Goosehead Insurance, Inc. (GSHD) 2026 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the Goosehead Insurance first-quarter 2026 earnings conference call. (Operator Instructions). I would now like to hand the conference over to your speaker today, Maddie Middleton, Senior Director of Investor Relations.

大家好，感謝您撥冗等候。歡迎參加 Goosehead Insurance 2026 年第一季財報電話會議。(接線員指示)。現在我想將會議交給今天的主講人——投資人關係資深總監 Maddie Middleton。

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 and our discussions are subject to various assumptions, risks and 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，大家午安。在我們開始正式發言之前，我需要提醒各位，我們今天的部分討論可能包含前瞻性陳述，這些陳述係基於管理層截至今日的預期、估計與推測。前瞻性陳述及我們的討論受多項假設、風險與不確定性影響，這些因素難以預測，且可能導致實際結果與前瞻性陳述中明示或暗示的結果存在重大差異。這些陳述並非對未來績效的保證，因此不應過度依賴。

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 used. We disclaim any intention or obligation to update or revise any forward-looking statements, except to the extent required by applicable law. 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.

我們請各位參閱我們近期向 SEC 提交的文件，以取得可能影響未來營運結果與財務狀況之風險與不確定性的更詳細討論。除非適用法律另有要求，我們不承擔更新或修訂任何前瞻性陳述的任何意圖或義務。我也要指出，在本次電話會議中，我們將討論若干並非依據 GAAP 編製的財務衡量指標。管理層在規劃、監控與評估公司績效時會使用這些非 GAAP 財務衡量指標。

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. 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 an archived version will be made available shortly after the call in on the Investor Relations portion of the company's website at goosehead.com.

我們認為這些非 GAAP 財務衡量指標對管理層與投資人而言是有用的指標，因其可在不同期間之間進行營運績效比較，並納入因資本結構、稅務狀況、折舊、攤銷及其他若干我們認為不代表核心業務的項目差異所造成的影響。關於使用非 GAAP 財務衡量指標的更多資訊（包括這些指標與最近期可比較 GAAP 財務衡量指標之調節），請參閱今日的財報新聞稿。此外，本次電話會議將進行網路直播，會後不久將在公司網站 goosehead.com 的投資人關係專區提供存檔版本。

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

現在我想把電話會議交給我們的執行長 Mark Miller。

Thanks, Maddie, and good afternoon, everyone. Thank you for joining us today for our first quarter 2026 earnings call. I'd like to begin by welcoming John Martin as our new Chief Financial Officer. Succeeding Mark Jones, Jr., who has been promoted to President and COO. John brings a strong combination of financial expertise, operational discipline and a background rooted in technology and e-commerce, which aligns well with our focus on execution and our high-performance culture.

謝謝你，Maddie，大家午安。感謝各位今天參加我們 2026 年第一季財報電話會議。我想先歡迎 John Martin 加入，擔任我們的新任財務長。他將接替 Mark Jones, Jr.，後者已晉升為總裁兼營運長。John 兼具深厚的財務專業、嚴謹的營運紀律，以及以科技與電子商務為根基的背景，與我們對執行力的重視及高績效文化高度契合。

The team is excited to welcome, John, and I know he looks forward to engaging with our investors and analysts in the quarters ahead. We are equally thrilled to see Mark expanded leadership responsibilities.

團隊很高興歡迎 John，我也知道他期待在接下來的季度與我們的投資人及分析師交流。我們同樣非常高興看到 Mark 的領導職責進一步擴大。

John will report to Mark and I will work closely with both of them continuing my role as CEO. These leadership announcements are evidence of our commitment to a comprehensive succession plan and our focus on ensuring Goosehead is the right leaders for today and well into the future. Let me start by reinforcing something we've said consistently. Goosehead is a compounding business designed to drive long-term growth in policies in force, revenue earnings and ultimately, cash flow. We achieved that by operating a highly scalable distribution platform, supported by world-class service.

John 將向 Mark 匯報，而我將在持續擔任執行長的同時，與他們兩位密切合作。這些領導層任命顯示我們對完整接班計畫的承諾，也展現我們專注於確保 Goosehead 在當下及未來長期都由合適的領導者帶領。我先重申一點，這是我們一貫強調的。Goosehead 是一門具備複利效應的業務，旨在推動長期的有效保單數、營收、獲利，並最終帶動現金流成長。我們透過營運高度可擴展的分銷平台並以世界級服務作為支撐來達成這一點。

For the first quarter, we delivered strong and consistent financial results, with revenue growing 23% to $93 million, core revenue growing 15% to $79 million and delivering adjusted EBITDA of $24.4 million. Last quarter, we spent a significant amount of time discussing investments we're making in our digital agent platform and AI initiatives. We've been very intentional in prioritizing long-term value creation while managing to strong and sustainable margins in order to maximize shareholder returns.

第一季我們交出強勁且一致的財務成果：營收成長 23% 至 9,300 萬美元，核心營收成長 15% 至 7,900 萬美元，並實現調整後 EBITDA 2,440 萬美元。上一季，我們花了相當多時間討論我們在數位代理人平台與 AI 計畫上的投資。我們一直非常有意識地在優先推動長期價值創造的同時，維持強健且可持續的利潤率，以最大化股東報酬。

Today, I want to focus on the strong start to the year and how the investments we have been making are beginning to translate into tangible business results. Goosehead has always been a technology forward distribution platform, but over the past several years, technology has become even more deeply embedded in every part of how we operate. What's in front of us today is what I believe is the single largest opportunity, our business and the broader personal lines industry has ever seen.

今天，我想聚焦於今年的強勁開局，以及我們持續投入的投資如何開始轉化為可衡量的業務成果。Goosehead 一直是以科技為先的分銷平台，但在過去幾年，科技已更深度地嵌入我們營運方式的每一個環節。我認為，當前擺在我們面前的是單一最大的機會——也是我們公司以及更廣泛的個人保險產業迄今所見的最大機會。

In nearly every industry, customers have the ability to choose how they want to interact and transact. That has not existed in the independent personal lines insurance space until now. Choice has always been part of Goosehead's DNA. Historically, that choice has been centered around access to a broad set of carrier partners. We've proven that we are a market leader in providing clients coast to coast with access to over 200 underwriting partners.

在幾乎所有產業中，客戶都能選擇他們希望如何互動與交易。但在獨立個人保險領域，直到現在才真正存在這樣的選擇。「選擇」一直是 Goosehead 的 DNA。過去，這種選擇主要體現在能接觸到廣泛的保險公司合作夥伴。我們已證明自己是市場領導者，能為全美各地客戶提供超過 200 家承保合作夥伴的選擇。

But today, we're expanding that definition of choice. We're now giving clients a choice in how they prefer to actually transact. For the first time in the United States, clients can shop, quote, and bind insurance through a true choice model whether that is fully digital, partially digital, or entirely human-driven. During our last earnings call, we announced we went live with this capability with multiple auto carriers in Texas, including partners like Progressive, Liberty Mutual, Mercury, and Root.

但今天，我們正在擴大「選擇」的定義。我們現在也讓客戶可以選擇他們偏好的實際交易方式。在美國首次，客戶可以透過真正的選擇模式來比價、取得報價並完成保單承保（bind），無論是全數位、部分數位，或完全由真人驅動。在上次財報電話會議中，我們宣布已在德州與多家汽車保險公司上線此能力，包括 Progressive、Liberty Mutual、Mercury 與 Root 等合作夥伴。

Today, we're excited to announce that clients can now digitally bind multiple homeowners products in Texas with carriers such as SageSure and Mercury. This is an important milestone in building a large-scale digital marketplace, which is now that much more achievable because of the real demand that now exists with our carrier partners. Carriers want this capability and they want it specifically with goosed. Because of the trusted relationships we've built over decades for access to large amounts of integrated data that drive better underwriting outcomes and our differentiated go-to-market strategy executed through highly curated client acquisition channels.

今天，我們很高興宣布，客戶現在也可以在德州透過數位方式完成多項住宅險產品的承保（bind），合作保險公司包括 SageSure 與 Mercury 等。這是打造大規模數位市集的重要里程碑，而由於我們的保險公司合作夥伴如今確實存在的真實需求，這一目標也變得更加可實現。保險公司需要這項能力，而且他們特別希望與 Goosehead 一起實現。這得益於我們數十年來建立的互信關係、可取得大量整合式資料以帶來更佳承保成果，以及我們透過高度精選的客戶獲取渠道所執行的差異化市場進入策略。

At the same time, the broader insurance shopping experience, particularly online remains fragmented and often broken, you may see advertising across social media for AI insurance agencies that claim they combined and service autonomously or headlines that declare instant best rates. Most false claims end up generating terrible experiences for the end user. Customers are frequently routed through lead aggregators and data resellers, creating the illusion of choice, but ultimately leading to confusion lack of transparency and in many cases, poor coverage decisions. Goosehead's digital agent platform is solving these pain points.

