SelectQuote Files 2024 Annual Report

TL;DR

SelectQuote's 2024 10-K is in: check financials for the year ending June 30.

AI Summary

SelectQuote, Inc. filed its 2024 10-K report for the fiscal year ending June 30, 2024. The company, headquartered in Overland Park, KS, operates in the insurance agents and brokers sector. The filing details financial performance and business operations for the period, including comparisons to prior fiscal years.

Why It Matters

This filing provides investors and analysts with a comprehensive overview of SelectQuote's financial health and strategic direction for the fiscal year 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks.

Key Numbers

• 2024 — Fiscal Year End (The report covers the fiscal year ending June 30, 2024.)
• 2023 — Prior Fiscal Year (Comparisons are made to the fiscal year ending June 30, 2023.)

Key Players & Entities

• SelectQuote, Inc. (company) — Filer of the 10-K report
• 0001794783-24-000061.txt (document) — Accession number for the filing
• 20240630 (date) — Fiscal year end date
• 20240913 (date) — Filing date
• Overland Park, KS (location) — Company headquarters and mailing address

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share SLQT New York Stock Exchange
• $1.37 — quarter, based on the closing price of $1.37 reported by the New York Stock Exchange
• $4.0 million — lectPatient Management ("SPM"), after a $4.0 million acquisition of an existing chronic care

Filing Documents

• slqt-20240630.htm (10-K) — 2393KB
• exhibit44-descriptionofcap.htm (EX-4.4) — 37KB
• exhibit101510tenthamendmen.htm (EX-10.15 10) — 1460KB
• exhibit191selectquoteinsid.htm (EX-19.1) — 89KB
• exhibit211-listofsubsidiar.htm (EX-21.1) — 6KB
• exhibit231-deloitteconsent.htm (EX-23.1) — 2KB
• exhibit311to10-k2024.htm (EX-31.1) — 9KB
• exhibit312to10-k2024.htm (EX-31.2) — 9KB
• exhibit321to10-k2024.htm (EX-32.1) — 4KB
• exhibit322to10-k2024.htm (EX-32.2) — 4KB
• exhibit971clawbackpolicy.htm (EX-97.1) — 21KB
• image_0.jpg (GRAPHIC) — 2KB
• slqt-20240630_g1.jpg (GRAPHIC) — 136KB
• 0001794783-24-000061.txt ( ) — 14555KB
• slqt-20240630.xsd (EX-101.SCH) — 76KB
• slqt-20240630_cal.xml (EX-101.CAL) — 143KB
• slqt-20240630_def.xml (EX-101.DEF) — 409KB
• slqt-20240630_lab.xml (EX-101.LAB) — 952KB
• slqt-20240630_pre.xml (EX-101.PRE) — 729KB
• slqt-20240630_htm.xml (XML) — 2032KB

Risk Factors

Item 1A. Risk Factors 18

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 42 Item 1C. C ybersecurity 42

Properties

Item 2. Properties 43

Legal Proceedings

Item 3. Legal Proceedings 44

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 44 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 45

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 47

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 68

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 70

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 114

Controls and Procedures

Item 9A. Controls and Procedures 114

Other Information

Item 9B. Other Information 117

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 117 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 118

Executive Compensation

Item 11. Executive Compensation 118

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 118

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 119

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 119 PART IV

Exhibit and Financial Statement Schedules

Item 15. Exhibit and Financial Statement Schedules 120

Form 10-K Summary

Item 16. Form 10-K Summary 123 3 Table of Contents PART I

BUSINESS

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", whi

View Full Filing

View this 10-K filing on SEC EDGAR