# EDGAR Filing Document

**Accession Number:** 0001794783
**File Stem:** 0001794783-25-000072
**Filing Date:** 2025-8
**Character Count:** 65740
**Document Hash:** 85430ccb1fc8e22e870e5d4d1852ef44
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001794783-25-000072.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001794783-25-000072

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 35

**CONFORMED PERIOD OF REPORT**: 20250821

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250821

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SelectQuote, Inc.
- **CENTRAL INDEX KEY:** 0001794783
- **STANDARD INDUSTRIAL CLASSIFICATION:** INSURANCE AGENTS BROKERS & SERVICES [6411]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 943339273
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39295
- **FILM NUMBER:** 251238380

**BUSINESS ADDRESS:**
- **STREET 1:** 6800 WEST 115TH STREET
- **STREET 2:** SUITE 2511
- **CITY:** OVERLAND PARK
- **STATE:** KS
- **ZIP:** 66211
- **BUSINESS PHONE:** 9132741994

**MAIL ADDRESS:**
- **STREET 1:** 6800 WEST 115TH STREET
- **STREET 2:** SUITE 2511
- **CITY:** OVERLAND PARK
- **STATE:** KS
- **ZIP:** 66211

?xml version='1.0' encoding='ASCII'? slqt-20250821

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**_______________________________________**

**FORM 8-K**

**_______________________________________**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): August 21, 2025**

_____________________________________

**SELECTQUOTE, INC.**

**(Exact name of registrant as specified in its charter)**

_____________________________________

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-39295** | **94-3339273** |
| (State or other jurisdiction of incorporation)  | (Commission File Number) | (I.R.S. Employer Identification No.)  |
| **6800 West 115th Street, Suite 2511** | **6800 West 115th Street, Suite 2511** | **6800 West 115th Street, Suite 2511** |
| **Overland Park, Kansas 66211** | **Overland Park, Kansas 66211** | **Overland Park, Kansas 66211** |
| (Address of principal executive offices) (Zip code) | (Address of principal executive offices) (Zip code) | (Address of principal executive offices) (Zip code) |
| **(913) 599-9225** | **(913) 599-9225** | **(913) 599-9225** |
| (Registrant's telephone number, including area code) | (Registrant's telephone number, including area code) | (Registrant's telephone number, including area code) |
| **No change since last report** | **No change since last report** | **No change since last report** |
| (Former Name or Address, If Changed Since Last Report) | (Former Name or Address, If Changed Since Last Report) | (Former Name or Address, If Changed Since Last Report) |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |
| Common Stock, $0.01 par value | SLQT | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On August 21, 2025, the Company reported its financial results for the fourth quarter and year ended June 30, 2025. Copies of the related press release and investor presentation are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by reference.

These exhibits are being furnished pursuant to Item 2.02, and the information contained therein shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall either of them be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

(d) Exhibits

---

| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Description of Exhibit</u> |
| <u>[99.1](selectquoteincjune302025pr.htm)</u> | Press Release |
| <u>[99.2](selectquoteincjune302025.htm)</u> | Investor Presentation |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SELECTQUOTE, INC.**

---

| | |
|:---|:---|
| Date: August 21, 2025 | By: /s/ Ryan M. Clement |
|  | Name: Ryan M. Clement |
|  | Title: Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**SelectQuote, Inc. Reports Fourth Quarter of Fiscal Year 2025 Results**

**Fourth Quarter of Fiscal Year 2025 – Consolidated Earnings Highlights**

• Revenue of $345.1 million

• Net income of $12.9 million

• Adjusted EBITDA\* of $2.7 million

**Fiscal Year 2026 Guidance Ranges:**

• Revenue expected in a range of $1.650 billion to $1.750 billion

• Adjusted EBITDA\* expected in a range of $120 million to $150 million

**Fourth Quarter Fiscal Year 2025 – Segment Highlights**

Senior

• Revenue of $82.5 million

• Adjusted EBITDA\* of $7.7 million

• Approved Medicare Advantage policies of 85,344

Healthcare Services

• Revenue of $214.0 million

• Adjusted EBITDA\* of $11.9 million

• 108,018 SelectRx members

Life

• Revenue of $48.0 million

• Adjusted EBITDA\* of $6.9 million

OVERLAND PARK, Kan., August 21, 2025--(BUSINESS WIRE)--SelectQuote, Inc. (NYSE: SLQT) reported consolidated revenue for the fourth quarter of fiscal year 2025 of $345.1 million compared to consolidated revenue for the fourth quarter of fiscal year 2024 of $307.2 million. Consolidated net income for the fourth quarter of fiscal year 2025 was $12.9 million compared to consolidated net loss for the fourth quarter of fiscal year 2024 of $31.0 million. Finally, consolidated Adjusted EBITDA\* for the fourth quarter of fiscal year 2025 was $2.7 million compared to consolidated Adjusted EBITDA\* for the fourth quarter of fiscal year 2024 of $14.4 million.

