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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K


☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the year ended June 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

001-39295

(Commission File Number)

SelectQuote, Inc.

(Exact name of registrant as specified in its charter)

Delaware

94-3339273

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

6800 West 115th Street

Suite 2511

Overland Park

66211

(Address of Principal Executive Offices)

(913) 599-9225

(Registrant's telephone number, including area code)

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, par value $0.01 per share

SLQT

New York Stock Exchange

Securities registered pursuant to section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulations S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes ☒ No ☐

Yes ☒ No ☐

Table of Contents

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☒
		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 ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuance to Section 12(b) of the Act, indicated by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐

The aggregate market value of the outstanding common stock held by non-affiliates of the Registrant as of December 2931, ~~2023~~2024, the last business day of our most recently completed second fiscal quarter, based on the closing price of $13.3772 reported by the New York Stock Exchange on that date, was $~~184~~506,~~808~~928,~~919~~494. Solely for the purposes of this calculation, the Registrant has excluded shares held by the Registrant's directors and executive officers as of December 2931, ~~2023~~2024. Such exclusion shall not be deemed a determination by the Registrant that all such individuals are, in fact, affiliates of the Registrant.

The registrant had outstanding ~~171~~172,~~443~~816,~~421~~730 shares of common stock as of ~~August~~July 31, ~~2024~~2025.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant’s Definitive Proxy Statement for the ~~2024~~2025 Annual Meeting of Stockholders (its “~~2024~~2025 Proxy Statement”), which is expected to be filed within 120 days after the Company’s fiscal year ended June 30, ~~2024~~2025, are incorporated by reference into Part III of this Annual Report on Form 10-K to the extent stated herein.

Table of Contents

SELECTQUOTE, INC. AND SUBSIDIARIES

FORM 10-K

TABLE OF CONTENTS

	PART I	PAGE
Item 1.	Business	4
Item 1A.	Risk Factors	1819
Item 1B.	Unresolved Staff Comments	4243
Item 1C.	Cybersecurity	4243
Item 2.	Properties	4344
Item 3.	Legal Proceedings	4445
Item 4.	Mine Safety Disclosures	4445
	PART II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	4546
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	4748
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	6871
Item 8.	Financial Statements and Supplementary Data	7072
Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	~~114~~124
Item 9A.	Controls and Procedures	~~114~~124
Item 9B.	Other Information	~~117~~127
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	~~117~~127
	PART III
Item 10.	Directors, Executive Officers and Corporate Governance	~~118~~128
Item 11.	Executive Compensation	~~118~~128
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	~~118~~128
Item 13.	Certain Relationships and Related Transactions, and Director Independence	~~119~~129
Item 14.	Principal Accountant Fees and Services	~~119~~129
	PART IV
Item 15.	Exhibit and Financial Statement Schedules	~~120~~130
Item 16.	Form 10-K Summary	~~123~~134

Table of Contents

PART I

ITEM 1. BUSINESS

Overview

SelectQuote, Inc. (together with its subsidiaries, “SelectQuote”, the “Company”, “we”, “us”) is a leading technology-enabled, direct-to-consumer (“DTC”) distribution and engagement platform for selling insurance policies and healthcare services. Our insurance distribution business, which has operated continuously for nearly 40 years, allows consumers to transparently and conveniently shop for senior health, life, and automobile and home insurance policies from a curated panel of the nation’s leading insurance carriers. As an insurance distributor, we do not insure the consumer, but rather identify consumers looking to acquire insurance products and place these consumers with insurance carrier partners that provide these products. In return, we earn commissions from our insurance carrier partners for the policies we sell on their behalf. Our proprietary technology allows us to take a broad funnel approach to marketing by analyzing and identifying high-quality consumer leads sourced from a wide variety of online and offline marketing channels including digital marketing, radio, television, and third-party marketing partners. We monitor our acquisition costs to dynamically allocate our marketing spend to the most attractive channels, benefiting from nearly 40 years of data accumulated through our proprietary, purpose-built technologies. Our advanced workflow processing system scores each acquired lead in real time, matching it with a sales agent whom we determine is best suited to meet the consumer’s need. Our platform then captures and utilizes our experience to further build upon the millions of data points that feed our marketing algorithms, further enhancing our ability to deploy subsequent marketing dollars efficiently and target more high-quality consumer leads. We have built our business model to maximize commissions collected over the life of an approved policy, a metric we refer to as “ lifetime value of commissions” or “LTV”, which is a key component to our overall profitability.

~~Our~~In ~~proprietary~~recent ~~routing~~years, ~~and~~we ~~workflow~~have ~~system~~increasingly isfocused aon ~~key~~expanding ~~competitive advantage and driver of~~ our ~~business~~healthcare ~~performance.~~services ~~Our~~platform ~~systems~~as ~~analyze~~a ~~and~~natural ~~intelligently~~extension ~~route~~of ~~consumer~~our ~~leads~~core toSenior ~~agents~~distribution ~~and~~insurance ~~allow us to monitor, segment, and enhance our agents’ performance~~business. This ~~technological~~strategic ~~advantage~~shift ~~also~~reflects ~~allows~~our usprioritization toof ~~rapidly~~higher-growth ~~conduct~~opportunities ain ~~needs-based,~~areas ~~tailored~~such ~~analysis~~as ~~for~~pharmacy ~~each~~services ~~consumer~~and ~~that~~chronic ~~maximizes~~care ~~sales,~~management ~~enhances~~through ~~customer~~offerings ~~retention,~~like SelectRx and ~~ultimately~~SelectPatient ~~maximizes~~Management ~~LTV’s~~(“SPM”). ~~Our~~At ~~expertise~~the ~~and~~same ~~value~~time, ~~add~~we ~~stems~~have ~~from~~de-emphasized ~~the~~production ~~coupling~~within of our ~~technology~~Auto ~~with~~& ~~our~~Home ~~skilled~~distribution ~~agents~~insurance business, which ~~provides~~no ~~greater~~longer ~~transparency~~represents ina ~~pricing~~core ~~terms~~area ~~and~~of ~~choice and an overall better consumer experience~~focus. ~~When~~Our ~~customers~~strategy ~~are~~is ~~satisfied,~~focused ~~their~~on ~~propensity~~delivering tomore ~~switch~~comprehensive ~~policies~~and ~~decreases,~~personalized ~~thereby~~healthcare ~~improving~~solutions ~~retention~~that ~~rates~~meet ~~(“persistency”),~~the ~~increasing~~evolving ~~LTV’s~~needs ~~and,~~of ~~ultimately, optimizing~~ our ~~financial~~senior ~~performance and shareholder value~~customers.

~~SelectQuote~~Our insurance distribution business, which has aoperated ~~long~~continuously ~~history~~for ofover ~~successful~~40 ~~DTC~~years, ~~product~~allows ~~distribution~~consumers to transparently and ~~consumer~~conveniently ~~engagement~~shop for senior health, life, and weautomobile ~~bring~~and ~~this~~home ~~same~~insurance ~~capability~~policies tofrom ~~healthcare~~a ~~services~~curated panel of the nation’s leading insurance carriers. WeAs ~~saw~~an ainsurance ~~large~~distributor, ~~opportunity~~we todo ~~leverage~~not ~~our~~insure ~~existing~~the ~~customer~~consumer, ~~base~~but ~~and~~rather ~~distribution~~identify ~~model~~consumers looking to ~~improve~~acquire ~~education~~insurance products and ~~access~~place tothese ~~healthcare~~consumers ~~services~~with ~~for~~insurance ~~our~~carrier ~~senior~~partners ~~consumers~~that ~~and~~provide tothese ~~create~~products. ~~value~~In ~~for~~return, ~~our~~we ~~shareholders~~earn ~~and~~commissions from our insurance carrier partners for the policies we sell on their behalf. ~~SelectQuote’s~~Our ~~value~~proprietary ~~lies~~technology inplatform ~~our~~integrates ~~ability~~artificial intelligence and data science based machine learning models to ~~engage~~analyze ~~the~~and identify high-quality consumer leads from diverse online and offline channels, ~~capture~~such ~~critical~~as ~~self~~digital marketing, radio, television, and third-~~reported~~party ~~information~~partnerships. Leveraging over 40 years of accumulated data and advanced predictive analytics, our technology dynamically optimizes marketing spend in real-time,. ~~and~~Our ~~then~~intelligent ~~take~~workflow ~~action~~system oninstantly ~~that~~evaluates ~~information~~each acquired lead, routing it efficiently to ~~offer~~the ~~each~~most suitable sales agent based on consumer ~~personalized~~needs ~~solutions~~and agent expertise. Our ~~healthcare~~platform ~~services~~then ~~business~~captures ~~seeks~~and toutilizes ~~provide~~our ~~consumers~~experience ~~with~~to afurther ~~wide~~build ~~breadth~~upon ofthe ~~products~~millions ~~supporting~~of ~~their~~data ~~needs,~~points ~~such~~that asfeed ~~SelectRx,~~ our ~~Patient-Centered~~marketing ~~Pharmacy~~algorithms, ~~HomeTM~~further ~~(“PCPH”)~~enhancing ~~accredited~~our ~~pharmacy,~~ability ~~which~~to ~~has~~deploy ~~already~~subsequent ~~demonstrated~~marketing ~~SelectQuote’s~~dollars ~~ability~~efficiently toand ~~leverage~~target ~~our~~more ~~strong~~high-quality consumer ~~engagement~~leads. toWe ~~drive~~have ~~immediate~~built ~~value~~our ~~using~~business ~~our~~model ~~existing~~to ~~operational~~maximize ~~infrastructure.~~commissions ~~Whether~~collected ~~through~~over ~~acquisitions~~the orlife ~~new~~of ~~partnerships~~an approved policy, a metric we ~~continue~~refer to ~~look~~as ~~for~~“ ~~more~~lifetime ~~opportunities~~value toof ~~leverage~~commissions” ~~our~~or ~~strengths~~“LTV”, towhich ~~expand~~is ~~our~~a ~~healthcare~~key ~~services~~component ~~business~~to our overall profitability.

Our ~~Business~~proprietary ~~Model~~routing and workflow system is a key competitive advantage and driver of our business performance. Our systems analyze and intelligently route consumer leads to agents and allow us to monitor, segment, and enhance our agents’ performance. This technological advantage also allows us to rapidly conduct a needs-based, tailored analysis for each consumer that maximizes sales, enhances customer retention, and ultimately maximizes LTVs. Our expertise and value add stems from the coupling of our technology with our skilled agents, which provides greater transparency in pricing and choice and an overall better consumer experience. When customers are satisfied, their propensity to switch policies decreases, thereby improving retention rates (“persistency”), increasing LTVs and, ultimately, optimizing our financial performance and shareholder value.

~~Our~~SelectQuote ~~insurance~~has a long history of successful DTC product distribution ~~business~~and ~~operates~~consumer inengagement, anand ~~attractive~~we ~~segment~~bring ofthis ~~the~~same ~~insurance~~capability ~~value~~to ~~chain,~~healthcare ~~distributing~~services. ~~insurance~~We ~~products~~saw ona ~~behalf~~large ofopportunity to leverage our existing customer base and distribution model to improve education and access to healthcare services for our senior consumers and to create value for our shareholders and insurance carrier partners. ~~who,~~SelectQuote’s value lies in ~~return~~our ability to engage the consumer, ~~pay~~capture uscritical ~~commissions.~~self-reported ~~Accordingly~~information in real-time, weand dothen ~~not~~take ~~generate~~action ~~revenues~~on ~~directly~~that ~~from~~information ~~the~~to offer each consumer personalized solutions. Our healthcare services business seeks to provide consumers with ~~whom~~a wewide ~~interact.~~breadth Inof ~~addition~~products supporting their needs, ~~because~~such weas ~~are~~SelectRx, ~~not~~our ~~the~~Patient-Centered ~~issuer~~Pharmacy ofHomeTM ~~the~~accredited ~~insurance~~pharmacy, ~~policy~~which has already demonstrated SelectQuote’s ability to ~~the~~leverage our strong consumer, weengagement ~~bear~~to nodrive ~~underwriting~~immediate ~~risks~~value using our existing operational infrastructure. Whether through acquisitions or new

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~~Founded nearly 40 years ago as what we believe was the first DTC term life insurance exchange platform in the United States~~partnerships, our technology-driven, differentiated model allows consumers to easily compare pricing and policy options from over 70 of the nation’s leading insurance carriers. Working in tandem, our agents and technology systems are the foundation of our business. Our highly trained licensed agents are subject matter experts in the products they sell, and this, in combination with our purpose-built software and business process, differentiates the service we ~~provide~~continue to ~~consumers~~look ~~relative~~for to other insurance distributors or “online only” offerings. We believe providing personalized advice and guidance from policy research to enrollment is a key differentiator in the senior health market, as consumers tend to prefer or require more ~~personalized~~opportunities ~~attention~~ to ~~navigate~~leverage ~~increasingly~~our ~~complex~~strengths ~~and ever-changing coverage options. Our agents are trained~~ to ~~offer~~expand ~~unbiased~~our ~~advice~~healthcare inservices ~~order to align with the specific needs of each customer~~business.

Our Business Model

Our unique platform has allowed us to expand our business significantly in recent years, now encompassing healthcare services alongside our traditional insurance distribution. We've identified a substantial opportunity to leverage our extensive consumer database and robust distribution model to enhance access to healthcare services for our senior consumers. This initiative not only aims to improve their overall health outcomes but also creates significant value for our shareholders and insurance carrier partners.

Our Healthcare Services business model focuses on improving member health and wellness, primarily for seniors, by providing an unparalleled consumer experience. Through our various healthcare services product offerings, we serve as a premier navigation service, proactively engaging members to address their individual healthcare needs. We aim to improve health outcomes and lower overall healthcare costs by offering access to tailored healthcare solutions and fostering an ecosystem among payers, providers, and patients. This model is highly effective in engaging the senior market, enabling us to capture significant value across the healthcare sector and consumer lifecycle. It serves as a robust platform for delivering an expanding suite of health-related products and services, ultimately driving substantial growth and cash flow.

Our insurance distribution business operates in an attractive segment of the insurance value chain, distributing insurance products on behalf of our insurance carrier partners who, in return, pay us commissions. Accordingly, we do not generate revenues directly from the consumers with whom we interact. In addition, because we are not the issuer of the insurance policy to the consumer, we bear no underwriting risks.

Founded more than 40 years ago as what we believe was the first DTC term life insurance exchange platform in the United States, our technology-driven, differentiated model allows consumers to easily compare pricing and policy options. Working in tandem, our agents and technology systems are the foundation of our business. Our highly trained licensed agents are subject matter experts in the products they sell, and this, in combination with our purpose-built software and business process, differentiates the service we provide to consumers relative to other insurance distributors or “online only” offerings. We believe providing personalized advice and guidance from policy research to enrollment is a key differentiator in the senior health market, as consumers tend to prefer or require more personalized attention to navigate increasingly complex and ever-changing coverage options. Our agents are trained to offer unbiased advice in order to align with the specific needs of each customer.

As a technology-enabled distributor of scale in our end markets, we believe that we are well-positioned to capitalize on the accelerating trend of digital transformation across the insurance distribution landscape. Under the traditional insurance distribution model, consumers are often unaware of their full range of coverage options and are at risk of receiving opaque, “one size fits all” recommendations primarily intended to maximize agent commissions over their needs. In contrast, the insurance distribution landscape today is one in which consumers of insurance demand greater choice, seek more transparency in pricing, and use the internet to self-research their insurance options. Technological innovations, consumer demand for price transparency and comparison shopping, and the development of machine learning for business applications, continue to transform the insurance distribution landscape. As the composition of the U.S. population gradually shifts to the mobile-first generation, consumers are becoming more tech-savvy and increasingly comfortable shopping online. We believe our ability to offer multiple carriers’ policies, proprietary technology platform, vast datasets, and use of machine learning in key aspects of our business positions us well to take advantage of these consumer trends.

DTC distribution has become an increasingly important part of the overall distribution strategies of insurance carriers as they drive to lower customer acquisition costs. Internet and mobile devices ~~enable~~allow distributors the ability to target and reach consumers directly in a highly controlled and efficient manner. Our software allows our agents to have more effective interactions with customers, driving agent productivity, sales volume, and providing an attractive distribution alternative for our insurance carrier partners. While traditional insurance distributors use a time-intensive, in-person purchasing process, consumers are increasingly researching insurance policies for their needs online and, ultimately, purchasing through DTC channels. Platforms like ours are well positioned to serve these customers as we allow consumers to compare insurance in a transparent manner, without having to solicit individual quotes from carriers in the market or rely on the options presented by a traditional insurance distributor; and to do so from the comfort of their own home.

Our systems allow us to gain valuable insights from the rich sources of consumer information we have gathered over nearly four decades, and we use complex data analytics and proprietary algorithms to enhance our sales and marketing strategies in an effort to maximize our return on our marketing spend and enhance our agents’ close rates. As we have grown, we have continued to gather valuable data that has allowed us to further enhance our algorithms. Accordingly, we have been able to improve our lead acquisition efficiency and scoring and workflow processing capabilities, which has enabled us to serve customers more efficiently and has improved the value proposition we offer to our insurance carrier partners. As our value proposition has grown, our insurance carrier partners have come to rely more on our distribution capabilities and have partnered with us more deeply in product design, helping fuel our growth.

Our unique platform has enabled us to continue to expand our business in recent years to include additional services and products beyond selling insurance policies through our healthcare services business. In interacting with thousands of consumers over the years, we’ve identified a large opportunity to leverage our existing database and distribution model to improve access to healthcare services for our senior consumers. In addition to improving consumers’ overall health outcomes, we create value for our shareholders and insurance carrier partners.

Our Products

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~~The~~distributors ~~core~~use ~~insurance~~a ~~products~~time-intensive, wein-person ~~distribute~~purchasing onprocess, ~~behalf~~consumers ~~of our insurance carrier partners~~ are ~~needs-based~~increasingly ~~and~~researching ~~critical~~insurance topolicies ~~the~~for ~~overall financial well-being of consumers and the protection of~~ their ~~most~~needs ~~valued~~online ~~assets: their families~~and, ~~their health~~ultimately, ~~and~~purchasing ~~their~~through ~~property~~DTC channels. ~~Increasing~~Platforms ~~household~~like ~~financial~~ours ~~obligations,~~are ~~rising~~well ~~healthcare~~positioned ~~costs,~~to ~~importance~~serve ofthese ~~health~~customers ~~and~~as ~~well-being,~~we ~~and~~allow ~~government~~consumers ~~and~~to ~~lender~~compare ~~mandates for certain~~ insurance ~~coverage~~in ~~drive~~a ~~the~~transparent ~~need~~manner, ~~for~~without ~~the~~having ~~insurance~~to ~~products~~solicit weindividual ~~distribute.~~quotes ~~These~~from ~~products~~carriers ~~are~~in ~~underwritten~~the bymarket ~~our~~or ~~carefully~~rely ~~selected~~on ~~insurance~~the ~~carrier~~options ~~partners~~presented ~~and sold~~ by ~~our~~a ~~agents~~traditional ~~across our three~~ insurance ~~distribution~~distributor; ~~businesses: Senior, Life,~~ and ~~Auto~~to &do ~~Home.~~so ~~Additionally,~~from ~~through~~the ~~our~~comfort ~~Healthcare~~of ~~Services~~their ~~business,~~own ~~we offer pharmaceutical products and other health-related services~~home.

~~Senior~~Our ~~was~~systems ~~launched~~allow inus ~~2010~~to ~~and~~gain ~~provides~~valuable ~~unbiased~~insights ~~comparison~~from ~~shopping~~the ~~for~~rich ~~Medicare~~sources ~~Advantage~~of ~~(“MA”)~~consumer ~~and~~information ~~Medicare~~we ~~Supplement~~have ~~(“MS”)~~gathered ~~insurance~~over ~~plans~~four asdecades, ~~well~~and aswe ~~prescription~~use ~~drug~~complex data analytics and ~~dental,~~proprietary ~~vision,~~algorithms to enhance our sales and ~~hearing~~marketing ~~(“DVH”)~~strategies ~~plans,~~in an effort to maximize our return on our marketing spend and ~~critical~~enhance ~~illness~~our ~~products.~~agents’ Weclose ~~represent~~rates. ~~approximately~~As 25we ~~leading~~have grown, ~~nationally-recognized~~we ~~insurance~~have ~~carrier~~continued ~~partners,~~to ~~including~~gather ~~carriers~~valuable ~~owned~~data bythat ~~UnitedHealthcare~~has ~~(“UHC”),~~allowed ~~Humana,~~us ~~Wellcare~~to further enhance our algorithms. Accordingly, we have been able to improve our lead acquisition efficiency and ~~Aetna.~~scoring MAand workflow processing capabilities, which has enabled us to serve customers more efficiently and MShas ~~plans~~improved ~~accounted~~the ~~for~~value ~~91%~~proposition ofwe offer to our ~~approved~~insurance ~~Senior~~carrier ~~policies~~partners. ~~for~~As ~~the~~our ~~year~~value ~~ended~~proposition ~~June 30,~~has ~~2024~~grown, our insurance carrier partners have come to rely more on our distribution capabilities and have partnered with ~~other~~us ~~ancillary~~more ~~type~~deeply ~~policies~~in ~~accounting~~product ~~for~~design, ~~the~~helping ~~remainder.~~fuel our growth.

~~Life is one of the country’s largest and most established DTC insurance distributors for term life insurance, having sold over 2.4 million policies nationwide since our founding in 1985.~~ Our platform provides unbiased comparison shopping for life insurance products such as term life, final expense, and other ancillary products like critical illness, accidental death, and juvenile insurance. We represent approximately 20 leading, nationally-recognized insurance carrier partners, with many of these relationships exceeding 20 years. Term life policies accounted for 45% of new premium within Life for the year ended June 30, 2024, with final expense policies accounting for 55%.Products

~~Auto~~Through &our ~~Home~~Healthcare ~~was~~Services ~~launched~~business, inwe ~~2011~~offer aspharmaceutical anproducts ~~unbiased~~and ~~comparison~~other ~~shopping~~health-related ~~platform~~equipment ~~for~~and ~~insurance~~services. ~~products~~Additionally, ~~such~~through asour ~~homeowners,~~insurance ~~auto,~~distribution ~~dwelling fire~~business, ~~and~~we ~~other~~distribute ~~ancillary~~needs-based insurance products ~~underwritten~~on bybehalf ~~approximately~~of 25our ~~leading, nationally recognized~~ insurance carrier partners. ~~Homeowners~~These ~~and~~products ~~12-month~~are ~~auto~~critical ~~products~~to ~~accounted~~the ~~for~~overall ~~74%~~financial well-being of ~~new~~consumers ~~premium~~and ~~within~~ the ~~Auto~~protection &of ~~Home~~their ~~segment~~most ~~for~~valued ~~the~~assets: ~~year~~their ~~ended~~families, ~~June 30~~their health, ~~2024~~and their property. Increasing household financial obligations, ~~with~~rising ~~six-month~~healthcare ~~auto~~costs, ~~dwelling~~importance ~~fire~~of health and well-being, and ~~other~~government ~~products~~and ~~accounting~~lender mandates for certain insurance coverage drive the ~~remainder~~need for the insurance products we distribute. These products are underwritten by our carefully selected insurance carrier partners and sold by our agents across our three insurance distribution businesses: Senior, Life, and Auto & Home.

Healthcare Services, launched in 2021, offers various health-related products and services through SelectRx, ~~Population~~Healthcare ~~Health~~Select, and ~~most recently, SelectPatient Management~~SPM. SelectRx offers essential prescription medications, over-the-counter (“OTC”) medications, customized medication packaging, and medication therapy management, providing long-term pharmacy care that enables patients to optimize medication adherence to drive positive health outcomes, while enabling patients managing polypharmacy and multiple chronic conditions to remain at home. Through ~~Population~~Healthcare ~~Health~~Select, we utilize our excellent consumer engagement capabilities to capture valuable self-reported information in real-time for our insurance carrier partners by completing ~~Health~~health ~~Risk~~risk ~~Assessments~~and ~~(“HRAs”)~~lifestyle assessments. We then use that data to take a real-time, proactive, and personalized approach to offer various health-related products and services to the consumer, such as our pharmacy services from SelectRx. Additionally in 2024, we launched ~~SelectPatient Management (“~~SPM”), after athe ~~$4.0 million~~ acquisition of an existing chronic care management platform, which offers providers, payers, and Accountable Care Organizations scalable, technology-enhanced services for patients living with chronic conditions. Through consistent, trust-based patient engagement, SPM helps patients navigate the care continuum, focusing on non-clinical factors allowing physicians to focus on the critical needs of their patients. We believe that offering these services enables healthcare to be more accessible, convenient, and personalized for our members.

~~Our~~Senior ~~Agents~~was launched in 2010 and provides unbiased comparison shopping for Medicare Advantage (“MA”) and Medicare Supplement (“MS”) insurance plans as well as prescription drug and dental, vision, and hearing (“DVH”) plans, and critical illness products. We represent approximately 25 leading, nationally-recognized insurance carrier partners, including carriers owned by UnitedHealthcare (“UHC”), Humana, Wellcare, and Aetna. MA and MS plans accounted for 90% of our approved Senior policies for the year ended June 30, 2025, with other ancillary type policies accounting for the remainder.

~~The~~Life ~~insurance products we sell are often complicated, and each consumer’s situation~~ is ~~unique.~~one Weof ~~believe~~ the ~~most effective method for matching products with each consumer~~country’s ~~needs~~largest ~~requires~~and ~~the~~most ~~attention~~established ofDTC ~~highly~~insurance ~~trained~~distributors ~~and~~for ~~skilled~~term ~~agents~~life insurance, ~~and~~having wesold ~~believe~~over ~~this~~2.6 million ~~training~~policies ~~and~~nationwide ~~expertise~~since ~~differentiates~~our usfounding ~~from~~in ~~the traditional distribution model~~1985. ~~Each~~Our ofplatform ~~our~~provides ~~lines~~unbiased ofcomparison ~~business~~shopping ~~has~~for ~~dedicated~~life ~~licensed~~insurance ~~agents~~products ~~who~~such ~~are~~as ~~subject~~term ~~matter~~life, ~~experts~~final inexpense, ~~that~~and ~~line,~~other ~~which~~ancillary ~~allows~~products ~~them~~like tocritical ~~provide~~illness, ~~deep~~accidental ~~expertise~~death, and ~~helpful~~juvenile ~~advice that are specific to a client’s needs~~insurance. We ~~have~~represent ~~developed~~approximately ~~what~~20 weleading, ~~believe is a best~~nationally-~~in-class~~recognized ~~talent~~insurance ~~management~~carrier ~~system~~partners, ~~that~~with ~~allows~~many usof tothese ~~recruit~~relationships ~~from~~exceeding ~~across~~20 ~~the~~years. ~~United~~Term ~~States~~life ~~and~~policies ~~build~~

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~~and~~accounted ~~retain~~for ~~top~~40% ~~agents.~~of ~~We provide each~~ new ~~agent~~premium ~~with~~within upLife tofor ~~10 weeks of proprietary in-house training, which is supplemented by ongoing training throughout~~ the year. ~~Our~~ended ~~training~~June 30, is2025, ~~designed to ensure that every agent is well-equipped~~ with afinal ~~deep~~expense ~~understanding~~policies ofaccounting ~~the~~for ~~products they sell and the customer service and sales skills necessary to best service the customer~~60%. ~~Our goal is that every agent in whom we invest will build a long and rewarding career with us.~~

~~Our~~Auto ~~agents~~& ~~are~~Home ~~segmented~~was ~~into~~launched ~~multiple~~in ~~levels~~2011 ~~based~~as onan ~~their~~unbiased ~~productivity,~~comparison ~~with~~shopping ~~the~~platform ~~most~~for ~~productive~~insurance ~~agents~~products ~~given~~such ~~first~~as ~~access to the highest quality leads. In our Senior segment~~homeowners, ~~level one agents demonstrate higher productivity~~auto, ~~close~~dwelling ~~rates~~fire, ~~retention rates,~~ and ~~lower~~other ~~attrition~~ancillary ~~than~~insurance ~~similarly~~products ~~situated~~underwritten ~~Senior~~by ~~agents~~approximately in20 ~~levels below them. Essentially~~leading, ~~this~~nationally ~~process~~recognized ~~allows~~insurance uscarrier ~~to match a lead with the appropriate agent and to optimize our agent’s most valuable asset: time~~partners. ~~Each~~Homeowners ~~agent guides the potential customer through tailored policy options~~ and ~~provides education on complex senior health, life, and~~ auto ~~& home~~ products, ~~thereby~~accounted ~~helping~~for ~~consumers~~83% ~~select~~of ~~the~~new ~~option~~premium ~~that~~within ~~best~~the ~~suits~~Auto ~~their~~& ~~needs~~Home ~~and~~division ~~circumstances.~~for ~~This personalized approach enhances~~ the ~~customer~~year ~~experience,~~ended ~~and when customers are satisfied~~June 30, ~~their propensity to switch policies decreases~~2025, ~~which~~with ~~extends~~dwelling ~~the~~fire ~~renewal revenue stream paid to us by our insurance carrier partners~~ and ~~enhances~~other ~~the~~products ~~lifetime~~accounting ~~value~~for of policyholder relationships. Our processes and technologies come together to drive strong economic results, allowing us to reward top agents with market-leading pay. Our agents are also proactive in their outreach throughout the ~~year which creates a deeper relationship with our consumers~~remainder.

InOur addition to the agents who sell insurance products, we have added customer success agents (“CSA”) to work with our consumers in Healthcare Services. CSA’s enroll the consumer as a member into our free Population Health service, help them understand the benefits available under their health plans, and using data from HRAs, connect them to one of our various health-related services such as SelectRx, SPM, or one of our many Population Health partners - all customized to that individual consumer.Agents

We recognize insurance products can be complicated and each consumer’s situation is unique. Matching the right products with a consumer’s needs requires the attention of highly trained and skilled agents. This expertise differentiates us from the traditional distribution model with each line of our business having dedicated, licensed agents who are subject matter experts in that line of business. We have also developed a best-in-class talent management system that allows us to recruit from across the United States to build and retain top agents. We provide each new agent with up to 10 weeks of proprietary in-house training supplemented by ongoing training throughout the year. Our training ensures every agent is equipped with a deep understanding of the products, customer service, and sales skills necessary to best serve the customer. Our goal is for every agent in whom we invest to build a long and rewarding career with us.

The most productive agents receive our highest quality leads. In our Senior segment, level one agents demonstrate higher productivity, close rates, retention rates, and lower attrition than agents in levels below them. This process matches a customer with the appropriate agent and optimizes our most valuable asset: agent time. Each agent guides the potential customer through tailored policy options and provides education on complex senior health, life, and auto & home products, thereby helping them select the best option for their needs. This personalized approach enhances the customer experience, and when customers are satisfied, their propensity to switch policies decreases. This extends the renewal revenue stream paid to us by insurance carrier partners and enhances the lifetime value of policyholder relationships. Through this, our processes and technology come together to drive strong economic results allowing us to reward top agents with market-leading pay. Our agents are also proactive in their outreach throughout the year creating a deeper relationship with our customers.

In addition to the agents who sell insurance products, we have added customer success agents (“CSA”) to work with our consumers in our healthcare services business. CSAs enroll the customer as a member into our free Healthcare Select service and help them understand the benefits available under their health plans. They leverage data from health risk and lifestyle assessments to connect the customer to our health services such as SelectRx, SPM, or one of our many Healthcare Select partners - all customized to that individual consumer.

Our Technology

Our business ~~succeeds~~success inis ~~large~~built ~~part~~upon ~~due~~a ~~to our complex~~robust, proprietary technology, ~~which~~platform ~~permeates~~that ~~our~~integrates ~~business~~over ~~process,~~40 ~~from~~years ~~lead~~of ~~generation~~data, toadvanced ~~scoring~~algorithms, and ~~routing~~artificial intelligence (“AI”). Applying information gathered since our founding over 40 years ago, ~~product~~our ~~selection~~technology ~~and~~drives ~~eventually~~robust attribution modeling, allowing us to ~~customer~~accurately ~~conversion~~measure marketing effectiveness, ~~post-sale~~inform ~~management~~bid strategies, and ~~cross~~prioritize high-~~selling~~value ~~opportunities~~lead sources. ~~Applying~~This ~~information~~infrastructure ~~gathered~~underpins ~~since~~every stage of our ~~founding~~business ~~nearly~~process, 40from ~~years~~lead ~~ago~~generation toand ~~drive~~scoring, ~~sophisticated~~to ~~attribution~~agent ~~modeling~~routing, wesales, ~~have~~customer ~~continued~~engagement, toand ~~optimize~~lifecycle ~~our~~management. ~~decision-making~~It ~~and~~allows ~~advance~~us ~~our~~to ~~goal~~maximize ofcustomer ~~maximizing~~LTV ~~lifetime~~and ~~value~~drive ~~and~~sustainable profitability.

AI-Powered Lead Acquisition: We ~~utilize~~employ a broad policyholder acquisition ~~funnel~~ strategy, ~~generating~~that ~~new~~spans ~~business leads through a wide variety of online and offline marketing channels, such as~~ digital marketing, television, radio ~~advertising~~, and partnerships with third-party marketing ~~partners~~organizations. ~~Our~~Central ~~software~~to ~~continuously~~this ~~monitors~~is ~~the~~our ~~cost~~use of ~~acquiring~~proprietary ~~customers~~machine ~~and~~learning ~~uses~~(“ML”) ~~our~~models, ~~algorithm~~which to dynamically adjust ~~our~~bid ~~bids~~strategies ~~for~~in ~~specific~~real ~~leads~~time based on ~~our~~expected ~~expectation of the lead’s~~ LTV. AsThese wemodels ~~continue~~continuously toanalyze ~~operate~~demographic trends, ~~these~~channel ~~algorithms~~effectiveness, ~~feed a vast~~ and ~~ever~~historical ~~growing~~conversion ~~pool of millions of data points~~patterns, ~~which,~~drawing ~~with~~on ~~the~~a ~~assistance~~vast ofdata ~~our~~pool ~~team~~ of ~~highly~~over ~~skilled~~1 ~~data~~billion ~~scientists,~~consumer ~~enhances~~and ~~our~~third-party ~~ability~~data topoints. ~~more~~This ~~accurately~~predictive ~~estimate~~capability ~~a new lead’s lifetime value and~~ enables us to ~~make~~group ~~more informed decisions when acquiring~~ leads. ~~Our~~by ~~data~~purchase ~~science team creates algorithms that support lead buying~~propensity, ~~scoring~~optimize ~~and routing~~cost-per-acquisition, and ~~consumer~~tier ~~lifecycle management of closed~~ leads. Wefor ~~believe~~routing ~~what~~to ~~sets~~the usmost ~~apart~~appropriate ~~from~~agent. ~~our~~As ~~competitors is~~ our ~~almost~~algorithms 40ingest ~~years~~more ~~of proprietary~~ data ~~that our data scientists use as part of our bidding strategy for purchased leads~~, ~~grouping~~they ~~phone and web leads by likelihood to purchase specific products~~evolve, ~~scoring~~improving ~~phone and web leads using historical performance of similar leads based on demographics, tiering leads for routing to~~ the ~~corresponding~~precision ~~agent levels, and performing predictive analysis~~ of ~~current~~our ~~customers’~~lead ~~persistency.~~

Lead Management & Routing: Regardless of how a lead is generated, our proprietary software will score the lead in real time based on multiple factors, then route the lead to the most appropriate agent to maximize expected lifetime value. This works in tandem with our customized, purpose-built lead routing and workflow management technology. Based on lead score, agent level, and agent availability, our software quickly assigns these leads to a licensed agent. We believe that our use of proprietary technology to monitor, segment, and enhance agent performance, such as through real-time lead routing to the most effective agents, is a key driver of our business performance.

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~~Sales:~~targeting ~~Once~~and ~~assigned~~bidding asystems. ~~lead,~~This ~~our~~vast ~~highly~~and ~~skilled,~~ever-growing ~~licensed~~pool ~~agents~~of ~~utilize~~data, ~~their~~coupled ~~training~~with ~~and~~the ~~experience~~assistance ~~and~~of our ~~proprietary~~team ~~software~~of ~~and~~highly ~~systems~~skilled todata ~~rapidly~~scientists, ~~conduct~~enhances aour ~~customized~~ability ~~needs-based~~to ~~analysis~~more ~~for~~accurately ~~each~~estimate ~~consumer.~~a ~~This~~new ~~coupling~~lead's oflifetime ~~our~~value ~~technology~~and ~~with~~enables ~~our~~more ~~skilled~~informed ~~agents~~decisions ~~provides the consumer with greater transparency~~ in ~~pricing~~lead ~~terms~~acquisition. ~~and~~Our ~~choice~~data ~~and~~science anteam ~~overall~~creates ~~better~~algorithms ~~consumer~~that ~~experience~~support ~~that~~lead ~~maximizes~~buying, ~~sales~~scoring, ~~enhances~~routing, ~~customer~~and ~~retention~~consumer ~~and,~~lifecycle ~~ultimately,~~management ~~maximizes~~of ~~LTV’s~~closed leads.

~~Customer~~Intelligent ~~Engagement &~~Lead ~~Lifecycle~~ Management: We& ~~use~~Routing: ~~advanced~~Once ~~algorithms~~leads ~~informed~~are byacquired, ~~over~~our 1AI-driven ~~billion~~scoring ~~consumer~~engine ~~and~~evaluates ~~third-party~~them ~~data~~in ~~points~~real totime ~~enrich~~using ~~our~~a ~~consumer~~complex ~~engagement~~array ~~strategy~~of attributes. ~~Our~~Leveraging ~~dedicated~~over ~~retention-focused~~four ~~customer~~decades ~~care~~of ~~(“CCA”)~~proprietary ~~team~~data, ~~leverages~~we ~~this~~route ~~technology~~each tolead ~~help~~using ~~consumers~~our ~~successfully~~intelligent ~~onboard~~matching engine. This system considers lead score, agent expertise, product fit, and real-time availability to ~~identify~~ensure ~~customers~~each weconsumer ~~determine~~is connected to bethe ~~likely~~most toeffective ~~purchase~~licensed ~~additional~~agent. ~~products,~~This ~~thereby~~pairing ~~improving~~process maximizes the likelihood ~~that~~of aconversion and LTV by aligning consumer ~~retains~~needs ~~their~~with ~~policy~~agent ~~and~~strengths. ~~identifying~~Our ~~cross~~purpose-~~sell~~built ~~opportunities~~workflow management software enhances agent performance across all contact channels.

Sales Enablement & Conversational AI: Our licensed agents utilize proprietary tools that combine real-time data, product knowledge, and guided decision trees to conduct personalized needs analyses and offer tailored insurance solutions. This coupling of our technology with our skilled agents provides the consumer with greater transparency in pricing terms, unbiased guidance, and choice, resulting in an overall better experience that maximizes sales. We have also deployed conversational AI technologies that automate routine enrollment processes. Our voice AI system has processed over 1.05 million assisted disclaimers, and our automated health risk and lifestyle assessment tools have saved over 4.7 million minutes of agent time. These technologies not only ensure regulatory compliance but also free up agent bandwidth to focus on higher-value, complex interactions that improve customer satisfaction and drive incremental sales.

Customer Engagement & Lifecycle Management: Post-sale, our AI and ML capabilities extend into customer retention and cross-sell efforts. Advanced predictive analytics help our dedicated, retention-focused customer care (“CCA”) team identify consumers at risk of churn and those most likely to purchase additional products. These models continuously refine themselves using ongoing behavioral signals and conversion outcomes, allowing us to proactively manage policyholder relationships. This retention-focused approach improves customer experience, increases policy persistency, and enhances the long-term value of each customer.

AI Infrastructure & Innovation Pipeline: To maintain our competitive edge, we continue to invest in the evolution of our AI infrastructure, with the goal of expanding from operational automation to strategic differentiation. Our development initiatives include:

•AI-assisted software development to enhance code quality and release velocity;

•Agentic systems for real-time operational decision-making;

•Generative AI models to optimize marketing content and improve customer engagement; and

•NLP-powered tools to better predict consumer behavior and support product innovation.

Together, these initiatives position us to not only improve internal performance but also to sustain long-term differentiation in an increasingly AI-driven marketplace.

Our Partners

We maintain long-standing, deeply integrated relationships with ~~approximately~~many 65 of the nation’s leading insurance carriers, who have some of the industry’s most widely recognizable brand names. During our most recent fiscal years, our primary insurance carrier partners were United Healthcare (“UHC”), Humana, ~~WellCare~~Aetna, and ~~Aetna~~WellCare in Senior; Mutual of Omaha, TruStage, and Pacific Life in Life; and ~~Travelers~~Safeco, ~~Safeco~~Progressive, and ~~Progressive~~Travelers in Auto & Home. These high-quality relationships have resulted in strong insurance carrier retention rates over time. We believe carriers see our method of acquiring customers as scalable and efficient and, ultimately, as cost advantageous compared to their own models. Our insurance carrier partners are responsible for paying us consideration for our services through commissions and other forms of compensation, and, for these purposes, act as our customers. We do not generate revenues directly from the consumers to whom we sell insurance policies on behalf of our insurance carrier partners.

Separate from our comparison-shopping platform, we have established carrier-specific sales platform arrangements with several of our insurance carrier partners, which we call “pods.” These arrangements give us access to various marketing assets from our insurance carrier partners, such as use of the insurance carrier’s brand, which allows us to target customers for specific insurance carrier partners to give us access to incremental sales volume. Consumers directed to a pod agent come from either leads that are not branded as SelectQuote or come directly from an insurance carrier-affiliated channel. The number of insurance carrier partners with which we have pod relationships can vary quarter to quarter depending on the insurance carrier partner and the segment.8

Table The relationships with our insurance carrier partners such as UHC, Aetna, Anthem, and Humana, has grown through SelectRx and Population Health, as we gather valuable data for them by performing HRAs. We have also formed partnerships with several pharmacy benefit managers including OptumRx, Caremark CVS, and Express Scripts, which help support SelectRx, as well as several providers of ~~health-related resources that support improved health outcomes as partners for Population Health.~~Contents

consideration for our services through commissions and other forms of compensation, and, for these purposes, act as our customers. We do not generate revenues directly from the consumers to whom we sell insurance policies on behalf of our insurance carrier partners.

The relationships with our insurance carrier partners such as UHC, Aetna, Humana and Anthem, have grown through SelectRx and Healthcare Select, as we gather valuable data for them by performing health risk and lifestyle assessments. We have also formed partnerships with several pharmacy benefit managers including OptumRx, Caremark CVS, and Express Scripts, which help support SelectRx, as well as several providers of health-related resources that support improved health outcomes as partners for Healthcare Select.

