SelectQuote, Inc.
For the period ended Mar 31, 2026. Filed May 5, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 5, 2026
SLQT$0.48+23.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-12-31; filed 2026-02-05.
0001794783-26-000012
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-05.
0001794783-26-000030
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 177 previous paragraphs and 174 current paragraphs.
95 unchanged; 52 reworded; 26 added; 28 removed; 2 previous and 1 current paragraphs rearranged.
Tables are not compared: 26 previous and 26 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (26)
Current report
Drug Inflation Rebate Program under the Inflation Reduction Act, which are reported as a reduction to cost of goods sold—pharmacy revenue.
Current report
Three Months Ended March 31, 2026 and 2025–Cost of goods sold-pharmacy revenue increased $9.0 million, or 6%, for the three months ended March 31, 2026, primarily due to a $19.6 million increase in medication costs and a $1.5 million increase in compensation costs, partially offset by a $13.4 million decrease from refunds recognized as a reduction of cost of goods sold—pharmacy revenue rather than as pharmacy revenue discussed above. Medication costs increased largely due to a 11% increase in the number of SelectRx members over the prior year. The increase in compensation costs reflects higher staffing levels required to support growth in pharmacy order volume and member fulfillment activity.
Current report
Three Months Ended March 31, 2026 and 2025–Marketing and advertising expenses decreased $0.3 million, or less than 1%, for the three months ended March 31, 2026, primarily due to a $1.7 million decrease in lead costs, partially offset by a $0.8 million increase in creative marketing costs, and a $0.5 million increase in compensation costs. The decrease in lead costs was attributable to an increase in the consumption of internal leads for the Senior division, which ultimately reduced the cost per queued call. The increase in creative marketing costs was driven by the production of new television advertising for our Life division. The increase in compensation costs were primarily driven by a 15% increase in average final expense agent headcount in Life.
Current report
Nine Months Ended March 31, 2026 and 2025–Marketing and advertising expenses increased $5.2 million, or 2%, for the nine months ended March 31, 2026, primarily due to a $2.5 million increase in lead costs and a $1.8 million increase in creative marketing costs, partially offset by a $1.5 million increase in compensation costs. The increases in lead and compensation costs were primarily driven by a 30% increase in the average final expense agent headcount in Life, which fueled a 14% increase in the volume of final expense policies sold during the period.
Current report
The increase in creative marketing costs was driven by the production of new television advertising for our Life division.
Current report
Three Months Ended March 31, 2026 and 2025–Technical development expenses decreased $0.2 million, or 2%, for the three months ended March 31, 2026, primarily due to a $0.5 million increase in capitalized costs related to internal-use software and website development, partially offset by a $0.3 million increase in software and maintenance expenses. These increases were driven by the Company’s strategic focus on building new software tools, which shifted personnel efforts from routine maintenance to the development of new functional features.
Current report
(2) During the nine months ended March 31, 2026, the Company recognized an impairment charge of $1.0 million representing a full write-off of its equity-method investment.
Current report
(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 do not actually become members.
Current report
(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 do not actually become members.
Current report
(5) Corporate is not an operating segment and consists primarily of unallocated corporate overhead costs, such as payroll and related benefits ($16.6 million), professional services ($3.8 million), and facilities ($1.4 million).
Current report
(6) These expenses primarily consist of financing transaction costs ($5.8 million).
Current report
Nine Months Ended March 31, 2026:
Current report
(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 do not actually become members.
Current report
(5) Corporate is not an operating segment and consists primarily of unallocated corporate overhead costs, such as payroll and related benefits ($52.6 million), professional services ($14.6 million), and facilities ($4.0 million).
Current report
(7) During the nine months ended March 31, 2026, the Company recognized an impairment charge of $1.0 million representing a full write-off of its equity-method investment.
Current report
Nine Months Ended March 31, 2025:
Current report
(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 do not actually become members.
Current report
(5) Corporate is not an operating segment and consists primarily of unallocated corporate overhead costs, such as payroll and related benefits ($49.5 million), professional services ($12.6 million), and facilities ($4.2 million).
Current report
Revenue from Healthcare Services was $199.4 million for the three months ended March 31, 2026, a $9.8 million, or 5%, increase compared to revenue of $189.6 million for the three months ended March 31, 2025, primarily due to a $10.0 million increase in SelectRx pharmacy revenue due to a 11% increase in members from the growth of the SelectRx business, partially offset by $13.4 million of manufacturer refunds received in lieu of payer reimbursement revenue as a result of the Inflation Reduction Act. Beginning in calendar year 2026, the Company began receiving refunds from pharmaceutical manufacturers on certain drugs that are part of the Medicare Prescription Drug Inflation Rebate Program under the Inflation Reduction Act. The Company reports these refunds as a reduction to cost of goods sold—pharmacy revenue rather than as pharmacy revenue.
Current report
Revenue from Life was $47.9 million for the three months ended March 31, 2026, a $2.1 million, or 4%, increase compared to revenue of $45.8 million for the three months ended March 31, 2025, due to a $1.7 million increase in final expense revenue, and a $0.5 million increase in term revenue. These increases were due to increases in the average premiums per policy sold.
Current report
Nine Months Ended March 31, 2026 and 2025–Revenue from Senior was $503.4 million for the nine months ended March 31, 2026, a $14.5 million, or 3%, decrease compared to revenue of $517.9 million for the nine months ended March 31, 2025. The decrease was primarily due to a $19.0 million decrease in other revenue, partially offset by a $4.5 million increase in commission revenue. The decrease in other revenue was primarily due to a lower volume of carrier sponsored production incentives and performance-based bonuses during the current OEP cycle.