Tim Danker, SelectQuote Chief Executive Officer, commented "The strength of our holistic healthcare services model was broadly exhibited in fiscal 2025, and we firmly believe the years ahead will increasingly drive substantial value for each of our stakeholders. Policyholders and patients will continue to benefit from our information advantage through tailored advice and healthcare solutions, which ultimately result in better health outcomes. Our insurance and healthcare service partners benefit from better treatment fit and adherence, which eliminates waste and serves to ease the historical trend of rising healthcare costs for Americans. Additionally, we believe our shareholders will benefit as SelectQuote's diverse breadth of revenues drive increasing cash flow, which will accelerate and compound with new growth initiatives in the future."

Mr. Danker continued, "We are proud to have delivered financial results well in excess of our initial expectations for the 3rd consecutive year. Over that period, our Adjusted EBITDA results have outperformed our forecasts by more than 20% each year. Our leadership and workforce have accomplished these results through significant change in Medicare Advantage in each year. We credit the talent and hard work of our people and are exceedingly proud of the track record SelectQuote has built as an agile, innovative and reliable source of value for Americans seeking healthcare that best fits their needs."

*\* See "Non-GAAP Financial Measures" below.*

** <br> 1

------

**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.

**<u>Senior</u>**

**Financial Results**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | | **Year Ended June 30,** | **Year Ended June 30,** | |
| *(in thousands)* | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| Revenue | $82464 | $114143 | (28)% | $600393 | $655849 | (8)% |
| Adjusted EBITDA\* | 7722 | 27872 | (72)% | 161671 | 166744 | (3)% |
| Adjusted EBITDA Margin\* | 9% | 24% |  | 27% | 25% |  |

---

**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 June 30,** | **Three Months Ended June 30,** | | **Year Ended June 30,** | **Year Ended June 30,** | |
| | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| Medicare Advantage | 85979 | 117091 | (27)% | 674851 | 720027 | (6)% |
| All other <sup>(1)</sup> | 21438 | 15260 | 40% | 87413 | 72906 | 20% |
| Total | 107417 | 132351 | (19)% | 762264 | 792933 | (4)% |

---

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

*\* See "Non-GAAP Financial Measures" below.*

------

***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.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | | **Year Ended June 30,** | **Year Ended June 30,** | |
| | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| Medicare Advantage | 85344 | 107272 | (20)% | 592874 | 625245 | (5)% |
| All other <sup>(1)</sup> | 19979 | 13849 | 44% | 70295 | 62419 | 13% |
| Total | 105323 | 121121 | (13)% | 663169 | 687664 | (4)% |

---

(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 June 30,** | **Three Months Ended June 30,** | | **Year Ended June 30,** | **Year Ended June 30,** | |
| *(dollars per policy):* | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| Medicare Advantage | $837 | $847 | (1)% | $884 | $910 | (3)% |
| All other <sup>(1)</sup> | 125 | 186 | (33)% | 134 | 146 | (8)% |

---

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

**<u>Healthcare Services</u>**

**Financial Results**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | | **Year Ended June 30,** | **Year Ended June 30,** | |
| *(in thousands)* | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| Revenue | $214028 | $145223 | 47% | $742705 | $478508 | 55% |
| Adjusted EBITDA\* | 11853 | 909 | 1204% | 25387 | 7821 | 225% |
| Adjusted EBITDA Margin\* | 6% | 1% |  | 3% | 2% |  |

---

**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:

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2024** |
| Total SelectRx Members | 108018 | 82385 |

---

The total number of SelectRx members increased by 31% as of June 30, 2025, compared to June 30, 2024, due to our strategy to grow SelectRx membership.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Prescriptions Per Day | 30630 | 22950 | 27867 | 18935 |

---

**Combined Senior and Healthcare Services - Consumer Per Unit Economics**

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 June 30,** | **Twelve Months Ended June 30,** |
| *(dollars per approved policy):* | **2025** | **2024** |
| MA and MS approved policies | 594572 | 627130 |
| MA and MS commission per MA / MS policy | $885 | $910 |
| Other commission per MA/MS policy | 12 | 12 |
| Pharmacy revenue per MA/MS policy | 1219 | 741 |
| Other revenue per MA/MS policy | 86 | 146 |
| Total revenue per MA / MS policy | 2202 | 1809 |
| Total operating expenses per MA / MS policy | (1937) | (1530) |
| Adjusted EBITDA per MA/MS policy \* | $265 | $279 |
| Adjusted EBITDA Margin per MA/MS policy \* | 12% | 15% |
| Revenue / CAC multiple | 6.1X | 4.5X |

---

Total revenue per MA/MS policy increased 22% for the twelve months ended June 30, 2025, compared to the twelve months ended June 30, 2024, primarily due to the increase in pharmacy revenue. Total operating expenses per MA/MS policy increased 27% for the twelve months ended June 30, 2025, compared to the twelve months ended June 30, 2024, driven by an increase in cost of goods sold-pharmacy revenue for Healthcare Services due to the growth of the business.

