You should read the following discussion and analysis of our financial condition
and result of operations together with our condensed consolidated financial
statements and footnotes included elsewhere in this Quarterly Report on Form
10-Q. In addition to historical information, this discussion and analysis
contains forward-looking statements that involve risks, uncertainties, and
assumptions. The forward-looking statements are not historical facts, but rather
are based on current expectations, estimates, assumptions, and projections about
our industry, business and future financial results. Please refer to a
discussion of the Company's forward-looking statements and associated risks in
"Cautionary Note Regarding Forward-Looking Statements" in our 2022 Annual
Report. Our actual results may differ materially from those discussed below.
Factors that could cause or contribute to such differences include, but are not
limited to, those discussed in the section titled "Risk Factors" in our 2022
Annual Report and in Part II, Item 1A hereof.

Korekta wcześniej publikowanego skróconego skonsolidowanego sprawozdania finansowego

Subsequent to the issuance of the Company's financial statements as of and for
the year ended June 30, 2021, the Company determined that the provision for
first year commission revenue for certain final expense policies offered by
certain of its insurance carrier partners should have been accrued based on a
higher lapse rate.
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This misstatement was initially thought to be isolated to an error in the lapse
rate for one of its insurance carrier partners, as disclosed in the Company's
Quarterly Report on Form 10-Q for the quarter ended December 31, 2021. However,
during the three months ended June 30, 2022, it was determined that the lapse
rate for other insurance carrier partners were also incorrect, resulting in an
additional misstatement being identified. See Note 1 to the condensed
consolidated financial statements for additional information related to the
correction, including descriptions of the misstatements and the impacts to our
condensed consolidated financial statements. In addition, we have corrected
certain previously reported financial information for the three and six months
ended December 31, 2021, in this Item 2, Management's Discussion and Analysis of
Financial Condition and Results of Operations.

Informacje o Firmie

Our Business. We are a leading technology-enabled, direct-to-consumer ("DTC")
distribution platform for insurance products and healthcare services. Our
insurance distribution business, which has operated continuously for over 35
years, provides consumers with a transparent and convenient venue to shop for
complex senior health, life, and automobile and home insurance policies from a
curated panel of the nation's leading insurance carriers. As an insurance
distributor, we do not insure the consumer, but rather identify consumers
looking to acquire insurance products and place these consumers with insurance
carrier partners that provide these products. In return, we earn commissions
from our insurance carrier partners for the policies we sell on their behalf.
Our proprietary technology allows us to take a broad funnel approach to
marketing by analyzing and identifying high-quality consumer leads sourced from
a wide variety of online and offline marketing channels including search
engines, radio, television, and third-party marketing partners. We monitor our
acquisition costs to dynamically allocate our marketing spend to the most
attractive channels, benefiting from over thirty years of data accumulated
through our proprietary, purpose-built technologies. Our advanced workflow
processing system scores each acquired lead in real time, matching it with a
sales agent whom we determine is best suited to meet the consumer's need. Our
platform then captures and utilizes our experience to further build upon the
millions of data points that feed our marketing algorithms, further enhancing
our ability to deploy subsequent marketing dollars efficiently and target more
high-quality consumer leads. We have built our business model to maximize
commissions collected over the life of an approved policy less the cost of
acquiring the business, a metric we refer to as policyholder lifetime value and
which is a key component to our overall profitability.
Our unique platform has enabled us to expand our distribution business in recent
years to include additional products beyond insurance policies. In interacting
with thousands of consumers over the years, we identified a large opportunity to
leverage our existing database and distribution model to improve access to
healthcare services for our consumers. In addition to improving consumers'
health outcomes, this service creates deeper relationships with our insurance
carrier partners by increasing policy persistency and, in turn, reducing their
overall costs. Additionally, we offer pharmacy services through our closed-door,
long-term care pharmacy, which offers essential prescription medications, OTC
medications, customized medication packaging, medication therapy management, and
other consultative services.

