SelectQuote (SLQT) 10-Q 8 Feb 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Dec. 31, 2020	Jan. 31, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity File Number	001-39295
Entity Registrant Name	SelectQuote, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-3339273
Entity Address, Address Line One	6800 West 115th Street
Entity Address, Address Line Two	Suite 2511
Entity Address, City or Town	Overland Park
Entity Address, State or Province	KS
Entity Address, Postal Zip Code	66211
City Area Code	913
Local Phone Number	599-9225
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	SLQT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		162,891,388
Entity Central Index Key	0001794783
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Dec. 31, 2020	Jun. 30, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 209,739	$ 321,065
Restricted cash	36,168	47,805
Accounts receivable	146,989	83,634
Commissions receivable-current	76,265	51,209
Other current assets	7,383	10,121
Total current assets	476,544	513,834
COMMISSIONS RECEIVABLE—Net	655,828	461,752
PROPERTY AND EQUIPMENT—Net	24,512	22,150
SOFTWARE—Net	10,085	8,399
OPERATING LEASE RIGHT-OF-USE ASSETS	29,182	0
INTANGIBLE ASSETS—Net	18,015	19,673
GOODWILL	46,456	46,577
OTHER ASSETS	1,427	1,408
TOTAL ASSETS	1,262,049	1,073,793
CURRENT LIABILITIES:
Accounts payable	32,420	22,891
Accrued expenses	15,535	14,936
Accrued compensation and benefits	35,067	22,228
Earnout liability	31,966	30,812
Operating lease liabilities—current	5,093	0
Other current liabilities	20,938	4,944
Total current liabilities	141,019	95,811
DEBT	313,336	311,814
DEFERRED INCOME TAXES	131,121	105,844
OPERATING LEASE LIABILITIES	36,958	0
OTHER LIABILITIES	5,480	14,635
Total liabilities	627,914	528,104
COMMITMENTS AND CONTINGENCIES (Note 9)
SHAREHOLDERS’ EQUITY:
Common stock, $0.01 par value	1,628	1,622
Additional paid-in capital	545,441	548,113
Retained earnings (accumulated deficit)	88,461	(2,792)
Accumulated other comprehensive loss	(1,395)	(1,254)
Total shareholders’ equity	634,135	545,689
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 1,262,049	$ 1,073,793

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2020	Jun. 30, 2020
Statement of Financial Position [Abstract]
Common stock, par value, (dollars per share)	$ 0.01	$ 0.01

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
REVENUE:
Total revenue	$ 358,274	$ 176,297	$ 482,443	$ 241,464
OPERATING COSTS AND EXPENSES:
Cost of revenue	84,121	50,484	135,166	83,121
Marketing and advertising	132,206	50,871	182,006	76,972
General and administrative	13,043	13,997	25,245	19,123
Technical development	4,750	3,510	8,598	6,223
Total operating costs and expenses	234,120	118,862	351,015	185,439
INCOME FROM OPERATIONS	124,154	57,435	131,428	56,025
INTEREST EXPENSE, NET	(6,782)	(6,178)	(13,543)	(6,883)
OTHER EXPENSES, NET	(416)	(3)	(1,196)	(16)
INCOME BEFORE INCOME TAX EXPENSE	116,956	51,254	116,689	49,126
INCOME TAX EXPENSE	26,540	12,184	25,436	11,744
NET INCOME	$ 90,416	$ 39,070	$ 91,253	$ 37,382
NET INCOME (LOSS) PER SHARE:
Basic (in dollars per share)	$ 0.56	$ (0.56)	$ 0.56	$ (0.62)
Diluted (in dollars per share)	$ 0.55	$ (0.56)	$ 0.55	$ (0.62)
WEIGHTED-AVERAGE COMMON STOCK OUTSTANDING USED IN PER SHARE AMOUNTS:
Basic (in shares)	162,645	90,374	162,546	88,945
Diluted (in shares)	165,563	90,374	165,377	88,945
OTHER COMPREHENSIVE GAIN (LOSS) NET OF TAX:
Gain (loss) on cash flow hedge	$ 116	$ 0	$ (141)	$ 0
OTHER COMPREHENSIVE GAIN (LOSS)	116	0	(141)	0
COMPREHENSIVE INCOME	90,532	39,070	91,112	37,382
Commission
REVENUE:
Total revenue	320,974	158,650	427,519	216,472
Production bonus and other
REVENUE:
Total revenue	$ 37,300	$ 17,647	$ 54,924	$ 24,992

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands		Total	Common Stock	Additional Paid-In Capital	Retained Earnings/(Accumulated Deficit)	Treasury Stock	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Jun. 30, 2019			90,619,000
Beginning balance at Jun. 30, 2019		$ 262,455	$ 906	$ 138,378	$ 200,446	$ (77,275)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		37,382			37,382
Exercise of employee stock options (in shares)			4,651,000
Exercise of employee stock options		4,819	$ 47	4,772
Share-based compensation expense		9,263		9,263
Dividends paid	[1]	(207,341)			(207,341)
Dividends paid on unexercised stock options		(9,221)		(9,221)
Return of capital		(58,438)		(58,438)
Ending balance (in shares) at Dec. 31, 2019			95,270,000
Ending balance at Dec. 31, 2019		38,919	$ 953	84,754	30,487	(77,275)
Beginning balance (in shares) at Sep. 30, 2019			91,967,000
Beginning balance at Sep. 30, 2019		262,475	$ 920	140,072	198,758	(77,275)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		39,070			39,070
Exercise of employee stock options (in shares)			3,303,000
Exercise of employee stock options		3,133	$ 33	3,100
Share-based compensation expense		9,241		9,241
Dividends paid		(207,341)			(207,341)
Dividends paid on unexercised stock options		(9,221)		(9,221)
Return of capital		(58,438)		(58,438)
Ending balance (in shares) at Dec. 31, 2019			95,270,000
Ending balance at Dec. 31, 2019		38,919	$ 953	84,754	30,487	$ (77,275)
Beginning balance (in shares) at Jun. 30, 2020			162,191,000
Beginning balance at Jun. 30, 2020		545,689	$ 1,622	548,113	(2,792)		$ (1,254)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		91,253			91,253
Loss on cash flow hedge, net of tax		(375)					(375)
Net reclassification into earnings		$ 234					234
Exercise of employee stock options (in shares)		862,566	583,000
Exercise of employee stock options		$ (4,906)	$ 6	(4,912)
Share-based compensation expense		2,240		2,240
Ending balance (in shares) at Dec. 31, 2020			162,774,000
Ending balance at Dec. 31, 2020		634,135	$ 1,628	545,441	88,461		(1,395)
Beginning balance (in shares) at Sep. 30, 2020			162,507,000
Beginning balance at Sep. 30, 2020		544,974	$ 1,625	546,815	(1,955)		(1,511)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		90,416			90,416
Loss on cash flow hedge, net of tax		0
Net reclassification into earnings		116					116
Exercise of employee stock options (in shares)			267,000
Exercise of employee stock options		(2,707)	$ 3	(2,710)
Share-based compensation expense		1,336		1,336
Ending balance (in shares) at Dec. 31, 2020			162,774,000
Ending balance at Dec. 31, 2020		$ 634,135	$ 1,628	$ 545,441	$ 88,461		$ (1,395)
[1]	(1) Dividends paid per share, including common shares and series A-D, were $15.66 per share during the year ended six months ended December 31, 2019. Refer to Note 8 to the condensed consolidated financial statements for further details.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended	6 Months Ended
	Dec. 31, 2019	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Common stock dividends paid (in dollars per share)	$ 1.96	$ 15.66
Preferred stock dividends paid (in dollars per share)	$ 15.66

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Net income	$ 91,253	$ 37,382
Adjustments to reconcile net income to net cash, cash equivalents, and restricted cash used in operating activities:
Depreciation and amortization	6,937	3,168
Loss (gain) on disposal of property, equipment, and software	162	(2)
Share-based compensation expense	2,259	9,263
Deferred income taxes	25,321	11,759
Amortization of debt issuance costs and debt discount	1,644	592
Fair value adjustments to contingent earnout obligations	1,153	0
Non-cash lease expense	1,887	0
Changes in operating assets and liabilities:
Accounts receivable	(63,355)	(13,050)
Commissions receivable	(219,132)	(110,792)
Other assets	1,906	856
Accounts payable and accrued expenses	15,692	4,985
Operating lease liabilities	(1,245)	0
Other liabilities	32,371	5,237
Net cash used in operating activities	(103,147)	(50,602)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(5,768)	(5,499)
Proceeds from sales of property and equipment	0	3
Purchases of software and capitalized software development costs	(3,449)	(2,434)
Acquisition of business	121	0
Net cash used in investing activities	(9,096)	(7,930)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving line of credit	0	83,602
Payments on revolving line of credit	0	(91,778)
Net proceeds from Term Loan	0	416,500
Proceeds from other debt	0	8,425
Payments on other debt	(108)	(1,440)
Proceeds from common stock option exercises	391	4,819
Cash dividends paid	0	(275,000)
Payments of tax withholdings related to net share settlement of equity awards	(5,320)	0
Payments of debt issuance costs	0	(7,694)
Net cash (used in) provided by financing activities	(10,719)	135,831
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(122,962)	77,299
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—Beginning of period	368,869	570
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—End of period	245,907	77,869
Reconciliation to the Consolidated Balance Sheets:
Total cash, cash equivalents, and restricted cash	245,907	77,869
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid, net	(11,953)	(6,067)
Payments of income taxes, net	(86)	(38)
Private Placement
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments of stock issuance costs	(1,771)	0
IPO
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments of stock issuance costs	$ (3,911)	$ (1,603)

Summary of Business and Signifi

Summary of Business and Significant Accounting Policies	6 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Business and Significant Accounting Policies	SUMMARY OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES Description of Business —SelectQuote, Inc. and its subsidiaries (the “Company” or “SelectQuote”) contract with numerous insurance carriers to sell senior health (“Senior”), life (“Life”), and auto and home insurance (“Auto & Home”) policies by telephone to individuals throughout the United States through the use of multi-channel marketing and advertising campaigns. Senior sells Medicare Advantage, Medicare Supplement, Medicare Part D, and other ancillary senior health insurance related policies. Life sells term and permanent life insurance policies (together referred to as "core") and final expense policies, along with other ancillary products. Auto & Home primarily sells non-commercial auto & home property and casualty insurance policies. SelectQuote’s licensed insurance agents provide comparative rates from a variety of insurance carriers relying on our technology distribution channel with a combination of proprietary and commercially available software to perform its quote service and sell insurance policies on behalf of the insurance carriers. The Company earns revenue in the form of commission payments from the insurance carriers. Commission payments are received both when the initial policy is sold (“first year”) and when the underlying policyholder renews their policy in subsequent years (“renewal”). Additionally, the Company receives certain volume-based bonuses from some carriers on first-year policies sold, which are referred to as production bonuses and marketing development funds, based on attaining various predetermined target sales levels or other agreed upon objectives. Basis of Presentation —The accompanying unaudited condensed consolidated financial statements include the accounts of SelectQuote, Inc., and its wholly owned subsidiaries: SelectQuote Insurance Services, SelectQuote Auto & Home Insurance Services, LLC (“SQAH”), ChoiceMark Insurance Services, Inc., Tiburon Insurance Services, and InsideResponse, LLC ("InsideResponse"). The condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and reflect all normal recurring adjustments that are necessary to present fairly the results for the interim periods presented. All intercompany accounts and transactions have been eliminated in consolidation. Certain information and disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted in accordance with those rules and regulations and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements in our Annual Report on Form 10-K for the year ended June 30, 2020, and include all adjustments necessary for the fair presentation of our financial position for the periods presented, the results of which are not necessarily indicative of the results to be expected for any subsequent period, including for the year ending June 30, 2021, and therefore should not be relied upon as an indicator of future results. The accompanying unaudited condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements for the year ended June 30, 2020. Results of operations were not materially impacted by the COVID-19 pandemic, but the Company is continuously assessing the evolving situation related to the pandemic. Use of Estimates —The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets, and liabilities and disclosure of contingent assets and liabilities. The Company regularly assesses these estimates; however, actual amounts could differ from those estimates. The most significant items involving management’s estimates include estimates of revenue recognition, commissions receivable, valuation of intangible assets and goodwill, share-based compensation expense, and the provision for income taxes. The impact of changes in estimates is recorded in the period in which they become known. Seasonality —Medicare-eligible individuals are permitted to change their Medicare Advantage and Medicare Part D prescription drug coverage for the following year during the Medicare annual enrollment period (“AEP”) in October through December and are allowed to switch plans from an existing plan during the open enrollment period (“OEP”) in January through March each year. As a result, the Company’s Senior segment’s commission revenue is highest in the second quarter during AEP and to a lesser extent, the third quarter during OEP. Significant Accounting Policies —With the exception of the adoption of recent accounting pronouncements, there have been no material changes to the Company’s significant accounting policies as described in our Annual Report on Form 10-K for the year ended June 30, 2020. Adoption of New Accounting Pronouncements —In February 2016, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2016-02, Leases (Topic 842) , which has been clarified and amended by various subsequent updates. The core principle of this standard is that a lessee should recognize the assets and liabilities that arise from leases, by recognizing in the condensed consolidated balance sheet a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. In accordance with the guidance of Topic 842, leases are classified as finance or operating leases, and both types of leases are recognized on the condensed consolidated balance sheet. The accounting applied by a lessor is largely unchanged from that applied under previous guidance. The new guidance requires certain expanded qualitative disclosures and specific quantitative disclosures in order to provide users of financial statements enough information to supplement the amounts recorded in the financial statements so that users can understand more about the nature of an entity’s leasing activities. Although the effective date of this ASU has been deferred for emerging growth companies until annual periods beginning after December 15, 2021, the Company has early adopted the new guidance and related amendments on July 1, 2020, and has elected the transition package of practical expedients permitted under the transition guidance, which allowed the carry forward of historical assessments of whether a contract contains a lease, lease classification and initial direct costs. The new guidance and related amendments have been applied on a modified retrospective basis using the optional transition method with an application date of July 1, 2020. As a result of adopting this standard, on July 1, 2020, the Company recorded lease liabilities of $41.3 million and right-of-use assets of $29.7 million, which includes reclassifications of existing assets and liabilities primarily related to deferred rent. The adoption of this new standard did not have a material impact on the Company’s condensed consolidated statement of comprehensive income or the condensed consolidated statement of cash flows. The Company has included expanded disclosures on the condensed consolidated balance sheets and in Note 7 to the condensed consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” This ASU amends the subsequent measurement of goodwill whereby Step 2 from the goodwill impairment test is eliminated. As a result, an entity should recognize a goodwill impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value. The standard was adopted and applied prospectively by the Company as of July 1, 2020, but it did not have an impact on the Company's condensed consolidated financial statements and disclosures. Recent Accounting Pronouncements Not Yet Adopted —In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326), which amends the guidance for accounting for assets that are potentially subject to credit risk. The amendment affects contract assets, loans, debt securities, trade receivables, net investments in leases, off-balance-sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. As an emerging growth company, the standard is effective for the Company beginning in fiscal years starting after December 15, 2022, and interim periods within those fiscal years; however, early adoption is permitted. The Company is currently evaluating the impact to its condensed consolidated financial statements and related disclosures but does not expect this ASU to have a material impact. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which simplifies and changes the accounting for certain income tax transactions, among other minor improvements. This standard becomes effective for the Company on July 1, 2022, and for interim periods beginning July 1, 2023, with early adoption permitted. The Company is currently evaluating the

