Fourth Quarter of Fiscal Year 2026 – Consolidated Earnings Highlights

Revenue of $321.7 million
Net loss of $(16.8) million
Adjusted EBITDA* of $11.9 million

Fiscal Year 2027 Guidance Ranges:

Revenue expected in a range of $1.35 billion to $1.45 billion
Adjusted EBITDA* expected in a range of $90 million to $115 million
Operating Cash Flow expected to be more than $60 million

Fourth Quarter Fiscal Year 2026 – Segment Highlights

Senior

Revenue of $72.5 million
Adjusted EBITDA of $8.0 million
Approved Medicare Advantage policies of 72,180

Healthcare Services

Revenue of $193.5 million
Adjusted EBITDA of $12.1 million
109,039 SelectRx members

Life

Revenue of $47.9 million
Adjusted EBITDA of $9.8 million

SelectQuote, Inc. (NYSE:SLQT) reported consolidated revenue for the fourth quarter of fiscal year 2026 of $321.7 million compared to consolidated revenue for the fourth quarter of fiscal year 2025 of $345.1 million. Consolidated net loss for the fourth quarter of fiscal year 2026 was $16.8 million compared to consolidated net income for the fourth quarter of fiscal year 2025 of $12.9 million. Consolidated Adjusted EBITDA* for the fourth quarter of fiscal year 2026 was $11.9 million compared to consolidated Adjusted EBITDA* for the fourth quarter of fiscal year 2025 of $2.7 million. Consolidated cash used in operations during the fourth quarter of fiscal year 2026 was $3.3 million compared to $37.5 million used during the fourth quarter of fiscal year 2025.

SelectQuote reported consolidated revenue for the fiscal year 2026 of $1.6 billion compared to consolidated revenue for fiscal year 2025 of $1.5 billion. Consolidated net income for the fiscal year 2026 was $62.2 million compared to consolidated net income for fiscal year 2025 of $47.6 million. Consolidated Adjusted EBITDA* for the fiscal year 2026 was $109.1 million compared to consolidated Adjusted EBITDA* for the fiscal year 2025 of $126.3 million. Consolidated cash generated from operations was $31.9 million for the fiscal year 2026 compared to consolidated cash used in operations of $11.7 million during the fiscal year 2025. For the fiscal year 2026, SelectQuote improved operating cash flow by $44 million compared to fiscal 2025, driven largely by the scale in Healthcare Services and improved operating efficiency across SelectQuote.

SelectQuote Chief Executive Officer Tim Danker commented, "It was a highly successful 4th quarter and full-year fiscal 2026 for our business. Our Senior Medicare Advantage distribution business excelled through another turbulent year for the industry. Insurance carriers continued to modify policy benefits and optimize volumes but through it all, SelectQuote remained the reliable partner of choice. SelectQuote’s Senior business delivered another strong year with an Adjusted EBITDA margin of 26%, which marks the 4th consecutive year with margins solidly above our long-term 20%+ operating target. We have high confidence in our Senior platform’s ability to generate durable returns across a range of Medicare Advantage environments and view fiscal 2027 as an important year to further compound cash flow while remaining disciplined in our growth investments as carrier profitability improves."

* See "Non-GAAP Financial Measures" below.

"We also increasingly realized our goal to scale Healthcare Services profitability and cash flow through our SelectRx business. We are excited to exit fiscal 2026 with run-rate Adjusted EBITDA of nearly $50 million, which will increasingly drive operating cash flow and ultimately accrue value to our shareholders."

Mr. Danker continued, "Looking to fiscal 2027, we have conviction that the $44 million improvement in operating cash flow in fiscal 2026 will continue. As we have emphasized, our highest strategic priority is to deliver shareholder value through growth in profitability and scaled cash flow. In the year ahead, we plan to accelerate equity value accretion in multiple ways. Exiting 2026, we have successfully implemented technology-enabled workstream efficiencies that we expect will drive annual expense savings of over $30 million. Paired with the demonstrated durability of our Senior profitability and continued scale of Healthcare Services, we expect full-year 2027 operating cash flow to approximately double to over $60 million, with free cash flow generation of around $50 million. Best of all, we see opportunity to compound cash flow growth in the future through continued optimization of our leverage and funding costs, and we are excited to deliver this value to our shareholders in the years ahead."

