$MAX

MediaAlpha, Inc.

CIK:0001818383|SEC Filings

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 316,875	$ 251,622	$ 626,879	$ 515,931
Costs and operating expenses
Cost of revenue	271,701	213,935	535,006	436,605
Sales and marketing	5,161	5,228	10,489	10,854
Product development	6,043	5,353	11,498	10,239
General and administrative	14,008	47,148	27,550	64,743
Write-off of intangible assets	0	0	0	13,416
Total costs and operating expenses	296,913	271,664	584,543	535,857
Income (loss) from operations	19,962	(20,042)	42,336	(19,926)
Other (income), net	(37,903)	(695)	(38,518)	(1,151)
Interest expense	2,774	2,870	5,215	5,825
Total other (income) expense, net	(35,129)	2,175	(33,303)	4,674
Income (loss) before income taxes	55,091	(22,217)	75,639	(24,600)
Income tax expense	13,308	316	19,810	267
Net income (loss)	41,783	(22,533)	55,829	(24,867)
Net income (loss) attributable to non-controlling interest	2,345	(3,791)	4,924	(4,177)
Net income (loss) attributable to MediaAlpha, Inc.	$ 39,438	$ (18,742)	$ 50,905	$ (20,690)
Net income (loss) attributable to MediaAlpha, Inc. per share of Class A common stock
Basic (in dollars per share)	$ 0.73	$ (0.33)	$ 0.93	$ (0.37)
Diluted (in dollars per share)	$ 0.65	$ (0.33)	$ 0.86	$ (0.37)
Weighted average shares of Class A common stock outstanding
Basic (in shares)	53,747,946	56,141,117	54,791,225	55,888,125
Diluted (in shares)	62,072,166	56,141,117	63,115,445	55,888,125

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash flows from operating activities
Net income (loss)	$ 41,783	$ 14,046	$ (22,533)	$ (2,334)	$ 55,829	$ (24,867)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity-based compensation expense					15,731	15,136
Non-cash lease expense					524	456
Depreciation expense on property and equipment					150	130
Amortization of intangible assets	500		500		955	1,956	$ 2,979
Amortization of deferred debt issuance costs					271	359
Loss on extinguishment of debt					235	0
Gain on repurchase of interests in tax receivables agreement					(37,651)	0
Write-off of intangible assets	0		0		0	13,416	13,416
Credit losses					106	(192)
Deferred taxes					19,215	0
Tax receivables agreement					(855)	79
Changes in operating assets and liabilities:
Accounts receivable					(18,654)	40,348
Prepaid expenses and other current assets					(74)	(637)
Other assets					250	250
Accounts payable					22,310	(29,725)
Accrued expenses					(17,311)	32,714
Net cash provided by operating activities					41,031	49,423
Cash flows from investing activities
Purchases of property and equipment					(816)	(232)
Net cash (used in) investing activities					(816)	(232)
Cash flows from financing activities
Proceeds from revolving line of credit					30,000	0
Repayments on revolving line of credit					(5,000)	0
Proceeds from issuance of long-term debt					150,000	0
Repayments on long-term debt					(150,828)	(4,750)
Payments of debt issuance costs					(2,101)	0
Repurchases of Class A common stock					(40,869)	0
Contributions from QLH’s members					751	391
Distributions to non-controlling interests					(5,681)	(787)
Payments pursuant to tax receivables agreement					(6,990)	0
Repurchase of interests in tax receivables agreement					(31,000)	0
Shares withheld for taxes on vesting of restricted stock units					(1,628)	(1,930)
Net cash (used in) financing activities					(63,346)	(7,076)
Net (decrease) increase in cash and cash equivalents					(23,131)	42,115
Cash and cash equivalents, beginning of period		$ 46,876		$ 43,266	46,876	43,266	43,266
Cash and cash equivalents, end of period	$ 23,745		$ 85,381		23,745	85,381	$ 46,876
Supplemental disclosures of cash flow information
Interest					7,090	5,616
Income taxes paid					760	824
Non-cash Investing and Financing Activities:
Right-of-use assets obtained in exchange of lease obligations					0	176
Vesting of performance-based restricted stock units					0	1,649
Accrued excise tax on repurchases of Class A common stock					$ 196	$ 0

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 23,745	$ 46,876
Accounts receivable, net of allowance for credit losses of $804 and $717, respectively	141,567	123,019
Prepaid expenses and other current assets	6,028	4,477
Total current assets	171,340	174,372
Intangible assets, net	2,635	3,590
Goodwill	47,739	47,739
Deferred tax assets	130,519	149,734
Other assets	7,583	8,396
Total assets	359,816	383,831
Current liabilities
Accounts payable	113,404	91,094
Accrued expenses	12,506	34,746
Current portion of long-term debt	7,168	21,807
Total current liabilities	133,078	147,647
Long-term debt, net of current portion	169,542	131,602
Liabilities under tax receivables agreement, net of current portion	50,951	124,212
Other long-term liabilities	11,193	9,564
Total liabilities	364,764	413,025
Commitments and contingencies (Note 5)
Stockholders' deficit
Preferred stock, $0.01 par value - 50 million shares authorized; 0 shares issued and outstanding as of June 30, 2026 and December 31, 2025	0	0
Additional paid-in capital	457,204	483,825
Accumulated deficit	(429,405)	(480,310)
Total stockholders' equity attributable to MediaAlpha, Inc.	28,412	4,160
Non-controlling interests	(33,360)	(33,354)
Total stockholders' deficit	(4,948)	(29,194)
Total liabilities and stockholders' deficit	359,816	383,831
Class A Common
Stockholders' deficit
Common stock	530	562
Class B Common
Stockholders' deficit
Common stock	$ 83	$ 83