Business Wire | Aug 12, 2021 04:06PM EDT

MediaAlpha Announces Second Quarter 2021 Financial Results

Aug. 12, 2021

LOS ANGELES--(BUSINESS WIRE)--Aug. 12, 2021--MediaAlpha, Inc. (NYSE: MAX), today announced its financial results for the second quarter ended June 30, 2021.

"We had a strong second quarter, marking our eighth consecutive quarter of Transaction Value growth in excess of 40% year over year," said Steve Yi, MediaAlpha Co-Founder and CEO. "Our focus on Transaction Value reflects our ability to successfully continue to capture market share and build our leadership as the industry moves online. We are well positioned to drive the industry's transformation to digital advertising long-term as the most trusted customer acquisition partner to the insurance industry with the largest-scale and most transparent platform."

Second Quarter 2021 Financial Results

* Revenue of $157.4 million, an increase of 27% year over year; * Transaction Value of $256.5 million, an increase of 46% year over year; * Gross margin of 15.9%, compared with 15.7% in the second quarter of 2020; * Contribution Margin(1) of 16.9%, compared with 16.5% in the second quarter of 2020; * Net loss was $(0.4) million, compared with net income of $10.1 million in the second quarter of 2020; and * Adjusted EBITDA(1) was $14.7 million, compared with $13.2 million in the second quarter of 2020.

(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 third quarter of 2021, MediaAlpha currently expects the following:

* Transaction Value between $260 million - $270 million, representing 22% year-over-year growth at the midpoint of the guidance range; * Revenue between $158.0 million - $165.0 million, representing 7% year-over-year growth at the midpoint of the guidance range; * Contribution between $26.0 million - $28.0 million, representing 25% year-over-year growth at the midpoint of the guidance range; and * Adjusted EBITDA between $14.5 million - $15.5 million, representing 7% year-over-year growth at the midpoint of the guidance range.

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

* Transaction Value between $1,050 million - $1,100 million, representing 32% year-over-year growth at the midpoint of the guidance range; * Revenue between $680 million - $710 million, representing 19% year-over-year growth at the midpoint of the guidance range; * Contribution between $114 million - $118 million, representing 25% year-over-year growth at the midpoint of the guidance range; and * Adjusted EBITDA between $65.0 million - $67.0 million, representing 14% year-over-year growth at the midpoint of the guidance range.

The Company expects total shares outstanding at the end of the third quarter of 2021 to be 60.3 million and 64.6 million on a basic and fully diluted basis, respectively.

With respect to the Company's projections of Contribution and Adjusted EBITDA under "Financial 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 second quarter 2021 results and its financial outlook for the third quarter and full year of 2021 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 4065326. 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 third 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 Form 10-K filed on March 15, 2021, the Form 10-Q filed on May 14, 2021, and the Form 10-Q as of and for the quarter ended June 30, 2021 to be filed on or about August 13, 2021. 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. and subsidiaries

Consolidated Balance Sheets

(Unaudited; in thousands, except share data and per share amounts)

June 30, December 31, 2021 2020

Assets

Current assets

Cash and cash equivalents $ 15,000 $ 23,554

Accounts receivable, net of allowance for credit 74,285 96,295 losses of $674 and $438, respectively

Prepaid expenses and other current assets 5,457 7,950

Total current assets 94,742 127,799

Property and equipment, net 1,060 762

Intangible assets, net 14,059 15,551

Goodwill 18,402 18,402

Deferred tax asset 92,240 31,613

Other assets 15,900 16,210

Total assets $ 236,403 $ 210,337

Liabilities and stockholders' deficit

Current liabilities

Accounts payable $ 46,306 $ 98,249

Accrued expenses 7,472 9,206

Total current liabilities 53,778 107,455

Long-term debt 183,344 182,668

Liabilities under tax receivable agreement, net 75,757 22,498 of current portion

Other long-term liabilities 2,750 2,834

Total liabilities 315,629 315,455

Commitments and contingencies (Note 7)

Stockholders' (deficit):

Class A common stock, $0.01 par value - 1.0billion shares authorized; 38.7 million and 33.4 387 334 million shares issued and outstanding as of June30, 2021 and December 31, 2020, respectively

Class B common stock, $0.01 par value - 100million shares authorized; 21.0 million and 25.5 210 255 million shares issued and outstanding as of June30, 2021 and December 31, 2020, respectively

Preferred stock, $0.01 par value - 50 millionshares authorized; 0 shares issued and - - outstanding as of June 30, 2021 and December 31,2020

Additional paid-in capital 397,710 384,611

Accumulated Deficit (418,876 ) (418,973 )

Total stockholders' (deficit) attributable to $ (20,569 ) $ (33,773 ) MediaAlpha, Inc.

