first_img 2020 (3,449) By Digital AIM Web Support – February 8, 2021 Facebook (852) Amortization of debt issuance costs and debt discount 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. Core premiums include term life and permanent life insurance policies while ancillary premiums include various smaller products. 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. *See reconciliation from non-GAAP measure, Adjusted EBITDA, to net income on pages 11-13 The following table shows core, final expense, and ancillary premiums for the periods presented: Six Months EndedDecember 31, $ 76,265 Revenue / CAC multiple 3.2X Other current assets % Change 47,805 2019 1,622 83,121 (1,395) $ 176,297 4.1X Auto & Home 14,000 68,110 Medicare Advantage and Medicare Supplement commission per MA / MS policy $ 1,276 Income tax expense Common stock, $.01 par value 130 7,383 $ Consolidated Technical development 1,906 Twelve Months EndedDecember 31, 39,070 Operating Metrics Submitted Policies Submitted policies are counted when an individual completes an application with our licensed agent and provides authorization to them to submit it to the insurance carrier partner. The applicant may have additional actions to take before the application will be reviewed by the insurance carrier, such as providing additional information. The following table shows the number of submitted policies for the periods presented: Restricted cash OTHER ASSETS 89,920 Total current assets 19 % Interest expense, net $ (13,619) 294,539 77,869 DEBT (10) % 570 $ 56,587 20,549 $ 1,251 (162) 83,602 7,241 Payments of debt issuance costs Other expenses, net 33,871 5,767 226 8,374 $ 8,675 Loss on disposal of property, equipment, and software (12) % 9,179 $ 19,469 286 % Revenue 391 Purchases of software and capitalized software development costs SELECTQUOTE, INC. AND SUBSIDIARIES Adjusted EBITDA to Net Income Reconciliation (Unaudited) Guidance net income to Adjusted EBITDA reconciliation, year ending June 30, 2021: $ $ Adjusted EBITDA* 2,150 Revenue $ 16,779 232 158,650 143,457 116 — (1,603) 45 % Income tax expense $ (110,792) Interest expense, net 7,339 (dollars per policy): 2020 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—End of period 1,248 11,744 $ (7,049) 25,321 51,254 (25,436) $ — Net cash used in operating activities 22,891 (7,930) SHAREHOLDERS’ EQUITY: % Change $ (219,132) (2,259) (6,782) Gain (loss) on cash flow hedge 117 % 36,168 318 % Net Income Auto & Home Financial Results The following table provides the financial results for the Auto & Home segment for the periods presented: $ 388,709 34 % 2020 OPERATING COSTS AND EXPENSES: 330,343 2019 TOTAL ASSETS Facebook % Change Dental, Vision and Hearing 43,020 — Marketing and advertising 54,924 2020 368,869 Final Expense Premiums 11,263 28,000 $ 1,268 (in thousands): 2020 Previous articleSummit Wireless Technologies Presents Wireless Audio Design to Industry Display LeadersNext articleEminence Capital Releases Investor Presentation on Grossly Inadequate Offer Resulting From Highly Manipulated Pluralsight Sales Process Digital AIM Web Support 62 % $ 14,936 1,367 NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 91,112 1,340 16,891 37,382 140 CURRENT ASSETS: Per Unit Economics Per unit economics represents total Medicare Advantage and Medicare Supplement commissions, other product commissions, other revenues, and costs associated with the Senior segment, each shown as per number of approved Medicare Advantage and Medicare Supplement approved 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 Medicare Advantage and Medicare Supplement commission per MA/MS policy represents the lifetime value of commissions for policies sold in the period. Other commission per MA/MS policy represents the lifetime value of commissions for other products sold in the period, including dental, vision and hearing, prescription drug plan, and other products, which