Oceniamy naszą działalność za pomocą następujących czterech segmentów:

Senior was launched in 2010 and provides unbiased comparison shopping for
Medicare Advantage ("MA") and Medicare Supplement ("MS") insurance plans as well
as prescription drug and dental, vision, and hearing ("DVH") plans, and critical
illness products. We represent approximately 21 leading, nationally-recognized
insurance carrier partners, including UnitedHealthcare, Humana, and Wellcare. MA
and MS plans accounted for 91% and 84% of our approved Senior policies for the
three months ended December 31, 2022 and 2021, respectively, and 90% and 82% for
the six months ended December 31, 2022 and 2021, respectively, with other
ancillary type policies accounting for the remainder.
Healthcare Services, launched in 2021, includes SelectRx and Population Health,
and was previously included under the Senior segment (refer to Note 13 to the
condensed consolidated financial statements for further information on the
change in segments). Through SelectRx, we provide simple solutions for
prescription drug management and support with a personalized approach to
streamline the process of managing multiple medications for seniors with chronic
conditions. SelectRx has developed a pill pack solution that is customized to
the unique
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needs of each patient, focusing on individual multi-dosages by day and time.
SelectRx uses a high-touch, technology-driven approach to provide superior
customer service and achieve improved medication adherence. Population Health
contracts with insurance carriers to perform health risk assessments ("HRA") on
potential new members to determine how Population Health's value-based care
("VBC") partners can help members improve health outcomes. Consumers receive
one-on-one assistance from our customer success agents who help patients
understand the benefits available under their health plans and connect them with
additional healthcare related resources. We believe that offering these services
through SelectRx and Population Health to our existing MA consumers helps drive
customer satisfaction and increase policy persistency, which, in turn, reduces
costs for our insurance carrier partners.
Life is one of the country's largest and most established DTC insurance
distributors for term life insurance, having sold over 2.1 million policies
nationwide since our founding in 1985. Our platform provides unbiased comparison
shopping for life insurance products such as term life, final expense, and other
ancillary products like critical illness, accidental death, and juvenile
insurance. We represent approximately 22 leading, nationally-recognized
insurance carrier partners, with many of these relationships exceeding 15 years.
Term life policies accounted for 48% and 42% of new premium within Life for the
three months ended December 31, 2022 and 2021, respectively, with final expense
policies accounting for 52% and 58% for the three months ended December 31, 2022
and 2021, respectively. For the six months ended December 31, 2022 and 2021,
term life policies accounted for 44% and 36% of new premium within Life,
respectively, with final expense policies accounting for 56% and 64%,
respectively.
Auto & Home was launched in 2011 as an unbiased comparison shopping platform for
auto, home, and specialty insurance lines. Our platform provides unbiased
comparison shopping for insurance products such as homeowners, auto, dwelling
fire, and other ancillary insurance products underwritten by approximately 22
leading, nationally-recognized insurance carrier partners. Homeowners and
12-month auto products accounted for 73% and 76% of new premium within Auto &
Home for the three months ended December 31, 2022 and 2021, respectively, and
74% and 76% for the six months ended December 31, 2022 and 2021, respectively,
with six-month auto, dwelling fire, and other products accounting for a majority
of the remainder.
The three and six months ended December 31 referenced throughout the commentary
below refers to the second quarter and fiscal year-to-date performance of our
fiscal years ending on June 30, 2023 and 2022.

