okay. And then kind of shifting to the written premium retention figure. I mean, down again sequentially this quarter. I think I have the direction of the impact of pricing all sorted out. And if I kind of think about potential magnitude for next year in the relationship with improvement to client retention.

好的。然後轉向書面保費保留數字。我的意思是，本季再次環比下降。我認為我已經理清了定價影響的方向。如果我考慮一下明年在改善客戶保留率方面的潛在影響。

Is it fair to say that we might be around a trough for written premium retention here, especially in the context of a 94% baseline that you guys have previously referred to?

是否可以說，我們可能正處於書面保費保留的低谷，特別是在你們之前提到的 94% 基線的背景下？

Yes. I mean premium retention will ultimately be guided by what underwriters want to do with their pricing. So it's hard for me to make a perfect call on it because it's not necessarily with inside my control. But if you've got average year-over-year premium increase of 5%, and we've got 85%, 86% client retention, then you should expect 90%, 91% type premium retention. So it's ultimately just going to be client retention plus pricing will get you to your premium retention number.

是的。我的意思是，保費保留最終將取決於核保人如何定價。所以我很難對此做出完美的判斷，因為這不一定在我的控制範圍內。但如果平均保費年增 5%，而客戶保留率為 85% 至 86%，那麼您應該預期保費保留率將達到 90% 至 91%。因此，最終只是客戶保留加上定價就能讓您達到優質保留數字。

Mark Hughes, Truist Securities.

馬克·休斯，Truist Securities。

Yeah, thank you. Good afternoon. Were there any onetime revenue adjustments this quarter? I think you had $4 million last quarter, suggested there might be some in the second half, if I remember properly.

是的，謝謝。午安.本季是否有任何一次性收入調整？如果我沒記錯的話，我認為上個季度你有 400 萬美元，暗示下半年可能會有一些。

No, nothing onetime in the quarter. What we said in the second quarter was there was going to be improvement in the commission rate from that carrier that we recovered the $4 million from, which that did happen, but that's an ongoing permanent thing. So nothing onetime in nature in the third quarter at all.

沒有，本季沒有發生任何事。我們在第二季說過，我們從該承運商收回的 400 萬美元的佣金率將會提高，事實也確實如此，但這是一個持續的永久性的事情。因此，第三季實際上沒有任何一次性事件發生。

Very good. And then the cost that you laid out for 2026 and '27, the $8 million to $11 million in OpEx, how should we think about that? Would you suggest that, that's incremental to what we might have thought about going in, in projecting the business last quarter. And now you've given the more specific detail on costs. Are you telling us that, that's largely incremental to the prior model?

非常好。然後，您列出的 2026 年和 2027 年營運成本為 800 萬至 1,100 萬美元，我們應該如何考慮呢？您是否認為，這是我們在上個季度預測業務時可能想到的增量？現在您已經給出了有關成本的更具體的細節。您是說，這在很大程度上是對先前模型的增量嗎？

Yes. I mean that's what we're trying to get across is that is an incremental investment on top of the normal business. So if you didn't have that, you would expect the normal operating leverage that we get on an annual basis from growing the renewal book.

是的。我的意思是，我們想要傳達的是，這是在正常業務基礎上的增量投資。因此，如果沒有這一點，您就會期望我們每年透過增加續約帳簿來獲得正常的經營槓桿。

This is on top of that, which is why we said previously, I wouldn't necessarily think about margin expansion, considering we've got $8 million to $11 million that's going to be flowing through the P&L relative to this investment that wouldn't have otherwise been there. And we do think it's absolutely the right thing to do for the business for the long term and has the potential to unlock potentially very significant growth opportunity for us.

除此之外，我們之前也說過，我不一定會考慮擴大利潤率，因為相對於這項投資，我們將有 800 萬到 1,100 萬美元流入損益表，否則這些投資就不會存在。我們確實認為，從長遠來看，這對企業來說絕對是正確的做法，並且有可能為我們帶來潛在的、非常重要的成長機會。

And then on the productivity within the franchise, the new business royalty fees, really nice surge from the first half, up substantially in the third quarter. Anything specific you could call out? I think you've touched on it. You've obviously been pursuing a lot of initiatives. But anything else you noticed in the quarter that had the fish jumping in the boat, so to speak?

