The following table presents our management operations segment revenue, significant segment expenses regularly provided to the CODM and net income for the three months ended March 31:


(in thousands)	2025		2024
Management fee revenue	$	772,694	$	682,620
Administrative services reimbursement revenue	210,273		191,567
Service agreement revenue	6,432		6,514
Total operating revenue	989,399		880,701

Commissions	436,860		375,760
Underwriting and policy processing	51,260		48,168
Information technology	64,785		53,490
Sales and advertising	17,375		17,207
Customer service	11,687		10,080
Administrative and other	45,783		45,617
Cost of operations - policy issuance and renewal services	627,750		550,322
Cost of operations - administrative services	210,273		191,567
Total operating expenses (1)	838,023		741,889
Operating income	151,376		138,812

Total investment income	19,536		15,079

Other income	3,834		3,411
Income tax expense	36,329		32,750
Net income	$	138,417	$	124,552

(1) Management operations segment depreciation and amortization expense included in "Total operating expenses" as reported on our Consolidated Statements of Operations totaled $15.8 million and $13.3 million for the three months ended March 31, 2025 and 2024, respectively. The Exchange and its insurance subsidiaries reimbursed us for approximately 29% and 27% in the three months ended March 31, 2025 and 2024, respectively, for depreciation and amortization expense on assets supporting administrative services. See our Consolidated Statements of Cash Flows for segment expenditures on fixed asset additions.