0001818383-23-000141 | 10-Q | XBRL Viewer

Long-term debt (Tables)

9 Months Ended

Sep. 30, 2023

Long-term debt consisted of the following:


	As of
(in thousands)	September 30, 2023		December 31, 2022
2021 Term Loan Facility	$	173,375	$	180,500

2021 Revolving Credit Facility	5,000		5,000
Debt issuance costs	(1,881)		(2,430)
Total debt	$	176,494	$	183,070
Less: current portion, net of debt issuance costs of $703 and $730, respectively	(8,797)		(8,770)
Total long-term debt	$	167,697	$	174,300

Schedule of Expected Future Principal Payments for Borrowings

The expected future principal payments for all borrowings as of September 30, 2023 were as follows:


(in thousands)	Contractual maturity

2023–Remaining Period	$	2,375
2024	9,500
2025	9,500
2026	157,000

Debt and issuance costs	178,375
Unamortized debt issuance costs	(1,881)
Total debt	$	176,494

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Accrued expenses

9 Months Ended

Sep. 30, 2023

Payables and Accruals [Abstract]

Accrued expenses

Accrued expenses include the following:


	As of
(in thousands)	September 30, 2023		December 31, 2022
Accrued payroll and related expenses	$	3,116	$	3,621
Accrued operating expenses	3,418		2,036

Non-Controlling Interest - Narrative (Details)	3 Months Ended	9 Months Ended
Non-Controlling Interest - Narrative (Details)	Sep. 30, 2023 shares	Sep. 30, 2023 shares	Dec. 31, 2022
Noncontrolling Interest [Line Items]
Conversion of stock (in shares)	0	776,000
Stockholder's equity, exchange ratio	1	1
QLH
Noncontrolling Interest [Line Items]
Non-controlling interests owned	72.00%	72.00%	69.80%
QLH \| QLH Class B-1 Unitholders
Noncontrolling Interest [Line Items]
Ownership interest owned	28.00%	28.00%	30.20%

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2023	Oct. 31, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-39671
Entity Registrant Name	MediaAlpha, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-1854133
Entity Address, Address Line One	700 South Flower Street
Entity Address, Address Line Two	Suite 640
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90017
City Area Code	213
Local Phone Number	316-6256
Title of 12(b) Security	Class A Common Stock, $0.01 par value per share
Trading Symbol	MAX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001818383
Current Fiscal Year End Date	--12-31
Class A Common
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		46,970,606
Class B Common
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		18,118,493

Goodwill and intangible assets - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 1,700,000	$ 1,700,000	$ 5,188,000	$ 4,064,000	$ 5,755,000
Accumulated impairment of goodwill	$ 0		$ 0

Earnings (Loss) Per Share- Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive shares (in shares)	22,550,055	25,156,178
QLH Class B-1 Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive shares (in shares)	18,155,446	19,206,446
Restricted Class A shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive shares (in shares)	52,573	261,558
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive shares (in shares)	4,342,036	5,688,174

Goodwill and intangible assets - Summary of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill And Intangible Assets [Line Items]
Gross carrying amount	$ 52,687	$ 52,687
Accumulated amortization	(24,943)	(19,755)
Net carrying amount	27,744	32,932	$ 12,567
Goodwill	47,739	47,739	$ 18,402
Customer relationships
Goodwill And Intangible Assets [Line Items]
Gross carrying amount	43,500	43,500
Accumulated amortization	(22,415)	(17,820)
Net carrying amount	$ 21,085	25,680
Customer relationships \| Minimum
Goodwill And Intangible Assets [Line Items]
Useful life (months)	84 months
Customer relationships \| Maximum
Goodwill And Intangible Assets [Line Items]
Useful life (months)	120 months
Non-compete agreements
Goodwill And Intangible Assets [Line Items]
Useful life (months)	60 months
Gross carrying amount	$ 303	303
Accumulated amortization	(303)	(303)
Net carrying amount	0	0
Trademarks, trade names, and domain names
Goodwill And Intangible Assets [Line Items]
Gross carrying amount	8,884	8,884
Accumulated amortization	(2,225)	(1,632)
Net carrying amount	$ 6,659	$ 7,252
Trademarks, trade names, and domain names \| Minimum
Goodwill And Intangible Assets [Line Items]
Useful life (months)	60 months
Trademarks, trade names, and domain names \| Maximum
Goodwill And Intangible Assets [Line Items]
Useful life (months)	120 months

Commitments and contingencies	9 Months Ended
Commitments and contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies Litigation and other matters The Company is subject to certain legal proceedings and claims that arise in the normal course of business. In the opinion of management, the Company does not believe that the amount of liability, if any, as a result of these proceedings and claims will have a materially adverse effect on the Company’s consolidated financial position, results of operations, or cash flows. As of September 30, 2023 and December 31, 2022, the Company did not have any material contingency reserves established for any litigation liabilities. On February 21, 2023, the Company received a civil investigative demand from the Federal Trade Commission (FTC) regarding compliance with the FTC Act and the Telemarketing Sales Rule, as they relate to the advertising, marketing, promotion, offering for sale, or sale of healthcare-related products, the collection, sale, transfer or provision to third parties of consumer data, telemarketing practices, and/or consumer privacy or data security. The Company is cooperating fully with the FTC. During the three and nine months ended September 30, 2023, the Company incurred legal fees of $1.6 million and $3.0 million, respectively, in connection with the demand, which are included within general and administrative expenses on the consolidated statement of operations. At this time, the Company is unable to predict the ultimate outcome of this matter or the significance, if any, to the Company’s business, results of operations or financial condition.

Fair Value Measurements

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following are the Company’s financial instruments measured at fair value on a recurring basis:

Contingent consideration

Contingent consideration is measured at fair value on a recurring basis using significant unobservable inputs and thus represent a Level 3 measurement in the valuation hierarchy. The following table summarizes the changes in the contingent consideration:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Beginning fair value	$	—	$	4,162	$	—	$	—
Additions in the period	—		—		—		7,007
Change in fair value
(Gain) included in General and administrative expenses	—		(3,746)		—		(6,591)
Ending fair value	$	—	$	416	$	—	$	416
Change in unrealized (gain) related to instrument still held at end of period	$	—	$	(3,746)	$	—	$	(6,591)

Contingent consideration relates to the estimated amount of additional cash consideration to be paid in connection with the Company's acquisition of CHT. The fair value is dependent on the probability of achieving certain revenue and gross profit margin targets for the two successive twelve-month periods following the closing of the acquisition. The Company uses the Monte Carlo simulation approach to estimate the fair value of the revenue and gross margin targets. A change in any of these unobservable inputs can significantly change the fair value of the contingent consideration. CHT was unable to meet its target for the first twelve-month period, and so the Company did not pay any consideration related to that period. In addition, based on further decline in CHT's projected revenue and gross margin, the Company does not expect CHT to meet the target for the second twelve-month period. Accordingly, the Company has determined the fair value of the consideration as of September 30, 2023 to be zero. As of September 30, 2023, the range of the undiscounted amounts the Company could pay under the agreement could be from zero to $15.0 million.

The following are the Company’s financial instruments measured at fair value on a non-recurring basis:

Long-Term Debt

As of September 30, 2023, the carrying amount of the 2021 Term Loan Facility and the 2021 Revolving Credit Facility approximates their respective fair values. The Company used a discounted cash flow analysis to estimate the fair value of the long-term debt, using an adjusted discount rate of 7.20% and the estimated payments under the 2021 Term Loan Facility until maturity, including interest payable based on the Company's forecasted total net leverage ratio.

Cost method investment

The Company has elected the measurement alternative for its investment in equity securities without readily determinable fair values and reviews such investment on a quarterly basis to determine if it has been impaired. If the Company's assessment indicates that an impairment exists, the Company estimates the fair value of the equity investment and recognizes in its consolidated statement of operations an impairment loss that is equal to the difference between the fair value of the equity investment and its carrying amount. The Company determined that the fair value of the investment as of September 30, 2023 continued to be zero, and recognized an impairment loss of $0 and $1.4 million within other expenses (income), net in the consolidated statements of operations for the three and nine months ended September 30, 2023, respectively. The accumulated impairment of this cost method investment as of September 30, 2023 and December 31, 2022, was $10.0 million and $8.6 million, respectively. The carrying value of the Company’s cost method investment, which is included in other assets in the consolidated balance sheets, was zero and $1.4 million as of September 30, 2023 and December 31, 2022, respectively.

The Company used a market approach to estimate the fair value of equity and allocated the overall equity value to estimate the fair value of the common stock based on the liquidation preference and is classified within Level 3 of the fair value hierarchy. A change in any of the unobservable inputs can significantly change the fair value of the investment.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Goodwill and intangible assets

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and intangible assets

Goodwill and intangible assets consisted of:


	As of
		September 30, 2023						December 31, 2022
(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	$	43,500	$	(22,415)	$	21,085	$	43,500	$	(17,820)	$	25,680
Non-compete agreements	60	303		(303)		—		303		(303)		—
Trademarks, trade names, and domain names	60 - 120	8,884		(2,225)		6,659		8,884		(1,632)		7,252
Intangible assets		$	52,687	$	(24,943)	$	27,744	$	52,687	$	(19,755)	$	32,932
Goodwill	Indefinite	$	47,739	$	—	$	47,739	$	47,739	$	—	$	47,739

Amortization expense related to intangible assets amounted to $1.7 million for the three months ended September 30, 2023 and 2022, respectively, and $5.2 million and $4.1 million for the nine months ended September 30, 2023 and 2022, respectively. The Company has no accumulated impairment of goodwill.

