MediaAlpha, Inc.

Listed Company

MAXCIK 0001818383NYSEAcceleratedServices-Business Services, NecDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.11B

Net Income

$25.62M

Total Assets

$383.83M

Equity

$4.16M

Shares Out

Op. Cash Flow

$65.60M

Business

MediaAlpha, Inc. operates a real-time, programmatic technology platform that connects insurance carriers and distributors with high-intent consumers to optimize customer acquisition. It offers Consumer Referral products (clicks, calls, leads), data science, granular targeting and pricing tools, integration and yield-management services, and both Open and Private marketplace transaction models. The company’s business is organized around core insurance verticals—property & casualty, health, and life—serving Demand Partners (buyers), Supply Partners (sellers) and agent relationships. It primarily distributes via online channels, partner websites and proprietary sites within the U.S. insurance ecosystem.

Summary from filing dated 2025-02-24

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	1,114	865	388	459	645
Cost of revenue	946	721	321	389	544
Sales and marketing	21	25	25	29	23
Product development	21	20	18	21	15
General and administrative	90	56	63	56	61
Write-off of intangible assets	13	0	0	—	—
Total costs and operating expenses	1,091	822	428	494	643
Income (loss) from operations	22	43	−40	−35	2
Other expense, net	122	5	2	−75	4
Interest expense	11	14	15	9	—
Total other expense, net	133	19	17	−66	12
(Loss) income before income taxes	−111	24	−57	30	−10
Income tax (benefit) expense	−138	1	−463,000	103	−1
Net income (loss)	27	22	−57	−72	−8
Net income (loss) attributable to non-controlling interests	1	5	−16	−15	−3
Net income (loss) attributable to MediaAlpha, Inc.	26	17	−40	−58	−5
Basic (in dollars per share)	0.46	0.31	−0.89	−1.37	−0.14
Diluted (in dollars per share)	0.39	0.31	−0.89	−1.37	−0.19
Basic (in shares)	56	53	46	42	37
Diluted (in shares)	67	53	46	42	61

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	47	43	17	15	51
Accounts receivable, net of allowance for credit losses of $717 and $1,005, respectively	123	143	54	60	76
Prepaid expenses and other current assets	4	4	4	6	10
Total current assets	174	190	75	80	137
Intangible assets, net	4	20	26	33	13
Goodwill	48	48	48	48	18
Deferred tax assets	150	0	—	0	103
Other assets	8	5	6	9	19
Total assets	384	262	154	170	290
Accounts payable	91	106	56	54	62
Accrued expenses	35	19	12	14	14
Current portion of long-term debt	22	9	12	9	9
Total current liabilities	148	133	80	77	84
Long-term debt, net of current portion	132	154	162	174	178
Liabilities under tax receivables agreement, net of current portion	124	7	0	0	85
Other long-term liabilities	10	15	6	5	4
Total liabilities	413	309	248	256	351
Commitments and contingencies (Note 7)	—	—	—	—	—
Preferred stock, $0.01 par value - 50 million shares authorized; 0 shares issued and outstanding as of December 31, 2025 and December 31, 2024	0	0	0	0	0
Additional paid-in capital	484	508	512	466	420
Accumulated deficit	−480	−506	−523	−482	−424
Total stockholders equity attributable to MediaAlpha, Inc.	4	2	−10	−16	−4
Non-controlling interests	−33	−49	−84	−70	−57
Total stockholders' deficit	−29	−46	−94	−86	−62
Total liabilities and stockholders deficit	384	262	154	170	290

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Equity-based compensation expense	30	34	53	58	46
Non-cash lease expense	938,000	803,000	695,000	753,000	594,000
Depreciation expense on property and equipment	273,000	252,000	353,000	392,000	369,000
Amortization of intangible assets	3	6	7	6	3
Amortization of deferred debt issuance costs	700,000	800,000	800,000	800,000	1
Impairment of cost method investment	0	0	1	9	0
Credit losses	−173,000	497,000	5,000	136,000	143,000
Deferred taxes	−139	0	0	103	919,000
Tax receivables agreement	124	7	6,000	—	—
Accounts receivable	20	−90	6	17	20
Prepaid expenses and other current assets	−672,000	−244,000	2	5	−3
Other assets	−4	500,000	500,000	417,000	500,000
Accounts payable	−14	49	2	−8	−36
Accrued expenses	4	14	2	−494,000	3
Net cash provided by operating activities	66	46	20	28	29
Purchases of property and equipment	−340,000	−254,000	−73,000	−98,000	−650,000
Acquisition of intangible assets	0	−400,000	0	0	0
Net cash (used in) investing activities	−340,000	−654,000	−73,000	−50	−650,000
Repayments on long-term debt	−10	−13	−10	−10	−186
Debt issuance costs	−284,000	0	0	0	−866,000
Payments pursuant to tax receivables agreement	0	0	−3	−216,000	0
Shares withheld for taxes on vesting of restricted stock units	−4	−6	−4	−4	−3
Repurchases of Class A common stock	−47	0	0	−5	0
Contributions from QLHs members	869,000	854,000	1	1	0
Distributions to non-controlling interests	−1	−1	−3	−2	−338,000
Net cash (used in) financing activities	−62	−19	−17	−15	−961,000
Net increase in cash and cash equivalents	4	26	3	−36	27
Interest	11	14	14	7	6
Income taxes paid, net of refunds	1	228,000	−257,000	−2	307,000
Changes of tax indemnification receivable	−216,000	−52,000	644,000	—	—
Changes of deferred tax assets related to increase in tax basis	−11	0	0	0	−68
Right-of-use assets obtained in exchange of lease obligations	322,000	465,000	133,000	0	4
Vesting of performance-based restricted stock units	2	0	0	—	—
Accrued excise tax on repurchases of Class A common stock at end of period	309,000	0	0	—	—

Filings

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