Goosehead Insurance, Inc.

Previous wording

Financial Highlights for the Third Quarter of 2025:

Current wording

Financial Highlights for the First Quarter of 2026:

Previous wording

•Total Written Premiums placed increased 15% from the prior-year period to $1.2 billion

Current wording

•Total Written Premiums placed increased 13% from the prior-year period to $1.1 billion

Previous wording

•Net income increased by $0.1 million from the third quarter of 2024 to $12.7 million, or 14% of total revenues

Current wording

•Net income increased by $5.4 million from the first quarter of 2025 to $8.0 million, or 9% of total revenues

Previous wording

•Adjusted EBITDA* increased 14% from the third quarter of 2024 to $29.7 million, or 33% of total revenues

Current wording

•Adjusted EBITDA* increased 57% from the first quarter of 2025 to $24.4 million, or 26% of total revenues

Previous wording

•Basic and diluted earnings per share were $0.31 and $0.29, respectively, and Adjusted EPS* was $0.46 per share for the three months ended September 30, 2025

Current wording

•Basic and diluted earnings per share were $0.20 and $0.19, respectively, and Adjusted EPS* was $0.37 per share for the three months ended March 31, 2026

Previous wording

•Corporate sales headcount increased 14% from September 30, 2024 to 523 at September 30, 2025

Current wording

•Corporate sales headcount increased 13% from March 31, 2025 to 482 at March 31, 2026

Previous wording

◦As of September 30, 2025, 286 of these Corporate sales agents had less than one year of tenure and 237 had greater than one year of tenure

Current wording

◦As of March 31, 2026, 275 of these Corporate sales agents had less than one year of tenure and 207 had greater than one year of tenure

Previous wording

•Total operating franchises decreased 4% from September 30, 2024 to 1,068 at September 30, 2025

Current wording

•Total operating franchises decreased 13% from March 31, 2025 to 956 at March 31, 2026

Previous wording

◦As of September 30, 2025, 101 operating Franchisees had less than one year of tenure and 967 operating Franchisees had greater than one year of tenure

Current wording

◦As of March 31, 2026, 77 operating Franchisees had less than one year of tenure and 879 operating Franchisees had greater than one year of tenure

Previous wording

•Total Franchise agents increased 1% from September 30, 2024 to 2,124 at September 30, 2025

Current wording

•Total Franchise agents increased 3% from March 31, 2025 to 2,150 at March 31, 2026

Previous wording

During the three months ended September 30, 2025, revenue increased by 16% to $90.4 million from $78.0 million for the three months ended September 30, 2024. For the nine months ended September 30, 2025, revenue increased by 18% to $260.0 million from $220.6 million for the nine months ended September 30, 2024. Total Written Premium, which we believe is the best leading indicator of future revenue, increased 15% to $1.18 billion for the three months ended September 30, 2025 from $1.03 billion for the three months ended September 30, 2024. Total Written Premium increased 18% for the nine months ended September 30, 2025 to $3.4 billion from $2.85 billion for the nine months ended September 30, 2024. Total Written Premiums drive our current and future Core Revenue and give us potential opportunities to earn Ancillary Revenue in the form of Contingent Commissions.

Current wording

For the three months ended March 31, 2026, revenue increased by 23% to $93.1 million from $75.6 million for the three months ended March 31, 2025. Total Written Premium, which we believe is the best leading indicator of future revenue, increased 13% for the three months ended March 31, 2026 to $1.1 billion from $1.0 billion for the three months ended March 31, 2025. Total Written Premiums drive our current and future Core Revenue and give us potential opportunities to earn Ancillary Revenue in the form of Contingent Commissions.

Previous wording

•Renewal Royalty Fees - highly predictable, higher-margin revenue stream, which is managed by our service team. For policies in their first renewal term, we see an increase in our share of royalties from 20% to 50% on the commission paid by the Carriers.

Current wording

•Renewal Royalty Fees - highly predictable, higher-margin revenue stream, which is managed by our service team. For policies in their first renewal term, we see an increase in our share of royalties from 20% to 50% of the commission paid by the Carriers.

Previous wording

The following is a discussion of our consolidated results of operations for each of the three and nine months ended September 30, 2025 and 2024. This information is derived from our accompanying condensed consolidated financial statements prepared in accordance with GAAP.

Current wording

The following is a discussion of our consolidated results of operations for each of the three months ended March 31, 2026 and 2025. This information is derived from our accompanying condensed consolidated financial statements prepared in accordance with GAAP.

