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mediaalpha聯合創始人兼首席執行官史蒂夫·易表示：「我們在第三季度取得了出色的業績，各項關鍵指標均創下紀錄。」「我們的財產和意外傷害保險行業板塊再次超出了我們的預期，選擇承保商越來越多地利用我們的市場來推動增長。展望未來，作爲保險行業中最大最值得信賴的客戶獲取合作伙伴，我們處於良好的位置，能夠實現可持續的長期增長和市場份額增長。」

我們對2024年第四季度的指導反映了我們在財產與意外保險垂直領域看到的客戶獲取支出近期趨勢的延續。因此，我們預計與2024年第三季度水平相比，我們的財產與意外保險垂直領域的交易價值將保持平穩至略有上升，強於典型的季節性趨勢。由於醫療保險垂直領域在醫療保險方面面臨的逆風，我們預計第四季度的醫療保險垂直領域的交易價值將同比下降中單位數。

關於公司在「財務展望」下對調整後息稅折舊攤銷前利潤（Adjusted EBITDA）的預測，mediaalpha未提供將調整後息稅折舊攤銷前利潤（Adjusted EBITDA）與淨利潤之間進行對賬的原因，因爲公司無法合理確定可能會影響淨利潤的調整項目，且無法在不合理努力的情況下對其進行預測，其中包括股權報酬、交易費用和所得稅費用。這些調整項目是不確定的，取決於各種因素，並可能對適用期間的相應通用會計準則（GAAP）測量產生重大影響，無論是單獨還是彙總。

mediaalpha將在今天下午2點太平洋時間（東部時間下午5點）舉行問答電話會議，討論公司2024年第三季度業績和2024年第四季度財務展望。您可以在mediaalpha投資者關係網站上收聽現場音頻網絡廣播。 https://investors.mediaalpha.com。要註冊網絡廣播，請點擊這裏。參與者也可以撥打免費電話 (800) 715-9871 或 (646) 307-1963，輸入參會密碼2616289。會後將提供電話會議的音頻重播，並可在mediaalpha投資者關係網站上收聽。 https://investors.mediaalpha.com.

本新聞稿包含根據1995年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）的前瞻性聲明，包括但不限於我們的聲明，我們有望作爲保險行業中最大、最值得信賴的客戶獲取合作伙伴，處於良好位置以實現長期可持續增長和市場份額增長，以及我們對2024年第四季度的財務展望。這些前瞻性聲明反映了我們對未來事件和財務表現的當前看法。這些陳述經常或不經常通過使用諸如「可能」，「應該」，「可能」，「預測」，「潛在」，「認爲」，「很可能會」，「期望」，「繼續」，「將」，「預見」，「尋求」，「估計」，「打算」，「計劃」，「投影」，「將會」，和「展望」，或這些詞的負面版本或其他類似的詞語或短語來表達未來或前瞻性的性質。這些前瞻性聲明並非歷史事實，而是基於當前對我們行業、管理層信念以及管理層作出的某些假設的期望、估計和投影，其中很多自身的性質使得它們本質上是不確定的且超出我們的控制範圍。因此，我們提醒您，任何此類前瞻性聲明都不是未來表現的保證，並且可能面臨難以預測的風險、假設和不確定性。儘管我們認爲這些前瞻性聲明自制作之日起是合理的，但實際結果可能會證明與前瞻性聲明的表達或暗示結果大不相同。

存在或可能存在重要因素，可能導致我們的實際結果與這些前瞻性陳述中所示結果有重大差異，包括在 mediaalpha 向證券交易委員會（「SEC」）提交的文件中全面描述的那些，包括於2024年2月22日提交的10-k表格以及於2024年5月2日和2024年8月1日提交的10-Q表格，以及將於2024年10月31日左右提交的。這些因素不應被視爲窮盡。 MediaAlpha 不承擔更新任何前瞻性陳述以反映本新聞稿日期之後發生的事件或情況的義務。

We present Transaction Value, Adjusted EBITDA, Contribution, and Contribution Margin because they are used extensively by our management and board of directors to manage our operating performance, including evaluating our operational performance against budget and assessing our overall operating efficiency and operating leverage. Accordingly, we believe that Transaction Value, Adjusted EBITDA and Contribution Margin provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management team and board of directors. Each of Transaction Value, Adjusted EBITDA and Contribution Margin has limitations as a financial measure and investors should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP.

