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    SelectQuote, Inc. Reports Second Quarter of Fiscal Year 2025 Results

    2/10/25 4:05:00 PM ET
    $SLQT
    Specialty Insurers
    Finance
    Get the next $SLQT alert in real time by email

    Second Quarter of Fiscal Year 2025 – Consolidated Earnings Highlights

    • Revenue of $481.1 million
    • Net income of $53.2 million
    • Adjusted EBITDA* of $87.5 million

    Fiscal Year 2025 Guidance Ranges:

    • Revenue expected in a range of $1.500 billion to $1.575 billion
    • Net income (loss) expected in a range of $(24) million to $11 million
    • Adjusted EBITDA* expected in a range of $115 million to $140 million

    Second Quarter Fiscal Year 2025 – Segment Highlights

    Senior

    • Revenue of $255.6 million
    • Adjusted EBITDA* of $100.5 million
    • Approved Medicare Advantage policies of 247,849

    Healthcare Services

    • Revenue of $183.4 million
    • Adjusted EBITDA* of $2.2 million
    • 96,695 SelectRx members

    Life

    • Revenue of $39.9 million
    • Adjusted EBITDA* of $7.4 million

    SelectQuote, Inc. (NYSE:SLQT) reported consolidated revenue for the second quarter of fiscal year 2025 of $481.1 million compared to consolidated revenue for the second quarter of fiscal year 2024 of $405.4 million. Consolidated net income for the second quarter of fiscal year 2025 was $53.2 million compared to consolidated net income for the second quarter of fiscal year 2024 of $19.4 million. Finally, consolidated Adjusted EBITDA* for the second quarter of fiscal year 2025 was $87.5 million compared to consolidated Adjusted EBITDA* for the second quarter of fiscal year 2024 of $67.4 million.

    SelectQuote Chief Executive Officer, Tim Danker, remarked, "SelectQuote delivered impressive results during our fiscal second quarter despite a historically disruptive Annual Enrollment Period. Our strong policy volume and Senior Adjusted EBITDA margin of 39%, up approximately 750 basis points year-over-year, are additional proof points of our differentiated, high-touch, agent-led model. American Seniors faced an unprecedented level of plan terminations and benefit changes this season, and we take great pride in that fact that consumers sought out SelectQuote as they navigated such a challenging market backdrop. As we've said before, SelectQuote wins when our customers win, and this quarter is evidence of that."

    Mr. Danker continued, "SelectQuote also delivered another quarter of strong results within our Healthcare Services segment, led by SelectRx. We now have over 96,000 members, which represents growth of 54% compared to a year ago. Importantly, we expanded our global Revenue to CAC to 5.3X, which demonstrates our continued ability to generate attractive returns as a comprehensive healthcare services provider."

    "Additionally, we took another large step to improve our capital structure with today's announcement of a $350 million strategic investment led by Bain Capital and Morgan Stanley Private Credit. The transaction provides improved liquidity and operating flexibility to grow within our Senior and Healthcare Services businesses. We are excited to have Bain Capital and Morgan Stanley Private Credit as strategic partners as we pursue the tremendous growth opportunity provided by our unique platform within the healthcare ecosystem."

    * See "Non-GAAP Financial Measures" below.

    Segment Results

    We currently have three reportable segments: 1) Senior, 2) Healthcare Services and 3) Life. The performance measures of the segments include total revenue and Adjusted EBITDA.* Costs of commissions and other services revenue, cost of goods sold-pharmacy revenue, marketing and advertising, selling, general, and administrative, and technical development operating expenses that are directly attributable to a segment are reported within the applicable segment. Indirect costs of revenue, marketing and advertising, selling, general, and administrative, and technical development operating expenses are allocated to each segment based on varying metrics such as headcount. Adjusted EBITDA is our segment profit measure to evaluate the operating performance of our business. We define Adjusted EBITDA as income (loss) before income tax expense (benefit) plus: (i) interest expense, net; (ii) depreciation and amortization; (iii) share-based compensation; (iv) goodwill, long-lived asset, and intangible assets impairments; (v) transaction costs; (vi) loss on disposal of property, equipment and software, net; (vii) other non-recurring expenses and income; (viii) changes in fair value of warrant liabilities. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by revenue.

    Senior

    Financial Results

    The following table provides the financial results for the Senior segment for the periods presented:

     

    Three Months Ended

    December 31,

     

     

    Six Months Ended

    December 31,

     

    (in thousands)

     

    2024

     

     

     

    2023

     

     

    % Change

     

    2024

     

     

     

    2023

     

     

    % Change

    Revenue

    $

    255,578

     

     

    $

    247,529

     

     

    3

    %

    $

    348,487

     

     

    $

    337,445

     

     

    3

    %

    Adjusted EBITDA*

     

    100,521

     

     

     

    78,713

     

     

    28

    %

     

    108,247

     

     

     

    77,376

     

     

    40

    %

    Adjusted EBITDA Margin*

     

    39

    %

     

     

    32

    %

     

     

     

    31

    %

     

     

    23

    %

     

     

    Operating Metrics

    Submitted Policies

    Submitted policies are counted when an individual completes an application with our licensed agent and provides authorization to the agent to submit the application to the insurance carrier partner. The applicant may have additional actions to take before the application will be reviewed by the insurance carrier.

    The following table shows the number of submitted policies for the periods presented:

     

    Three Months Ended

    December 31,

     

     

    Six Months Ended

    December 31,

     

     

     

    2024

     

    2023

     

    % Change

    2024

     

    2023

     

    % Change

    Medicare Advantage

    284,774

     

    271,712

     

    5

    %

    387,055

     

    376,244

     

    3

    %

    All other (1)

    26,861

     

    24,049

     

    12

    %

    43,117

     

    38,969

     

    11

    %

    Total

    311,635

     

    295,761

     

    5

    %

    430,172

     

    415,213

     

    4

    %

    (1) Represents the submitted policies for medicare supplement, dental, vision and hearing, prescription drug plan and other.