然後，就特許經營權內的生產力而言，新業務特許權使用費從上半年開始大幅成長，第三季大幅上漲。能具體說一下嗎？我想你已經提到過這一點。顯然，您一直在推行許多舉措。但是，在本季度中，您是否還注意到了其他什麼讓魚兒在船上跳躍的事情呢？

Yes. I don't think there was anything super special. It was just kind of continued execution on the plans that we've been rolling out for the last while. The franchise community doesn't turn remarkably quickly. So you got to have faith and confidence in the decisions that you're making that you believe are going to drive aggregate productivity improvements.

是的。我認為沒有什麼特別特別的事。這只是我們最近推出的計劃的持續執行。特許經營社區的變化並不十分迅速。因此，你必須對自己所做的決定充滿信心，相信這些決定將推動整體生產力的提升。

Great to see continued hiring from the top half of agencies. Those are the ones that really drive the incremental growth. We're getting a lot of very positive feedback from the franchise community. The consolidation efforts has actually aided in productivity because you're getting people out of the system who are largely taking up space and not necessarily contributing massively to growth.

很高興看到排名前半的機構繼續招募。這些才是真正推動增量成長的因素。我們從特許經營社區得到了很多非常正面的回饋。整合工作實際上有助於提高生產力，因為你將那些佔用大量空間且不一定對成長做出巨大貢獻的人從系統中剔除。

So while you may have variability on a quarter-to-quarter basis and what the aggregate growth rate looks like, it's absolutely going in the right direction. I mean franchise productivity per agency is up 19% in the quarter. I'd love to see that on 1% producer growth.

因此，儘管每個季度的整體成長率可能會有所不同，但它絕對是朝著正確的方向發展的。我的意思是本季每個機構的特許經營生產力成長了 19%。我很高興看到生產者成長率達到 1%。

And it's really encouraging to see what we're seeing from our corporate agents that have gone into franchise ownership. We're getting some incremental lift out of those guys. So yes, it pulls down corporate, but these franchise owners that came out of corporate stay with us a long time, and they produce massive amounts of productivity.

看到我們的企業代理商獲得特許經營權，我們感到非常鼓舞。我們從這些人身上獲得了一些增量提升。所以，是的，它拖累了企業，但這些離開企業的特許經營業主卻與我們在一起很長時間，並且創造了大量的生產力。

Paul Newsome, Piper Sandler.

保羅紐瑟姆、派珀桑德勒。

Good afternoon. Just a couple of maybe quick follow-ups on the digital investments. What's the amortization schedule for the stuff that's capitalized? Does that get amortized over a certain period years?

午安.只是對數位投資進行一些快速的跟進。資本化資產的攤銷計畫是怎麼樣的？這筆錢會在一定年限內攤提嗎？

Yeah, it's typically 10 years for software similar to this. So that's what I would expect.

是的，類似的軟體通常需要 10 年。這就是我所期望的。

So we expect kind of one tenth of that to be amortized each year for next year.

因此，我們預計明年每年將攤銷其中的十分之一。

Correct.

正確的。

And then when we think about the hope for acceleration growth next year, how much does the digital piece matter? You mentioned you thought that would be -- you see some productivity in the second half of the year.

那麼，當我們考慮明年加速成長的希望時，數位化部分有多重要？您提到您認為那將是—您將看到下半年的一些生產力。

But is it -- when you think about your optimism for next year, is that primarily because of the other pieces that are moving in the right direction? Or -- and I'm thinking so almost more seasonality of the improvement if a lot of it has to do with the technology you're putting in, then I guess we expect more improvement in the back half of the year than maybe early on.