The following table presents the changes in goodwill and intangible assets:


	As of
	September 30, 2023				December 31, 2022
(in thousands)	Goodwill		Intangible assets		Goodwill		Intangible assets
Beginning balance at January 1,	$	47,739	$	32,932	$	18,402	$	12,567
Additions to goodwill and intangible assets	—		—		29,337		26,120
Amortization	—		(5,188)		—		(5,755)
Ending balance	$	47,739	$	27,744	$	47,739	$	32,932

As of September 30, 2023, future amortization expense relating to identifiable intangible assets with estimable useful lives over the next five years was as follows:


(in thousands)	Amortization expense
2023–Remaining Period	$	1,729
2024	6,428
2025	5,759
2026	5,143
2027	4,106
Thereafter	4,579
	$	27,744

Summary of significant accounting policies (Tables)

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Summary of Customer and Supplier Concentration Risk

Customer and supplier concentrations consisted of the below:


	Three Months Ended September 30, 2023					Three Months Ended September 30, 2022
	Number of customers or suppliers exceeding 10%	Aggregate Value (in millions)		% of Total		Number of customers or suppliers exceeding 10%	Aggregate Value (in millions)		% of Total
Revenue	—	$	—	—	%	1	$	10	11	%
Purchases	1	$	9	14	%	1	$	9	11	%


	Nine Months Ended September 30, 2023					Nine Months Ended September 30, 2022
	Number of customers or suppliers exceeding 10%	Aggregate Value (in millions)		% of Total		Number of customers or suppliers exceeding 10%	Aggregate Value (in millions)		% of Total
Revenue	—	$	—	—	%	1	$	42	13	%
Purchases	1	$	26	12	%	1	$	33	11	%


	As of September 30, 2023					As of December 31, 2022
	Number of customers or suppliers exceeding 10%	Aggregate Value (in millions)		% of Total		Number of customers or suppliers exceeding 10%	Aggregate Value (in millions)		% of Total
Accounts receivable	1	$	5	15	%	—	$	—	—	%
Accounts payable	1	$	6	16	%	2	$	22	40	%

Fair Value Measurements - Narrative (Details)		3 Months Ended	9 Months Ended
Fair Value Measurements - Narrative (Details)	Feb. 24, 2022 USD ($) period	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Equity securities without readily determinable fair value		$ 0	$ 0		$ 1,400,000
Impairment of cost method investment		0	1,406,000	$ 8,594,000
Accumulated impairment of cost-method investment		$ 10,000,000	$ 10,000,000		$ 8,600,000
Fair Value, Inputs, Level 3 \| Measurement Input, Discount Rate \| Valuation Technique, Discounted Cash Flow
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, measurement input		0.0720	0.0720
Customer Helper Team, LLC
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset acquisition, contingent consideration, number of periods \| period	2
Contingent consideration period (in years)	12 months
Contingent consideration, fair value		$ 0	$ 0
Customer Helper Team, LLC \| Minimum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent payments	$ 0		0
Customer Helper Team, LLC \| Maximum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent payments	$ 20,000,000		$ 15,000,000

Business Combinations - Summary of Purchase Price Allocation (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Feb. 24, 2022	Dec. 31, 2021
Business Acquisition, Contingent Consideration [Line Items]
Goodwill	$ 47,739	$ 47,739		$ 18,402
QuoteLab, LLC
Business Acquisition, Contingent Consideration [Line Items]
Accounts receivable			$ 1,275
Prepaid expenses and other current assets			17
Intangible assets			26,120
Goodwill			29,337
Accounts payable			(18)
Accrued expenses			(47)
Net assets acquired			$ 56,684

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock Class A common stock	Common Stock Class B common stock	Additional Paid-In- Capital	Accumulated deficit	Non- Controlling Interest
Beginning balance (in shares) at Dec. 31, 2021		40,969,952	19,621,915
Beginning balance at Dec. 31, 2021	$ (61,566)	$ 410	$ 196	$ 419,533	$ (424,476)	$ (57,229)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Establishment of liabilities under tax receivables agreement and related changes to deferred tax assets associated with increases in tax basis	19			19
Exchange of non-controlling interest for Class A common stock (in shares)		60,197	(60,197)
Exchange of non-controlling interest for Class A common stock	0			(180)		180
Vesting of restricted stock units (in shares)		593,810
Vesting of restricted stock units	0	$ 6		(6)
Equity-based compensation	13,773			13,688		85
Forfeiture of equity awards (in shares)		(23,294)
Forfeiture of equity awards	0
Shares withheld on tax withholding on vesting of restricted stock units	(820)			(820)
Distributions to non-controlling interests	(130)					(130)
Settlement of 2021 annual bonus as restricted stock units	880			880
Tax impact of changes in investment in partnership	43			43
Net (loss)	(9,848)				(7,076)	(2,772)
Ending balance (in shares) at Mar. 31, 2022		41,600,665	19,561,718
Ending balance at Mar. 31, 2022	(57,649)	$ 416	$ 196	433,157	(431,552)	(59,866)
Beginning balance (in shares) at Dec. 31, 2021		40,969,952	19,621,915
Beginning balance at Dec. 31, 2021	$ (61,566)	$ 410	$ 196	419,533	(424,476)	(57,229)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchases of Class A common Stock (in shares)	(455,297)
Repurchases of Class A common stock	$ (5,000)
Net (loss)	(44,096)
Ending balance (in shares) at Sep. 30, 2022		42,738,438	19,170,493
Ending balance at Sep. 30, 2022	(68,402)	$ 427	$ 192	455,753	(455,177)	(69,597)
Beginning balance (in shares) at Mar. 31, 2022		41,600,665	19,561,718
Beginning balance at Mar. 31, 2022	(57,649)	$ 416	$ 196	433,157	(431,552)	(59,866)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Establishment of liabilities under tax receivables agreement and related changes to deferred tax assets associated with increases in tax basis	4			4
Exchange of non-controlling interest for Class A common stock (in shares)		297,747	(297,747)
Exchange of non-controlling interest for Class A common stock	0	$ 3	$ (3)	(946)		946
Vesting of restricted stock units (in shares)		674,674
Vesting of restricted stock units	0	$ 6		(6)
Equity-based compensation	15,780			15,733		47
Forfeiture of equity awards (in shares)		(14,160)	(93,478)
Forfeiture of equity awards	0		$ (1)	(305)		306
Shares withheld on tax withholding on vesting of restricted stock units	(966)			(966)
Distributions to non-controlling interests	(460)					(460)
Repurchases of Class A common Stock (in shares)		(321,150)
Repurchases of Class A common stock	(3,457)	$ (3)		(3,454)
Tax impact of changes in investment in partnership	297			297
Net (loss)	(13,022)				(9,139)	(3,883)
Ending balance (in shares) at Jun. 30, 2022		42,237,776	19,170,493
Ending balance at Jun. 30, 2022	(59,473)	$ 422	$ 192	443,514	(440,691)	(62,910)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units (in shares)		634,809
Vesting of restricted stock units	0	$ 6		(6)
Equity-based compensation	14,663			14,610		53
Shares withheld on tax withholding on vesting of restricted stock units	$ (815)			(815)
Repurchases of Class A common Stock (in shares)	(134,147)	(134,147)
Repurchases of Class A common stock	$ (1,551)	$ (1)		(1,550)
Net (loss)	(21,226)				(14,486)	(6,740)
Ending balance (in shares) at Sep. 30, 2022		42,738,438	19,170,493
Ending balance at Sep. 30, 2022	(68,402)	$ 427	$ 192	455,753	(455,177)	(69,597)
Beginning balance (in shares) at Dec. 31, 2022		43,650,634	18,895,493
Beginning balance at Dec. 31, 2022	(86,084)	$ 437	$ 189	465,523	(482,142)	(70,091)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of non-controlling interest for Class A common stock (in shares)		10,000	(10,000)
Exchange of non-controlling interest for Class A common stock	0			(39)		39
Vesting of restricted stock units (in shares)		608,022
Vesting of restricted stock units	0	$ 6		(6)
Equity-based compensation	14,304			14,259		45
Shares withheld on tax withholding on vesting of restricted stock units	(1,238)			(1,238)
Distributions to non-controlling interests	(1,104)					(1,104)
Net (loss)	(14,584)				(10,266)	(4,318)
Ending balance (in shares) at Mar. 31, 2023		44,268,656	18,885,493
Ending balance at Mar. 31, 2023	(88,706)	$ 443	$ 189	478,499	(492,408)	(75,429)
Beginning balance (in shares) at Dec. 31, 2022		43,650,634	18,895,493
Beginning balance at Dec. 31, 2022	(86,084)	$ 437	$ 189	465,523	(482,142)	(70,091)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss)	(53,262)
Ending balance (in shares) at Sep. 30, 2023		46,598,086	18,119,493
Ending balance at Sep. 30, 2023	(99,679)	$ 466	$ 181	503,303	(520,196)	(83,433)
Beginning balance (in shares) at Mar. 31, 2023		44,268,656	18,885,493
Beginning balance at Mar. 31, 2023	(88,706)	$ 443	$ 189	478,499	(492,408)	(75,429)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of non-controlling interest for Class A common stock (in shares)		766,000	(766,000)
Exchange of non-controlling interest for Class A common stock	0	$ 8	$ (8)	(3,130)		3,130
Vesting of restricted stock units (in shares)		822,147
Vesting of restricted stock units	0	$ 8		(8)
Equity-based compensation	15,185			15,171		14
Shares withheld on tax withholding on vesting of restricted stock units	(701)			(701)
Distributions to non-controlling interests	(192)					(192)
Net (loss)	(19,980)				(14,286)	(5,694)
Ending balance (in shares) at Jun. 30, 2023		45,856,803	18,119,493
Ending balance at Jun. 30, 2023	(94,394)	$ 459	$ 181	489,831	(506,694)	(78,171)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units (in shares)		741,283
Vesting of restricted stock units	0	$ 7		(7)
Equity-based compensation	14,454			14,440		14
Shares withheld on tax withholding on vesting of restricted stock units	(961)			(961)
Contributions from QLH’s members	196					196
Distributions to non-controlling interests	(276)					(276)
Net (loss)	(18,698)				(13,502)	(5,196)
Ending balance (in shares) at Sep. 30, 2023		46,598,086	18,119,493
Ending balance at Sep. 30, 2023	$ (99,679)	$ 466	$ 181	$ 503,303	$ (520,196)	$ (83,433)

