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REVENUES | 9 Months Ended
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Sep. 30, 2024
Revenue from Contract with Customer [Abstract] |
REVENUES | REVENUES The following table presents the disaggregation of revenues by major source (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Commission income | $ | 48,240 |  |  | $ | 43,993 |  |  | $ | 139,447 |  |  | $ | 122,451 |
Contingent income | 1,383 |  |  | 1,035 |  |  | 3,717 |  |  | 3,023 |
Fee income |  |  |  |  |  |  |
Policy fees | 1,064 |  |  | 580 |  |  | 2,510 |  |  | 1,656 |
Branch fees | 1,172 |  |  | 824 |  |  | 3,523 |  |  | 2,134 |
License fees | 495 |  |  | 555 |  |  | 1,454 |  |  | 2,090 |
TPA fees | 159 |  |  | 148 |  |  | 324 |  |  | 463 |
Other income | 2,127 |  |  | 575 |  |  | 3,244 |  |  | 1,125 |
Total revenues | $ | 54,640 |  |  | $ | 47,710 |  |  | $ | 154,219 |  |  | $ | 132,942 |
The Company operates through two primary offerings, which are Insurance Services and TWFG MGA. The following table presents the disaggregation of revenues by offerings (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Insurance Services |  |  |  |  |  |  |
Agency-in-a-box | $ | 34,000 |  |  | $ | 35,895 |  |  | $ | 100,418 |  |  | $ | 102,539 |
Corporate Branches | 9,234 |  |  | 1,755 |  |  | 25,861 |  |  | 4,259 |
TWFG MGA | 9,490 |  |  | 9,538 |  |  | 25,213 |  |  | 24,417 |
Other | 1,916 |  |  | 522 |  |  | 2,727 |  |  | 1,727 |
Total revenues | $ | 54,640 |  |  | $ | 47,710 |  |  | $ | 154,219 |  |  | $ | 132,942 |
As of September 30, 2024 and December 31, 2023, the Commissions receivable reported in the Condensed Consolidated Statements of Financial Position had a balance of $22.9 million and $19.1 million, respectively, and had an opening balance of $15.0 million as of January 1, 2023. As of September 30, 2024, the aging of Commissions receivable is 61.9% for current, 6.7% for 31-60 days and the remainder is over 61 days. As of December 31, 2023, the aging of commissions receivable is 73.2% for current, 8.8% for 31-60 days and the remainder is over 61 days. The Company has no contract liabilities as of September 30, 2024, December 31, 2023, and January 1, 2023. Other than The Progressive Corporation, which accounted for 11% and 12% of total revenues for the three and nine months ended September 30, 2024, respectively, and 10% and 11% of total revenues for the three and nine months ended September 30, 2023, respectively, no other customers individually accounted for 10% or more of the Company’s total revenues for the three and nine months ended September 30, 2024 and 2023.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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