Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the year ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to 001-39295 (Commission File Number) SelectQuote, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organiz ...

SelectQuote, Inc. (NYSE:SLQT) Q3 2023 Earnings Conference Call May 11, 2023 8:30 AM ET Company Participants Matthew Gunter - Chief Communications Officer and Investor Relations Timothy Danker - Chief Executive Officer Ryan Clement - Chief Financial Officer William Grant - Chief Operating Officer Robert Clay Grant - President Conference Call Participants Jonathan Yong - Credit Suisse Daniel Grosslight - Citigroup Inc. Ben Hendrix - RBC Capital Markets Operator Hello, everyone, and welcome to SelectQuote Thir ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to 001-39295 (Commission File Number) Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required t ...

Financial Data and Key Metrics Changes - The company reported consolidated revenue of $319 million for the quarter, with adjusted EBITDA of $64 million, indicating strong performance ahead of expectations [10][97] - Senior revenue grew over 50% year-over-year to $224 million, with senior adjusted EBITDA margin reaching 37% [12][14] - Operating expense per approved policy declined by 41% year-over-year, contributing significantly to EBITDA outperformance [6][78] Business Line Data and Key Metrics Changes - The healthcare services segment, particularly Select Rx, saw a member growth of about 20% over the last quarter and 411% compared to a year ago, with over 39,000 members [4][5] - The volume of approved Medicare Advantage policies declined by 18% to 219,000, which was better than the original plan of a 35% to 45% decline [15][13] - The company achieved a significant reduction in marketing costs per approved policy, down 50%, driven by improved agent close rates and optimized marketing channels [25][23] Market Data and Key Metrics Changes - The company had a cash position of $96 million as of January 31, compared to $36 million as of December 31, indicating improved liquidity [11] - The annual enrollment period (AEP) was described as the heaviest cash use season, with the company positioned well to drive growth in cash-efficient profitability [10][47] Company Strategy and Development Direction - The overarching strategy focuses on optimizing unit and enterprise-level profitability and cash efficiency over growth, with a commitment to balance growth opportunities with profitability [26][48] - The company plans to slow growth in Select Rx members to prioritize profitability and cash flow, while still recognizing the significant market opportunity [5][22] - Strategic changes have been made to improve agent efficiency and marketing effectiveness, which are expected to be repeatable in future Medicare Advantage seasons [31][87] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to drive positive cash EBITDA for fiscal 2023, with expectations for continued improvement in profitability and cash efficiency [47][56] - The company noted stability in policyholder persistency and improved approval rates, which are critical for delivering predictable profit and growth [98][52] - Management emphasized the importance of maintaining a focus on cash and profitability, rather than solely on growth metrics [40][62] Other Important Information - The company has increased its full-year adjusted EBITDA outlook to a range of $5 million to $25 million, reflecting confidence in its strategic execution [93] - The strategic redesign has led to a significant improvement in cash efficiency, with the cash breakeven period for Medicare Advantage policies now just over two years [86][87] Q&A Session Summary Question: Comments on the broader marketing and revenue to CAC - Management highlighted improvements in revenue to customer acquisition costs, emphasizing a focus on unit economics and profitability [37] Question: LTV dynamics and future expectations - Management indicated that LTVs exceeded internal expectations for Q2 and are expected to remain at or above $875 for the full year, with positive trends in retention [62][60] Question: Liquidity needs and funding strategy - Management confirmed that the company is well ahead of its cash plan and is actively engaging with lenders for a more permanent capital structure solution [68]