Acquisitions

Acquisitions	6 Months Ended
	Dec. 31, 2020
Business Combinations [Abstract]
Acquisitions	ACQUISITIONS In accordance with ASC Topic 805, Business Combinations (“ASC 805”), the Company allocates the purchase price of its acquisitions to the tangible assets, liabilities and intangible assets acquired based on fair values. Any excess purchase price over those fair values is recorded as goodwill. The fair value assigned to intangible assets acquired is supported by valuations using estimates and assumptions provided by management. Based on the valuation inputs, the Company has recorded assets acquired and liabilities assumed according the following fair value hierarchy: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities Level 2 Unadjusted quoted prices in active markets for similar assets or liabilities; or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs other than quoted prices that are observable for the asset or liability. Level 3 Unobservable inputs for the asset or liability InsideResponse, LLC —On May 1, 2020, the Company acquired 100% of the outstanding membership units of InsideResponse for an aggregate purchase price of up to $65.0 million (subject to customary adjustments), as set forth in the Agreement and Plan of Merger, as amended on May 1, 2020 (the “Merger Agreement”). The purchase price is comprised of $32.7 million, which was paid in cash at the closing of the transaction and an earnout of up to $32.3 million. InsideResponse is an online marketing consulting firm the Company purchases leads from (refer to Note 15 to the condensed consolidated financial statements for related party information). Under the terms of the Merger Agreement, total consideration in the acquisition consisted of the following as of the acquisition date: (in thousands) Base purchase price $ 32,700 Fair value of earnout 30,437 Net working capital true-up (1) 3,527 Closing cash 904 Closing indebtedness (476) Total purchase consideration $ 67,092 (1) The Company recorded a $0.1 million measurement period adjustment to the carrying amount of goodwill related to the net working capital true-up for the six months ended December 31, 2020. The earnout will be paid in cash no later than 15 days after the accountant-reviewed stand-alone financial statements of InsideResponse, as of and for the period ending December 31, 2020, are finalized. The earnout is contingent upon the achievement of certain gross profit targets for InsideResponse in calendar year 2020, as set forth in the Merger Agreement, which provides for a range of possible payouts of up to $32.3 million. This assumes the minimum gross profit target of $12.3 million is reached, as otherwise there will be no consideration payout. As of the acquisition date, May 1, 2020, the fair value of the earnout liability was $30.4 million recorded as a current liability on the condensed consolidated balance sheet. Per the valuation, the earnout was discounted back to the valuation date at a counterparty risk adjusted rate of 5.00% which is designed to represent the Company’s incremental borrowing cost. As of December 31, 2020, the Company determined that InsideResponse had achieved the maximum gross profit target for calendar year 2020; therefore, the maximum fair market value of the earnout has been accrued. As a result, the Company recorded $0.4 million and $1.2 million in other expenses, net in the condensed consolidated statement of comprehensive income as an adjustment to the fair market value of the earnout liability during the three and six months ended December 31, 2020, respectively. Furthermore, each period until the February 2021 payout, the Company will accrete the earnout liability so that the fully expected earnout will be accrued as of the payout date. Changes in this measure have been recorded in the Company’s condensed consolidated statements of cash flows as a noncash reconciling item in the reconciliation of net income to net cash flows from operating activities. At the date of acquisition, the fair value of net tangible assets acquired approximated their carrying value. The trade name acquired was determined using the relief from royalty method, which measures the value by estimating the cost savings associated with owning the asset rather than licensing it. For the proprietary software acquired, the replacement cost method under the cost approach was used, estimating the cost to rebuild the software. The non-compete agreements were valued using the income approach, and the customer relationships were valued using the multiple period excess earnings method. As such, all aforementioned intangible assets were valued using Level 3 inputs. Further, the Company believes that the fair value of the earn-out liability falls within Level 3 of the fair value hierarchy as a result of the unobservable inputs used for the measurement. Goodwill resulting from the transaction represents the excess of the consideration transferred over the fair values of the assets acquired and liabilities assumed and primarily represents the expected synergies in streamlining the Company's marketing and advertising process by consolidating a primary vendor into its marketing team, providing full access to a rapidly growing and scalable lead generation strategy, guaranteeing our ability to consume more leads and reducing cost. This acquired goodwill is allocated to the Senior segment and approximately $5.0 million is deductible for tax purposes. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as of the acquisition date (in thousands): Description Estimated Life Amount Cash and cash equivalents $ 955 Accounts receivable 8,220 Other current assets 459 Property and equipment, net 51 Accounts payable (2,922) Accrued expenses (737) Other current liabilities (8) Other liabilities (1) Net tangible assets acquired 6,017 Trade Name 5 years 2,680 Proprietary Software 2-5 years 1,042 Non-compete agreements 3 years 192 Customer relationships 7 years 16,069 Goodwill Indefinite 41,092 Total intangible assets acquired 61,075 Net assets acquired $ 67,092 The Company will amortize the intangible assets acquired on a straight line basis over their estimated remaining lives, ranging from two Recent Acquisition —On February 1, 2021, the Company acquired substantially all of the assets of a lead distribution company for an aggregate purchase price of up to $33.5 million (subject to customary adjustments), as set forth in the Asset Purchase Agreement dated February 1, 2021. The purchase price is comprised of $30.0 million, of which $24.0 million was paid in cash at the closing of the transaction with an additional $6.0 million of holdback for indemnification claims, and an earnout of up to $3.5 million.

Property And Equipment_Net

Property And Equipment—Net	6 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Property And Equipment—Net	PROPERTY AND EQUIPMENT—NET Property and equipment—net consisted of the following: (in thousands) December 31, 2020 June 30, 2020 Computer hardware $ 14,135 $ 9,829 Equipment (1) 2,333 2,443 Leasehold improvements 19,381 17,692 Furniture and fixtures 5,173 5,259 Work in progress 67 1,267 Total 41,089 36,490 Less accumulated depreciation (16,577) (14,340) Property and equipment—net $ 24,512 $ 22,150 (1) Includes financing lease right-of-use assets. Work in progress as of December 31, 2020 and June 30, 2020, primarily represents tenant improvements not yet put into service and are not yet being depreciated. Depreciation expenses for the three months ended December 31, 2020 and 2019, were $2.0 million and $1.3 million, respectively, and $3.6 million and $2.4 million for the six months ended December 31, 2020 and 2019, respectively.

Software_Net

Software—Net	6 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Software—Net	SOFTWARE—NET Software—net consisted of the following: (in thousands) December 31, 2020 June 30, 2020 Software $ 13,003 $ 10,999 Work in progress 2,640 1,922 Total 15,643 12,921 Less accumulated amortization (5,558) (4,522) Software—net $ 10,085 $ 8,399 Work in progress as of December 31, 2020 and June 30, 2020, primarily represents costs incurred for software not yet put into service and are not yet being depreciated. For the three months ended December 31, 2020 and 2019, the Company capitalized internal-use software and website development costs of $1.6 million and $1.2 million, respectively, and recorded amortization expense of $0.8 million and $0.4 million, respectively. For the six months ended December 31, 2020 and 2019, the Company capitalized internal-use software and website development costs of $3.2 million and $2.4 million, respectively, and recorded amortization expense of $1.7 million and $0.7 million, respectively

Intangible Assets and Goodwill

Intangible Assets and Goodwill	6 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	INTANGIBLE ASSETS AND GOODWILL Intangible assets — The Company's intangible assets include those acquired as part of the acquisition of the controlling interest in Auto & Home in August 2012 as well as from the May 2020 acquisition of InsideResponse. The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. During the three and six months ended December 31, 2020 and 2019, there were no such indicators. Goodwill— In August 2012, the Company acquired the remaining interest in Auto & Home and recorded goodwill as the excess of the total consideration transferred plus the acquisition-date fair value of the previously held equity interest over the fair values of the identifiable net assets acquired. Further, in May 2020, the Company recorded as goodwill the excess of the purchase price over the estimated fair values of identifiable assets and liabilities acquired from InsideResponse. There were no goodwill impairment charges recorded during the three and six months ended December 31, 2020 and 2019. Goodwill is assigned to reporting units that are expected to benefit from the synergies of the business combination as of the acquisition date and becomes identified with that reporting unit in its entirety. As such the reporting unit as a whole supports the recovery of its goodwill. For the aforementioned acquisitions, the reporting units are Auto & Home and Senior, respectively. The carrying amounts, accumulated amortization, net carrying value, and weighted average remaining life of our definite-lived amortizable intangible assets as well as our goodwill are presented in the tables below (dollars in thousands, useful life in years): December 31, 2020 June 30, 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted-Average Remaining Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted-Average Remaining Useful Life Total intangible assets subject to amortization Customer relationships-Auto & Home $ 853 $ (699) $ 154 $ 853 $ (680) $ 173 InsideResponse Trade Name 2,680 (357) 2,323 2,680 (88) 2,592 Proprietary Software-5 year 780 (104) 676 780 (26) 754 Proprietary Software-2 year 262 (88) 174 262 (22) 240 Non-compete agreements 192 (43) 149 192 (16) 176 Customer relationships 16,069 (1,530) 14,539 16,069 (331) 15,738 Total intangible assets $ 20,836 $ (2,821) $ 18,015 5.9 $ 20,836 $ (1,163) $ 19,673 6.4 Total indefinite-lived assets Goodwill-Auto & Home $ 5,364 $ 5,364 $ 5,364 $ 5,364 Goodwill-Senior 41,092 41,092 41,213 41,213 Total goodwill $ 46,456 $ 46,456 $ 46,577 $ 46,577 For the three months ended December 31, 2020 and 2019, amortization expense related to intangible assets totaled $0.8 million and less than $0.1 million, respectively, and $1.7 million and less than $0.1 million for the six months ended December 31, 2020 and 2019, respectively. Changes in the carrying amount of goodwill for the six months ended December 31, 2020, are as follows (in thousands): Balance, June 30, 2020 $ 46,577 Measurement period adjustments (1) (121) Balance, December 31, 2020 $ 46,456 (1) Represents measurement period adjustments related to the InsideResponse acquisition (refer to Note 2 to the condensed consolidated financial statements for further details). As of December 31, 2020, expected amortization expense in future periods were as follows (in thousands): Customer Relationships-Auto & Home Trade Name Proprietary Software Non-compete agreements Customer relationships Total Remainder fiscal 2021 $ 19 $ 268 $ 144 $ 32 $ 1,148 $ 1,611 2022 32 536 265 64 2,296 3,193 2023 28 536 156 53 2,296 3,069 2024 23 536 156 — 2,296 3,011 2025 20 447 129 — 2,296 2,892 Thereafter 32 — — — 4,207 4,239 Total $ 154 $ 2,323 $ 850 $ 149 $ 14,539 $ 18,015

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The Company uses derivative financial instruments to hedge against the interest rate risk associated with its variable rate debt as a result of the Company's exposure to fluctuations in interest rates associated with a senior secured term loan facility in an aggregate principal amount of $425.0 million with a syndicate of lenders led by Morgan Stanley as the administrator for the lending group (the “Term Loan”). To accomplish this hedging strategy, the Company enters into interest rate swaps designated as cash flow hedges that are designed to be highly correlated to the underlying terms of the debt instruments to which their forecasted, variable interest rate payments are tied. To qualify for hedge accounting, the Company documents and assesses effectiveness at inception and in subsequent reporting periods. The fair value of interest rate swaps are recorded on our condensed consolidated balance sheets as an asset or liability with the related gains or losses reported as a component of accumulated other comprehensive income. The changes in fair value are reclassified from accumulated other comprehensive income into earnings as an offset to interest expense in the same period that the hedged items affect earnings. The Company does not engage in the use of derivative instruments for speculative or trading purposes. We entered into a USD floored interest rate swap agreement on May 12, 2020, with an effective date of May 29, 2020, wherein the Company has exchanged a floating rate of interest of LIBOR (subject to a 1% floor) plus 6.00% on the notional amount of $325.0 million of the Company’s $425.0 million Term Loan (currently recorded in long term debt on the condensed consolidated balance sheets) for a fixed rate payment of 6.00% plus 1.188%. The derivative hedges the entire notional amount of $325 million priced at USD-LIBOR-BBA 1-month, and the interest rate swap terminates on November 5, 2024. The interest rate swap qualifies for cash flow hedge accounting as it was determined to be highly effective at inception and it continued to remain effective as of December 31, 2020. The Company did not record any ineffectiveness related to the interest rate swap. In addition, the Company has determined that the majority of the inputs used to value its interest rate swap fall within Level 2 of the fair value hierarchy as they primarily include other than quoted prices that are observable. Further this valuation uses standard calculations and models that use readily observable market data as their basis. As a result, the Company classifies its interest rate swap in Level 2 of the fair value hierarchy. The following table presents the fair value of the Company’s derivative financial instrument on a gross basis, as well as its classification on the Company’s condensed consolidated balance sheets for the periods presented: (in thousands) December 31, 2020 June 30, 2020 Derivatives Designated as Hedging Instruments Balance Sheet Location Fair Value Balance Sheet Location Fair Value Cash flow hedge Other current liabilities $ (1,853) Other current liabilities $ (1,669) The following table presents the unrealized losses deferred to accumulated other comprehensive loss resulting from the Company’s derivative instruments designated as cash flow hedging instruments for the periods presented: (in thousands) Three Months Ended December 31, 2020 Six Months Ended December 31, 2020 Unrealized loss, before taxes $ — $ (498) Income tax benefit — 123 Unrealized loss, net of taxes $ — $ (375) The following table presents information about the reclassification of gains and losses from accumulated other comprehensive loss into earnings resulting from the Company’s derivative instruments designated as cash flow hedging instruments for the periods presented: (in thousands) Three Months Ended December 31, 2020 Six Months Ended December 31, 2020 Interest expense $ 155 $ 311 Income tax benefit (39) (77) Net reclassification into earnings $ 116 $ 234 Amounts included in accumulated other comprehensive loss are recorded net of the related income tax effects. The following table details the changes in accumulated other comprehensive loss: (in thousands) Derivative Instruments Balance at June 30, 2020 $ (1,254) Unrealized losses, net of related tax benefit of $0.1 million (375) Amount reclassified into earnings, net of related taxes of $0.1 million 234 Balance at December 31, 2020 $ (1,395) As of December 31, 2020, the Company estimates that $0.6 million will be reclassified into interest expense during the next twelve months.