We believe we are the insurance industry’s leading programmatic customer acquisition platform. With more than 1,200 active partners, we connect insurance carriers with online shoppers and generated more than 99 million consumer referrals in 2023. Our programmatic advertising technology over the last twelve months powered $1.2 billion in spend on brand, comparison, and metasearch sites across property & casualty insurance, health insurance, life insurance, and other industries. For more information, please visit www.mediaalpha.com.


	September 30, 2024		December 31, 2023
Assets
Current assets
Cash and cash equivalents	$	32,304	$	17,271
Accounts receivable, net of allowance for credit losses of $1,027 and $537, respectively	126,814		53,773
Prepaid expenses and other current assets	2,936		3,529
Total current assets	162,054		74,573
Intangible assets, net	21,588		26,015
Goodwill	47,739		47,739

Other assets	4,729		5,598
Total assets	$	236,110	$	153,925
Liabilities and stockholders' deficit
Current liabilities
Accounts payable	$	109,577	$	56,279
Accrued expenses	14,202		11,588
Current portion of long-term debt	8,839		11,854
Total current liabilities	132,618		79,721
Long-term debt, net of current portion	155,811		162,445

Other long-term liabilities	7,302		6,184
Total liabilities	$	295,731	$	248,350
Commitments and contingencies
Stockholders' (deficit)
Class A common stock, $0.01 par value - 1.0 billion shares authorized; 55.1 million and 47.4 million shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	551		474
Class B common stock, $0.01 par value - 100 million shares authorized; 11.6 million and 18.1 million shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	116		181
Preferred stock, $0.01 par value - 50 million shares authorized; 0 shares issued and outstanding as of September 30, 2024 and December 31, 2023	—		—
Additional paid-in capital	501,543		511,613
Accumulated deficit	(510,573)		(522,562)
Total stockholders' (deficit) attributable to MediaAlpha, Inc.	$	(8,363)	$	(10,294)
Non-controlling interest	(51,258)		(84,131)
Total stockholders' (deficit)	$	(59,621)	$	(94,425)
Total liabilities and stockholders' deficit	$	236,110	$	153,925


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenue	$	259,133	$	74,573	$	564,056	$	270,975
Costs and operating expenses
Cost of revenue	219,907		62,277		469,465		226,545
Sales and marketing	6,496		6,101		18,608		19,802
Product development	5,328		4,296		14,743		14,525
General and administrative	11,794		16,648		36,767		50,473
Total costs and operating expenses	243,525		89,322		539,583		311,345
Income (loss) from operations	15,608		(14,749)		24,473		(40,370)
Other (income) expense, net	(154)		(100)		(1,971)		1,165
Interest expense	3,562		3,947		11,158		11,397
Total other expense, net	3,408		3,847		9,187		12,562
Income (loss) before income taxes	12,200		(18,596)		15,286		(52,932)
Income tax expense	312		102		469		330
Net income (loss)	$	11,888	$	(18,698)	$	14,817	$	(53,262)
Net income (loss) attributable to non-controlling interest	2,406		(5,196)		2,828		(15,208)
Net income (loss) attributable to MediaAlpha, Inc.	$	9,482	$	(13,502)	$	11,989	$	(38,054)
Net income (loss) per share of Class A common stock
-Basic	$	0.17	$	(0.29)	$	0.23	$	(0.84)
-Diluted	$	0.17	$	(0.29)	$	0.22	$	(0.84)
Weighted average shares of Class A common stock outstanding
-Basic	54,909,772		46,229,672		52,293,622		45,095,417
-Diluted	54,909,772		46,229,672		66,087,041		45,095,417


	Nine Months Ended September 30,
	2024		2023
Cash flows from operating activities
Net income (loss)	$	14,817	$	(53,262)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity-based compensation expense	26,452		43,943
Non-cash lease expense	596		508
Depreciation expense on property and equipment	191		275
Amortization of intangible assets	4,827		5,188
Amortization of deferred debt issuance costs	569		597

Impairment of cost method investment	—		1,406
Credit losses	519		(220)