Segment Results

We currently have three reportable segments: 1) Senior, 2) Healthcare Services and 3) Life. The performance measures of the segments include total revenue and adjusted EBITDA. Costs of commissions and other services revenue, cost of goods sold-pharmacy revenue, marketing and advertising, selling, general, and administrative, and technical development operating expenses that are directly attributable to a segment are reported within the applicable segment. Indirect costs of revenue, marketing and advertising, selling, general, and administrative, and technical development operating expenses are allocated to each segment based on varying metrics such as headcount.

Senior

Financial Results

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

	Three Months Ended June 30,								Year Ended June 30,
(in thousands)	2026			2025			% Change		2026			2025			% Change
Revenue	$	72,522		$	82,464		(12	)%	$	575,947		$	600,393		(4	)%
Adjusted EBITDA		7,969			7,722		3	%		148,026			161,671		(8	)%
Adjusted EBITDA Margin		11	%		9	%				26	%		27	%

Operating Metrics

Submitted Policies

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

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

	Three Months Ended June 30,				Year Ended June 30,
	2026	2025	% Change		2026	2025	% Change
Medicare Advantage	69,653	85,979	(19	)%	622,939	674,851	(8	)%
All other ⁽¹⁾	18,621	21,438	(13	)%	90,253	87,413	3	%
Total	88,274	107,417	(18	)%	713,192	762,264	(6	)%
(1) Represents the submitted policies for Medicare supplement, dental, vision and hearing, prescription drug plan and other.

Approved Policies

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

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

	Three Months Ended June 30,				Year Ended June 30,
	2026	2025	% Change		2026	2025	% Change
Medicare Advantage	72,180	85,344	(15	)%	567,526	592,874	(4	)%
All other ⁽¹⁾	15,968	19,979	(20	)%	71,298	70,295	1	%
Total	88,148	105,323	(16	)%	638,824	663,169	(4	)%
(1) Represents the approved policies for Medicare supplement, dental, vision and hearing, prescription drug plan and other.

Lifetime Value of Commissions per Approved Policy

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

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

	Three Months Ended June 30,						Year Ended June 30,
(dollars per policy):	2026		2025		% Change		2026		2025		% Change
Medicare Advantage	$	883	$	837	5	%	$	873	$	884	(1	)%
All other⁽¹⁾		130		125	4	%		122		134	(9	)%
(1) Represents the weighted average LTV per approved policy.

Healthcare Services

Financial Results

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

	Three Months Ended June 30,								Year Ended June 30,
(in thousands)	2026			2025			% Change		2026			2025			% Change
Revenue	$	193,544		$	214,028		(10	)%	$	844,935		$	742,705		14	%
Adjusted EBITDA		12,146			11,853		2	%		25,483			25,387		—	%
Adjusted EBITDA Margin		6	%		6	%				3	%		3	%

Operating Metrics

Members

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

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

		June 30, 2026		June 30, 2025
Total SelectRx Members		109,039		108,018

The total number of SelectRx members increased by 1% as of June 30, 2026, compared to June 30, 2025, due to a growth in membership during the AEP season.

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

	Three Months Ended June 30,		Year Ended June 30,
	2026	2025	2026	2025
Prescriptions Per Day	31,711	30,630	32,215	27,867

Combined Senior and Healthcare Services - Consumer Per Unit Economics

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

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

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

	Twelve Months Ended June 30,
(dollars per approved policy):	2026			2025
MA and MS approved policies		569,698			594,572
MA and MS commission per MA / MS policy	$	875		$	885
Other commission per MA/MS policy		10			12
Pharmacy revenue per MA/MS policy		1,458			1,219
Other revenue per MA/MS policy		151			86
Total revenue per MA / MS policy		2,494			2,202
Total operating expenses per MA / MS policy		(2,189	)		(1,937	)
Adjusted EBITDA per MA/MS policy	$	305		$	265
Adjusted EBITDA Margin per MA/MS policy		12	%		12	%
Revenue / CAC multiple	6.8X			6.1X

Total revenue per MA/MS policy increased 13% for the twelve months ended June 30, 2026, compared to the twelve months ended June 30, 2025, primarily due to the increase in pharmacy revenue. Total operating expenses per MA/MS policy increased 13% for the twelve months ended June 30, 2026, compared to the twelve months ended June 30, 2025, driven by an increase in cost of goods sold-pharmacy revenue for Healthcare Services due to the growth of the business.