Leases

Leases	6 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Leases	LEASES The Company has entered into various lease agreements for office space and other equipment as lessee. At contract inception, the Company determines that a contract contains a lease if the contract conveys the right to control the use of identified property, plant, or equipment (an identified asset) for a period of time in exchange for consideration. If a contract contains a lease, the Company recognizes a right-of-use asset and a lease liability on the condensed consolidated balance sheet at lease commencement. The Company has elected a practical expedient to make an accounting policy not to record short-term leases on the condensed consolidated balance sheet, defined as leases with an initial term of 12 months or less that do not contain purchase options that the lessee is reasonably certain to elect. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term as the Company has control over an economic resource and is benefiting from the use of the asset. Lease liabilities represent the Company’s obligation to make payments for that right of use. Right-of-use assets and lease liabilities are determined by recognizing the present value of future lease payments using the Company’s incremental borrowing rate, which is the rate we would have to pay to borrow on a collateralized basis based upon information available at the lease commencement date. The right-of-use asset is measured at the commencement date by totaling the amount of the initial measurement of the lease liability, adding any lease payments made to the lessor at or before the commencement date, subtracting any lease incentives received, and adding any initial direct costs incurred by the Company. When lease terms include renewal or termination options, the Company determines the lease term as the noncancelable period of the lease, plus periods covered by an option to extend the lease if the Company is reasonably certain to exercise the option. The Company considers an option to be reasonably certain to be exercised by the Company when a significant economic incentive exists. The Company has lease agreements with lease and nonlease components. The Company elected the practical expedient to make an accounting policy election by class of underlying asset, to not separate nonlease components from the associated lease components and instead account for each separate lease component and its associated nonlease components as a single lease component. The Company has applied this accounting policy election to all asset classes. The majority of the Company’s leases are operating leases related to office space. The Company leases office facilities in the United States in San Francisco, California; San Diego, California; Centennial, Colorado; Jacksonville, Florida; Overland Park, Kansas; Wilmington, North Carolina; and Des Moines, Iowa under noncancelable operating leases that expire at various dates through July 2029. The Company recognizes lease expense for operating leases on a straight-line basis over the respective lease term. The Company has operating leases with remaining lease terms of less than one year to nine years. The Company has entered into noncancelable agreements to sublease portions of its office facilities to unrelated third parties. Sublease rental income is recorded as a reduction of rent expense in the accompanying condensed consolidated statements of comprehensive income. Sublease rental income was $0.2 million for each of the three and six months ended December 31, 2020. Operating lease expense was $2.0 million and $3.9 million for the three and six months ended December 31, 2020, respectively, recorded in general and administrative operating costs and expenses in the condensed consolidated statements of comprehensive income. As of December 31, 2020, the Company has entered into an additional lease for office space that has not yet commenced with undiscounted future payment obligations of approximately $2.8 million. The lease is expected to commence in calendar year 2021. Right-of-Use Asset and Lease Liability —The right-of-use assets and lease liabilities were as follows as of December 31, 2020: (in thousands) Balance Sheet Classification Amount Assets Operating leases Operating lease right-of-use assets $ 29,182 Finance leases Property and equipment - net 101 Total lease right-of-use assets 29,283 Liabilities Current Operating leases Operating lease liabilities - current 5,093 Finance leases Other current liabilities 122 Non-current Operating leases Operating lease liabilities 36,958 Finance leases Other liabilities 33 Total lease liabilities $ 42,206 Lease Costs —The components of lease costs were as follows for the periods presented: (in thousands) Three Months Ended December 31, 2020 Six Months Ended December 31, 2020 Finance lease costs (1) $ 58 $ 125 Operating lease costs (2) 1,952 3,879 Short-term lease costs 58 125 Variable lease costs (3) 449 714 Sublease income (170) (235) Total net lease costs $ 2,347 $ 4,608 (1) Primarily consists of amortization of finance lease right-of-use assets and an immaterial amount of interest on finance lease liabilities recorded in operating costs and expenses and interest expense, net in the condensed consolidated statements of comprehensive income. (2) Recorded in operating costs and expenses in the condensed consolidated statements of comprehensive income. (3) Variable lease costs not included in the measurement of the lease liability or right-of-use asset as they are not based on an index or rate. Primarily represents common area maintenance charges and real estate taxes recorded in operating costs and expenses in the condensed consolidated statements of comprehensive income. Supplemental Information —Supplemental information related to leases was as follows as of and for the six months ended December 31, 2020: (in thousands) Operating Leases Finance leases Total Cash paid for amounts included in measurement of liabilities: Operating cash flows from leases $ 2,705 $ 5 $ 2,710 Financing cash flows from leases — 129 129 Right-of-use assets obtained in exchange for new lease liabilities $ 1,495 $ — $ 1,495 Operating Leases Finance leases Weighted-average remaining lease term (in years) 7.31 1.04 Weighted-average discount rate 9.64 % 4.63 % Maturities of Lease Liabilities —As of December 31, 2020, remaining maturities of lease liabilities for each of the next five fiscal years and thereafter are as follows: (in thousands) Operating leases Finance leases Total Remainder of 2021 $ 4,485 $ 93 $ 4,578 2022 8,493 59 8,552 2023 7,936 5 7,941 2024 8,298 — 8,298 2025 8,294 — 8,294 2026 5,997 — 5,997 Thereafter 15,066 — 15,066 Total undiscounted lease payments 58,569 157 58,726 Less: interest 16,518 2 16,520 Present value of lease liabilities $ 42,051 $ 155 $ 42,206 The following table summarizes the future annual minimum lease obligations under non-cancelable operating leases at June 30, 2020, under the previous lease accounting standard ASC 840, Leases (in thousands): 2021 $ 8,781 2022 8,497 2023 7,991 2024 8,353 2025 8,306 Thereafter 21,262 Total minimum lease payments $ 63,190
Leases	LEASES The Company has entered into various lease agreements for office space and other equipment as lessee. At contract inception, the Company determines that a contract contains a lease if the contract conveys the right to control the use of identified property, plant, or equipment (an identified asset) for a period of time in exchange for consideration. If a contract contains a lease, the Company recognizes a right-of-use asset and a lease liability on the condensed consolidated balance sheet at lease commencement. The Company has elected a practical expedient to make an accounting policy not to record short-term leases on the condensed consolidated balance sheet, defined as leases with an initial term of 12 months or less that do not contain purchase options that the lessee is reasonably certain to elect. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term as the Company has control over an economic resource and is benefiting from the use of the asset. Lease liabilities represent the Company’s obligation to make payments for that right of use. Right-of-use assets and lease liabilities are determined by recognizing the present value of future lease payments using the Company’s incremental borrowing rate, which is the rate we would have to pay to borrow on a collateralized basis based upon information available at the lease commencement date. The right-of-use asset is measured at the commencement date by totaling the amount of the initial measurement of the lease liability, adding any lease payments made to the lessor at or before the commencement date, subtracting any lease incentives received, and adding any initial direct costs incurred by the Company. When lease terms include renewal or termination options, the Company determines the lease term as the noncancelable period of the lease, plus periods covered by an option to extend the lease if the Company is reasonably certain to exercise the option. The Company considers an option to be reasonably certain to be exercised by the Company when a significant economic incentive exists. The Company has lease agreements with lease and nonlease components. The Company elected the practical expedient to make an accounting policy election by class of underlying asset, to not separate nonlease components from the associated lease components and instead account for each separate lease component and its associated nonlease components as a single lease component. The Company has applied this accounting policy election to all asset classes. The majority of the Company’s leases are operating leases related to office space. The Company leases office facilities in the United States in San Francisco, California; San Diego, California; Centennial, Colorado; Jacksonville, Florida; Overland Park, Kansas; Wilmington, North Carolina; and Des Moines, Iowa under noncancelable operating leases that expire at various dates through July 2029. The Company recognizes lease expense for operating leases on a straight-line basis over the respective lease term. The Company has operating leases with remaining lease terms of less than one year to nine years. The Company has entered into noncancelable agreements to sublease portions of its office facilities to unrelated third parties. Sublease rental income is recorded as a reduction of rent expense in the accompanying condensed consolidated statements of comprehensive income. Sublease rental income was $0.2 million for each of the three and six months ended December 31, 2020. Operating lease expense was $2.0 million and $3.9 million for the three and six months ended December 31, 2020, respectively, recorded in general and administrative operating costs and expenses in the condensed consolidated statements of comprehensive income. As of December 31, 2020, the Company has entered into an additional lease for office space that has not yet commenced with undiscounted future payment obligations of approximately $2.8 million. The lease is expected to commence in calendar year 2021. Right-of-Use Asset and Lease Liability —The right-of-use assets and lease liabilities were as follows as of December 31, 2020: (in thousands) Balance Sheet Classification Amount Assets Operating leases Operating lease right-of-use assets $ 29,182 Finance leases Property and equipment - net 101 Total lease right-of-use assets 29,283 Liabilities Current Operating leases Operating lease liabilities - current 5,093 Finance leases Other current liabilities 122 Non-current Operating leases Operating lease liabilities 36,958 Finance leases Other liabilities 33 Total lease liabilities $ 42,206 Lease Costs —The components of lease costs were as follows for the periods presented: (in thousands) Three Months Ended December 31, 2020 Six Months Ended December 31, 2020 Finance lease costs (1) $ 58 $ 125 Operating lease costs (2) 1,952 3,879 Short-term lease costs 58 125 Variable lease costs (3) 449 714 Sublease income (170) (235) Total net lease costs $ 2,347 $ 4,608 (1) Primarily consists of amortization of finance lease right-of-use assets and an immaterial amount of interest on finance lease liabilities recorded in operating costs and expenses and interest expense, net in the condensed consolidated statements of comprehensive income. (2) Recorded in operating costs and expenses in the condensed consolidated statements of comprehensive income. (3) Variable lease costs not included in the measurement of the lease liability or right-of-use asset as they are not based on an index or rate. Primarily represents common area maintenance charges and real estate taxes recorded in operating costs and expenses in the condensed consolidated statements of comprehensive income. Supplemental Information —Supplemental information related to leases was as follows as of and for the six months ended December 31, 2020: (in thousands) Operating Leases Finance leases Total Cash paid for amounts included in measurement of liabilities: Operating cash flows from leases $ 2,705 $ 5 $ 2,710 Financing cash flows from leases — 129 129 Right-of-use assets obtained in exchange for new lease liabilities $ 1,495 $ — $ 1,495 Operating Leases Finance leases Weighted-average remaining lease term (in years) 7.31 1.04 Weighted-average discount rate 9.64 % 4.63 % Maturities of Lease Liabilities —As of December 31, 2020, remaining maturities of lease liabilities for each of the next five fiscal years and thereafter are as follows: (in thousands) Operating leases Finance leases Total Remainder of 2021 $ 4,485 $ 93 $ 4,578 2022 8,493 59 8,552 2023 7,936 5 7,941 2024 8,298 — 8,298 2025 8,294 — 8,294 2026 5,997 — 5,997 Thereafter 15,066 — 15,066 Total undiscounted lease payments 58,569 157 58,726 Less: interest 16,518 2 16,520 Present value of lease liabilities $ 42,051 $ 155 $ 42,206 The following table summarizes the future annual minimum lease obligations under non-cancelable operating leases at June 30, 2020, under the previous lease accounting standard ASC 840, Leases (in thousands): 2021 $ 8,781 2022 8,497 2023 7,991 2024 8,353 2025 8,306 Thereafter 21,262 Total minimum lease payments $ 63,190

Debt

Debt	6 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Debt	DEBT Credit Agreement and Senior Secured Credit Facility — Debt consisted of the following: (in thousands) December 31, 2020 June 30, 2020 Term Loan (effective interest rate of 7.2%) $ 325,000 $ 325,000 Unamortized debt issuance costs on Term Loan (5,148) (5,819) Unamortized debt discount on Term Loan (6,516) (7,367) Total debt $ 313,336 $ 311,814 On November 5, 2019, the Company entered into a new credit agreement with UMB Bank N.A. (“UMB”) as a lender and revolving agent and Morgan Stanley Capital Administrators, Inc. (“Morgan Stanley”) as a lender and the administrative agent for a syndicate of lenders party to the agreement (the “Senior Secured Credit Facility”). The Senior Secured Credit Facility provides for (1) a secured revolving loan facility with UMB in an aggregate principal amount of up to $75.0 million (the “Revolving Credit Facility”) and (2) the Term Loan. The outstanding balance under the prior credit agreement with UMB was rolled into the Revolving Credit Facility and will continue to be used for general working capital purposes as needed. The proceeds of the Term Loan were used (i) to finance a distribution in November 2019 to all holders of the Company’s common and preferred stock as well as holders of stock options in an aggregate amount of $275.0 million (the “Distribution”), (ii) to fund cash to the balance sheet in an aggregate amount of $68.0 million, equal to the first two years of interest-only payments due in respect of the Term Loan, (iii) to pay the debt issuance costs incurred for the Senior Secured Credit Facility, and (iv) for general corporate purposes. The Senior Secured Credit Facility contains customary events of default and an asset coverage ratio covenant. As of December 31, 2020, the Company was in compliance with all of the covenants. The Company has granted a security interest in all of the Company’s assets as collateral. The Company paid $8.5 million to the lenders of the Term Loan as an original issue discount which was recorded as a reduction to the carrying amount of the Term Loan in debt in the condensed consolidated balance sheets as of December 31, 2020 and June 30, 2020. The debt discount is being amortized through interest expense on a straight-line basis over the five-year life of the Senior Secured Credit Facility. As of December 31, 2020, the balance of the unamortized debt discount in debt in the condensed consolidated balance sheet was $6.5 million. The Revolving Credit Facility accrues interest on amounts drawn at a rate per annum equal to either (a) LIBOR plus 4.0% or (b) a base rate plus 3.0%, at the Company’s option. The Term Loan bears interest on the outstanding principal amount thereof at a rate per annum equal to either (a) LIBOR plus 6.0% or (b) a base rate plus 5.0%, at the Company’s option. The Company’s risk management strategy includes entering into interest rate swap agreements from time to time to protect against unfavorable interest rate changes relating to forecasted debt transactions. Refer to Note 6 to the condensed consolidated financial statements for further details. The Term Loan is repayable beginning from March 31, 2022, in equal quarterly installments in an aggregate annual amount equal to 1% of the original principal amount of the Term Loan, with the balance payable on the maturity date of November 5, 2024. Upon the completion of the Company's initial public offering on May 26, 2020 (the "IPO"), the Company paid down $100.0 million of the Term Loan. In addition to paying interest on outstanding principal amounts under the Senior Secured Credit Facilities, the Company is required to pay UMB an unused commitment fee of 0.15%, in respect of the unutilized commitments under the Revolving Credit Facility. The Revolving Credit Facility also has a maturity date of November 5, 2024. Amortization of debt financing costs was $0.8 million and $0.6 million during the three months ended December 31, 2020 and 2019, respectively, and $1.6 million and $0.6 million during the six months ended December 31, 2020 and 2019, respectively, which was included in interest expense, net in the Company’s condensed consolidated statements of comprehensive income.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Lease Obligations —Refer to Note 7 for commitments related to our operating leases. Legal Contingencies and Obligations —From time to time, the Company is subject to legal proceedings and claims in the ordinary course of business. The Company currently is not aware of any legal proceedings or claims that it believes will have, individually or in the aggregate, a material adverse effect on its business, financial condition, operating results, or cash flows.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Shareholders' Equity	SHAREHOLDERS' EQUITY Common Stock —As of December 31, 2020, the Company has reserved the following authorized, but unissued, shares of common stock: Employee Stock Purchase Plan ("ESPP") 1,400,000 Stock awards outstanding under 2020 Plan 1,914,953 Stock awards available for grant under 2020 Plan 7,685,047 Options outstanding under 2003 Plan 2,843,851 Options available for grant under 2003 Plan — Total 13,843,851 Share-Based Compensation Plans The Company has awards outstanding from two share-based compensation plans: the 2003 Stock Incentive Plan (the "2003 Stock Plan") and the 2020 Omnibus Incentive Plan (the "2020 Stock Plan") (collectively, the “Stock Plans”). However, no further awards will be made under the 2003 Stock Plan. The Company's Board of Directors adopted, and shareholders approved, the 2020 Stock Plan in connection with the IPO, which provides for the grant of incentive stock options (“ISO's”), nonstatutory stock options (“NSO's”), stock appreciation rights, restricted stock awards, restricted stock unit awards ("RSU's"), performance-based cash awards ("PSU's"), and other forms of equity compensation (collectively, “stock awards”). All awards may be granted to employees, non-employee directors, and consultants of the Company and its subsidiaries and affiliates except for ISO's, which can only be granted to current employees of the Company. The Company accounts for its share-based compensation awards in accordance with ASC 718, Compensation—Stock Compensation (“ASC 718”) which requires all share-based compensation to be recognized in the income statement based on fair value and applies to all awards granted, modified, canceled, or repurchased after the effective date. Total share-based compensation included in general and administrative expense in our condensed consolidated statements of comprehensive income was as follows for the periods presented: Three Months Ended December 31, Six Months Ended December 31, (in thousands) 2020 2019 2020 2019 Share-based compensation related to: Equity classified stock options $ 455 $ 9,241 $ 818 $ 9,263 Equity classified RSU's 545 — 960 — Equity classified PSU's 194 — 322 — Total share-based compensation $ 1,194 $ 9,241 $ 2,100 $ 9,263 Stock Options — The fair value of each option (for purposes of calculation of share-based compensation) was estimated on the date of grant using the Black-Scholes-Merton option pricing formula that uses assumptions determined at the date of grant. Use of this option pricing model requires the input of subjective assumptions. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them ("expected term"), the estimated volatility of the Company's common stock price over the expected term ("volatility"), the number of options that will ultimately not complete their vesting requirements ("forfeitures"), the risk-free interest rate that reflects the interest rate at grant date on zero-coupon United States governmental bonds that have a remaining life similar to the expected term ("risk-free interest rate"), and the dividend yield assumption which is based on the Company's dividend payment history and management's expectations of future dividend payments ("dividend yield"). Changes in the subjective assumptions can materially affect the estimate of the fair value of share-based compensation and, consequently, the related amount recognized in the condensed consolidated statements of comprehensive income. The Company used the following weighted-average assumptions for the stock options granted during the six months ended December 31, 2020. There were no stock options granted during the six months ended December 31, 2019. 2020 Volatility 25.0% Risk-free interest rate 0.4% Dividend yield —% Assumed forfeitures —% Expected lives (in years) 6.24 Weighted-average fair value (per share) $4.86 The following table summarizes stock option activity under the Stock Plans for the six months ended December 31, 2020: Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (in Years) Aggregate Intrinsic Value (in Thousands) Outstanding—June 30, 2020 4,067,417 $ 2.69 Options granted 1,022,109 19.17 Options exercised (862,566) 0.88 Options forfeited/expired/cancelled (1,720) 17.89 Outstanding—December 31, 2020 4,225,240 $ 7.03 5.90 $ 58,332 Vested and exercisable—December 31, 2020 2,619,955 $ 0.93 3.82 $ 51,916 As of December 31, 2020, there was $5.9 million in unrecognized compensation cost related to unvested stock options granted, which is expected to be recognized over a weighted-average period of 3.33 years. The Company received cash of $0.1 million and $3.2 million in connection with stock options exercised, net of cashless exercises, during the three months ended December 31, 2020 and 2019, respectively, and $0.4 million and $4.8 million in connection with stock options exercised, net of cashless exercises, during the six months ended December 31, 2020 and 2019, respectively. Restricted Stock — The following table summarizes restricted stock unit activity under the 2020 Stock Plan for the six months ended December 31, 2020. There were no RSU's granted during the six months ended December 31, 2019. Number of Restricted Stock Units Weighted-Average Grant Date Fair Value Unvested as of June 30, 2020 150,000 $ 20.00 Granted 252,063 18.50 Vested — — Cancelled (873) 17.89 Unvested as of December 31, 2020 401,190 $ 19.06 As of December 31, 2020, there was $6.6 million of unrecognized compensation cost related to unvested restricted stock units granted, which is expected to be recognized over a weighted-average period of 2.91 years. Performance Stock — The following table summarizes performance stock unit activity under the 2020 Stock Plan for the six months ended December 31, 2020. There were no PSU's granted during the six months ended December 31, 2019. Number of Performance Stock Units Weighted-Average Grant Date Fair Value Unvested as of June 30, 2020 — $ — Granted 132,374 17.92 Vested — — Cancelled — — Unvested as of December 31, 2020 132,374 $ 17.92 As of December 31, 2020, there was $2.1 million of unrecognized compensation cost related to unvested performance stock units granted, which is expected to be recognized over a weighted-average period of 2.66 years. ESPP — The first six-month offering period of the ESPP commenced as of October 1, 2020, and will expire on March 31, 2021. The purpose of the ESPP is to provide the Company's eligible employees with an opportunity to purchase shares of its common stock through accumulated payroll deductions at 95% of the fair market value on the exercise date, but no less than the lesser of 85% of the fair market value of a share of common stock on the date the offering period commences or 85% of the fair market value of the common stock on the exercise date. As of December 31, 2020, the Company has not issued any shares through the ESPP and recorded share-based compensation expense of $0.1 million as the ESPP was determined to be a compensatory plan.