Tax receivable agreement liability adjustments	—		6
Changes in operating assets and liabilities:
Accounts receivable	(73,560)		27,167
Prepaid expenses and other current assets	547		3,059
Other assets	375		375
Accounts payable	53,298		(15,243)
Accrued expenses	2,712		1,138
Net cash provided by operating activities	$	31,343	$	14,937
Cash flows from investing activities
Purchases of property and equipment	(207)		(60)
Acquisition of intangible assets	(400)		—
Net cash (used in) investing activities	$	(607)	$	(60)
Cash flows from financing activities


Payments made for / proceeds received from:


Repayments on long-term debt	(10,172)		(7,125)


Contributions from QLH’s members	756		196
Distributions	(1,111)		(1,572)
Payments pursuant to tax receivable agreement	—		(2,822)
Shares withheld for taxes on vesting of restricted stock units	(5,176)		(2,900)
Net cash (used in) financing activities	$	(15,703)	$	(14,223)
Net increase in cash and cash equivalents	15,033		654
Cash and cash equivalents, beginning of period	17,271		14,542
Cash and cash equivalents, end of period	$	32,304	$	15,196

We define “Transaction Value” as the total gross dollars transacted by our partners on our platform. Transaction Value is an operating metric not presented in accordance with GAAP, and is a driver of revenue based on the economic relationships we have with our partners. Our partners use our platform to transact via Open and Private Marketplace transactions. In our Open Marketplace model, revenue recognized represents the fees paid by our Demand Partners for Consumer Referrals sold and is equal to the Transaction Value and revenue share payments to our Supply Partners represent costs of revenue. In our Private Marketplace model, revenue recognized represents a platform fee billed to the Supply Partner based on an agreed-upon percentage of the Transaction Value for the Consumer Referrals transacted, and accordingly there are no associated costs of revenue. We utilize Transaction Value to assess the overall level of transaction activity through our platform. We believe it is useful to investors to assess the overall level of activity on our platform and to better understand the sources of our revenue across our different transaction models and verticals.


	Three Months Ended September 30,						Nine Months Ended September 30,
(dollars in thousands)	2024			2023			2024			2023
Open Marketplace transactions	$	253,016		$	73,053		$	546,949		$	263,568
Percentage of total Transaction Value	56.0		%	67.0		%	55.1		%	61.6		%
Private Marketplace transactions	198,759			35,963			445,742			164,524
Percentage of total Transaction Value	44.0		%	33.0		%	44.9		%	38.4		%
Total Transaction Value	$	451,775		$	109,016		$	992,691		$	428,092


	Three Months Ended September 30,						Nine Months Ended September 30,
(dollars in thousands)	2024			2023			2024			2023
Property & Casualty insurance	$	387,451		$	44,715		$	777,521		$	223,305
Percentage of total Transaction Value	85.8		%	41.0		%	78.3		%	52.2		%
Health insurance	55,615			51,210			179,980			161,450
Percentage of total Transaction Value	12.3		%	47.0		%	18.1		%	37.7		%
Life insurance	6,261			7,566			24,384			26,042
Percentage of total Transaction Value	1.4		%	6.9		%	2.5		%	6.1		%
Other(1)	2,448			5,525			10,806			17,295
Percentage of total Transaction Value	0.5		%	5.1		%	1.1		%	4.0		%
Total Transaction Value	$	451,775		$	109,016		$	992,691		$	428,092

We define “Contribution” as revenue less revenue share payments and online advertising costs, or, as reported in our consolidated statements of operations, revenue less cost of revenue (i.e., gross profit), as adjusted to exclude the following items from cost of revenue: equity-based compensation; salaries, wages, and related costs; internet and hosting costs; amortization; depreciation; other services; and merchant-related fees. We define “Contribution Margin” as Contribution expressed as a percentage of revenue for the same period. Contribution and Contribution Margin are non-GAAP financial measures that we present to supplement the financial information we present on a GAAP basis. We use Contribution and Contribution Margin to measure the return on our relationships with our supply partners (excluding certain fixed costs), the financial return on and efficacy of our online advertising costs to drive consumers to our proprietary websites, and our operating leverage. We do not use Contribution and Contribution Margin as measures of overall profitability. We present Contribution and Contribution Margin because they are used by our management and board of directors to manage our operating performance, including evaluating our operational performance against budget and assessing our overall operating efficiency and operating leverage. For example, if Contribution increases and our headcount costs and other operating expenses remain steady, our Adjusted EBITDA and operating leverage increase. If Contribution Margin decreases, we may choose to re-evaluate and re-negotiate our revenue share agreements with our supply partners, to make optimization and pricing changes with respect to our bids for keywords from primary traffic acquisition sources, or to change our overall cost structure with respect to headcount, fixed costs and other costs. Other companies may calculate Contribution and Contribution Margin differently than we do. Contribution and Contribution Margin have their limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results presented in accordance with GAAP.