Our Market Opportunity

Healthcare Services Market

We believe the healthcare services market presents a significant opportunity to grow our business by offering additional products and services through our distribution platform. We entered the prescription medication market in 2021 through our acquisition of two boutique pharmaceutical operations, now SelectRx. We estimate the total addressable pharmaceutical market in the United States to be over $640 billion. The Congressional Budget Office estimates that spending on Part D benefits, a voluntary program that provides prescription drug coverage for people with Medicare, will total $137 billion in 2025, representing 15% of net total Medicare spending. SelectRx reached more than 108,000 active members as of June 30, 2025. Our current production facilities allow us to serve more than 150,000 members with ample room for additional expansion.

The Medicare market also offers the opportunity to grow our business by connecting seniors with additional health related products and services, including value-based care providers, chronic care management and resources for addressing social needs. We estimate the total value-based care market for Medicare Advantage patients to be over $600 billion. Further, with approximately 33% of Medicare beneficiaries living below 200% of the federal poverty level, according to the Kaiser Family Foundation in 2023, many of our consumers need help accessing social resources that impact health outcomes. In recognition of this need, Medicare Advantage plan providers are increasingly focused on benefits aimed at addressing social determinants of health like transportation, nutrition, and social isolation. Additionally, Medicare Advantage plan providers are focused on benefits that improve health outcomes including chronic care management services which are now provided by SPM. Healthcare Select is well positioned to support these efforts by connecting seniors to a centralized collection of healthcare and other resources offered through our partnerships with service providers throughout the United States.

Senior Market

Demand for senior insurance products in the U.S. is underpinned by powerful demographic trends. The number of people reaching retirement each year took a step-change in 2011 as the first wave of the post-war “Baby Boomer” generation turned 65. The proportion of the population that is age 65 or higher increased from 13% in 2010 to 1718% in ~~2020~~2023 and is expected to reach 21% in 2030, according to the United States Census Bureau. OnBased upon a research study, in 2025, on average, 11,~~000~~400 “Baby Boomers” are expected to turn 65 every day, or nearly 4.2 million ~~per~~people will reach the traditional retirement age in a single year,. ~~through~~Within the ~~end~~growing ofMedicare market, Medicare Advantage plans are gaining prominence, as these private market solutions displace the ~~decade~~traditional, government Medicare program. AsAccording ato ~~result~~the Kaiser Family Foundation, in 2024, Medicare Advantage enrollment isheld ~~growing~~54% ~~steadily~~market penetration, with ~~the~~nearly ~~number~~33 ofmillion Medicare Advantage enrollees. Between 2023 and 2024, total Medicare Advantage enrollment grew by about 7%. The Congressional Budget Office projects that enrollment is expected to ~~grow~~continue to rise from 6360 million in ~~2021~~2023 ~~(up~~to ~~from~~74 59 million in ~~2018)~~2034 and that the share of all Medicare beneficiaries enrolled in Medicare Advantage plans will rise to ~~approximately~~64% 75by ~~million~~2034. We believe our position in ~~2030~~the senior market provides a strategic foundation to expand into adjacent healthcare services, ~~according~~such as chronic care management, pharmacy support, and Healthcare Select solutions. These capabilities allow us to ~~the~~deepen ~~Centers~~our ~~for~~engagement ~~Medicare~~with &seniors ~~Medicaid~~and ~~Services~~create ~~(“CMS”)~~recurring invalue ~~June~~beyond ~~2023~~the initial policy enrollment.

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Research from the Center for Disease Control and Prevention shows almost half of seniors need more information and assistance to better manage their ~~care~~healthcare needs. Health literacy is the degree to which individuals have the ability to find, understand, and use information and services to inform health-related decisions and actions for themselves and others. According to the Center for Health Care Strategies, nearly ~~36%~~nine out of ten adults in the ~~U.S.~~United ~~have~~States ~~low~~struggle with health literacy, resulting in greater healthcare use and cost, compared to those with proficient health literacy. Not only is the population of people age 65 and higher growing, according to the Pew Research Center, internet usage among this group has risen, with 8890% using the internet in ~~2023~~2024 compared to 40% in 2009.

Within the growing Medicare market, Medicare Advantage plans are gaining prominence, as these private market solutions displace the traditional, government Medicare program. According to the Kaiser Family Foundation, in 2023, Medicare Advantage surpassed 50% market penetration, with nearly 31 million Medicare Advantage enrollees. Medicare Advantage enrollment as a share of the eligible Medicare population has grown from 19% in 2007 to 51% in 2023 and is projected to grow to 62% by 2033.

The degree to which we will realize a corresponding increase in revenue will be determined by our ability to continue to successfully place new Medicare policies for this enlarged potential consumer base. Despite our scale, we account for only a fraction of the total market for Medicare Advantage plans.

Healthcare Services Market

We believe the healthcare services market presents a significant opportunity to grow our business by offering additional products and services through our distribution platform. We entered the prescription medication market in 2021 through our acquisition of two boutique pharmaceutical operations, now SelectRx. We estimate the total addressable pharmaceutical market in the United States to be over $500 billion. According to the Centers for Medicare and Medicaid Services, with the launch of Medicare Part D in 2006, Medicare’s share of retail prescription medication spending in the United States increased from 2% in 2005 to 32% in 2022, amounting to more than $130 billion in 2022 alone. SelectRx reached more than 82,000 active members as of June 30, 2024. Our production facilities currently have the capacity to support approximately 105,000 members, offering ample opportunity to increase revenues as SelectRx continues to grow.

The Medicare market also offers the opportunity to grow our business by connecting seniors with additional health related products and services, including value-based care providers, chronic care management and resources for addressing social needs. We estimate the total value-based care market for Medicare Advantage patients to be over $600 billion. Further, with 33% of Medicare beneficiaries living below 200% of the federal poverty level, according to the Kaiser Family Foundation in 2022, many of our consumers need help accessing social resources that impact health outcomes. In recognition of this need, MA plan providers are increasingly focused on benefits aimed at addressing social determinants of health like transportation, nutrition, and social isolation. Additionally, MA plan providers are focused on benefits that improve health outcomes including chronic care management services which are now provided by SPM. Population Health is well positioned to support these efforts by connecting seniors to a centralized collection of healthcare and other resources offered through our partnerships with service providers throughout the United States.

Life Market

DTC sales of life insurance are becoming more prevalent as an increasing proportion of consumers are conducting self-directed online research prior to buying policies. Due to the typically more complex and longer-term nature of life insurance products, we expect agent expertise and consultation to continue as a prominent aspect of the sales process prior to ultimate purchase. Our dedicated, high-touch agents coupled with our user-friendly online platform caters to these evolving consumer preferences, which we believe favorably positions us to capture an increasing share of the overall market. Our approach to consumer engagement provides transparency and, we believe, an overall better experience that generates higher conversion rates than achievable by other forms of distribution, creating a cost advantage for our distribution platform relative to others.

Auto & Home Market

9Property & Casualty insurance is a large addressable market in which policyholders often have a government or lender-mandated need for coverage. The DTC channel for sales of these products is well established, driven by continued adoption of online sources for research and quotes, but has been facing recent headwinds partially due to an increase in claims which has driven up premium rates. We believe the combination of our technology and agents is an important differentiator that better enables us to help potential policyholders compare and choose between multiple products, and also to give valuable advice on bundled options that provide more holistic coverage across multiple risks. We differentiate ourselves from carrier captive agents and traditional insurance distributors on the basis of choice, convenience, and consumer experience. While the Property & Casualty insurance market remains large and well-established, we are currently prioritizing investments in businesses with greater long-term growth potential and more efficient cash flows, such as healthcare services and senior insurance solutions.

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Property & Casualty insurance is a large addressable market in which policyholders often have a government or lender-mandated need for coverage. The DTC channel for sales of these products is well established, driven by continued adoption of online sources for research and quotes, but has been facing recent headwinds partially due to an increase in claims which has driven up premium rates. We believe the combination of our technology and agents is an important differentiator that better enables us to help potential policyholders compare and choose between multiple products, and also to give valuable advice on bundled options that provide more holistic coverage across multiple risks. We differentiate ourselves from carrier captive agents and traditional insurance distributors on the basis of choice, convenience, and consumer experience.

Our Competitive Strengths

Leading technology-based sales platform. Our primary focus is to provide best-in-class service to bring policyholders value through greater choice and transparency. Since 1985, we have helped over seven million policyholders save time and money on critical insurance purchases. We have been pioneers of insurance distribution, and, through our technology-driven sales model, we believe we are well ~~placed~~positioned to support policyholders and insurance carrier partners as consumers continue shifting toward online channels to make purchasing decisions for their insurance needs. We believe that our data and our technology are key competitive advantages and drivers of our business performance. We continue to upgrade and optimize our technology as new opportunities are identified by our ~~Information~~information ~~Technology~~technology and ~~Analytics~~analytics teams. SelectCare is our core overarching proprietary customer relationship management (“CRM”) and parent system with phone bank, sales enablement/workflow optimization and reporting tools. SelectCare isleverages asophisticated ~~customized~~AI ~~system that uses various~~ algorithms to score leads, route them to agents and ~~organize each agent’s work day, with the objective of maximizing return on investment. Operating within SelectCare are the following purpose-built systems:~~

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organize each agent’s work day, with the objective of maximizing return on investment. Operating within SelectCare are the following purpose-built systems:

•SelectBid: Advanced, data-enriched lead scoring and purchasing tool that provides real-time feedback to help us determine which consumers and campaigns are generating the most valuable opportunities, allowing us to optimize marketing spend.

•Get A Lead (“GAL”): Customized, purpose-built lead routing and workflow management technology based on lead quality, agent performance and agent availability. GAL uses a customized "Agent Lobby" algorithm to instantly evaluate our ecosystem, providing consumers with a seamless and efficient pathway to connect with a licensed sales agent who is best suited to meet their insurance needs.

•Automated Rate Calculator (“ARC”)/Automated Quote Engine (“AQE”): Real-time quoting and underwriting applications integrated directly into carrier systems. ARC and AQE allow us to build quotes for potential customers in real time based on specific carrier underwriting requirements and risk tolerances.

•SelectQuote Revenue Tracking System: Fully integrated, proprietary revenue tracking and financial reporting tool that also supports financial and customer falloff/retention prediction algorithms, allowing for real-time workflow and actions with our customer service teams.

•AI and Machine Learning: We leverage AI and machine learning models to refine our lead scoring, routing, and agent support systems, ensuring compliance and enhancing agent productivity and accuracy in policy recommendations across all insurance lines. Our advanced technology extends to healthcare services, enabling personalized patient engagement, streamlined care coordination, and improved health outcomes through data-driven insights.

We currently utilize data science across all of our key business functions and systems, and our sophisticated algorithms benefit from years of data accumulation and analysis, which are continuously enriched with new data and refined by our in-house data science team. Our algorithms are informed by data accumulated through our operating history, which includes approximately 32 million leads and over 1 billion data points in our database. Our focus on data quality ensures our data scientists can draw deep insights as accurately and efficiently as possible. Our complex regression and machine-learning models drive marketing spend and lead purchasing, scoring and routing, sales execution and post-sale customer engagement, all to further our goal of maximizing policyholder lifetime value. As we continue to grow, we will naturally acquire more data that will continue to better inform our decision-making.

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execution and post-sale customer engagement, all to further our goal of maximizing policyholder lifetime value. As we continue to grow, we will naturally acquire more data that will continue to better inform our decision-making.

Highly scalable platform with growing network effects. Our structured recruiting, training and agent onboarding program provides flexibility to ramp up agent hiring activity to drive sales volumes. Through significant recent investments we have made to our technological, infrastructure and reporting capabilities, our platform is designed to provide us with ample support for future years of growth with minimal ongoing working capital requirements. We have built our systems to be highly adaptable, providing us with flexibility to seamlessly provide product extensions and enter into other product verticals. We continually evaluate our insurance carrier partnerships, and we have the ability to accommodate new insurance carrier relationships and new products that may further drive growth. As we expand, we expect our appeal to consumers as a one-stop shop and our appeal to carriers as a leading platform with large consumer audiences to continue to grow. These network effects will allow us to accumulate more data and insights, which serve to strengthen our algorithms and the value of our connections. Furthermore, our integration of AI throughout our platform allows us to scale our operations efficiently while maintaining high standards of service. As we process more data and interactions, our AI systems continuously learn and improve, providing increasingly accurate and personalized support to our agents and customers alike. Our expansion into healthcare services further demonstrates the scalability and adaptability of our platform. As we accumulate more healthcare data and insights, we continue to enhance our ability to provide value across the healthcare spectrum, from insurance selection to ongoing patient care management.

Strong brand awareness. We were founded ~~nearly~~more than 40 years ago as what we believe was the first DTC term life insurance exchange platform in the U.S. Over this time, we have built a highly successful and recognizable household brand. We continue to enhance our visibility with advertisements on nationwide television networks and radio outlets, while also maintaining a strong online presence through our market-leading comparison websites, complemented by search engine advertising and a social media presence. There is also meaningful potential for us to leverage our strong brand awareness for intragroup cross sales and expansion into adjacent products and markets that further enhance revenue.

Ability to attract and retain productive, career-based agent force. We believe that a technology-enabled agent-based distribution model generates superior return on investment and lifetime value relative to solely web-based or traditional distribution models. As a result, we have built processes that allow us to attract, train and retain top talent, and to grow our agent force when necessary. Our sophisticated recruitment engine is employed nationally with our remote agent capability and involves personality tests, multiple interviews, and final approval by a senior manager. Historically, we have hired additional agents in our Senior segment for our peak selling seasons, the Annual Enrollment Period (“AEP”) and the Open Enrollment Period (“OEP”), to capitalize on the heightened activity during these windows. During the 2023 AEP season, we hired fewer agents for the peak season as we were able to retain more of our tenured agents during the off season, which is more cost effective than hiring new agents. Our recruiting and development processes lead to strong agent productivity rates allowing us to offer competitive compensation packages and attractive career paths. This results in a virtuous cycle, which we believe gives SelectQuote a sustainable competitive advantage in the recruitment of new agents.

Diverse product offering. At our inception, we specialized in the distribution of term life insurance products. Since then, in addition to introducing a range of other life insurance products, SelectQuote expanded into the fast-growing senior health insurance market and auto & home insurance market. Today we provide consumers with access to over 50 insurance products sourced from approximately 65 carriers. Our unique platform then further enabled us to expand our business again in recent years to include Healthcare Services. Our product segments are a natural fit with consumer insurance and healthcare needs across different life stages. We believe we are unique for our diverse product range, which provides us with greater stability as demand for certain products and customers’ needs fluctuate.

Deep and broad insurance carrier partnerships. We are a key distribution partner for approximately 65 of the largest and most respected blue-chip insurance carriers. Our strong and long-standing relationships with many of our insurance carrier partners, some of which have been on our platform since our inception, represent a mutual commitment which we believe is difficult to replicate. While we are focused on providing consumers with greater

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~~choice,~~household ~~we also strive to be a meaningful component of our insurance carrier partners’ distribution strategy, and are therefore selective when it comes to which carriers we accept onto our platform~~brand. ~~Our national presence, scale, broad consumer reach and our sales capability make us a partner of choice and a critical distribution channel for these carriers.~~ We ~~are~~continue ato ~~leading~~enhance ~~DTC insurance distributor for a number of insurance carrier partners, which helps us negotiate for attractive economics from~~ our ~~insurance~~visibility ~~carrier~~with ~~partners.~~advertisements ~~For~~on ~~the~~nationwide ~~year~~television ~~ended~~networks ~~June 30, 2024, we sold over 685,000 policies for our Senior insurance carrier partners~~ and ~~produced~~radio ~~more than $210 million in new premium for our Life and Auto & Home insurance carrier partners. For the year ended June 30~~outlets, ~~2023,~~while wealso ~~sold~~maintaining ~~over~~a ~~645,000~~strong ~~policies~~online ~~for~~presence ~~our~~through ~~Senior insurance carrier partners and produced more than $195 million in new premium for~~ our ~~Life~~market-leading ~~and~~comparison ~~Auto & Home insurance carrier partners. For the year ended June 30~~websites, ~~2022,~~complemented weby ~~sold~~search ~~over~~engine ~~810,000~~advertising ~~policies for our Senior insurance carrier partners~~ and ~~produced~~a ~~more~~social ~~than~~media ~~$220 million in new premium for our Life and Auto & Home insurance carrier partners~~presence. ~~Furthermore,~~There ~~our proprietary technology and tech-enabled agent model~~ is ~~focused~~also onmeaningful ~~maximizing~~potential ~~LTV’s,~~for ~~meaning that our insurance carrier partners enjoy higher quality business from each transaction sourced through~~ us. ~~Our~~to ~~insurance~~leverage ~~carrier partners also rely on~~ our strong ~~internal~~brand ~~compliance~~awareness ~~function,~~for ~~which~~intragroup ~~records~~cross ~~all~~sales ~~of our calls~~ and ~~audits~~expansion ainto ~~subset~~adjacent ofproducts ~~them with our Quality Assurance team to ensure that we are complying with CMS rules~~ and ~~regulation,~~markets ~~telemarketing regulations, carrier internal requirements and~~ that ~~the~~further ~~agents~~enhance ~~are meeting certain quality metrics that we deem important~~revenue. Our compliance record and efficiency have led insurance carriers to partner with us on another key value proposition—our insurance carrier dedicated pods. These pods deepen our relationship with these insurance carrier partners and enable us to sell more policies. Pod marketing is specific to each individual pod and is separate from SelectQuote’s comparison shopping platform. This ensures a SelectQuote lead always gets presented with the comparison shopping platform.

~~Data~~Ability ~~driven approach~~ to ~~maximization~~attract ofand ~~policyholder~~retain ~~lifetime~~productive, ~~value. We use advanced algorithms informed by over 1 billion consumer data points to enrich our consumer engagement strategy. Our algorithms help agents identify opportunities for cross~~career-~~sell,~~based ~~such~~associate asworkforce ~~offering~~across ~~complementary plans at~~ the ~~point of sale~~organization. ~~After~~We ahave ~~sale~~built isprocesses ~~made,~~that ~~our~~allow ~~algorithms~~us ~~effectively identify customers likely~~ to ~~purchase additional products~~attract, ~~thereby~~train ~~improving~~and ~~the~~retain ~~likelihood~~top ~~that~~talent, ~~a policyholder retains his or her policy~~ and ~~generating~~to ~~highly~~grow ~~predictable future income. As of June 30, 2024,~~ our ~~dedicated~~associate ~~CCA~~workforce ~~team~~when ~~was~~necessary. ~~comprised~~Our ofsophisticated ~~nearly~~recruitment ~~250~~engine ~~professionals~~is ~~who~~employed ~~aim~~nationally towith ~~improve~~our ~~the~~remote ~~consumer~~associate ~~experience~~capability ~~during~~and ~~the~~involves ~~post-sale~~personality ~~carrier~~tests, ~~onboarding~~multiple ~~process~~interviews, ~~drive~~and ~~improved~~final ~~retention~~approval inby ~~the~~a ~~out~~senior ~~years and improve cross selling opportunities~~manager. AWe ~~number~~deploy ofspecific ~~the~~retention ~~CCA~~strategies ~~team~~for ~~members~~each ~~are~~division, ~~former~~catering ~~licensed~~to ~~agents already familiar with~~ the business needs and ~~the~~seasonality ~~consumer~~of ~~journey~~that division. This ~~function~~ allows ~~our~~us ~~core agent force~~ to ~~allocate~~capitalize ~~time~~on ~~towards~~people ~~new~~strategies, ~~business~~reducing ~~generation.~~turnover, ~~The~~and ~~CCA~~maintaining ~~team~~tenure ~~leverages~~during our ~~systems~~slower toseasons. ~~identify~~Our ~~opportunities~~recruiting ~~for~~and ~~consumers~~development toprocesses ~~purchase~~lead ~~additional~~to ~~products~~strong ~~and~~productivity ~~for~~rates allowing us to ~~implement~~offer ~~tailored~~competitive ~~retention~~compensation ~~strategies.~~packages ~~Part~~and ofattractive ~~the~~career ~~team’s~~paths. ~~function~~Associates ~~also~~have ~~involves~~the ~~a data-driven targeted outreach program~~ to ~~Medicare~~ability ~~Advantage clients ahead of AEP~~ to ~~gauge~~participate ~~potential interest~~ in ~~insurance~~e-learning ~~shopping~~modules ~~plans~~in ~~during~~our ~~the~~online ~~upcoming~~training ~~season.~~hub ~~In order~~ to ~~make~~continue ~~sure that we are making decisions with the best data possible, we partner with leading external industry consultants~~ to ~~review~~develop ~~and~~in ~~validate~~their ~~our~~personal ~~historical~~goals ~~retention experience~~ and ~~projected~~overall ~~performance~~career. All ~~Our consistent track record~~ of ~~delivering~~this ~~strong~~results ~~customer~~in ~~retention rates creates additional value for our insurance carrier partners, solidifying SelectQuote’s position as~~ a ~~key~~complete ~~partner with insurance carriers~~cycle, which ~~produces~~we abelieve ~~positive~~gives ~~reinforcement~~SelectQuote ~~loop~~a ~~across~~sustainable ~~our~~competitive ~~business.~~advantage ~~Our~~in ~~database is~~ the ~~result~~recruitment of ~~nearly~~new ~~40 years of dedicated focus and investment, providing us with unparalleled insights that are difficult for competitors to replicate~~associates.

~~Financial~~Diverse ~~profile~~product offering. AsAt aour ~~distributor of insurance products~~inception, we ~~benefit~~specialized ~~from~~in ~~favorable industry trends. We earn commissions revenue on~~ the ~~successful~~distribution ~~sale~~of ~~and~~term ~~renewal~~life ofinsurance ~~polices~~products. weSince ~~distribute and~~then, ~~accordingly,~~in ~~our~~addition ~~financial~~to ~~model~~introducing ~~does~~a ~~not~~range ~~reflect~~of ~~the~~other ~~inherent~~life ~~uncertainties associated with underwriting~~ insurance ~~risk.~~products, WeSelectQuote ~~have~~expanded ~~a high degree of visibility~~ into the ~~commission~~fast-growing wesenior ~~earn~~health atinsurance ~~the~~market ~~time~~and ofauto ~~sale,~~& ashome ~~well~~insurance asmarket. ~~the~~Today ~~renewal commissions~~ we ~~would~~provide ~~earn~~consumers ~~should~~with aaccess ~~policyholder~~to ~~renew~~over ~~his~~50 orinsurance ~~her policy~~products. Our ~~CCA~~unique ~~team’s~~platform ~~efforts~~then ~~enhance~~further ~~the~~enabled ~~policyholder~~us ~~experience~~to ~~and~~expand ~~thereby~~our ~~improve~~business ~~policyholder~~again ~~retention.~~in Asrecent ~~the~~years ~~policyholder~~to ~~renews~~include ~~their~~Healthcare ~~policy~~Services. inOur ~~subsequent~~product ~~years,~~segments ~~our agents~~ are ~~not paid~~ a ~~commission~~natural ~~when~~fit wewith ~~receive~~consumer ~~renewal~~insurance ~~commissions~~and ~~from~~healthcare ~~insurance~~needs ~~carriers;~~across ~~each~~different ~~dollar~~life ofstages. ~~renewal~~We ~~commissions~~believe ~~received~~we ~~directly~~are ~~adds~~unique tofor our ~~operating~~diverse ~~cash~~product ~~flow. Our platform is highly scalable~~range, which ~~enables~~provides us towith ~~scale~~greater upstability oras ~~down~~demand infor ~~volume~~certain asproducts ~~necessary~~and ~~based~~customers’ ~~on business~~ needs fluctuate.

~~Strong~~Deep ~~company~~and ~~culture~~broad ~~developed~~insurance bycarrier anpartnerships. ~~experienced~~We ~~management~~are ~~team~~a key distribution partner for many of the largest and most respected blue-chip insurance carriers. WeOur ~~maintain~~strong and long-standing relationships with many of our insurance carrier partners, some of which have been on our platform since our inception, represent a ~~unique~~mutual ~~sales~~commitment which we believe is difficult to replicate. While we are focused on providing consumers with greater choice, we also strive to be a meaningful component of our insurance carrier partners’ distribution strategy, and are therefore selective when it comes to which carriers we accept onto our platform. Our national presence, scale, broad consumer ~~service-oriented~~reach ~~culture~~and our sales capability make us a partner of choice and a critical distribution channel for these carriers. We are a ~~diverse~~leading ~~group~~DTC insurance distributor for a number of ~~people~~insurance ~~who~~carrier ~~are~~partners, ~~united~~which helps us negotiate for attractive economics from our insurance carrier partners. For the year ended June 30, 2025, we sold over 660,000 policies for our Senior insurance carrier partners and produced more than $200 million in new premium for our ~~mission~~Life toand ~~provide~~Auto ~~solutions~~& Home insurance carrier partners. For the year ended June 30, 2024, we sold over 685,000 policies for our Senior insurance carrier partners and produced more than $210 million in new premium for our Life and Auto & Home insurance carrier partners. For the year ended June 30, 2023, we sold over 645,000 policies for our Senior insurance carrier partners and produced more than $195 million in new premium for our Life and Auto & Home insurance carrier partners. Furthermore, our proprietary technology and tech-enabled agent model is focused on maximizing LTVs, meaning that ~~help~~our ~~consumers~~insurance carrier partners enjoy higher quality business from each transaction sourced through us. Our insurance carrier partners also rely on our strong internal compliance function, which records all of our calls and audits a subset of them with ~~their~~our ~~overall~~Quality ~~financial~~Assurance ~~well-being~~team to ensure that we are complying with CMS rules and ~~protect~~regulation, ~~their~~telemarketing ~~most~~regulations, ~~valued~~carrier ~~assets.~~internal ~~Through~~requirements, and that the agents are meeting certain quality metrics that we deem important.

Data driven approach to maximization of policyholder lifetime value. We use advanced algorithms informed by over 1 billion consumer data points to enrich our consumer engagement strategy. Our algorithms help agents identify opportunities for cross-sell, such as offering complementary plans at the point of sale. After a sale is made, our algorithms effectively identify customers likely to purchase additional products, thereby improving the likelihood that a policyholder retains his or her policy and generating highly predictable future income. As of June 30, 2025, our dedicated CCA team was comprised of nearly 200 professionals who aim to improve the consumer experience during the post-sale carrier onboarding process, drive improved retention in the out years and

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~~our~~improve ~~recruiting~~cross ~~processes,~~selling weopportunities. ~~are~~A ~~able~~number toof ~~identify~~the ~~people~~CCA ~~who~~team ~~enjoy~~members ~~being~~are aformer ~~part~~licensed ~~of,~~agents ~~and~~already ~~are~~familiar ~~motivated~~with ~~by,~~the abusiness ~~performance-based,~~and ~~meritocratic~~the ~~organization~~consumer journey. This function allows our core agent force to allocate time towards new business generation. The CCA team leverages our systems to identify opportunities for consumers to purchase additional products and for us to ~~assemble~~implement tailored retention strategies. Part of the team’s function also involves a ~~world~~data-~~class~~driven ~~team~~targeted outreach program to Medicare Advantage clients ahead of ~~people~~AEP ~~who~~to ~~envision~~gauge ~~building~~potential ~~their~~interest ~~careers~~in atinsurance ~~SelectQuote~~shopping plans during the upcoming season. ~~Our~~In ~~company~~order ~~culture~~to ismake ~~promoted~~sure bythat awe ~~highly~~are ~~experienced~~making ~~management~~decisions ~~team~~with the best data possible, we partner with ~~deep~~leading external industry consultants to review and validate our historical retention experience and aprojected performance. Our consistent track record of ~~industry~~delivering ~~innovation.~~strong ~~The~~customer ~~key~~retention ~~members~~rates ofcreates ~~our~~additional ~~management~~value ~~team~~for ~~have~~our ~~over~~insurance 60carrier ~~total~~partners, ~~years~~solidifying ofSelectQuote’s ~~industry~~position ~~experience~~as ~~and~~a ~~several~~key ~~members~~partner ofwith ~~our~~insurance ~~management~~carriers, ~~team~~which ~~have~~produces ~~worked~~a ~~together~~positive toreinforcement ~~build~~loop across our business. ~~over~~Our database is the ~~last~~result ~~ten~~of more than 40 years of dedicated focus and investment, providing us with unparalleled insights that are difficult for competitors to replicate.

Financial profile. As a distributor of insurance products, we benefit from favorable industry trends. We earn commissions revenue on the successful sale and renewal of polices we distribute and, accordingly, our financial model does not reflect the inherent uncertainties associated with underwriting insurance risk. We have a high degree of visibility into the commissions we earn at the time of sale, as well as the renewal commissions we would earn should a policyholder renew his or her policy. Our CCA team’s efforts enhance the policyholder experience and thereby improve policyholder retention. As the policyholder renews their policy in subsequent years, our agents are not paid a commission when we receive renewal commissions from insurance carriers; each dollar of renewal commissions received directly adds to our operating cash flow. Our platform is highly scalable, which enables us to scale up or down in volume as necessary based on business needs.

Strong company culture driven by an experienced leadership team. We maintain a unique sales and consumer service-oriented culture. We are a diverse group of people who are united in our mission to provide solutions that help consumers with their overall health and financial well-being and protect their most valued assets. Through our recruiting processes, we are able to identify people who enjoy being a part of, and are motivated by, a performance-based organization. This allows us to assemble a world-class team of people who envision building their careers at SelectQuote. Our company culture is promoted by a highly experienced leadership team with deep industry experience and a track record of industry innovation. Our leaders participate in activities that drive a positive culture across the organization. We hold leaders accountable to positive culture results by asking all associates to participate in an annual Pulse survey. Leaders take the results to make improvements based on the results to contribute to strive for a positive culture at SelectQuote.

Our Growth Strategy

Maximize lifetime value. Lifetime value, which represents commissions estimated to be collected over the life of an approved policy, is a key component of our overall profitability. Our goal is to maximize ~~LTV’s~~LTVs, and we do so through strategies designed to maximize the revenue opportunity. Maximizing lifetime value involves continued investment in:

•Our agent experience and customer care team, which, together, enhance our close rates, commissionable premium, and ability to earn renewal and cross-sell revenue;

•Carrier relationships and, in particular, negotiation of more favorable terms;

•Pre-AEP outreach to our Senior segment policyholders to better understand emerging trends in consumer decision making;

•Technology, data, and analytics that help us optimize our marketing and lead acquisition spend; and

•~~Our~~Healthcare ~~pod offerings~~Select, which ~~offer~~supports anincreased ~~opportunity~~policy topersistency ~~earn~~by ~~economics~~helping onpatients aunderstand ~~more~~and ~~favorable~~utilize ~~basis~~the ~~than~~full ~~our~~spectrum ~~broader~~of ~~comparison~~benefits ~~shopping~~available ~~platform;~~under ~~and~~their plans.

•Population Health, which supports increased policy persistency by helping patients understand and utilize the full spectrum of benefits available under their plans.

Optimize our agent force. Our agent force is a key element of our ability to distribute policies and earn commission revenue. Accordingly, investing in our agent force is a critical aspect of our growth strategy. In addition to maintaining an effective recruitment function to ensure our ability to hire enough agents to support our business goals, we believe the value of our agent force is maximized when we prioritize the performance and satisfaction of our agents. In support of this goal, we will continue to invest in training and technology to enable our agents to increase their productivity. Further, as we continue to grow as a company, our agents will have additional opportunities to increase their earnings and develop their careers. We believe this environment will increase our agents’ job satisfaction, helping us to build a more experienced, professional sales force that will support the growth of our business.

Deepen and broaden our insurance carrier partnerships. To ensure our ability to secure the best terms for our consumers, we maintain meaningful, long-term relationships with our partners while continuously evaluating our panel of insurance carriers. While we are selective in choosing the carriers with whom we do business, we have the ability to quickly accommodate new insurance carrier relationships and new products from existing carriers. Our focus on offering high-quality products has resulted in improved retention rates, increasing the value of our distribution model to insurance carrier partners. We also believe Population Health deepens our relationships with our carrier partners by increasing plan loyalty and policy persistency, thereby reducing carriers’ costs.

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~~have~~Optimize ~~been~~our ~~successful~~agent inforce. ~~bundling~~Our ~~products~~agent ~~(selling~~force ~~multiple~~is ~~products~~a key element of our ability to ~~the~~distribute ~~same~~policies ~~customer),~~and ~~with~~earn ~~bundle~~commission ~~rates~~revenue. ~~over~~Accordingly, ~~each~~investing ofin ~~the~~our ~~last~~agent ~~three~~force ~~years~~is ofa ~~58%,~~critical ~~55%,~~aspect ~~and~~of ~~49%,~~our ~~respectively~~growth strategy. AIn ~~large~~addition ~~and~~to ~~relatively~~maintaining ~~untapped~~an ~~opportunity~~effective isrecruitment function to ~~deepen~~ensure ~~cross-sell~~our ofability ~~products~~to hire enough agents to ~~customers~~support ~~across~~our ~~all~~business ~~four~~goals, we believe the value of our ~~segments,~~agent ~~and~~force weis ~~are~~maximized ~~currently~~when ~~employing~~we ~~technology~~prioritize the performance and ~~data~~satisfaction ~~designed~~of toour ~~enable~~agents. usIn tosupport ~~better~~of ~~track~~this ~~the~~goal, ~~customer~~we ~~life~~will ~~journey~~continue to ~~allow~~invest usin training and technology to ~~identify~~enable ~~and~~our ~~better~~agents ~~execute~~to onincrease ~~this~~their ~~opportunity~~productivity. ~~Additionally~~Further, as we ~~have~~continue ~~leveraged~~to ~~our~~grow ~~existing~~as ~~Senior~~a ~~database~~company, ~~and~~our ~~distribution~~agents ~~model~~will tohave ~~cross-sell~~additional opportunities to ~~our~~increase ~~Healthcare~~their ~~Services~~earnings ~~segment,~~and asdevelop ~~the~~their ~~marketing~~careers. ~~acquisition~~We ~~costs~~believe ~~associated~~this ~~with~~environment ~~the~~will ~~sale~~increase ofour aagents’ ~~Senior~~job ~~policy~~satisfaction, ~~are~~helping ~~now~~us ~~also~~to ~~utilized~~build toa ~~attain~~more ~~consumers~~experienced, ~~for~~professional ~~Healthcare~~sales ~~Services~~force asthat ~~well~~will support the growth of our business.

~~Grow~~Deepen ~~Healthcare~~and ~~Services.~~broaden Weour ~~have~~insurance ancarrier ~~attractive~~partnerships. ~~and~~To ~~scalable~~ensure ~~platform~~our ~~with~~ability ~~strong~~to ~~consumer~~secure ~~acquisition~~the ~~capabilities,~~best ~~backed~~terms byfor ~~flexible~~our ~~systems~~consumers, ~~that~~we ~~can~~maintain bemeaningful, ~~leveraged~~long-term torelationships ~~introduce~~with ~~new~~our ~~services~~partners ~~and~~while ~~products.~~continuously ~~Our~~evaluating ~~platform~~our ~~has~~panel ~~funneled~~of ~~more~~insurance ~~than~~carriers. ~~82,000~~While ~~active~~we ~~members~~are toselective ~~SelectRx since its launch~~ in ~~2021,~~choosing ~~and~~the ~~our~~carriers ~~current~~with ~~production~~whom ~~capacity~~we ~~can~~do ~~support~~business, ~~approximately~~we ~~105,000~~have ~~members.~~the ~~The~~ability ~~success~~to ofquickly ~~SelectRx~~accommodate tonew ~~date~~insurance ~~not~~carrier ~~only~~relationships ~~demonstrates~~and ~~the~~new ~~strong~~products ~~demand~~from ~~and~~existing ~~opportunity~~carriers. ~~for~~Our ~~additional~~focus ~~growth~~on ~~within~~offering ~~our~~high-quality ~~pharmacy~~products ~~business~~has resulted in ~~the~~improved ~~future~~retention ~~but~~rates, ~~also~~increasing ~~demonstrates~~ the ~~ability~~value of our ~~platform to serve as a~~ distribution ~~vehicle~~model ~~and an effective means for introducing additional services and products~~ to ~~our~~insurance ~~consumers~~carrier partners. We also believe weHealthcare ~~can~~Select ~~realize~~deepens ~~additional~~our ~~growth~~relationships bywith ~~expanding~~ our ~~product~~carrier ~~offerings~~partners ~~through~~by ~~Population~~increasing ~~Health~~plan asloyalty ~~well~~and aspolicy ~~adding~~persistency, ~~new~~thereby ~~business~~reducing ~~lines~~carriers’ ~~that can provide needed services for Medicare beneficiaries~~costs.

Deepen consumer penetration and drive cross-selling opportunities. We are highly focused on the consumer experience and believe that customer satisfaction is a key vehicle for maximizing cross-sell opportunities and repeat business. We believe there are natural synergies across our portfolio of services and products, and we are focused on increasing cross-selling across our existing customer base. Our success cross-selling ancillary products (e.g., dental, vision and hearing, prescription drug plans and fixed indemnity) to our clients has improved over time, and we continue to look at ways to broaden our cross-selling opportunities. A large and relatively untapped opportunity is to deepen cross-sell of products to customers across all of our businesses, and we are currently employing technology and data designed to enable us to better track the customer life journey to allow us to identify and better execute on this opportunity. Additionally, we have leveraged our existing Senior database and distribution model to cross-sell to our Healthcare Services segment, as the marketing acquisition costs associated with the sale of a Senior policy are now also utilized to attain consumers for Healthcare Services as well.

Grow Healthcare Services. SelectQuote has a long-standing history of providing consumers with choice in insurance, and with the addition of Healthcare Select, we are bringing this same consumer-centric philosophy to the healthcare industry.

Our mission is to improve the health and wellness of our members by offering an unparalleled consumer experience that allows them to identify and proactively address their individual healthcare needs. The Healthcare Select platform aims to improve health outcomes and lower overall healthcare costs through proactive engagement and access to various healthcare solutions.

We aspire to be the premier navigation platform to proactively engage members within the complex landscape of healthcare products and services. We aim to achieve this by providing a world-class consumer experience that empowers members to access best-in-class healthcare solutions tailored to their individual needs. By fostering an ecosystem among payers, providers, and patients, we believe we can contribute to reducing the cost of care.

SelectQuote's ability to effectively engage the Senior market is a key differentiator, allowing us to capture value across the ecosystem and the consumer lifecycle. Our core offerings include:

•SelectQuote Senior: Commission agnostic shopping platform helping Seniors locate the best Medicare plan for their unique needs.

•Healthcare Select: Engages customers and captures health information, utilized to offer personalized health-related products and services.

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•SelectRx: High touch Patient-Centered Pharmacy HomeTM providing convenient approach to improved medication adherence.

•SelectPatient Management: Helps members with chronic conditions manage their healthcare needs.

The success of SelectRx to date not only demonstrates the strong demand and opportunity for additional growth within our pharmacy business in the future but also demonstrates the ability of our platform to serve as a distribution vehicle and an effective means for introducing additional services and products to our consumers. We believe we can realize additional growth by expanding our product offerings through Healthcare Select as well as adding new business lines that can provide needed services for Medicare beneficiaries.

In April 2025, we opened a new SelectRx fulfillment facility in Olathe, Kansas. This facility significantly expands our processing capacity, enabling increased prescription volume and improved operational efficiency. The investment underscores our commitment to enhancing service quality and driving growth within our Healthcare Services segment.

Competition

The market for distribution of insurance products is highly competitive, fragmented, and evolving as consumers increasingly transact online. Products are distributed through a variety of channels that we must compete against, including captive agents employed by carriers, independent agents working individually or in groups small and large, through online platforms that employ agents or outsource sales to independent agents, or other online platforms that distribute directly to the consumer. Our primary competitors in this space are eHealth, Inc. and GoHealth, Inc. We aim to differentiate our products and services on the basis of our agents’ ability, leveraging our technology platform, to match our consumers with insurance products we expect best match their needs. In the pharmaceutical market, SelectRx competes with other closed-door and online pharmacies such as Accudose Pharmacy and ExactCare Pharmacy, along with traditional brick and mortar pharmacies such as ~~Walgreen’s~~Walgreens and Caremark CVS that primarily sell directly to customers in person.

Employees

We are united by our mission to provide solutions that help consumers with their overall financial well-being and protect their most valued assets: their families, their health and their property, and our associates are vital to achieving this mission. In order to continue to provide consumers with effective and convenient innovative experiences and products, and compete and succeed in our highly competitive and rapidly evolving market, it is crucial that we continue to attract and retain experienced employees and agents. As part of these efforts, we strive to offer a competitive compensation and benefits program, foster a performance-based, meritocratic organization where everyone feels empowered to do their best work, and give employees the opportunity to give back to their communities and make a social impact.

As of June 30, ~~2024~~2025, we employed a total of 1,~~335~~181 agents and 23,~~957~~088 non-agent full-time equivalent employees. During AEP, we typically hire additional full-time employees to capitalize on the peak selling season and hired approximately ~~700~~431 external employees for the ~~2023~~2024 AEP (fiscal ~~2024~~2025). This is fewer agents than we have historically hired for the peak season as we were able to retain more of our tenured agents during the off season. None of our employees are represented by any collective bargaining unit or are a party to a collective bargaining agreement.

Regulation

~~The~~Our ~~sale~~business ofoperates ~~insurance~~in ~~products is a~~ heavily regulated ~~industry~~industries. Various aspects of our business are, may become, or may be viewed by regulators from time to time as being, subject, directly or indirectly, to U.S. federal, state, and foreign laws and regulations. We are affected by laws and regulations that apply to the insurance ~~industry~~and healthcare industries, as well as those applying to businesses operating on the internet and businesses in general. This regulatory landscape includes a continually expanding and evolving range of laws, regulations, and standards that

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as well as those applying to businesses operating on the internet and businesses in general. This regulatory landscape includes a continually expanding and evolving range of laws, regulations, and standards that address financial services; information security; data collection, protection, and privacy; consumer protection; false claims; and compliance with applicable anti-money laundering, securities, and antitrust regulations, among other things. We are also required to comply with various laws and regulations governing Medicare providers, pharmacies, and providers of pharmacy care services, as well as laws governing marketing and advertising activities conducted by telephone, email, mobile devices and the internet.

Insurance and ~~other~~ Healthcare Regulations. We are a licensed insurance producer in all 50 U.S. states and the District of Columbia. Insurance is highly regulated by the states in which we do business, and we are required to maintain various licenses and approvals and comply with related restrictions and requirements. Regulatory authorities often have the discretion to grant, renew and revoke the various licenses and approvals we need to conduct our activities and, should we fail to retain our licenses, our business and results of operations could be adversely affected.