同時，更廣泛的保險比價體驗——尤其是線上——仍然零散且常常失靈；你可能會在社群媒體上看到宣稱可用 AI 自主完成承保與服務的「AI 保險代理」廣告，或是宣稱可即時取得最佳費率的新聞標題。多數不實宣稱最終會為終端使用者帶來糟糕的體驗。客戶經常被導向名單彙整商與資料轉售商，營造出「有選擇」的假象，但最終導致困惑、缺乏透明度，且在許多情況下做出不佳的保障選擇。Goosehead 的數位代理人平台正在解決這些痛點。

We're delivering real choice, not just in product offering, but now in purchasing experience. And by implementing this platform with a targeted audience through our partnerships, we remain the trusted adviser, our clients and carrier partners rely on. In the area of AI, we are now seeing tangible benefits as we roll out multiple use cases across our service organization. Lilly, our AI-powered virtual phone assistant is now fully resolving approximately 19% of all inbound calls without requiring transfer to a live agent. This improves speed to resolution for our clients and allows our service teams to focus on more complex and consultive interactions.

我們提供的是真正的選擇，不僅在產品供給上，現在也體現在購買體驗上。而透過與合作夥伴一起，將此平台導入特定目標受眾，我們仍能成為客戶與保險公司合作夥伴所倚賴的可信賴顧問。在 AI 方面，隨著我們在服務組織中推出多個使用情境，我們已開始看到具體效益。Lilly——我們的 AI 驅動虛擬電話助理——目前已能在不需轉接真人專員的情況下，完整解決約 19% 的所有來電需求。這提升了客戶問題解決速度，也讓我們的服務團隊能專注於更複雜且更具諮詢性的互動。

In addition, we have deployed tools behind the scenes in areas such as intelligent case routing, which has allowed us to reinvest roughly 40 full-time service team members towards more complex and value-added interactions. These tools are driving real-time efficiency gains while also adding scalability to what has historically been the most complex and labor-intensive part of our business.

此外，我們已在幕後於智慧案件分流等領域部署工具，使我們得以將約40名全職服務團隊成員重新投入到更複雜且更具附加價值的互動中。這些工具正在帶來即時的效率提升，同時也為我們歷來最複雜、最勞力密集的業務環節增添可擴展性。

All of this progress is occurring alongside a rapidly improving product market. Our carrier partners are increasingly leaning into growth across both home and auto products nationwide. As pricing stabilizes and product availability expands, we are seeing consistent improvement in many of our key operating metrics. For example, our client retention continues to climb at a steady pace and we expect to achieve 86% client retention during the year. Find rates and packet rates are increasing, supporting higher agent productivity.

所有這些進展都與產品市場的快速改善同步發生。我們的承保公司合作夥伴正日益加大力度，在全國範圍內推動住宅與汽車產品的成長。隨著定價趨於穩定、產品供給擴大，我們看到多項關鍵營運指標持續改善。例如，我們的客戶留存率持續穩步攀升，並預期今年可達到86%的客戶留存率。尋找率（find rates）與報價包率（packet rates）正在上升，支撐更高的代理人產能。

Given these strong market conditions, we believe the time is right to more aggressively expand our offensive capability with more agents and more geographies. When we spoke to you in February, I commented that we had fundamentally reset the corporate agent footprint. At that time, we expanded to new geographies like Tempe, Arizona and Nashville, Tennessee. We're continuing to make excellent progress on this initiative.

鑑於這些強勁的市場條件，我們認為現在正是以更多代理人、更多地理區域，更積極擴大我們進攻能力的適當時機。我們在2月與各位交流時，我曾提到我們已從根本上重置了公司制代理人的據點版圖。當時，我們擴展到亞利桑那州坦佩（Tempe）與田納西州納什維爾（Nashville）等新地區。我們正持續在這項計畫上取得極佳進展。

During the quarter, we opened three additional corporate offices in Seattle, the Washington, D.C. area in Minneapolis, and we had the fourth opening in April in Indianapolis. As of the end of the first quarter, we now have more than half of our corporate agents outside of Texas. These three offices are outperforming our expectations. But even more importantly, these offices serve a strategic purpose that far exceeds the short-term production they generate. They are quickly diversifying our agent base, making Goosehead an even more attractive partner for our major national carriers and these offices are talent incubators for future franchise ownership.

本季期間，我們在西雅圖、華盛頓特區地區、明尼阿波利斯新增開設三個公司辦公室，並於4月在印第安納波利斯開設第四個據點。截至第一季末，我們目前已有超過一半的公司制代理人位於德州以外。這三個辦公室的表現超出我們的預期。但更重要的是，這些辦公室所承擔的策略目的，遠遠超過其短期所帶來的產能。它們正快速多元化我們的代理人基礎，使Goosehead成為全國性主要承保公司更具吸引力的合作夥伴，同時這些辦公室也是未來加盟店主的培育基地。

Since the beginning of the year, we have launched 12 new franchises out of our corporate offices, all of which are outperforming the average franchises we have launched from outside of our ecosystem. And just their second month live, these 12 launches contributed new business production that were nearly 2.5 times the average franchise. Our existing franchise base also continues to lean into growth with 133 franchises hiring at least one producer during the quarter, generating nearly 50% increase in gross producer adds year over year.

自年初以來，我們已從公司辦公室孵化推出12家新加盟店，且全部表現都優於我們在生態系之外所推出的平均加盟店。在上線的第二個月，這12家新開業所貢獻的新業務產能幾乎是平均加盟店的2.5倍。我們既有的加盟體系也持續加碼成長，本季共有133家加盟店至少聘用一名業務開發人員（producer），使得新增業務開發人員總數較去年同期成長近50%。

As agencies continue to focus on hiring and driving productivity, they're reaching new highs with 208 franchises hitting monthly production records during the quarter. On top of that momentum, our enterprise sales and partnership teams are rapidly gaining scale. What was a start-up inside the organization just two years ago, is now meaningfully contributing to total revenue. When we step back, we're building more than an insurance agency. We're building a technology-enabled distribution platform that delivers real choice, frictionless experience, and better outcomes for clients and carrier partners.

隨著各代理機構持續聚焦招募並提升生產力，本季有208家加盟店創下月度產能新高。在這股動能之上，我們的企業銷售與合作夥伴團隊也正快速擴張規模。兩年前在組織內部仍屬新創的業務，如今已對總營收做出顯著貢獻。從更宏觀的角度看，我們打造的不僅是一家保險代理機構。我們正在打造一個以科技賦能的分銷平台，為客戶與承保公司合作夥伴提供真正的選擇、無摩擦的體驗，以及更好的成果。

I want to thank and recognize our teammates. This quarter's performance is a direct result of their discipline, execution, and commitment to delivering a world-class client experience.

我想感謝並表揚我們的同仁。本季的表現是他們的紀律、執行力，以及致力於提供世界級客戶體驗的承諾所直接帶來的成果。

With that, I'll turn it over to Mark Jones Jr., our President and COO.

接下來，我把時間交給我們的總裁兼營運長（COO）Mark Jones Jr.。

Thanks, Mark, and good afternoon to everyone joining us. I want to echo Mark sentiment in welcoming John as our new CFO, and I look forward to working closely with him in the future. What an exciting time it is here, like you said. We've now built the country's first choice online shopping platform in the history of the personal lines insurance with our Digital Agent 2.0.

謝謝你，Mark，也向所有加入我們的各位致上下午好。我也想呼應Mark的看法，歡迎John加入，擔任我們的新任財務長（CFO），並期待未來與他密切合作。正如你所說，這裡正是令人振奮的時刻。透過我們的Digital Agent 2.0，我們已打造出美國個人保險史上首個首選的線上比價購物平台。

As we enter into a new world for insurance distribution, it's important that we take a step back and fully understand what that means for clients, carrier partners, strategic partners, and agents alike. As Mark Miller discussed, for clients, we now have choice. Not only in what underwriter you have access to, but how you engage and transact. Why did this never exist before because there's never been a personalized agency like you said.

當我們進入保險分銷的新世界時，重要的是我們要退一步，充分理解這對客戶、承保公司合作夥伴、策略合作夥伴以及代理人各自意味著什麼。如Mark Miller所談，對客戶而言，我們現在提供了選擇。不僅是在可接觸的承保人（underwriter）方面，也包括你如何互動與完成交易。為什麼過去從未存在？因為如你所說，過去從未有過個人化的代理機構。

Selling and servicing multiple product lines across 50 states with over 200 carriers is a challenge no other company has been bold enough to tackle. A frictionless choice shopping model has many hurdles in development that can't easily be sold by throwing money at the problem. It takes deep domain expertise across regulators, product knowledge, client behavior, and the inner workings of fragmented technology solutions across the industry.