    Approved Policies

    Approved policies represents the number of submitted policies that were approved by our insurance carrier partners for the identified product during the indicated period. Not all approved policies will go in force.

    * See "Non-GAAP Financial Measures" below.

    The following table shows the number of approved policies for the periods presented:

     

    Three Months Ended

    December 31,

     

     

    Six Months Ended

    December 31,

     

     

     

    2024

     

    2023

     

    % Change

    2024

     

    2023

     

    % Change

    Medicare Advantage

    247,849

     

    234,576

     

    6

    %

    339,529

     

    332,257

     

    2

    %

    All other (1)

    19,714

     

    19,985

     

    (1

    )%

    32,693

     

    32,180

     

    2

    %

    Total

    267,563

     

    254,561

     

    5

    %

    372,222

     

    364,437

     

    2

    %

    (1) Represents the approved policies for medicare supplement, dental, vision and hearing, prescription drug plan and other.

    Lifetime Value of Commissions per Approved Policy

    Lifetime value of commissions per approved policy represents commissions estimated to be collected over the estimated life of an approved policy based on multiple factors, including but not limited to, contracted commission rates, carrier mix and expected policy persistency with applied constraints. The lifetime value of commissions per approved policy is equal to the sum of the commission revenue due upon the initial sale of a policy, and when applicable, an estimate of future renewal commissions.

    The following table shows the lifetime value of commissions per approved policy for the periods presented:

     

    Three Months Ended

    December 31,

     

     

    Six Months Ended

    December 31,

     

     

    (dollars per policy):

    2024

     

    2023

     

    % Change

    2024

     

    2023

     

    % Change

    Medicare Advantage

    $

    907

     

    $

    934

     

    (3

    )%

    $

    881

     

    $

    883

     

    —

    %

    All other (1)

     

    111

     

     

    112

     

    (1

    )%

     

    134

     

     

    131

     

    2

    %

    (1) Represents the weighted average LTV per approved policy.

    Healthcare Services

    Financial Results

    The following table provides the financial results for the Healthcare Services segment for the periods presented:

     

    Three Months Ended

    December 31,

     

     

    Six Months Ended

    December 31,

     

     

    (in thousands)

     

    2024

     

     

     

    2023

     

     

    % Change

     

    2024

     

     

     

    2023

     

     

    % Change

    Revenue

    $

    183,370

     

     

    $

    111,710

     

     

    64

    %

    $

    339,108

     

     

    $

    209,078

     

     

    62

    %

    Adjusted EBITDA*

     

    2,212

     

     

     

    2,981

     

     

    (26

    )%

     

    7,089

     

     

     

    5,304

     

     

    34

    %

    Adjusted EBITDA Margin*

     

    1

    %

     

     

    3

    %

     

     

     

    2

    %

     

     

    3

    %

     

     

    Operating Metrics

    Members

    The total number of SelectRx members represents the amount of active customers to which an order has been shipped and the prescriptions per day represents the total average prescriptions shipped per business day. These two metrics are the primary drivers of revenue for Healthcare Services.

    * See "Non-GAAP Financial Measures" below.

    The following table shows the total number of SelectRx members as of the periods presented:

     

     

    December 31, 2024

     

    December 31, 2023

    Total SelectRx Members

     

    96,695

     

    62,623

    The total number of SelectRx members increased by 54% as of December 31, 2024, compared to December 31, 2023, due to our continued operating strategy to grow SelectRx.

    The following table shows the average prescriptions shipped per day for the periods presented:

     

     

    Three Months Ended

    December 31,

     

    Six Months Ended

    December 31,

     

     

    2024

     

    2023

     

    2024

     

    2023

    Prescriptions Per Day

     

    26,846

     

    17,010

     

    25,922

     

    16,244

    Combined Senior and Healthcare Services - Consumer Per Unit Economics

    The opportunity to leverage our existing database and distribution model to improve access to healthcare services for our consumers has created a need for us to review our key metrics related to our per unit economics. As we think about the revenue and expenses for Healthcare Services, we note that they are primarily driven by the marketing acquisition costs associated with the sale of an MA or MS policy, some of which costs are allocated directly to Healthcare Services, and therefore determined that our per unit economics measure should include components from both Senior and Healthcare Services. See details of revenue and expense items included in the calculation below.

    Combined Senior and Healthcare Services consumer per unit economics represents total MA and MS commissions; other product commissions; other revenues, including revenues from Healthcare Services; and operating expenses associated with Senior and Healthcare Services, each shown per number of approved MA and MS policies over a given time period. Management assesses the business on a per-unit basis to help ensure that the revenue opportunity associated with a successful policy sale is attractive relative to the marketing acquisition cost. Because not all acquired leads result in a successful policy sale, all per-policy metrics are based on approved policies, which is the measure that triggers revenue recognition.

    The MA and MS commission per MA/MS policy represents the LTV for policies sold in the period. Other commission per MA/MS policy represents the LTV for other products sold in the period, including DVH prescription drug plan, and other products, which management views as additional commission revenue on our agents' core function of MA/MS policy sales. Pharmacy revenue per MA/MS policy represents revenue from SelectRx, and other revenue per MA/MS policy represents revenue from Population Health, production bonuses, marketing development funds, lead generation revenue, and adjustments from the Company's reassessment of its cohorts' transaction prices. Total operating expenses per MA/MS policy represents all of the operating expenses within Senior and Healthcare Services. The revenue to customer acquisition cost ("CAC") multiple represents total revenue as a multiple of total marketing acquisition cost, which represents the direct costs of acquiring leads. These costs are included in marketing and advertising expense within the total operating expenses per MA/MS policy.

