 | |||||
股東信函 Q3 2024 | |||||
| Q3 2024 | ||
Q3 2024財務業績 | ||
Q3 | |||||||||||
| （以百萬爲單位，除百分比外） | 2023 | 2024 | 同比 | ||||||||
| 營業收入 | $74.6 | $259.1 | 247% | ||||||||
交易價值 1 | $109.0 | $451.8 | 314% | ||||||||
| 毛利潤 | $12.3 | $39.2 | 219% | ||||||||
貢獻 1 | $15.0 | $41.5 | 176% | ||||||||
淨利潤（虧損） | $(18.7) | $11.9 | n/m | ||||||||
調整後EBITDA1 | $3.6 | $26.3 | 633% | ||||||||
| n/m - 不具有實際意義 | |||||||||||
__________________
1.有關在本股東信函中使用的非GAAP指標的更多信息，請參閱「關鍵業務和運營指標和非GAAP財務指標」。
Q3 2024 | ||
執行摘要 | ||
我們在第三季度取得了出色的業績，在所有關鍵指標上實現了創紀錄的成績。交易價值同比增長314%，達到歷史最高的45180萬美元，主要是由於我們財產保險業務板塊持續增長的動力。我們實現了2630萬美元的調整後EBITDA，同比增長超過600%，再次展示了我們業務模式中的強大運營槓桿作用。
在我們的財產與意外保險領域，交易價值同比增長超過750％，因爲汽車保險承保商在改善覈保盈利能力的背景下，增加了他們在直接渠道中的客戶獲取力度。這種額外需求推動了年度定價和成交量的同比增長。我們認爲汽車保險行業的復甦仍在中期階段，許多承保商尚未完全恢復增長營銷投資。在供應方面，我們戰略性地專注於擴大出版合作伙伴關係，也對我們在本季度的增長做出了貢獻，並使我們在未來的市場份額增長中處於有利位置。
在我們的健康保險業務中，第三季度交易價值同比增長9%，符合我們的預期。作爲提醒，第四季度是我們在這個垂直領域中季節性最強的季度，這主要是由於醫療保險年度選購期和平價呵護法案開放選購期的時間安排。我們繼續預計，與2023年的44%相比，我們的健康保險垂直領域將在全年內僅生成不到20%的交易價值，因爲我們的業務結構在與我們財產與意外（P&C）垂直領域反彈相關的情況下趨於正常化。
我們進一步增強了資產負債表，本季度以低於2.0倍的淨債務與調整後的息稅折舊攤銷前利潤(Adjusted EBITDA)比率收尾。我們在本季度還進行了營運資本投資，以支持我們的增長。展望未來，由於我們業務中的運營效率，包括最小化資本支出和營運資本需求，我們預計將會將相當比例的調整後的 EBITDA轉化爲現金。雖然降低淨債務仍然是短期重點，但我們依然致力於審慎資本管理，以創造長期股東價值。
我們相信我們的業務模式讓我們脫穎而出。我們在保險領域運營着最大的客戶獲取媒體市場，擁有強大的、不容易被競爭對手複製的長期合作伙伴關係。我們連接數百個供應合作伙伴，他們與數百個需求合作伙伴（主要是保險承運商）聯繫，以吸引數百萬高意向的保險購物者。我們模式的網絡效應允許承運商迅速擴大其直銷消費者營銷投資，使我們能夠在競爭激烈的廣告市場中獲得市場份額，同時保持強大的運營槓桿。
儘管P&C市場正在迅速改善，但我們看到未來增長空間巨大。儘管私人汽車保費同比增長約15％，盈利能力持續改善，但一些主要承保商看到在途保單減少和市場份額下降。我們預計，在這些承保商更爲激烈地爭奪市場份額時，營銷投資將加速。我們還預計，隨着更多承保商達到目標盈利水平並且關鍵州批准必要的費率提高，支出將進一步增加。憑藉我們深厚的合作伙伴關係、透明的市場以及可擴展的基礎，mediaalpha將能夠充分利用增長的數字廣告市場，並推動持續長期的增長和股東價值創造。
Q3 2024 | ||
| 財務討論 - 交易價值和營業收入指標 | ||
交易價值同比增長314%，達到45180萬美元，主要受財產和意外傷害保險（P&C insurance）垂直領域交易值增長766%的推動。交易價值代表我們平台上合作伙伴在客戶獲取方面的總投資，是反映我們爲合作伙伴創造價值並增加我們市場份額的關鍵指標之一，在預算越來越向在線遷移的情況下。
我們財產保險業務的交易價值同比增長了766%，達到了38750萬美元，這主要受到承保夥伴在營銷預算和客戶獲取支出方面出現的顯著同比增長的推動，因爲他們重新專注於增長以應對承保盈利能力的改善。
我們的健康保險業務交易價值同比增長9%，達到5560萬美元，主要是由於電話和潛在客戶需求增加。
我們的人壽保險業務交易價值同比下降17%，至630萬美元，主要是由於來自我們需求合作伙伴的客戶獲取支出減少所致。
我們的其他垂直領域包括旅行和消費金融，交易價值同比下降56%，至240萬美元。
Q3 2024 | ||
在2024年第三季度，我們的總營業收入達到了25910萬美元，同比增長了247%，主要受益於我們財產與意外傷害保險業務的營收提升。
我們的財產和意外保險業務收入在2024年第三季度同比增長586%，達到21900萬美元，主要受交易價值增加推動。
我們健康保險垂直領域的營業收入同比下降3%，至2024年第三季度的3290萬美元。健康收入減少，而交易價值增加，這是由於某些合作伙伴的增長，他們主要通過私人市場進行交易，我們僅認可平台費用作爲營業收入。
我們壽險業務的營業收入同比下降2%，在2024年第三季度爲520萬美元，這主要是由於我們的需求合作伙伴在客戶獲取方面的支出減少所致，部分抵消的是來自我們開放市場的交易比例較高，對營業收入產生了積極影響。
我們其他垂直領域的營業收入，包括旅行和消費金融，在2024年第三季度同比下降了40%，至200萬美元。
Q3 2024 | ||
財務討論 - 盈利能力 | ||
毛利潤在2024年第三季度爲3920萬美元，同比增長219%。貢獻，通常表示營業收入減營業分成支付和在線廣告費用，2024年第三季度爲4150萬美元，同比增長176%。毛利潤和貢獻同比增長主要受到營業收入的增加推動，部分抵消了較低的佣金率。2024年第三季度的貢獻率爲16.0%，較2023年第三季度的20.2%有所下降。
2024年第三季度的淨利潤爲1190萬美元，而2023年第三季度的淨虧損爲1870萬美元。主要是由於毛利潤增加了26.9百萬美元和股權激勵支出降低了590萬美元。
Adjusted EBITDA was $26.3 million in Q3 2024, a year-over-year increase of 633%. Adjusted EBITDA margin was 10.1% in Q3 2024, compared with 4.8% in Q3 2023. The increase was driven primarily by higher gross profit, offset in part by moderate investments in our operating expenses.
Q3 2024 | ||
Financial Discussion - Q4 2024 Outlook 1
Q4 2024 | ||||||||||||||
