{"id":20153,"date":"2023-06-08T17:39:05","date_gmt":"2023-06-08T21:39:05","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/selectquotes-focus-on-profitability-is-beginning-to-show-nyseslqt\/"},"modified":"2023-06-08T17:39:07","modified_gmt":"2023-06-08T21:39:07","slug":"selectquotes-focus-on-profitability-is-beginning-to-show-nyseslqt","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=20153","title":{"rendered":"SelectQuote&#8217;s Focus On Profitability Is Beginning To Show (NYSE:SLQT)"},"content":{"rendered":"<div data-test-id=\"content-container\">\n<p><figure class=\"getty-figure\" data-type=\"getty-image\"><picture>  <\/picture><figcaption> <\/figcaption><\/figure>\n<\/p>\n<h2>A Quick Take On SelectQuote<\/h2>\n<p><strong>SelectQuote, Inc.<\/strong> (<span class=\"ticker-hover-wrapper\">NYSE:SLQT<\/span>) reported its FQ3 2023 financial results on May 10, 2023, beating both revenue and earnings consensus estimates.<\/p>\n<p>The firm operates a group of insurance exchanges of Medicare<span class=\"paywall-full-content invisible\"> Advantage, home, auto and life insurance services.<\/span><\/p>\n<p class=\"paywall-full-content invisible\">SelectQuote, Inc. may have seen the worst of its troubles in recent periods, but I\u2019m still not convinced the stock is a Buy yet, although it is worth putting on a watch list.<\/p>\n<p class=\"paywall-full-content invisible\">I\u2019m therefore Neutral [Hold] for SLQT stock until the company shows that it can consistently produce profitable growth.<\/p>\n<h2 class=\"paywall-full-content invisible\">SelectQuote Overview<\/h2>\n<p class=\"paywall-full-content invisible\">Overland Park, Kansas-based SelectQuote was founded to provide insurance companies of many types with leads for consumers interested in purchasing various types of insurance coverage.<\/p>\n<p class=\"paywall-full-content invisible\">The company generates revenue via commissions through first-year and renewal commission agreements with insurance carriers.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Management is headed by Chief Executive Officer Mr. Tim Danker, who has been with the firm since 2012 and was previously founder and CEO of Spring Venture Group, a senior healthcare insurance distribution site.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The company markets its online service via online and offline marketing channels primarily in a direct-to-consumer [DTC] approach.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Its primary channels include television, radio, third-party marketing services and search engine placement.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">According to a 2018 market research report by IBISWorld, the market for online insurance brokering in the U.S. is estimated to rise to $18.1 billion by 2024.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">This represents a forecast 9.3% from 2019 to 2024.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The main drivers for this expected growth are improvement in online-based lead generation, capitalization and risk management technologies.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Additionally, disposable income growth will also add to consumer demand as will increased awareness of efficiencies to be gained by buyers and sellers operating in an online environment.<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">SLQT\u2019s Recent Financial Trends<\/h2>\n<ul class=\"paywall-full-content invisible no-summary-bullets\">\n<li>\n<p>Total revenue by quarter has begun growing more robustly again recently:<\/p>\n<\/li>\n<\/ul>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure\" contenteditable=\"false\"><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/12102811-16862348839293766.png\" alt=\"Total Revenue\" contenteditable=\"true\" loading=\"lazy\"><\/span><figcaption>\n<p class=\"item-caption\">Total Revenue <span>(Seeking Alpha)<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<ul class=\"paywall-full-content invisible no-summary-bullets\">\n<li>\n<p>Gross profit margin by quarter has produced no discernible trend:<\/p>\n<\/li>\n<\/ul>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure\" contenteditable=\"false\"><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/12102811-16862348839713054.png\" alt=\"Gross Profit Margin\" contenteditable=\"true\" loading=\"lazy\"><\/span><figcaption>\n<p class=\"item-caption\">Gross Profit Margin <span>(Seeking Alpha)<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<ul class=\"paywall-full-content invisible no-summary-bullets\">\n<li>\n<p>Selling, G&amp;A expenses as a percentage of total revenue