MediaAlpha Announces Fourth Quarter and Full Year 2020 Financial Results

March 11, 2021 4:05 PM EST

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  • Fourth quarter revenue of $190 million, growing 51% year-over-year; Full year 2020 revenue of $585 million, growing 43% year-over-year
    • Fourth quarter revenue from Property & Casualty grew 97% year-over-year to $123 million; Full year 2020 revenue from Property & Casualty grew 81% to $398 million
  • Fourth quarter Transaction Value reaches a record $257 million, growing 51% year-over-year; Full year 2020 Transaction Value of $816 million, growing 46% year-over-year

LOS ANGELES--(BUSINESS WIRE)-- MediaAlpha, Inc. (NYSE: MAX), today announced its financial results for the fourth quarter and full year ended December 31, 2020.

“The resilience of our team amidst the challenges we all faced in 2020 was truly inspiring, and it was a key component of our success in Q4 and the year overall,” said Steve Yi, MediaAlpha Co-founder and CEO. “Our Health insurance vertical delivered record-breaking performance, driven by increased demand from carriers and brokers during the strongest Open Enrollment Period and Annual Enrollment Period we’ve seen. Our Property & Casualty insurance vertical also continued to dominate the industry, as key carriers actually increased their budgets with us in what has historically been a seasonally soft quarter. We enter 2021 energized as to what we can accomplish.”

Fourth Quarter 2020 Financial Results

  • Revenue of $190.2 million, an increase of 51% year-over-year;
  • Transaction Value of $256.9 million, an increase of 51% year-over-year;
  • Gross margin of 13.9%, as compared to 16.1% from the same period in 2019;
  • Contribution Margin(1) of 16.2%, as compared to 17.0% from the same period in 2019;
  • Net income was $(13.2) million, as compared to $10.4 million in the fourth quarter of 2019; and
  • Adjusted EBITDA(1) was $18.2 million, compared to Adjusted EBITDA of $13.9 million in the fourth quarter of 2019

Full Year 2020 Financial Results

  • Revenue of $584.8 million, an increase of 43% year-over-year;
  • Transaction Value of $815.7 million, an increase of 46% year-over-year;
  • Gross margin of 14.6%, as compared to 16.0% in 2019;
  • Contribution Margin of 15.8%, as compared to 17.0% in 2019;
  • Net income was $10.6 million, as compared to $17.8 million in 2019; and
  • Adjusted EBITDA was $58.1 million, compared to Adjusted EBITDA of $42.9 million in 2019

(1)A reconciliation of GAAP to Non-GAAP financial measures has been provided at the end of this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”

Financial Outlook

For the first quarter of 2021, MediaAlpha currently expects the following:

  • Transaction Value between $250 - $260 million, representing 54% year-over-year growth at the midpoint of the guidance range
  • Revenue between $170 - $175 million, representing 44% year-over-year growth at the midpoint of the guidance range
  • Contribution between $26 - $28 million, representing 37% year-over-year growth at the midpoint of the guidance range
  • Adjusted EBITDA between $16 - $17 million, representing 30% year-over-year growth at the midpoint of the guidance range

For the full year 2021, MediaAlpha currently expects the following:

  • Transaction Value between $1,000 - $1,050 million, representing 26% year-over-year growth at the midpoint of the guidance range
  • Revenue between $700 - $740 million, representing 23% year-over-year growth at the midpoint of the guidance range
  • Contribution between $108 - $117 million, representing 21% year-over-year growth at the midpoint of the guidance range
  • Adjusted EBITDA between $64 - $66 million, representing 12% year-over-year growth at the midpoint of the guidance range

We expect total shares outstanding to be 59.4 million and 64.4 million on a basic and fully diluted basis, respectively, at the end of Q1 2021.

With respect to the Company’s projections of Contribution and Adjusted EBITDA under “Financial Discussion – Q1 and FY 2021 Outlook”, MediaAlpha is not providing a reconciliation of Contribution or Adjusted EBITDA to the respective GAAP measures because the Company is unable to predict with reasonable certainty the reconciling items that may affect gross profit and net income 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.

For a detailed explanation of the Company’s non-GAAP measures, please refer to the appendix section of this press release.

Conference Call Information

MediaAlpha will host a Q&A conference call today to discuss the Company's fourth quarter and full year 2020 results at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). A live audio webcast of the call will be available on the MediaAlpha Investor Relations website at https://investors.mediaalpha.com. To register for the webcast, click here. Participants may also dial-in, toll-free, at (833) 350-1346 or internationally at (236) 389-2445 with Conference ID#2458015. An audio replay of the conference call will be available for two weeks following the call and available on the MediaAlpha Investor Relations website at https://investors.mediaalpha.com.

