SelectQuote Inc (SLQT) 2025 Q3 法說會逐字稿

Welcome to SelectQuote's third-quarter earnings conference call. (Operator Instructions)

歡迎參加 SelectQuote 第三季財報電話會議。（操作員指示）

It is now my pleasure to introduce Matt Gunter, SelectQuote Investor Relations. Mr. Gunter, you may begin the conference.

現在我很高興介紹 SelectQuote 投資者關係部門的 Matt Gunter。岡特先生，您可以開始會議了。

Thank you, and good morning, everyone. Welcome to SelectQuote's fiscal third-quarter earnings call. Before we begin our call, I would like to mention that on our website, we have provided a slide presentation to help guide our discussion. After today's call, a replay will also be available on our website. Joining me from the company, I have our Chief Executive Officer, Tim Danker; and Chief Financial Officer, Ryan Clement.

謝謝大家，早安。歡迎參加 SelectQuote 的第三財季財報電話會議。在我們開始通話之前，我想提一下，在我們的網站上，我們提供了幻燈片簡報來幫助指導我們的討論。今天的電話會議結束後，我們的網站上也會提供重播。與我一同出席的公司還有執行長 Tim Danker 和財務長 Ryan Clement。

Following Tim and Ryan's comments today, we will have a question-and-answer session. As referenced on slide 2, during this call, we will be discussing some non-GAAP financial measures. The most directly comparable GAAP financial measures and a reconciliation of the differences between the GAAP and non-GAAP financial measures are available in our earnings release and investor presentation on our website.

今天，在蒂姆和瑞安發表評論之後，我們將進行問答環節。如同投影片 2 中所提到的，在本次電話會議中，我們將討論一些非 GAAP 財務指標。最直接可比較的 GAAP 財務指標以及 GAAP 與非 GAAP 財務指標之間的差異可在我們網站上的收益報告和投資者介紹中找到。

And finally, a reminder that certain statements made today may be forward-looking statements. These statements are made based upon management's current expectations and beliefs concerning future events impacting the company and, therefore, involve a number of uncertainties and risks, including, but not limited to those described in our earnings release, quarterly report on Form 10-Q for the period ended March 31, 2025, and other filings with the SEC. Therefore, the actual results of operations or financial condition of the company could differ materially from those expressed or implied in our forward-looking statements.

最後，提醒一下，今天發表的某些聲明可能是前瞻性的。這些聲明是基於管理層目前對影響公司的未來事件的預期和信念而做出的，因此涉及許多不確定性和風險，包括但不限於我們的收益報告、截至 2025 年 3 月 31 日的 10-Q 表季度報告以及向美國證券交易委員會提交的其他文件中所述的那些。因此，公司的實際經營結果或財務狀況可能與我們的前瞻性陳述中所表達或暗示的結果有重大差異。

And with that, I'd like to turn the call over to our Chief Executive Officer, Tim Danker. Tim?

接下來，我想將電話轉給我們的執行長 Tim Danker。提姆？

Thank you, Matt, and thanks to everyone joining us today. SelectQuote continued to drive strong results in fiscal 2025 and had another successful quarter across each of our three segments: Senior, Healthcare Services, and Life Insurance.

謝謝你，馬特，也謝謝今天加入我們的每個人。SelectQuote 在 2025 財年繼續取得強勁業績，並在我們的三個部門（老年人、醫療保健服務和人壽保險）中再次取得成功。

On a consolidated basis, our fiscal third-quarter revenues of $408 million grew by 8% compared to a year ago. The growth was again driven by very strong member onboarding in our SelectRx business, which now has nearly 106,000 members, representing a 41% increase compared to a year ago. It's remarkable to us that the business has nearly $675 million in trailing 12-month revenues that only started 4 years ago with two small pharmacies that had approximately $20 million in revenues and fewer than 5,000 members at the time of acquisition.

從綜合數據來看，我們第三財季的營收為 4.08 億美元，比去年同期成長 8%。這一成長再次得益於我們 SelectRx 業務強勁的會員加入，目前該業務擁有近 106,000 名會員，比一年前增長了 41%。令我們驚訝的是，該公司 4 年前才成立，當時只有兩家小藥店，收購時收入約為 2,000 萬美元，會員人數不到 5,000 人，而過去 12 個月的收入卻接近 6.75 億美元。

The business' rapid success remains a touchstone example of how SelectQuote can drive value for customers through personalized coordination of information and service delivery. Our consolidated EBITDA of $38 million in the quarter demonstrates strong execution across our segments as we maintain healthy overall margins despite a large shift in our mix between Senior and Healthcare Services.

該公司的快速成功仍然是 SelectQuote 如何透過個人化的訊息協調和服務交付為客戶創造價值的試金石。本季我們的綜合 EBITDA 為 3800 萬美元，表明我們各部門的執行力強勁，儘管我們的老年服務和醫療保健服務之間的組合發生了巨大變化，但我們仍保持了健康的整體利潤率。

Mix shift was again a factor in the pace of our consolidated EBITDA growth relative to revenue, given lower relative margins in Healthcare Services compared to Senior. We're proud of the result and believe there remains significant EBITDA opportunity in both our Senior and our Healthcare Services segments. I'll speak more to our strategic focus on Healthcare Services as a source of profit and cash flow later in my remarks.

由於醫療服務部門的利潤率低於高級服務部門，因此產品組合轉變再次成為影響我們合併 EBITDA 成長率相對於收入的因素。我們對這一結果感到自豪，並相信我們的高級服務和醫療保健服務部門仍有巨大的 EBITDA 機會。我稍後將在發言中詳細闡述我們將醫療保健服務作為利潤和現金流來源的策略重點。

As mentioned, third-quarter operating highlights were strong across each of our three segments. Senior delivered healthy 27% margins for the third quarter, which is very strong considering such a unique and tumultuous Medicare Advantage season. As we indicated on prior calls, given a more restricted capital structure last summer, we did not hire as large of a class as we normally would have in this environment. So we're especially proud of our execution given we operated an agent force that was 26% smaller this season, which dampened volumes. I'll touch on Senior and the Medicare Advantage environment as a whole in just a minute.