    The following table shows combined Senior and Healthcare Services consumer per unit economics for the periods presented. Based on the seasonality of Senior and the fluctuations between quarters, we believe that the most relevant view of per unit economics is on a rolling 12-month basis. All per MA/MS policy metrics below are based on the sum of approved MA/MS policies, as both products have similar commission profiles.

     

    Twelve Months Ended December 31,

    (dollars per approved policy):

     

    2024

     

     

     

    2023

     

    MA and MS approved policies

     

    634,135

     

     

     

    609,939

     

    MA and MS commission per MA / MS policy

    $

    909

     

     

    $

    896

     

    Other commission per MA/MS policy

     

    12

     

     

     

    11

     

    Pharmacy revenue per MA/MS policy

     

    938

     

     

     

    575

     

    Other revenue per MA/MS policy

     

    153

     

     

     

    140

     

    Total revenue per MA / MS policy

     

    2,012

     

     

     

    1,622

     

    Total operating expenses per MA / MS policy

     

    (1,685

    )

     

     

    (1,365

    )

    Adjusted EBITDA per MA/MS policy *

    $

    327

     

     

    $

    257

     

    Adjusted EBITDA Margin per MA/MS policy *

     

    16

    %

     

     

    16

    %

    Revenue / CAC multiple

    5.3X

     

    4.2X

    Total revenue per MA/MS policy increased 24% for the twelve months ended December 31, 2024, compared to the twelve months ended December 31, 2023, primarily due to the increase in pharmacy revenue. Total operating expenses per MA/MS policy increased 23% for the twelve months ended December 31, 2024, compared to the twelve months ended December 31, 2023, driven by an increase in cost of goods sold-pharmacy revenue for Healthcare Services due to the growth of the business.

    Life

    Financial Results

    The following table provides the financial results for the Life segment for the periods presented:

     

    Three Months Ended

    December 31,

     

     

    Six Months Ended

    December 31,

     

     

    (in thousands)

     

    2024

     

     

     

    2023

     

     

    % Change

     

    2024

     

     

     

    2023

     

     

    % Change

    Revenue

    $

    39,861

     

     

    $

    37,367

     

     

    7

    %

    $

    79,151

     

     

    $

    75,170

     

     

    5

    %

    Adjusted EBITDA*

     

    7,423

     

     

     

    4,569

     

     

    62

    %

     

    13,383

     

     

     

    9,808

     

     

    36

    %

    Adjusted EBITDA Margin*

     

    19

    %

     

     

    12

    %

     

     

     

    17

    %

     

     

    13

    %

     

     

    Operating Metrics

    Life premium represents the total premium value for all policies that were approved by the relevant insurance carrier partner and for which the policy document was sent to the policyholder and payment information was received by the relevant insurance carrier partner during the indicated period. Because our commissions are earned based on a percentage of total premium, total premium volume for a given period is the key driver of revenue for our Life segment.

    The following table shows term and final expense premiums for the periods presented:

     

    Three Months Ended

    December 31,

     

     

    Six Months Ended

    December 31,

     

     

    (in thousands)

    2024

     

    2023

     

    % Change

    2024

     

    2023

     

    % Change

    Term Premiums

    $

    17,311

     

    $

    17,398

     

    (1

    )%

    $

    32,529

     

    $

    35,588

     

    (9

    )%

    Final Expense Premiums

     

    22,139

     

     

    19,388

     

    14

    %

     

    46,612

     

     

    39,087

     

    19

    %

    Total

    $

    39,450

     

    $

    36,786

     

    7

    %

    $

    79,141

     

    $

    74,675

     

    6

    %

    * See "Non-GAAP Financial Measures" below.

    Earnings Conference Call

    SelectQuote, Inc. will host a conference call with the investment community on February 10, 2025, beginning at 5:00 p.m. ET. To register for this conference call, please use this link: https://registrations.events/direct/Q4I731198247. After registering, a confirmation will be sent via email, including dial-in details and unique conference call codes for entry. Registration is open through the live call, but to ensure you are connected for the full call we suggest registering at least 10 minutes before the start of the call. The event will also be webcasted live via our investor relations website https://ir.selectquote.com/investor-home/default.aspx.

    Non-GAAP Financial Measures

    This release includes certain non-GAAP financial measures intended to supplement, not substitute for, comparable GAAP measures. To supplement our financial statements presented in accordance with GAAP and to provide investors with additional information regarding our GAAP financial results, we have presented in this release Adjusted EBITDA and Adjusted EBITDA Margin, which are non-GAAP financial measures. These non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similarly titled measures presented by other companies. We define Adjusted EBITDA as net income (loss) before income tax expense (benefit), plus interest expense, depreciation and amortization, changes in fair value of warrant liabilities, and certain add-backs for non-cash or non-recurring expenses, including restructuring and share-based compensation expenses. The most directly comparable GAAP measure is income (loss) before tax expense (benefit). We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue. The most directly comparable GAAP measure is net income margin. We monitor and have presented in this release Adjusted EBITDA and Adjusted EBITDA Margin because they are key measures used by our management and Board of Directors to understand and evaluate our operating performance, to establish budgets, and to develop operational goals for managing our business. In particular, we believe that excluding the impact of these expenses in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core operating performance. We believe that these non-GAAP financial measures help identify underlying trends in our business that could otherwise be masked by the effect of the expenses that we exclude in the calculations of these non-GAAP financial measures. Accordingly, we believe that these financial measures provide useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and future prospects. Reconciliations of net income (loss) before income tax expense (benefit) to Adjusted EBITDA are presented below beginning on page 11.

    Forward Looking Statements

    This release 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," "expect," "continue," "will," "anticipate," "seek," "estimate," "intend," "plan," "projection," "would" and "outlook," or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.