Earnings (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Summary of Calculation of Basic and Diluted Net Loss Per Share


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands except share data and per share amount)	2023		2022		2023		2022
Basic
Net (loss)	$	(18,698)	$	(21,226)	$	(53,262)	$	(44,096)
Less: net (loss) attributable to non-controlling interest	(5,196)		(6,740)		(15,208)		(13,395)
Net (loss) available for basic common shares	$	(13,502)	$	(14,486)	$	(38,054)	$	(30,701)
Weighted-average shares of Class A common stock outstanding - basic and diluted	46,229,672		42,210,186		45,095,417		41,592,783
(Loss) per share of Class A common stock - basic and diluted	$	(0.29)	$	(0.34)	$	(0.84)	$	(0.74)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The effects of the Company’s potentially dilutive securities were not included in the calculation of diluted loss per share as the effect would be anti-dilutive. The following table summarizes the shares and units with a potentially dilutive impact:


	As of
	September 30, 2023	September 30, 2022
QLH Class B-1 Units	18,155,446	19,206,446
Restricted Class A Shares	52,573	261,558
Restricted stock units	4,342,036	5,688,174

Potential dilutive shares	22,550,055	25,156,178

Business Combinations - Summary of Revenue and Pretax Loss (Details) - Customer Helper Team, LLC - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Business Acquisition, Contingent Consideration [Line Items]
Total revenues	$ 89,017	$ 341,335
Pretax (loss)	$ (21,664)	$ (41,270)

Long-term debt - Schedule of Expected Future Principal Payments for Borrowings (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Long-term Debt, Fiscal Year Maturity [Abstract]
2023–Remaining Period	$ 2,375
2024	9,500
2025	9,500
2026	157,000
Debt and issuance costs	178,375
Unamortized debt issuance costs	(1,881)	$ (2,430)
Total debt	$ 176,494	$ 183,070

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Disaggregation of revenue

9 Months Ended

Sep. 30, 2023

Disaggregation of Revenue [Abstract]

Disaggregation of revenue

The following table shows the Company’s revenue disaggregated by transaction model:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Revenue
Open marketplace transactions	$	73,053	$	86,279	$	263,568	$	324,008
Private marketplace transactions	1,520		2,738		7,407		11,057
Total	$	74,573	$	89,017	$	270,975	$	335,065

The following table shows the Company’s revenue disaggregated by product vertical:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Revenue
Property & casualty insurance	$	31,933	$	43,844	$	126,532	$	188,869
Health insurance	33,961		33,393		115,192		108,665
Life insurance	5,341		6,977		18,321		21,049
Other	3,338		4,803		10,930		16,482
Total	$	74,573	$	89,017	$	270,975	$	335,065

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Fair Value Measurements - Schedule of Fair Value of the Company's Contingent Consideration Obligations (Details) - Contingent consideration - Fair Value, Inputs, Level 3 - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning fair value	$ 0	$ 4,162	$ 0	$ 0
Additions in the period	0	0	0	7,007
Change in fair value	0	(3,746)	0	(6,591)
Ending fair value	$ 0	$ 416	$ 0	$ 416

Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Earning (Loss) Per Share

Earnings (Loss) Per Share


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands except share data and per share amount)	2023		2022		2023		2022
Basic
Net (loss)	$	(18,698)	$	(21,226)	$	(53,262)	$	(44,096)
Less: net (loss) attributable to non-controlling interest	(5,196)		(6,740)		(15,208)		(13,395)
Net (loss) available for basic common shares	$	(13,502)	$	(14,486)	$	(38,054)	$	(30,701)
Weighted-average shares of Class A common stock outstanding - basic and diluted	46,229,672		42,210,186		45,095,417		41,592,783
(Loss) per share of Class A common stock - basic and diluted	$	(0.29)	$	(0.34)	$	(0.84)	$	(0.74)

Potentially dilutive shares, which are based on the weighted-average shares of underlying unvested QLH restricted Class B-1 units, restricted Class A shares, restricted stock units, and PRSUs using the treasury stock method and the outstanding QLH restricted Class B-1 units using the if-converted method, are included when calculating diluted net loss per share attributable to MediaAlpha, Inc. when their effect is dilutive. The effects of the Company’s potentially dilutive securities were not included in the calculation of diluted loss per share as the effect would be anti-dilutive. The following table summarizes the shares and units with a potentially dilutive impact:


	As of
	September 30, 2023	September 30, 2022
QLH Class B-1 Units	18,155,446	19,206,446
Restricted Class A Shares	52,573	261,558
Restricted stock units	4,342,036	5,688,174

Potential dilutive shares	22,550,055	25,156,178

The outstanding PRSUs were not included in the potentially dilutive securities as of September 30, 2023 as the performance conditions have not been met.

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenue	$ 74,573	$ 89,017	$ 270,975	$ 335,065
Costs and operating expenses
Cost of revenue	62,277	76,343	226,545	285,149
Sales and marketing	6,101	6,853	19,802	22,034
Product development	4,296	5,291	14,525	16,168
General and administrative	16,648	11,105	50,473	40,569
Total costs and operating expenses	89,322	99,592	311,345	363,920
(Loss) from operations	(14,749)	(10,575)	(40,370)	(28,855)
Other (income) expense, net	(100)	8,602	1,165	8,123
Interest expense	3,947	2,593	11,397	5,908
Total other expense, net	3,847	11,195	12,562	14,031
(Loss) before income taxes	(18,596)	(21,770)	(52,932)	(42,886)
Income tax expense (benefit)	102	(544)	330	1,210
Net (loss)	(18,698)	(21,226)	(53,262)	(44,096)
Net (loss) attributable to non-controlling interest	(5,196)	(6,740)	(15,208)	(13,395)
Net (loss) attributable to MediaAlpha, Inc.	$ (13,502)	$ (14,486)	$ (38,054)	$ (30,701)
Net (loss) per share of Class A common stock
Basic (in dollars per share)	$ (0.29)	$ (0.34)	$ (0.84)	$ (0.74)
Diluted (in dollars per share)	$ (0.29)	$ (0.34)	$ (0.84)	$ (0.74)
Weighted average shares of Class A common stock outstanding
Basic (in shares)	46,229,672	42,210,186	45,095,417	41,592,783
Diluted (in shares)	46,229,672	42,210,186	45,095,417	41,592,783

Disaggregation of revenue - Summary of Disaggregation of Revenue by Transaction Model (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 74,573	$ 89,017	$ 270,975	$ 335,065
Open marketplace transactions
Disaggregation of Revenue [Line Items]
Revenue	73,053	86,279	263,568	324,008
Private marketplace transactions
Disaggregation of Revenue [Line Items]
Revenue	$ 1,520	$ 2,738	$ 7,407	$ 11,057

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Equity-based compensation

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Equity-based compensation

Equity-based compensation cost recognized for equity-based awards outstanding during the three and nine months ended September 30, 2023 and 2022 was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022

QLH restricted Class B-1 units	14		53		73		185
Restricted Class A shares	130		213		464		774
Restricted stock units	14,310		14,397		43,406		43,257
Performance-based restricted stock units	—		(63)		—		—
Total equity-based compensation	$	14,454	$	14,600	$	43,943	$	44,216

Equity-based compensation cost was included in the following expense categories in the consolidated statements of operations during the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Cost of revenue	$	1,012	$	999	$	2,959	$	2,637
Sales and marketing	2,151		2,477		6,895		7,951
Product development	1,905		2,426		6,176		7,321
General and administrative	9,386		8,698		27,913		26,307
Total equity-based compensation	$	14,454	$	14,600	$	43,943	$	44,216

As of September 30, 2023, total unrecognized compensation cost related to unvested QLH restricted Class B-1 units, restricted Class A shares, restricted stock units, and PRSUs was $30 thousand, $0.4 million, $59.2 million, and $0, respectively, which are expected to be recognized over weighted-average periods of 0.48 years, 0.72 years, 2.36 years, and 0.45 years, respectively.

Income taxes

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Income taxes

MediaAlpha, Inc. is taxed as a corporation and pays corporate federal, state and local taxes on income allocated to it from QLH based upon MediaAlpha, Inc.’s economic interest held in QLH. QLH is treated as a pass-through partnership for income tax reporting purposes and is not subject to federal income tax. Instead, QLH’s taxable income or loss is passed through to its members, including MediaAlpha, Inc. Accordingly, the Company is not liable for income taxes on the portion of QLH’s earnings not allocated to it. MediaAlpha, Inc. files and pays corporate income taxes for U.S. federal and state income tax purposes and its corporate subsidiary, Skytiger Studio, Ltd., is subject to taxation in Taiwan. The Company expects this structure to remain in existence for the foreseeable future.