Current report
Revenue from Healthcare Services was $651.4 million for the nine months ended March 31, 2026, a $122.7 million, or 23%, increase compared to revenue of $528.7 million for the nine months ended March 31, 2025, due to a $122.9 million increase in SelectRx pharmacy revenue driven by a 11% increase in members from the growth of the SelectRx business, partially offset by a $13.4 million reclassification of manufacturer refunds received in lieu of payer reimbursement revenue as a result of the Inflation Reduction Act. As discussed above, beginning in calendar year 2026, the Company began receiving refunds from pharmaceutical manufacturers on certain drugs that are part of the Medicare Prescription Drug Inflation Rebate Program under the Inflation Reduction Act, which are reported as a reduction to cost of goods sold—pharmacy revenue.
Current report
Adjusted EBITDA from Healthcare Services was $13.3 million for the nine months ended March 31, 2026, a $0.2 million decrease compared to Adjusted EBITDA of $13.5 million for the nine months ended March 31, 2025. The decrease was due to a $122.7 million increase in revenue as discussed above, a $0.6 million decrease in technical development, offset by a $120.6 million increase in cost of goods sold- pharmacy revenue, $2.0 million increase in cost of commissions and other services revenue, $0.7 million increase in selling, general, and administrative expenses, and a $0.2 million increase in marketing expenses. Cost of goods sold - pharmacy revenue increased primarily as a result of a $126.3 million increase in medication costs, a $4.9 million increase in compensation costs, and a $2.2 million increase in fulfillment costs, partially offset by a $13.4 million decrease from refunds recognized as a reduction of costs of goods sold-pharmacy revenue rather than as pharmacy revenue as discussed above. Costs of commissions and other services revenue increased primarily as a result of $2.3 million in compensation costs. Medication costs increased largely due to a 11% increase in the number of SelectRx members over the prior year. The increase in compensation costs reflects higher staffing levels required to support growth in pharmacy order volume and member fulfillment activity.
Current report
Credit Agreement
Current report
On January 8, 2026, the Company entered into a new Senior Secured Credit Facility that provided for (i) a senior secured term loan in the aggregate principal amount of $325.0 million and (ii) a senior secured revolving credit facility with an aggregate commitment up to $90.0 million. The proceeds were used to repay the outstanding obligations under the previous credit agreement. Refer to Note 6 to the condensed consolidated financial statements for further discussion.
Current report
As of March 31, 2026, the Company had $325.0 million and $0.0 million in outstanding borrowings related to the Term Loan and Revolving Credit Facility, respectively.
Removed paragraphs (28)
Previous report
Three Months Ended December 31, 2025 and 2024–Cost of goods sold-pharmacy revenue increased $49.0 million, or 31%, for the three months ended December 31, 2025, primarily due to a $47.2 million increase in medication costs and a $1.5 million increase in compensation costs. Medication costs increased largely due to a 17% increase in the number of SelectRx members over the prior year. The increase in compensation costs reflects higher staffing levels required to support growth in pharmacy order volume and member fulfillment activity.
Previous report
Three Months Ended December 31, 2025 and 2024–Marketing and advertising expenses increased $7.3 million, or 7%, for the three months ended December 31, 2025, primarily due to a $5.8 million increase in lead costs. The increase in lead costs was attributable to higher call volume requirements associated with increased agent headcount. The headcount change was driven by increased utilization of flex hiring, which led to a year-over-year shift in the mix of agents; specifically, tenured core agents comprised of 69% of the workforce for the three months ended December 31, 2025, relative to 92% for the three months ended December 31, 2024.
Previous report
Six Months Ended December 31, 2025 and 2024–Marketing and advertising expenses increased $5.5 million, or 3%, for the six months ended December 31, 2025, primarily due to a $4.2 million increase in lead costs. The increase in lead costs was attributable to higher call volume requirements associated with increased agent headcount. The headcount change was driven by increased utilization of flex hiring, which led to a year-over-year shift in the mix of agents; specifically, tenured core agents comprised of 64% of the workforce for the six months ended December 31, 2025, relative to 91% for the six months ended December 31, 2024
Previous report
Three Months Ended December 31, 2025 and 2024–Technical development expenses decreased $0.4 million, or 4%, for the three months ended December 31, 2025, primarily due to a $0.1 million decrease in compensation costs due to a decrease in headcount for technology personnel combined with a $0.1 million decrease in depreciation and amortization.
Previous report
(2) During the three and six months ended December 31, 2025, the Company recognized an impairment charge of $1.0 million representing a full write-off of its equity-method investment.
Previous report
(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.
Previous report
(6) These expenses primarily consist of financing transaction costs ($0.3 million) and non-restructuring severance expenses ($0.3 million).
Previous report
(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.
Previous report
(5) Corporate is not an operating segment and consists primarily of unallocated corporate overhead costs, such as payroll and related benefits ($17.3 million), professional services ($4.0 million), and facilities ($1.3 million).
Previous report
(6) These expenses primarily consist of financing transaction costs ($6.7 million).
Previous report
Six Months Ended December 31, 2025:
Previous report
(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.
Previous report
(5) Corporate is not an operating segment and consists primarily of unallocated corporate overhead costs, such as payroll and related benefits ($35.2 million), professional services ($9.1 million), and facilities ($2.7 million).
Previous report
(7) During the six months ended December 31, 2025, the Company recognized an impairment charge of $1.0 million representing a full write-off of its equity-method investment.
Previous report
Six Months Ended December 31, 2024:
Previous report
(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.
Previous report
(5) Corporate is not an operating segment and consists primarily of unallocated corporate overhead costs, such as payroll and related benefits ($32.8 million), professional services ($8.8 million), and facilities ($2.8 million).
Previous report
Revenue from Healthcare Services was $230.7 million for the three months ended December 31, 2025, a $47.3 million, or 26%, increase compared to revenue of $183.4 million for the three months ended December 31, 2024, primarily due to a $47.2 million increase in SelectRx pharmacy revenue due to a 17% increase in members from the growth of the SelectRx business.
Previous report
Revenue from Life was $43.6 million for the three months ended December 31, 2025, a $3.8 million, or 9%, increase compared to revenue of $39.9 million for the three months ended December 31, 2024, due to a $4.1 million increase in final expense revenue, partially offset by a $0.2 million decrease in term revenue. The increase in final expense revenue was due to an increase in the number of policies sold.
