0001781755-26-000049
SEC filingQ2 营收增长 30% 但净亏损扩大，主因 CAC Group 等并购整合及 Tax Receivable Agreement 费用。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $492.9M | $378.8M | +30% |
| Gross Profit | $492.9M | $378.8M | +30% |
| Gross Margin | 100% | 100% | — |
| Operating Income | -$8.3M | $27.9M | -130% |
| Operating Margin | -1.7% | 7.4% | -910bps |
| Net Income | -$56.0M | -$5.1M | -989% |
| Diluted EPS | -$0.42 | -$0.05 | — |
| Adjusted EBITDA | $116.7M | $85.5M | +37% |
| Operating Cash Flow | $39.5M | -$80.7M | — |
| Free Cash Flow | $11.6M | -$101.0M | — |
Q2 营收增长 30% 至 $492.9M，主要由 CAC Group、Obie 和 Capstone 三起并购贡献 $106.8M，有机增长仅 2%，受 IAS 商业财产险费率疲软 240bps 拖累。毛利率维持 100%，但经营利润率大幅下滑至 -1.7%，主因并购相关费用、Tax Receivable Agreement 费用及摊销增加。
净亏损扩大至 $56.0M，主要受一次性项目影响：Tax Receivable Agreement 费用 $128.8M、并购相关费用 $17.7M、CAC Group 并购保险费用 $7.7M。剔除这些项目后，调整后 EBITDA 为 $116.7M，同比增长 37%，调整后 EPS 为 $0.48，同比增长 14%。
| 分部 | 营收 | 同比 | 经营利润 | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Insurance Advisory Solutions | $275.3M | +50% | $3.1M | 1.1% | CAC Group 并购推动，但费率疲软 |
| Underwriting, Capacity & Technology Solutions | $160.2M | +9% | $9.6M | 6.0% | Captive 业务增长，MSI 承压 |
| Mainstreet Insurance Solutions | $75.3M | +13% | $3.8M | 5.0% | Hippo 分销网络贡献，Medicare 下滑 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $184.5M | +$60.8M |
| Total Debt | $2.45B | +$779.6M |
| Net Debt | $2.27B | +$718.8M |
| Operating Cash Flow | $39.5M | +$120.2M |
| Capex | $27.8M | +$7.5M |
| Free Cash Flow | $11.6M | +$112.6M |
| FCF 转化率 | 20% | — |
Net Debt/EBITDA 约为 4.5x（基于调整后 EBITDA $253.9M），杠杆水平较高，主要因并购融资。