new the XXX. earnings recognition everyone and good and we Mike, Thanks, this afternoon standard, in quarter's to accounting release XXXX XX-K filing, ASC implementing the call. our are revenue With on
of some more convention, impacts made of revenue our how with aligns have closely accounting main the to we about business. this the to review changes I I'd that thinks management highlight like presentation Before
distinct We in revenue view three tiers.
are is The primarily This that our includes of Core growth through client of and revenue. within are the largely commissions most retention and first revenues of measure factors service. by organic driven indicative success unmatched tier management fees strategy. we levels our from control the core executing driving insurance by core and revenue high selling earned
interest to well for amount is train, franchises tier franchise tier our franchise we what those our and associated income small as of financing refer the includes onboard, support franchises, costs to recovery revenue. the second for This a fees, The cover initial as which first as fee. cost initial recruit,
ancillary of accuracy. outside management, Contingent commissions are factors events underwriting revenue. and third includes as to less relates and are the by such driven It contingent The number tier primarily commissions. carrier predictable weather largely of control a
grow expands. overall contingencies premium Over are base expected as time, to our
timeframe. a they While multi-year not precisely year, more in given over are any predictable predictable
points Over received years, the annual of four the commissions basis last premium. contingent year have during averaged XX
overall XXX, I to reiterate the this the that or impact of Regarding of business. zero revenue our economics change on ASC impact accounting recognition would flows like has cash
As the from operating than double for evidenced a year-ago. of XXXX, by our million level flow cash more $XX.X
our different under franchise Core initial training franchise impacted, earned the we Historically, that according recovery isn't fees decreasing see recognized the materially $XX,XXX area only and new new revenue. franchise impact the buckets. the contract. Looking fees initial we'll fully revenue fees to the when most franchise revenues at and cost is The attends significant standard. are non-refundable within a agent the
XX-year ASC XXX under by a treatment, requires of XXXX our remain even Goosehead. which franchise this fully accounting non-refundable that fee if we differ million initial revenue franchise and new recognize Despite this the fees revenue $X.X initial standard. leaves the over life the decreases franchise contract, the
quarter how a ancillary to activity. The related recognized we indicating much cash area revenue. impacted first This have accounting typically carrier, other will cash commissions year the happens is we the within Historically, change we contingents by contingent when in or from get receive. the statement prior
they these earned. XXX, over be recognized period ASC revenues the are will With
over shifts time. smoothing the large mostly accelerates that quarter a prior of contingencies third of becomes ratio and more as of to in the commissions growth known. and year, bit recognized and of the were will a quarters contingent a first previously in and fourth recognition the So loss the acceleration portion them data it result more This the
impact weather ratios. XXXX, in In average impacted a million standard. new which after decrease commission during of the XXXX carriers year. loss our with revenue was a under above losses The year number business a This by in below XXXX events, large was $X.X of a placed average came the contingent produced
release, disclosures and both end included ASC we the for under financials XXX quarterly new XXX to under of ASC basis. go-forward XXXX the modeling have press accounting the methods the XXX in In ASC a assist at supplemental you on
to undertaking. long before implement I results, hours take thank diving the our and and hard required for want opportunity massive finance team work Finally, the to accounting this into the to
results getting detail. Now into our more in
quarter organically grew in accelerated million. to growth slightly XX% ASC grown million. fourth XXXX QX from we revenue under that in year prior quarter were fees. commissions XXXX, $XX.X by XXX revenue have to decreases XXXX, QX If initial rates from of the to primary period the difference during to The offset XX% reported the franchise would relates For $XX.X the contingent
to revenue under recognized decrease the between grew to related million. full years For from XXX. $X.X and the The XX% a XX% XXX would contingent million million a the full-year, franchise $XX.X have to $X.X year fees prior million. ASC $XX.X period reported commissions difference decrease under two ASC as to initial full-year If revenue increased to
growth for fees XX% and the franchise for business. contingent growth Franchise reported both strong full-year Core XXX. the full-year quarter renewal fourth new initial Corporate Revenue Channels exclude and ASC by commissions, the both which both was increased for and driven in if revenues, and under
Total core written future revenue of our to million for XX% premiums, increased an important leading fourth and indicator quarter. ancillary the $XXX growth