Revenues from Contracts with Cu

Revenues from Contracts with Customers	6 Months Ended
	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenues from Contracts with Customers	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: Three Months Ended December 31, Six Months Ended December 31, (in thousands) 2020 2019 2020 2019 Senior: Commission revenue: Medicare advantage $ 263,975 $ 113,955 $ 312,705 $ 134,142 Medicare supplement 12,743 9,303 20,735 13,453 Prescription drug plan 1,102 1,659 1,717 2,036 Dental, vision, and health 5,647 2,223 8,370 3,224 Other commission revenue 743 211 1,203 159 Total commission revenue 284,210 127,351 344,730 153,014 Production bonus and other revenue 31,300 11,524 43,979 13,444 Total Senior revenue 315,510 138,875 388,709 166,458 Life: Commission revenue: Core 19,791 19,119 39,167 37,703 Final expense 10,297 3,391 27,934 6,885 Ancillary 465 686 1,049 1,254 Total commission revenue 30,553 23,196 68,150 45,842 Production bonus and other revenue 5,822 5,784 11,048 10,745 Total Life revenue 36,375 28,980 79,198 56,587 Auto & Home: Total commission revenue 6,491 8,227 15,104 17,816 Production bonus and other revenue 750 339 1,675 803 Total Auto & Home revenue 7,241 8,566 16,779 18,619 Eliminations: Total commission revenue (280) (124) (465) (200) Production bonus and other revenue (572) — (1,778) — Total Elimination revenue (852) (124) (2,243) (200) Total commission revenue 320,974 158,650 427,519 216,472 Total production bonus and other revenue 37,300 17,647 54,924 24,992 Total revenue $ 358,274 $ 176,297 $ 482,443 $ 241,464 Contract Balances —After a policy is sold, the Company has no material additional or recurring obligations to the policyholder or the insurance carrier. As such, there are no contract liabilities recorded in the condensed consolidated balance sheets. As there is no activity in the contract asset balances other than the movement over time between long-term and short-term commissions receivable and accounts receivable as the policy is renewed, a separate roll forward other than what is shown on the condensed consolidated balance sheets is not relevant. Cumulative revenue catch-up adjustments related to changes in the estimates of transaction prices were not material for the three and six months ended December 31, 2020 and 2019. Production Bonuses and Other —During the six months ended December 31, 2020, the Company received advance payments of fiscal year 2021 marketing development funds, which will be amortized over the course of the year based on policies sold. As of December 31, 2020, there was an unamortized balance remaining of $17.3 million recorded in other current liabilities in the condensed consolidated balance sheet.

Income Taxes

Income Taxes	6 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES For the three months ended December 31, 2020 and 2019, the Company recognized income tax expense of $26.5 million and $12.2 million, respectively, representing an effective tax rate of 22.7% and 23.8%, respectively. The differences from the Company’s federal statutory tax rate to the effective tax rate for the three months ended December 31, 2020, were related to state income taxes, partially offset by state tax credits such as the Kansas High Performance Incentive Program (“HPIP”) and discrete items for the period, primarily from the exercise of non-qualified stock options. The differences from the Company’s federal statutory tax rate to the effective tax rate for the three months ended December 31, 2019, were primarily related to state income taxes, partially offset by state tax credits such as HPIP. For the six months ended December 31, 2020 and 2019, the Company recognized income tax expense of $25.4 million and $11.7 million, respectively, representing an effective tax rate of 21.8% and 23.9%, respectively. The differences from the Company’s federal statutory tax rate to the effective tax rate for the six months ended December 31, 2020, were related to state income taxes, partially offset by state tax credits such as HPIP and discrete items for the period, primarily from the exercise of non-qualified stock options. The differences from the Company’s federal statutory tax rate to the effective tax rate for the six months ended December 31, 2019, were primarily related to state income taxes, partially offset by state tax credits such as HPIP. Assessing the realizability of the Company’s deferred tax assets is dependent upon several factors, including the likelihood and amount, if any, of future taxable income in relevant jurisdictions during the periods in which those temporary differences become deductible. The Company forecasts taxable income by considering all available positive and negative evidence, including historical data and future plans and estimates. These assumptions require significant judgment about future taxable income. As a result, the amount of deferred tax assets considered realizable is subject to adjustment in future periods if estimates of future taxable income change. The Company continues to recognize its deferred tax assets as of December 31, 2020, as it believes it is more likely than not that the net deferred tax assets will be realized. The Company recognizes a significant deferred tax liability due to the timing of recognizing revenue when a policy is sold, while revenue recognition for tax purposes is not recognized until future renewal commission payments are received. This deferred tax liability is a source of income that can be used to support the realizability of the Company’s deferred tax assets. As such, the Company does not believe a valuation allowance is necessary as of December 31, 2020, and will continue to evaluate in the future as circumstances may change.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	6 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	NET INCOME (LOSS) PER SHARE The Company calculates net income per share as defined by ASC Topic 260, “ Earnings per Share ”. Basic net income per share (“Basic EPS”) is computed by dividing net income attributable to common shareholders by the weighted-average common stock outstanding during the respective period. Net income attributable to common shareholders is computed by deducting both the dividends declared in the period on preferred stock and the dividends accumulated for the period on cumulative preferred stock from net income. Diluted net income per share (“Diluted EPS”) is computed by dividing net income attributable to common and common equivalent shareholders by the total of the weighted-average common stock outstanding and common equivalent shares outstanding during the respective period. For the purpose of calculating the Company’s Diluted EPS, common equivalent shares outstanding include the conversion of the preferred stock on an 8:1 ratio, as the rights and privileges dictate as such, common shares issuable upon the exercise of outstanding employee stock options, and common shares issuable upon the conclusion of each ESPP offering period. The number of common equivalent shares outstanding has been determined in accordance with the if-converted method for the preferred stock and the treasury stock method for employee stock options and common stock issuable pursuant to the ESPP to the extent they are dilutive. Under the treasury stock method, the exercise price paid by the option holder and future share-based compensation expense that the Company has not yet recognized are assumed to be used to repurchase shares. The following table sets forth the computation of net income (loss) per share for the periods presented: Three Months Ended Six Months Ended (in thousands, except per share amounts) 2020 2019 2020 2019 Basic: Numerator: Net income $ 90,416 $ 39,070 $ 91,253 $ 37,382 Less: dividends declared on Series A, B, C & D preferred stock — (86,302) — (86,302) Less: cumulative dividends on Series D preferred stock — (3,024) — (6,049) Net income (loss) attributable to common shareholders 90,416 (50,256) 91,253 (54,969) Denominator: Weighted-average common stock outstanding 162,645 90,374 162,546 88,945 Net income (loss) per share—basic: $ 0.56 $ (0.56) $ 0.56 $ (0.62) Diluted: Numerator: Net income (loss) attributable to common shareholders $ 90,416 $ (50,256) $ 91,253 $ (54,969) Add: dividends declared on Series A, B & C preferred stock (1) — — — — Add: dividends declared on Series D preferred stock (1) — — — — Add: cumulative dividends on Series D preferred stock (1) — — — — Net income (loss) attributable to common and common equivalent shareholders 90,416 (50,256) 91,253 (54,969) Denominator: Weighted-average common stock outstanding 162,645 90,374 162,546 88,945 Series A, B & C preferred stock outstanding (1) — — — — Series D preferred stock outstanding (1) — — — — Stock options outstanding to purchase shares of common stock (1) 2,918 — 2,831 — Total common and common equivalent shares outstanding 165,563 90,374 165,377 88,945 Net income (loss) per share—diluted: $ 0.55 $ (0.56) $ 0.55 $ (0.62) (1) Excluded from the computation of net loss per share-diluted for the three and six months ended December 31, 2019, because the effect would have been anti-dilutive. The number of outstanding anti-dilutive shares that were excluded from the computation of diluted net income (loss) per share consisted of the following for the periods presented: Three Months Ended Six Months Ended (in thousands) 2020 2019 2020 2019 Series A, B & C preferred stock outstanding — 12,071 — 12,071 Series D preferred stock outstanding — 32,000 — 32,000 Stock options outstanding to purchase shares of common stock — 3,845 — 4,908 Total — 47,916 — 48,979

