v3.26.1
Segment Information
 9 Months Ended
Mar. 31, 2026
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 March 31, 2026:

(in thousands)SeniorHealthcare ServicesLifeTotal
External revenue$180,879 $199,096 $47,874 $427,849 
Intersegment revenue2,011 290 22 2,323 
Total revenue from reportable segments$182,890 $199,386 $47,896 $430,172 
All other revenue (1)
3,084 
Eliminations of intersegment revenues(2,323)
Total consolidated revenue$430,933 
(1) Represents revenue from SQAH, a non-reportable segment.
(in thousands)SeniorHealthcare ServicesLifeTotal
Total revenue from reportable segments
$182,890 $199,386 $47,896 $430,172 
Less:
Cost of commissions and other services revenue
(54,596)(6,976)(18,465)
Cost of goods sold - pharmacy revenue
— (169,814)— 
Marketing expense (1)
(69,060)(1,686)(23,131)
Technical development (2)
— (318)— 
Selling, general, and administrative (3)
(592)(15,314)(216)
Adjusted Segment EBITDA$58,642 $5,278 $6,084 $70,004 
Reconciliation of total segment Adjusted EBITDA
All other Adjusted EBITDA (4)
1,376 
Corporate (5)
(26,790)
Share-based compensation expense(3,678)
Transaction costs (6)
(631)
Depreciation and amortization(4,385)
Loss on extinguishment of debt
(8,659)
Change in fair value of warrants27,489 
Interest expense, net(10,602)
Income before income tax expense
$44,124 
(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 do not 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 ($5.4 million), and facilities ($1.2 million).
(6) These expenses primarily consist of non-restructuring severance expenses ($0.6 million).

Three Months Ended March 31, 2025:

(in thousands)SeniorHealthcare ServicesLife
Total
External revenue$167,565 $189,496 $45,822 $402,883 
Intersegment revenue1,877 73 20 1,970 
Total revenue from reportable segments
$169,442 $189,569 $45,842 $404,853 
All other revenue (1)
5,277 
Eliminations of intersegment revenues
(1,970)
Total consolidated revenue
$408,160 
(1) Represents revenue from SQAH, a non-reportable segment.
(in thousands)SeniorHealthcare ServicesLifeTotal
Total revenue from reportable segments
$169,442 $189,569 $45,842 $404,853 
Less:
Cost of commissions and other services revenue
(53,374)(5,816)(17,415)
Cost of goods sold - pharmacy revenue
— (161,026)— 
Marketing expense (1)
(69,808)(1,939)(21,789)
Technical development (2)
— (491)— 
Selling, general, and administrative (3)
(559)(13,852)(274)
Adjusted Segment EBITDA$45,701 $6,445 $6,364 $58,510 
Reconciliation of total segment Adjusted EBITDA
All other Adjusted EBITDA (4)
3,549 
Corporate (5)
(24,336)
Share-based compensation expense(4,960)
Transaction costs (6)
(5,813)
Depreciation and amortization(4,925)
Loss on disposal of property, equipment, and software, net(3)
Change in fair value of warrants32,986 
Interest expense, net(20,407)
Income before income tax expense
$34,601 
(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 do not 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 ($16.6 million), professional services ($3.8 million), and facilities ($1.4 million).
(6) These expenses primarily consist of financing transaction costs ($5.8 million).

Nine Months Ended March 31, 2026:

(in thousands)SeniorHealthcare ServicesLifeTotal
External revenue$497,378 $650,745 $138,101 $1,286,224 
Intersegment revenue6,048 646 65 6,759 
Total revenue from reportable segments$503,426 $651,391 $138,166 $1,292,983 
All other revenue (1)
10,622 
Eliminations of intersegment revenues(6,759)
Total consolidated revenue$1,296,846 
(1) Represents revenue from SQAH, a non-reportable segment.
(in thousands)SeniorHealthcare ServicesLifeTotal
Total revenue from reportable segments
$503,426 $651,391 $138,166 $1,292,983 
Less:
Cost of commissions and other services revenue
(170,884)(21,635)(53,848)
Cost of goods sold - pharmacy revenue
— (564,995)— 
Marketing expense (1)
(190,746)(6,309)(66,267)
Technical development (2)
— (1,068)— 
Selling, general, and administrative (3)
(1,739)(44,048)(815)
Adjusted Segment EBITDA$140,057 $13,336 $17,236 $170,629 
Reconciliation of total segment Adjusted EBITDA
All other Adjusted EBITDA (4)
5,366 
Corporate (5)
(78,752)
Share-based compensation expense(11,480)
Transaction costs (6)
(1,478)
Depreciation and amortization(13,007)
Impairment of equity-method investment (7)
(1,000)
Loss on extinguishment of debt
(8,659)
Change in fair value of warrants61,821 
Interest expense, net(34,023)
Income before income tax expense
$89,417 
(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 do not 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 ($52.6 million), professional services ($14.6 million), and facilities ($4.0 million).
(6) These expenses primarily consist of financing transaction costs ($0.5 million) and non-restructuring severance expenses ($1.0 million).
(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.

Nine Months Ended March 31, 2025:

(in thousands)SeniorHealthcare ServicesLife
Total
External revenue$512,735 $528,443 $124,930 $1,166,108 
Intersegment revenue5,195 234 63 5,492 
Total revenue from reportable segments
$517,930 $528,677 $124,993 $1,171,600 
All other revenue (1)
15,384 
Eliminations of intersegment revenues
(5,492)
Total consolidated revenue
$1,181,492 
(1) Represents revenue from SQAH, a non-reportable segment.
(in thousands)SeniorHealthcare ServicesLifeTotal
Total revenue from reportable segments
$517,930 $528,677 $124,993 $1,171,600 
Less:
Cost of commissions and other services revenue
(169,543)(19,627)(47,028)
Cost of goods sold - pharmacy revenue
— (444,401)— 
Marketing expense (1)
(192,583)(6,088)(57,456)
Technical development (2)
— (1,691)— 
Selling, general, and administrative (3)
(1,855)(43,336)(762)
Adjusted Segment EBITDA$153,949 $13,534 $19,747 $187,230 
Reconciliation of total segment Adjusted EBITDA
All other Adjusted EBITDA (4)
9,645 
Corporate (5)
(73,316)
Share-based compensation expense(13,505)
Transaction costs (6)
(13,358)
Depreciation and amortization(15,584)
Loss on disposal of property, equipment, and software, net(160)
Change in fair value of warrants25,344 
Interest expense, net(67,160)
Income before income tax expense
$39,136 
(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 do not 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 ($49.5 million), professional services ($12.6 million), and facilities ($4.2 million).
(6) These expenses primarily consist of non-restructuring severance expenses ($0.6 million) and financing transaction costs ($12.8 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 March 31, 2026, three insurance carrier customers accounted for 37% (UHC), 13% (Humana), and 13% (Aetna), of total revenue. For the three months ended March 31, 2025, three insurance carrier customers accounted for 38% (UHC), 12% (Humana), and 15% (Aetna) of total revenue. For the nine months ended March 31, 2026, three insurance carrier customers accounted for 39% (UHC), 14% (Humana) and 12% (Aetna), of total revenue. For the nine months ended March 31, 2025, three customers accounted for 36% (UHC), 13% (Humana), and 16% (Aetna) of total revenue. For all periods presented, the revenue was provided by both the Senior and Healthcare Services segments.