We have also posted to our investor relations website a letter to shareholders. We have used, and intend to continue to use, our investor relations website at https://investors.mediaalpha.com as a means of disclosing material nonpublic information and for complying with our disclosure obligations under Regulation FD.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our financial outlook for the first quarter and full year 2021. 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 final prospectus filed with the SEC pursuant to Rule 424(b) promulgated under the Securities Act of 1933, as amended (the “Securities Act”), on October 29, 2020 and the Annual Report on Form 10-K that will be filed following this press release. 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.

Non-GAAP Financial Measures and Operating Metrics

This press release includes Adjusted EBITDA, Contribution, and Contribution Margin, which are non-GAAP financial measures. The Company also presents Transaction Value, which is an operating metric not presented in accordance with GAAP. See the appendix for definitions of Adjusted EBITDA, Contribution, Contribution Margin and Transaction Value, as well as reconciliations to the corresponding GAAP financial metrics, as applicable.

We present Transaction Value, Adjusted EBITDA, Contribution, and Contribution Margin because they are used extensively 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. Accordingly, the Company believes that Transaction Value, Adjusted EBITDA, Contribution, and Contribution Margin provide useful information to investors and others in understanding and evaluating its operating results in the same manner as its management team and board of directors. Each of Transaction Value, Adjusted EBITDA, Contribution, and Contribution Margin has limitations as a financial measure and investors should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP.

MediaAlpha, Inc.

Condensed Consolidated Balance Sheets

(In thousands)

 

 

 

 

 

 

As of December 31,

 

 

 

2020

 

 

2019

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

23,554

 

 

$

10,028

 

Accounts receivable, net of allowance for doubtful accounts

 

 

96,295

 

 

 

56,012

 

Prepaid expenses and other current assets

 

 

7,950

 

 

 

1,448

 

Total current assets

 

$

127,799

 

 

$

67,488

 

Property and equipment, net

 

 

762

 

 

 

755

 

Intangible assets, net

 

 

15,551

 

 

 

18,752

 

Goodwill

 

 

18,402

 

 

 

18,402

 

Deferred tax assets

 

 

35,210

 

 

 

 

Other non-current assets

 

 

16,210

 

 

 

 

 

Total assets

 

$

213,934

 

 

$

105,397

 

Liabilities, Redeemable Class A units and Stockholders'/Members’ (Deficit)

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

 

98,249

 

 

 

40,455

 

Accrued expenses

 

 

9,206

 

 

 

6,584

 

Current portion of long-term debt

 

 

-

 

 

 

873

 

Total current liabilities

 

$

107,455

 

 

$

47,912

 

Long-term debt, net of current portion

 

 

182,668

 

 

 

96,665

 

Liabilities under tax receivable agreement

 

 

22,498

 

 

 

-

 

Other long-term liabilities

 

 

2,834

 

 

 

319

 

Total liabilities

 

$

315,455

 

 

$

144,896

 

Redeemable Class A units

 

 

-

 

 

 

74,097

 

Stockholders'/members' deficit

 

$

(101,521

)

 

$

(113,596

)

Total liabilities and stockholders'/members' deficit

 

$

213,934

 

 

$

105,397

 

MediaAlpha, Inc.

Condensed Consolidated Statements of Operations

(In thousands, except per share data and per share amounts)

 

 

 

 

 

Year ended December 31,

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

Revenue

 

$

584,814

 

 

$

408,005

Cost and operating expenses

 

 

 

 

 

 

 

Cost of revenue

 

 

499,434

 

 

 

342,909

Sales and marketing

 

 

20,483

 

 

 

13,822

Product development

 

 

12,449

 

 

 

7,042

General and administrative

 

 

32,913

 

 

 

19,391

Total cost and operating expenses

 

 

565,279

 

 

 

383,164

Income from operations

 

 

19,535

 

 

 

24,841

Other expense

 

 

2,302

 

 

 

Interest expense

 

 

7,938

 

 

 

7,021

Total other expense

 

 

10,240

 

 

 

7,021

Income before income taxes

 

 

9,295

 

 

 

17,820

Income tax (benefit)

 

 

(1,267

)

 

 

Net income

 

$

10,562

 

 

$

17,820

Net income attributable to MediaAlpha, Inc.

