Revenues (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

The following tables disaggregates revenue by source (in thousands):


	Year Ended December 31,
	2025		2024		2023
Type of revenue stream:
Commissions and agency fees
Renewal commissions	$	78,621	$	74,938	$	70,730
New business commissions	27,985		24,608		23,411
Agency fees	10,404		8,127		8,174
Contingent commissions	38,376		31,385		13,746
Franchise revenues
Renewal royalty fees	170,767		138,942		107,524
New business royalty fees	30,153		27,122		23,168
Initial franchise fees	5,594		6,620		11,238
Other franchise revenues	2,734		1,831		1,843
Interest income	670		932		1,443
Total revenues	$	365,304	$	314,505	$	261,276

Timing of revenue recognition:
Transferred at a point in time	$	117,010	$	107,673	$	102,315
Transferred over time	248,294		206,832		158,961
Total revenues	$	365,304	$	314,505	$	261,276

Schedule of Contract Balances

The following table provides information about receivables, cost to obtain, and contract liabilities from contracts with customers (in thousands):


	December 31,
	2025		2024		Increase/(decrease)
Cost to obtain franchise contracts(1)	$	1,801	$	1,967	$	(166)
Commissions and agency fees receivable, net(2)	36,613		31,375		5,238
Receivable from franchisees, net(2)	14,077		14,546		(469)
Contract liabilities(2)(3)	16,266		18,466		(2,200)

(1) Cost to obtain franchise contracts is included in Other assets on the consolidated balance sheets.

(2) Includes both the current and long term portion of this balance.

(3) Initial Franchise Fees to be recognized over the life of the contract

Significant changes in contract liabilities are as follows (in thousands):


	December 31,
	2025		2024
Contract liability at beginning of period	$	18,466	$	27,099
Revenue recognized during the period	(5,594)		(6,620)
New deferrals(1)	3,930		3,125
Write offs(2)	(536)		(5,138)
Contract liability at end of period	$	16,266	$	18,466

(1) Initial franchise fees where the consideration is received from the customer for services which are to be transferred to the franchisee over the term of the franchise agreement

(2) Franchise Fees, net of recognized revenue, no longer deferred due to the termination of the Franchise Agreement.

Schedule of Anticipated Future Recognition of Deferred Initial Franchise Fees

The following table reflects the estimated initial franchise fees (contract liability) to be recognized in the future related to performance obligations that are unsatisfied at the end of the period (in thousands):


Estimate for the year ended December 31:
2026	$	3,241
2027	2,741
2028	2,506
2029	2,225
2030	1,889
Thereafter	3,664
	$	16,266