Previous wording

New Business Commissions increased by $1.3 million, or 20%, to $7.5 million for the three months ended September 30, 2025 from $6.2 million for the three months ended September 30, 2024. New Business Commissions increased by $2.2 million, or 12%, to $20.8 million for the nine months ended September 30, 2025 from $18.6 million for the nine months ended September 30, 2024. The increase during each of the three and nine months ended September 30, 2025 was primarily driven by an increase in the number of Corporate sales agents, offset by product availability challenges in Texas, which represents the largest geographic concentration for our corporate network.

Current wording

New Business Commissions increased by $1.7 million, or 29%, to $7.5 million for the three months ended March 31, 2026 from $5.8 million for the three months ended March 31, 2025. The increase during the three months ended March 31, 2026 was primarily driven by an increase in the number of Corporate sales agents, as well as an increase in the per-agent productivity in the period.

Previous wording

Revenue from Agency Fees increased by $0.7 million, or 36%, to $2.7 million for the three months ended September 30, 2025 from $2.0 million for the three months ended September 30, 2024. Revenue from Agency Fees increased by $1.8 million, or 30%, to $7.9 million for the nine months ended September 30, 2025 from $6.0 million for the nine months ended September 30, 2024. The increase in Agency Fees during each of the three and nine months ended September 30, 2025 was primarily attributable to an increase in the average fee charged as well as an increase in the number of policies written where an agency fee was charged.

Current wording

Revenue from Agency Fees increased by $0.1 million, or 6%, to $2.4 million for the three months ended March 31, 2026 from $2.2 million for the three months ended March 31, 2025. The increase in Agency Fees during the three months ended March 31, 2026 was primarily attributable to an increase in the number of policies written where an agency fee was charged.

Previous wording

Revenue from Renewal Royalty Fees increased by $7.6 million, or 20%, to $45.7 million for the three months ended September 30, 2025 from $38.1 million for the three months ended September 30, 2024. Revenue from Renewal Royalty Fees increased by $24.4 million, or 23%, to $128.3 million for the nine months ended September 30, 2025 from $104.0 million for the nine months ended September 30, 2024. The increase in revenue from Renewal Royalty Fees during each of the three and nine months ended September 30, 2025 was primarily attributable to an increase in the number of policies in the renewal term, assisted by client retention of 85% and rising premium rates. The increase for the nine months ended September 30, 2025 was also impacted by the recognition of $1.0 million due to the release of the constraint on certain variable consideration related to policies placed and made effective in previous periods.

Current wording

Revenue from Renewal Royalty Fees increased by $6.4 million, or 17%, to $43.6 million for the three months ended March 31, 2026 from $37.2 million for the three months ended March 31, 2025. The increase in revenue from Renewal Royalty Fees during the three months ended March 31, 2026 was primarily attributable to an increase in the number of policies in the renewal term, assisted by client retention of 85%.

Previous wording

Revenue from New Business Royalty Fees increased by $1.3 million, or 18%, to $8.3 million for the three months ended September 30, 2025 from $7.0 million for the three months ended September 30, 2024. Revenue from New Business Royalty Fees increased by $2.6 million, or 13%, to $23.0 million for the nine months ended September 30, 2025 from $20.4 million for the nine months ended September 30, 2024. The increase in revenue from New Business Royalty Fees during each of the three and nine months ended September 30, 2025 was primarily attributable to an increase in the number of franchise agents, an increase in franchise productivity, and rising premium rates.

Current wording

Revenue from New Business Royalty Fees increased by $1.0 million, or 14%, to $7.9 million for the three months ended March 31, 2026 from $6.9 million for the three months ended March 31, 2025. The increase in revenue from New Business Royalty Fees during the three months ended March 31, 2026 was primarily attributable to an increase in the number of franchise agents and an increase in franchise productivity.

Previous wording

Revenue from Initial Franchise Fees remained flat at $1.4 million for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. Revenue from Initial Franchise Fees decreased by $1.3 million, or 25%, to $4.0 million for the nine months ended September 30, 2025 from $5.3 million for the nine months ended September 30, 2024. The decrease in Revenue from Initial Franchise Fees during the nine months ended September 30, 2025 was primarily attributable to lower turnover of franchises during the period, which avoids accelerated recognition of Initial Franchise Fees for terminated franchises.

