v3.25.4
Segment Information
 6 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
As of July 1, 2024, the Company realigned its reportable segments for fiscal year 2025. The Auto & Home business does not meet the quantitative thresholds to be required to continue to be separately disclosed as a reportable segment in accordance with ASC 280, Segment Reporting (“ASC 280”). As a result, the Auto & Home business will be included in an “All Other” category. Prior period information has been recast to conform to the current presentation.

The Company’s operating segments and reportable segments have been determined in accordance with ASC 280. We currently have three reportable segments: i) Senior, ii) Healthcare Services, and iii) Life. Senior primarily sells senior Medicare-related health insurance products. Healthcare Services includes SelectRx, Healthcare Select, and SPM. Healthcare Services provides products and services to our Medicare policyholders, which are focused on improving patient health outcomes. Life primarily sells term life and final expense products. The All Other category is reflective of the revenue generated from selling individual automobile and homeowners’ insurance. Additionally, the Company accounts for non-operating activity, share-based compensation expense, depreciation and amortization, goodwill, impairment charges, certain intersegment eliminations, and the costs of providing corporate and other administrative services in our administrative division, Corporate & Eliminations.

Our operating segments are determined based on how our chief executive officer, who also serves as our chief operating decision maker (“CODM”), manages our business, regularly accesses information, and evaluates performance for operating decision-making purposes, including allocation of resources. Adjusted EBITDA is our segment profit measure and a key measure used by our CODM and Board of Directors to understand and evaluate the operating performance of our business and on which internal budgets and forecasts are based and approved.

Our segment disclosure includes intersegment revenues, which consist of affiliate marketing fees for services provided by our Senior segment to our Healthcare Services and Life segments as well as services provided by Life to other segments. These intersegment transactions are recorded by each segment at amounts that we believe approximate fair value as if the transactions were between third parties and, therefore, impact segment performance. However, the revenue and corresponding expense are eliminated in consolidation. The elimination of such intersegment transactions is included within the “Eliminations of intersegment revenues” in the tables below. Apart from these intersegment transactions, the accounting policies of the reportable segments are the same as the Company’s described Note 1 to the condensed consolidated financial statements.

The following tables present information about the reportable segments for the periods presented.

We do not report total assets by segment as our CODM does not use this information to evaluate operating segment performance. Accordingly, we do not regularly provide such information by segment to our CODM.

Three Months Ended December 31, 2025:

(in thousands)SeniorHealthcare ServicesLifeTotal
External revenue$259,201 $230,412 $43,598 $533,211 
Intersegment revenue2,338 242 25 2,605 
Total revenue from reportable segments$261,539 $230,654 $43,623 $535,816 
All other revenue (1)
3,891 
Eliminations of intersegment revenues(2,605)
Total consolidated revenue$537,102 
(1) Represents revenue from SQAH, a non-reportable segment.
(in thousands)SeniorHealthcare ServicesLifeTotal
Total revenue from reportable segments
$261,539 $230,654 $43,623 $535,816 
Less:
Cost of commissions and other services revenue
(74,391)(8,357)(17,404)
Cost of goods sold - pharmacy revenue
— (203,783)— 
Marketing expense (1)
(84,056)(2,235)(20,376)
Technical development (2)
— (311)— 
Selling, general, and administrative (3)
(640)(15,122)(262)
Adjusted Segment EBITDA$102,452 $846 $5,581 $108,879 
Reconciliation of total segment Adjusted EBITDA
All other Adjusted EBITDA (4)
2,102 
Corporate (5)
(26,250)
Share-based compensation expense(3,475)
Transaction costs (6)
(662)
Depreciation and amortization(4,322)
Impairment of equity-method investment (7)
(1,000)
Change in fair value of warrants19,296 
Interest expense, net(11,613)
Income before income tax expense (benefit)$82,955 
(1) Primarily consists of direct advertising and lead generation costs across various marketing channels.
(2) Primarily comprised of payroll and related benefits for dedicated Healthcare Services IT personnel.
(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.
(4) Represents adjusted EBITDA from SQAH, a non-reportable segment.
(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).
(6) These expenses primarily consist of financing transaction costs ($0.3 million) and non-restructuring severance expenses ($0.3 million).
(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.

Three Months Ended December 31, 2024:

(in thousands)SeniorHealthcare ServicesLife
Total
External revenue$253,805 $183,281 $39,840 $476,926 
Intersegment revenue1,773 89 21 1,883 
Total revenue from reportable segments
$255,578 $183,370 $39,861 $478,809 
All other revenue (1)
4,143 
Eliminations of intersegment revenues
(1,883)
Total consolidated revenue
$481,069 
(1) Represents revenue from SQAH, a non-reportable segment.
(in thousands)SeniorHealthcare ServicesLifeTotal
Total revenue from reportable segments
$255,578 $183,370 $39,861 $478,809 
Less:
Cost of commissions and other services revenue
(75,042)(7,932)(15,041)
Cost of goods sold - pharmacy revenue
— (155,009)— 
Marketing expense (1)
(79,398)(1,902)(17,172)
Technical development (2)
— (592)— 
Selling, general, and administrative (3)
(617)(15,723)(225)
Adjusted Segment EBITDA$100,521 $2,212 $7,423 $110,156 
Reconciliation of total segment Adjusted EBITDA
All other Adjusted EBITDA (4)
2,303 
Corporate (5)
(24,940)
Share-based compensation expense(4,699)
Transaction costs (6)
(6,719)
Depreciation and amortization(5,060)
Loss on disposal of property, equipment, and software, net(122)
Change in fair value of warrants(7,642)
Interest expense, net(23,721)
Income before income tax expense (benefit)
$39,556 
(1) Primarily consists of direct advertising and lead generation costs across various marketing channels.
(2) Primarily comprised of payroll and related benefits for dedicated Healthcare Services IT personnel.
(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.
(4) Represents adjusted EBITDA from SQAH, a non-reportable segment.
(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).
(6) These expenses primarily consist of financing transaction costs ($6.7 million).

