TWFG Inc
For the period ended Sep 30, 2024. Filed Nov 13, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 13, 2024
TWFG$27.09+1.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Operations
(Amounts in thousands, except share and per share data)
| Three Months EndedSeptember 30, · Nine Months EndedSeptember 30, | ||||||
|---|---|---|---|---|---|---|
| 2024 · 2023 · 2024 · 2023 | ||||||
| Revenues | ||||||
| Commission income (related party of $3,026 and $1,167 for the three months ended and $6,047 and $3,064 for the nine months ended September 30, 2024 and 2023, respectively) | $48,240 | $43,993 | $139,447 | $122,451 | ||
| Contingent income | 1,383 | 1,035 | 3,717 | 3,023 | ||
| Fee income (related party of $884 and $419 for the three months ended and $1,799 and $1,258 for the nine months ended September 30, 2024 and 2023, respectively) | 2,890 | 2,107 | 7,811 | 6,343 | ||
| Other income | 2,127 | 575 | 3,244 | 1,125 | ||
| Total revenues | 54,640 | 47,710 | 154,219 | 132,942 | ||
| Expenses | ||||||
| Commission expense | 30,766 | 32,461 | 89,171 | 90,853 | ||
| Salaries and employee benefits | 8,331 | 3,390 | 21,401 | 10,096 | ||
| Other administrative expenses (related party of $339 and $178 for the three months ended and $1,122 and $270 for the nine months ended September 30, 2024 and 2023, respectively) | 4,813 | 2,812 | 11,687 | 8,043 | ||
| Depreciation and amortization | 2,985 | 1,145 | 8,966 | 3,340 | ||
| Total operating expenses | 46,895 | 39,808 | 131,225 | 112,332 | ||
| Operating income | 7,745 | 7,902 | 22,994 | 20,610 | ||
| Interest expense | (411) | (295) | (2,125) | (553) | ||
| Other non-operating income (expense), net | (4) | 1 | 8 | (10) | ||
| Income before tax | 7,330 | 7,608 | 20,877 | 20,047 | ||
| Income tax expense | 437 | — | 437 | — | ||
| Net income from continuing operations | 6,893 | 7,608 | 20,440 | 20,047 | ||
| Net income from discontinued operation, net of tax | — | — | — | 834 | ||
| Net income | 6,893 | 7,608 | 20,440 | 20,881 | ||
| Less: net income attributable to noncontrolling interests | 5,739 | — | 19,286 | — | ||
| Net income attributable to TWFG, Inc. | $1,154 | $7,608 | $1,154 | $20,881 | ||
| Weighted average shares of common stock outstanding (see Note 13): | ||||||
| Basic | 14,722,685 | 14,722,685 | ||||
| Diluted | 14,890,382 | 14,890,382 | ||||
| Earnings per share (see Note 13): | ||||||
| Basic | $0.08 | $0.08 | ||||
| Diluted | $0.08 | $0.08 | ||||
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.