In particular, our Senior segment is subject to a complex legal and regulatory framework, including laws and regulations governing the marketing and sale of Medicare plans. The regulations and guidance issued by CMS for Medicare Advantage and Medicare Part D Prescription Drug plans change frequently, and such changes, including changes to CMS guidance applicable to our Senior segment or the interpretation and enforcement thereof, could cause healthcare providers or state departments of insurance to object to or decline to approve certain aspects of our marketing materials and processes.

Additionally, our Healthcare Services segment is also subject to various laws governing the relationships of the business with pharmaceutical manufacturers, physicians and other healthcare providers, pharmacies, customers, and consumers, including regulations relating to anti-fraud and abuse, false claims, anti-kickbacks, beneficiary inducement, prohibited referrals, and inappropriate reduction or limitation of health care services. Civil suits (including qui tam actions) and governmental or internal investigations or reviews of business processes related to these laws and regulations could, if resolved unfavorably, result in substantial monetary damages, negative publicity, and reduced operating flexibility, all of which could increase the Company’s cost of doing business and negatively affect our results of operations.

Pharmacy and Pharmacy Care Services Regulation. We are also subject to various state and federal laws and regulations governing pharmacies and providers of pharmacy care services, including applicable Medicare provider regulations, state and federal anti-kickback laws, and regulations governing the labeling, packaging, advertising, and adulteration of prescription medications. As a dispenser of controlled substances, SelectRx is also subject to certain licensing and registration requirements of both state and federal regulatory authorities, including the U.S. Drug Enforcement Administration (“DEA”) and various state controlled substance authorities. SelectRx is also required to comply with certain laws and regulations of the states in which it provides home delivery services, including the requirements of some states to register with the state board of pharmacy.

Federal and state legislators regularly consider new regulations for the industry, including potential new legislation and regulations regarding the receipt or disclosure of rebates and other fees from pharmaceutical companies; the development and use of formularies and other utilization management tools; the use of average wholesale prices or other pricing benchmarks; pricing for specialty pharmaceuticals; limited access to networks; and pharmacy network reimbursement methodologies, any of which could materially affect current industry practices.

Federal Privacy, Security, and Data Standards Regulation. We are subject, whether directly or indirectly, to numerous federal laws and regulations related to the privacy and security of health information. In particular, regulations promulgated pursuant to the Health Insurance Portability and Accountability Act of 1996 (“HIPAA”), as amended by the Health Information Technology for Economic and Clinical Health Act (“HITECH”), and the Gramm-Leach-Bliley Act (“GLBA”) establish privacy, security and breach reporting standards that, among other things, limit the use and disclosure of certain individually identifiable health information and require the implementation of administrative, physical and technological safeguards to protect such information. As a provider of services to entities subject to HIPAA, we are directly subject to certain provisions of the regulations as a “Business Associate.” When acting as a Business Associate under HIPAA, to the extent permitted by applicable privacy regulations and contracts with customers, we are permitted to use and disclose protected health information

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When acting as a Business Associate under HIPAA, to the extent permitted by applicable privacy regulations and contracts with customers, we are permitted to use and disclose protected health information (“PHI”) to provide our services, and for certain other limited purposes; however, other uses and disclosures of PHI, such as in marketing communications, require written authorization from the patient or must meet an exception specified under the applicable privacy regulations. If we were found to have breached our obligations under HIPAA, GLBA, or certain federal consumer protection laws, we could be subject to enforcement actions by the U.S. Department of Health and Human Services, the Federal Trade Commission, and other state and federal health regulators and face various claims from private plaintiffs, including class action law suits.

State Privacy and Security Regulations. Our privacy and security practices may be affected by various state privacy laws, including statutes designed to implement certain GLBA provisions and other laws and regulations governing the use, disclosure, and protection of social security numbers, credit card account data, PHI, and other personally identifiable information. Many states have recently adopted laws or regulations of this nature, including New York, whose cybersecurity regulation for financial services companies requires entities under the jurisdiction of the New York Department of Financial Services (“NYDFS”), including insurance entities, to establish and maintain a cybersecurity program designed to protect private consumer data. The Insurance Data Security Model Law (the “Cybersecurity Model Law”) adopted by the National Association of Insurance Commissioners (“NAIC”) is functionally similar to the NYDFS rule and is intended to establish the standards for data security and for the investigation and notification of data breaches applicable to insurance licensees in states that have adopted the law.

Our privacy and security practices related to personally identifiable information, including information related to consumers and care providers, may also be affected by various state consumer protection laws. Different approaches to state privacy and insurance regulation and varying enforcement philosophies may materially increase our costs associated with standardizing and delivering our products and services across state lines.

Other Regulations. The United States also regulates marketing by telephone and email, and the laws and regulations governing the use of emails and telephone calls for marketing purposes continue to evolve. Further, changes in technology, the marketplace, or consumer preferences may lead to the adoption of additional laws or regulations or changes in interpretation of existing laws or regulations. The Telephone Consumer Protection Act prohibits companies from making telemarketing calls to numbers listed in the Federal Do-Not-Call Registry and imposes other obligations and limitations on making phone calls and sending text messages to consumers. The CAN-SPAM Act regulates commercial email messages and specifies penalties for the transmission of commercial email messages that do not comply with certain requirements, such as providing an opt-out mechanism for stopping future emails from senders. We may be required to comply with these and similar laws, rules and regulations.

See “Risk Factors—Risks Related to Laws and Regulation” for additional information.

Intellectual Property

We rely on a combination of copyright, trademark, and trade secret laws and contractual agreements to establish, maintain and protect our intellectual property rights and technology. We enter into confidentiality and invention assignment agreements with our employees and enter into confidentiality agreements with third parties, including suppliers and other partners. We monitor our intellectual property regularly with the goal of ensuring all applicable registrations are maintained.

Seasonality

Due to the ~~relative~~seasonal ~~size~~nature of our Senior segment’s ~~and the seasonal nature of its~~ operations, a significant amount of our commissions revenue is generated during our second quarter. The seasonality of the Senior segment’s operations is driven mainly by AEP, which takes place each year from mid-October to early December. We address this seasonal demand by employing strategies to retain our tenured, more productive agents during our slower months and recruiting a smaller number of additional sales agents, who are hired in our fourth quarter and trained before they start selling during AEP in the second quarter. For the years ended June 30, ~~2024~~2025, ~~2023~~2024, and ~~2022~~2023, this timeline resulted in 31%, 31%, and 32%, respectively, of our total consolidated revenue being generated during the second quarter.

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resulted in 31%, 32%, and 25%, respectively, of our total consolidated revenue being generated during the second quarter (second quarter fiscal year 2022 was negatively impacted by a significant revenue cohort tail adjustment). Additionally, for our Healthcare Services segment, we see a significant influx of new patient enrollments during the AEP season, which is driven by the increase in sales from our Senior segment.

Corporate Information

We were incorporated in Delaware on August 18, 1999, under the name SelectQuote, Inc. to serve as a holding company for our business subsidiaries, including SelectQuote Insurance Services, our original operating company, which was incorporated in California on August 14, 1984. Our principal executive offices are located at 6800 West 115th Street, Suite 2511, Overland Park, Kansas 66211, and our telephone number at that address is (913) 599-9225.

Available Information

Our website address is www.selectquote.com. Information contained on our website is not incorporated by reference into this Annual Report on Form 10-K, and you should not consider information contained on our website to be part of this Annual Report on Form 10-K or in deciding whether to purchase shares of our common stock. The U.S. Securities and Exchange Commission (“SEC”) maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at www.sec.gov. Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to reports filed or furnished pursuant to Sections 13(a) and 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) are also available free of charge on our investor relations website as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC.

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Unless the context otherwise requires, we use the terms “SelectQuote,” the “Company,” “we,” “us” and “our” in this report to refer to SelectQuote, Inc. In addition to historical information, this Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Exchange Act. 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, and other developments in the U.S. health insurance system;

•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 from government-run health insurance exchanges and with brokers, exclusively online brokers, and carriers who opt to sell policies directly to consumers;

•Developments in the U.S. health insurance system;

•Our dependence on revenue from carriers in our Senior segment and downturns in the senior health and life 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;

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•Accuracy of information provided from and to consumers during the insurance shopping process;

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•Cost-effective advertisement through internet search engines;

•Ability to contact consumers and market products by telephone;

•Consumer demand for prescription medications and our ability to meet such demand;

•Safety risks associated with consumers’ use of prescription medications dispensed by our pharmacy;

•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, including the Department of Justice action alleging violations of the False Claims Act by us and other industry participants;

•Our existing and future indebtedness;

•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;

•Risks related to our being a public company; and

•The other risk factors described under “Risk Factors.”

The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in this Annual Report on Form 10-K. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. Many of the important factors that will determine these results are beyond our ability to

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uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. Many of the important factors that will determine these results are beyond our ability to control or predict. 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. New factors emerge from time to time, and it is not possible for us to predict which will arise. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

ITEM 1A. RISK FACTORS

Certain factors may have a material adverse effect on our business, financial condition, and results of operations. You should carefully consider the risks and uncertainties described below, together with all of the other information included in this Annual Report on Form 10-K, including our financial statements and the related notes, before deciding to invest in our common stock. Our business, financial condition, operating results, cash flow and prospects could be materially and adversely affected by any of these risks or uncertainties. In that case, the trading price of our common stock could decline, and you could lose all or part of your investment. The risks and uncertainties described below represent the material risks known to us, but they are not the only ones we face. Some statements in this Annual Report on Form 10-K, including statements in the following risk factors, constitute forward-looking statements. Please refer to “Cautionary Note Regarding Forward-Looking Statements.”

Risk Factor Summary

Risks Related to Our Business and Industry

•We currently depend on a small group of insurance carrier partners for a substantial portion of our business. Our business may be harmed if we lose our relationships with these partners or fail to develop new insurance carrier relationships.

•Changes in the health insurance market or in the variety, quality and affordability of the insurance products offered by our carrier partners could harm our business, operating results, financial condition and prospects.

•Systemic changes in our carrier partners’ sales strategies or underwriting practices could reduce the number of, or impact the renewal or approval rates of, insurance policies sold through our distribution platform.

•Insurance carriers can offer products and services directly to consumers or through our competitors.

•Our business is substantially dependent on revenue from our Senior health insurance carrier partners.

•If we are unable to develop new offerings, achieve increased consumer adoption of those offerings or penetrate new vertical markets, our business could be materially and adversely affected.

•Risks from third-party products could adversely affect our businesses.

•If our ability to enroll individuals during AEP and OEP is impeded, our business will be harmed.

•Our business is dependent on our obtaining a large quantity of quality insurance sales leads in a cost-effective manner and our ability to convert sales leads to actual sales of insurance policies.

•If we are unable to maintain or grow the data provided to us by consumers and insurance carrier partners, or if such data is inaccurate, we may be unable to provide consumers with an insurance shopping experience that is relevant, efficient and effective, which could adversely affect our business.

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•We depend upon internet search engines to attract a significant portion of the consumers who visit our website, and if we are unable to effectively advertise on search engines on a cost-effective basis our business, operating results, financial condition and prospects could be harmed.

•We may be subject to significant liability should the consumption of any of our pharmacy products cause injury, illness or death.

•Our existing and any future indebtedness could adversely affect our ability to operate our business.

•Operating and growing our business will require additional capital, which may not be available to us.

•Seasonality may cause fluctuations in our financial results.

•Our operating results will be impacted by factors that affect our estimate of the constrained lifetime value of commissions per policyholder.

Risks Related to Our Intellectual Property and Our Technology

•If we are unable to adequately protect our intellectual property, our ability to compete could be harmed.

•Our business depends on our ability to maintain and improve the technological infrastructure that supports our distribution platform, and any significant disruption in service on our platform could result in a loss of consumers, which could harm our business, brand, operating results, financial condition, and prospects.

•We rely on third-party service providers that provide the infrastructure for our technological systems, and any failure to maintain these relationships could harm our business.

•Our business could be materially and adversely affected by a cybersecurity breach or other attack involving our computer systems or those of our insurance carrier partners or third-party service providers.

•We collect, process, store, share, disclose and use consumer information and other data, and an actual or perceived failure to protect such information and data or respect users’ privacy could damage our reputation and harm our business.

Risks Related to Laws and Regulation

•Laws and regulations regulating insurance activities are complex and could have a material and adverse effect on our business and may reduce our profitability or limit our growth.

•Our Senior segment is subject to a complex legal and regulatory framework, and non-compliance with or changes in laws and regulations governing the marketing and sale of Medicare plans could harm our business, operating results, financial condition and prospects.

•Our pharmacy and healthcare services businesses face additional regulatory and operational risks.

•Changes and developments in the regulation of the healthcare industry and the health insurance system and markets could adversely affect our business.

•Ongoing litigation matters, including the Department of Justice complaint alleging violations of the False Claims Act by us and other industry participants, could have a material adverse effect on our business, operations, and financial condition.

General Risk Factors

•Our quarterly and annual operating results or other operating metrics may fluctuate significantly and may not meet expectations of analysts, which could cause the trading price of our common stock to decline.22

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•We are required to make significant estimates and assumptions in the preparation of our financial statements. These estimates and assumptions may not be accurate and are subject to change.

Risks Related to Our Business and Industry

Our business may be harmed if we lose our relationships with our insurance carrier partners or fail to develop new insurance carrier relationships.

Our contractual relationships with our insurance carrier partners, including those with whom we have carrier-branded sales arrangements, are typically non-exclusive and terminable on short notice by either party for any reason. Insurance carriers may be unwilling to allow us to sell their insurance products for a variety of reasons, including competitive or regulatory reasons, dissatisfaction with the insureds that we place with them or because they do not want to be associated with our brand. Additionally, in the future, an increasing number of insurance carriers may decide to rely on their own internal distribution channels, including traditional in-house agents and carrier websites, to sell their own products and, in turn, could limit or prohibit us from distributing their products.

If an insurance carrier partner is not satisfied with our services, it could cause us to incur additional costs and impair profitability. Moreover, if we fail to meet our contractual obligations to our insurance carrier partners, we could be subject to legal liability or loss of carrier relationships. In addition, these claims against us may produce publicity that could hurt our reputation and business and adversely affect our ability to retain business or secure new business with other insurance carriers.

We may decide to terminate our relationship with an insurance carrier partner for a number of reasons, and the termination of our relationship with an insurance carrier could reduce the variety of insurance products we distribute. In connection with such a termination, we would lose a source of commissions for future sales and, in a limited number of cases, future commissions for past sales. Our business could also be harmed if in the future we fail to develop new insurance carrier relationships or offer consumers a wide variety of insurance products.

We also may lose the ability to market and sell Medicare plans for our Medicare plan insurance carrier partners. The regulations for selling senior health insurance are complex and can change. If we or our agents violate any of the requirements imposed by the CMS, state laws or regulations, an insurance carrier may terminate our relationship, or CMS may penalize an insurance carrier by suspending or terminating that carrier’s ability to market and sell Medicare plans. Because the Medicare products we sell are sourced from a small number of insurance carriers, if we lose the ability to market one of those insurance carriers’ Medicare plans, even temporarily, or if one of those insurance carriers loses its Medicare product membership, our business, operating results, financial condition and prospects could be harmed.

We currently depend on a small group of insurance carrier partners for a substantial portion of our business. If we become even more dependent on a limited number of insurance carrier partners, our business and financial condition may be adversely affected.

We derive a large portion of our revenues from a limited number of insurance carrier partners. For example, carriers owned by UHC, ~~Humana~~Aetna, and ~~Aetna~~Humana accounted for 3037%, 1715%, and 1611%, respectively, of our total revenue for the year ended June 30, ~~2024~~2025, carriers owned by UHC, Humana and ~~Humana~~Aetna accounted for 3330%, 17%, and 2016%, respectively, of our total revenue for the year ended June 30, ~~2023~~2024; and carriers owned by UHC, ~~Wellcare,~~ and Humana accounted for 1833%, ~~17%,~~ and 1220%, respectively, of our total revenue for the year ended June 30, ~~2022~~2023. Our agreements with our insurance carrier partners to sell policies are typically terminable by our insurance carrier partners without cause upon 30 days’ advance notice. Should we become more dependent on even fewer insurance carrier relationships (whether as a result of the termination of insurance carrier relationships, insurance carrier consolidation or otherwise), we may become more vulnerable to adverse changes in our relationships with insurance carriers, particularly in states where we distribute insurance from a relatively smaller number of insurance carrier partners or ~~where a small number of insurance carriers dominates the market, and our business, operating results, financial condition and prospects could be harmed.~~

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where a small number of insurance carriers dominates the market, and our business, operating results, financial condition and prospects could be harmed.

Changes in the health insurance market or in the variety, quality and affordability of the insurance products offered by our insurance carrier partners could harm our business, operating results, financial condition and prospects.

The demand for our agency services is impacted by the variety, quality and price of the insurance products we distribute. If insurance carriers do not continue to provide us with a variety of high-quality, affordable insurance products, or if as a result of consolidation in the insurance industry or otherwise their offerings are limited, our sales may decrease and our business, operating results, financial condition and prospects could be harmed.

Our insurance carrier partners could determine to reduce the commissions paid to us and change their underwriting practices in ways that reduce the number of, or impact the renewal or approval rates of, insurance policies sold through our distribution platform, which could harm our business, operating results, financial condition and prospects.

Our commission rates from our insurance carrier partners are either set by each carrier or negotiated between us and each carrier. Our insurance carrier partners have the right to alter these commission rates with relatively short notice and have altered, and may in the future alter, the contractual relationships we have with them, including in certain instances by unilateral amendment of our contracts relating to commissions or otherwise. Changes of this nature could result in reduced commissions or impact our relationship with such carriers. In addition, insurance carriers periodically change the criteria they use for determining whether they are willing to insure individuals. Future changes in insurance carrier underwriting criteria could negatively impact sales of, or the renewal or approval rates of, insurance policies on our distribution platform and could harm our business, operating results, financial condition and prospects.

Insurance carriers can offer products and services directly to consumers or through our competitors.

Because we do not have exclusive relationships with our insurance carrier partners, consumers may obtain quotes for, and purchase, the same insurance policies that we distribute directly from the issuers of those policies, or from our competitors. Insurance carriers can attract consumers directly through their own marketing campaigns or other methods of distribution, such as referral arrangements, internet sites, physical storefront operations or broker agreements. Furthermore, our insurance carrier partners could discontinue distributing their products through our agency services, which would reduce the breadth of the products we distribute and could put us at a competitive disadvantage. If consumers seek insurance policies directly from insurance carriers or through our competitors, the number of consumers shopping for insurance through our platform may decline, and our business, operating results, financial condition and prospects could be materially and adversely affected.

Pressure from existing and new competitors may adversely affect our business and operating results, financial condition and prospects.

Our competitors provide services designed to help consumers shop for insurance. Some of these competitors include:

•companies that operate insurance search websites or websites that provide quote information or the opportunity to purchase insurance products online;

•individual insurance carriers, including through the operation of their own websites, physical storefront operations and broker arrangements;

•traditional insurance agents or brokers; and

•field marketing organizations.

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New competitors may enter the market for the distribution of insurance products with competing insurance distribution platforms, which could have an adverse effect on our business, operating results, financial condition and prospects. Our competitors could significantly impede our ability to maintain or increase the number of policies sold through our distribution platform and may develop and market new technologies that render our platform less competitive or obsolete. In addition, if our competitors develop distribution platforms with similar or superior functionality to ours and we are not able to produce certain volumes for our insurance carrier partners, we may see a reduction in our production bonuses or marketing payments, and our revenue would likely be reduced and our financial results would be adversely affected.

Our business is substantially dependent on revenue from our Senior health insurance carrier partners and is subject to risks related to Senior health insurance and the larger health insurance industry. Our business may also be adversely affected by downturns in the life insurance industry.

A majority of the insurance purchased through our platform and agency services is Senior health insurance, and our financial prospects depend significantly on growing demand in an aging population for the Senior health products we provide. Our overall operating results are substantially dependent upon our success in our Senior segment. For the year ended June 30, ~~2024~~2025, 5039% of our total revenue was derived from our Senior segment. For the years ended June 30, ~~2023~~2024 and ~~2022~~2023, 5950% and 6959%, respectively, of our total revenue was derived from our Senior segment. Our success in the Senior health insurance market will depend upon a number of additional factors, including:

•our ability to continue to adapt our distribution platform to market Medicare plans, including the effective modification of our agent-facing tools that facilitate the consumer experience;

•our success in marketing directly to Medicare-eligible individuals and in entering into marketing partner relationships to secure cost-effective leads and referrals for Medicare plan sales;

•our ability to retain partnerships with enough insurance carriers offering Medicare products to maintain our value proposition with consumers;

•our ability to leverage technology in order to sell, and otherwise become more efficient at selling, Medicare-related plans over the telephone;

•reliance on third-party technology vendors like our voice-over IP telephone service providers and our data center and cloud computing partners;

•our ability to comply with numerous, complex and changing laws and regulations and CMS guidelines relating to the marketing and sale of Medicare plans; and

•the effectiveness of our competitors’ marketing of Medicare plans.

These factors could prevent our Senior segment from successfully marketing and selling Medicare plans, which would harm our business, operating results, financial condition and prospects. We are also dependent upon the economic success of the life insurance industry. Declines in demand for life insurance could cause fewer consumers to shop for such policies using our distribution platform. Downturns in any of these markets, which could be caused by a downturn in the economy at large, could materially and adversely affect our business, operating results, financial condition and prospects.

Systemic changes in our insurance carrier partners’ sales strategies could adversely affect our business.

Our business model relies on our ability to sell policies on behalf of our insurance carrier partners. We believe our insurance carrier partners view our method of acquiring customers as scalable and efficient and, ultimately, as cost advantageous compared to their own direct distribution or proprietary agent models. However, in the event that our insurance carrier partners choose to make systemic changes in the manner in which their policies are distributed, including by focusing on direct distribution themselves or on distribution channels other than ours, such changes could materially and adversely affect our business, operating results, financial condition and prospects.

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the event that our insurance carrier partners choose to make systemic changes in the manner in which their policies are distributed, including by focusing on direct distribution themselves or on distribution channels other than ours, such changes could materially and adversely affect our business, operating results, financial condition and prospects.

If we are unable to develop new offerings, achieve increased consumer adoption of those offerings or penetrate new vertical markets, our business, operating results, financial condition and prospects could be materially and adversely affected.

Our continued improvement of our product and service offerings is critical to our success. Accordingly, we must continually invest resources in product, technology and development in order to improve the comprehensiveness and effectiveness of our distribution platform.

In addition, while we have historically concentrated our efforts on the senior health, life and personal property and casualty insurance markets, our growth strategy includes penetrating additional vertical markets, such as final expense insurance and other insurance or financial service products. In order to penetrate new vertical markets successfully, it will be necessary to develop an understanding of those new markets and the associated risks, which may require substantial investments of time and resources, and even then we may not be successful and, as a result, our revenue may grow at a slower rate than we anticipate, and our operating results, financial condition and prospects could be materially and adversely affected.

Risks from third-party products could adversely affect our businesses.

We offer third-party products, including senior health, life, automotive and home insurance products. Insurance involves a transfer of risk, and our reputation may be harmed, and we may become a target for litigation if risk is not transferred in the way expected by customers and carriers. In addition, if these insurance products do not generate competitive risk-adjusted returns that satisfy our insurance carrier partners, it may be difficult to maintain existing business with, and attract new business from, them. Significant declines in the performance of these third-party products could subject us to reputational damage and litigation risk.

If our ability to enroll individuals during AEP and OEP is impeded, our business will be harmed.

In general, approximately 4042% of our Medicare Advantage and Medicare Supplement policies are submitted during AEP. Our agents, systems and processes must handle an increased volume of transactions that occur during AEP and OEP. We hire additional agents during these periods to address this expected increase in transaction volume and temporarily reassign agents from our Senior business to our Life and Auto & Home businesses during non-AEP/OEP periods. We must ensure that our agents are trained and have received all licenses, appointments and certifications required by state authorities and our insurance carrier partners before the beginning of AEP and OEP. If the relevant state authorities or our insurance carrier partners experience shutdowns or business disruptions due to public health crises, global economic conditions, or any other reason, we may be unable to secure these required licenses, appointments and certifications for our agents in a timely manner, or at all. If technology failures, any inability to timely employ, license, train, certify and retain our employees to sell senior health insurance, interruptions in the operation of our systems, issues with government-run health insurance exchanges, weather-related events that prevent our employees from coming to our offices, or any other circumstances prevent our senior health business from operating as expected during an enrollment period, we could sell fewer policies and suffer a reduction in our business and our operating results, financial condition, prospects and profitability could be materially and adversely affected.

If we are unable to attract, integrate and retain qualified personnel, our ability to develop and successfully grow our business could be harmed.

Our business depends on our ability to retain our key executives and management and to hire, develop and retain qualified agents and enrollment and consumer service specialists. Our ability to expand our business depends on our being able to hire, train and retain sufficient numbers of employees to staff our in-house sales centers, as well as other personnel. In addition, the success of our pharmacy business is dependent on our ability to attract, hire, and retain qualified licensed pharmacists and other pharmacy personnel. Our success in recruiting highly skilled and qualified personnel can depend on factors outside of our control, including the strength of the general economy and local employment markets and the availability of alternative forms of employment. During periods when we are

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retain qualified licensed pharmacists and other pharmacy personnel. Our success in recruiting highly skilled and qualified personnel can depend on factors outside of our control, including the strength of the general economy and local employment markets and the availability of alternative forms of employment. During periods when we are unable to recruit high-performing agents and enrollment and consumer service specialists, we tend to experience higher turnover rates. The productivity of our agents and enrollment and consumer service specialists is influenced by their average tenure. Without qualified individuals to serve in consumer-facing roles, we may produce less commission revenue, which could have a material and adverse effect on our business, operating results, financial condition and prospects. If the services of any of our key personnel should become unavailable for any reason, we may not be able to identify and hire qualified persons on terms acceptable to us, which could have a material and adverse effect on our business, operating results, financial condition and prospects.

Our business is dependent on our obtaining a large quantity of quality insurance sales leads in a cost-effective manner.

Our business requires access to a large quantity of quality insurance sales leads to keep our agents productive. We are dependent upon a number of lead suppliers from whom we obtain leads to support our sales of insurance policies. In addition, our pharmacy business is substantially dependent on Senior health insurance sales leads to access and acquire additional pharmacy customers. The loss of one or more of our lead suppliers, or our failure to otherwise compete to secure quality insurance sales leads, could significantly limit our ability to access our target market for selling policies and other products.

We may not be able to compete successfully for high-quality leads against our current or future competitors, some of whom have significantly greater financial, technical, marketing and other resources than we do. If we fail to compete successfully with our competitors to source sales leads from lead suppliers, we may experience increased marketing costs and loss of market share, and our business and profitability could be materially and adversely affected.

Our business depends on our ability to convert sales leads to actual sales of insurance policies. If our conversion rate does not meet expectations, our business may be adversely affected.

Obtaining quality insurance sales leads is important to our business, but our ability to convert our leads to policy sales and sales of other offerings, including our pharmacy services, is also a key to our success. Many factors impact our conversion rate, including the quality of our leads, agents and our proprietary workflow technology. If lead quality diminishes, our conversion rates will be adversely affected. Competition in the marketplace and lead quality affect conversion rates. If competition for customers increases, our conversion rates may decline, even absent a degradation in lead quality. Our conversion rates are also affected by agent tenure. If agent turnover increases, leading to a decline in the average tenure of our agents, conversion rates may be adversely affected. If we are unable to recruit, train and retain talented agents, our ability to successfully convert sales leads may be adversely impacted. Our conversion rates may also be affected by issues with our workflow technology or problems with our algorithms that drive lead scoring and routing. Any adverse impact on our conversion rates could cause a material and adverse effect on our business, operating results, financial condition and prospects.

We rely on data provided to us by consumers and our insurance carrier partners to improve our technology and service offerings, and if we are unable to maintain or grow such data, we may be unable to provide consumers with an insurance shopping experience that is relevant, efficient and effective, which could adversely affect our business.

Our business relies on the data provided to us by consumers and our insurance carrier partners in addition to third-party lead suppliers. The large amount of information we use in operating our platform is critical to the insurance shopping experience we provide for consumers. If we are unable to maintain or effectively utilize the data provided to us, the value that we provide to consumers and our insurance carrier partners may be limited. In addition, the quality, accuracy and timeliness of this information may suffer, which may lead to a negative insurance shopping experience for consumers using our platform and could materially and adversely affect our business, operating results, financial condition and prospects.

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We have made substantial investments into our technology systems that support our business with the goal of enabling us to provide efficient, needs-based services to consumers using data analytics. There can be no assurance that we will be able to continually collect and retain sufficient data, or improve our data technologies to satisfy our operating needs. Failure to do so could materially and adversely affect our business, operating results, financial condition and prospects.

Our ability to match consumers to insurance products that suit their needs is dependent upon their provision of accurate information during the insurance shopping process.

Our business depends on consumers’ provision of accurate information during the insurance shopping process. To the extent consumers provide us with inaccurate information, the quality of their insurance shopping experience may suffer, and we may be unable to match them with insurance products that suit their needs. Our inability to suggest suitable insurance products to consumers could lead to an increase in the number of policies we submit to carriers that are ultimately rejected and could materially and adversely affect our business, operating results, financial condition and prospects.

We depend upon internet search engines to attract a significant portion of the consumers who visit our website, and if we are unable to effectively advertise on search engines on a cost-effective basis our business, operating results, financial condition and prospects could be harmed.

We derive a significant portion of our website traffic from consumers who search for insurance through internet search engines, such as Google, Yahoo! and Bing. A critical factor in attracting consumers to our website is whether we are prominently displayed in response to certain internet searches. Search engines typically provide two types of search results, algorithmic listings and paid advertisements. We rely on both to attract consumers to our websites.

Algorithmic search result listings are determined and displayed in accordance with a set of formulas or algorithms developed by the particular internet search engine. Once a search is initiated by a consumer, the algorithms determine the hierarchy of results. Search engines may revise these algorithms from time to time, which could cause our website to be listed less prominently in algorithmic search results and lead to decreased traffic to our website. We may also be listed less prominently as a result of other factors, such as new websites, changes we make to our website or technical issues with the search engine itself. Government health insurance exchange websites have historically appeared prominently in algorithmic search results. In addition, search engines have deemed the practices of some companies to be inconsistent with search engine guidelines and decided not to list their website in search result listings at all. If we are listed less prominently in, or removed altogether from, search result listings for any reason, the traffic to our websites would decline and we may not be able to replace this traffic. An attempt to replace this traffic may require us to increase our marketing expenditures, which would also increase our cost of customer acquisition and harm our business, operating results, financial condition and prospects.

In addition to relying on algorithmic search results, we also purchase paid advertisements on search engines in order to attract consumers to our website. We typically pay a search engine for prominent placement of our website when particular terms are searched for on the search engine, without regard to the algorithmic search result listings. The prominence of the placement of our advertisement is determined by multiple factors, including the amount paid for the advertisement and the search engine’s algorithms that determine the relevance of paid advertisements to a particular search term. If the search engine revises its algorithms relevant to paid advertisements then websites other than our platform may become better suited for the algorithms, which may result in our having to pay increased costs to maintain our paid advertisement placement in response to a particular search term. We could also have to pay increased amounts should major search engines continue to become more concentrated. Additionally, we bid against our competitors, insurance carriers, government health insurance exchanges and others for the display of these paid search engine advertisements, which competition increases substantially during the enrollment periods for Medicare products as it relates to our Senior segment. The competition has increased the cost of paid advertising and has increased our marketing and advertising expenses. If paid search advertising costs increase or become cost prohibitive, whether as a result of competition, algorithm changes or otherwise, our advertising expenses could materially increase or we could reduce or discontinue our paid search advertisements, either of which would harm our business, operating results, financial condition and prospects.

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advertising expenses could materially increase or we could reduce or discontinue our paid search advertisements, either of which would harm our business, operating results, financial condition and prospects.

Our business could be harmed if we are unable to contact consumers or market the availability of our products by telephone.

Telephone calls from our sales centers may be blocked by or subject to consumer warnings from telephone carriers. Furthermore, our telephone messages to existing or potential customers may not be reliably received due to those consumers’ call-screening practices. If we are unable to communicate effectively by telephone with our existing and potential customers as a result of legislation, blockage, screening technologies or otherwise, our business, operating results, financial condition and prospects could be harmed. We are also subject to compliance with significant regulations that may affect how we are able to communicate with consumers. See “—Our communications with potential and existing customers are subject to laws regulating telephone and email marketing practices” in this section.

Global economic conditions that affect the financial stability of our insurance carrier partners, vendors, and consumers could, in turn, materially and adversely affect our revenue and results of operations.

We are also exposed to risks associated with the potential financial instability of our insurance carrier partners and consumers, many of whom may be adversely affected by volatile conditions in the financial markets or an economic slowdown. As a result of uncertainties with respect to financial institutions and the global credit markets and other macroeconomic challenges, including inflation, currently or potentially affecting the economy of the U.S. and other parts of the world consumers may experience serious cash flow problems and other financial difficulties, decreasing demand for the products of our insurance carrier partners. In addition, events in the U.S. or foreign markets, such as the U.K.’s exit from the European Union, and political and social unrest in various countries around the world, can impact the global economy and capital markets. Our insurance carrier partners may modify, delay, or cancel plans to offer new products or may make changes in the mix of products purchased that are unfavorable to us. Additionally, if our insurance carrier partners are not successful in generating sufficient revenue or are precluded from securing financing, their businesses will suffer, which may materially and adversely affect our business, operating results, financial condition and prospects.

In addition, we are susceptible to risks associated with the potential financial instability of the vendors on which we rely to provide services or to whom we delegate certain functions. The same conditions that may affect consumers also could adversely affect our vendors, causing them to significantly and quickly increase their prices or reduce their output. Our business depends on our ability to perform, in an efficient and uninterrupted fashion, our necessary business functions, and any interruption in the services provided by third parties could also adversely affect our business, operating results and financial condition.

If we are unable to attract new pharmacy customers and retain and grow our relationships with existing pharmacy customers, our business, results of operations, financial condition, and future prospects may be materially and adversely affected.

The success of our pharmacy business is reliant on our ability to grow the number of pharmacy customers we serve. Our pharmacy services are offered only to certain Medicare Advantage patients managing multiple chronic conditions, and our ability to attract new pharmacy customers may be limited by the number of patients who meet these medical and demographic criteria. Further, we have faced and may continue to face certain challenges in completing the onboarding process for some patients, including delays in obtaining patients’ prescriptions from their healthcare providers or transferring prescriptions from their previous pharmacies. If we are unable to overcome these hurdles in a cost-effective and timely manner, our ability to increase our number of customers and scale our pharmacy business may be harmed.

In addition, our ability to attract and retain pharmacy customers is dependent on several factors, including our brand and reputation, our technology, the products and services offered by our competitors, and our customer experience and satisfaction, which is informed by, among other factors, the reliability of our services, including the accuracy and timely delivery of our prescription boxes; our customer service; and our flexibility in responding to patients’ changing needs and preferences. If we fail to maintain and deepen our relationships with existing pharmacy customers, or if we are unable to attract new customers to our pharmacy business, our pharmacy revenues and

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accuracy and timely delivery of our prescription boxes; our customer service; and our flexibility in responding to patients’ changing needs and preferences. If we fail to maintain and deepen our relationships with existing pharmacy customers, or if we are unable to attract new customers to our pharmacy business, our pharmacy revenues and margins may suffer, and our results of operations, cash flows, and financial condition could be materially and adversely affected.

We face risks relating to the availability, pricing and safety profiles of prescription medications that we purchase and sell.

Our pharmacy business is dependent on our customers’ use of prescription medications to treat or address symptoms of chronic medical conditions. Our revenues, operating results, and cash flows may be negatively affected if consumers’ use of prescription medications is reduced, including due to:

•increased safety profiles or regulatory restrictions;

•a reduction in prescription medication manufacturers’ participation in federal programs;

•certain products being withdrawn from the market by their manufacturers or transitioned to over-the-counter products;

•future FDA rulings restricting the supply or increasing the cost of products; or

•inflation in the price of prescription medications.

Our pharmacy business is also subject to risks relating to manufacturing and supply issues. The success of our pharmacy business depends on our ability to reliably source prescription medications in a timely and cost-effective manner. Manufacturing and supply chain disruptions, failure to maintain relationships with existing suppliers, or inability to secure new supplier arrangements on satisfactory terms could undermine customer confidence, erode customer loyalty, and have a significant adverse effect on our operating results.

Changes in third-party reimbursement levels for prescription drugs and changes in industry pricing benchmarks could reduce our pharmacy margins and have a material adverse effect on our business.

Our pharmacy business derives substantially all of its revenue from sales of prescription drugs reimbursed by third-party ~~payors~~payers, including the Medicare Part D plans and state sponsored Medicaid and related managed care Medicaid plans. The continued efforts of Congress and federal agencies, health maintenance organizations, managed care organizations, pharmacy benefit management companies (PBMs), other State and local government entities, and other third-party ~~payors~~payers to reduce prescription drug costs and pharmacy reimbursement rates, as well as litigation relating to how drugs are priced, may impact our profitability.

The competitive success of our pharmacy business is largely dependent on our ability to establish and maintain contractual relationships with PBMs and other ~~payors~~payers on acceptable terms. Some of these entities may offer pricing terms that we may not be willing to accept or otherwise restrict or exclude our participation in their networks of pharmacy providers. These challenges may be exacerbated by continued consolidation in the healthcare industry, which could reduce our bargaining power and weaken our ability to obtain advantageous contracting terms. In addition, any future changes to the use of Average Wholesale Price or other published pricing benchmarks used to establish pharmaceutical pricing, including changes in the basis for calculating reimbursement by federal and state health programs and/or other ~~payors~~payers, could impact the reimbursement we receive from Medicare programs and Medicaid health plans, the reimbursement we receive from ~~payors~~payers and/or our ability to negotiate rebates with pharmaceutical manufacturers and acquisition discounts with wholesalers. If our ability to obtain competitive pricing and reimbursement terms is negatively impacted, or if we experience a change in composition of pharmacy prescription volume toward partners or programs offering lower reimbursement rates, our pharmacy margins may suffer, and operating results may be materially adversely affected.

We may be subject to significant liability should the consumption of any of the products offered through our pharmacy business cause injury, illness, or death.

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Products that we sell through our pharmacy business could become subject to contamination, product tampering, mislabeling or other damage requiring us to recall our products. We could be adversely impacted by the supply of defective or expired products, including the infiltration of counterfeit products into the supply chain, errors in re-labeling of products, product tampering, product recall, and contamination or product mishandling issues. In addition, errors in the dispensing and packaging of pharmaceuticals could lead to serious injury or death. Product liability claims may be asserted against us with respect to any of the products or pharmaceuticals we sell, and we may be obligated to recall our products. Moreover, while we have insurance to cover potential product liability and some claims may be subject to indemnification from other parties, we cannot guarantee that our insurance limits and/or indemnification will be adequate to cover any and all product related claims. We also may not be able to maintain this insurance on acceptable terms in the future. A product liability judgment against the Company or a product recall could have a material, adverse effect on our business, reputation, financial condition or results of operations.

We may acquire other companies or technologies, which could divert our management’s attention, result in additional dilution to our stockholders and otherwise disrupt our operations and harm our operating results, financial condition and prospects.

We may determine to grow our business through the acquisition of complementary businesses and technologies rather than through internal development. The identification of suitable acquisition candidates can be difficult, time-consuming and costly, and we may not be able to successfully complete identified acquisitions or the acquisitions may cause diversion of management time and focus away from operating our business. Following any acquisition, we may face difficulty integrating technology, finance and accounting, research and development, human resources, consumer information, and sales and marketing functions; challenges retaining acquired employees; future write-offs of intangibles or other assets; and potential litigation, claims or other known and unknown liabilities.

Depending on the condition of any company or technology we may acquire, that acquisition may, at least in the near term, adversely affect our financial condition and operating results and, if not successfully integrated with our organization, may continue to have such effects over a longer period. We may not realize the anticipated benefits of any acquisitions and we may not be successful in overcoming these risks or any other problems encountered in connection with potential acquisitions. Our inability to overcome these risks could have an adverse effect on our profitability, return on equity and return on assets, our ability to implement our business strategy and enhance stockholder value, which, in turn, could have a material and adverse effect on our business, operating results, financial condition and prospects.

Future acquisitions also could result in dilutive issuances of our equity securities and the incurrence of debt, which could harm our financial condition.

Impairment of the carrying value of our goodwill or other intangible assets could adversely affect our financial condition and results of operations.

As a result of past acquisitions, we carry goodwill and other acquired intangible assets on our balance sheet. The Company allocates the fair value of purchase consideration to the tangible assets, liabilities, and intangible assets acquired in an acquisition based on their fair values, and any excess purchase price over those fair values is recorded as goodwill. The fair value assigned to intangible assets acquired is supported by valuations using significant estimates and assumptions provided by management.

We test goodwill for impairment annually as of April 1, and we test goodwill and intangible assets for impairment at other times if events have occurred or circumstances exist that indicate the carrying value may no longer be recoverable. A significant amount of judgment is involved in determining if an indication of impairment exists. Factors may include, among others: a significant decline in our expected future cash flows; a sustained, significant decline in our stock price and market capitalization; a significant adverse change in legal factors or in the business climate; unanticipated competition; the testing for recoverability of a significant asset group within a reporting unit; and slower growth rates.

During the year ended June 30, 2024, no intangible or goodwill impairment charges were recorded. If actual results differ from the assumptions and estimates used in our goodwill and intangible asset calculations, we could incur future impairment or amortization charges. Further, we may incur additional goodwill or other 31

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During the year ended June 30, 2025, we recorded a $4.2 million noncash impairment charge related to our acquisition in 2020 of InsideResponse, an online lead generation business. If actual results differ from the assumptions and estimates used in our goodwill and intangible asset calculations, we could incur future impairment or amortization charges. Further, we may incur additional goodwill or other impairment charges in the future associated with other acquisitions, and we cannot accurately predict the amount and timing of any impairments of these or other assets. Should the value of goodwill or other intangible assets become impaired, there could be an adverse effect on our financial condition and results of operations. For information about the impairments we recorded during the years ended June 30, ~~2023~~2025 and ~~2022~~June 30, 2023, please refer to “Notes to Consolidated Financial Statements” under Item 8 below.

Our existing and any future indebtedness could adversely affect our ability to operate our business.