**<u>Life</u>**

**Financial Results**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | | **Year Ended June 30,** | **Year Ended June 30,** | |
| *(in thousands)* | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| Revenue | $47984 | $42074 | 14% | $172978 | $157930 | 10% |
| Adjusted EBITDA\* | 6922 | 7217 | (4)% | 26669 | 20164 | 32% |
| Adjusted EBITDA Margin\* | 14% | 17% |  | 15% | 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 June 30,** | **Three Months Ended June 30,** | | **Year Ended June 30,** | **Year Ended June 30,** | |
| *(in thousands)* | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| Term Premiums | $19989 | $18074 | 11% | $71448 | $70450 | 1% |
| Final Expense Premiums | 30807 | 23789 | 30% | 105099 | 86600 | 21% |
| Total | $50796 | $41863 | 21% | $176547 | $157050 | 12% |

---

*\* See "Non-GAAP Financial Measures" below.*

------

**Earnings Conference Call**

SelectQuote, Inc. will host a conference call with the investment community on August 21, 2025, beginning at 8:30 a.m. ET. To register for this conference call, please use this link: https://registrations.events/direct/Q4I547808. 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, which is a non-GAAP financial measure. This non-GAAP financial measure is not based on any standardized methodology prescribed by GAAP and is not necessarily comparable to any similarly titled measure 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 net income (loss) before income tax expense (benefit). We monitor and have presented in this release Adjusted EBITDA because it is a key measure used by our management and Board of Directors to understand and evaluate our operating performance, establish budgets, and 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.*

*Reconciliations of net income (loss) before income tax expense (benefit) to Adjusted EBITDA are presented below beginning on page 12. The Company is unable to provide a quantitative reconciliation of forward-looking Adjusted EBITDA to its most directly comparable GAAP measure without unreasonable effort because it is not possible to predict certain information included in the calculation of such GAAP measure, including the fair value of outstanding warrants to purchase shares of the Company's common stock. The unavailable information could have a significant impact on the Company's GAAP financial results.*

**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 and tariffs; disruption to operations as a result of future acquisitions; significant estimates and assumptions in the preparation of our financial statements; impairment of goodwill; existing or potential litigation and other legal proceedings or inquiries, including the Department of Justice action alleging violations of the federal False Claims Act; 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 and other factors related to our pharmacy business, including manufacturing or supply chain disruptions, access to and demand for prescription drugs, contractual reimbursement rates, 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 our Annual Report on Form 10-K for the fiscal year ended June 30, 2025 (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.

Investor Relations:

Sloan Bohlen

877-678-4083

investorrelations@selectquote.com

Media:

Matt Gunter

913-286-4931

matt.gunter@selectquote.com

Source: SelectQuote, Inc.

------

**SELECTQUOTE, INC. AND SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS**

**(Unaudited)**

**(In thousands)**

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2024** |
| **ASSETS** | | |
| CURRENT ASSETS: |  |  |
| &nbsp;&nbsp;Cash, cash equivalents, and restricted cash | $35733 | $42690 |
| &nbsp;&nbsp;Accounts receivable, net of allowances of $11.8 million and $8.2 million, respectively | 151388 | 150035 |
| &nbsp;&nbsp;Commissions receivable-current | 132077 | 119871 |
| &nbsp;&nbsp;Other current assets | 21844 | 20327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 341042 | 332923 |
| COMMISSIONS RECEIVABLE—Net | 818751 | 761446 |
| PROPERTY AND EQUIPMENT—Net | 14577 | 18973 |
| SOFTWARE—Net | 15060 | 13978 |
| OPERATING LEASE RIGHT-OF-USE ASSETS | 24635 | 23437 |
| INTANGIBLE ASSETS—Net | 1973 | 10194 |
| GOODWILL | 29438 | 29438 |
| OTHER ASSETS | 3880 | 3519 |
| TOTAL ASSETS | $1249356 | $1193908 |
| **LIABILITIES, PREFERRED STOCK, AND SHAREHOLDERS' EQUITY** |  |  |
| CURRENT LIABILITIES: |  |  |
| &nbsp;&nbsp;Accounts payable | $59205 | $36587 |
| &nbsp;&nbsp;Accrued expenses | 13856 | 16904 |
| &nbsp;&nbsp;Accrued compensation and benefits | 58788 | 57594 |
| &nbsp;&nbsp;Operating lease liabilities—current | 4820 | 4709 |
| &nbsp;&nbsp;Current portion of long-term debt | 68523 | 45854 |
| &nbsp;&nbsp;Contract liabilities | 698 | 8066 |
| &nbsp;&nbsp;Other current liabilities | 7020 | 4873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 212910 | 174587 |
| LONG-TERM DEBT, NET—less current portion | 316589 | 637480 |
| DEFERRED INCOME TAXES | 37872 | 37478 |
| OPERATING LEASE LIABILITIES | 25982 | 25685 |
| OTHER LIABILITIES | 80485 | 1877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 673838 | 877107 |