Previous report
Six Months Ended December 31, 2025 and 2024–Revenue from Healthcare Services was $452.0 million for the six months ended December 31, 2025, a $112.9 million, or 33%, increase compared to revenue of $339.1 million for the six months ended December 31, 2024, due to a $112.9 million increase in SelectRx pharmacy revenue driven by a 17% increase in members from the growth of the SelectRx business.
Previous report
Revenue from Senior was $320.5 million for the six months ended December 31, 2025, a $28.0 million, or 8%, decrease compared to revenue of $348.5 million for the six months ended December 31, 2024. The decrease was primarily due to a $24.1 million decrease in commission revenue, and a $3.8 million decrease in other revenue. The decrease in commission revenue was due to a 5% decrease in approved policies.
Previous report
Adjusted EBITDA from Healthcare Services was $8.1 million for the six months ended December 31, 2025, a $1.0 million increase compared to Adjusted EBITDA of $7.1 million for the six months ended December 31, 2024. The increase was due to a $112.9 million increase in revenue as discussed above, partially offset by a $111.8 million increase in cost of goods sold- pharmacy revenue. Cost of goods sold - pharmacy revenue increased primarily as a result of a $106.7 million increase in medication costs and a $4.5 million increase in compensation costs related to the increased volume.
Previous report
Subsequent to the end of the quarter, on January 8, 2026, we refinanced this indebtedness through a new $415.0 million credit facility (the "2026 Credit Agreement"), as further described below. Based on our financial projections and the enhanced liquidity provided by this refinancing, we believe we will remain in compliance with our debt covenants and have sufficient liquidity to fund our operations for at least the next 12 months following the date of issuance of these condensed consolidated financial statements.
Previous report
Senior Secured Credit Facility and Subsequent Refinancing
Previous report
During the six months ended December 31, 2025, the Company repaid $9.6 million of the outstanding term loans under its previous credit facility. As of December 31, 2025, The Company had outstanding borrowings of $304.4 million related to those term loans.
Previous report
During the six months ended December 31, 2025, the Company received proceeds of $257.0 million and repaid $219.0 million related to its previous revolving credit facility. As of December 31, 2025, the Company had $38.0 million in outstanding borrowings related to the previous revolving credit facility.
Previous report
On January 8, 2026, the Company entered into the 2026 Credit Agreement, which provided for a $325.0 million senior secured term loan and a senior secured revolving credit facility with revolving commitments up to $90.0 million (the “2026 Revolving Credit Facility”), both maturing on January 8, 2031. The proceeds were used to pay off the existing term loans and revolving loans. In accordance with ASC 470, Debt, this post-balance-sheet date agreement demonstrated the Company’s ability and intent to refinance its short-term obligations under the previous credit facility on a long-term basis. Accordingly, the Company has reclassified the outstanding debt under the previous credit facility to long-term as of December 31, 2025.
Previous report
The 2026 Revolving Credit Facility includes a seasonal flex feature where the aggregate commitment is $71.7 million, but increases to $90.0 million during the calendar months of January and December each year to support the Company’s peak operational cycles.
Reworded paragraphs (52)
Previous wording
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, nationally-recognized insurance carrier partners, including UHC, Humana, Aetna, and Wellcare. MA and MS plans accounted for 93%, and 93%, of our approved Senior policies for the three months ended December 31, 2025, and 2024, respectively, and 91% and 91% for the six months ended December 31, 2025, and 2024, respectively, with other ancillary type policies accounting for the remainder.
Current wording
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, nationally-recognized insurance carrier partners, including UHC, Humana, Aetna, and Wellcare. MA and MS plans accounted for 90% and 91% of our approved Senior policies for the three months ended March 31, 2026, and 2025, respectively, and 90% and 91% for the nine months ended March 31, 2026, and 2025, respectively, with other ancillary type policies accounting for the remainder.
Previous wording
Life is one of the country’s largest and most established DTC insurance distributors for term life insurance, having sold over 2.6 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 15 years. Term life policies accounted for 39%, and 44% of new premium within the Life segment for the three months ended December 31, 2025, and 2024, respectively, with final expense policies accounting for 61%, and 56% for the three months ended December 31, 2025, and 2024, respectively. For the six months ended December 31, 2025, and 2024, term life policies accounted for 39% and 41% of new premium within Life, respectively, with final expense policies accounting for 61% and 59%, respectively.
Current wording
Life is one of the country’s largest and most established DTC insurance distributors for term life insurance, having sold over 2.6 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 15 years. Term life policies accounted for 41%, and 41% of new premium within the Life segment for the three months ended March 31, 2026, and 2025, respectively, with final expense policies accounting for 59% and 59% for the three months ended March 31, 2026, and 2025, respectively. For the nine months ended March 31, 2026, and 2025, term life policies accounted for 40% and 41% of new premium within Life, respectively, with final expense policies accounting for 60% and 59%, respectively.
Previous wording
The three and six months ended December 31, referenced throughout the commentary below refers to the second quarter and fiscal year-to-date performance of our fiscal years ending on June 30, 2026, and 2025.
Current wording
The three and nine months ended March 31, referenced throughout the commentary below refers to the third quarter and fiscal year-to-date performance of our fiscal years ending on June 30, 2026, and 2025.
Previous wording
Total submitted policies for all products increased 1% for thethree months ended December 31, 2025, compared to thethree months ended December 31, 2024. The increase was primarily due to a 7% increase in the number of average productive agents, offset by a 12% decrease in overall close rates.
Current wording
Total submitted policies for all products decreased 1% for thethree months ended March 31, 2026, compared to thethree months ended March 31, 2025. The decrease was primarily due to a 16% decrease in overall close rates and a 2% decrease in the number of average productive agents.
Previous wording
Total submitted policies for all products decreased 6% for the six months ended December 31, 2025, compared to the six months ended December 31, 2024. The decrease was primarily due to a 13% decrease in overall close rates, partially offset by a 3% increase in the number of average productive agents.