Non-controlling interest (58,657 ) (71,345 )

Total stockholders' (deficit) $ (79,226 ) $ (105,118 )

Total liabilities and stockholders' deficit $ 236,403 $ 210,337

MediaAlpha, Inc. and subsidiaries

Consolidated Statements of Operations

(Unaudited; in thousands, except share data and per share amounts)

Three months ended

June 30,

Six Months Ended

June 30,

2021

2020

2021

2020

Revenue

$

157,353

$

123,616

$

330,941

$

243,061

Cost and operating expenses

Cost of revenue

132,304

104,193

279,483

204,862

Sales and marketing

5,717

2,814

11,101

5,950

Product development

3,835

1,873

7,150

3,716

General and administrative

13,582

3,055

29,328

6,302

Total cost and operating expenses

155,438

111,935

327,062

220,830

Income from operations

1,915

11,681

3,879

22,231

Other expenses, net

171

-

21

-

Interest expense

2,237

1,535

4,538

3,250

Total other expense

2,408

1,535

4,559

3,250

(Loss) income before income taxes

(493

)

10,146

(680

)

18,981

Income tax (benefit)

(125

)

-

(489

)

-

Net (loss) income

$

(368

)

$

10,146

$

(191

)

$

18,981

Net income attributable to QLH prior to Reorganization Transactions

-

10,146

-

18,981

Net (loss) attributable to non-controlling interest

(171

)

-

(288

)

-

Net (loss) income attributable to MediaAlpha, Inc.

$

(197

)

$

-

$

97

$

-

Net (loss) income per share of Class A common stock

-Basic and diluted

$

(0.01

)

$

-

$

0.00

$

-

Weighted average shares of Class A common stock outstanding

-Basic and diluted

37,667,432

-

35,414,548

-

MediaAlpha, Inc. and subsidiaries

Consolidated Statements of Operations

(Unaudited; in thousands, except share data and per share amounts)

Three months ended Six Months Ended June 30, June 30,

2021 2020 2021 2020

Revenue $ 157,353 $ 123,616 $ 330,941 $ 243,061

Cost and operating expenses

Cost of revenue 132,304 104,193 279,483 204,862

Sales and marketing 5,717 2,814 11,101 5,950

Product development 3,835 1,873 7,150 3,716

General and 13,582 3,055 29,328 6,302 administrative

Total cost and 155,438 111,935 327,062 220,830 operating expenses

Income from 1,915 11,681 3,879 22,231 operations

Other expenses, net 171 - 21 -

Interest expense 2,237 1,535 4,538 3,250

Total other expense 2,408 1,535 4,559 3,250

(Loss) income (493 ) 10,146 (680 ) 18,981 before income taxes

Income tax (125 ) - (489 ) - (benefit)

Net (loss) income $ (368 ) $ 10,146 $ (191 ) $ 18,981

Net incomeattributable to QLHprior to - 10,146 - 18,981 ReorganizationTransactions

Net (loss)attributable to (171 ) - (288 ) - non-controllinginterest

Net (loss) incomeattributable to $ (197 ) $ - $ 97 $ - MediaAlpha, Inc.

Net (loss) incomeper share of Class A common stock

-Basic and diluted $ (0.01 ) $ - $ 0.00 $ -

Weighted averageshares of Class A common stockoutstanding

-Basic and diluted 37,667,432 - 35,414,548 -

MediaAlpha, Inc. and subsidiaries

Consolidated Statements of Cash Flows

(Unaudited; in thousands)

Six Months Ended

June 30,

2021

2020

Cash flows from operating activities

Net (loss) income

$

(191

)

$

18,981

Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:

Non-cash equity-based compensation expense

22,123

1,156

Depreciation expense on property and equipment

173

137

Amortization of intangible assets

1,492

1,603

Amortization of deferred debt issuance costs

694

226

Bad debt expense

235

219

Deferred taxes

(865

)

-

Tax receivable agreement liability adjustments

(156

)

-

Changes in operating assets and liabilities:

Accounts receivable

21,775

(974

)Prepaid expenses and other current assets

2,472

(261

)

Other assets

310

(4,625

)

Accounts payable

(51,940

)

25,167

Accrued expenses

(1,922

)

(2,344

)

Net cash (used in) provided by operating activities

(5,800

)

39,285

Cash flows from investing activities

Purchases of property and equipment

(470

)

(92

)

Purchase of cost method investment

-

(10,000

)

Net cash (used in) investing activities

(470

)

(10,092

)

Cash flows from financing activities

Proceeds received from:

