MediaAlpha, Inc.MAX

MediaAlpha, Inc. Leases Disclosure

10-KFiled Feb 23, 20262 min read
Leases
The Company leases office space under non-cancellable operating leases with original lease periods expiring between 2025 and 2028. These leases require monthly lease payments that may be subject to annual increases throughout the lease term. Certain of these leases also include renewal options at the election of the Company to renew or extend the lease. The Company does not assume renewals in the determination of the lease term unless the renewals are deemed to be reasonably assured at
lease commencement. The lease agreements do not contain any material residual value guarantees or material restrictive covenants.
The following table presents amounts recorded on the consolidated balance sheets related to operating leases:
As of
(in thousands)December 31,
2025		December 31,
2024
Operating leasesBalance Sheet location
Right-of-Use Assets, net - Operating Leases
Other assets$1,245 $1,861 
Operating Lease Liabilities - CurrentAccrued expenses$965 $994 
Operating Lease Liabilities - Non-currentOther long-term liabilities$415 $1,122 
The following presents the Company’s lease expense:
Year ended December 31,
(in thousands)202520242023
Operating lease cost$1,005 $895 $818 
Short-term lease cost13 31 107 
Variable lease cost207 171 160 
Total lease cost$1,225 $1,097 $1,085 
The following presents the Company’s supplemental cash flow information related to operating leases:
Year ended December 31,
(in thousands)202520242023
Cash paid for operating lease liabilities$1,124 $996 $918 
Right-of-use assets obtained in exchange of lease obligations$322 $465 $133 
The following presents the Company’s weighted-average remaining lease term and discount rate:
As of
December 31,
2025		December 31,
2024
Weighted-average remaining lease term1.88 years2.50 years
Weighted-average discount rate3.77 %3.93 %
The implicit rate within each lease is not readily determinable and therefore the Company uses its incremental borrowing rate at the date of adoption for existing leases or lease commencement date to determine the present value of the lease payments. The Company determined its incremental borrowing rate for each lease using indicative bank borrowing rates, adjusted for various factors including level of collateralization, term and currency to align with the terms of a lease.
Maturities of lease liabilities at December 31, 2025 were as follows:
(in thousands)Operating
Leases
Year Ended December 31,
2026$991 
2027202 
2028101 
2029106 
203018 
Total Lease Payments$1,418 
Less Imputed Interest(38)
Total Lease Liabilities$1,380 
At December 31, 2025, there were no leases entered into that had not yet commenced.

Historical Timeline

Fiscal YearFiled
2025Feb 23, 2026Showing above
2024Feb 24, 2025
2023Feb 22, 2024
2022Feb 27, 2023
2021Feb 28, 2022

About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.

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