如上所述，第三季我們三個部門的營運亮點表現強勁。Senior 第三季的利潤率達到了健康的 27%，考慮到如此獨特且動盪的醫療保險優勢季節，這個利潤率非常強勁。正如我們在先前的電話會議上所指出的，鑑於去年夏天資本結構更加嚴格，我們沒有像在這種環境下通常那樣招募那麼多的人員。因此，考慮到本季我們的代理商隊伍減少了 26%，從而抑制了業務量，我們對我們的執行情況感到特別自豪。我將在稍後討論老年人和整個醫療保險優勢環境。

Along with others in the industry, we were pleased to see the higher-than-anticipated final rate notice that came through in April for the 2026 plan year. We believe the increase will progressively help carriers with the Medicare Advantage pressures they faced in the most recent season. For SelectQuote, we expect these higher carrier reimbursement levels to create a less disruptive market backdrop for our customer base and seniors more broadly as we prepare for the next AEP.

與業內其他人士一樣，我們很高興看到 4 月發布的 2026 計劃年度最終費率通知高於預期。我們相信，這一成長將逐步幫助保險公司緩解最近一個季度面臨的醫療保險優勢壓力。對於 SelectQuote，我們預計這些更高的承運商報銷水平將在我們為下一個 AEP 做準備時為我們的客戶群和更廣泛的老年人創造一個不那麼混亂的市場背景。

Turning to Healthcare Services. We delivered strong profitability despite rapid growth. As I alluded to earlier, we believe the scale of our membership now provides SelectQuote with a great foundation, and we see an opportunity to drive more consistent margins and cash flows going forward.

轉向醫療保健服務。儘管成長迅速，我們仍實現了強勁的獲利。正如我之前提到的，我們相信我們的會員規模現在為 SelectQuote 提供了良好的基礎，我們看到了未來推動更穩定利潤率和現金流的機會。

In our Life Insurance business, we drove another impressive quarter on both the top and bottom line. Life revenues grew 13% and profits more than doubled compared to a year ago. The business continues to drive a stable and strong source of EBITDA margin profitability and a highly visible source of cash flow. Across our entire platform, SelectQuote continues to generate highly attractive revenue compared to the cost to acquire customers.

在我們的人壽保險業務中，我們又一個季度在營收和利潤方面取得了令人印象深刻的成績。與去年同期相比，人壽保險收入成長了 13%，利潤增加了一倍以上。該業務繼續推動穩定而強勁的 EBITDA 利潤率盈利來源和高度可見的現金流來源。在我們的整個平台上，與獲取客戶的成本相比，SelectQuote 繼續產生極具吸引力的收入。

For the third quarter, our trailing 12-month revenue to CAC was 5.8x, which compares to 4.2x a year ago. We take a lot of pride in this metric as the financial barometer of SelectQuote's overall marketing efficiency and as an indicator of the value we provide to our customer base. When we leverage our superior data and agent-led capabilities, our customers receive better service and care.

第三季度，我們過去 12 個月的 CAC 收入為 5.8 倍，去年同期為 4.2 倍。我們對這項指標感到非常自豪，因為它是 SelectQuote 整體行銷效率的財務晴雨表，也是我們為客戶群提供的價值的指標。當我們利用我們優質的數據和代理主導的能力時，我們的客戶會得到更好的服務和關懷。

Clearly, the economic outcome is good for our business, but the metric is especially rewarding given the tangible benefit to Americans, particularly in what has been a volatile and confusing year for healthcare policy. SelectQuote continues to solidify our reputation in the healthcare ecosystem as a trusted and valuable partner, which is more important now than ever.

顯然，經濟結果對我們的業務有利，但考慮到美國人獲得的實際利益，這項指標尤其值得稱讚，尤其是在醫療保健政策動盪和混亂的一年。SelectQuote 繼續鞏固我們在醫療生態系統中作為值得信賴和有價值的合作夥伴的聲譽，這一點現在比以往任何時候都更加重要。

Now on slide 4. Let me focus on Medicare Advantage and SelectQuote's performance through the OEP period. As noted, we're very pleased with our execution through such a unique and challenging Medicare Advantage season. While our agent force was smaller compared to a year ago, the team drove impressive volume and efficiency results. Third-quarter policies totaled 168,000, down less than 10% compared to an agent force that was 26% smaller.

現在看投影片 4。讓我專注於 Medicare Advantage 和 SelectQuote 在 OEP 期間的表現。如上所述，我們對在如此獨特且充滿挑戰的醫療保險優勢季節中的表現感到非常滿意。雖然我們的代理隊伍與一年前相比有所縮小，但團隊取得了令人印象深刻的數量和效率成果。第三季的保單總數為 168,000 份，與代理人隊伍減少 26% 相比，下降幅度不到 10%。

As we noted last quarter, carrier plan terminations and significant changes to policy features created noise and decision stress for seniors this Medicare Advantage season. That backdrop made our agent-led model all the more important. We're very proud that we were able to help so many people. Even more impressive are the efficiency and profitability improvements in Senior during 3Q. As you can see at the right of this page, our strong close rates year to date serve as a testament to how our technology arms our agents with new data and tools in each unique season.

正如我們上個季度所指出的，營運商計劃的終止和保單特徵的重大變化給這個醫療保險優勢季節的老年人帶來了噪音和決策壓力。在這樣的背景下，我們的代理主導模式顯得格外重要。我們非常自豪能夠幫助這麼多人。更令人印象深刻的是高階部門在第三季的效率和獲利能力的提升。正如您在本頁右側所看到的，我們今年迄今為止強勁的成交率證明了我們的技術如何在每個獨特的季節為我們的代理商提供新的數據和工具。

Looking forward to fourth quarter, as we exit the OEP season, we're refining our approach due to the introduction of changes to beneficiary eligibility during the special election period. Although we're pleased with the continued performance of our agents, these industry changes present a headwind to close rates and volume relative to prior years. In addition to throughput, our Senior segment also drove efficiency across both marketing and operating expenses. Marketing expenses per approved policy was down 9% and overall operating expenses per policy were down 4%.