Kluczowe wskaźniki biznesowe i operacyjne według segmentów

In addition to traditional financial metrics, we rely upon certain business and
operating metrics to estimate and recognize revenue, evaluate our business
performance, and facilitate our operations. In Senior, our primary product,
Medicare Advantage, pays us flat commission rates based on the number of
policies we sell on behalf of our insurance carrier partners. Therefore, we have
determined that units and unit metrics are the most appropriate measures to
evaluate the performance of Senior. For Healthcare Services, our primary source
of revenue is pharmacy revenue from SelectRx, so the total number of SelectRx
members is the most appropriate measure used to evaluate the performance of
Healthcare Services. In Life and Auto & Home, we are typically paid a commission
that is a percent of the premium that we generate for our insurance carrier
partners. Therefore, we have determined that premium-based metrics are the most
relevant measures to evaluate the performance of these segments. Below are the
most relevant business and operating metrics for each segment:

Senior

przesłane zasady

Submitted policies are counted when an individual completes an application with
our licensed agent and provides authorization to them to submit it to the
insurance carrier partner. The applicant may have additional actions to take
before the application will be reviewed by the insurance carrier.

Poniższa tabela pokazuje liczbę przesłanych polis dla okresów
przedstawione:

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Three Months Ended December 31,                                Six Months Ended December 31,
2022                               2021                       2022                               2021
Medicare Advantage                                 251,847                             340,317                   341,875                             436,106
Medicare Supplement                                  1,565                               3,117                     2,230                               4,929
Dental, Vision, and Hearing                         22,004                              53,432                    38,338                              82,036
Prescription Drug Plan                               1,302                               4,241                     1,666                               5,114
Other                                                1,512                               2,967                     3,538                               6,529
Total                                              278,230                             404,074                   387,647                             534,714
Total submitted policies for all products decreased 31% for the three months
ended December 31, 2022, compared to the three months ended December 31, 2021,
in line with our updated operating strategy to reduce the Senior distribution
business and focus resources on Healthcare Services. The number of average
productive agents decreased 63% during the three months ended December 31, 2022,
compared to the three months ended December 31, 2021; however, due to a higher
mix of tenured agents and an increased focus on agent training and development,
productivity per agent increased 89% and overall close rates increased 54%.
Total submitted policies for all products decreased 28% for the six months ended
December 31, 2022, compared to the six months ended December 31, 2021, in line
with our updated operating strategy to reduce the Senior distribution business
and focus resources on Healthcare Services. The number of average productive
agents decreased 51% during the six months ended December 31, 2022, compared to
the six months ended December 31, 2021; however, due to a higher mix of tenured
agents and an increased focus on agent training and development, productivity
per agent increased 45% and overall close rates increased 38%.

Zatwierdzone zasady

Zatwierdzone zasady reprezentują liczbę przesłanych zasad, które zostały zatwierdzone
przez naszych partnerów ubezpieczeniowych dla określonego produktu w okresie
wskazany okres. Nie wszystkie zatwierdzone zasady wejdą w życie.

The following table shows the number of approved policies for the periods
presented:
Three Months Ended December 31,                                Six Months Ended December 31,
2022                               2021                       2022                               2021
Medicare Advantage                                 218,837                             265,538                   302,010                             349,654
Medicare Supplement                                  1,127                               2,097                     1,627                               3,495
Dental, Vision and Hearing                          18,697                              44,542                    30,972                              66,765
Prescription Drug Plan                                 883                               3,352                     1,273                               4,220
Other                                                1,241                               2,483                     2,903                               5,363
Total                                              240,785                             318,012                   338,785                             429,497
In general, the relationship between submitted policies and approved policies
has been steady over time. Therefore, factors impacting the number of submitted
policies also impact the number of approved policies.
Total approved policies for all products decreased 24% for the three months
ended December 31, 2022, compared to the three months ended December 31, 2021,
in line with our updated operating strategy to reduce the Senior distribution
business and focus resources on Healthcare Services. Total approved policies
decreased by 21% for the six months ended December 31, 2022, compared to the six
months ended December 31, 2021. Fluctuations in approved policies are normally
in direct correlation to submitted policies; however, due to our increased focus
on agent training and development and a higher mix of tenured agents, we
experienced a 10% and a 9% improvement
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in the submitted-to-approved conversion rates for the three and six months ended
December 31, 2022, compared to the three and six months ended December 31, 2021.