Current wording

Revenue from Initial Franchise Fees increased at $0.3 million, or 20%, to $1.6 million for the three months ended March 31, 2026 from $1.3 million for the three months ended March 31, 2025. The increase in Revenue from Initial Franchise Fees during the three months ended March 31, 2026 was primarily attributable to higher turnover of franchises during the period, which accelerates recognition of Initial Franchise Fees for franchises that were terminated or transferred during the period.

Previous wording

Interest income decreased by $0.1 million, or 30%, to $0.2 million for the three months ended September 30, 2025 from $0.2 million for the three months ended September 30, 2024. Interest income decreased by $0.2 million, or 27%, to $0.5 million for the nine months ended September 30, 2025 from $0.7 million for the nine months ended September 30, 2024. The decrease in interest income during each of the three and nine months ended September 30, 2025 was primarily attributable to fewer franchises operating under the payment plan option during the period.

Current wording

Interest income decreased by $0.1 million, or 38%, to $0.1 million for the three months ended March 31, 2026 from $0.2 million for the three months ended March 31, 2025. The decrease in interest income during the three months ended March 31, 2026 was primarily attributable to fewer franchises operating under the payment plan option during the period.

Previous wording

Employee compensation and benefits expenses increased by $5.5 million, or 13%, to $48.7 million for the three months ended September 30, 2025 from $43.2 million for the three months ended September 30, 2024. Employee compensation and benefits expenses increased by $19.5 million, or 15%, to $147.4 million for the nine months ended September 30, 2025 from $127.9 million for the nine months ended September 30, 2024. The increase in employee compensation during each of the three and nine months ended September 30, 2025 was primarily related to investments in corporate producers and our service and technology functions.

Current wording

Employee compensation and benefits expenses increased by $2.2 million, or 5%, to $50.5 million for the three months ended March 31, 2026 from $48.3 million for the three months ended March 31, 2025. The increase in employee compensation during the three months ended March 31, 2026 was primarily related to investments in corporate producers and technology functions.

Previous wording

Depreciation and amortization increased by $0.2 million, or 8%, to $2.8 million for the three months ended September 30, 2025 from $2.6 million for the three months ended September 30, 2024. Depreciation and amortization increased by $0.5 million, or 6%, to $8.3 million for the nine months ended September 30, 2025 from $7.8 million for the nine months ended September 30, 2024. This increase during each of the three and nine months ended September 30, 2025 was primarily attributable to increased spending on software development since September 30, 2024.

Current wording

Depreciation and amortization increased by $0.5 million, or 20%, to $3.2 million for the three months ended March 31, 2026 from $2.7 million for the three months ended March 31, 2025. This increase during the three months ended March 31, 2026 was primarily attributable to increased spending on software development since March 31, 2025.

Previous wording

Other income (expense) consists of interest earned on cash deposits, loss on debt extinguishment, debt modification expense, interest expense on current TRA payments, and remeasurements of our TRA liability. Other income (expense) decreased by $0.8 million for the three months ended September 30, 2025 primarily attributable to debt modification expense associated with our debt refinancing on July 9, 2025. Other income (expense) increased by $6.5 million for the nine months ended September 30, 2025 primarily due to remeasurements of our TRA liability during the nine months ended September 30, 2024 due to increases in our effective tax rate as we identified additional state filing requirements.

Current wording

Other income consists of interest earned on cash deposits, loss on debt extinguishment, debt modification expense, interest expense on current TRA payments, and remeasurements of our TRA liability. Other income increased by $0.1 million for the three months ended March 31, 2026 primarily attributable to a loss on debt extinguishment in the three months ended March 31, 2025 related to the Company's repayment of the Second Amended and Restated Credit Agreement, offset by a decrease in interest earned on cash deposits.

Previous wording

Tax expense (benefit) increased by $0.1 million for the three months ended September 30, 2025, to a tax expense of $2.4 million from a tax expense $2.3 million for the three months ended September 30, 2024. Tax expense (benefit) increased by $5.9 million for the nine months ended September 30, 2025 to an expense of $2.6 million from a benefit of $3.3 million for the nine months ended September 30, 2024. The increase in tax expense (benefit) for the three months ended September 30, 2025 was primarily attributable to increases in income before taxes. The increase in tax expense (benefit) for the nine months ended September 30, 2024 was primarily attributable to remeasurements of our deferred tax asset due to increases in our effective tax rate as we identified additional state filing requirements.