Current wording
Total submitted policies for all products decreased 5% for the nine months ended March 31, 2026, compared to the nine months ended March 31, 2025. The decrease was primarily due to a 14% decrease in overall close rates and a 4% decrease in the number of average productive agents.
Previous wording
Total approved policies for all products increased by 4% for thethree months ended December 31, 2025, compared to thethree months ended December 31, 2024, which correlates to the increase in submitted policies.
Current wording
Total approved policies for all products increased by 6% for thethree months ended March 31, 2026, compared to thethree months ended March 31, 2025, primarily driven by higher same month approval rates during the current period.
Previous wording
Total approved policies decreased by 5% for the six months ended December 31, 2025, compared to the six months ended December 31, 2024, which correlates to the decrease in submitted policies.
Current wording
Total approved policies decreased by 1% for the nine months ended March 31, 2026, compared to the nine months ended March 31, 2025, which correlates to the decrease in submitted policies, partially offset by increased same month approval rates during the current period.
Previous wording
The LTV per MA approved policy decreased 4% for thethree months ended December 31, 2025, compared to thethree months ended December 31, 2024, primarily due to shifts in carrier mix, along with plan terminations and changes to plan designs.
Current wording
The LTV per MA approved policy decreased 1% forthe three months ended March 31, 2026, compared to thethree months ended March 31, 2025, primarily due to shifts in carrier mix, along with plan terminations and changes to plan designs.
Previous wording
The LTV per MA approved policy decreased 3% for the six months ended December 31, 2025, compared to the six months ended December 31, 2024, primarily due to shifts in carrier mix, along with plan terminations and changes to plan designs.
Current wording
The LTV per MA approved policy decreased 2% for the nine months ended March 31, 2026, compared to the nine months ended March 31, 2025, primarily due to shifts in carrier mix, along with plan terminations and changes to plan designs.
Previous wording
The total number of SelectRx members increased by 17% asof December 31, 2025, compared to December 31, 2024, due to our continued strategy to grow SelectRx membership.
Current wording
The total number of SelectRx members increased by 11% asof March 31, 2026, compared to March 31, 2025, due to our continued strategy to grow SelectRx membership.
Previous wording
Total term premiums increased 1% for the three months ended December 31, 2025, compared to the three months ended December 31, 2024, due to a 4% increase in the number of policies sold, partially offset by a 3% decrease in the average premium per policy sold. Final expense premiums increased 24% for the three months ended December 31, 2025, compared to the three months ended December 31, 2024, due to a 28% increase in the number of policies sold, partially offset by a 3% decrease in the average premium per policy sold. The increase in the number of final expense policies sold was driven by a 42% increase in average agent headcount due to the addition of new external agents onboarded during the three months ended December 31, 2025.
Current wording
Total term premiums increased 1% for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, due to a 1% increase in the average premium per policy sold. Final expense premiums decreased 1% for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, due to a 1% increase in the average premium per policy sold, offset by a 2% decrease in the number of policies sold.
Previous wording
Total term premiums increased 14% for the six months ended December 31, 2025, compared to the six months ended December 31, 2024, due to a 4% increase in the average premium per policy sold and a 9% increase in the number of policies sold. Final expense premiums increased 22% for the six months ended December 31, 2025, compared to the six months ended December 31, 2024, due to a 23% increase in the number of policies sold, partially offset by a 1% decrease in the average premium per policy sold. The increase in the number of final expense policies sold was driven by a 39% increase in average agent headcount due to flex agents onboarded from the Senior segment during the three months ended September 30, 2025 and new external agents onboarded during the three months ended December 31, 2025, all of which were less productive then our tenured agents.
Current wording
Total term premiums increased 9% for the nine months ended March 31, 2026, compared to the nine months ended March 31, 2025, due to a 6% increase in the number of policies sold, and a 3% increase in the average premium per policy sold. Final expense premiums increased 13% for the nine months ended March 31, 2026, compared to the nine months ended March 31, 2025, due to a 14% increase in the number of policies sold. The increase in the number of final expense policies sold was driven by a 30% increase in average agent headcount, primarily attributable to new external agents and, to a lesser extent, flex agents onboarded from the Senior segment during the nine months ended March 31, 2026, both of which were less productive than our tenured agents.
Previous wording
Three Months Ended December 31, 2025 and 2024– Commission and other services revenue increased $8.8 million, or 3%, for the three months ended December 31, 2025, primarily due to a $3.8 million increase in Life revenue, a $3.8 million increase in other Senior revenue, and a $2.2 million increase in Senior commissions revenue. The increase in Life revenue was primarily driven by a $4.1 million increase in final expense revenue due to a 28% increase in the number of policies sold. The increase in number of policies sold was partially offset by a 3% decrease in the average premium per policy sold. The increase in Senior revenue, was driven by a 4% increase in approved policies. Pharmacy revenue increased $47.2 million, or 26%, primarily due to a 17% increase in members due to the continued growth of the SelectRx business.
Current wording
Three Months Ended March 31, 2026 and 2025–Commission and other services revenue increased $12.8 million, or 6%, for the three months ended March 31, 2026, primarily due to a $28.6 million increase in Senior commissions revenue, a $2.1 million increase in Life revenue, partially offset by a $15.2 million decrease in other Senior revenue, and a $2.2 million decrease in Other revenue. The increase in Senior commissions revenue, was driven by a 6% increase in approved policies. The increase in Life revenue was primarily driven by a $1.7 million increase in final expense revenue due to a 1% increase in the average premium per policy sold, offset by a 2% decrease in the number of policies sold. The decrease in other Senior revenue was primarily due to a lower volume of carrier sponsored production incentives and performance-based bonuses during the current OEP cycle. Pharmacy revenue increased $10.0 million, or 5%, primarily due to a 11% increase in members due to the continued growth of the SelectRx business, partially offset by $13.4 million of manufacturer refunds received in lieu of payer reimbursement revenue as a result of the Inflation Reduction Act. Beginning in calendar year 2026, the Company began receiving refunds from pharmaceutical manufacturers on certain drugs that are part of the Medicare Prescription Drug Inflation Rebate Program under the Inflation Reduction Act. The Company reports these refunds as a reduction to cost of goods sold—pharmacy revenue rather than as pharmacy revenue.