Dożywotnia wartość prowizji na zatwierdzoną polisę

The lifetime value of commissions (the "LTV") per approved policy represents
commissions estimated to be collected over the estimated life of an approved
policy based on multiple factors, including but not limited to, contracted
commission rates, carrier mix, and expected policy persistency with applied
constraints. The LTV per approved policy is equal to the sum of the commission
revenue due upon the initial sale of a policy, and when applicable, an estimate
of future renewal commissions. The estimate of the future renewal commissions is
determined using contracted renewal commission rates constrained by a
persistency-adjusted 10-year renewal period based on a combination of our
historical experience and available insurance carrier historical experience to
estimate renewal revenue only to the extent probable that a material reversal in
revenue would not be expected to occur. These factors may result in varying
values from period to period. The LTV per approved policy represents commissions
only from policies sold during the period; it does not include any updated
estimates of prior period variable consideration based on actual policy renewals
in the current period.
The following table shows the LTV per approved policy for the periods presented:
Three Months Ended December 31,                  Six Months Ended December 31,
2022                    2021                    2022                   2021
Medicare Advantage                        $             870          $        922          $           845          $        936
Medicare Supplement                                     994                 1,347                    1,037                 1,384
Dental, Vision and Hearing                              116                   112                       97                   125
Prescription Drug Plan                                  212                   218                      219                   237
Other                                                   115                     9                       91                    64
The LTV per MA approved policy decreased 6% for the three months ended December
31, 2022, compared to the three months ended December 31, 2021. The MA LTV was
negatively impacted primarily by carrier mix, somewhat offset by higher
commission rates.
The LTV per MA approved policy decreased 10% for the six months ended December
31, 2022, compared to the six months ended December 31, 2021. The MA LTV was
negatively impacted by carrier mix and lower persistency rates, which includes
an increase in constraint and higher provision for renewal year lapse rates,
somewhat offset by higher commission rates.

Opieka zdrowotna

The total number of SelectRx members represents the amount of active customers
to which an order has been shipped, as this is the primary key driver of revenue
for Healthcare Services.
The following table shows the total number of SelectRx members as of the periods
presented:
December 31, 2022       December 31, 2021
Total SelectRx Members               39,308                  7,693

Łączna liczba członków SelectRx wzrosła o 411% na dzień 31 grudnia 2022 r.,
w porównaniu do 31 grudnia 2021 r., ze względu na strategiczny rozwój Healthcare
Usługi.

Połączone usługi dla seniorów i opieki zdrowotnej — ekonomia konsumenta na jednostkę

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The opportunity to leverage our existing database and distribution model to
improve access to healthcare services for our consumers has created a need for
us to review our key metrics related to our per unit economics. As we think
about the revenue and expenses for Healthcare Services, we note that they are
derived from the marketing acquisition costs associated with the sale of an MA
or MS policy, some of which costs are allocated directly to Healthcare Services,
and therefore determined that our per unit economics measure should include
components from both Senior and Healthcare Services. See details of revenue and
expense items included in the calculation below.
Combined Senior and Healthcare Services consumer per unit economics represents
total MA and MS commissions; other product commissions; other revenues,
including revenues from Healthcare Services; and operating expenses associated
with Senior and Healthcare Services, each shown per number of approved MA and MS
policies over a given time period. Management assesses the business on a
per-unit basis to help ensure that the revenue opportunity associated with a
successful policy sale is attractive relative to the marketing acquisition cost.
Because not all acquired leads result in a successful policy sale, all
per-policy metrics are based on approved policies, which is the measure that
triggers revenue recognition.
The MA and MS commission per MA/MS policy represents the LTV for policies sold
in the period. Other commission per MA/MS policy represents the LTV for other
products sold in the period, including DVH prescription drug plan, and other
products, which management views as additional commission revenue on our agents'
core function of MA/MS policy sales. Pharmacy revenue per MA/MS policy
represents revenue from SelectRx and other revenue per MA/MS policy represents
revenue from Population Health, production bonuses, marketing development funds,
lead generation revenue, and adjustments from the Company's reassessment of its
cohorts' transaction prices. Total operating expenses per MA/MS policy
represents all of the operating expenses within Senior and Healthcare Services.
The revenue to customer acquisition cost ("CAC") multiple represents total
revenue per MA/MS policy as a multiple of total marketing acquisition cost,
which represents the direct costs of acquiring leads. These costs are included
in marketing and advertising expense within the total operating expenses per
MA/MS policy.
The following table shows combined Senior and Healthcare Services consumer per
unit economics for the periods presented. Based on the seasonality of Senior and
the fluctuations between quarters, we believe that the most relevant view of per
unit economics is on a rolling 12-month basis. All per MA/MS policy metrics
below are based on the sum of approved MA/MS policies, as both products have
similar commission profiles.
Twelve Months Ended December 31,
(dollars per approved policy):                                 2022                       2021
Medicare Advantage and Medicare Supplement approved             617,687                     574,682