	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands)	2024			2023			2024			2023
Revenue	$	259,133		$	74,573		$	564,056		$	270,975
Less cost of revenue	(219,907)			(62,277)			(469,465)			(226,545)
Gross profit	$	39,226		$	12,296		$	94,591		$	44,430
Adjusted to exclude the following (as related to cost of revenue):
Equity-based compensation	405			1,012			2,654			2,959
Salaries, wages, and related	907			878			2,474			2,832
Internet and hosting	145			138			402			418
Other expenses	170			179			539			513
Depreciation	5			9			15			30
Other services	549			514			2,008			1,795
Merchant-related fees	75			11			217			14
Contribution	$	41,482		$	15,037		$	102,900		$	52,991
Gross margin	15.1		%	16.5		%	16.8		%	16.4		%
Contribution Margin	16.0		%	20.2		%	18.2		%	19.6		%

We define “Adjusted EBITDA” as net income (loss) excluding interest expense, income tax benefit (expense), depreciation expense on property and equipment, amortization of intangible assets, as well as equity-based compensation expense and certain other adjustments as listed in the table below. Adjusted EBITDA is a non-GAAP financial measure that we present to supplement the financial information we present on a GAAP basis. We monitor and present Adjusted EBITDA because it is a key measure used by our management to understand and evaluate our operating performance, to establish budgets and to develop operational goals for managing our business. We believe that Adjusted EBITDA 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 Adjusted EBITDA. Accordingly, we believe that Adjusted EBITDA 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. In addition, presenting Adjusted EBITDA provides investors with a metric to evaluate the capital efficiency of our business.

Adjusted EBITDA is not presented in accordance with GAAP and should not be considered in isolation of, or as an alternative to, measures presented in accordance with GAAP. There are a number of limitations related to the use of Adjusted EBITDA rather than net income, 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 on debt, income tax benefit (expense), equity-based compensation expense, depreciation and amortization, and certain other adjustments that we consider to be useful to investors and others in understanding and evaluating our operating results. In addition, other companies may use other measures to evaluate their performance, including different definitions of “Adjusted EBITDA,” which could reduce the usefulness of our Adjusted EBITDA as a tool for comparison.


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Net income (loss)	$	11,888	$	(18,698)	$	14,817	$	(53,262)
Equity-based compensation expense	8,597		14,454		26,452		43,943
Interest expense	3,562		3,947		11,158		11,397
Income tax expense	312		102		469		330
Depreciation expense on property and equipment	65		87		191		275
Amortization of intangible assets	1,609		1,730		4,827		5,188
Transaction expenses(1)	(45)		5		1,172		553



Impairment of cost method investment	—		—		—		1,406
Contract settlement(2)	—		—		(1,725)		—
Changes in TRA related liability	—		—		—		6
Changes in Tax Indemnification Receivable	(84)		(20)		(86)		(48)
Settlement of federal and state income tax refunds	—		—		—		3
Legal expenses(3)	367		1,979		2,155		3,418
Reduction in force costs (4)	—		—		—		1,233
Adjusted EBITDA	$	26,271	$	3,586	$	59,430	$	14,442

(3)Legal expenses of $0.4 million and $2.2 million for the three and nine months ended September 30, 2024, respectively, and $2.0 million and $3.4 million for the three and nine months ended September 30, 2023, respectively, consist of legal fees incurred in connection with the civil investigative demand received from the Federal Trade Commission in February 2023 and costs associated with a legal settlement unrelated to our core operations during the nine months ended September 30, 2023.