Current wording

Tax expense (benefit) increased by $3.4 million for the three months ended March 31, 2026, to a tax expense of $1.7 million from a tax (benefit) of $(1.7) million for the three months ended March 31, 2025. The increase in tax expense (benefit) for the three months ended March 31, 2026 was primarily attributable to increases in income before taxes and a decrease in excess tax benefits recognized on stock option exercises as compared to the three months ended March 31, 2025.

Previous wording

The following tables show Total Written Premium placed by corporate agents and franchisees for the three and nine months ended September 30, 2025 and 2024(in thousands).

Current wording

The following tables show Total Written Premium placed by corporate agents and franchisees for the three months ended March 31, 2026 and 2025(in thousands).

Previous wording

As of September 30, 2025, we had 1.9 million Policies in Force compared to 1.7 million as of December 31, 2024 and 1.6 million as of September 30, 2024, representing a 11% and a 13% increase, respectively.

Current wording

As of March 31, 2026, we had 2.0 million Policies in Force compared to 1.9 million as of December 31, 2025 and 1.7 million as of March 31, 2025, representing a 4% and a 14% increase, respectively.

Previous wording

Net Promoter Score (NPS) is calculated based on a single question: “How likely are you to refer Goosehead Insurance to a friend, family member or colleague?” Clients that respond with a 6 or below are Detractors, a

Current wording

Net Promoter Score (NPS) is calculated based on a single question: “How likely are you to refer Goosehead Insurance to a friend, family member or colleague?” Clients that respond with a 6 or below are Detractors, with a

Previous wording

score of 7 or 8 are Passives, and a 9 or 10 are Promoters. NPS is calculated by subtracting the percentage of Detractors from the percentage of Promoters. For example, if 50% of respondents were Promoters and 10% were Detractors, NPS is a 40. NPS is a useful gauge of the loyalty of client relationships and can be compared across companies and industries.

Current wording

7 or 8 are Passives, and with a 9 or 10 are Promoters. NPS is calculated by subtracting the percentage of Detractors from the percentage of Promoters. For example, if 50% of respondents were Promoters and 10% were Detractors, NPS is a 40. NPS is a useful gauge of the loyalty of client relationships and can be compared across companies and industries. NPS is calculated on a trailing twelve-month basis.

Previous wording

Client Retention is calculated by comparing the number of all clients that had at least one policy in force twelve months prior to the date of measurement and still have at least one policy in force at the date of measurement. We believe Client Retention is useful as a measure of how well Goosehead retains clients year-over-year and minimizes defections.

Current wording

Client Retention is calculated by comparing the number of clients that had at least one policy in force twelve months prior to the date of measurement and still have at least one policy in force at the date of measurement. We believe Client Retention is useful as a measure of how well Goosehead retains clients year-over-year and minimizes defections.

Previous wording

Client Retention of 85% at September 30, 2025 increased when compared to 84% at December 31, 2024, and 84% at September 30, 2024 assisted by moderating premium rate increases. For the trailing twelve months ended September 30, 2025, we retained 93% of the premiums we distributed in the trailing twelve months ended September 30, 2024, which decreased from the 98% premium retention at December 31, 2024. The decline in premium retention is primarily attributable to moderating premium rate increases combined with stable client retention. Our premium retention rate is higher than our Client Retention rate as a result of both premiums increasing year over year and additional coverages sold by our sales and service teams.

Current wording

Client Retention of 85% at March 31, 2026 increased when compared to 85% at December 31, 2025, and 84% at March 31, 2025 assisted by moderating premium rate increases. For the trailing twelve months ended March 31, 2026, we retained 89% of the premiums we distributed in the trailing twelve months ended March 31, 2025, which decreased from the 90% premium retention at December 31, 2025. The decline in premium retention is primarily attributable to moderating premium rate increases offset by increasing client retention. Our premium retention rate is higher than our Client Retention rate as a result of both premiums increasing year over year and additional coverages sold by our sales and service teams.

Previous wording

For the three months ended September 30, 2025, New Business Revenue grew 22% to $18.5 million, from $15.2 million for the three months ended September 30, 2024. For the nine months ended September 30, 2025, New Business Revenue grew 15% to $51.7 million, from $45.0 million for the nine months ended September 30, 2024. Growth in New Business Revenue during each of the three and nine months ended September 30, 2025 was primarily driven by an increase in the number of Corporate and Franchise sales agents, growth in Franchise productivity, and rising premium rates.