Transaction Value 2 | $470 million | - | $495 million | |||||||||||
| Y/Y Growth | 184% | 199% | ||||||||||||
| Revenue | $275 million | - | $295 million | |||||||||||
| Y/Y Growth | 135% | 152% | ||||||||||||
Adjusted EBITDA 2 | $29.5 million | - | $32.5 million | |||||||||||
| Y/Y Growth | 133% | 156% | ||||||||||||
Our guidance for Q4 2024 reflects a continuation of the recent trends in customer acquisition spending that we have seen in our P&C insurance vertical. As a result, we expect Transaction Value in our P&C insurance vertical to be flat to slightly up as compared to Q3 2024 levels, stronger than typical seasonal trends. We expect fourth quarter Transaction Value in our Health insurance vertical to be down mid-single digits year over year due to headwinds in Medicare.
Transaction Value: For Q4 2024, we expect Transaction Value to be in the range of $470 million - $495 million, a year-over-year increase of 192% at the midpoint.
Revenue: For Q4 2024, we expect revenue to be in the range of $275 million - $295 million, a year-over-year increase of 143% at the midpoint.
Adjusted EBITDA: For Q4 2024, we expect Adjusted EBITDA to be between $29.5 million and $32.5 million, a year-over-year increase of 144% at the midpoint. We are projecting Contribution less Adjusted EBITDA to be approximately $0.5 - $1.0 million higher than in Q3 2024.
Thank you,
| Steve Yi | Patrick Thompson | |||||||
| Chief Executive Officer, President and Co-Founder | Chief Financial Officer & Treasurer | |||||||
1 With respect to the Company’s projection of Adjusted EBITDA under “Financial Discussion – Q4 2024 Outlook”, MediaAlpha is not providing a reconciliation of Adjusted EBITDA to net income (loss) because the Company is unable to predict with reasonable certainty the reconciling items that may affect net income (loss) without unreasonable effort, including equity-based compensation, transaction expenses and income tax expense. These reconciling items are uncertain, depend on various factors and could significantly impact, either individually or in the aggregate, the GAAP measures for the applicable period.
2 See “Key Business and Operating Metrics and Non-GAAP Financial Measures” for additional information regarding non-GAAP metrics used in this shareholder letter.
Q3 2024 | ||
Key Business and Operating Metrics and Non-GAAP Financial Measures | ||
In addition to traditional financial metrics, we rely upon certain business and operating metrics that are not presented in accordance with GAAP to estimate the volume of spending on our platform, estimate and recognize revenue, evaluate our business performance and facilitate our operations. Such business and operating metrics should not be considered in isolation from, or as an alternative to, measures presented in accordance with GAAP and should be considered together with other operating and financial performance measures presented in accordance with GAAP. Also, such business and operating metrics may not necessarily be comparable to similarly titled measures presented by other companies.