但是——當您想到對明年的樂觀態度時，這主要是因為其他部分正在朝著正確的方向發展嗎？或者——我認為，如果很大程度上與你所採用的技術有關，那麼這種改進幾乎更具季節性，我想我們預計下半年的改進會比年初更大。

Yeah. I mean the way we've been talking about core revenue and premium growth rates going into next year does not really contemplate much attribution from the digital agent. We expect that, that's going to start to contribute in the second half of next year. But remember, the baseline for that distribution channel is basically zero.

是的。我的意思是，我們一直在談論明年的核心收入和保費成長率，但實際上並沒有考慮到數位代理商的貢獻。我們預計，這將在明年下半年開始產生貢獻。但請記住，該分銷管道的基線基本上為零。

So it's starting from nothing. It's going to -- we expect to be able to provide significant growth over the longer term. But I wouldn't expect to see material uplift in growth numbers in the second half of 2026, specifically related to that. I would expect continued consistent improvement through both the corporate and franchise business as well as the enterprise sales business continuing to pick up steam. I mean that team just continues to grow at 100% year-over-year, which is awesome to see.

所以一切都是從零開始。我們預計它將能夠在長期內實現顯著的成長。但我預期 2026 年下半年的成長數字不會出現實質提升，特別是與此相關的數字。我預計企業和特許經營業務以及企業銷售業務將繼續持續改善並繼續加速發展。我的意思是，這個團隊每年都以 100% 的速度成長，這真是太棒了。

Right, thank you for your help. Appreciate it.

好的，謝謝你的幫忙。非常感謝。

Absolutely. Thanks, Mark.

絕對地。謝謝，馬克。

Mark Hughes, Truist Securities.

馬克·休斯，Truist Securities。

Yeah, thank you. Just one quick follow-up on the renewal commissions, a little bit of a dip in the third quarter after double-digit growth in 2Q '25. What was the -- what was behind that? Well, I guess some of that was the -- I think the one-timers in 2Q. So I get that. How about just when we think about renewal commissions having turned negative in the third quarter?

是的，謝謝。對續約佣金進行一次快速跟進，在 2025 年第二季度實現兩位數增長後，第三季度略有下降。那背後到底發生了什麼事？嗯，我想其中一些是——我認為是第二季的一次性事件。我明白了。當我們想到續約佣金在第三季已經變成負數時，情況又如何呢？

Yeah. I mean if you go back to the second quarter and you take $3 million out of the renewal commissions number, that was the recovery. We actually improved the revenue retention rate in Q3 over Q2. So the decline in that is really just a function of the math, right?

是的。我的意思是，如果你回到第二季並從續約佣金數字中拿出 300 萬美元，那就是復甦。實際上，我們第三季的營收保留率比第二季有所提高。那麼，這種下降其實只是數學函數，對嗎？

Remember, we produced basically a consistent amount in the corporate team for the last four years. Now we've got growth going again on the corporate side of the business, 22% commissions -- new business commissions growth. That's going to aid the renewal book in the future. But if you produce consistently for four straight years, that's the math. That's naturally what shakes out with the renewal book. But ultimately, the revenue retention number did improve in Q3.

請記住，過去四年來，我們公司團隊的產出基本上保持穩定。現在，我們的企業業務再次成長，新業務佣金成長了 22%。這將有助於未來的更新書籍。但如果你連續四年持續生產，這就是計算結果。這自然就是續訂書所帶來的結果。但最終，第三季的營收保留數字確實有所改善。

Okay, thank you.

好的，謝謝。

And this concludes our Q&A session for today. Thank you, and I will pass it back to Mr. Mark Miller for concluding comments.

今天的問答環節到此結束。謝謝，我會將其轉交馬克·米勒先生，請他發表最後評論。

Yeah. I just want to thank everybody for taking the time to join the call today. We appreciate your continued support and interest. Look forward to talking to you again in the new year with our Q4 results.

是的。我只想感謝大家今天抽出時間來參加電話會議。我們感謝您一直以來的支持與關注。期待在新的一年帶著我們的第四季業績再次與您交談。

And with that, we conclude our conference. Thank you all for participating. You may now disconnect.

我們的會議就此結束。感謝大家的參與。您現在可以斷開連線。