Segment Information

Segment Information	6 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Segment Information	SEGMENT INFORMATION The Company’s reportable segments have been determined in accordance with ASC 280, Segment Reporting (“ASC 280”). The Company currently has three reportable segments: i) Senior, ii) Life, and iii) Auto & Home, which represent the three main types of insurance products sold by the Company. The Senior segment primarily sells senior Medicare-related health insurance, the Life segment primarily sells term life insurance and final expense policies, and the Auto & Home segment primarily sells individual automobile and homeowners’ insurance. In addition, the Company accounts for non-operating activity, share-based compensation expense, certain intersegment eliminations, and the costs of providing corporate and other administrative services in its administrative division, Corporate & Eliminations. These services are not directly identifiable with the Company’s reportable segments and are shown in the tables below to reconcile the reportable segments to the condensed consolidated financial statements. The Company has not aggregated any operating segments together to represent a reportable segment. The Company reports segment information based on how its chief operating decision maker (“CODM”) regularly reviews its operating results, allocates resources, and makes decisions regarding business operations. The performance measures of the segments include total revenue and Adjusted EBITDA because management believes that such information is the most relevant in evaluating the results of the respective segments relative to other entities that operate in the same industries. Costs of revenue, marketing and advertising, and technical development operating expenses that are directly attributable to a segment are reported within the applicable segment. Indirect costs of revenue, marketing and advertising, and technical development operating expenses are allocated to each segment based on varying metrics such as headcount. Adjusted EBITDA is calculated as total revenue for the applicable segment less direct and allocated costs of revenue, marketing and advertising, technical development, and general and administrative operating costs and expenses, excluding depreciation and amortization expense; gain or loss on disposal of property, equipment, and software; share-based compensation expense; restructuring expenses; and non-recurring expenses such as severance payments and transaction costs. Our CODM does not separately evaluate assets by segment; therefore, assets by segment are not presented. The following table presents information about the reportable segments for the three months ended December 31, 2020: (in thousands) Senior Life Auto & Home Corp & Elims Consolidated Revenue $ 315,510 $ 36,375 $ 7,241 $ (852) $ 358,274 Operating expenses (180,955) (29,961) (5,091) (12,746) (1) (228,753) Other expenses, net — — — (21) (21) Adjusted EBITDA $ 134,555 $ 6,414 $ 2,150 $ (13,619) 129,500 Share-based compensation expense (1,336) Non-recurring expenses (2) (362) Fair value adjustments to contingent earnout obligations (395) Depreciation and amortization (3,590) Loss on disposal of property, equipment, and software (79) Interest expense, net (6,782) Income tax expense (26,540) Net income $ 90,416 (1) Operating expenses in the Corp & Elims division primarily include $8.4 million in salaries and benefits for certain general, administrative, and IT related departments and $3.3 million in professional services fees. (2) These expenses primarily consist of non-recurring compensation to a former executive and expenses related to business continuity in response to the COVID-19 pandemic. The following table presents information about the reportable segments for the three months ended December 31, 2019: (in thousands) Senior Life Auto & Home Corp & Elims Consolidated Revenue $ 138,875 $ 28,980 $ 8,566 $ (124) $ 176,297 Operating expenses (70,765) (22,740) (7,049) (6,775) (1) (107,329) Other expenses, net — — — (3) (3) Adjusted EBITDA $ 68,110 $ 6,240 $ 1,517 $ (6,902) 68,965 Share-based compensation expense (9,241) Non-recurring expenses (2) (564) Depreciation and amortization (1,728) Interest expense, net (6,178) Income tax expense (12,184) Net income $ 39,070 (1) Operating expenses in the Corp & Elims division primarily include $3.3 million in salaries and benefits for certain general, administrative, and IT related departments and $2.8 million in professional services fees. (2) These expenses primarily consist of one-time consulting expenses associated with adopting ASC 606, non-recurring compensation to certain board members, non-restructuring severance expenses, and payroll costs related to the Distribution. The following table presents information about the reportable segments for the six months ended December 31, 2020: (in thousands) Senior Life Auto & Home Corp & Elims Consolidated Revenue $ 388,709 $ 79,198 $ 16,779 $ (2,243) $ 482,443 Operating expenses (245,252) (62,307) (11,012) (22,264) (1) (340,835) Other expenses, net — — — (43) (43) Adjusted EBITDA $ 143,457 $ 16,891 $ 5,767 $ (24,550) 141,565 Share-based compensation expense (2,259) Non-recurring expenses (2) (822) Fair value adjustments to contingent earnout obligations (1,153) Depreciation and amortization (6,937) Loss on disposal of property, equipment, and software (162) Interest expense, net (13,543) Income tax expense (25,436) Net income $ 91,253 (1) Operating expenses in the Corp & Elims division primarily include $15.0 million in salaries and benefits for certain general, administrative, and IT related departments and $6.3 million in professional services fees. (2) These expenses primarily consist of non-recurring compensation to a former executive, non-restructuring severance expenses, costs related to our IPO, and expenses related to business continuity in response to the COVID-19 pandemic. The following table presents information about the reportable segments for the six months ended December 31, 2019: (in thousands) Senior Life Auto & Home Corp & Elims Consolidated Revenue $ 166,458 $ 56,587 $ 18,619 $ (200) $ 241,464 Operating expenses (100,288) (44,528) (14,612) (12,188) (1) (171,616) Other expenses, net — — — (16) (16) Adjusted EBITDA $ 66,170 $ 12,059 $ 4,007 $ (12,404) 69,832 Share-based compensation expense (9,263) Non-recurring expenses (2) (1,394) Depreciation and amortization (3,168) Gain on disposal of property, equipment, and software 2 Interest expense, net (6,883) Income tax expense (11,744) Net income $ 37,382 (1) Operating expenses in the Corp & Elims division primarily include $6.5 million in salaries and benefits for certain general, administrative, and IT related departments and $4.4 million in professional services fees. (2) These expenses consist primarily of one-time consulting expenses associated with adopting ASC 606, non-recurring compensation to certain board members, non-restructuring severance expenses, and payroll costs related to the Distribution.

Related-Party Transactions

Related-Party Transactions	6 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Related-Party Transactions	RELATED-PARTY TRANSACTIONS The Company purchases leads from InsideResponse, which was previously owned in part by individuals who are related to one of the Company’s shareholders or are members of the Company's management. On May 1, 2020, the Company acquired 100% of the outstanding membership units of InsideResponse for an aggregate purchase price of up to $65.0 million (subject to customary adjustments) as set forth in the Merger Agreement. Refer to Note 2 to the condensed consolidated financial statements for further details. Prior to the acquisition, the Company incurred $5.2 million and $8.0 million in lead costs with InsideResponse for the three and six months ended December 31, 2019, respectively, which were recorded in marketing and advertising expense in the condensed consolidated statements of comprehensive income. InsideResponse sells leads to a senior healthcare distribution platform that is owned in part by individuals related to one of the Company’s shareholders or who are members of the Company’s management. The Company earned $0.9 million and $1.3 million in lead sales revenue, which is recorded in production bonus and other in the condensed consolidated statements of comprehensive income, as a result of this relationship for the three and six months ended December 31, 2020, respectively, and had $0.5 million and an immaterial amount of outstanding accounts receivable and accounts payable, respectively, as of December 31, 2020.

Summary of Business and Signi_2

Summary of Business and Significant Accounting Policies (Policies)	6 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation —The accompanying unaudited condensed consolidated financial statements include the accounts of SelectQuote, Inc., and its wholly owned subsidiaries: SelectQuote Insurance Services, SelectQuote Auto & Home Insurance Services, LLC (“SQAH”), ChoiceMark Insurance Services, Inc., Tiburon Insurance Services, and InsideResponse, LLC ("InsideResponse"). The condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and reflect all normal recurring adjustments that are necessary to present fairly the results for the interim periods presented. All intercompany accounts and transactions have been eliminated in consolidation. Certain information and disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted in accordance with those rules and regulations and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements in our Annual Report on Form 10-K for the year ended June 30, 2020, and include all adjustments necessary for the fair presentation of our financial position for the periods presented, the results of which are not necessarily indicative of the results to be expected for any subsequent period, including for the year ending June 30, 2021, and therefore should not be relied upon as an indicator of future results. The accompanying unaudited condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements for the year ended June 30, 2020. Results of operations were not materially impacted by the COVID-19 pandemic, but the Company is continuously assessing the evolving situation related to the pandemic.
Use of Estimates	Use of Estimates —The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets, and liabilities and disclosure of contingent assets and liabilities. The Company regularly assesses these estimates; however, actual amounts could differ from those estimates. The most significant items involving management’s estimates include estimates of revenue recognition, commissions receivable, valuation of intangible assets and goodwill, share-based compensation expense, and the provision for income taxes. The impact of changes in estimates is recorded in the period in which they become known.
Adoption of New Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Adopted	Adoption of New Accounting Pronouncements —In February 2016, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2016-02, Leases (Topic 842) , which has been clarified and amended by various subsequent updates. The core principle of this standard is that a lessee should recognize the assets and liabilities that arise from leases, by recognizing in the condensed consolidated balance sheet a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. In accordance with the guidance of Topic 842, leases are classified as finance or operating leases, and both types of leases are recognized on the condensed consolidated balance sheet. The accounting applied by a lessor is largely unchanged from that applied under previous guidance. The new guidance requires certain expanded qualitative disclosures and specific quantitative disclosures in order to provide users of financial statements enough information to supplement the amounts recorded in the financial statements so that users can understand more about the nature of an entity’s leasing activities. Although the effective date of this ASU has been deferred for emerging growth companies until annual periods beginning after December 15, 2021, the Company has early adopted the new guidance and related amendments on July 1, 2020, and has elected the transition package of practical expedients permitted under the transition guidance, which allowed the carry forward of historical assessments of whether a contract contains a lease, lease classification and initial direct costs. The new guidance and related amendments have been applied on a modified retrospective basis using the optional transition method with an application date of July 1, 2020. As a result of adopting this standard, on July 1, 2020, the Company recorded lease liabilities of $41.3 million and right-of-use assets of $29.7 million, which includes reclassifications of existing assets and liabilities primarily related to deferred rent. The adoption of this new standard did not have a material impact on the Company’s condensed consolidated statement of comprehensive income or the condensed consolidated statement of cash flows. The Company has included expanded disclosures on the condensed consolidated balance sheets and in Note 7 to the condensed consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” This ASU amends the subsequent measurement of goodwill whereby Step 2 from the goodwill impairment test is eliminated. As a result, an entity should recognize a goodwill impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value. The standard was adopted and applied prospectively by the Company as of July 1, 2020, but it did not have an impact on the Company's condensed consolidated financial statements and disclosures. Recent Accounting Pronouncements Not Yet Adopted —In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326), which amends the guidance for accounting for assets that are potentially subject to credit risk. The amendment affects contract assets, loans, debt securities, trade receivables, net investments in leases, off-balance-sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. As an emerging growth company, the standard is effective for the Company beginning in fiscal years starting after December 15, 2022, and interim periods within those fiscal years; however, early adoption is permitted. The Company is currently evaluating the impact to its condensed consolidated financial statements and related disclosures but does not expect this ASU to have a material impact. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which simplifies and changes the accounting for certain income tax transactions, among other minor improvements. This standard becomes effective for the Company on July 1, 2022, and for interim periods beginning July 1, 2023, with early adoption permitted. The Company is currently evaluating the
Net Income (Loss) Per Share	The Company calculates net income per share as defined by ASC Topic 260, “ Earnings per Share ”. Basic net income per share (“Basic EPS”) is computed by dividing net income attributable to common shareholders by the weighted-average common stock outstanding during the respective period. Net income attributable to common shareholders is computed by deducting both the dividends declared in the period on preferred stock and the dividends accumulated for the period on cumulative preferred stock from net income. Diluted net income per share (“Diluted EPS”) is computed by dividing net income attributable to common and common equivalent shareholders by the total of the weighted-average common stock outstanding and common equivalent shares outstanding during the respective period. For the purpose of calculating the Company’s Diluted EPS, common equivalent shares outstanding include the conversion of the preferred stock on an 8:1 ratio, as the rights and privileges dictate as such, common shares issuable upon the exercise of outstanding employee stock options, and common shares issuable upon the conclusion of each ESPP offering period. The number of common equivalent shares outstanding has been determined in accordance with the if-converted method for the preferred stock and the treasury stock method for employee stock options and common stock issuable pursuant to the ESPP to the extent they are dilutive. Under the
Revenue from Contract with Customer	Contract Balances —After a policy is sold, the Company has no material additional or recurring obligations to the policyholder or the insurance carrier. As such, there are no contract liabilities recorded in the condensed consolidated balance sheets. As there is no activity in the contract asset balances other than the movement over time between long-term and short-term commissions receivable and accounts receivable as the policy is renewed, a separate roll forward other than what is shown on the condensed consolidated balance sheets is not relevant.

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Dec. 31, 2020
Business Combinations [Abstract]
Fair Value Hierarchy	Based on the valuation inputs, the Company has recorded assets acquired and liabilities assumed according the following fair value hierarchy: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities Level 2 Unadjusted quoted prices in active markets for similar assets or liabilities; or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs other than quoted prices that are observable for the asset or liability. Level 3 Unobservable inputs for the asset or liability
Summary of Total Consideration of the Acquisition	Under the terms of the Merger Agreement, total consideration in the acquisition consisted of the following as of the acquisition date: (in thousands) Base purchase price $ 32,700 Fair value of earnout 30,437 Net working capital true-up (1) 3,527 Closing cash 904 Closing indebtedness (476) Total purchase consideration $ 67,092 (1) The Company recorded a $0.1 million measurement period adjustment to the carrying amount of goodwill related to the net working capital true-up for the six months ended December 31, 2020.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as of the acquisition date (in thousands): Description Estimated Life Amount Cash and cash equivalents $ 955 Accounts receivable 8,220 Other current assets 459 Property and equipment, net 51 Accounts payable (2,922) Accrued expenses (737) Other current liabilities (8) Other liabilities (1) Net tangible assets acquired 6,017 Trade Name 5 years 2,680 Proprietary Software 2-5 years 1,042 Non-compete agreements 3 years 192 Customer relationships 7 years 16,069 Goodwill Indefinite 41,092 Total intangible assets acquired 61,075 Net assets acquired $ 67,092

Property And Equipment_Net (Tab

Property And Equipment—Net (Tables)	6 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and equipment—net consisted of the following: (in thousands) December 31, 2020 June 30, 2020 Computer hardware $ 14,135 $ 9,829 Equipment (1) 2,333 2,443 Leasehold improvements 19,381 17,692 Furniture and fixtures 5,173 5,259 Work in progress 67 1,267 Total 41,089 36,490 Less accumulated depreciation (16,577) (14,340) Property and equipment—net $ 24,512 $ 22,150 (1) Includes financing lease right-of-use assets.

Software_Net (Tables)

Software—Net (Tables)	6 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Capitalized Software	Software—net consisted of the following: (in thousands) December 31, 2020 June 30, 2020 Software $ 13,003 $ 10,999 Work in progress 2,640 1,922 Total 15,643 12,921 Less accumulated amortization (5,558) (4,522) Software—net $ 10,085 $ 8,399

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	6 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Goodwill	The carrying amounts, accumulated amortization, net carrying value, and weighted average remaining life of our definite-lived amortizable intangible assets as well as our goodwill are presented in the tables below (dollars in thousands, useful life in years): December 31, 2020 June 30, 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted-Average Remaining Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted-Average Remaining Useful Life Total intangible assets subject to amortization Customer relationships-Auto & Home $ 853 $ (699) $ 154 $ 853 $ (680) $ 173 InsideResponse Trade Name 2,680 (357) 2,323 2,680 (88) 2,592 Proprietary Software-5 year 780 (104) 676 780 (26) 754 Proprietary Software-2 year 262 (88) 174 262 (22) 240 Non-compete agreements 192 (43) 149 192 (16) 176 Customer relationships 16,069 (1,530) 14,539 16,069 (331) 15,738 Total intangible assets $ 20,836 $ (2,821) $ 18,015 5.9 $ 20,836 $ (1,163) $ 19,673 6.4 Total indefinite-lived assets Goodwill-Auto & Home $ 5,364 $ 5,364 $ 5,364 $ 5,364 Goodwill-Senior 41,092 41,092 41,213 41,213 Total goodwill $ 46,456 $ 46,456 $ 46,577 $ 46,577 Changes in the carrying amount of goodwill for the six months ended December 31, 2020, are as follows (in thousands): Balance, June 30, 2020 $ 46,577 Measurement period adjustments (1) (121) Balance, December 31, 2020 $ 46,456 (1) Represents measurement period adjustments related to the InsideResponse acquisition (refer to Note 2 to the condensed consolidated financial statements for further details).
Schedule of Future Amortization Expense	As of December 31, 2020, expected amortization expense in future periods were as follows (in thousands): Customer Relationships-Auto & Home Trade Name Proprietary Software Non-compete agreements Customer relationships Total Remainder fiscal 2021 $ 19 $ 268 $ 144 $ 32 $ 1,148 $ 1,611 2022 32 536 265 64 2,296 3,193 2023 28 536 156 53 2,296 3,069 2024 23 536 156 — 2,296 3,011 2025 20 447 129 — 2,296 2,892 Thereafter 32 — — — 4,207 4,239 Total $ 154 $ 2,323 $ 850 $ 149 $ 14,539 $ 18,015