在全美50州、與超過200家承保公司合作，銷售並服務多條產品線，是一項其他公司都未曾有膽量挑戰的難題。無摩擦的選擇型比價模式在開發上有許多障礙，並非單純砸錢就能輕易解決。這需要在監管、產品知識、客戶行為，以及整個產業分散式技術解決方案的內部運作等方面具備深厚的領域專業。

Each regulator has different requirements. Each carrier has bespoke underwriting criteria and a different technology stack with degrees of sophistication, and each client segment has unique needs and preferences.

每個監管機構都有不同的要求。每家承保公司都有量身訂製的核保標準與不同的技術堆疊（technology stack），成熟度各異，而每個客群也都有獨特的需求與偏好。

How are we able to solve this? We've been very intentional about our location in the value chain in distribution. We built a strong and lasting relationships with our carrier partners to make sure our goals are aligned, and we can deliver a differentiated experience to them. We've been thoughtful about geographic expansion. So we understand the specific nuance of each critical state.

我們如何能解決這些問題？我們在分銷價值鏈中的定位一直非常有意識且明確。我們與承保公司合作夥伴建立了強健且長期的關係，以確保目標一致，並能為他們提供差異化的體驗。我們也審慎規劃地理擴張。因此，我們能理解每個關鍵州的特定細微差異。

We've spent 20 years and hundreds of millions of dollars in our company's history investing in technology to drive the industry forward. And we have always placed the client at the center of our universe. So we have a clear understanding of what matters, not just at the initial sale, but that client's entire life cycle. I'm incredibly proud of our team for what we have delivered so far, but we are just getting started. In the coming quarters, we plan to continue to expand our offering with new carrier partners roll out to additional states and add features and functionality that improve the client experience and conversion rates to maximize the economic returns.

在公司20年的歷史中，我們投入了數億美元於科技，以推動產業向前發展。而且我們始終把客戶置於我們宇宙的中心。因此，我們清楚了解什麼才是重要的，不僅是在首次成交時，更涵蓋該客戶的整個生命週期。我為團隊迄今所交付的成果感到無比自豪，但我們才剛剛開始。在接下來的幾個季度，我們計畫持續擴大產品供給：引入新的承保公司合作夥伴、推進至更多州，並新增可提升客戶體驗與轉換率的功能，以最大化經濟回報。

As exciting as the rollout of our Digital Agent 2.0 is I'm equally excited about the direction of our corporate, franchise and enterprise teams. As Mark Miller mentioned, we launched three new corporate offices in the quarter, including Seattle, the D.C. area in Minneapolis, all of which are hitting the ground running. As we've discussed, we're highly intentional with where we grow our presence for the benefit of our teammates, our clients, and our carrier partners.

Digital Agent 2.0的推出令人振奮，而我對公司制、加盟與企業團隊的發展方向同樣感到興奮。如Mark Miller所提，本季我們新設三個公司辦公室，包括西雅圖、華盛頓特區地區以及明尼阿波利斯，且都迅速上手、運作順利。正如我們所討論的，我們對於在哪裡擴大據點非常有策略性與目的性，為的是讓同仁、客戶與承保公司合作夥伴都能受益。

Productivity in our corporate channel continues to improve, supported by increased lead flow and better conversion from a combination of the improving product market, expansion into untapped geographies and investments in our management infrastructure. The enterprise sales team, which is fueled by our partnership efforts, continued its rapid growth in the first quarter, generating new business growth of over 70% and contributing approximately 20% of the production of new business commissions and agency fees. The partnerships that feed that team now include 2.3 million potential clients across mortgage origination and servicing as well as 4 million potential clients from other home and financial services organizations.

在公司制通路方面，我們的生產力持續提升，這得益於線索流量增加，以及在產品市場改善、拓展至尚未開發的地區、並投資管理基礎建設等多重因素帶來的更佳轉換。由合作夥伴推動的企業銷售團隊在第一季延續快速成長，新業務成長超過70%，並貢獻了約20%的新業務佣金與代理費產能。為該團隊提供動能的合作夥伴，目前涵蓋按揭貸款發起與服務領域的230萬名潛在客戶，以及來自其他住宅與金融服務機構的400萬名潛在客戶。

While there may be some overlap across our partner client base, that improves our likelihood of conversion as we increase the number of touch points we have with potential clients. The momentum we're seeing across our corporate and enterprise sales teams generated in new business commissions growth rate of 29%, the fastest pace of growth we've seen in nearly five years.

雖然我們的合作夥伴客戶基礎之間可能存在部分重疊，但當我們增加與潛在客戶的觸點數量時，這反而提高了我們的轉換可能性。我們在公司制與企業銷售團隊所看到的動能，帶動新業務佣金成長率達29%，為近五年來我們所見到的最快成長速度。

The franchise business also saw a strong acceleration in the first quarter. Growing new business royalties by 14%. Our agency staffing program, which we call ASP continues to be a highly strategic asset, aiding our franchises in faster growth and expansion. Sourcing from the AFP program grew 53% over the prior year quarter.

加盟業務在第一季也出現強勁加速。新業務權利金成長14%。我們的代理人招募配置計畫（我們稱之為ASP）持續是高度策略性的資產，協助我們的加盟據點更快速成長與擴張。來自AFP計畫的引薦來源較去年同期成長53%。

Our average producers per franchise expanded to 2.3 from 1.9 a year ago. Total franchise producers at quarter end were 2,150, up 3% year over year.

每個加盟據點的平均製作人數由一年前的1.9人提升至2.3人。季末加盟體系製作人總數為2,150人，年增3%。

Turning to our financial results for the quarter. Total revenues for the quarter were $93.1 million, up 23% over the previous year quarter, with core revenues growing 15% to $79.5 million. As we look towards the second quarter, we expect a similar growth rate in core revenues when adjusting for the $4 million of previously unpaid renewal commissions and royalty fees that we recovered from a carrier partner in the second quarter of 2025.

接著談本季的財務結果。本季總營收為9,310萬美元，較去年同期成長23%，其中核心營收成長15%至7,950萬美元。展望第二季，若調整2025年第二季我們自一家承保合作夥伴追回先前未支付的400萬美元續保佣金與權利金費用，我們預期核心營收將維持類似的成長率。

Throughout the second half of 2026, we expect improvements in client retention from our strategic initiatives and the improving product market to begin to outpace the impact of slower year-over-year pricing in our book of business. We expect that to result in faster core revenue growth when combined with continued strong new business generation.

在2026年下半年期間，我們預期在策略性措施與產品市場改善的帶動下，客戶留存將有所提升，並開始超越我們業務組合中年對年定價放緩所帶來的影響。我們預期，當此一趨勢與持續強勁的新業務開發相結合時，將帶來更快的核心營收成長。

Ancillary revenues, which is largely comprised of contingent commissions, was $11.9 million for the quarter, growing 141% year over year. Our outlook for contingent commissions on the year remains unchanged at 60 to 85 basis points of total written premiums. We will provide more updates as underwriting performance advances throughout the year. Cost recovery revenue for the quarter was $1.7 million. During the quarter, we launched 20 new franchise locations across 10 different states. We also had 10 agencies exit the system and 63 agencies consolidate into another larger franchise.

附屬營收（主要由或有佣金構成）本季為1,190萬美元，年增141%。我們對全年或有佣金的展望維持不變，預估為總簽單保費的60至85個基點。隨著承保表現於全年持續推進，我們將提供更多更新。本季成本回收營收為170萬美元。本季我們在10個不同州新增20個加盟據點。我們也有10家代理機構退出體系，另有63家代理機構併入其他較大型的加盟據點。

Total written premiums for the quarter were $1.1 billion, growing 13% over the previous year quarter. Policies in force grew 14% for the quarter to $2 million. We expect the growth rate in policies in force to accelerate during the year as client retention continues to improve and we drove strong growth in new business production. Adjusted EBITDA for the quarter was $24.4 million, growing 57% and delivering an adjusted EBITDA margin of 26%.

本季總簽單保費為11億美元，較去年同期成長13%。在保保單（PIF）本季成長14%至200萬張。我們預期在保保單的成長率將於今年加速，因客戶留存持續改善，且我們推動新業務產能強勁成長。本季調整後EBITDA為2,440萬美元，年增57%，調整後EBITDA利潤率為26%。

During the quarter, we demonstrated strong cash generation with $22.9 million of cash flow from operations, utilizing our excess cash, combined with [drying] $26 million on our existing revolving credit facility. We repurchased and retired 985,000 of our Class A shares, representing $49.8 million. We believe there is a significant market dislocation in our stock price and retiree, and these shares will generate excess shareholder return. As of the end of the quarter, we now have fewer shares outstanding than we did at the time of our IPO. We plan to continue to be opportunistic with our remaining $148 million on our existing share repurchase authorization.