The Company estimates the annual effective tax rate for the full year to be applied to actual year-to-date income (loss) and adds the tax effects of any discrete items in the reporting period in which they occur. The Company’s effective income tax rate was (0.5)% and (0.6)% for the three and nine months ended September 30, 2023, respectively. The Company’s effective income tax rate was 2.5% and (2.8)% for the three and nine months ended September 30, 2022, respectively.

The following table summarizes the Company's income tax expense:


	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands, except percentages)	2023			2022			2023			2022
(Loss) before income taxes	$	(18,596)		$	(21,770)		$	(52,932)		$	(42,886)
Income tax expense (benefit)	$	102		$	(544)		$	330		$	1,210
Effective Tax Rate	(0.5)		%	2.5		%	(0.6)		%	(2.8)		%

The Company's effective tax rate of (0.5)% and (0.6)% for the three and nine months ended September 30, 2023 differed from the U.S. federal statutory rate of 21%, due primarily to the tax impacts of recording a valuation allowance against current year losses, nondeductible equity-based compensation, losses associated with non-controlling interests not taxable to the Company, state taxes, and other nondeductible permanent items.

There were no material changes to the Company’s unrecognized tax benefits during the three and nine months ended September 30, 2023. The Company is currently under examination by various tax authorities in the United States. These examinations are in preliminary stages and the Company does not expect to have any significant changes to unrecognized tax benefits through the end of the fiscal year.

During the three and nine months ended September 30, 2023, holders of Class B-1 units exchanged 0 and 776,000 Class B-1 units, respectively, together with an equal number of shares of Class B common stock, for shares of Class A common stock on a one-for-one basis (“Exchanges”). In connection with the Exchanges, the Company did not establish any additional liabilities related to the TRA, which are presented within additional-paid-in-capital in its consolidated statements of stockholders’ equity (deficit). In connection with the Exchanges and the changes to the carrying value of the non-controlling interest, the Company also recognizes deferred tax assets associated with the basis difference in its investment in QLH through additional-paid-in-capital, but during the three and nine months ended September 30, 2023, the Company did not recognize any additional deferred tax assets as the Company recognized a full valuation allowance on its deferred tax assets.

As of September 30, 2023 and December 31, 2022, the Company had a valuation allowance of $87.3 million and $91.8 million, respectively, against its deferred tax assets based on the recent history of pre-tax losses, which is considered a significant piece of objective negative evidence that is difficult to overcome and limits the ability to consider other subjective evidence, such as projections of future growth. It is possible in the foreseeable future that there may be sufficient positive evidence, and/or that the objective negative evidence in the form of history of pre-tax losses will no longer be present, in which event the Company could release a portion or all of the valuation allowance. Release of any amount of valuation allowance would result in a benefit to income tax expense for the period the release is recorded, which could have a material impact on net earnings.

Tax Receivables Agreement

In connection with the Reorganization Transactions and the IPO, the Company entered into the TRA with Insignia, Senior Executives, and White Mountains. The Company expects to obtain an increase in its share of the tax basis in the net assets of QLH as Class B-1 units, together with shares of Class B common stock, are exchanged for shares of Class A common stock (or, at the Company’s election, redeemed for cash of an equivalent value). The Company intends to treat any redemptions and exchanges of Class B-1 units as direct purchases for U.S. federal income tax purposes. These increases in tax basis may reduce the amounts that it would otherwise pay in the future to various tax authorities.

As of September 30, 2023 and December 31, 2022, the Company determined that making a payment under the TRA was not probable under ASC 450 — Contingencies since a valuation allowance has been recorded against the Company’s deferred tax assets and the Company does not believe it will generate sufficient future taxable income to utilize related tax benefits and result in a payment under the TRA. As a result, the Company remeasured the liabilities due under the TRA to zero in the consolidated balance sheets. If the Company had determined that making a payment under the TRA and generating sufficient future taxable income was probable, it would have also recorded a liability pursuant to the TRA of approximately $88 million in the consolidated balance sheet.

As of September 30, 2023 and December 31, 2022, the Company recorded zero and $2.8 million, respectively, as current portion of payments due under the TRA within accrued expenses in the consolidated balance sheets. Payments of $0 and $2.8 million were made pursuant to the TRA during the three and nine months ended September 30, 2023, respectively, and $0 and $0.2 million during the three and nine months ended September 30, 2022, respectively.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Section 50
-Paragraph 17
-Subparagraph (b)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SAB Topic 11.C)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value of the Company's Contingent Consideration Obligations

The following table summarizes the changes in the contingent consideration:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Beginning fair value	$	—	$	4,162	$	—	$	—
Additions in the period	—		—		—		7,007
Change in fair value
(Gain) included in General and administrative expenses	—		(3,746)		—		(6,591)
Ending fair value	$	—	$	416	$	—	$	416
Change in unrealized (gain) related to instrument still held at end of period	$	—	$	(3,746)	$	—	$	(6,591)

Business Combinations (Tables)

9 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Summary of Consideration Transferred

The acquisition date fair value of the purchase consideration for the acquisition was $56.7 million, and consisted of the following (in thousands):


	Fair Value
Cash consideration (net of working capital adjustments)	$	49,677
Contingent consideration	7,007
Total purchase consideration	$	56,684

Summary of Purchase Price Allocation

In accordance with the acquisition method of accounting, the purchase consideration was allocated to the assets acquired and liabilities assumed based on their fair values on the date of the acquisition as follows (in thousands):


Accounts receivable	$	1,275
Prepaid expenses and other current assets	17
Intangible assets	26,120
Goodwill	29,337
Accounts payable	(18)
Accrued expenses	(47)
Net assets acquired	$	56,684

Summary of Revenue and Pretax Loss

The following pro forma financial information summarizes the combined results of operations for the Company and CHT, as though the companies were combined as of the beginning of the Company’s fiscal 2021. The unaudited pro forma financial information was as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
(in thousands)	2022			2022
Total revenues	$	89,017		$	341,335
Pretax (loss)	$	(21,664)		$	(41,270)

Equity-based compensation - Schedule of Equity-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	$ 14,454	$ 14,600	$ 43,943	$ 44,216
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	1,012	999	2,959	2,637
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	2,151	2,477	6,895	7,951
Product development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	1,905	2,426	6,176	7,321
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	$ 9,386	$ 8,698	$ 27,913	$ 26,307

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (c)(1)(i)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)(1)(ii)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)(1)(iv)(03)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Subparagraph (c)(1)(iv)(04)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Subparagraph (c)(2)(i)
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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-Subparagraph (c)(2)(iii)(01)
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Subparagraph (c)(2)(iii)(02)
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Goodwill and intangible assets - Summary of Change in Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Goodwill
Beginning balance at January 1,			$ 47,739	$ 18,402	$ 18,402
Additions to goodwill			0		29,337
Ending balance	$ 47,739		47,739		47,739
Intangible assets
Beginning balance at January 1,			32,932	12,567	12,567
Additions to intangible assets			0		26,120
Amortization	(1,700)	$ (1,700)	(5,188)	$ (4,064)	(5,755)
Ending balance	$ 27,744		$ 27,744		$ 32,932

- Definition

+ References + Details

Business Combinations - Summary of Consideration Transferred (Details) - QuoteLab, LLC $ in Thousands	Feb. 24, 2022 USD ($)
Business Acquisition, Contingent Consideration [Line Items]
Cash consideration (net of working capital adjustments)	$ 49,677
Contingent consideration	7,007
Total purchase consideration	$ 56,684

Equity-based compensation - Summary of Equity-based Compensation Cost Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	$ 14,454	$ 14,600	$ 43,943	$ 44,216
QLH restricted Class B-1 units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	14	53	73	185
Restricted Class A shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	130	213	464	774
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	14,310	14,397	43,406	43,257
Performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	$ 0	$ (63)	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Goodwill and intangible assets (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Goodwill and Intangible Assets

Goodwill and intangible assets consisted of:


	As of
		September 30, 2023						December 31, 2022
(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	$	43,500	$	(22,415)	$	21,085	$	43,500	$	(17,820)	$	25,680
Non-compete agreements	60	303		(303)		—		303		(303)		—
Trademarks, trade names, and domain names	60 - 120	8,884		(2,225)		6,659		8,884		(1,632)		7,252
Intangible assets		$	52,687	$	(24,943)	$	27,744	$	52,687	$	(19,755)	$	32,932
Goodwill	Indefinite	$	47,739	$	—	$	47,739	$	47,739	$	—	$	47,739

Summary of Change in Goodwill and Intangible Assets

The following table presents the changes in goodwill and intangible assets:


	As of
	September 30, 2023				December 31, 2022
(in thousands)	Goodwill		Intangible assets		Goodwill		Intangible assets
Beginning balance at January 1,	$	47,739	$	32,932	$	18,402	$	12,567
Additions to goodwill and intangible assets	—		—		29,337		26,120
Amortization	—		(5,188)		—		(5,755)
Ending balance	$	47,739	$	27,744	$	47,739	$	32,932

Summary of Future Amortization Expense on Identifiable Intangible Assets

As of September 30, 2023, future amortization expense relating to identifiable intangible assets with estimable useful lives over the next five years was as follows:


(in thousands)	Amortization expense
2023–Remaining Period	$	1,729
2024	6,428
2025	5,759
2026	5,143
2027	4,106
Thereafter	4,579
	$	27,744

Commitments and contingencies - Narrative (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Litigation And Other Matters [Line Items]
Contingency reserves for litigation liabilities	$ 0	$ 0	$ 0
FTC Act, Telemarketing Sales Rule
Litigation And Other Matters [Line Items]
Legal fees incurred	$ 1,600,000	$ 3,000,000