XX%. total the increase were For premiums also written $XXX of million, full-year, an
strong in growth one-year future renewal renewal as on ongoing basis. increased imply premiums after an royalties new we premiums significant growth and franchise our from XX% to Continued to premiums revenue embedded convert business XX%
new premium toward growth should in margin the business revenue difference increasing today and should an mentioned, to of short-term That in Franchise premium XXXX. higher XX% strong Franchise Channel, versus the said, in the in As yield we growth in growth. which Franchise Channel, XXXX being see royalties Channel Mark the XX% future. accounted gap we of Because our in of growth shift expect between strong mix versus premiums to revenue continues for renewal earned the business on
increase over a had we one XXX,XXX end year-ago. XX% in the the policies quarter, At from of force,
consistent well long-term for rapid us to and generate positioning continue year-over-year success. growth, We
the grew million. revenue fourth franchise driven reported million Channel in under to renewal continued If and XXX, by generated ASC Franchise XX% were growth in revenues fees. quarter. new The results Our of $XX royalty $X.X strong
million. XXX, Channel year a Franchise grown reported year-end, XX% Franchise and full-year, $XX.X we had franchises, under Channel the the from XX% were ASC to XXX up year-ago. For If XXX prior would total XX% franchises, have up million. from $XX.X revenues revenue At operating
of stands remains a Non-Texas year-ago. grew a and to which account advance team, our XX% which pipeline franchise franchise recruiting are total to XX we year-ago now total currently growth. XX% for franchises versus versus further continuing XX% franchises franchises Our robust grow of at
We continue And through levels our reminder, as costs growth. run these support technology and franchise investments to most significantly immediately a invest the in to of high our talent of our of P&L.
Channel $XX.X were revenues the If $XX.X reported would have million. million Corporate in quarter. ASC fourth to increased revenues Corporate XXX, XX% under Channel
For were XX% If million. XXX, to would the Channel $XX.X increased have revenues full-year, under million. Channel ASC Corporate revenues reported Corporate $XX.X
sales was of Agents at XX% prior the increased with year-end an experience XX% Corporate XXX, XXX. headcount one-year increase than to over of year. less
less one-year expansion add three next with ramps the for While experience up over of two future should cost than as in years. this the the revenue impact production their agents corporate to to P&L, area the well immediate bode
also revenue the agents corporate our earnings We to to and confident over high channel both to will long-term. productivity Franchise high Channel. growth within in investments and remain this grow strong sustained We levels growth investments our to fuel these continue expand help of sustain further
as Texas; our include investments Irving, the Texas; in North Worth, expansion our office Fort Westlake, headquarters existing our Texas. in and Henderson, well XXXX such Carolina Nevada, expansions Houston, Texas; as opening in of office expansion and of targeted as offices Charlotte,
While and as over and growth maximize separate we drive overall dollars we Corporate segments, company the to the profit revenue to an whole Franchise integrated as business manage report long-term. Channels the
have ASC million. margin margin reported EBITDA adjusted compared the EBITDA XXX, $XX.X for XX% million. was EBITDA XXXX EBITDA to for ASC XX% XXXX. Adjusted If was would under if to under XX% under grown in XXX Adjusted ASC XXXX was reported XXX XX%. Adjusted $XX.X full-year in
representing expected representing million we $XXX expect XX%. growth organic of placed $XXX Total XX% $X.XXX to are of the million, to growth of XX%. to premiums be to in to XX% between ahead range XXXX, organic ASC billion, Looking million total to written and revenues XXX be under $XXX
guidance, improvement XXXX. line expenses we one-time bottom moderating provide investments in people, in accounting on as margin will technology and ongoing effect as not in certain do expect we company have While public well a
unaffected To-date, our been has impact coronavirus. the of surrounding by business uncertainty the
auto it actions on insurance the demand for should management change. in is While impacts underlying to taking considers operations, stable, our is conditions homeowners prudent minimize
XXXX, cash million. and XX, the million cash and of $X.X December had equivalents of $XX.X credit unused of As outstanding and $XX.X line million of company of debt
As Mark earnings maintain will we structure look efficient an indicated in capital our grow. as remarks, to his
balance XXXX delivered and added $XX million additional debt future bringing $XX drive total of in distributor On along to of largest the in bottom personal outstanding our million debt, lines objective with and technology March making We to of of results meaningful million in $XX.X the XXXX, unused top line X, U.S. line growth we towards credit. the becoming investments people while
well remains sizable consistent come. to and business deliver positioned earnings and Our growth to revenue years many for both in
I'd for lines thank like Operator? to Q&A. will for everyone that, listening With up now open we and the