本季我們展現強勁的現金創造能力，營運活動現金流入2,290萬美元；我們運用多餘現金，並在既有循環信用額度下動用2,600萬美元。我們回購並註銷98.5萬股A類普通股，金額為4,980萬美元。我們認為公司股價與內在價值存在顯著錯置，而註銷這些股份將為股東帶來超額報酬。截至季末，我們的流通在外股數已少於IPO時的水準。我們計畫在既有股份回購授權剩餘的1.48億美元額度內，持續把握機會進行回購。

We ended the quarter with $26 million of cash and cash equivalents and had total debt outstanding of $324 million. We remain committed to conservative balance sheet management and do not expect to add leverage outside of our historical precedent of 3 to 4 times trailing 12-month adjusted EBITDA.

本季末我們持有2,600萬美元的現金及約當現金，未償還總負債為3.24億美元。我們仍致力於保守的資產負債表管理，除非符合我們過往慣例（過去12個月調整後EBITDA的3至4倍），否則預期不會額外提高槓桿。

We are reiterating our guidance for the full year 2026. Total revenues are expected to grow organically between 10% and 19%. Total written premiums are expected to grow organically between 12% and 20%.

我們重申2026年全年財測指引。總營收預期有機成長10%至19%。總簽單保費預期有機成長12%至20%。

I'm incredibly excited about the position of our business in. Our business is healthy and delivering strong growth. And because we have been prudent stewards of our capital, we're able to invest in new and exciting technology that we believe will change the industry to our advantage. Thank you to our teammates, partners, franchises, and shareholders for your continued trust. We are just getting started.

我對我們業務所處的位置感到非常振奮。我們的業務體質健全，並交出強勁成長。而且因為我們一直審慎管理資本，我們得以投資於我們相信將使產業朝對我們有利方向改變的嶄新且令人興奮的科技。感謝我們的團隊成員、合作夥伴、加盟據點與股東持續的信任。我們才正要開始。

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

接下來，我們開放提問。接線員？

(Operator Instructions) Andrew Andersen, Jefferies.

(接線員指示) Jefferies 的 Andrew Andersen。

How should we think about the 2026 PIF acceleration? Do you view this as more renewal retention driven or new business driven? And could you also help us think about seasonality in Q2 and Q3?

我們應該如何看待2026年在保保單（PIF）加速？你們認為主要是續保留存驅動，還是新業務驅動？另外也請協助我們理解第二季與第三季的季節性。

Andrew, thanks for the question. So if you think about how big our book is, pretty clearly, retention is what's going to aid in PIF acceleration more than what new business will, just given so much of the book is in the renewal base. We expect to see continued improvements in client retention. We mentioned in the prepared remarks that we expected to get to at least 86% during this year.

Andrew，謝謝你的提問。如果你看我們的業務組合規模，很明顯地，留存對PIF加速的幫助會大於新業務，因為我們的業務組合很大一部分都在續保基礎上。我們預期客戶留存將持續改善。我們在事先準備的講稿中提到，我們預期今年至少可達到86%。

But having said that, we're seeing really strong new business momentum, which is super fun to watch, see the new business commissions line growing 29% in the first quarter. That's the fastest growth rate in the last five years. So it's a combination of both things, but the renewal side has a bigger impact on PIF.

不過話說回來，我們也看到非常強勁的新業務動能，觀察起來很有意思；第一季新業務佣金項目成長29%。這是過去五年最快的成長率。所以兩者都有，但續保端對PIF的影響更大。

From a seasonality perspective, generation of new business will likely kind of follow the normal seasonality trend, which would mean the second and the third quarter typically contribute more than the first and the fourth quarter. I'm not expecting that trend to change.

就季節性而言，新業務的產生大致會遵循一般的季節性趨勢，也就是第二季與第三季通常貢獻會高於第一季與第四季。我不預期這個趨勢會改變。

Thanks. And in the past, you've addressed why AI is in a disintermediation risk at policy inception. But how do you ensure that kind of increased digital convenience doesn't create a greater disintermediation risk at renewal over time?

謝謝。另外，過去你們談過為何AI在保單承保起始時點存在去中介化風險。但你們如何確保，這種數位便利性的提升不會隨時間在續保時點造成更大的去中介化風險？

I think actually, the hurdles in the renewal side are even bigger than they are in new business generation. And that's not to downplay how challenging the new business generation aspect of this is. There's so much in terms of competitive moat that goes into our ability to actually put policies in for us. But there is a lot of manual labor that can't easily be automated on the back end to make sure policies continue to retain that clients get all of their service needs met.

我認為其實續保端的門檻甚至比新業務開發更高。這並不是要淡化新業務開發這件事有多具挑戰性。我們能夠實際把保單承作進來，背後有非常多構成競爭護城河的因素。但在後端要確保保單能持續留存、客戶的各項服務需求都被滿足，仍有大量人工工作不容易被自動化。

I don't think people fully understand how much work goes into that. It would not be very easy to automate a lot of what we do. We've been able to take big chunks of work and automate it, but that's going to be a really long tail of stuff.

我不認為大家完全理解這背後需要投入多少工作。要把我們做的很多事情自動化並不容易。我們已經能把一些大塊的工作自動化，但仍會有很長尾的事項需要處理。

And as you guys know, all of the economics in this business are in the renewals. So if you're trying to automate as much as you can, but you leave off some portion of it, you're not going to be able to actually generate profitability over the longer term.

而且各位也知道，這個產業的經濟性都在續保上。所以如果你試著盡可能自動化，但仍遺漏其中一部分，你就無法在更長期真正產生獲利能力。

Brian Meredith, UBS.

Brian Meredith，瑞銀。

A couple of quick questions here. First, just quickly on the Digital Agent, is the economics there the same as your other business from the perspective of commission rates that you're receiving from the carriers?

這裡有幾個簡短的問題。第一，快速問一下數位代理（Digital Agent），從你們向保險公司收取的佣金率角度來看，那邊的經濟性是否和你們其他業務相同？

Yeah. So it's a really interesting development, Brian. Because our go-to-market strategy with the Digital Agent is largely to integrate it into partners where we have good information about who the clients are and we can make sure that we're providing carriers with really high-quality business.

是的。所以這是一個非常有意思的發展，Brian。因為我們針對數位代理的上市策略（go-to-market strategy），主要是把它整合到合作夥伴的場景中；在那裡我們對客戶是誰有很好的資訊，也能確保我們為保險公司帶來非常高品質的業務。

There has been increased demand to have outsized compensation in that partner and digital agent channel. So I mean that wasn't really something that we contemplated when we started this process, but it's been a positive development that carriers have indicated they may be willing to pay more for policies distributed that way.

在合作夥伴與數位代理這個通路中，市場對於更高（超額）的報酬有更強的需求。所以我的意思是，這其實不是我們在啟動這個流程時所預期的，但這是一個正向的發展：保險公司表示，他們可能願意為以這種方式分銷的保單支付更高的費用。

Interesting. And then what's the, call it, pipeline of potential new carriers on the platform, particularly for the auto insurance side?

有意思。那麼，平台上潛在新增保險公司的「管線」（pipeline）如何，特別是在汽車保險這一塊？

Yeah, Brian, this is Mark. We have four auto carriers now already on the platform, which gives us really good coverage. As you know, like auto is not specific to region necessarily like homes as much. So we have pretty good coverage and a couple more to be added TBD in the next two months.

是的，Brian，我是Mark。我們現在平台上已經有四家車險保險公司，這讓我們的覆蓋度非常好。如你所知，車險不像房屋保險那樣在區域上那麼明顯地受限。所以我們的覆蓋度相當不錯，接下來兩個月還會再新增幾家（待定）。

But it has been interesting to watch. Like initially, there was a lot of hurdles for us to jump over to explain how this product will work, how we're able to safeguard underwriters and clients for making poor decisions through digital distribution. And as we've had more and more conversations and explained why it will work so well with us. The demand from new carriers wanting to get in line to get on the platform has been really fun to watch as well. I mean there's people now saying, how do we get involved because we feel like we missed the first wave.

不過觀察這個過程也很有意思。一開始，我們需要跨過很多門檻，去解釋這個產品會如何運作、以及我們如何在數位分銷下保護核保人與客戶，避免做出不佳的決策。隨著我們進行越來越多的對話，並解釋為什麼它在我們這裡會運作得很好。新保險公司想要排隊加入平台的需求也變得非常有趣、很值得看。現在甚至有人在說，我們要怎麼參與，因為我們覺得錯過了第一波。

And so we're really looking, Brian, kind of where to our partners that we're working with, where do they have client needs. And we've been really focused on rolling it out in Texas and working on our conversion. So it's kind of a new muscle for us is how do you do digital conversion once you get them into the funnel, how do you get them to actually buy. And so we're really focused on Texas, and we'll roll out to the next biggest state and the carriers that we need to fill those states out.