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following table presents the fair value of the Company’s derivative financial instrument on a gross basis, as well as its classification on the Company’s condensed consolidated balance sheets for the periods presented: (in thousands) December 31, 2020 June 30, 2020 Derivatives Designated as Hedging Instruments Balance Sheet Location Fair Value Balance Sheet Location Fair Value Cash flow hedge Other current liabilities $ (1,853) Other current liabilities $ (1,669)
Schedule of Derivative Instrument (Losses) Gains	The following table presents the unrealized losses deferred to accumulated other comprehensive loss resulting from the Company’s derivative instruments designated as cash flow hedging instruments for the periods presented: (in thousands) Three Months Ended December 31, 2020 Six Months Ended December 31, 2020 Unrealized loss, before taxes $ — $ (498) Income tax benefit — 123 Unrealized loss, net of taxes $ — $ (375) The following table presents information about the reclassification of gains and losses from accumulated other comprehensive loss into earnings resulting from the Company’s derivative instruments designated as cash flow hedging instruments for the periods presented: (in thousands) Three Months Ended December 31, 2020 Six Months Ended December 31, 2020 Interest expense $ 155 $ 311 Income tax benefit (39) (77) Net reclassification into earnings $ 116 $ 234 Amounts included in accumulated other comprehensive loss are recorded net of the related income tax effects. The following table details the changes in accumulated other comprehensive loss: (in thousands) Derivative Instruments Balance at June 30, 2020 $ (1,254) Unrealized losses, net of related tax benefit of $0.1 million (375) Amount reclassified into earnings, net of related taxes of $0.1 million 234 Balance at December 31, 2020 $ (1,395)

Leases (Tables)

Leases (Tables)	6 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Schedule of Right-of-Use Asset and Lease Liability	The right-of-use assets and lease liabilities were as follows as of December 31, 2020: (in thousands) Balance Sheet Classification Amount Assets Operating leases Operating lease right-of-use assets $ 29,182 Finance leases Property and equipment - net 101 Total lease right-of-use assets 29,283 Liabilities Current Operating leases Operating lease liabilities - current 5,093 Finance leases Other current liabilities 122 Non-current Operating leases Operating lease liabilities 36,958 Finance leases Other liabilities 33 Total lease liabilities $ 42,206
Schedule of Lease Costs and Supplemental Information	The components of lease costs were as follows for the periods presented: (in thousands) Three Months Ended December 31, 2020 Six Months Ended December 31, 2020 Finance lease costs (1) $ 58 $ 125 Operating lease costs (2) 1,952 3,879 Short-term lease costs 58 125 Variable lease costs (3) 449 714 Sublease income (170) (235) Total net lease costs $ 2,347 $ 4,608 (1) Primarily consists of amortization of finance lease right-of-use assets and an immaterial amount of interest on finance lease liabilities recorded in operating costs and expenses and interest expense, net in the condensed consolidated statements of comprehensive income. (2) Recorded in operating costs and expenses in the condensed consolidated statements of comprehensive income. (3) Variable lease costs not included in the measurement of the lease liability or right-of-use asset as they are not based on an index or rate. Primarily represents common area maintenance charges and real estate taxes recorded in operating costs and expenses in the condensed consolidated statements of comprehensive income. Supplemental Information —Supplemental information related to leases was as follows as of and for the six months ended December 31, 2020: (in thousands) Operating Leases Finance leases Total Cash paid for amounts included in measurement of liabilities: Operating cash flows from leases $ 2,705 $ 5 $ 2,710 Financing cash flows from leases — 129 129 Right-of-use assets obtained in exchange for new lease liabilities $ 1,495 $ — $ 1,495 Operating Leases Finance leases Weighted-average remaining lease term (in years) 7.31 1.04 Weighted-average discount rate 9.64 % 4.63 %
Schedule of Maturity of Operating Lease Liabilities	As of December 31, 2020, remaining maturities of lease liabilities for each of the next five fiscal years and thereafter are as follows: (in thousands) Operating leases Finance leases Total Remainder of 2021 $ 4,485 $ 93 $ 4,578 2022 8,493 59 8,552 2023 7,936 5 7,941 2024 8,298 — 8,298 2025 8,294 — 8,294 2026 5,997 — 5,997 Thereafter 15,066 — 15,066 Total undiscounted lease payments 58,569 157 58,726 Less: interest 16,518 2 16,520 Present value of lease liabilities $ 42,051 $ 155 $ 42,206
Schedule of Maturity of Finance Lease Liabilities	As of December 31, 2020, remaining maturities of lease liabilities for each of the next five fiscal years and thereafter are as follows: (in thousands) Operating leases Finance leases Total Remainder of 2021 $ 4,485 $ 93 $ 4,578 2022 8,493 59 8,552 2023 7,936 5 7,941 2024 8,298 — 8,298 2025 8,294 — 8,294 2026 5,997 — 5,997 Thereafter 15,066 — 15,066 Total undiscounted lease payments 58,569 157 58,726 Less: interest 16,518 2 16,520 Present value of lease liabilities $ 42,051 $ 155 $ 42,206
Schedule of Future Minimum Rental Payments for Operating Leases	The following table summarizes the future annual minimum lease obligations under non-cancelable operating leases at June 30, 2020, under the previous lease accounting standard ASC 840, Leases (in thousands): 2021 $ 8,781 2022 8,497 2023 7,991 2024 8,353 2025 8,306 Thereafter 21,262 Total minimum lease payments $ 63,190

Debt (Tables)

Debt (Tables)	6 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Debt consisted of the following: (in thousands) December 31, 2020 June 30, 2020 Term Loan (effective interest rate of 7.2%) $ 325,000 $ 325,000 Unamortized debt issuance costs on Term Loan (5,148) (5,819) Unamortized debt discount on Term Loan (6,516) (7,367) Total debt $ 313,336 $ 311,814

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Schedule of Stock by Class	As of December 31, 2020, the Company has reserved the following authorized, but unissued, shares of common stock: Employee Stock Purchase Plan ("ESPP") 1,400,000 Stock awards outstanding under 2020 Plan 1,914,953 Stock awards available for grant under 2020 Plan 7,685,047 Options outstanding under 2003 Plan 2,843,851 Options available for grant under 2003 Plan — Total 13,843,851
Schedule of Share-Based Compensation Activity	Total share-based compensation included in general and administrative expense in our condensed consolidated statements of comprehensive income was as follows for the periods presented: Three Months Ended December 31, Six Months Ended December 31, (in thousands) 2020 2019 2020 2019 Share-based compensation related to: Equity classified stock options $ 455 $ 9,241 $ 818 $ 9,263 Equity classified RSU's 545 — 960 — Equity classified PSU's 194 — 322 — Total share-based compensation $ 1,194 $ 9,241 $ 2,100 $ 9,263
Schedule of Stock Options, Valuation Assumptions	The Company used the following weighted-average assumptions for the stock options granted during the six months ended December 31, 2020. There were no stock options granted during the six months ended December 31, 2019. 2020 Volatility 25.0% Risk-free interest rate 0.4% Dividend yield —% Assumed forfeitures —% Expected lives (in years) 6.24 Weighted-average fair value (per share) $4.86
Schedule of Stock Options Roll Forward	The following table summarizes stock option activity under the Stock Plans for the six months ended December 31, 2020: Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (in Years) Aggregate Intrinsic Value (in Thousands) Outstanding—June 30, 2020 4,067,417 $ 2.69 Options granted 1,022,109 19.17 Options exercised (862,566) 0.88 Options forfeited/expired/cancelled (1,720) 17.89 Outstanding—December 31, 2020 4,225,240 $ 7.03 5.90 $ 58,332 Vested and exercisable—December 31, 2020 2,619,955 $ 0.93 3.82 $ 51,916
Schedule of Restricted Stock Unit Activity	The following table summarizes restricted stock unit activity under the 2020 Stock Plan for the six months ended December 31, 2020. There were no RSU's granted during the six months ended December 31, 2019. Number of Restricted Stock Units Weighted-Average Grant Date Fair Value Unvested as of June 30, 2020 150,000 $ 20.00 Granted 252,063 18.50 Vested — — Cancelled (873) 17.89 Unvested as of December 31, 2020 401,190 $ 19.06
Schedule of Performance Stock Activity	The following table summarizes performance stock unit activity under the 2020 Stock Plan for the six months ended December 31, 2020. There were no PSU's granted during the six months ended December 31, 2019. Number of Performance Stock Units Weighted-Average Grant Date Fair Value Unvested as of June 30, 2020 — $ — Granted 132,374 17.92 Vested — — Cancelled — — Unvested as of December 31, 2020 132,374 $ 17.92

Revenue from Contracts with Cus

Revenue from Contracts with Customers (Tables)	6 Months Ended
	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	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: Three Months Ended December 31, Six Months Ended December 31, (in thousands) 2020 2019 2020 2019 Senior: Commission revenue: Medicare advantage $ 263,975 $ 113,955 $ 312,705 $ 134,142 Medicare supplement 12,743 9,303 20,735 13,453 Prescription drug plan 1,102 1,659 1,717 2,036 Dental, vision, and health 5,647 2,223 8,370 3,224 Other commission revenue 743 211 1,203 159 Total commission revenue 284,210 127,351 344,730 153,014 Production bonus and other revenue 31,300 11,524 43,979 13,444 Total Senior revenue 315,510 138,875 388,709 166,458 Life: Commission revenue: Core 19,791 19,119 39,167 37,703 Final expense 10,297 3,391 27,934 6,885 Ancillary 465 686 1,049 1,254 Total commission revenue 30,553 23,196 68,150 45,842 Production bonus and other revenue 5,822 5,784 11,048 10,745 Total Life revenue 36,375 28,980 79,198 56,587 Auto & Home: Total commission revenue 6,491 8,227 15,104 17,816 Production bonus and other revenue 750 339 1,675 803 Total Auto & Home revenue 7,241 8,566 16,779 18,619 Eliminations: Total commission revenue (280) (124) (465) (200) Production bonus and other revenue (572) — (1,778) — Total Elimination revenue (852) (124) (2,243) (200) Total commission revenue 320,974 158,650 427,519 216,472 Total production bonus and other revenue 37,300 17,647 54,924 24,992 Total revenue $ 358,274 $ 176,297 $ 482,443 $ 241,464

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	6 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of net income (loss) per share for the periods presented: Three Months Ended Six Months Ended (in thousands, except per share amounts) 2020 2019 2020 2019 Basic: Numerator: Net income $ 90,416 $ 39,070 $ 91,253 $ 37,382 Less: dividends declared on Series A, B, C & D preferred stock — (86,302) — (86,302) Less: cumulative dividends on Series D preferred stock — (3,024) — (6,049) Net income (loss) attributable to common shareholders 90,416 (50,256) 91,253 (54,969) Denominator: Weighted-average common stock outstanding 162,645 90,374 162,546 88,945 Net income (loss) per share—basic: $ 0.56 $ (0.56) $ 0.56 $ (0.62) Diluted: Numerator: Net income (loss) attributable to common shareholders $ 90,416 $ (50,256) $ 91,253 $ (54,969) Add: dividends declared on Series A, B & C preferred stock (1) — — — — Add: dividends declared on Series D preferred stock (1) — — — — Add: cumulative dividends on Series D preferred stock (1) — — — — Net income (loss) attributable to common and common equivalent shareholders 90,416 (50,256) 91,253 (54,969) Denominator: Weighted-average common stock outstanding 162,645 90,374 162,546 88,945 Series A, B & C preferred stock outstanding (1) — — — — Series D preferred stock outstanding (1) — — — — Stock options outstanding to purchase shares of common stock (1) 2,918 — 2,831 — Total common and common equivalent shares outstanding 165,563 90,374 165,377 88,945 Net income (loss) per share—diluted: $ 0.55 $ (0.56) $ 0.55 $ (0.62) (1) Excluded from the computation of net loss per share-diluted for the three and six months ended December 31, 2019, because the effect would have been anti-dilutive.
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The number of outstanding anti-dilutive shares that were excluded from the computation of diluted net income (loss) per share consisted of the following for the periods presented: Three Months Ended Six Months Ended (in thousands) 2020 2019 2020 2019 Series A, B & C preferred stock outstanding — 12,071 — 12,071 Series D preferred stock outstanding — 32,000 — 32,000 Stock options outstanding to purchase shares of common stock — 3,845 — 4,908 Total — 47,916 — 48,979

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table presents information about the reportable segments for the three months ended December 31, 2020: (in thousands) Senior Life Auto & Home Corp & Elims Consolidated Revenue $ 315,510 $ 36,375 $ 7,241 $ (852) $ 358,274 Operating expenses (180,955) (29,961) (5,091) (12,746) (1) (228,753) Other expenses, net — — — (21) (21) Adjusted EBITDA $ 134,555 $ 6,414 $ 2,150 $ (13,619) 129,500 Share-based compensation expense (1,336) Non-recurring expenses (2) (362) Fair value adjustments to contingent earnout obligations (395) Depreciation and amortization (3,590) Loss on disposal of property, equipment, and software (79) Interest expense, net (6,782) Income tax expense (26,540) Net income $ 90,416 (1) Operating expenses in the Corp & Elims division primarily include $8.4 million in salaries and benefits for certain general, administrative, and IT related departments and $3.3 million in professional services fees. (2) These expenses primarily consist of non-recurring compensation to a former executive and expenses related to business continuity in response to the COVID-19 pandemic. The following table presents information about the reportable segments for the three months ended December 31, 2019: (in thousands) Senior Life Auto & Home Corp & Elims Consolidated Revenue $ 138,875 $ 28,980 $ 8,566 $ (124) $ 176,297 Operating expenses (70,765) (22,740) (7,049) (6,775) (1) (107,329) Other expenses, net — — — (3) (3) Adjusted EBITDA $ 68,110 $ 6,240 $ 1,517 $ (6,902) 68,965 Share-based compensation expense (9,241) Non-recurring expenses (2) (564) Depreciation and amortization (1,728) Interest expense, net (6,178) Income tax expense (12,184) Net income $ 39,070 (1) Operating expenses in the Corp & Elims division primarily include $3.3 million in salaries and benefits for certain general, administrative, and IT related departments and $2.8 million in professional services fees. (2) These expenses primarily consist of one-time consulting expenses associated with adopting ASC 606, non-recurring compensation to certain board members, non-restructuring severance expenses, and payroll costs related to the Distribution. The following table presents information about the reportable segments for the six months ended December 31, 2020: (in thousands) Senior Life Auto & Home Corp & Elims Consolidated Revenue $ 388,709 $ 79,198 $ 16,779 $ (2,243) $ 482,443 Operating expenses (245,252) (62,307) (11,012) (22,264) (1) (340,835) Other expenses, net — — — (43) (43) Adjusted EBITDA $ 143,457 $ 16,891 $ 5,767 $ (24,550) 141,565 Share-based compensation expense (2,259) Non-recurring expenses (2) (822) Fair value adjustments to contingent earnout obligations (1,153) Depreciation and amortization (6,937) Loss on disposal of property, equipment, and software (162) Interest expense, net (13,543) Income tax expense (25,436) Net income $ 91,253 (1) Operating expenses in the Corp & Elims division primarily include $15.0 million in salaries and benefits for certain general, administrative, and IT related departments and $6.3 million in professional services fees. (2) These expenses primarily consist of non-recurring compensation to a former executive, non-restructuring severance expenses, costs related to our IPO, and expenses related to business continuity in response to the COVID-19 pandemic. The following table presents information about the reportable segments for the six months ended December 31, 2019: (in thousands) Senior Life Auto & Home Corp & Elims Consolidated Revenue $ 166,458 $ 56,587 $ 18,619 $ (200) $ 241,464 Operating expenses (100,288) (44,528) (14,612) (12,188) (1) (171,616) Other expenses, net — — — (16) (16) Adjusted EBITDA $ 66,170 $ 12,059 $ 4,007 $ (12,404) 69,832 Share-based compensation expense (9,263) Non-recurring expenses (2) (1,394) Depreciation and amortization (3,168) Gain on disposal of property, equipment, and software 2 Interest expense, net (6,883) Income tax expense (11,744) Net income $ 37,382 (1) Operating expenses in the Corp & Elims division primarily include $6.5 million in salaries and benefits for certain general, administrative, and IT related departments and $4.4 million in professional services fees. (2) These expenses consist primarily of one-time consulting expenses associated with adopting ASC 606, non-recurring compensation to certain board members, non-restructuring severance expenses, and payroll costs related to the Distribution.