Six Months Ended December 31, 2025:

(in thousands)SeniorHealthcare ServicesLifeTotal
External revenue$316,499 $451,650 $90,226 $858,375 
Intersegment revenue4,037 355 43 4,435 
Total revenue from reportable segments$320,536 $452,005 $90,269 $862,810 
All other revenue (1)
7,538 
Eliminations of intersegment revenues(4,435)
Total consolidated revenue$865,913 
(1) Represents revenue from SQAH, a non-reportable segment.
(in thousands)SeniorHealthcare ServicesLifeTotal
Total revenue from reportable segments
$320,536 $452,005 $90,269 $862,810 
Less:
Cost of commissions and other services revenue
(116,288)(14,658)(35,382)
Cost of goods sold - pharmacy revenue
— (395,181)— 
Marketing expense (1)
(121,686)(4,623)(43,136)
Technical development (2)
— (749)— 
Selling, general, and administrative (3)
(1,147)(28,736)(599)
Adjusted Segment EBITDA$81,415 $8,058 $11,152 $100,625 
Reconciliation of total segment Adjusted EBITDA
All other Adjusted EBITDA (4)
3,989 
Corporate (5)
(51,962)
Share-based compensation expense(7,802)
Transaction costs (6)
(846)
Depreciation and amortization(8,622)
Impairment of equity-method investment (7)
(1,000)
Change in fair value of warrants34,332 
Interest expense, net(23,421)
Income before income tax expense (benefit)$45,293 
(1) Primarily consists of direct advertising and lead generation costs across various marketing channels.
(2) Primarily comprised of payroll and related benefits for dedicated Healthcare Services IT personnel.
(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.
(4) Represents adjusted EBITDA from SQAH, a non-reportable segment.
(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).
(6) These expenses primarily consist of financing transaction costs ($0.5 million) and non-restructuring severance expenses ($0.4 million).
(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.

Six Months Ended December 31, 2024:

(in thousands)SeniorHealthcare ServicesLife
Total
External revenue$345,169 $338,947 $79,106 $763,222 
Intersegment revenue3,318 161 45 3,524 
Total revenue from reportable segments
$348,487 $339,108 $79,151 $766,746 
All other revenue (1)
10,110 
Eliminations of intersegment revenues
(3,524)
Total consolidated revenue
$773,332 
(1) Represents revenue from SQAH, a non-reportable segment.
(in thousands)SeniorHealthcare ServicesLifeTotal
Total revenue from reportable segments
$348,487 $339,108 $79,151 $766,746 
Less:
Cost of commissions and other services revenue
(116,169)(13,812)(29,613)
Cost of goods sold - pharmacy revenue
— (283,375)— 
Marketing expense (1)
(122,775)(4,149)(35,667)
Technical development (2)
— (1,200)— 
Selling, general, and administrative (3)
(1,296)(29,483)(488)
Adjusted Segment EBITDA$108,247 $7,089 $13,383 $128,719 
Reconciliation of total segment Adjusted EBITDA
All other Adjusted EBITDA (4)
6,099 
Corporate (5)
(48,983)
Share-based compensation expense(8,545)
Transaction costs (6)
(7,544)
Depreciation and amortization(10,659)
Loss on disposal of property, equipment, and software, net(157)
Change in fair value of warrants(7,642)
Interest expense, net(46,752)
Income before income tax expense (benefit)$4,536 
(1) Primarily consists of direct advertising and lead generation costs across various marketing channels.
(2) Primarily comprised of payroll and related benefits for dedicated Healthcare Services IT personnel.
(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.
(4) Represents adjusted EBITDA from SQAH, a non-reportable segment.
(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).
(6) These expenses primarily consist of non-restructuring severance expenses ($0.5 million) and financing transaction costs ($7.0 million).
Revenues from each of the reportable segments are earned from transactions in the United States and follow the same accounting policies used for the Company’s condensed consolidated financial statements. All of the Company’s long-lived assets are located in the United States. For the three months ended December 31, 2025, three insurance carrier customers accounted for 37% (UHC), 19% (Humana), and 13% (Aetna), of total revenue. For the three months ended December 31, 2024, three insurance carrier customers accounted for 38% (UHC), 14% (Humana), and 16% (Aetna) of total revenue. For the six months ended December 31, 2025, three insurance carrier customers accounted for 40% (UHC), 14% (Humana) and 12% (Aetna), of total revenue. For the six months ended December 31, 2024, three customers accounted for 35% (UHC), 13% (Humana), and 17% (Aetna) of total revenue. For all periods presented, the revenue was provided by both the Senior and Healthcare Services segments.