所以Brian，我們真正關注的是：就我們正在合作的夥伴而言，他們的客戶需求在哪裡。我們一直非常專注於在德州推出，並提升我們的轉換率。所以這對我們來說算是一個新的能力：一旦把人帶進漏斗後，如何做數位轉換、如何讓他們真的下單購買。因此我們非常聚焦在德州，接著會擴展到下一個最大的州，以及補齊那些州所需要的保險公司。

That's great. And then one just quick numbers. Commission rates that you're seeing across your book, are we starting to see a lift?

很好。再問一個很快的數字問題。你們整體保單組合（book）所看到的佣金率，是否開始出現提升？

Yeah. The aggregate commission rate is now up year over year, which is great to see. I mean, the communication of the carriers has all been around how do we incentivize more growth. And it's -- if you want to incentivize more growth compensation is a tool that you can use pockets of the country where there was maybe higher E&S usage in previous years. You can see that in the renewal commission rates, but I don't expect that to be a long-term thing. I am happy to see the aggregate commission right now going up.

是的。整體（加總）佣金率現在已經年增，這很令人高興。我的意思是，保險公司的溝通重點一直都在：我們要如何激勵更多成長。而如果你想激勵更多成長，報酬（compensation）就是你可以使用的工具之一；在某些地區，過去幾年可能有較高的E&S（超額及剩餘險）使用比例。你可以在續保佣金率中看到這一點，但我不預期那會是長期現象。我很高興看到目前整體佣金率正在上升。

Tommy McJoynt, KBW.

Tommy McJoynt，KBW。

A couple of questions around your digital agent. First off, is that experience really entirely targeted through your enterprise partnerships? Or are you also advertising the digital agent as a full comparison and appearing in top-of-funnel search results.

有幾個關於你們數位代理的問題。首先，那個體驗是否完全是透過你們的企業合作夥伴來導流、鎖定？還是你們也在宣傳數位代理作為完整比價工具，並出現在漏斗頂端（top-of-funnel）的搜尋結果中？

Yeah. We're not really trying to drive eyeballs to goosehead.com. What we want to do is put it in a place where it's going to drive the maximum value for everybody across the value chain, which we believe is through the partner channel. I think there's going to be stumble upon business. We've had stumble upon business that people buying auto and home insurance now directly through the website.

是的。我們並不是真的想把流量導到goosehead.com。我們想做的是把它放在能為價值鏈上每一方帶來最大價值的位置，而我們相信那就是透過合作夥伴通路。我想會有一些「偶然」的生意。我們確實也有一些偶然的生意：有人現在直接透過網站購買車險和房屋保險。

But we've been really clear with our carrier partners about what the go-to-market strategy is just so we can make sure everybody is having a good experience. And so it's largely going to be with partners. Over time, that may evolve as the brand gets a little bit bigger, but we're not necessarily going to deploy a bunch of capital to try and draw eyeballs. It's not going to be an efficient use of money.

但我們已經非常清楚地向保險公司合作夥伴說明我們的上市策略是什麼，這樣才能確保每個人都有良好的體驗。因此主要會是透過合作夥伴。隨著品牌規模變大，長期來看這可能會演進，但我們不一定會投入大量資本去拉流量。那不會是有效率的資金使用方式。

Okay. Got it. And then my other question on digital agent. How do you balance the responsibility to the customer that's searching for insurance to the extent that they are using digital agent, and there's only a couple of carriers that may be available for homeowners quotes versus if they were to use a human Goosehead agent, they might be able to see a lot more perhaps quotes with perhaps better coverage or better pricing. How do you balance that responsibility to the customer?

好的。了解。那我另一個關於數位代理的問題是：當客戶在搜尋保險、並使用數位代理時，若可提供的房屋保險報價保險公司只有幾家；相較之下，如果他們使用真人的Goosehead代理人，可能能看到更多報價、也許保障更好或價格更好。你們如何在這之間平衡對客戶的責任？

Yeah. So what we've tried to do is make sure areas we're bringing to the platform initially are the ones that do a disproportionate amount of the business in the geographies that we roll it out in. So we've got really strong coverage in our -- both our home and auto carriers that are on the platform now. So it's not like you're getting a random one-off carrier that shouldn't necessarily be writing a ton of business in your area.

是的。我們嘗試做的是：確保我們一開始導入平台的地區，是那些在我們推出的地理區域中承作業務占比特別高的保險公司。所以目前在平台上的房屋與車險保險公司，我們的覆蓋度都非常強。因此不會出現你在你所在地區拿到一個不太應該承作大量業務的、隨機的一家保險公司。

But we also are able to build into the platform, safeguards, and kick outs, basically would say, you may be eligible for XYZ carrier, but that's not probably the right spot for you to be. You should talk to an agent. And that helps us prevent carriers from getting business that they shouldn't get and from clients choosing options that they probably shouldn't choose.

但我們也能在平台中建立防護機制與「踢出」機制（kick outs），基本上會提示：你可能符合XYZ保險公司的資格，但那可能不是最適合你的選擇。你應該和代理人談談。這能幫助我們避免保險公司拿到不該拿到的業務，也避免客戶選擇他們可能不該選的方案。

Got it. And actually, just last one, if I could sneak it in. On the new business commissions, you said 20% of the new business is coming through. Was that the partnership channel? Or was that through digital agent. Can you clarify what that number was?

了解。其實最後一個，如果我可以再塞一個問題。關於新業務佣金，你提到有20%的新業務是透過……進來的。那是合作夥伴通路嗎？還是透過數位代理？你能澄清那個數字指的是什麼嗎？

So that's coming from the enterprise sales team, which is largely the partnership channel. The digital agent is not today generating significant revenue and nor did we expect it to be generating significant revenue yet. We expect that those contributions to start to begin really in the second half of the year as it gets more deeply integrated into our partnership base. But the enterprise sales team, which is the human fulfillment of our partner engine, which has only really existed now for about 2.5 years, is growing really, really nicely and making real meaningful contributions to the revenue growth rates.

那是來自企業銷售團隊，主要就是合作夥伴通路。數位代理目前還沒有產生顯著營收，我們也不預期它現在就會產生顯著營收。我們預期這些貢獻會在下半年開始真正出現，因為它會更深度地整合進我們的合作夥伴基礎。但企業銷售團隊，也就是我們合作夥伴引擎的人工作業履約端（human fulfillment），而這個團隊其實也才存在大約2.5年，正在非常、非常良好地成長，並對營收成長率做出真正有意義的貢獻。

Charlie Lederer, BMO Capital Markets.

Charlie Lederer，BMO資本市場。

Maybe just on the new corporate state entries, and that you called out in the progress with Nashville and Arizona. Can you update us how much of your premium was in Texas this quarter and how you expect the evolving state mix to impact premium per policy, I guess, as we move throughout the year?

也許就你們新進入的企業州別（corporate state entries）來問一下，並且你們提到在納什維爾和亞利桑那的進展。你能更新一下本季你們有多少保費是在德州，以及隨著今年推進，你們預期州別組合的變化會如何影響每張保單的平均保費（premium per policy）嗎？

Yeah. So for the first quarter, 37% of the premium was in Texas, which is down from 39% as of the end of the fourth quarter. So continuing to diversify the book, which is a really good thing. Each individual state has different kind of puts and takes on the economics of their own policies. So where you see usually lower premium per policy.

是的。所以在第一季，保費有 37% 來自德州，較第四季末的 39% 下降。因此我們持續分散業務組合，這其實是很好的事情。每個州在其自身保單的經濟性上，都有不同的利弊權衡。因此你通常會看到每張保單的保費較低。

Typically, you get better bind rates and better package rates. So it all kind of come out -- comes out in the wash in terms of productivity.

一般來說，你會得到更好的承保綁定率（bind rates）以及更好的組合費率（package rates）。所以就生產力而言，整體大致會相互抵銷、最後結果差不多。

We were really strategic in the locations that we pick. It's areas that have good demand from our carrier partners. I mean they want us to go sell new business there. They've got growing metropolitan areas. It's a good place to recruit from. It's the right kind of cost of living. So I'm really happy with where we've planted flags so far, and the -- those offices are off to really phenomenal starts.

我們在選擇據點時非常有策略。這些地區對我們的保險公司合作夥伴而言有很好的需求。我的意思是，他們希望我們到那裡去銷售新業務。那裡有成長中的都會區。也是招募人才的好地方。生活成本也合適。所以我對目前我們插旗的地點非常滿意，而且——那些辦公室的起步真的非常亮眼。

And then maybe just one on the guidance. So the contingent commission number was really strong this quarter, but you didn't bring up the lower end of your guidance for total revenue. Can you just kind of walk us through your thinking? And I guess, what would -- how you're thinking about the cadence of revenue as we go through the year.