management views as additional commission revenue on our agents’ core function of MA/MS policy sales. Other per MA/MS policy represents the production bonuses, lead sales revenue from InsideResponse, and updated estimates of prior period variable consideration based on actual policy renewals in the current period. Total operating expenses per MA/MS policy represent all of the operating expenses within the Senior segment. The Revenue to customer acquisition cost (“CAC”) multiple represents total revenue per MA/MS policy as a multiple of total marketing acquisition cost, which represents the direct costs of acquiring leads which is included in marketing and advertising expense within the total operating expenses per MA/MS policy. The following table shows per unit economics for the periods presented. Based on the seasonality of the Senior segment 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. These metrics are the basis on which management assesses the business: 140 $ (10) % $ (1,196) 2020 $ 1,250 22 % Life Financial Results The following table provides the financial results for the Life segment for the periods presented: 98 % (40) % 134 % (43) 88,461 Three Months EndedDecember 31, 24,992 2019 20,938 476,544 INCOME FROM OPERATIONS ASSETS Payments of costs incurred in connection with private placement 1,153 (63,355) 2020 Other commission per MA/MS policy 39 Six Months EndedDecember 31, 235 (5,499) (1,153) 6 % 6,223 Basic % Adjusted EBITDA* 6,414 77,299 Total current liabilities 128 % $ 18,619 (12) % Total revenue Three Months EndedDecember 31, 2,150 19,673 49,853 (564) Proceeds from sales of property and equipment INTANGIBLE ASSETS—NET 241,464 Corp & Elims Proceeds from other debt 2019 1,000 $ Share-based compensation expense 40 % 0.56 (6,178) 40 % $ 46,577 358,274 162 Depreciation and amortization Consolidated $ 1 % 12,184 351,015 (3,911) 37,382 (416) (in thousands) 2020 3 % 513,834 Cash and cash equivalents 2019 Other expenses, net 392,647 108,223 (29,961) $ 779 388,709 Total liabilities Medicare Advantage and Medicare Supplement approved policies 394,032 — Net income — 5,480 — 750 Three Months EndedDecember 31, 1,162 1,408 (7) % (2,243) % Change 35,067 Consolidated $ 2019 SELECTQUOTE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (In thousands) 318 % Gain on disposal of property, equipment, and software 19,123 (141) OTHER COMPREHENSIVE GAIN (LOSS) NET OF TAX: 14,000 (13,543) 2019 80 % 66,170 42 % Senior Three Months EndedDecember 31, (3,590) 90,416 18 % Operating expenses (in thousands) INCOME BEFORE INCOME TAX EXPENSE Non-recurring expenses Other assets 13,997 2019 216,472 320,974 2019 229 % (22,740) 90,374 (7,694) $ 84,121 % Update on Fiscal Year 2021 Guidance SelectQuote is raising the guidance originally provided for the full-year ending June 30, 2021. As a reminder, these expectations are forward-looking statements and actual results may be materially different and are affected by the risk factors and uncertainties identified in this press release and in our annual and quarterly filings with the Securities and Exchange Commission. SelectQuote is raising guidance for the full-year ending June 30, 2021 as follows: Consolidated Revenue is expected to be in the range of $920 million to $940 millionConsolidated Net Income is expected to be in the range of $138 million to $146 millionConsolidated Adjusted EBITDA is expected to be in the range of $230 million to $240 million* *See reconciliation from non-GAAP measure, Adjusted EBITDA, to net income on pages 11-13 Review of Financial Results SelectQuote, Inc. will host a conference call with the investment community today, Monday, February 8, 2021, beginning at 5 p.m. ET. To register for this conference call, please use this link: http://www.directeventreg.com/registration/event/6593229. 