We are subject to various obligations and covenants under the Senior Secured Credit Facility, the Note Purchase Agreement and related documentation, and the Senior Preferred Stock Purchase Agreements, as described further herein in Note 108 to the consolidated financial statements. Our indebtedness could have important consequences, including:

•requiring us to dedicate a substantial portion of our cash flow to payments on our indebtedness, which would reduce the amount of cash flow available to fund working capital, capital expenditures or other corporate purposes;

•increasing our vulnerability to general adverse economic, industry and market conditions;

•restricting or reducing our ability to take certain corporate actions or obtain further debt or equity financing;

•limiting our ability to plan for and respond to business opportunities or changes in our business or industry; and

•placing us at a competitive disadvantage compared to our competitors that have less debt or better debt servicing options.

In addition, our indebtedness under the Senior Secured Credit Facility bears interest at a variable rate, making us vulnerable to increases in the market rate of interest. If the market rate of interest increases substantially, we will have to pay additional interest on this indebtedness, which would reduce cash available for our other business needs. From time to time, we may enter into, and have entered into, interest rate swaps that involve the exchange of floating for fixed-rate interest payments in order to reduce interest rate volatility. However, we may not maintain interest rate swaps with respect to all or any of our variable rate indebtedness, and any swaps we enter into may not fully mitigate our interest rate risk.

Further, we are required under the Senior Secured Credit Facility to maintain compliance with certain debt covenants, as discussed further below in Note 108 to the consolidated financial statements. Based on our financial projections, we believe we will remain in compliance with the debt covenants included in the Senior Secured Credit Facility through the 12 months following the date of issuance of our consolidated financial statements. Our future compliance with these covenants is dependent on our ability to restructure our existing debt or secure additional financing from other sources. Failure to maintain compliance with these covenants or make payments under the Senior Secured Credit Facility could result in an event of default. If an event of default occurs and the lenders accelerate the amounts due on the Senior Secured Credit Facility, we may need to seek additional financing, which may not be available on acceptable terms, in a timely manner, or at all. In such event, we may not be able to make accelerated payments, and the lenders could seek to enforce security interests in the collateral securing such indebtedness, which includes substantially all of our assets.

Operating and growing our business may require additional capital, and if capital is not available to us, our business, operating results, financial condition and prospects may suffer.

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Operating and growing our business is expected to require further investments in our technology and operations. We may be presented with opportunities that we want to pursue, and unforeseen challenges may present themselves, any of which could cause us to require additional capital. Our business model does not require us to hold a significant amount of cash and cash equivalents at any given time, and if our cash needs exceed our expectations or we experience rapid growth, we could experience strain in our cash flow, which could adversely affect our operations in the event we were unable to obtain other sources of liquidity. If we seek to raise funds through equity or debt financing, those funds may prove to be unavailable, may only be available on terms that are not acceptable to us or may result in significant dilution to our stockholders or higher levels of leverage. If we are unable to obtain adequate financing or financing on terms satisfactory to us, when we require it, our ability to continue to pursue our business objectives and to respond to business opportunities, challenges or unforeseen circumstances could be significantly limited, and our business, operating results, financial condition and prospects could be materially and adversely affected.

If we fail to protect our brand, our ability to expand the use of our agency services by consumers may be adversely affected.

Maintaining strong brand recognition and a reputation for delivering value to consumers is important to our business. A failure by us to protect our brand and deliver on these expectations could harm our reputation and damage our ability to attract and retain customers, which could adversely affect our business. In addition, many of our competitors have more resources than we do and can spend more advertising their brands and services. Accordingly, we could be forced to incur greater expense marketing our brand in the future to preserve our position in the market and, even with such greater expense, may not be successful in doing so. Furthermore, complaints or negative publicity about our business practices, legal compliance, marketing and advertising campaigns, data privacy and security issues and other aspects of our business, whether valid or not, could damage our reputation and brand. If we are unable to maintain or enhance consumer awareness of our brand cost-effectively, our business, operating results, financial condition and prospects could be materially and adversely affected.

Seasonality may cause fluctuations in our financial results.

As a result of AEP occurring from October 15th to December 7th and OEP occurring from January 1st to March 31st, we experience an increase in the number of submitted Medicare-related applications during the second and third quarters of the fiscal year and an increase in Medicare plan related expense during the first and second quarters of the fiscal year. Accordingly, our financial results are not comparable from quarter to quarter. In addition, changes to the timing of the Medicare annual or open enrollment periods could result in changes in the cyclical nature of consumer demand for Medicare products, to which our Senior segment may not be able to adapt. If our Senior segment cannot successfully respond to changes in the seasonality of the Medicare business, our business, operating results, financial condition and prospects could be harmed.

We rely on our insurance carrier partners to prepare accurate commission reports and send them to us in a timely manner.

Our insurance carrier partners typically pay us a specified percentage of the premium amount collected by the carrier or a flat rate per policy during the period that a customer maintains coverage under a policy. We rely on carriers to report the amount of commissions we earn accurately and on time. We use carriers’ commission reports to calculate our revenue, prepare our financial reports, projections and budgets and direct our marketing and other operating efforts. It is often difficult for us to independently determine whether or not carriers are reporting all commissions due to us, primarily because the majority of the purchasers of our insurance products who terminate their policies do so by discontinuing their premium payments to the carrier instead of by informing us of the cancellation. To the extent that carriers inaccurately or belatedly report the amount of commissions due to us, we may not be able to collect and recognize revenue to which we are entitled, which would harm our business, operating results, financial condition and prospects. In addition, the technological connections of our systems with the carriers’ systems that provide us up-to-date information about coverage and commissions could fail or carriers ~~could cease providing us with access to this information, which could impede our ability to compile our operating results in a timely manner.~~

~~Our operating results fluctuate depending upon insurance carrier payment and policy approval practices and the timing of our receipt of commission reports from our insurance carrier partners.~~ 33

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~~The~~could ~~timing~~cease ofproviding ~~our~~us ~~revenue~~with ~~depends~~access ~~upon~~to ~~the~~this ~~timing of our insurance carrier partners’ approval of the policies sold on our platform and submitted for their review~~information, aswhich ~~well~~could asimpede ~~the timing of~~ our ~~receipt~~ability ~~of commission reports and associated payments from our insurance carrier partners. Although carriers typically report and pay commissions~~ to uscompile on a monthly basis, there have been instances where their report of commissions and payment has been delayed for several months or is incorrect. Incorrect or late commission reports or payments could result in a large amount of commission revenue from a carrier being recorded in a given quarter that is not indicative of the amount of revenue we may receive from that carrier in subsequent quarters, causing fluctuations in our operating results. ~~We could report revenue below the expectations of our investors or securities analysts~~ in ~~any particular period if~~ a ~~material~~timely ~~report or payment from an insurance carrier partner were delayed for any reason~~manner. ~~Furthermore, we could incur substantial credit losses if one or more of the insurance carrier partners that we depend upon for payment of commissions were to fail~~

Our operating results fluctuate depending upon the timing of insurance carrier payments, data and policy approval practices from our insurance carrier partners.

The timing of our revenue depends upon the timing of our insurance carrier partners’ approval of the policies sold on our platform and submitted for their review, as well as the timing of our receipt of commission reports and associated payments from our insurance carrier partners. Although carriers typically report and pay commissions to us on a monthly basis, there have been instances where their report of commissions and payment has been delayed for several months or is incorrect. Incorrect or late commission reports or payments could result in a large amount of commission revenue from a carrier being recorded in a given quarter that is not indicative of the amount of revenue we may receive from that carrier in subsequent quarters, causing fluctuations in our operating results. We could report revenue below the expectations of our investors or securities analysts in any particular period if a material report or payment from an insurance carrier partner were delayed for any reason. Furthermore, we could incur substantial credit losses if one or more of the insurance carrier partners that we depend upon for payment of commissions were to fail.

Our operating results will be impacted by factors that impact our estimate of the lifetime value of commissions per policyholder.

We recognize revenue based on the expected value approach. This approach utilizes a number of assumptions, which include, but are not limited to, legal and enforceable rights to renewal commissions upon contract termination when determining variable consideration, renewal commission rates, historical lapse data, and premium increase data. These assumptions are based on historical trends and any changes in those historical trends will affect our estimated lifetime value estimates in future periods and therefore could adversely affect our revenue and financial results in those future periods. As a result, adverse changes in the assumptions we make in computing expected values, such as increased lapse rates, would harm our business, operating results, financial condition and prospects.

In particular, if customer lapse rates exceed our expectations, we may not receive the revenues we have projected to receive over time, despite our having incurred and recorded any related customer acquisition costs up front. Any adverse impact on customer lapse rates could lead to our receipt of commission payments that are less than the amount we estimated when we recognized commission revenue. Under such circumstances, we would need to record an adjustment to earnings to reverse the revenue previously recognized and write-off the remaining commissions receivable balance.

Risks Related to Our Intellectual Property and Our Technology

If we are unable to adequately protect our intellectual property, our ability to compete could be harmed.

We do not currently have any patents or patent applications pending to protect our intellectual property rights, but we do hold trademarks on our name, “SelectQuote,” and on the phrase “We Shop. You Save.” We rely on a combination of copyright, trademark, and trade secret laws and contractual agreements, as well as our internal system access security protocols, to establish, maintain and protect our intellectual property rights and technology. Despite efforts to protect our intellectual property, these laws, agreements and systems may not be sufficient to effectively prevent unauthorized disclosure or unauthorized use of our trade secrets or other confidential information or to prevent third parties from misappropriating our technology and offering similar or superior functionality. For example, monitoring and protecting our intellectual property rights can be challenging and costly, and we may not be effective in policing or prosecuting such unauthorized use or disclosure.

We also may fail to maintain or be unable to obtain adequate protections for certain of our intellectual property in the U.S. or certain foreign countries, and our intellectual property rights may not receive the same degree of protection in foreign countries as they would in the U.S. because of the differences in foreign trademark, copyright, and other laws concerning proprietary rights. Furthermore, legal standards relating to the validity, enforceability, and scope of protection of intellectual property rights are uncertain. In addition, our competitors may attempt to copy unprotected aspects of our product design or independently develop similar technology or design around our intellectual property rights. Third parties also may take actions that diminish the value of our proprietary rights or our reputation or cause consumer confusion through the use of similar service names or domain names.

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copyright, and other laws concerning proprietary rights. Furthermore, legal standards relating to the validity, enforceability, and scope of protection of intellectual property rights are uncertain. In addition, our competitors may attempt to copy unprotected aspects of our product design or independently develop similar technology or design around our intellectual property rights. Third parties also may take actions that diminish the value of our proprietary rights or our reputation or cause consumer confusion through the use of similar service names or domain names. Litigation regarding any intellectual property disputes may be costly and disruptive to us. Any of these results would harm our business, operating results, financial condition and prospects.

Additionally, we enter into confidentiality and invention assignment agreements with our employees and enter into confidentiality agreements with third parties, including suppliers and other partners. However, we cannot guarantee that we have entered into such agreements with each party that has or may have had access to our proprietary information, know-how and trade secrets. Moreover, no assurance can be given that these agreements will be effective in controlling access to, distribution, use, misuse, misappropriation, reverse engineering or disclosure of our proprietary information, know-how and trade secrets. Further, these agreements may not prevent our competitors from independently developing technologies that are substantially equivalent or superior to our products and platform capabilities. These agreements may be breached, and we may not have adequate remedies for any such breach.

We may become subject to intellectual property disputes, which are costly and may subject us to significant liability and increased costs of doing business.

Third parties may be able to successfully challenge, oppose, invalidate, render unenforceable, dilute, misappropriate or circumvent our trademarks, copyrights and other intellectual property rights. Our success depends, in part, on our ability to develop and commercialize our products and services without infringing, misappropriating or otherwise violating the intellectual property rights of third parties. However, we may not be aware that our products or services are infringing, misappropriating or otherwise violating third-party intellectual property rights and such third parties may bring claims alleging such infringement, misappropriation or violation.

Actions we may take to enforce our intellectual property rights may be expensive and divert management’s attention away from the ordinary operation of our business, and our inability to secure and protect our intellectual property rights could materially and adversely affect our brand and business, operating results, financial condition and prospects. Furthermore, such enforcement actions, even if successful, may not result in an adequate remedy. In addition, many companies have the capability to dedicate greater resources to enforce their intellectual property rights and to defend claims that may be brought against them. If a third party is able to obtain an injunction preventing us from accessing such third-party intellectual property rights, or if we cannot license or develop alternative technology for any infringing aspect of our business, we would be forced to limit or stop sales of our products and platform capabilities or cease business activities related to such intellectual property.

Although we carry general liability insurance, our insurance may not cover potential claims of this type or may not be adequate to indemnify us for all liability that may be imposed. We cannot predict the outcome of lawsuits and cannot ensure that the results of any such actions will not have an adverse effect on our business, financial condition or results of operations. Such claims could subject us to significant liability for damages and could result in our having to stop using technology found to be in violation of a third party’s rights. Further, we might be required to seek a license for third-party intellectual property, which may not be available on reasonable royalty or other terms. Alternatively, we could be required to develop alternative non-infringing technology, which could require significant effort and expense. If we cannot license or develop technology for any infringing aspect of our business, we would be forced to limit our services, which could affect our ability to compete effectively. Any of these results would harm our business, operating results, financial condition and prospects.

Our business depends on our ability to maintain and improve the technological infrastructure that supports our distribution platform, and any significant disruption in service on our platform could result in a loss of consumers, which could harm our business, brand, operating results, financial condition and prospects.

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Our ability to service consumers depends on the reliable performance of our technological infrastructure. Interruptions, delays or failures in these systems, whether due to adverse weather conditions, natural disasters, power loss, computer viruses, cybersecurity attacks, physical break-ins, terrorism, errors in our software or otherwise, could be prolonged and could affect the security or availability of our platform, and the ability of our agents to sell policies and our consumer care team to service those policies. The reliability and security of our systems, and those of our insurance carrier partners, is important not only to facilitating our sale of insurance products, but also to maintaining our reputation and ensuring the proper protection of our confidential and proprietary information. If we experience operational failures or prolonged disruptions or delays in the availability of our systems, we could lose current and potential customers, which could harm our operating results, financial condition and prospects.

Potential changes in applicable technology and consumer outreach techniques could have a material and adverse effect on our operating results, financial condition and prospects.

Changes in technology and consumer outreach techniques continue to shape the insurance distribution landscape. In recent years, consumers’ behavior patterns, in particular their propensity to use online sources for research, product comparison and guidance, has changed and continues to change. Similarly, available technologies for reaching targeted groups of consumers also continues to evolve. We expect that we will incur costs in the future to adjust our systems to adapt to changing behaviors and technologies. In the future, technological innovations and changes in the way consumers engage with technology may materially and adversely affect our operating results, financial condition and prospects, if our business model and technological infrastructure do not evolve accordingly.

We rely on third-party service providers that provide the infrastructure for our technological systems, and any failure to maintain these relationships could harm our business.

Information technology systems form a key part of our business and accordingly we are dependent on our relationships with third parties that provide the infrastructure for our technological systems. If these third parties experience difficulty providing the services we require or meeting our standards for those services, or experience disruptions or financial distress or cease operations temporarily or permanently, it could make it difficult for us to operate some aspects of our business. In addition, such events could cause us to experience increased costs and delay our ability to provide services to consumers until we have found alternative sources of the services provided by these third parties. If we are unsuccessful in identifying high-quality partners, if we fail to negotiate cost-effective relationships with them or if we ineffectively manage these relationships, it could materially and adversely affect our business, operating results, financial condition and prospects.

Our business could be materially and adversely affected by a cybersecurity breach or other attack involving our computer systems or those of our insurance carrier partners or third-party service providers.

Our systems and those of our insurance carrier partners and third-party service providers could be vulnerable to hardware and cybersecurity issues. Our operations are dependent upon our ability to protect our computer equipment against damage from fire, power loss, telecommunications failure or a similar catastrophic event. We could also experience a breach by intentional or negligent conduct on the part of employees or other internal sources. Any damage or failure that causes an interruption in our operations could have an adverse effect on our business, operating results, financial condition and prospects. In addition, our operations are dependent upon our ability to protect the computer systems and network infrastructure utilized by us against damage from cybersecurity attacks by sophisticated third parties with substantial computing resources and capabilities and other disruptive problems caused by the internet or other users. Such disruptions would jeopardize the security of information stored in and transmitted through our computer systems and network infrastructure, which may result in significant liability and damage our reputation.

It is difficult or impossible to defend against every risk being posed by changing technologies as well as criminals’ intent on committing cyber-crime and these measures may not be successful in preventing, detecting, or stopping attacks. The increasing sophistication and resources of cyber criminals and other non-state threat actors and increased actions by nation-state actors make keeping up with new threats difficult and could result in a breach of security. Controls employed by our information technology department and our insurance carrier partners and third-party service providers, including cloud vendors, could prove inadequate. A breach of our security that results in unauthorized access to our data could expose us to a disruption or challenges relating to our daily operations, as well as to data loss, litigation, damages, fines and penalties, significant increases in compliance costs and reputational damage, any of which could have a material and adverse effect on our business, operating results, financial condition and prospects.

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security. Controls employed by our information technology department and our insurance carrier partners and third-party service providers, including cloud vendors, could prove inadequate. A breach of our security that results in unauthorized access to our data could expose us to a disruption or challenges relating to our daily operations, as well as to data loss, litigation, damages, fines and penalties, significant increases in compliance costs and reputational damage, any of which could have a material and adverse effect on our business, operating results, financial condition and prospects.

To the extent we or our systems rely on our insurance carrier partners or third-party service providers, through either a connection to, or an integration with, those third-parties’ systems, the risk of cybersecurity attacks and loss, corruption, or unauthorized publication of our information or the confidential information of consumers and employees may increase. Third-party risks may include lax security measures, data location uncertainty, and the possibility of data storage in inappropriate jurisdictions where laws or security measures may be inadequate.

Any or all of the issues above could adversely affect our ability to attract new customers and continue our relationship with existing customers, cause our insurance carrier partners to cancel their contracts with us or subject us to governmental or third-party lawsuits, investigations, regulatory fines or other actions or liability, thereby harming our business, operating results, financial condition and prospects. Although we are not aware of any material information security breaches to date, we have detected common types of attempts to attack our information systems and data.

We collect, process, store, share, disclose and use consumer information and other data, and an actual or perceived failure to protect such information and data or respect users’ privacy could damage our reputation and brand and harm our business, operating results, financial condition and prospects.

The operation of our distribution platform involves the collection and storage of consumers’ information, including personal information, and security breaches could expose us to a risk of loss or exposure of this information, which could result in potential liability, investigations, regulatory fines, litigation and remediation costs, as well as reputational harm, all of which could materially and adversely affect our business, operating results, financial condition and prospects. For example, unauthorized parties could steal our potential customers’ names, email addresses, physical addresses, phone numbers and other information, including sensitive personal information and credit card payment information, which we collect when providing agency services.

We receive credit and debit card payment information and related data, which we input directly into our insurance carrier portal and in some cases, submit through a third party. With respect to the Life segment, for a few of our insurance carrier partners, we retain limited card payment information and related data, which is encrypted in compliance with Payment Card Industry standards, for a period of 90 days prior to being erased from our systems.

Any failure or perceived failure by us to comply with our privacy policies, our privacy-related obligations to consumers or other third parties, or our privacy-related legal obligations, or any compromise of security that results in the unauthorized release or transfer of sensitive information, which could include personally identifiable information or other user data, may result in governmental investigations, enforcement actions, regulatory fines, litigation and public statements against us by consumer advocacy groups or others, and could cause consumers and insurance carriers to lose trust in us, all of which could be costly and have an adverse effect on our business. Regulatory agencies or business partners may institute more stringent data protection requirements or certifications than those which we are currently subject to and, if we cannot comply with those standards in a timely manner, we may lose the ability to sell a carrier’s products or process transactions containing payment information. Moreover, if third parties that we work with violate applicable laws or our policies, such violations also may put consumer or insurance carrier partner information at risk and could in turn harm our reputation, business, operating results, financial condition and prospects.

Issues related to the development and use of artificial intelligence (AI) could give rise to legal and~~/or~~ regulatory action, damage our reputation, or otherwise materially harm of our business.

We currently incorporate AI technology in our business operations. Our research and development of such technology remains ongoing, and AI algorithms and training methodologies may be flawed. Leveraging AI capabilities to potentially improve our internal operations also presents further risks, costs, and challenges. While we aim to develop and use AI responsibly and attempt to identify and mitigate ethical and legal issues presented by its use, we may be unsuccessful in identifying or resolving issues before they arise. The AI-related legal and regulatory landscape remains uncertain and may be inconsistent from jurisdiction to jurisdiction. Our obligations to comply with the evolving legal and regulatory landscape could entail significant costs or limit our ability to incorporate 37

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Risks Related to Laws and Regulation

Laws and regulations regulating insurance activities are complex and could have a material and adverse effect on our business, reduce our profitability, and potentially limit our growth.

The insurance industry in the United States is heavily regulated. The insurance regulatory framework addresses, among other things: granting licenses to companies and agents to transact particular business activities; and regulating trade, marketing, compensation and claims practices. For example, we are required by state regulators to maintain a valid license in each state in which we transact insurance business and comply with business practice requirements that vary from state to state. In addition, our agents who transact insurance business must also maintain valid licenses. Complying with the regulatory framework requires a meaningful dedication of management and financial resources. Due to the complexity, periodic modification and differing interpretations of insurance laws and regulations, we may not have always been, and we may not always be, in full compliance with them. There can be no assurance that we, our employees, consultants, contractors and other agents are in full compliance with current and/or future laws and regulations or interpretations. Any such non-compliance could impose material costs on us, result in limitations on the business we conduct or damage our relationship with regulatory bodies, our insurance carrier partners and consumers, any of which could have a material and adverse effect on our business, operating results, financial condition and prospects.

Regulatory authorities often have the discretion to grant, renew and revoke the various licenses and approvals we need to conduct our activities. Such authorities may require us to incur substantial costs in order to comply with such laws and regulations. Furthermore, laws and regulations are also subject to interpretation by regulatory authorities, and changes in any such interpretations may adversely impact our business and our ability to carry on our existing activities.

Furthermore, the laws and regulations governing the sale of insurance may change in ways that adversely impact our business. These changes could impact the manner in which we are permitted to conduct our business, could force us to reduce the compensation we receive or otherwise adversely impact our business, operating results, financial condition and prospects.

In addition, we are subject to laws and regulations with respect to matters regarding privacy and cybersecurity. See “—We collect, process, store, share, disclose and use consumer information and other data, and an actual or perceived failure to protect such information and data or respect users’ privacy could damage our reputation and brand and harm our business, operating results, financial condition and prospects” and “—We may not be able to maintain compliance with all current and potentially applicable U.S. federal and state or foreign laws and regulations, and actions by regulatory authorities or changes in legislation and regulation in the jurisdictions in which we operate could have a material adverse effect on our business” in this section.

Our Senior segment is subject to a complex legal and regulatory framework, and non-compliance with or changes in laws and regulations governing the marketing and sale of Medicare plans and other health-related products and services could harm our business, operating results, financial condition and prospects.

Our Senior segment is subject to a complex legal and regulatory framework, and the laws and regulations governing the marketing and sale of Medicare plans, particularly with respect to regulations and guidance issued by CMS related to Medicare Advantage and Medicare Part D Prescription Drug plans, change frequently. For example, in April 2023, CMS finalized rules that could increase compliance costs and otherwise impact our business results by, among other things, requiring new disclosures that could make certain forms of marketing less practicable and potentially requiring a 48-hour waiting period between initial contact with a beneficiary and enrolling that beneficiary. In April 2024, CMS adopted final rules placing limitations on the compensation of certain distributors of Medicare products and establishing certain contractual standards for dual eligible special needs plans enrollments, 38

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Our Senior segment is subject to a complex legal and regulatory framework, and the laws and regulations governing the marketing and sale of Medicare plans, particularly with respect to regulations and guidance issued by CMS related to Medicare Advantage and Medicare Part D Prescription Drug plans, change frequently. For example, in April 2023, CMS finalized rules that could increase compliance costs and otherwise impact our business results by, among other things, requiring new disclosures that could make certain forms of marketing less practicable and mandating a 48-hour waiting period between initial contact with a beneficiary and enrolling that beneficiary. In April 2024, CMS adopted final rules placing limitations on the compensation of certain distributors of Medicare products and establishing certain contractual standards for dual eligible special needs plans enrollments, among other things. To the extent they are determined to apply to our operations, these and any other changes to the laws, regulations and guidelines relating to Medicare plans, their interpretation, or the manner in which they are enforced could harm our business, operating results, financial condition and prospects.

In addition, changes to laws, regulations, CMS guidance or the enforcement or interpretation of CMS guidance applicable to our Senior segment could cause insurance carriers or state departments of insurance to object to or not to approve aspects of our marketing materials and processes. As a result, those authorities may determine that certain aspects of our Senior segment are not in compliance with the current legal and regulatory framework. Any such determinations could delay or halt the operation of our Senior segment, which would harm our business, operating results, financial condition and prospects, particularly if such delay or halt occurred during the Medicare annual or open enrollment periods.

Our business may be harmed by competition from government-run health insurance exchanges.

Our Senior segment competes with government-run health insurance exchanges with respect to our sale of Medicare-related health insurance. Potential and existing customers can shop for and purchase Medicare Advantage and Medicare Part D Prescription Drug plans through a website operated by the federal government and can also obtain plan selection assistance from the federal government in connection with their purchase of a Medicare Advantage and Medicare Part D Prescription Drug plan. Competition from government-run health insurance exchanges could increase our marketing costs, reduce our revenue and could otherwise harm our business, operating results, financial condition and prospects.

Changes and developments in the regulation of the healthcare industry could adversely affect our business.

The U.S. healthcare industry is subject to an evolving regulatory regime at both the federal and state levels. In recent years, there have been multiple reform efforts made within the healthcare industry in an effort to curtail healthcare costs. For example, the Patient Protection and Affordable Care Act of 2010 and related regulatory reforms have materially changed the regulation of health insurance. While it is difficult to determine the impact of potential reforms on our future business, it is possible that such changes in healthcare industry regulation could result in reduced demand for our insurance distribution services. Our insurance carrier partners may react to existing or future reforms, or general regulatory uncertainty, by reducing their reliance on our agents. Developments of this type could materially and adversely affect our business, operating results, financial condition and prospects.

Changes and developments in the health insurance system and laws and regulations governing the health insurance markets in the United States could materially and adversely affect our business, operating results, financial condition and prospects.

Our Senior segment depends upon the private sector of the U.S. insurance system, which is subject to rapidly evolving regulation. Accordingly, the future financial performance of our Senior segment will depend in part on our ability to adapt to regulatory developments. For example, healthcare reform could lead to increased competition in our industry, and the number of consumers shopping for insurance through our agents may decline. Various aspects of healthcare reform could also cause insurance carriers to discontinue certain health insurance products or prohibit us from distributing certain health insurance products in particular jurisdictions. Our Senior segment, operating results, financial condition and prospects may be materially and adversely affected if we are unable to adapt to developments in healthcare reform in the United States.

Healthcare laws and regulations are rapidly evolving and may change significantly in the future, impacting the coverage and plan designs that are or will be provided by certain insurance carriers. Health reform efforts and measures may expand the role of government-sponsored coverage, including single payer or so called “Medicare-for-All” proposals, which could have far-reaching implications for the insurance industry if enacted. We are unable to predict the full impact of healthcare reform initiatives on our operations in light of the uncertainty regarding the terms and timing of any provisions enacted and the impact of any of those provisions on various healthcare and insurance industry participants. In particular, because our DTC platform provides consumers with a venue to shop for insurance policies from a curated panel of the nation’s leading insurance carriers, the expansion of government-39

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Our business may be harmed if our website and marketing materials are not timely approved or do not comply with legal requirements.

Our insurance carrier partners whose Medicare plans we sell approve our website, much of our marketing material and our call scripts for our Senior segment. In the event that CMS or an insurance carrier partner requires changes to, disapproves, or delays approval of these materials, we could lose a significant source of Medicare plan demand and the operations of our Senior segment could be adversely affected. If we are not successful in timely receiving insurance carrier partner or CMS approval of our marketing materials, we could be prevented from implementing our Medicare marketing initiatives, which could harm our business, operating results, financial condition and prospects, particularly if such delay or non-compliance occurs during AEP or OEP. The CMS rules and regulations also apply to our marketing partners’ marketing materials. If our marketing partners’ marketing materials do not comply with the CMS marketing guidelines or other Medicare program related laws, rules and regulations, such non-compliance could result in our losing the ability to receive referrals of individuals interested in purchasing Medicare plans from that marketing partner or being delayed in doing so.

If our Senior segment substantively changes its marketing materials or call scripts, our insurance carrier partners may be required to re-file those materials with CMS. Due to our inability to make CMS filings ourselves and the need for further CMS review, it is very difficult and time consuming for us to make changes to our marketing materials, and our inability to timely make changes to these materials, whether to comply with new rules and regulations or otherwise, could adversely affect the results of operations for our Senior segment. In addition, we may be prevented from using any marketing material until any changes required by CMS or our insurance carrier partners are made and approved, which would harm our business, operating results, financial condition and prospects, particularly if such delay occurred during AEP or OEP.

Our healthcare services operations, including our pharmacy business, face regulatory and operational risks and uncertainties that differ from the risks of our other businesses.

In addition to the pharmacy services provided through SelectRx, we also provide various healthcare services through ~~Population~~Healthcare ~~Health~~Select. Each business is subject to federal and state anti-kickback, beneficiary inducement and other laws governing the relationships of the business with pharmaceutical manufacturers, physicians and other healthcare providers, pharmacies, customers and consumers. In addition, federal and state legislatures regularly consider new regulations for the industry which could materially affect current industry practices, including potential new legislation and regulations regarding the receipt or disclosure of rebates and other fees from pharmaceutical companies, the development and use of formularies and other utilization management tools, the use of average wholesale prices or other pricing benchmarks, pricing for specialty pharmaceuticals, limited access to networks, and pharmacy network reimbursement methodologies. SelectRx also conducts business through home delivery and specialty and compounding pharmacies, which subjects it to extensive federal, state and local laws and regulations, including those of the DEA and individual state controlled substance authorities, the Food and Drug Administration (FDA) and state boards of pharmacy.

We could face potential claims in connection with purported errors by our home delivery, specialty or compounding pharmacies, including as a result of the risks inherent in the packaging and distribution of pharmaceuticals and other health care products. Disruptions from any of our home delivery or specialty pharmacy services could materially and adversely affect our results of operations, financial position and cash flows.

We may not be able to maintain compliance with all current and potentially applicable U.S. federal and state or foreign laws and regulations, and actions by regulatory authorities or changes in legislation and regulation in the jurisdictions in which we operate could have a material adverse effect on our business. 40

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~~protecting~~pharmaceuticals ~~of personal information~~ and other ~~data.~~health ~~These~~care ~~laws and regulations constantly evolve and remain subject to significant change~~products. InDisruptions ~~addition,~~from ~~the~~any ~~application and interpretation~~ of ~~these~~our ~~laws~~home ~~and~~delivery ~~regulations~~or ~~are~~specialty ~~often~~pharmacy ~~uncertain.~~services ~~Because~~could wematerially ~~store, process~~ and ~~use~~adversely ~~data,~~affect ~~some~~our results of ~~which contain personal information~~operations, wefinancial ~~are~~position ~~subject to complex~~ and ~~evolving~~cash ~~federal, state and local laws and regulations regarding privacy, data protection and other matters~~flows. ~~Many of these laws and regulations are subject to change and uncertain interpretation.~~

We are also subject to a variety of laws and regulations that involve matters central to our business, including with respect to user privacy and the collection, processing, storing, sharing, disclosing, using, transfer and protecting of personal information and other data. These laws and regulations constantly evolve and remain subject to significant change. In addition, the application and interpretation of these laws and regulations are often uncertain. Because we store, process and use data, some of which contain personal information, we are subject to complex and evolving federal, state and local laws and regulations regarding privacy, data protection and other matters. Many of these laws and regulations are subject to change and uncertain interpretation.

New York’s cybersecurity regulation for financial services companies, including insurance entities under its jurisdiction, requires entities to establish and maintain a cybersecurity program designed to protect private consumer data. The regulation specifically provides for: (i) controls relating to the governance framework for a cybersecurity program; (ii) risk-based minimum standards for technology systems for data protection; (iii) minimum standards for cyber breach responses, including notice to the New York Department of Financial Services (“NYDFS”) of material events; and (iv) identification and documentation of material deficiencies, remediation plans and annual certification of regulatory compliance with the NYDFS.

In addition, in October 2017, the National Association of Insurance Commissioners (“NAIC”) adopted the Insurance Data Security Model Law (the “Cybersecurity Model Law”), which is intended to establish the standards for data security and for the investigation and notification of data breaches applicable to insurance licensees in states adopting such law. The Cybersecurity Model Law continues to be adopted by states since its inception. The law could impose significant new regulatory burdens intended to protect the confidentiality, integrity and availability of information systems, although the NAIC model law is functionally similar to the NYDFS rule.

Compliance with existing and emerging privacy and cybersecurity regulations could result in increased compliance costs and/or lead to changes in business practices and policies, and any failure to protect the confidentiality of client information could adversely affect our reputation, lend to private litigation against us, any of which could materially and adversely affect our business, operating results, financial condition and prospects.

Further, we incur substantial compliance costs as a result of being a public company. The Sarbanes-Oxley Act (“SOX”), the Dodd-Frank Wall Street Reform and Consumer Protection Act, the listing requirements of the New York Stock Exchange (the “NYSE”), and other applicable securities rules and regulations impose various requirements on public companies that do not apply to private companies. In addition to increasing our legal and financial costs, complying with these requirements causes management and other personnel to divert attention from operational and other business matters to devote substantial time to public company corporate governance and reporting requirements.

From time to time we are subject to various legal proceedings that could adversely affect our business.

We are, and may in the future become, involved in various legal proceedings and governmental inquiries, including labor and employment-related claims, claims relating to our marketing or sale of health insurance, intellectual property claims, and claims relating to our compliance with securities laws. For example, weon ~~are~~May ~~involved~~1, in2025, the ~~matters~~United ~~discussed~~States ~~below~~Attorney’s ~~under~~Office ~~Item~~for 8,the ~~Notes~~District toof ~~Consolidated~~Massachusetts ~~Financial~~filed ~~Statements,~~a ~~and~~complaint inpartially ~~August~~intervening ~~2022~~in wea ~~received~~qui atam ~~subpoena~~action ~~from~~against the ~~United~~Company ~~States~~and ~~Attorney’s~~certain ~~Office~~of ~~for~~its ~~the~~competitors ~~District~~and ofcarrier ~~Massachusetts,~~partners ~~seeking,~~alleging ~~among~~violations ~~other~~of ~~things,~~the ~~information~~False ~~regarding~~Claims ~~our~~Act ~~arrangements~~(the ~~with~~“DOJ ~~our~~Action”). ~~insurance~~The ~~carrier~~DOJ ~~partners.~~Action ~~Claims~~and other claims that are or may in the future be asserted against us, whether with or without merit, could be time-consuming and expensive to address, could divert management’s attention and other resources, and/or could subject us to significant liability for damages and harm our reputation. Our insurance and indemnities may not cover all claims that may be asserted against us. If we are unsuccessful in our defense of these legal proceedings, we may be forced to pay damages or fines, enter into consent decrees, stop offering certain of our services, or change our business practices, any of which would harm our business, operating results, and financial condition.

~~Our communications with potential and existing customers are subject to laws regulating telephone and email marketing practices.~~ 41

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~~and~~unsuccessful ~~telephone~~in ~~calls~~our ~~for~~defense ~~marketing~~of ~~purposes~~these ~~continue~~legal ~~to evolve~~proceedings, ~~and~~we ~~changes in technology, the marketplace or consumer preferences~~ may ~~lead~~be forced to ~~the~~pay ~~adoption~~damages ofor ~~additional~~fines, ~~laws~~enter orinto ~~regulations~~consent ordecrees, ~~changes~~stop inoffering ~~interpretation~~certain of ~~existing~~our ~~laws~~services, or ~~regulations.~~change ~~New~~our ~~laws~~business ~~or regulations~~practices, orany ~~changes~~of ~~to the manner in~~ which ~~existing~~would ~~laws~~harm ~~and~~our ~~regulations~~business, oroperating ~~interpreted or enforced~~results, ~~may further restrict our ability to contact potential~~ and ~~existing~~financial ~~customers by phone and email and could render us unable to communicate with consumers in a cost-effective fashion~~condition. ~~The~~Even ~~Telephone~~if ~~Consumer~~favorably ~~Protection~~resolved, ~~Act (~~the ~~“TCPA”)~~DOJ ~~prohibits~~Action ~~companies~~and ~~from~~any ~~making~~similar ~~telemarketing~~pending ~~calls~~or tofuture ~~numbers~~matters ~~listed~~involving in the ~~Federal~~Company ~~Do-Not-Call~~or ~~Registry and imposes~~ other ~~obligations~~industry ~~and~~participants ~~limitations~~may onlead ~~making phone calls and sending text messages~~ to ~~consumers.~~changes ~~The~~in ~~CAN-SPAM Act regulates commercial email messages and specifies penalties for~~ the ~~transmission~~senior ofhealth ~~commercial~~insurance ~~email~~industry ~~messages~~ that do not comply with certain requirements, such as providing an opt-out mechanism for stopping future emails from senders. We may be required to comply with these and similar laws, rules and regulations. Failure to comply with obligations and restrictions related to telephone, text message and email marketing could ~~subject~~materially ~~us to lawsuits, fines, statutory damages, consent decrees, injunctions, adverse publicity~~ and ~~other~~adversely ~~losses~~affect ~~that could harm~~ our business., Weoperating ~~have~~results, ~~policies in place to comply with the TCPA~~ and ~~other~~financial ~~telemarketing laws. However~~condition, ~~despite~~including ~~our legal compliance, we have in~~ the ~~past~~limitation ~~and~~or ~~may~~elimination inof the ~~future~~use ~~become~~of ~~subject~~marketing todevelopment ~~claims~~funds ~~that~~and wesimilar ~~have~~payment ~~violated the TCPA~~structures.

Our communications with potential and existing customers are subject to laws regulating telephone and email marketing practices.

We make telephone calls and send emails and text messages to potential and existing customers. The United States regulates marketing by telephone and email and the laws and regulations governing the use of emails and telephone calls for marketing purposes continue to evolve, and changes in technology, the marketplace or consumer preferences may lead to the adoption of additional laws or regulations or changes in interpretation of existing laws or regulations. New laws or regulations, or changes to the manner in which existing laws and regulations or interpreted or enforced, may further restrict our ability to contact potential and existing customers by phone and email and could render us unable to communicate with consumers in a cost-effective fashion. The Telephone Consumer Protection Act (the “TCPA”) prohibits companies from making telemarketing calls to numbers listed in the Federal Do-Not-Call Registry and imposes other obligations and limitations on making phone calls and sending text messages to consumers. The CAN-SPAM Act regulates commercial email messages and specifies penalties for the transmission of commercial email messages that do not comply with certain requirements, such as providing an opt-out mechanism for stopping future emails from senders. We may be required to comply with these and similar laws, rules and regulations. Failure to comply with obligations and restrictions related to telephone, text message and email marketing could subject us to lawsuits, fines, statutory damages, consent decrees, injunctions, adverse publicity and other losses that could harm our business. We have policies in place to comply with the TCPA and other telemarketing laws. However, despite our legal compliance, we have in the past and may in the future become subject to claims that we have violated the TCPA.

Any legal liability for the information we communicate to consumers could harm our business and operating results.

Consumers rely upon information we communicate through our agency services regarding the insurance plans we distribute, including information relating to insurance premiums, coverage, benefits, exclusions, limitations, availability, and plan comparisons. If we provide inaccurate information or information that could be construed as misleading, or if we do not properly assist individuals in purchasing insurance, we could be found liable for related damages and our relationships with our insurance carrier partners and our standing with regulators could suffer.

General Risk Factors

Our quarterly and annual operating results or other operating metrics may fluctuate significantly and may not meet expectations of research analysts, which could cause the trading price of our common stock to decline.

Our quarterly and annual operating results and other operating metrics have fluctuated in the past and may in the future fluctuate as a result of a number of factors, many of which are outside of our control and may be difficult to predict. Period-to-period variability or unpredictability of our results could result in our failure to meet our expectations or those of any analysts that cover us or investors with respect to revenue or other operating results for a particular period. If we fail to meet or exceed such expectations for these or any other reasons, the market price of our common stock could fall substantially, and we could face litigation, including securities class actions.

We are required to make significant estimates and assumptions in the preparation of our financial statements. These estimates and assumptions may not be accurate and are subject to change.

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The preparation of our consolidated financial statements in conformity with GAAP requires our management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of income and expense during the reporting periods. If our underlying estimates and assumptions prove to be incorrect or if events occur that require us to revise our previous estimates or assumptions, our business, operating results, financial condition and prospects may be materially and adversely affected.

We do not intend to pay dividends in the foreseeable future.

The declaration and amount of any future dividends to holders of our common stock will be at the discretion of our Board of Directors in accordance with applicable law and after taking into account various factors, including our financial condition, operating results, current and anticipated cash needs, cash flows, impact on our effective tax rate, indebtedness, contractual obligations, legal requirements and other factors that our Board of Directors deems relevant. Our Board of Directors intends to retain future earnings to finance the operation and expansion of our business. In addition, both our Senior Secured Credit Facility and the Senior Non-Convertible Preferred Stock Purchase Agreements contain restrictions on our ability to pay dividends to the holders of our common stock. Accordingly, we do not expect to pay dividends in the foreseeable future. As a result, capital appreciation, if any, of our common stock will be your sole source of gain for the foreseeable future.

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Directors deems relevant. Our Board of Directors intends to retain future earnings to finance the operation and expansion of our business. In addition, our Senior Secured Credit Facility contains restrictions on our ability to pay dividends to the holders of our common stock. Accordingly, we do not expect to pay dividends in the foreseeable future. As a result, capital appreciation, if any, of our common stock will be your sole source of gain for the foreseeable future.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 1C. CYBERSECURITY

Our security program is designed to reflect our business objectives, meet relevant laws and regulations, prevent unauthorized use of or access to our information systems, and maintain information assets' confidentiality, integrity, and availability. Our policies and processes are guided by security requirements specific to our operating environment, laws, and regulations that are relevant to us and information security best practices.