展望第四季度，隨著我們退出 OEP 季節，由於特別選舉期間受益人資格的變化，我們正在改進我們的方法。儘管我們對代理商的持續表現感到滿意，但與前幾年相比，這些行業變化對成交率和成交量構成了阻力。除了產量之外，我們的高階部門還提高了行銷和營運費用的效率。每份已核准保單的行銷費用下降了 9%，每份保單的整體營運費用下降了 4%。

We focus each season on optimal profitability, but are especially proud of our operating expense performance given a lower year for policy volume. Again, SelectQuote's technology and information advantages continue to benefit our overall business, not just through incremental revenue opportunity, but also through operating efficiency. The combination of each of these factors contributed to the strong 27% adjusted EBITDA margins despite lower year-over-year policy volume.

我們每個季度都致力於實現最佳盈利能力，但考慮到今年的保單量較低，我們對我們的營運費用表現尤其感到自豪。再次，SelectQuote 的技術和資訊優勢繼續使我們的整體業務受益，不僅透過增加收入機會，還透過提高營運效率。儘管保單量同比下降，但上述各項因素的結合仍促成了調整後 EBITDA 利潤率達到 27% 的強勁增長。

Over a year where Medicare Advantage posed challenges for many industry participants, we're proud that our platform not only succeeded, but improved on a very strong fiscal 2024. Specifically, our year-to-date Senior margins are currently at 30%, which compares to 26% at this point last year. The past three years' results across a wide range of selling seasons gives us a great deal of conviction and our ability to consistently drive profit margins above our long-term target of 20%.

在過去的一年裡，醫療保險優勢計劃給許多行業參與者帶來了挑戰，但我們很自豪，我們的平台不僅取得了成功，而且在 2024 財年取得了非常強勁的進步。具體來說，我們今年迄今的高級利潤率目前為 30%，而去年同期為 26%。過去三年在多個銷售季節所取得的業績讓我們充滿信心，也讓我們有能力持續將利潤率推高至 20% 的長期目標之上。

On slide 5, I'd like to expand on our plan to drive higher profitability in our Healthcare Services segment. As I noted, we believe 106,000 members in our SelectRx business represents critical mass. Having created a revenue base of nearly $675 million over the past year, we see an opportunity to focus on generating more consistent margins and cash flows to drive shareholder value.

在第 5 張投影片上，我想詳細說明我們提高醫療服務部門獲利能力的計畫。正如我所指出的，我們相信 SelectRx 業務中的 106,000 名會員代表著臨界規模。在過去的一年裡，我們創造了近 6.75 億美元的收入基礎，我們看到了專注於創造更穩定的利潤率和現金流以推動股東價值的機會。

As we've discussed, SelectRx profitability has lagged membership and revenue given growth investment and the seasoning of our member base. We're proud of the progress we've made to date, but believe there is an opportunity to better identify the customers who will benefit from the SelectRx offering the most.

正如我們所討論的，考慮到成長投資和會員基礎的成熟，SelectRx 的獲利能力落後於會員數量和收入。我們為迄今為止的進展感到自豪，但相信還有機會更好地識別將從 SelectRx 產品中受益最多的客戶。

You have heard us speak to the ramp of SelectRx members to full box shipments. While that continues to be a focus for new members, we've also observed a wide range of customer use cases. We'll share more when we speak to our 2026 outlook, but we believe there's an opportunity to align SelectRx's best service attributes with those Americans that need us the most.

您已經聽到我們談論 SelectRx 會員增加到整箱出貨量。雖然這仍然是新成員關注的重點，但我們也觀察到了廣泛的客戶使用案例。當我們談到 2026 年展望時，我們會分享更多信息，但我們相信有機會將 SelectRx 的最佳服務屬性與最需要我們的美國人結合起來。

Over the remainder of fiscal 2025 and into fiscal 2026, we plan to increase the mix of members that benefit most from SelectRx who typically also have the most attractive unit economics. Now that we've achieved meaningful scale, our primary goal will be to increase efficiency and build a more consistent margin profile for the business. In the near term, this will likely translate to slower membership growth.

在 2025 財年剩餘時間和 2026 財年，我們計劃增加從 SelectRx 受益最多的會員組合，這些會員通常也擁有最具吸引力的單位經濟效益。現在我們已經實現了有意義的規模，我們的主要目標將是提高效率並為業務建立更一致的利潤狀況。短期內，這可能會導致會員成長放緩。

As we've announced last September, membership and volume growth required additional investment in facility expansion with the opening of our Olathe facility here in Kansas, which shipped its first box on April 7. In the medium and long term, we believe the scale and efficiency gains of this new facility will be accretive, but we expect a near-term headwind to profitability, which will dampen our fourth quarter results. Ryan will share more about the pacing of this dynamic in our outlook, but I'll close this topic by emphasizing three unchanged attributes about SelectRx and our Healthcare Services capabilities.

正如我們去年 9 月宣布的那樣，會員數量和銷量的增長需要對設施擴建進行額外投資，我們在堪薩斯州奧拉西的工廠於 4 月 7 日發貨了第一批貨物。從中期和長期來看，我們相信新工廠的規模和效率將會增加，但我們預計短期內獲利能力將面臨阻力，這將抑制我們第四季的業績。Ryan 將在我們的展望中分享更多有關這種動態的節奏的信息，但我將通過強調 SelectRx 和我們的醫療服務能力的三個不變的屬性來結束這個主題。

First, our SelectRx members drive visible revenue and cash flow. It has been clear to us that the value of our medication management adherence solution is widely proven. Our job now is to improve efficiency and drive a more consistent margin profile for the business. Second, regardless of the membership mix, there remains significant operating leverage potential in Healthcare Services, which should continue to grow as we broaden our value-added service offering. Third, while less visible, we know from our policyholders and agents that there's a halo effect to the differentiated value we deliver.

首先，我們的 SelectRx 會員推動可見的收入和現金流。我們清楚地知道，我們的藥物管理依從性解決方案的價值已被廣泛證明。我們現在的工作是提高效率並推動業務利潤率更加穩定。其次，無論會員結構如何，醫療保健服務仍具有巨大的營運槓桿潛力，隨著我們擴大增值服務範圍，這種潛力應該會繼續增長。第三，雖然不太明顯，但我們從保單持有人和代理人那裡了解到，我們提供的差異化價值具有光環效應。

Policyholders that are also SelectRx members become further attached to SelectQuote. As a result, insurance providers and caregivers increasingly seek us out for partnership. In the past, we've called this concept a healthcare information hub or flywheel, whatever we call it, we know that it is a reality with our customers and partners.