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 a day in advance or, at minimum, 10 minutes before the start of the call. The event will also be webcasted live via our investor relations website https://ir.selectquote.com/investor-home/default.aspx or via this link. 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 and Adjusted EBITDA Margin, which are non-GAAP financial measures. These non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similarly titled measures presented by other companies. We define Adjusted EBITDA as income before interest expense, income tax expense, depreciation and amortization, 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, to establish budgets and to 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. We believe that this non-GAAP financial measure helps identify underlying trends in our business that could otherwise be masked by the effect of the expenses that we exclude in the calculations of this non-GAAP financial measure. Accordingly, we believe that this financial measure provides useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and future prospects. Forward Looking Statement 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: the ultimate duration and impact of the ongoing COVID-19 pandemic, 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; 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 claims, including IP litigation; our existing and future indebtedness; developments with respect to LIBOR; access to additional capital; failure to protect our intellectual property and our brand; fluctuations in our financial results caused by seasonality; accuracy and timeliness of commissions reports from insurance carriers; timing of insurance carriers’ approval and payment practices; factors that impact our estimate of the constrained lifetime value of commissions per policyholder; changes in accounting rules, tax legislation and other legislation; disruptions or failures of our technological infrastructure and platform; failure to maintain relationships with third-party service providers; cybersecurity breaches or other attacks involving our systems or those of our insurance carrier partners or third-party service providers; our ability to protect consumer information and other data; and failure to market and sell Medicare plans effectively or in compliance with laws. 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”) filed by us with the Securities 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) provides solutions that help consumers protect their most valuable assets: their families, health and property. The company pioneered the direct-to-consumer 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, scores, and routes high-quality sales leads. The company has three core business lines: SelectQuote Senior, SelectQuote Life and SelectQuote Auto and Home. SelectQuote Senior, the largest and fastest-growing business, serves the needs of a demographic that sees 10,000 people turn 65 each day with a range of Medicare Advantage and Medicare Supplement plans from leading, nationally-recognized carriers, as well as prescription drug plans, dental, vision and hearing plans. SELECTQUOTE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands) Medicare Advantage 246,548 76,972 Fair value adjustments to contingent earnout obligations Total shareholders’ equity 324 % $ (in thousands) Other liabilities $ 427,519 63 % 117 % $ 2,000 Adjusted EBITDA 856 Proceeds from revolving line of credit Other expenses, net 2 31,966 5,000 Six Months EndedDecember 31, INCOME TAX EXPENSE Operating lease liabilities—current COMMISSIONS RECEIVABLE—Net 135,831 Three Months EndedDecember 31, 1,000 2019 5,237 SOFTWARE—Net 10,085 8,399 21 % 29,182 Three Months EndedDecember 31, OTHER COMPREHENSIVE GAIN (LOSS) 18,015 (50,602) (7) % 22,228 138,875 (22,264) 240,000 211 120 % Ancillary Premiums 505 $ 131,428 1,644 — OVERLAND PARK, Kan.