Summary of Business and Signi_3

Summary of Business and Significant Accounting Policies - Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2020	Jul. 01, 2020	Jun. 30, 2020
Accounting Policies [Abstract]
Present value of lease liabilities	$ 42,051	$ 41,300
Operating leases	$ 29,182	$ 29,700	$ 0
Change in Accounting Principle, Accounting Standards Update, Transition Option Elected [Extensible List]	slqt:AccountingStandardsUpdate201602ModifiedRetrospectiveMember

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) $ in Thousands	Feb. 01, 2021USD ($)	May 01, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Jun. 30, 2020USD ($)
Business Acquisition [Line Items]
Contingent earnout obligation related to acquisition			$ 31,966	$ 31,966		$ 30,812
Fair value adjustments to contingent earnout obligations			395	$ 1,153	$ 0
Estimated life				5 years 10 months 24 days		6 years 4 months 24 days
Subsequent Event
Business Acquisition [Line Items]
Purchase consideration, net	$ 33,500
Payments to acquire businesses, gross	24,000
Contingent consideration, liability	3,500
Total purchase consideration	30,000
Holdback for indemnification claims	$ 6,000
InsideResponse
Business Acquisition [Line Items]
Percentage of voting interests acquired		100.00%
Purchase consideration, net		$ 65,000
Payments to acquire businesses, gross		32,700
Contingent consideration, liability		$ 32,300
Liabilities arising from contingencies, period after accountant reviewed financial statements		15 days
Business combination, liabilities arising from contingencies, minimum gross profit target		$ 12,300
Contingent earnout obligation related to acquisition		30,400
Fair value adjustments to contingent earnout obligations			400	$ 1,200
Business acquisition, goodwill, expected tax deductible amount			$ 5,000	$ 5,000
Total purchase consideration		$ 67,092
InsideResponse | Measurement Input, Default Rate
Business Acquisition [Line Items]
Earnout liability, discount rate		0.0500
InsideResponse | Minimum
Business Acquisition [Line Items]
Estimated life		2 years
InsideResponse | Maximum
Business Acquisition [Line Items]
Estimated life		7 years

Acquisitions - Consideration (D

Acquisitions - Consideration (Details) - USD ($) $ in Thousands	May 01, 2020	Dec. 31, 2020	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill purchase accounting adjustments			$ (121)
InsideResponse
Business Acquisition [Line Items]
Base purchase price	$ 32,700
Fair value of earnout	30,437
Net working capital true-up	3,527
Closing cash	904
Closing indebtedness	(476)
Total purchase consideration	$ 67,092
Goodwill purchase accounting adjustments		$ 100

Acquisitions - Estimated Fair V

Acquisitions - Estimated Fair Value Of Assets Acquired And Liabilities Assumed (Details) - USD ($) $ in Thousands	May 01, 2020	Dec. 31, 2020	Jun. 30, 2020
Business Acquisition [Line Items]
Goodwill		$ 46,456	$ 46,577
Estimated life		5 years 10 months 24 days	6 years 4 months 24 days
InsideResponse
Business Acquisition [Line Items]
Cash and cash equivalents	$ 955
Accounts receivable	8,220
Other current assets	459
Property and equipment, net	51
Accounts payable	(2,922)
Accrued expenses	(737)
Other current liabilities	(8)
Other liabilities	(1)
Net tangible assets acquired	6,017
Goodwill	41,092
Total intangible assets acquired	61,075
Net assets acquired	$ 67,092
InsideResponse | Minimum
Business Acquisition [Line Items]
Estimated life	2 years
InsideResponse | Maximum
Business Acquisition [Line Items]
Estimated life	7 years
Trade Name | InsideResponse
Business Acquisition [Line Items]
Intangible assets	$ 2,680
Estimated life	5 years
Proprietary Software | InsideResponse
Business Acquisition [Line Items]
Intangible assets	$ 1,042
Proprietary Software | InsideResponse | Minimum
Business Acquisition [Line Items]
Estimated life	2 years
Proprietary Software | InsideResponse | Maximum
Business Acquisition [Line Items]
Estimated life	5 years
Non-compete agreements | InsideResponse
Business Acquisition [Line Items]
Intangible assets	$ 192
Estimated life	3 years
Customer relationships | InsideResponse
Business Acquisition [Line Items]
Intangible assets	$ 16,069
Estimated life	7 years

Property And Equipment_Net - Su

Property And Equipment—Net - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Jun. 30, 2020
Property, Plant and Equipment [Line Items]
Total	$ 41,089	$ 36,490
Less accumulated depreciation	(16,577)	(14,340)
PROPERTY AND EQUIPMENT—Net	24,512	22,150
Computer hardware
Property, Plant and Equipment [Line Items]
Property and equipment, gross	14,135	9,829
Equipment
Property, Plant and Equipment [Line Items]
Total	2,333	2,443
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	19,381	17,692
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,173	5,259
Work in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 67	$ 1,267

Property And Equipment_Net - Na

Property And Equipment—Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 2	$ 1.3	$ 3.6	$ 2.4

Software_Net - Summary (Details

Software—Net - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Jun. 30, 2020
Finite-Lived Intangible Assets [Line Items]
Software, gross	$ 15,643	$ 12,921
Less accumulated amortization	(5,558)	(4,522)
SOFTWARE—Net	10,085	8,399
Software
Finite-Lived Intangible Assets [Line Items]
Software, gross	13,003	10,999
Work in progress
Finite-Lived Intangible Assets [Line Items]
Software, gross	$ 2,640	$ 1,922

Software_Net - Narrative (Detai

Software—Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Capitalized software costs in the period	$ 1.6	$ 1.2	$ 3.2	$ 2.4
Capitalized software amortization	$ 0.8	$ 0.4	$ 1.7	$ 0.7

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, impairment	$ 0	$ 0	$ 0	$ 0
Amortization of intangible assets	$ 800,000	$ 100,000	$ 1,700,000	$ 100,000

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill - Carrying Amounts of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	May 01, 2020	Dec. 31, 2020	Jun. 30, 2020
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross		$ 20,836	$ 20,836
Finite-lived intangible assets, accumulated amortization		(2,821)	(1,163)
Total		$ 18,015	$ 19,673
Estimated life		5 years 10 months 24 days	6 years 4 months 24 days
GOODWILL		$ 46,456	$ 46,577
InsideResponse
Finite-Lived Intangible Assets [Line Items]
GOODWILL	$ 41,092
Auto & Home
Finite-Lived Intangible Assets [Line Items]
GOODWILL		5,364	5,364
Senior
Finite-Lived Intangible Assets [Line Items]
GOODWILL		41,092	41,213
Customer relationships | InsideResponse
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross		16,069	16,069
Finite-lived intangible assets, accumulated amortization		(1,530)	(331)
Total		14,539	15,738
Estimated life	7 years
Customer relationships | Auto & Home
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross		853	853
Finite-lived intangible assets, accumulated amortization		(699)	(680)
Total		154	173
Trade Name | InsideResponse
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross		2,680	2,680
Finite-lived intangible assets, accumulated amortization		(357)	(88)
Total		2,323	2,592
Estimated life	5 years
Proprietary Software-5 year | InsideResponse
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross		780	780
Finite-lived intangible assets, accumulated amortization		(104)	(26)
Total		676	754
Proprietary Software-2 year | InsideResponse
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross		262	262
Finite-lived intangible assets, accumulated amortization		(88)	(22)
Total		174	240
Non-compete agreements | InsideResponse
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross		192	192
Finite-lived intangible assets, accumulated amortization		(43)	(16)
Total		$ 149	$ 176
Estimated life	3 years

Intangible Assets and Goodwil_4

Intangible Assets and Goodwill - Goodwill Rollforward (Details) $ in Thousands	6 Months Ended
	Dec. 31, 2020USD ($)
Goodwill [Roll Forward]
Balance, June 30, 2020	$ 46,577
Measurement period adjustments	(121)
Balance, December 31, 2020	$ 46,456

Intangible Assets and Goodwil_5

Intangible Assets and Goodwill - Schedule of Future Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Jun. 30, 2020
Finite-Lived Intangible Assets [Line Items]
Remainder of fiscal 2021	$ 1,611
2022	3,193
2023	3,069
2024	3,011
2025	2,892
Thereafter	4,239
Total	18,015	$ 19,673
Customer relationships | InsideResponse
Finite-Lived Intangible Assets [Line Items]
Remainder of fiscal 2021	1,148
2022	2,296
2023	2,296
2024	2,296
2025	2,296
Thereafter	4,207
Total	14,539	15,738
Customer relationships | Auto & Home
Finite-Lived Intangible Assets [Line Items]
Remainder of fiscal 2021	19
2022	32
2023	28
2024	23
2025	20
Thereafter	32
Total	154	173
Trade Name | InsideResponse
Finite-Lived Intangible Assets [Line Items]
Remainder of fiscal 2021	268
2022	536
2023	536
2024	536
2025	447
Thereafter	0
Total	2,323	2,592
Software | InsideResponse
Finite-Lived Intangible Assets [Line Items]
Remainder of fiscal 2021	144
2022	265
2023	156
2024	156
2025	129
Thereafter	0
Total	850
Non-compete agreements | InsideResponse
Finite-Lived Intangible Assets [Line Items]
Remainder of fiscal 2021	32
2022	64
2023	53
2024	0
2025	0
Thereafter	0
Total	$ 149	$ 176

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Narrative (Details)	May 29, 2020USD ($)	Dec. 31, 2020USD ($)
Derivative [Line Items]
Cash flow hedge gain to be reclassified during next 12 months		$ 600,000
Interest Rate Swap
Derivative [Line Items]
Derivative, notional amount	$ 325,000,000
LIBOR | Interest Rate Swap
Derivative [Line Items]
Derivative, exchange floating rate floor	0.01
Derivative, exchange floating rate basis spread	6.00%
Base Rate | Interest Rate Swap
Derivative [Line Items]
Derivative, basis spread on variable rate	1.188%
Secured Debt | Line of Credit
Derivative [Line Items]
Line of credit facility, maximum borrowing capacity		$ 425,000,000
Secured Debt | Line of Credit | Base Rate
Derivative [Line Items]
Derivative, fixed interest rate	6.00%

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Balance Sheet Location (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Jun. 30, 2020
Interest Rate Swap | Other Current Liabilities
Derivative [Line Items]
Cash flow hedge	$ (1,853)	$ (1,669)

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Schedule of Unrealized (Losses) Gains in Accumulated Other Comprehensive Loss (Details) - Interest Rate Swap - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2020	Dec. 31, 2020
Derivative [Line Items]
Unrealized loss, before taxes	$ 0	$ (498)
Income tax benefit	0	123
Unrealized loss, net of taxes	$ 0	$ (375)

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities - Reclassified From Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2020	Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Net reclassification into earnings	$ 116	$ 234
Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Net reclassification into earnings	155	311
Income tax benefit
Derivative Instruments, Gain (Loss) [Line Items]
Net reclassification into earnings	$ (39)	$ (77)

Derivative Instruments and He_7

Derivative Instruments and Hedging Activities - Change in Accumulated Other Comprehensive Income (Details) $ in Thousands	6 Months Ended
	Dec. 31, 2020USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 545,689
Ending balance	634,135
Reclassification from AOCI, current period, tax	100
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,254)
Unrealized losses, net of related tax benefit of $0.1 million	(375)
Amount reclassified into earnings, net of related taxes of $0.1 million	234
Ending balance	(1,395)
Other comprehensive income (loss) before reclassifications, tax	$ 100

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Lessee, Lease, Description [Line Items]
Sublease income	$ 170	$ 235
Operating lease costs	1,952	3,879
Operating lease not yet commenced, liability	$ 2,800	$ 2,800
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, term	1 year	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, term	9 years	9 years

Leases - Schedule of Right of U

Leases - Schedule of Right of Use Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Jul. 01, 2020	Jun. 30, 2020
Assets
Operating leases	$ 29,182	$ 29,700	$ 0
Finance leases	101
Total lease right-of-use assets	29,283
Current
Operating lease liabilities—current	5,093		0
Finance leases	122
Non-current
Operating leases	36,958		$ 0
Finance leases	33
Total lease liabilities	$ 42,206
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesCurrent
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2020	Dec. 31, 2020
Leases [Abstract]
Finance lease costs	$ 58	$ 125
Operating lease costs	1,952	3,879
Short-term lease costs	58	125
Variable lease costs	449	714
Sublease income	(170)	(235)
Total net lease costs	$ 2,347	$ 4,608

Leases - Supplemental Informati

Leases - Supplemental Information (Details) $ in Thousands	6 Months Ended
	Dec. 31, 2020USD ($)
Operating Leases
Operating cash flows from leases	$ 2,705
Financing cash flows from leases	0
Right-of-use assets obtained in exchange for new lease liabilities	1,495
Finance leases
Operating cash flows from leases	5
Financing cash flows from leases	129
Right-of-use assets obtained in exchange for new lease liabilities	0
Operating cash flows from leases	2,710
Financing cash flows from leases	129
Right-of-use assets obtained in exchange for new lease liabilities	$ 1,495
Weighted-average remaining lease term (in years)
Operating lease	7 years 3 months 21 days
Finance lease	1 year 14 days
Weighted-average discount rate
Operating lease	9.64%
Finance lease	4.63%

Leases - Maturity of Lease Liab

Leases - Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Jul. 01, 2020
Operating Leases
Remainder of 2021	$ 4,485
2022	8,493
2023	7,936
2024	8,298
2025	8,294
2026	5,997
Thereafter	15,066
Total undiscounted lease payments	58,569
Less: interest	16,518
Present value of lease liabilities	42,051	$ 41,300
Finance leases
Remainder of 2021	93
2022	59
2023	5
2024	0
2025	0
2026	0
Thereafter	0
Total undiscounted lease payments	157
Less: interest	2
Present value of lease liabilities	155
Remainder of 2021	4,578
2022	8,552
2023	7,941
2024	8,298
2025	8,294
2026	5,997
Thereafter	15,066
Total undiscounted lease payments	58,726
Less: interest	16,520
Total lease liabilities	$ 42,206

Leases - Maturity of Lease Li_2

Leases - Maturity of Lease Liabilities Under Previous Accounting Standard (Details) $ in Thousands	Jun. 30, 2020USD ($)
Leases [Abstract]
2021	$ 8,781
2022	8,497
2023	7,991
2024	8,353
2025	8,306
Thereafter	21,262
Total minimum lease payments	$ 63,190

Debt - Credit Agreement and Sen

Debt - Credit Agreement and Senior Secured Credit Facility (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Jun. 30, 2020	Nov. 05, 2019
Debt Instrument [Line Items]
Total debt	$ 313,336	$ 311,814
Line of Credit | Secured Debt
Debt Instrument [Line Items]
Term Loan (effective interest rate of 7.2%)	325,000	325,000
Unamortized debt issuance costs on Term Loan	(5,148)	(5,819)
Unamortized debt discount on Term Loan	$ (6,516)	$ (7,367)	$ (8,500)