Life

Financial Results

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

	Three Months Ended June 30,								Year Ended June 30,
(in thousands)	2026			2025			% Change		2026			2025			% Change
Revenue	$	47,873		$	47,984		—	%	$	186,039		$	172,978		8	%
Adjusted EBITDA		9,776			6,922		41	%		27,012			26,669		1	%
Adjusted EBITDA Margin		20	%		14	%				15	%		15	%

Operating Metrics

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

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

	Three Months Ended June 30,						Year Ended June 30,
(in thousands)	2026		2025		% Change			2026		2025		% Change
Term Premiums	$	19,151	$	19,989	(4	)%		$	75,230	$	71,448	5	%
Final Expense Premiums		25,855		30,807	(16	)%			109,927		105,099	5	%
Total	$	45,006	$	50,796	(11	)%		$	185,157	$	176,547	5	%

Earnings Conference Call

SelectQuote, Inc. will host a conference call with the investment community on August 25, 2026, beginning at 8:30 a.m. ET. We encourage interested parties to access the live webcast of the event via our investor relations website https://ir.selectquote.com/investor-home/default.aspx or via this link: https://events.q4inc.com/attendee/890240794.

For those interested in dialing into the conference call, please register using this link: https://events.q4inc.com/analyst/890240794?pwd=z46TrijY. After registering, a confirmation will be sent via email, including dial-in details and unique conference call codes for entry. Registration is open through the live call, but to ensure you are connected for the full call we suggest registering at least 10 minutes before the start of the call.

Non-GAAP Financial Measures

This release includes certain non-GAAP financial measures intended to supplement, not substitute for, comparable GAAP measures. To supplement our financial statements presented in accordance with GAAP and to provide investors with additional information regarding our GAAP financial results, we have presented in this release Adjusted EBITDA, which, when presented on a consolidated basis, is a non-GAAP financial measure. This non-GAAP financial measure is not based on any standardized methodology prescribed by GAAP and is not necessarily comparable to any similarly titled measure presented by other companies. We define Adjusted EBITDA as net income plus interest expense, income taxes, depreciation and amortization, changes in fair value of warrant liabilities, loss on extinguishment of debt, and certain add-backs for non-cash or non-recurring expenses, including restructuring and share-based compensation expenses. The most directly comparable GAAP measure is net income. We monitor and have presented in this release Adjusted EBITDA because it is a key measure used by our management and Board of Directors to understand and evaluate our operating performance, establish budgets, and develop operational goals for managing our business. In particular, we believe that excluding the impact of these expenses in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core operating performance.

A reconciliation of the differences between Adjusted EBITDA and its most directly comparable GAAP measure, net income, is presented below on page 13. The Company is unable to provide a quantitative reconciliation of forward-looking Adjusted EBITDA to its most directly comparable GAAP measure without unreasonable effort because it is not possible to predict certain information included in the calculation of such GAAP measure, including the fair value of outstanding warrants to purchase shares of the Company's common stock. The unavailable information could have a significant impact on the Company’s GAAP financial results.