–(BUSINESS WIRE)–Feb 8, 2021– SelectQuote, Inc. (NYSE: SLQT), reported consolidated revenue for the second quarter of fiscal year 2021 of $358.3 million, which was a 103% increase over consolidated revenue for the second quarter of fiscal year 2020 of $176.3 million. Consolidated net income for the second quarter of fiscal year 2021 was $90.4 million, which was a $51.3 million increase over consolidated net income for the second quarter of fiscal year 2020 of $39.1 million. Finally, consolidated Adjusted EBITDA for the second quarter of fiscal year 2021 was $129.5 million, which was an 88% increase over consolidated Adjusted EBITDA for the second quarter of fiscal year 2020 of $69.0 million. Consolidated revenue for the six months ended December 31, 2020, was $482.4 million, a 100% increase over consolidated revenue for the six months ended December 31, 2019, of $241.5 million. Consolidated net income for the six months ended December 31, 2020, was $91.3 million, an increase of $53.9 million over consolidated net income for the six months ended December 31, 2019, of $37.4 million. Finally, consolidated Adjusted EBITDA for the six months ended December 31, 2020, was $141.6 million compared to consolidated Adjusted EBITDA of $69.8 million for the six months ended December 31, 2019, a 103% increase. Chief Executive Officer Tim Danker commented, “Our Second Quarter results again demonstrated our strong growth potential, exceeding our internal expectations. The quarter was led by a strong AEP, where our Medicare Advantage approved policies grew by 132% year-over-year. We continue to show our differentiated model delivers superior financial results driven by a 32% increase in average agent productivity despite adding 70% more agents. We continue to excel in a fast-growing industry, and we’re pleased that our results continue to validate our strategy.” Chief Financial Officer Raffaele Sadun added, “With Senior revenue growth of 127% year-over-year, this was the fourth consecutive quarter of Senior revenue growth in excess of 100%. This is especially impressive given all of our hiring, onboarding, training, and licensing was done virtually. We continue to deliver industry leading and stable LTVs, which demonstrates the soundness of our strategy. As a result of our strong results during AEP, we are raising our fiscal year 2021 guidance for the third time this year.” Segment Results We currently report on three segments: 1) Senior, 2) Life and 3) Auto & Home. The performance measures of the segments include total revenue and Adjusted EBITDA. Costs of revenue, marketing and advertising, and technical development operating costs and expenses that are directly attributable to a segment are reported within the applicable segment. Indirect costs of revenue, marketing and advertising, and technical development operating costs and expenses are allocated to each segment based on varying metrics such as headcount. Adjusted EBITDA is calculated as total revenue for the applicable segment less direct and allocated costs of revenue, marketing and advertising, technical development, and general and administrative operating costs and expenses, excluding depreciation and amortization expense; gain or loss on disposal of property, equipment, and software; share-based compensation expense; restructuring expenses; and non-recurring expenses such as severance payments and transaction costs. Senior Financial Results The following table provides the financial results for the Senior segment for the periods presented: (275,000) $ CASH FLOWS FROM FINANCING ACTIVITIES: — 311,814 4,750 15,535 461,752 (141) 42,000 (200) 4,007 Medicare Supplement 1,233 Income tax expense Depreciation and amortization 1,427 NET INCOME (LOSS) PER SHARE: (dollars per approved policy): 2020 $ 1,281 (1,394) Life — 95,811 $ Retained earnings (accumulated deficit) (6,782) WEIGHTED-AVERAGE COMMON STOCK OUTSTANDING USED IN PER SHARE AMOUNTS: 131,121 105,844 (5,320) $ 14,716 Net income Revenue $ 