---

------

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2024** |
| COMMITMENTS AND CONTINGENCIES |  |  |
| PREFERRED STOCK: |  |  |
| Senior Non-Convertible Preferred Stock, $0.01 par value, 350,000 shares and no shares issued and outstanding as of June 30, 2025 and June 30, 2024, respectively, current liquidation preference of $367.1 million and $0.0 million as of June 30, 2025 and June 30, 2024, respectively | 224374 |  |
| SHAREHOLDERS' EQUITY: |  |  |
| &nbsp;&nbsp;Common stock, $0.01 par value | 1728 | 1694 |
| &nbsp;&nbsp;Additional paid-in capital | 571605 | 580764 |
| &nbsp;&nbsp;Accumulated deficit | (222189) | (269769) |
| &nbsp;&nbsp;Accumulated other comprehensive income |  | 4112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 351144 | 316801 |
| TOTAL LIABILITIES, PREFERRED STOCK, AND SHAREHOLDERS' EQUITY | $1249356 | $1193908 |

---

------

**SELECTQUOTE, INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)**

**(Unaudited)**

**(In thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| REVENUE: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commissions and other services | $134503 | $165656 | $797841 | $856923 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pharmacy | 210599 | 141552 | 728753 | 464853 |
| Total revenue | 345102 | 307208 | 1526594 | 1321776 |
| OPERATING COSTS AND EXPENSES: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of commissions and other services revenue | 58844 | 64548 | 305127 | 318798 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of goods sold—pharmacy revenue | 182312 | 120644 | 630340 | 405004 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketing and advertising | 65283 | 70181 | 319505 | 358858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general, and administrative | 9594 | 43993 | 164442 | 141042 |
| &nbsp;&nbsp;&nbsp;&nbsp;Technical development | 41591 | 9233 | 38681 | 33524 |
| Total operating costs and expenses | 357624 | 308599 | 1458095 | 1257226 |
| INCOME (LOSS) FROM OPERATIONS | (12522) | (1391) | 68499 | 64550 |
| INTEREST EXPENSE, NET | (12226) | (23409) | (79385) | (93551) |
| CHANGE IN FAIR VALUE OF WARRANTS | 34181 |  | 59525 |  |
| OTHER EXPENSE, NET | (58) | (15) | (128) | (65) |
| INCOME (LOSS) BEFORE INCOME TAX EXPENSE (BENEFIT) | 9375 | (24815) | 48511 | (29066) |
| INCOME TAX EXPENSE (BENEFIT) | (3493) | 6202 | 931 | 5059 |
| NET INCOME (LOSS) | $12868 | $(31017) | $47580 | $(34125) |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Non-Convertible Preferred Stock accumulated dividends and accretion | $(16762) | $— | $(22548) | $— |
| NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS | $(3894) | $(31017) | $25032 | $(34125) |
| NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS PER SHARE: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $(0.02) | $(0.18) | $0.14 | $(0.20) |
| &nbsp;&nbsp;&nbsp;Diluted | $(0.02) | $(0.18) | $0.01 | $(0.20) |
| WEIGHTED-AVERAGE COMMON STOCK OUTSTANDING USED IN PER SHARE AMOUNTS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 184201 | 169204 | 176148 | 168519 |
| &nbsp;&nbsp;&nbsp;Diluted | 184201 | 169204 | 181895 | 168519 |
| OTHER COMPREHENSIVE LOSS NET OF TAX: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in cash flow hedge |  | (2364) | (4112) | (9567) |
| OTHER COMPREHENSIVE LOSS |  | (2364) | (4112) | (9567) |
| COMPREHENSIVE INCOME (LOSS) | $12868 | $(33381) | $43468 | $(43692) |

---

------

**SELECTQUOTE, INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Unaudited)**

**(In thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $12868 | $(31017) | $47580 | $(34125) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income (loss) to net cash, cash equivalents, and restricted cash used in operating activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 4876 | 6407 | 20460 | 24998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of property, equipment, and software | 80 | 523 | 240 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of long-lived assets | 4209 |  | 4209 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 4852 | 3304 | 18357 | 13816 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (2576) | 3314 | 1849 | 1163 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs and debt discount | 1367 | 1279 | 5247 | 6142 |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-off of debt issuance costs |  |  | 93 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued interest payable in kind | 713 | 5254 | 14013 | 19577 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of warrants | (34181) |  | (59525) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash lease expense | 1072 | 404 | 3922 | 2349 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bad debt expense |  |  | 4203 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 33491 | 103722 | (5555) | 5203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commissions receivable | (35745) | (48194) | (69510) | (40819) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (5938) | 653 | (6282) | (1967) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | (21936) | (28726) | 19226 | 7347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (1137) | (1095) | (4711) | (4897) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 503 | 4167 | (5482) | 15620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | (37482) | 19995 | (11666) | 15236 |
| CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of property and equipment | (501) | (268) | (2191) | (3382) |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of property and equipment |  |  |  | 253 |
| &nbsp;&nbsp;&nbsp;Purchases of software and capitalized software development costs | (2610) | (2219) | (9123) | (8284) |
| &nbsp;&nbsp;&nbsp;Acquisition of business |  | (3433) |  | (3433) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (3111) | (5920) | (11314) | (14846) |
| CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from revolving line of credit |  |  | 166900 |  |
| &nbsp;&nbsp;&nbsp;Payments on revolving line of credit |  |  | (166900) |  |
| &nbsp;&nbsp;&nbsp;Payments on Term Loans | (3573) | (8471) | (388216) | (38883) |
| &nbsp;&nbsp;&nbsp;Proceeds from ABS Notes |  |  | 99095 |  |
| &nbsp;&nbsp;&nbsp;Payments on ABS Notes | (4855) |  | (16577) |  |
| &nbsp;&nbsp;&nbsp;Payments on other debt | (108) | (37) | (312) | (149) |
| &nbsp;&nbsp;&nbsp;Proceeds from common stock options exercised and employee stock purchase plan | (14) | 74 | 98 | 81 |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of Senior Non-Convertible Preferred Stock |  |  | 337855 |  |
| &nbsp;&nbsp;&nbsp;Senior Non-Convertible Preferred Stock issuance costs |  |  | (7076) |  |
| &nbsp;&nbsp;&nbsp;Payments of tax withholdings related to net share settlement of equity awards | (13) | (1) | (5032) | (374) |
| &nbsp;&nbsp;&nbsp;Payments of debt issuance costs |  | (758) | (2479) | (1531) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | (8563) | (9193) | 17356 | (40856) |
| NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (49156) | 4882 | (5624) | (40466) |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH —Beginning of period | 86222 | 37808 | 42690 | 83156 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH —End of period | $37066 | $42690 | $37066 | $42690 |