另外可能再問一個關於財測指引的問題。所以本季的或有佣金（contingent commission）數字非常強，但你們沒有上調總營收指引的下限。你能否帶我們了解一下你們的思考？以及我想問的是——你們如何看待今年接下來各季營收的節奏？

Yeah. It was a strong contingency quarter like we've kind of talked about in the past, the first quarter always includes some kind of true-ups from the fourth quarter where we didn't have enough information to actually record revenue or there was too much uncertainty on where he would actually earn the commission. So we had an outsized number in the first quarter relative to history. That doesn't necessarily change our outlook on what contingency should be for the full year.

是的。這是一個強勁的或有佣金季度，正如我們過去談過的，第一季通常會包含一些第四季的追溯調整（true-ups），因為當時我們沒有足夠資訊可以入帳營收，或對於實際能賺取多少佣金仍有太多不確定性。因此第一季的數字相較歷史水準偏高。但這不一定會改變我們對全年或有佣金的展望。

So it didn't feel like there was a good rationale to try and update the guidance number, given we still don't know if there's going to be a hail or hurricanes or fires, right? So we'll continue to keep an eye on that throughout the year.

所以在我們仍不知道是否會有冰雹、颶風或野火等情況下，嘗試更新指引數字並沒有很好的理由，對吧？因此我們會在全年持續關注這些因素。

Just as a follow-up, nothing has changed on your view on core revenue and the cadence there, correct?

追問一下，你們對核心營收以及其節奏的看法沒有改變，對嗎？

Correct. Yeah, correct. We're still expecting acceleration in the second half of the year as the improvements in client retention begin to outpace the kind of offset of the pricing impacts on year over year premium changes as well as contribution from strong new business production across all three sales channels really driven by agent productivity and adding a few more hands here and there.

對。是的，對。我們仍預期下半年會加速成長，因為客戶留存改善開始超過定價影響對年對年保費變動的抵銷效果，同時三個銷售通路的新業務產出都很強，主要由代理人生產力提升所帶動，並且在一些地方再增加幾位人手。

Andrew Kligerman, TD Cowen.

Andrew Kligerman，TD Cowen。

So I'm kind of curious on the franchise producers. Looks like you were up quite a bit year over year on less than a year of franchise producers, but those that have been with the company for more than a year, declined to 1,525 from 1,577. Could you give a little color on why the more experienced producers came off?

我對加盟（franchise）製作人（producers）有點好奇。看起來你們在任職未滿一年的加盟製作人數量年增不少，但任職超過一年的則從 1,577 下降到 1,525。能否說明一下為什麼較資深的製作人會減少？

Yeah, Andrew, that's really the consolidation that's been going on in the franchise community, which, as we've talked about in the past, is really a good thing and done very intentionally in the business just to create more larger, more successful franchises. We continue to see that as super healthy. And so that's largely going to be taken out of people that have been in the system for multiple years.

是的，Andrew，這主要是加盟社群正在進行的整併。正如我們過去談過的，這其實是好事，而且是公司刻意為之，目的在於打造更大、更成功的加盟體系。我們持續認為這非常健康。因此這部分的減少大多會反映在已在系統內多年的成員身上。

But what I'd like to see is that the agencies continue to reinvest that capital and hire more. So we had really strong gross adds in the first quarter. I was really pleased with that, and we're seeing good productivity of those producers. So it feels like the franchise community to me right now is probably healthier than it's been in many, many years.

但我希望看到的是，這些代理機構持續再投資那筆資本並增聘人手。所以我們第一季的新增（gross adds）非常強。我對此非常滿意，而且我們也看到這些製作人的生產力表現不錯。所以就我目前的觀察，加盟社群可能比過去很多很多年都更健康。

And the producer per franchise office, is that number up materially year over year?

那每個加盟辦公室的製作人數，這個數字年對年有明顯上升嗎？

Yeah. I think it's up something like 13% year over year, 18% year over year. So it's up to [2.2] versus last year this time, it was [1.9]. So it's moving exactly like we wanted to.

有。我想年對年大概上升了 13%，或 18% 左右。所以現在是 [2.2]，而去年同期是[1.9]。所以它的走勢完全符合我們的預期。

I still believe we can get to about five producers per franchise in a reasonable time frame. And that's kind of where you start to get a real scale business that is -- operates a lot more efficiently than a sole proprietorship.

我仍然相信，在合理的時間範圍內，我們可以達到每個加盟點大約五位製作人。而那大概就是你開始擁有真正具規模的業務之時——其運作效率會比個人獨資（sole proprietorship）高得多。

Got it, Mark. And then the other part of the same aligned question, for those producers at the firms more than a year, the productivity, franchise productivity was up remarkably from 37 -- from [30.6] to [37.4]. So wondering if you could provide a little color on that sharp productivity increase.

了解，Mark。同一個脈絡的另一部分問題，對於在公司超過一年的那些加盟製作人，其生產力——加盟生產力從 37——從 [30.6] 大幅提升到[37.4]。想請你說明一下這個生產力大幅提升的原因。

Yeah. So I think that productivity number is on the per franchise right? So it's not at the producer level, that's the per franchise number. And so as more tenured agencies keep hiring, that's going to help drive total productivity per location. The individual producers underneath them are also getting more productive.

是的。所以我認為那個生產力數字是以每個加盟點（per franchise）來看，對吧？所以它不是製作人層級的數字，而是每個加盟點的數字。因此，當資歷較深的代理機構持續增聘人手時，就會推動每個據點的總生產力。而其底下的個別製作人也正在變得更有生產力。

That's a function of those producers ending up in franchises that are more in the top half of the community. The ones that have scaled infrastructure, they've got good management practices, they demand high levels of productivity themselves. And so we're continuing to try and push agencies to join that club, right, invest in your business, invest in your management infrastructure, and hold people accountable, and that message is being well received.

這是因為這些製作人最終會進入加盟社群中表現較佳的那一半。那些已建立規模化基礎設施的加盟點，具備良好的管理作法，也會要求自身達到高水準的生產力。因此我們持續推動代理機構加入那個行列，對吧：投資你的業務、投資你的管理基礎設施、並要求人員負責任，而這個訊息也獲得良好回響。

Got it. And just one last one. The mortgage originators, the other home and financial services operations where you're embedding your enterprise product. It sounds really awesome. What is the most that keeps Goosehead with these mortgage originators and others and keeps out the competition. What's the moat there?

了解。最後再問一個。房貸放款機構（mortgage originators），以及其他你們正在嵌入企業產品的住宅與金融服務營運。聽起來非常棒。是什麼讓 Goosehead 能與這些房貸放款機構等合作夥伴維持合作、並阻擋競爭對手？你們的護城河是什麼？

Yeah. I think there's a lot of things that generate a pretty significant moat. I mean you can tick through the whole list, but we've got the national scale and local expertise of our agent force. We've got more than 2,500 agents across the entire country, which means we know how to handle your house in Miami, your house and L.A. on stilts, the one in the flats in Nebraska. We can handle everything that happens in your portfolio.

是的。我認為有很多因素形成相當顯著的護城河。我的意思是，你可以把整個清單逐一列出：我們的代理人團隊兼具全國規模與在地專業。我們在全美有超過 2,500 位代理人，這代表我們知道如何處理你在邁阿密的房子、你在洛杉磯架高柱上的房子、以及你在內布拉斯加平原上的房子。我們能處理你投保組合中發生的各種情況。

We've got the ability to route leads appropriately. So you're getting to the best agent at the best time. We have the service function on the back end, which I believe is really differentiated in the industry that can deliver strong levels of retention, which is where all of the actual profitability in this business is.

我們也具備適當分派名單（leads）的能力。因此你能在最合適的時間找到最合適的代理人。我們在後端有服務職能，我認為這在業界非常差異化，能帶來強勁的留存水準，而這正是這門生意所有實際獲利所在。

We have a better product offering than what we believe most other organizations have with over 200 different underwriters and the technology to bind in the human world, is we think much better than what other people have. But now we've also got the ability to bind fully digitally that. Again, I can't overstate this enough, nobody else to our knowledge has that ability to find product in one location and a choice shopping model. That is a huge competitive moat.

我們的產品供給比我們認為大多數其他機構都更好，擁有超過 200 家不同的核保公司，以及能在「人工」世界完成承保綁定的技術；我們認為這比其他人所擁有的要好得多。但現在我們也具備了完全以數位方式完成承保綁定的能力。再次強調，我怎麼說都不為過：就我們所知，沒有其他人具備在同一個地方找到產品並採用「選擇式比價」模型的能力。這是一道巨大的競爭護城河。

Luke Nelson, Cantor Fitzgerald.

Luke Nelson，Cantor Fitzgerald。

I'm just wondering, going back to retention, you mentioned you're expecting to get closer to 86% for 2026 plus I'm just wondering kind of can you get into a little -- some granularity around why is it taking kind of longer retention to improve than anticipated?