Equity-based compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Equity-based Compensation Cost Recognized

Equity-based compensation cost recognized for equity-based awards outstanding during the three and nine months ended September 30, 2023 and 2022 was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022

QLH restricted Class B-1 units	14		53		73		185
Restricted Class A shares	130		213		464		774
Restricted stock units	14,310		14,397		43,406		43,257
Performance-based restricted stock units	—		(63)		—		—
Total equity-based compensation	$	14,454	$	14,600	$	43,943	$	44,216

Schedule of Equity-based Compensation Expense

Equity-based compensation cost was included in the following expense categories in the consolidated statements of operations during the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Cost of revenue	$	1,012	$	999	$	2,959	$	2,637
Sales and marketing	2,151		2,477		6,895		7,951
Product development	1,905		2,426		6,176		7,321
General and administrative	9,386		8,698		27,913		26,307
Total equity-based compensation	$	14,454	$	14,600	$	43,943	$	44,216

Summary of significant accounting policies - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Significant Accounting Policies [Line Items]
Accounts receivable, allowance for credit losses	$ 314,000		$ 314,000		$ 575,000
Payments pursuant to tax receivable agreement			2,822,000	$ 216,000
Revolving Credit Facility
Significant Accounting Policies [Line Items]
Outstanding amount drawn under revolving credit facility	178,400,000		178,400,000
Available credit under agreement	45,000,000		$ 45,000,000
Tax Receivables Agreement \| Related Party
Significant Accounting Policies [Line Items]
Percentage of cash savings required to pay			85.00%
Payments pursuant to tax receivable agreement	$ 0	$ 0	$ 2,800,000	$ 200,000

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Accrued expenses (Tables)

9 Months Ended

Sep. 30, 2023

Payables and Accruals [Abstract]

Summary of Accrued Expenses

Accrued expenses include the following:


	As of
(in thousands)	September 30, 2023		December 31, 2022
Accrued payroll and related expenses	$	3,116	$	3,621
Accrued operating expenses	3,418		2,036

Summary of significant accounting policies (Policies)

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Basis of presentation

The accompanying unaudited consolidated financial statements and related disclosures have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") applicable to interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, all adjustments, consisting of only those of a normal recurring nature, considered necessary for a fair statement of the financial position and interim results of the Company as of and for the periods presented have been included.

The December 31, 2022 balance sheet data was derived from audited consolidated financial statements; however, the accompanying interim notes to the consolidated financial statements do not include all of the annual disclosures required by GAAP. Results for interim periods are not necessarily indicative of those that may be expected for a full year. The financial information included herein should be read in conjunction with the Company's consolidated financial statements and related notes in its 2022 Annual Report on Form 10-K.

Accounts receivable

Accounts receivable are net of allowances for credit losses of $0.3 million and $0.6 million as of September 30, 2023 and December 31, 2022, respectively.

Concentrations of credit risk and of significant customers and suppliers

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company maintains cash balances that can, at times, exceed amounts insured by the Federal Deposit Insurance Corporation. The Company has not experienced any losses in these accounts and believes it is not exposed to unusual risk beyond the normal credit risk in this area based on the financial strength of the institutions with which the Company maintains its deposits.

The Company's accounts receivable, which are unsecured, may expose it to credit risk based on their collectability. The Company controls credit risk by investigating the creditworthiness of all customers prior to establishing relationships with them, performing periodic reviews of the credit activities of those customers during the course of the business relationship, regularly analyzing the collectability of accounts receivable, and recording allowances for credit losses. The Company's supplier concentration can also expose it to business risks.

Customer and supplier concentrations consisted of the below:


	Three Months Ended September 30, 2023					Three Months Ended September 30, 2022
	Number of customers or suppliers exceeding 10%	Aggregate Value (in millions)		% of Total		Number of customers or suppliers exceeding 10%	Aggregate Value (in millions)		% of Total
Revenue	—	$	—	—	%	1	$	10	11	%
Purchases	1	$	9	14	%	1	$	9	11	%


	Nine Months Ended September 30, 2023					Nine Months Ended September 30, 2022
	Number of customers or suppliers exceeding 10%	Aggregate Value (in millions)		% of Total		Number of customers or suppliers exceeding 10%	Aggregate Value (in millions)		% of Total
Revenue	—	$	—	—	%	1	$	42	13	%
Purchases	1	$	26	12	%	1	$	33	11	%


	As of September 30, 2023					As of December 31, 2022
	Number of customers or suppliers exceeding 10%	Aggregate Value (in millions)		% of Total		Number of customers or suppliers exceeding 10%	Aggregate Value (in millions)		% of Total
Accounts receivable	1	$	5	15	%	—	$	—	—	%
Accounts payable	1	$	6	16	%	2	$	22	40	%

New accounting pronouncements

New Accounting Pronouncements

Recently adopted accounting pronouncements

In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from contracts with customers. The ASU requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, as if it had originated the contracts. Under the current business combinations guidance, such assets and liabilities were recognized by the acquirer at fair value on the acquisition date. The guidance in ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022, with early adoption permitted and will be applied prospectively to business combinations occurring on or after the effective date of the amendment. The Company adopted the ASU on January 1, 2023 and the adoption did not have any impact on the Company's consolidated financial statements.

In March 2020 and January 2021, the FASB issued ASU No. 2020-4, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and ASU 2021-1, Reference Rate Reform (Topic 848): Scope, respectively. ASU 2020-4 and ASU 2021-1 provide optional expedients and exceptions for applying U.S. GAAP, to contracts, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform, if certain criteria are met. The guidance in ASU 2020-4 and ASU 2021-1 was effective upon issuance and, once adopted, may be applied prospectively to contract modifications and hedging relationships through December 31, 2022. In December 2022, the FASB issued ASU No. 2022-6, Deferral of the Sunset Date of Topic 848, which deferred the sunset date of Topic 848 from December 31, 2022 to December 31, 2024 to align with the amended cessation date of LIBOR, which had been delayed to June 30, 2023. On June 8, 2023, the Company amended its existing credit agreement to change the interest rate benchmark under the 2021 Credit Facilities from LIBOR to the Secured Overnight Financing Rate ("SOFR"), as further discussed in Note 6 - Long term debt. Effective June 8, 2023, the Company adopted ASC Topic 848 and qualified for the available optional expedients, which allows the Company to account for the contract modifications as continuations of the existing contract without further reassessment or remeasurement that would otherwise be required under the applicable U.S. GAAP. On October 1, 2023, the Company also amended its TRA to, among other things, change the interest rate benchmark from LIBOR to SOFR. The adoption did not have a material impact on the Company's consolidated financial statements.

Recently issued not yet adopted accounting pronouncements

There have been no other accounting pronouncements issued but not yet adopted by the Company which are expected to have a material impact on the Consolidated Financial Statements.

Disaggregation of revenue (Tables)

9 Months Ended

Sep. 30, 2023

Disaggregation of Revenue [Abstract]

Summary of Disaggregation of Revenue

The following table shows the Company’s revenue disaggregated by transaction model:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Revenue
Open marketplace transactions	$	73,053	$	86,279	$	263,568	$	324,008
Private marketplace transactions	1,520		2,738		7,407		11,057
Total	$	74,573	$	89,017	$	270,975	$	335,065

The following table shows the Company’s revenue disaggregated by product vertical:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Revenue
Property & casualty insurance	$	31,933	$	43,844	$	126,532	$	188,869
Health insurance	33,961		33,393		115,192		108,665
Life insurance	5,341		6,977		18,321		21,049
Other	3,338		4,803		10,930		16,482
Total	$	74,573	$	89,017	$	270,975	$	335,065

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended				9 Months Ended		12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Cash flows from operating activities
Net (loss)	$ (18,698,000)	$ (14,584,000)	$ (21,226,000)	$ (9,848,000)	$ (53,262,000)	$ (44,096,000)
Adjustments to reconcile net (loss) to net cash provided by operating activities:
Non-cash equity-based compensation expense					43,943,000	44,216,000
Non-cash lease expense					508,000	539,000
Depreciation expense on property and equipment					275,000	295,000
Amortization of intangible assets	1,700,000		1,700,000		5,188,000	4,064,000	$ 5,755,000
Amortization of deferred debt issuance costs	200,000		200,000		597,000	626,000
Change in fair value of contingent consideration					0	(6,591,000)
Impairment of cost method investment	0				1,406,000	8,594,000
Credit losses					(220,000)	(109,000)
Deferred taxes					0	1,054,000
Tax receivable agreement liability adjustments					6,000	(576,000)
Changes in operating assets and liabilities:
Accounts receivable					27,167,000	42,840,000
Prepaid expenses and other current assets					3,059,000	5,451,000
Other assets					375,000	322,000
Accounts payable					(15,243,000)	(19,452,000)
Accrued expenses					1,138,000	(2,223,000)
Net cash provided by operating activities					14,937,000	34,954,000
Cash flows from investing activities
Purchases of property and equipment					(60,000)	(93,000)
Cash consideration paid in connection with CHT acquisition					0	(49,677,000)
Net cash (used in) investing activities					(60,000)	(49,770,000)
Cash flows from financing activities
Revolving credit facility					0	25,000,000
Repayments on revolving line of credit					0	(15,000,000)
Repayments on long-term debt					(7,125,000)	(7,125,000)
Repurchases of Class A common stock					0	(5,008,000)
Contributions from QLH’s members					196,000	0
Distributions					(1,572,000)	(590,000)
Payments pursuant to tax receivable agreement					(2,822,000)	(216,000)
Shares withheld for taxes on vesting of restricted stock units					(2,900,000)	(2,601,000)
Net cash (used in) financing activities					(14,223,000)	(5,540,000)
Net increase (decrease) in cash and cash equivalents					654,000	(20,356,000)
Cash and cash equivalents, beginning of period		$ 14,542,000		$ 50,564,000	14,542,000	50,564,000	50,564,000
Cash and cash equivalents, end of period	$ 15,196,000		$ 30,208,000		15,196,000	30,208,000	$ 14,542,000
Supplemental disclosures of cash flow information
Interest					10,081,000	4,628,000
Income taxes paid, net of refunds					(233,000)	(2,144,000)
Non-cash Investing and Financing Activities:
Adjustments to liabilities under the tax receivable agreement					0	(1,619,000)
Establishment of deferred tax assets in connection with the Reorganization Transactions					0	(1,642,000)
Fair value of contingent consideration in connection with CHT acquisition					$ 0	$ 7,007,000

