SelectQuote reports Q4 net loss of $104.7M on $139.4M revenue; cuts revolver by $35M, issues weak FY2023 guidance

SelectQuote, Inc.

2022-FY EPS reported -$1.81 revenue$764,045,000

Q4 FY2022 revenue $139.4M (down 25% YoY), net loss $104.7M vs prior year net income $0.8M, adjusted EBITDA -$60.8M.
Includes $48.3M cohort/tail adjustment; ex-adjustment revenue $187.7M, adjusted EBITDA -$12.5M.
FY2023 guidance: revenue $850M-$950M, net loss $89M-$113M, adjusted EBITDA -$20M to $10M.
Entered Fourth Amendment to credit facility: revolver cut from $135M to $100M, SOFR+5% drawn revolver, term loans SOFR+6% cash+2% PIK interest, plus new liquidity covenant.
Senior segment Medicare Advantage approved policies +39% YoY, but lifetime value per policy fell 22% to $877; per-unit economics deteriorated (Adjusted EBITDA per policy -$290 vs +$498).

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