# Pass-Through Revenue: The Money That Was Never Yours, With Carson and Kristen

Page: https://stenobird.com/podcast/the-agency-profit-podcast-1151616/pass-through-revenue-the-money-that-was-never-yours-with-carson-and-kristen
Text version: https://stenobird.com/podcast/the-agency-profit-podcast-1151616/pass-through-revenue-the-money-that-was-never-yours-with-carson-and-kristen.md
Podcast: [The Agency Profit Podcast](https://stenobird.com/podcast/the-agency-profit-podcast-1151616)
Published: 2026-07-15T02:00:00+00:00
Episode link: https://parakeeto.com/blog/
Audio file: https://chrt.fm/track/219EA1/afp-942741-injected.calisto.simplecastaudio.com/f59e2578-1756-4c62-9ba8-aacaf60e2b05/episodes/5c1771a4-7cf2-4722-ac99-29ad8dcc60b7/audio/128/default.mp3?aid=rss_feed&awCollectionId=f59e2578-1756-4c62-9ba8-aacaf60e2b05&awEpisodeId=5c1771a4-7cf2-4722-ac99-29ad8dcc60b7&feed=oUhqStLi
Processing state: not_requested
JSON: https://stenobird.com/v1/public/podcasts/the-agency-profit-podcast-1151616/episodes/pass-through-revenue-the-money-that-was-never-yours-with-carson-and-kristen
Duration seconds: 1892

## Resource

About this Episode In this episode of the Agency Profit Podcast, Kristen Kelly is joined by fellow Managing Director Carson Pierce to unpack one of the most misunderstood line items on an agency's books: pass-through costs. Drawing from real client cases they've each worked on recently, Kristen and Carson break down the first principles of Agency Gross Income (AGI), the number you get when you strip out money that was never really yours to keep, like media spend, event costs, and certain contractor fees. Together, they walk through cautionary tales of agencies that looked far bigger and more profitable than they actually were, from a "$10 million" events agency that was really a $2 million business to a founder who mistook off-the-books media dollars for cash on hand. From a clear decision tree for classifying contractors to practical tips for making pass-through visible on your P&L, this episode offers a grounded framework for understanding your agency's true size, so you can price, staff, and spend with a much clearer picture of what's actually yours.

## Actions

- request_transcript: `POST https://stenobird.com/v1/public/podcasts/the-agency-profit-podcast-1151616/episodes/pass-through-revenue-the-money-that-was-never-yours-with-carson-and-kristen/transcription-requests` — Idempotently request low-priority transcript generation for this episode.
- read_markdown: `GET https://stenobird.com/podcast/the-agency-profit-podcast-1151616/pass-through-revenue-the-money-that-was-never-yours-with-carson-and-kristen.md` — Read the agent-friendly Markdown representation of this episode resource.

A page view does not enqueue transcription. Agents should invoke `request_transcript` explicitly when they need this episode processed.

## Transcript

Full transcripts are not published on public pages unless there is a clear rights basis.