同時也是 SelectRx 會員的保單持有人會進一步依賴 SelectQuote。因此，保險提供者和護理人員越來越多地尋求我們的合作。過去，我們將這個概念稱為醫療保健資訊中心或飛輪，無論我們怎麼稱呼它，我們都知道這對我們的客戶和合作夥伴來說是現實。

Finally, before I turn the call over to Ryan, I'd like to briefly comment on the Department of Justice complaint that was recently filed against many participants in the Medicare Advantage system. We've been cooperating fully with the Department of Justice's inquiries since we first received the previously disclosed subpoena in 2022. However, we firmly reject these allegations, which we believe represent a misunderstanding of our industry and our business.

最後，在我將電話轉給瑞安之前，我想簡要評論司法部最近針對醫療保險優勢計劃的許多參與者提出的投訴。自 2022 年首次收到先前披露的傳票以來，我們一直在全力配合司法部的調查。然而，我們堅決否認這些指控，我們認為這些指控是對我們的行業和業務的誤解。

We planned amount of vigorous defense as this case moves forward. SelectQuote has a 40-year history as a high-integrity organization that has helped millions of Americans find the right coverage for their health needs. Additionally, we've invested significant capital into compliance across our whole organization from our agents to our management and take significant measures to fully comply with all federal laws and regulations.

隨著案件的進展，我們計劃進行大量的積極辯護。SelectQuote 是一家擁有 40 年歷史的高度誠信組織，已幫助數百萬美國人找到適合其健康需求的保險。此外，我們在整個組織（從代理商到管理層）的合規方面投入了大量資金，並採取了重大措施，以全面遵守所有聯邦法律法規。

I assure you that the culture at SelectQuote is one where the customers' needs are prioritized. We look forward to detailing this history as the matter develops. We have always been and we will continue to be the compliant and fair dealing standard bearer in the Medicare Advantage industry. We will continue to deliver high-quality advice to the customers we help to navigate the complicated array of Medicare health plan options. This is obviously an active legal matter, so we won't be commenting further on any particulars at this point.

我向你保證，SelectQuote 的文化是以顧客需求為優先的。我們期待隨著事情的發展詳細描述這段歷史。我們一直是、並將繼續成為醫療保險優勢產業合規和公平交易的標準承擔者。我們將繼續向客戶提供高品質的建議，幫助他們了解複雜的醫療保險計劃選項。這顯然是一個活躍的法律問題，因此我們目前不會對任何細節發表進一步評論。

And with that, I'd like to hand the call over to Ryan. Ryan?

說完這些，我想把電話交給瑞安。瑞安？

Thanks, Tim. Starting on slide 6, SelectQuote generated $408 million in revenue for the third quarter, up 8% compared to a year ago. Similar to last quarter, our topline growth was driven by our SelectRx business. But as Tim mentioned, operating performance across each of our businesses was very strong.

謝謝，蒂姆。從第 6 張投影片開始，SelectQuote 第三季的營收為 4.08 億美元，比去年同期成長 8%。與上一季類似，我們的營收成長主要由 SelectRx 業務推動。但正如提姆所提到的，我們每個業務的營運表現都非常強勁。

For Senior specifically, the OEP period was similar to AEP, where agents delivered higher Medicare Advantage volumes than originally forecasted, driven by impressive productivity and close rates. Consolidated adjusted EBITDA totaled $38 million for an overall margin of 9%. We are pleased to have maintained healthy consolidated margins despite a significant mix shift from the growth in SelectRx, which is still a lower-margin business. As Tim noted, we see Healthcare Services as a strategic opportunity, not just for our new revenue streams, but for scaled profitability in the coming years.

具體來說，對於高階客戶而言，OEP 期間與 AEP 期間類似，在令人印象深刻的生產力和成交率的推動下，代理商提供的醫療保險優勢計劃 (Medicare Advantage) 數量高於最初的預測。合併調整後 EBITDA 總計 3,800 萬美元，總利潤率為 9%。儘管 SelectRx 的業務成長發生了重大變化（利潤率仍較低），但我們很高興能夠維持健康的綜合利潤率。正如蒂姆所說，我們將醫療保健服務視為一個策略機遇，不僅是為了我們的新收入來源，也是為了在未來幾年內實現規模盈利。

Moving to slide 7. Our Senior results were quite strong despite operating with a smaller agent population for the season. Revenue totaled $169 million in Q3; driven by the strong agent efficiency we mentioned. Similar to last quarter's AEP, we continue to see Seniors seek our tenured agents for much needed answers in such a confusing and volatile Medicare Advantage backdrop. The end result was high-value service to our customers, but also significant operating efficiency in both marketing and agent throughput. Put more plainly, more seniors came to us when they needed us most and our aligned model drove very strong margins.

移至幻燈片 7。儘管本季的代理商數量較少，但我們的高級業績仍然相當強勁。第三季總收入達到 1.69 億美元；這得益於我們提到的強大的代理效率。與上一季的 AEP 類似，在如此混亂和動盪的醫療保險優勢背景下，我們繼續看到老年人向我們的終身代理人尋求急需的答案。最終結果是我們為客戶提供了高價值的服務，同時在行銷和代理商吞吐量方面也實現了顯著的營運效率。更直白地說，當老年人最需要我們的時候，更多的人會來找我們，而我們一致的模式帶來了非常強烈的利潤。

Our adjusted EBITDA in Q3 was $46 million, which declined by 26%, in line with the 26% reduction in agent headcount compared to last year. Despite a smaller agent population, the Senior business drove attractive EBITDA margins of 27%. The performance since our strategic redesign has exceeded our expectations in three distinctly different Medicare Advantage environments. As originally intended, our strategic redesign was undertaken to build a SelectQuote for all seasons. We firmly believe that goal has been achieved, and we see a highly durable value creation engine for customers and shareholders as a result.

我們第三季的調整後 EBITDA 為 4,600 萬美元，下降了 26%，與去年相比代理商數量減少了 26%。儘管代理人數量較少，高級業務仍實現了 27% 的誘人 EBITDA 利潤率。自從我們重新進行策略設計以來，在三個截然不同的醫療保險優勢環境中的表現已經超出了我們的預期。按照最初的計劃，我們進行了策略重新設計，以打造適合所有季節的 SelectQuote。我們堅信這一目標已經實現，並且我們看到了為客戶和股東創造高度持久的價值的引擎。

On slide 8, I'll briefly review our Senior operating performance. As mentioned, with a 26% reduction in our agent workforce compared to last year, we're very pleased with the increased agent level efficiency, which led to only a 10% decline in our Medicare Advantage approved policy generation.