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accounts receivable, allowance for credit losses	$ 314	$ 575
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	50,000,000	50,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Class A Common
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, issued (in shares)	46,600,000	43,700,000
Common stock, outstanding (in shares)	46,600,000	43,700,000
Class B Common
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	100,000,000	100,000,000
Common stock, issued (in shares)	18,100,000	18,900,000
Common stock, outstanding (in shares)	18,100,000	18,900,000

Non-Controlling Interest	9 Months Ended
Non-Controlling Interest	Sep. 30, 2023
Noncontrolling Interest [Abstract]
Non-Controlling Interest	Non-Controlling Interest Pursuant to QLH’s limited liability company agreement, QLH has two classes of equity securities, Class A-1 units, which have all voting rights in QLH, and Class B-1 units, which have no voting or control rights. The Company allocates a share of net income (loss) to the holders of non-controlling interests pro-rata to their ownership interest in QLH at a point in time. The non-controlling interests balance represents the Class B-1 units, substantially all of which are held by Insignia and the Senior Executives. During the three and nine months ended September 30, 2023, the holders of the non-controlling interests exchanged 0 and 776,000 Class B-1 units, respectively, together with an equal number of shares of Class B common stock, for shares of Class A common stock on a one-for-one basis. As of September 30, 2023, the holders of the non-controlling interests owned 28.0% of the total equity interests in QLH, with the remaining 72.0% owned by MediaAlpha, Inc. As of December 31, 2022, the holders of the non-controlling interests owned 30.2% of the total equity interests in QLH, with the remaining 69.8% owned by MediaAlpha, Inc.

Stockholders' Equity (Deficit)	9 Months Ended
Stockholders' Equity (Deficit)	Sep. 30, 2023
Equity [Abstract]
Stockholders' Equity (Deficit)	Stockholders' Equity (Deficit) Share Repurchase Program On March 14, 2022, the Company’s Board of Directors approved a Share Repurchase Program (“Repurchase Program”) that authorized the Company to repurchase up to $5.0 million of the Company’s share of Class A common stock in open market transactions at prevailing market prices or by other means in accordance with federal securities laws. The Company completed the Repurchase Program during the year ended December 31, 2022. The Repurchase Program did not obligate the Company to repurchase a fixed number of shares and any repurchases were accounted for as of the trade date with a corresponding liability. The excess between the repurchase price and the par value of the shares of Class A common stock repurchased was recorded as an adjustment to additional-paid-in capital. During the three and nine months ended September 30, 2022, 134,147 and 455,297 shares of Class A common stock were repurchased for an aggregate amount of $1.6 million and $5.0 million, respectively.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 13
-Subparagraph (h)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 505
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.3-04)
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-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 14
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 15,196	$ 14,542
Accounts receivable, net of allowance for credit losses of $314 and $575, respectively	33,051	59,998
Prepaid expenses and other current assets	2,773	5,880
Total current assets	51,020	80,420
Intangible assets, net	27,744	32,932
Goodwill	47,739	47,739
Other assets	6,529	8,990
Total assets	133,032	170,081
Current liabilities
Accounts payable	38,749	53,992
Accrued expenses	12,708	14,130
Current portion of long-term debt	8,797	8,770
Total current liabilities	60,254	76,892
Long-term debt, net of current portion	167,697	174,300
Other long-term liabilities	4,760	4,973
Total liabilities	232,711	256,165
Commitments and contingencies (Note 7)
Stockholders' (deficit):
Preferred stock, $0.01 par value - 50 million shares authorized; 0 shares issued and outstanding as of September 30, 2023 and December 31, 2022	0	0
Additional paid-in capital	503,303	465,523
Accumulated deficit	(520,196)	(482,142)
Total stockholders' (deficit) attributable to MediaAlpha, Inc.	(16,246)	(15,993)
Non-controlling interests	(83,433)	(70,091)
Total stockholders' (deficit)	(99,679)	(86,084)
Total liabilities and stockholders' deficit	133,032	170,081
Class A Common
Stockholders' (deficit):
Common stock	466	437
Class B Common
Stockholders' (deficit):
Common stock	$ 181	$ 189

Equity-based compensation - Narrative (Details)	9 Months Ended
Equity-based compensation - Narrative (Details)	Sep. 30, 2023 USD ($)
QLH restricted Class B-1 units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 30,000
Weighted average period of recognition	5 months 23 days
Restricted Class A shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 400,000
Weighted average period of recognition	8 months 19 days
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 59,200,000
Weighted average period of recognition	2 years 4 months 9 days
Performance restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 0
Weighted average period of recognition	5 months 12 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Income taxes - Narrative (Details)	3 Months Ended		9 Months Ended
Income taxes - Narrative (Details)	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Income Tax Disclosure [Line Items]
Effective income tax rate	(0.50%)	2.50%	(0.60%)	(2.80%)
Statutory federal tax rate			21.00%
Conversion of stock (in shares) \| shares	0		776,000
Stockholder's equity, exchange ratio	1		1
Deferred tax assets, valuation allowance	$ 87,300,000		$ 87,300,000		$ 91,800,000
Liability on tax receivable agreement			0
Unrecognized liability on tax receivable agreement			88,000,000
Payments pursuant to tax receivable agreement			2,822,000	$ 216,000
Tax Receivables Agreement
Income Tax Disclosure [Line Items]
Liabilities under tax receivables agreement, net of current portion	0		0		$ 2,800,000
Tax Receivables Agreement \| Related Party
Income Tax Disclosure [Line Items]
Payments pursuant to tax receivable agreement	$ 0	$ 0	$ 2,800,000	$ 200,000

Long-term debt - Narrative (Details) $ in Thousands		3 Months Ended		9 Months Ended
Long-term debt - Narrative (Details) $ in Thousands	Jun. 08, 2023	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Jul. 29, 2021 USD ($)
Debt Instrument [Line Items]
Existing term loans outstanding		$ 176,494		$ 176,494		$ 183,070
Interest expense		3,800	$ 2,400	10,900	$ 5,400
Amortization of deferred debt issuance costs		200	200	597	626
Accrued interest		3,700		3,700		$ 3,000
Revolving Credit Facility
Debt Instrument [Line Items]
Interest expense		200	$ 200	500	$ 500
Available credit under agreement		$ 45,000		$ 45,000
Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage				0.25%
Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Commitment fee percentage				0.50%
2021 Credit Facilities
Debt Instrument [Line Items]
Quarterly amortization rate							1.25%
2021 Credit Facilities \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate adjustment	0.0010
Variable rate floor	0.0000
2021 Credit Facilities \| Minimum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate spread	2.00%
2021 Credit Facilities \| Minimum \| Base Rate
Debt Instrument [Line Items]
Interest rate spread	1.00%
2021 Credit Facilities \| Maximum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate spread	2.75%
2021 Credit Facilities \| Maximum \| Base Rate
Debt Instrument [Line Items]
Interest rate spread	1.75%
2021 Credit Facilities \| Term loan
Debt Instrument [Line Items]
Aggregate principal amount							$ 190,000
2021 Credit Facilities \| Revolving Credit Facility \| Line of credit
Debt Instrument [Line Items]
Revolving line of credit							50,000
2020 Credit Facilities \| Term loan
Debt Instrument [Line Items]
Existing term loans outstanding							$ 186,400

Long-term debt

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Long-term debt

On July 29, 2021, the Company entered into an amendment (the "First Amendment") to the 2020 Credit Agreement dated as of September 23, 2020, with the lenders that are party thereto and JPMorgan Chase Bank, N.A., as administrative agent (as amended by the First Amendment, the “Existing Credit Agreement”). The Existing Credit Agreement provides for a new senior secured term loan facility in an aggregate principal amount of $190.0 million (the "2021 Term Loan Facility"), the proceeds of which were used to refinance all $186.4 million of the existing term loans outstanding and the unpaid interest thereof as of the date of the First Amendment, to pay fees related to these transactions, and to provide cash for general corporate purposes, and a new senior secured revolving credit facility with commitments in an aggregate amount of $50.0 million (the "2021 Revolving Credit Facility" and, together with the 2021 Term Loan Facility, the "2021 Credit Facilities"), which replaced the existing revolving credit facility under the 2020 Credit Agreement.

On June 8, 2023, the Company entered into a Second Amendment (the “Second Amendment”) to the Existing Credit Agreement, (as amended by the Second Amendment, the “Amended Credit Agreement”). The Second Amendment amends the Existing Credit Agreement to replace the existing LIBOR based rate applicable to the 2021 Credit Facilities with a Term SOFR or Daily Simple SOFR with a credit spread adjustment of 0.10% per annum and a floor of 0.00%, effective on the amendment date. Borrowings under the Amended Credit Agreement will continue to bear interest at a rate equal to, at the option of the Borrower, the Term SOFR or Daily Simple SOFR plus an applicable margin, with a floor of 0.00%, or the base rate plus an applicable margin. The applicable margins are based on the Company’s consolidated total net leverage ratio as calculated under the terms of the Amended Credit Agreement for the prior fiscal quarter and range from 2.00% to 2.75% with respect to the Term SOFR or Daily Simple SOFR and from 1.00% to 1.75% with respect to the base rate.