Current wording

For the three months ended March 31, 2026, New Business Revenue grew 19% to $17.7 million, from $14.9 million for the three months ended March 31, 2025. Growth in New Business Revenue during the three months ended March 31, 2026 was primarily driven by an increase in the number of Corporate and Franchise sales agents and growth in Corporate and Franchise productivity.

Previous wording

Any diminished capacity of Carriers to place new business (including as a result of the recent wildfires in Southern California, hurricanes in Florida, and floods in Texas) could slow the growth of our New Business Revenue in the future.

Current wording

Any diminished capacity of Carriers to place new business (including as a result of 2025 wildfires in Southern California, severe floods in Central Texas, and other natural disasters) could slow the growth of our New Business Revenue in the future.

Previous wording

For the three months ended September 30, 2025, Renewal Revenue grew 12% to $65.4 million, from $58.3 million for the three months ended September 30, 2024. For the nine months ended September 30, 2025, Renewal Revenue grew 17% to $188.1 million, from $160.7 million for the nine months ended September 30, 2024. Growth in Renewal Revenue during the three months ended September 30, 2025 was driven by an increase in the number of policies in the renewal term assisted by Client Retention of 85% at September 30, 2025, and rising premium rates. The increase during the nine months ended September 30, 2025 also reflects the release of the constraint on certain variable consideration related to policies placed and made effective in previous periods.

Current wording

For the three months ended March 31, 2026, Renewal Revenue grew 14% to $61.8 million, from $54.2 million for the three months ended March 31, 2025. Growth in Renewal Revenue during the three months ended March 31, 2026 was driven by an increase in the number of policies in the renewal term assisted by Client Retention of 85% at March 31, 2026.

Previous wording

Core Revenue increased by $10.4 million, or 14%, to $83.9 million for the three months ended September 30, 2025 from $73.5 million for the three months ended September 30, 2024. Core Revenue increased by $34.0 million, or 17%, to $239.8 million for the nine months ended September 30, 2025 from $205.8 million for the nine months ended September 30, 2024. The primary drivers of the increase during the three months ended September 30, 2025 were an increase in policies in their renewal term, assisted by Client Retention of 85%; more new policies written driven by an increase in the number of Corporate and Franchise sales agents and growth in Franchise productivity; and rising premium rates. The increase during the nine months ended September 30, 2025 also reflects the release of the constraint on certain variable consideration related to policies placed and made effective in previous periods.

Current wording

Core Revenue increased by $10.4 million, or 15%, to $79.5 million for the three months ended March 31, 2026 from $69.1 million for the three months ended March 31, 2025. The primary drivers of the increase during the three months ended March 31, 2026 were an increase in policies in their renewal term, assisted by Client Retention of 85%; more new policies written, driven by an increase in the number of Corporate and Franchise sales agents and growth in Franchise productivity.

Previous wording

Adjusted EBITDA increased by $3.5 million, or 14%, to $29.7 million for the three months ended September 30, 2025 from $26.1 million for the three months ended September 30, 2024. Adjusted EBITDA increased by $11.8 million, or 19%, to $74.4 million for the nine months ended September 30, 2025 from $62.5 million for the nine months ended September 30, 2024. The primary driver of the increase in Adjusted EBITDA during each of the three and nine months ended September 30, 2025 was growth in total revenue partially offset by an increase in employee compensation and benefits excluding equity-based compensation. Additionally, the increase for the nine months ended September 30, 2025 included $4 million recognized in the second quarter of 2025 due to the release of a constraint on certain variable consideration related to policies placed and made effective in previous periods.

Current wording

Adjusted EBITDA increased by $8.9 million, or 57%, to $24.4 million for the three months ended March 31, 2026 from $15.5 million for the three months ended March 31, 2025. The primary driver of the increase in Adjusted EBITDA during the three months ended March 31, 2026 was growth in total revenue partially offset by an increase in general and administrative expenses excluding impairment expense.

Previous wording

Adjusted EBITDA Margin is Adjusted EBITDA as defined above, divided by total revenue excluding other non-operating items. Adjusted EBITDA Margin is helpful in measuring profitability of operations on a consolidated level.

Current wording

Adjusted EBITDA Margin is Adjusted EBITDA as defined above, divided by total revenue. Adjusted EBITDA Margin is helpful in measuring profitability of operations on a consolidated level.