在第 8 張投影片上，我將簡要回顧我們的高階營運表現。如上所述，與去年相比，我們的代理人數量減少了 26%，我們對代理人層級效率的提高感到非常滿意，這導致我們的 Medicare Advantage 批准政策產生僅下降了 10%。

The difference again was a combination of seniors proactively seeking us out and our tenured agents' ever-improving ability to leverage SelectQuote's data and tools to provide the most effective and valuable service possible. We are proud of the division's strong results. It is worth noting on the heels of meaningful progress on the capital structure, we've already begun planning for the next AEP and OEP seasons.

不同之處在於，資深人員主動尋求我們的幫助，以及我們資深代理人不斷提高利用 SelectQuote 數據和工具的能力，從而提供最有效、最有價值的服務。我們對該部門的出色業績感到自豪。值得注意的是，在資本結構取得重大進展之後，我們已經開始為下一個 AEP 和 OEP 季節做規劃。

Next, let me speak to LTV, which was $915,000 for Q3, down 8% compared to a year ago. The key driver was a shift in our commission structure. For a select few carrier partners, you will recall that we had shifted to a higher mix of upfront commissions compared to what was historically been a ratable time line. The changes in our modeled LTVs is the result of those upfront structures largely reverting back to ratable structures.

接下來，讓我談談 LTV，第三季的 LTV 為 91.5 萬美元，與一年前相比下降了 8%。關鍵驅動因素是我們的佣金結構的轉變。對於少數幾家營運商合作夥伴，您會記得，與歷史上按比例分配的時間表相比，我們已經轉向了更高的預付佣金組合。我們模型中的 LTV 的變化是由於這些前期結構大部分恢復到可評級結構。

On slide 9, as Tim noted, our SelectRx membership continued to grow substantially in Q3. We ended the quarter with 106,000 members, up 41% compared to a year ago. As a result, Healthcare Services revenue of $190 million grew 53% year over year and has a trailing full-year revenue base of $674 million. Healthcare Services produced $6 million of adjusted EBITDA, which we are very pleased with.

正如 Tim 在第 9 張幻燈片上指出的那樣，我們的 SelectRx 會員數量在第三季度繼續大幅增長。本季結束時，我們的會員人數為 106,000 人，比去年同期成長了 41%。因此，醫療保健服務收入達 1.9 億美元，年增 53%，全年收入基數為 6.74 億美元。醫療服務部門實現了 600 萬美元的調整後 EBITDA，我們對此非常滿意。

We will provide more detail on our outlook for Healthcare Services in fiscal 2026 in our next earnings call. But as Tim noted, our goal is to drive improvements in both profitability and cash flow in the future. We have confidence in our economics and believe the medium-term results will drive value for shareholders.

我們將在下次收益電話會議上提供有關 2026 財年醫療保健服務前景的更多詳細資訊。但正如蒂姆所說，我們的目標是推動未來獲利能力和現金流的改善。我們對我們的經濟狀況充滿信心，並相信中期業績將為股東創造價值。

On slide 10, I'll end the segment review with our Life business, where we continue to be pleased with results. The business performed well on both the topline and from a cash flow perspective. Revenue during the quarter was $46 million and adjusted EBITDA was $6 million, which was up 103% year over year. EBITDA margins of 14% nearly doubled compared to 8% last year.

在第 10 張投影片上，我將以我們的人壽業務結束分部回顧，我們對該業務的業績仍然感到滿意。該業務在營業收入和現金流方面均表現良好。本季營收為 4,600 萬美元，調整後 EBITDA 為 600 萬美元，年增 103%。EBITDA 利潤率為 14%，與去年的 8% 相比幾乎翻了一番。

Both our final expense and term Life business contributed to the highly successful quarter with term Life premiums up 13% and final expense premium up 17% year over year. These results were fueled by strong agent retention and a highly tenured agent force that drove both strong productivity and customer retention.

我們的最終費用和定期人壽保險業務都為本季度的成功做出了貢獻，定期人壽保險保費同比增長 13%，最終費用保費同比增長 17%。這些結果得益於強大的代理商留任率和高度資深的代理商隊伍，這推動了強大的生產力和客戶保留率。

Turning to slide 11. I will conclude my remarks with an update to our fiscal 2025 outlook. We maintain our full-year ranges for revenue and adjusted EBITDA. That said, we do expect to finish the year in or towards the lower half of the ranges based on the following. First, as Tim noted, new beneficiary eligibility parameters during the special election period could drive additional friction for policy volumes and close rates compared to previous seasons.

翻到第 11 張投影片。最後，我將更新我們對 2025 財年的展望。我們維持全年收入和調整後 EBITDA 的預期。話雖如此，我們確實希望根據以下情況，在今年年底之前，其收入將處於或接近該範圍的下半部分。首先，正如提姆所指出的，與前幾季相比，特別選舉期間的新受益人資格參數可能會對保單數量和成交率帶來額外的摩擦。

Second, as we ramp our Kansas distribution facility and focus less on member growth and more on achieving consistent margins and cash flow, we could encounter near-term headwinds to our Healthcare Services EBITDA. While accretive in the long term, we expect fiscal fourth-quarter EBITDA to potentially take a modest step back. In addition, fourth-quarter growth will taper due to seasonal trends as we exit AEP and OEP season.

其次，隨著我們擴大堪薩斯州分銷設施，並減少對會員成長的關注，而更多地關注實現穩定的利潤率和現金流，我們可能會在短期內遇到醫療服務 EBITDA 的阻力。儘管從長遠來看會有所增值，但我們預計第四財季的 EBITDA 可能會略有回落。此外，隨著 AEP 和 OEP 季節的結束，第四季的成長將因季節性趨勢而逐漸減弱。

Lastly, we are adjusting our net income expectations to a range of negative $1 million to $28 million to reflect the impact of the change in our stock prices had on the fair market value of the warrants issued as part of the transactions announced during this fiscal year. I'll conclude by echoing Tim's comments about the strength and potential of our overall model.