Forward Looking Statements

This release contains forward-looking statements. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as "may," "should," "could," "predict," "potential," "believe," "will likely result," "expect," "continue," "will," "anticipate," "seek," "estimate," "intend," "plan," "projection," "would" and "outlook," or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following: our reliance on a limited number of insurance carrier partners and any potential termination of those relationships or failure to develop new relationships; existing and future laws and regulations affecting the health insurance market; changes in health insurance products offered by our insurance carrier partners and the health insurance market generally; insurance carriers offering products and services directly to consumers; changes to commissions paid by insurance carriers and underwriting practices; competition with brokers, exclusively online brokers and carriers who opt to sell policies directly to consumers; competition from government-run health insurance exchanges; developments in the U.S. health insurance system; our dependence on revenue from carriers in our senior segment and downturns in the senior health as well as life, automotive and home insurance industries; our ability to develop new offerings and penetrate new vertical markets; risks from third-party products; failure to enroll individuals during the Medicare annual enrollment period; our ability to attract, integrate and retain qualified personnel; our dependence on lead providers and ability to compete for leads; failure to obtain and/or convert sales leads to actual sales of insurance policies; access to data from consumers and insurance carriers; accuracy of information provided from and to consumers during the insurance shopping process; cost-effective advertisement through internet search engines; ability to contact consumers and market products by telephone; global economic conditions, including inflation; disruption to operations as a result of future acquisitions; significant estimates and assumptions in the preparation of our financial statements; impairment of goodwill; potential litigation and other legal proceedings or inquiries; our existing and future indebtedness; our ability to maintain compliance with our debt covenants; access to additional capital; our ability to regain and maintain compliance with NYSE listing standards; failure to protect our intellectual property and our brand; fluctuations in our financial results caused by seasonality; accuracy and timeliness of commissions reports from insurance carriers; timing of insurance carriers’ approval and payment practices; factors that impact our estimate of the constrained lifetime value of commissions per policyholder; changes in accounting rules, tax legislation and other legislation; disruptions or failures of our technological infrastructure and platform; failure to maintain relationships with third-party service providers; cybersecurity breaches or other attacks involving our systems or those of our insurance carrier partners or third-party service providers; our ability to protect consumer information and other data; failure to market and sell Medicare plans effectively or in compliance with laws; and other factors related to our pharmacy business, including manufacturing or supply chain disruptions, access to and demand for prescription drugs, changes in reimbursement rates under our contracts with pharmacy benefit managers, and regulatory changes or other industry developments that may affect our pharmacy operations. For a further discussion of these and other risk factors that could impact our future results and performance, see the section entitled "Risk Factors" in the most recent Annual Report on Form 10-K (the "Annual Report") and subsequent periodic reports filed by us with the Securities and Exchange Commission. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and, except as otherwise required by law, we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

About SelectQuote:

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

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

SELECTQUOTE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)

	June 30, 2026			June 30, 2025
ASSETS
CURRENT ASSETS:
Cash, cash equivalents, and restricted cash	$	20,718		$	35,733
Accounts receivable, net of allowances of $7.1 million and $11.8 million, respectively		166,825			151,388
Commissions receivable-current		138,728			132,077
Other current assets		24,676			21,844
Total current assets		350,947			341,042
COMMISSIONS RECEIVABLE—Net		852,675			818,751
PROPERTY AND EQUIPMENT—Net		12,050			14,577
SOFTWARE—Net		18,072			15,060
OPERATING LEASE RIGHT-OF-USE ASSETS		20,511			24,635
INTANGIBLE ASSETS—Net		839			1,973
GOODWILL		29,438			29,438
OTHER ASSETS		2,296			3,880
TOTAL ASSETS	$	1,286,828		$	1,249,356

LIABILITIES, PREFERRED STOCK, AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	74,033		$	59,205
Accrued expenses		21,049			13,856
Accrued compensation and benefits		62,265			58,788
Operating lease liabilities—current		4,448			4,820
Current portion of long-term debt		22,014			68,523
Other current liabilities		8,814			7,718
Total current liabilities		192,623			212,910
LONG-TERM DEBT, NET—less current portion		348,154			316,589
DEFERRED INCOME TAXES		49,453			37,872
OPERATING LEASE LIABILITIES		21,753			25,982
OTHER LIABILITIES		24,820			80,485
Total liabilities		636,803			673,838