Previous wording
Six Months Ended December 31, 2025 and 2024–Pharmacy revenue increased $112.9 million or 34%, primarily due to the 17% increase in members due to the continued growth of the SelectRx business. Commission and other services revenue decreased $20.3 million, or 5%, for the six months ended December 31, 2025, primarily due to decreases in Senior commission revenue and other Senior revenue of $24.1 million and $3.8 million, respectively. The decrease in Senior commission revenue was primarily driven by a 5% decrease in approved policies. These decreases were partially offset by an increase in Life commission revenue of $10.5 million, which was primarily driven by a $7.7 million increase in final expense revenue due to a 23% increase in the number of policies sold. The increase in number of policies sold was partially offset by a 1% decrease in the average premium per policy sold.
Current wording
Nine Months Ended March 31, 2026 and 2025–Commission and other services revenue decreased $7.5 million, or 1%, for the nine months ended March 31, 2026, primarily due to a $19.0 million decrease in other Senior revenue, partially offset by a $13.2 million increase in Life revenue. The decrease in other Senior revenue was primarily due to a lower volume of carrier sponsored production incentives and performance-based bonuses during the current OEP cycle. The increase in Life revenue was primarily driven by a $9.4 million increase in final expense revenue due to a 14% increase in the number of policies sold. Pharmacy revenue increased $122.9 million or 24%, primarily due to the 11% increase in members due to the continued growth of the SelectRx business, partially offset by a $13.4 million reclassification of manufacturer refunds received in lieu of payer reimbursement revenue as a result of the Inflation Reduction Act. As discussed above, beginning in calendar year 2026, the Company began receiving refunds from pharmaceutical manufacturers on certain drugs that are part of the Medicare Prescription
Previous wording
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.
Current wording
Cost of commissions and other services revenue represents the direct costs associated with fulfilling our obligations to our customers in Senior, Life, 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.
Previous wording
Three Months Ended December 31, 2025 and 2024–Cost of commissions and other service revenue increased $1.9 million, or 2%, for the three months ended December 31, 2025, primarily due to a $2.1 million increase in compensation costs, partially offset by $0.2 million decrease in depreciation and amortization. The $2.1 million increase in compensation costs is primarily comprised of a $2.3 million and $0.6 million increase in costs for sales and customer care agents in Life and Healthcare Services, respectively. The increase is partially offset by a $0.9 million decrease in costs for our sales and customer care agents in Senior.
Current wording
Three Months Ended March 31, 2026 and 2025–Cost of commissions and other service revenue increased $3.9 million, or 5%, for the three months ended March 31, 2026, primarily due to a $3.6 million increase in compensation costs. The $3.6 million increase in compensation costs is primarily comprised of increases in costs for sales and customer care agents of $1.2 million in both Healthcare Services and Senior, combined with a $1.1 million increase in Life.
Previous wording
Six Months Ended December 31, 2025 and 2024–Cost of commissions and other service revenue increased $5.3 million, or 3%, for the six months ended December 31, 2025, primarily due to a $5.5 million increase in compensation costs and a $0.7 million increase in licensing fees. These increases were partially offset by $0.6 million decrease in depreciation and amortization. The $5.5 million increase in compensation costs is primarily comprised of a $5.3 million increase in costs for sales and customer care agents in Life.
Current wording
Nine Months Ended March 31, 2026 and 2025–Cost of commissions and other service revenue increased $9.1 million, or 4%, for the nine months ended March 31, 2026, primarily due to a $9.1 million increase in compensation costs and a $0.9 million increase in licensing fees. These increases were partially offset by $0.7 million decrease in depreciation and amortization. The $9.1 million increase in compensation costs is primarily comprised of a $6.4 million and $2.4 million increase in costs for sales and customer care agents in Life and Healthcare Services, respectively.
Previous wording
Six Months Ended December 31, 2025 and 2024–Cost of goods sold-pharmacy revenue increased $112.2 million, or 39%, for the six months ended December 31, 2025, primarily due to a $106.7 million increase in medication costs, a $3.3 million increase in compensation costs, and a $1.3 million increase in fulfillment costs. Medication and fulfillment costs increased largely due to a 17% increase in the number of SelectRx members over the prior year. The increase in compensation costs reflects higher staffing levels required to support growth in pharmacy order volume and member fulfillment activity.
Current wording
Nine Months Ended March 31, 2026 and 2025–Cost of goods sold-pharmacy revenue increased $121.2 million, or 27%, for the nine months ended March 31, 2026, primarily due to a $126.3 million increase in medication costs, a $4.8 million increase in compensation costs, and a $2.2 million increase in fulfillment costs, partially offset by a $13.4 million decrease from refunds recognized as a reduction of cost of goods sold—pharmacy revenue rather than as pharmacy revenue discussed above. Medication and fulfillment costs increased largely due to a 11% increase in the number of SelectRx members over the prior year. The increase in compensation costs reflects higher staffing levels required to support growth in pharmacy order volume and member fulfillment activity.
Previous wording
Three Months Ended December 31, 2025 and 2024–Selling, general, and administrative expenses decreased $6.1 million, or 14%, for the three months ended December 31, 2025, primarily due to $6.3 million decrease in corporate development costs. The decrease in corporate development costs is a result of additional expenses incurred in the prior period related to the securitization and Senior Non-Convertible Preferred Stock transactions.