Risk Management and Strategy

The Company’s cybersecurity strategy includes recognition and deployment of the following:

a.A formal approach to enterprise risk management encompassing finance, operational risk management, and Information Technology (“IT”) to manage the business and technology-related challenges and required regulatory compliance obligations

i.Board approved Information Security policies that are reviewed ~~bi-~~annually

ii.An IT infrastructure architecture that has been designed and implemented with security at its core in order to enable key business activities while ensuring the confidentiality, integrity, and availability of our technology infrastructure and critical business and customer data. The Network Security Architecture design focuses on our ability to:

i.Identify and understand organizational risks to critical systems, assets, data & capabilities

ii.Protect our environment by putting in safeguards

iii.Detect potential threats by developing and implementing the appropriate activities to identify the occurrence of a cybersecurity event

iv.Respond to and take the appropriate action regarding a detected cybersecurity incident

v.Recover and restore any capabilities or services that were impaired due to a cybersecurity incident

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To reduce the risks from cybersecurity threats associated with our use of third-party service providers, we have a supplier relationship policy and process which outlines information security requirements for mitigating the risks associated with supplier’s access to our organization’s assets. This policy must be agreed to by the supplier, documented, and reviewed annually.

SelectQuote has a network of third-party, industry leading, security experts whom they engage to independently test, assess and evaluate our risk management practices. We routinely engage in risk management activities designed to identify potential vulnerabilities; which, if identified, are planned for remediation.

Governance

Day to day management of our cybersecurity program is the responsibility of the Director, Information Technology Security. The Director manages an internal team of security professionals, as well as a third-party managed security operations center which provides 24/7 security monitoring. Our Director of IT Security reports to the Chief Information Officer. The two, combined, have over 50 years of experience in the information technology field and 30 years in IT security.

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the Chief Information Officer. The two, combined, have over 50 years of experience in the information technology field and 30 years in IT security.

Our Board of Directors recognizes the importance of cybersecurity in safeguarding the Company’s sensitive data. The Board of Directors has oversight responsibilities for risk management with a focus on the most significant risks facing us, including strategic, operational, financial and legal compliance risks. The Board’s risk oversight process builds upon management’s risk assessment and mitigation processes, which include an enterprise risk management program of which our cybersecurity processes are an integral component.

Our Board implements its risk oversight function both as a board and through delegation to board committees, which meet regularly and report back to the Board, including delegating oversight of specific risks to board committees that align with their functional responsibilities. Our Audit Committee assists the Board in overseeing the enterprise risk management program and evaluates and monitors risks related to, among other things, the company’s information security program. Our Audit Committee assesses cybersecurity and information technology risks and the controls implemented to monitor and mitigate these risks. Our Chief Information Officer and Director of Information Technology Security periodically attend meetings and provide quarterly cybersecurity updates to the Audit Committee, and as needed, to the Board.

Our Chief Information Officer and Director of IT Security report directly to the Audit Committee of the Board of Directors on our cybersecurity program and efforts to prevent, detect, mitigate, and remediate issues at least once annually or more frequently as determined to be necessary or advisable. In addition, we have an escalation process in place to inform senior management and the Board of Directors when it is appropriate under the circumstances.

We, like any company, have experienced cybersecurity incidents in the past. However, as of the date of this Annual Report on Form 10-K, we have not experienced any cybersecurity incidents which have been determined to be material. For additional information regarding whether any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect our company, including our business, operating results and financial condition, please refer to Part I, Item 1A, Risk Factors, in this Annual Report on Form 10-K.

ITEM 2. PROPERTIES

The following table sets forth the location, approximate square footage and primary use of each of the principal properties we occupied as of ~~September~~August 1321, ~~2024~~2025. All of the properties listed below are leased, and we believe our properties are in good operating condition and are suitable for their primary use. As the majority of our office lease footprint now represents a hybrid in-person and remote work model, we have terminated or sub-leased our excess space, where commercially reasonable and to the extent unnecessary for future expansion.

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Location	Approximate Square Footage Leased	Approximate Square Footage Subleased	Approximate Square Footage Occupied	Primary Use
Overland Park, Kansas	232,068	95,874	136,194	Corporate headquarters, marketing and advertising, technical development, general and administrative, operations for all segments.
Centennial, Colorado	45,373	4532,~~373~~309	—13,064	Subleased
Monaca, Pennsylvania	22,000	—	22,000	Healthcare Services segment (SelectRx) operations
Indianapolis, Indiana	32,630	—	32,630	Healthcare Services segment (SelectRx) operations
Oakland, California	8,623	—	8,623	Life segment operations
San Diego, California	5,874	—	5,874	Life segment operations
Olathe, Kansas	54,000	—	27,000	Healthcare Services segment (SelectRx) operations

ITEM 3. LEGAL PROCEEDINGS

From time to time we are a party to various litigation matters incidental to the conduct of our business. These legal matters primarily involve claims for damages arising out of the use of the Company’s services, insurance regulatory claims, and claims relating to intellectual property matters, employment matters, tax matters, commercial disputes, competition and sales practices. The Company may also become subject to lawsuits as a result of past or future acquisitions or as a result of liabilities retained from, or representations, warranties or indemnities provided in connection with, divested businesses. We are not presently party to any legal proceedings the resolution of which we believe would have a material adverse effect on our business, prospects, financial condition, liquidity, results of operation, cash flows or capital levels. However, in the event of unexpected further developments, it is possible that the ultimate resolution of these matters, or other similar matters, if unfavorable, may be materially adverse to our business, prospects, financial condition, liquidity, results of operation, cash flows or capital levels. For additional details, see Part II, Item 8, Note 1112, Commitments and Contingencies – “Legal Contingencies and Obligations,” in the notes to consolidated financial statements in Item 8 of this Annual Report on Form 10-K, which is incorporated herein by reference.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

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PART II

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Our common stock trades under the symbol “SLQT” on the NYSE and has been publicly traded since May 21, 2020. Prior to this time, there was no public market for our common stock.

As of ~~August~~July 31, ~~2024~~2025, there were approximately 100 common stockholders of record. The number of record holders is based upon the actual number of holders registered on our books at such date and does not include holders of shares in “street name” or persons, partnerships, associations, corporations or other entities identified in security position listings maintained by depository trust companies.

Dividend Policy

We do not anticipate declaring or paying any cash dividends on our common stock in the foreseeable future. Any future determination to declare and pay cash dividends, if any, will be made at the discretion of our Board of Directors and will depend on a variety of factors, including applicable laws, our financial condition, results of operations, contractual restrictions, capital requirements, business prospects, general business or financial market conditions, and other factors our Board of Directors may deem relevant. In addition, both our Senior Secured Credit Facility ~~contains~~and the Senior Non-Convertible Preferred Stock Purchase Agreements contain covenants or other provisions that restrict our ability to pay cash dividends, subject to certain ~~exceptions~~conditions.

Issuer Purchases of Equity Securities

We did not repurchase any of our common stock during the year ended June 30, ~~2024~~2025.

Stock Performance Graph

The graph below compares the cumulative total return to stockholders on our common stock to the cumulative total return on the NYSE Composite Index and the Center for Research in Security Prices US Small Cap Index (the “CRSP US Small Cap Index”) for the period beginning on May 21, 2020 (the date our common stock commenced trading on the NYSE) through June 30, ~~2024~~2025. The graph assumes that $100 was invested in our common stock at the closing sales price of $27.00 per share on May 21, 2020, and in the NYSE Composite Index and the CRSP US Small Cap Index on May 21, 2020, and assumes reinvestment of any dividends. The stock price performance shown in the following graph is not intended to forecast or be indicative of possible future stock price performance.

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	5/21/2020		06/20		06/21		06/22		6/23		6/24
SelectQuote, Inc.	$	100.00	$	93.81	$	71.33	$	9.19	$	7.22	$	10.22
NYSE Composite Index	$	100.00	$	104.78	$	145.84	$	127.63	$	139.86	$	158.80
CRSP US Small Cap Index	$	100.00	$	106.55	$	164.78	$	128.92	$	145.64	$	159.85

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	5/21/2020		06/20		06/21		06/22		6/23		6/24		6/25
SelectQuote, Inc.	$	100.00	$	93.81	$	71.33	$	9.19	$	7.22	$	10.22	$	8.81
NYSE Composite Index	$	100.00	$	104.78	$	145.84	$	127.63	$	139.86	$	158.80	$	179.97
CRSP US Small Cap Index	$	100.00	$	106.55	$	164.78	$	128.92	$	145.64	$	159.85	$	173.52

ITEM 6.

[Reserved].

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ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

You should read the following discussion and analysis of our financial condition and result of operations together with our consolidated financial statements and footnotes included elsewhere in this Annual Report on Form 10-K. In addition to historical information, this discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. The forward-looking statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our industry, business and future financial results. Our actual results may differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below, and those discussed in the section titled “Risk Factors” in Part I, Item 1A above.

Company Overview

47Our proprietary routing and workflow system is a key competitive advantage and driver of our business performance. Our systems analyze and intelligently route consumer leads to agents and allow us to monitor, segment, and enhance our agents’ performance. This technological advantage also allows us to rapidly conduct a needs-based, tailored analysis for each consumer that maximizes sales, enhances customer retention, and ultimately maximizes LTVs. Our expertise and value add stems from the coupling of our technology with our skilled agents, which provides greater transparency in pricing and choice and an overall better consumer experience. When customers are satisfied, their propensity to switch policies decreases, thereby improving retention rates (“persistency”), increasing LTVs and, ultimately, optimizing our financial performance and shareholder value.

SelectQuote has a long history of successful DTC product distribution and consumer engagement, and we bring this same capability to healthcare services. We saw a large opportunity to leverage our existing customer base and distribution model to improve education and access to healthcare services for our senior consumers and to create

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Wevalue ~~evaluate~~for our shareholders and insurance carrier partners. SelectQuote’s value lies in our ability to engage the consumer, capture critical self-reported information in real-time, and then take action on that information to offer each consumer personalized solutions. Our healthcare services business seeks to provide consumers with a wide breadth of products supporting their needs, such as SelectRx, our Patient-Centered Pharmacy HomeTM accredited pharmacy, which has already demonstrated SelectQuote’s ability to leverage our strong consumer engagement to drive immediate value using ~~the~~our ~~following~~existing ~~four~~operational ~~segments:~~infrastructure. Whether through acquisitions or new partnerships, we continue to look for more opportunities to leverage our strengths to expand our healthcare services business.

Senior was launched in 2010 and provides unbiased comparison shopping for Medicare Advantage (“MA”) and Medicare Supplement (“MS”) insurance plans as well as prescription drug and dental, vision, and hearing (“DVH”) plans, and critical illness products. We ~~represent~~evaluate ~~approximately 25 leading, nationally-recognized insurance carrier partners, including UHC, Humana, Aetna, and Wellcare. MA and MS plans accounted for 91%, 89%, and 82% of~~ our ~~approved~~business ~~Senior~~using ~~policies for~~ the ~~years~~following ~~ended~~three ~~June 30,~~reportable ~~2024, 2023, and 2022, respectively, with other ancillary type policies accounting for the remainder.~~segments:

~~Healthcare~~Senior ~~Services,~~was launched in ~~2021,~~2010 ~~offers~~and ~~various~~provides ~~health-related~~unbiased ~~products~~comparison ~~and~~shopping ~~services~~for ~~through~~Medicare ~~SelectRx,~~Advantage ~~Population~~(“MA”) ~~Health,~~ and ~~most~~Medicare ~~recently,~~Supplement ~~SelectPatient~~(“MS”) ~~Management.~~insurance ~~SelectRx~~plans ~~offers~~as ~~essential~~well as prescription ~~medications,~~drug ~~OTC~~and ~~medications~~dental, ~~customized medication packaging~~vision, and ~~medication~~hearing ~~therapy~~(“DVH”) ~~management~~plans, ~~providing long-term pharmacy care that enables patients to optimize medication adherence to drive positive health outcomes, while enabling patients managing polypharmacy~~ and ~~multiple~~critical ~~chronic~~illness ~~conditions~~products. toWe ~~remain~~represent atapproximately ~~home.~~25 ~~Through Population Health~~leading, ~~we utilize our excellent consumer engagement capabilities to capture valuable self~~nationally-~~reported~~recognized ~~information in real-time for our~~ insurance carrier partners, byincluding ~~completing~~UHC, ~~Health Risk Assessments (“HRAs”). We then use that data to take a real-time~~Humana, ~~proactive~~Aetna, and ~~personalized~~Wellcare. ~~approach~~MA ~~to offer various health-related products~~ and ~~services~~MS toplans ~~the~~accounted ~~consumer,~~for ~~such as our pharmacy services from SelectRx. In 2024~~90%, ~~we launched SelectPatient Management (“SPM”)~~91%, ~~via~~and a89% ~~$4.0~~of ~~million~~our ~~acquisition~~approved ofSenior anpolicies ~~existing~~for ~~chronic~~the ~~care~~years ~~management~~ended ~~platform~~June 30, ~~which offers providers~~2025, ~~payers~~2024, and ~~Accountable~~2023, ~~Care Organizations scalable~~respectively, ~~technology-enhanced services for patients living~~ with ~~chronic~~other ~~conditions.~~ancillary ~~Through~~type ~~consistent,~~policies ~~trust-based~~accounting ~~patient~~for ~~engagement, SPM helps patients navigate~~ the ~~care continuum, focusing on non-clinical factors so physicians can focus on the more critical needs of their patients~~remainder. ~~We believe that offering these services enables healthcare to be more accessible, convenient, and personalized for our members.~~

~~Life~~Healthcare isServices, ~~one~~launched ofin ~~the~~2021, ~~country’s~~offers ~~largest~~various ~~and~~health-related ~~most~~products ~~established~~and ~~DTC~~services ~~insurance~~through ~~distributors~~SelectRx, ~~for~~Healthcare ~~term~~Select, ~~life~~and ~~insurance~~most recently, ~~having~~SPM. ~~sold~~SelectRx offers essential prescription medications, over-the-counter ~~2.2 million~~(“OTC”) ~~policies~~medications, ~~nationwide~~customized ~~since~~medication ~~our~~packaging, ~~founding~~and inmedication ~~1985.~~therapy ~~Our~~management, ~~platform~~providing ~~provides~~long-term ~~unbiased~~pharmacy ~~comparison~~care ~~shopping~~that ~~for~~enables ~~life~~patients ~~insurance~~to ~~products~~optimize ~~such~~medication asadherence ~~term~~to ~~life,~~drive ~~final~~positive ~~expense~~health outcomes, while enabling patients managing polypharmacy and ~~other~~multiple ~~ancillary~~chronic ~~products~~conditions ~~like~~to ~~critical~~remain ~~illness,~~at ~~accidental~~home. ~~death~~Through Healthcare Select, ~~and~~we ~~juvenile~~utilize ~~insurance.~~our Weexcellent ~~represent~~consumer ~~approximately~~engagement 20capabilities ~~leading,~~to ~~nationally~~capture valuable self-~~recognized~~reported information in real-time for our insurance carrier partners, ~~with~~by ~~many~~completing ofhealth ~~these~~risk ~~relationships~~and ~~exceeding~~lifestyle ~~15 years~~assessments. ~~Term~~We ~~life~~then ~~policies~~use ~~accounted~~that ~~for~~data ~~45%~~to take a real-time, ~~47%~~proactive, and ~~36%~~personalized ofapproach ~~new~~to ~~premium~~offer ~~within~~various ~~the~~health-related ~~Life~~products ~~segment~~and ~~for~~services to the ~~years~~consumer, ~~ended~~such ~~June 30,~~as our pharmacy services from SelectRx. In 2024, ~~2023~~we launched SPM, ~~and~~via ~~2022~~a $4.0 million acquisition of an existing chronic care management platform, ~~respectively~~which offers providers, ~~with~~payers, ~~final~~and ~~expense~~Accountable ~~policies~~Care ~~accounting~~Organizations scalable, technology-enhanced services for ~~55%~~patients living with chronic conditions. Through consistent, ~~53%~~trust-based patient engagement, ~~and~~SPM ~~64%~~helps ~~for~~patients navigate the ~~years~~care ~~ended June 30~~continuum, ~~2024~~focusing on non-clinical factors so physicians can focus on the more critical needs of their patients. We believe that offering these services enables healthcare to be more accessible, ~~2023~~convenient, and ~~2022,~~personalized ~~respectively~~for our members.

~~Auto~~Life &is ~~Home~~one ~~was~~of ~~launched~~the incountry’s ~~2011~~largest asand anmost ~~unbiased~~established ~~comparison~~DTC ~~shopping~~insurance ~~platform~~distributors for ~~auto,~~term ~~home~~life insurance, ~~and~~having ~~specialty~~sold ~~insurance~~over ~~lines~~2.6 million policies nationwide since our founding in 1985. Our platform provides unbiased comparison shopping for life insurance products such as ~~homeowners,~~term ~~auto~~life, ~~dwelling~~final ~~fire~~expense, and other ancillary ~~insurance~~ products ~~underwritten~~like bycritical illness, accidental death, and juvenile insurance. We represent approximately 2520 leading, nationally -recognized insurance carrier partners., ~~Homeowners~~with ~~and~~many ~~12-month~~of ~~auto~~these ~~products~~relationships exceeding 15 years. Term life policies accounted for 7440%, 45%, and 47% of new premium within the ~~Auto~~Life ~~& Home~~ segment for the years ended June 30, 2025, 2024, and 2023, respectively, with final expense policies accounting for 60%, 55%, and 7653% for the ~~year~~years ended June 30, ~~2022~~2025, ~~with six-month auto~~2024, ~~dwelling~~and ~~fire~~2023, ~~and other products accounting for a majority of the remainder~~respectively.

Our other operations which do not meet the criteria to be a separate reportable segment are consolidated and reported as “All other” which represents a shopping platform for auto, home, and specialty insurance lines.

Industry Trends

We estimate that the total addressable market for the insurance products we distribute is greater than $~~180~~ 200 billion. Further, while these markets are already substantial, they are also growing, in part due to a number of highly attractive demographic trends.

Our Senior and Healthcare Services segments serve consumers predominantly in the over 65 age category. According to the United States Census Bureau, the over 65 age category grew from 13% of the total population in 2010 to 1718% of the total population in ~~2020~~2023, and is expected to reach 21% in 2030. OnBased ~~average,~~upon ~~11,000 “Baby Boomers” are expected to turn 65 every day or nearly 4.2 million per year through the end of the decade. As~~ a ~~result,~~research ~~Medicare enrollment is growing steadily~~study, ~~with~~in ~~the number of Medicare enrollees expected to grow from 63 million~~

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in2025, ~~2021~~on ~~(up~~average, ~~from~~11,400 59“Baby Boomers” are expected to turn 65 every day, or nearly 4.2 million people will reach the traditional retirement age in ~~2018)~~a single year. As a result, Medicare Advantage enrollment has more than doubled since 2010 and is projected to ~~approximately~~grow 75from ~~million~~54% of the eligible population in ~~2030,~~2024 ~~according~~to 64% by 2034. According to the ~~Centers~~Congressional ~~for~~Budget Office’s projections, Medicare &enrollment ~~Medicaid~~is ~~Services~~expected into ~~June~~rise from 60 million in 2023 to 74 million in 2034. Of this, Medicare Advantage plans are representing an increasing share of the Medicare market. According to the Kaiser Family Foundation, in ~~2023~~2024, Medicare Advantage ~~surpassed~~enrollment 50held 54% market penetration, with nearly 3133 million Medicare Advantage enrollees. Between 2023 and 2024, total Medicare Advantage enrollment asgrew aby ~~share~~about of7%. ~~the~~The ~~eligible~~Congressional ~~Medicare~~Budget ~~population~~Office ~~has~~projects ~~grown~~that ~~from~~the ~~19%~~share inof ~~2007~~all toMedicare ~~51%~~beneficiaries enrolled in ~~2023~~Medicare ~~and~~Advantage isplans ~~projected~~will torise ~~grow~~ to 6264% by ~~2033~~2034. The degree to which we will realize a corresponding increase in revenue will be determined by our ability to continue to successfully place new Medicare policies for this enlarged potential consumer base.

The U.S. life insurance market is mature and has experienced annual premium growth of ~~2.9~~3% ~~since~~in ~~2013, according to S&P Global~~2024. Growth in the life insurance sector is driven by a number of macro-economic factors including population growth, general economic growth and individual wealth accumulation.

~~The~~Technological ~~auto~~innovations ~~insurance~~are ~~industry~~changing ~~has~~the ~~grown~~insurance atdistribution ~~an annual rate of 5~~landscape.3% ~~from~~As ~~2013—2021~~the ~~based~~composition onof ~~Statutory~~the ~~Direct Premiums Written, according to~~ U.S~~&P Global, with 2021 written premium totaling $261 billion~~. ~~Industry~~population ~~growth~~gradually isshifts ~~driven~~to ~~by growth in~~ the ~~number~~mobile-first ~~of registered vehicles~~generation, ~~increases~~consumers inare ~~insurance~~becoming ~~premium~~more ~~rates~~tech-savvy and ~~general~~comfortable ~~economic~~shopping ~~growth~~online. ~~The~~We ~~homeowners~~believe ~~insurance~~our ~~industry~~proprietary ~~has~~technology ~~grown~~platform, atvast andatasets ~~annual~~and ~~rate~~use of ~~4.9%~~machine ~~from~~learning ~~2013—2021~~in ~~based~~all onaspects ~~Statutory~~of ~~Direct~~our ~~Premiums~~business ~~Written,~~put ~~according~~us ~~to S&P Global, with 2021 written premium totaling $120 billion. Industry growth is driven by growth~~ in ~~housing~~an ~~supply,~~excellent ~~increases~~position into ~~insurance~~take ~~premium~~advantage ~~rates~~of ~~and~~these ~~general~~consumer ~~economic growth~~trends.

Technological innovations are changing the insurance distribution landscape. As the composition of the U.S. population gradually shifts to the mobile-first generation, consumers are becoming more tech-savvy and comfortable shopping online. According to J.D. Power, 90% of customers say they are open to purchasing their auto insurance online. We believe our proprietary technology platform, vast datasets and use of machine learning in all aspects of our business put us in an excellent position to take advantage of these consumer trends.

Factors Affecting Our Results of Operations

Our primary ~~source~~sources of revenue isare commissions ~~revenue~~ from selling policies in the senior health, life, and auto and home markets on behalf of our insurance carrier partners, the majority of which compensate us through first year and renewal commissions, and revenue from our pharmacy operations. We use our proprietary technology and processes to generate and obtain consumer leads and allocate those leads to agents who are best suited for those consumers. As a result, one of the primary factors affecting our growth is our total number of agents. We view agents as a critical component of helping consumers through the purchasing process to enable them to identify the most appropriate coverage that suits their needs. Through our years of experience, we have expanded and tailored our recruiting efforts and enhanced our training programs, both of which have allowed us to expand our agent force when necessary. We have also developed proprietary technologies and processes that enable us to expand our lead acquisition efforts to keep pace with our expanding sales force and maintain agent productivity.

The amount of revenue we expect to recognize per policy is based on multiple factors, including our commission rates with our insurance carrier partners and the expected retention rates of different types of policies. The higher our retention rates, the more revenue we expect to generate pursuant to our carrier agreements, which generally entitle us to receive annual renewal commissions for so long as the policyholder renews their policy. Our goal is to maximize lifetime value by increasing retention rates, which starts by providing consumers with a transparent, valuable, and best-in-class consumer experience and making sure consumers are buying a policy that meets their specific needs.

Key Business and Operating Metrics by Segment

In addition to traditional financial metrics, we rely upon certain business and operating metrics to estimate and recognize revenue, evaluate our business performance, and facilitate our operations. In Senior, our primary product, Medicare Advantage, pays us flat commission rates based on the number of policies we sell on behalf of our insurance carrier partners. Therefore, we have determined that units and unit metrics are the most appropriate measures to evaluate the performance of Senior. For Healthcare Services, our primary source of revenue is pharmacy revenue from SelectRx, so the total number of SelectRx members and the prescriptions shipped per day are the most appropriate measures used to evaluate the performance of Healthcare Services as these metrics drive top-line revenue. In Life, we are typically paid a commission that is a percent of the premium that we generate for our insurance carrier partners. Therefore, we have determined that premium-based metrics are the most relevant

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~~pharmacy revenue from SelectRx, so the total number of SelectRx members and the prescriptions shipped per day are the most appropriate~~ measures ~~used~~ to evaluate the performance of ~~Healthcare Services as these metrics drive top-line revenue. In Life and Auto & Home, we are typically paid a commission that is a percent of~~ the ~~premium that we generate for our insurance carrier partners~~segment. ~~Therefore, we have determined that premium-based metrics are the most relevant measures to evaluate the performance of these segments.~~ Below are the most relevant business and operating metrics for each segment:

Senior

Submitted Policies

Submitted policies are counted when an individual completes an application with our licensed agent and provides authorization to them to submit it 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 years ended June 30:

	2024	2023	2022
	2025	2024	2023
Medicare Advantage	~~720~~674,~~027~~851	~~652~~720,~~630~~027	~~808~~652,~~116~~630
Medicare Supplement	2,790	3,444	7,208
All other (1)	87,413	72,906	87,559
Dental, Vision and Hearing	61,713	74,181	145,716
Total	762,264	792,933	740,189
Prescription Drug Plan	3,100	2,433	6,842
Other	5,303	7,501	14,776
Total	792,933	740,189	982,658

~~2024~~(1) ~~compared~~Represents tothe ~~2023—Total~~ submitted policies for ~~all~~medicare ~~products increased 7% for the year ended June 30~~supplement, ~~2024~~dental, ~~compared~~vision toand ~~the year ended June 30~~hearing, ~~2023.~~prescription ~~This~~drug ~~was~~plan ~~driven by increases in overall close rates (11%), the number of average productive agents (7%),~~ and ~~productivity per agent (9%)~~other.

~~2023~~2025 compared to ~~2022~~2024—Total submitted policies for all products decreased 254% for the year ended June 30, ~~2023~~2025, compared to the year ended June 30, ~~2022,~~2024. inThis ~~line~~was ~~with~~driven ~~our~~by ~~updated~~a ~~operating~~26% ~~strategy~~decrease toin ~~reduce~~ the ~~Senior distribution business and focus resources on Healthcare Services. The~~ number of average productive agents ~~decreased 55% during the year ended June 30~~, ~~2023,~~offset ~~compared~~by ~~to the year ended June 30, 2022; however, due to~~ a ~~higher~~11% ~~mix~~increase ofin ~~tenured~~overall ~~agents~~close rates and an24% ~~increased~~increase ~~focus~~in ~~on agent training and development,~~ productivity per agent ~~increased 25% and overall close rates increased 24%~~.

2024 compared to 2023—Total submitted policies for all products increased 7% for the year ended June 30, 2024, compared to the year ended June 30, 2023. This was driven by an 11% increase in overall close rates, 7% increase in the number of average productive agents, and 9% increase in productivity per agent.

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 years ended June 30:




	2025	2024	2023
Medicare Advantage	592,874	625,245	577,567
All other (1)	70,295	62,419	70,875
Total	663,169	687,664	648,442

~~Table~~(1) ofRepresents ~~Contents~~the approved policies for medicare supplement, dental, vision and hearing, prescription drug plan and other.

	2024	2023	2022
Medicare Advantage	625,245	577,567	661,738
Medicare Supplement	1,885	2,619	5,461
Dental, Vision and Hearing	52,469	60,824	124,989
Prescription Drug Plan	3,229	2,144	6,124
Other	4,836	5,288	12,407
Total	687,664	648,442	810,719

In general, the relationship between submitted policies and approved policies has been steady over time. Therefore, factors impacting the number of submitted policies also impact the number of approved policies.

2025 compared to 2024—Total approved policies for all products decreased by 4% for the year ended June 30, 2025, compared to the year ended June 30, 2024, which correlates to the decrease in submitted policies.

2024 compared to 2023—Total approved policies for all products increased by 6% for the year ended June 30, 2024, compared to the year ended June 30, 2023. Fluctuations in approved policies are normally in direct correlation to submitted policies; however, primarily due to carrier mix, we experienced a slight decrease in the submitted-to-approved conversion rates for the year ended June 30, 2024, compared to the year ended June 30, 2023.

2023 compared to 2022—Total approved policies for all products decreased by 20% for the year ended June 30, 2023, compared to the year ended June 30, 2022, in line with our updated operating strategy to reduce the policy growth in our Senior distribution business and focus additional resources on growing members for Healthcare Services. Fluctuations in approved policies are normally in direct correlation to submitted policies; however, due to our increased focus on agent training and development and a higher mix of tenured agents, we experienced a 6% improvement in the submitted-to-approved conversion rates for the year ended June 30, 2023, compared to the year ended June 30, 2022.51

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Lifetime Value of Commissions per Approved Policy

The lifetime value of commissions (the “LTV”) 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 LTV 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 estimate of the future renewal commissions is determined using contracted renewal commission rates, which does not include marketing development funds or production bonuses, constrained by a persistency-adjusted 10-year renewal period based on a combination of our historical experience and available insurance carrier historical experience to estimate renewal revenue only to the extent probable that a significant reversal in revenue would not be expected to occur. These factors may result in varying values from period to period. The LTV per approved policy represents commissions only from policies sold during the period; it does not include any updated estimates of prior period variable consideration based on actual policy renewals in the current period.

The following table shows the LTV per approved policy for the years ended June 30:

	2024		2023		2022
	2025		2024		2023
Medicare Advantage	$	~~910~~884	$	~~877~~910	$	~~925~~877
Medicare Supplement	967		1,030		1,270
All other (1)	134		146		138
Dental, Vision and Hearing	114		100		123
Prescription Drug Plan	228		207		234
Other	115		101		73

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

2025 compared to 2024—The LTV per MA approved policy decreased 3% for the year ended June 30, 2025, compared to the year ended June 30, 2024, primarily due to carrier mix and specific carriers shifting away from upfront payment contracts, combined with deterioration in persistency due to recent plan terminations.

2024 compared to 2023—The LTV per MA approved policy increased 4% for the year ended June 30, 2024, compared to the year ended June 30, 2023, primarily due to carrier mix.

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2023 compared to 2022—The LTV per MA approved policy decreased 5% for the year ended June 30, 2023, compared to the year ended June 30, 2022. The LTV per MA approved policy was negatively impacted by carrier mix and lower persistency rates, which includes a higher provision for renewal year lapse rates, somewhat offset by higher commission rates.

Healthcare Services

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.

SelectRx Members

The following table shows the total number of SelectRx members as of June 30:

	2024	2023	2022
	2025	2024	2023
Total SelectRx Members	82108,~~385~~018	4982,~~044~~385	2549,~~503~~044

The total number of SelectRx members increased by 6831% as of June 30, ~~2024~~2025, compared to June 30, 2024, and 68% as of June 30, 2024, compared to June 30, 2023, due to our ~~operating~~ strategy to grow SelectRx membership.

Prescriptions Per Day

The following table shows the average prescriptions shipped per day for the years ended June 30:

						2024						2023						2022
Prescriptions Per Day						18,935						10,657						3,287

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	2025	2024	2023
Prescriptions Per Day	27,867	18,935	10,657

Life

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 Life.

The following table shows term and final expense premiums for the years ended June 30:

(in thousands):

~~2024~~2025

~~2023~~2024

~~2022~~2023

Term Premiums

7071,~~450~~448

6870,~~941~~450

6268,~~364~~941

Final Expense Premiums

86105,~~600~~099

7786,~~725~~600

~~109~~77,~~218~~725

Total

~~157~~176,~~050~~547

~~146~~157,~~666~~050

~~171~~146,~~582~~666

2025 compared to 2024—Total term premiums increased 1% for the year ended June 30, 2025, compared to the year ended June 30, 2024, due to a 4% increase in the average premium per policy sold, offset by a 3% decrease in the number of policies sold. Final expense premiums increased 21% for the year ended June 30, 2025, compared to the year ended June 30, 2024, due to a 2% increase in the average premium per policy sold and a 19% increase in the number of policies sold.

2024 compared to 2023—Total term premiums increased 2% for the year ended June 30, 2024, compared to the year ended June 30, 2023, due to a 5% increase in the average premium per policy sold, offset by a 3% decrease in the number of policies sold. Final expense premiums increased 11% for the year ended June 30, 2024, compared to the year ended June 30, 2023, due to a 3% increase in the average premium per policy sold and a 9% increase in the number of policies sold.

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2023 compared to 2022—Total term premiums increased 11% for the year ended June 30, 2023, compared to the year ended June 30, 2022, due to an 8% increase in the average premium per policy sold and a 3% increase in the number of policies sold. Final expense premiums decreased 29% for the year ended June 30, 2023, compared to the year ended June 30, 2022. The number of policies sold declined 36% driven by a lower average agent headcount, which was somewhat offset by a 12% increase in the average premium per policy sold.

Auto & Home

Auto & Home premium represents the total premium value of all new policies that were approved by our insurance carrier partners 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 Auto & Home segment.

The following table shows premiums for the years ended June 30:

(in thousands):						2024						2023						2022
Premiums						$	56,637					$	50,917					$	50,114

2024 compared to 2023—Total premiums increased 11% for the year ended June 30, 2024, compared to the year ended June 30, 2023, due to a 16% increase in the average premium per policy sold, offset by a 4% decrease in the number of policies sold.

2023 compared to 2022—Total premiums increased 2% for the year ended June 30, 2023, compared to the year ended June 30, 2022, due to a 5% increase in the average premium per policy sold, offset by a 3% decrease in the number of policies sold.

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Key Components of our Results of Operations

The following table sets forth our operating results and related percentage of total revenues for the ~~years~~periods ~~ended June 30~~presented:

(in thousands)	~~2024~~2025				~~2023~~2024				~~2022~~2023
Revenue
Commissions and other services	$	~~856~~797,~~923~~841	6552	%	$	~~763~~856,~~301~~923	7665	%	$	~~704~~763,~~585~~301	9276	%
Pharmacy	~~464~~728,~~853~~753		3548	%	~~239~~464,~~547~~853		2435	%	59239,~~460~~547		824	%
Total revenue	1,~~321~~526,~~776~~594		100	%	1,~~002~~321,~~848~~776		100	%	~~764~~1,~~045~~002,848		100	%
Operating costs and expenses
Cost of commissions and other service revenue	318,798		24	%	301,524		30	%	391,528		51	%
Cost of commissions and other services revenue	305,127		20	%	318,798		24	%	301,524		30	%
Cost of goods sold—pharmacy revenue	~~405~~630,~~004~~340		3141	%	~~225~~405,~~963~~004		2331	%	64225,~~172~~963		823	%
Marketing and advertising	~~358~~319,~~858~~505		2721	%	~~301~~358,~~245~~858		2927	%	~~484~~301,~~084~~245		6429	%
Selling, general, and administrative	~~141~~164,~~042~~442		11	%	~~136~~141,~~518~~042		1411	%	~~100~~136,~~945~~518		1314	%
Technical development	3338,~~524~~681		3	%	2633,~~015~~524		3	%	2426,~~729~~015		3	%
Goodwill impairment	—		—	%	—		—	%	44,596		6	%
Total operating costs and expenses	1,458,095		96	%	1,257,226		96	%	991,265		99	%
Total operating costs and expenses	1,257,226		96	%	991,265		99	%	1,110,054		145	%
Income from operations	68,499		4	%	64,550		5	%	11,583		1	%
Income (loss) from operations	64,550		5	%	11,583		1	%	(346,009)		(45)	%
Interest expense, net	(79,385)		(4)	%	(93,551)		(7)	%	(80,606)		(8)	%
Interest expense, net	(93,551)		(7)	%	(80,606)		(8)	%	(43,595)		(5)	%
Change in fair value of warrant liabilities	59,525		4	%	—		—	%	—		—	%
Other expense, net	(65128)		—	%	(~~121~~65)		—	%	(~~202~~121)		—	%
Loss before income tax expense (benefit)	(29,066)		(2)	%	(69,144)		(7)	%	(389,806)		(50)	%
Income (loss) before income tax expense (benefit)	48,511		4	%	(29,066)		(2)	%	(69,144)		(7)	%
Income tax expense (benefit)	~~5,059~~931		—	%	~~(10~~5,~~600)~~059		~~(1)~~—	%	(9210,~~302~~600)		(121)	%
Net loss	$	(34,125)	(2)	%	$	(58,544)	(6)	%	$	(297,504)	(38)	%
Net income (loss)	$	47,580	4	%	$	(34,125)	(2)	%	$	(58,544)	(6)	%

Revenue

We earn revenue in the form of commission payments from our insurance carrier customers, for the initial year the insurance policy is in effect (“first year”) and, where applicable, for each subsequent year the policy renews (“renewal year”), in addition to production bonuses and marketing development funds received from some insurance carriers. Production bonuses are based on attaining various predetermined target sales levels or other agreed upon objectives, whereas marketing development funds may or may not contain such predetermined targets and are used to purchase leads. These, along with other services revenue from Healthcare Services (excluding SelectRx revenue discussed below) and our lead generation business, InsideResponse (of which the majority is eliminated as intersegment revenue), are presented in our consolidated statements of comprehensive income (loss) as commissions and other services revenue. Pharmacy revenue on the consolidated statements of comprehensive income (loss) includes revenue from the sale of prescription and OTC medication products from SelectRx.

Revenue is recognized at different milestones for Senior, ~~Life,~~ and ~~Auto~~Life ~~& Home~~ and is based on the contractual enforceable rights, our historical experience, and established customer business practices. Other services revenues from our Healthcare Services segment (excluding SelectRx revenue discussed below) is recognized when the performance obligation has been met, which is at different times for our various services (e.g. the ~~HRA~~health risk and lifestyle assessments has been performed, a transfer has been made to a health-related partner, or SPM has provided care management services to a member), the transaction price is known based on volume and contractual prices, and we have no further performance obligations. Lead generation revenue is recognized when the generated lead is accepted by our customers, which is the point of sale, and we have no performance obligation after the delivery. Revenues generated from SelectRx are recognized upon shipment. At the time of shipment, we have performed all of our performance obligations and control of the product has been transferred to the customer. There are no future

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~~customers,~~revenue ~~which is the point of sale~~streams, ~~and~~or wematerial ~~have~~variable noconsideration ~~performance~~with ~~obligation~~respect ~~after~~to the ~~delivery.~~implicit ~~Revenues~~price ~~generated~~concession ~~from~~for ~~SelectRx are recognized upon shipment. At the time of shipment~~co-pays, ~~we have performed all of our performance obligations and control of the product has been transferred to the customer. There are no future revenue streams or variable consideration associated~~ as the transaction price is fixed at time of shipment, and any subsequent new order is its own performance obligation.

The following table presents our revenue for the ~~periods~~years ~~presented~~ended June 30 and the percentage changes from the prior year:

Percent Change

(dollars in thousands)

~~2024~~2025

~~2023~~2024

~~2022~~2023

~~2024~~2025 vs. ~~2023~~2024

~~2023~~2024 vs. ~~2022~~2023

Commissions and other services

~~856~~797,~~923~~841

~~763~~856,~~301~~923

~~704~~763,~~585~~301

12(7)%

812%

Pharmacy

~~464~~728,~~853~~753

~~239~~464,~~547~~853

59239,~~460~~547

9457%

~~303~~94%

Total revenue

1,~~321~~526,~~776~~594

1,~~002~~321,~~848~~776

~~764~~1,~~045~~002,848

3216%

3132%

~~2024~~2025 compared to ~~2023~~2024—~~Commissions~~ ~~and~~Pharmacy ~~other services~~ revenue increased $93263.69 million, or 1257%, primarily due to ~~increases~~the in31% ~~Senior,~~increase ~~Life,~~in ~~and~~members ~~Auto~~due &to ~~Home~~the expansion of ~~$65.7 million,~~the ~~$12~~SelectRx business.1 ~~million,~~Commission and other services revenue decreased $1459.41 million, ~~respectively.~~or ~~Senior’s~~7%, ~~increase~~for ~~was~~the year ended June 30, 2025, primarily due to a $7151.75 million, ~~increase~~and in$18.2 ~~commissions~~million ~~revenue~~decrease ~~driven by a 6% increase~~ in ~~approved~~Senior ~~policies~~commissions revenue, and aother 6%services ~~increase~~revenue, ~~in LTV’s~~respectively. ~~Life’s~~The ~~increase~~decrease was ~~driven~~partially offset by a $315.90 million increase in ~~term~~Life revenue ~~and a $7~~.7 ~~million~~The ~~increase~~decrease in ~~final~~Senior ~~expense~~ revenue., ~~Pharmacy~~was ~~revenue~~driven ~~increased~~by ~~$225.3~~a ~~million,~~4% ordecrease ~~94%,~~in ~~due~~approved topolicies. ~~the~~The increase in ~~members~~Life ~~from~~revenue ~~the~~was ~~growth~~primarily ofdriven ~~the~~by ~~SelectRx~~a ~~business~~$14.0 million increase in final expense revenue.

~~2023~~2024 compared to ~~2022~~2023—~~Commissions~~Pharmacy ~~and other services~~ revenue increased $58225.73 million, or 894%, ~~primarily~~ due to ~~increases~~the increase in ~~Senior~~members from the growth of the SelectRx business. Commissions and other services revenue increased $6293.26 million, ~~offset~~or by12%, ~~decreases~~primarily due to increases in Senior, Life, and Auto & Home of $865.7 million, $12.1 million, and $614.04 million, respectively. ~~For~~ Senior,’s ~~excluding~~increase ~~the~~was ~~$193.3~~primarily ~~million~~due ~~downward~~to ~~adjustment from~~ a ~~change in estimate of MA cohort transaction prices during the year ended June 30, 2022, commission revenue decreased~~ $~~121~~71.17 million, ~~which~~increase ~~was~~in commissions revenue driven by a 206% ~~decrease~~increase in approved policies and a 56% ~~decrease~~increase in ~~MA LTV’s, slightly offset by higher commission rates~~LTVs. Life’s ~~revenue~~increase ~~decline~~ was ~~primarily~~ driven by ana $113.89 million ~~decrease~~increase in ~~final~~term ~~expense~~ revenue, ~~partially~~and ~~offset by~~ a $47.67 million increase in ~~term~~final ~~revenue.~~expense ~~Pharmacy~~ revenue ~~increased $180~~.~~1 million due to the increase in members from the growth of the SelectRx business.~~

Operating Costs and Expenses

Cost of Commissions and Other Services Revenue

Cost of commissions and other services revenue represents the direct costs associated with fulfilling our obligations to our customers in Senior, Life, ~~Auto & Home,~~ and Healthcare Services (excluding SelectRx discussed below); primarily compensation, benefits, and licensing for sales agents, customer success agents, fulfillment specialists, and others directly engaged in serving customers. It also includes allocations for facilities, telecommunications, and software maintenance costs, which are all based on headcount. Facilities costs include rent and utilities expenses and other costs to maintain our office locations. Telecommunications and software maintenance costs includes costs related to the internal phone systems and various software applications that our agents use to make sales. These costs directly correlate to the number of agents we have as we are primarily charged based on per person usage for the phone systems and software applications.