COMMITMENTS AND CONTINGENCIES
PREFERRED STOCK:
Senior Non-Convertible Preferred Stock, $0.01 par value, 350,000 shares issued and outstanding as of June 30, 2026 and 2025, respectively, current liquidation preference of $423.2 million and $367.1 million as of June 30, 2026 and 2025, respectively.		298,213			224,374
SHAREHOLDERS’ EQUITY:
Common stock, $0.01 par value		1,765			1,728
Additional paid-in capital		510,047			571,605
Accumulated deficit		(160,000	)		(222,189	)
Total shareholders’ equity		351,812			351,144
TOTAL LIABILITIES, PREFERRED STOCK, AND SHAREHOLDERS’ EQUITY	$	1,286,828		$	1,249,356

SELECTQUOTE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(In thousands)

	Three Months Ended June 30,						Year Ended June 30,
	2026			2025			2026			2025
REVENUE:
Commissions and other services	$	131,822		$	134,503		$	787,645		$	797,841
Pharmacy		189,831			210,599			830,854			728,753
Total revenue		321,653			345,102			1,618,499			1,526,594

OPERATING COSTS AND EXPENSES:
Cost of commissions and other services revenue		56,750			58,844			312,153			305,127
Cost of goods sold—pharmacy revenue		161,486			182,312			730,748			630,340
Marketing and advertising		54,231			65,283			313,687			319,505
Selling, general, and administrative		36,075			41,591			149,022			164,442
Technical development		9,682			9,594			38,965			38,681
Total operating costs and expenses		318,224			357,624			1,544,575			1,458,095

INCOME (LOSS) FROM OPERATIONS		3,429			(12,522	)		73,924			68,499

INTEREST EXPENSE, NET		(10,504	)		(12,226	)		(44,527	)		(79,385	)
CHANGE IN FAIR VALUE OF WARRANTS		(6,017	)		34,181			55,804			59,525
LOSS ON EXTINGUISHMENT OF DEBT		—			—			(8,659	)		—
OTHER EXPENSE, NET		(38	)		(58	)		(255	)		(128	)
INCOME (LOSS) BEFORE INCOME TAX EXPENSE (BENEFIT)		(13,130	)		9,375			76,287			48,511
INCOME TAX EXPENSE (BENEFIT)		3,712			(3,493	)		14,098			931

NET INCOME (LOSS)	$	(16,842	)	$	12,868		$	62,189		$	47,580
Senior Non-Convertible Preferred Stock accumulated dividends and accretion		(19,456	)		(16,762	)		(73,838	)		(22,548	)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	(36,298	)	$	(3,894	)	$	(11,649	)	$	25,032

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS PER SHARE:
Basic	$	(0.19	)	$	(0.02	)	$	(0.06	)	$	0.14
Diluted	$	(0.19	)	$	(0.02	)	$	(0.06	)	$	0.01

WEIGHTED-AVERAGE COMMON STOCK OUTSTANDING USED IN PER SHARE AMOUNTS:
Basic		189,854			184,201			188,174			176,148
Diluted		189,854			184,201			188,174			181,895

OTHER COMPREHENSIVE LOSS, NET OF TAX:
Unrealized loss, net of related tax benefit for the three months ended June 30, 2026, and 2025 of $0.0 million and $0.0 million, and for the year ended June 30, 2026, and 2025, of $0.0 million,and $0.1 million.		—			—			—			(432	)
Amount reclassified into earnings, net of related tax benefit for the three months ended June 30, 2026 and 2025 of $0.0 million and $0.0 million, and for the year ended June 30, 2026, and 2025, of $0.0 million, and $1.3 million.		—			—			—			(3,680	)
OTHER COMPREHENSIVE LOSS		—			—			—			(4,112	)
COMPREHENSIVE INCOME (LOSS)	$	(16,842	)	$	12,868		$	62,189		$	43,468

SELECTQUOTE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)