zasady

Prowizja Medicare Advantage i Medicare Supplement
zgodnie z polityką IZ/MS

                                      $             880            $          1,067
Other commission per MA/MS policy                                    19                          33
Pharmacy revenue per MA/MS policy                                   225                          26
Other revenue per MA/MS policy                                       62                         (73)
Total revenue per MA/MS policy                                    1,186                       1,053
Total operating expenses per MA/MS policy                        (1,111)                     (1,195)
Adjusted EBITDA per MA/MS policy (1)                  $              75            $           (142)
Adjusted EBITDA Margin per MA/MS policy (1)                           6    %                    (13) %
Revenue/CAC multiple                                                    3.0X                      1.8X
(1) These financial measures are not calculated in accordance with GAAP. See
"Management's Discussion and Analysis of Financial Condition and Results of
Operations-Non-GAAP Financial Measures" for information regarding our use of
these non-GAAP financial measures and a reconciliation of such measures to their
nearest comparable financial measures calculated and presented in accordance
with GAAP.
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Total revenue per MA/MS policy increased 13% for the twelve months ended
December 31, 2022, compared to the twelve months ended December 31, 2021, due to
the increase in pharmacy revenue and the downward Senior revenue adjustments
from a change in estimate of MA cohort transaction prices that were made during
the three months ended December 31, 2021. Total cost per policy decreased 7% for
the twelve months ended December 31, 2022, compared to the twelve months ended
December 31, 2021, driven by a decrease in our marketing and advertising costs,
partially offset by an increase in cost of goods sold-pharmacy revenue for
Healthcare Services due to the growth of the business.

Życie

Life premium represents the total premium value for all policies that were
approved by the relevant insurance carrier partner and for which the policy
document was sent to the policyholder and payment information was received by
the relevant insurance carrier partner during the indicated period. Because our
commissions are earned based on a percentage of total premium, total premium
volume for a given period is the key driver of revenue for Life.
The following table shows term and final expense premiums for the periods
presented:
Three Months Ended December 31,                 Six Months Ended December 31,
(in thousands):                                     2022                    2021                   2022                   2021
Term Premiums                                $         15,824          $    15,548          $        30,922          $    31,057
Final Expense Premiums                                 17,093               21,134                   39,457               55,186
Total                                        $         32,917          $    36,682          $        70,379          $    86,243
Total term premiums remained flat for the three months ended December 31, 2022,
compared to the three months ended December 31, 2021, due to the 14% increase in
the average premium per policy sold, somewhat offset by the 11% decrease in the
number of policies sold which was driven by a lower average agent headcount.
Final expense premiums decreased 19% for the three months ended December 31,
2022, compared to the three months ended December 31, 2021. The number of
policies sold declined 28% driven by a lower average agent headcount, which was
somewhat offset by a 13% increase in the average premium per policy sold.
Total term premiums remained flat for the six months ended December 31, 2022,
compared to the six months ended December 31, 2021, due to the 12% increase in
the average premium per policy sold, somewhat offset by the 11% decrease in the
number of policies sold which was driven by a lower average agent headcount.
Final expense premiums decreased 29% for the six months ended December 31, 2022,
compared to the six months ended December 31, 2021. The number of policies sold
declined 37% driven by a lower average agent headcount, which was somewhat
offset by a 13% increase in the average premium per policy sold.

