SelectQuote Inc (SLQT) Reports Q1 2024 Earnings: Revenue Up by 43%, Net Loss Narrows
Q1 2024 revenue of $232.7 million, up by 43% from Q1 2023
Net loss of $31.1 million, a decrease from $42.5 million in Q1 2023
Adjusted EBITDA of $(11.4) million, an improvement from $(27.5) million in Q1 2023
Reaffirms FY 2024 guidance with revenue expected to range between $1.05 billion and $1.2 billion
On November 2, 2023, SelectQuote Inc (NYSE:SLQT) released its earnings report for the first quarter of fiscal year 2024. The company reported a consolidated revenue of $232.7 million, marking a 43% increase from the $162.5 million reported in the first quarter of fiscal year 2023. The consolidated net loss for the first quarter of fiscal year 2024 was $31.1 million, a decrease from the $42.5 million loss reported in the same period last year. The company's adjusted EBITDA for the first quarter of fiscal year 2024 was $(11.4) million, showing an improvement from $(27.5) million in the first quarter of fiscal year 2023.
Segment Highlights
The Senior segment reported a revenue of $89.9 million and an adjusted EBITDA of $(1.3) million. The Healthcare Services segment reported a revenue of $97.4 million and an adjusted EBITDA of $2.3 million. The Life segment reported a revenue of $37.8 million and an adjusted EBITDA of $5.2 million. The Auto & Home segment reported a revenue of $9.0 million and an adjusted EBITDA of $3.3 million.
CEO Commentary
SelectQuote generated strong results across each segment of the company. Financial results were ahead of our expectations for the seventh straight quarter, and our platform is exceptionally well prepared for this years Medicare Advantage selling season. Agent onboarding was ahead of plan, and similar to fiscal 2023, our sales force has a higher mix of tenured agents, which drove significant efficiency gains compared to flex agents in past seasons. In the early days of the annual enrollment period for Medicare Advantage, plan features are similar to last year, and our engagement with customers has been inline with expectations. - CEO Tim Danker
Outlook
SelectQuote Inc (NYSE:SLQT) reaffirmed its full-year 2024 financial guidance, expecting revenue to range between $1.05 billion and $1.2 billion, a net loss in the range of $50 million to $22 million, and an adjusted EBITDA in the range of $80 million to $105 million.
Conference Call
SelectQuote Inc (NYSE:SLQT) will host a conference call with the investment community on November 2, 2023, at 4:30 p.m. ET. The event will also be webcasted live via the company's investor relations website.
Explore the complete 8-K earnings release (here) from SelectQuote Inc for further details.
This article first appeared on GuruFocus.