Current wording
Three Months Ended March 31, 2026 and 2025–Selling, general, and administrative expenses decreased $3.5 million, or 8%, for the three months ended March 31, 2026, primarily due to $5.7 million decrease in corporate development costs, partially offset by a $2.1 million increase in professional services costs. The decrease in corporate development costs is a result of additional expenses incurred in the prior period related to the securitization and Senior Non-Convertible Preferred Stock transactions. The increase in professional services costs is primarily driven by increased legal fees incurred during the period.
Previous wording
Six Months Ended December 31, 2025 and 2024–Selling, general, and administrative expenses decreased $6.4 million, or 8%, for the six months ended December 31, 2025, primarily due to $6.5 decrease in corporate development costs. The decrease in corporate development costs is a result of additional expenses incurred in the prior period related to the securitization and Senior Non-Convertible Preferred Stock transactions.
Current wording
Nine Months Ended March 31, 2026 and 2025–Selling, general, and administrative expenses decreased $9.9 million, or 8%, for the nine months ended March 31, 2026, primarily due to $12.3 million decrease in corporate development costs, partially offset by a $3.0 million increase in professional services costs. The decrease in corporate development costs is a result of additional expenses incurred in the prior period related to the securitization and Senior Non-Convertible Preferred Stock transactions. The increase in professional services costs is primarily driven by increased legal fees incurred during the period.
Previous wording
Six Months Ended December 31, 2025 and 2024–Technical development expenses increased $0.4 million, or 2%, for the three months ended December 31, 2025, primarily due to a $1.0 million increase in compensation costs due to an increase in headcount for technology personnel. The increase in compensation costs were partially offset by a $0.7 million decrease in data center costs. The decrease in data center costs was driven by a reduction in cloud infrastructure capacity to align with current demand.
Current wording
Nine Months Ended March 31, 2026 and 2025–Technical development expenses increased $0.2 million, or 1%, for the nine months ended March 31, 2026, primarily due to a $1.1 million increase in compensation costs due to an increase in headcount for technology personnel. The increase in compensation costs were partially offset by a $0.8 million decrease in information technology related expenses, primarily driven by a $0.7 million decrease in data center costs. The decrease in data center costs was driven by a reduction in cloud infrastructure capacity to align with current demand.
Previous wording
Three Months Ended December 31, 2025 and 2024–Interest expense decreased $12.1 million, or 51%, for the three months ended December 31, 2025. The decrease was primarily driven by the Company’s lower cost of capital following the completion of the securitization transaction and the repayment of $260.0 million of the Term Loans balance using the proceeds from the Senior Non-Convertible Preferred Stock issuance.
Current wording
Three Months Ended March 31, 2026 and 2025–Interest expense, net decreased $9.8 million, or 48%, for the three months ended March 31, 2026. The decrease was primarily due to a lower weighted-average principal balance outstanding during the three months ended March 31, 2026 following the $260.0 million principal repayment of the Previous Term Loans balance using the proceeds from the Senior Non-Convertible Preferred Stock issuance in February 2025.
Previous wording
Six Months Ended December 31, 2025 and 2024–Interest expense decreased $23.3 million, or 50%, for the six months ended December 31, 2025. The decrease was primarily driven by the Company’s lower cost of capital following the completion of the securitization transaction and the repayment of $260.0 million of the Term Loans balance using the proceeds from the Senior Non-Convertible Preferred Stock issuance.
Current wording
Nine Months Ended March 31, 2026 and 2025–Interest expense, net decreased $33.1 million, or 49%, for the nine months ended March 31, 2026. The decrease was primarily driven by: (i) the lower weighted-average principal balance outstanding throughout the nine months ended March 31, 2026, resulting from the $260.0 million principal repayment in February 2025; and (ii) the lower cost of capital following the completion of the securitization transaction in October 2024.
Previous wording
Three Months Ended December 31, 2025 and 2024–For the three months ended December 31, 2025, and 2024, the Company recognized an income tax expense of $13.7 million and income tax benefit of $13.7 million, representing an effective tax rate of 16.5% and (34.6)%, respectively. The differences from the federal statutory tax rate to the effective tax rate for the three months ended December 31, 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, and excess officer and stock-based compensation and general business credits. The differences from the federal statutory tax rate to the effective tax rates for the three months ended December 31, 2024, were primarily related to state income taxes, the recording of a valuation allowance for federal and state tax attributes that the Company does not expect to utilize prior to expiration, vesting of restricted stock units, and non-deductibility of warrant market adjustments.
Current wording
Three Months Ended March 31, 2026 and 2025–For the three months ended March 31, 2026, and 2025, the Company recognized an income tax expense of $3.9 million and $8.6 million, representing an effective tax rate of 8.9% and 24.8%, respectively. The differences from the federal statutory tax rate to the effective tax rate for the three months ended March 31, 2026, 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, and excess officer and stock-based compensation and general business credits. The differences from the federal statutory tax rate to the effective tax rates for the three months ended March 31, 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 change in fair value of warrants and excess officer compensation.
Previous wording
Six Months Ended December 31, 2025 and 2024–For the six months ended December 31, 2025 and 2024, the Company recognized income tax expense of $6.5 million and income tax benefit of $4.2 million, respectively, representing effective tax rates of 14.3% and (91.6)%, respectively. The differences from the federal statutory tax rate to the effective tax rate for the six months ended December 31, 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, and excess officer and stock-based compensation and general business credits. The differences from the federal statutory tax rate to the effective tax rate for the six months ended December 31, 2024, were primarily related to state income taxes, the recording of a valuation allowance for federal and state tax attributes that the Company does not expect to utilize prior to expiration, vesting of restricted stock units, and non-deductibility of warrant market adjustments.
Current wording
Nine Months Ended March 31, 2026 and 2025–For the nine months ended March 31, 2026 and 2025, the Company recognized income tax expense of $10.4 million and $4.4 million, respectively, representing effective tax rates of 11.6% and 11.3%, respectively. The differences from the federal statutory tax rate to the effective tax rate for the nine months ended March 31, 2026, 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, and excess officer and stock-based compensation and general business credits. The differences from the federal statutory tax rate to the effective tax rate for thenine months ended March 31, 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 and excess officer compensation.
