MediaAlpha, Inc. Goodwill & Intangibles Disclosure
| December 31, 2025 | December 31, 2024 | ||||||||||||||||||||||||||||||||||||||||
| (in thousands) | Useful life (months) | Gross carrying amount | Accumulated amortization | Net carrying amount | Gross carrying amount | Accumulated amortization | Net carrying amount | ||||||||||||||||||||||||||||||||||
| Customer relationships | 84 - 120 | $ | 25,040 | $ | (21,830) | $ | 3,210 | $ | 43,500 | $ | (29,503) | $ | 13,997 | ||||||||||||||||||||||||||||
| Non-compete agreements | 60 | 303 | (303) | — | 303 | (303) | — | ||||||||||||||||||||||||||||||||||
| Trademarks, trade names, and domain names | 60 - 120 | 1,624 | (1,244) | 380 | 9,284 | (3,296) | 5,988 | ||||||||||||||||||||||||||||||||||
| Intangible assets | $ | 26,967 | $ | (23,377) | $ | 3,590 | $ | 53,087 | $ | (33,102) | $ | 19,985 | |||||||||||||||||||||||||||||
| Goodwill | Indefinite | $ | 47,739 | $ | — | $ | 47,739 | $ | 47,739 | $ | — | $ | 47,739 | ||||||||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | ||||||||||||||||||||||
| (in thousands) | Goodwill | Intangible assets | Goodwill | Intangible assets | |||||||||||||||||||
| Beginning balance at January 1, | $ | 47,739 | $ | 19,985 | $ | 47,739 | $ | 26,015 | |||||||||||||||
| Additions to goodwill and intangible assets | — | — | — | 400 | |||||||||||||||||||
| Amortization | — | (2,979) | — | (6,430) | |||||||||||||||||||
| Write-off of intangible assets | — | (13,416) | — | — | |||||||||||||||||||
| Ending balance | $ | 47,739 | $ | 3,590 | $ | 47,739 | $ | 19,985 | |||||||||||||||
| (in thousands) | Amortization expense | ||||
| 2026 | $ | 1,911 | |||
| 2027 | 1,364 | ||||
| 2028 | 37 | ||||
| 2029 | 40 | ||||
| 2030 | 43 | ||||
| Thereafter | 195 | ||||
| $ | 3,590 | ||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 23, 2026 | Showing above |
| 2024 | Feb 24, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 27, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2020 | Mar 15, 2021 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.