    There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following: our reliance on a limited number of insurance carrier partners and any potential termination of those relationships or failure to develop new relationships; existing and future laws and regulations affecting the health insurance market; changes in health insurance products offered by our insurance carrier partners and the health insurance market generally; insurance carriers offering products and services directly to consumers; changes to commissions paid by insurance carriers and underwriting practices; competition with brokers, exclusively online brokers and carriers who opt to sell policies directly to consumers; competition from government-run health insurance exchanges; developments in the U.S. health insurance system; our dependence on revenue from carriers in our senior segment and downturns in the senior health as well as life, automotive and home insurance industries; our ability to develop new offerings and penetrate new vertical markets; risks from third-party products; failure to enroll individuals during the Medicare annual enrollment period; our ability to attract, integrate and retain qualified personnel; our dependence on lead providers and ability to compete for leads; failure to obtain and/or convert sales leads to actual sales of insurance policies; access to data from consumers and insurance carriers; accuracy of information provided from and to consumers during the insurance shopping process; cost-effective advertisement through internet search engines; ability to contact consumers and market products by telephone; global economic conditions, including inflation; disruption to operations as a result of future acquisitions; significant estimates and assumptions in the preparation of our financial statements; impairment of goodwill; potential litigation and other legal proceedings or inquiries; our existing and future indebtedness; our ability to maintain compliance with our debt covenants; access to additional capital; failure to protect our intellectual property and our brand; fluctuations in our financial results caused by seasonality; accuracy and timeliness of commissions reports from insurance carriers; timing of insurance carriers' approval and payment practices; factors that impact our estimate of the constrained lifetime value of commissions per policyholder; changes in accounting rules, tax legislation and other legislation; disruptions or failures of our technological infrastructure and platform; failure to maintain relationships with third-party service providers; cybersecurity breaches or other attacks involving our systems or those of our insurance carrier partners or third-party service providers; our ability to protect consumer information and other data; failure to market and sell Medicare plans effectively or in compliance with laws; and other factors related to our pharmacy business, including manufacturing or supply chain disruptions, access to and demand for prescription drugs, and regulatory changes or other industry developments that may affect our pharmacy operations. For a further discussion of these and other risk factors that could impact our future results and performance, see the section entitled "Risk Factors" in the most recent Annual Report on Form 10-K (the "Annual Report") and subsequent periodic reports filed by us with the Securities and Exchange Commission. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and, except as otherwise required by law, we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

    About SelectQuote:

    Founded in 1985, SelectQuote (NYSE:SLQT) pioneered the model of providing unbiased comparisons from multiple, highly-rated insurance companies, allowing consumers to choose the policy and terms that best meet their unique needs. Two foundational pillars underpin SelectQuote's success: a strong force of highly-trained and skilled agents who provide a consultative needs analysis for every consumer, and proprietary technology that sources and routes high-quality leads. Today, the Company operates an ecosystem offering high touchpoints for consumers across insurance, pharmacy, and virtual care.

    With an ecosystem offering engagement points for consumers across insurance, Medicare, pharmacy, and value-based care, the company now has three core business lines: SelectQuote Senior, SelectQuote Healthcare Services, and SelectQuote Life. SelectQuote Senior serves the needs of a demographic that sees around 10,000 people turn 65 each day with a range of Medicare Advantage and Medicare Supplement plans. SelectQuote Healthcare Services is comprised of the SelectRx Pharmacy, a Patient-Centered Pharmacy Home™ (PCPH) accredited pharmacy, SelectPatient Management, a provider of chronic care management services, and Healthcare Select which proactively connects consumers with a wide breadth of healthcare services supporting their needs.

    SELECTQUOTE, INC. AND SUBSIDIARIES

    CONSOLIDATED BALANCE SHEETS

    (Unaudited)

    (In thousands)

     

     

    December 31, 2024

     

    June 30, 2024

    ASSETS

     

     

     

    CURRENT ASSETS:

     

     

     

    Cash and, cash equivalents, and restricted cash

    $

    12,104

     

     

    $

    42,690

     

    Accounts receivable, net of allowances of $12.1 million and $8.2 million, respectively

     

    115,795

     

     

     

    150,035

     

    Commissions receivable-current

     

    224,787

     

     

     

    119,871

     

    Other current assets

     

    19,686

     

     

     

    20,327

     

    Total current assets

     

    372,372

     

     

     

    332,923

     

    COMMISSIONS RECEIVABLE—Net

     

    812,037

     

     

     

    761,446

     

    PROPERTY AND EQUIPMENT—Net

     

    16,257

     

     

     

    18,973

     

    SOFTWARE—Net

     

    14,127

     

     

     

    13,978

     

    OPERATING LEASE RIGHT-OF-USE ASSETS

     

    22,002

     

     

     

    23,437

     

    INTANGIBLE ASSETS—Net

     

    8,130

     

     

     

    10,194

     

    GOODWILL

     

    29,438

     

     

     

    29,438

     

    OTHER ASSETS

     

    4,804

     

     

     

    3,519

     

    TOTAL ASSETS

    $

    1,279,167

     

     

    $

    1,193,908

     

     

     

     

     

    LIABILITIES AND SHAREHOLDERS' EQUITY

     

     

     

    CURRENT LIABILITIES:

     

     

     

    Accounts payable

    $

    87,165

     

     

    $

    36,587

     

    Accrued expenses

     

    12,617

     

     

     

    16,904

     

    Accrued compensation and benefits

     

    55,666

     

     

     

    57,594

     

    Operating lease liabilities—current

     

    4,981

     

     

     

    4,709

     

    Current portion of long-term debt

     

    27,577

     

     

     

    45,854

     

    Contract liabilities

     

    954

     

     

     

    8,066

     

    Other current liabilities

     