 

$

(4,366

)

 

$

17,820

Net loss per share of Class A common stock - basic and

diluted (1)

 

$

(0.14

)

 

 

Weighted average shares of Class A common stock

outstanding - basic and diluted (1)

 

 

32,134,170

 

 

 

(1)

Represents net loss per share of Class A common stock and weighted-average shares of Class A common stock outstanding for the portion of the period following the IPO and related pre-IPO reorganization transactions.

MediaAlpha, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

 

 

 

 

 

Year ended December 31,

 

 

2020

 

2019

 

 

 

Cash Flows from operating activities

 

 

 

 

Net income

 

 

10,562

 

 

$

17,820

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

Non-cash equity-based compensation expense

 

 

24,745

 

 

 

2,308

 

Depreciation expense on property and equipment

 

 

289

 

 

 

272

 

Amortization of intangible assets

 

 

3,201

 

 

 

5,381

 

Amortization of deferred debt issuance costs

 

 

1,228

 

 

 

665

 

Loss on extinguishment of debt

 

 

1,998

 

 

 

-

 

Bad debt expense

 

 

526

 

 

 

354

 

Deferred taxes

 

 

(545

)

 

 

-

 

Tax receivable agreement liability adjustments

 

 

413

 

 

 

-

 

Changes in operating assets and liabilities:

 

 

 

 

Accounts receivable

 

 

(40,809

)

 

 

(19,216

)

Prepaid expenses and other current assets

 

 

(6,482

)

 

 

(162

)

Other assets

 

 

(4,375

)

 

 

-

 

Accounts payable

 

 

57,793

 

 

 

13,441

 

Accrued expenses

 

 

2,866

 

 

 

1,280

 

Net cash provided by operating activities

 

 

51,410

 

 

 

22,143

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

Purchases of property and equipment

 

 

(296

)

 

 

(146

)

Acquisition of intangible assets

 

 

-

 

 

 

(148

)

Purchase of cost method investment

 

 

(10,000

)

 

 

-

 

Net cash (used in) investing activities

 

 

(10,296

)

 

 

(294

)

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

Proceeds received from:

 

 

 

 

Proceeds from issuance of Class A and Class B common stock, net of underwriter commission

 

 

124,179

 

 

 

-

 

Issuance of long-term debt

 

 

210,000

 

 

 

100,000

 

Proceeds from revolving line of credit

 

 

7,500

 

 

 

-

 

Member contributions

 

 

-

 

 

 

62,806

 

 

 

 

 

 

Payments made for:

 

 

 

 

Repayments on revolving line of credit

 

 

(7,500

)

 

 

-

 

Repayments on long-term debt

 

 

(123,648

)

 

 

(15,073

)

Debt issuance costs

 

 

(4,467

)

 

 

(2,303

)

Redemption of Class B units up to fair value

 

 

(1,453

)

 

 

(4,467

)

Payment of IPO costs to third parties

 

 

(12,227

)

 

 

-

 

Shares withheld for taxes on vesting of restricted stock units

 

 

(4,235

)

 

 

-

 

Cash paid to retire Class B-1 units at QLH

 

 

(84,320

)

 

 

-

 

Redemption of Class A units

 

 

-

 

 

 

(62,806

)

Member distributions

 

 

(131,417

)

 

 

(95,640

)

Net cash (used in) financing activities

 

 

(27,588

)

 

 

(17,483

)

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

 

13,526

 

 

 

4,366

 

Cash and cash equivalents, beginning of period

 

 

10,028

 

 

 

5,662

 

Cash and cash equivalents, end of period

 

$

23,554

 

 

$

10,028

 

Transaction Value

We define “Transaction Value” as the total gross dollars transacted by our partners on our platform. Transaction Value is a direct driver of revenue, with differing revenue recognition based on the economic relationship we have with our partners. Our partners use our platform to transact via open and private platform transactions. In our open platform model, revenue recognized represents the Transaction Value and revenue share payments to our supply partners represent costs of revenue. In our private platform model, revenue recognized represents a platform fee billed to the demand partner or 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 revenue and 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 years ended December 31, 2020 and 2019.

 

 

 

Year Ended December 31,

(in thousands)

 

 

2020

 

 

2019

 

Open platform transactions

 

 

$

573,242

 

 

$

399,945

 

Percentage of total Transaction Value

 

 

 

70.3

%

 

 

71.4

%

Private platform transactions

 

 

 

242,470

 

 

 

160,181

 

Percentage of total Transaction Value

 

 

 

29.7

%

 

 

28.6

%

Total Transaction Value

 

 

$

815,712

 

 

$

560,126

 

The following table presents Transaction Value by platform model for the three months ended December 31, 2020 and 2019.