Revolving line of credit

-

7,500

Payments made for:

Repayments on revolving line of credit

-

(7,500

)

Repayments on long-term debt

-

(812

)

Repurchase of Class B units at QLH up to fair value

-

(1,453

)

Distributions

(110

)

(10,527

)

Shares withheld for taxes on vesting of restricted stock units

(2,174

)

-

Net cash (used in) financing activities

(2,284

)

(12,792

)

Net (decrease) increase in cash and cash equivalents

(8,554

)

16,401

Cash and cash equivalents, beginning of period

23,554

10,028

Cash and cash equivalents, end of period

$

15,000

$

26,429

Key business and operating metrics

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 three and six months ended June 30, 2021 and 2020:

MediaAlpha, Inc. and subsidiaries

Consolidated Statements of Cash Flows

(Unaudited; in thousands)

Six Months Ended June 30,

2021 2020

Cash flows from operating activities

Net (loss) income $ (191 ) $ 18,981

Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:

Non-cash equity-based compensation expense 22,123 1,156

Depreciation expense on property and equipment 173 137

Amortization of intangible assets 1,492 1,603

Amortization of deferred debt issuance costs 694 226

Bad debt expense 235 219

Deferred taxes (865 ) -

Tax receivable agreement liability adjustments (156 ) -

Changes in operating assets and liabilities:

Accounts receivable 21,775 (974 )

Prepaid expenses and other current assets 2,472 (261 )

Other assets 310 (4,625 )

Accounts payable (51,940 ) 25,167

Accrued expenses (1,922 ) (2,344 )

Net cash (used in) provided by operating activities (5,800 ) 39,285

Cash flows from investing activities

Purchases of property and equipment (470 ) (92 )

Purchase of cost method investment - (10,000 )

Net cash (used in) investing activities (470 ) (10,092 )

Cash flows from financing activities

Proceeds received from:

Revolving line of credit - 7,500

Payments made for:

Repayments on revolving line of credit - (7,500 )

Repayments on long-term debt - (812 )

Repurchase of Class B units at QLH up to fair value - (1,453 )

Distributions (110 ) (10,527 )

Shares withheld for taxes on vesting of restricted (2,174 ) - stock units

Net cash (used in) financing activities (2,284 ) (12,792 )

Net (decrease) increase in cash and cash (8,554 ) 16,401 equivalents

Cash and cash equivalents, beginning of period 23,554 10,028

Cash and cash equivalents, end of period $ 15,000 $ 26,429

Key business and operating metrics

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 three and six months ended June 30, 2021 and 2020:

Three months ended Six months ended June 30, June 30,

(dollars in thousands) 2021 2020 2021 2020

Open platform transactions $ 152,522 $ 120,962 $ 321,870 $ 237,984

Percentage of total 59.5 % 69.0 % 62.0 % 69.7 %Transaction Value

Private platform 104,005 54,245 197,119 103,271 transactions

Percentage of total 40.5 % 31.0 % 38.0 % 30.3 %Transaction Value

Total Transaction Value $ 256,527 $ 175,207 $ 518,989 $ 341,255

The following table presents Transaction Value by vertical for the three months ended June 30, 2021 and 2020:

Three months ended Six months ended June 30, June 30,

(dollars in thousands) 2021 2020 2021 2020

Property & Casualty $ 176,646 $ 124,772 $ 360,073 $ 229,632 insurance

Percentage of total 68.9 % 71.2 % 69.4 % 67.3 %Transaction Value

Health insurance 47,240 31,743 97,583 65,089

Percentage of total 18.4 % 18.1 % 18.8 % 19.1 %Transaction Value

Life insurance 13,933 9,774 28,374 20,089

Percentage of total 5.4 % 5.6 % 5.5 % 5.9 %Transaction Value

Other^ (1) 18,708 8,918 32,959 26,445

Percentage of total 7.3 % 5.1 % 6.4 % 7.7 %Transaction Value

Total Transaction Value $ 256,527 $ 175,207 $ 518,989 $ 341,255

(1)

Our other verticals include Travel, Education and Consumer Finance. Contribution and Contribution Margin

We define "Contribution" as revenue less revenue share payments and online advertising costs, or, as reported in our consolidated statement of operations, revenue less cost of revenue (i.e. gross profit), 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. Contribution and Contribution Margin are non-GAAP financial measures that we present to supplement the financial information we present on a GAAP basis. 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 and efficacy of our online advertising costs to drive consumers to our proprietary websites, 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 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.

The following table reconciles Contribution with gross profit, the most directly comparable financial measure calculated and presented in accordance with GAAP, for the three and six months ended June 30, 2021 and 2020:

(1) Our other verticals include Travel, Education and Consumer Finance.