by quarter have trended materially lower in recent quarters:<\/p>\n<\/li>\n<\/ul>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure\" contenteditable=\"false\"><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/12102811-16862348839451923.png\" alt=\"Selling, G&amp;A % Of Revenue\" contenteditable=\"true\" loading=\"lazy\"><\/span><figcaption>\n<p class=\"item-caption\">Selling, G&amp;A % Of Revenue <span>(Seeking Alpha)<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<ul class=\"paywall-full-content invisible no-summary-bullets\">\n<li>\n<p>Operating income by quarter has turned positive recently:<\/p>\n<\/li>\n<\/ul>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure\" contenteditable=\"false\"><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/12102811-16862348839995415.png\" alt=\"Operating Income\" contenteditable=\"true\" loading=\"lazy\"><\/span><figcaption>\n<p class=\"item-caption\">Operating Income <span>(Seeking Alpha)<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<ul class=\"paywall-full-content invisible no-summary-bullets\">\n<li>\n<p>Earnings per share (Diluted) have also remained positive in the last two quarters:<\/p>\n<\/li>\n<\/ul>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure\" contenteditable=\"false\"><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/12102811-16862348840869179.png\" alt=\"Earnings Per Share\" contenteditable=\"true\" loading=\"lazy\"><\/span><figcaption>\n<p class=\"item-caption\">Earnings Per Share <span>(Seeking Alpha)<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">(All data in the above charts is GAAP.)<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">In the past 12 months, SLQT\u2019s stock price has fallen 32.34% vs. that of EverQuote, Inc.\u2019s (EVER) rise of 8.06%, as the chart indicates below:<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure\" contenteditable=\"false\"><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/12102811-16862348845264072.png\" alt=\"52-Week Stock Price Comparison\" contenteditable=\"true\" loading=\"lazy\"><\/span><figcaption>\n<p class=\"item-caption\">52-Week Stock Price Comparison <span>(Seeking Alpha)<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">For the balance sheet, the firm ended the quarter with $92.0 million in cash and equivalents and $692.7 million in total debt, of which $25.4 million was categorized as the current portion due within 12 months.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Over the trailing twelve months, free cash used was ($68.1 million), of which capital expenditures accounted for $1.3 million. The company paid $9.3 million in stock-based compensation (&#8220;SBC&#8221;) in the last four quarters, the highest trailing twelve-month figure in the last ten-quarter period.<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">Valuation And Other Metrics For SLQT<\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Below is a table of relevant capitalization and valuation figures for the company:<\/p>\n<p> <span class=\"table-responsive paywall-full-content invisible no-summary-bullets\"><span class=\"table-scroll-wrapper\"><span data-intersection-boundary=\"start\"><\/span><\/p>\n<table>\n<colgroup>\n<col>\n<col> <\/colgroup>\n<tr>\n<td>\n<p><strong>Measure [TTM]<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>Amount<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Enterprise Value \/ Sales<\/p>\n<\/td>\n<td>\n<p>1.0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Enterprise Value \/ EBITDA<\/p>\n<\/td>\n<td>\n<p>NM<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Price \/ Sales<\/p>\n<\/td>\n<td>\n<p>0.4<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Revenue Growth Rate<\/p>\n<\/td>\n<td>\n<p>13.8%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Net Income Margin<\/p>\n<\/td>\n<td>\n<p>-12.5%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>EBITDA %<\/p>\n<\/td>\n<td>\n<p>-0.4%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Net Debt To Annual EBITDA<\/p>\n<\/td>\n<td>\n<p>-171.6<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Market Capitalization<\/p>\n<\/td>\n<td>\n<p>$321,650,000<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Enterprise Value<\/p>\n<\/td>\n<td>\n<p>$958,870,000<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Operating Cash Flow<\/p>\n<\/td>\n<td>\n<p>-$66,790,000<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Earnings Per Share (Fully Diluted)<\/p>\n<\/td>\n<td>\n<p>-$0.71<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p> <span data-intersection-boundary=\"end\"><\/span><\/span><button class=\"table-enlarge-button\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 16 16\" class=\"table-enlarge-icon\"><path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M16 11a5 5 0 0 1-5 5H5a5 5 0 0 1-5-5V5a5 5 0 0 1 5-5h6a5 5 0 0 1 5 5v6zm-4.5-2.5h2v-6h-6v2h4v4zm-9-1h2v4h4v2h-6v-6z\"><\/path><\/svg>Click to enlarge<\/button><\/span> <\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">(Source &#8211; Seeking Alpha.)