	Three Months Ended June 30,						Year Ended June 30,
	2026			2025			2026			2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	(16,842	)	$	12,868		$	62,189		$	47,580
Adjustments to reconcile net income (loss) to net cash, cash equivalents, and restricted cash provided by (used in) operating activities:
Depreciation and amortization		4,482			4,876			17,489			20,460
Loss on disposal of property, equipment, and software		—			80			—			240
Impairment of long-lived assets		—			4,209			—			4,209
Impairment of equity-method investment		—			—			1,000			—
Loss on extinguishment of debt		—			—			8,659			—
Share-based compensation expense		3,382			4,852			14,862			18,357
Deferred income taxes		4,242			(2,576	)		11,581			1,849
Amortization of debt issuance costs and debt discount		950			1,367			4,293			5,247
Write-off of debt issuance costs		—			—			—			93
Accrued interest payable in kind		—			713			—			14,013
Change in fair value of warrants		6,017			(34,181	)		(55,804	)		(59,525	)
Non-cash lease expense		1,054			1,072			4,124			3,922
Bad debt expense		—			—			—			4,203
Changes in operating assets and liabilities:
Accounts receivable, net		67,466			33,491			(15,437	)		(5,555	)
Commissions receivable		(31,874	)		(35,745	)		(40,576	)		(69,510	)
Other assets		(3,723	)		(5,938	)		(2,460	)		(6,282	)
Accounts payable and accrued expenses		(31,689	)		(21,936	)		21,894			19,226
Operating lease liabilities		(1,143	)		(1,137	)		(4,602	)		(4,711	)
Other liabilities		(5,642	)		503			4,673			(5,482	)
Net cash provided by (used in) operating activities		(3,320	)		(37,482	)		31,885			(11,666	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment		(1,183	)		(501	)		(4,276	)		(2,191	)
Purchases of software and capitalized software development costs		(3,379	)		(2,610	)		(11,870	)		(9,123	)
Net cash used in investing activities		(4,562	)		(3,111	)		(16,146	)		(11,314	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facility		88,000			—			358,000			166,900
Payments on revolving credit facility		(88,000	)		—			(358,000	)		(166,900	)
Net proceeds from Term Loan		—			—			315,234			—
Payments on Term Loans		(2,031	)		(3,573	)		(316,031	)		(388,216	)
Proceeds from ABS Notes		—			—			—			99,095
Payments on ABS Notes		(4,513	)		(4,855	)		(19,529	)		(16,577	)
Payments on other debt		(146	)		(108	)		(527	)		(312	)
Proceeds from common stock options exercised and employee stock purchase plan		—			(14	)		—			98
Proceeds from issuance of Senior Non-Convertible Preferred Stock		—			—			—			337,855
Senior Non-Convertible Preferred Stock issuance costs		—			—			—			(7,076	)
Payments of tax withholdings related to net share settlement of equity awards		(7	)		(13	)		(2,545	)		(5,032	)
Payments of debt issuance costs		—			—			(7,730	)		(2,479	)
Net cash (used in) provided by financing activities		(6,697	)		(8,563	)		(31,128	)		17,356
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		(14,579	)		(49,156	)		(15,389	)		(5,624	)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH —Beginning of period		36,256			86,222			37,066			42,690
CASH, CASH EQUIVALENTS AND RESTRICTED CASH —End of period	$	21,677		$	37,066		$	21,677		$	37,066

RECONCILIATION OF NON-GAAP MEASURE
SELECTQUOTE, INC. AND SUBSIDIARIES
Reconciliation of Net income (loss) to Adjusted EBITDA
(Unaudited)

	Three Months Ended June 30,						Year Ended June 30,
(in thousands)	2026			2025			2026			2025
Net income (loss)	$	(16,842	)	$	12,868		$	62,189		$	47,580
Share-based compensation expense		3,382			4,852			14,862			18,357
Transaction costs		634			1,257			2,112			14,617
Depreciation and amortization		4,482			4,876			17,489			20,460
Loss on disposal of property, equipment, and software, net		—			80			—			240
Impairment of equity-method investment		—			—			1,000			—
Impairment of long-lived asset		—			4,209			—			4,209
Loss on extinguishment of debt		—			—			8,659			—
Change in fair value of warrants		6,017			(34,181	)		(55,804	)		(59,525	)
Interest expense, net		10,504			12,226			44,527			79,385
Income tax expense		3,712			(3,493	)		14,098			931
Adjusted EBITDA	$	11,889		$	2,694		$	109,132		$	126,254

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