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	May 26, 2020	Nov. 05, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2020
Line of Credit Facility [Line Items]
Amortization of debt issuance costs			$ 800,000	$ 600,000	$ 1,600,000	$ 600,000
Dividend Declared
Line of Credit Facility [Line Items]
Dividends		$ 275,000,000
Line of Credit | Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 75,000,000
Commitment fee percentage		0.15%
Line of Credit | Revolving Credit Facility | LIBOR
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		4.00%
Line of Credit | Revolving Credit Facility | Base Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		3.00%
Line of Credit | Secured Debt
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity			425,000,000		$ 425,000,000
Interest fund		$ 68,000,000
Period of interest payments used for calculation of interest fund					2 years
Unamortized debt discount on Term Loan		$ 8,500,000	$ 6,516,000		$ 6,516,000		$ 7,367,000
Debt instrument, periodic payment, percent		1.00%
Repayments of debt	$ 100,000,000
Line of Credit | Secured Debt | LIBOR
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		6.00%
Line of Credit | Secured Debt | Base Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		5.00%
Senior Notes | Senior Secured Credit Facility
Line of Credit Facility [Line Items]
Long-term debt, term			5 years		5 years

Shareholders' Equity - Common S

Shareholders' Equity - Common Stock Reserved For Future Issuance (Details) - shares	Dec. 31, 2020	Jun. 30, 2020
Class of Stock [Line Items]
Options issued and outstanding under stock option plans (in shares)	4,225,240	4,067,417
Common Stock
Class of Stock [Line Items]
Number of shares available for grant (in shares)	13,843,851
Employee Stock Purchase Plan ("ESPP") | Common Stock
Class of Stock [Line Items]
Number of shares available for grant (in shares)	1,400,000
2020 Plan | Common Stock
Class of Stock [Line Items]
Number of shares available for grant (in shares)	7,685,047
Options issued and outstanding under stock option plans (in shares)	1,914,953
2003 Plan | Common Stock
Class of Stock [Line Items]
Number of shares available for grant (in shares)	0
Options issued and outstanding under stock option plans (in shares)	2,843,851

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Share-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Share-based compensation expense	$ 1,194	$ 9,241	$ 2,100	$ 9,263
Incentive Stock Options
Class of Stock [Line Items]
Share-based compensation expense	455	9,241	818	9,263
Restricted Stock Units (RSUs)
Class of Stock [Line Items]
Share-based compensation expense	545	0	960	0
Performance Stock
Class of Stock [Line Items]
Share-based compensation expense	$ 194	$ 0	$ 322	$ 0

Shareholders' Equity - Fair Val

Shareholders' Equity - Fair Value Assumptions (Details)	6 Months Ended
	Dec. 31, 2020$ / shares
Equity [Abstract]
Volatility	25.00%
Risk-free interest rate	0.40%
Dividend yield	0.00%
Assumed forfeitures	0.00%
Expected lives (in years)	6 years 2 months 26 days
Weighted-average fair value (in dollars per share)	$ 4.86

Shareholders' Equity - Option A

Shareholders' Equity - Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Dec. 31, 2020
Number of Options
Beginning balance (in shares)	4,067,417
Options granted (in shares)	1,022,109
Options exercised (in shares)	(862,566)
Options forfeited/expired/cancelled (in shares)	(1,720)
Ending balance (in shares)	4,225,240
Vested and exercisable, number of options (in shares)	2,619,955
Weighted- Average Exercise Price
Beginning balance (in dollars per share)	$ 2.69
Options granted (in dollars per share)	19.17
Options exercised (in dollars per share)	0.88
Options forfeited/expired/cancelled (in dollars per share)	17.89
Ending balance (in dollars per share)	7.03
Vested and exercisable, weighted average exercise price (in dollars per share)	$ 0.93
Weighted-average remaining contractual term, outstanding	5 years 10 months 24 days
Weighted-average remaining contractual term, vested and exercisable	3 years 9 months 25 days
Aggregate intrinsic value, outstanding	$ 58,332
Aggregate intrinsic value, vested and exercisable	$ 51,916

Shareholders' Equity - Share-Ba

Shareholders' Equity - Share-Based Compensation Plans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Cost not yet recognized	$ 5,900		$ 5,900
Cost not yet recognized, period for recognition			3 years 3 months 29 days
Proceeds from common stock option exercises	$ 100	$ 3,200	$ 391	$ 4,819

Shareholders' Equity - Restrict

Shareholders' Equity - Restricted Stock Unit and Performance Stock Activity (Details) $ / shares in Units, $ in Millions	6 Months Ended
	Dec. 31, 2020USD ($)$ / sharesshares
Restricted Stock Units (RSUs)
Number of Restricted Stock Units
Beginning balance (in shares) | shares	150,000
Granted (in shares) | shares	252,063
Vested (in shares) | shares	0
Cancelled (in shares) | shares	(873)
Ending balance (in shares) | shares	401,190
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 20
Granted (in dollars per share) | $ / shares	18.50
Vested (in dollars per share) | $ / shares	0
Cancelled (in dollars per share) | $ / shares	17.89
Ending balance (in dollars per share) | $ / shares	$ 19.06
Share-based cost not yet recognized | $	$ 6.6
Weighted-average remaining service period	2 years 10 months 28 days
Performance Stock
Number of Restricted Stock Units
Beginning balance (in shares) | shares	0
Granted (in shares) | shares	132,374
Vested (in shares) | shares	0
Cancelled (in shares) | shares	0
Ending balance (in shares) | shares	132,374
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 0
Granted (in dollars per share) | $ / shares	17.92
Vested (in dollars per share) | $ / shares	0
Cancelled (in dollars per share) | $ / shares	0
Ending balance (in dollars per share) | $ / shares	$ 17.92
Share-based cost not yet recognized | $	$ 2.1
Weighted-average remaining service period	2 years 7 months 28 days

Shareholders' Equity - Employee

Shareholders' Equity - Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands	Oct. 01, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Share-based compensation expense		$ 1,336	$ 9,241	$ 2,259	$ 9,263
Employee Stock Purchase Plan ("ESPP")
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Purchase price of common stock, percent	95.00%
Minimum purchase price of common stock as a percent of offering date fair value, percent	85.00%
Minimum purchase price of common stock as a percent of common stock exercise date fair value, percent	85.00%
Share-based compensation expense		$ 100

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Total revenue	$ 358,274	$ 176,297	$ 482,443	$ 241,464
Contract with customer, liabilities	17,300		17,300
Commission
Disaggregation of Revenue [Line Items]
Total revenue	320,974	158,650	427,519	216,472
Production bonus and other
Disaggregation of Revenue [Line Items]
Total revenue	37,300	17,647	54,924	24,992
Intersegment Eliminations
Disaggregation of Revenue [Line Items]
Total revenue	852	124	2,243	200
Intersegment Eliminations | Commission
Disaggregation of Revenue [Line Items]
Total revenue	280	124	465	200
Intersegment Eliminations | Production bonus and other
Disaggregation of Revenue [Line Items]
Total revenue	572	0	1,778	0
Senior
Disaggregation of Revenue [Line Items]
Total revenue	315,510	138,875	388,709	166,458
Senior | Commission
Disaggregation of Revenue [Line Items]
Total revenue	284,210	127,351	344,730	153,014
Senior | Medicare advantage
Disaggregation of Revenue [Line Items]
Total revenue	263,975	113,955	312,705	134,142
Senior | Medicare supplement
Disaggregation of Revenue [Line Items]
Total revenue	12,743	9,303	20,735	13,453
Senior | Prescription drug plan
Disaggregation of Revenue [Line Items]
Total revenue	1,102	1,659	1,717	2,036
Senior | Dental, vision, and health
Disaggregation of Revenue [Line Items]
Total revenue	5,647	2,223	8,370	3,224
Senior | Other commission revenue
Disaggregation of Revenue [Line Items]
Total revenue	743	211	1,203	159
Senior | Production bonus and other
Disaggregation of Revenue [Line Items]
Total revenue	31,300	11,524	43,979	13,444
Life
Disaggregation of Revenue [Line Items]
Total revenue	36,375	28,980	79,198	56,587
Life | Commission
Disaggregation of Revenue [Line Items]
Total revenue	30,553	23,196	68,150	45,842
Life | Core
Disaggregation of Revenue [Line Items]
Total revenue	19,791	19,119	39,167	37,703
Life | Final expense
Disaggregation of Revenue [Line Items]
Total revenue	10,297	3,391	27,934	6,885
Life | Ancillary
Disaggregation of Revenue [Line Items]
Total revenue	465	686	1,049	1,254
Life | Production bonus and other
Disaggregation of Revenue [Line Items]
Total revenue	5,822	5,784	11,048	10,745
Auto & Home
Disaggregation of Revenue [Line Items]
Total revenue	7,241	8,566	16,779	18,619
Auto & Home | Commission
Disaggregation of Revenue [Line Items]
Total revenue	6,491	8,227	15,104	17,816
Auto & Home | Production bonus and other
Disaggregation of Revenue [Line Items]
Total revenue	$ 750	$ 339	$ 1,675	$ 803

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income tax benefit	$ 26,540	$ 12,184	$ 25,436	$ 11,744
Effective income tax rate reconciliation, percent	22.70%	23.80%	21.80%	23.90%

Net Income (Loss) Per Share (De

Net Income (Loss) Per Share (Details) $ / shares in Units, shares in Thousands, $ in Thousands	Feb. 28, 2020	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Stock split, conversion ratio	8
Numerator:
Net income		$ 90,416	$ 39,070	$ 91,253	$ 37,382
Less: dividends declared on Series A, B, C & D preferred stock		0	(86,302)	0	(86,302)
Net income (loss) attributable to common shareholders		$ 90,416	$ (50,256)	$ 91,253	$ (54,969)
Denominator:
Weighted average number of shares outstanding, basic (in shares) | shares		162,645	90,374	162,546	88,945
Net income (loss) per share—basic: (in dollars per share) | $ / shares		$ 0.56	$ (0.56)	$ 0.56	$ (0.62)
Numerator:
Add: dividends declared on Series D preferred stock		$ 0	$ 86,302	$ 0	$ 86,302
Net income (loss) attributable to common and common equivalent shareholders		$ 90,416	$ (50,256)	$ 91,253	$ (54,969)
Denominator:
Stock options outstanding to purchase shares of common stock (in shares) | shares		2,918	0	2,831	0
Total common and common equivalent shares outstanding (in shares) | shares		165,563	90,374	165,377	88,945
Net income (loss) per share—diluted: (in dollars per share) | $ / shares		$ 0.55	$ (0.56)	$ 0.55	$ (0.62)
Preferred Class A, B, and C
Numerator:
Add: dividends declared on Series A, B & C preferred stock		$ 0	$ 0	$ 0	$ 0
Denominator:
Preferred stock, outstanding (in shares) | shares		0	0	0	0
Preferred Class D
Numerator:
Less: dividends declared on Series A, B, C & D preferred stock		$ 0	$ 0	$ 0	$ 0
Less: cumulative dividends on Series D preferred stock		0	(3,024)	0	(6,049)
Numerator:
Add: dividends declared on Series D preferred stock		0	0	0	0
Add: cumulative dividends on Series D preferred stock		$ 0	$ 0	$ 0	$ 0
Denominator:
Preferred stock, outstanding (in shares) | shares		0	0	0	0

Net Income (Loss) Per Share - A

Net Income (Loss) Per Share - Antidilutive Shares (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	47,916	0	48,979
Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	3,845	0	4,908
Preferred Class A, B, and C
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	12,071	0	12,071
Preferred Class D
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	32,000	0	32,000

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2020USD ($)segment	Dec. 31, 2019USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			3
Revenue	$ 358,274	$ 176,297	$ 482,443	$ 241,464
Operating expenses	(228,753)	(107,329)	(340,835)	(171,616)
Other expenses, net	(21)	(3)	(43)	(16)
Adjusted EBITDA	129,500	68,965	141,565	69,832
Share-based compensation expense	(1,336)	(9,241)	(2,259)	(9,263)
Non-recurring expenses	(362)	(564)	(822)	(1,394)
Fair value adjustments to contingent earnout obligations	(395)		(1,153)	0
Depreciation and amortization	(3,590)	(1,728)	(6,937)	(3,168)
Loss on disposal of property, equipment, and software	(79)		(162)	2
INTEREST EXPENSE, NET	(6,782)	(6,178)	(13,543)	(6,883)
Income tax expense	(26,540)	(12,184)	(25,436)	(11,744)
NET INCOME	$ 90,416	$ 39,070	$ 91,253	$ 37,382
Major Customer One | Customer Concentration Risk | Revenue from Contract with Customer Benchmark
Segment Reporting Information [Line Items]
Concentration risk, percentage	30.00%	33.00%	27.00%	29.00%
Major Customer Two | Customer Concentration Risk | Revenue from Contract with Customer Benchmark
Segment Reporting Information [Line Items]
Concentration risk, percentage	22.00%	20.00%	20.00%	19.00%
Major Customer Three | Customer Concentration Risk | Revenue from Contract with Customer Benchmark
Segment Reporting Information [Line Items]
Concentration risk, percentage	18.00%	14.00%	15.00%	12.00%
Corp & Elims
Segment Reporting Information [Line Items]
Revenue	$ (852)	$ (124)	$ (2,243)	$ (200)
Operating expenses	(12,746)	(6,775)	(22,264)	(12,188)
Other expenses, net	(21)	(3)	(43)	(16)
Adjusted EBITDA	(13,619)	(6,902)	(24,550)	(12,404)
Salary expense	8,400	3,300	15,000	6,500
Professional fees	3,300	2,800	6,300	4,400
Senior
Segment Reporting Information [Line Items]
Revenue	315,510	138,875	388,709	166,458
Senior | Operating Segments
Segment Reporting Information [Line Items]
Revenue	315,510	138,875	388,709	166,458
Operating expenses	(180,955)	(70,765)	(245,252)	(100,288)
Other expenses, net	0	0	0	0
Adjusted EBITDA	134,555	68,110	143,457	66,170
Life
Segment Reporting Information [Line Items]
Revenue	36,375	28,980	79,198	56,587
Life | Operating Segments
Segment Reporting Information [Line Items]
Revenue	36,375	28,980	79,198	56,587
Operating expenses	(29,961)	(22,740)	(62,307)	(44,528)
Other expenses, net	0	0	0	0
Adjusted EBITDA	6,414	6,240	16,891	12,059
Auto & Home
Segment Reporting Information [Line Items]
Revenue	7,241	8,566	16,779	18,619
Auto & Home | Operating Segments
Segment Reporting Information [Line Items]
Revenue	7,241	8,566	16,779	18,619
Operating expenses	(5,091)	(7,049)	(11,012)	(14,612)
Other expenses, net	0	0	0	0
Adjusted EBITDA	$ 2,150	$ 1,517	$ 5,767	$ 4,007

Related-Party Transactions (Det

Related-Party Transactions (Details) - USD ($)	May 01, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Related party expense			$ 8,000,000		$ 5,200,000
Accounts receivable, related parties		$ 500,000		$ 500,000
InsideResponse
Related Party Transaction [Line Items]
Percentage of voting interests acquired	100.00%
Total purchase consideration	$ 67,092,000
Immediate Family Member of Management or Principal Owner | InsideResponse
Related Party Transaction [Line Items]
Total purchase consideration	$ 65,000,000
Management | InsideResponse
Related Party Transaction [Line Items]
Revenue from related parties		$ 900,000		$ 1,300,000

Uncategorized Items - slqt-2020

Label	Element	Value
Restricted Cash	us-gaap_RestrictedCash	$ 36,168,000
Restricted Cash	us-gaap_RestrictedCash	$ 62,882,000