<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">As a reference, a relevant partial public comparable would be EverQuote; shown below is a comparison of their primary valuation metrics:<\/p>\n<p> <span class=\"table-responsive paywall-full-content invisible no-summary-bullets\"><span class=\"table-scroll-wrapper\"><span data-intersection-boundary=\"start\"><\/span><\/p>\n<table>\n<colgroup>\n<col>\n<col>\n<col>\n<col> <\/colgroup>\n<tr>\n<td>\n<p><strong>Metric [TTM]<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>EverQuote<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>SelectQuote<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>Variance<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Enterprise Value \/ Sales<\/p>\n<\/td>\n<td>\n<p>0.7<\/p>\n<\/td>\n<td>\n<p>1.0<\/p>\n<\/td>\n<td>\n<p>48.6%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Enterprise Value \/ EBITDA<\/p>\n<\/td>\n<td>\n<p>NM<\/p>\n<\/td>\n<td>\n<p>NM<\/p>\n<\/td>\n<td>\n<p>&#8211;%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Revenue Growth Rate<\/p>\n<\/td>\n<td>\n<p>-5.3%<\/p>\n<\/td>\n<td>\n<p>13.8%<\/p>\n<\/td>\n<td>\n<p>&#8211;%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Net Income Margin<\/p>\n<\/td>\n<td>\n<p>-5.3%<\/p>\n<\/td>\n<td>\n<p>-12.5%<\/p>\n<\/td>\n<td>\n<p>138.0%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Operating Cash Flow<\/p>\n<\/td>\n<td>\n<p>-$13,180,000<\/p>\n<\/td>\n<td>\n<p>-$66,790,000<\/p>\n<\/td>\n<td>\n<p>406.8%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p> <span data-intersection-boundary=\"end\"><\/span><\/span><button class=\"table-enlarge-button\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 16 16\" class=\"table-enlarge-icon\"><path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M16 11a5 5 0 0 1-5 5H5a5 5 0 0 1-5-5V5a5 5 0 0 1 5-5h6a5 5 0 0 1 5 5v6zm-4.5-2.5h2v-6h-6v2h4v4zm-9-1h2v4h4v2h-6v-6z\"><\/path><\/svg>Click to enlarge<\/button><\/span> <\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">(Source &#8211; Seeking Alpha.)<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The Rule of 40 is a software industry rule of thumb that says that as long as the combined revenue growth rate and EBITDA percentage rate equal or exceed 40%, the firm is on an acceptable growth\/EBITDA trajectory.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">SLQT\u2019s most recent Rule of 40 calculation was 13.4% as of FQ3 2023\u2019s results, so the firm is in need of improvement in this regard, per the table below:<\/p>\n<p> <span class=\"table-responsive paywall-full-content invisible no-summary-bullets\"><span class=\"table-scroll-wrapper\"><span data-intersection-boundary=\"start\"><\/span><\/p>\n<table>\n<colgroup>\n<col>\n<col> <\/colgroup>\n<tr>\n<td>\n<p><strong>Rule of 40 Performance<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>Calculation<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Recent Rev. Growth %<\/p>\n<\/td>\n<td>\n<p>13.8%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>EBITDA %<\/p>\n<\/td>\n<td>\n<p>-0.4%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Total<\/p>\n<\/td>\n<td>\n<p>13.4%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p> <span data-intersection-boundary=\"end\"><\/span><\/span><button class=\"table-enlarge-button\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 16 16\" class=\"table-enlarge-icon\"><path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M16 11a5 5 0 0 1-5 5H5a5 5 0 0 1-5-5V5a5 5 0 0 1 5-5h6a5 5 0 0 1 5 5v6zm-4.5-2.5h2v-6h-6v2h4v4zm-9-1h2v4h4v2h-6v-6z\"><\/path><\/svg>Click to enlarge<\/button><\/span> <\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">(Source &#8211; Seeking Alpha.)<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">Commentary On SelectQuote<\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">In its last earnings call (Source &#8211; Seeking Alpha), covering FQ3 2023\u2019s results, management highlighted the growth in its Medicare Advantage lifetime value and a reduction in both the operating and marketing expenses per policy.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Its Life, Auto &amp; Home segments produced adjusted EBITDA, though revenue was largely unchanged and still a small part of the total.