SLQT — what changed in the latest 10-K

Text added vs the prior filing · source: 10-K · 2026-08-25

• In fiscal year 2026, the Company began making strategic investments in artificial intelligence (“AI”) capabilities across its operations, including contact center voice technology, AI-assisted software development, and enterprise-wide productivity tools. We view these initial investments as foundati…

• 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…

• 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…

• 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 allow distributors the ability to target and reach consumers directly in a highly controlled and effi…

• 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

Text removed vs the prior filing · source: 10-K · 2025-08-21

• 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…

• partnerships, we continue to look for more opportunities to leverage our strengths to expand our healthcare services business.

• 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 allow distributors the ability to target and reach consumers directly in a highly controlled and effi…

• 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 insura…

• 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 approximately 25 leading, nationa…

Text added vs the prior filing · source: 10-K · 2026-08-25

• •If we are unable to regain or maintain compliance with NYSE listing standards, our common stock may be delisted, which may adversely affect the liquidity, trading volume, and market value of our common stock.

• We derive a large portion of our revenues from a limited number of insurance carrier partners and their affiliated pharmacy benefit managers. For example, carriers and other entities owned by UHC, Humana, and Aetna, accounted for 39%, 13%, and 12%, respectively, of our total revenue for the year end…

• 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 or pharmacy benefit manager relationships, insurance carrier consolidation, or otherwise), we …

• 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 proprie…

• 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 …

Text removed vs the prior filing · source: 10-K · 2025-08-21

• We derive a large portion of our revenues from a limited number of insurance carrier partners. For example, carriers owned by UHC, Aetna, and Humana accounted for 37%, 15%, and 11%, respectively, of our total revenue for the year ended June 30, 2025, carriers owned by UHC, Humana and Aetna accounted…

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

• 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 proprie…

• 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, o…

• 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 …

Text added vs the prior filing · source: 10-K · 2026-08-25

• In fiscal year 2026, the Company began making strategic investments in artificial intelligence (“AI”) capabilities across its operations, including contact center voice technology, AI-assisted software development, and enterprise-wide productivity tools. We view these initial investments as foundati…

• expanded our licensed agent capacity during fiscal year 2026, enabling our agents to focus on complex sales and service interactions while AI handled defined consumer workflows.

• 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 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 17% of the total population in 2022, and is expected to reach 21% in 2030. Ba…

• The U.S. life insurance market is mature and has experienced industry-wide new annualized premium growth of 10% in 2025. 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.

Text removed vs the prior filing · source: 10-K · 2025-08-21

• 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…

• value 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…

• 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 18% of the total population in 2023, and is expected to reach 21% in 2030. Ba…

• 2025, on average, 11,400 “Baby Boomers” are expected to turn 65 every day, or nearly 4.2 million people will reach the traditional retirement age in a single year. As a result, Medicare Advantage enrollment has more than doubled since 2010 and is projected to grow from 54% of the eligible population…

• The U.S. life insurance market is mature and has experienced annual premium growth of 3% in 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.

Text added vs the prior filing · source: 10-K · 2026-08-25

• As of June 30, 2026, and 2025, we had $323.0 million, and $314.0 million outstanding under our senior secured term loan and revolving credit facilities, which bear interest at variable rates based on SOFR plus an applicable margin. A hypothetical 100 basis point increase in market interest rates wou…

• We also had approximately $63.9 million, and $83.4 million of asset-backed notes outstanding as of June 30, 2026, and 2025. These notes bear fixed interest rates and therefore are not subject to market risk from changes in interest rates.