Previous wording
We define Adjusted EBITDA as net income plus interest expense, income taxes, depreciation and amortization, changes in fair value of warrant liabilities, transaction costs, and certain add-backs for non-cash or non-recurring expenses, including restructuring, impairment charges, and share-based compensation expenses. The most directly comparable GAAP measure is net income. We monitor and have presented Adjusted EBITDA herein 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.
Current wording
We define Adjusted EBITDA as net income plus interest expense, income taxes, depreciation and amortization, changes in fair value of warrant liabilities, transaction costs, and certain add-backs for non-cash or non-recurring expenses, including restructuring, impairment charges, loss on extinguishment of debt, and share-based compensation expenses. The most directly comparable GAAP measure is net income. We monitor and have presented Adjusted EBITDA herein 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.
Previous wording
(1) For the three and six months ended December 31, 2025, these expenses primarily consist of financing transaction costs ($0.3 million and $0.5 million) and non-restructuring severance expenses ($0.3 million and $0.4 million). For the three and six months ended December 31, 2024, these expenses primarily consist of financing transaction costs ($6.7 million and $7.0 million) and non-restructuring severance expenses ($0.0 million and $0.5 million).
Current wording
(1) For the three and nine months ended March 31, 2026, these expenses primarily consist of financing transaction costs ($0.0 million and $0.5 million) and non-restructuring severance expenses ($0.6 million and $1.0 million). For the three and nine months ended March 31, 2025, these expenses primarily consist of financing transaction costs ($5.8 million and $12.8 million) and non-restructuring severance expenses ($0.0 million and $0.6 million).
Previous wording
(5) Corporate is not an operating segment and consists primarily of unallocated corporate overhead costs, such as payroll and related benefits ($17.4 million), professional services ($5.0 million), and facilities ($1.4 million).
Current wording
(5) Corporate is not an operating segment and consists primarily of unallocated corporate overhead costs, such as payroll and related benefits ($17.4 million), professional services ($5.4 million), and facilities ($1.2 million).
Previous wording
(6) These expenses primarily consist of financing transaction costs ($0.5 million) and non-restructuring severance expenses ($0.4 million).
Current wording
(6) These expenses primarily consist of financing transaction costs ($0.5 million) and non-restructuring severance expenses ($1.0 million).
Previous wording
(6) These expenses primarily consist of non-restructuring severance expenses ($0.5 million) and financing transaction costs ($7.0 million).
Current wording
(6) These expenses primarily consist of non-restructuring severance expenses ($0.6 million) and financing transaction costs ($12.8 million).
Previous wording
Three Months Ended December 31, 2025 and 2024–Revenue from Senior was $261.5 million for the three months ended December 31, 2025, a $6.0 million, or 2%, increase compared to revenue of $255.6 million for the three months ended December 31, 2024. The increase was due to a $3.8 million and $2.2 million increase in other revenue and commissions revenue, respectively. The increase in commission revenue was due to a 4% increase in approved policies.
Current wording
Three Months Ended March 31, 2026 and 2025–Revenue from Senior was $182.9 million for the three months ended March 31, 2026, a $13.4 million, or 8%, increase compared to revenue of $169.4 million for the three months ended March 31, 2025. The increase was due to a $28.6 million increase in commissions revenue, partially offset by a $15.2 million decrease in other revenue. The increase in commission revenue was due to a 6% increase in approved policies and a $14.4 million change in estimate of expected renewals driven by additional anticipated renewals from our policyholders. The decrease in other revenue was primarily due to a lower volume of carrier sponsored production incentives and performance-based bonuses during the current OEP cycle.
Previous wording
Revenue from Life was $90.3 million for the six months ended December 31, 2025, a $11.1 million, or 14%, increase compared to revenue of $79.2 million for the six months ended December 31, 2024, due to a $7.7 million increase in final expense revenue, and a $2.7 million increase in term revenue due to an increase in the number of policies sold.
Current wording
Revenue from Life was $138.2 million for the nine months ended March 31, 2026, a $13.2 million, or 11%, increase compared to revenue of $125.0 million for the nine months ended March 31, 2025, due to a $9.4 million increase in final expense revenue, and a $3.2 million increase in term revenue. These increases were due to increases in the number of policies sold.
Previous wording
Three Months Ended December 31, 2025 and 2024–Adjusted EBITDA from Senior was $102.5 million for the three months ended December 31, 2025, a $1.9 million increase compared to Adjusted EBITDA of $100.5 million for the three months ended December 31, 2024. The increase was primarily due to a $6.0 million increase in revenue as discussed above, partially offset by a $4.7 million increase in marketing expenses. The increase in marketing expenses was primarily due to a $3.7 million increase in lead costs.
Current wording
Three Months Ended March 31, 2026 and 2025–Adjusted EBITDA from Senior was $58.6 million for the three months ended March 31, 2026, a $12.9 million increase compared to Adjusted EBITDA of $45.7 million for the three months ended March 31, 2025. The increase was primarily due to a $13.4 million increase in revenue as discussed above, partially offset by a $1.2 million increase in costs of commissions and other services revenue. The increase in costs of commissions and other services revenue was due to a $0.8 million increase in compensation costs and a $0.3 million increase in licensing fees.
Previous wording
Adjusted EBITDA from Healthcare Services was $0.8 million for the three months ended December 31, 2025, a $1.4 million decrease compared to Adjusted EBITDA of $2.2 million for the three months ended December 31, 2024. The decrease was primarily due to a $48.8 million increase in cost of goods sold - pharmacy revenue, partially offset by a $47.3 million increase in revenue as discussed above. Cost of goods sold - pharmacy revenue increased primarily as a result of a $47.2 million increase in medication costs combined with a $2.1 million increase in compensation costs. Medication costs increased largely due to a 17% increase in the number of SelectRx members over the prior year. The increase in compensation costs reflects higher staffing levels required to support growth in pharmacy order volume and member fulfillment activity.