    5,440

     

     

     

    4,873

     

    Total current liabilities

     

    194,400

     

     

     

    174,587

     

    LONG-TERM DEBT, NET—less current portion

     

    684,284

     

     

     

    637,480

     

    DEFERRED INCOME TAXES

     

    31,868

     

     

     

    37,478

     

    OPERATING LEASE LIABILITIES

     

    23,539

     

     

     

    25,685

     

    OTHER LIABILITIES

     

    19,074

     

     

     

    1,877

     

    Total liabilities

     

    953,165

     

     

     

    877,107

     

     

     

     

     

    COMMITMENTS AND CONTINGENCIES

     

     

     

     

     

     

     

    SHAREHOLDERS' EQUITY:

     

     

     

    Common stock, $0.01 par value

     

    1,721

     

     

     

    1,694

     

    Additional paid-in capital

     

    585,360

     

     

     

    580,764

     

    Accumulated deficit

     

    (261,079

    )

     

     

    (269,769

    )

    Accumulated other comprehensive income

     

    —

     

     

     

    4,112

     

    Total shareholders' equity

     

    326,002

     

     

     

    316,801

     

    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

    $

    1,279,167

     

     

    $

    1,193,908

     

    SELECTQUOTE, INC. AND SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

    (Unaudited)

    (In thousands)

     

     

    Three Months Ended December 31,

     

    Six Months Ended December 31,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    REVENUE:

     

     

     

     

     

     

     

    Commissions and other services

    $

    301,069

     

     

    $

    296,643

     

     

    $

    440,449

     

     

    $

    434,584

     

    Pharmacy

     

    180,000

     

     

     

    108,795

     

     

     

    332,883

     

     

     

    203,583

     

    Total revenue

     

    481,069

     

     

     

    405,438

     

     

     

    773,332

     

     

     

    638,167

     

     

     

     

     

     

     

     

     

    OPERATING COSTS AND EXPENSES:

     

     

     

     

     

     

     

    Cost of commissions and other services revenue

     

    101,138

     

     

     

    97,424

     

     

     

    166,872

     

     

     

    169,935

     

    Cost of goods sold—pharmacy revenue

     

    156,201

     

     

     

    94,180

     

     

     

    285,724

     

     

     

    178,188

     

    Marketing and advertising

     

    97,725

     

     

     

    117,078

     

     

     

    161,489

     

     

     

    179,400

     

    Selling, general, and administrative

     

    45,021

     

     

     

    33,412

     

     

     

    81,166

     

     

     

    62,078

     

    Technical development

     

    10,044

     

     

     

    8,050

     

     

     

    19,119

     

     

     

    15,687

     

    Total operating costs and expenses

     

    410,129

     

     

     

    350,144

     

     

     

    714,370

     

     

     

    605,288

     

     

     

     

     

     

     

     

     

    INCOME FROM OPERATIONS

     

    70,940

     

     

     

    55,294

     

     

     

    58,962

     

     

     

    32,879

     

     

     

     

     

     

     

     

     

    INTEREST EXPENSE, NET

     

    (23,721

    )

     

     

    (24,415

    )

     

     

    (46,752

    )

     

     

    (45,811

    )

    OTHER EXPENSE, NET

     

    (7,663

    )

     

     

    —

     

     

     

    (7,674

    )

     

     

    (39

    )

    INCOME (LOSS) BEFORE INCOME TAX EXPENSE (BENEFIT)

     

    39,556

     

     

     

    30,879

     

     

     

    4,536

     

     

     

    (12,971

    )

    INCOME TAX EXPENSE (BENEFIT)

     

    (13,680

    )

     

     

    11,487

     

     

     

    (4,154

    )

     

     

    (1,312

    )

     

     

     

     

     

     

     

     

    NET INCOME (LOSS)

    $

    53,236

     

     

    $

    19,392

     

     

    $

    8,690

     

     

    $

    (11,659

    )

     

     

     

     

     

     

     

     

    NET INCOME (LOSS) PER SHARE:

     

     

     

     

     

     

     

    Basic

    $

    0.31

     

     

    $

    0.12

     

     

    $

    0.05

     

     

    $

    (0.07

    )

    Diluted

    $

    0.30

     

     

    $

    0.11

     

     

    $

    0.05

     

     

    $

    (0.07

    )

     

     

     

     

     

     

     

     

    WEIGHTED-AVERAGE COMMON STOCK OUTSTANDING USED IN PER SHARE AMOUNTS:

     

     

     

     

     

     

     

    Basic

     

    171,802

     

     

     

    168,349

     

     

     

    171,116

     

     

     

    167,901

     

    Diluted

     

    175,101

     

     

     

    169,737

     

     

     

    175,024

     

     

     

    167,901

     

     

     

     

     

     

     

     

     

    OTHER COMPREHENSIVE INCOME (LOSS) NET OF TAX:

     

     

     

     

     

     

     

    Change in cash flow hedge

     

    (1,327

    )

     

     

    (3,422

    )

     

     

    (4,112

    )

     

     

    (5,432

    )

    OTHER COMPREHENSIVE INCOME (LOSS)

     

    (1,327

    )

     

     

    (3,422

    )

     

     

    (4,112

    )

     

     

    (5,432

    )

    COMPREHENSIVE INCOME (LOSS)

    $

    51,909

     

     

    $

    15,970

     

     

    $

    4,578

     

     

    $

    (17,091

    )

    SELECTQUOTE, INC. AND SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF CASH FLOWS

    (Unaudited)

    (In thousands)

     

     

     

    Six months ended December 31,

     

     

     

    2024

     

     

     

    2023

     

    CASH FLOWS FROM OPERATING ACTIVITIES:

     

     

     

     

    Net income (loss)

     

    $

    8,690

     

     