PART I FINANCIAL INFORMATION [ITEM 1. FINANCIAL STATEMENTS](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) This section presents unaudited condensed consolidated financial statements and detailed notes for periods ended December 31, 2022 and 2021 [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) These balance sheets present the company's financial position as of December 31, 2022, compared to June 30, 2022 Condensed Consolidated Balance Sheets (in millions) | Metric | December 31, 2022 | June 30, 2022 | | :----------------------------- | :---------------- | :-------------- | | Cash and cash equivalents | $36.097 | $140.997 | | Total current assets | $404.383 | $402.773 | | Total assets | $1,297.913 | $1,290.052 | | Total current liabilities | $164.155 | $113.513 | | Total liabilities | $916.148 | $898.947 | | Total shareholders' equity | $381.765 | $391.105 | - Cash and cash equivalents decreased significantly from **$140.997 million** to **$36.097 million** between June 30, 2022, and December 31, 2022[9](index=9&type=chunk) - Total current liabilities increased from **$113.513 million** to **$164.155 million**, primarily driven by a substantial increase in contract liabilities from **$3.404 million** to **$38.752 million**[9](index=9&type=chunk) [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) These statements detail financial performance for periods ended December 31, 2022, showing revenue growth and net income improvement Condensed Consolidated Statements of Comprehensive Income (Loss) (in millions) | Metric | Three Months Ended Dec 31, 2022 | Three Months Ended Dec 31, 2021 | Six Months Ended Dec 31, 2022 | Six Months Ended Dec 31, 2021 | | :-------------------- | :------------------------------ | :------------------------------ | :---------------------------- | :---------------------------- | | Total revenue | $319.188 | $194.237 | $481.672 | $350.316 | | Income (Loss) from Operations | $53.033 | $(173.650) | $13.517 | $(229.658) | | Net Income (Loss) | $22.514 | $(137.563) | $(19.970) | $(185.795) | | Basic EPS | $0.14 | $(0.84) | $(0.12) | $(1.13) | | Diluted EPS | $0.14 | $(0.84) | $(0.12) | $(1.13) | - Total revenue increased by **64%** for the three months ended December 31, 2022, compared to the prior year, and by **38%** for the six months ended December 31, 2022[11](index=11&type=chunk) - The company reported a net income of **$22.514 million** for the three months ended December 31, 2022, a significant improvement from a net loss of **$(137.563) million** in the same period last year[11](index=11&type=chunk) [Condensed Consolidated Statements of Changes in Shareholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) These statements illustrate movements in equity components for periods ended December 31, 2022 and 2021, reflecting net income/loss and share-based compensation Condensed Consolidated Statements of Changes in Shareholders' Equity (in millions) | Metric | Three Months Ended Dec 31, 2022 | Three Months Ended Dec 31, 2021 | Six Months Ended Dec 31, 2022 | Six Months Ended Dec 31, 2021 | | :-------------------- | :------------------------------ | :------------------------------ | :---------------------------- | :---------------------------- | | Net income (loss) | $22.514 | $(137.563) | $(19.970) | $(185.795) | | Share-based compensation expense | $2.936 | $1.894 | $5.566 | $4.109 | | Total Shareholders' Equity (End of Period) | $381.765 | $489.249 | $381.765 | $489.249 | - Share-based compensation expense increased for both the three-month (**$2.936 million** vs **$1.894 million**) and six-month (**$5.566 million** vs **$4.109 million**) periods ended December 31, 2022, compared to 2021[13](index=13&type=chunk)[15](index=15&type=chunk) - Total shareholders' equity decreased from **$391.105 million** at June 30, 2022, to **$381.765 million** at December 31, 2022, primarily due to the net loss for the six-month period[15](index=15&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) These statements provide an overview of cash movements from operating, investing, and financing activities for the six months ended December 31, 2022, showing reduced cash used in operating activities Condensed Consolidated Statements of Cash Flows (in millions) | Metric | Six Months Ended Dec 31, 2022 | Six Months Ended Dec 31, 2021 | | :-------------------- | :---------------------------- | :---------------------------- | | Net cash used in operating activities | $(75.574) | $(305.741) | | Net cash used in investing activities | $(4.468) | $(31.062) | | Net cash (used in) provided by financing activities | $(24.858) | $243.706 | | Net decrease in cash and cash equivalents | $(104.900) | $(93.097) | | Cash and cash equivalents—End of period | $36.097 | $193.357 | - Net cash used in operating activities significantly decreased from **$(305.741) million** in 2021 to **$(75.574) million** in 2022, primarily due to a lower net loss and favorable changes in working capital[18](index=18&type=chunk)[242](index=242&type=chunk)[243](index=243&type=chunk) - Net cash used in investing activities decreased from **$(31.062) million** in 2021 to **$(4.468) million** in 2022, mainly due to reduced purchases of property, equipment, and software, and no business acquisitions in 2022[18](index=18&type=chunk)[245](index=245&type=chunk)[246](index=246&type=chunk) - Financing activities shifted from providing **$243.706 million** in 2021 to using **$(24.858) million** in 2022, driven by debt payments and issuance costs in 2022 compared to proceeds from term loans in 2021[18](index=18&type=chunk)[248](index=248&type=chunk)[249](index=249&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures supporting the condensed consolidated financial statements, covering business operations, accounting policies, recent acquisitions, asset valuations, lease obligations, debt structure, legal contingencies, shareholder equity, revenue recognition, income taxes, and segment reporting [1. SUMMARY OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES](index=9&type=section&id=1.%20SUMMARY%20OF%20BUSINESS%20AND%20SIGNIFICANT%20ACCOUNTING%20POLICIES) This note outlines SelectQuote's business as a technology-enabled insurance and healthcare services distribution platform, detailing its four segments and covering accounting policies and a prior period correction - SelectQuote operates as a direct-to-consumer distribution platform for insurance products (Senior Health, Life, Auto & Home) and healthcare services (SelectRx, Population Health)[20](index=20&type=chunk) - The company's Senior segment's commission revenue is highest in the second and third quarters due to the Medicare annual enrollment period (AEP) and open enrollment period (OEP)[23](index=23&type=chunk) - The company early adopted ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, during the six months ended December 31, 2022[26](index=26&type=chunk) Immaterial Correction of Prior Period Financial Statements (Three Months Ended December 31, 2021) (in thousands) | Metric | As Previously Reported | Adjustment | As Corrected | | :-------------------- | :--------------------- | :--------- | :----------- | | Commission revenue | $140,701 | $(744) | $139,957 | | Net loss | $(137,008