---

------

**SELECTQUOTE, INC. AND SUBSIDIARIES**

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

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
| *(in thousands)* | **Senior** | **Healthcare Services** | **Life** | **Total** |
| Total revenue from reportable segments | $82464 | $214028 | $47984 | $344476 |
| Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of commissions and other services revenue | (32391) | (5536) | (18020) |  |
| &nbsp;&nbsp;&nbsp;Cost of goods sold - pharmacy revenue |  | (180988) |  |  |
| &nbsp;&nbsp;&nbsp;Marketing expense | (41752) | (1950) | (22813) |  |
| &nbsp;&nbsp;&nbsp;Technical development |  | (495) |  |  |
| &nbsp;&nbsp;&nbsp;Selling, general, and administrative | (599) | (13206) | (229) |  |
| **Adjusted Segment EBITDA** | 7722 | 11853 | 6922 | 26497 |
| *Reconciliation of total segment Adjusted EBITDA*  |  |  |  |  |
| All other Adjusted EBITDA |  |  |  | 950 |
| Corporate |  |  |  | (24753) |
| Share-based compensation expense |  |  |  | (4852) |
| Transaction costs |  |  |  | (1257) |
| Depreciation and amortization |  |  |  | (4876) |
| Loss on disposal of property, equipment, and software, net |  |  |  | (80) |
| Impairment of long-lived assets |  |  |  | (4209) |
| Change in fair value of warrants |  |  |  | 34181 |
| Interest expense, net |  |  |  | (12226) |
| Income before income tax expense (benefit) |  |  |  | $9375 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** |
| *(in thousands)* | **Senior** | **Healthcare Services** | **Life** | **Total** |
| Total revenue from reportable segments | $114143 | $145223 | $42074 | $301440 |
| Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of commissions and other services revenue | (37534) | (5025) | (15287) |  |
| &nbsp;&nbsp;&nbsp;Cost of goods sold - pharmacy revenue |  | (119520) |  |  |
| &nbsp;&nbsp;&nbsp;Marketing expense | (48138) | (1700) | (19279) |  |
| &nbsp;&nbsp;&nbsp;Technical development |  | (835) |  |  |
| &nbsp;&nbsp;&nbsp;Selling, general, and administrative | (599) | (17234) | (291) |  |
| **Adjusted Segment EBITDA** | 27872 | 909 | 7217 | 35998 |
| *Reconciliation of total segment Adjusted EBITDA*  |  |  |  |  |
| All other Adjusted EBITDA |  |  |  | 2474 |
| Corporate |  |  |  | (24115) |
| Share-based compensation expense |  |  |  | (3304) |
| Transaction costs |  |  |  | (5529) |
| Depreciation and amortization |  |  |  | (6407) |
| Loss on disposal of property, equipment, and software, net |  |  |  | (523) |
| Interest expense, net |  |  |  | (23409) |
| Loss before income tax expense (benefit) |  |  |  | $(24815) |

