Joshua B. Matthews
SelectQuoteAbout Joshua B. Matthews
Joshua B. Matthews is President, Senior Division at SelectQuote, serving in this role since July 2022. He first joined SelectQuote in 2014, holding leadership roles including Senior Vice President of Sales and Executive Vice President of Medicare Sales Operations (July 2019–June 2022). He is 41 as of September 30, 2025, holds a B.S. in Business Administration from Kansas State University and a Masters in Mathematics from Rockhurst University . During his tenure, SelectQuote delivered FY2025 revenue of $1.52B, net income of $47.6M, Adjusted EBITDA of $126.3M, and Senior division Adjusted EBITDA margin of 27%; in FY2024 the Senior division achieved 25% Adjusted EBITDA margin, while pay-versus-performance disclosures show cumulative TSR values of $12.36 (FY2025), $14.33 (FY2024), $10.12 (FY2023), and $12.88 (FY2022) for a $100 initial investment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| SelectQuote | President, Senior Division | Jul 2022–present | Senior division delivered 27% FY2025 Adjusted EBITDA margin amid regulatory headwinds . |
| SelectQuote | Executive Vice President, Medicare Sales Operations | Jul 2019–Jun 2022 | Led Medicare sales operations during business model evolution . |
| SelectQuote | Senior Vice President of Sales (Senior Division) | 2014–2019 (dates not specified) | Built sales leadership pipeline within Senior division . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| — | — | — | No public external directorships or roles disclosed . |
Fixed Compensation
- Not disclosed: Matthews is not listed among named executive officers in the Summary Compensation Tables; the proxies do not provide his base salary, target bonus %, or actual bonus paid .
Performance Compensation
- Annual Incentive Plan framework (for NEOs; company-level signals):
- Metrics and weighting: Revenue (33%), Adjusted EBITDA (33%), Operating Cash Flow (33%), with company component at 75% of total and individual component at 25% for FY2025/FY2024 .
- FY2025 payout scales: Revenue/Adjusted EBITDA payout increases 2% per 1% performance from 70–110%, and 5% per 1% from 110–126%; Operating Cash Flow payout bands from $(39.7)M (50%) to $(19.7)M (100%) to $0.3M (200%) .
- FY2024 payout scales: Revenue/Adjusted EBITDA thresholds at 80% (50%) to 120% (200%); Operating Cash Flow thresholds from $(26)M (50%) to $(6)M (100%) to $14M (200%) .
- FY2025 individual goals for non-CEO NEOs included maintaining Senior margins ≥20%, growing Healthcare Services margins/EBITDA, and launching chronic care management and other products .
| Metric | Weighting | Target Framework | Payout Scale (FY2025) | Payout Scale (FY2024) |
|---|---|---|---|---|
| Revenue | 33% | Company-set above prior year | 70%→40%; 100%→100%; 126%→200% | 80%→50%; 100%→100%; 120%→200% |
| Adjusted EBITDA | 33% | Company-set above prior year | 70%→40%; 100%→100%; 126%→200% | 80%→50%; 100%→100%; 120%→200% |
| Operating Cash Flow | 33% | Stretch vs budget | $(39.7)M→50%; $(19.7)M→100%; $0.3M→200% | $(26)M→50%; $(6)M→100%; $14M→200% |
- Long-term equity design signals (NEO program):
- RSUs and price-vested units (PVUs) with multi-year vesting; FY2024 PVU price hurdles set at $2.50/$5.00/$7.50/$10.00 and FY2022 PVUs at $4.00/$7.50/$10.00/$12.50 with three annual vesting tranches, contingent on continued employment .
Equity Ownership & Alignment
| Data Point | Detail |
|---|---|
| Beneficial ownership (post-transaction) | 483,525 shares direct as of Aug 1, 2025 Form 4 filing |
| Recent insider transaction | Aug 1, 2025: Code M; 1,902 shares acquired; price $0; holdings after 483,525 (Direct) |
| Ownership as % of shares outstanding | ~0.28% = 483,525 ÷ 175,884,846 shares outstanding (as of Sept 20, 2025) |
| Anti-hedging/pledging policy | Company prohibits pledging, short selling, and hedging for employees and directors . |
| Stock ownership guidelines | CEO: 5x salary; other NEOs: 3x salary; directors: 5x annual cash retainer; retention of 100% of vested shares until guideline met . |
Employment Terms
- Executive employment agreements are disclosed for named executive officers (NEOs), with three-year initial terms and annual auto-renewal, severance for “without cause”/“good reason,” and double-trigger change-in-control severance (CEO 2x; certain other NEOs 1.5x) plus COBRA reimbursement; restrictive covenants include two-year non-compete/non-solicit (shortened to 18 months post-CIC for non-CEO NEOs if company does not increase multiple to 2x) . Specific employment agreement terms for Joshua B. Matthews are not disclosed in the proxies .
Performance & Track Record
| Period | Division/Company Metric | Result |
|---|---|---|
| FY2025 | Senior division Adjusted EBITDA margin | 27% amid regulatory uncertainty; reduced marketing and operating expense per policy . |
| FY2024 | Senior division Approved MA policies | +8% YoY; Adjusted EBITDA margin 25% . |
| FY2025 | Company revenue | $1.52B . |
| FY2025 | Company net income | $47.58M . |
| FY2025 | Company Adjusted EBITDA | $126.25M . |
| FY2022–FY2025 | Value of $100 initial investment (TSR proxy measure) | $12.88 (FY2022); $10.12 (FY2023); $14.33 (FY2024); $12.36 (FY2025) . |
Compensation Structure Analysis
- Emphasis on at-risk pay for NEOs via AIP and equity (RSUs + PVUs); PVU price hurdles indicate focus on stock price appreciation and retention with multi-year vesting .
- No excise tax gross-ups; double-trigger CIC severance; robust anti-hedging/anti-pledging—positive governance signals .
- FY2025 AIP included OCF alongside revenue and Adjusted EBITDA, tightening cash discipline; payout scales were steeper above target versus FY2024, indicating increased stretch for superior outcomes .
Risk Indicators & Red Flags
- Anti-pledging policy reduces alignment risk from collateralization of shares .
- Multiple law firm press releases signal securities litigation pressure at company level in late 2025; not specific to Matthews but relevant to trading climate .
Compensation Peer Group & Say-on-Pay
- Pay-versus-performance tables and philosophy disclosed; peer TSR comparison is provided at a chart level in FY2025 proxy but peer constituents are not enumerated in retrieved chunks; say-on-pay results not retrieved in the provided sections .
Investment Implications
- Matthews’ role leading the Senior division aligns with company AIP priorities emphasizing margins and cash discipline; Senior division’s 27% FY2025 Adjusted EBITDA margin provides evidence of operational execution despite regulatory volatility .
- Equity alignment appears reasonable: direct holdings reported at 483,525 shares with company-wide prohibition on pledging/hedging—reducing misalignment risks; ownership ~0.28% of outstanding shares indicates moderate skin-in-the-game without concentrated selling pressure based on the recent Form 4 (Code M conversion and net addition) .
- Retention risk: Company-level NEO agreements feature double-trigger CIC and meaningful severance; Joshua’s specific agreement is not disclosed—lack of transparency slightly elevates uncertainty; however, multi-year PVU structures across the executive program suggest embedded retention incentives .
- Trading signals: Insider Form 4 activity in 2025 reflects small-scale transactions relative to total holdings; combined with price-vested equity architecture, signals bias toward long-term value realization rather than near-term selling pressure .