Previous wording

For the three months ended September 30, 2025, Adjusted EBITDA Margin was 33% compared to 34% for the three months ended September 30, 2024 primarily as a result of employee compensation and benefits, excluding equity-based compensation, growing at a faster rate than total revenue. For the nine months ended September 30, 2025, Adjusted EBITDA Margin of 29% increased when compared to 28% for the nine months ended September 30, 2024 as a result of total revenue growing at a faster rate than general and administrative expenses excluding impairment expense and a decline in bad debt expense.

Current wording

For the three months ended March 31, 2026, Adjusted EBITDA Margin of 26% increased when compared to 21% for the three months ended March 31, 2025 as a result of total revenue growing at a faster rate than employee compensation and benefits and general and administrative expenses, excluding equity-based compensation, impairment expense, and other non-operating items.

Previous wording

(1) Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue ($29,688/$90,435) and ($26,145/$78,035) for the three months ended September 30, 2025 and 2024, respectively. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue ($74,360/$260,046), and ($62,533/$220,583) for the nine months ended September 30, 2025 and 2024, respectively.

Current wording

(1) Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue ($24,424/$93,076) and ($15,520/$75,583) for the three months ended March 31, 2026 and 2025, respectively.

Previous wording

(1) Calculated as equity-based compensation divided by sum of weighted average Class A and Class B shares [$5.6 million/(25.1 million + 12.1 million)] for the three months ended September 30, 2025 and [$7.1 million/ (24.3 million + 12.7 million)] for the three months ended September 30, 2024. Calculated as equity-based compensation divided by sum of weighted average Class A and Class B shares [$17.8 million/(25.1 million + 12.3 million)] for the nine months ended September 30, 2025 and [$21.1 million/ (24.7 million + 12.8 million)] for the nine months ended September 30, 2024.

Current wording

(1) Calculated as equity-based compensation divided by sum of weighted average Class A and Class B shares [$6.2 million/(24.3 million + 11.9 million)] for the three months ended March 31, 2026 and [$6.2 million/ (24.8 million + 12.6 million)] for the three months ended March 31, 2025.

Previous wording

We have managed our historical liquidity and capital requirements primarily through the receipt of revenues. Our primary cash flow activities involve: (1) generating cash flow from Commissions and Fees, which largely includes New Business Commissions, Renewal Commissions, and Agency Fees; (2) generating cash flow from Franchise Revenues operations, which largely includes Initial Franchise Fees and Royalty Fees; (3) borrowings, interest payments and repayments under our credit agreement; and (4) issuing shares of Class A common stock. As of September 30, 2025, our cash and cash equivalents balance was $51.6 million. We have used cash flow from operations primarily to pay compensation and related expenses, general, administrative and other expenses, debt service, special dividends, share repurchases, and distributions to our owners.

Current wording

We have managed our historical liquidity and capital requirements primarily through the receipt of revenues. Our primary cash flow activities involve: (1) generating cash flow from Commissions and Agency Fees, which largely includes New Business Commissions, Renewal Commissions, and Agency Fees; (2) generating cash flow from Franchise Revenues operations, which largely includes Initial Franchise Fees and Royalty Fees; (3) borrowings, interest payments and repayments under our credit agreement; and (4) issuing shares of Class A common stock. As of March 31, 2026, our cash and cash equivalents balance was $25.7 million. We have used cash flow from operations primarily to pay compensation and related expenses; general, administrative and other expenses; debt service; special dividends; share repurchases; and distributions to our owners.

Previous wording

On January 8, 2025, the Company entered into a credit agreement (the "2025 Credit Agreement") providing for an aggregate $300 million term notes payable (the "2025 Initial Term Loan") and $75 million revolving credit facility (the "2025 Revolving Credit Facility"). The 2025 Initial Term Loan matures on January 8, 2032 and the 2025 Revolving

Current wording

On January 8, 2025, the Company entered into a credit agreement (the "2025 Credit Agreement") providing for an aggregate $300 million term notes payable (the "2025 Initial Term Loan") and $75 million revolving credit facility (the "2025 Revolving Credit Facility"). The 2025 Initial Term Loan matures on January 8, 2032 and the 2025 Revolving Credit Facility matures on January 8, 2030. This credit agreement replaced the prior Second Amended and Restated Credit Agreement, dated July 21, 2021, which was repaid with the proceeds of the 2025 Initial Term Loan and terminated.