---

------

**SELECTQUOTE, INC. AND SUBSIDIARIES**

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

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended June 30, 2025** | **Year Ended June 30, 2025** | **Year Ended June 30, 2025** | **Year Ended June 30, 2025** |
| *(in thousands)* | **Senior** | **Healthcare Services** | **Life** | **Total** |
| Total revenue from reportable segments | $600393 | $742705 | $172978 | $1516076 |
| Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of commissions and other services revenue | (201933) | (25163) | (65047) |  |
| &nbsp;&nbsp;&nbsp;Cost of goods sold - pharmacy revenue |  | (625389) |  |  |
| &nbsp;&nbsp;&nbsp;Marketing expense | (234335) | (8038) | (80269) |  |
| &nbsp;&nbsp;&nbsp;Technical development |  | (2187) |  |  |
| &nbsp;&nbsp;&nbsp;Selling, general, and administrative | (2454) | (56541) | (993) |  |
| **Adjusted Segment EBITDA** | 161671 | 25387 | 26669 | 213727 |
| *Reconciliation of total segment Adjusted EBITDA*  |  |  |  |  |
| All other Adjusted EBITDA |  |  |  | 10597 |
| Corporate |  |  |  | (98070) |
| Share-based compensation expense |  |  |  | (18357) |
| Transaction costs |  |  |  | (14617) |
| Depreciation and amortization |  |  |  | (20460) |
| Loss on disposal of property, equipment, and software, net |  |  |  | (240) |
| Impairment of long-lived assets |  |  |  | (4209) |
| Change in fair value of warrants |  |  |  | 59525 |
| Interest expense, net |  |  |  | (79385) |
| Income before income tax expense (benefit) |  |  |  | $48511 |

---

------

**SELECTQUOTE, INC. AND SUBSIDIARIES**

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

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended June 30, 2024** | **Year Ended June 30, 2024** | **Year Ended June 30, 2024** | **Year Ended June 30, 2024** |
| *(in thousands)* | **Senior** | **Healthcare Services** | **Life** | **Total** |
| Total revenue from reportable segments | $655849 | $478508 | $157930 | $1292287 |
| Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of commissions and other services revenue | (216348) | (17438) | (60017) |  |
| &nbsp;&nbsp;&nbsp;Cost of goods sold - pharmacy revenue |  | (400821) |  |  |
| &nbsp;&nbsp;&nbsp;Marketing expense | (269867) | (6260) | (76513) |  |
| &nbsp;&nbsp;&nbsp;Technical development |  | (915) |  |  |
| &nbsp;&nbsp;&nbsp;Selling, general, and administrative | (2890) | (45253) | (1236) |  |
| **Adjusted Segment EBITDA** | 166744 | 7821 | 20164 | 194729 |
| *Reconciliation of total segment Adjusted EBITDA*  |  |  |  |  |
| All other Adjusted EBITDA |  |  |  | 14127 |
| Corporate |  |  |  | (91863) |
| Share-based compensation expense |  |  |  | (13816) |
| Transaction costs |  |  |  | (13158) |
| Depreciation and amortization |  |  |  | (24998) |
| Loss on disposal of property, equipment, and software, net |  |  |  | (536) |
| Interest expense, net |  |  |  | (93551) |
| Loss before income tax expense (benefit) |  |  |  | $(29066) |

---

## Exhibit 99.2

![](selectquoteincjune302025001.jpg)

\| We shop. You save. 4th Quarter Fiscal 2025 Earnings Presentation August 21, 2025 Exhibit 99.2

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![](selectquoteincjune302025002.jpg)

\| We shop. You save. 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," "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 and tariffs; disruption to operations as a result of future acquisitions; significant estimates and assumptions in the preparation of our financial statements; impairment of goodwill; existing or potential litigation and other legal proceedings or inquiries, including the Department of Justice action alleging violations of the federal False Claims Act; 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 and other factors related to our pharmacy business, including manufacturing or supply chain disruptions, access to and demand for prescription drugs, contractual reimbursement rates, 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 our Annual Report on Form 10-K for the fiscal year ended June 30, 2025 (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. Certain information contained in this presentation and statements made orally during this presentation relate to or are based on publications and other data obtained from third-party sources. While we believe these third-party sources to be reliable as of the date of this presentation, we have not independently verified, and make no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from such third-party sources. No Offer or Solicitation; Further Information This presentation is for informational purposes only and is not an offer to sell with respect to any securities. This presentation should be read together with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the consolidated financial statements and the related notes thereto included in the Annual Report and subsequent quarterly reports. Non-GAAP Financial Measures This presentation 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 presentation Adjusted EBITDA, which is a non-GAAP financial measure. This non-GAAP financial measure is not based on any standardized methodology prescribed by GAAP and is not necessarily comparable to any similarly titled measure 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 net income (loss) before income tax expense (benefit). We monitor and have presented in this presentation Adjusted EBITDA because it is a key measure used by our management and Board of Directors to understand and evaluate our operating performance, establish budgets, and 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. For further discussion regarding this non-GAAP measures, please see today's press release. See below beginning on slide 17 for reconciliations of Adjusted EBITDA to its most directly comparable GAAP financial measure, net income (loss) before income tax expense (benefit). The Company is unable to provide a quantitative reconciliation of forward-looking Adjusted EBITDA to its most directly comparable GAAP measure without unreasonable effort because it is not possible to predict certain items included in the calculation of such GAAP measure, including the fair value of outstanding warrants to purchase shares of the Company's common stock. The unavailable information could have a significant impact on the Company's GAAP financial results. Disclaimer 2

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![](selectquoteincjune302025003.jpg)