The following table presents our cost of commissions and other services revenue for the years ended June 30 and the percentage ~~changes~~change from the prior year:

Percent Change

(dollars in thousands)

~~2024~~2025

~~2023~~2024

~~2022~~2023

~~2024~~2025 vs. ~~2023~~2024

~~2023~~2024 vs. ~~2022~~2023

Cost of commissions and other services revenue

~~318~~305,~~798~~127

~~301~~318,~~524~~798

~~391~~301,~~528~~524

6(4)%

~~(23)~~6%

2025 compared to 2024—Cost of commissions and other service revenue decreased $13.7 million, or 4%, in 2025 compared to 2024, primarily due to a $7.1 million decrease in compensation costs, a $3.4 million decrease in other operating expenses, and a $1.6 million decrease in licensing fees in Senior. The $7.1 million decrease in

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compensation costs is primarily made up of a $10.3 million decrease in costs for our sales and customer care agents in Senior, offset by a $5.3 million increase in costs for sales and customer care agents in Life.

2024 compared to 2023—Cost of commissions and other service revenue increased $17.3 million, or 6%, in 2024 compared to 2023, primarily due to an $18.2 million increase in compensation costs related to a $4.8 million increase in costs for our sales and customer care agents in Senior, a $4.4 million increase for Healthcare Services related to the growth of SelectRx, and a $6.4 million increase for Life related to compensation structure changes for our final expense sales agents.

2023 compared to 2022—Cost of commissions and other service revenue decreased $90.0 million, or 23%, in 2023 compared to 2022, primarily due to a $66.8 million decrease in compensation costs, a $13.0 million decrease in licensing costs, and a $10.5 million decrease in allocations for facilities, telecommunications, and software maintenance costs, all of which was due to the reduction in our agent headcount during the year ended June 30, 2023.

Cost of Goods Sold-Pharmacy Revenue

Cost of goods sold-pharmacy revenue represents the direct costs associated with fulfilling pharmacy patient orders for SelectRx. Such costs primarily consist of medication costs and compensation costs for licensed pharmacists, pharmacy technicians, and other employees directly associated with fulfilling orders such as packaging and shipping clerks. It also includes shipping, supplies, other order fulfillment costs including part of the one-time customer onboarding costs, and certain facilities overhead costs such as rent, maintenance, and depreciation related to the pharmacy production process.

The following table presents our cost of goods sold-pharmacy revenue for the ~~periods~~years ~~presented~~ended June 30 and the percentage change from the prior year:

Percent Change

(dollars in thousands)

~~2024~~2025

~~2023~~2024

~~2022~~2023

~~2024~~2025 vs. ~~2023~~2024

~~2023~~2024 vs. ~~2022~~2023

Cost of goods sold—pharmacy revenue

~~405~~630,~~004~~340

~~225~~405,~~963~~004

64225,~~172~~963

7956%

~~252~~79%

2025 compared to 2024—Cost of goods sold-pharmacy revenue increased $225.3 million, or 56%, in 2025 compared to 2024, primarily due to an $200.9 million increase in medication costs as the number of SelectRx members increased 31% over the prior year as well as a $15.4 million increase in compensation costs due to an increase in the number of employees directly associated with fulfilling pharmacy orders.

2024 compared to 2023–Cost of goods sold-pharmacy revenue increased $179.0 million, or 79%, in 2024 compared to 2023, primarily due to a $158.9 million increase in medication costs as the number of SelectRx members increased 68% over the prior year as well as a $11.0 million increase in compensation costs due to an increase in employees directly associated with fulfilling pharmacy orders.

2023 compared to 2022–Cost of goods sold-pharmacy revenue increased $161.8 million, or 252%, in 2023 compared to 2022, due to a $134.8 million increase in medication costs due to an increase in volumes as well as an increase in average medication costs, a $6.6 million increase in shipping and fulfillment costs, and a $15.3 million increase in compensation costs as the number of SelectRx members increased 92% over the prior year.

Marketing and Advertising

Marketing and advertising expenses consist primarily of the direct costs associated with marketing and advertising of our services, such as television and radio commercials and online advertising. These direct costs generally represent the vast majority of our marketing and advertising expenses. Other costs consist of compensation and other expenses related to marketing, business development, partner management, public relations, carrier relations personnel who support our offerings, and allocations for facilities, telecommunications, and software maintenance costs. Our marketing and advertising costs increase during AEP and OEP to generate more leads during these high-volume periods.

The following table presents our marketing and advertising expenses for the years ended June 30 and the percentage changes from the prior year:


							Percent Change
(dollars in thousands)	2025		2024		2023		2025 vs. 2024	2024 vs. 2023
Marketing and advertising	$	319,505	$	358,858	$	301,245	(11)%	19%

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							Percent Change
(dollars in thousands)	2024		2023		2022		2024 vs. 2023	2023 vs. 2022
Marketing and advertising	$	358,858	$	301,245	$	484,084	19%	(38)%

2025 compared to 2024—Marketing and advertising expenses decreased $39.4 million, or 11%, in 2025 compared to 2024, due to a $31.5 million decrease in lead costs and a $5.1 million decrease in compensation costs. The decrease in lead costs was attributable to an increase in close rates of approximately 11% combined with a 4% decrease in the number of submitted policies for Senior during the period.

2024 compared to 2023—Marketing and advertising expenses increased $57.6 million, or 19%, in 2024 compared to 2023, primarily due to a $50.7 million increase in lead costs and a $5.8 million increase in compensation costs for marketing personnel. This increase can be attributed to the increase in MA submitted policies and an increase in customer acquisition costs on a per policy basis.

2023 compared to 2022—Marketing and advertising expenses decreased $182.8 million, or 38%, in 2023 compared to 2022, due to a $173.9 million decrease in lead costs due to the decrease in volume associated with the Company’s updated operating strategy, as well as an $8.6 million decrease in compensation costs. However, there was an increase in marketing efficiency as our CAC per approved policy decreased due to improved agent close rates as a result of increased focus on agent training and development.

Selling, General, and Administrative

Selling, general, and administrative expenses include compensation and benefits costs for staff working in our executive, finance, accounting, recruiting, human resources, administrative, business intelligence, data science, and part of the SelectRx customer onboarding departments. These expenses also include fees paid for outside professional services, including audit, tax, and legal fees and allocations for facilities, telecommunications, and software maintenance costs.

The following table presents our selling, general, and administrative expenses for the years ended June 30 and the percentage changes from the prior year:

Percent Change

(dollars in thousands)

~~2024~~2025

~~2023~~2024

~~2022~~2023

~~2024~~2025 vs. ~~2023~~2024

~~2023~~2024 vs. ~~2022~~2023

Selling, general, and administrative

~~141~~164,~~042~~442

~~136~~141,~~518~~042

~~100~~136,~~945~~518

317%

353%

2025 compared to 2024—Selling, general, and administrative expenses increased $23.4 million, or 17%, in 2025 compared to 2024, primarily due to $18.2 million increase in compensation costs, a $4.2 million increase in impairment of long-lived assets, and a $3.0 million increase in corporate development costs. The increase in compensation costs was primarily related the growth of SelectRx. The increase in impairment of long-lived assets was due to the write-off of the InsideResponse customer relationship intangible asset. The increase in corporate development costs is a result of expenses incurred related to the securitization and Senior Non-Convertible Preferred Stock transactions.

2024 compared to 2023—Selling, general, and administrative expenses increased $4.5 million, or 3%, in 2024 compared to 2023, primarily due to an $11.2 million increase in compensation costs related to the growth of SelectRx, a $6.2 million increase for both financing transaction costs and SelectRx bad debt expense, offset by a $2.0 million decrease in depreciation and amortization and a $17.3 million decrease in long-lived asset impairment expense.

2023 compared to 2022—Selling, general, and administrative expenses increased $35.6 million, or 35%, in 2023 compared to 2022, primarily due to an $18.9 million increase in compensation costs, mostly related to the expansion of SelectRx. Additionally, there was a $14.2 million increase in long-lived asset impairment expense, as described in Notes 3, 4, and 7 to the consolidated financial statements.

Technical Development

Technical development expenses consist primarily of compensation and benefits costs for internal and external personnel associated with developing, maintaining and enhancing our applications, infrastructure and other IT-related functions as well as allocations for facilities, telecommunications and software maintenance costs.

The following table presents our technical development expenses for the years ended June 30 and the percentage changes from the prior year:


							Percent Change
(dollars in thousands)	2025		2024		2023		2025 vs. 2024	2024 vs. 2023
Technical development	$	38,681	$	33,524	$	26,015	15%	29%

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							Percent Change
(dollars in thousands)	2024		2023		2022		2024 vs. 2023	2023 vs. 2022
Technical development	$	33,524	$	26,015	$	24,729	29%	5%

2025 compared to 2024—Technical development expenses increased $5.2 million, or 15%, in 2025 compared to 2024, primarily due to a $5.1 million increase in compensation costs due to an increase in headcount for technology personnel.

2024 compared to 2023—Technical development expenses increased $7.5 million, or 29%, in 2024 compared to 2023, primarily due to a $7.3 million increase in compensation costs due to an increase in headcount for technology personnel.

2023 compared to 2022—Technical development expenses increased $1.3 million, or 5%, in 2023 compared to 2022, primarily due to a $2.3 million increase in compensation costs related to our technology personnel.

Interest Expense, Net

The following table presents our interest expense, net for the years ended June 30 and the percentage changes from the prior year:

Percent Change

(dollars in thousands)

~~2024~~2025

~~2023~~2024

~~2022~~2023

~~2024~~2025 vs. ~~2023~~2024

~~2023~~2024 vs. ~~2022~~2023

Interest expense, net

9379,~~551~~385

8093,~~606~~551

4380,~~595~~606

16(15)%

8516%

2025 compared to 2024—Interest expense decreased $14.2 million, or 15%, in 2025 compared to 2024, as a result of the Company’s lower cost of capital after completing the securitization transaction and utilizing the proceeds from the Senior Non-Convertible Preferred Stock transaction to repay $260.0 million of the Company’s outstanding Term Loan balance.

2024 compared to 2023—Interest expense increased $12.9 million, or 16%, in 2024 compared to 2023, as a result of higher interest rates during the period. The increase was partially offset by $2.6 million of interest received on our money market account during the period.

2023 compared to 2022—Interest expense increased $37.0 million, or 85%, in 2023 compared to 2022, as a result of interest incurred on the Term Loans due to additional principal outstanding, the amortization and write-off of additional deferred financing costs associated with Senior Secured Credit Facility amendments, as well as higher interest rates during the period. The increase was partially offset by $1.9 million of interest received on our money market account during the period.

Income Taxes

The following table presents our provision for income taxes for the years ended June 30 and the percentage changes from the prior year:

Percent Change

(dollars in thousands)

~~2024~~2025

~~2023~~2024

~~2022~~2023

~~2024~~2025 vs. ~~2023~~2024

~~2023~~2024 vs. ~~2022~~2023

Income tax expense (benefit)

~~5,059~~931

~~(10~~5,~~600)~~059

(9210,~~302~~600)

(~~148~~82)%

(89148)%

Effective tax rate

~~(17~~1.4)9%

15(17.34)%

2315.73%

~~2024~~2025 compared to ~~2023~~2024—Income tax expense (benefit) ~~increased~~decreased $154.71 million, or ~~148~~82%, in ~~2024~~2025 compared to ~~2023~~2024. For the year ended June 30, ~~2024~~2025, wethe Company recognized an income tax expense of $50.19 million, representing an effective tax rate of 171.49%. The differences from ~~our~~the federal statutory tax rate to the effective tax rate for the year ended June 30, 2025, were primarily related to state income taxes and the recording of a valuation allowance for federal and state tax attributes that the Company does not expect to utilize prior to expiration, non-deductible warrant mark-to-market adjustment, excess officer and stock-based compensation and general business credits. For the year ended June 30, ~~2023~~2024, we recognized an income tax ~~benefit~~expense of $105.61 million, representing an effective tax rate of 1517.34%. The differences from our federal statutory tax rate to the effective tax rate were primarily related to state income taxes, ~~RSU~~and ~~vestings,~~the recording of a valuation allowance for federal and state tax attributes that the Company does not expect to utilize prior to expiration.

2024 compared to 2023—Income tax expense (benefit) increased $15.7 million, or 148%, in 2024 compared to 2023. For the year ended June 30, 2024, we recognized an income tax expense of $5.1 million, representing an effective tax rate of 17.4%. The differences from our federal statutory tax rate to the effective tax rate were primarily related to state income taxes and the recording of a valuation allowance for federal and state tax attributes that the Company does not expect to utilize prior to expiration. For the year ended June 30, 2023, we

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recognized an income tax benefit of $10.6 million, representing an effective tax rate of 15.3%. The differences from our federal statutory tax rate to the effective tax rate were primarily related to state income taxes, RSU vestings, executive officer compensation, and the recording of a valuation allowance for state tax attributes that the Company does not expect to utilize prior to expiration.

2023 compared to 2022—Income tax benefit decreased $81.7 million, or 89%, in 2023 compared to 2022. For the year ended June 30, 2023, we recognized an income tax benefit of $10.6 million, representing an effective tax rate of 15.3%. The differences from our federal statutory tax rate to the effective tax rate were primarily related to state income taxes, RSU vestings, executive officer compensation, and the recording of a valuation allowance for state tax attributes that the Company does not expect to utilize prior to expiration. For the year ended June 30, 2022, we recognized an income tax benefit of $92.3 million, representing an effective tax rate of 23.7%, with the differences from our federal statutory tax rate to the effective tax rate primarily related to state income taxes.

Segment Information

~~The~~As ~~Company’s~~of ~~operating~~July ~~and~~1, ~~reportable segments have been determined in accordance with ASC 280~~2024, ~~Segment~~the ~~Reporting~~Company ~~(“ASC~~realigned ~~280”).~~its ~~We currently have four~~ reportable segments: i)for ~~Senior,~~fiscal ~~ii)~~year ~~Healthcare~~2025. ~~Services,~~The ~~iii) Life, and iv)~~ Auto & Home. ~~Senior~~business ~~primarily~~does ~~sells~~not ~~senior~~meet ~~Medicare-related~~the ~~health~~quantitative ~~insurance~~thresholds ~~products.~~to ~~Healthcare~~be ~~Services~~required ~~includes~~to ~~SelectRx,~~continue ~~Population~~to ~~Health,~~be ~~and~~separately ~~most~~disclosed ~~recently,~~as ~~SelectPatient~~a ~~Management.~~reportable ~~Healthcare~~segment ~~Services~~in ~~provides~~accordance ~~products~~with ~~and~~ASC ~~services to our Medicare policyholders~~280, ~~which~~Segment ~~are~~Reporting ~~focused~~(“ASC ~~on improving patient health outcomes~~280”). ~~Life~~As ~~primarily~~a ~~sells term life and final expense products~~result, ~~and~~the Auto & Home ~~primarily~~business ~~sells~~will ~~individual~~be ~~automobile~~included ~~and~~in ~~homeowners’~~an ~~insurance.~~“All WeOther” ~~have~~category. ~~not~~Prior ~~aggregated~~period ~~any~~information ~~operating~~has ~~segments~~been ~~together~~recast to ~~represent~~conform ato ~~reportable~~the ~~segment~~current presentation.

~~Our~~The Company’s operating segments ~~are~~have been determined ~~based~~in onaccordance ~~how~~with ~~our~~ASC ~~chief~~280. ~~executive~~We ~~officer,~~currently ~~who~~have ~~also~~three ~~serves~~reportable assegments: ~~our chief operating decision maker (“CODM”~~i) ~~manages our business~~Senior, ~~regularly~~ii) ~~accesses~~Healthcare ~~information~~Services, and ~~evaluates~~iii) ~~performance~~Life. ~~for~~Senior ~~operating~~primarily ~~decision-making~~sells ~~purposes,~~senior ~~including~~Medicare-related ~~allocation~~health ofinsurance ~~resources~~products. ~~Adjusted~~Healthcare ~~EBITDA~~Services isincludes ~~our~~SelectRx, ~~segment~~Healthcare ~~profit~~Select, ~~measure~~ and aSPM. ~~key~~Healthcare ~~measure~~Services ~~used~~provides byproducts ~~our CODM~~ and ~~Board~~services ofto ~~Directors~~our toMedicare ~~understand~~policyholders, ~~and~~which ~~evaluate~~are ~~the~~focused ~~operating~~on ~~performance~~improving ofpatient ~~our~~health ~~business~~outcomes. ~~and~~Life onprimarily ~~which~~sells ~~internal~~term ~~budgets~~life and ~~forecasts~~final ~~are~~expense ~~based~~products. ~~and~~The ~~approved.~~All WeOther ~~define~~category ~~Adjusted~~is ~~EBITDA~~reflective asof ~~net~~the ~~loss~~revenue ~~plus:~~generated ~~(i)~~from ~~interest~~selling ~~expense,~~individual ~~net;~~automobile ~~(ii)~~and ~~expense~~homeowners’ ~~(benefit)~~insurance. ~~for~~Additionally, ~~income~~the ~~taxes;~~Company ~~(iii) depreciation~~accounts ~~and~~for ~~amortization;~~non-operating ~~(iv)~~activity, share-based compensation; ~~(v)~~expense, depreciation and amortization, goodwill, long-lived asset, and intangible ~~assets~~asset impairments;, ~~(vi)~~certain ~~transaction~~intersegment ~~costs;~~eliminations, ~~(vii)~~and ~~loss~~the oncosts ~~disposal~~ of ~~property,~~providing ~~equipment,~~corporate and ~~software~~other administrative services in our administrative division, ~~net;~~Corporate ~~and~~& ~~(viii)~~Eliminations. ~~other~~We ~~non-recurring~~have ~~expenses~~not ~~and~~aggregated ~~income~~any operating segments together to represent a reportable segment.

~~Effective~~Our ~~July~~operating 1,segments ~~2024,~~are ~~the~~determined ~~Company~~based ~~will~~on ~~realign~~how ~~its~~our ~~reportable~~chief ~~segments~~executive asofficer, awho ~~result~~also ofserves ~~the~~as ~~change~~our inCODM, ~~strategic~~manages ~~direction~~our ~~established~~business, ~~for~~regularly ~~fiscal~~accesses ~~year~~information, ~~2025.~~and ~~This~~evaluates ~~realignment~~performance ~~will~~for ~~consist~~operating ofdecision-making ~~removing~~purposes, ~~the~~including ~~Auto~~allocation &of ~~Home~~resources. ~~business~~Adjusted asEBITDA ais ~~reportable~~our segment ~~leaving~~profit ~~three~~measure ~~reportable~~and ~~segments.~~a ~~This~~key ~~change~~measure isused aby ~~result~~our ofCODM ~~the~~and Board of Directors ~~electing~~ to ~~reduce~~understand ~~revenue~~and ~~growth~~evaluate ~~for~~ the ~~Auto~~operating &performance ~~Home~~of ~~business, based on the current high rate environment for the industry,~~ our ~~limited~~business ~~resources,~~ and ~~our continued focus~~ on ~~positive~~which ~~cash~~internal ~~flow,~~budgets ~~all~~and offorecasts ~~which~~ are ~~challenging~~based usand ~~to evaluate resource allocations across the business~~approved. ~~With~~We ~~the~~define ~~reduction~~Adjusted inEBITDA ~~revenue~~as ~~growth,~~income ~~the~~(loss) ~~Auto~~before &income ~~Home~~tax ~~business~~expense ~~will~~(benefit) noplus: ~~longer~~(i) ~~meet~~interest ~~the~~expense, ~~quantitative~~net; ~~thresholds~~(ii) todepreciation ~~be required to continue to be separately disclosed as a reportable segment~~ and ~~therefore~~amortization we(iii) ~~will~~share-based becompensation; ~~included~~(iv) ~~in Other beginning July 1~~goodwill, ~~2024.~~long-lived ~~If the environment changes in the future~~asset, weand ~~will~~intangible ~~reevaluate~~assets ~~the~~impairments ~~requirements~~(v) ~~around~~transaction ~~our~~costs; ~~reportable~~(vi) ~~segments.~~loss ~~The~~on ~~tables~~disposal ~~presented~~of ~~below~~property, ~~have~~equipment ~~not~~and ~~been~~software, ~~adjusted~~net; to(vii) ~~reflect~~other ~~this change in reportable segments. All prior~~non-~~period~~recurring ~~comparative~~expenses ~~segment~~and ~~information~~income; ~~will~~and be(viii) ~~recast~~changes in ~~the~~fair ~~Company’s~~value ~~first quarter~~ of ~~fiscal~~warrant ~~2025 Quarterly Report on Form 10-Q to reflect the change in reportable segments~~liabilities.

~~The~~Our ~~following~~segment ~~tables~~disclosure ~~present~~includes ~~information~~intersegment ~~about~~revenues, ~~the~~which ~~reportable~~consist ~~segments~~of affiliate marketing fees for ~~the~~services ~~periods~~provided ~~presented.~~by Weour doSenior ~~not~~segment ~~report~~to ~~total~~our ~~assets~~Healthcare Services and Life segments as well as services provided by Life to other segments. These intersegment transactions are recorded by each segment at amounts that we believe approximate fair value as ~~our~~if ~~CODM~~the ~~does~~transactions ~~not~~were ~~use~~between ~~this~~third ~~information~~parties toand, ~~evaluate~~therefore, ~~operating~~impact segment performance. ~~Accordingly~~However, wethe dorevenue ~~not~~and ~~regularly~~corresponding ~~provide~~expense are eliminated in consolidation. The elimination of such ~~information~~intersegment bytransactions ~~segment~~is included within the “Eliminations of intersegment revenues” in the tables below. Apart from these intersegment transactions, the accounting policies of the reportable segments are the same as the Company’s described Note 1 to ~~our~~the ~~CODM~~consolidated financial statements.

~~Our~~The ~~segment~~following ~~disclosure~~tables ~~includes~~present ~~intersegment~~information ~~revenues,~~about ~~which~~the ~~consist~~reportable ofsegments ~~affiliate~~for ~~marketing~~the ~~fees~~periods ~~for~~presented. ~~services~~The ~~provided~~significant byexpense ~~our~~categories ~~Senior~~align with the segment-level toinformation ~~our~~that ~~Healthcare~~is ~~Services,~~regularly ~~Life~~provided ~~and~~to ~~Auto~~the &CODM. ~~Home~~Segment ~~segments~~Cost asof ~~well~~commissions asand other services ~~provided~~revenue, byCost ~~Life~~of ~~and~~goods ~~Auto~~sold &- ~~Home~~pharmacy torevenue, ~~other~~Segment ~~segments.~~marketing ~~These~~expenses, ~~intersegment~~Segment ~~transactions~~technical ~~are~~development ~~recorded~~expenses, byand ~~each~~Segment ~~segment~~general atand ~~amounts~~administrative ~~that~~expenses wewere ~~believe~~adjusted ~~approximate~~to ~~fair~~exclude ~~value~~certain items, as ifreflected in the ~~transactions~~Reconciliation ~~were~~of ~~between~~total ~~third~~segment ~~parties~~Adjusted ~~and,~~EBITDA ~~therefore~~sections below, ~~impact~~that ~~segment~~are ~~performance.~~not ~~However,~~included in the ~~revenue~~Segment ~~and~~Adjusted ~~corresponding~~EBITDA ~~expense~~profitability. ~~are eliminated in~~

We do not report total assets by segment as our CODM does not use this information to evaluate operating segment performance. Accordingly, we do not regularly provide such information by segment to our CODM.

Year Ended June 30, 2025:

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consolidation. The elimination of such intersegment transactions is included within the “Elims” column in the tables below.


(in thousands)	Senior		Healthcare Services		Life		Total
External revenue	$	593,335	$	742,338	$	172,895	$	1,508,568
Intersegment revenue	7,058		367		83		7,508
Total revenue from reportable segments	$	600,393	$	742,705	$	172,978	$	1,516,076
All other revenue							18,026
Eliminations of intersegment revenues							(7,508)
Total consolidated revenue							$	1,526,594


(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 (1)	(234,335)		(8,038)		(80,269)
Technical development (2)	—		(2,187)		—
Selling, general, and administrative (3)	(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 (4)							10,597
Corporate (5)							(98,070)
Share-based compensation expense							(18,357)
Transaction costs (6)							(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

(1) Primarily consists of direct advertising and lead generation costs across various marketing channels.

(2) Primarily comprised of payroll and related benefits for dedicated Healthcare Services IT personnel.

(3) For Senior and Life, these costs are primarily comprised of allocations from corporate related to payroll and related benefits for administrative support functions and facilities. Within Healthcare Services, it primarily consists of payroll and related benefit costs for licensed pharmacists and pharmacy technicians performing one-time customer onboarding work for enrollments that don’t actually become members.

(4) Represents adjusted EBITDA from SQAH, a non-reportable segment.

(5) Corporate is not an operating segment and consists primarily of unallocated corporate overhead costs, such as payroll and related benefits ($65.1 million), professional services ($17.2 million), and facilities ($5.7 million).

(6) These expenses primarily consist of non-restructuring severance expenses ($0.8 million) and financing transaction costs ($13.8 million).

Year Ended June 30, 2024

(in thousands)	Senior		Healthcare Services		Life		Auto & Home		Elims		Consolidated
External revenue	$	649,232	$	478,491	$	157,826	$	36,227	$	—	$	1,321,776
Intersegment revenue	6,617		17		104		1		(6,739)		—
Total revenue	$	655,849	$	478,508	$	157,930	$	36,228	$	(6,739)	$	1,321,776

(in thousands)			Senior						Healthcare Services						Life						Auto & Home
Adjusted EBITDA			$	166,744					$	7,821					$	20,164					$	14,127

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(in thousands)	Senior		Healthcare Services		Life		Total
External revenue	$	649,232	$	478,491	$	157,826	$	1,285,549
Intersegment revenue	6,617		17		104		6,738
Total revenue from reportable segments	$	655,849	$	478,508	$	157,930	$	1,292,287
All other revenue (1)							36,228
Eliminations of intersegment revenues							(6,739)
Total consolidated revenue							$	1,321,776


(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 (1)	(269,867)		(6,260)		(76,513)
Technical development (2)	—		(915)		—
Selling, general, and administrative (3)	(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 (4)							14,127
Corporate (5)							(91,863)
Share-based compensation expense							(13,816)
Transaction costs (6)							(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)

(1) Primarily consists of direct advertising and lead generation costs across various marketing channels.

(2) Primarily comprised of payroll and related benefits for dedicated Healthcare Services IT personnel.

(4) Represents adjusted EBITDA from SQAH, a non-reportable segment.

(5) Corporate is not an operating segment and consists primarily of unallocated corporate overhead costs, such as payroll and related benefits ($61.7 million), professional services ($17.8 million), and facilities ($4.2 million).

(6) These expenses primarily consist of financing transaction costs.

Year Ended June 30, 2023

(in thousands)	Senior		Healthcare Services		Life		Auto & Home		Elims		Consolidated
External revenue	$	583,271	$	252,075	$	145,640	$	21,862	$	—	$	1,002,848
Intersegment revenue	6,860		—		192		—		(7,052)		—
Total revenue	$	590,131	$	252,075	$	145,832	$	21,862	$	(7,052)	$	1,002,848

(in thousands)			Senior						Healthcare Services						Life						Auto & Home
Adjusted EBITDA			$	155,077					$	(22,769)					$	23,073					$	81

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Year Ended June 30, 2022


(in thousands)	Senior		Healthcare Services		Life		Total
External revenue	$	583,271	$	252,075	$	145,640	$	980,986
Intersegment revenue	6,860		—		192		7,052
Total revenue from reportable segments	$	590,131	$	252,075	$	145,832	$	988,038
All other revenue (1)							21,862
Eliminations of intersegment revenues							(7,052)
Total consolidated revenue							$	1,002,848

(in thousands)	Senior		Healthcare Services		Life		~~Auto & Home~~		~~Elims~~Total		~~Consolidated~~
External revenue	$	514,429	$	70,035	$	151,704	$	27,877	$	—	$	764,045
Total revenue from reportable segments	$	590,131	$	252,075	$	145,832			$	988,038
Intersegment revenue	$	13,478	$	—	$	2,269	$	4	$	(15,751)	$	—
Less:
Total revenue	$	527,907	$	70,035	$	153,973	$	27,881	$	(15,751)	$	764,045
Cost of commissions and other services revenue	(210,229)		(13,363)		(53,666)
Cost of goods sold - pharmacy revenue	—		(222,347)		—
Marketing expense (1)	(221,579)		(5,035)		(67,895)
Technical development (2)	—		(274)		—
Selling, general, and administrative (3)	(3,246)		(33,825)		(1,198)
Adjusted Segment EBITDA	$	155,077	$	(22,769)	$	23,073			$	155,381
Reconciliation of total segment Adjusted EBITDA
All other Adjusted EBITDA (4)									81
Corporate (5)									(81,159)
Share-based compensation expense									(11,310)
Transaction costs (6)									(5,569)
Depreciation and amortization									(27,881)
Loss on disposal of property, equipment, and software, net									(749)
Impairment of long-lived assets									(17,332)
Interest expense, net									(80,606)
Loss before income tax expense (benefit)									(69,144)

(in thousands)			Senior						Healthcare Services						Life						Auto & Home
Adjusted EBITDA			$	(161,702)					$	(32,097)					$	(129)					$	5,433

(1) Primarily consists of direct advertising and lead generation costs across various marketing channels.

(2) Primarily comprised of payroll and related benefits for dedicated Healthcare Services IT personnel.

(4) Represents adjusted EBITDA from SQAH, a non-reportable segment.

(5) Corporate is not an operating segment and consists primarily of unallocated corporate overhead costs, such as payroll and related benefits ($51.4 million), professional services ($19.4 million), and facilities ($5.4 million).

(6) These expenses primarily consist of financing transaction costs.

The following table depicts the disaggregation of revenue by segment and product for the years ended June 30:

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(dollars in thousands)	~~2024~~2025		$		%		~~2023~~2024		$		%		~~2022~~2023
Senior:
Medicare advantage commissions	$	~~569~~518,~~648~~031	$	69(51,~~147~~617)	14(9)	%	$	~~500~~569,~~501~~648	$	9169,~~411~~147	2214	%	$	~~409~~500,~~090~~501
Medicare supplement commissions	3,026		1,358		81	%	1,668		(3,556)		(68)	%	5,224
Other Senior commissions	11,397		160		1	%	11,237		2,504		29	%	8,733
Prescription drug plan commissions	1,485		972		189	%	513		683		(402)	%	(170)
Other services	70,965		(3,999)		(5)	%	74,964		(5,933)		(7)	%	80,897
Dental, vision, and health commissions	4,252		397		10	%	3,855		(11,201)		(74)	%	15,056
Total Senior revenue	600,393		(55,456)		(8)	%	655,849		65,718		11	%	590,131
Other commissions	2,474		(223)		(8)	%	2,697		(5,127)		(66)	%	7,824
Other services	74,964		(5,933)		(7)	%	80,897		(9,986)		(11)	%	90,883
Total Senior revenue	655,849		65,718		11	%	590,131		62,224		12	%	527,907
Healthcare Services:
Pharmacy	~~464~~728,~~853~~753		~~225~~263,~~306~~900		9457	%	~~239~~464,~~547~~853		~~180~~225,~~087~~306		~~303~~94	%	59239,~~460~~547
Other services	13,~~655~~952		~~1,127~~297		92	%	1213,~~528~~655		1,~~953~~127		199	%	1012,~~575~~528
Total Healthcare Services revenue	~~478~~742,~~508~~705		~~226~~264,~~433~~197		9055	%	~~252~~478,~~075~~508		~~182~~226,~~040~~433		~~260~~90	%	70252,~~035~~075
Life:
Term commissions	7374,~~980~~685		~~3,886~~705		61	%	7073,~~094~~980		43,~~555~~886		76	%	6570,~~539~~094
Final expense commissions	6478,~~138~~175		714,~~650~~037		1422	%	5664,~~488~~138		~~(11~~7,~~807)~~650		~~(17)~~14	%	6856,~~295~~488
Other services	1920,~~812~~118		~~562~~306		32	%	19,~~250~~812		~~(889)~~562		~~(4)~~3	%	2019,~~139~~250
Total Life revenue	~~157~~172,~~930~~978		1215,~~098~~048		810	%	~~145~~157,~~832~~930		(812,~~141)~~098		~~(5)~~8	%	~~153~~145,~~973~~832
Auto & Home:
All other:
Commissions	3517,~~244~~308		14(17,~~794~~936)		72(51)	%	2035,~~450~~244		(514,~~401)~~794		~~(21)~~72	%	2520,~~851~~450
Other services	~~984~~718		(~~428~~266)		(3027)	%	~~1,412~~984		(~~618~~428)		(30)	%	21,~~030~~412
Total Auto & Home revenue	36,228		14,366		66	%	21,862		(6,019)		(22)	%	27,881
Total All other revenue	18,026		(18,202)		(50)	%	36,228		14,366		66	%	21,862
Eliminations:
Commissions	(23,~~567~~339)		~~229~~(772)		~~(8)~~30	%	(2,~~796~~567)		~~6,395~~229		(708)	%	(92,~~191~~796)
Other services	(4,~~172~~169)		843		~~(2)~~—	%	(4,~~256~~172)		~~2,304~~84		(352)	%	(64,~~560~~256)
Total Elimination revenue	(67,~~739~~508)		~~313~~(769)		~~(4)~~11	%	(76,~~052~~739)		~~8,699~~313		(554)	%	(157,~~751~~052)
Total Commissions and other services revenue	~~856~~797,~~923~~841		93(59,~~622~~082)		12(7)	%	~~763~~856,~~301~~923		5893,~~716~~622		812	%	~~704~~763,~~585~~301
Total Pharmacy revenue	~~464~~728,~~853~~753		~~225~~263,~~306~~900		9457	%	~~239~~464,~~547~~853		~~180~~225,~~087~~306		~~303~~94	%	59239,~~460~~547
Total Revenue	$	1,~~321~~526,~~776~~594	$	~~318~~204,~~928~~818	3216	%	$	1,~~002~~321,~~848~~776	$	~~238~~318,~~803~~928	3132	%	$	~~764~~1,~~045~~002,848

Revenue by Segment

2025 compared to 2024—Revenue from Senior was $600.4 million for the year ended June 30, 2025, a $55.5 million, or 8%, decrease compared to revenue of $655.8 million for the year ended June 30, 2024. The decrease was due to a $51.5 million decrease in commissions revenue, due to a 4% decrease in approved policies, and a $4.0 million decrease in other revenue.

Revenue from Healthcare Services was $742.7 million for the year ended June 30, 2025, a $264.2 million, or 55%, increase compared to revenue of $478.5 million for the year ended June 30, 2024, primarily due to a $263.9 million increase in SelectRx pharmacy revenue due to a 31% increase in members from the growth of the SelectRx business.

Revenue from Life was $173.0 million for the year ended June 30, 2025, a $15.0 million, or 10%, increase compared to revenue of $157.9 million for the year ended June 30, 2024, primarily due to a $14.0 million increase in final expense revenue due to an increase in the number of policies sold.

2024 compared to 2023—Revenue from our Senior segment was $655.8 million for the year ended June 30, 2024, a $65.7 million, or 11%, increase compared to revenue of $590.1 million for the year ended June 30, 2023. The increase was due to a $71.7 million, or 14%, increase in commissions revenue, offset by a $5.9 million decrease in other services revenue.

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Revenue from Healthcare Services was $478.5 million for the year ended June 30, 2024, a $226.4 million, or 90%, increase compared to revenue of $252.1 million for the year ended June 30, 2023, primarily due to a $225.3 million increase in SelectRx pharmacy revenue.

Revenue from our Life segment was $157.9 million for the year ended June 30, 2024, a $12.1 million, or 8%, increase compared to revenue of $145.8 million for the year ended June 30, 2023, primarily due to an $11.5 million increase in commissions revenue and a $0.6 million increase in other services revenue.

Revenue from our Auto & Home segment was $36.2 million for the year ended June 30, 2024, a $14.4 million, or 66%, increase compared to revenue of $21.9 million for the year ended June 30, 2023, primarily due to a $14.8 million increase in commissions revenue.

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2023 compared to 2022—Revenue from our Senior segment was $590.1 million for the year ended June 30, 2023, a $62.2 million, or 12%, increase compared to revenue of $527.9 million for the year ended June 30, 2022. The increase was due to a $72.2 million, or 17%, increase in commissions revenue, offset by a $10.0 million decrease in other services revenue.

Revenue from Healthcare Services was $252.1 million for the year ended June 30, 2023, a $182.0 million, or 260%, increase compared to revenue of $70.0 million for the year ended June 30, 2022, primarily due to a $180.1 million increase in SelectRx pharmacy revenue.

Revenue from our Life segment was $145.8 million for the year ended June 30, 2023, a $8.1 million, or 5%, decrease compared to revenue of $154.0 million for the year ended June 30, 2022, primarily due to a $7.3 million decrease in commissions revenue.

Revenue from our Auto & Home segment was $21.9 million for the year ended June 30, 2023, a $6.0 million, or 22%, decrease compared to revenue of $27.9 million for the year ended June 30, 2022. The decrease was primarily due to a $5.4 million decrease in commissions revenue which was a result of a $10.4 million change in estimate related to the mutual termination of a contract with a certain Auto & Home carrier to restructure the book of business for that carrier.

Adjusted EBITDA by Segment

~~2024~~2025 compared to ~~2023~~2024—–Adjusted EBITDA from ~~our~~ Senior ~~segment~~ was $~~166~~161.7 million for the year ended June 30, ~~2024~~2025, a $115.71 million, ordecrease ~~8%, increase~~ compared to Adjusted EBITDA of $~~155~~166.17 million for the year ended June 30, ~~2023~~2024. The decrease ~~increase~~ was primarily due to a $6555.7 5 million ~~increase~~decrease in revenue as discussed above, offset by a $5435.15 million ~~increase~~decrease in ~~operating~~marketing ~~costs~~expenses, and ~~expenses,~~a $14.4 million decrease in cost of commissions and other services revenue. The decrease in cost of commissions and other services revenue was primarily due to a $4310.1 0 million ~~increase~~decrease in compensation costs. The decrease in marketing ~~and~~expenses ~~advertising~~was ~~costs~~primarily ~~and~~due ato $1230.2 6 million ~~increase~~decrease in ~~compensation~~lead costs.

Adjusted EBITDA from Healthcare Services was $725.8 4 million for the year ended June 30, ~~2024~~2025, a $3017.6 million increase compared to Adjusted EBITDA of $~~(22~~7.8) million for the year ended June 30, ~~2023~~2024. The increase was due to a $~~226~~264.42 million increase in revenue as discussed above, partially offset by a $~~195~~224.86 million increase in ~~operating~~cost ~~costs~~of goods sold - pharmacy revenue, and $11.3 million increase in selling, general and administrative expenses. Cost of goods sold - pharmacy revenue increased primarily as a result of a $~~158~~200.9 million increase in medication costs and a $822.0 7 million increase in ~~fulfillment~~compensation costs. Selling, general and administrative expenses increased primarily due to a $13.3 million increase in ~~support~~compensation ofcosts, ~~the~~offset ~~growth~~by a decrease of ~~SelectRx~~$6.1 million in other operating expenses.

Adjusted EBITDA from ~~our~~ Life ~~segment~~ was $2026.27 million for the year ended June 30, ~~2024~~2025, a $26.95 million, increase ~~or 13%, decrease~~ compared to Adjusted EBITDA of $2320.12 million for the year ended June 30, ~~2023~~2024. The increase ~~decrease in Adjusted EBITDA~~ was due to a $15.0 million increase in ~~operating~~revenue ~~costs~~as ~~and~~discussed ~~expenses~~above, ~~primarily~~partially ~~due~~offset toby a $65.~~6 million~~0 million increase in ~~compensation~~cost ~~costs~~of commissions and other services revenue and a $73.8 ~~million~~ million increase in marketing expenses. The increase in cost of commissions and ~~advertising~~other ~~costs~~services revenue was due to a $4.8 ~~The~~million ~~decrease~~increase in ~~operating~~compensation costs. ~~and~~The increase in marketing expenses was ~~offset~~due byto a $123.1 million increase in ~~revenue~~lead ~~as discussed above~~costs.

2024 compared to 2023—–Adjusted EBITDA from our ~~Auto~~Senior ~~& Home~~ segment was $14166.17 million for the year ended June 30, 2024, a $1411.07 million, or 8%, increase compared to Adjusted EBITDA of $0155.1 million for the year ended June 30, 2023. The increase ~~in Adjusted EBITDA~~ was due to a $1465.4 7 million increase in revenue, offset by a $048.3 million increase in ~~operating~~marketing ~~costs~~expenses. ~~and~~The increase in marketing expenses was primarily due to a $142.3 1 million increase in ~~compensation~~lead costs.

~~2023 compared to 2022—~~Adjusted EBITDA from ~~our~~Healthcare ~~Senior~~Services ~~segment~~ was $~~155~~7.1 8 million for the year ended June 30, ~~2023~~2024, a $~~316~~30.86 million, ~~or 196%,~~ increase compared to Adjusted EBITDA of $(~~161~~22.78) million for the year ended June 30, ~~2022~~2023. The increase was due to a $62226.2 4 million increase in revenue, ~~and~~offset by a $~~254~~178.65 million ~~decrease~~increase in ~~operating~~cost ~~costs~~of goods sold - pharmacy revenue, and $11.4 million increase in selling, general and administrative expenses. Cost of goods sold - pharmacy revenue increased primarily ~~due~~as toa result of a $~~157~~158.19 million ~~reduction~~increase in ~~marketing~~medication costs and ~~advertising~~a $13.9 million increase in compensation costs. Selling, general and administrative expenses increased primarily due to a $736.4 2 million ~~reduction~~increase in ~~compensation~~bad ~~costs~~debt expense, and a $114.2 4 million ~~reduction~~increase in ~~licensing~~compensation ~~fees~~costs.

Adjusted EBITDA from ~~Healthcare~~our ~~Services~~Life segment was $~~(22~~20.8) 2 million for the year ended June 30, ~~2023~~2024, a $92.39 million, ~~increase~~or 13%, decrease compared to Adjusted EBITDA of $~~(32~~23.1) million for the year ended June 30, ~~2022~~2023. The ~~increase~~decrease in Adjusted EBITDA was due to a $~~182~~12.01 million increase in revenue as discussed above, offset by a $~~172~~8.76 million increase in ~~operating~~marketing expenses. The increase in marketing expenses was primarily due to a $7.8 million increase in marketing and advertising costs.

