0001997350-26-000003
SEC filing2025年营收增长51%至$913M，但IPO相关$1.38B非现金费用致净亏损$1.35B。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $912.9M | $602.6M | +51% |
| Net Income | -$1,345.2M | $22.9M | — |
| Diluted EPS | -$7.49 | $0.14 | — |
| Adjusted EBITDA | $281.8M | $113.0M | +149% |
| Adjusted EBITDA Margin | 31% | 19% | +1200 bps |
| Gross Loss Ratio | 51.3% | 54.3% | -300 bps |
| Operating Cash Flow | $445.1M | $785.7M | -43% |
2025年营收增长51%至$912.9M，主要受Exchange Written Premium增长35%至$4.19B驱动，其中Third-Party Direct Written Premium占比从16%提升至30%，显示业务模式向fee-based转型。Ceding commission income增长43%至$356.8M，Direct commission income增长143%至$162.0M。
净亏损$1.35B主要源于IPO时确认的$1.38B非现金profits interest distribution expense，该费用被等额资本贡献抵消，对权益无净影响。剔除该费用及share-based compensation等调整后，Adjusted Net Income为$178.7M，较2024年$66.7M增长168%。
Gross Loss Ratio改善至51.3%，反映承保质量提升。但Net Loss Ratio为68.4%，高于Gross Loss Ratio，主要因excess of loss reinsurance决策。经营现金流下降至$445.1M，主要因保险和再保险项目时间差异。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Exchange Services | $334.9M | +50% | $224.5M | 67% | Exchange Written Premium增长35% |
| MGA Operations | $249.1M | +66% | $112.6M | 45% | Direct commission income增长$66.8M |
| Underwriting | $430.9M | +26% | $57.4M | 13% | Net earned premium增长$71.5M |
Exchange Services是核心业务，Adjusted EBITDA margin为67%，虽较2024年71%下降，但仍保持高盈利水平。MGA Operations margin提升至45%，主要受direct commission income和unrealized gains驱动。Underwriting segment Adjusted EBITDA转正至$57.4M，显示运营杠杆改善。
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash, cash equivalents and restricted cash | $1,799.3M | +$526.3M |
| Total investments | $806.4M | +$198.6M |
| Total assets | $8,263.1M | +$2,168.2M |
| Total debt | $121.3M | -$0.1M |
| Total equity | $726.4M | +$299.4M |
| Operating Cash Flow | $445.1M | -$340.6M |
| Capex | $41.4M | +$7.0M |
公司流动性充裕，现金及投资总额达$2.61B。债务水平较低，$121.3M senior unsecured debt，并有$50M revolving credit facility未使用。IPO募资$392M，用于赎回Class C preference shares $175.3M及支付Altamont termination fee $25M。
资本配置：IPO募资$392M，主要用于赎回Class C preference shares和支付termination fee。2025年完成Corniche Underwriting收购，持股增至80.5%。公司未派发股息，计划将收益再投资于业务增长。
前瞻指引：公司预计2026年retained portion of Exchange Written Premium约为10%，长期将下降。Flywheel Re reinsurance treaty已扩展并增资，支持至2028年的风险期。
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