最後，我們將淨收入預期調整為負 100 萬美元至 2800 萬美元的範圍，以反映我們股價變化對本財年宣布的交易中發行的認股權證的公平市場價值的影響。最後，我想重複蒂姆對我們整體模型的優勢和潛力的評論。

Fiscal 2025 has been a year of significant progress and transition for our company. In addition to the strong growth and results in all three business lines, we have made meaningful progress on our capital structure, including the $100 million securitization in October and the $350 million strategic investment in February. These deals have lowered our interest expense, extended our maturities, and increased our available liquidity.

2025財年是我們公司取得重大進步和轉型的一年。除了三條業務線的強勁成長和業績外，我們的資本結構也取得了有意義的進展，包括10月份的1億美元證券化和2月份的3.5億美元策略投資。這些交易降低了我們的利息支出，延長了我們的期限，並增加了我們的可用流動性。

We produced $71 million in operating cash flow during the quarter and ended the quarter with an $86 million cash balance. Our commissions receivable balance of over $1 billion remains a significant asset and source of future cash flows as we continue to evaluate additional alternatives to further optimize our capital structure. We are proud of the results we delivered this Medicare Advantage season and look forward to sharing updates on the planned scale of our sizable Healthcare Services opportunity.

我們在本季度產生了 7,100 萬美元的營運現金流，本季末的現金餘額為 8,600 萬美元。隨著我們繼續評估其他替代方案以進一步優化我們的資本結構，我們的應收佣金餘額超過 10 億美元，這仍然是一項重要資產和未來現金流的來源。我們為本醫療保險優勢季所取得的成果感到自豪，並期待分享我們龐大的醫療服務機會計畫規模的最新消息。

With that, we will open the call up for questions.

接下來，我們將開始回答問題。

Thank you, ladies and gentlemen. We will now begin the question-and-answer session. (Operator Instructions)

謝謝各位，女士們、先生們。我們現在開始問答環節。（操作員指示）

George Sutton, Craig-Hallum.

喬治·薩頓、克雷格·哈勒姆。

Thank you. I wondered if you could walk through the separation of the growth or the decline you saw in Medicare Advantage and obviously, the significant growth of SelectRx. And I'm asking from the concept of the feeder of customer opportunities into SelectRx and any adjustments that you might be making there going forward?

謝謝。我想知道您是否可以分別談談 Medicare Advantage 的成長或下降，以及 SelectRx 的顯著成長。我問的是將客戶機會引入 SelectRx 的概念，以及您未來可能做出的任何調整？

Yeah, I'd be happy to. Good morning, George, thanks for the call. I think on this two-part question, I might ask our President, Bob Grant, to talk about our Medicare dynamics. I'm happy to touch on Healthcare as well. Bob?

是的，我很樂意。早安，喬治，謝謝你的來電。我認為，對於這個由兩部分組成的問題，我可能會請我們的總統鮑勃·格蘭特談談我們的醫療保險動態。我也很高興談論醫療保健。鮑伯？

Yeah, so on the Medicare side, George, SEP was -- sorry, OEP was a really strong quarter for us from an overall close rate perspective and cost. But to Ryan's point earlier, we were down 26% on our agent count, which is why we ended up seeing a little bit lower volume and lower overall EBITDA there.

是的，在醫療保險方面，喬治，SEP 是 - 抱歉，從整體收盤率和成本來看，OEP 對我們來說是一個非常強勁的季度。但正如 Ryan 之前所說，我們的代理商數量下降了 26%，這就是為什麼我們最終看到交易量略有下降，整體 EBITDA 也略有下降。

However, one of the reasons for such a strong quarter, which Tim will get into Healthcare Services from a growth perspective in the SRx space is we did have a lot more tenured agents. And we've been very open in the past that they are better at understanding how to deal with customers' needs, both on sales and folks that don't buy a policy where they end up transferring them over to Healthcare Services.

然而，本季業績如此強勁的原因之一是，Tim 將從 SRx 領域的成長角度進入醫療保健服務領域，因為我們確實擁有更多長期代理商。我們過去一直非常開放，他們更善於理解如何滿足客戶的需求，無論是銷售方面，還是那些沒有購買保險而最終轉移到醫療服務部門的客戶。

So we did see a little stronger, what I would say, attachment rate or just overall efficiency in that number, which is why you saw one kind of outpace the other. So that also helps our attachment rates in a good way on the customers that really, really need SelectRx, and we see that as a positive. So that's why you saw what you saw there. Tim can broadly speak about Healthcare Services. But from direct to your question, the reason we didn't see kind of the reduction in both on the growth side with that.

因此，我們確實看到了更強的附著率或只是整體效率，這就是為什麼你看到一種超過另一種。因此，這也有助於提高真正需要 SelectRx 的客戶的依從率，我們認為這是一件好事。所以這就是你看到那裡景象的原因。蒂姆可以廣泛地談論醫療保健服務。但直接回答你的問題，我們沒有看到成長方面的減少的原因是。

Yeah, just to add to Bob's good comments there. Overall, we're really pleased with the ability of the model to leverage our strong MA growth and have that translate into opportunities for our Healthcare Services platform. I think you've seen that through the growth of critical mass now over 100,000 members.

是的，只是想補充鮑伯的好評。總體而言，我們對該模型能夠利用我們強勁的 MA 成長並將其轉化為我們醫療服務平台的機會感到非常滿意。我想你已經看到了這一點，現在臨界質量的增長已經超過 100,000 名成員。

1We will anticipate though that Senior Healthcare Services will lag our Senior just a bit and just in terms of timing and there is some seasonality that we called out as well. But overall, really pleased with the synergy between both sides of the platform.

1我們預計，高級醫療保健服務在時間方面會稍微落後於我們的高級醫療保健服務，我們也提到了一些季節性因素。但總體而言，我對平台雙方的協同作用感到非常滿意。

So I wondered if you can give us thoughts on agent growth going into this next season. Are the plans to take advantage of improvements in that market, particularly from a regulatory perspective?

所以我想知道您是否可以告訴我們關於下一季經紀人成長的想法。這些計劃是否利用了該市場的改善，特別是從監管角度來看？

Yeah, great question. Hiring is underway right now. It's not going to be the same as last year per se, but we will talk way more about that in our upcoming guide on the next call. So we feel good about where we are with hiring though.