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The firm\u2019s SelectRx membership continued to grow along with revenue growth and a reduction in adjusted EBITDA loss for this segment.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Total revenue for FQ3 2023 rose 9.2% YoY but gross profit margin declined by 5.1%.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Selling, G&amp;A expenses as a percentage of revenue dropped by 15.3 percentage points YoY, a very positive signal, and operating income remained substantially positive.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Looking ahead, management raised its full-year topline revenue guidance, which, if achieved, would generate revenue growth of approximately 25.5% at the midpoint of the guidance range.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The company&#8217;s financial position needs improvement, with limited liquidity, material debt and free cash use.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">From management\u2019s most recent earnings call, I prepared a chart showing the frequency of key terms mentioned (or not) in the call, as shown below:<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure\" contenteditable=\"false\"><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/12102811-16862348839547658.png\" alt=\"Earnings Transcript Key Terms Frequency\" contenteditable=\"true\" loading=\"lazy\"><\/span><figcaption>\n<p class=\"item-caption\">Earnings Transcript Key Terms Frequency <span>(Seeking Alpha)<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">I\u2019m most interested in the frequency of potentially negative terms, so management or analyst questions cited &#8220;Macro&#8221; two times, &#8220;Drop&#8221; once and &#8220;Volatil[e][ity]&#8221; once.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The negative terms refer to the volatility of the firm\u2019s financials in recent periods and management\u2019s work to smooth out those fluctuations.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">In May, a number of company Directors purchased stock in what appeared to be a coordinated effort to show their support.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">In the past twelve months, the firm&#8217;s EV\/Sales valuation multiple has dropped approximately 19.5%, as the chart from Seeking Alpha shows below:<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure\" contenteditable=\"false\"><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/12102811-16862348851581619.png\" alt=\"EV\/Sales Multiple History\" contenteditable=\"true\" loading=\"lazy\"><\/span><figcaption>\n<p class=\"item-caption\">EV\/Sales Multiple History <span>(Seeking Alpha)<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">A potential upside catalyst to the stock could include the company&#8217;s improved unit economics and a period of negative results.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Management has changed its focus from growth to profitability, and those efforts have started to show results.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The primary risks to the company\u2019s outlook would be a negative calendar Q4 enrollment period or poor agent productivity, but management doesn\u2019t seem overly concerned about those risks.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">SLQT may have seen the worst of its troubles in recent periods, but I\u2019m still not convinced the stock is a Buy yet.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">I\u2019m therefore Neutral [Hold] for SelectQuote, Inc. stock until the company shows that it can consistently produce profitable growth.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/seekingalpha.com\/article\/4610388-selectquote-focus-on-profitability-is-beginning-to-show?source=feed_all_articles\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Quick Take On SelectQuote SelectQuote, Inc. (NYSE:SLQT) reported its FQ3 2023 financial results on May 10, 2023, beating both revenue and earnings consensus estimates. The firm operates a group of insurance exchanges of Medicare Advantage, home, auto and life insurance services. SelectQuote, Inc. may have seen the worst of its troubles in recent periods, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":20154,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-20153","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SelectQuote&#039;s Focus On Profitability Is Beginning To Show (NYSE:SLQT) | iFintechWorld<\/title>\n<meta name=\"description\" content=\"A Quick Take On SelectQuote SelectQuote, Inc. 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