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Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues        
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 0 437 0
Net income from continuing operations 6,893 7,608 20,440 20,047
Net income from discontinued operation, net of tax 0 0 0 834
Net income 6,893 7,608 20,440 20,881
Less: net income attributable to noncontrolling interests 5,739 0 19,286 0
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 (in shares) 14,722,685 14,722,685
Diluted (in shares) 14,890,382 14,890,382
Earnings per share (see Note 13):        
Basic (us dollars per share) $ 0.08 $ 0.08
Diluted (us dollar per share) $ 0.08 $ 0.08
Commission income        
Revenues        
Total revenues $ 48,240 $ 43,993 $ 139,447 $ 122,451
Contingent income        
Revenues        
Total revenues 1,383 1,035 3,717 3,023
Fee Income        
Revenues        
Total revenues 2,890 2,107 7,811 6,343
Other income        
Revenues        
Total revenues $ 2,127 $ 575 $ 3,244 $ 1,125