SelectQuote, Inc. (NYSE:SLQT) Q1 2023 Results Conference Call November 3, 2022 8:00 AM ET Company Participants Matt Gunter - IR Tim Danker - CEO Ryan Clement - Interim CFO Bob Grant - President Bill Grant - COO Conference Call Participants Daniel Grosslight - Citigroup Jonathan Yong - Credit Suisse Meyer Shields - KBW Operator Welcome to SelectQuote’s First Quarter Earnings Conference Call. [Operator Instructions] It is now my pleasure to introduce Matt Gunter, SelectQuote Investor Relations. Mr. Gunter, yo ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the year ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to SelectQuote, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 94-3339273 (I.R.S. ...

4 th Quarter Fiscal 2022 Earnings Conference Call Presentation August 29, 2022 | We shop. You save. Disclaimer Forward-Looking Statements This presentation contains forward-looking statements. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as "may," "should," "could," "predict," "potential," "believe," "will likely result," "e ...

Financial Data and Key Metrics Changes - For Q4 2022, consolidated revenue was $139 million, with senior revenue at $98 million, and a net loss of $105 million or negative $0.64 per share [9][42] - The company experienced a 31% increase in agent close rates and a 35% decrease in marketing cost per approved policy compared to the previous year [10][28] - Adjusted EBITDA for Q4 was negative $61 million, or negative $13 million excluding a $48 million cohort tail adjustment [42] Business Line Data and Key Metrics Changes - Total improved policies from the senior division increased to 144,000, up 23% year-over-year [44] - The Life business saw a reduction in revenue due to lower term life premiums, attributed to fewer agents and COVID-related conversion issues [42] - Auto & Home revenue remained flat year-over-year [42] Market Data and Key Metrics Changes - The company anticipates a 35% to 45% decline in Medicare Advantage policy production for 2023, aligning with its strategy to focus on consistent returns rather than pure growth [15][56] - The healthcare services business, primarily SelectRx, is projected to generate over $275 million in revenue for fiscal year 2023 [24][59] Company Strategy and Development Direction - The company is shifting its focus from growth to generating consistent unit economics and cash flow, with a goal of achieving cash EBITDA breakeven in fiscal 2023 [12][16] - Cost reductions exceeding $250 million have been identified, including around $40 million in fixed expenses [19][60] - The strategy includes a more tenured agent sales force and targeted marketing to improve productivity and customer retention [18][31] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about early achievements since the strategic redesign, noting improvements in customer retention trends [7][11] - The company is confident that the adjustments made have significantly de-risked potential future adjustments in financial results [13][23] - Management emphasized the importance of establishing credibility with investors through improved financial results [40][110] Other Important Information - The company has completed hiring its sales agent force for the upcoming AEP season and is focused on training and onboarding [20][29] - A credit covenant amendment has been agreed upon with lenders, providing adequate liquidity for operations in the coming quarters [62][106] Q&A Session Summary Question: What is different about the agent hiring for the 2023 AEP season? - Management highlighted that they secured flex agents early and improved training processes, leading to better quality and readiness compared to previous years [65][66] Question: What gives comfort that the $875 LTV is appropriate for fiscal 2023? - Management noted that the majority of switching occurs in the first year, providing better visibility into cash streams from older cohorts, and emphasized the conservative nature of their assumptions [68][70] Question: Can you provide color on MA enrollment and policy growth rates? - Management confirmed a pullback in overall policy production as part of the strategic redesign, but expressed confidence in the market opportunity for future growth [73][76] Question: Can you elaborate on the credit covenant changes? - Management confirmed that the amendments include a step increase in the overall interest rate but provide necessary liquidity for operations [84][106] Question: How will the slowdown in MA membership acquisition impact SelectRx growth? - Management expressed confidence in the synergistic relationship between MA policies and SelectRx, indicating room for growth despite potential slowdowns in MA membership [90][91]

| --- | --- | --- | --- | --- | |-------|---------------------------------------------------|-------|-------|-------| | | Quarter Fiscal 2022 | | | | | | Earnings Conference Call Presentation May 5, 2022 | | | | | We shop. You save. Disclaimer Forward-Looking Statements This presentation contains forward-looking statements. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, m ...