    $

    (11,659

    )

    Adjustments to reconcile net income (loss) to net cash, cash equivalents, and restricted cash used in operating activities:

     

     

     

     

    Depreciation and amortization

     

     

    10,659

     

     

     

    11,887

     

    Loss on disposal of property, equipment, and software

     

     

    157

     

     

     

    9

     

    Share-based compensation expense

     

     

    8,545

     

     

     

    6,997

     

    Deferred income taxes

     

     

    (4,154

    )

     

     

    (1,182

    )

    Amortization of debt issuance costs and debt discount

     

     

    2,379

     

     

     

    3,356

     

    Write-off of debt issuance costs

     

     

    93

     

     

     

    —

     

    Change in fair value of warrant liabilities

     

     

    7,642

     

     

     

    —

     

    Accrued interest payable in kind

     

     

    9,673

     

     

     

    9,020

     

    Non-cash lease expense

     

     

    1,846

     

     

     

    1,528

     

    Bad debt expense

     

     

    4,203

     

     

     

    2,743

     

    Changes in operating assets and liabilities:

     

     

     

     

    Accounts receivable, net

     

     

    30,038

     

     

     

    9,232

     

    Commissions receivable

     

     

    (155,507

    )

     

     

    (113,860

    )

    Other assets

     

     

    (4,802

    )

     

     

    (2,075

    )

    Accounts payable and accrued expenses

     

     

    46,211

     

     

     

    29,206

     

    Operating lease liabilities

     

     

    (2,285

    )

     

     

    (2,689

    )

    Other liabilities

     

     

    (8,692

    )

     

     

    8,248

     

    Net cash used in operating activities

     

     

    (45,304

    )

     

     

    (49,239

    )

    CASH FLOWS FROM INVESTING ACTIVITIES:

     

     

     

     

    Purchases of property and equipment

     

     

    (741

    )

     

     

    (2,062

    )

    Proceeds from sales of property and equipment

     

     

    —

     

     

     

    253

     

    Purchases of software and capitalized software development costs

     

     

    (4,105

    )

     

     

    (3,883

    )

    Net cash used in investing activities

     

     

    (4,846

    )

     

     

    (5,692

    )

    CASH FLOWS FROM FINANCING ACTIVITIES:

     

     

     

     

    Proceeds from revolving line of credit

     

     

    84,900

     

     

     

    —

     

    Payments on revolving line of credit

     

     

    (26,900

    )

     

     

    —

     

    Payments on Term Loans

     

     

    (123,215

    )

     

     

    (16,942

    )

    Proceeds on ABS Notes

     

     

    99,095

     

     

     

    —

     

    Payments on ABS Notes

     

     

    (6,272

    )

     

     

    —

     

    Payments on other debt

     

     

    (114

    )

     

     

    (75

    )

    Proceeds from common stock options exercised and employee stock purchase plan

     

     

    38

     

     

     

    —

     

    Payments of tax withholdings related to net share settlement of equity awards

     

     

    (3,960

    )

     

     

    (359

    )

    Payments of debt issuance costs

     

     

    (2,479

    )

     

     

    —

     

    Net cash provided (used in) financing activities

     

     

    21,093

     

     

     

    (17,376

    )

    NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

     

     

    (29,057

    )

     

     

    (72,307

    )

    CASH, CASH EQUIVALENTS AND RESTRICTED CASH —Beginning of period

     

     

    42,690

     

     

     

    83,156

     

    CASH, CASH EQUIVALENTS AND RESTRICTED CASH —End of period

     

    $

    13,633

     

     

    $

    10,849

     

    SELECTQUOTE, INC. AND SUBSIDIARIES

    Adjusted EBITDA to Income (Loss) before income tax expense (benefit) Reconciliation

    (Unaudited)

     

     

    Three Months Ended December 31, 2024

    (in thousands)

    Senior

     

    Healthcare Services

     

    Life

     

    Total

    Adjusted Segment EBITDA

    $

    100,521

     

    $

    2,212

     

    $

    7,423

     

    $

    110,156

     

    All other Adjusted EBITDA

     

     

     

     

     

     

     

    2,303

     

    Corporate & elimination of intersegment profits

     

     

     

     

     

     

     

    (24,940

    )

    Adjusted EBITDA

     

     

     

     

     

     

    $

    87,519

     

     

     

     

     

     

     

     

     

    Share-based compensation expense

     

     

     

     

     

     

     

    (4,699

    )

    Transaction costs

     

     

     

     

     

     

     

    (6,719

    )

    Depreciation and amortization

     

     

     

     

     

     

     

    (5,060

    )

    Loss on disposal of property, equipment, and software, net

     

     

     

     

     

     

     

    (122

    )

    Change in fair value of warrant liabilities

     

     

     

     

     

     

     

    (7,642

    )

    Interest expense, net

     

     

     

     

     

     

     

    (23,721

    )

    Income before income tax expense (benefit)

     

     

     

     

     

     

    $

    39,556

     

     

    Three Months Ended December 31, 2023

    (in thousands)

    Senior

     

    Healthcare Services

     

    Life

     

    Total

    Adjusted Segment EBITDA

    $

    78,713

     

    $

    2,981

     

    $

    4,569

     

    $

    86,263

     

    All other Adjusted EBITDA

     

     

     

     

     

     

     

    4,725

     

    Corporate & elimination of intersegment profits

     

     

     

     

     

     

     

    (23,574

    )

    Adjusted EBITDA

     

     

     

     

     

     

    $

    67,414

     

     

     

     

     

     

     

     

     

    Share-based compensation expense

     

     

     

     

     

     

     

    (3,822

    )

    Transaction costs

     

     

     

     

     

     

     

    (2,400

    )

    Depreciation and amortization

     

     

     

     

     

     

     

    (5,898

    )