Current wording
Adjusted EBITDA from Healthcare Services was $5.3 million for the three months ended March 31, 2026, a $1.2 million decrease compared to Adjusted EBITDA of $6.4 million for the three months ended March 31, 2025. The decrease was primarily due to a $8.8 million increase in cost of goods sold - pharmacy revenue, a $1.5 million increase in selling, general, and administrative expenses, and a $1.2 million increase in costs of commissions and other services revenue, partially offset by a $9.8 million increase in revenue as discussed above. Cost of goods sold - pharmacy revenue increased primarily as a result of a $19.6 million increase in medication costs combined with a $1.5 million increase in compensation costs, partially offset by a $13.4 million decrease from refunds recognized as a reduction of costs of goods sold-pharmacy revenue rather than as pharmacy revenue as discussed above. Selling, general, and administrative expenses increased due to a $0.7 million increase in compensation costs. Cost of commissions and other services revenue increased due to a $1.2 million increase in compensation costs. Medication costs increased largely due to a 11% increase in the number of SelectRx members over the prior year. The increase in compensation costs reflects higher staffing levels required to support growth in pharmacy order volume and member fulfillment activity.
Previous wording
Adjusted EBITDA from Life was $5.6 million for the three months ended December 31, 2025, a $1.8 million decrease compared to Adjusted EBITDA of $7.4 million for the three months ended December 31, 2024. The decrease was primarily due to a $3.2 million increase in marketing expenses and a $2.4 million increase in cost of commissions and other services revenue partially offset by by a $3.8 million increase in revenue as discussed above. The increase in marketing expenses was due to a $2.7 million increase in lead costs. The increase in cost of commissions and other services revenue was due to a $2.3 million increase in compensation costs.
Current wording
Adjusted EBITDA from Life was $6.1 million for the three months ended March 31, 2026, a $0.3 million decrease compared to Adjusted EBITDA of $6.4 million for the three months ended March 31, 2025. The decrease was primarily due to a $1.3 million increase in marketing expenses and a $1.1 million increase in cost of commissions and other services revenue, partially offset by a $2.1 million increase in revenue as discussed above. The increase in marketing expenses was due to a $0.9 million increase in lead costs and a $0.5 million increase in creative marketing costs. The increase in cost of commissions and other services revenue was due to a $1.1 million increase in compensation costs.
Previous wording
Six Months Ended December 31, 2025 and 2024–Adjusted EBITDA from Senior was $81.4 million for the six months ended December 31, 2025, a $26.8 million decrease compared to Adjusted EBITDA of $108.2 million for the six months ended December 31, 2024. The decrease was primarily due to a $28.0 million decrease in revenue as discussed above.
Current wording
Nine Months Ended March 31, 2026 and 2025–Adjusted EBITDA from Senior was $140.1 million for the nine months ended March 31, 2026, a $13.9 million decrease compared to Adjusted EBITDA of $153.9 million for the nine months ended March 31, 2025. The decrease was primarily due to a $14.5 million decrease in revenue as discussed above.
Previous wording
Adjusted EBITDA from Life was $11.2 million for the six months ended December 31, 2025, a $2.2 million decrease compared to Adjusted EBITDA of $13.4 million for the six months ended December 31, 2024. The decrease was due to a $7.5 million increase in marketing expenses and a $5.8 million increase in cost of commissions and other services revenue partially offset by a $11.1 million increase in revenue, as discussed above. The increase in marketing expenses was due to a $6.7 million increase in lead costs. The increase in cost of commissions and other services revenue was due to a $5.7 million increase in compensation costs.
Current wording
Adjusted EBITDA from Life was $17.2 million for the nine months ended March 31, 2026, a $2.5 million decrease compared to Adjusted EBITDA of $19.7 million for the nine months ended March 31, 2025. The decrease was due to a $8.8 million increase in marketing expenses and a $6.8 million increase in cost of commissions and other services revenue, partially offset by a $13.2 million increase in revenue, as discussed above. The increase in marketing expenses was due to a $7.7 million increase in lead costs and a $1.0 million increase in creative marketing costs. The increase in cost of commissions and other services revenue was due to a $6.8 million increase in compensation costs.
Previous wording
Our liquidity needs primarily include working capital and debt service 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 6 to the condensed consolidated financial statements.
Current wording
Our liquidity needs primarily include working capital and debt service requirements. Additionally, we are required under the Credit Agreement and Indenture to maintain compliance with certain debt covenants, as discussed further in Note 6 to the condensed consolidated financial statements.
Previous wording
Significant changes and activity related to our long-term debt during the six months ended December 31, 2025, are discussed below. Refer to Note 6 to the condensed consolidated financial statements for further discussion on our debt agreements and activity.
Current wording
Significant changes and activity related to our long-term debt during the nine months ended March 31, 2026, are discussed below. Refer to Note 6 to the condensed consolidated financial statements for further discussion on our debt agreements and activity. Based on our financial projections, we believe we will remain in compliance with the debt covenants for the 12 months following the date of issuance of our condensed consolidated financial statements.
Previous wording
During the six months ended December 31, 2025, the Company had outstanding borrowings of $73.4 million and repaid $10.1 million of the notes issued in connection with the Indenture. Refer to Note 6 to the condensed consolidated financial statements for further information.
Current wording
During the nine months ended March 31, 2026, the Company had outstanding borrowings of $68.4 million and repaid $15.0 million of the notes issued in connection with the Indenture. Refer to Note 6 to the condensed consolidated financial statements for further information.
Showing the first 40 of 52 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
(6) These expenses primarily consist of non-restructuring severance expenses ($0.6 million).
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Cost of commissions and other services revenue represents the direct costs associated with fulfilling our obligations to our customers in Senior, Life, and Healthcare Services (excluding SelectRx discussed below);
Previous report — wording carried elsewhere
(7) During the three months ended December 31, 2025, the Company recognized an impairment charge of $1.0 million representing a full write-off of its equity-method investment.