Transaction Value
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.
The following table presents Transaction Value by platform model for the three and nine months ended September 30, 2024 and 2023:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| (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 | |||||||||||||||
The following table presents Transaction Value by vertical for the three and nine months ended September 30, 2024 and 2023:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| (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 | 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 | |||||||||||||||
Q3 2024 | ||
Contribution and Contribution Margin
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.
The following table reconciles Contribution with gross profit, the most directly comparable financial measure calculated and presented in accordance with GAAP, for the three and nine months ended September 30, 2024 and 2023:
| 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 | % | |||||||||||||||
Consumer Referrals
We define “Consumer Referral” as any consumer click, call or lead purchased by a buyer on our platform. Click revenue is recognized on a pay-per-click basis and revenue is earned and recognized when a consumer clicks on a listed buyer’s advertisement that is presented subsequent to the consumer’s search (e.g., auto insurance quote search or health insurance quote search). Call revenue is earned and recognized when a consumer transfers to a buyer and remains engaged for a requisite duration of time, as specified by each buyer. Lead revenue is recognized when we deliver data leads to buyers. Data leads are generated either through insurance carriers, insurance-focused research destination websites or other financial websites that make the data leads available for purchase through our platform, or when consumers complete a full quote request on our proprietary websites. Delivery occurs at the time of lead transfer. The data we generate from each Consumer Referral feeds into our analytics model to generate conversion probabilities for each unique consumer, enabling discovery of predicted return and cost per sale across the platform and helping us to improve our platform technology. We monitor the number of Consumer Referrals on our platform in order to measure Transaction Value, revenue and overall business performance across our verticals and platform models.
The following table presents the percentages of total Transaction Value generated from clicks, calls and leads for the three and nine months ended September 30, 2024 and 2023:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Clicks | 88.6 | % | 66.1 | % | 84.2 | % | 73.0 | % | |||||||||||||||
| Calls | 6.6 | % | 19.9 | % | 9.4 | % | 16.0 | % | |||||||||||||||
| Leads | 4.8 | % | 14.0 | % | 6.4 | % | 11.0 | % | |||||||||||||||
Q3 2024 | ||
Adjusted EBITDA
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. We define “Adjusted EBITDA Margin” as Adjusted EBITDA as a percentage of revenue. 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.
The following table reconciles Adjusted EBITDA with net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP, for the three and nine months ended September 30, 2024 and 2023:
| 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 | |||||||||||||||
(1)Transaction expenses consist of immaterial expenses and $1.2 million of legal and accounting fees incurred by us for the three and nine months ended September 30, 2024, respectively, in connection with resale registration statements filed with the SEC. For the three and nine months ended September 30, 2023, transaction expenses consist of immaterial expenses and $0.6 million of legal and accounting fees, respectively, in connection with the amendment to the 2021 Credit Facilities, the tender offer filed by the Company's largest shareholder in May 2023, and a resale registration statement filed with the SEC.
(2)Contract settlement consists of $1.7 million of income for the nine months ended September 30, 2024 recorded in connection with a one-time contract termination fee received from one of our supply partners in the Health and Life insurance verticals that ceased operations during the nine months ended September 30, 2024.
(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.
(4)Reduction in force costs for the nine months ended September 30, 2023 consist of $1.2 million of severance benefits provided to the terminated employees in connection with the RIF Plan. Additionally, equity-based compensation expense includes $0.3 million of charges related to the RIF Plan for the nine months ended September 30, 2023.
Q3 2024 | ||
Forward-Looking Statements
This shareholder letter contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation statements regarding statements regarding our belief that the auto insurance industry recovery is still in the middle innings, with many carriers yet to fully resume growth marketing investments; our belief that that our strategic focus on expanding publisher partnerships positions us well for continued market share growth into the future; our expectation that our Health insurance vertical will generate less than 20% of Transaction Value for the full year 2024; our expectation that we will convert a healthy percentage of Adjusted EBITDA into cash due to the operating efficiencies in our business; our expectation that carrier marketing investments will accelerate as they compete more aggressively for market share; our expectation that carrier marketing spend will increase further as additional carriers achieve target profitability levels and key states approve necessary rate increases; our belief that we are well-positioned to capitalize on the growing digital advertising market and drive sustained long-term growth and shareholder value creation; and our financial outlook for the fourth quarter of 2024. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would,” and “outlook,” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.
There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including those more fully described in MediaAlpha’s filings with the Securities and Exchange Commission (“SEC”), including the Form 10-K filed on February 22, 2024 and the Forms 10-Q filed on May 2, 2024 and August 1, 2024, and to be filed on or about October 31, 2024. These factors should not be construed as exhaustive. MediaAlpha disclaims any obligation to update any forward-looking statements to reflect events or circumstances that occur after the date of this shareholder letter.
Q3 2024 | ||