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costs and expenses primarily as a result of a $134.8 million increase in medication costs, a $27.0 million increase in compensation costs, and a $6.4 million increase in fulfillment costs, due to the growth of Healthcare Services.

Adjusted EBITDA from our Life segment was $23.1 million for the year ended June 30, 2023, a $23.2 million, or 17986%, increase compared to Adjusted EBITDA of $(0.1) million for the year ended June 30, 2022. The increase in Adjusted EBITDA was due to a $31.3 million decrease in operating costs and expenses primarily due to a $26.8 million reduction in marketing and advertising costs and a $3.7 million reduction in compensation costs. The decrease in operating costs and expenses was offset by a $8.1 million decrease in revenue as discussed above.

Adjusted EBITDA from our Auto & Home segment was $0.1 million for the year ended June 30, 2023, a $5.4 million, or 99%, decrease compared to Adjusted EBITDA of $5.4 million for the year ended June 30, 2022. The decrease in Adjusted EBITDA was due to a $6.0 million decrease in revenue as discussed above The decrease was offset by a $0.7 million decrease in operating costs and expenses due to a $1.1 million reduction in marketing and advertising costs, offset by an increase in fulfillment costs of $0.4 million.

Liquidity and Capital Resources

Our liquidity needs primarily include working capital and debt service requirements. We believe that the cash available under the Senior Secured Credit Facility will be sufficient to meet our projected operating and debt service requirements for at least the next 12 months. Additionally, we are required under the Senior Secured Credit Facility to maintain compliance with certain debt covenants, as discussed further in Note 10 to the consolidated financial statements. Based on our financial projections, we believe we will remain in compliance with the debt covenants through the 12 months following the date of issuance of our consolidated financial statements. 64

We do not expect to generate sufficient cash flows from operations to enable us to repay all outstanding amounts under the Senior Secured Credit Facility at the time of its maturity on September 15, 2025. If we are unable to secure additional financing from outside sources or otherwise refinance the Senior Secured Credit Facility, we will need to obtain additional capital through other means, including by selling one or more material assets or substantially reducing the scope of certain of our operations. If we are unable to satisfy our repayment obligations under the Senior Secured Credit Facility or maintain compliance with the covenants therein, we may be in default, which would significantly affect our liquidity.

As of June 30, 2024 and June 30, 2023, our cash and cash equivalents totaled $42.7 million and $83.2 million, respectively. Additionally, the following table presents a summary of our cash flows for the years ended June 30:

(in thousands)	2024		2023		2022
Net cash provided by (used in) operating activities	$	15,236	$	(19,377)	$	(338,314)
Net cash used in investing activities	(14,846)		(9,125)		(42,576)
Net cash (used in) provided by financing activities	(40,856)		(29,339)		235,433

Operating Activities

Net cash used in operating activities primarily consists of net income, adjusted for certain non-cash items including depreciation; amortization of intangible assets and internally developed software; deferred income taxes; share-based compensation expense; impairment charges; and the effect of changes in working capital and other activities.

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aOur ~~commission~~liquidity ~~payment~~needs ~~from~~primarily aninclude ~~insurance~~working ~~carrier~~capital ~~partner~~and ~~within~~debt aservice ~~quarter~~requirements. Additionally, we are required under the Senior Secured Credit Facility and Indenture to maintain compliance with certain debt covenants, as discussed further in Note 8 to the consolidated financial statements. Based on our ~~operating~~financial ~~cash~~projections, ~~flows~~we ~~for~~believe ~~that~~we ~~quarter~~will ~~could~~remain bein ~~adversely~~compliance ~~impacted~~with the debt covenants through the 12 months following the date of issuance of our consolidated financial statements.

Senior Non-Convertible Preferred Stock

On February 10, 2025, the Company completed a $350.0 million Senior Non-Convertible Preferred Stock transaction and received net proceeds of $337.9 million. Refer to Note 9 to the consolidated financial statements for further information.

Long-term Debt

Significant changes and activity related to our long-term debt during the year ended June 30, 2025, are discussed below. Refer to Note 8 to the consolidated financial statements for further discussion on our debt agreements and activity.

Securitization and Indenture

On October 15, 2024, the Company completed a $100.0 million securitization transaction to provide advanced financing against the expected collections for policies previously sold. The Company used the proceeds to pay down a portion of its outstanding term loans. During the year ended June 30, 2025, the Company received proceeds of $99.1 million, and as of June 30, 2025, had outstanding borrowings of $83.4 million. Refer to Note 8 for further information.

Senior Secured Credit Facility

During the year ended June 30, 2025, the Company repaid $388.2 million of the outstanding term loans, and as of June 30, 2025, had outstanding borrowings of $314.0 million related to the term loans. Refer to Note 8 to the consolidated financial statements for further information.

During the year ended June 30, 2025, the Company received proceeds of $166.9 million and repaid $166.9 million, and as of June 30, 2025, had no outstanding borrowings related to the revolving credit facility. Refer to Note 8 to the consolidated financial statements for further information.

Liquidity

As of June 30, 2025 and June 30, 2024, the Company had total debt obligations of $385.1 million and $683.3 million, respectively, under the Senior Secured Credit Facility and the Notes. Management expects that our existing cash, cash equivalents, funds available under the revolving credit facility and cash provided from operations will be sufficient to finance normal working capital needs, investments in properties, facilities and equipment and debt services.

As of June 30, 2025 and June 30, 2024, our cash, cash equivalents, and restricted cash totaled $37.1 million and $42.7 million, respectively. Additionally, the following table presents a summary of our cash flows for the years ended June 30:

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(in thousands)	2025		2024		2023
Net cash provided by (used in) operating activities	$	(11,666)	$	15,236	$	(19,377)
Net cash used in investing activities	(11,314)		(14,846)		(9,125)
Net cash provided by (used in) financing activities	17,356		(40,856)		(29,339)

Operating Activities

Net cash used in operating activities primarily consists of net income, adjusted for certain non-cash items including depreciation; amortization of intangible assets and internally developed software; deferred income taxes; share-based compensation expense; amortization of debt issuance costs and discount; accrued interest; non-cash lease expenses; change in fair value of warrant liabilities; and the effect of changes in working capital and other activities.

Collection of commissions receivable depends upon the timing of our receipt of commission payments and associated commission statements from our insurance carrier partners. If we were to experience a delay in receiving a commission payment from an insurance carrier partner within a quarter, our operating cash flows for that quarter could be adversely impacted.

A significant portion of our marketing and advertising expenses is driven by the number of leads required to generate the insurance applications we submit to our insurance carrier partners. Our marketing and advertising costs are expensed and generally paid as incurred and since commission revenue is recognized upon approval of a policy but commission payments are paid to us over time, there are working capital requirements to fund the upfront cost of acquiring new policies. During AEP, we experience an increase in the number of submitted Senior insurance applications and marketing and advertising expenses compared to periods outside of AEP. The timing of AEP affects the positive or negative impacts of our cash flows during each quarter.

Year Ended June 30, 2025—Net cash used in operating activities was $11.7 million, consisting of net income of $47.6 million, adjustments for non-cash items of $13.1 million, and cash used in operating assets and liabilities of $72.3 million. Adjustments for non-cash items primarily consisted of $20.5 million of depreciation and amortization, $18.4 million of share-based compensation expense, $14.0 million of accrued interest payable in kind on the term loans, $5.2 million of amortization of debt issuance costs and debt discount, $3.9 million of non-cash lease expense, $1.8 million in deferred income taxes, $4.2 million in bad debt expense, and $59.5 million in the change in fair value of warrant liabilities. The cash decrease resulting from changes in net operating assets and liabilities primarily consisted of an increase of $5.6 million in accounts receivable, an increase of $69.5 million in commissions receivable, a decrease of $5.5 million in other liabilities, primarily related to a $7.4 million decrease in our contract liability, a decrease of $4.7 million in operating lease liabilities and an increase of $6.3 million in other assets, primarily related to hedge activities, offset by an increase of $19.2 million in accounts payable and accrued expenses.

Year Ended June 30, 2024—Net cash provided by operating activities was $15.2 million, consisting of net loss of $34.1 million, adjustments for non-cash items of $68.9 million, and cash used in operating assets and liabilities of $19.5 million. Adjustments for non-cash items primarily consisted of $25.0 million of depreciation and amortization, $13.8 million of share-based compensation expense, $19.6 million of accrued interest payable in kind on the Term Loans, $6.1 million of amortization of debt issuance costs and debt discount, $2.3 million of non-cash lease expense, and $1.2 million in deferred income taxes. The cash decrease resulting from changes in net operating assets and liabilities primarily consisted of an increase of $40.8 million in commissions receivable, due to a 6% increase in approved policies for the year, a decrease of $4.9 million of operating lease liabilities and an increase of $2.0 million in other assets, all partially offset by an increase of $7.3 million in accounts payable and accrued expenses, related to an increase in revenue, an increase of $15.6 million in other liabilities, primarily related to an $6.4 million increase in our contract liability, and a $7.4 million increase in accrued compensation and benefits, related to our increased headcount, and a decrease of $5.2 million in accounts receivable, net, related to cash collections to date.

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Year Ended June 30, 2023—Net cash used in operating activities was $19.4 million, consisting of net loss of $58.5 million, adjustments for non-cash items of $71.7 million, and cash used in operating assets and liabilities of $32.5 million. Adjustments for non-cash items primarily consisted of $27.9 million of depreciation and amortization, $17.3 million of charges for impairment of long-lived assets, $11.3 million of share-based compensation expense, $12.0 million of accrued interest payable in kind on the Term Loans, $8.7 million of amortization of debt issuance costs and debt discount, and $4.2 million of non-cash lease expense, offset by $11.2 million in deferred income taxes. The cash decrease resulting from changes in net operating assets and liabilities primarily consisted of an increase of $24.8 million in accounts receivable, net, an increase of $1.9 million in commissions receivable, and a decrease of $3.6 million in accounts payable and accrued expenses, partially offset by an increase of $3.3 million in other liabilities.

Year Ended June 30, 2022—Cash used in operating activities was $338.3 million, consisting of net loss of $297.5 million, adjustments for non-cash items of $2.2 million, and cash used in operating assets and liabilities of $38.6 million. Adjustments for non-cash items primarily consisted of $92.7 million in deferred income taxes as the Company defers revenue related to certain commissions receivable into following years until it is collected, partially offset by $44.6 million of goodwill impairment charges, $24.7 million of depreciation and amortization related to additional fixed assets purchases to accommodate our growth in headcount and internally developed software in service, $7.1 million of share-based compensation expense, $5.5 million in amortization of debt issuance costs and debt discount, and $4.1 million of non-cash lease expense. The cash decrease resulting from changes in net operating assets and liabilities primarily consisted of increases of $25.7 million in accounts receivable, net related to the increase in approved policies, increases of $10.9 million in other assets primarily related to increases in prepaid balances and SelectRx inventory, and decreases of $5.1 million in operating lease liabilities, partially offset by a decrease of $7.3 million in commissions receivable.

Investing Activities

Our investing activities primarily consist of purchases of property, equipment, and software and capitalized salaries related to the development of internal-use software.

64Year Ended June 30, 2025—Net cash used in investing activities of $11.3 million was due to $9.1 million in purchases of software and capitalized internal-use software development costs and $2.2 million of purchases of property and equipment, primarily made up of machinery and equipment and leasehold improvements.

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Year Ended June 30, 2024—Net cash used in investing activities of $14.8 million was due to $8.3 million in purchases of software and capitalized internal-use software development costs and $3.4 million of purchases of property and equipment, primarily equipment utilized in SelectRx operations to support its expansion, leasehold improvements, and computer equipment. Additionally, we spent $3.4 million to acquire an existing chronic care management platform, which was used to launch SPM.

Year Ended June 30, 2023—Net cash used in investing activities of $9.1 million was due to $1.4 million of purchases of property and equipment, primarily to support the growth of SelectRx infrastructure, and $7.7 million in purchases of software and capitalized internal-use software development costs.

Year Ended June 30, 2022—Net cash used in investing activities of $42.6 million was primarily due to $24.8 million of purchases of property and equipment primarily to support AEP and OEP and the growth of SelectRx infrastructure, $9.9 million in purchases of software and capitalized internal-use software, $6.9 million of net cash paid to acquire Simple Meds, and a $1.0 million non-controlling interest equity investment.

Acquisitions

On April 30, 2021, we acquired 100% of the outstanding shares of Express Med Pharmaceuticals for an aggregate purchase price of up to $24.0 million (subject to customary adjustments), comprised of $17.5 million in cash paid at the closing of the transaction, an additional $2.5 million of holdback for indemnification claims, if any, and an earnout of up to $4.0 million, if any. During the year ended June 30, 2023, the Company paid the first and second earnout provisions of $3.0 million and $1.0 million, respectively, as well as the remaining holdback, net of adjustments, of $2.4 million.

On August 31, 2021, SelectRx acquired 100% of the outstanding equity interests of Simple Meds for an aggregate purchase price of $7.0 million (subject to customary adjustments). The aggregate purchase price of $7.0 million was paid in cash at the closing of the transaction.

On April 2, 2024, we acquired an existing chronic care management platform for an aggregate purchase price of $4.0 million, as set forth in the Membership Interest Purchase Agreement, of which $3.4 million was paid in cash at the closing of the transaction. This acquisition resulted in $0.3 million of goodwill and $3.3 million of intangibles related to proprietary technology.

Refer to Note 2 to the consolidated financial statements for further details concerning material acquisitions.

Financing Activities

Our financing activities primarily consist of proceeds from the issuance of ~~debt~~senior non-convertible preferred stock, payments on term loans, proceeds and ~~equity~~payments related to the revolving credit facility, payments on notes issued in connection with the Indenture, payments for debt issuance costs, and proceeds and payments related to stock-based compensation.

Year Ended June 30, 2025—Net cash provided by financing activities of $17.4 million was primarily due to $337.9 million of proceeds from the issuance of senior non-convertible preferred stock, $166.9 million of proceeds from the revolving credit facility, and $99.1 million of proceeds on the notes issued in connection with the Indenture, offset by $388.2 million of principal payments on the term loans, $166.9 million of payments on the revolving credit facility, and $16.6 million of payments on the notes issued in connection with the Indenture.

Year Ended June 30, 2024—Net cash used in financing activities of $40.9 million was primarily due $38.9 million of principal payments on the Term Loans.

Year Ended June 30, 2023—Net cash used in financing activities of $29.3 million was primarily due to $10.1 million of debt issuance costs related to the Fourth Amendment, $17.8 million of principal payments on the Term Loans, and $2.4 million of holdback remitted as part of the Express Med acquisition, partially offset by $1.2 million in proceeds from common stock options exercised and the employee stock purchase plan.

Year Ended June 30, 2022—Net cash provided by financing activities of $235.4 million was primarily due to $242.0 million in net proceeds from the DDTL Facility and $3.2 million in proceeds from common stock options exercised and the employee stock purchase plan, partially offset by a holdback settlement of $5.5 million for acquisition of a lead distribution company, principal payments of $2.4 million and $1.2 million on the Term Loans and DDTL Facility, respectively, and $0.3 million in debt issuance costs related to the amendments to the Senior Secured Credit Facility.

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Senior Secured Credit Facility

We entered into the Senior Secured Credit Facility to provide access to cash, in a variety of methods, when necessary to fund the operations of the business. There were no amounts outstanding under the Revolving Credit Facility as of June 30, 2024. As of June 30, 2024, there was $688.2 million outstanding under the Term Loans. Refer to Note 10 to the consolidated financial statements for further details.

Our risk management strategy includes entering into interest rate swap agreements to protect against unfavorable interest rate changes relating to forecasted debt transactions. The Company's Amended Interest Rate Swap is designated as a cash flow hedge of the interest payments on $325.0 million in principal of the Term Loans. Refer to Note 9 to the consolidated financial statements for further details.

Contractual Obligations

Our principal commitments consist of obligations under our outstanding operating leases for office facilities; our Senior Secured Credit Facility which includes the Term Loans and Revolving Credit Facility (as defined in Note 10 to the consolidated financial statements); and our Amended Interest Rate Swap (as defined in Note 9 to the consolidated financial statements). In addition, we have outstanding service and licensing agreements with various vendors for connectability, maintenance, and other services, including minimum purchase requirements for pharmaceuticals. We believe that we will be able to fund these obligations through our existing cash and cash equivalents and cash generated from operations.67

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Our principal commitments consist of obligations under our outstanding operating leases for office facilities; our Senior Secured Credit Facility, which includes the Term Loans and Revolving Credit Facility (as defined in Note 8 to the consolidated financial statements); and our senior secured Class A and Class B Notes (as defined in Note 8 to the consolidated financial statements). In addition, we have outstanding obligations related to the Senior Non-Convertible Preferred Stock, including the payment of the liquidating preference and certain dividends in accordance with the Non-Convertible Preferred Stock Purchase Agreements (as further detailed in Note 9 to the consolidated financial statements). Further, we have outstanding service and licensing agreements with various vendors for connectability, maintenance, and other services, including minimum purchase requirements for pharmaceuticals. As of June 30, 2025, the Company is obligated under a pharmaceutical supply agreement to make minimum monthly purchases of approximately $12.7 million through February 28, 2027. We believe that we will be able to fund these obligations through our existing cash, cash equivalents and restricted cash, and cash generated from operations.

Recent Accounting Pronouncements

For a discussion of new accounting pronouncements recently adopted and not yet adopted, see ~~the~~Note ~~notes~~1 toof ~~our~~the consolidated financial statements.

Critical Accounting Estimates

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets, and liabilities and disclosure of contingent assets and liabilities in our financial statements. We regularly assess these estimates; however, actual amounts could differ from those estimates. The impact of changes in estimates is recorded in the period in which they become known.

An accounting estimate is considered to be critical if the nature of the estimates or assumptions is material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change, and the effect of the estimates and assumptions on financial condition or operating performance. The accounting estimates we believe to reflect our more significant estimates, judgments and assumptions that are most critical to understanding and evaluating our reported financial results are: revenue recognition for commissions revenue, commissions receivable, accounting for income taxes, share-based compensation, ~~and~~ the impairment of intangible assets and goodwill, and the fair value of the liability classified warrants.

Commission Revenue Recognition and Commissions Receivable

The estimate of renewal commission revenue is considered variable consideration and requires significant judgment to determine the renewal commission revenue to be recognized at the time the performance obligation is met and in the reassessment of the transaction price each reporting period. This includes determining the number of periods in which a renewal will occur and the value of those renewal commissions to be received if renewed, which includes estimating persistency, the renewal year provision, and an additional product specific constraint applied to account for trends such as industry volatility or uncertainty of consumer behavior patterns. Persistency is the estimate of policies expected to renew each year and renewal year provision is the estimate of policies expected to lapse during each renewal period. The estimated duration of expected renewals used in the calculation of LTV is ten years, prior to the application of persistency estimates. Effective for policies sold during the three months ended December 31, 2021, and thereafter, the Company increased the product specific constraint for our largest product, Medicare Advantage, from 6% to 15%. The assumptions used in the Company’s calculation of renewal commission revenue are based on a combination of the Company’s historical experience for renewals, lapses, and payment data; available insurance carrier data; other industry or consumer behavior patterns; and expectations for future retention rates. The estimate of variable consideration is recognized only to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with future commissions receivables is subsequently resolved when the policy renews or lapses. The Company is continuously reviewing and monitoring the assumptions and inputs into the Company’s calculation of renewal commission

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years, prior to the application of persistency estimates. Effective for policies sold during the three months ended December 31, 2021, and thereafter, the Company increased the product specific constraint for our largest product, Medicare Advantage, from 6% to 15%. The assumptions used in the Company’s calculation of renewal commission revenue ~~are based on a combination of the Company’s historical experience for renewals~~, lapses, and payment data; available insurance carrier data; other industry or consumer behavior patterns; and expectations for future retention rates. The estimate of variable consideration is recognized only to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with future commissions receivables is subsequently resolved when the policy renews or lapses. The Company is continuously reviewing and monitoring the assumptions and inputs into the Company’s calculation of renewal commission revenue, including reviewing changes in the data used to estimate ~~LTV’s~~LTVs as well as monitoring the cash received for each cohort as compared to the original estimates at the time the policy was sold. The Company assesses the actual renewal data and historical data to identify trends and updates assumptions regarding expected future cash flows when a sufficient amount of evidence would suggest that the expectation underlying the assumption has changed and a change in estimate of the transaction price is warranted. The differences in actual cash received for current period renewals may result in an adjustment by cohort (“cohort adjustment”) to revenue and commissions receivable. Cohort adjustments are recognized using actual experience from policy renewals. The Company analyzes cohort adjustments to determine if they are indicative of changes needed in our estimates of future renewal commissions (“tail adjustments”) that remain unresolved as of the reporting period.

Commissions receivable are contract assets that represent estimated variable consideration for performance obligations that have been satisfied but payment is not due as the underlying policy has not renewed yet and are therefore subject to the same assumptions, judgements, and estimates used when recognizing revenue as noted above. The current portion of commissions receivable are future renewal commissions expected to be renewed and collected in cash within one year, while the non-current portion of commissions receivable are expected to be collected beyond one year. Contract assets are reclassified as accounts receivable, net when the rights to the renewal commissions become unconditional, which is primarily upon renewal of the underlying policy, typically on an annual basis.

Income Taxes

The Company applies ASC 740, Income Taxes (“ASC 740”), in accounting for uncertainty in income taxes recognized in the Company’s consolidated financial statements. ASC 740 requires a “more-likely-than-not” (“MLTN”) threshold for financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. The Company records a liability for the difference between the benefit recognized and measured pursuant to ASC 740 and the tax position taken or expected to be taken on the Company’s tax return. To the extent that the assessment of such tax positions changes, the change in estimate is recorded in the period in which the determination is made. We account for income taxes using an asset and liability approach. Deferred income tax assets and liabilities result from temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements that will result in taxable or deductible amounts in future years. The Company recognizes a significant deferred tax liability due to the timing of recognizing revenue when a policy is sold, while revenue for tax purposes is not recognized until future renewal commission payments are received. This deferred tax liability is an objective source of future income that can be used to support the realizability of the Company’s deferred tax assets. The Company has established a valuation allowance on certain deferred tax assets associated with federal and state specific net operating losses (“NOL”) and credits that are not more likely than not to be realized. The Company believes all other deferred tax assets outside of the certain deferred tax asset related to federal and state credits where a valuation allowance has been established are more likely than not to be recognized.

Share-Based Compensation

We recognize share-based compensation expense in the consolidated statements of comprehensive loss based on the fair value of our stock-based awards over their respective vesting periods, depending on the plan. The estimated grant date fair value of our stock options is determined using the Black-Scholes-Merton pricing model. The expected term for stock options granted is determined using the simplified method, which deems the expected term to be the midpoint between the vesting date and the contractual life of the stock-based awards. The dividend yield is determined by dividing the expected per share dividend during the coming year by the grant date stock price, however, we do not expect to pay any dividends in the foreseeable future. We base the risk-free interest rate on the implied yield currently available on U.S. Treasury zero-coupon issues with a remaining term equal to the expected term of our stock options. Expected volatility is determined using historical stock prices for a combination of publicly traded peer group companies and our stock price. The estimated grant date fair value of our price vested units are estimated using a Monte Carlo simulation valuation model that uses assumptions determined as of the date of the grant. These assumptions include estimating the volatility of the Company's common stock price over the expected term, the risk-free interest rate that reflects the interest rate at grant date on zero-coupon United States

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term to be the midpoint between the vesting date and the contractual life of the stock-based awards. The dividend yield is determined by dividing the expected per share dividend during the coming year by the grant date stock price, however, we do not expect to pay any dividends in the foreseeable future. We base the risk-free interest rate on the implied yield currently available on U.S. Treasury zero-coupon issues with a remaining term equal to the expected term of our stock options. Expected volatility is determined using historical stock prices for a combination of publicly traded peer group companies and our stock price. The estimated grant date fair value of our PVU’s are estimated using a Monte Carlo simulation valuation model that uses assumptions determined as of the date of the grant. These assumptions include estimating the volatility of the Company's common stock price over the expected term, the risk-free interest rate that reflects the interest rate at grant date on zero-coupon United States governmental bonds that have a remaining life similar to the expected term risk-free interest rate, the cost of equity, and the dividend yield assumption which is based on the Company's dividend payment history and management's expectations of future dividend payments. The estimated attainment of performance-based awards and related expense is based on the expectations of target achievement. The assumptions used in calculating the fair value of stock-based payment awards and expected attainment of performance or market based awards represent our best estimates, but these estimates involve inherent uncertainties and the application of management judgment. We will continue to use judgment in evaluating the expected term and volatility related to our own stock-based awards on a prospective basis, and incorporating these factors into the model. Changes in key assumptions could significantly impact the valuation of such instruments.

Impairment of Long-Lived Assets and Goodwill

The Company accounts for long-lived assets in accordance with the provisions of ASC 360, Property, Plant and Equipment (“ASC 360”). ASC 360 requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset or asset group may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset or asset group to its expected future undiscounted cash flows. If the carrying amount exceeds its expected future undiscounted cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset or asset group exceeds its fair value. For purposes of this test, long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities.

For the year ended June 30, 2025, the Company recorded an impairment charge of $4.2 million in selling, general and administrative expense in the consolidated statements of comprehensive income (loss) related to write-offs of previously acquired definite-lived intangible assets from which the Company does not expect to receive future economic benefit. There were no long-lived asset impairment charges recorded for the years end June 30, 2024, and June 30, 2023. Refer to Note 5 to the consolidated financial statements for additional details.

The Company has the option to perform a qualitative assessment to determine if it is more likely than not that the fair value of a reporting unit has declined below its carrying value. This assessment considers various financial, macroeconomic, industry and segment specific qualitative factors. If we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying value, a quantitative test is then performed by estimating the fair value of the reporting unit and comparing it with its carrying value, including goodwill. If the carrying amount of a reporting unit is greater than its estimated fair value, goodwill is written down by the excess amount, limited to the total amount of goodwill allocated to that reporting unit.

The Company estimates the fair value of reporting units under ASC 350, Intangibles - Goodwill and Other by using an income approach, a market approach, or a combination thereof, which involves the use of significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy of ASC 820, Fair Value Measurement ~~(“ASC 820”)~~, and require us to make various judgmental assumptions around future revenues and operating costs, growth rates, and discount rates which consider our budgets, business plans, and economic projections. As such, these estimates are uncertain and may vary from actual results. Under the income approach, we utilize the discounted cash flow method while under the market approach, we utilize a peer-based guideline public company method based on published multiples of earnings of comparable entities with similar operations and economic characteristics.

There were no goodwill impairment charges recorded for the years end June 30, 2025, June 30, 2024, and June 30, 2023, as the fair value of the reporting unit significantly exceeded the carrying value. As a result of our annual goodwill impairment test as of April 1, 2022, the Company recorded $44.6 million in goodwill impairment in the consolidated statement of comprehensive loss for the year ended June 30, 2022. Refer to Note 7 to the consolidated financial statements for additional details.

~~ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK~~Warrants

InThe ~~the~~Company ~~normal~~accounts ~~course~~for ofwarrants ~~business,~~as weeither ~~are~~equity-classified ~~subject~~or toliability-classified ~~market~~instruments ~~risk.~~based ~~Market~~on ~~risks~~an ~~represent~~assessment ~~risks~~ of ~~loss~~the ~~that~~warrant’s ~~may~~specific ~~impact~~terms ~~our~~and ~~financial~~applicable ~~position~~authoritative ~~due~~guidance ~~to adverse changes~~ in ~~financial~~ASC ~~market~~480, ~~prices~~Distinguishing ~~and~~Liabilities ~~rates.~~from ~~Our~~Equity ~~business,~~(“ASC ~~financial condition~~480”), and ~~results~~ASC ~~of operations are not materially affected by foreign currency exchange rates~~815, ~~inflationary~~Derivatives ~~pressures,~~ and ~~commodity~~Hedging ~~price~~(“ASC ~~fluctuations~~815”). ~~Our~~The ~~financial~~assessment ~~instruments~~considers ~~that~~whether ~~are exposed to concentrations of credit risk primarily consist of accounts and commissions receivable. We do not require collateral or other security for our receivables, but believe~~ the ~~potential~~warrants ~~for~~are ~~collection~~freestanding ~~issues~~financial ~~with~~instruments ~~any~~pursuant ofto ~~our~~ASC ~~customers was minimal as of June 30~~480, ~~2024,~~meet ~~2023, and 2022, based on~~ the ~~lack~~definition of ~~collection~~a ~~issues in the past and the high financial standards we require~~

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ofliability ~~our~~pursuant ~~customers.~~to AsASC ~~of June 30~~480, ~~2024,~~and ~~two~~whether ~~insurance~~the ~~carrier~~warrants ~~customers~~meet ~~accounted~~all of the requirements for ~~32%~~equity ~~and~~classification ~~23%~~under ofASC ~~total~~815, ~~accounts~~including ~~and~~whether ~~commissions~~the ~~receivable.~~warrants Asare ofindexed ~~June 30,~~to ~~2023,~~our ~~two~~own ~~insurance~~common ~~carrier~~shares ~~customers~~and ~~accounted~~whether ~~for~~the ~~31%~~warrant ~~and~~holders ~~22%~~could ofpotentially ~~total~~require ~~accounts~~“net ~~and~~cash ~~commissions~~settlement” ~~receivable.~~in Asa circumstance outside of ~~June~~our 30control, ~~2022,~~among ~~three~~other ~~insurance~~conditions ~~carrier~~for ~~customers~~equity ~~accounted~~classification. ~~for~~This ~~29%~~assessment, ~~20%~~which requires the use of professional judgment, ~~and~~is ~~14%~~conducted at the time of ~~total~~warrant ~~accounts~~issuance and ~~commissions~~as ~~receivable.~~of each subsequent reporting period.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

In the normal course of business, we are subject to market risk. Market risks represent risks of loss that may impact our financial position due to adverse changes in financial market prices and rates. Our business, financial condition, and results of operations are not materially affected by foreign currency exchange rates, inflationary pressures, and commodity price fluctuations. Our financial instruments that are exposed to concentrations of credit risk primarily consist of accounts and commissions receivable. We do not require collateral or other security for our receivables, but believe the potential for collection issues with any of our customers was minimal as of June 30, 2025, 2024, and 2023, based on the lack of collection issues in the past and the high financial standards we require of our customers. As of June 30, 2025, two insurance carrier customers accounted for 34% and 21% of total accounts and commissions receivable. As of June 30, 2024, two insurance carrier customers accounted for 32% and 23% of total accounts and commissions receivable. As of June 30, 2023, two insurance carrier customers accounted for 31% and 22% of total accounts and commissions receivable.

Interest Rate Risk

As of June 30, ~~2024~~2025, we had cash, cash equivalents and restricted cash of $4236.47 million deposited in non-interest bearing accounts, all at major banks with limited to no interest rate risk, and cash of $0.3 million deposited in a money market account with one of those banks. As of June 30, ~~2023~~2024, we had cash of $5142.24 million deposited in non-interest bearing accounts, all at major banks with limited to no interest rate risk, and cash of $310.93 million deposited in a money market account with one of those banks. Interest-earning instruments carry a degree of interest rate risk. We do not enter into investments for trading or speculative purposes. Our risk management strategy has included, and may continue to include entering into interest rate swap agreements to protect against unfavorable interest rate changes relating to forecasted debt transactions.

Seasonality

See “Risk Factors—Risks Related to Our Business and Industry—Our existing and any future indebtedness

could adversely affect our ability to operate our business” ~~and “Risk Factors—Risks Related to Our Business and Industry—Developments with respect to LIBOR may affect our borrowings under our credit facilities”~~ for additional information.

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ITEM 8. FINANCIAL STATEMENTS

Consolidated Financial Statements

Report of Independent Registered Public Accounting Firm (PCAOB ID 34)			7173
Consolidated Balance Sheets			7475
Consolidated Statements of Comprehensive Loss			75
Consolidated Statements of Comprehensive Income (Loss)			77
Consolidated Statements of Changes in Shareholders' Equity			7678
Consolidated Statements of Cash Flows			7779
Notes to the Consolidated Financial Statements			7881

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholders and the Board of Directors of SelectQuote, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of SelectQuote, Inc. and subsidiaries (the "Company") as of June 30, ~~2024~~2025 and ~~2023~~2024, the related consolidated statements of comprehensive income (loss), changes in shareholders' equity, and cash flows, for each of the three years in the period ended June 30, ~~2024~~2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of June 30, ~~2024~~2025 and ~~2023~~2024, and the results of its operations and its cash flows for each of the three years in the period ended June 30, ~~2024~~2025, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of June 30, ~~2024~~2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated ~~September~~August 1321, ~~2024~~2025, expressed an unqualified opinion on the Company's internal control over financial reporting.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Commission Revenue – Medicare Advantage Renewal Commissions – Refer to Notes 1 and 13 to the financial statements

Critical Audit Matter Description

The Company earns commission revenue from the sale of insurance policies to consumers on behalf of its customers, the insurance carriers. The transaction price is determined when the performance obligation is satisfied upon the initial sale of the insurance policy by estimating the lifetime value (“LTV”). The LTV is an estimate of the

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commissions to be collected over the life of an approved policy, consisting of the commission due in the year the policy is first effective and an estimate of commissions due upon each subsequent policy renewal (“renewal commissions”), and does not include consideration related to production bonuses or marketing development funds. The Company ~~recognized~~recognizes commission revenue from Medicare Advantage (“MA”) products as included in the Senior segment. MA renewal commissions are considered variable consideration and require significant judgment based on management assumptions for persistency, renewal year provision, and constraint. The Company ~~earns~~is ~~commission~~continuously ~~revenue~~reviewing ~~from~~and ~~the~~monitoring ~~sale of insurance policies to consumers on behalf of its customers,~~ the ~~insurance~~assumptions ~~carriers.~~and ~~The~~inputs ~~transaction~~into ~~price is determined when~~ the ~~performance~~Company’s ~~obligation~~calculation isof ~~satisfied~~renewal ~~upon~~commission ~~the~~revenue, ~~initial~~including ~~sale~~reviewing ofchanges ~~the~~in ~~insurance policy by estimating~~ the ~~lifetime~~data ~~value~~used ~~(“LTV”).~~to ~~The~~estimate LTV’s isas anwell ~~estimate~~as ofmonitoring the ~~commissions~~cash toreceived befor ~~collected~~each ~~over~~cohort ~~the~~as ~~life~~compared ofto ~~an approved policy, consisting of~~ the ~~commission~~original ~~due~~estimates inat the ~~year~~time the policy iswas ~~first~~sold. ~~effective~~The ~~and~~Company anassesses ~~estimate~~the ofactual ~~commissions due upon each subsequent policy~~ renewal ~~(“renewal~~data ~~commissions”),~~ and ~~does~~historical ~~not~~data ~~include consideration related~~ to ~~production~~identify ~~bonuses~~trends orand ~~marketing~~updates ~~development~~assumptions ~~funds.~~regarding ~~The~~expected ~~Company~~future ~~recognized~~cash ~~commission~~flows ~~revenue~~when ~~from~~a ~~Medicare~~sufficient ~~Advantage~~amount ~~(“MA”)~~of ~~products~~evidence aswould ~~included~~suggest inthat the ~~Senior~~expectation ~~segment.~~underlying MAthe ~~renewal~~assumption ~~commissions~~has ~~are~~changed ~~considered variable consideration~~ and ~~require~~a ~~significant~~change ~~judgment~~in ~~based~~estimate onof ~~management~~the ~~assumptions~~transaction ~~for~~price ~~persistency,~~is ~~renewal year provision, and constraint~~warranted. The ~~Company~~differences ~~reassesses~~in ~~the~~actual ~~estimate~~cash ofreceived ~~variable~~for ~~consideration~~current ~~each reporting~~ period ~~using~~renewals ~~cash~~may ~~receipts,~~result ~~actual~~in ~~renewal~~an ~~data,~~adjustment ~~and~~by ~~historical~~cohort ~~data~~(“cohort adjustment”) to ~~identify~~revenue ~~trends~~ and ~~updates~~commissions ~~the~~receivable. ~~estimate~~Cohort ~~when~~adjustments ~~sufficient~~are ~~evidence~~recognized ~~indicates~~using ~~management’s~~actual ~~assumptions~~experience ~~have~~from ~~changed~~policy renewals. The ~~differences~~Company inanalyzes ~~cash~~cohort ~~received~~adjustments ~~for~~to ~~current~~determine ~~period~~if ~~renewals~~they are ~~recorded~~indicative asof ~~adjustments~~changes ~~(“cohort~~needed ~~adjustments”)~~in asour ~~the~~estimates ~~underlying~~of ~~uncertainty~~future isrenewal ~~resolved.~~commissions ~~The~~(“tail ~~cohort~~ adjustments”) ~~and~~that ~~changes~~remain inunresolved ~~assumptions~~as ~~are~~of ~~used to update~~ the ~~estimate~~reporting ~~of remaining variable consideration (“tail adjustments”)~~period.

We identified MA renewal commissions as a critical audit matter because of the significant judgment necessary to audit management’s assumptions used in the estimate of variable consideration. This required a high degree of auditor judgment, use of specialists, and extensive audit effort due to the complexity of the methodology and volume of transactions when performing procedures to audit management’s assumptions for persistency, renewal year provision, and constraint and in evaluating the results of those procedures.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to management’s estimate of variable consideration for MA renewal commissions and management’s assumptions for persistency, renewal year provision, and constraint included the following, among others:

•We tested the effectiveness of internal controls related to the estimate of variable consideration for MA renewal commissions, including those related to the selection of persistency, renewal year provision, and constraint assumptions.

•We tested the effectiveness of internal controls related to the completeness and accuracy of the policy data used by management in determining persistency and renewal year provision assumptions.

•We performed recalculations of persistency assumptions and variable consideration to test the accuracy and reasonableness of management’s methodology for estimating MA renewal commissions.

•We obtained confirmations from the insurance carriers to test the policy status for MA policies used by management in determining persistency assumptions.

•We performed a retrospective analysis of the historical renewal year provision assumptions based on actual lapse trends and developed an expectation of the renewal year provision to test the reasonableness of management’s renewal year provisions assumptions.

•We evaluated the reasonableness of management’s constraint assumption applied to MA renewal commissions.

•We ~~developed~~tested anmanagement’s ~~expectation~~calculation of ~~the~~cohort ~~variable~~and ~~consideration~~tail adjustments for MA ~~policies~~renewal ascommissions ~~of year-end~~ and ~~compared~~assessed ~~it to~~ the ~~estimate~~reasonableness ~~used~~of inthe ~~management’s year-end reassessment~~methodology.

•We ~~tested~~involved ~~management’s~~actuarial ~~calculation~~specialists ofto ~~cohort~~assist ~~and~~our ~~tail~~evaluation ~~adjustments~~of ~~for~~the MAappropriateness ~~renewal~~of ~~commissions~~the methodology and ~~assessed~~assumptions ~~the~~used ~~reasonableness~~to develop estimates of ~~the~~future ~~methodology~~cash collections.

72•We tested the completeness and accuracy of data utilized to develop estimates of future cash collections.

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/s/ Deloitte & Touche LLP

Kansas City, Missouri

~~September~~August 1321, ~~2024~~2025

We have served as the Company's auditor since 2018.

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SELECTQUOTE, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

	June 30,
	2024		2023
	2025		2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	42,690	$	83,156
Cash, cash equivalents, and restricted cash	$	35,733	$	42,690
Accounts receivable, net of allowances of $8.2 million and $2.7 million, respectively	150,035		154,565
Accounts receivable, net of allowances of $11.8 million and $8.2 million, respectively	151,388		150,035
Commissions receivable-current	~~119~~132,~~871~~077		~~111~~119,~~148~~871
Other current assets	2021,~~327~~844		1420,~~355~~327
Total current assets	~~332~~341,~~923~~042		~~363~~332,~~224~~923
COMMISSIONS RECEIVABLE—Net	~~761~~818,~~446~~751		~~729~~761,~~350~~446
PROPERTY AND EQUIPMENT—Net	1814,~~973~~577		2718,~~452~~973
SOFTWARE—Net	1315,~~978~~060		1413,~~740~~978
OPERATING LEASE RIGHT-OF-USE ASSETS	2324,~~437~~635		23,~~563~~437
INTANGIBLE ASSETS—Net	101,~~194~~973		10,~~200~~194
GOODWILL	29,438		29,~~136~~438
OTHER ASSETS	3,~~519~~880		213,~~586~~519
TOTAL ASSETS	$	1,~~193~~249,~~908~~356	$	1,~~219~~193,~~251~~908
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES, PREFERRED STOCK, AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	3659,~~587~~205	$	2736,~~577~~587
Accrued expenses	1613,~~904~~856		16,~~993~~904
Accrued compensation and benefits	5758,~~594~~788		4957,~~966~~594
Operating lease liabilities—current	4,~~709~~820		54,~~175~~709
Current portion of long-term debt	4568,~~854~~523		3345,~~883~~854
Contract liabilities	~~8,066~~698		18,~~691~~066
Other current liabilities	47,~~873~~020		14,~~972~~873
Total current liabilities	~~174~~212,~~587~~910		~~137~~174,~~257~~587
LONG-TERM DEBT, NET—less current portion	~~637~~316,~~480~~589		~~664~~637,~~625~~480
DEFERRED INCOME TAXES	37,~~478~~872		3937,~~581~~478
OPERATING LEASE LIABILITIES	25,~~685~~982		2725,~~892~~685
OTHER LIABILITIES	180,~~877~~485		21,~~926~~877
Total liabilities	~~877~~673,~~107~~838		~~872~~877,~~281~~107
COMMITMENTS AND CONTINGENCIES (Note 11)
SHAREHOLDERS’ EQUITY:
Common stock, $0.01 par value—700,000,000 shares authorized; 169,384,757 and 166,867,240 shares issued and outstanding as of June 30, 2024 and 2023, respectively	1,694		1,669
Additional paid-in capital	580,764		567,266
Accumulated deficit	(269,769)		(235,644)
Accumulated other comprehensive income	4,112		13,679
Total shareholders’ equity	316,801		346,970
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,193,908	$	1,219,251

~~See accompanying notes to consolidated financial statements.~~75

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	June 30,
	2025		2024
COMMITMENTS AND CONTINGENCIES (Note 12)
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	224,374		—
SHAREHOLDERS’ EQUITY:
Common stock, $0.01 par value—700,000,000 shares authorized; 172,816,730 and 169,384,757 shares issued and outstanding as of June 30, 2025 and 2024, respectively	1,728		1,694
Additional paid-in capital	571,605		580,764

Accumulated deficit	(222,189)		(269,769)
Accumulated other comprehensive income	—		4,112
Total shareholders’ equity	351,144		316,801
TOTAL LIABILITIES, PREFERRED STOCK, AND SHAREHOLDERS’ EQUITY	$	1,249,356	$	1,193,908

See accompanying notes to the consolidated financial statements.