    Loss on disposal of property, equipment, and software, net

     

     

     

     

     

     

     

    —

     

    Interest expense, net

     

     

     

     

     

     

     

    (24,415

    )

    Income before income tax expense (benefit)

     

     

     

     

     

     

    $

    30,879

     

     

    Six Months Ended December 31, 2024

    (in thousands)

    Senior

     

    Healthcare Services

     

    Life

     

    Total

    Adjusted Segment EBITDA

    $

    108,247

     

    $

    7,089

     

    $

    13,383

     

    $

    128,719

     

    All other Adjusted EBITDA

     

     

     

     

     

     

     

    6,099

     

    Corporate & elimination of intersegment profits

     

     

     

     

     

     

     

    (48,983

    )

    Adjusted EBITDA

     

     

     

     

     

     

    $

    85,835

     

     

     

     

     

     

     

     

     

    Share-based compensation expense

     

     

     

     

     

     

     

    (8,545

    )

    Transaction costs

     

     

     

     

     

     

     

    (7,544

    )

    Depreciation and amortization

     

     

     

     

     

     

     

    (10,659

    )

    Loss on disposal of property, equipment, and software, net

     

     

     

     

     

     

     

    (157

    )

    Change in fair value of warrant liabilities

     

     

     

     

     

     

     

    (7,642

    )

    Interest expense, net

     

     

     

     

     

     

     

    (46,752

    )

    Income before income tax expense (benefit)

     

     

     

     

     

     

    $

    4,536

     

     

    Six Months Ended December 31, 2023

    (in thousands)

    Senior

     

    Healthcare Services

     

    Life

     

    Total

    Adjusted Segment EBITDA

    $

    77,376

     

    $

    5,304

     

    $

    9,808

     

    $

    92,488

     

    All other Adjusted EBITDA

     

     

     

     

     

     

     

    8,045

     

    Corporate & elimination of intersegment profits

     

     

     

     

     

     

     

    (44,495

    )

    Adjusted EBITDA

     

     

     

     

     

     

    $

    56,038

     

     

     

     

     

     

     

     

     

    Share-based compensation expense

     

     

     

     

     

     

     

    (6,997

    )

    Transaction costs

     

     

     

     

     

     

     

    (4,305

    )

    Depreciation and amortization

     

     

     

     

     

     

     

    (11,887

    )

    Loss on disposal of property, equipment, and software, net

     

     

     

     

     

     

     

    (9

    )

    Interest expense, net

     

     

     

     

     

     

     

    (45,811

    )

    Loss before income tax expense (benefit)

     

     

     

     

     

     

    $

    (12,971

    )

    SELECTQUOTE, INC. AND SUBSIDIARIES

    Net Income (Loss) to Adjusted EBITDA Reconciliation

    (Unaudited)

     

    Guidance Net income (loss) to Adjusted EBITDA reconciliation, year ending June 30, 2025:

    (in thousands)

    Range

    Net income (loss)

    $

    (24,000

    )

     

    $

    11,000

    Income tax expense (benefit)

     

    (7,000

    )

     

     

    2,000

    Interest expense, net

     

    85,000

     

     

     

    75,000

    Depreciation and amortization

     

    24,000

     

     

     

    20,000

    Share-based compensation expense

     

    19,000

     

     

     

    16,000

    Change in FV of warrant liability

     

    8,000

     

     

     

    8,000

    Transaction costs

     

    10,000

     

     

     

    8,000

    Adjusted EBITDA

    $

    115,000

     

     

    $

    140,000

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250210814597/en/

    Investor Relations:

    Sloan Bohlen

    877-678-4083

    [email protected]

    Media:

    Matt Gunter

    913-286-4931

    [email protected]

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    • SelectQuote's Highly-Satisfied Insurance Customers Award the Company a Net Promoter Score of 58, Considered "Great"

      The new achievement adds to SelectQuote Insurance Services' recent recognition in USA Today's "America's Best Customer Service" List for 2025. SelectQuote, Inc. (NYSE:SLQT) (the "Company"), a leading distributor of Medicare insurance policies and owner of a rapidly-growing healthcare services platform, today announced the results of its on-going Net Promoter Score (NPS) surveys of customers in its Senior Health, Life, and Auto & Home insurance businesses. SelectQuote Insurance Services' overall Net Promoter Score of 58 falls within the range considered "Great" by established NPS standards. SelectQuote CEO Tim Danker said, "For over 40 years, our highly-skilled agents have provided an outs

      5/27/25 8:00:00 AM ET
      $SLQT
      Specialty Insurers
      Finance
    • SelectQuote, Inc. Reports Third Quarter of Fiscal Year 2025 Results

      Third Quarter of Fiscal Year 2025 – Consolidated Earnings Highlights Revenue of $408.2 million Net income of $26.0 million Adjusted EBITDA* of $37.7 million Fiscal Year 2025 Guidance Ranges: Revenue expected in a range of $1.500 billion to $1.575 billion Net income (loss) expected in a range of $(1) million to $28 million Adjusted EBITDA* expected in a range of $115 million to $140 million Third Quarter Fiscal Year 2025 – Segment Highlights Senior Revenue of $169.4 million Adjusted EBITDA* of $45.7 million Approved Medicare Advantage policies of 168,001 Healthcare Services Revenue of $189.6 million Adjusted EBITDA* of $6.4 million 105,523 SelectRx members Li

      5/12/25 7:30:00 AM ET
      $SLQT
      Specialty Insurers
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    $SLQT
    Insider Purchases

    Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

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    • Director Devine Denise L bought $14,460 worth of shares (4,000 units at $3.62), increasing direct ownership by 1% to 318,583 units (SEC Form 4)

      4 - SelectQuote, Inc. (0001794783) (Issuer)