The Second Amendment did not impact the Company's outstanding debt or related debt covenants. The Second Amendment did not result in any additional cash proceeds or changes in commitment amounts. The Second Amendment has been accounted for as a continuation of the existing agreement in accordance with ASC 848 — Reference Rate Reforms and any third-party costs were expensed as incurred and included in general and administrative expenses in the consolidated statement of operations.

Long-term debt consisted of the following:


	As of
(in thousands)	September 30, 2023		December 31, 2022
2021 Term Loan Facility	$	173,375	$	180,500

2021 Revolving Credit Facility	5,000		5,000
Debt issuance costs	(1,881)		(2,430)
Total debt	$	176,494	$	183,070
Less: current portion, net of debt issuance costs of $703 and $730, respectively	(8,797)		(8,770)
Total long-term debt	$	167,697	$	174,300

Loans under the 2021 Credit Facilities will mature on July 29, 2026. Loans under the 2021 Term Loan Facility amortize quarterly, beginning on the first business day after December 31, 2021 and ending with June 30, 2026, by an amount equal to 1.25% of the aggregate outstanding principal amount of the term loans initially made. Accordingly, the amount of mandatory quarterly principal payable amount under the 2021 Term Loan within the next twelve months has been classified within the current portion of long-term debt and the remaining balance as long-term debt, net of current portion on the consolidated balance sheets. The Company incurred interest expense on the 2021 Term Loan Facility of $3.8 million and $2.4 million for the three months ended September 30, 2023 and 2022, respectively, and $10.9 million and $5.4 million for the nine months ended September 30, 2023 and 2022, respectively. Interest expense included amortization of debt issuance costs on the 2021 Credit Facility of $0.2 million for the three months ended September 30, 2023 and 2022, respectively, and $0.6 million for the nine months ended September 30, 2023 and 2022, respectively.

The 2021 Revolving Credit Facility does not amortize and will mature on July 29, 2026 and has been classified as non-current within long-term debt, net of current portion on the consolidated balance sheet. As of September 30, 2023, the Company’s borrowing capacity available under the 2021 Revolving Credit Facility was $45.0 million, which holds a commitment fee based on the Company’s consolidated total net leverage ratio and ranges from 0.25% to 0.50%. The Company incurred interest expense on the 2021 Revolving Credit Facility of $0.2 million for the three months ended September 30, 2023 and 2022, respectively, and $0.5 million for the nine months ended September 30, 2023 and 2022, respectively.

Accrued interest was $3.7 million as of September 30, 2023 and $3.0 million as of December 31, 2022, and is included within accrued expenses on the consolidated balance sheets.

The expected future principal payments for all borrowings as of September 30, 2023 were as follows:


(in thousands)	Contractual maturity

2023–Remaining Period	$	2,375
2024	9,500
2025	9,500
2026	157,000

Debt and issuance costs	178,375
Unamortized debt issuance costs	(1,881)
Total debt	$	176,494

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Business Combinations

9 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Business Combinations

On February 24, 2022, QuoteLab, LLC (“QL”), a wholly owned subsidiary of QLH, and CHT Buyer, LLC, a wholly owned subsidiary of QL ("Buyer"), entered into an Asset Purchase Agreement (as amended, the “Agreement”) to acquire substantially all of the assets of Customer Helper Team, LLC ("Seller" or "CHT"). CHT is a provider of customer generation and acquisition services, primarily for Medicare insurance, automobile insurance, health insurance and life insurance companies. The Company acquired CHT to increase its customer generation capabilities on various social media and short form video platforms. The transaction was closed on April 1, 2022.

The Company accounted for the transaction as a business combination using the acquisition method of accounting as CHT contained inputs and processes that were capable of being operated as a business. The acquisition date fair value of the purchase consideration for the acquisition was $56.7 million, and consisted of the following (in thousands):


	Fair Value
Cash consideration (net of working capital adjustments)	$	49,677
Contingent consideration	7,007
Total purchase consideration	$	56,684

The Agreement also provides for the Company to pay contingent consideration, which could range from zero to $20.0 million, based upon CHT's achievement of certain revenue and gross margin targets for the two successive twelve-month periods following the closing, as set forth in the Agreement. The contingent consideration has been classified as a liability and the estimated fair value was determined using a Monte Carlo model based on the revenue and gross margin projected to be generated by CHT during the applicable periods. CHT was unable to meet its target for the first twelve-month period, and so the Company did not pay any consideration related to that period. In addition, based on further decline in CHT's projected revenue and gross margin, the Company does not expect CHT to meet the target for the second twelve-month period. The contingent consideration is subject to remeasurement at each reporting date until paid, with any adjustment resulting from the remeasurement reported within general & administrative expenses in the consolidated statements of operations. The fair value measurements of the contingent consideration are based primarily on significant unobservable inputs and thus represent a Level 3 measurement in the valuation hierarchy as defined in ASC 820.

Transaction-related costs incurred by the Company were $0.1 million and $0.6 million for the three and nine months ended September 30, 2022, respectively, and were expensed as incurred and included in general and administrative expenses in the consolidated statement of operations.


Accounts receivable	$	1,275
Prepaid expenses and other current assets	17
Intangible assets	26,120
Goodwill	29,337
Accounts payable	(18)
Accrued expenses	(47)
Net assets acquired	$	56,684

The Company considers the measurement period for such purchase price allocation to be one year from the date of acquisition. The fair value of working capital related items, including accounts receivable, prepaid expenses and other current assets, accounts payable, and accrued expenses, approximated their book values as of the closing date of the acquisition.

The excess of the purchase consideration over the fair value of the net assets acquired was recorded as goodwill. The resulting goodwill is attributable primarily to CHT's assembled workforce and the expanded market opportunities provided by the CHT business by increasing the Company’s ability to generate Consumer Referrals on various social media and short form video platforms. The goodwill resulting from the acquisition is tax deductible. For tax purposes, contingent consideration does not become part of tax goodwill until paid. As such, the amount of goodwill deductible for tax purposes as of the closing date of the acquisition was $22.7 million. The Company's estimate of the amount of tax deductible goodwill may change as the amounts of the payments of contingent consideration, if any, are finalized.


	Three Months Ended September 30,		Nine Months Ended September 30,
(in thousands)	2022			2022
Total revenues	$	89,017		$	341,335
Pretax (loss)	$	(21,664)		$	(41,270)

The pro forma financial information presented above has been calculated after adjusting the results of CHT to reflect certain business combination and one-time accounting effects such as fair value adjustment of amortization expense from acquired intangible assets, interest expense on the amounts drawn under the 2021 Revolving Credit facility, and acquisition costs as though the acquisition occurred as of the beginning of the Company’s fiscal 2021. The historical consolidated financial information has been adjusted in the pro forma combined financial results to give effect to pro forma events that are directly attributable to the business combination, reasonably estimable and factually supportable. The pro forma financial information does not include the impact of remeasurement adjustments to the contingent considerations and restricted stock units granted to employees of CHT on the date of acquisition for post combination services, which are included within the periods they were incurred. The pro forma financial information is for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place at the beginning of the Company’s fiscal 2021.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Goodwill and intangible assets - Summary of Future Amortization Expense on Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
2023 - Remaining Period	$ 1,729
2024	6,428
2025	5,759
2026	5,143
2027	4,106
Thereafter	4,579
Net carrying amount	$ 27,744	$ 32,932	$ 12,567

Long-term debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Debt issuance costs	$ (1,881)	$ (2,430)
Total debt	176,494	183,070
Current portion of long-term debt	(8,797)	(8,770)
Total long-term debt	167,697	174,300
Debt issuance costs	703	730
Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding amount drawn under revolving credit facility	178,400
Term loan \| 2021 Credit Facilities
Debt Instrument [Line Items]
2021 Term Loan Facility	173,375	180,500
Line of credit \| 2021 Credit Facilities \| Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding amount drawn under revolving credit facility	$ 5,000	$ 5,000

Summary of significant accounting policies

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Summary of significant accounting policies

The Company's significant accounting policies are included in the 2022 Annual Report on Form 10-K and did not materially change during the nine months ended September 30, 2023.

Basis of presentation

Accounts receivable

Accounts receivable are net of allowances for credit losses of $0.3 million and $0.6 million as of September 30, 2023 and December 31, 2022, respectively.

Concentrations of credit risk and of significant customers and suppliers

Customer and supplier concentrations consisted of the below:


	Three Months Ended September 30, 2023					Three Months Ended September 30, 2022
	Number of customers or suppliers exceeding 10%	Aggregate Value (in millions)		% of Total		Number of customers or suppliers exceeding 10%	Aggregate Value (in millions)		% of Total
Revenue	—	$	—	—	%	1	$	10	11	%
Purchases	1	$	9	14	%	1	$	9	11	%


	Nine Months Ended September 30, 2023					Nine Months Ended September 30, 2022
	Number of customers or suppliers exceeding 10%	Aggregate Value (in millions)		% of Total		Number of customers or suppliers exceeding 10%	Aggregate Value (in millions)		% of Total
Revenue	—	$	—	—	%	1	$	42	13	%
Purchases	1	$	26	12	%	1	$	33	11	%


	As of September 30, 2023					As of December 31, 2022
	Number of customers or suppliers exceeding 10%	Aggregate Value (in millions)		% of Total		Number of customers or suppliers exceeding 10%	Aggregate Value (in millions)		% of Total
Accounts receivable	1	$	5	15	%	—	$	—	—	%
Accounts payable	1	$	6	16	%	2	$	22	40	%

Related Party Transactions

The Company is party to the tax receivables agreement ("TRA") under which it is contractually committed to pay certain holders of Class B-1 units 85% of the amount of any tax benefits that the Company actually realizes, or in some cases are deemed to realize, as a result of certain transactions. During the three and nine months ended September 30, 2023, payments of $0 and $2.8 million, respectively and $0 and $0.2 million during the three and nine months ended September 30, 2022, respectively, were made pursuant to the TRA.