\| We shop. You save. Key Highlights $MM SelectQuote Year-in-Review Revenue $1,450 $1,527 FY25 Actual Results vs. Original Guidance 24% Increase in year-over-year Agent Productivity 27% Senior division full year Adjusted EBITDA\* margin $25M+ Healthcare Services division Adjusted EBITDA\* Adjusted EBITDA\* $105 $126 Original Guidance\*\* FY 2025 Actual Results \*See "Non-GAAP Financial Measures" section on slide 2 \*\*Midpoint of guidance range provided September 13, 2024 3

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![](selectquoteincjune302025004.jpg)

\| We shop. You save. Senior Adj. EBITDA\* Margins (5)% 26% 25% 27% FY22 FY23 FY24 FY25 Revenue/CAC\*\*\*\* 1.7 4.1 4.5 6.1 FY22 FY23 FY24 FY25 Operating Expense Per Policy\*\* $1,034 $750 $780 $738 FY22 FY23 FY24 FY25 \*See "Non-GAAP Financial Measures" section on slide 2 \*\*Represents Senior operating costs divided by approved MA/MS policies. \*\*\*Represents Senior marketing costs divided by approved MA/MS policies. Compelling Senior Efficiency Metrics Marketing Expense Per Policy\*\*\* $578 $382 $430 $394 FY22 FY23 FY24 FY25 \*\*\*\*The revenue to customer acquisition cost ("CAC") multiple represents total revenue as a multiple of total marketing acquisition costs for the Senior and Healthcare Services divisions, which represents the direct costs of acquiring leads. 4 (33)

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![](selectquoteincjune302025005.jpg)

\| We shop. You save. $252 $479 $743 FY23 FY24 FY25 Healthcare Services Growth & Profitability Revenue $MM SelectRx Members 000s FY25 CommentaryAdjusted EBITDA\* $MM \*See "Non-GAAP Financial Measures" section on slide 2 $(23) $8 $25 FY23 FY24 FY25 49 82 108 FY23 FY24 FY25 5 • Continued strong SelectRx revenue growth • Improving Adjusted EBITDA margins • New state-of-the-art Kansas facility

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![](selectquoteincjune302025006.jpg)

\| We shop. You save. High-touch expert agent- led service model Data-driven technology infrastructure Healthcare Services Distribution & Engagement Platform 6 Trusted partner for Americans, healthcare providers and carriers Increasing proof of value as a solution provider in the $5 trillion U.S. Healthcare market 6.1X Rev/CAC\* \*The revenue to customer acquisition cost ("CAC") multiple represents total revenue as a multiple of total marketing acquisition costs for the Senior and Healthcare Services divisions, which represents the direct costs of acquiring leads.

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![](selectquoteincjune302025007.jpg)

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![](selectquoteincjune302025008.jpg)

\| We shop. You save. Revenue Diversity is a Strategic Advantage 25% 36% 49% 59% 50% 39% 16% 14% 12% Healthcare Select Senior Other FY23 FY24 FY25 FY26\* 8 $1,003Total Revenue $MM $1,322 $1,650 - $1,750\*$1,527 \*FY26 Revenue Guidance

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\| We shop. You save. Revenue $MM Adjusted EBITDA\* $MM $1,322 $1,527 FY24 FY25 $14 $3 4Q24 4Q25 2025 Consolidated Financial Summary $307 $345 4Q24 4Q25 $117 $126 FY24 FY25 \*See "Non-GAAP Financial Measures" section on slide 2 9 8%9%Margin

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\| We shop. You save. Revenue $MM Adjusted EBITDA\* $MM $656 $600 FY24 FY25 $167 $162 FY24 FY25 Senior Financial Summary $114 $82 4Q24 4Q25 $28 $8 4Q24 4Q25 \*See "Non-GAAP Financial Measures" section on slide 2 10 Margin 27%25%

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\| We shop. You save. Total Approved Policies 000s MA LTV SelectQuote Senior KPIs 688 663 625 593 62 70 MA Other FY24 FY25 $847 $837 4Q24 4Q25 121 105 107 85 14 20 MA Other 4Q24 4Q25 11 $910 $884 FY24 FY25

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\| We shop. You save. SELECTRX Members 82 87 97 106 108 4Q24 1Q25 2Q25 3Q25 4Q25 0 20 40 60 80 100 120 Revenue & Adjusted EBITDA\* $MM $1 $5 $2 $6 $12 $145 $156 $183 $190 $214 4Q24 1Q25 2Q25 3Q25 4Q25 Healthcare Services KPIs REVENUE ADJUSTED EBITDA\* \*See "Non-GAAP Financial Measures" above on slide 2. 12

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\| We shop. You save. $42 $48 4Q24 4Q25 $7 $7 4Q24 4Q25 Life Financial Summary $158 $173 FY24 FY25 $20 $27 FY24 FY25 13 \*See "Non-GAAP Financial Measures" section on slide 2 Revenue $MM Adjusted EBITDA\* $MM Margin 15%13%