      3/19/25 4:54:26 PM ET
      $SLQT
      Specialty Insurers
      Finance
    • SEC Form 4: Matthews Joshua Brandon bought $113,295 worth of shares (97,500 units at $1.16), increasing direct ownership by 32% to 400,937 units

      4 - SelectQuote, Inc. (0001794783) (Issuer)

      9/18/23 6:29:01 PM ET
      $SLQT
      Specialty Insurers
      Finance
    • SEC Form 4: Grant William Thomas Iii bought $179,250 worth of shares (150,000 units at $1.20), increasing direct ownership by 9% to 1,913,851 units

      4 - SelectQuote, Inc. (0001794783) (Issuer)

      9/18/23 6:28:20 PM ET
      $SLQT
      Specialty Insurers
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    $SLQT
    Financials

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    • SelectQuote, Inc. Reports Third Quarter of Fiscal Year 2025 Results

      Third Quarter of Fiscal Year 2025 – Consolidated Earnings Highlights Revenue of $408.2 million Net income of $26.0 million Adjusted EBITDA* of $37.7 million Fiscal Year 2025 Guidance Ranges: Revenue expected in a range of $1.500 billion to $1.575 billion Net income (loss) expected in a range of $(1) million to $28 million Adjusted EBITDA* expected in a range of $115 million to $140 million Third Quarter Fiscal Year 2025 – Segment Highlights Senior Revenue of $169.4 million Adjusted EBITDA* of $45.7 million Approved Medicare Advantage policies of 168,001 Healthcare Services Revenue of $189.6 million Adjusted EBITDA* of $6.4 million 105,523 SelectRx members Li

      5/12/25 7:30:00 AM ET
      $SLQT
      Specialty Insurers
      Finance
    • SelectQuote to Release Fiscal Third Quarter 2025 Earnings on May 12

      SelectQuote, Inc. (NYSE:SLQT), a leading distributor of Medicare insurance policies and owner of a rapidly growing Healthcare Services platform, today announced it will release its third quarter 2025 financial results before market open on Monday, May 12, 2025. Chief Executive Officer, Tim Danker, and Chief Financial Officer, Ryan Clement, will host a conference call on the day of the release (May 12, 2025) at 8:30 am ET to discuss the results. To register for this conference call, please use this link: https://registrations.events/direct/Q4I54780976. After registering, a confirmation will be sent via email, including dial in details and unique conference call codes for entry. Registratio

      5/5/25 8:00:00 AM ET
      $SLQT
      Specialty Insurers
      Finance
    • SelectQuote, Inc. Reports Second Quarter of Fiscal Year 2025 Results

      Second Quarter of Fiscal Year 2025 – Consolidated Earnings Highlights Revenue of $481.1 million Net income of $53.2 million Adjusted EBITDA* of $87.5 million Fiscal Year 2025 Guidance Ranges: Revenue expected in a range of $1.500 billion to $1.575 billion Net income (loss) expected in a range of $(24) million to $11 million Adjusted EBITDA* expected in a range of $115 million to $140 million Second Quarter Fiscal Year 2025 – Segment Highlights Senior Revenue of $255.6 million Adjusted EBITDA* of $100.5 million Approved Medicare Advantage policies of 247,849 Healthcare Services Revenue of $183.4 million Adjusted EBITDA* of $2.2 million 96,695 Se

      2/10/25 4:05:00 PM ET
      $SLQT
      Specialty Insurers
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    $SLQT
    Leadership Updates

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    • SelectQuote Names Ryan Clement as Chief Financial Officer

      Clement has served as Interim CFO since May 2022 SelectQuote, Inc. (NYSE:SLQT) today announced that the Board of Directors appointed Ryan Clement, SVP of Financial Planning & Analysis, to serve as the company's Chief Financial Officer. Clement was named interim CFO in May 2022. CEO Tim Danker commented, "Over the last year, Ryan has excelled as our Interim CFO and has demonstrated both the financial acumen and leadership qualities we are looking for in the company's next permanent CFO. Ryan has played a critical role in our strategic redesign that has vastly improved SelectQuote's operating results and financial stability and positions the company to execute on our objectives in the futur

      2/22/23 8:00:00 AM ET
      $SLQT
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    $SLQT
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

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    • Jefferies initiated coverage on SelectQuote with a new price target

      Jefferies initiated coverage of SelectQuote with a rating of Hold and set a new price target of $2.75

      5/21/25 8:59:27 AM ET
      $SLQT
      Specialty Insurers
      Finance
    • Craig Hallum initiated coverage on SelectQuote with a new price target

      Craig Hallum initiated coverage of SelectQuote with a rating of Buy and set a new price target of $4.50

      9/30/24 8:47:10 AM ET
      $SLQT
      Specialty Insurers
      Finance
    • Noble Capital Markets initiated coverage on SelectQuote with a new price target

      Noble Capital Markets initiated coverage of SelectQuote with a rating of Outperform and set a new price target of $5.00

      2/29/24 8:29:44 AM ET
      $SLQT
      Specialty Insurers
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    $SLQT
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

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    • SEC Form SC 13G/A filed by SelectQuote Inc. (Amendment)

      SC 13G/A - SelectQuote, Inc. (0001794783) (Subject)

      1/29/24 3:26:24 PM ET
      $SLQT
      Specialty Insurers
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    • SEC Form SC 13G/A filed by SelectQuote Inc. (Amendment)

      SC 13G/A - SelectQuote, Inc. (0001794783) (Subject)

      2/14/23 1:42:28 PM ET
      $SLQT
      Specialty Insurers
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    • SEC Form SC 13G/A filed by SelectQuote Inc. (Amendment)

      SC 13G/A - SelectQuote, Inc. (0001794783) (Subject)

      2/1/23 4:54:05 PM ET
      $SLQT
      Specialty Insurers
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