Liquidity

As of September 30, 2023, the aggregate principal amount outstanding under the 2021 Credit Facilities was $178.4 million, with $45.0 million remaining available for borrowing under the 2021 Revolving Credit Facility. As of September 30, 2023, the Company was in compliance with all of its financial covenants under such credit facilities. The Company’s ability to continue to comply with its covenants will depend on, among other things, financial, business, market, competitive and other conditions, many of which are beyond the Company’s control.

The Company’s results are subject to fluctuations as a result of business cycles experienced by companies in the insurance industry. The Company believes that the property & casualty (P&C) insurance industry is currently in a cyclical downturn due to higher-than-expected carrier underwriting losses, which has led these carriers to reduce their customer acquisition spending in the Company’s Marketplaces. During the year, one of the Company's major insurance carrier partners significantly reduced its customer acquisition spend with the Company due to experiencing higher than expected loss ratios as a result of several factors, including ongoing loss cost inflation and unfavorable prior year reserve developments, reducing the Company's expected near-term revenue and Adjusted EBITDA and its forecasted cushion with respect to compliance with the financial covenants under the 2021 Credit Facilities. In spite of these reductions in carrier spending, the Company’s Adjusted EBITDA has increased year over year, due primarily to the Company’s continuing cost reduction efforts, including implementing workforce reductions during the second quarter of 2023. The Company believes it has sufficient cash on hand and availability to access additional cash under its 2021 Revolving Credit Facility to meet its business operating requirements, its capital expenditures and to continue to comply with its debt covenants for at least the next twelve months as of the filing date of this Quarterly Report on Form 10-Q.

The extent to which these market conditions impact the Company’s business, results of operations, cash flows and financial condition will depend on future developments impacting its carrier partners, including inflation rates, the extent of any major catastrophic losses, and the timing of regulatory approval of premium rate increases, which remain highly uncertain and cannot be predicted with accuracy. The Company considered the impact of this uncertainty on the assumptions and estimates used when preparing these quarterly financial statements. These assumptions and estimates may continue to change as new events occur, and such changes could have an adverse impact on the Company's results of operations, financial position and liquidity.

The Company expects customer acquisition spend by P&C carriers to remain depressed during the fourth quarter of 2023 and while the Company expects this spending to increase beginning in the first quarter of 2024, it is possible that such increase may be delayed or not occur. In the event that the Company’s financial results are below its expectations due to cyclical conditions in its primary vertical markets or other factors, the Company may not be able to remain in compliance with its financial covenants under the 2021 Credit Facilities, in which event the Company may need to take additional actions to reduce operating costs, which may include adjusting discretionary employee bonuses and other discretionary spending, negotiate amendments to or obtain waivers of such financial covenants, refinance the 2021 Credit Facilities, or raise additional capital. There can be no assurance that the Company would be able to raise additional capital or obtain any such amendments, refinancing or waivers on terms acceptable to the Company or at all. The consolidated financial statements do not include any adjustments that may result from the outcome of these uncertainties.

New Accounting Pronouncements

Recently adopted accounting pronouncements

Recently issued not yet adopted accounting pronouncements

There have been no other accounting pronouncements issued but not yet adopted by the Company which are expected to have a material impact on the Consolidated Financial Statements.

Income taxes (Tables)

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Summary of Our Income Tax Expense (Benefit)

The following table summarizes the Company's income tax expense:


	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands, except percentages)	2023			2022			2023			2022
(Loss) before income taxes	$	(18,596)		$	(21,770)		$	(52,932)		$	(42,886)
Income tax expense (benefit)	$	102		$	(544)		$	330		$	1,210
Effective Tax Rate	(0.5)		%	2.5		%	(0.6)		%	(2.8)		%

Earnings (Loss) Per Share - Summary of Calculation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Basic
Net (loss)	$ (18,698)	$ (19,980)	$ (14,584)	$ (21,226)	$ (13,022)	$ (9,848)	$ (53,262)	$ (44,096)
Net (loss) attributable to non-controlling interest	(5,196)			(6,740)			(15,208)	(13,395)
Net (loss) available for basic common shares	$ (13,502)			$ (14,486)			$ (38,054)	$ (30,701)
Weighted-average shares of Class A common stock outstanding - Basic (in shares)	46,229,672			42,210,186			45,095,417	41,592,783
Weighted-average shares of Class A common stock outstanding - Diluted (in shares)	46,229,672			42,210,186			45,095,417	41,592,783
(Loss) earnings per share of Class A common stock - Basic (in dollars per share)	$ (0.29)			$ (0.34)			$ (0.84)	$ (0.74)
(Loss) earnings per share of Class A common stock - Diluted (in dollars per share)	$ (0.29)			$ (0.34)			$ (0.84)	$ (0.74)
Class A Common
Basic
Weighted-average shares of Class A common stock outstanding - Basic (in shares)	46,229,672			42,210,186			45,095,417	41,592,783
Weighted-average shares of Class A common stock outstanding - Diluted (in shares)				42,210,186
(Loss) earnings per share of Class A common stock - Basic (in dollars per share)	$ (0.29)			$ (0.34)			$ (0.84)	$ (0.74)
(Loss) earnings per share of Class A common stock - Diluted (in dollars per share)	$ (0.29)			$ (0.34)			$ (0.84)	$ (0.74)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Pay vs Performance Disclosure
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+ Details

Income taxes - Summary of Our Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
(Loss) before income taxes	$ (18,596)	$ (21,770)	$ (52,932)	$ (42,886)
Income tax expense (benefit)	$ 102	$ (544)	$ 330	$ 1,210
Effective Tax Rate	(0.50%)	2.50%	(0.60%)	(2.80%)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

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+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Business Combinations - Narrative (Details) - Customer Helper Team, LLC		3 Months Ended	9 Months Ended
	Feb. 24, 2022 USD ($) period	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Business Acquisition, Contingent Consideration [Line Items]
Asset acquisition, contingent consideration, number of periods \| period	2
Contingent consideration period (in years)	12 months
Acquisition related costs		$ 100,000		$ 600,000
Expected goodwill deductible for tax purposes		$ 22,700,000		$ 22,700,000
Minimum
Business Acquisition, Contingent Consideration [Line Items]
Contingent payments	$ 0		$ 0
Maximum
Business Acquisition, Contingent Consideration [Line Items]
Contingent payments	$ 20,000,000		$ 15,000,000

Disaggregation of revenue - Summary of Disaggregation of Revenue by Product Vertical (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 74,573	$ 89,017	$ 270,975	$ 335,065
Property & casualty insurance
Disaggregation of Revenue [Line Items]
Revenue	31,933	43,844	126,532	188,869
Health insurance
Disaggregation of Revenue [Line Items]
Revenue	33,961	33,393	115,192	108,665
Life insurance
Disaggregation of Revenue [Line Items]
Revenue	5,341	6,977	18,321	21,049
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 3,338	$ 4,803	$ 10,930	$ 16,482

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Stockholders' Equity (Deficit) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2022	Mar. 14, 2022
Equity [Abstract]
Amount of shares authorized to be repurchased				$ 5,000
Repurchases of Class A common Stock (in shares)	134,147		455,297
Stock repurchased during period, value	$ 1,551	$ 3,457	$ 5,000

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Summary of significant accounting policies - Summary of Customer and Supplier Concentration Risk (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Significant Accounting Policies [Line Items]
Revenue	$ 74,573	$ 89,017	$ 270,975	$ 335,065
Purchases	62,277	76,343	226,545	285,149
Accounts receivable	33,051		33,051		$ 59,998
Accounts payable	38,749		38,749		53,992
Top One Supplier \| Supplier Concentration Risk \| Purchases
Significant Accounting Policies [Line Items]
Purchases	$ 9,000	$ 9,000	$ 26,000	$ 33,000
Concentration risk percentage	14.00%	11.00%	12.00%	11.00%
Top One Supplier \| Supplier Concentration Risk \| Accounts Payable Benchmark
Significant Accounting Policies [Line Items]
Accounts payable	$ 6,000		$ 6,000
Concentration risk percentage			16.00%
Top Two Suppliers \| Supplier Concentration Risk \| Accounts Payable Benchmark
Significant Accounting Policies [Line Items]
Accounts payable					$ 22,000
Concentration risk percentage					40.00%
Top One Customer \| Customer Concentration Risk \| Revenue from Contract with Customer Benchmark
Significant Accounting Policies [Line Items]
Revenue		$ 10,000	$ 0	$ 42,000
Concentration risk percentage		11.00%	0.00%	13.00%
Top One Customer \| Customer Concentration Risk \| Accounts Receivable
Significant Accounting Policies [Line Items]
Accounts receivable	$ 5,000		$ 5,000
Concentration risk percentage			15.00%

Accrued expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued payroll and related expenses	$ 3,116	$ 3,621
Accrued operating expenses	$ 3,418	$ 2,036