25-27BPStudyCovers

FINANCIAL STABILITY

AGENCIES WITH REVENUES OF:

AVERAGE

<$1.25M $1.25-2.5M $2.5-5M $5-10M $10-25M $25-100M >$100M

2.0:1 2.2:1

1.6:1 2.0:1

1.1:1 1.5%

1.2:1 1.5:1 6.9%

Current Ratio

1.0:1

1.2:1 2.7:1

2.3:1 2.8:1

Trust Ratio

N/A

17.2% 49.8%

13.5% 59.3%

Tangible Net Worth (% of Net Rev) Receivables-to-Payables Ratio Accounts Receivables: % Receivables Aged 61-90 Days % Receivables Aged Past 90 Days % of P&C Revenues - Agency Billed % of P&C Revenues - Direct Billed

7.5% 0.0%

11.1% 43.1%

14.6% 57.8%

12.0% 39.9%

55.0%

32.4% 10.0% 10.0% 90.0%

0.0%

0.2% 8.6%

2.4%

5.0%

2.8% 4.9%

5.2% 6.7%

15.3%

10.3%

14.7%

5.0%

35.0% 65.0%

25.7% 74.4%

9.0%

12.0% 88.0%

15.0% 85.0%

91.0%

15.3%

AGENCIES WITH REVENUES OF:

TOP QUARTILE

<$1.25M $1.25-2.5M $2.5-5M $5-10M $10-25M $25-100M >$100M

2.5:1 3.1:1

2.1:1 3.0:1

1.6:1 2.4:1

1.6:1 1.9:1

Current Ratio

2.3:1

2.4:1 4.2:1

3.4:1 3.5:1

Trust Ratio

N/A

Tangible Net Worth (% of Net Rev) Receivables-to-Payables Ratio Accounts Receivables: % Receivables Aged 61-90 Days % Receivables Aged Past 90 Days

24.8%

25.7% 20.4%

26.8% 28.9%

21.4% 15.5%

27.9% 17.3%

38.4% 39.5%

15.0% 40.6%

0.0%

16.2% 10.0%

0.0% 6.2%

0.0% 1.9%

0.0% 6.0%

1.0% 4.2%

0.8% 3.4%

1.5% 3.5%

AGENCIES WITH REVENUES OF:

<$1.25M $1.25-2.5M $2.5-5M $5-10M $10-25M $25-100M >$100M

Debt Metrics: % of All Loans by Source Type: Community Bank

51.6% 12.4%

63.5%

41.7% 25.0% 12.5% 16.7%

36.1% 16.7% 11.1%

75.0%

57.9% 12.1%

49.5% 11.0%

Industry Lender

0.0% 2.0%

0.0% 6.2%

Private Equity Lender

0.0%

4.0%

2.1%

17.2% 16.7%

18.6% 11.6%

Shareholder

5.6%

15.2%

16.4% 13.5%

30.7%

Other

30.6%

7.8%

4.8%

4.2%

43.2%

57.1%

66.7%

% of Firms that have Identified Debt

50.0%

45.9%

38.2%

40.7%

Of those firms that have debt: Average Total Debt

$51,274

$584,943

$231,000

$718,198

$3,896,685

$7,944,882

$76,162,476

Total Leverage 1

0.3x 5.5%

1.4x 6.0%

0.4x 5.9%

0.4x 5.1%

1.1x 5.7%

1.0x 5.7%

2.0x 6.3%

Average Effective Interest Rate Average Term (Years to Maturity)

5.0

8.7

5.0

6.7

8.2

7.7

6.1

1 Total Debt/Pro Forma EBITDA

Cross Category Comparison

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