 

 

 

Three Months Ended December 31,

(in thousands)

 

 

2020

 

 

2019

 

Open platform transactions

 

 

$

187,018

 

 

$

123,954

 

Percentage of total Transaction Value

 

 

 

72.8

%

 

 

73.1

%

Private platform transactions

 

 

 

69,880

 

 

 

45,687

 

Percentage of total Transaction Value

 

 

 

27.2

%

 

 

26.9

%

Total Transaction Value

 

 

$

256,898

 

 

$

169,641

 

The following table presents Transaction Value by vertical for the years ended December 31, 2020 and 2019:

 

 

 

Year Ended December 31,

 

 

 

2020

 

 

2019

 

(in thousands)

 

 

 

 

 

 

 

 

 

Property & casualty insurance

 

 

$

549,916

 

 

$

322,817

 

Percentage of total Transaction Value

 

 

 

67.4

%

 

 

57.6

%

Health insurance

 

 

 

175,539

 

 

 

122,320

 

Percentage of total Transaction Value

 

 

 

21.5

%

 

 

21.8

%

Life insurance

 

 

 

42,206

 

 

 

34,884

 

Percentage of total Transaction Value

 

 

 

5.2

%

 

 

6.2

%

Other

 

 

 

48,051

 

 

 

80,105

 

Percentage of total Transaction Value

 

 

 

5.9

%

 

 

14.3

%

Total Transaction Value

 

 

$

815,712

 

 

$

560,126

 

The following table presents Transaction Value by vertical for the three months ended December 31, 2020 and 2019:

 

 

 

Three Months Ended December 31,

 

 

 

2020

 

 

2019

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

Property & casualty insurance

 

 

$

158,961

 

 

$

89,071

 

 

Percentage of total Transaction Value

 

 

 

61.9

%

 

 

52.5

%

 

Health insurance

 

 

 

76,800

 

 

 

54,151

 

 

Percentage of total Transaction Value

 

 

 

29.9

%

 

 

31.9

%

 

Life insurance

 

 

 

10,489

 

 

 

8,043

 

 

Percentage of total Transaction Value

 

 

 

4.1

%

 

 

4.7

%

 

Other

 

 

 

10,648

 

 

 

18,376

 

 

Percentage of total Transaction Value

 

 

 

4.1

%

 

 

10.8

%

 

Total Transaction Value

 

 

$

256,898

 

 

$

169,641

 

 

Contribution and Contribution Margin

The following table reconciles Contribution and Contribution Margin with gross profit, the most directly comparable financial measure calculated and presented in accordance with GAAP, for years ended December 31, 2020 and 2019:

 

 

 

Year Ended December 31,

(in thousands)

 

 

2020

 

 

2019

 

Revenue

 

 

$

584,814

 

 

$

408,005

 

Less cost of revenue

 

 

 

(499,434

)

 

 

(342,909

)

Gross profit

 

 

$

85,380

 

 

$

65,096

 

Adjusted to exclude the following (as related to

cost of revenue):

 

 

 

 

 

 

 

 

 

Equity-based compensation

 

 

 

2,809

 

 

 

181

 

Salaries, wages, and related

 

 

 

2,188

 

 

 

1,471

 

Internet and hosting

 

 

 

438

 

 

 

520

 

Amortization

 

 

 

 

 

 

511

 

Depreciation

 

 

 

24

 

 

 

22

 

Other expenses

 

 

 

284

 

 

 

263

 

Other services

 

 

 

902

 

 

 

778

 

Merchant-related fees

 

 

 

585

 

 

 

452

 

Contribution

 

 

$

92,610

 

 

$

69,294

 

Gross Margin

 

 

 

14.6

%

 

 

16.0

%

Contribution Margin

 

 

 

15.8

%

 

 

17.0

%

The following table reconciles Contribution and Contribution Margin with gross profit, the most directly comparable financial measure calculated and presented in accordance with GAAP, for three months ended December 31, 2020 and 2019:

 

 

 

Three Months Ended December 31,

(in thousands)

 

 

2020

 

 

2019

 

Revenue

 

 

$

190,205

 

 

$

126,148

 

Less cost of revenue

 

 

 

(163,742

)

 

 

(105,779

)

Gross profit

 

 

$

26,463

 

 

$

20,369

 

Adjusted to exclude the following (as related to

cost of revenue):

 

 

 

 

 

 

 

 

 

Equity-based compensation

 

 

 

2,751

 

 

 

23

 

Salaries, wages, and related

 

 

 