我想回到留存率的問題。你提到你們預期在 2026 年會更接近 86%。我想請問能否更細一點說明：為什麼留存率的改善看起來比原先預期花更久時間？

I wouldn't say it's taking longer than anticipated. I mean if you go back to some of the remarks we've made before, we never promised any individual quarter that it was going to tick up then. But if you remember, we were at 84% for five straight quarters. We've now been at 85% for three. I'm anticipating us to click up to 86% during this year.

我不會說這比預期更久。我的意思是，如果你回頭看我們之前的一些說法，我們從未承諾任何單一季度留存率一定會上升。但如果你記得，我們曾連續五個季度維持在 84%。現在我們已經連續三個季度在 85%。我預期我們今年會提升到 86%。

I'm really pleased with the direction of the client retention number. It is continuing to grind upward. We've got some specific initiatives ironed out to try and accelerate the pace of that client retention improvements. And obviously, the product market being in a really healthy spot now is super helpful for that.

我對客戶留存率的走勢非常滿意。它持續緩步上升。我們已經梳理出一些具體的措施，試圖加快客戶留存改善的速度。而且很明顯，現在產品市場處於非常健康的狀態，對此非常有幫助。

Got you. And then I guess just from your understanding, do you think maybe the reason is not as high as it once was, is maybe the agents are more focused on the new business, but the service aspect doesn't have -- I guess, maybe the training to deal with the big increases on the existing business? Or just can you kind of give more detail there, at least on the programs you're trying to initiate?

了解。那我想從你們的理解來看，留存率不如過去高的原因，是否可能是業務員更專注於新業務，但在服務面向上——我想可能缺乏訓練來應對既有業務的大幅漲價？或者你能否提供更多細節，至少談談你們正要推動的那些方案？

No. Our agents have always -- it's always been their job to go capture new business, still deliver an excellent service when they're talking to clients. But their main focus should be capturing new business. And our service function's main focus should be retaining the existing business and really delivering an outstanding service. And we have made a ton of structural and foundational improvements into our service function in the last couple of years. We feel like we're delivering an excellent value proposition to our clients.

不是。我們的業務員一直以來——他們的工作一直都是去開拓新業務，同時在與客戶溝通時仍提供優質服務。但他們的主要重點應該是開拓新業務。而我們的客服／服務職能的主要重點，應該是留住既有業務並真正提供卓越的服務。過去幾年我們在服務職能上做了大量結構性與基礎性的改善。我們覺得我們正在為客戶提供極佳的價值主張。

I think what's happening here is people are just kind of frustrated that pricing got so expensive over the last several years, and that's -- I don't know if that just means consumer behavior has fundamentally changed, and they feel like they need to shop it more frequently. If they do, I still think that actually benefits us because they're going to be shopping in an area where we can provide the most amount of actions with the best service. And so if you're coming from a different agency, we should be able to provide a differentiated value to you.

我認為這裡發生的情況是，過去幾年保費變得非常昂貴，讓大家有點沮喪；而這——我不確定這是否代表消費者行為已經從根本上改變，覺得需要更頻繁地比價。即便如此，我仍認為這其實對我們有利，因為他們會在我們能以最佳服務提供最多行動選項的領域進行比價。因此，如果你是從其他代理機構轉過來，我們應該能為你提供差異化的價值。

Okay. That makes sense. And then just my last question. I've just been looking sequentially at your Net Promoter Score just been declining since, I think, late 2024. Can you just kind of dig into what's going on there? And if you have any further details?

好的。這很合理。那我最後一個問題。我按季看你們的淨推薦值（Net Promoter Score，NPS），自我記得大概 2024 年底以來一直在下滑。你能否深入說明一下那邊發生了什麼？以及是否有更多細節？

Yeah, this is Mark. The other, Mark. I think we've said it before, the NPS score is kind of an industry sentiment sort of a score, the way we use it.

好的，我是 Mark。另一位 Mark。我想我們之前說過，我們使用 NPS 的方式是把它視為某種產業情緒的指標分數。

Steep price increases over the last three years, particularly in our biggest market in Texas have been pretty steep, right? So -- and FPS is a 12-month rolling average sort of number. And we've talked about we expect it to come down over time. And that's what we -- it's behaving kind of like we expected it to be.

過去三年保費大幅上漲，尤其是在我們最大市場德州，漲幅相當陡峭，對吧？所以——而且 NPS 是一個 12 個月滾動平均的數字。我們也談過，我們預期它會隨時間下降。而它的表現大致符合我們的預期。

We -- I think we delivered an outstanding client experience. And it's kind of dislocated from retention rates at this point. Mark just talked about retention rates every month continue to climb up. So they're kind of dislocated.

我們——我認為我們提供了卓越的客戶體驗。而在目前這個時間點，它與留存率有點脫鉤。Mark 剛剛提到留存率每個月都持續上升。所以兩者有點脫鉤。

And we do client surveys. The client survey scores are extremely strong. So we think we're delivering a really good client experience.

而且我們有做客戶調查。客戶調查分數非常強。所以我們認為我們確實提供了非常好的客戶體驗。

Maxwell Fritscher, Truist.

Maxwell Fritscher，Truist。

Calling in for Mark Hughes. Your premium retention has been fairly steady here lately as you've mentioned. But doing a little math, the corporate retention has gotten substantially better over these last few quarters while franchise retention has dropped off just a bit. What is your experience in these channels that you think may be driving the difference here?

我代替 Mark Hughes 提問。如你所提，你們的保費留存率最近相當穩定。但我做了一點計算，企業直營（corporate）的留存率在過去幾季明顯改善，而加盟（franchise）留存率則小幅下滑。你們在這兩個通路的經驗中，認為是什麼因素在驅動這個差異？

Yeah. One thing I would point to is just kind of the geographic diversity of the franchise book versus the corporate book. So the franchise book has more exposure to places like Florida and California, where there was more commission rate pressure over the last several years. And so as you write more new business into the access and surplus lines or even the state-run plans, as those become a larger portion of the bucket just can drag down your revenue retention rates.

是的。我會指出的一點是：加盟業務組合在地理分布上相較於直營業務組合更為多元。因此，加盟業務在佛州、加州等地的曝險更高，而這些地區過去幾年面臨較大的佣金率壓力。所以當你把更多新業務寫進超額與剩餘險（E&S）甚至州營計畫時，隨著這些在整體占比提高，就可能拖累你的營收留存率。

I'm not anticipating that continuing to be an issue. I'm expecting client retention to outpace that in the second half of the year versus the corporate team is much more in places like Texas, Chicago, Illinois, places like that where there is much more admitted product versus the excess and surplus lines.

我不預期這會持續成為問題。我預期在今年下半年，客戶留存率會超過這個影響；相較之下，直營團隊更多集中在德州、芝加哥、伊利諾等地，那些地方的核准承保（admitted）產品占比更高，而不是超額與剩餘險。

Great. And then I think this was in the prepared remarks, but how many franchise locations were onboarded in the quarter?

很好。另外我想這在事先準備的講稿裡有提到，但本季新增導入了多少個加盟據點？

20. 20 new agencies, 12 of which were launches from the corporate team and those are performing at about 2.5 times the average external launch. So that strategy continues to be a really important one and one that is pretty strategically hard to replicate.

20 個。20 家新代理機構，其中 12 家是由直營團隊發起的開點，而它們的表現約為平均外部開點的 2.5 倍。所以這個策略仍然非常重要，而且在策略層面也相當難以複製。

Pablo Singzon, JPMorgan.

Pablo Singzon，JPMorgan。

I wanted to ask about the growth in enterprise sales. I was wondering, I think you had got 70% growth year over year. How much of that was head count versus productivity?

我想問企業通路（enterprise）銷售的成長。我在想，你們年增大概有 70%。其中有多少是來自人頭數增加，多少是來自生產力提升？

And I guess, how are you thinking about the channel as it scales up, right, because it generates a lot of flow. I presume there's some expected throughput for an enterprise agent, right? And depending on the flow you get, you'll match that with manpower. But if you sort of put everything together, like I guess like long-term growth and productivity or throughput versus regular corporate or regular franchise agents?

另外，我想問你們如何看待這個通路在規模擴張時的狀況，因為它會帶來大量流量。我推測企業通路業務員應該有某種預期的處理量（throughput），對吧？而依據你拿到的流量，你會用人力去匹配。但如果把所有因素放在一起，你們如何看待長期成長與生產力或處理量，相較於一般直營或一般加盟業務員？

Yeah. So enterprise right now, the growth is coming from A, we've got nice, stable, strong productivity, and we're adding more heads into the system. So we've built out a strong partner base, and we have what is a pretty honestly awesome pipeline of potential new partners. And so we can meter the lead flow just to make sure we don't get over our skis and can't deliver on the service we are supposed to deliver on.