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\| We shop. You save. $683M $385M Term Debt\* Non-Recourse Debt 6/30/2024 6/30/2025 Significantly Improved Capital Structure Oct. 2024: Securitization Feb. 2025: Preferred Equity Investment Future State: Additional Alternatives 14 • Ongoing evaluation of options to further optimize capital structure and deliver value creation for shareholders • Established foundation for future warehouse financing and securitizations • Proceeds used to repay $260M of term debt and to support ongoing growth initiatives P Extension of term debt maturity to September 2027 P Increased operational flexibility with available liquidity in excess of $100m Total Debt P P $100m $350m ~$3m Reduction in annual cash interest 70bps Cumulative decrease in blended cost of capital ~$30m Cumulative reduction in annual cash interest 160bps Cumulative decrease in blended cost of capital Deal Size Benefits \*Includes unamortized debt issuance costs and debt discount

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\| We shop. You save. FY26 Financial Guidance REVENUE +11% YoY At the Midpoint$1.65B ADJUSTED EBITDA\* to $1.75B $120M to $150M +7% YoY At the Midpoint \*See "Non-GAAP Financial Measures" above on slide 2. 15

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\| We shop. You save. Supplemental Information 16

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\| We shop. You save. 4Q FY 2025 (in thousands) Senior Healthcare Services Life Total Total revenue from reportable segments $82,464 $214,028 $47,984 $344,476 Less: Cost of commissions and other services revenue (32,391) (5,536) (18,020) Cost of goods sold - pharmacy revenue — (180,988) — Marketing expense (41,752) (1,950) (22,813) Technical development $— $(495) $— Selling, general, and administrative (599) (13,206) (229) Adjusted Segment EBITDA 7,722 11,853 6,922 26,497 Reconciliation of total segment Adjusted EBITDA All other Adjusted EBITDA 950 Corporate (24,753) Share-based compensation expense (4,852) Transaction costs (1,257) Depreciation and amortization (4,876) Loss on disposal of property, equipment, and software, net (80) Impairment of long-lived assets (4,209) Change in fair value of warrants 34,181 Interest expense, net (12,226) Income before income tax expense (benefit) $9,375 17 Adjusted EBITDA to Loss before income tax expense (benefit) Reconciliation

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\| We shop. You save. 4Q FY 2024 (in thousands) Senior Healthcare Services Life Total Total revenue from reportable segments $114,143 $145,223 $42,074 $301,440 Less: Cost of commissions and other services revenue (37,534) (5,025) (15,287) Cost of goods sold - pharmacy revenue — (119,520) — Marketing expense (48,138) (1,700) (19,279) Technical development $— $(835) $— Selling, general, and administrative (599) (17,234) (291) Adjusted Segment EBITDA 27,872 909 7,217 35,998 Reconciliation of total segment Adjusted EBITDA All other Adjusted EBITDA 2,474 Corporate (24,115) Share-based compensation expense (3,304) Transaction costs (5,529) Depreciation and amortization (6,407) Loss on disposal of property, equipment, and software, net (523) Interest expense, net (23,409) Loss before income tax expense (benefit) $(24,815) 18 Adjusted EBITDA to Loss before income tax expense (benefit) Reconciliation

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\| We shop. You save. FY 2025 (in thousands) Senior Healthcare Services Life Total Total revenue from reportable segments $600,393 $742,705 $172,978 $1,516,076 Less: Cost of commissions and other services revenue (201,933) (25,163) (65,047) Cost of goods sold - pharmacy revenue — (625,389) — Marketing expense (234,335) (8,038) (80,269) Technical development $— $(2,187) $— Selling, general, and administrative (2,454) (56,541) (993) Adjusted Segment EBITDA 161,671 25,387 26,669 213,727 Reconciliation of total segment Adjusted EBITDA All other Adjusted EBITDA 10,597 Corporate (98,070) Share-based compensation expense (18,357) Transaction costs (14,617) Depreciation and amortization (20,460) Loss on disposal of property, equipment, and software, net (240) Impairment of long-lived assets (4,209) Change in fair value of warrants 59,525 Interest expense, net (79,385) Income before income tax expense (benefit) $48,511 19 Adjusted EBITDA to Loss before income tax expense (benefit) Reconciliation

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\| We shop. You save. FY 2024 (in thousands) Senior Healthcare Services Life Total Total revenue from reportable segments $655,849 $478,508 $157,930 $1,292,287 Less: Cost of commissions and other services revenue (216,348) (17,438) (60,017) Cost of goods sold - pharmacy revenue — (400,821) — Marketing expense (269,867) (6,260) (76,513) Technical development $— $(915) $— Selling, general, and administrative (2,890) (45,253) (1,236) Adjusted Segment EBITDA 166,744 7,821 20,164 194,729 Reconciliation of total segment Adjusted EBITDA All other Adjusted EBITDA 14,127 Corporate (91,863) Share-based compensation expense (13,816) Transaction costs (13,158) Depreciation and amortization (24,998) Loss on disposal of property, equipment, and software, net (536) Interest expense, net (93,551) Loss before income tax expense (benefit) $(29,066) 20 Adjusted EBITDA to Loss before income tax expense (benefit) Reconciliation

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\| We shop. You save. SelectQuote Inc. 6800 West 115th Street Suite 2511 Overland Park, Kansas 66211 Phone: (877) 678-4086 Investor Relations investorrelations@selectquote.com 21

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