Contribution and Contribution Margin

We define "Contribution" as revenue less revenue share payments and online advertising costs, or, as reported in our consolidated statement of operations, revenue less cost of revenue (i.e. gross profit), 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. Contribution and Contribution Margin are non-GAAP financial measures that we present to supplement the financial information we present on a GAAP basis. 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 and efficacy of our online advertising costs to drive consumers to our proprietary websites, 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 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.

The following table reconciles Contribution with gross profit, the most directly comparable financial measure calculated and presented in accordance with GAAP, for the three and six months ended June 30, 2021 and 2020:

Three months ended Six months ended June 30, June 30,

(in thousands) 2021 2020 2021 2020

Revenue $ 157,353 $ 123,616 $ 330,941 $ 243,061

Less cost of (132,304 ) (104,193 ) (279,483 ) (204,862 ) revenue

Gross profit 25,049 19,423 51,458 38,199

Adjusted toexclude thefollowing (as related to costof revenue):

Equity-based 442 20 842 41 compensation

Salaries, wages, 558 385 1,022 741 and related

Internet and 108 98 211 221 hosting

Other expenses 111 68 216 136

Depreciation 8 6 15 11

Other services 256 209 547 428

Merchant-related 139 165 230 317 fees

Contribution 26,671 20,374 54,541 40,094

Gross margin 15.9 % 15.7 % 15.5 % 15.7 %

Contribution 16.9 % 16.5 % 16.5 % 16.5 %Margin

Adjusted EBITDA

We define "Adjusted EBITDA" as 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 certain other expenses as listed in the table below. Adjusted EBITDA is a non-GAAP financial measure that we present to supplement the financial information we present on a GAAP basis. We monitor and present Adjusted EBITDA because it 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. We believe that Adjusted EBITDA helps identify underlying trends in our business that could otherwise be masked by the effect of the expenses that we exclude in the calculations of Adjusted EBITDA. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and future prospects. In addition, presenting Adjusted EBITDA provides investors with a metric to evaluate the capital efficiency of our business.

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 and six months ended June 30, 2021 and 2020.

Three months ended Six months ended June 30, June 30,

(in thousands) 2021 2020 2021 2020

Net income $ (368 ) $ 10,146 $ (191 ) $ 18,981

Equity-based 11,521 681 22,123 1,947 compensation expense

Interest expense 2,237 1,535 4,538 3,250

Income tax (benefit) (125 ) - (489 ) -

Depreciation expense on 91 70 173 137 property and equipment

Amortization of 746 799 1,492 1,603 intangible assets

Transaction expenses^ 66 - 2,731 - (1)

Employee-related costs^ 99 - 349 - (2)

SOX implementation 297 - 449 - costs^(3)

Changes in TRA related - - (156 ) - liability^(4)

Reduction in TaxIndemnification 147 - 147 - Receivable^(5)

Adjusted EBITDA $ 14,711 $ 13,231 $ 31,166 $ 25,918

(1)

Transaction expenses include $0.1 million and $2.7 million of expenses incurred by us for the three and six months ended June 30, 2021, respectively, for legal, accounting, and other consulting fees in connection with the Secondary Offering.(2)

Employee-related costs include $0.1 million and $0.3 million of expenses incurred by us for the three and six months ended June 30, 2021, respectively, for amounts payable to recruiting firms in connection with the hiring of certain executive officers as we transition to being a publicly-reporting company.(3)

SOX implementation costs include $0.3 million and $0.4 million of expenses incurred by us for the three and six months ended June 30, 2021, respectively, for third-party consultants to assist us with the development, implementation, and documentation of new and enhanced internal controls and processes for compliance with SOX Section 404(b). For the three months ended June 30, 2021, we updated our Adjusted EBITDA definition to exclude these costs and accordingly determined that it was appropriate to recast our Adjusted EBITDA calculation for the three months ended March 31, 2021 to exclude these costs of $0.2 million.(4)

Changes in TRA related liability include $0.2 million of income for the six months ended June 30, 2021 due to a change in the estimated future state tax benefits resulting in reduction of the TRA liability created in connection with the Reorganization Transactions.(5)

Reduction in Tax Indemnification Receivable includes $0.1 million of expenses incurred by us for the three and six months ended June 30, 2021 related to a reduction in the tax indemnification receivable recorded in connection with the Reorganization Transactions. View source version on businesswire.com: https://www.businesswire.com/news/home/20210812005778/en/

CONTACT: Investors Investor Relations IR@MediaAlpha.com

CONTACT: Press SHIFT MediaAlpha@SHIFTComm.com