是的，很好的問題。目前正在進行招募。從本質上來說，它不會與去年相同，但我們將在下次電話會議中提供的指南中對此進行更多討論。因此，我們對目前的招募感到滿意。

And then just (multiple speakers)

然後就（多位發言者）

Yeah, George, real quick, certainly as we highlighted on the last call, I think the improved capital position that we're in gives us an opportunity. We're very focused and feel good about where we're at in the early stages of hiring and do look forward to sharing more on our fiscal '26 guide in August.

是的，喬治，很快，正如我們在上次電話會議上所強調的那樣，我認為我們所處的改善的資本狀況為我們提供了機會。我們非常專注，對招募初期的進展感到滿意，並期待在 8 月分享更多關於 26 財年指南的資訊。

And then just finishing up on your better financials. Can you talk about receivable securitization? My anticipation has been that we might see additional receivable securitization.

然後就完成了更好的財務狀況。能談談應收帳款證券化嗎？我的預期是，我們可能會看到更多的應收帳款證券化。

Yeah, great question, George. Obviously, we've made great progress on the capital structure more broadly with the first securitization. We've been obviously focused on getting the pref across the finish line, which we're happy to share with our last earnings call. And we've hired Jefferies to explore a variety of options.

是的，喬治，這個問題問得很好。顯然，透過首次證券化，我們在更廣泛的資本結構方面取得了巨大進展。顯然，我們一直致力於讓優先股跨越終點線，我們很高興在上次收益電話會議上分享這一點。我們已聘請 Jefferies 來探索各種選擇。

We do see securitization as a potential path. It's not the only path. We look forward to sharing additional updates when the time is right, but we do have several irons in the fire.

我們確實將證券化視為一條潛在的途徑。這不是唯一的道路。我們期待在適當的時候分享更多更新，但我們確實還有幾件事情要做。

Thanks, guys.

謝謝大家。

Thank you, George.

謝謝你，喬治。

Ben Hendrix, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Ben Hendrix。

Hi, this is Michael Murray on for Ben. I appreciate your commentary on MA LTV and the impact of the shift in commission structure. Just wanted to see how should we think about MA LTV moving forward? Do you anticipate an ongoing headwind as the shift continues? Thanks.

大家好，我是麥可‧莫瑞 (Michael Murray)，代表本 (Ben)。我很欣賞您對 MA LTV 以及佣金結構轉變的影響的評論。只是想看看我們應該如何看待 MA LTV 的未來發展？隨著轉變的繼續，您是否預計會出現持續的逆風？謝謝。

Yeah, so we -- I mean, as you noted, we did see a shift from upfront to ratable, which did lead to a decline. That's simply a continuation of changes we had announced in prior quarters. All that said, we do expect in the fourth quarter, it will be down year over year. We'll look forward to sharing additional details on our longer-term outlook on our next earnings call. But in fourth quarter, we do expect it to be down year over year.

是的，所以我們——我的意思是，正如你所說，我們確實看到了從預付到按比例的轉變，這確實導致了下降。這只是我們在前幾個季度宣布的變革的延續。儘管如此，我們確實預計第四季的銷售額將同比下降。我們期待在下次收益電話會議上分享更多有關我們長期展望的細節。但在第四季度，我們確實預期其年增率會下降。

Okay. And then just shifting to SelectRx. Obviously, another great quarter. It's exciting to hear about the new facility opening in Kansas. Obviously, we heard your commentary on fourth-quarter margin expectations. But just longer term, bigger picture, how should investors think about the growth and margin targets for this business? Thanks.

好的。然後轉向 SelectRx。顯然，這又是一個偉大的季度。聽到堪薩斯州新工廠開業的消息真是令人興奮。顯然，我們聽到了您對第四季度利潤率預期的評論。但從更長遠、更大的角度來看，投資人應該如何看待這項業務的成長和利潤目標？謝謝。

Yeah Michael, I'll comment on that and Ryan, maybe have you add to it here. But yes, I do think just stepping back, we're really pleased with the progress. We've got critical mass and scale here with over 100,000 patients. And so I think we would ask investors to also think that part of our job now is to further prioritize efficiency and consistency of margins. So we are spending a lot of time focused on that and analyzing that. And I think we are finding that those members that generally benefit the most from our adherence solution also have the best unit economics.

是的，邁克爾，我會對此發表評論，瑞安，也許你可以在這裡補充一些內容。但是是的，我確實認為，回顧一下，我們對進展感到非常滿意。我們已經達到了臨界質量和規模，擁有超過 100,000 名患者。因此，我認為我們也會要求投資者認為我們現在的工作的一部分是進一步優先考慮利潤率的效率和一致性。因此，我們花費大量時間關注並分析這一點。我認為我們發現那些從我們的依從性解決方案中受益最多的會員也擁有最佳的單位經濟效益。

Again, customers with multiple chronics, they're juggling a lot of prescription drugs. And so we're seeing some opportunities to refine that so that we can drive even improved margins and cash flow profile. We had mentioned on the call some investment in the Kansas facility. We think longer term, that is certainly going to drive these efficiency gains, but there is some near-term cost there in the fourth quarter as we scale that up. Ryan?

同樣，患有多種慢性病的顧客需要服用許多處方藥。因此，我們看到了一些改進的機會，以便我們可以進一步提高利潤率和現金流狀況。我們在電話中提到了對堪薩斯工廠的一些投資。我們認為，從長遠來看，這肯定會推動效率的提高，但隨著我們擴大這一規模，第四季會產生一些短期成本。瑞安？

No, I think you said it well. I think for the fiscal 2025, we still expect single-digit EBITDA margins for the year. And as we refine our membership parameters and scale the Kansas facility, we do see a path to margin enhancement and expansion in future quarters.

不，我認為你說得很好。我認為，對於 2025 財年，我們仍然預計該年度的 EBITDA 利潤率將達到個位數。隨著我們完善會員參數並擴大堪薩斯工廠的規模，我們確實看到了未來幾季利潤率提高和擴張的道路。

All right, thank you.

好的，謝謝。

Pat McCann, NOBLE Capital Markets.