Auto i dom

Auto & Home premium represents the total premium value of all new policies that
were approved by our insurance carrier partners during the indicated period.
Because our commissions are earned based on a percentage of total premium, total
premium volume for a given period is the key driver of revenue for Auto & Home.

Poniższa tabela przedstawia składki za prezentowane okresy:

Three Months Ended December 31,                 Six Months Ended December 31,
(in thousands):                               2022                    2021                   2022                   2021
Premiums                               $         12,080          $    10,585          $        23,628          $    23,843
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Total premiums increased 14% for the three months ended December 31, 2022,
compared to the three months ended December 31, 2021, driven by a 8% increase in
the number of policies sold and a 6% increase in the average premium per policy
sold.

Suma składek pozostała na niezmienionym poziomie w okresie sześciu miesięcy zakończonym 31 grudnia 2022 r.,
w porównaniu do okresu 6 miesięcy zakończonego 31 grudnia 2021 roku. Liczba sprzedanych polis
spadła o 8%, co zostało zrekompensowane wzrostem średniej składki za 8% na osobę
polisa sprzedana.

Środki finansowe niezgodne ze standardami GAAP

To supplement our financial statements presented in accordance with GAAP and to
provide investors with additional information regarding our GAAP financial
results, we have presented in this Quarterly Report on Form 10-Q Adjusted EBITDA
and Adjusted EBITDA Margin, which are non-GAAP financial measures. These
non-GAAP financial measures are not based on any standardized methodology
prescribed by GAAP and are not necessarily comparable to similarly titled
measures presented by other companies.
Adjusted EBITDA. We define Adjusted EBITDA as income (loss) before interest
expense, income tax expense (benefit), depreciation and amortization, and
certain add-backs for transaction costs and non-cash or non-recurring expenses,
including restructuring, share-based compensation expenses, and any impairment
charges. The most directly comparable GAAP measure is net income (loss). We
monitor and have presented in this Quarterly Report on Form 10-Q Adjusted EBITDA
because it is a key measure used by our management and Board of Directors to
understand and evaluate our operating performance, to establish budgets, and to
develop operational goals for managing our business. In particular, we believe
that excluding the impact of these expenses in calculating Adjusted EBITDA can
provide a useful measure for period-to-period comparisons of our core operating
performance.
We believe that this non-GAAP financial measure helps identify underlying trends
in our business that could otherwise be masked by the effect of the expenses
that we exclude in the calculations of this non-GAAP financial measure.
Accordingly, we believe that this financial measure provides useful information
to investors and others in understanding and evaluating our operating results,
enhancing the overall understanding of our past performance and future
prospects.
Adjusted EBITDA is not prepared in accordance with GAAP and should not be
considered in isolation of, or as an alternative to, measures prepared in
accordance with GAAP. There are a number of limitations related to the use of
this non-GAAP financial measure rather than net income (loss), which is the most
directly comparable financial measure calculated and presented in accordance
with GAAP. These limitations include the fact that Adjusted EBITDA excludes
interest expense, depreciation and amortization expense, share-based
compensation expense, income tax expense (benefit), and other non-recurring
expenses that are one-time in nature. In addition, other companies may use other
measures to evaluate their performance, all of which could reduce the usefulness
of our non-GAAP financial measures as tools for comparison.
The following tables reconcile Adjusted EBITDA and net loss, the most directly
comparable financial measure calculated and presented in accordance with GAAP,
for the periods presented:

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