REVENUES FROM CONTRACTS WITH CUSTOMERS

Disaggregation of Revenue from Contracts with Customers—The disaggregation of revenue by segment and product is depicted for the periods presented below, and is consistent with how the Company evaluates its financial performance:


	Year Ended June 30,
(in thousands)	2025		2024		2023
Senior:

Medicare advantage commissions	$	518,031	$	569,648	$	500,501




Other Senior commissions	11,397		11,237		8,733
Other services	70,965		74,964		80,897



Total Senior revenue	600,393		655,849		590,131
Healthcare Services:
Pharmacy	728,753		464,853		239,547
Other services	13,952		13,655		12,528
Total Healthcare Services revenue	742,705		478,508		252,075
Life:

Term commissions	74,685		73,980		70,094
Final expense commissions	78,175		64,138		56,488
Other services	20,118		19,812		19,250



Total Life revenue	172,978		157,930		145,832
All other:
Commissions	17,308		35,244		20,450
Other services	718		984		1,412
Total All other revenue	18,026		36,228		21,862
Eliminations:
Commissions	(3,339)		(2,567)		(2,796)

Other services	(4,169)		(4,172)		(4,256)
Total Elimination revenue	(7,508)		(6,739)		(7,052)
Total Commissions and other services revenue	797,841		856,923		763,301
Total Pharmacy revenue	728,753		464,853		239,547

Total Revenue	$	1,526,594	$	1,321,776	$	1,002,848

Contract Balances—The Company has contract assets related to commissions receivable from its insurance carrier partners, with the movement over time as the policy is renewed between long-term and short-term commissions receivable and accounts receivable, net being the main activity, along with commission revenue adjustments from changes in estimates.

A roll forward of commissions receivable (current and long-term) is shown below for the period presented:


(in thousands)
Balance as of June 30, 2023	$	840,498
Commission revenue from revenue recognized	279,575
Net commission revenue adjustment from change in estimate	3,436
Amounts recognized as accounts receivable, net	(242,192)
Balance as of June 30, 2024	$	881,317
Commission revenue from revenue recognized	317,787
Net commission revenue adjustment from change in estimate	(4,468)
Amounts recognized as accounts receivable, net	(243,808)
Balance as of June 30, 2025	$	950,828

For the year ended June 30, 2025, the $4.5 million net commission revenue adjustment from change in estimate includes adjustments related to revenue recognized in prior fiscal years, based on the Company’s reassessment of each of its cohorts’ transaction prices. It includes a positive adjustment of $0.9 million for Life and a negative adjustment of $7.7 million for Senior. The remaining positive adjustment of $2.3 million relates to the Company’s All other non-reportable segment. Refer to Note 17 to the consolidated financial statements for further details on the Company’s reportable segments.

For the year ended June 30, 2024, the $3.4 million net commission revenue adjustment from change in estimate includes adjustments related to revenue recognized in prior fiscal years, based on the Company’s reassessment of each of its cohorts’ transaction prices. It includes positive adjustments of $2.9 million for the Company’s All other non-reportable segment, $0.4 million for Senior, and $0.1 million for Life.

The Company’s contract liabilities on the consolidated balance sheets represent unamortized upfront payments received for commission revenue for which the performance obligations have not yet been met and are anticipated to be recognized over the next twelve months.

A roll forward of contract liabilities (current and long-term) is shown below for the period presented:


(in thousands)
Balance as of June 30, 2023	$	1,691
Commission and other services revenue recognized	(30,927)

Amounts recognized as contract liabilities	37,302

Balance as of June 30, 2024	$	8,066
Commission and other services revenue recognized	(34,808)

Amounts recognized as contract liabilities	27,440
Balance as of June 30, 2025	$	698

Historical Timeline

Fiscal Year	Filed
2025	Aug 21, 2025	Showing above
2024	Sep 13, 2024

2023	Sep 13, 2023

2022	Aug 29, 2022

2021	Aug 26, 2021

2020	Sep 10, 2020

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.

SelectQuote, Inc. Revenue Disclosure

Historical Timeline

About Revenue Disclosures

Other Available Disclosures