麥肯 (Pat McCann)，NOBLE 資本市場。

Hey, guys, thanks for taking my questions. I wanted to ask about the final rate notice. Could you -- I know it's early, but could you give your kind of your view on how you think the upcoming AEP -- how the environment should look relative to the one that we just came out of as far as market dynamics. What would be your early read given the final rate notice and how that changes? Thanks.

嘿，夥計們，謝謝你們回答我的問題。我想詢問有關最終費率通知的情況。我知道現在還為時過早，但您能否就即將到來的 AEP 發表您的看法？就市場動態而言，與剛經歷的環境相比，環境應該如何？鑑於最終利率通知及其將如何變化，您最初會作何解讀？謝謝。

Good morning, Pat, great question. We definitely believe the final rate notice was a positive development as the carrier reimbursement rates were substantially higher than the preliminary rates as we've been in discussions with carriers, they definitely have felt like this is a step in the right direction.

早安，帕特，這個問題問得好。我們確信最終費率通知是一個積極的發展，因為承運人的報銷率遠高於初步費率，正如我們與承運人討論的那樣，他們肯定覺得這是朝著正確方向邁出的一步。

This helps improve revenues, and you've heard many carriers commented on higher medical cost trends and elevated plan utilization. So we certainly view that as a positive development. We would say that the carriers some carriers are still focused on increasing margins. They're in the middle innings of a multiyear plan to get to their target profitability, but we certainly believe that this is a positive development.

這有助於提高收入，而且您已經聽到許多業者評論醫療成本趨勢上升和計劃利用率上升。因此我們當然認為這是一個正面的發展。我們會說，一些承運商仍然專注於提高利潤率。他們正處於實現目標盈利的多年計劃的中期，但我們當然相信這是一個積極的發展。

Bob, anything you'd like to add?

鮑勃，您還有什麼要補充的嗎？

No. I mean I think that, to Tim's point, was a little bit, I think, up in the air as far as what CMS was going to do, right, just coming in early and then also the rate, frankly, being a little bit higher too in December, I think, than people anticipated. But it was great that they took into account this year versus a lagging year like they had in the past with where inflation is going and other things. So I think shows that CMS has support for the private side of Medicare.

不。我的意思是，我認為，就蒂姆的觀點而言，CMS 將會做什麼還有點懸而未決，對吧，只是提前開始，而且坦率地說，12 月份的利率也會比人們預期的要高一點。但他們考慮到了今年的情況，而不是像過去那樣，考慮到通貨膨脹和其他因素，這是很好的。所以我認為這表明 CMS 支持醫療保險的私人方面。

Now do they want to clean some things up that we're very supportive of, frankly, as far as making sure that everyone has access to quality healthcare, especially a lot of the focus that we have, which we've talked about in the past on rural areas, things like that, yes. But as far as just the advanced rate notice and the rate notice, I'm very positive from all kinds of sides.

現在他們是否想清理一些我們非常支持的事情，坦白說，就確保每個人都能獲得優質的醫療保健而言，特別是我們過去討論過的關於農村地區的重點，諸如此類的事情，是的。但就提前利率通知和利率通知而言，我從各方面都持非常正面的態度。

Thanks, and then I just wanted to briefly touch on the Healthcare Services segment. First of all, congrats on opening the new facility and with that, I'm wondering maybe if you could reiterate, the benefits you expect to realize, the incremental benefits from that facility, as well as maybe if you could touch on the profitability drag that you mentioned for fiscal Q4. And you know would that go beyond Q4 or what's sort of the time frame for the initial drag on profitability before you sort of get through that. Thanks.

謝謝，然後我想簡單談談醫療服務部分。首先，恭喜新工廠開業，同時，我想知道您是否可以重申一下您期望實現的收益、該工廠帶來的增量收益，以及您是否可以談談您提到的第四財季盈利能力拖累。您知道這是否會超出第四季度，或者在您度過這一階段之前，盈利能力最初受到拖累的時間範圍是怎樣的。謝謝。

Yeah, so with respect to the Kansas facility, we're obviously really excited about having it open. And longer term, see benefits in operating efficiency, throughput, and even customer experience. With that all being said, there is a short-term lag in terms of profitability or drag on profitability as a result of simply investments into the facility as we scale up, we will outgrow and we'll see margin expansion.

是的，就堪薩斯工廠而言，我們顯然對它的開業感到非常興奮。從長遠來看，營運效率、吞吐量甚至客戶體驗都會受益。綜上所述，由於對設施的簡單投資，盈利能力在短期內會存在滯後，或者說盈利能力會受到拖累，隨著我們規模的擴大，我們的規模將會擴大，利潤率也會擴大。

But in the near term, I think on a quarterly basis, you can think of it as low-single-digit, million-dollar investment. And again, that we'll scale into it over the next couple of quarters.

但在短期內，我認為按季度計算，你可以將其視為低個位數、百萬美元的投資。再次強調，我們將在接下來的幾季內擴大規模。

Great. Thanks, guys. That's all I had. I'll jump back in the queue.

偉大的。謝謝大家。這就是我所擁有的一切。我會重新回到隊列中。

I will now turn the call back over to Tim for closing remarks.

現在我將把電話轉回給提姆，請他作最後發言。

Thank you, everyone, and we appreciate your time and support this morning. Most of all, thank you to our incredible teams at SelectQuote for another season of world-class service and execution. Our customers needed you more than ever this year. And because of our high-touch and information-driven approach, they received the help they needed and our business benefited as well.

謝謝大家，我們感謝你們今天早上的時間和支持。最重要的是，感謝 SelectQuote 出色的團隊又一個季度提供的世界級的服務和執行。今年我們的客戶比以往任何時候都更需要您。由於我們採取了高接觸和資訊驅動的方法，他們得到了所需的幫助，我們的業務也從中受益。

Looking ahead, we're energized and have conviction that our overall business can generate additional operating leverage and resulting value to our shareholders. We'll share more on our view for fiscal 2026 on the next call and hope to see and speak to many of you between now and then.

展望未來，我們充滿活力，並堅信我們的整體業務可以產生額外的經營槓桿並為股東創造價值。我們將在下次電話會議上分享更多關於 2026 財年的看法，並希望從現在到那時能夠見到你們並與你們中的許多人交談。

Thank you again for your time this morning. Have a good day.

再次感謝您今天上午抽出時間。祝你有美好的一天。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。