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SELECTQUOTE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands)

	Year Ended June 30,
	2024		2023		2022
	2025						2024		2023
REVENUE:
Commissions and other services	$	~~856~~797,~~923~~841	$	~~763,301~~	$	~~704,585~~	$	856,923	$	763,301
Pharmacy	~~464~~728,~~853~~753		~~239,547~~		~~59,460~~		464,853		239,547
Total revenue	1,~~321~~526,~~776~~594		~~1,002,848~~		~~764,045~~		1,321,776		1,002,848
OPERATING COSTS AND EXPENSES:
Cost of commissions and other services revenue	~~318~~305,~~798~~127		~~301,524~~		~~391,528~~		318,798		301,524
Cost of goods sold—pharmacy revenue	~~405~~630,~~004~~340		~~225,963~~		~~64,172~~		405,004		225,963
Marketing and advertising	~~358~~319,~~858~~505		~~301,245~~		~~484,084~~		358,858		301,245
Selling, general, and administrative	~~141~~164,~~042~~442		~~136,518~~		~~100,945~~		141,042		136,518
Technical development	3338,~~524~~681		~~26,015~~		~~24,729~~		33,524		26,015
Goodwill impairment	—		—		44,596
Total operating costs and expenses	1,458,095						1,257,226		991,265
Total operating costs and expenses	1,257,226		991,265		1,110,054
INCOME FROM OPERATIONS	68,499						64,550		11,583
INCOME (LOSS) FROM OPERATIONS	64,550		11,583		(346,009)
INTEREST EXPENSE, NET	(79,385)						(93,551)		(80,606)
INTEREST EXPENSE, NET	(93,551)		(80,606)		(43,595)
CHANGE IN FAIR VALUE OF WARRANTS	59,525						—		—
OTHER EXPENSE, NET	(65128)		~~(121)~~		~~(202)~~		(65)		(121)
LOSS BEFORE INCOME TAX EXPENSE (BENEFIT)	(29,066)		(69,144)		(389,806)
INCOME (LOSS) BEFORE INCOME TAX EXPENSE (BENEFIT)	48,511						(29,066)		(69,144)
INCOME TAX EXPENSE (BENEFIT)	~~5,059~~931		~~(10,600)~~		~~(92,302)~~		5,059		(10,600)
NET LOSS	$	(34,125)	$	(58,544)	$	(297,504)
NET INCOME (LOSS)	$	47,580					$	(34,125)	$	(58,544)
NET LOSS PER SHARE:
Senior Non-Convertible Preferred Stock accumulated dividends and accretion	(22,548)						—		—
Basic	$	(0.20)	$	(0.35)	$	(1.81)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	25,032					$	(34,125)	$	(58,544)
Diluted	$	(0.20)	$	(0.35)	$	(1.81)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS PER SHARE:
WEIGHTED-AVERAGE COMMON STOCK OUTSTANDING USED IN PER SHARE AMOUNTS:
Basic	$	0.14					$	(0.20)	$	(0.35)
Basic	168,519		166,140		164,042
Diluted	$	0.01					$	(0.20)	$	(0.35)
Diluted	168,519		166,140		164,042
WEIGHTED-AVERAGE COMMON STOCK OUTSTANDING USED IN PER SHARE AMOUNTS:
OTHER COMPREHENSIVE INCOME (LOSS) NET OF TAX:
Basic	176,148						168,519		166,140
Change in cash flow hedge	$	(9,567)	$	1,963	$	11,487
Diluted	181,895						168,519		166,140
OTHER COMPREHENSIVE INCOME (LOSS)	(9,567)		1,963		11,487
OTHER COMPREHENSIVE INCOME (LOSS) NET OF TAX:
COMPREHENSIVE LOSS	$	(43,692)	$	(56,581)	$	(286,017)
Change in cash flow hedge	$	(4,112)					$	(9,567)	$	1,963
OTHER COMPREHENSIVE INCOME (LOSS)	(4,112)						(9,567)		1,963
COMPREHENSIVE INCOME (LOSS)	$	43,468					$	(43,692)	$	(56,581)

See accompanying notes to the consolidated financial statements.

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SELECTQUOTE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

(In thousands, except share amounts)

	Common Stock			AdditionalPaid-InCapital		Retained Earnings / (Accumulated Deficit)		Accumulated Other Comprehensive Income		TotalShareholders'Equity
	Shares	Amount
BALANCES-June 30, 2021	163,510	$	1,635	$	544,771	$	120,404	$	229	$	667,039
Net loss	—	—		—		(297,504)		—		(297,504)
Gain on cash flow hedge, net of tax	—	—		—		—		10,869		10,869
Amount reclassified into earnings, net of tax	—	—		—		—		618		618
Exercise of employee stock options, net of shares withheld for cashless exercises and to cover tax withholdings	349	3		1,293		—		—		1,296
Issuance of common stock pursuant to employee stock purchase plan	467	5		1,877		—		—		1,882
Vesting of restricted stock unit awards net of shares withheld to cover tax withholdings	126	1		(148)		—		—		(147)
Share-based compensation expense	—	—		7,052		—		—		7,052
BALANCES-June 30, 2022	164,452	$	1,644	$	554,845	$	(177,100)	$	11,716	$	391,105
Net loss	—	—		—		(58,544)		—		(58,544)
Gain on cash flow hedge, net of tax	—	—		—		—		8,974		8,974
Amount reclassified into earnings, net of tax	—	—		—		—		(7,011)		(7,011)
Exercise of employee stock options, net of shares withheld for cashless exercises and to cover tax withholdings	1,139	12		627		—		—		639
Issuance of common stock pursuant to employee stock purchase plan	877	9		539		—		—		548
Vesting of restricted stock unit awards net of shares withheld to cover tax withholdings	399	4		(45)		—		—		(41)
Share-based compensation expense	—	—		11,300		—		—		11,300
BALANCES-June 30, 2023	166,867	$	1,669	$	567,266	$	(235,644)	$	13,679	$	346,970
Net loss	—	—		—		(34,125)		—		(34,125)
Gain on cash flow hedge, net of tax	—	—		—		—		1,214		1,214
Amount reclassified into earnings, net of tax	—	—		—		—		(10,781)		(10,781)
Exercise of employee stock options, net of shares withheld for cashless exercises and to cover tax withholdings	47	—		81		—		—		81
Vesting of restricted stock unit awards and performance stock unit awards net of shares withheld to cover tax withholdings	2,471	25		(399)		—		—		(374)
Share-based compensation expense	—	—		13,816		—		—		13,816
BALANCES-June 30, 2024	169,385	$	1,694	$	580,764	$	(269,769)	$	4,112	$	316,801
Net income	—	—		—		47,580		—		47,580
Loss on cash flow hedge, net of tax	—	—		—		—		(432)		(432)
Amount reclassified into earnings, net of tax	—	—		—		—		(3,680)		(3,680)
Exercise of employee stock options, net of shares withheld for cashless exercises and to cover tax withholdings	95	1		97		—		—		98
Vesting of restricted stock unit awards and performance stock unit awards net of shares withheld to cover tax withholdings	2,777	27		(3,855)		—		—		(3,828)
Vesting of price vested unit awards	560	6		(1,210)		—		—		(1,204)
Share-based compensation expense	—	—		18,357		—		—		18,357
Senior Non-Convertible Preferred Stock accretion	—	—		(5,490)		—		—		(5,490)
Senior Non-Convertible Preferred Stock accumulated dividends	—	—		(17,058)		—		—		(17,058)
BALANCES-June 30, 2025	172,817	$	1,728	$	571,605	$	(222,189)	$	—	$	351,144

See accompanying notes to the consolidated financial statements.

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SELECTQUOTE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	Year Ended June 30,
	2024		2023		2022
	2025		2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(34,125)	$	(58,544)	$	(297,504)
Net income (loss)	$	47,580	$	(34,125)	$	(58,544)
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:
Adjustments to reconcile net income (loss) to net cash, cash equivalents, and restricted cash used in operating activities:
Depreciation and amortization	2420,~~998~~460		2724,~~881~~998		2427,~~724~~881
Goodwill impairment	—		—		44,596
Loss on disposal of property, equipment, and software	240		536		754
Loss on disposal of property, equipment, and software	536		754		1,458
Impairment of long-lived assets	4,209		—		17,332
Impairment of long-lived assets	—		17,332		3,147
Share-based compensation expense	18,357		13,816		11,310
Share-based compensation expense	13,816		11,310		7,052
Deferred income taxes	1,849		1,163		(11,176)
Deferred income taxes	1,163		(11,176)		(92,716)
Amortization of debt issuance costs and debt discount	5,247		6,142		8,676
Amortization of debt issuance costs and debt discount	6,142		8,676		5,461
Write-off of debt issuance costs	93		293		710
Write-off of debt issuance costs	293		710		—
Accrued interest payable in kind	14,013		19,577		12,015
Accrued interest payable in kind	19,577		12,015		—
Change in fair value of warrants	(59,525)		—		—
Non-cash lease expense	23,~~349~~922		42,~~185~~349		4,~~067~~185
Bad debt expense	4,203		—		—
Changes in operating assets and liabilities:
Accounts receivable, net	(5,~~203~~555)		~~(24~~5,~~817)~~203		(2524,~~749~~817)
Commissions receivable	(4069,~~819~~510)		(140,~~872~~819)		7(1,~~271~~872)
Other assets	(16,~~967~~282)		~~169~~(1,967)		~~(10,915)~~169
Accounts payable and accrued expenses	719,~~347~~226		(37,~~649)~~347		(43,~~464~~649)
Operating lease liabilities	(4,~~897~~711)		(54,~~643~~897)		(5,~~143~~643)
Other liabilities	15(5,~~620~~482)		315,~~292~~620		~~401~~3,292
Net cash provided by (used in) operating activities	15(11,~~236~~666)		~~(19~~15,~~377)~~236		(~~338~~19,~~314~~377)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(32,~~382~~191)		(13,~~447~~382)		(241,~~798~~447)
Proceeds from sales of property and equipment	~~253~~—		—253		—
Purchases of software and capitalized software development costs	(89,~~284~~123)		(78,~~678~~284)		(97,~~851~~678)
Acquisition of business	~~(3,433)~~—		—(3,433)		~~(6,927)~~—
Investment in equity securities	—		—		(1,000)
Net cash used in investing activities	(11,314)		(14,846)		(9,125)
Net cash used in investing activities	(14,846)		(9,125)		(42,576)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Revolving Credit Facility	—166,900		—		~~50,000~~—
Payments on Revolving Credit Facility	—(166,900)		—		~~(50,000)~~—
Net proceeds from Term Loans	—		—		242,000
Payments on Term Loans	(388,216)		(38,883)		(17,833)
Payments on Term Loans	(38,883)		(17,833)		(3,585)
Proceeds on ABS Notes	99,095		—		—
Payments on other debt	(149)		(158)		(184)
Payments on ABS Notes	(16,577)		—		—
Proceeds from common stock options exercised and employee stock purchase plan	81		1,187		3,179
Payments on other debt	(312)		(149)		(158)
Payments of tax withholdings related to net share settlement of equity awards	(374)		(40)		(148)
Proceeds from common stock options exercised and employee stock purchase plan	98		81		1,187
Payments of debt issuance costs	(1,531)		(10,110)		(328)
Proceeds from issuance of Senior Non-Convertible Preferred Stock	337,855		—		—
Payment of acquisition holdback	—		(2,385)		(5,501)
Senior Non-Convertible Preferred Stock issuance costs	(7,076)		—		—
Net cash (used in) provided by financing activities	(40,856)		(29,339)		235,433
Payments of tax withholdings related to net share settlement of equity awards	(5,032)		(374)		(40)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(40,466)		(57,841)		(145,457)
Payments of debt issuance costs	(2,479)		(1,531)		(10,110)
CASH AND CASH EQUIVALENTS—Beginning of year	83,156		140,997		286,454
Payment of acquisition holdback	—		—		(2,385)
CASH AND CASH EQUIVALENTS—End of year	$	42,690	$	83,156	$	140,997
Net cash provided by (used in) financing activities	17,356		(40,856)		(29,339)

SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid, net	$	(67,037)	$	(59,025)	$	(38,043)
Payment of income taxes, net	(594)		(306)		(169)
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING ACTIVITIES:
Capital expenditures in accounts payable and accrued expenses	1,697		273		655

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	Year Ended June 30,
	2025		2024		2023
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(5,624)		(40,466)		(57,841)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH —Beginning of period	42,690		83,156		140,997
CASH, CASH EQUIVALENTS AND RESTRICTED CASH —End of period	$	37,066	$	42,690	$	83,156




SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid, net	$	(60,625)	$	(67,037)	$	(59,025)
Payment of income taxes, net	(3,156)		(594)		(306)
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:

Capital expenditures in accounts payable and accrued expenses	586		1,697		273
Issuance of liability-classified warrants	137,581		—		—
Senior Non-Convertible Preferred Stock accretion	5,490		—		—
Senior Non-Convertible Preferred Stock accumulated dividends	17,058		—		—

See accompanying notes to the consolidated financial statements.

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SELECTQUOTE, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1.SUMMARY OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES

Description of Business—SelectQuote, Inc. (together with its subsidiaries, the “Company” or “SelectQuote”) is a leading technology-enabled, direct-to-consumer distribution platform for selling insurance policies and healthcare services. We contract with insurance carriers to sell senior health, life, and auto and home insurance policies by telephone to individuals throughout the United States through the use of multi-channel marketing and advertising campaigns. SelectQuote’s Senior division (“Senior”) sells Medicare Advantage, Medicare Supplement, Medicare Part D, and other ancillary senior health insurance related products, and also includes a small lead generation business, InsideResponse, LLC (“InsideResponse”). SelectQuote’s Life division (“Life”) sells term life, final expense, and other ancillary products, and SelectQuote’s Auto & Home division (“Auto & Home”) primarily sells non-commercial auto and home, property and casualty insurance products. The Healthcare Services division (“Healthcare Services”) includes SelectRx, ~~Population~~Healthcare ~~Health~~Select, and ~~most recently,~~ SelectPatient Management (“SPM”). SelectRx is a Patient-Centered Pharmacy HomeTM (“PCPH”) accredited pharmacy, which offers essential prescription medications, ~~OTC~~over-the-counter medications, customized medication packaging, and medication therapy management. ~~Population~~Healthcare ~~Health~~Select uses data from personal ~~Health~~health ~~Risk~~risk ~~Assessments~~and lifestyle assessments completed by our agents ~~(“HRAs)~~ to connect the consumer to the relevant health-related service, like SelectRx, SPM, or one of our many health-related partners. ~~SelectPatient Management~~SPM, launched in 2024 from the acquisition of an existing chronic care management platform, helps patients navigate their chronic conditions and manage them using a comprehensive treatment plan.

Basis of Presentation—The accompanying consolidated financial statements include the accounts of SelectQuote, Inc., and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles and include all adjustments necessary for the fair presentation of our financial position as of June 30, ~~2024~~2025. During the year ended June 30, 2024, the Company consolidated the reported revenue lines on the consolidated financial statements to present revenue in two categories, services and products. As a result of this change, the revenue previously included in “Other revenue” on the consolidated statements of comprehensive loss was reclassified into “Commissions and other service revenue”. Prior year financial statements and disclosures were reclassified to conform to these changes in presentation. These reclassifications had no impact on net income, shareholders’ equity or cash flows as previously reported. Results from operations related to entities acquired during the periods covered by the consolidated financial statements are reflected from the effective date of acquisition.

Our fiscal year ends on June 30. References in this Annual Report to a particular “year,” “fiscal,” “fiscal year,” or “year-end” mean our fiscal year. The significant accounting policies applied in preparing the accompanying consolidated financial statements of the Company are summarized below.

Seasonality—Medicare-eligible individuals are permitted to change their Medicare Advantage and Medicare Part D Prescription Drug coverage for the following year during the Medicare annual enrollment period (“AEP”) in October through December and are allowed to switch plans from an existing plan during the open enrollment period (“OEP”) in January through March each year. As a result, the Senior segment’s revenue is highest in the second and third quarters.

Use of Estimates—The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets, and liabilities and disclosure of contingent assets and liabilities. The Company regularly assesses these estimates; however, actual amounts could differ from those estimates. The most significant items involving management’s estimates include estimates of revenue recognition, accounts receivable, net, commissions receivable, the provision for income taxes, share-based compensation, ~~and~~ valuation of intangible assets and goodwill, and liability classified warrants. The impact of changes in estimates is recorded in the period in which they become known.

78Cash, Cash Equivalents and Restricted Cash—Cash and cash equivalents represent cash and short-term, highly liquid investments with maturities of three months or less at the time of purchase. Cash equivalents include a money market account primarily invested in cash and U.S. Government securities. These investments are generally classified as Level 1 fair value measurements, which represent unadjusted quoted market prices in active markets for identical assets or liabilities. Our account balances can at times exceed the FDIC-insured limits. The Company’s restricted cash balance consists of specified deposit accounts to be used only to fund payments related to the Notes

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~~Business~~(as ~~Combinations—The~~defined ~~Company accounts for business combinations~~ in ~~accordance~~Note ~~with Accounting Standards Codification (“ASC”~~8) ~~Topic~~entered ~~805,~~into ~~Business~~on ~~Combinations~~October ~~(“ASC 805”)~~15, ~~which requires most identifiable assets, liabilities, and goodwill acquired in a business combination to be recorded at full fair value at the acquisition date~~2024. ~~Additionally, ASC 805 requires transaction-related costs to be expensed in the period incurred.~~ The ~~determination~~following oftable ~~fair~~summarizes ~~value of assets acquired and liabilities assumed requires estimates and assumptions that can change as a result of new information obtained about facts and circumstances that existed as of~~ the ~~acquisition date. As such~~cash, ~~the~~cash ~~Company~~equivalents ~~will~~and ~~make~~restricted ~~any~~cash ~~necessary~~included ~~adjustments~~on ~~to goodwill in~~ the ~~period identified within one year of the acquisition date. Adjustments outside of that range are recognized currently in earnings. Refer to Note 2 of the~~ consolidated ~~financial~~balance ~~statements for further details~~sheet.

Cash and Cash Equivalents—Cash and cash equivalents represent cash and short-term, highly liquid investments with maturities of three months or less at the time of purchase. Cash equivalents include a money market account primarily invested in cash, U.S. Government securities, and repurchase agreements that are collateralized fully. These investments are generally classified as Level 1 fair value measurements, which represent unadjusted quoted market prices in active markets for identical assets or liabilities. Our account balances can at times exceed the FDIC-insured limits.


	June 30,
(in thousands)	2025		2024
Current assets:
Cash and cash equivalents	$	32,400	$	42,690
Restricted cash - current	3,333		—
Total current assets	35,733		42,690
Other assets:
Other assets	1,333		—
Total cash, cash equivalents and restricted cash	$	37,066	$	42,690

Concentrations of Credit Risk—Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of accounts and commissions receivable. The Company believes the potential for collection issues with any of its customers is minimal as of June 30, ~~2024~~2025, based on the lack of collection issues in the past and the high financial standards the Company requires of its customers. As of June 30, ~~2024~~2025, two insurance carrier customers accounted for 3234% and 2321% of total accounts and commissions receivable. As of June 30, ~~2023~~2024, two insurance carrier customers accounted for 3132% and 2223% of total accounts and commissions receivable.

For the year ended June 30, ~~2024~~2025, three insurance carriers customers accounted for 3037%, 1715%, and 1611% of total revenue. For the year ended June 30, ~~2023~~2024, ~~two~~three insurance ~~carrier~~carriers customers accounted for 3330%, 17%, and 2016% of total revenue. For the year ended June 30, ~~2022~~2023, ~~three~~two insurance carrier customers accounted for 1833% ~~17%,~~ and 1220% of total revenue.

Property and Equipment—Net—Property and equipment are stated at cost less accumulated depreciation. Finance lease amortization expenses are included in depreciation expense in our consolidated statements of comprehensive loss. Depreciation is computed using the straight-line method based on the date the asset is placed in service using the following estimated useful lives:


Computer hardware			3 years
Machinery and equipment			2–5 years
Automobiles			5 years
Leasehold improvements			Shorter of lease period or useful life
Furniture and fixtures			7 years

Maintenance and minor replacements are expensed as incurred.

Software—Net—The Company capitalizes costs of materials, consultants, and compensation and benefits costs of employees who devote time to the development of internal-use software during the application development stage. Judgment is required in determining the point at which various projects enter the phases at which costs may be capitalized, in assessing the ongoing value of the capitalized costs, and in determining the estimated useful lives over which the costs are amortized, which is generally 3-5 years.

Implementation costs incurred in a hosting arrangement that is a service contract are capitalized according to the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software and classified in the same balance sheet line item as amounts prepaid for the related hosting arrangement. Amortization of these costs is recorded to the same income statement line item as the service fees for the related hosting arrangement and over the same term.

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classified in the same balance sheet line item as amounts prepaid for the related hosting arrangement. Amortization of these costs is recorded to the same income statement line item as the service fees for the related hosting arrangement and over the same term.

Leases—The Company has entered into various lease agreements for office space and other equipment as lessee. At contract inception, the Company determines that a contract contains a lease if the contract conveys the right to control the use of identified property, plant, or equipment (an identified asset) for a period of time in exchange for consideration. If a contract contains a lease, the Company recognizes a right-of-use asset and a lease liability on the consolidated balance sheet at lease commencement. The Company has elected a practical expedient to make an accounting policy not to record short-term leases on the consolidated balance sheet, defined as leases with an initial term of 12 months or less that do not contain purchase options that the lessee is reasonably certain to elect.

Right-of-use assets represent the Company’s right to use an underlying asset for the lease term as the Company has control over an economic resource and is benefiting from the use of the asset. Lease liabilities represent the Company’s obligation to make payments for that right of use. Right-of-use assets and lease liabilities are determined by recognizing the present value of future lease payments using the Company’s incremental borrowing rate, which is the rate we would have to pay to borrow on a collateralized basis based upon information available at the lease commencement date. The right-of-use asset is measured at the commencement date by totaling the amount of the initial measurement of the lease liability, adding any lease payments made to the lessor at or before the commencement date, subtracting any lease incentives received, and adding any initial direct costs incurred by the Company.

When lease terms include renewal or termination options, the Company determines the lease term as the noncancelable period of the lease, plus periods covered by an option to extend the lease if the Company is reasonably certain to exercise the option. The Company considers an option to be reasonably certain to be exercised by the Company when a significant economic incentive exists.

The Company has lease agreements with lease and nonlease components. The Company elected the practical expedient to make an accounting policy election by class of underlying asset, to not separate nonlease components from the associated lease components and instead account for each separate lease component and its associated nonlease components as a single lease component. The Company has applied this accounting policy election to all asset classes.

Impairment and Disposal of Long-Lived Assets—The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset or asset group to its expected future undiscounted cash flows. If the carrying amount exceeds its expected future undiscounted cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset or asset group exceeds its fair value. Assets to be disposed of are reported at the lower of their carrying amount or fair value, less costs to sell. Refer to Notes 32, 43, and 75 of the consolidated financial statements for further details.

Goodwill—Goodwill represents the excess of the purchase price over the estimated fair values of identifiable assets and liabilities acquired in a business combination as of the acquisition date. Goodwill is not amortized in accordance with the requirements of ASC 350 Intangibles - Goodwill and Other, rather, goodwill is tested for impairment on an annual basis and whenever events or circumstances indicate that the asset may be impaired. The Company considers significant unfavorable industry or economic trends as factors in deciding when to perform an impairment test. Goodwill is allocated among, and evaluated for impairment, at the reporting unit level, which is defined as an operating segment or one level below an operating segment. The Company performs the annual goodwill impairment test as of April 1. Refer to Note 75 of the consolidated financial statements for further details.

~~Revenue Recognition~~Warrants—The Company ~~has~~accounts ~~two~~for ~~revenue~~warrants ~~streams:~~as ~~commissions~~either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and ~~other~~applicable ~~services~~authoritative ~~revenue~~guidance in ASC 480, Distinguishing Liabilities from Equity (“ASC 480”), and ~~pharmacy~~ASC ~~revenue~~815, Derivatives and Hedging (“ASC 815”). The ~~Company~~assessment ~~recognizes~~considers ~~revenue~~whether ~~when~~the awarrants ~~customer~~are ~~obtains~~freestanding ~~control~~financial ofinstruments ~~promised~~pursuant ~~goods~~to orASC 480, meet the

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~~services~~definition ~~and~~of ~~recognizes~~a anliability ~~amount~~pursuant ~~that reflects the consideration that an entity expects~~ to beASC ~~entitled~~480, toand inwhether ~~exchange for those goods or services. The Company applies~~ the ~~following~~warrants ~~five-step~~meet ~~model~~all ~~in order to determine this amount: (i) identification~~ of the ~~contract~~requirements ~~with~~for aequity ~~customer;~~classification ~~(ii)~~under ~~identification~~ASC ~~of the performance obligations in the contract~~815, including whether ~~they are distinct in~~ the ~~context~~warrants ofare ~~the~~indexed ~~contract;~~to ~~(iii)~~our ~~measurement~~own ofcommon ~~the~~shares ~~transaction~~and ~~price,~~whether ~~including~~ the ~~constraint~~warrant onholders ~~variable~~could ~~consideration;~~potentially ~~(iv)~~require ~~allocation~~“net ofcash ~~the~~settlement” ~~transaction~~in ~~price~~a tocircumstance ~~the~~outside ~~performance obligations; and (v) recognition~~ of ~~revenue~~our ~~when~~control, ~~(or~~among ~~as)~~other ~~the~~conditions ~~Company~~for ~~satisfies~~equity ~~each performance obligation~~classification. ~~The~~This ~~Company~~assessment, ~~only~~which ~~applies~~requires the ~~five-step~~use ~~model~~of toprofessional ~~contracts~~judgment, ~~when it~~ is ~~probable~~conducted ~~that~~at ~~it will collect~~ the ~~consideration~~time itof iswarrant ~~entitled~~issuance toand inas ~~exchange~~of ~~for~~each ~~the~~subsequent ~~goods~~reporting ~~or services it transfers to the customer~~period.

Senior Non-Convertible Preferred Stock—In accordance with ASC 480, the Company accounts for equity instruments as temporary equity if they are redeemable for cash or other assets, at the option of the holder, at a fixed or determinable price on a fixed or determinable date, or upon occurrence of an event that is not solely within the control of the issuer. Redeemable equity instruments are initially carried at the fair value of the equity instrument at the issuance date, which is subsequently adjusted at each balance sheet if the instrument is currently redeemable, or probable of becoming redeemable. The Senior Non-Convertible Preferred Stock (as defined in Note 9) issued in connection with the Senior Non-Convertible Preferred Stock Purchase Agreements as described in Note 9 are classified as temporary equity in the condensed consolidated balance sheet. The Company elected the accreted redemption value method under which it accretes changes in redemption value over the period from the date of issuance of the Senior Non-Convertible Preferred Stock to the earliest redemption date (the sixth anniversary) using the effective interest method. Such adjustments are treated as a deemed dividend against paid-in-capital.

Revenue Recognition—The Company has two revenue streams: commissions and other services revenue and pharmacy revenue. The Company recognizes revenue when a customer obtains control of promised goods or services and recognizes an amount that reflects the consideration that an entity expects to be entitled to in exchange for those goods or services. The Company applies the following five-step model in order to determine this amount: (i) identification of the contract with a customer; (ii) identification of the performance obligations in the contract, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company only applies the five-step model to contracts when it is probable that it will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer.

Commissions and Other Services Revenue

Contracts with Customers—The Company earns commissions revenue from the sale of insurance policies, both in the first year the policy is sold and, when applicable, when the underlying policyholder renews their policy in subsequent years, as presented in the consolidated statements of comprehensive income (loss) as commission and other services revenue. The Company’s primary customers are the insurance carriers that it contracts with to sell insurance policies on their behalf. The contracts with the insurance carriers are non-exclusive and can typically be terminated unilaterally by either party. We review individual contracts to determine the Company’s legal and enforceable rights to renewal commissions upon contract termination when determining variable consideration. Additionally, the insurance carriers have the ability to amend provisions in the contracts relating to the commission rates paid to the Company for new policies sold. The Company’s contracts with customers for commissions revenue contain a single performance obligation satisfied at a point in time to which it allocates the total transaction price. For certain contracts, the Company receives upfront commission payments from carrier customers for policies to be brokered in the next selling season. These upfront payments are recorded as contract liabilities and subsequently recognized as revenue in the period the performance obligations are satisfied. These upfront payment arrangements do not include future renewal commissions.

Significant Judgments—The accounting estimates related to the recognition of revenue require the Company to make judgments regarding the determination of performance obligations and numerous assumptions in the determination of the transaction price. In determining the amounts of revenue to recognize, the Company considers the following:

•Determination of Performance Obligations—The Company reviews each contract with customers to determine what promises the Company must deliver and which of these promises are capable of being distinct and are distinct in the context of the contract. The delivery of new policies to the insurance carriers is the only material promise specified within the contracts. After a policy is sold, the Company has no material additional or recurring obligations to the policyholder or the insurance carrier. The Company’s contracts do not include downstream policyholder activities such as claims support or payment collection services. While the primary promise is the sale of policies, some contracts include the promise to provide administrative services to policyholders on behalf of the insurance carrier such as responding to policyholder inquiries regarding coverage or providing proof of insurance. The Company has concluded that while these administrative services may be distinct, they are immaterial in the context of the contract.

•Determination of the Transaction Price—Although the commission rates the Company is paid are based on agreed-upon contractual terms, the transaction price is determined using the estimated LTV, which represents commissions estimated to be collected over the life of an approved policy. This includes the first year commission due upon the initial sale of a policy as well as an estimate of renewal commissions, when applicable. First year commission revenue for new policies sold includes an estimated provision for those policies that are anticipated to lapse before the first policy anniversary renewal date (“first year provision”). The Company utilizes a practical expedient to estimate renewal commission revenue by applying the use of a portfolio approach to policies grouped together by segment, insurance carrier, product type, and quarter the policy was initially sold (referred to as a “cohort”). 84

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delivery of new policies to the insurance carriers is the only material promise specified within the contracts. After a policy is sold, the Company has no material additional or recurring obligations to the policyholder or the insurance carrier. The Company’s contracts do not include downstream policyholder activities such as claims support or payment collection services. While the primary promise is the sale of policies, some contracts include the promise to provide administrative services to policyholders on behalf of the insurance carrier such as responding to policyholder inquiries regarding coverage or providing proof of insurance. The Company has concluded that while these administrative services may be distinct, they are immaterial in the context of the contract.

The assumptions used in the Company’s calculation of renewal commission revenue are based on a combination of the Company’s historical experience for renewals, lapses, and payment data; available insurance carrier data; other industry or consumer behavior patterns; and expectations for future retention rates. The estimate of variable consideration is recognized only to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with future commissions receivables is subsequently resolved when the policy renews or lapses. The Company monitors and updates this estimate of transaction price at each reporting period.

•Reassessment of the Transaction Price—The Company is continuously reviewing and monitoring the assumptions and inputs into the Company’s calculation of renewal commission revenue, including reviewing changes in the data used to estimate ~~LTV’s~~LTVs as well as monitoring the cash received for each cohort as compared to the original estimates at the time the policy was sold. The Company assesses the actual renewal data and historical data to identify trends and updates assumptions regarding expected future cash flows when a sufficient amount of evidence would suggest that the expectation underlying the assumption has changed and a change in estimate of the transaction price is warranted. The differences in actual cash received for current period renewals may result in an adjustment by cohort (“cohort adjustment”) to revenue and commissions receivable. Cohort adjustments are recognized using actual experience from policy renewals. The Company analyzes cohort adjustments to determine if they are indicative of changes needed in our estimates of future renewal commissions (“tail adjustments”) that remain unresolved as of the reporting period.

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recognized using actual experience from policy renewals. The Company analyzes cohort adjustments to determine if they are indicative of changes needed in our estimates of future renewal commissions (“tail adjustments”) that remain unresolved as of the reporting period.

Timing of Recognition—The Company recognizes revenue for both first year and renewal commissions when it has completed its performance obligation, which is at different milestones for each segment based on the contractual enforceable rights, the Company’s historical experience, and established customer business practices:

•Senior—Commissions revenue is recognized at the time the carrier has acknowledged the policy. Carrier acknowledgement of the policy may be received as either carrier approval, payment of commission, or the policy becoming effective.

•Life—Term commissions revenue is recognized when the insurance carrier has approved the policy sold and payment information has been obtained from the policyholder. Final expense commissions revenue is recognized when the carrier provides confirmation the policy is active.

•Auto & Home—Commissions revenue is recognized when the policy sold becomes effective.

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In addition to the commissions revenue, the Company earns two additional forms of revenue from its insurance carrier customers for the sale of new policies, which are included in commissions and other services revenue: 1) production bonuses, which are generally based on attaining predetermined target sales levels and are paid at the end of an agreed-upon measurement period and 2) marketing development funds, which are used as additional compensation and incentive to drive incremental policy sales for certain insurance carrier customers and are typically paid upfront to be used for lead generation activities during the agreed-upon measurement period (e.g. AEP for Senior).

The transaction price for production bonus is the agreed-upon contractual total production bonus to be paid by the insurance carrier at the end of the measurement period. The Company recognizes revenue from production bonuses as policies are sold based upon the agreed-upon targets in the customer contracts, using contractual amounts and forecast data to project the volume for the measurement period and record revenue proportionally as policies are sold. Therefore, the estimates of revenue for production bonuses are considered variable consideration, but the uncertainty around the variable consideration is typically resolved within a reporting period due to the nature of the production bonus contracts. Due to this, there are not significant judgments required in recognizing production bonus revenue.

The contract language can vary in the Company’s marketing development funds contracts, however, the promise to the customer is for the Company to deliver new policies. The Company’s performance obligation is fulfilled and revenue is recognized when policies are sold. This portion of the transaction price is fixed and is generally paid in advance. In such cases, a contract liability is recognized when consideration is received and revenue is recognized thereafter as policies are sold during the agreed-upon measurement period (typically one fiscal quarter). Some marketing development funds contracts will contain policy sales minimums, and in these instances revenue is recognized in the same manner as production bonuses. The difference between the upfront payment and the unmet performance obligation represents a contract liability, which is presented in contract liabilities in the consolidated balance sheets.

Commissions and other services revenue also includes revenue from ~~Population~~Healthcare ~~Health~~Select, which is recognized when the performance obligation has been met, which is at different times for our various services (e.g. the ~~HRA~~health risk and lifestyle assessment has been performed or a transfer has been made to a health-related partner), the transaction price is known based on volume and contractual prices, and we have no further performance obligations. Revenue for SPM is generally recognized upon completion of the services to coordinate care across providers and support patient accountability. The transaction price per patient is contractual and services are documented and shared with providers to support each month’s billing. Lead generation revenue for InsideResponse ~~is recognized when the generated lead is accepted by our customers, which is the point of sale, and we have no performance obligation after the delivery.~~

~~Pharmacy Revenue~~86

Pharmaceutical sales revenue from SelectRx is recognized upon shipment of an order to a customer (the patient ordering the medication). At the time of shipment, the Company has performed its one performance obligation and collectability is probable. The Company is legally prohibited from accepting returned pharmaceuticals or re-shipping orders except in limited circumstances. Orders not successfully delivered are evaluated each period and recorded against revenue. There are no future revenue streams or variable consideration associated as the transaction price is fixed at time of shipment, and any subsequent new order is its own performance obligation. Furthermore, as the customer has the ability to direct the use of the asset and substantially all of the remaining benefits of the asset have been transferred to the customer upon shipment, that is when revenue is recognized.

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~~payments~~is ~~yet~~recognized towhen ~~be received from~~ the ~~insurance~~generated ~~carriers.~~lead ~~Accounts~~is ~~receivable,~~accepted ~~net also includes trade receivables from Healthcare Services primarily due to pharmacy sales to customers who are covered~~ by third-party payers (e.g., pharmacy benefit managers, insurance companies, and governmental agencies), and are stated net of allowance for credit losses. The Company recorded an allowance for credit losses as of June 30, 2024 and 2023, of $8.2 million and $2.7 million, respectively. We estimate an allowance for credit losses using historical actual payment information, as well as current information available to us about our customers, ~~and~~which ~~relevant market information that may impact our customers and their ability to pay us. Our estimated exposure of default~~ is determined by applying these internal and external data sources to our receivable balances. As such, we apply an immediate reversion method and revert to historical loss information when computing our credit loss exposure. Credit loss expenses are assessed quarterly and are included in selling, general, and administrative expenses in the ~~consolidated~~point ~~statements~~ of ~~comprehensive loss. The Company recorded write-offs of $1.4 million~~sale, ~~$0.6 million,~~ and ~~$0.0 million~~we ~~during~~have ~~the~~no ~~years~~performance ~~ended~~obligation ~~June~~after ~~30,~~the ~~2024, 2023, and 2022, respectively~~delivery.

Pharmacy Revenue

Pharmaceutical sales revenue from SelectRx is recognized upon shipment of an order to a customer (the patient ordering the medication). At the time of shipment, the Company has performed its one performance obligation and collectability is probable. The Company is legally prohibited from accepting returned pharmaceuticals or re-shipping orders except in limited circumstances. Orders not successfully delivered are evaluated each period and recorded against revenue. There are no future revenue streams, or material variable consideration with respect to the implicit price concession for co-pays, as the transaction price is fixed at time of shipment, and any subsequent new order is its own performance obligation. Furthermore, as the customer has the ability to direct the use of the asset and substantially all of the remaining benefits of the asset have been transferred to the customer upon shipment, that is when revenue is recognized.

Accounts Receivable, net—Accounts receivable, net primarily represents either first year or renewal commissions expected to be received on policies that have already been sold or renewed and for production bonus revenue that has been earned but not received from the insurance carrier. Typically, the Company receives commission payments as the insurance carriers receive payments from the underlying policyholders. As these can be on various payment terms such as monthly or quarterly, a receivable is recorded to account for the commission payments yet to be received from the insurance carriers. Accounts receivable, net also includes trade receivables from Healthcare Services primarily due to pharmacy sales to customers who are covered by third-party payers (e.g., pharmacy benefit managers, insurance companies, and governmental agencies), and are stated net of allowance for expected credit losses. The Company recorded an allowance for credit losses as of June 30, 2025 and 2024, of $11.8 million and $8.2 million, respectively. We estimate an allowance for credit losses using historical actual payment information, as well as current information available to us about our customers and relevant market information that may impact our customers and their ability to pay us. Our estimated exposure of default is determined by applying these internal and external data sources to our receivable balances. As such, we apply an immediate reversion method and revert to historical loss information when computing our credit loss exposure. Credit loss expenses are assessed quarterly and are included in selling, general, and administrative expenses in the consolidated statements of comprehensive income (loss). The Company recorded write-offs of $0.9 million, $1.4 million, and $0.6 million during the years ended June 30, 2025, 2024, and 2023, respectively.

Commissions Receivable—Commissions receivable are contract assets that represent estimated variable consideration for performance obligations that have been satisfied but payment is not due as the underlying policy has not renewed yet. The current portion of commissions receivable are future renewal commissions expected to be renewed and collected in cash within one year, while the non-current portion of commissions receivable are expected to be collected beyond one year. Contract assets are reclassified as accounts receivable, net when the rights to the renewal commissions become unconditional, which is primarily upon renewal of the underlying policy, typically on an annual basis.

Cost of Commissions and Other Services Revenue—Cost of services revenue represents the direct costs associated with fulfilling our obligations to our customers in Senior, Life, Auto & Home, and Healthcare Services (excluding SelectRx discussed below), primarily compensation, benefits, and licensing for sales agents, customer success agents, fulfillment specialists, and others directly engaged in serving customers. It also includes allocations for facilities, telecommunications, and software maintenance costs, which are all based on headcount. Facilities costs include rent and utilities expenses and other costs to maintain our office locations. Telecommunications and software maintenance costs includes costs related to the internal phone systems and various software applications that our agents use to make sales. These costs directly correlate to the number of agents we have as we are primarily charged based on per person usage for the phone systems and software applications.

Cost of Goods Sold-Pharmacy Revenue—Cost of goods sold-pharmacy revenue represents the direct costs associated with fulfilling pharmacy patient orders for SelectRx. Such costs primarily consist of medication costs and compensation and related benefit costs for licensed pharmacists, pharmacy technicians, and other employees directly associated with fulfilling orders such as packaging and shipping clerks. It also includes shipping, supplies, other order fulfillment costs including part of the one-time customer onboarding costs, and certain facilities overhead costs such as rent, maintenance, and depreciation related to the pharmacy production process.

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employees directly associated with fulfilling orders such as packaging and shipping clerks. It also includes shipping, supplies, other order fulfillment costs including part of the one-time customer onboarding costs, and certain facilities overhead costs such as rent, maintenance, and depreciation related to the pharmacy production process.

Inventory—Inventory consists of SelectRx pharmaceuticals, which are carried at the lower of cost (weighted average cost) or net realizable value. Net realizable value is defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation, with a normal margin to sell. Any adjustments to reduce the cost of inventories to their net realizable value are recognized in earnings in the current period. Inventory is included in other current assets in the consolidated balance sheets.

Share-Based Compensation—The Company applies the fair value method under ASC 718, Compensation—Stock Compensation (“ASC 718”), in accounting for share-based compensation to employees. Under ASC 718, compensation cost is measured at the grant date based on the fair value of the equity instruments awarded and is recognized over the period during which an employee is required to provide service in exchange for the award, or the requisite service period, which is usually the vesting period. The fair value of the equity award granted is estimated on the date of the grant.

Marketing and Advertising Expenses—Direct costs related to marketing and advertising the Company’s services are expensed in the period incurred. Advertising expense was $~~294~~263.7 million, $~~242~~294.57 million, and $~~418~~242.05 million for the years ended June 30, ~~2024~~2025, ~~2023~~2024, and ~~2022~~2023, respectively.

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Income Taxes—The Company accounts for income taxes using an asset and liability method. Deferred income tax assets and liabilities result from temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements that will result in taxable or deductible amounts in future years. Valuation allowances are provided when necessary to reduce deferred tax assets to the amount which is more likely than not expected to be realized.

Comprehensive Income (Loss) —Comprehensive income (loss) is comprised of net income (loss) and the effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges, less amounts reclassified into earnings.

Recent Accounting Pronouncements Adopted—In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07 – Segment Reporting (Topic ASC 280) Improvements to Reportable Segment Disclosures, which improves reportable segment disclosure requirements, primarily through e

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