0001726978-25-000141
SEC filingQ3 营收增16%至$90.4M，净利$12.7M，Adjusted EBITDA利润率33%，增长强劲但利润率略降。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $90.4M | $78.0M | +16% |
| Gross Profit | $90.4M | $78.0M | +16% |
| Gross Margin | 100% | 100% | — |
| Operating Income | $21.3M | $16.4M | +29% |
| Operating Margin | 23.5% | 21.1% | +240 bps |
| Net Income | $12.7M | $12.6M | +1% |
| Diluted EPS | $0.29 | $0.29 | 0% |
| Adjusted EBITDA | $29.7M | $26.1M | +14% |
| Operating Cash Flow | $68.6M (9M) | $59.0M (9M) | +16% |
| Free Cash Flow | $53.8M (9M) | $49.8M (9M) | +8% |
Q3营收增长16%至$90.4M，主要由Franchise revenues（+19%至$55.8M）驱动，其中Renewal Royalty Fees增长20%至$45.7M，得益于Policies in Force增长13%和Client Retention 85%。Contingent Commissions同比大增$2.1M至$4.5M，贡献了Ancillary Revenue的增长，但该收入波动性大，管理层不依赖其做预算。
Operating Margin同比提升240 bps至23.5%，主要因营收增速（+16%）快于Operating Expenses增速（+12%），其中Employee compensation and benefits增长13%，General and administrative expenses增长13%。但Adjusted EBITDA Margin从34%降至33%，因员工薪酬（不含股权激励）增速快于营收。
盈利质量方面，Net Income仅微增$0.1M至$12.7M，主要受Interest Expense同比+190%至$6.0M拖累，因7月债务再融资后总借款增加。剔除一次性项（Q2资产减值$4.7M、Q3债务修改费用）后，run-rate盈利能力更强。Operating Cash Flow 9M达$68.6M，同比增长16%，与Net Income匹配良好。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Insurance Distribution | $90.4M | +16% | $21.3M (Operating Income) | 23.5% | Franchise revenues +19%，Contingent Commissions +$2.1M |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $51.6M | $54.3M (Dec 2024) |
| Total Debt | $293.0M | $92.3M (Dec 2024) |
| Net Debt | $241.4M | $38.0M (Dec 2024) |
| Operating Cash Flow | $68.6M (9M) | $59.0M (9M 2024) |
| Capex | $12.2M (9M) | $9.0M (9M 2024) |
| Free Cash Flow | $53.8M (9M) | $49.8M (9M 2024) |
| FCF 转化率 | 228% (9M) | 197% (9M 2024) |
Net Debt/EBITDA（TTM）约3.2x，基于Adjusted EBITDA $74.4M (9M) 年化估算，符合债务契约5x上限。
资本配置：
前瞻指引： 未提供具体财务指引。
一次性异常项：
主要风险：