36,375 (6,178) 26,540 December 31, 2020 5,080 528,104 (1,440) % Change Accounts payable 1,628 (33) % Accrued expenses 545,441 118,862 315,510 Auto & Home (2,792) Three Months EndedDecember 31, Medicare Supplement 13,273 (1,254) 170,043 634,135 (44,528) (70,765) — % $ (822) Revenue $ 315,510 Corp & Elims Six Months EndedDecember 31, — OPERATING LEASE RIGHT-OF-USE ASSETS 1,262,049 2019 116,956 % Change 37,300 56,587 (16) % 1,887 — REVENUE: Six Months EndedDecember 31, Share-based compensation expense — 68,110 Share-based compensation expense 127 % Changes in operating assets and liabilities: 128 % 358,274 176,297 68,965 Senior Other current liabilities 90,374 4,007 WhatsApp Premiums $ 13,255 % Change SELECTQUOTE, INC. AND SUBSIDIARIES Adjusted EBITDA to Net Income Reconciliation (Unaudited) Adjusted EBITDA 22 % 5,767 Accrued compensation and benefits Basic 13,043 Six Months EndedDecember 31, 25,245 115 % % Change 88,945 3,510 1,073,793 Non-recurring expenses Total operating costs and expenses (395) Acquisition of business (in thousands) 2020 Earnout liability — (5,768) $ 8,566 2020 Pinterest 185,439 12,680 (2,434) 321,065 OTHER EXPENSES, NET 79,198 $ 37,382 Operating Metrics Auto & Home premium represents the total premium value of all new policies that were approved by our insurance carrier partners during the indicated period. Because our commissions are earned based on a percentage of total premium, total premium volume for a given period is the key driver of revenue for our Auto & Home segment. The following table shows premiums for the periods presented: 148 1,517 28,000 116,689 627,914 (3,168) 120,120 16,776 Three Months EndedDecember 31, 37 % NET INCOME GOODWILL 90,416 $ 187,216 SELECTQUOTE, INC. AND SUBSIDIARIES Adjusted EBITDA to Net Income Reconciliation (Unaudited) 40 % Medicare Supplement 10,451 Three Months EndedDecember 31, — Range (9,241) $ 28,980 124,154 $ $ % Change (12,188) — 230,000 1,479 1,021 % $ 8,566 (21) $ (0.62) Revenue $ 7,241 Fair value adjustments to contingent earnout obligations Adjusted EBITDA Margin per MA / MS policy* 38 % — Prescription Drug Plan 6,250 Depreciation and amortization 91,253 CASH FLOWS FROM INVESTING ACTIVITIES: $ 30,155 $ 88,945 9 % $ 79,198 116 182,006 2,000 Diluted 162,645 (108) (2) $ % Change 2020 (21) 90,532 (0.62) (25) % 2,259 15,692 2019 18,619 2019 482,443 $ 642 WhatsApp 1,517 $ % Change $ 32,002 June 30, 2020 166,458 (6,902) 16,779 Net cash (used in) provided by financing activities 30,713 4,944 — Other 127 Prescription Drug Plan 232 Local NewsBusiness % Change 12,059 $ 132 % *See reconciliation from non-GAAP measure, Adjusted EBITDA, to net income on pages 11-13 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: Adjustments to reconcile net income to net cash, cash equivalents, and restricted cash used in operating activities: 132 % 141,019 Purchases of property and equipment (1) % 165,563 — $ 150,743 36,375 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: — 0.56 Operating expenses 655,828 Corp & Elims Total 313,030 $ 110 % 23 % 4,985 592 (1,245) — Adjusted EBITDA 32,371 SelectQuote, Inc. Reports Second Quarter and Fiscal Year to Date 2021 Results (15) % (103,147) Non-recurring expenses % Change % Change Accounts receivable 44,000 — 2019 138,000 244 % 86 % 108,399 548,113 View source version on businesswire.com:https://www.businesswire.com/news/home/20210208005629/en/ CONTACT: Investor Relations: Sloan Bohlen 877-678-4083 [email protected]: Matt Gunter 913-286-4931 [email protected] Hale 913-653-4375 [email protected] KEYWORD: KANSAS UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: DATA MANAGEMENT PROFESSIONAL SERVICES TECHNOLOGY INSURANCE SOFTWARE SOURCE: SelectQuote, Inc. Copyright Business Wire 2021. PUB: 02/08/2021 04:05 PM/DISC: 02/08/2021 04:06 PM http://www.businesswire.com/news/home/20210208005629/en $ CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—Beginning of period (9,096) Six Months EndedDecember 31, CURRENT LIABILITIES: 0.55 241,464 Adjusted EBITDA per MA / MS policy* $ 567 49,126 Non-recurring expenses 23,946 Net proceeds from Term Loan $ 37,849 43 % 86 % (180,955) Share-based compensation expense Loss on disposal of property, equipment, and software 9,263 5,093 $ Payments of tax withholdings related to net share settlement of equity awards 4,819 (79) — (10) % 6,240 OPERATING LEASE LIABILITIES — Payments on revolving line of credit 14,635 (6,883) 7,379 — Adjusted EBITDA (16) TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY COMMITMENTS AND CONTINGENCIES 63,062 Six Months EndedDecember 31, 30,812 66,170 146,989 3 Net cash used in investing activities 7,447 Net income (13,543) 57,435 (5,091) $ 10,121 (16) Six Months Ended December 31, 2020 (in thousands) 24,512 (245,252) (in thousands) DEFERRED INCOME TAXES (62,307) Revenue $ 26 % 0.55 Twitter (6,775) Depreciation and amortization $ 1,197 1,690 Senior Core Premiums $ 18,751 2020 132,206 121 (12,746) (32) % 51,209 (16) Pinterest Cost of revenue $ 28,980 PROPERTY AND EQUIPMENT—Net Adjusted EBITDA 134,555 6,414 Six Months Ended December 31, 2019 245,907 3 % Accounts payable and accrued expenses 2020 Adjusted EBITDA* 134,555 (362) Fair value adjustments to contingent earnout obligations 129,500 Depreciation and amortization 117 % 83,634 Non-cash lease expense — 8,881 6,412 (3) Net income Diluted — Operating lease liabilities Operating expenses 36,958 Life CASH FLOWS FROM OPERATING ACTIVITIES: Corp & Elims 91,253 9,038 6,937 % Change (1,728) (12,404) $ (6,883) 49 % (107,329) (3) (12,184) TAGS  22,150 Fair value adjustments to contingent earnout obligations 162,546 (6) % Loss (gain) on disposal of property, equipment, and software Accumulated other comprehensive loss SELECTQUOTE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands) (35) % Other 3,256 (100,288) (14,612) Dental, Vision and Hearing 138 $ 5,822 $ Other 3,939 15,630 313,336 150,439 (0.56) Total 260,850 Total operating expenses per MA / MS policy (916) Medicare Advantage $ 1,268 (13,050) (1,336) Income tax expense $ 3,168 21 % (122,962) Net Income 143,457 209,739 545,689 — Operating expenses Six Months Ended December 31, 2019 $ 6,240 Payments of costs incurred in connection with initial public offering 8,598 2019 Adjusted EBITDA Margin* 30 % — $ $ Auto & Home 482,443 $ $ Consolidated (11,012) 39,070 (340,835) 251,187 $ 166,458 46,456 Non-recurring expenses 141 39,070 Dental, Vision and Hearing 33,614 2020 1,251 Payments on other debt 25,436 (4) % LIABILITIES AND SHAREHOLDERS’ EQUITY Auto & Home Deferred income taxes (43) Life 11,759 Depreciation and amortization (6,937) 1,262,049 $ 37,317 (228,753) $ $ (2) % Interest expense, net Three Months Ended December 31, 2020 2019 Adjusted EBITDA Margin* 18 % (in thousands) Senior 17,647 416,500 $ 138,875 Total revenue per MA / MS policy 1,483 Revenue Share-based compensation expense 32,420 Commission OTHER LIABILITIES (3) $ Cash dividends paid (10,719) Commissions receivable % Change (in thousands) 2020 (26,540) Share-based compensation expense 2019 234,120 141,565 Other expenses, net (9,263) 44 % 108 % 16,891 Interest expense, net General and administrative 146,000 2020 1,073,793 12,059 INTEREST EXPENSE, NET (24,550) $ Production bonus and other 69,832 Life (124) 2020 91,253 37,382 Interest expense, net 22,924 50,871 Adjusted EBITDA Margin* 43 % Prescription Drug Plan 4,815 Medicare Advantage 208,714 (11,744) 2019 (in thousands) 2020 2020 135,166 2019 Accounts receivable $ $ (837) 57 (91,778) Income tax expense $ $ 9,901 Six Months EndedDecember 31, $ 50,484 8,425 — 106 % Change Three Months Ended December 31, 2019 — (0.56) Additional paid-in capital 129,074 5,000 (1,771) 56,025 (171,616) Twitter 3,424 Commissions receivable-current Other per MA / MS policy 168 COMPREHENSIVE INCOME — $ 165,377 Proceeds from common stock option exercises 132 % last_img read more