1,013

 

 

 

444

 

Internet and hosting

 

 

 

110

 

 

 

127

 

Amortization

 

 

 

 

 

 

 

Depreciation

 

 

 

7

 

 

 

4

 

Other expenses

 

 

 

79

 

 

 

70

 

Other services

 

 

 

286

 

 

 

255

 

Merchant-related fees

 

 

 

138

 

 

 

179

 

Contribution

 

 

$

30,847

 

 

$

21,471

 

Gross Margin

 

 

 

13.9

%

 

 

16.1

%

Contribution Margin

 

 

 

16.2

%

 

 

17.0

%

Adjusted EBITDA

The following table reconciles Adjusted EBITDA with net income, the most directly comparable financial measure calculated and presented in accordance with GAAP, for the year ended December 31, 2020 and 2019.

 

 

 

Year ended December 31,

(in thousands)

 

 

2020

 

 

2019

 

Net income

 

 

$

10,562

 

 

$

17,820

 

Equity-based compensation expense

 

 

 

25,536

 

 

 

3,594

 

Interest expense

 

 

 

7,938

 

 

 

7,021

 

Income tax (benefit)

 

 

 

(1,267

)

 

 

 

Depreciation expense on property and equipment

 

 

 

289

 

 

 

272

 

Amortization of intangible assets

 

 

 

3,201

 

 

 

5,381

 

Transaction expenses(1)

 

 

 

11,815

 

 

 

8,831

 

Adjusted EBITDA

 

 

$

58,074

 

 

$

42,919

 

(1)

For the twelve-months ended December 31, 2020, transaction expenses include $5.9 million in legal, and other consulting fees, $3.6 million in transaction bonus related to the IPO and related pre-IPO reorganization transactions, $2.0 million in loss on extinguishment of debt related to the termination of 2019 Credit Facilities, and $0.3 million related to reversal of tax indemnification receivable created in connection with the pre-IPO reorganization transaction. For the twelve-months ended December 31, 2019, transaction expenses included $7.2 million in legal, investment banking and other consulting fees and $1.6 million in transaction bonuses related to a transaction with Insignia in February 2019.

The following table reconciles Adjusted EBITDA with net income, the most directly comparable financial measure calculated and presented in accordance with GAAP, for the three months ended December 31, 2020 and 2019.

 

 

 

Three Months ended

December 31,

(in thousands)

 

 

2020

 

 

2019

 

Net income

 

 

$

(13,238

)

 

$

10,377

 

Equity-based compensation expense

 

 

 

22,983

 

 

 

513

 

Interest expense

 

 

 

3,094

 

 

 

1,762

 

Income tax (benefit)

 

 

 

(1,287

)

 

 

 

Depreciation expense on property and equipment

 

 

 

79

 

 

 

64

 

Amortization of intangible assets

 

 

 

799

 

 

 

1,223

 

Transaction expenses(1)

 

 

 

5,767

 

 

 

 

Adjusted EBITDA

 

 

$

18,197

 

 

$

13,939

 

(1)

For the three-months ended December 31, 2020, transaction expenses include $1.8 million in legal, and other consulting fees, $3.6 million in transaction bonus related to the IPO and related pre-IPO reorganization transactions, and $0.3 million related to reversal of tax indemnification receivable created in connection with the pre-IPO reorganization transaction.

Key business and operating metrics

“Transaction Value” represents the total gross dollars transacted by our partners on our platform. Transaction Value is a direct driver of revenue, with differing revenue recognition based on the economic relationship we have with our partners. We utilize Transaction Value to assess revenue and to assess the overall level of transaction activity through our platform.

“Contribution” represents revenue less revenue share payments and online advertising costs, or, as reported in our consolidated statement of operations, revenue less cost of revenue, as adjusted to exclude the following items from cost of revenue: equity-based compensation; salaries, wages, and related; internet and hosting; amortization; depreciation; other services; and merchant-related fees. “Contribution Margin” represents Contribution expressed as a percentage of revenue for the same period. 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 our online advertising, 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 extensively 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.

“Adjusted EBITDA” represents net income excluding interest expense, income tax benefit (expense), depreciation expense on property and equipment, and amortization of intangible assets, as well as equity-based compensation expense and transaction expenses. Adjusted EBITDA 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. In addition, presenting Adjusted EBITDA provides investors with a metric to evaluate the capital efficiency of our business.

Investors
Investor Relations
IR@MediaAlpha.com

Press
SHIFT
MediaAlpha@SHIFTComm.com

Source: MediaAlpha, Inc.



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