是的。所以企業通路目前的成長來自兩點：A，我們有良好、穩定且強勁的生產力，同時我們也在系統中增加更多人力。因此我們建立了強大的合作夥伴基礎，而且我們有一個坦白說非常棒的潛在新合作夥伴管線。所以我們可以調節名單流量（lead flow），以確保不會步子跨太大，導致無法交付我們應該提供的服務。

But we're adding heads now to the point where we feel like we can continue to execute on 100% of the lead flow. We just want to load balance that appropriately. And the tenure on that team is obviously still pretty low because it's only existed for a couple of years. But you're seeing at the top end of the tenure curve, the people who have been with us for a while now perform equal, if not better, than the average corporate franchise agent.

但我們現在正在增加人手，直到我們覺得可以持續承接並執行 100% 的潛在客戶流量。我們只是希望能適當地進行負載平衡。而該團隊的任期顯然仍然偏短，因為它只成立了幾年。但你會看到在任期曲線的高端，那些已經跟我們一段時間的人，其表現與一般企業體系的加盟代理相當，甚至更好。

But over time, it's still a three-pronged approach, right? We want the enterprise team to be there to operate at speed and deliver for our partners. We want the corporate team to be there to be the talent incubator for the entire organization to demonstrate best practice to show kind of high how productivity can be and generate good profitability. And then the franchise team is kind of the growth engine that can get to every place in the country without this massive infrastructure that's required to run the corporate team.

但隨著時間推進，這仍然是一個三管齊下的方法，對吧？我們希望企業團隊能以速度運作並為合作夥伴交付成果。我們希望公司團隊能作為整個組織的人才孵化器，示範最佳實務，展現生產力可以有多高，並創造良好的獲利能力。然後加盟團隊則有點像成長引擎，能在不需要支撐公司團隊所需的龐大基礎設施下，觸及全國各地。

Rowland Mayor, RBC Capital Markets.

Rowland Mayor，RBC 資本市場。

I wanted to just ask on the -- last quarter, you talked about EBITDA margins being flat to down a little this year. And I was wondering if this quarter changes that expectation.

我想就——上一季你們提到今年 EBITDA 利潤率將持平或小幅下滑。我想知道這一季是否改變了那個預期。

Yeah. So if you look ex contingencies, I would say the expense base was slightly lower than what we were initially planning for in the first quarter, which is really just a function of timing of hires. So if you're looking at the compensation expense in Q1, I think it only grew 5%. And I wouldn't expect that trend to continue throughout the rest of the year as we onboard more talent to deliver digital agent integration into partners, kind of marketing conversion type things, as well as additional sales head count and then some more service head count just to handle the additional workload that comes throughout the year as we continue to sell new policies.

是的。所以如果你看扣除或有事項（ex contingencies），我會說第一季的費用基礎比我們最初規劃的略低，這主要只是招募時點的影響。所以如果你看第一季的薪酬費用，我認為只成長了 5%。但我不預期這個趨勢會在今年剩餘時間持續，因為我們會招募更多人才來交付數位代理整合到合作夥伴端、一些行銷轉換類型的工作，另外也會增加銷售人力，並再增加一些服務人力，以因應我們持續銷售新保單、全年工作量增加所帶來的額外負荷。

On the G&A side, big G&A first quarter because we had our conference with our franchise community, our top end of our franchise community in the first quarter of this year, which was in the second quarter of last year. So that was approximately about $1.5 million of expense in Q1 that was not in Q1 last year. So if you round all that out, timing of compensation was a little bit delayed relative to Q1 initial expectations.

在 G&A 方面，第一季的 G&A 較大，因為我們在今年第一季與我們的加盟社群、也就是加盟社群中的頂尖成員舉辦了年會；而去年是在第二季舉辦。因此，第一季大約有 150 萬美元的費用是去年第一季沒有的。所以綜合來看，薪酬的時點相較於第一季的初始預期稍微延後。

So you should think of that as maybe high teens, low 20% growth rates throughout the remainder of the year. And G&A was higher in Q1 than it will likely be throughout the rest of the year, but it doesn't necessarily change our margin outlook for the full year because we still have some digital agent investments to make, we want to be leaning into growth right now.

因此你可以把今年剩餘時間的成長率想成大約落在十幾%到 20%出頭。而第一季的 G&A 高於今年其餘時間可能會出現的水準，但這不一定會改變我們對全年利潤率的展望，因為我們仍有一些數位代理的投資要做，我們也希望現在更積極投入成長。

Katie Sakys, Autonomous Research.

Katie Sakys，Autonomous Research。

I just wanted to circle back on some of the questions about our revenue growth. I think you previously framed first half as coming in closer to low double-digits when we heard from you in February. Clearly, 1Q outperformed that. Do you expect 2Q to also sort of trend higher than those initial low double-digit expectations before it further accelerates into the back half of the year?

我想回到一些關於我們營收成長的問題。我記得你們先前在二月與我們溝通時，把上半年描述為更接近低雙位數成長。顯然，第一季表現超出那個水準。你們是否預期第二季也會在那些最初的低雙位數預期之上，然後在下半年進一步加速？

Yeah. So Katy, I would just make sure you're tracking the $4 million from the second quarter of last year. That's a year-over-year comparison challenge. And we talked about low double-digit first half, not necessarily in each individual quarter.

是的。所以 Katy，我只是想確認你有把去年第二季的 400 萬美元納入追蹤。那是年對年比較上的挑戰。而我們談的是上半年低雙位數，不一定是每一個單季都低雙位數。

And in our prepared remarks, we said core revenue growth rate when you adjust for that $4 million comparison challenge will look similar to the first quarter number. And then from that point, you should be expecting to see kind of the renewal book begin to improve its performance, it's going to drive faster core revenue growth rates.

而在我們的準備稿中，我們說當你針對那 400 萬美元的比較挑戰做調整後，核心營收成長率看起來會與第一季的數字相近。接著從那個時間點開始，你應該會看到續保保單組合的表現開始改善，進而帶動更快的核心營收成長率。

Makes sense. And then I think you guys had previously a couple of quarters ago suggested that on an annual basis, you expect about 10% of your corporate agents to launch their own franchises. Is that still the right launch rate to be thinking about?

了解。另外，我記得你們在幾季前曾提到，以年度來看，你們預期大約 10% 的公司代理會成立自己的加盟店。這個成立（launch）比率仍然適用嗎？

Yeah. So that's certainly the right launch rate to be thinking about over time. And if you look at the last 12 months, we've launched 30 corporate agents into franchises, which is kind of ballpark-ish, 10%. And then kind of a new development, which is a close adjacency is for some of our embedded partner franchises as well as our kind of larger-scale agencies. We've actually seeded them with a few corporate agents to help supercharge their growth.

是的。所以從長期來看，這確實是你應該採用的成立比率。如果你看過去 12 個月，我們已經讓 30 位公司代理成立加盟店，大致上就是約 10%。另外一個新的發展、也算是相近的延伸：對於我們部分嵌入式合作夥伴加盟店以及一些規模較大的代理機構，我們其實也派駐了幾位公司代理，來協助加速他們的成長。

And that's really just when it is a good fit for that corporate agent. Maybe they want to move to that geography where that franchise is and it's a good fit for the partner or the other franchise. So if you include those, we've now launched in the last 12 months, 30 corporate agents into their own franchise and placed 10 into existing agencies or partners, which is completely aligned with the strategy we want to do, right?

這主要是在對該公司代理很合適的情況下進行。也許他們想搬到該加盟店所在的地區，而這對合作夥伴或其他加盟店也很契合。所以如果把這些也算進去，過去 12 個月我們讓 30 位公司代理成立自己的加盟店，並把 10 位安排到既有的代理機構或合作夥伴那邊，這完全符合我們想要推動的策略，對吧？

We want the corporate team to be the talent incubator. It's where we grow the best of the best. So that's a great way to supercharge growth on the franchise side of the business.

我們希望公司團隊成為人才孵化器。這是我們培養最頂尖人才的地方。因此，這是一個能在加盟業務端加速成長的很棒方式。

(Operator Instructions) And I'm not showing any further questions at this time. I would now like to turn the call back over to Mark Miller for any closing remarks.

(接線員指示) 目前我這邊沒有看到其他問題。我現在想把電話交回給 Mark Miller，請他做結語。

Yeah. I just want to thank everybody for joining us today. It's an exciting time to be part of the Goosehead business, and we look forward to talking to everybody again in July for our second quarter call.

好的。我只想感謝各位今天加入我們。現在是參與 Goosehead 業務令人振奮的時刻，我們也期待在七月的第二季電話會議再次與各位交流。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。本次電話會議到此結束。感謝各位的參與。您現在可以掛線。